Kirby : Stephens 2022 Fireside Presentation

2022 Stephens Investment Conference

NYSE: KEX

October 2022

Forward Looking Statements

Non-GAAP Financial Measures

Statements contained in this presentation 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.

Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP). However, Kirby believes that certain Non-GAAP financial measures are useful in managing Kirby's businesses and evaluating Kirby's performance. This presentation contains Non-GAAP financial measures 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, and free cash flow. Please see the Appendix for a reconciliation of GAAP to Non-GAAP financial measures.

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Company Overview

Marine Transportation

The largest inland and coastwise tank barge fleets

in the United States

• 40 successful acquisitions
• 1,035 inland tank barges and 274 towboats*
• • 60% of inland revenues under term contracts, of which approximately 56% were time charters in Q3 2022
• 29 coastal tank barges and 27 tugboats*
• • 65% of coastal revenues under term contracts, of which approximately 90% were time charters in Q3 2022

58% of 2022 YTD revenues

or $1,194 million

Distribution and Services

Nationwide service provider and distributor of

engines, transmissions, parts, industrial equipment,

oilfield service equipment and electrical power

generation equipment

• 22 successful acquisitions
• Manufacturer, remanufacturer and service provider of oilfield service equipment
• Manufacturer of electric power generation equipment, distribution and control equipment, and energy storage/battery systems
• Provider of rental equipment including generators, material- handling equipment, pumps, compressors, and refrigeration trailers for use in a variety of industrial markets

42% of 2022 YTD revenues

or $860 million

Return on Capital Driven Investment Decisions

* Barge and boat counts for the quarter ended September 30, 2022

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Why Invest in Kirby?

• Proven track record of success over the long-term
• Two strong franchises
• • Marine Transportation
  • Distribution and Services
• Purpose-builtmanagement team with decades of relevant experience in both core businesses
• Disciplined financial management
• • Investment-gradebalance sheet
  • Countercyclical investing followed by deleveraging
• Balanced approach to capital allocation
• • Return on capital driven investment decisions
  • Proven acquisition strategy
  • Strong record of cash flow generation
• Significant increase in long-term earnings potential
• • Expect all businesses to deliver substantially improved financial results in 2022

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Public Market Information

NYSE: KEX

Share Price	$69.75
on October 31, 2022
Shares Outstanding	60.0 MM
as of September 30, 2022
Market Capitalization	$4,185 MM
Net Debt*	$1,081 MM
as of September 30, 2022
Enterprise Value	$5,266 MM

* Net debt = Total debt less cash and cash equivalents

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