Market Signal Briefing

LONDON, Nov. 04, 2025 (GLOBE NEWSWIRE) --

Third Quarter Financial Highlights

On November 4, 2025, the Board of Directors of Navigator Holdings Ltd., (NYSE: NVGS) (“Navigator Holdings”, “Navigator Gas”, “our”, “we”, “us” or the “Company”) approved a revision to the Company's existing capital return policy first announced in May 2023 (the "Revised Capital Return Policy"). Under the Revised Capital Return Policy, commencing with the the dividend relating to the third quarter of 2025, the Company intends, subject to operating needs and other circumstances, to pay an increased quarterly cash dividend of $0.07 per share (the "Revised Fixed Element") and return additional capital in the form of further cash dividends and/or share repurchases, such that the Revised Fixed Element and, if any, the variable component, together equal 30% of net income for the applicable quarter, increased from 25% of net income in the existing policy. Declarations of any dividends in the future, and the amount of any such dividends under the Revised Capital Return Policy, are subject to approval by the Company’s Board.
On November 4, 2025, pursuant to the Company's Revised Capital Return Policy, the Board declared a cash dividend of $0.07 per share of the Company's common stock for the quarter ended September 30, 2025, payable on December 16, 2025, to all shareholders of record as of the close of business U.S. Eastern Time on November 25, 2025 (the “Dividend”).
Also as part of the Company's Revised Capital Return Policy for the quarter ended September 30, 2025, the Company expects to repurchase approximately $5.4 million of its common stock between November 7, 2025, and December 31, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances (the “Share Repurchases”), such that the Dividend and Share Repurchases together equal 30% of net income for the quarter ended September 30, 2025.
On September 17, 2025 the Company paid a dividend of $0.05 per share of the Company’s common stock to all shareholders of record as of the close of business U.S. Eastern Time on August 28, 2025, totaling $3.3 million , and the Company repurchased 129,539 shares of common stock in the open market between August 18, 2025, and September 30, 2025, at an average price of $16.06 per share, totaling $2.1 million all as part of the Company's then existing capital return policy for the quarter ended June 30, 2025.
On May 13, 2025, the Board authorized a new share repurchase plan authorizing the Company to repurchase up to an aggregate of $50 million of the Company’s common stock. The Company repurchased 1,348,867 shares of common stock in the open market between July 1, 2025, and July 30, 2025, at an average price of $15.13 per share, totaling $20.4 million. A total of 3,405,455 shares were repurchased in the open market between May 15, 2025, and July 30, 2025 at an average price of $14.68 per share, totaling $50 million which then completed the new share repurchase plan.
The Company reported total operating revenues of $153.1 million for the three months ended September 30, 2025, compared to $141.8 million for the three months ended September 30, 2024.
Net income attributable to stockholders of the Company was $33.2 million for the three months ended September 30, 2025, compared to $18.2 million for the three months ended September 30, 2024.EBITDA1 was $85.7 million for the three months ended September 30, 2025, compared to $65.8 million for the three months ended September 30, 2024.
Adjusted EBITDA1 was $76.5 million for the three months ended September 30, 2025, compared to $67.7 million for the three months ended September 30, 2024.
Basic earnings per share attributable to stockholders of the Company were $0.50 for the three months ended September 30, 2025, compared to $0.26 per share for the three months ended September 30, 2024, with the increase primarily due to an increase in net income attributable to stockholders of Navigator Holdings Ltd., and a lower number of shares of common stock in issue in the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
Adjusted basic earnings per share attributable to stockholders of the Company1 were $0.36 per share for the three months ended September 30, 2025, compared to $0.29 per share for the three months ended September 30, 2024, driven primarily by the increase in Net Income attributable to stockholders of Navigator Holdings Ltd., and adjusting for the profit on sale of vessel.
The Company decreased its debt by $93.3 million to $933.2 million during the three months ended September 30, 2025, as the Company made quarterly repayments on loan facilities and revolving credit facilities of $93.3 million. This is compared to an increase of $124.4 million to $1,026.5 million during the three months ended June 30, 2025, when the Company borrowed $300 million under its May 2025 Facility (as defined below) and $40 million under the March 2025 Bond Tap Issue (as defined in Note 7. Senior Unsecured Bonds below), and repaid our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million, and made quarterly repayments on loan facilities and revolving credit facilities of $54.9 million.
At September 30, 2025 the Company's cash, cash equivalents, and restricted cash was $216.6 million, and together with available but undrawn credit facilities of $91.4 million the Company's total liquidity as of September 30, 2025 was $308.0 million, compared to $287.4 million as of June 30, 2025 and $139.8 million as at December 31, 2024. Other Highlights and Developments

Fleet Operational Update

The average daily time charter equivalent (“TCE”) rate across the fleet was $30,966 for the three months ended September 30, 2025, compared to $29,079 for the three months ended September 30, 2024, and $28,216 for the three months ended June 30, 2025.

Utilization across the fleet was a more normalized 89.3% for the three months ended September 30, 2025, compared to 90.9% for the three months ended September 30, 2024, and 84.2% for the three months ended June 30, 2025.

Utilization increased by 5.1% between the second quarter of 2025 and the third quarter of 2025, mainly as the second quarter's utilization was impacted by market uncertainties arising out of trade tariffs, restrictions on the export of ethane from the U.S. to China and uncertainties surrounding the application of port fees in the U.S. for Chinese built vessels.

U.S. ethylene export markets reached a 16-month peak during August 2025 totaling 101,000 metric tons ("mts") of which 100% were transported to Europe. In September 2025, 25% of all exports from the U.S. headed across the Pacific to Asia marking the largest quantity of ethylene heading in this direction in 2025. In parallel, U.S. ethane exports increased during the quarter reaching a record during September 2025 at 1,038,000 mts.

Ethane exports from the U.S. on handysize vessels was strong in the third quarter of 2025 with a total 690,000 mts being moved on these vessels, with August 2025 reaching an all time high of 283,000 mts. Combined handysize ethylene and ethane exports totalled 923,000 mts for the three months ended September 30, 2025, which is the highest figure since the second quarter of 2024.

For the three months ended September 30, 2025, we had an average of 31 vessels engaged under time charters, 17 vessels on spot voyage charters and contracts of affreightment (“COAs"), and 9 vessels operating in the independently managed Unigas Pool. As at September 30, 2025, for the 12-month period commencing October 1, 2025, we have 41% of our available days covered by time charter contracts. For the same 12-month period, our midsize vessels are exclusively on time charter contracts, about 75% of our fully and semi-refrigerated vessels are on time charter contracts, and most of our ethylene-capable vessels are expected to be employed in the spot voyage market.

The handysize 12-month forward-looking market assessment for semi-refrigerated vessels increased from the end of the second quarter of 2025 compared to the end of the third quarter of 2025 by $5,000 per calendar month ("pcm") to $940,000 pcm.

The handysize 12-month forward-looking market assessment for fully refrigerated vessels remained unchanged from the end of the second quarter of 2025 compared to the end of the third quarter of 2025 at $775,000 pcm.

The handysize 12-month forward-looking market assessment for ethylene-capable vessels remained flat from the end of the second quarter of 2025 compared to the end of the third quarter of 2025 at $1,100,000 pcm.

Sale of vessel

On September 8, 2025, the Company sold and delivered Navigator Gemini, a 2009-built 20,750 cbm semi-refrigerated handysize vessel to a third party for net proceeds of $30.3 million, recognizing a gain from the sale of the vessel of $12.6 million in the third quarter of 2025.

Acquisition of Additional Interest in Navigator Greater Bay Joint Venture

On October 14, 2025, the Company increased its ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% through the acquisition of an additional 15.1% interest for total cash consideration of $16.8 million.

New Share Repurchase Plan

On May 13, 2025, the Board of Navigator Holdings Ltd. authorized a new share repurchase plan in relation to Navigator’s common stock (the “New Share Repurchase Plan”). Pursuant to the New Share Repurchase Plan, Navigator was authorized to repurchase up to an aggregate of $50 million of the Company’s common stock via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission. The New Share Repurchase Plan was completed in full on July 30, 2025 with the Company having repurchased and canceled 3,405,455 shares of common stock at an average price of $14.68 per share, and with an aggregate total value of $50 million.

Joint Venture with Amon Maritime For Construction of Two New Ammonia Gas Carriers ("Ammonia Newbuild Vessels")

On July 27, 2025 the Company announced that it had entered into a joint venture agreement with Amon Gas Holdings AS ("Amon Gas"). The joint venture, Navigator Amon Shipping AS (the "Amon Joint Venture"), intends to acquire two newbuild 51,530 cubic meter capacity ammonia-fueled liquefied ammonia carriers (the “Ammonia Newbuild Vessels”), which will also be capable of carrying liquefied petroleum gas. On September 30, 2025 the Company owned 61% of the Amon Joint Venture, and Amon Gas owned 39%. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% when the vessels are delivered in 2028.

The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $84 million per vessel. Each of the Ammonia Newbuild Vessels has been awarded a NOK 90 million (approx. $9 million) investment grant from the Norwegian government agency Enova to be drawn down in accordance with the agreed terms of the grant over the course of the vessels' construction period. In addition to the investment grants, it is expected that the Amon Joint Venture will finance the majority of the purchase price of the Ammonia Newbuild Vessels through commercial bank finance, with the remainder sourced from capital contributions from the Company and Amon Gas. The Company expects to finance its share of the capital contributions from available cash resources.

Once delivered, subject to customary conditions, each of the Ammonia Newbuild Vessels is expected to be operated by the Amon Joint Venture pursuant to a five-year time charter with Yara International ASA ("Yara").

Ethylene Export Terminal

We own a 50% share in an ethylene export marine terminal at Morgan’s Point, Texas (the “Ethylene Export Terminal”) through a joint venture (the "Export Terminal Joint Venture").

The Ethylene Export Terminal throughput for the three months ended September 30, 2025, was 270,502 metric tons, compared to 121,634 metric tons for the three months ended September 30, 2024, and 268,117 metric tons for the three months ended June 30, 2025.

Our share of the results of our equity investment in the Ethylene Export Terminal was a gain of $3.3 million for the three months ended September 30, 2025, compared to a gain of $2.2 million for the three months ended September 30, 2024, and a gain of $4.8 million for the three months ended June 30, 2025.

Despite a recent increase in domestic U.S. ethylene prices due to elevated feedstock costs, lower inventory levels, and higher domestic demand, we expect throughput for the fourth quarter of 2025 to be similar to the third quarter of 2025 supported by strong demand from Europe and as applicable trade tariff tensions ease.

The Ethylene Export Terminal, now expanded, has an increased ethylene export capacity of at least 1.55 million tons per annum. Two new multi-year offtake contracts related to the expanded volume have been signed and we continue to expect that additional capacity will be contracted during 2025 and 2026. Until further offtake contracts are signed, available volume will be sold on a spot basis.

Revised Capital Return Policy

The Company’s existing capital return policy was revised by the Board of the Company on November 4, 2025. Under the Revised Capital Return Policy and subject to operating needs and other circumstances, the Company intends, commencing with the dividend relating to the third quarter of 2025, to pay an increased quarterly cash dividend of $0.07 per share of common stock (the "Revised Fixed Element") and return additional capital in the form of further cash dividends and/or share repurchases, such that the Revised Fixed Element and, if any, the variable element, together equal at least 30% of net income for the applicable quarter.

Any acquisition of the Company’s common stock under the Revised Capital Return Policy may be made via open market transactions, privately negotiated transactions or any other method permitted under U.S. securities laws and the rules of the U.S. Securities and Exchange Commission. The timing and amount of any dividends and share repurchases under the Revised Capital Return Policy will be determined by Navigator’s Board of Directors and management and will depend on market conditions, legal requirements, stock price and alternative uses of capital, financial results and earnings, restrictions in our debt agreements, required capital expenditures and the provisions of Marshall Islands law affecting the payment of dividends to shareholders, as well as other factors. The Revised Capital Return Policy does not oblige Navigator to pay any dividends or repurchase any of its shares and the Revised Capital Return Policy, including dividends and repurchases of shares of common stock, may be suspended, discontinued or modified by the Company at any time, for any reason.

Legal Updates

The Company continues to monitor reports concerning Muhamad Kerry Adrianto and certain other business partners and executives of PT Pertamina (Persero), Indonesia’s state-owned energy company (“Pertamina”), following their arrest by Indonesian authorities on February 25, 2025 as part of an investigation into allegations of corruption. The allegations relate to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023. The investigation by Indonesian authorities is ongoing, with several suspects’ cases being submitted to the local public prosecutor on October 2, 2025, with preliminary hearings of some accused individuals taking place on October 13, 2025.

On September 9, 2025, Mr. Adrianto was replaced as a director of PT Navigator Khatulistiwa (“PTNK”), the Company’s Indonesian joint venture. On September 30, 2025, three unencumbered vessels in our fleet and approximately $39.5 million of cash, which is currently recorded as restricted cash, were owned by PTNK. The vessels were previously on time charter to Pertamina for the transportation of liquefied petroleum gas within Indonesia, the last and most recent of which expired by its terms in February 2025, and following the natural cessation of the PTNK business, Navigator Aries was sold to an entity under common control of the Company on October 1, 2025.

We continue to believe that these events will not have a material impact on the Company or our operations.

Unaudited Results of Operations for the Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

`Three months ended
September 30, 2024Three months ended
September 30, 2025Percentage
change (in thousands, except percentage change)Operating revenues$128,777 $141,871 10.2%Operating revenues – Unigas Pool 13,040  11,215 (14.0)%Total operating revenues 141,817  153,086 7.9%    Brokerage commission 1,845  1,906 3.3%Voyage expenses 21,651  20,114 (7.1)%Vessel operating expenses 43,465  49,288 13.4%Depreciation and amortization 33,290  32,937 (1.1)%General and administrative costs 9,379  8,575 (8.6)%Profit from sale of vessel —  (12,589)—Total operating expenses 109,630  100,231 (8.6)%    Operating Income 32,187  52,855 64.2%Unrealized loss on non-designated derivative instruments (5,177) (2,368)(54.3)%Interest expense (14,252) (14,913)4.6%Interest income 1,898  1,720 (9.4)%Unrealized foreign exchange gain/(loss) 3,282  (974)(129.7)%Income before taxes and share of result of equity method investments 17,938  36,320 102.5%Income taxes (674) (3,790)462.3%Share of result of equity method investments 2,214  3,273 47.8%Net Income 19,478  35,803 83.8%Net income attributable to non-controlling interest (1,306) (2,648)102.8%Net Income attributable to stockholders of Navigator Holdings Ltd.$18,172 $33,155 82.4%
The following table presents selected operating data for the three months ended September 30, 2025 and 2024, which we believe is useful in understanding the basis of movements in our operating revenues.

 Three months ended
September 30, 2024Three months ended
September 30, 2025Fleet Data*:  Weighted average number of vessels 47.0  48.8 Ownership days 4,324  4,485 Available days 4,055  4,402 Earning days 3,684  3,932 Fleet utilization 90.9%  89.3% Average daily Time Charter Equivalent**$29,079 $30,966 
* Fleet Data - Our nine owned smaller vessels in the independently managed Unigas Pool are excluded.

** Non-GAAP Financial Measure - Time charter equivalent - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding revenue from the Unigas Pool), less any voyage expenses, by the number of earning days for the relevant period. Under a time charter, the charterer pays substantially all of the vessel's voyage-related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which the vessels may be employed. We include average daily TCE, as we believe it provides additional meaningful information. Our calculation of TCE may not be comparable to that reported by other companies.

The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented.

 Three months ended
September 30, 2024Three months ended
September 30, 2025Average daily time charter equivalent***:(in thousands, except earning days and average daily time charter equivalent rate)Operating revenues$128,777$141,871Voyage expenses 21,651 20,114Operating revenues less voyage expenses$107,126$121,757   Earning days 3,684 3,932Average daily time charter equivalent$29,079$30,966
*** Operating revenues and voyage expenses of our nine owned vessels in the independently managed Unigas Pool are excluded.

Operating Revenues. Operating revenues, net of address commissions, were $141.9 million for the three months ended September 30, 2025, an increase of $13.1 million or 10.2% compared to $128.8 million for the three months ended September 30, 2024. This increase was primarily due to:

 an increase of approximately $7.5 million attributable to an increase in average monthly TCE rates, which increased to an average of approximately $30,966 per vessel per day ($941,895 per vessel per calendar month) for the three months ended September 30, 2025, compared to an average of approximately $29,079 per vessel per day ($884,478 per vessel per calendar month) for the three months ended September 30, 2024;a decrease of approximately $2.1 million attributable to a decrease in fleet utilization, which decreased to 89.3% for the three months ended September 30, 2025, compared to 90.9% for the three months ended September 30, 2024;an increase of approximately $9.2 million or 8.5%, attributable to a net 347-day increase in vessel available days for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily a result of the operations of the additional three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels") during the three months ended September 30, 2025, compared to the three months ended September 30, 2024; anda decrease of approximately $1.5 million, primarily attributable to a decrease in invoiced pass-through voyage expense for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.  Operating Revenues – Unigas Pool. Operating revenues – Unigas Pool was $11.2 million a decrease of 14.0% for the three months ended September 30, 2025, compared to $13.0 million for the three months ended September 30, 2024, in part due to decreased utilization across the pool fleet, and represents our share of the operating revenues earned from our nine vessels operating within the independently managed Unigas Pool, based on agreed pool points.

Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenues, were $1.9 million for the three months ended September 30, 2025, compared to $1.8 million for the three months ended September 30, 2024.

Voyage Expenses. Voyage expenses decreased by $1.5 million or 7.1% to $20.1 million for the three months ended September 30, 2025, from $21.7 million for the three months ended September 30, 2024. These voyage expenses are pass-through costs, corresponding to a decrease in operating revenues of the same amount.

Vessel Operating Expenses. Vessel operating expenses increased by $5.8 million or 13.4% to $49.3 million for the three months ended September 30, 2025, from $43.5 million for the three months ended September 30, 2024. Average daily vessel operating expenses increased by $839 per vessel per day, or 9.94%, to $9,275 per vessel per day for the three months ended September 30, 2025, compared to $8,437 per vessel per day for the three months ended September 30, 2024, with the increase driven by higher maintenance costs incurred during the three months ended September 30, 2025 compared to three months ended September 30, 2024.

Depreciation and Amortization. Depreciation and amortization decreased by $0.4 million to $32.9 million for the three months ended September 30, 2025, compared to $33.3 million for the three months ended September 30, 2024, The decrease is driven by Navigator Pluto and Navigator Saturn being fully depreciated for three months ended September 30, 2025, with $0.8 million depreciation attributed to those vessels during the three months ended September 30, 2025, compared to $2.6 million during to the three months ended September 30, 2024, and the sale of Navigator Venus in May 2025, offset by the increased depreciation on the Purchased Vessels of $2.2 million for the three months ended September 30, 2025, compared to $1.2 million for the three months ended September 30, 2024,. Depreciation and amortization included amortization of capitalized drydocking costs of $5.6 million for the three months ended September 30, 2025 and the three months ended September 30, 2024.

General and Administrative Costs. General and administrative costs decreased by $0.8 million or 8.6% to $8.6 million for the three months ended September 30, 2025, from $9.4 million for the three months ended September 30, 2024.

Profit from Sale of Vessel. Profit from sale of vessel for the three months ended September 30, 2025, was $12.6 million and related to the sale of Navigator Gemini on September 8, 2025. No vessels were sold for the three months ended September 30, 2024.

Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of $2.4 million on non-designated derivative instruments for the three months ended September 30, 2025, relates to non-cash fair value losses on interest rate swaps associated with a number of our secured term loan and revolving credit facilities, as a result of a decrease in forward SOFR interest rates relative to the fixed rates applicable on these secured term loan and revolving credit facilities, compared to an unrealized loss of $5.2 million for the three months ended September 30, 2024.

Interest Expense. Interest expense increased by $0.7 million, or 4.6%, to $14.9 million for the three months ended September 30, 2025, from $14.3 million for the three months ended September 30, 2024. This is primarily a result of an increase in the average amount of debt outstanding offset by lower U.S. dollar SOFR rates and lower margins paid by the Company for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Unrealized Foreign Exchange Loss and Gains. The unrealized foreign exchange loss of $1.0 million for the three months ended September 30, 2025, relates to losses on foreign currency cash balances held, driven primarily by the Indonesian Rupiah weakening against the U.S. dollar during the three months ended September 30, 2025, compared to an unrealized gain of $3.3 million for the three months ended September 30, 2024.

Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world, including those incorporated in the United States of America. Income taxes were an expense of $3.8 million for the three months ended September 30, 2025, compared to an expense of $0.7 million for the three months ended September 30, 2024, primarily related to movements in current tax and deferred tax in relation to our equity investment in the Ethylene Export Terminal and the sale of Navigator Aries which was sold on October 1, 2025, to an entity under common control of the Company, which sale required the Company to recognize an associated deferred tax liability at September 30, 2025.

Share of Result of Equity Method Investments. The share of the result of the Company’s 50% ownership in the Export Terminal Joint Venture was an income of $3.3 million for the three months ended September 30, 2025, compared to an income of $2.2 million for the three months ended September 30, 2024. Volumes exported through the Ethylene Export Terminal were 270,502 tons for the three months ended September 30, 2025, compared to 121,634 tons for the three months ended September 30, 2024.

Non-Controlling Interests. The Company entered into a sale and leaseback arrangement for Navigator Aurora in November 2019 with a wholly-owned special purpose vehicle of a financial institution (“Lessor SPV”). The sale and leaseback arrangement for Navigator Aurora terminated in October 2024 and up to the date of termination, as we were the primary beneficiary of this entity, we were required to consolidate this variable interest entity ("VIE") into our financial results. The net income attributable to the Lessor SPV included in our financial results was nil for the three months ended September 30, 2025, and $0.4 million for the three months ended September 30, 2024.

In September 2022, the Company entered into a joint venture with Greater Bay Gas Co Ltd., ("Greater Bay Gas") to acquire five ethylene vessels, Navigator Luna, Navigator Solar, Navigator Castor, Navigator Equator, and Navigator Vega (the “Navigator Greater Bay Joint Venture”). The Navigator Greater Bay Joint Venture was owned 60% by the Company and 40% by Greater Bay Gas during the three months ended September 30, 2025. On October 14, 2025, the Company purchased an additional 15.1% of the Navigator Greater Bay Joint Venture from Greater Bay Gas, such that from that date the Company owned 75.1% and Greater Bay Gas owned 24.9%. The Company paid $16.8 million from cash on hand for the additional 15.1%. The Navigator Greater Bay Joint Venture continues to be accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. A gain attributable to Greater Bay Gas of $2.1 million is presented as part of the non-controlling interest in our financial results for the three months ended September 30, 2025, compared to a gain of $0.9 million for the three months ended September 30, 2024.

Unaudited Results of Operations for the Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

 Nine months ended
September 30, 2024Nine months ended
September 30, 2025Percentage
change (in thousands, except percentage change)Operating revenues$381,398 $398,978 4.6%Operating revenues – Unigas Pool 41,250  35,149 (14.8)%Total operating revenues 422,648  434,127 2.7%    Brokerage commission 5,340  5,357 0.3%Voyage expenses 52,957  55,988 5.7%Vessel operating expenses 129,077  143,675 11.3%Depreciation and amortization 100,080  101,950 1.9%General and administrative costs 27,179  26,963 (0.8)%Profit from sale of vessel —  (25,206)—Total operating expenses 314,633  308,727 (1.9)%    Operating Income 108,015  125,400 16.1%Realized loss on non-designated derivative instruments —  (1,228)—Unrealized loss on non-designated derivative instruments (7,205) (4,753)(34.0)%Interest expense (43,760) (42,668)(2.5)%Interest income 5,060  4,566 (9.8)%Unrealized foreign exchange gain/(loss) 879  (1,120)—Write off of deferred financing costs —  (266)—Other income —  4,801 —Income before taxes and share of result of equity method investments 62,989  84,732 34.5%Income taxes (3,041) (5,141)69.1%Share of result of equity method investments 11,291  7,174 (36.5)%Net Income 71,239  86,765 21.8%Net income attributable to non-controlling interest (7,254) (5,122)(29.4)%Net Income attributable to stockholders of Navigator Holdings Ltd.$63,985 $81,643 27.6%
The following table presents selected operating data for the nine months ended September 30, 2025, and 2024, which we believe are useful in understanding the basis for movement in our operating revenues.

 Nine months ended
September 30, 2024Nine months ended
September 30, 2025Fleet Data* :  Weighted average number of vessels 47.0 48.7Ownership days 12,878 13,307Available days 12,420 12,931Earning days 11,328 11,460Fleet utilization 91.2% 88.6%Average daily Time Charter Equivalent**$28,994$29,929
* Fleet Data - Our nine owned smaller vessels in the independently managed Unigas Pool are excluded.

** Non-GAAP Financial Measure - Time charter equivalent - TCE is a measure of the average daily revenue performance of a vessel. TCE is not calculated in accordance with U.S. GAAP. For all charters, we calculate TCE by dividing total operating revenues (excluding collaborative arrangements and revenues from the Unigas Pool), less any voyage expenses (excluding collaborative arrangements), by the number of earning days for the relevant period. TCE excludes the effects of the collaborative arrangements as earnings days and fleet utilization, on which TCE is based, is calculated only in relation to our owned vessels. Under a time charter, the charterer pays substantially all of the vessel's voyage-related expenses, whereas for voyage charters, also known as spot market charters, we pay all voyage expenses and charge our customers for these costs through our sales invoicing. TCE is a shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters and contracts of affreightment) under which the vessels may be employed. We include average daily TCE, as we believe it provides additional meaningful information in conjunction with net operating revenues. Our calculation of TCE may not be comparable to that reported by other companies.

The following table represents a reconciliation of operating revenues to TCE. Operating revenues are the most directly comparable financial measure calculated in accordance with U.S. GAAP for the periods presented.

 Nine months ended
September 30, 2024Nine months ended
September 30, 2025Average daily time charter equivalent***:(in thousands, except earning days
and average daily time charter equivalent rate)Fleet Data:  Operating revenues$381,398 $398,978 Voyage expenses (52,957) (55,988)Operating revenues less voyage expenses 328,441 $342,990    Earning days 11,328  11,460 Average daily time charter equivalent$28,994 $29,929 
*** Operating revenues and voyage expenses of our nine owned vessels in the independently managed Unigas Pool are excluded.

Operating Revenues. Operating revenues, net of address commissions, were $399.0 million for the nine months ended September 30, 2025, an increase of $17.6 million or 4.6% compared to $381.4 million for the nine months ended September 30, 2024. This increase was primarily due to:

an increase of approximately $11.0 million attributable to an increase in average monthly time charter equivalent rates, which increased to an average of approximately $29,929 per vessel per day ($910,349 per vessel per calendar month) for the nine months ended September 30, 2025, compared to an average of approximately $28,994 per vessel per day ($881,893 per vessel per calendar month) for the nine months ended September 30, 2024;a decrease in operating revenues of approximately $10.0 million attributable to a decrease in fleet utilization, which declined to 88.6% for the nine months ended September 30, 2025, compared to 91.2% for the nine months ended September 30, 2024;an increase in operating revenues of approximately $13.5 million or 3.3% driven by a 511-day increase in vessel available days for the nine months ended September 30, 2025 due to the acquisition of the Purchased Vessels, compared to the nine months ended September 30, 2024; andan increase in operating revenues of approximately $3.0 million, primarily attributable to an increase in pass-through voyage costs for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. Operating Revenues – Unigas Pool. Operating revenues – Unigas Pool was $35.1 million for the nine months ended September 30, 2025, a decrease of 14.8% compared to $41.3 million for the nine months ended September 30, 2024 and represent our share of the revenue earned from our nine vessels operating within the Unigas Pool, based on agreed pool points.

Brokerage Commissions. Brokerage commissions, which typically vary between 1.25% and 2.5% of operating revenue, were $5.4 million for the nine months ended September 30, 2025 compared to $5.3 million for the nine months ended September 30, 2024.

Voyage Expenses. Voyage expenses increased by $3.0 million or 5.7% to $56.0 million for the nine months ended September 30, 2025, from $53.0 million for the nine months ended September 30, 2024. These voyage expenses are pass-through costs, corresponding to an increase in operating revenue of the same amount.

Vessel Operating Expenses. Vessel operating expenses increased by $14.6 million or 11.3% to $143.7 million for the nine months ended September 30, 2025, from $129.1 million for the nine months ended September 30, 2024. Average daily vessel operating expenses increased by $702 per vessel per day, or 8.3%, to $9,114 per vessel per day for the nine months ended September 30, 2025, compared to $8,412 per vessel per day for the nine months ended September 30, 2024. The increase is driven by higher maintenance costs incurred during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Depreciation and Amortization. Depreciation and amortization increased by $1.9 million to $102.0 million for the nine months ended September 30, 2025, from $100.1 million for the nine months ended September 30, 2024, primarily related to the acquisition of the Purchased Vessels. Depreciation and amortization included amortization of capitalized drydocking costs of $17.0 million and $16.7 million for the nine months ended September 30, 2025 and 2024, respectively.

General and Administrative Costs. General and administrative costs decreased by $0.2 million or 0.8% to $27.0 million for the nine months ended September 30, 2025, from $27.2 million for the nine months ended September 30, 2024.

Profit from Sale of Vessel. Profit from sale of vessel for the nine months ended September 30, 2025, was $25.2 million related to the sales of Navigator Venus and Navigator Gemini in May 2025 and September 2025 respectively.

Realized Loss on Non-Designated Derivative Instruments. The realized loss of $1.2 million on non-designated derivative instruments for the nine months ended September 30, 2025 relates to the termination and settlement of interest rate swaps that hedged the $210 million secured term loan and revolving credit facilities which were repaid during the nine months ended September 30, 2025.

Unrealized Loss on Non-Designated Derivative Instruments. The unrealized loss of $4.8 million on non-designated derivative instruments for the nine months ended September 30, 2025 relates to a non-cash fair value loss on interest rate swaps across a number of our secured term loan and revolving credit facilities, as a result of a decrease in forward SOFR interest rates relative to the fixed rates applicable on these secured term loan and revolving credit facilities. This is compared to an unrealized loss of $7.2 million for the nine months ended September 30, 2024.

Interest Expense. Interest expense decreased by $1.1 million, or 2.5%, to $42.7 million for the nine months ended September 30, 2025, from $43.8 million for the nine months ended September 30, 2024. This is primarily a result of a decrease in U.S. dollar SOFR rates and lower average margins paid by the Company, offset by higher outstanding interest-bearing debt across the majority of the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Unrealized Foreign Exchange loss and gain. The unrealized foreign exchange loss of $1.1 million for the nine months ended September 30, 2025, relates to losses on foreign currency cash balances held, primarily driven by the Indonesian Rupiah weakening against the U.S. dollar during the period, compared to an unrealized gain of $0.9 million for the nine months ended September 30, 2024.

Write off of Deferred Financing Costs. The write off of deferred financing costs of $0.3 million for the nine months ended September 30, 2025 relates to the write off of the unamortized portion of the deferred financing costs of our $210 million secured term loan and revolving credit facility which was repaid during the nine months ended September 30, 2025.

Other Income. In March 2025, the Company received $4.8 million in other income from a third party relating to a claim for damages caused to Navigator Aries in 2016. The amount received is the final settlement and no further amounts in relation to this matter are anticipated.

Income Taxes. Income taxes relate to taxes on our subsidiaries and businesses incorporated around the world including those incorporated in the United States of America. Income taxes were an expense of $5.1 million for the nine months ended September 30, 2025, compared to an expense of $3.0 million for the nine months ended September 30, 2024, primarily related to movements in current and deferred taxes in relation to our equity investment in the Ethylene Export Terminal and the sale of Navigator Aries which was sold on October 1, 2025, to an entity under common control of the Company, which sale required the Company to recognize an associated deferred tax liability at September 30, 2025.

Share of Result of Equity Method Investments. The share of the result of the Company’s 50% ownership in the Export Terminal Joint Venture was income of $7.2 million for the nine months ended September 30, 2025, compared to income of $11.3 million for the nine months ended September 30, 2024. Throughput rates increased to 626,233 tons for the nine months ended September 30, 2025, compared to 573,195 tons for the nine months ended September 30, 2024. The decrease in share of results was primarily due to increased operating costs of the now expanded Ethylene Export Terminal.

Non-Controlling Interest. The Company entered into a sale and leaseback arrangement for Navigator Aurora in November 2019 with a wholly-owned special purpose vehicle of a financial institution (“Lessor SPV”). The sale and leaseback arrangement for Navigator Aurora terminated in October 2024 and up to the date of the termination, we were the primary beneficiary of this entity, and we were required to consolidate this variable interest entity ("VIE") into our financial results. The net income attributable to the Lessor SPV included in our financial results was nil for the nine months ended September 30, 2025 and was $1.5 million for the nine months ended September 30, 2024.

In September 2022, the Company entered into the Navigator Greater Bay Joint Venture to acquire five ethylene vessels, Navigator Luna, Navigator Solar, Navigator Castor, Navigator Equator, and Navigator Vega. The joint venture was owned 60% by the Company and 40% by Greater Bay Gas during the nine months ended September 30, 2025. On October 14, 2025, the Company purchased an additional 15.1% of the Navigator Greater Bay Joint Venture from Greater Bay Gas, such that from that date the Company owned 75.1% and Greater Bay Gas owned 24.9%. The Navigator Greater Bay Joint Venture continues to be accounted for as a consolidated subsidiary in our consolidated financial statements, with the proportion owned by Greater Bay Gas accounted for as a non-controlling interest. The Company paid $16.8 million from cash on hand for the additional 15.1%. A gain attributable to Greater Bay Gas of $4.8 million is presented as part of the non-controlling interest in our financial results for the nine months ended September 30, 2025, compared to a gain of $5.5 million for the nine months ended September 30, 2024.

Reconciliation of Non-GAAP Financial Measures

The following table shows a reconciliation of Net Income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024:

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands)Net Income$19,478 $35,803 $71,239 $86,765 Net interest expense 12,354  13,193  38,700  38,102 Income taxes 674  3,790  3,041  5,141 Depreciation and amortization 33,290  32,937  100,080  101,950 EBITDA2 65,796  85,723  213,060  231,958 Realized loss on non-designated derivative instruments —  —  —  1,228 Unrealized loss on non-designated derivative instruments 5,177  2,368  7,205  4,753 Unrealized foreign exchange (gain)/loss (3,282) 974  (879) 1,120 Write off of deferred financing costs —  —  —  266 Profit from sale of vessel —  (12,589) —  (25,206)Other income —  —  —  (4,801)Adjusted EBITDA2$67,691 $76,476 $219,386 $209,318 
The following table shows a reconciliation of Net Income attributed to stockholders of Navigator Holdings Ltd. to Adjusted Net Income attributable to stockholders of Navigator Holdings Ltd., for the three and nine months ended September 30, 2025 and 2024:

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands except earnings per share and number of shares)Net Income attributable to stockholders of Navigator Holdings Ltd.$18,172 $33,155 $63,985 $81,643 Realized loss on non-designated derivatives instruments —  —  —  1,228 Unrealized loss on non-designated derivative instruments 5,177  2,368  7,205  4,753 Unrealized foreign exchange (gain)/loss (3,282) 974  (879) 1,120 Write off of deferred financing costs —  —  —  266 Profit from sale of vessel —  (12,589) —  (25,206)Other income —  —  —  (4,801)Adjusted Net Income attributable to stockholders of Navigator Holdings Ltd.$20,067 $23,908 $70,311 $59,003      Earnings per share attributable to stockholders of Navigator Holdings Ltd.    Basic$0.26 $0.50 $0.89 $1.20 Diluted$0.26 $0.50 $0.88 $1.19      Adjusted Basic2$0.29 $0.36 $0.98 $0.87 Adjusted Diluted2$0.29 $0.36 $0.97 $0.86      Basic weighted average number of shares 69,539,875  65,752,850  71,728,124  67,970,593 Diluted weighted average number of shares 70,237,014  66,446,941  72,371,636  68,677,285 
Liquidity and Capital Resources

Liquidity and Cash Needs

Our primary sources of funds are cash and cash equivalents, cash from operations, undrawn bank borrowings, proceeds from vessel sales, and proceeds from bond issuances. The Company repaid $28.5 million of the revolving credit facility portion of its $111.8 million Term Loan and Revolving Credit Facility in June 2025 and $62.9 million of the revolving credit facility portion of its $147.6 million Term Loan and Revolving Credit Facility in August 2025, totalling $91.4 million . As of September 30, 2025, we had unrestricted cash and cash equivalents of $165.0 million, restricted cash of $51.6 million, and available but undrawn credit facilities of $91.4 million, providing the Company with total liquidity of $308.0 million.

Our secured term loan facilities and revolving credit facilities contain covenants that require the Company to maintain liquidity of no less than (i) up to $50.0 million, as applicable to the relevant loan facility, or (ii) 5% of total debt (representing $40.1 million as of September 30, 2025), whichever is greater.

On May 2, 2025, the Company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to $300 million (the "May 2025 Facility") with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V. London Branch, and Skandinaviska Enskilda Banken AB (publ). The May 2025 Facility was used to repay the Company’s September 2020 secured loan facility in the amount of $143.4 million that was due to mature in September 2025, and the Company’s October 2013 secured loan facility that was due to mature in May 2027 in the amount of $14.7 million. The May 2025 Facility has a term of six years maturing in May 2031, is for a maximum principal amount of $300 million (split as $230 million term loan and $70 million revolving credit facility), bears interest at Term SOFR plus 170 basis points, and is to be repaid through 24 quarterly instalments followed by a final balloon payment of $146.5 million, which balloon payment includes amounts relating to both the Term Loan and Revolving Credit components.

On March 28, 2025, pursuant to the March 2025 Bond Tap Issue Addendum, the Company completed the March 2025 Bond Tap Issue issuing an additional aggregate principal amount of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds. The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million in aggregate principal amount of bonds remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.

On February 7, 2025, the Company entered into a $74.6 million Senior Secured Term Loan (the “February 2025 Facility”) with Nordea Bank Abp, to partially finance the purchase price of the three Purchased Vessels and used cash on hand to pay the remainder of the total purchase price. The February 2025 Facility is initially non-amortizing, bears interest at a rate of Term SOFR plus 180 basis points and matures after 18 months. At that time, the borrower has an option to extend the February 2025 Facility for a further 18 months on payment of a $25 million balloon. Should the borrower take the extension option the February 2025 Facility would become amortizing with repayments made on the basis of an age-adjusted 20 to 0 years repayment profile and bear interest at Term SOFR plus 180 basis points.

The Company has a responsibility to evaluate whether conditions and/or events raise substantial doubt over its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are expected to be issued. We believe, given our current cash balances, that our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs for at least the next twelve months taking into account our existing capital commitments and debt service requirements.

Our primary uses of funds are drydocking and other vessel maintenance expenditures, voyage expenses, vessel operating expenses, general and administrative costs, insurance costs, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards, financing expenses and quarterly repayment of bank loans. We also expect to use funds in connection with our Revised Capital Return Policy. In addition, our medium-term and long-term liquidity needs relate to debt repayments, repayment of bonds, payments for the Ethylene Newbuild Vessels (as defined in the notes to the accompanying condensed consolidated financial statements), the Amon Joint Venture, the Ammonia Newbuild Vessels and other potential future joint ventures, future vessel newbuilds, related investments, and other potential future vessel acquisitions, and or related port or terminal projects.

As of September 30, 2025, we had $1,425.4 million in outstanding future obligations, which includes principal repayments on long-term debt, including our Bonds, vessels under construction and office lease commitments. Of the total outstanding obligation, $333.4 million falls due within the twelve months ending September 30, 2026, and the balance of $1,092.0 million falls due after September 30, 2026. See “Note 12 – Commitments and Contingencies” to the accompanying condensed consolidated financial statements for a schedule of future contractual obligations as of September 30, 2025.

Capital Expenditures

The total capital contributions required from us for our share of the construction cost for the Terminal Expansion Project was $128 million of which the final contribution was made in February 2025. The Company financed these capital contributions using existing cash resources. The Company may also invest further in new terminal infrastructure should an appropriate opportunity arise.

The Company has entered into contracts to build the four Ethylene Newbuild Vessels, which are scheduled to be delivered to the Company in March 2027, July 2027, November 2027 and January 2028 respectively, at an average shipyard price of $102.9 million per vessel. The Company expects to finance the cost of the Ethylene Newbuild Vessels using debt and cash on hand, and the Company is currently assessing options in this respect. The Company expects to make payments for the Ethylene Newbuild Vessels in 2026 and 2027.

On July 27, 2025, the Company announced that it has entered into the Amon Joint Venture which intends to acquire the two Ammonia Newbuild Vessels. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% upon delivery of the vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028, respectively, at an average yard price of $84 million per vessel. Each of the Ammonia Newbuild Vessels has been awarded a NOK 90 million (approx. $9 million) investment grant from the Norwegian government agency Enova. In addition to the investment grants, it is expected that the Amon Joint Venture will finance the majority of the purchase price of the Ammonia Newbuild Vessels through commercial bank finance, with the remainder sourced from capital contributions from the Company and Amon Gas. The Company expects to finance its share of the capital contributions from available cash resources.

Liquefied gas transportation by sea is a capital-intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance.

Cash Flows

The following table summarizes our cash, cash equivalents and restricted cash provided by/(used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024:

 Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands)Net cash provided by operating activities$        165,021 $        153,232 Net cash used in investing activities         (33,098)         (85,616)Net cash (used in)/provided by financing activities         (161,595)         10,304 Effect of exchange rate changes on cash, cash equivalents and restricted cash         (879)         (1,120)Net (decrease)/increase in cash, cash equivalents and restricted cash$        (30,551)$        76,800 
Operating Cash Flows. Net cash provided by operating activities for the nine months ended September 30, 2025, decreased to $153.2 million, from $165.0 million for the nine months ended September 30, 2024, a decrease of $11.8 million. This decrease was primarily due to a decrease in operating net income and changes in working capital of $8.6 million during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Net cash flow from operating activities principally depends upon charter rates attainable, fleet utilization, fluctuations in working capital balances, repairs and maintenance activity, amount and duration of drydocks, and changes in foreign currency rates.

We are required to drydock each vessel once every five years until it reaches 15 years of age, after which we drydock vessels approximately every two and a half years. Drydocking each vessel, including travelling to and from the drydock, can take between 20 and 30 days in total, being approximately 5-10 days of voyage time to and from the shipyard and approximately 15-20 days of actual drydocking time. Ten of our vessels completed their respective drydockings during the nine months ended September 30, 2025.

We estimate the current cost of a five-year drydocking for one of our vessels to be approximately $1.5 million, a ten-year drydocking cost to be approximately $1.7 million, and the 15-year and 17-year drydocking costs to be approximately $1.9 million each (including the cost of classification society surveys). As our vessels age and our fleet expands, our drydocking expenses will increase. Ongoing costs for compliance with environmental regulations are primarily included as part of drydocking, such as the requirement to install ballast water treatment plants, and classification society survey costs, with a balance included as a component of our operating expenses.

Investing Cash Flows. Net cash used in investing activities was $85.6 million for the nine months ended September 30, 2025, primarily related to, $58.2 million as payments for our four Ethylene Newbuild Vessels and our Ammonia Newbuild Vessels (as defined in the notes to the accompanying condensed consolidated financial statements) under construction, and $84.6 million for the purchase of the Purchased Vessels, contributions to our investment in an expansion of the Ethylene Export Terminal (the “Terminal Expansion Project”) of $4.0 million, offset by $12.2 million of distributions received from our investment in the Export Terminal Joint Venture and $47.8 million from proceeds from sale of vessels during the period.

Net cash used in investing activities was $33.1 million for the nine months ended September 30, 2024, primarily related to contributions to our investment in the Terminal Expansion Project of $32.0 million and $20.6 million as initial payments for the two new vessels under construction, offset by distributions received from our investment in the Export Terminal Joint Venture of $19.4 million.

Financing Cash Flows. Net cash provided by financing activities was $10.3 million for the nine months ended September 30, 2025, primarily as a result of the drawdown of our February 2025 Facility of $74.6 million and our May 2025 Facility of $300 million and proceeds from our March 2025 Bond Tap Issue of $40.0 million, offset by repayment of our September 2020 Facility of $143.4 million and our October 2013 Facility of $14.7 million, regular quarterly debt repayments totaling $93.3 million, and $67.6 million paid under our then existing capital return policy and share repurchases.

Net cash used in financing activities was $161.6 million for the nine months ended September 30, 2024, primarily as a result of our regular quarterly debt repayments and repayment of our $107 million Secured Term Loan Facility totaling $189.3 million, quarterly dividend payments of $10.8 million, and $56.0 million paid under our then existing capital return policy and our other share repurchase programs, offset by drawdown of our August 2024 facility of $100.8 million.         

Secured Term Loan Facilities, Revolving Credit Facilities and Terminal Facility

General. Navigator Gas LLC., our wholly-owned subsidiary, and certain of our vessel-owning subsidiaries have entered into various secured term loan facilities and revolving credit facilities as summarized in the table below. For additional information regarding our secured term loan facilities and revolving credit facilities, please read “Item 5—Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Secured Term Loan Facilities and Revolving Credit Facilities” in the Company's 2024 Annual Report.

The table below summarizes our facilities as of September 30, 2025:

      Facility agreement Original
facility
amountPrincipal
amount
outstandingUndrawn
RCF
componentInterest rateFacility
maturity date (in millions)  March 2019 Terminal Facility$75.0$4.0$—Comp SOFR + 326 BPSDecember 2025August 2021 Loan Agreement 67.0 32.0 —Fixed 378 BPSJune 2026February 2025 Secured Term Loan 74.6 74.6 —Term SOFR + 180 BPSAugust 2026October 2013 DB Credit Facility A 57.7 8.4 —Comp SOFR + 247 BPSApril 2027December 2022 Secured Term loan and RCF 111.8 45.6 28.5Term SOFR + 209 BPSSeptember 2028July 2015 DB Credit Facility B 60.9 16.5 —Comp SOFR + 247 BPSDecember 2028July 2015 Santander Credit Facility B 55.8 16.3 —Comp SOFR + 247 BPSJanuary 2029March 2023 Secured Term Loan 200.0 116.8 —Comp SOFR + 205 BPSMarch 2029December 2022 Secured Term Loan 151.3 122.5 —Term SOFR + 220 BPSDecember 2029August 2024 Secured Term Loan and RCF 147.6 71.5 62.9Term SOFR + 190 BPSAugust 2030May 2025 Secured Term Loan and RCF 300.0 293.3 —Term SOFR + 170 BPSMay 2031Total$1,301.7$801.5$91.4  
Financial Covenants. Our secured term loan facilities and revolving credit facilities contain financial covenants requiring the Company, among other things, to:

maintain a certain level of cash and cash equivalents based on the number of vessels in our fleet or in the relevant facilities, up to an amount of $50 million and;maintain a minimum ratio of shareholder equity to total assets, or value adjusted total assets, of 30%. Restrictive Covenants. The secured facilities provide that the borrowers may not declare or pay dividends to shareholders out of operating revenue generated by the vessels securing the indebtedness if an event of default has occurred and is continuing. The secured term loan facilities and revolving credit facilities also typically limit the borrowers from, among other things, incurring further indebtedness or entering into mergers and divestitures. The secured facilities also contain general covenants that require the borrowers to maintain adequate insurance coverage and to maintain the vessels, and include customary events of default including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness, or non-compliance with security documents.

Borrowers are required to deliver quarterly compliance certificates, which are provided on a semi-annual basis on June 30 and December 31, including providing average valuations of the vessels securing the applicable facility from two independent ship brokers. Upon delivery of the valuations, if the market value of the collateral vessels is less than 125% to 135% of the outstanding indebtedness under the applicable facilities, the borrowers must either provide additional collateral or repay any amount in excess of 125% to 135% of the market value of the collateral vessels, as applicable. As of September 30, 2025 we were in compliance with all covenants under our secured term loan facilities and revolving credit facilities.

2024 Senior Unsecured Bonds and 2025 Senior Unsecured Bond Tap Issue

General. On October 17, 2024, the Company issued an aggregate principal amount of $100 million of our October 2024 Bonds. The net proceeds of the issuance of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million.

On March 28, 2025, pursuant to the March 2025 Bond Tap Issue Addendum, the Company completed the March 2025 Bond Tap Issue issuing an additional aggregate principal amount of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million in aggregate principal amount of bonds remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.

On September 3, 2025 the October 2024 Bonds (and the March 2025 Bond Tap Issue under the same bond terms) were listed on the Nordic ABM, which is operated and organized by Oslo Børs ASA and governed by Norwegian law.

Interest. Interest on the October 2024 Bonds (and the March 2025 Bond Tap Issue) is payable at a fixed rate of 7.25% per annum, calculated on a 360-day year basis. Interest is payable semi-annually in arrears on April 30 and October 30 of each year.

Maturity. The October 2024 Bonds (and the March 2025 Bond Tap Issue) mature on October 30, 2029 and become repayable on that date.

Optional Redemption. We may redeem the October 2024 Bonds (and the March 2025 Bond Tap Issue), in whole or in part at any time. Any bonds redeemed: up until October 29, 2027 will be priced at the aggregate of the present value (discounted at 412 basis points) on the Repayment Date of the Nominal Amount and the remaining interest payments up to October 30, 2027; from October 30, 2027 to April 29, 2028, are redeemable at 102.9% of par; from April 30, 2028 to October 29, 2028, are redeemable at 102.175% of par; from October 30, 2028 to April 29, 2029, are redeemable at 101.45% of par; and from April 30, 2029 to October 29, 2029, are redeemable at 100% of par; in each case, in cash plus accrued interest.

Additionally, upon the occurrence of a “Change of Control Event” (as defined in the bond terms covering the October 2024 Bonds and the March 2025 Bond Tap Issue), the holders of October 2024 Bonds (and holders of the March 2025 Bond Tap Issue) have the option to require us to repay such holders’ outstanding principal amount at 101% of par, plus accrued interest.

Financial Covenants. The bond terms for the October 2024 Bonds and the March 2025 Bond Tap Issue contain financial covenants requiring the Company, among other things, to:

maintain a minimum liquidity of no less than $35 million; andmaintain an Equity Ratio (as defined) of at least 30%. Our compliance with the covenants listed above is measured as of the end of each fiscal quarter. As of September 30, 2025, we were in compliance with all covenants under the October 2024 Bonds (and the March 2025 Bond Tap Issue).

Restrictive Covenants. The October 2024 Bonds (and the March 2025 Bond Tap Issue) provide that we may declare or pay dividends to shareholders provided the Company maintains a minimum liquidity of $45 million unless an event of default has occurred and is continuing. The Bond Agreement (and the March 2025 Bond Tap Issue Addendum thereto) related to the 2024 Bonds (the “2024 Bond Agreement”) also limits us and our subsidiaries from, among other things, entering into mergers and de-mergers, engaging in transactions with affiliates, or incurring any additional liens that would have a material adverse effect. In addition, the 2024 Bond Agreement includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, false representation or warranty, a cross-default to other indebtedness, the occurrence of a material adverse effect, or our insolvency or dissolution.

Critical Accounting Estimates

We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For a description of our material accounting policies, please read Note 2—Summary of Significant Accounting Policies to the Company's 2024 Annual Report.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates and foreign currency fluctuations, as well as inflation. We use interest rate swaps to manage some of our interest rate risks. We do not use interest rate swaps or any other financial instruments for trading or speculative purposes.

Interest Rate Risk. We are exposed to the impact of interest rate changes through borrowings that require us to make interest payments based on SOFR. We are party to a fixed-rate unsecured bond and our wholly-owned subsidiaries and certain of our vessel-owning subsidiaries are party to secured term loans and revolving credit facilities that bear interest at rates of SOFR plus margins of between 170 and 326 basis points. At September 30, 2025, $551.8 million of our outstanding debt (including our bond and excluding deferred finance costs) had fixed rates or was hedged using interest rate swaps and therefore is not exposed to changes in interest rate movements, whereas $389.8 million (excluding deferred finance costs) was not hedged and is therefore subject to variable interest rates. Based on this, a hypothetical increase in SOFR of 100 basis points would, all other things being equal, result in $3.9 million of additional annual interest expense on our indebtedness outstanding as of September 30, 2025.

We use interest rate swaps to reduce our exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with our floating-rate debt. The Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements.

Foreign Currency Exchange Rate Risk. Our primary economic environment is the international shipping market. This market utilizes the U.S. Dollar as its functional currency. Consequently, most of our revenue is generated in U.S. Dollars. Our expenses are in the currency invoiced by each supplier, and we remit funds in various currencies. We incur some vessel operating expenses and general and administrative costs in foreign currencies, primarily Euros, Pound Sterling, Danish Kroner, and Polish Zloty, and therefore there is a transactional risk that currency fluctuations could have a negative effect on our cash flows and financial condition. We have not entered into any derivative contracts to mitigate our exposure to foreign currency exchange rate risk as of September 30, 2025.

Inflation. We are exposed to increases in operating costs arising from vessel operations, including crewing, vessel repair costs, drydocking costs, insurance and fuel prices as well as from general inflation, and we are subject to fluctuations as a result of general market forces. Increases in bunker costs could have a material effect on our future operations if the number and duration of our voyage charters or contracts of affreightment ("COAs") increase. In the case of the 48 vessels owned and commercially managed by us as of September 30, 2025, 33 were employed on time charter and as such it is the charterers who pay for the fuel on those vessels. If our vessels are employed under voyage charters or COAs, freight rates are generally sensitive to the price of fuel however a sharp rise in bunker prices may have a temporary negative effect on our results as, typically, freight rates do not adjust immediately.

Credit Risk. We may be exposed to credit risks in relation to vessel employment, and at times we may have multiple vessels employed by the same charterer. We consider and evaluate the concentration of credit risk continuously and perform ongoing evaluations of these charterers for credit risk. At September 30, 2025, no more than four of our vessels were employed by the same charterer. We invest our surplus funds with reputable financial institutions, and as of September 30, 2025, all such deposits had maturities of no more than three months.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statements of Operations
(Unaudited)

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands except share and per share data)Revenue    Operating revenues$        128,777 $        141,871 $        381,398 $        398,978 Operating revenues – Unigas Pool         13,040          11,215          41,250          35,149 Total operating revenues         141,817          153,086          422,648          434,127 Expenses    Brokerage commission         1,845          1,906          5,340          5,357 Voyage expenses         21,651          20,114          52,957          55,988 Vessel operating expenses         43,465          49,288          129,077          143,675 Depreciation and amortization         33,290          32,937          100,080          101,950 General and administrative costs         9,379          8,575          27,179          26,963 Profit from sale of vessel         —          (12,589)         —          (25,206)Total operating expenses         109,630          100,231          314,633          308,727 Operating Income         32,187          52,855          108,015          125,400 Other Income/(Expenses)    Realized loss on non-designated derivative instruments         —          —          —          (1,228)Unrealized loss on non-designated derivative instruments         (5,177)         (2,368)         (7,205)         (4,753)Interest expense         (14,252)         (14,913)         (43,760)         (42,668)Interest income         1,898          1,720          5,060          4,566 Write off of deferred financing costs         —          —          —          (266)Unrealized foreign exchange gain/(loss)         3,282          (974)         879          (1,120)Other income         —          —          —          4,801 Income before taxes and share of result of equity method investments         17,938          36,320          62,989          84,732 Income taxes         (674)         (3,790)         (3,041)         (5,141)Share of result of equity method investments         2,214          3,273          11,291          7,174 Net Income         19,478          35,803          71,239          86,765 Net income attributable to non-controlling interest         (1,306)         (2,648)         (7,254)         (5,122)Net Income attributable to stockholders of Navigator Holdings Ltd.$        18,172 $        33,155 $        63,985 $        81,643      Earnings per share attributable to stockholders of Navigator Holdings Ltd.:Basic:$0.26 $0.50 $0.89 $1.20 Diluted:$0.26 $0.50 $0.88 $1.19 Weighted average number of shares outstanding in the period:   Basic:         69,539,875          65,752,850          71,728,124          67,970,593 Diluted:         70,237,014          66,446,941          72,371,636          68,677,285  Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands)Net Income$19,478 $35,803 $71,239 $86,765Other comprehensive income:    Foreign currency translation (loss)/income (200) (358) (492) 268Total comprehensive income$19,278 $35,445 $70,747 $87,033     Total comprehensive income attributable to:    Stockholders of Navigator Holdings Ltd.$17,972 $32,797 $63,493 $81,911Non-controlling interest 1,306  2,648  7,254  5,122Total comprehensive income$19,278 $35,445 $70,747 $87,033 Condensed Consolidated Balance Sheet
(Unaudited)

 As at December 31, 2024As at September 30, 2025 (in thousands, except share data)Assets  Current Assets  Cash and cash equivalents$130,821 $164,996 Restricted cash 8,976  51,601 Accounts receivable, net of allowance for credit losses 29,037  35,096 Accrued income 5,809  5,345 Prepaid expenses and other current assets 14,824  22,592 Bunkers and other inventory 13,752  10,318 Insurance receivable 3,368  4,939 Amounts due from related parties 13,797  7,388 Total current assets 220,384  302,275    Non-current Assets  Vessels, net 1,653,607  1,635,507 Vessels under construction 41,589  102,899 Property, plant and equipment, net 385  311 Intangible assets, net of accumulated amortization 406  397 Equity method investments 253,729  252,723 Derivative assets 7,191  1,503 Right-of-use asset 2,088  1,561 Other non-current assets 1,250  2,500 Total non-current assets 1,960,245  1,997,401 Total Assets$2,180,629 $2,299,676    Liabilities and Stockholders’ Equity  Current Liabilities  Current portion of secured term loan facilities, net of deferred financing costs$250,087 $170,930 Current portion of operating lease liabilities 1,180  1,230 Accounts payable 13,823  12,061 Accrued expenses and other liabilities 24,334  33,895 Accrued interest 4,835  6,686 Deferred income 24,514  29,861 Derivative liability —  2,425 Total current liabilities 318,773  257,088    Non-current Liabilities  Secured term loan facilities and revolving credit facilities, net of current portion and deferred financing costs 504,995  624,242 Senior unsecured bond, net of deferred financing costs 98,446  138,037 Operating lease liabilities, net of current portion 2,574  1,945 Deferred tax liabilities 9,477  12,967 Total non-current liabilities 615,492  777,191 Total Liabilities 934,265  1,034,279 Commitments and Contingencies - Note 12  Stockholders’ Equity  Common stock—$0.01 par value per share; 400,000,000 shares authorized; 65,537,859 shares issued and outstanding at September 30, 2025 (December 31, 2024: 69,397,648) 695  656 Additional paid-in capital 800,800  802,062 Accumulated other comprehensive loss (548) (280)Retained earnings 404,522  418,622 Total Navigator Holdings Ltd. Stockholders’ Equity 1,205,469  1,221,060 Non-controlling interest 40,895  44,337 Total equity 1,246,364  1,265,397 Total Liabilities and Stockholders’ Equity$2,180,629 $2,299,676  Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)

For the Three Months Ended September 30, 2025:

 (in thousands, except Common stock data) Common stock      Number of sharesAmount $0.01
par valueAdditional Paid-
in CapitalAccumulated
Other
Comprehensive
Income (Loss)Retained
EarningsNon-Controlling
InterestTotalJuly 1, 202567,015,554 $671 $801,640$78 $411,246 $41,769 $1,255,404 Restricted shares issued—  —  — —  —  —  — Unrestricted shares issued711  —  — —  —  —  — Net income—  —  — —  33,155  2,648  35,803 Foreign currency translation—  —  — (358) —  —  (358)Dividend declared—  —  — —  (3,278) (4,080) (7,358)Repurchase of common stock(1,478,406) (15) — —  (22,501)  (22,516)Share-based compensation plan—  —  422 —  —  —  422 Investment by Non-Controlling Interest—  —  — —  —  4,000  4,000 September 30, 202565,537,859 $656 $802,062$(280)$418,622 $44,337 $1,265,397  For the Nine Months Ended September 30, 2025:

 (in thousands, except Common stock data) Common stock      Number of sharesAmount $0.01
par valueAdditional Paid-in CapitalAccumulated
Other
Comprehensive Income (Loss)Retained EarningsNon-Controlling
InterestTotalJanuary 1, 202569,397,648 $695 $800,800$(548)$404,522 $40,895 $1,246,364 Restricted shares issued44,443  —  — —  —  —  — Unrestricted shares issued1,060  —  — —  —  —  — Net income—  —  — —  81,643  5,122  86,765 Foreign currency translation—  —  — 268  —  —  268 Dividend declared—  —  — —  (10,196) (5,680) (15,876)Repurchase of common stock(3,905,292) (39) — —  (57,347) —  (57,386)Share-based compensation plan—  —  1,262 —  —  —  1,262 Investment by Non-Controlling Interest—  —  — —  —  4,000  4,000 September 30, 202565,537,859 $656 $802,062$(280)$418,622 $44,337 $1,265,397  For the Three Months Ended September 30, 2024:

  (in thousands, except Common Stock data) Common stock      Number of sharesAmount $0.01
par valueAdditional Paid-
in CapitalAccumulated
Other
Comprehensive
Income (Loss)Retained
EarningsNon-Controlling
InterestTotalJuly 1, 202469,595,255 $697 $799,940$(444)$375,135 $48,748$1,224,076 Restricted shares issued—  —  — —  —  — — Net income—  —  — —  18,172  1,306 19,478 Foreign currency translation—  —  — (200) —  — (200)Dividend Paid—  —  — —  (3,473) — (3,473)Repurchase of common stock(141,824) (1) — —  (2,330) — (2,331)Share-based compensation plan—  —  388 —  —  — 388 September 30, 202469,453,431 $696 $800,328$(644)$387,504 $50,054$1,237,938  For the Nine Months Ended September 30, 2024:

  (in thousands, except Common Stock data) Common stock      Number of sharesAmount $0.01
par valueAdditional Paid-
in CapitalAccumulated
Other
Comprehensive
Income (Loss)Retained
EarningsNon-Controlling
InterestTotalJanuary 1, 202473,208,586 $733 $799,472$(152)$390,221 $42,800$1,233,074 Restricted shares issued56,036  1  — —  —  — 1 Net income—  —  — —  63,985  7,254 71,239 Foreign currency translation—  —  — (492) —  — (492)Dividend Paid—  —  — —  (10,785) — (10,785)Repurchase of common stock(3,811,191) (38) — —  (55,917) — (55,955)Share-based compensation plan—  —  856 —  —  — 856 September 30, 202469,453,431 $696 $800,328$(644)$387,504 $50,054$1,237,938  See accompanying notes to condensed unaudited consolidated financial statements.

Condensed Consolidated Statements of Cash Flows
(Unaudited)

 Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands)Cash flows from operating activities  Net Income$71,239 $86,765 Adjustments to reconcile net income to net cash provided by operating activities  Unrealized loss on non-designated derivative instruments 7,205  4,753 Realized loss on non-designated derivative instruments —  1,228 Depreciation and amortization 100,080  101,950 Payment of drydocking costs (23,550) (18,988)Share-based compensation expense 856  1,262 Amortization of deferred financing costs 2,464  2,664 Share of results of equity method investments (11,291) (7,174)Deferred taxes 1,328  3,490 Repayments under operating lease obligations (713) (728)Other Income —  (4,801)Other unrealized foreign exchange gain 859  80 Profit from sale of vessel —  (25,206)Changes in operating assets and liabilities  Accounts receivable 1,682  (6,059)Insurance claims receivables (4,571) (4,066)Bunkers and lubricant oils (2,911) 3,435 Accrued income, prepaid expenses and other current assets (51) (6,777)Accounts payable, accrued interest, accrued expenses and other liabilities 7,971  14,995 Amounts from related parties 14,424  6,409 Net cash provided by operating activities 165,021  153,232 Cash flows from investing activities  Additions to vessels and equipment —  (84,639)Vessels under construction (20,581) (58,236)Contributions to equity method investments (32,005) (4,000)Distributions from equity method investments 19,424  12,180 Investment in preferred securities (1,250) (1,250)Proceeds from sale of vessel —  47,834 Insurance recoveries 1,314  2,495 Net cash used in investing activities         (33,098)         (85,616)Cash flows from financing activities  Proceeds from secured term loan facilities and revolving credit facilities 100,841  377,208 Direct financing cost of secured term loan and revolving credit facilities and unsecured bonds (1,476) (4,112)Repurchase of share capital (55,955) (57,386)Proceeds of unsecured bonds —  40,000 Repayment of secured term loan facilities and revolving credit facilities (189,275) (333,530)Repayment of refinancing of vessel to related parties (4,945) — Cash received from non-controlling interest —  4,000 Dividend paid to non-controlling interest —  (5,680)Dividends paid (10,785) (10,196)Net cash (used in)/provided by financing activities (161,595) 10,304 Effect of exchange rate changes on cash, cash equivalents and restricted cash (879) (1,120)Net (decrease)/increase in cash, cash equivalents and restricted cash (30,551) 76,800 Cash, cash equivalents and restricted cash at beginning of period 158,242  139,797 Cash, cash equivalents and restricted cash at end of period$127,691 $216,597    Supplemental Information  Total interest paid during the period, net of amounts capitalized$42,460 $39,916 Total tax paid during the period$893 $1,336  Notes to the Condensed Consolidated Financial Statements (Unaudited)

1. General Information and Basis of Presentation

General Information

Navigator Holdings Ltd. (the “Company”), the ultimate parent company of the Navigator Group of companies, is registered in the Republic of the Marshall Islands. The Company has a core business of owning and operating a fleet of liquefied gas carriers. As of September 30, 2025, the Company owned and operated 57 gas carriers (the “Vessels”) each having a cargo capacity of between 3,770 cbm and 38,000 cbm, of which 27 were ethylene and ethane-capable vessels.

The Company entered into a joint venture (the “Navigator Greater Bay Joint Venture”) with Greater Bay Gas Co. Ltd. (“Greater Bay Gas”) in September 2022, which joint venture entity has acquired two 17,000 cbm, 2018-built ethylene-capable liquefied gas carriers and three 22,000 cbm, 2019-built ethylene-capable liquefied gas carriers.

The Company entered into a joint venture (the “Amon Joint Venture”) with Amon Gas Holdings AS ("Amon Gas") in July 2025. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the two 51,530 cubic meter capacity ammonia fueled liquefied ammonia carriers (the “Ammonia Newbuild Vessels”), which will also be capable of carrying liquefied petroleum gas. Deliveries for the Ammonia Newbuild Vessels are scheduled to take place in June and October 2028 respectively, at an average yard price of $84 million per vessel. At September 30, 2025, the Company owned 61% and Amon Gas owned 39% of the Amon Joint Venture, which is consolidated in our consolidated financial statements. Under the terms and conditions of the investment, the Company expects to own 79.5% of the Amon Joint Venture and Amon Gas expects to own 20.5% upon delivery of the vessels in 2028.

The Company owns a 50% share, through a joint venture (the “Export Terminal Joint Venture”), of an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel (the “Ethylene Export Terminal”), that is capable of exporting in excess of 1.55 million tons of ethylene per year.

Unless the context otherwise requires, all references in the consolidated financial statements to “our”,” we” and “us” refer to the Company.

Basis of Presentation

These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments consisting of normal recurring items, necessary for a fair statement of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 included in our Annual Report on Form 20-F filed with the SEC on March 25, 2025 (the “2024 Annual Report”). The year-end condensed balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results for the nine months ended September 30, 2025, are not necessarily indicative of results for the year ending December 31, 2025, or any other future periods.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entities (“VIE”) for which the Company is a primary beneficiary (please read Note 15. Variable Interest Entities for additional information). All intercompany accounts and transactions have been eliminated on consolidation. References to joint venture include all operations under joint arrangements for accounting purposes.

The results of operations are subject to seasonal and other fluctuations and are therefore not necessarily indicative of results that may otherwise be expected for the entire year.

Management has evaluated the Company’s ability to continue as a going concern and considered the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within 12 months after the financial statements are issued. As part of the evaluation, and among other things, management has considered the following:

our current financial condition and liquidity sources, including current funds available and forecasted future cash flows;the severity and duration of any world events and armed conflicts, including the Russian-Ukraine war, conflicts in the Israel-Gaza region and the broader conflict in the Middle East involving Iran and other nations, and associated repercussions to supply and demand for oil and gas and the economy generally, as well as possible effects of trade disruptions and trade tariffs; Following the signing on May 2, 2025, of the May 2025 Facility, the substantial doubt over the Company's ability to continue as a going concern that was disclosed in both the Company’s Preliminary Fourth Quarter and Financial Year 2024 Results (Unaudited) released on March 12, 2025 and in the Company’s Annual Report on Form 20-F for the Year Ended December 31, 2024 released on March 25, 2025, has been alleviated.

Following the evaluation, Management has determined that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Company's 2024 Annual Report. There have been no material changes to these policies in the nine months ended September 30, 2025.

Recent Accounting Pronouncements

New accounting standards issued as of September 30, 2025 may affect future reporting by Navigator Holdings Ltd. The Company's 2024 Annual Report contains a list of such accounting pronouncements that may be relevant in the future and new accounting pronouncements were announced during the nine months ended September 30, 2025. The impact of these pronouncements on the financial reporting was assessed and the Company concluded that no material impact for current and future reporting periods is expected.

2. Operating Revenues

The following table discloses operating revenues by contract type for the three and nine months ended September 30, 2025 and 2024:

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands)Time charters$79,166$90,331$254,533$269,024Voyage charters 49,611 51,540 126,865 129,954Operating revenues from Unigas Pool 13,040 11,215 41,250 35,149Total operating revenues$141,817$153,086$422,648$434,127 Time Charter Revenue

As of September 30, 2025, 33 of the Company’s 48 operated vessels (excluding the nine vessels operating within the independently managed Unigas Pool) were subject to time charters, 21 of which will expire within one year, 9 of which will expire within three years and 3 of which will expire within five years from the balance sheet date (December 31, 2024: 32 of the Company’s 47 operated vessels were subject to time charters, 23 of which will expire within one year, 9 of which will expire within three years). The estimated undiscounted cash flows for committed time charter revenue that are expected to be received on an annual basis for ongoing time charters, as of September 30, 2025, are as follows:

 (in thousands of U.S. dollars) Within 1 year$        220,071 In the second year         98,719 In the third year         51,579 In the fourth year         24,273  $        394,642 
For time charter revenue accounted for under ASC 842, the amount of accrued income on the Company’s unaudited condensed consolidated balance sheet as of September 30, 2025, was $5.2 million (December 31, 2024: $0.7 million). The amount of hire payments received in advance under time charter contracts, recognized as a liability and reflected within deferred income on the Company’s unaudited condensed consolidated balance sheet as of September 30, 2025, was $29.6 million (December 31, 2024: $24.5 million). Deferred income allocated to time charters will be recognized ratably over time, which is expected to be within one month from September 30, 2025.

Voyage Charter Revenue

Voyage charter revenue, which includes revenue from contracts of affreightment, are shown net of address commissions.

As of September 30, 2025, for voyage charter and contract of affreightment services accounted for under ASC 606, the amount of contract assets reflected within accrued income on the Company’s unaudited condensed consolidated balance sheet was $2.3 million (December 31, 2024: $5.1 million). Changes in the contract asset balance between balance sheet dates reflects income accrued after loading of the cargo commences but before an invoice has been raised to the charterer, as well as changes in the number of the Company’s vessels contracted under voyage charters or contracts of affreightment.

The period opening and closing balance of receivables from voyage charters, including contracts of affreightment, was $19.5 million and $18.7 million, respectively, as of September 30, 2025 (December 31, 2024: $18.3 million and $19.5 million, respectively) and is reflected within net accounts receivable on the Company’s unaudited condensed consolidated balance sheet.

The amount allocated to costs incurred to fulfill a contract with a charterer, which are costs incurred following the commencement of a contract or charter party but before the loading of the cargo commences, was $0.4 million as of September 30, 2025 (December 31, 2024: $2.5 million) and is reflected within prepaid expenses and other current assets on the Company’s unaudited condensed consolidated balance sheet.

3. Vessels

 VesselsDrydockingTotal  (in thousands)Cost   January 1, 2025$        2,467,396 $        86,045 $        2,553,441 Vessels acquisitions         84,639          —          84,639 Additions         —          21,584          21,584 Disposals         (97,959)         (11,588)         (109,547)September 30, 2025         2,454,076          96,041          2,550,117     Accumulated Depreciation   January 1, 2025         854,346          45,488          899,834 Charge for the period         84,704          17,033          101,737 Disposals         (75,902)         (11,059)         (86,961)September 30, 2025         863,148          51,462          914,610     Net Book Value   December 31, 2024         1,613,050          40,557          1,653,607 September 30, 2025$        1,590,928 $        44,579 $        1,635,507 
On January 7, 2025, the Company entered into an agreement to acquire three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels (the "Purchased Vessels"). On February 19, 2025, the Company acquired the first of the three Purchased Vessels, now renamed Navigator Hyperion for $27.4 million. On February 24, 2025, the Company acquired the second of the Purchased Vessels, now renamed Navigator Titan for $27.4 million. On March 17, 2025 the Company acquired the third of the Purchased Vessels, now renamed Navigator Vesta, for $29.2 million.

On May 13, 2025, the Company sold and delivered Navigator Venus, a 2000-built 22,085 cbm ethylene-capable semi-refrigerated handysize vessel to a third party for net proceeds of $17.5 million and recognized a profit on sale of $12.6 million.

On September 8, 2025, the Company sold and delivered Navigator Gemini, a 2009-built 20,750 cbm semi-refrigerated handysize vessel to a third party for net proceeds of $30.3 million and recognized a profit on sale of $12.6 million.

The cost and net book value as of September 30, 2025 of the 33 vessels that were contracted under time charter arrangements (please read Note 2—Operating Revenue for additional information) was $1,720.4 million and $1,092.1 million, respectively (December 31, 2024: $1,676.0 million and $1,084.0 million, respectively, for 32 vessels contracted under time charters).

The net book value of vessels that serve as collateral for the Company’s secured term loan and revolving credit facilities (please read Note 6. Secured Term Loan Facilities and Revolving Credit Facilities, for additional information) was $1,453.0 million as of September 30, 2025 (December 31, 2024: $1,382 million).

4. Vessels Under Construction

On August 20, 2024 the Company entered into contracts to build two new 48,500 cubic meter capacity liquefied ethylene gas carriers with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China (the “Original Newbuild Vessels”). On November 21, 2024, the Company exercised an option and entered into contracts to build two additional newbuild vessels of the same specification and price (the “Additional Newbuild Vessels” and together with the Original Newbuild Vessels, the “ Ethylene Newbuild Vessels”). The Ethylene Newbuild Vessels, (Navigator Polaris, Navigator Proxima, Navigator Parsec, and Navigator Pleione), are scheduled to be delivered to the Company in March 2027, July 2027, November 2027 and January 2028 respectively, at an average shipyard price of $102.9 million per vessel.

On July 27, 2025, the Company announced that it had entered into the Amon Joint Venture, which intends to acquire the two Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $84 million per vessel.

 Year ended
December 31, 2024Nine months ended
September 30, 2025 (in thousands)Vessels under construction at January 1,$—$41,589Payments to Shipyards 41,208 58,236Capitalized interest 381 3,074Vessel under construction at December 31, 2024 and September 30, 2025$41,589$102,899
5. Equity Method Investments

Interests in investments are accounted for using the equity method and are recognized initially at cost and subsequently include the Company’s share of the profit or loss and other comprehensive income of the equity-accounted investees. We disclose our proportionate share of profits and losses from equity method unconsolidated affiliates in the statement of operations and adjust the carrying amount of our equity method investments on the balance sheet accordingly.

Share of results from equity method investments, excluding amortized costs, recognized in the share of results of equity method investments for the nine months ended September 30, 2025, was a profit of $7.1 million (nine months ended September 30, 2024: a profit of $11.3 million).

As of December 31, 2024, and September 30, 2025, we had the following participation interests in investments that are accounted for using the equity method:

 December 31, 2024September 30, 2025Enterprise Navigator Ethylene Terminal L.L.C. ("Export Terminal Joint Venture")50%50%Unigas International B.V. ("Unigas")33.3%33.3%Dan Unity CO2 A/S ("Dan Unity")50%50%Luna Pool Agency Limited ("Luna Pool Agency")50%50%Azane Fuel Solutions AS ("Azane")9.5%9.5%Bluestreak CO2 Limited ("Bluestreak")50%50%
The table below shows the movement in the Company’s equity method investments, for the year ended December 31, 2024, and the nine months ended September 30, 2025:

 Year ended
December 31, 2024Nine months ended
September 30, 2025 (in thousands)Equity method investments at January 1, 2024 and 2025$174,910 $253,729 Equity contributions to joint venture entity 89,000  4,000 Share of results 16,911  7,174 Distributions received from equity method investments (27,092) (12,180)Equity method investments at December 31, 2024 and September 30, 2025$253,729 $252,723 
Enterprise Navigator Ethylene Terminal L.L.C. (“Export Terminal Joint Venture”)
In January 2018, the Company entered into definitive agreements creating the Export Terminal Joint Venture. As of September 30, 2025, the Company has contributed $274.5 million to the Export Terminal Joint Venture for our share of the capital cost for the construction of the Ethylene Export Terminal and for an expansion of the Ethylene Export Terminal which completed in December 2024.

Capitalized interest and associated costs are being amortized over the estimated useful life of the Ethylene Export Terminal, which began commercial operations with the export of commissioning cargoes in December 2019. As of September 30, 2025 the unamortized difference between the carrying amount of the investment in the Export Terminal Joint Venture and the amount of the Company’s underlying equity in net assets of the Export Terminal Joint Venture was $5.1 million (December 31, 2024: $5.2 million). The costs amortized in both the nine months ended September 30, 2025, and 2024, was $0.2 million and this is presented in the share of results of the equity method investments within our consolidated statements of operations.

Unigas International B.V. ("Unigas")

Unigas, based in the Netherlands, is an independent commercial and operational manager of seagoing vessels capable of carrying liquefied petrochemical and petroleum gases on a worldwide basis. Unigas is the operator of the Unigas pool. The Company owns a 33.3% equity interest in Unigas and accounts for it using the equity method. It was recognized initially at fair value and our consolidated financial statements will include Unigas’s share of the profit or loss and other comprehensive income.

Dan Unity CO2 A/S ("Dan Unity")

In June 2021, one of the Company’s subsidiaries entered into a shareholder agreement creating the joint venture Dan Unity, a Danish entity, to undertake commercial and technical projects relating to seaborne transportation of CO2.

We account for our investment using the equity method and we exercise joint control over the operating and financial policies of Dan Unity. As of September 30, 2025, we have recognized the Company’s initial investment at cost along with the Company’s share of the profit or loss and other comprehensive income of equity accounted investees.

Luna Pool Agency Limited ("Luna Pool Agency")

In March 2020, the Company collaborated with Pacific Gas Pte. Ltd. and Greater Bay Gas to form and manage the Luna Pool. As part of the formation, Luna Pool Agency Limited (the “Luna Pool Agency”) was incorporated in May 2020. The pool participants jointly own the Luna Pool Agency on an equal basis, and both have equal board representation. As of September 30, 2025, we have recognized the Company’s initial investment of one British pound in the Luna Pool Agency within equity method investments on our consolidated balance sheet. The Luna Pool Agency has no activities other than as a legal custodian of the Luna Pool bank account and there will be no variability in its financial results as it has no income and its minimal operating expenses are reimbursed by the Pool Participants.

Azane Fuel Solutions AS ("Azane")

Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling to facilitate the transition to green fuels for shipping. The Company acquired a 9.5% equity interest in Azane on October 25, 2023 and accounts for it using the equity method. It was recognized initially at cost.

Azane intends to build the world’s first ammonia bunkering network and operate ammonia bunkering infrastructure. Azane intends to become the missing link between ammonia production, and trade and vessels wishing to use ammonia as fuel. Future value creation for Azane is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology.

Bluestreak CO2 Limited ("Bluestreak")

Bluestreak is a 50%/50% joint venture between the Company and Bumi Armada, one of the world’s largest floating infrastructure operators. The joint venture aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the United Kingdom’s Industrial Decarbonisation Strategy. It is anticipated that the Bluestreak joint venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage unit or a floating carbon storage and injection unit. The complete value chain is expected to safely and reliably transport and provide buffer storage of liquid carbon dioxide. The Bluestreak joint venture is subject to the execution of definitive documentation, approvals by the respective boards of directors of the Company and Bumi Armada, applicable regulatory approvals and other customary closing conditions.

6. Secured Term Loan Facilities and Revolving Credit Facilities

The following table shows the breakdown of all secured term loan facilities, revolving credit facilities and total deferred financing costs split between current and non-current liabilities at December 31, 2024 and September 30, 2025:

 December 31, 2024September 30, 2025 (in thousands)Current Liabilities  Current portion of secured term loan facilities and revolving credit facilities$252,333 $173,206 Less: current portion of deferred financing costs (2,246) (2,276)Current portion of secured term loan facilities and revolving credit facilities, net of deferred financing costs$250,087 $170,930 Non-Current Liabilities  Secured term loan facilities and revolving credit facilities net of current portion, excluding amount due to related parties$508,226 $628,422 Less: non-current portion of deferred financing costs (3,231) (4,180)Non-current secured term loan facilities and revolving credit facilities, net of current portion and non-current deferred financing costs$504,995 $624,242 
On May 2, 2025, the Company entered into a Senior Secured Term Loan and Revolving Credit Facility for up to $300 million (the "May 2025 Facility") with Nordea Bank Abp filial i Norge, Danish Ship Finance A/S, Danske Bank A/S, DNB (UK) Limited, ING Bank N.V. London Branch, and Skandinaviska Enskilda Banken AB (publ). The May 2025 Facility was used to repay the Company’s September 2020 secured loan facility in the amount of $143.4 million that was due to mature in September 2025, and the Company’s October 2013 secured loan facility that was due to mature in May 2027 in the amount of $14.7 million. The May 2025 Facility has a term of six years maturing in May 2031, is for a maximum principal amount of $300 million (split as $230 million term loan and $70 million revolving credit facility), bears interest at Term Secured Overnight Financing Rate (“SOFR”) plus 170 basis points, and is to be repaid through 24 quarterly installments on an age-adjusted 20 to 0 years profile, followed by a final balloon payment of $146.5 million, which balloon payment includes amounts relating to both the Term Loan and Revolving Credit components.

On February 7, 2025, the Company entered into a $74.6 million Senior Secured Term Loan (the “February 2025 Facility”) with Nordea Bank Abp, to partially finance the purchase price of the three Purchased Vessels and used cash on hand to pay the remainder of the total purchase price. The February 2025 Facility is initially non-amortizing, bears interest at a rate of Term SOFR plus 180 basis points and matures after 18 months. At that time the borrower has an option to extend the February 2025 Facility for a further 18 months on payment of a $25 million balloon. Should the borrower take the extension option the February 2025 Facility would become amortizing with repayments made on the basis of an age-adjusted 20 to 0 years repayment profile and would continue to bear interest at Term SOFR plus 180 basis points.

7. Senior Unsecured Bonds

On October 17, 2024, the Company issued an aggregate principal amount of $100 million of new Senior Unsecured Bonds in the Nordic bond market (the "October 2024 Bonds"). The net proceeds of the October 2024 Bonds were used to redeem in full all of our previously outstanding 2020 Bonds. The borrowing limit under the bond terms governing the October 2024 Bonds is $200 million.

On March 28, 2025, pursuant to an addendum (the “March 2025 Bond Tap Issue Addendum”), the Company completed an additional aggregate principal tap issue of $40 million in the Nordic bond market under the same bond terms governing its outstanding October 2024 Bonds and bearing the same coupon rate as the October 2024 Bonds (the “March 2025 Bond Tap Issue”). The March 2025 Bond Tap Issue matures in October 2029, in line with the October 2024 Bonds, and also bears a fixed coupon of 7.25% per annum payable semi-annually in arrears on April 30 and October 30. Settlement in respect of the March 2025 Bond Tap Issue occurred on April 4, 2025. Following the issuance of the October 2024 Bonds and the March 2025 Bond Tap Issue, a further $60 million remains available to be issued by the Company under the bond terms governing the October 2024 Bonds.

On September 3, 2025 the October 2024 Bonds (and the March 2025 Bond Tap Issue under the same bond terms) were listed on the Nordic ABM, which is operated and organized by Oslo Børs ASA and governed by Norwegian law.

The following table shows the breakdown of our Senior Unsecured Bonds and total deferred financing costs as of September 30, 2025 and December 31, 2024: 

 December 31, 2024September 30, 2025 (in thousands)October 2024 Bond issuance$100,000 $100,000 March 2025 Bond Tap issuance —  40,000 Less deferred financing costs (1,554) (1,963)Total bonds, net of deferred financing costs$98,446 $138,037 
8. Derivative Instruments Accounted for at Fair Value

Interest Rate risk

The Company has a number of existing vessel loan facilities with associated amortizing fixed interest rate swaps. As of September 30, 2025, the interest rate swaps had a net negative fair value to the Company of $0.9 million compared to a net positive fair value of $7.2 million to the Company as of December 31, 2024.. There were unrealized losses of $2.4 million on the fair value of the swaps for the three months ended September 30, 2025, compared to an unrealized loss of $5.2 million for the three months ended September 30, 2024. There were unrealized losses of $4.8 million on the fair value of the swaps for the nine months ended September 30, 2025 compared to an unrealized loss of $7.2 million for the nine months ended September 30, 2024, .

The Company repaid existing vessel loan facilities during the nine months ended September 30, 2025 and as a result the Company cash settled interest rate swap agreements linked to these loans and realized a loss of $1.2 million compared to nil for the nine months ended September 30, 2024.

These fixed interest rate swaps are typically entered into with the financial institutions that are also lenders under our loan facilities. The interest rate payable by the Company under these interest rate swap agreements is between 3.29% and 5.75%. The interest rate receivable by the Company under these interest rate swap agreements is typically 3-month SOFR, calculated on a 360-day year basis and which resets every three months.

All interest rate swaps are remeasured to fair value at each reporting date and have been categorized as Level Two on the fair value measurement hierarchy. The remeasurement to fair value has no impact on cash flows at the reporting date. There is no requirement for cash collateral to be placed with the swap providers under these swap agreements and there is no effect on restricted cash as of September 30, 2025.

As of September 30, 2025, we held the following interest rate swaps that partially hedge our variable-rate loan facilities:

Facility Hedged notional amount Fixed rateVariable rate (in thousands)  March 2019 Facility$        3,219        3.29%Comp SOFROctober 2013 DB Credit Facility A         8,392        4.05%Comp SOFRJuly 2015 DB Credit Facility B         16,494        3.99%Comp SOFRJuly 2015 Santander Credit Facility B         16,282        3.93%Comp SOFRMarch 2023 Secured Term Loan         87,594        5.75%Comp SOFRAugust 2024 Secured Term Loan and RCF         71,516        5.46%Term SOFRMay 2025 Senior Secured Term Loan and RCF         176,281        5.31%Term SOFR $        379,778          
On June 24, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on approximately 79% of the outstanding Term Loan portion of our May 2025 Facility. On August 5, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on 75% of the outstanding Term Loan portion of our March 2023 Secured Term Loan. On August 13, 2025 the Company entered into interest rate swaps to hedge the interest rate risk on 100% of the outstanding Term Loan portion of our August 2024 Secured Term Loan.

The following table includes the estimated fair value of those assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024.

  December 31, 2024September 30, 2025  (in thousands) Fair Value Hierarchy Level Fair Value Asset/(Liability)Fair Value Asset/(Liability)Interest rate swap agreements AssetsLevel 2 $7,191$1,503 Interest rate swap agreements LiabilityLevel 2  — (2,425)  $7,191$(922)
The Company uses derivative instruments in accordance with its overall risk management policy to mitigate the risk of unfavorable movements in interest rates.

The Company held no derivatives designated as hedges as of September 30, 2025 or December 31, 2024.

Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Include other inputs that are directly or indirectly observable in the marketplace.
Level 3—Unobservable inputs which are supported by little or no market activity.

Foreign Currency Exchange Rate risk

All foreign currency-denominated monetary assets and liabilities are revalued and reported in the Company’s functional currency based on the prevailing exchange rate at the end of the period. These foreign currency transactions fluctuate based on the strength of the U.S. Dollar. The remeasurement of all foreign currency-denominated monetary assets and liabilities at each reporting date results in unrealized foreign currency exchange differences which do not impact our cash flows.

Credit risk

The Company is exposed to credit losses in the event of non-performance by the counterparties to its interest rate swap agreements. As of September 30, 2025, the Company is exposed to credit risk where interest rate swaps are in an asset position from the perspective of the Company. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are reputable financial institutions, highly rated by a recognized rating agency.

The fair value of our interest rate swap agreements is the estimated amount that we would pay/receive to sell or transfer the swap at the reporting date, taking into account current interest rates and the current creditworthiness of the swap counterparties. The estimated amount is the present value of future cash flows, adjusted for credit risk. The Company transacts all of these derivative instruments through highly rated financial institutions at the time of the transaction. The amount recorded as a derivative asset or liability could vary by a material amount in the near term if credit markets are volatile or if credit risk were to change significantly.

The fair value of our interest rate swap agreements at the end of each period is most significantly affected by the interest rate implied by the benchmark interest yield curve, including its relative steepness. Interest rates and foreign exchange rates may experience significant volatility in both the short and long term. While the fair value of our swap agreements is typically more sensitive to changes in short-term rates, significant changes in long-term benchmark interest, foreign exchange rates and the credit risk of the counterparties of the Company may also materially impact the fair values of our swap agreements.

9. Financial Instruments Not Accounted for at Fair Value

The principal financial assets of the Company as of September 30, 2025, and December 31, 2024, consist of cash, cash equivalents, and restricted cash and accounts receivable. The principal financial liabilities of the Company as of September 30, 2025, and December 31, 2024, consist of accounts payable, accrued expenses and other liabilities, secured term loan facilities, revolving credit facilities and the 2024 Bonds (including the March 2025 Bond Tap Issue) and do not include deferred financing costs.

The carrying values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities are reasonable estimates of their fair value due to the short-term nature or liquidity of these financial instruments.

Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. The fair value accounting standard establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Include other inputs that are directly or indirectly observable in the marketplace.
Level 3—Unobservable inputs which are supported by little or no market activity.

The October 2024 Bonds (including the March 2025 Bond Tap Issue) are classified as a Level 2 liability and the fair values have been calculated based on indirectly observed data based on the most recent trades prior to September 30, 2025. These trades are infrequent and therefore not considered to be an active market.

The fair value of secured term loan facilities and revolving credit facilities is estimated to approximate the carrying value in the balance sheet since they bear a variable interest rate, which is reset quarterly. This has been categorized at Level 2 on the fair value measurement hierarchy as of September 30, 2025.

The following table includes the estimated fair value and carrying value of those assets and liabilities where fair value approximates carrying value. The table excludes cash, cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities because the fair value approximates carrying value and, for accounts receivable and payable, are due in one year or less.

 December 31, 2024September 30, 2025 (in thousands) Fair Value
Hierarchy
LevelCarrying
Amount
(Liability)Fair Value
(Liability)Fair Value
Hierarchy
LevelCarrying
Amount
(Liability)Fair Value
(Liability)2024 Bonds (Note 7)Level 2$(100,000)$(100,625)Level 2$(140,000)$(140,700)Secured term loan facilities and revolving credit facilities (Note 6)Level 2$(760,559)$(760,559)Level 2$(801,628)$(801,628)
10. Earnings Per Share

Basic earnings per share is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. The following table shows the calculation of both the basic and diluted number of weighted average outstanding shares for the three and nine months ended September 30, 2025 and 2024:

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands except for share data)Net Income attributable to stockholders of Navigator Holdings Ltd.        $18,172$33,155$63,985$81,643     Basic weighted average number of shares 69,539,875 65,752,850 71,728,124 67,970,593Effect of dilutive potential share options 697,139 694,091 643,512 706,692Diluted weighted average number of shares 70,237,014 66,446,941 72,371,636 68,677,285     Earnings per share attributable to stockholders of Navigator Holdings Ltd.:    Basic earnings per share$0.26$0.50$0.89$1.20Diluted earnings per share$0.26$0.50$0.88$1.19
11. Share-Based Compensation

Share Awards

On March 17, 2025, 11,932 shares which were granted in March 2022 with a grant price of $10.65 per share to officers and employees of the Company vested with a fair value of $167,167; on April 4, 2025,10,000 shares which were granted in April 2022 with a grant price of $12.17 per share to an officer and employee of the Company vested with a fair value of $109,200; and on April 11, 2025, 31,291 shares which were granted in April 2024 with a grant price of $15.03 per share to non-employee directors of the Company, vested with a fair value of $389,886. In total the 53,223 shares had a weighted average grant price of $13.51 per share and a total fair value of $666,253.

On March 11, 2025, under the Navigator Holdings Ltd. 2023 Long-Term Incentive Plan (the “2023 Plan”) the Company granted a total of 44,443 restricted shares, 30,523 of which were granted to non-employee directors and 13,920 of which were granted to the officers and employees of the Company. The weighted average value of the 44,443 shares granted was $13.74 per share. The restricted shares granted to the non-employee directors vest on the first anniversary of the grant date and the restricted shares granted to the officers and employees of the Company vest on the third anniversary of the grant date.

On April 15, 2024, under the Navigator Holdings Ltd. 2023 Long-Term Incentive Plan (the “2023 Plan”) the Company granted a total of 54,851 restricted shares, 41,291 of which were granted to non-employee directors and 13,560 of which were granted to the officers and employees of the Company. The weighted average value of the 54,851 shares granted was $15.05 per share. The restricted shares granted to the non-employee directors vest on the first anniversary of the grant date and the restricted shares granted to the officers and employees of the Company vest on the third anniversary of the grant date.

On March 17, 2024 under the Navigator Holdings Ltd. 2013 Long-Term Incentive Plan (the “2013 Plan”), 31,833 shares which were previously granted to non-employee directors under the 2013 Plan with a weighted average grant price of $12.45 per share, vested at a fair value of $487,045. On April 11, 2024 an additional 10,000 shares which were previously granted to non-employee directors under the 2013 Plan with a weighted average grant price of $15.13 per share, vested at a fair value of $161,700. On March 17, 2024, 10,111 shares which were granted in 2021 to officers and employees of the Company, all of which had a weighted average grant price of $10.26, vested at a fair value of $154,698. On October 31, 2024, 10,000 shares which were previously granted to officers and employees of the Company under the2013 Plan with a weighted average grant price of $8.46 per share, vested at $153,600.

Restricted share grant activity for the year ended December 31, 2024, and the nine months ended September 30, 2025, was as follows:

 Number of non-vested
restricted sharesWeighted average
grant date fair value Weighted average
remaining contractual
term (years)Balance as of January 1, 202485,378 $11.440.81Granted54,851  15.05 Vested(61,944) 11.88 Balance as of December 31, 202478,285  13.620.75Granted44,443  13.74 Vested(53,223) 13.51 Balance as of September 30, 202569,505 $13.781.06
We account for forfeitures as they occur. Using the graded straight-line method of expensing the restricted stock grants, the weighted average estimated value of the shares calculated at the date of grant is recognized as compensation cost in the unaudited condensed consolidated statement of operations over the period to the vesting date.

During the three months ended September 30, 2025, the Company recognized $149,258 in share-based compensation costs relating to share grants (three months ended September 30, 2024: $190,551).

During the nine months ended September 30, 2025, the Company recognized $503,077 in share-based compensation costs relating to share grants (nine months ended September 30, 2024: $472,108).

As of September 30, 2025, there was a total of $465,428 unrecognized compensation costs relating to the expected future vesting of share-based awards (December 31, 2024: $359,191) which are expected to be recognized over a weighted average period of 1.06 years (December 31, 2024: 0.75 years).

Share Options

Share options issued under the 2013 Plan and the 2023 Plan are exercisable between the third and tenth anniversary of the grant date, after which they lapse. The fair value of any option issued is calculated on the date of the grant based on the Black-Scholes valuation model. Expected volatility is based on the historic volatility of the Company’s stock price and other factors. The expected term of the options granted is anticipated to occur in the range between 4 and 6.5 years. The risk-free rate is the rate adopted from the U.S. Government Zero Coupon Bond.

The movements in the outstanding share options during the year ended December 31, 2024, and the nine months ended September 30, 2025, were as follows:

 Number of options
outstandingWeighted average
exercise price per shareAggregate
intrinsic value3Balance as of January 1, 2024547,393 $18.25$—Issuance during the year339,592  17.94 —Expired during the year(153,538) 24.22 —Balance as of December 31, 2024733,447  16.86 —Expired during the period(121,443) 17.80 —Balance as of September 30, 2025612,004 $16.67$49,100
The weighted-average remaining contractual term of options outstanding and exercisable at September 30, 2025 was 4.07 years (December 31, 2024: 4.05 years).

During the three months ended September 30, 2025, the Company recognized $168,864 in share-based compensation costs relating to options granted under the 2013 Plan and the 2023 Plan (three months ended September 30, 2024: a charge of $186,471 relating to options granted under the 2013 Plan and the 2023 Plan).

During the nine months ended September 30, 2025, the Company recognized $511,550 in share-based compensation costs relating to options granted under the 2013 Plan and the 2023 Plan (nine months ended September 30, 2024: a charge of $255,876 relating to options granted under the 2013 Plan and the 2023 Plan).

As of September 30, 2025 there was $691,906 of total unrecognized compensation costs relating to non-vested options under the 2013 and the 2023 Plan (December 31, 2024: $1,203,456). As of September 30, 2025, there were 10,000 share options that had vested but had not been exercised (December 31, 2024: 121,443 share options that had vested but had not been exercised with a weighted average exercise price of $17.80).

Restricted Stock Units

On March 11, 2025, under the 2023 Plan the Company granted a total of 82,066 Restricted Stock Units ("RSUs") to the officers and employees of the Company. The RSUs granted to officers and employees of the Company vest on the third anniversary of the grant date based on an average of the Company's Return on Capital Employed over a given period or periods.

During the three months ended September 30, 2025, the Company recognized $93,761 in share-based compensation costs relating to RSUs granted under the 2023 Plan (three months ended September 30, 2024: nil).

During the nine months ended September 30, 2025, the Company recognized $208,693 in share-based compensation costs relating to RSUs granted under the 2023 Plan (nine months ended September 30, 2024: nil). As of September 30, 2025 there was $916,432 of total unrecognized compensation costs relating to non-vested RSU under the 2023 Plan (December 31, 2024: nil).

Save as you Earn Share Scheme

The Company has employee stock purchase plans in place which are savings-related share schemes where certain employees have the option to buy common stock at a 15% discount to the share price at the grant dates of July 17, 2023 and August 30, 2024 and June 25, 2025. The employee stock purchase plans have three-year vesting periods. 14,568 shares have been issued since the inception of the scheme. Using the Black-Scholes valuation model, the Company recognized compensation costs of $39,280 relating to employee stock purchase plans for the nine months ended September 30, 2025 (nine months ended September 30, 2024: $44,811).

12. Commitments and Contingencies

The schedule below summarizes our future contractual obligations as of September 30, 2025:

  2025 2026 2027 2028 2029ThereafterTotal (in thousands)Secured term loan facilities and revolving credit facilities$33,744$215,872$104,970$129,992$125,635$191,415$801,6282024 Bonds — — — — 140,000 — 140,000Vessels under construction (1) — 88,830 239,400 152,250 — — 480,480Office operating leases (2) 365 1,265 1,485 139 25 — 3,279Total contractual obligations$34,109$305,967$345,855$282,381$265,660$191,415$1,425,387
The Company has entered into four contracts to build four Ethylene NewBuild Vessels with Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd., in China. The Ethylene NewBuild Vessels are under construction and are scheduled to be delivered to the Company in March 2027, July 2027 November 2027, and January 2028 respectively, at an average shipyard price of $102.9 million per vessel.The Company announced that the Amon Joint Venture intends to acquire the Ammonia Newbuild Vessels. The Amon Joint Venture has entered into contracts with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. to build the Ammonia Newbuild Vessels, with deliveries scheduled to take place in June and October 2028 respectively, at an average yard price of $84 million per vessel.

The Company occupies office space in London with a lease that commenced in January 2022 for a period of 10 years with a mutual break option in January 2027, which is the fifth anniversary of the lease commencement date. The lease payments are dependent on foreign exchange rates however the gross rent per year payable in GBP is currently approximately $1.1 million, with an initial rent-free period of 27 months, of which 13 months of the rent free period is repayable in the event that the break option is exercised.The Company occupies office space in Copenhagen with a lease that commenced in September 2021 and expires in December 2025. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Danish Kroner is currently approximately $180,000.

The lease term for our office in Gdynia, Poland which commenced in April 2024 is for a period of 5 years to March 30, 2029. The lease payments are dependent on foreign exchange rates and the gross rent per year payable in Euros is currently approximately $95,000.

The Company entered into a lease for office space in Houston that expired on March 31, 2025. The annual gross rent under this lease payable in U.S. Dollars was approximately $60,000. The Company entered into a new 43-month lease for office space in Houston that commenced on April 1, 2025. The annual gross rent under the new lease payable in U.S. Dollars is currently approximately $135,000.

13. Operating Lease Liabilities

The Company’s unaudited condensed consolidated balance sheet includes a right-of-use (“ROU”) asset and a corresponding liability for operating lease contracts where the Company is a lessee. The discount rate used to measure the lease liability presented on the Company’s unaudited condensed consolidated balance sheet is the incremental cost of borrowing since the rate implicit in the lease cannot be determined.

The liabilities described below are for the Company’s offices in London, Gdynia, Copenhagen and Houston which are denominated in various currencies. At September 30, 2025, the weighted average discount rate across the four leases was 3.5% (December 31, 2024: 3.3%).

At September 30, 2025, based on the remaining lease liabilities, the weighted average remaining operating lease term was 1.59 years (December 31, 2024: 3.12 years).

Under ASC 842, the ROU asset is a non-monetary asset and is remeasured into the Company’s reporting currency using the exchange rate for the applicable currency as at the adoption date of ASC 842. The operating lease liability is a monetary liability and is remeasured quarterly using current exchange rates, with changes recognized in a manner consistent with other foreign currency-denominated liabilities within general and administrative expenses in the consolidated statements of comprehensive income.

A maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of September 30, 2025 and December 31, 2024, is presented in the following table:

 December 31, 2024September 30, 2025 (in thousands)One year$1,314 $365 Two years 1,138  1,264 Three years 1,342  1,485 Four years 92  139 Five years 23  25 Total undiscounted operating lease commitments 3,909  3,278 Less: discount adjustment (155) (103)Total operating lease liabilities 3,754  3,175 Less: current portion (1,180) (1,230)Operating lease liabilities, non-current portion$2,574 $1,945 
14. Cash, Cash Equivalents and Restricted Cash

The following table shows the breakdown of cash, cash equivalents and restricted cash as of September 30, 2025 and December 31, 2024:

 December 31, 2024September 30, 2025 (in thousands)Cash and cash equivalents$130,455$164,689Cash and cash equivalents held by VIE 366 307Restricted cash 8,976 51,601Total cash, cash equivalents and restricted cash$139,797$216,597
Amounts included in restricted cash represent cash in blocked deposit accounts that are required to be deposited in accordance with the terms of a number of the Company's secured term loans with banking institutions and funds held by our variable interest entity PT Navigator Khatulistiwa ("PTNK"). As a result of allegations relating to the mismanagement of crude oil and oil refinery products at Pertamina between 2018 and 2023 and the ongoing investigation by Indonesian authorities involving the alleged actions of Mr. Adrianto, who, until September 9, 2025, served as a director of PTNK, approximately $39.5 million of cash owned by PTNK is currently recorded as restricted cash. Restricted cash is deemed not available for daily operational use.

15. Variable Interest Entities

As of September 30, 2025, the Company's VIEs had total assets and liabilities of $120.4 million and $29.1 million respectively which have been included in the Company’s consolidated balance sheet as of that date (December 31, 2024: $128.0 million and $26.2 million).

PT Navigator Khatulistiwa

As of December 31, 2024 and September 30, 2025, the Company has consolidated 100% of PT Navigator Khatulistiwa, a VIE for which the Company is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity with the power to direct the activities that most significantly impact the entity’s economic performance and has the right to residual gains or the obligation to absorb losses that could potentially be significant to the VIE. The Company owns 49% of PT Navigator Khatulistiwa common stock, all of its secured debt and has voting control. All economic interests in the residual net assets reside with the Company. By virtue of the accounting principle of consolidation, transactions between PT Navigator Khatulistiwa and the Company are eliminated on consolidation.

Navigator Crewing Services Philippines Inc. and Navigator Gas Services Philippines Inc.

We own a 25% and a 40% share in Navigator Crewing Services Philippines Inc. (“NCSPI”) and Navigator Gas Services Philippines Inc. (“NSSPI”), respectively. These companies were established primarily to provide marine services as principals or agents to ship owners, ship operators, managers engaged in international maritime business, and business support services.

The Company has determined that it has a variable interest in NCSPI and NSSPI and is considered to be the primary beneficiary as a result of having a controlling financial interest in the entities and has the power to direct the activities that most significantly impact NCSPI’s and NSSPI’s economic performance.

16. Related Party Transactions

The following table summarizes our transactions with related parties for the three and nine months ended September 30, 2025 and 2024:

 Three months ended
September 30, 2024Three months ended
September 30, 2025Nine months ended
September 30, 2024Nine months ended
September 30, 2025 (in thousands)Net income / (expenses)    Luna Pool Agency Limited$(28)$(1)$(36)$13 Ocean Yield Malta Limited (732) —  (1,495) — Ultranav Business Support ApS (16) (16) (31) (67) $(776)$(17)$(1,562)$(54)
The following table sets out the balances due from related parties as of December 31, 2024 and September 30, 2025:

 December 31, 2024September 30, 2025 (in thousands)Luna Pool Agency Limited$8,055$1,726Unigas Pool 5,742 5,662 $13,797$7,388
As of September 30, 2025, Ultranav International ApS held a 32.4% share in the Company and BW Group held a 21.5% share in the Company and they are our principal shareholders. They may exert considerable influence on the Company's directors and significant corporate actions.

During 2021 the Company entered into a Transitional Services Agreement (“TSA”) with Ultranav Business Support ApS (“UBS”) to provide office and reception services. The Company pays UBS a monthly fee for services provided. The TSA agreement with UBS can be terminated by the Company by giving six-months' notice.

17. Subsequent Events

Capital Return Policy

On November 4, 2025, the Company's Board of Directors declared a cash dividend of $0.07 per share of the Company’s common stock for the quarter ended September 30, 2025 under the Company's Revised Capital Return Policy, payable on December 16, 2025 to all shareholders of record as of the close of business U.S Eastern time on November 25, 2025 (the "Dividend"). The aggregate amount of the Dividend is expected to be approximately $4.6 million, which the Company anticipates will be funded from cash on hand.

Also as part of the Company's Revised Capital Return Policy for the quarter ended September 30, 2025, the Company expects to repurchase approximately $5.4 million of common stock between November 7, 2025, and December 31, 2025, subject to operating needs, market conditions, legal requirements, stock price and other circumstances, such that the Dividend and share repurchases together equal 30% of net income for the quarter ended September 30, 2025.

Acquisition of Additional Interest in Navigator Greater Bay Joint Venture

On October 14, 2025, the Company increased its ownership interest in the Navigator Greater Bay Joint Venture from 60% to 75.1% through the acquisition of an additional 15.1% interest for total cash consideration of $16.8 million. Following the transaction, the Company will continue to consolidate the Navigator Greater Bay Joint Venture in its consolidated financial statements.

Vessel Sale

On October 1, 2025, following the natural cessation of the PT Navigator Khatulistiwa ("PTNK") business in February 2025, Navigator Aries was sold back to an entity under common control of the Company in order to continue operating within the group's ordinary fleet, which sale required the Company to recognize an associated deferred tax liability at September 30, 2025.

Our Fleet

The following table provides details of our vessels as of November 4, 2025:

Operating VesselYear
BuiltVessel Size
(cbm)Employment
StatusCurrent
CargoTime Charter
Expiration Date      Ethylene/ethane capable semi-refrigerated midsize     Navigator Aurora201637,300Time CharterEthaneDecember 2026Navigator Eclipse201637,300Time CharterEthaneMarch 2029Navigator Nova201737,300Time CharterEthaneSeptember 2029Navigator Prominence201737,300Time CharterEthaneMarch 2029      Ethylene/ethane capable semi-refrigerated handysize     Navigator Pluto200022,085Spot MarketEthane—Navigator Saturn200022,085Spot MarketEthane—Navigator Atlas201421,000Spot MarketEthane—Navigator Europa201421,000Time CharterEthaneJanuary 2026Navigator Oberon201421,000Time CharterEthaneOctober 2026Navigator Triton201521,000Spot MarketEthane—Navigator Umbrio201521,000Time CharterEthaneJanuary 2026Navigator Luna201817,000Spot MarketEthylene—Navigator Solar201817,000Time CharterEthyleneMarch 2027Navigator Castor201922,000Spot MarketEthylene—Navigator Equator201922,000Spot MarketEthane—Navigator Vega201922,000Spot MarketEthane—Navigator Hyperion **201017,300Spot MarketEthylene—Navigator Titan **201017,300Spot MarketEthylene—Navigator Vesta **201017,300Time CharterEthyleneDecember 2025      Semi-refrigerated handysize     Navigator Aries200820,750Time CharterLPGJune 2026Navigator Capricorn200820,750Time CharterLPGDecember 2025Navigator Pegasus200922,200Time CharterLPGSeptember 2026Navigator Phoenix200922,200Time CharterAmmoniaDecember 2025Navigator Scorpio200920,750Time CharterLPGJanuary 2026Navigator Taurus200920,750Spot MarketLPG—Navigator Virgo200920,750Spot MarketLPG—Navigator Leo201120,600Time CharterLPGJuly 2026Navigator Libra201220,600Time CharterLPGApril 2026Navigator Atlantic (Previously Atlantic Gas)201422,000Time CharterLPGJanuary 2026Adriatic Gas201522,000Time CharterLPGJanuary 2026Navigator Balearic (Previously Balearic Gas)201522,000Time CharterLPGJune 2026Navigator Celtic (Previously Celtic Gas)201522,000Time CharterLPGMay 2026Navigator Centauri201521,000Time CharterLPGMay 2027Navigator Ceres201521,000Time CharterLPGJune 2027Navigator Ceto201621,000Time CharterLPGMay 2027Navigator Copernico201621,000Time CharterLPGMay 2027Bering Gas201622,000Time CharterLPGMarch 2026Navigator Luga201722,000Time CharterLPGJanuary 2026      Navigator Yauza201722,000Time CharterAmmoniaJuly 2026Arctic Gas201722,000Spot MarketLPG—Pacific Gas201722,000Time CharterLPGDecember 2025      Fully-refrigerated handy/midsize     Navigator Glory201022,500Time CharterAmmoniaJune 2027Navigator Grace201022,500Spot MarketAmmonia—Navigator Galaxy201122,500Time CharterAmmoniaJanuary 2026Navigator Genesis201122,500Time CharterLPGApril 2026Navigator Global201122,500Spot MarketAmmonia—Navigator Gusto201122,500Spot MarketAmmonia—Navigator Jorf201738,000Time CharterAmmoniaAugust 2027      Ethylene/ethane capable semi-refrigerated smaller size     Happy Condor*20089,000Unigas Pool——Happy Pelican*20126,800Unigas Pool——Happy Penguin*20136,800Unigas Pool——Happy Kestrel*201312,000Unigas Pool——Happy Osprey*201312,000Unigas Pool——Happy Peregrine*201412,000Unigas Pool——Happy Albatross*201512,000Unigas Pool——Happy Avocet*201712,000Unigas Pool——      Semi-refrigerated smaller size     Happy Falcon*20023,770Unigas Pool—— *         denotes our owned vessels that are commercially managed within the independently managed Unigas Pool.
**        the Purchased Vessels (see Note 3 above)

PART II. Third Quarter 2025 Conference Call Details

Navigator Holdings Ltd. Third Quarter 2025 Earnings Webcast and Presentation

On Wednesday, November 5, 2025, at 9:00 A.M. U.S. Eastern Time., the Company’s management team will host an online webcast to present and discuss the financial results for the third quarter of 2025.

Those wishing to participate should register for the webcast using the following details:

https://us06web.zoom.us/webinar/register/WN_0j_Hu_aTTXSx3180BzAPuA#/registration

Webinar ID: 862 2833 2983
Passcode: 659924

Participants can also join by phone by dialing:

United States: +1 929 436 2866
United Kingdom:+44 330 088 5830

A full list of U.S. and international numbers is available via the following link:

International Dial-in numbers

The webcast and slide presentation will be available for replay on the Company's website (www.navigatorgas.com) shortly after the end of the webcast.
Participants wishing to join the live webcast are encouraged to do so approximately 5 minutes prior to the start.

About Navigator Gas
Navigator Holdings Ltd. (described herein as “Navigator Gas” or the “Company”) is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator Gas’ fleet consists of 57 semi- or fully-refrigerated liquefied gas carriers, 27 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow.

Navigator Gas’ common stock trades on the New York Stock Exchange under the symbol “NVGS”.

For further information or media enquiries, please contact:

Navigator Gas Investor Relations
Email: [email protected]

Randy Giveans
EVP - Investor Relations & Business Development
Email: [email protected]
1200 Smith Street, Suite 1000, Houston, Texas, U.S.A. 77002
Tel: +1-713-373-6197

Alexander Walster
Media Contact
Email: [email protected]   
Verde, 10 Bressenden Place, London, SW1E 5DH, UK
Tel: +44 (0)7857 796 052, +44 (0)20 7045 4114

Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Tel: +1-212-661-7566
Email: [email protected]   

Forward looking statements

This press release contains certain “forward-looking” statements (as defined by the Securities and Exchange Commission) concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto. In addition, we and our representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “will,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology.

These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator files with the U.S. Securities and Exchange Commission.

All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. We expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common stock.

Category: Financial

________________________

1 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company. EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations or any other GAAP measure.
2 EBITDA and Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are not measurements prepared in accordance with U.S. GAAP. EBITDA represents net income before net interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Basic Earnings per Share represents basic earnings per share adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Adjusted Diluted Earnings per Share represents Adjusted Basic Earnings per Share adjusting the weighted average number of common shares used for calculating Adjusted Basic Earnings per Share for the effects of all potentially dilutive shares. Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd. represents net income attributable to stockholders of Navigator Holdings Ltd. adjusted to exclude profit/loss on sale of vessel, realized and unrealized gain/loss on non-designated derivative instruments and unrealized foreign currency exchange, write off of deferred financing costs and other income. Management believes that EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are useful to investors in evaluating the operating performance of the Company. EBITDA, Adjusted EBITDA, Adjusted Net Income Attributable to Stockholders of Navigator Holdings Ltd., Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share do not represent and should not be considered alternatives to consolidated net income, earnings per share, cash generated from operations or any other GAAP measure.
3 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for options that had exercise prices lower than the fair value of the Company’s share price.

RALEIGH, N.C., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE: HIW) (the “Company”) announced today that Highwoods Realty Limited Partnership, the operating partnership through which the Company conducts its operations, has priced a $350 million offering of 5.350% unsecured notes under its existing shelf registration statement. The notes are due January 15, 2033 and were priced to yield 5.431%. The offering is expected to close on November 14, 2025, subject to the satisfaction of customary closing conditions.  

The operating partnership intends to use the net proceeds from the sale of the notes to repay outstanding debt, including the amounts outstanding under its $750 million unsecured revolving credit facility, to fund property acquisitions and development activity, and for general corporate purposes.

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and TD Securities (USA) LLC served as joint book-running managers, First Citizens Capital Securities, LLC served as senior co-manager and FHN Financial Securities Corp. and Samuel A. Ramirez & Company, Inc. served as co-managers for the offering.

This offering is being made pursuant to an effective shelf registration statement, and only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement, the final prospectus supplement (when available) and the accompanying prospectus may be obtained by contacting: Wells Fargo Securities, LLC at 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, telephone: 1-800-645-3751 or email: [email protected]; BofA Securities, Inc. at NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or email: [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, at 1155 Long Island Avenue, Edgewood, NY 11717 or e-mail: [email protected]; PNC Capital Markets LLC at 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, telephone: 1-855-881-0687 or email: [email protected]; Truist Securities, Inc. at 740 Battery Avenue SE, 3rd Floor, Atlanta, GA 30339, Attn: Prospectus Department, telephone: (800) 685-4786 or email: [email protected]; or U.S. Bancorp Investments, Inc., 214 N. Tryon St., 26th Floor, Charlotte, NC 28202, Attention: Credit Fixed Income, or by telephone at (877) 558-2607. Alternatively, you may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities, blue sky or other laws of any such state or other jurisdiction.

About Highwoods

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.

Forward-Looking Statements

Some of the information in this press release may contain forward-looking statements. Such statements include, in particular, statements about the expected closing of the offering and the use of proceeds from the offering. You can identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved.

When considering such forward-looking statements, you should keep in mind important factors that could cause our actual results to differ materially from those contained in any forward-looking statement, including the following: the financial condition of our customers could deteriorate; our assumptions regarding potential losses related to customer financial difficulties could prove incorrect; counterparties under our debt instruments, particularly our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available liquidity; we may not be able to lease or re-lease second generation space, defined as previously occupied space that becomes available for lease, quickly or on as favorable terms as old leases; we may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer demand; our markets may suffer declines in economic and/or office employment growth; unanticipated increases in interest rates could increase our debt service costs; unanticipated increases in operating expenses could negatively impact our operating results; natural disasters and climate change could have an adverse impact on our cash flow and operating results; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or repay or refinance outstanding debt upon maturity; and the Company could lose key executive officers.

This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in “Risk Factors” set forth in our 2024 Annual Report on Form 10-K, and subsequent filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Except as required by law, we undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect any future events or circumstances or to reflect the occurrence of unanticipated events.

Contact:Brendan Maiorana
Executive Vice President and Chief Financial Officer
[email protected]
919-872-4924  

PALO ALTO, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) will present a live audio webcast of a conference call to review financial results for the fourth fiscal quarter and fiscal year ended October 31, 2025 on Tuesday, Nov 25, 2025 at 5:00 p.m. ET / 2:00 p.m. PT.

The webcast will be available at www.hp.com/investor/2025Q4Webcast. 

A replay of the audio webcast will be available at the same website shortly after the call and will remain available for approximately one year.

About HP Inc.

HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.

©Copyright 2025 HP Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

SummaryTesla, Inc. warrants a fresh valuation approach as new catalysts—lower-priced models and Q3 updates—drive a strong share price rally.Adaptation of new technologies has largely followed a 10-10 rule (10 years to build and another 10 for mass penetration).Recent exponential growth in TSLA’s autonomous driving miles and updates on futuristic technologies could allow TSLA to break the typical 20-year tech adoption cycle.YouTube and OpenAI are rare – very rare – exceptions to this rule.I see similar forces at work for TSLA as in these past exceptions, including readiness of infrastructure, software/platform nature, and network effect. magical_light/iStock via Getty Images

TSLA stock’s valuation model needs a major update My last analysis on Tesla, Inc. (TSLA) stock was published on 9.23 under a title of “Tesla: Insider Purchases And Wright's Law Call For Rating.” The article was

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today reported financial results for the third quarter ended September 30, 2025.

“AIG had an exceptional third quarter. We successfully executed on multiple complex strategic transactions to further position AIG for the future while also delivering outstanding financial results,” said Peter Zaffino, AIG Chairman & Chief Executive Officer.

“Last week, we announced investments in Convex Group, a global specialty insurer, and Onex Corporation, a global asset manager. We also entered into agreements to acquire the renewal rights of Everest Group’s global retail commercial insurance portfolios. These unique opportunities mark an important next step in AIG’s strategy and were made available exclusively to us because of our strong brand, outstanding performance and deep industry relationships. We expect these transactions to be earnings, EPS and ROE accretive.

“In the third quarter, we delivered tremendous EPS and ROE results. Adjusted after-tax income per diluted share increased 77% from the prior year quarter to $2.20. This significant growth reflects AIG’s strength in underwriting, the focused repositioning of our investment portfolio, our expense management and our disciplined deployment of capital. General Insurance underwriting income grew 81% from the prior year quarter to $793 million with growth across all three segments. The combined ratio was 86.8%, a 580 basis point improvement year over year and the accident year combined ratio, as adjusted, was 88.3%, an impressive result. Core Operating ROE increased to 13.6% for the third quarter and was 10.9% for the first nine months of 2025.

“Our strong balance sheet and financial flexibility have enabled us to pursue compelling opportunities that expand our capabilities, elevate our financial performance, and continue to deliver returns to shareholders. This quarter, we returned approximately $1.5 billion of capital to shareholders, bringing our year-to-date total to $6 billion. We are on track to achieve the financial objectives that we set at Investor Day, and I am very confident in AIG’s ability to continue to drive sustained, profitable growth and long-term value for our company and all of our stakeholders.”

FINANCIAL SUMMARY

Three Months Ended

September 30,

($ and shares in millions, except per share amounts)

2024

2025

Income attributable to AIG common shareholders from continuing operations

$

481

$

519

Net income per diluted share attributable to AIG common shareholders from continuing operations

$

0.74

$

0.93

Net income attributable to AIG common shareholders

$

459

$

519

Net income per diluted share attributable to AIG common shareholders

$

0.71

$

0.93

Net investment income

$

973

$

772

Net investment income, APTI basis

892

1,024

Adjusted pre-tax income (loss)

$

1,075

$

1,622

General Insurance

1,210

1,738

Other Operations

(135

)

(116

)

Adjusted after-tax income attributable to AIG common shareholders

$

804

$

1,226

Adjusted after-tax income per diluted share attributable to AIG common shareholders

$

1.24

$

2.20

Weighted average common shares outstanding - diluted

647.4

558.5

Return on equity

4.1

%

5.0

%

Adjusted return on equity

6.9

%

11.6

%

Core operating return on equity

9.3

%

13.6

%

Book value per share

$

71.46

$

75.45

Adjusted book value per share

$

73.90

$

77.04

Adjusted tangible book value per share

$

67.82

$

70.07

Core operating book value per share

$

54.68

$

66.66

Common shares outstanding (in millions)

630.3

544.5

For the third quarter of 2025, net income attributable to AIG common shareholders was $519 million, or $0.93 per diluted common share, compared to net income of $459 million, or $0.71 per diluted common share, in the prior year quarter. The year-over-year increase was primarily a result of higher underwriting income and higher net investment income in General Insurance, partially offset by net realized losses excluding Fortitude Re funds withheld assets, mainly due to impairments on investments in real estate funds, and an increase in unrealized losses related to AIG’s ownership interest in Corebridge Financial, Inc. (Corebridge).

AATI was $1.2 billion, or $2.20 per diluted common share, for the third quarter of 2025, compared to $804 million, or $1.24 per diluted common share, in the prior year quarter, reflecting higher underwriting income and higher net investment income in General Insurance.

Total net investment income for the third quarter of 2025 was $772 million, down 21% from $973 million in the prior year quarter, primarily due to a change in fair value of AIG’s equity interest in Corebridge, partially offset by higher income from fixed maturity securities and improved alternative investment income. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s equity interest in Corebridge, was $1.0 billion, an increase of 15% from $892 million in the prior year quarter. Net investment income attributed to General Insurance was up 22% from the prior year quarter, driven by higher income on available for sale fixed maturity securities and alternative investments, partially offset by lower income on other investments.

In the third quarter of 2025, AIG returned approximately $1.5 billion to shareholders through approximately $1.25 billion of common stock repurchases, representing approximately 16 million shares, and approximately $250 million of common stock dividends. Total debt to total capital ratio at September 30, 2025 was 18.0% and total debt to total adjusted capital* ratio was 17.7%. During the quarter, AIG’s ownership of Corebridge common stock was reduced to 15.5% due to the sale of shares by AIG for aggregate proceeds of approximately $1 billion.

ROE and Core Operating ROE were 5.0% and 13.6%, respectively, in the third quarter of 2025. Book value per share was $75.45 as of September 30, 2025, an increase of 2% from June 30, 2025. Adjusted tangible book value per share* was $70.07, almost flat compared to June 30, 2025.

On November 4, 2025, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.45 per share. The dividend is payable on December 30, 2025 to stockholders of record at the close of business on December 16, 2025.

GENERAL INSURANCE

Three Months Ended September 30,

($ in millions)

2024

2025

Change

Gross premiums written

$

8,635

$

8,686

1

%

Net premiums written

$

6,380

$

6,230

(2

)%

Underwriting income (loss)

$

437

$

793

81

%

Net investment income

$

773

$

945

22

%

Adjusted pre-tax income

$

1,210

$

1,738

44

%

Underwriting ratios:

General Insurance (GI) CR

92.6

86.8

(5.8) pts

GI Loss ratio

60.7

55.9

(4.8

)

Less: impact on loss ratio

Catastrophe losses and reinstatement premiums

(6.9

)

(1.6

)

5.3

Prior year development, net of reinsurance and prior year premiums

2.6

3.1

0.5

GI Accident year loss ratio, as adjusted

56.4

57.4

1.0

GI Expense ratio

31.9

30.9

(1.0

)

GI Accident year combined ratio, as adjusted

88.3

88.3

— pts

Comparable Basis†:

Net premiums written

$

6,295

$

6,230

(1

)%

Third quarter NPW of $6.2 billion was down 2% from the prior year quarter on a reported basis, or 1% on a comparable basis†.

Underwriting income was $793 million, an 81% increase from the prior year quarter, driven by lower catastrophe-related charges, more favorable prior year development (PYD) and lower acquisition expenses.

Total catastrophe-related charges were $100 million, representing 1.6 loss ratio points, compared to $417 million, representing 6.9 loss ratio points, in the prior year quarter.

Third quarter 2025 included favorable PYD, net of reinsurance and prior year premiums, of $180 million, compared to $165 million in the prior year quarter, primarily driven by favorable development across all reporting lines in North America Commercial as well as Global Specialty and short-tail Property in International Commercial, partially offset by adverse development in UK/Europe Casualty and Financial Lines.

The combined ratio was 86.8%, compared to 92.6% in the prior year quarter, with the improvement seen in both loss ratio and expense ratio. The AYCR was 88.3%, flat compared to the prior year quarter.

General Insurance APTI* of $1.7 billion increased 44% from the prior year quarter, driven by higher underwriting income as well as higher net investment income.

GENERAL INSURANCE - NORTH AMERICA COMMERCIAL

Three Months Ended September 30,

($ in millions)

2024

2025

Change

Net premiums written

$

2,445

$

2,435

—

%

Underwriting income (loss)

$

96

$

384

300

%

Underwriting ratios:

CR

95.5

82.6

(12.9) pts

AYCR, as adjusted

85.1

85.4

0.3 pts

Comparable Basis†:

Net premiums written

$

2,446

$

2,435

—

%

Third quarter NPW of $2.4 billion was in line with the prior year quarter, which included a large closeout transaction. Adjusted for the transaction, NPW growth was 3%, primarily driven by Programs, Lexington and Retail Casualty and Western World, partially offset by a decline in Property.

The combined ratio was 82.6%, compared to 95.5% in the prior year quarter. The improvement was largely driven by lower catastrophe-related charges and more favorable PYD, net of reinsurance. The AYCR was 85.4%, compared to 85.1% in the prior year quarter, driven by change in business mix and a higher reapportionment of corporate expenses from lean parent implementation, which impacted both accident year loss ratio, as adjusted* (AYLR) and GOE ratio, partially offset by the impact from the large closeout transaction in the prior year quarter.

GENERAL INSURANCE - INTERNATIONAL COMMERCIAL

Three Months Ended September 30,

($ in millions)

2024

2025

Change

Net premiums written

$

2,052

$

2,115

3

%

Underwriting income (loss)

$

320

$

330

3

%

Underwriting ratios:

CR

84.3

84.9

0.6 pts

AYCR, as adjusted

83.4

86.0

2.6 pts

Comparable Basis†:

Net premiums written

$

2,098

$

2,115

1

%

Third quarter NPW of $2.1 billion increased 3% from the prior year quarter, or 1% on a comparable basis†, primarily driven by the growth in Global Specialty and Property.

The combined ratio was 84.9% compared to 84.3% in the prior year quarter. The increase was primarily due to lower favorable PYD, net of reinsurance, and higher GOE ratio, partially offset by lower catastrophe-related charges. The AYCR was 86.0%, compared to 83.4% in the prior year quarter, driven by a higher reapportionment of corporate expenses from lean parent implementation, which impacted both AYLR and GOE ratio.

GENERAL INSURANCE - GLOBAL PERSONAL

Three Months Ended September 30,

($ in millions)

2024

2025

Change

Net premiums written

$

1,883

$

1,680

(11

)%

Underwriting income (loss)

$

21

$

79

276

%

Underwriting ratios:

CR

98.8

95.2

(3.6) pts

AYCR, as adjusted

97.8

95.5

(2.3) pts

Comparable Basis†:

Net premiums written

$

1,751

$

1,680

(4

)%

Third quarter NPW of $1.7 billion declined 11% from the prior year quarter, or 4% on a comparable basis†, primarily driven by change to reinsurance structures in our U.S. High Net Worth business, which had a 4-point negative impact.

The combined ratio was 95.2%, compared to 98.8% in the prior year quarter. The improvement was primarily driven by lower expense ratio and lower catastrophe-related charges, partially offset by lower favorable PYD, net of reinsurance. The AYCR was 95.5%, improved from 97.8% in the prior year quarter, mostly driven by improvement in the acquisition ratio.

Excluding the divestiture of AIG’s Travel business, AYCR improved 330 basis points, driven by improved commission terms in U.S. High Net Worth Business and underwriting actions leading to stronger underlying profitability and lower reinsurance costs.

OTHER OPERATIONS

Three Months Ended September 30,

($ in millions)

2024

2025

Change

Net investment income and other

$

120

$

72

(40

)%

Corporate and other general operating expenses

(144

)

(86

)

40

Amortization of intangible assets

(4

)

(4

)

—

Interest expense

(110

)

(100

)

9

Adjusted pre-tax loss before consolidation and eliminations

$

(138

)

$

(118

)

14

Total consolidation and eliminations

3

2

(33

)

Adjusted pre-tax loss

$

(135

)

$

(116

)

14

%

Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate GOE, and Interest expense.

Net investment income and other in the third quarter decreased $48 million from the prior year quarter mainly due to a decrease in dividend income received from Corebridge year-over-year as a result of a lower ownership stake and lower yields.

Corporate and other GOE improved $58 million from the prior year quarter, reflecting reapportionment of expenses to the General Insurance businesses.

Interest expense decreased $10 million from the prior year quarter, primarily driven by debt reduction.

CONFERENCE CALL

AIG will host a conference call tomorrow, Wednesday, November 5, 2025 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.

# # #

Additional supplementary financial data is available in the Investors section at www.aig.com.

Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results

Certain statements in this press release and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:

the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, the U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;

the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;

disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities;

our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;

the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;

concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);

changes in the valuation of our investments;

our reliance on third-party investment managers;

nonperformance or defaults by counterparties;

our reliance on third parties to provide certain business and administrative services;

our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;

changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;

concentrations of our insurance, reinsurance and other risk exposures;

availability of adequate reinsurance or access to reinsurance on acceptable terms;

changes to tax laws in the U.S. and other countries in which we operate;

the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;

the effects of sanctions and the failure to comply with those sanctions;

difficulty in marketing and distributing products through current and future distribution channels;

actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;

changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;

our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;

our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters;

our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;

changes to sources of or access to liquidity;

changes in accounting principles and financial reporting requirements or their applicability to us;

the outcome of significant legal, regulatory or governmental proceedings;

our ability to effectively execute on sustainability targets and standards;

the impact of epidemics, pandemics and other public health crises and responses thereto; and

such other factors discussed in:

Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (which will be filed with the Securities and Exchange Commission (SEC));

Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in our Annual Report on Form 10-K for the year ended December 31, 2024; and

our other filings with the SEC.

Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC.

# # #

COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES

Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements AIG uses are “Non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures AIG presents are listed below and may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release or in the Third Quarter 2025 Financial Supplement available in the Investors section of AIG’s website, www.aig.com.

Unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us” and “our” to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries.

AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability of continuing operations and trends of AIG’s segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurance competitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.

Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.

Book Value per share, excluding Investments AOCI, Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding.

Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.

Total debt to total adjusted capital ratio is used to show the AIG’s debt leverage adjusted for Investments AOCI and is derived by dividing total debt by total capital excluding Investments AOCI (Total adjusted capital). We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.

Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.

Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:

changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;

net investment income on Fortitude Re funds withheld assets;

net realized gains and losses on Fortitude Re funds withheld assets;

loss (gain) on extinguishment of debt;

all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);

income or loss from discontinued operations;

net loss reserve discount benefit (charge);

net results of businesses in run-off;

non-operating pension expenses;

net gain or loss on divestitures and other;

non-operating litigation reserves and settlements;

restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;

integration and transaction costs associated with acquiring or divesting businesses;

losses from the impairment of goodwill;

non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; and

income from elimination of the international reporting lag.

Adjusted After-tax Income attributable to AIG common shareholders (adjusted after-tax income or AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:

deferred income tax valuation allowance releases and charges;

changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and

net tax charge related to the enactment of the Tax Cuts and Jobs Act.

See page 16 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income attributable to AIG common shareholders.

Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.

Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.

Underwriting ratios are computed as follows:

a.

Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)

b.

Acquisition ratio = Total acquisition expenses ÷ NPE

c.

General operating expense ratio = General operating expenses ÷ NPE

d.

Expense ratio = Acquisition ratio + General operating expense ratio

e.

Combined ratio = Loss ratio + Expense ratio

f.

CATs and reinstatement premiums ratio = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes] – Loss ratio

g.

Accident year loss ratio, as adjusted (AYLR, ex-CAT) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums + Adjustment for ceded premium under reinsurance contracts related to prior accident years]

h.

Accident year combined ratio, as adjusted (AYCR, ex-CAT) = AYLR ex-CAT + Expense ratio

i.

Prior year development net of reinsurance and prior year premiums ratio = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs and reinstatement premiums ratio.

Results from discontinued operations are excluded from all of these measures.

# # #

American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.

AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

 

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation

($ in millions, except per common share data)

 

Reconciliations of Adjusted Pre-tax and After-tax Income

Three Months Ended September 30,

2024

2025

Pre-tax

Total Tax

(Benefit)

Charge

Non-

controlling

Interests(a)

After

Tax

Pre-tax

Total Tax

(Benefits)

Charge

Non-

controlling

Interests(a)

After

Tax

Pre-tax income/net income, including noncontrolling interests

$

649

$

168

$

—

$

457

$

714

$

190

$

—

$

524

Noncontrolling interests(a)

—

—

2

2

—

—

(5

)

(5

)

Pre-tax income/net income attributable to AIG

649

168

2

459

714

190

(5

)

519

Dividends on preferred stock and preferred stock redemption premiums

—

—

Net income attributable to AIG common shareholders

459

519

Adjustments:

Changes in uncertain tax positions and other tax adjustments

3

—

(3

)

(5

)

—

5

Deferred income tax valuation allowance releases

9

—

(9

)

—

—

—

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares

(25

)

(5

)

—

(20

)

288

60

—

228

Net investment income on Fortitude Re funds withheld assets

(51

)

(11

)

—

(40

)

(29

)

(6

)

—

(23

)

Net realized losses on Fortitude Re funds withheld assets

18

4

—

14

5

1

—

4

Net realized gains on Fortitude Re funds withheld embedded derivative

157

33

—

124

54

11

—

43

Net realized (gains) losses(b)

(7

)

(27

)

—

20

433

107

—

326

Loss from discontinued operations

24

—

Net (gain) loss on divestitures and other

8

28

—

(20

)

—

—

—

—

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements

126

27

—

99

(9

)

(2

)

—

(7

)

Net loss reserve discount (benefit) charge

29

6

—

23

(2

)

—

—

(2

)

Net results of businesses in run-off(c)

8

2

—

6

(1

)

(1

)

—

—

Non-operating pension expenses

—

—

—

—

6

1

—

5

Integration and transaction costs associated with acquiring or divesting businesses

22

5

—

17

7

2

—

5

Restructuring and other costs(d)

137

28

—

109

153

32

—

121

Non-recurring costs related to regulatory or accounting changes

4

1

—

3

3

1

—

2

Noncontrolling interests(a)

(2

)

(2

)

—

—

Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders

$

1,075

$

271

$

—

$

804

$

1,622

$

391

$

(5

)

$

1,226

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

 

Reconciliations of Adjusted Pre-tax and After-tax Income

Nine Months Ended September 30,

2024

2025

Pre-tax

Total Tax

(Benefits)

Charge

Non-

controlling

Interests(a)

After

Tax

Pre-tax

Total Tax

(Benefits)

Charge

Non-

controlling

Interests(a)

After

Tax

Pre-tax income/net income (loss), including noncontrolling interests

$

2,324

$

571

$

—

$

(1,827

)

$

3,218

$

852

$

—

$

2,366

Noncontrolling interests(a)

—

—

(475

)

(475

)

—

—

(5

)

(5

)

Pre-tax income/net income (loss) attributable to AIG

2,324

571

(475

)

(2,302

)

3,218

852

(5

)

2,361

Dividends on preferred stock and preferred stock redemption premiums

22

—

Net income (loss) attributable to AIG common shareholders

(2,324

)

2,361

Adjustments:

Changes in uncertain tax positions and other tax adjustments

8

—

(8

)

(1

)

—

1

Deferred income tax valuation allowance (releases) charges

15

—

(15

)

(9

)

—

9

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares

(172

)

(36

)

—

(136

)

(393

)

(83

)

—

(310

)

(Gain) loss on extinguishment of debt and preferred stock redemption premiums

1

—

—

16

(5

)

(1

)

—

(4

)

Net investment income on Fortitude Re funds withheld assets

(123

)

(26

)

—

(97

)

(108

)

(23

)

—

(85

)

Net realized losses on Fortitude Re funds withheld assets

38

8

—

30

59

12

—

47

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative

158

33

—

125

109

23

—

86

Net realized losses(b)

234

28

—

206

690

102

—

588

Loss from discontinued operations

3,580

—

Net gain on divestitures and other

(94

)

12

—

(106

)

(53

)

(11

)

—

(42

)

Non-operating litigation reserves and settlements

—

—

—

—

(13

)

(3

)

—

(10

)

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements

66

14

—

52

53

11

—

42

Net loss reserve discount charge

131

27

—

104

27

6

—

21

Net results of businesses in run-off(c)

(4

)

—

—

(4

)

(8

)

(2

)

—

(6

)

Non-operating pension expenses

—

—

—

—

16

3

—

13

Integration and transaction costs associated with acquiring or divesting businesses

37

8

—

29

13

3

—

10

Restructuring and other costs(d)

630

132

—

498

307

64

—

243

Non-recurring costs related to regulatory or accounting changes

15

3

—

12

10

2

—

8

Noncontrolling interests(a)

475

475

—

—

Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders

$

3,241

$

797

$

—

$

2,437

$

3,922

$

945

$

(5

)

$

2,972

(a)

Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge was consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.

(b)

Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.

(c)

In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.

(d)

In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

 

Reconciliations of General Insurance Net Investment Income and Other and Adjusted Pre-tax Income

General Insurance

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

(in millions)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net investment income and other/Pre-tax income (loss)

$

811

$

1,058

$

991

$

1,188

$

2,400

$

3,005

$

2,619

$

3,183

Other income (expense) - net

—

—

—

—

(31

)

—

—

—

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares

5

5

(46

)

(46

)

(38

)

(38

)

(70

)

(70

)

Net investment income on Fortitude Re funds withheld assets

(42

)

(42

)

—

—

(43

)

(43

)

1

1

Net realized (gains) losses on Fortitude Re funds withheld assets

—

1

—

(1

)

—

1

—

6

Net realized losses on Fortitude Re funds withheld embedded derivative

—

—

—

—

—

—

—

—

Net realized (gains) losses

(1

)

(80

)

—

456

(7

)

217

2

779

Net loss (gain) on divestitures and other

—

2

—

(1

)

—

(5

)

—

(38

)

Non-operating litigation reserves and settlements

—

—

—

—

—

—

—

—

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements

—

129

—

7

—

112

—

81

Net loss reserve discount (benefit) charge

—

29

—

(2

)

—

131

—

27

Net results of businesses in run-off

—

—

—

—

—

—

—

—

Non-operating pension expenses

—

—

—

4

—

—

—

13

Restructuring and other costs

—

104

—

130

—

349

—

222

Non-recurring costs related to regulatory or accounting changes

—

4

—

3

—

15

—

10

Net investment income and other, APTI basis/Adjusted pre-tax income (loss)

$

773

$

1,210

$

945

$

1,738

$

2,281

$

3,744

$

2,552

$

4,214

Reconciliations of Other Operations Net Investment Income and Other and Adjusted Pre-tax Income

Other Operations

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2025

2024

2025

(in millions)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net investment income and other/Pre-tax income (loss)

$

162

$

(409

)

$

(226

)

$

(474

)

$

544

$

(681

)

$

734

$

35

Consolidation and Eliminations

1

—

(2

)

—

1

—

1

—

Other income (expense) - net

—

—

2

—

16

—

(9

)

—

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares

(30

)

(30

)

334

334

(134

)

(134

)

(323

)

(323

)

Gain on extinguishment of debt

—

—

—

—

—

1

—

(5

)

Net investment income on Fortitude Re funds withheld assets

(9

)

(9

)

(29

)

(29

)

(80

)

(80

)

(109

)

(109

)

Net realized losses on Fortitude Re funds withheld assets

—

17

—

6

—

37

—

53

Net realized losses on Fortitude Re funds withheld embedded derivative

—

157

—

54

—

158

—

109

Net realized (gains) losses

1

73

2

(23

)

1

17

2

(89

)

Net loss (gain) on divestitures and other

—

6

—

1

—

(89

)

—

(15

)

Non-operating litigation reserves and settlements

—

—

—

—

—

—

—

(13

)

Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements

—

(3

)

—

(16

)

—

(46

)

—

(28

)

Net results of businesses in run-off

(5

)

8

(9

)

(1

)

(13

)

(4

)

(22

)

(8

)

Non-operating pension expenses

—

—

—

2

—

—

—

3

Integration and transaction costs associated with acquiring or divesting businesses

—

22

—

7

—

37

—

13

Restructuring and other costs

—

33

—

23

—

281

—

85

Net investment income and other, APTI basis/Adjusted pre-tax income (loss)

$

120

$

(135

)

$

72

$

(116

)

$

335

$

(503

)

$

274

$

(292

)

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

 

Summary of Key Financial Metrics

Three Months Ended September 30,

Nine Months Ended September 30,

Earnings per common share:

2024

2025

% Inc. (Dec.)

2024

2025

% Inc. (Dec.)

Basic

Income from continuing operations

$

0.75

$

0.94

25.3

%

$

2.62

$

4.12

57.3

%

loss from discontinued operations

(0.03

)

—

NM

(6.13

)

—

NM

Net income (loss) attributable to AIG common shareholders

$

0.72

$

0.94

30.6

$

(3.51

)

$

4.12

NM

Diluted

Income from continuing operations

$

0.74

$

0.93

25.7

$

2.59

$

4.08

57.5

loss from discontinued operations

(0.03

)

—

NM

(6.07

)

—

NM

Net income (loss) attributable to AIG common shareholders

$

0.71

$

0.93

31.0

$

(3.48

)

$

4.08

NM

Adjusted after-tax income attributable to AIG common shareholders per diluted share

$

1.24

$

2.20

77.4

%

$

3.65

$

5.14

40.8

%

Weighted average shares outstanding:

Basic

641.6

553.3

661.7

573.2

Diluted

647.4

558.5

667.4

578.4

Reconciliation of Net Investment Income

Three Months Ended

September 30,

2024

2025

Net Investment Income per Consolidated Statements of Operations

$

973

$

772

Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares

(25

)

288

Net investment income on Fortitude Re funds withheld assets

(51

)

(29

)

Net realized gains (losses) related to economic hedges and other

—

2

Net investment income of businesses in run-off

(5

)

(9

)

Total Net Investment Income - APTI Basis

$

892

$

1,024

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

 

Reconciliation of Book Value per Share

As of period end:

September 30,

2024

June 30,

2025

September 30,

2025

Total AIG common shareholders' equity (a)

$

45,039

$

41,501

$

41,085

Less: Investments AOCI

(2,074

)

(1,957

)

(1,410

)

Add: Cumulative unrealized gains and losses related to Fortitude Re Funds withheld assets

(531

)

(567

)

(545

)

Subtotal Investments AOCI

(1,543

)

(1,390

)

(865

)

Total adjusted common shareholders' equity (b)

$

46,582

$

42,891

$

41,950

Total adjusted common shareholders' equity (b)

$

46,582

$

42,891

$

41,950

Total intangible assets

3,834

3,814

3,796

AIG adjusted tangible common shareholders' equity (d)

$

42,748

$

39,077

$

38,154

Total AIG common shareholders' equity (a)

$

45,039

$

41,501

$

41,085

Less: AIG's ownership interest in Corebridge

8,143

4,043

2,651

Less: Investments related AOCI - AIG

(2,074

)

(1,957

)

(1,410

)

Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG

(531

)

(567

)

(545

)

Subtotal Investments AOCI - AIG

(1,543

)

(1,390

)

(865

)

Less: Deferred tax assets

3,975

3,183

3,002

AIG core operating shareholders' equity (e)

$

34,464

$

35,665

$

36,297

Total common shares outstanding (f)

630.3

559.8

544.5

As of period end:

September 30,

2024

% Inc.

(Dec.)

June 30,

2025

% Inc.

(Dec.)

September 30,

2025

Book value per share (a÷f)

$

71.46

5.6

%

$

74.14

1.8

%

$

75.45

Adjusted book value per share (b÷f)

73.90

4.2

76.62

0.5

77.04

Adjusted tangible book value per share (d÷f)

67.82

3.3

69.81

0.4

70.07

Core operating book value per share (e÷f)

54.68

21.9

63.71

4.6

66.66

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

 

Reconciliation of Return On Equity

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2025

2024

2025

Actual or annualized net income (loss) attributable to AIG common shareholders (a)

$

1,836

$

2,076

$

(3,099

)

$

3,148

Actual or annualized adjusted after-tax income attributable to AIG common shareholders (b)

$

3,216

$

4,904

$

3,249

$

3,963

Average AIG adjusted common shareholders' equity

Average AIG Common Shareholders' equity (c)

$

44,742

$

41,293

$

44,434

$

41,635

Less: Average investments AOCI

(2,194

)

(1,128

)

(5,864

)

(1,560

)

Average adjusted common shareholders' equity (d)

$

46,936

$

42,421

$

50,298

$

43,195

Average AIG core operating shareholders' equity

Average AIG common shareholders' equity

$

44,742

$

41,293

$

44,434

$

41,635

Less: Average AIG's ownership interest in Corebridge

8,355

3,347

7,510

3,631

Less: Average investments AOCI - AIG

(2,194

)

(1,128

)

(2,387

)

(1,560

)

Less: Average deferred tax assets

4,017

3,093

4,125

3,261

Average AIG core operating shareholders' equity (f)

$

34,564

$

35,981

$

35,186

$

36,303

ROE (a÷c)

4.1

%

5.0

%

(7.0

)%

7.6

%

Adjusted return on equity (b÷d)

6.9

%

11.6

%

6.5

%

9.2

%

Core operating ROE (b÷f)

9.3

%

13.6

%

9.2

%

10.9

%

Reconciliation of Total Debt to Total Capital

Three Months Ended

September 30, 2025

Total financial and hybrid debt

$

9,051

Total capital

$

50,168

Less non-redeemable noncontrolling interests

32

Less Investments AOCI

(865

)

Total adjusted capital

$

51,001

Hybrid - debt securities / Total capital

0.9

%

Financial debt / Total capital

17.1

Total debt / Total capital

18.0

%

Total debt / Total adjusted capital

17.7

%

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

 

Reconciliation of Net Premiums Written - Comparable Basis

Three Months Ended September 30,

North

General

America

International

Global

Global

2025

Insurance

Commercial

Commercial

Personal

Commercial

Net premiums written as reported in U.S. dollars

$

6,230

$

2,435

$

2,115

$

1,680

$

4,550

2024

Net premiums written as reported in U.S. dollars

$

6,380

$

2,445

$

2,052

$

1,883

$

4,497

Foreign exchange effect

108

1

46

61

47

AIG's Travel business impact

(193

)

—

—

(193

)

—

Net premiums written on comparable basis

$

6,295

$

2,446

$

2,098

$

1,751

$

4,544

Increase (decrease) in Net premiums written on comparable basis

(1

)%

—

%

1

%

(4

)%

—

%

Reconciliation of Net Premiums Written Excluding Large Closeout Transaction

Three Months Ended September 30, 2025

North

America

Commercial

Increase (decrease) in Net premiums written on comparable basis

—

%

Large closeout transaction

3

Increase (decrease) in Net premiums written on comparable basis, excluding large closeout transaction

3

%

Reconciliations of Accident Year Loss and Accident Year Combined Ratios, as Adjusted

Three Months Ended September 30,

2024

2025

North America Commercial

Combined ratio

95.5

82.6

Catastrophe losses and reinstatement premiums

(13.3

)

(3.1

)

Prior year development, net of reinsurance and prior year premiums

2.9

5.9

Accident year combined ratio, as adjusted

85.1

85.4

International Commercial

Loss ratio

53.6

53.3

Catastrophe losses and reinstatement premiums

(4.1

)

(0.8

)

Prior year development, net of reinsurance and prior year premiums

3.2

1.9

Accident year loss ratio, as adjusted

52.7

54.4

Combined ratio

84.3

84.9

Catastrophe losses and reinstatement premiums

(4.1

)

(0.8

)

Prior year development, net of reinsurance and prior year premiums

3.2

1.9

Accident year combined ratio, as adjusted

83.4

86.0

Global Personal

Loss ratio

55.3

55.0

Catastrophe losses and reinstatement premiums

(2.9

)

(0.8

)

Prior year development, net of reinsurance and prior year premiums

1.9

1.1

Accident year loss ratio, as adjusted

54.3

55.3

AIG's Travel business impact

1.9

—

Accident year loss ratio, as adjusted, comparable basis

56.2

55.3

Combined ratio

98.8

95.2

Catastrophe losses and reinstatement premiums

(2.9

)

(0.8

)

Prior year development, net of reinsurance and prior year premiums

1.9

1.1

Accident year combined ratio, as adjusted

97.8

95.5

AIG's Travel business impact

1.0

—

Accident year combined ratio, as adjusted, comparable basis

98.8

95.5

More News From American International Group, Inc.

Q3: 2025-11-03 Earnings SummaryEPS of $2.09 misses by $0.06

 |

Revenue of

$3.25B

(0.63% Y/Y)

misses by $63.98M

Unum Group (UNM) Q3 2025 Earnings Call November 4, 2025 8:00 AM EST

Company Participants

J. Royal - Senior Vice President of Investor Relations & Treasury
Richard McKenney - President, CEO & Director
Steven Zabel - Executive VP & CFO
Christopher Pyne - Executive Vice President of Group Benefits
Timothy Arnold - Executive VP of Voluntary Benefits & President of Colonial Life
Mark Till - Executive VP & CEO of Unum International

Conference Call Participants

Ryan Krueger - Keefe, Bruyette, & Woods, Inc., Research Division
Thomas Gallagher - Evercore ISI Institutional Equities, Research Division
Joel Hurwitz - Dowling & Partners Securities, LLC
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Taylor Scott - Barclays Bank PLC, Research Division
Suneet Kamath - Jefferies LLC, Research Division
Francis Matten - BMO Capital Markets Equity Research
Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division
Wesley Carmichael - Autonomous Research US LP
Tracy Benguigui - Wolfe Research, LLC
Maxwell Fritscher - Truist Securities, Inc., Research Division
Joshua Shanker - BofA Securities, Research Division

Presentation

Operator

Hello and thank you for standing by. My name is Bella and I will be your conference operator today. At this time, I would like to welcome everyone to Unum Group 3Q 2025 Earnings Conference Call.

[Operator Instructions] I would now like to turn the conference over to Matt Royal, Head of Investor Relations. You may begin.

J. Royal
Senior Vice President of Investor Relations & Treasury

Thank you, Bella and good morning to everyone. Welcome to Unum Group's Third Quarter 2025 Earnings Call, which will include discussion of our annual reserve assumption review.

Please note that today's call may include forward-looking statements and actual results, which are subject to risks and uncertainties, may differ materially, and we are not obligated to update any of these statements. Please refer to our earnings release and our periodic filings with the SEC for a description

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$2.40B

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Zoetis Inc. (ZTS) Q3 2025 Earnings Call November 4, 2025 8:30 AM EST

Company Participants

Steven Frank - Vice President of Investor Relations
Kristin Peck - CEO & Director
Wetteny Joseph - Executive VP & CFO

Conference Call Participants

Erin Wilson Wright - Morgan Stanley, Research Division
Michael Ryskin - BofA Securities, Research Division
Jonathan Block - Stifel, Nicolaus & Company, Incorporated, Research Division
Brandon Vazquez - William Blair & Company L.L.C., Research Division
Christopher Schott - JPMorgan Chase & Co, Research Division
Navann Ty Dietschi - BNP Paribas, Research Division
Daniel Christopher Clark - Leerink Partners LLC, Research Division
Andrea Zayco Narvaez Alfonso - UBS Investment Bank, Research Division

Presentation

Operator

Good morning, everyone, and welcome to the Third Quarter 2025 Financial Results Conference Call and Webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis.

The presentation materials and additional financial tables are currently posted on the Investor Relations section of zoetis.com. The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of this call will be available approximately 2 hours after the conclusion of this call via dial-in or on the Investor Relations section of zoetis.com.

[Operator Instructions]

I'll now turn the call over to Mr. Steve Frank. Please go ahead, sir.

Steven Frank
Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to the Zoetis Third Quarter 2025 Earnings Call. I am joined today by Kristin Peck, our Chief Executive Officer; and Wetteny Joseph, our Chief Financial Officer.

Before we begin, I'll remind you that the slides presented on this call are available on the Investor Relations section of our website and that our remarks today will include forward-looking statements and that actual results could differ materially from those projections. For a list and

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Corebridge Financial, Inc. (CRBG) Q3 2025 Earnings Call November 4, 2025 10:00 AM EST

Company Participants

Isil Muderrisoglu - Head of Investor & Rating Agency Relations
Kevin Hogan - President, CEO & Director
Elias Habayeb - Executive VP & CFO

Conference Call Participants

Joel Hurwitz - Dowling & Partners Securities, LLC
Taylor Scott - Barclays Bank PLC, Research Division
Thomas Gallagher - Evercore ISI Institutional Equities, Research Division
Francis Matten - BMO Capital Markets Equity Research
Ryan Krueger - Keefe, Bruyette, & Woods, Inc., Research Division
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Suneet Kamath - Jefferies LLC, Research Division
Cave Montazeri - Deutsche Bank AG, Research Division
Wesley Carmichael - Autonomous Research US LP

Presentation

Operator

Hello, and welcome, everyone, to the Corebridge Financial Third Quarter 2025 Earnings Call. My name is Becky, and I'll be your operator today. [Operator Instructions]

I will now hand over to your host, Isil Muderrisoglu, Head of Investor and Rating Agency Relations, to begin. Please go ahead.

Isil Muderrisoglu
Head of Investor & Rating Agency Relations

Good morning, everyone, and welcome to Corebridge Financial's earnings update for the third quarter of 2025. Joining me on the call are Kevin Hogan, President and Chief Executive Officer, and Elias Habayeb, Chief Financial Officer. We will begin with prepared remarks by Kevin and Elias, and then we will take your questions. Today's comments may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations and assumptions. Corebridge's filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements.

Except as required by the applicable securities laws, Corebridge is under no obligation to update any forward-looking statements as circumstances or

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, /PRNewswire/ -- The Board of Directors of Comerica Incorporated (NYSE: CMA) declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable Jan. 1, 2026, to shareholders of record at the close of business on Dec. 15, 2025.

The Board also declared a cash dividend of $26.74 per share (equivalent to $0.6684 per depositary share) on the Series B Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated, payable Jan. 1, 2026, to preferred stock shareholders of record at the close of business on Dec. 15, 2025. This initial dividend is for the long first dividend period from Aug. 11, 2025 to Jan. 1, 2026.

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $77.4 billion at Sept. 30, 2025. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X, Instagram and LinkedIn.

SOURCE Comerica Incorporated

HomeIndustriesSoftwareTech StocksTech StocksPalantir’s stock falls sharply on Tuesday despite upbeat earnings, while its CEO criticizes short sellersPublished: Nov. 4, 2025 at 4:19 p.m. ET

Palantir Technologies has built a fervent base of support among retail investors who have sent the stock soaring nearly 2,000% above its $10 opening price from a direct listing five years ago.

Before Tuesday’s post-earnings selloff, Palantir’s stock PLTR traded above $200 and the company had a market capitalization of $493 billion. On the software stock’s way up, it met a chorus of skeptics who chafed at its high valuation. That hasn’t been much of a roadblock for the shares, however, which largely kept charging higher despite pockets of volatility in recent years.

Partner CenterMost Popular

MCLEAN, VA / ACCESS Newswire / November 4, 2025 / Gladstone Investment Corporation (Nasdaq: GAIN) (the "Company") today announced earnings for its second fiscal quarter ended September 30, 2025. Please read the Company's Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.sec.gov or the investors section of the Company's website at www.gladstoneinvestment.com.

SYDNEY, Nov. 04, 2025 (GLOBE NEWSWIRE) -- HII (NYSE: HII) is celebrating 18 years of REMUS unmanned underwater vehicle (UUV) operations in Australia at the Indo Pacific International Maritime Exposition in Sydney.

REMUS first entered the Australia market in 2007 when the Royal Australian Navy acquired REMUS 600.

“BlueZone Group is proud of our enduring partnership with HII in delivering the REMUS UUV to Australia. This proven and advanced platform continues to deliver reliable performance and plays a vital role in strengthening national and regional autonomous underwater capabilities,” said Neil Hodges, managing director of BlueZone Group.

The BlueZone Group, based in Newcastle, New South Wales, is an official Australian sales partner, logistics integrator, and depot maintenance provider for HII, supporting regional growth, customer engagement, and equipment sustainment.

The milestone highlights REMUS’ global leadership in autonomous undersea systems and its critical role in advancing regional maritime science, security, innovation and research.

A photo and video accompanying this release are available at: http://hii.com/news/hii-remus-uuv-marks-18-years-serving-australia-and-continues-to-lead-globally-as-unmanned-undersea-vehicle-of-choice/.

“REMUS is a force multiplier beneath the surface — quiet, flexible and reliable,” said Duane Fotheringham, president of HII’s Unmanned Systems group. “As we mark 18 years of REMUS operations in Australia, we are also building the future by delivering smarter, more integrated unmanned systems that help our partners maintain undersea dominance in a rapidly shifting domain.”

For almost two decades, Australian military and agencies have relied on REMUS technology for a wide range of missions — from naval training and mine countermeasures to scientific research and environmental monitoring.

As security challenges in the Indo-Pacific evolve, REMUS continues to provide a high-impact, low-risk solution for autonomous operations. It’s proven, adaptable, and ready for what’s next.

A Platform with Staying Power

As Indo Pacific Expo 2025 showcases the future of maritime capability, REMUS stands out as the UUV with proven performance, global trust, and expanding capabilities for future missions.

The REMUS family supports modern naval operations with unmatched versatility. Its autonomous systems can operate independently or alongside crewed vessels. In a recent breakthrough, REMUS vehicles were successfully launched and recovered from the torpedo tubes of Virginia-class submarines — extending mission reach, reducing exposure risk, and enhancing stealth.

The U.S. Navy’s current Lionfish UUV is based on HII’s REMUS 300 platform, a modular, open-architecture SUUV (Small unmanned underwater vehicle) engineered for multi-mission adaptability. The program was developed in collaboration with the U.S. Navy and the Defense Innovation Unit (DIU) to accelerate the adoption of dual-use commercial technologies in Department of Defense programs.

Modular, Mission-Ready, and Built to Last

REMUS’ open-architecture design enables rapid integration of new payloads, allowing for mission-specific configurations and future upgrades — key to staying relevant while controlling costs.

To date, more than 750 REMUS vehicles have been delivered to over 30 nations, including 14 NATO members. Remarkably, over 90% of all REMUS systems deployed in the past 23 years remain in service, testament to their durability and lifecycle value, both critical in defense acquisition.

Setting the Standard Across Sectors

Known for its endurance, modularity, and precision, REMUS leads in defense, commercial and scientific missions. From shallow-water reconnaissance to deep-sea exploration, it adapts to complex environments with minimal footprint and maximum effect.

HII continues to invest in next-generation capabilities and strategic partnerships. In a recent move, HII and Babcock announced a strategic agreement to integrate REMUS UUVs with submarine weapon handling and launch systems — unlocking new deployment options in contested maritime environments.

A Versatile Family of Systems

The REMUS line includes multiple variants, each designed for specific mission profiles and operating depths. The numbering reflects operational depth and generation:

REMUS 130: Compact and optimized for shallow-water operations and quick deployment.REMUS 300: Offers greater range and payload capacity in a lightweight form; serves as the basis of the U.S. Navy’s Lionfish program.REMUS 620: Features modular upgrades, modernized electronics, battery life of up to 110 hours, and a range of 275 nautical miles. Recently achieved a major milestone by supporting submarine launch and recovery operations for the U.S. Navy Submarine Force.REMUS 6000: Capable of operating at depths up to 6,000 meters, typically used for deep-sea recovery and complex scientific missions. All models share a common architecture, allowing operators to scale capabilities while maintaining system familiarity.

REMUS: A Track Record of Excellence

Defense: Used by 14 NATO navies — including the U.S., U.K., Norway and Germany —for mine warfare, ISR (intelligence, surveillance, and reconnaissance), and seabed mapping.Search & Recovery: Key missions include the search for Air France Flight 447, post-tsunami response in Japan, and discovery of the USS Indianapolis (CA 35).Science & Environment: Supports environmental monitoring, marine archaeology, and oceanographic research. National Oceanic and Atmospheric Administration (NOAA) is currently deploying REMUS 620 systems to map seafloor habitats impacted by the Deepwater Horizon oil spill. Learn more at: https://hii.com/what-we-do/capabilities/unmanned-systems/remus-uuvs/.

About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:

HII on the web: https://www.HII.com/HII on Facebook: https://www.facebook.com/TeamHIIHII on X: https://www.twitter.com/WeAreHIIHII on Instagram: https://www.instagram.com/WeAreHII Contact:

Greg McCarthy
(202) 264-7126
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9413ea24-f5dd-4f50-bd49-2c570c30b86b

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA assigns a rating of BBB to Crescent Capital BDC, Inc.'s (NASDAQ: CCAP or "the company") $67.5 million, 5.87% senior unsecured notes due 2029, $50 million, 5.97% senior unsecured notes due 2029, and $67.5 million, 6.20% senior unsecured notes due 2031. The rating Outlook is Stable. Funds will be used to repay maturing unsecured debt. Key Credit Considerations The ratings are supported by the company's ties to its credit investment platform, Crescent Capital Group.

, /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) welcomes Philippine Airlines (PAL) as the newest carrier partnering to connect transoceanic travelers with Southwest-operated flights. Dozens of new travel options across the Pacific are available now through Philippine Airlines and third-party travel booking sites.

Philippine Airlines serves airports across the Philippines, Asia, Australia, and the Middle East. In the United States, Philippine Airlines and Southwest® are working together to serve international travelers connecting through Los Angeles (LAX), Seattle/Tacoma (SEA), San Francisco (SFO), and Honolulu, Oahu (HNL), where Southwest operates nearly four dozen interisland arrivals and departures a day.

"Each airline partnership brings unique and incremental reach to places around the globe for both carriers and gives more consumers an opportunity to begin or end their journey with Southwest," said Andrew Watterson, Chief Operating Officer. "With nearly 90 flights a day in our schedule that touch the Hawaiian Islands and as California's largest air carrier1, Southwest is positioned like no other airline in serving Philippine Airlines' passengers arriving or departing the United States."

"Our interline partnership with Southwest Airlines enables seamless connections and single-ticket journeys across both of our networks," said Christoph Gaertner, Vice President of Revenue Management, Philippine Airlines. "As we continue to expand PAL's global reach, this collaboration provides more travel options and greater flexibility, giving our guests access to a wider range of destinations in the United States."

Southwest Airlines now partners with four overseas air carriers and is actively exploring additional transatlantic partnerships for later this year. Southwest is working to bring more choice and enhance the quality and quantity of travel experiences with Southwest, including a redesigned cabin experience and an ability to book assigned and extra legroom seating on flights operating from January 27, 2026.

ABOUT SOUTHWEST AIRLINES CO.

Southwest Airlines Co . operates one of the world's most admired and awarded airlines, offering its one-of-a-kind value and Hospitality at 117 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through friendly, reliable, and low-cost air travel and now carries more air travelers flying nonstop within the United States than any other airline1. By empowering its more than 72,0002 People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 140 million Customers carried in 2024. Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and Purpose to put communities at the Heart of its success. Learn more by visiting Southwest.com/citizenship.

Based on U.S. Dept. of Transportation quarterly Airline Origin & Destination Survey as of Q1 2025
Fulltime-equivalent active Employees as of September 30, 2025

ABOUT PHILIPPINE AIRLINES

Philippine Airlines (PAL) is the Philippines' flag carrier and only full-service network airline, as well as the first commercial airline in Asia. PAL's fleet of Boeing, Airbus, and De Havilland aircraft operate scheduled nonstop flights out of hubs in Manila, Cebu, Clark, and Davao to 31 destinations in the Philippines and 38 destinations in Asia, North America, Australia, and the Middle East. Known for its hallmark heartwarming and gracious Filipino service, PAL also supports the global economy through air cargo and charter services, while serving the travel needs of overseas Filipinos as well as businesspeople, tourists and families from all over the world.

SOURCE Southwest Airlines Co.

Pfizer Inc's (NYSE:PFE) lawsuit. Novo Nordisk A/S' (NYSE:NVO) counterbid. And in the middle of it all — a quiet $45 million position that might turn into Andreas Halvorsen's next masterstroke. After years of fighting from the sidelines of the Ozempic boom, Pfizer is finally throwing punches.

Pfizer is suing obesity-drug developer Metsera Inc (NASDAQ:MTSR) to block a takeover by Novo Nordisk. The war between the two pharma giants is driving MTSR stock higher, Wednesday.

Track MTSR stock here.
But while the pharma heavyweights slug it out, Viking Global, Halvorsen's $48 billion hedge fund, is quietly sitting on one of the most enviable seats in the house.

The $10 Billion PrizeNovo Nordisk just upped its bid for Metsera to $86.20 a share, valuing the biotech at roughly $10 billion, including a contingent value right of up to $24 in cash. Pfizer's offer, by comparison, tops out around $70 a share, and the company is fuming. CEO Albert Bourla didn't mince words on Tuesday's earnings call: "It is an illegal attempt by a foreign company to do an end run around antitrust laws, taking advantage of the government shutdown."

That meltdown underscores just how high the stakes have become in the race to dominate the next generation of weight-loss drugs — and how desperate Pfizer is to catch up to Novo's runaway success with Ozempic and Wegovy.

Read Also: Novo, Lilly, Pfizer: Who Wins If Trump Slashes Prices?

The Smart Money Got There FirstWhile Big Pharma battles in courtrooms and boardrooms, hedge fund titans are already counting their gains. Viking Global, which first disclosed its stake in Metsera at an average price of $27.22, is suddenly looking prescient.

Fellow billionaire Ken Griffin's Citadel also built a position earlier this year — small by Viking's standards, but now up more than 100%.

Metsera's proprietary nutrient-stimulated hormone analog peptides — a mouthful that might just redefine obesity treatment — have made it the biotech every pharma player suddenly wants to own.

The TakeawayPfizer's lawsuit may buy time, but it also signals fear. That is, fear of missing the next multibillion-dollar fat-loss franchise. Novo Nordisk wants to own it. Pfizer wants to stop it. But as the giants wrestle over who gets the future of weight-loss, Viking may already have it locked up.

Read Next:

HIMS CEO Says ‘A Little Bit of Craziness’ Is The Secret To Building A Global Health Platform
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Datadog Inc (NASDAQ:DDOG), a cloud-based monitoring and analytics platform for developers, will report its third quarter earnings on Thursday before US markets open, with Wedbush analysts expecting a robust performance driven by growing demand for observability and AI capabilities.

The analysts believe Wall Street’s consensus estimates, calling for revenue of $853.6 million and non-GAAP earnings per share of $0.45, “are relatively conservative.”

They pointed to the company’s growing AI initiatives and disciplined cost management. They also noted Datadog’s progress in expanding its customer base despite intensifying competition.

“Based on our recent checks, we believe that DDOG is coming away as a larger winner within the observability sector as the company improved its selling motion to win more deals across all market segments,” the analysts wrote.

They added that many competitors have experienced slower deal flow “largely in part to DDOG winning a larger number of deals,” which they wrote highlights the strength of Datadog’s software-as-a-service (SaaS) model.

AI continues to be a key driver for the company’s growth, Wedbush added. Datadog had about 4,500 customers using one or more AI-based products in the previous quarter, with spending among that group rising, Wedbush noted.

“The company is taking the AI Revolution head-on by integrating AI across its platform to enhance its customer offerings while investing strategically into new AI-driven products and features,” Wedbush wrote.

Wedbush has an ‘Outperform’ rating and $170 price target on Datadog, which traded hands at $157 on Tuesday afternoon.

The analysts see Datadog as “well-positioned to continue gaining share within the observability space” as enterprise usage of its AI and monitoring tools increases, calling Datadog “one of our favorite names to own as the AI Revolution takes hold.”

Q3: 2025-11-03 Earnings SummaryEPS of -$0.18 misses by $0.16

 |

Revenue of

$259.61M

(-14.72% Y/Y)

misses by $10.47M

Atlas Energy Solutions Inc. (AESI) Q3 2025 Earnings Call November 4, 2025 8:00 AM EST

Company Participants

Kyle Turlington - Vice President of Investor Relations
John Turner - President, CEO & Director
Blake McCarthy - Chief Financial Officer
Ben Brigham - Founder & Executive Chairman
Tim Ondrak
Bud Brigham

Conference Call Participants

James Rollyson - Raymond James & Associates, Inc., Research Division
Derek Podhaizer - Piper Sandler & Co., Research Division
Stephen Gengaro - Stifel, Nicolaus & Company, Incorporated, Research Division
Doug Becker - Capital One Securities, Inc., Research Division
Keith MacKey - RBC Capital Markets, Research Division
Sean Mitchell - Daniel Energy Partners, LLC
Edward Kim - Barclays Bank PLC, Research Division
Lee Cooperman

Presentation

Operator

"

Kyle Turlington
Vice President of Investor Relations

"

John Turner
President, CEO & Director

"

Blake McCarthy
Chief Financial Officer

"

Ben Brigham
Founder & Executive Chairman

"

James Rollyson
Raymond James & Associates, Inc., Research Division

" Raymond James & Associates, Inc., Research Division

Derek Podhaizer
Piper Sandler & Co., Research Division

" Piper Sandler & Co., Research Division

Tim Ondrak

"

Stephen Gengaro
Stifel, Nicolaus & Company, Incorporated, Research Division

" Stifel, Nicolaus & Company, Incorporated, Research Division

Doug Becker
Capital One Securities, Inc., Research Division

" Capital One Securities, Inc., Research Division

Keith MacKey
RBC Capital Markets, Research Division

" RBC Capital Markets, Research Division

Sean Mitchell
Daniel Energy Partners, LLC

" Daniel Energy Partners, LLC

Edward Kim
Barclays Bank PLC, Research Division

" Barclays Bank PLC, Research Division

Bud Brigham

"

Lee Cooperman

" Omega Family Office

Operator

Greetings, and welcome to the Atlas Energy Solutions Third Quarter 2025 Financial and Operational Results Conference Call.

[Operator Instructions]

Please note, this conference is being recorded. I will now turn the conference over to your host, Kyle Turlington. Please go ahead.

Kyle Turlington
Vice President

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Unitil Corporation (UTL) Q3 2025 Earnings Call November 4, 2025 2:00 PM EST

Company Participants

Christopher Goulding - Vice President of Finance and Regulatory
Tom Meissner - Chairman & CEO
Daniel Hurstak - Senior VP, CFO & Treasurer

Conference Call Participants

Matvey Tayts - Freedom Broker, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Third Quarter 2025 Unitil Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Chris Goulding, Vice President of Finance and Regulatory. Please go ahead.

Christopher Goulding
Vice President of Finance and Regulatory

Good afternoon, and thank you for joining us to discuss Unitil Corporation's Third Quarter 2025 financial results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer; and Dan Hurstak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today are Bob Hevert, President and Chief Administrative Officer; and Todd Diggins, Chief Accounting Officer and Controller.

We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information including a presentation to the Investors section of our website at unitil.com. We will refer to that information during this call.

The comments made today about future operating results or events are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted.

Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10-K and other documents we have filed with or furnished to the Securities

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November 04, 2025 3:09 PM EST | Source: Hemostemix Inc.
Calgary, Alberta--(Newsfile Corp. - November 4, 2025) - Hemostemix Inc. (TSXV: HEM) (OTCQB: HMTXF) (FSE: 2VF0) ("Hemostemix" or the "Company"), the leading autologous (patient's own) stem cell therapy company offering VesCell™ (ACP-01) to no-option individuals suffering from pain related to angina, peripheral arterial disease, chronic limb threatening ischemia, ischemic cardiomyopathy, non-ischemic dilated cardiomyopathy, congestive heart failure, and total body ischemia, is pleased to announce it has closed its first tranche of its previously announced non-brokered private placement of units (the "Offering"), as originally disclosed on October 8, 2025. The Company raised aggregate gross proceeds of $461,230 through the issuance of 4,193,000 units ("Units") at a price of $0.11 per Unit.

Each Unit consists of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire one additional Common Share at a price of $0.15 per share for a period of two (2) years from the closing date of the Offering, subject to the accelerated expiry provision described below.

If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the closing date, the closing sales price of the Common Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the TSX Venture Exchange (the "Exchange") is greater than a weighted average price of $0.185 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the date that is 30 days following such press release.

In connection with the Offering, the Company paid eligible finders aggregate cash finder's fees of approximately $23,698.40 and issued 215,440 finder's options (the "Finder's Options"). Each Finder's Option entitles the holder to purchase one Common Share at an exercise price of $0.15 per share for a period of 24 months from the closing date of the Offering.

The net proceeds of the Offering will be used for general working capital and to support ongoing operations, including the marketing and sales of VesCell™, the Company's proprietary stem cell therapy.

Certain directors of the Company, directly and indirectly, participated in the Offering, which constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the policies of the Exchange. The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that the Company is not listed on a specified stock exchange and, at the time the Offering was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves an interested party (within the meaning of MI 61-101) in the Offering, exceeds 25% of the Company's market capitalization calculated in accordance with MI 61-101.

The Offering is subject to all necessary regulatory approvals including acceptance from the Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Grand Rounds at the University of Florida - November 12, 2025

ABOUT HEMOSTEMIX

Hemostemix is an autologous stem cell therapy platform company, founded in 2003. A winner of the World Economic Forum Technology Pioneer Award, the Company has developed, patented, is scaling and selling autologous (patient's own) blood-based stem cell therapy, VesCell™ (ACP-01). Hemostemix has completed seven clinical studies of 318 subjects and published its results in eleven peer reviewed publications. ACP-01 is safe, clinically relevant and statistically significant as a treatment for peripheral arterial disease, chronic limb threatening ischemia, non ischemic dilated cardiomyopathy, ischemic cardiomyopathy, congestive heart failure, and angina. Hemostemix completed its Phase II clinical trial for chronic limb threatening ischemia and published its results in the Journal of Biomedical Research & Environmental Science. As compared to a five year mortality rate of 50% in the CLTI patient population, UBC and U of T reported to the 41st meeting of vascular surgeons: 0% mortality, cessation of pain, wound healing in 83% of patients followed for up to 4.5 years, as a midpoint result. For more information, please visit www.hemostemix.com.

For further information, please contact: Thomas Smeenk, President, CEO & Co-Founder: EM: [email protected] / PH: 905-580-4170

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to the financing of the Company related to treatment of CLTI in Florida and the completion of the treatment of pain related to angina, peripheral arterial disease, chronic limb threatening ischemia, ischemic cardiomyopathy, non-ischemic dilated cardiomyopathy, congestive heart failure, and total body ischemia with Angiogenic Cell Precursors (ACP-01) in furtherance of sales of VesCell™ (ACP-01), and the commercialization of ACP-01 via the sale of compassionate treatments under Florida SB 1768. There can be no assurance that such forward-looking information will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Hemostemix's current beliefs and is based on information currently available to Hemostemix and on assumptions Hemostemix believes are reasonable. These assumptions include, but are not limited to: the underlying value of Hemostemix and its Common Shares; the successful resolution of any litigation that Hemostemix is pursuing or defending (the "Litigation"); the results of ACP-01 research, trials, studies and analyses, including the analysis being equivalent to or better than previous research, trials or studies; the receipt of all required regulatory approvals for research, trials or studies; the level of activity, market acceptance and market trends in the healthcare sector; the economy generally; consumer interest in Hemostemix's services and products; competition and Hemostemix's competitive advantages; and, Hemostemix obtaining satisfactory financing to fund Hemostemix's operations including any research, trials or studies, and any Litigation. Forward-looking information is Subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Hemostemix to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the ability of Hemostemix to complete clinical trials, complete a satisfactory analyses and file the results of such analyses to gain regulatory approval of a phase II or phase III clinical trial of ACP-01; potential litigation Hemostemix may face; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations including the actual results of future research, trials or studies; competition; changes in legislation affecting Hemostemix; the timing and availability of external financing on acceptable terms; long-term capital requirements and future developments in Hemostemix's markets and the markets in which it expects to compete; lack of qualified, skilled labour or loss of key individuals; and risks related to the COVID-19 pandemic including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures service disruptions, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, disruptions to economic activity and financings, disruptions to supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession or depression; the potential impact that the COVID-19 pandemic may have on Hemostemix which may include a decreased demand for the services that Hemostemix offers; and a deterioration of financial markets that could limit Hemostemix's ability to obtain external financing. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Hemostemix's disclosure documents on the SEDAR website at www.sedarplus.ca. Although Hemostemix has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Hemostemix as of the date of this news release and, accordingly, it is Subject to change after such date. However, Hemostemix expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273170

Key Takeaways Sterling's Q3 EPS rose to $3.48, topping estimates and up from $1.97 in the prior-year quarter.Revenues climbed 16% to $689M, driven by 58% growth in E-Infrastructure and 10% in Transportation.STRL raised 2025 EPS guidance to $10.35-$10.52 and EBITDA outlook to $486M-$491M.
Sterling Infrastructure, Inc. (STRL - Free Report) reported third-quarter 2025 results, wherein adjusted earnings and revenues surpassed the Zacks Consensus Estimate. Additionally, both metrics increased year over year.

The company’s third-quarter results were driven by robust performance across both segments, delivering strong revenue and EBITDA growth. This strong performance was mainly driven by a 58% increase in E-Infrastructure Solutions and a 10% increase in Transportation Solutions, which helped offset weaker performance in the Building Solutions segment.

Shares of Sterling risen 2.6% after trading hours yesterday, following the earnings release.

Inside Sterling’s Q3 HeadlinesSterling reported adjusted earnings of $3.48 per share, which topped the Zacks Consensus Estimate of $2.79 by 24.7%. In the year-ago quarter, the company reported adjusted earnings per share of $2.20.

Revenues of $689 billion also surpassed the consensus mark of $612 million by 12.5% and increased 16% from the year-ago figure of $594 million. Revenues increased 32% year over year, excluding RHB from the prior-year quarter.

Segmental Discussion of SterlingE-Infrastructure Solutions: Revenues (which consist of 60% of total revenues) from the segment were $417.1 million, up from the year-ago figure of $263.9 million. Adjusted operating income was $111.7 million, up 56.8% from $71.2 million in the year-ago quarter.

Transportation Solutions: For the reported quarter, the segment’s revenues amounted to $170.5 million, up 10% from $155.1 million in the year-ago period. Adjusted operating income was $26.7 million, indicating growth from the $19.1 million reported in the year-ago period.

Building Solutions: This segment’s revenues totaled $101.4 million, down 1.1% from $102.6 billion in the year-ago period. Adjusted operating income of $12.6 million was up 9.6% from $13.9 million in the year-ago period.

Sneak Peek at Sterling’s FinancialsAt the end of the third quarter, cash equivalents were $306.4 million, down from $664.2 million at the end of 2024. Long-term debt was $279.5 million at the third-quarter end against $289.9 million at the 2024-end.

In the third quarter of 2025, the company’s Adjusted EBITDA rose 47% year over year to $155.8 million, reflecting strong operational performance. Gross margin expanded 280 basis points to 24.7%.

As of the first nine months of 2025, net cash provided by operating activities was $253.9 million, down from $322.8 million in the prior-year period.

STRL’s Raised Outlook for 2025Adjusted earnings per share (EPS) are projected to be in the range of $10.35 to $10.52 (the prior expectation was $9.21 to $9.47). The company expects adjusted net income for the full-year 2025 to range between $321 million and $326 million (the prior expectation was $285 million to $294 million).

Sterling also anticipates adjusted EBITDA to be between $486 million and $491 million for the year (the prior expectation was $438 million to $453 million).

STRL’s Zacks Rank & Peer ReleasesSterling currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Masco Corporation (MAS - Free Report) posted lackluster third-quarter 2025 results, wherein the adjusted earnings and net sales missed the Zacks Consensus Estimate and tumbled year over year. The quarter’s performance was hurt due to the weak contributions from the Decorative Architectural Products segment, which outweighed the improved performance of the Plumbing Products segment.

The ongoing uncertainties in the global economy and tariff-related risks are restricting Masco’s near-term prospects. Masco expects net sales to be down in low single digits year over year, with an adjusted operating margin of approximately 16.5% (compared with 17.5% in 2024). Adjusted EPS is now expected to be between $3.90 and $3.95, compared with $3.90-$4.10 expected earlier. The revised range compares with the adjusted EPS of $4.10 reported in 2024.

 United Rentals, Inc.’s (URI - Free Report) third-quarter 2025 EPS missed the Zacks Consensus Estimate, while revenues beat the same. On a year-over-year basis, the top line increased, but the bottom line declined.

United Rentals reported record third-quarter revenues and adjusted EBITDA, driven by strong demand across construction and industrial end markets. Growth in both general rentals and specialty segments supported the results. Customer optimism, healthy backlogs and seasonal activity contributed to the overall strength. For 2025, United Rentals expects total revenues to be in the range of $16-$16.2 billion compared with $15.8-$16.1 billion expected earlier.

D.R. Horton, Inc. (DHI - Free Report) reported mixed fourth-quarter fiscal 2025 (ended Sept. 30, 2025) results, with earnings missing Zacks Consensus Estimate, while the total revenues beat the same. On a year-over-year basis, both metrics declined.

The continued housing market softness due to declining consumer confidence and affordability concerns marred D.R. Horton’s quarterly performance, resulting in lower home closings. Although the company is actively engaging in offering necessary sales incentives to drive traffic and incremental sales, it is adversely impacting the bottom line. Nonetheless, D.R. Horton’s strong liquidity, low leverage and national scale offer significant operational and financial flexibility.

Though TripAdvisor Inc (NASDAQ:TRIP) stock has pulled back from its Sept. 19, 52-week-high of $20.16, a short-term bounce could soon be on the way. The shares were last seen down 4.7% to trade at $14.68, a level that kept losses in check in October. Furthermore, the stock has come into contact with a historically bullish trendline.

Per Schaeffer's Senior Quantitative Analyst Rocky White, the equity is now within 0.75 of the 320-day moving average's 20-day average true range (ATR) after remaining above it 80% of the time during the last two weeks and 80% of the last 42 trading sessions. This signal has occurred two other times over the past 10 years, after which the stock was higher one month later 75% of the time with an average 15.9% gain. 

Short covering could give TRIP a lift as well. Short interest represents a whopping 21.9% of the stock's available float, and would take nearly 10 days to cover at its average pace of trading. 

SummaryBiotech stocks have rebounded after years of underperformance but remain well below their 2021 highs.Successful drug launches, strong trial results, and falling interest rates have boosted stock prices, while M&A activity pushes valuations higher.The biotech rally could be sustainable, analysts say, with biotech firms more disciplined and increasingly profitable, while startups avoid launching premature IPOs.SA Quant identified four Strong Buy biotech stocks with excellent momentum, outstanding collective investment fundamentals, and huge revenue and earnings growth potential.I am Steven Cress, Head of Quantitative Strategies at Seeking Alpha. I manage the quant ratings and factor grades on stocks and ETFs in Seeking Alpha Premium. I also lead Alpha Picks, which selects the two most attractive stocks to buy each month, and also determines when to sell them. Bill Oxford/E+ via Getty Images

Biotech stocks are showing signs of recovery after years of underperformance, supported by successful drug launches, faster FDA approvals, strong trial results, and falling interest rates. M&A activity has picked up and lifted biotech stocks in general as investors bet

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given that any particular security, portfolio, transaction or investment strategy is suitable for any specific person. The author is not advising you personally concerning the nature, potential, value or suitability of any particular security or other matter. You alone are solely responsible for determining whether any investment, security or strategy, or any product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. Steven Cress is the Head of Quantitative Strategy at Seeking Alpha. Any views or opinions expressed herein may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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