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Athens, Greece - June 5, 2026. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the first quarter ended March 31, 2026. OPERATIONAL AND FINANCIAL HIGHLIGHTS • Strong profitability continued for the first quarter, with Net income of $15.9 million corresponding to a basic EPS of $0.43, marking a 24% increase from $12.8 million in the previous quarter and exceeding the $14.1 million recorded in the first quarter of 2025. • Revenues for the first quarter of $42.8 million, increased 2% or $0.8 million compared to the same period of last year. • The results were impacted by increased drydock expenditures as three vessels were drydocked during the first quarter of this year compared to one vessel in the same quarter of last year. • In the first quarter the Company also recorded a $2.5 million gain from the sale of one vessel that was delivered in March 2026. • Continued focus on period coverage. About 55% of fleet days for the remainder of 2026 are secured on period charters, with total fleet employment days for all periods generating about $100 million (excl. our single JV vessel) in contracted revenues. • All of the vessels in the fully owned fleet are unencumbered. The Company further strengthened its liquidity with cash and cash equivalents of $131.2 million as of March 31, 2026. First Quarter 2026 Results1: • Revenues for the three months ended March 31, 2026 amounted to $42.8 million compared to revenues of $42.0 million for the three months ended March 31, 2025, based on an average of 27.8 vessels and 28.0 vessels owned by the Company, respectively, as the vessels remaining in the fleet earned higher revenues due to better market conditions while one vessel, the Eco Wizard remaining non-operational during the first quarter of 2026. • Voyage expenses and vessels' operating expenses for the three months ended March 31, 2026, were $6.1 million and $13.8 million, respectively, compared to $5.1 million and $13.5 million, respectively, for the three months ended March 31, 2025. The $1.0 million increase in voyage expenses was primarily due to war risk insurance premiums, which were affected by the ongoing geopolitical instability in the Middle East. The $0.3 million slight increase in vessels' operating expenses was mainly due to a slight increase in maintenance expenses. • Drydocking costs for the three months ended March 31, 2026 and 2025 were $2.5 million and $0.4 million, respectively. Drydocking expenses were elevated during the first quarter of 2026 as a result of the drydocking of three vessels, compared to one vessel in the same period of last year. • General and administrative expenses for the three months ended March 31, 2026 and 2025, were $2.0 million and $2.2 million, respectively. The change is mainly attributed to the decrease in stock-based compensation expense. • Depreciation for the three months ended March 31, 2026 and 2025 was $5.7 million and $6.7 million, respectively. The $1.0 million decrease is mainly related to the reduction in the average number of vessels. • Impairment loss for the three months ended March 31, 2026 and 2025 was $0.3 million and $0.5 million, respectively. As a result of the agreed sale terms for the vessel Eco Royalty, with delivery expected in the third quarter of 2026, a non-cash impairment loss of $0.3 million was recognized in the first quarter of 2026 while for the same period in 2025, the non-cash impairment loss of $0.5 million was related to the agreed terms of sale of the vessel Gas Cerberus, which was delivered in the second quarter of 2025. • Gain on sale of vessels for the three months ended March 31, 2026, was $2.5 million compared to nil for the same period last year. The gain is attributed to the sale of one vessel during the three months ended March 31, 2026, which had been classified as held for sale as of December 31, 2025. • Interest and finance costs for the three months ended March 31, 2026 and 2025, were $0.008 million and $1.4 million, respectively. The $1.4 million decrease from the same period of last year is due to the full repayment of the debt. • Interest income for the three months ended March 31, 2026 and 2025, was $0.9 million and $0.8 million, respectively. The increase of $0.1 million is mainly attributed to the increase of funds in time deposits. • Equity earnings in joint ventures for the three months ended March 31, 2026 and 2025 was a gain of $1.1 million and $2.2 million, respectively. The $1.1 million decrease was primarily due to decrease in number of vessels in joint ventures. • As a result of the above, for the three months ended March 31, 2026, the Company reported net income of $15.9 million, compared to net income of $14.1 million for the three months ended March 31, 2025. The weighted average number of shares outstanding, basic, for the three months ended March 31, 2026 and 2025 was 36.4 million and 35.7 million, respectively. • Earnings per share, basic, for the three months ended March 31, 2026 amounted to $0.43 compared to earnings per share, basic, of $0.38 for the same period of last year. • Adjusted net income was $15.0 million corresponding to an Adjusted EPS of $0.40 for the three months ended March 31, 2026 compared to Adjusted net income of $16.1 million corresponding to an Adjusted EPS of $0.44 for the same period of last year. • EBITDA for the three months ended March 31, 2026 amounted to $20.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. • An average of 27.8 vessels were owned by the Company during the three months ended March 31, 2026 compared to 28.0 vessels for the same period of 2025. [1] EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Fleet Update Since Previous Announcement The Company announced the conclusion of the following chartering arrangements (of three or more months duration): • A two year time charter extension for its 2016 built LPG carrier Eco Nical, until May 2028. • A one year time charter for its 2020 built LPG carrier Eco Alice, until May 2027. • A six months time charter for its 2014 built LPG carrier Eco Chios, until Nov 2026. • A six months time charter for its 2014 built LPG carrier Eco Stream, until Nov 2026. • A six months time charter extension for its 2012 built LPG carrier Gas Esco, until Sep 2026. As of June 2026, the Company has total contracted revenues of approximately $100 million (excluding the JV vessel). For the remainder of 2026 the Company has circa 54% of fleet days secured under period contracts and contracted revenues of approximately $53 million (excluding the JV vessel). In March 2026 the sale of the vessel Eco Invictus was concluded. After the end of the first quarter the previously announced sale of the vessel Eco Universe was also concluded in May 2026. In addition, in March 2026, the Company entered into a new agreement with a third party for the sale of the 2015-built vessel Eco Royalty with expected delivery in September 2026 once its current charter is concluded. Both latter vessels were sold debt free with the gross proceeds from these sales of circa $26 million expected to further strengthen the cash position. Chairman Michael Jolliffe Commented During the first quarter of this year the conflict in the Middle East took centre stage and had a considerable effect on LPG trade. Uncertainty and volatility vastly increased, driving rates for the larger LPG vessels to new all time highs following the eruption of hostilities and the closure of the Strait of Hormuz while the charter market for smaller vessels remained firm. As importers struggled to secure their supplies from further afield ton miles rose but at the same time absolute volumes fell. While charter rates and asset prices remain high we continued selling older tonnage and have sold three vessels this year, two of these already delivered to their buyers in March and May. Through sales and improving operational cashflow we increased our liquidity by 32% during the first quarter to $131 million cash at March 31, 2026 and we hold about $155 million currently. Revenues for the first quarter were robust and our unlevered Company reported $16 million Net Income and $0.43 basic EPS. As the fundamentals for our market remain positive we are reaping the rewards and securing our financial flexibility while geopolitical risks remain. Full report About STEALTHGAS INC. StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 27 LPG carriers, including one Joint Venture vessel in the water. These LPG vessels have a total capacity of 329,093 cubic meters (cbm). StealthGas Inc.'s shares are listed on the Nasdaq Global Select Market and trade under the symbol "GASS.". Visit our website at www.stealthgas.com StealthGas Inc. Press Release 
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