Stolt-nielsen Limited · OSL:SNI

Stolt-nielsen — Stolt-Nielsen Ltd Ord — Q2 2026 Earnings Presentation

24 slides from Stolt-nielsen's earnings presentation, Jul 9, 2026

  1. Slide 1: Second-Quarter 2026 Results

    SECOND-QUARTER 2026 RESULTS JULY 9, 2026 1

  2. 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

  3. Slide 3: Presenters

    Presenters Udo Lange Jens F. Grüner-Hegge Alex Ng Chief Executive Officer Chief Financial Officer Vice President, Corporate Development and Strategy Second-Quarter 2026 Results 3

  4. Slide 4: Agenda: 2Q26 Results

    Agenda: 2Q26 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary Second-Quarter 2026 Results

  5. Slide 5: 2Q26 Key Messages

    2Q26 Key Messages ▪ EBITDA1 of $177.3m in 2Q26 • Stable quarter-on-quarter performance for Stolt Tankers • Record operating profit for Stolthaven Terminals • Non-Tankers represents 45% of 2Q26 EBITDA1 ▪ Conflict in the Middle East continues to create complexity and uncertainty ▪ Digital Innovation C

  6. Slide 6: 2Q26 Highlights: Steady Quarter on Quarter Performance

    2Q26 Highlights: Steady Quarter on Quarter Performance 2Q26 vs. 2Q25 vs 1Q26 OPERATING REVENUE EBITDA1 OPERATING PROFIT $ 750.3m  $ 177.3m $ 93.8m   $ 712.9m (+5.2%) $ 210.1m (-15.6%) $ 113.7m (-17.5%) $ 716.8m (+4.7%) $ 180.8m (-1.9%) $ 81.8m (+14.7%) 2 NET PROFIT FREE CASH FLOW NET DEBT TO EBIT

  7. Slide 7: Transportation Rates Down From Peak, Terminal Utilisation Up

    Transportation Rates Down From Peak, Terminal Utilisation Up 1 2 TCE / OPERATING DAY (US$) UTILISATION (%)  +1.3%  -10.9% 26,220 92.1% 93.4% 23,372 2Q25 2Q26 2Q25 2Q26 3 GROSS PROFIT PER SHIPMENT (US$) EBITDA BREAKDOWN (US$)  -16.5% 250 60% 210 200 177 55% 50% 794 150 42% 45% 45% 663 100 40% 50 8

  8. Slide 8: Financial Highlights

    Open Picture Picture (1Q26) to be – TBU to updated be replaced Financial Highlights 8

  9. Slide 9: Financials: Summary Income Statement

    Financials: Summary Income Statement Quarter Figures in USD millions 2Q26 1Q26 2Q25 HIGHLIGHTS (2Q26 vs 2Q25) ▪ Higher operating revenue mainly due to Suttons acquisition Operating Revenue $750.3 $716.8 $712.9 (consolidation added $36.7m in revenue) Operating Expenses (495.7) (462.0) (452.5) ▪ Highe

  10. Slide 10: Financials: Cash Flow and Liquidity Position

    Financials: Cash Flow and Liquidity Position Quarter Figures in USD millions 2Q26 1Q26 2Q25 HIGHLIGHTS (2Q26 vs 2Q25) ▪ Net cash generated from operations decreased by $12.1m Cash generated from operations $134.6 $164.0 $156.8 mainly due to lower profitability, lower dividends from joint Interest pa

  11. Slide 11: Financials: Investing for Growth

    Financials: Investing for Growth Actuals Actuals Remaining Approved Figures in USD millions1 1Q26 2Q26 FY2026 FY2027 Stolt Tankers 16 6 105 372 Stolthaven Terminals 19 21 56 90 Stolt Tank Containers - 1 8 - SNL Corporate & Other 7 6 46 75 Total $42 $34 $215 $537 Stolt Tankers: Capex excludes drydock

  12. Slide 12: Debt Profile: Stable Debt Portfolio

    Debt Profile: Stable Debt Portfolio MATURITY PROFILE (NEXT FIVE YEARS) Balloon Payments RCF NOK Bonds USPP Notes Loan Amortisation & Lease Payments 391 400 339 323 US $ million 293 300 160 239 101 134 200 217 144 144 150 143 100 67 88 88 77 46 0 28 2026 YTG 2027 2028 2029 2030 STABLE DEBT PORTFOLIO

  13. Slide 13: Financial KPIs: LTM EBITDA-to-Interest Expense

    Financial KPIs DEBT TO TANGIBLE NET WORTH (MAXIMUM 2.25:1.00) EBITDA1 TO INTEREST EXPENSE (MINIMUM 2.00:1.00) 3,500 1.2 1.05 1.01 1.04 1,200 0.98 0.97 6.13 7.0 LTM EBITDA-to-Interest Expense 3,000 1.0 5.86 2,576 2,557 2,521 2,602 2,538 1,000 5.60 2,451 2,490 2,485 2,545 2,453 5.31 5.25 6.0 Debt-to-T

  14. Slide 14: Segment Highlights

    Segment Highlights Stolt-Nielsen S|

  15. Slide 15: Stolt Tankers: Resilient Performance in a Volatile Market

    Stolt Tankers: Resilient Performance in a Volatile Market 2Q26 vs. 2Q25 vs. 1Q26 OPERATING REVENUE EBITDA HIGHLIGHTS (2Q26 vs 2Q25) $ 408.7m $ 98.1m ▪ Lower deepsea revenue driven by decline in COA freight rates,   partly offset by increased volumes and higher spot freight rates ▪ Higher voyage ex

  16. Slide 16: Stolt Tankers: TCE Rates Stable Quarter on Quarter

    Stolt Tankers: TCE Rates Stable Quarter on Quarter DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 250.0 $35,000 $30,000 200.0 $23,372 $25,000 2016-2026 Average ($23,303) 150.0 $20,000 2018-2022 Average ($19,825) $15,000 100.0 $10,000 50.0 +80% index spike since March driven by Middle East $5,000 develo

  17. Slide 17: Stolthaven Terminals: Record Operating Profit

    Stolthaven Terminals: Record Operating Profit 2Q26 vs. 2Q25 vs. 1Q26 OPERATING REVENUE EBITDA UTILISATION1 $ 81.6m  $ 45.9m  +1.3%  +0.3%  $ 79.1m (+3.2%) $ 46.0m (-0.2%) 92.1% 93.4% 92.0% 92.3% $ 79.2m (+3.0%) $ 45.5m (+0.9%) 2Q25 2Q26 YTD 2Q25 YTD 2Q26 OPERATING PROFIT HIGHLIGHTS (2Q26 vs 2Q25

  18. Slide 18: Stolt Tank Containers: Tough Market Impacting Results

    Stolt Tank Containers: Tough Market Impacting Results 2Q26 vs. 2Q25 vs. 1Q26 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT1 (US$) $ 202.2m  $ 17.1m   -25.4%  -16.5% $ 164.7m (+22.8%) $ 27.2m (-37.1%) 867 $ 184.3m (+9.7%) $ 13.1m (+30.5%) 794 663 647 2Q25 2Q26 YTD 2Q25 YTD 2Q26 OPERATING PRO

  19. Slide 19: Market Outlook

    Open (1Q26) – TBU Market Outlook 19

  20. Slide 20: Chemical & Feedstock Markets: More Resilient than Expected in Q2

    Chemical & Feedstock Markets: More Resilient than Expected in Q2 STRAIT OF HORMUZ CLOSURE – STRAIT OF HORMUZ CLOSURE IMPACT ON GLOBAL CHEMICAL TRADE FLOWS ▪ ~80%1 reduction in tanker transits vs. pre-war levels ▪ Drop of global chemical trade volumes by 15% vs. pre-war levels; impact on tonne-miles

  21. Slide 21: Continued Uncertainty: Gradual & Uneven Path to Normalisation

    Continued Uncertainty: Gradual & Uneven Path to Normalisation 1 Transit resumptionStable Ceasefire 2 Increased inbound traffic Vessels Repositioning 3 Energy flow restoration Durable Cargo Recovery ▪ Steady increase in vessel transit activity ▪ Steady improvement of inbound traffic ▪ Up to 4 months

  22. Slide 22: Supply / Demand Fundamentals Supported by Tight Adjacent Tanker Markets

    Supply / Demand Fundamentals Supported by Tight Adjacent Tanker Markets REBOUND IN SEABORNE TRADE EXPECTED INTO 2027 STABLE MR RATES – LIMITING SWING TONNAGE +6% 10% 70,000 Seaborne Trade (million tonnes) 400 -6% 8% 350 6% 60,000 4% 50,000 300 2% 40,000 250 YoY Growth 0% 30,000 200 -2% -4% 20,000 $2

  23. Slide 23: Conclusion: Performance Expected to Improve in Q3

    Conclusion: Performance Expected to Improve in Q3 Supporting customers Diversified earnings Improving Q3 performance1 Driving cost efficiency, through disruption with the streams providing cash with positive rates for Stolt capital management and breadth of our global flow stability Tankers, a turna

  24. Slide 24: Q&A

    Q&A 24

Stolt-Nielsen Ltd Ord — Q2 2026 Earnings Presentation on 6ix