1Q 2022

Earnings Conference Call

April 28, 2022

Disclosures

Forward Looking Statements

Statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, changes in the Jones Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and timing, magnitude and number of acquisitions made by Kirby, and the impact of the COVID-19 pandemic and the related response of governments on global and regional market conditions. Forward-looking statements are based on currently available information and Kirby assumes no obligation to update any such statements. A list of additional risk factors can be found in Kirby's annual report on Form 10-K for the year ended December 31, 2021.

Non-GAAP Financial Measures

This conference call may refer to certain non-GAAP or adjusted financial measures. Kirby uses certain non-GAAP financial measures to review performance including: Adjusted EBITDA; operating income (excluding one-time items); earnings before taxes on income (excluding one-time items); net earnings attributable to Kirby (excluding one-time items); and diluted earnings per share (excluding one-time items). Management believes that the exclusion of certain one-time items from these financial measures enables it and investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Kirby also uses free cash flow, which is defined as net cash provided by operating activities less capital expenditures, to assess and forecast cash flow and to provide additional disclosures on the Company's liquidity as a result of uncertainty surrounding the impact of the COVID-19 pandemic on global and regional market conditions. Free cash flow does not imply the amount of residual cash flow available for discretionary expenditures as it excludes mandatory debt service requirements and other non-discretionary expenditures. These non-GAAP financial measures are not calculations based on generally accepted accounting principles and should not be considered as an alternative to, but should only be considered in conjunction with Kirby's GAAP financial information. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings press release, and are also available on our website at www.kirbycorp.com in the Investor Relations section under Financials.

1Q 2022 Overview

Financial Summary

1Q 2021

%

4Q 2021

$

$

•  Results reflected improved market fundamentals in marine transportation and distribution and services

•  Marine transportation significantly impacted by the COVID-19 Omicron variant

  - Total earnings impact of approximately $0.10 per share

•  Supply chain constraints delayed sales in distribution and services

Note: For more information, see the Reconciliation of GAAP to Non-GAAP Financial Measures Excluding One-Time Items on Kirby's website atwww.kirbycorp.comin the Investor Relations section under Financials.

1 Fourth quarter 2021 net earnings attributable to Kirby and earnings per share exclude a deferred tax provision related to a change in Louisiana state tax law totaling $5.7 million or $0.09 per share.

Marine Transportation - 1Q Overview

Market fundamentals improving, but Omicron impacted earnings by ~$0.10 per share

Inland

•  Improved market conditions - Spot market rates increased sequentially and year-on-year - Term contracts renewed higher

•  COVID-19 Omicron variant negatively impacted operations in January and February

  - Modest reductions in customer volumes and a decline in barge utilization into the mid-80% range - Crewing challenges contributed to lost revenue and increased costs

•  Significant market improvement with barge utilization improving to above 90% since mid-March

•  1Q operating margins in the high single digits with notable improvement to the low double digits in March

Coastal

•  Market conditions were modestly improved

•  Barge utilization improved into the low 90% range

•  Impacted by the Omicron variant and reduced coal shipments in the dry cargo business

Kirby Offshore Wind

Kirby announces new offshore wind partnership with Maersk under 20-year framework agreement

•  Under the 20-year framework agreement:

  • ‒ Kirby will provide barge transportation services for offshore wind towers and turbines to Maersk Supply Service

  • ‒ First project is Empire Offshore Wind, a joint venture between Equinor and bp off the coast of New York

•  Capital investment: $80-100 million for two feeder barge and diesel-electric hybrid tugboat units

•  Each feeder barge will have the capacity to transport next-generation turbines of 15 megawatt and greater

•  Operations are expected to commence in late 2025 or early 2026

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