LPG FINANCIAL STATEMENTS

Dorian LPG Ltd — balance sheet, income statement and cash flow trends

LPGDorian LPG Ltd

🇺🇸 USA · NYSE · Energy · Oil & Gas Midstream

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue478.1 M $+35.3%

Gross Profit275 M $+80.1%

Operating Income208.8 M $+85.3%

EBITDA293.1 M $+51.9%

Net Income193.7 M $+114.8%

Peer Comparison· Oil & Gas Midstream

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LPG	35.3%	57.5%	61.3%	40.5%
FRO	21.5%	48.7%	12.6%	40.1%
TPZ	0.7%	55.8%	109.8%	45.8%
GEI	-4.8%	4.1%	4.7%	1.4%
CMBTO	77.2%	28.9%	—	9.6%
KEY	-10.7%	15.8%	14.5%	2.7%
Industry median	9.4%	40.8%	44.7%	17.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LPG	35.3%	57.5%	61.3%	40.5%
FLNG	-4.2%	50.3%	71.7%	22.3%
EE	39.3%	32.9%	32.4%	3.0%
NAT	4.7%	29.1%	44.7%	16.3%
TNK	-12.8%	34.9%	51.4%	42.6%
TK	-7.7%	43.5%	38.7%	7.0%
Industry median	9.4%	40.8%	44.7%	17.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.1 B $61%
Current Liabilities168.8 M $9%
Long-term Liabilities563.9 M $30%

Key Figures

YoY change

Total Assets1.9 B $+5.2%

Total Liabilities732.7 M $+0.0%

Total Equity1.1 B $+8.9%

Cash & ST Investments327.4 M $+3.3%

Total Debt709.6 M $-0.5%

Net Debt382.2 M $-3.5%

Peer Comparison· Oil & Gas Midstream

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LPG	2.67	62.3%	1.30	60.9%
FRO	2.03	—	—	50.2%
TPZ	2.93	35.9%	1.49	68.3%
GEI	1.17	281.9%	5.29	19.4%
CMBTO	0.86	—	—	31.2%
KEY	1.60	249.1%	1.89	19.1%
Industry median	1.26	102.3%	3.34	33.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LPG	2.67	62.3%	1.30	60.9%
FLNG	2.72	253.6%	5.67	27.0%
EE	2.60	204.5%	1.99	16.7%
NAT	3.00	91.1%	2.24	50.6%
TNK	9.40	1.5%	-1.86	91.6%
TK	—	—	—	—
Industry median	1.26	102.3%	3.34	33.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow210.1 M $+21.5%

Capital Expenditures52 M $+174.4%

Free Cash Flow190.8 M $+23.8%

Dividends Paid-105 M $-167.1%

Peer Comparison· Oil & Gas Midstream

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LPG	44.0%	39.9%	10.9%	108.5%
FRO	52.8%	38.2%	14.6%	131.7%
TPZ	94.7%	85.1%	9.7%	206.9%
GEI	2.7%	1.1%	1.6%	196.0%
CMBTO	26.6%	-35.3%	61.9%	276.0%
KEY	14.1%	8.5%	5.7%	517.3%
Industry median	36.3%	9.5%	17.1%	182.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LPG	44.0%	39.9%	10.9%	108.5%
FLNG	30.3%	30.3%	0.0%	136.1%
EE	25.6%	-4.0%	14.8%	860.2%
NAT	15.1%	-25.7%	41.0%	92.8%
TNK	36.6%	13.7%	22.8%	85.8%
TK	37.3%	7.1%	19.4%	536.4%
Industry median	36.3%	9.5%	17.1%	182.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.