Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Q4 2024 Earnings Presentation
27 slides from Stolt-nielsen's earnings presentation, Jan 30, 2025
Slide 1: Fourth-Quarter 2024 Results
FOURTH-QUARTER 2024 RESULTS JANUARY 30, 2025 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 Fourth-Quarter 2024 Results 3
Slide 4: Agenda: 4Q24 Results
Agenda: 4Q24 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary Fourth-Quarter 2024 Results
Slide 5: 4Q24 Key Messages
4Q24 Key Messages ▪ EBITDA of $214m caps off another strong year • Robust results across our liquid logistics operations • Strong demand and firm pricing across turbot and sole ▪ Investing for growth • Continued fleet investments • ~70,000cbm added to Stolthaven Westport • Agreement to acquire Aveni
Slide 6: 4Q24 SNL Highlights: A Steady Finish to 2024
4Q24 SNL Highlights: A Steady Finish to 2024 4Q24 vs. 4Q23 vs 3Q24 OPERATING REVENUE EBITDA OPERATING PROFIT $ 709.4m $ 213.7m $ 130.4m $ 695.2m (+2.0%) $ 216.7m (-1.4%) $ 140.0m (-6.9%) $ 732.8m (-3.2%) $ 209.4m (+2.1%) $ 139.3m (-6.4%) 1,2 2 NET PROFIT FREE CASH FLOW NET DEBT TO EBITDA $ 91.
Slide 7: Full-Year 2024 Highlights: A Strong Year
Full-Year 2024 Highlights: A Strong Year FY24 Adjusted vs. FY23 Adjusted1 OPERATING REVENUE EBITDA PERFORMANCE DRIVERS $ 2,890.6m $ 842.3m TCE / OP. DAY (US$) UTILISATION4 (%) $ 2,820.1m (+2.5%) $ 865.8m (-2.7%) +6.6% -6.1% 96.7% 90.8% 31,574 29,621 OPERATING PROFIT NET PROFIT $ 538.5m $ 3
Slide 8: Continued Progress on our Environmental Ambitions
Continued Progress on our Environmental Ambitions STOLT TANKERS CARBON INTENSITY (AER)1 SUSTAINABILITY HIGHLIGHTS ▪ EcoVadis Gold award achieved for all three A further We are logistics businesses in 2024 34.3% 15.7% more efficient than 2008 improvement is needed by 2030 ▪ SNITS fleet bunkered with
Slide 9: Full-Year 2025 Summary Outlook
Full-Year 2025 Summary Outlook MODERATE DEMAND GROWTH BALANCED SUPPLY STRONG STOLT PERFORMANCE ▪ Expected moderate growth in global ▪ Orderbook growing but continues to be ST: Resilient TCE rates, chemical production of 1.9%1 manageable given limited scrapping supported by fleet investments ▪ Trade
Slide 10: Financial Highlights
IN Stor ® ‘Containers Financial Highlights Stolt-Nielsen
Slide 11: Financials: Summary Income Statement
Financials: Summary Income Statement Quarter Full Year Figures in USD millions 4Q24 3Q24 4Q23 FY24 FY23 HIGHLIGHTS (4Q24 vs 4Q23) ▪ Deep-sea revenue down $23.7m reflecting lower volumes and Operating Revenue $709.4 $732.8 $695.2 $2,890.6 $2,820.2 a decrease in demurrage revenue driven by re-routing
Slide 12: Financials: Strong Cash Flow Funding Growth Capex and Debt Reduction
Financials: Strong Cash Flow Funding Growth Capex and Debt Reduction Quarter Full Year Figures in USD millions 4Q24 3Q24 4Q23 FY24 FY23 HIGHLIGHTS (4Q24 vs 4Q23) ▪ Cash generated from operations declined by $6.1m primarily Cash generated from operations $200.9 $234.0 $340.0 $543.9 $974.3 due to lowe
Slide 13: Financials: Capital Expenditures
Financials: Capital Expenditures Actuals Actuals Actuals Actuals Actuals Approved Figures in USD millions 1Q24 2Q24 3Q24 4Q24 FY2024 FY2025 Stolt Tankers 45 5 7 29 86 161 Stolthaven Terminals 16 20 23 30 89 170 Stolt Tank Containers 10 2 13 18 43 30 Stolt Sea Farm 1 4 5 5 15 51 SNL Corporate & Other
Slide 14: Debt Profile: Maintaining Debt Stability
Debt Profile: Maintaining Debt Stability MATURITY PROFILE (NEXT FIVE YEARS) Loan Balloon Payments NOK Bonds USPP Notes Loan Amortisation & Lease Payments 400 323.5 US $ million 296.3 293.8 300 256.9 270.5 82.2 103.9 15.0 64.9 200 163.2 15.0 201.3 15.0 138.4 155.0 100 174.9 15.0 118.1 88.0 50.6 0 202
Slide 15: Financial KPIs
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 1,200 6.88 6.81 6.68 1.00 7.0 LTM EBITDA-to-Interest Expense 0.95 0.98 0.94 5.91 3,000 0.93 5.81 1.0 1,000 $845 $842 6.0 $837 Debt-to-TNW (x) 2,500 2,241 2,291 2,317 US$ millions 2,
Slide 16: Segment Highlights
= Segment Highlights Stolt-Nielsen S|
Slide 17: Stolt Tankers: Sustained Performance despite Volume Headwinds
Stolt Tankers: Sustained Performance despite Volume Headwinds 4Q24 vs. 4Q23 vs. 3Q24 OPERATING REVENUE EBITDA HIGHLIGHTS (4Q24 vs 4Q23) ▪ Lower revenues driven by lower deepsea freight volumes, partly $ 438.3m $ 124.3m offset by higher freight rates and consolidation of SNAPS regional pool $ 441
Slide 18: Stolt Tankers: Rates Softening from Record Highs
Stolt Tankers: Rates Softening from Record Highs DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 1Q25 250.0 $40,000 Indicative 7.5-10% $36,000 Decrease 200.0 $30,185 $32,000 $28,000 150.0 +52.3%2 $24,000 $20,000 2018-2022 Average ($19,825) 100.0 $16,000 $12,000 50.0 $8,000 $4,000 0.0 Jan-22 Jul-22 Jan-2
Slide 19: Stolthaven Terminals: Strong Earnings, 2025 Upside from Utilisation
Stolthaven Terminals: Strong Earnings, 2025 Upside from Utilisation 4Q24 vs. 4Q23 vs. 3Q24 OPERATING REVENUE EBITDA UTILISATION1 $ 78.0m $ 42.5m -4.8% -6.1% 95.5% 96.7% $ 76.8m (+1.5%) $ 42.7m (-0.4%) 90.9% 90.8% $ 76.8m (+1.6%) $ 43.5m (-2.2%) 4Q23 4Q24 2023 2024 OPERATING PROFIT HIGHLIGHTS
Slide 20: Stolt Tank Containers: Balancing Volumes & Margin Improvement
Stolt Tank Containers: Balancing Volumes & Margin Improvement 4Q24 vs. 4Q23 vs. 3Q24 OPERATING REVENUE EBITDA ADJUSTED GROSS PROFIT PER SHIPMENT1/2 (US$) +13.0% $ 162.1m $ 32.0m -36.2% $ 150.0m (+8.1%) $ 30.0m (+6.7%) 1,358 1,032 $ 166.8m (-2.8%) $ 28.5m (+12.6%) 913 866 4Q23 4Q24 2023 2024
Slide 21: Stolt Sea Farm: Capping Off a Record Year
Stolt Sea Farm: Capping Off a Record Year 4Q24 vs. 4Q23 vs. 3Q24 1 OPERATING REVENUE EBITDA (Excl. FV Adj.) VOLUMES SOLD (MT) +5.5% +1.5% $ 31.0m $ 8.2m 2,107 8,542 8,667 $ 27.0m (+14.8%) $ 5.6m (+47.5%) 1,998 $ 33.6m (-7.5%) $ 10.7m (-23.1%) 4Q23 4Q24 2023 2024 OPERATING PROFIT TURBOT PRICE
Slide 22: Market Outlook
Market Outlook Stolt-Nielsen S|
Slide 23: Supportive Fundamentals, Declining MR Rates Remain an Area of Focus
Supportive Fundamentals, Declining MR Rates Remain an Area of Focus SEABORNE TRADE EXPECTED TO INCREASE CONTINUED SOFTENING IN MR RATES 60 25 1Y TC Rates 19K DWT (k$/Day) 403 Seaborne Trade (million tonnes) 385 393 10% Average MR Earnings (k$/Day) 400 50 8% 20 350 6% YoY Growth 40 300 4% 15 250 2% 3
Slide 24: Global Uncertainties Remain Elevated: Well-Positioned to Support Customers
Global Uncertainties Remain Elevated: Well-Positioned to Support Customers GLOBAL UNCERTAINTIES STOLT-NIELSEN LIQUID LOGISTICS GEOPOLITICAL RISKS C-SUITE FOCUS TARIFFS AND SANCTIONS PLANNING CHINA DEMAND QUALITY AND RELIABILITY CRUDE SHADOW FLEET CRUDE / CPP MARKETS RESILIENCE AND FLEXIBILITY Fourth
Slide 25: Concluding Remarks
Concluding Remarks SUSTAINED STRONG INVESTING FOR CASH FLOWS PERFORMANCE TODAY AND FOR FUTURE GROWTH ▪ Resilient TCE rates, supported by fleet ▪ Investing for long-term growth – targeted investments investments across our liquid logistics and aquaculture portfolio ▪ Continued earnings momentum from
Slide 26: Q&A
Q&A Stolt-Nielsen S|
Slide 27: Appendix: Bunker Cost Analysis
Appendix: Bunker Cost Analysis BUNKER COST – DEEPSEA AND REGIONAL (US $ m) $120 16 14.1 $100 82.4 81.7 14 Bunker Cost (US $ million) 74.0 78.3 78.7 71.6 70.5 71.1 70.8 Operating Days ('000) $80 63.6 64.1 63.7 12 57.4 $60 97.4 108.8 10 96.5 86.2 88.2 92.6 93.7 87.6 $40 76.6 81.5 78.8 84.5 68.8 8 $20