Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Stolt-Nielsen Ltd Ord — Q4 2025 Earnings Presentation
27 slides from Stolt-nielsen's earnings presentation, Jan 28, 2026
Slide 1: Fourth-Quarter 2025 Results
FOURTH-QUARTER 2025 RESULTS JANUARY 28, 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 Fourth-Quarter 2025 Results 3
Slide 4: Agenda: 4Q25 Results
Agenda: 4Q25 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary Fourth-Quarter 2025 Results
Slide 5: 4Q25 Key Messages
4Q25 Key Messages ▪ Demonstrating resilience in a challenging operating environment ▪ EBITDA1 of $186.0m in 4Q25 and $775.5m for FY25 • Group EBITDA1 declined 13% from 4Q24 with an 18% decline in Tankers EBITDA • Non-Tankers businesses represent 45% of 4Q25 EBITDA1 ▪ Disciplined capital allocation •
Slide 6: 4Q25 Highlights: Solid Performance in a Complex Market Backdrop
4Q25 Highlights: Solid Performance in a Complex Market Backdrop 4Q25 vs. 4Q24 vs 3Q25 OPERATING REVENUE EBITDA1 OPERATING PROFIT $ 680.6m $ 186.0m $ 95.5m $ 709.4m (-4.1%) $ 212.7m (-12.6%) $ 130.4m (-26.7%) $ 699.9m (-2.8%) $ 191.7m (-3.0%) $ 109.4m (-12.7%) 2 NET PROFIT FREE CASH FLOW NET DE
Slide 7: Full-Year 2025 Highlights: Maintaining Strong Market Positions
Full-Year 2025 Highlights: Maintaining Strong Market Positions FY25 vs. FY24 Adjusted1 OPERATING REVENUE EBITDA2 PERFORMANCE DRIVERS $ 2,769.0m $ 775.5m TCE / OP. DAY (US$) UTILISATION4 (%) $ 2,890.6m (-4.2%) $ 843.0m (-8.0%) -18.3% +1.0% 31,574 90.8% 91.7% 25,788 OPERATING PROFIT NET PROFIT
Slide 8: Suttons Acquisition: Enhancing Competitive Position
Suttons Acquisition: Enhancing Competitive Position BENEFITS OF SCALE SUSTAINED MARKET LEADERSHIP (# OF TANK CONTAINERS)1 Expanded Fleet: More than 11,000 ISO tanks +11,000 Tank Containers 80 290 driving >20% growth in fleet size 70 65 11 Customer Offering: Addition of gas, domestic 60 short sea and
Slide 9: Delivering Exceptional Value for Our Shareholders, Customers and People
Delivering Exceptional Value for Our Shareholders, Customers and People SHAREHOLDERS CUSTOMERS PEOPLE SHARE PRICE GROWTH (NOK)1 NET PROMOTER SCORE2 SUSTAINABLE EMPLOYEE ENGAGEMENT +13% +29% 326 52 86 86 289 40 2024 2025 2024 2025 2024 2025 CASH RETURNS TOP 50 CUSTOMERS3 OUTPERFORMING OUR PEERS
Slide 10: Capex Overview: Strategic Investments to Strengthen the Business
Capex Overview: Strategic Investments to Strengthen the Business INVESTING IN LONG-TERM VALUE CREATION INVESTMENT HIGHLIGHTS4 TOTAL CAPEX TOTAL CAPEX FY25 FY26 14x deepsea (including 8x NST JV) and 2x regional newbuilds STOLT TANKERS1 $ 178m $ 172m ~150,000 cbm additional capacity in Houston / NOLA
Slide 11: Financial Highlights
Financial Highlights Stolt-Nielsen S|
Slide 12: Financials: Summary Income Statement
Financials: Summary Income Statement Quarter Adjusted HIGHLIGHTS (4Q25 vs 4Q24) Figures in USD millions 4Q25 4Q252 3Q25 4Q24 ▪ Lower operating revenue mainly driven by reduced deepsea Operating Revenue $680.6 $647.8 $699.9 $709.4 revenue Operating Expenses (426.2) (416.8) (438.8) (452.0) ▪ Operating
Slide 13: Financials: Cash Flow and Liquidity Position
Financials: Cash Flow and Liquidity Position Quarter Figures in USD millions 4Q25 3Q25 4Q24 HIGHLIGHTS (4Q25 vs 4Q24) ▪ Net cash generated from operations decreased by $27.6m Cash generated from operations $182.7 $230.1 $200.9 mainly due to lower cash from operations, higher debt issuance Interest p
Slide 14: Financials: Investing for Growth
Financials: Investing for Growth Actuals Actuals Actuals Actuals Actuals Approved Figures in USD millions 1Q25 2Q25 3Q25 4Q25 FY2025 FY2026 Stolt Tankers 104 30 26 18 178 172 Stolthaven 36 27 29 32 124 120 Terminals Stolt Tank 16 8 - 75 100 7 Containers SNL Corporate & 70 6 20 13 109 84 Other1 Total
Slide 15: Debt Profile: Extending Debt Maturities
Debt Profile: Extending Debt Maturities MATURITY PROFILE (NEXT FIVE YEARS) Balloon Payments RCFs NOK Bonds USPP Notes Loan Amortisation & Lease Payments 383 376 400 351 307 321 US $ million 300 171 145 84 218 119 200 80 144 150 100 65 143 133 68 88 86 46 0 2026 2027 2028 2029 2030 STABLE DEBT PORTFO
Slide 16: 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 6.68 6.51 1.05 1.01 1.04 7.0 1.01 6.13 LTM EBITDA-to-Interest Expense 3,000 0.94 5.86 1.0 5.60 2,576 2,557 2,521 2,602 1,000 6.0 2,484 2,460 2,451 2,490 $842 Debt-to-TNW (x) 2
Slide 17: Full Year 2026 Outlook
Full Year 2026 Outlook MACROECONOMIC ASSUMPTIONS MARKET DYNAMICS ASSUMPTIONS 1 Global GDP growth: 3.1%1 1 Seaborne trade: impacted by tariff uncertainty 2 Rates: average interest rates around 5.5%2 2 Net supply growth: 5.0% 3 Unchanged geopolitics and tax rates 3 No changes in seaborne trade lanes E
Slide 18: Segment Highlights
Segment Highlights Stolt-Nielsen
Slide 19: Stolt Tankers: Volumes Up, Uncertainty Impacting Rates
Stolt Tankers: Volumes Up, Uncertainty Impacting Rates 4Q25 vs. 4Q24 vs. 3Q25 OPERATING REVENUE EBITDA HIGHLIGHTS (4Q25 vs 4Q24) $ 375.1m $ 102.0m ▪ Lower deepsea revenue driven by reduced freight rates, partly offset by higher spot volumes ▪ Reduced voyage expenses due to lower time charter exp
Slide 20: Stolt Tankers: TCE Earnings Holding, Trading Above Historicals
Stolt Tankers: TCE Earnings Holding, Trading Above Historicals DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 250.0 $35,000 250 $30,000 200.0 24,518 $25,000 200 150.0 $20,000 2018-2022 Average ($19,825) 150 100.0 $15,000 100 $10,000 50.0 50 $5,000 0.0 $0 0 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-
Slide 21: Stolthaven Terminals: Stable Utilisation Amid Demand Headwinds
Stolthaven Terminals: Stable Utilisation Amid Demand Headwinds 4Q25 vs. 4Q24 vs. 3Q25 OPERATING REVENUE EBITDA UTILISATION1 $ 77.9m $ 40.9m +1.0% +0.2% $ 78.0m (-0.2%) $ 42.5m (-3.8%) 90.9% 91.0% 90.8% 91.7% $ 79.0m (-1.4%) $ 43.6m (-6.1%) 4Q24 4Q25 2024 2025 OPERATING PROFIT HIGHLIGHTS (4Q2
Slide 22: Stolt Tank Containers: Higher Shipments Offset by Margin Pressure
Stolt Tank Containers: Higher Shipments Offset by Margin Pressure 4Q25 vs. 4Q24 vs. 3Q25 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT1 (US$) $ 167.0m $ 23.4m -15.4% +0.3% 1,032 $ 162.1m (+3.0%) $ 32.0m (-26.8%) 873 866 869 $ 164.2m (+1.7%) $ 27.9m (-15.8%) 4Q24 4Q25 2024 2025 OPERATING
Slide 23: Market Outlook
Market Outlook Stolt-Nielsen S|
Slide 24: Uncertainties Remain Elevated, Well-Positioned to Support Customers
Uncertainties Remain Elevated, Well-Positioned to Support Customers GLOBAL UNCERTAINTIES STOLT-NIELSEN LIQUID LOGISTICS GEOPOLITICAL RISKS C-SUITE FOCUS TARIFFS AND SANCTIONS PLANNING CRUDE SHADOW FLEET CRUDE / CPP MARKETS QUALITY AND RELIABILITY SOFT CHEMICAL MARKETS RESILIENCE AND FLEXIBILITY NEWB
Slide 25: Supply/Demand Fundamentals Supported by a Tight MR Market
Supply/Demand Fundamentals Supported by a Tight MR Market MODEST REBOUND IN SEABORNE TRADE EXPECTED STABLE MR RATES – LIMITING SWING TONNAGE 8% 60 Seaborne Trade (million tonnes) 400 -1.2% 0.6% 1.5% Average MR Earnings (k$/Day) 6% 50 350 4% 300 40 YoY Growth 250 2% 30 200 0% 20 24,811 150 -2% 100 -4
Slide 26: Concluding Remarks
Concluding Remarks Liquid Logistics Strategic investment Committed to a 2026 EBITDA full-year portfolio well-positioned programme to deliver conservative balance guidance range of to navigate a volatile long-term growth and sheet and strong $600-750m1 market service our customers liquidity DEMONSTRA
Slide 27: Q&A
Q&A Stolt-Nielsen S|
Stolt-Nielsen Ltd Ord — Q4 2025 Earnings Presentation on 6ix