Dorian LPG Ltd. — Second Quarter Fiscal Year 2027 Earnings Summary

Financial Performance:

• Revenues for the three months ended September 30, 2026, were $221.3 million, a 78.4% increase from $124.1 million in the same period in 2025.
• Net income was $213.9 million ($4.98 per diluted share), compared to $55.4 million ($1.30 per diluted share) in the prior year period.
• Adjusted net income was $148.5 million ($3.46 per diluted share), compared to $55.8 million ($1.31 per diluted share) in the prior year period.
• Adjusted EBITDA was $242.0 million, compared to $85.7 million in the prior year period.
• Time Charter Equivalent (TCE) rate per available day was $96,990, an 80.5% increase from $53,725 in the prior year period.
• Vessel operating expenses decreased to $18.3 million ($10,264 per vessel per calendar day) from $20.7 million ($10,705 per vessel per calendar day) in the prior year period.
• Charter hire expenses increased to $18.2 million from $13.7 million in the prior year period.
• General and administrative expenses increased to $14.0 million from $12.0 million in the prior year period.
• Interest and finance costs increased to $8.6 million from $7.6 million in the prior year period.
• Gain on disposal of vessels was $63.6 million, compared to $0 in the prior year period.
• Interest income increased to $4.5 million from $3.0 million in the prior year period.
• Unrealized gain on derivatives was $1.7 million, compared to a loss of $0.4 million in the prior year period.
• Cash and cash equivalents were $578.8 million as of September 30, 2026, compared to $327.4 million as of March 31, 2026.
• Total assets were $2.03 billion as of September 30, 2026, compared to $1.87 billion as of March 31, 2026.
• Total liabilities were $622.2 million as of September 30, 2026, compared to $732.7 million as of March 31, 2026.
• Total shareholders' equity was $1.41 billion as of September 30, 2026, compared to $1.14 billion as of March 31, 2026.

Guidance and Future Outlook:

• No specific forward guidance for revenue, earnings, or TCE rates was provided in the press release.
• The press release notes that the global VLGC fleet is expected to expand moderately with 160 VLGCs/VLACs (approximately 14.4 million cbm) scheduled for delivery through calendar year 2030, including 19 new orders placed in Q3 2026.
• The average age of the global fleet is approximately 11.7 years, with the combined VLGC/VLAC orderbook at around 36.4% of the existing fleet.
• Management stated that new building commitments are disciplined and measured, consistent with a balanced capital structure.

Business Segments and Product Lines:

• The company operates a fleet of 22 modern VLGCs as of October 30, 2026, with a total capacity of 1,437,000 cbm.
• The fleet includes 5 dual-fuel ECO VLGCs, 16 ECO VLGCs, and 1 modern VLGC.
• Three newbuilding dual-fuel Panamax VLGCs were contracted in August 2026, with expected deliveries from Hanwha Ocean Co., LTD. in the second, third, and fourth calendar quarters of 2030.
• The vessel Areion is capable of carrying ammonia cargo.
• Several vessels (Comet, Corvette, Cougar, Concorde, Continental, Constitution, Commodore, Cresques, Cheyenne, Cratis, Chaparral, Copernicus, Commander, Challenger, Caravelle, Captain Markos) are operated in the Helios Pool or on time charter-out arrangements.
• Five vessels (Future Diamond, HLS Citrine, HLS Diamond, Cristobal, BW Tokyo) are time chartered-in to the fleet.
• The company sold the 2014-built VLGC Corsair in July 2026 for $80.8 million net of commission, recognizing a $30.1 million gain.
• The company sold the 2015-built VLGC Constellation in July 2026 for $85.6 million net of commission, recognizing a $33.5 million gain.
• The company sold the 2007-built VLGC Captain John NP in October 2026 for $77.0 million net of commission.
• The company sold the 2015-built VLGC Clermont in October 2026 for $90.4 million net of commission.

Market and Competitive Landscape:

• The Baltic Exchange Liquid Petroleum Gas Index averaged $228.915 per metric ton for the Ras Tanura-Chiba route in Q3 2026, up from $81.320 in the same period in 2025.
• Geopolitical tensions in the Middle East, including the closure of the Strait of Hormuz and attacks on exports, drove market volatility, longer voyage times, and elevated freight rates.
• Panama Canal delays, congestion, and low water levels contributed to higher transit fees and supply chain challenges.
• U.S. export demand remained strong, offset by robust NGL production and elevated inventories, keeping propane prices below 40% of WTI.
• Chinese LPG imports recovered in July 2026, rising above 3.3 MMT, with Q3 2026 imports estimated to be approximately 1 MMT higher than the previous quarter.
• Naphtha margins fell from $400 per metric ton in Q2 2026 to -$228 per metric ton in Q3 2026, while propane margins remained positive but deteriorated.
• The global VLGC fleet expanded by eight new vessels in Q3 2026.

Risks and Challenges:

• Geopolitical instability, including attacks on ships carrying LPG and the closure of the Strait of Hormuz, poses risks to seafarer safety and operational efficiency.
• Market volatility and uncertainty regarding freight rates, export volumes, and the VLGC orderbook are inherent risks.
• Seasonality may impact results, with typically weaker performance in quarters ending December 31 and March 31.
• Risks include changes in the Company's financial resources, operational capabilities, and factors listed in SEC filings.
• The Company has not independently verified third-party market data and undertakes no obligation to update forward-looking statements.

Management Commentary and Tone:

• Chairman, President, and CEO John C. Hadjipateras highlighted record earnings driven by new highs in the freight market and gains from ship sales.
• Management expressed confidence in a disciplined approach to fleet renewal and expansion, underpinning a robust balance sheet.
• The CEO noted that seafarers were kept out of harm's way despite a turbulent geopolitical environment.
• Management acknowledged the contribution of their people at sea and on shore to the strong financial results.

Other Key Points:

• Declared an irregular cash dividend of approximately $53.7 million ($1.25 per share) to be paid on or about November 24, 2026, to shareholders of record as of November 9, 2026.
• Paid an irregular cash dividend of $42.8 million in August 2026.
• Entered into a new credit facility comprising a $213.4 million term loan and a $155.1 million revolving credit facility to refinance existing indebtedness, including a $200 million accordion facility for future growth.
• Repaid $16.0 million of the 2026 Debt Facility's revolver in October 2026.
• Prepaid the outstanding principal of the 2023 A&R Debt Facility, Corsair Japanese Financing, Cougar Japanese Financing, and BALCAP Facility.
• The Company operates offices in Stamford, Connecticut; Copenhagen, Denmark; and Athens, Greece.