Forward-Looking Statements This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to make distributions going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, po ...

Financial Data and Key Metrics Changes - For the full year 2024, the company reported revenue of $1.33 billion, with $332.5 million in the fourth quarter. Net income was $367.3 million for the year and $94.7 million for the fourth quarter. Earnings per common unit were $11.98 for the year and $3.11 for the fourth quarter [7][31][34] - The fleet time charter equivalent (TCE) rate for Q4 2024 increased by 2.6% to $23,205 per day compared to Q4 2023, while available days increased by 1.1% to 13,671 days [29] - Adjusted EBITDA for Q4 2024 decreased by $45 million to $182 million compared to Q4 2023, primarily due to the prepayment of charter hire received in 2023 [30] Business Line Data and Key Metrics Changes - The TCE rate for the dry bulk fleet increased by approximately 1% to $17,079 per day, while the container fleet's TCE rate increased to $30,623 per day. In contrast, the tanker TCE rate decreased by approximately 3% to $26,646 per day [29][32] - The company generated $79 million in additional contracted revenue in Q4 and year-to-date 2025, with $59.4 million from tankers and $19.6 million from container ships [26] Market Data and Key Metrics Changes - The company ended 2024 with a contracted revenue of $3.6 billion and $312.1 million in cash on the balance sheet. As of February 7, 2025, 63% of available days for 2025 were fixed, with an estimated breakeven of $425 per open index day [10][12] - The Red Sea entrance to the Suez Canal continues to operate at restricted transit levels, affecting shipping routes and costs [43] Company Strategy and Development Direction - The company is focused on fleet renewal and modernization, having purchased 46 newbuildings since Q1 2021, with 23 vessels delivered. The fleet age remains stable, and the company aims to maximize energy efficiency [16][22] - The company has a diversified fleet, which serves as a pillar of stability amid geopolitical uncertainties, with $3.6 billion in contracted revenue providing a buffer against market volatility [70] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of geopolitical events, such as the conflicts in Ukraine and the Middle East, on global trade and the shipping market. The resolution of these conflicts could significantly affect market dynamics [8][70] - The management expressed confidence in the company's ability to navigate uncertainties due to its diversified fleet and strong contracted revenue [70] Other Important Information - The company paid $0.20 per unit in dividends for 2024 and repurchased 489,955 common units for $25 million under its unit repurchase program [11] - The company has $70.8 million available under its unit repurchase program as of February 7, 2025 [12] Q&A Session Summary Question: How have geopolitical uncertainties affected the company's operations and capital deployment? - Management acknowledged the uncertainties in the market due to geopolitical events and tariffs but emphasized the solid results for 2024 and the company's diversified fleet as a stabilizing factor [66][70] Question: What is the current appetite for vessel capacity among customers? - Management noted that there is still an appetite for tonnage among major liner companies, despite the uncertainties surrounding the Red Sea and Suez Canal [72][74]

Core Insights - Navios Maritime Partners reported strong financial results for the full year and fourth quarter of 2024, with total revenue of $1.33 billion and net income of $367.3 million for the year, and $332.5 million in revenue and $94.7 million in net income for the fourth quarter [2][5][27]. Financial Performance - Revenue for Q4 2024 was $332.5 million, a slight increase from $327.3 million in Q4 2023, representing a 1.6% growth [22]. - For the full year 2024, revenue increased by 2.1% to $1.33 billion compared to $1.31 billion in 2023 [27]. - Net income for Q4 2024 was $94.7 million, down from $132.4 million in Q4 2023, while full-year net income decreased to $367.3 million from $433.6 million in 2023 [24][29]. - Earnings per common unit were $3.11 for Q4 2024 and $11.98 for the full year, compared to $4.30 and $14.08 in the respective periods of 2023 [45]. Operational Highlights - The company repurchased a total of 489,955 common units for approximately $25 million in 2024 and an additional 585,420 units for about $29.2 million by February 7, 2025 [3][5]. - A cash distribution of $0.05 per unit for Q4 2024 was declared, with an annualized distribution of $0.20 per unit [4]. - The fleet consists of 70 dry bulk vessels, 50 containerships, and 56 tankers, with four newbuilding vessels delivered recently [17][18]. Market Context - The markets have been influenced by geopolitical events, particularly the conflicts in Ukraine and the Middle East, which may lead to significant sanctions affecting oil-producing nations and global trade [2]. - The U.S. administration's new tariff scheme remains uncertain, impacting the understanding of global trade dynamics [2]. Fleet and Revenue Contracts - As of February 2025, Navios Partners has $3.6 billion in contracted revenue through 2037, with new long-term charters expected to generate an additional $79 million [10][11]. - The average expected daily charter-out rate for the fleet is projected at $26,198 for 2025 and $28,392 for 2026 [18]. Financial Position - As of December 31, 2024, total assets were reported at $5.67 billion, with total liabilities of $2.57 billion, resulting in total partners' capital of $3.11 billion [42]. - Cash and cash equivalents increased to $312.1 million from $296.2 million in 2023 [42].

Core Insights - Navios Maritime Partners reported strong financial results for the full year and fourth quarter of 2024, with total revenue of $1.33 billion and net income of $367.3 million for the year, and $332.5 million in revenue and $94.7 million in net income for the fourth quarter [2][5][19]. Financial Performance - Revenue for Q4 2024 was $332.5 million, a slight increase of 1.6% from $327.3 million in Q4 2023 [22]. - For FY 2024, revenue increased by 2.1% to $1.33 billion from $1.31 billion in FY 2023 [25]. - Net income for Q4 2024 was $94.7 million, down from $132.4 million in Q4 2023, while FY 2024 net income was $367.3 million compared to $433.6 million in FY 2023 [24][28]. - Earnings per common unit were $3.11 for Q4 2024 and $11.98 for FY 2024, compared to $4.30 and $14.08 for the same periods in 2023 [43]. Operational Highlights - The company repurchased a total of 1,075,375 common units for approximately $54.2 million as part of its repurchase program [3][5]. - A cash distribution of $0.05 per unit was declared for Q4 2024, with an annualized distribution of $0.20 per unit [4]. - The fleet consists of 70 dry bulk vessels, 50 containerships, and 56 tankers, with four newbuilding vessels delivered [17][18]. Fleet and Contracted Revenue - Navios Partners has $3.6 billion in contracted revenue through 2037, with $79 million in new long-term charters agreed upon [10][11]. - The average daily charter-out rate for the fleet is projected at $26,198 for 2025 and $28,392 for 2026 [18]. Market Conditions - The company noted that market conditions have been influenced by geopolitical events, particularly the conflicts in Ukraine and the Middle East, which may affect global trade and sanctions on oil-producing nations [2][5].

Core Viewpoint - Navios Maritime Partners L.P. will host a conference call to discuss its fourth quarter and full year earnings results for 2024 on February 13, 2025 [1][2]. Group 1: Conference Call Details - The conference call is scheduled for February 13, 2025, at 8:30 am ET [1][2]. - A supplemental slide presentation will be available on the company's website at 8:00 am ET on the day of the call [2]. - The call can be accessed via US Dial In: +1.800.343.4136 and International Dial In: +1.203.518.9843, with Conference ID: NMMQ424 [2]. Group 2: Replay and Webcast Information - A replay of the conference call will be available two hours after the live call and will remain accessible for one week [2]. - The Webcast will be available on the Navios Partners website and archived for two weeks following the call [2]. Group 3: Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [3].

Core Viewpoint - Navios Maritime Partners L.P. has declared a cash distribution of $0.05 per unit for the quarter ended December 31, 2024, which annualizes to $0.20 per unit [1] Company Overview - Navios Maritime Partners L.P. is an international owner and operator of dry cargo and tanker vessels [2] Financial Information - The cash distribution will be payable on February 13, 2025, to unit holders of record as of February 10, 2025 [1]

Company Performance - Navios Maritime Partners LP (NMM) closed at $41.76, reflecting a -1.69% change from the previous trading day's closing, underperforming the S&P 500's daily gain of 0.88% [1] - The company's shares have decreased by 4.3% over the last month, lagging behind the Transportation sector's gain of 2.17% and the S&P 500's gain of 1.17% [1] Earnings Expectations - The upcoming earnings disclosure is anticipated to report an EPS of $3.36, indicating a 22.22% decline compared to the same quarter of the previous year [2] - The consensus estimate for revenue is projected to be $340.83 million, reflecting a 4.15% growth compared to the corresponding quarter of the prior year [2] Analyst Estimates and Ratings - Recent changes to analyst estimates for Navios Maritime Partners LP are being closely monitored, as they reflect near-term business trends [3] - The Zacks Rank system currently rates Navios Maritime Partners LP as 5 (Strong Sell), indicating a negative outlook [5] Valuation Metrics - Navios Maritime Partners LP has a Forward P/E ratio of 3.03, which is significantly lower than the industry average Forward P/E of 7.82, suggesting that the company is trading at a discount [6] - The Transportation - Shipping industry holds a Zacks Industry Rank of 241, placing it within the bottom 4% of over 250 industries [6]

Company Performance - Navios Maritime Partners LP (NMM) closed at $44.52, reflecting a +0.29% change from the previous trading day, underperforming the S&P 500's daily gain of 1.1% [1] - The company's shares have decreased by 10% over the last month, compared to the Transportation sector's loss of 6.52% and the S&P 500's gain of 0.22% [1] Earnings Estimates - The upcoming earnings disclosure is expected to show an EPS of $3.36, indicating a 22.22% decline from the same quarter last year, while revenue is projected at $340.83 million, reflecting a 4.15% increase [2] - For the annual period, earnings are anticipated to be $11.89 per share and revenue at $1.23 billion, representing declines of -4.5% and -6.23% respectively from the previous year [3] Analyst Sentiment - Recent changes in analyst estimates indicate a shifting outlook on the company's business health and profitability, with positive revisions suggesting a favorable perspective [3] - The Zacks Rank system currently assigns Navios Maritime Partners LP a rank of 5 (Strong Sell), following a 3.88% fall in the Zacks Consensus EPS estimate over the past month [5] Valuation Metrics - The company has a Forward P/E ratio of 3.73, which is lower than the industry's average Forward P/E of 5.59, indicating a valuation discount [6] Industry Context - The Transportation - Shipping industry, to which Navios Maritime Partners LP belongs, has a Zacks Industry Rank of 230, placing it in the bottom 9% of over 250 industries [6]

Financial Data and Key Metrics Changes - For Q3 2024, the company reported revenue of $340.8 million and net income of $97.8 million, compared to $323 million and $83 million in Q3 2023, respectively [5][22] - Earnings per common unit was $3.20 for the quarter and $8.87 for the first nine months of 2024, reflecting an increase from the previous year [6][26] - Adjusted EBITDA for Q3 2024 increased by $22 million to $195 million compared to Q3 2023, while adjusted net income increased by $14 million to $97 million [24] Business Line Data and Key Metrics Changes - The time charter rate for the dry bulk fleet increased by 32% to $18,632 per day compared to Q3 2023, while container and tanker rates decreased by approximately 11% and 7%, respectively [23] - For the first nine months of 2024, time charter rates for dry bulk increased by 24% to $16,920 per day, while container and tanker rates were down approximately 13% and 6% [25] Market Data and Key Metrics Changes - Contracted revenue increased to $3.9 billion, up $200 million from the previous quarter, with $421.7 million added in Q3 and Q4 [12] - The Red Sea disruptions have caused a significant reduction in transits, with container transits down by 51% and dry bulk by 55% [33] Company Strategy and Development Direction - The company is focused on modernizing its fleet and maintaining a young profile, having purchased 46 newbuildings since Q1 2021 [13][17] - The strategy includes opportunistically adding contracted revenue, with a focus on maintaining leverage within a target range of 20% to 25% [8][49] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the geopolitical risks and economic uncertainties but remains optimistic about the shipping market's performance [6][49] - The company is committed to executing its strategy despite market fluctuations, emphasizing a long-term perspective [50][52] Other Important Information - The company has a cash balance of $332 million and a net leverage of 32.9%, with a goal to reach a net LTV of 20% to 25% [8][15] - The average analyst estimate of the company's NAV increased by 33.3% to $148 per unit over the past 21 months [16] Q&A Session Summary Question: Observations on shipping market pressures and asset prices - Management acknowledged the current pressures on asset prices but emphasized a strong market performance over the past 18 months despite geopolitical tensions [47][48] Question: Future strategy regarding fixed cover for business segments - Management indicated a flexible approach to adding contracted revenue, focusing on opportunistic opportunities in the container sector [54][55] Question: Capital returns and share repurchase strategy - Management confirmed a deliberate strategy for capital returns, balancing share repurchases with fleet modernization and leverage targets [56][57]

1 1 DRAFT Navios Maritime Partners L.P. (NYSE:NMM) Third Quarter 2024 Earnings Presentation November 5, 2024 DRAFT Forward-Looking Statements This presentation contains and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, TCE rates and Navios Partners' expected cash flow generation, future contracted revenues, future distributions and its ability to make ...