Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Stolt-Nielsen Ltd Ord — Q1 2026 Earnings Presentation
25 slides from Stolt-nielsen's earnings presentation, Apr 9, 2026
Slide 1: First-Quarter 2026 Results
FIRST-QUARTER 2026 RESULTS APRIL 9, 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Included in this presentation are various 'forward-looking statements', including statements regarding the intent, opinion, belief or current expectations of the Company or its management with respect to, among other things, (i) goals and strategies, (ii) plans for new dev
Slide 3: Presenters
Presenters Udo Lange Jens F. Grüner-Hegge Alex Ng Chief Executive Officer Chief Financial Officer Vice President, Corporate Development and Strategy First-Quarter 2026 Results 3
Slide 4: Agenda: 1Q26 Results
Agenda: 1Q26 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary First-Quarter 2026 Results
Slide 5: 1Q26 Key Messages
1Q26 Key Messages ▪ Delivered EBITDA1 of $180.8m in 1Q26 • Non-Tankers represents 44% of 1Q26 EBITDA1 • Second highest ever operating profit in Stolthaven Terminals ▪ Conflict in the Middle East is creating new complexities within global supply chains • Previously issued guidance has been withdrawn
Slide 6: 1Q26 Highlights: Navigating Elevated Market Disruption
1Q26 Highlights: Navigating Elevated Market Disruption 1Q26 vs. 1Q25 vs 4Q25 OPERATING REVENUE EBITDA1 OPERATING PROFIT $ 716.8m $ 180.8m $ 81.8m $ 675.6m (+6.1%) $ 187.8m (-3.7%) $ 107.9m (-24.2%) $ 680.6m (+5.3%) $ 186.0m (-2.8%) $ 95.5m (-14.4%) 2 NET PROFIT3 FREE CASH FLOW NET DEBT TO EBIT
Slide 7: SNL Performance Drivers: Resilience in an Uncertain Market
SNL Performance Drivers: Resilience in an Uncertain Market 1 2 TCE / OPERATING DAY (US$) UTILISATION (%) -14.5% -0.7% 27,620 91.9% 91.2% 23,627 1Q25 1Q26 1Q25 1Q26 3 GROSS PROFIT PER SHIPMENT (US$) EBITDA BREAKDOWN (US$) 250 170% -33.4% 188 150% 200 181 130% 110% 150 90% 948 42% 70% 44% 100 50
Slide 8: Financial Highlights
Financial Highlights Stolt-Nielsen S|
Slide 9: Financials: Summary Income Statement
Financials: Summary Income Statement Quarter Figures in USD millions 1Q26 4Q25 1Q25 HIGHLIGHTS (1Q26 vs 1Q25) ▪ Higher operating revenue mainly due to Suttons acquisition Operating Revenue $716.8 $680.6 $675.6 (consolidation added $38.4m in revenue) Operating Expenses (462.0) (426.2) (428.9) Depreci
Slide 10: Financials: Cash Flow and Liquidity Position
Financials: Cash Flow and Liquidity Position Quarter Figures in USD millions 1Q26 4Q25 1Q25 HIGHLIGHTS (1Q26 vs 1Q25) ▪ Net cash generated from operations decreased by $26.8m Cash generated from operations $164.0 $182.7 $190.4 mainly due to higher working capital outflows and lower Interest paid (43
Slide 11: Financials: Investing for Growth
Financials: Investing for Growth Actuals Remaining Approved Figures in USD millions1 1Q26 FY2026 FY2027 Stolt Tankers 16 90 338 Stolthaven Terminals 19 100 80 Stolt Tank Containers - 7 - SNL Corporate & Other 7 57 75 Total $42 $254 $493 Stolt Tankers: Capex excludes drydocking but includes deposits
Slide 12: Debt Profile: Extending Debt Maturities
Debt Profile: Extending Debt Maturities MATURITY PROFILE (NEXT FIVE YEARS) Balloon Payments RCF NOK Bonds USPP Notes Loan Amortisation & Lease Payments 399 400 346 319 322 330 US $ million 300 167 107 141 196 189 200 144 150 143 100 55 132 88 89 68 46 0 2026 YTG 2027 2028 2029 2030 STABLE DEBT PORTF
Slide 13: Financial KPIs: LTM EBITDA-to-Interest Expense
Financial KPIs DEBT TO TANGIBLE NET WORTH (MAXIMUM 2.25:1.00) EBITDA TO INTEREST EXPENSE (MINIMUM 2.00:1.00) 3,500 1.2 1.05 1.01 1.04 1,200 1.01 0.98 6.51 7.0 6.13 LTM EBITDA-to-Interest Expense 3,000 1.0 5.86 2,576 2,557 2,521 2,602 1,000 5.60 2,484 2,460 2,451 2,490 2,485 2,545 5.31 6.0 Debt-to-TN
Slide 14: Significant Progress on Our Environmental Ambitions
Significant Progress on Our Environmental Ambitions STOLT TANKERS CARBON INTENSITY (AER)1 SUSTAINABILITY HIGHLIGHTS ▪ Delivered our first CSRD-compliant sustainability A further We are report, aligned with the European Sustainability 40.4% 9.6% Reporting Standards improvement is needed more efficien
Slide 15: Segment Highlights
Segment Highlights Stolt-Nielsen S|
Slide 16: Stolt Tankers: Improved Volumes Offset By Lower Freight Rates
Stolt Tankers: Improved Volumes Offset By Lower Freight Rates 1Q26 vs. 1Q25 vs. 4Q25 OPERATING REVENUE EBITDA HIGHLIGHTS (1Q26 vs 1Q25) $ 386.2m $ 101.9m ▪ Lower deepsea revenue driven by decline in COA and spot freight rates, partly offset by increased volumes ▪ Reduced voyage expenses due to l
Slide 17: Stolt Tankers: TCE Earnings Holding, Trading Above Historicals
Stolt Tankers: TCE Earnings Holding, Trading Above Historicals DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 250.0 $35,000 $30,000 200.0 $23,627 $25,000 2016-2026 Average ($23,301) 150.0 $20,000 2018-2022 Average ($19,825) $15,000 100.0 $10,000 50.0 +159% index spike since March driven by Middle East
Slide 18: Stolthaven Terminals: Continued Strong Operating Profit
Stolthaven Terminals: Continued Strong Operating Profit 1Q26 vs. 1Q25 vs. 4Q25 OPERATING REVENUE EBITDA UTILISATION1 $ 79.2m $ 45.5m +0.2% -0.7% $ 76.4m (+3.7%) $ 43.7m (+4.1%) 91.0% 91.2% 91.9% 91.2% $ 77.9m (+1.7%) $ 40.9m (+11.3%) 4Q25 1Q26 YTD 1Q25 YTD 1Q26 OPERATING PROFIT HIGHLIGHTS (1
Slide 19: Stolt Tank Containers: Tough Market Backdrop Weighing on Results
Stolt Tank Containers: Tough Market Backdrop Weighing on Results 1Q26 vs. 1Q25 vs. 4Q25 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT1 (US$) $ 184.3m $ 13.1m -33.4% -27.8% $ 152.9m (+20.5%) $ 28.2m (-53.5%) 873 948 $ 167m (+10.4%) $ 23.4m (-44.1%) 631 631 4Q25 1Q26 1Q25 1Q26 OPERATING P
Slide 20: Market Outlook
Market Outlook Stolt-Nielsen
Slide 21: Loss of Hormuz Barrels Triggering Systemic Energy and Industrial Shocks
Loss of Hormuz Barrels Triggering Systemic Energy and Industrial Shocks 1 Supply Shock Largest disruption since 1973 2 System Breakdown Infrastructure/storage constraints 3 Demand Rebalancing Middle East/Asia at the epicentre ▪ Sharp decline in Middle East export ▪ Coordinated attack across Saudi ▪
Slide 22: Middle East Conflict: Heightened Uncertainty, Limited Market Visibility
Middle East Conflict: Heightened Uncertainty, Limited Market Visibility POTENTIAL MARKET SCENARIOS LEVERS WE COULD ACTIVATE STABILISED TRANSIT ENVIRONMENT Continue to adapt tanker fleet network to the changing ▪ Truce allows oil, gas, chemicals and goods to flow situation ▪ Disruption persists for r
Slide 23: Stable Orderbook and Ability to Retire Aging Tonnage
Stable Orderbook and Ability to Retire Aging Tonnage ~4% NET SUPPLY GROWTH FORECAST IN 2026 14% OF FLEET ELIGIBLE FOR RETIREMENT(25+ YEARS OLD) Orderbook ~18%1 18% 30% 2.0 2.4 1.5 2.2 14% DWT (million) 2.0 1.0 1.8 1.6 DWT (millions) 1.4 0.5 1.2 1.0 0.0 0.8 0.6 -0.5 0.4 0.2 -1.0 0.0 1998 1999 2000 20
Slide 24: Concluding Remarks: Navigating A Very Uncertain Market Environment
Concluding Remarks: Navigating A Very Uncertain Market Environment Safeguarding earnings Leveraging Focus on operational Financial flexibility: and maintaining diversification from our cost discipline and Strong liquidity and customer focus liquid logistics and capital discipline balance sheet capac
Slide 25: Q&A
Q&A Stolt-Nielsen S|
Stolt-Nielsen Ltd Ord — Q1 2026 Earnings Presentation on 6ix