Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — DNB Carnegie Energy & Shipping Conference, March 2026
17 slides from Stolt-nielsen's conference presentation, March 2026
Slide 1: Stolt-Nielsen Limited Investor presentation
DNB Carnegie Energy & Shipping Conference, March 2026 Stolt-Nielsen Limited Investor presentation 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: SNL at a Glance: A Leader in Liquid Logistics
SNL at a Glance: A Leader in Liquid Logistics $2.8bn $776m $2.1bn 1 $5.8bn 2 >7,000 FY25 Operating Revenue FY25 EBITDA Market Cap Assets People AQUACULTURE & LIQUID SUPPLY CHAIN SOLUTIONS INVESTMENTS STOLT TANKERS STOLTHAVEN TERMINALS STOLT TANK CONTAINERS STOLT INVESTMENTS 100.0% - Stolt Sea Farm 1
Slide 4: The Case for Investing
The Case for Investing VALUE 5 STRATEGY AND 6 DRIVERS EXECUTION 1 2 3 SIMPLY THE BEST FOR EXCEPTIONAL LEADERS IN STRONG LIQUID OUR: FY26 EBITDA TRACK LOGISTICS AND BALANCE RECORD LAND-BASED SHEET ▪ SHAREHOLDERS GUIDANCE1 AQUACULTURE $600–750m ▪ CUSTOMERS ▪ PEOPLE 4 SOLID MARKET FUNDAMENTALS 1. EBITD
Slide 5: We are Delivering on Years of Focused Strategy
1 We are Delivering on Years of Focused Strategy REVENUE PROFITABILITY RETURNS (US $ m) (EBITDA US $ m)1 (Return on Capital Employed) Robust revenue growth as SNL … becoming a more profitable … with an unrelenting focus on has capitalised on tightening organisation in the process… continuous operati
Slide 6: Our Portfolio Diversification Drives Long-Term Resilience
1 Our Portfolio Diversification Drives Long-Term Resilience STOLT-NIELSEN SEGMENT ASSETS EBITDA2 DEVELOPMENT (US $m) 2016 2025 STOLT TANKERS Corp. & +58% Corp. & SSF 3% Others Others 5% SSF 4% 12% 439 STC 12% 279 US US 43% ST STC 15% 53% ST 2016 2025 $4.4bn $5.8bn SHVN 27% NON-TANKERS BUSINESSES S
Slide 7: We are a Leading Strategic Partner in Liquid Logistics
2 We are a Leading Strategic Partner in Liquid Logistics LEADING DRY GOODS INTEGRATED 70% OF OUR TOP 50 CUSTOMERS USE MORE LOGISTICS PLAYERS THAN ONE OF OUR LIQUID LOGISTICS SERVICES TOP 50 CUSTOMERS – 20251 70% > 1 SNL Service 30% Standalone Service DNB Carnegie Conference 1. Based on FY25 revenues
Slide 8: Strong Balance Sheet: Disciplined Capital Allocation Strategy
3 Strong Balance Sheet: Disciplined Capital Allocation Strategy LEVERAGE1 AND NET DEBT Net Debt (US $ m) 2,270 2,313 2,039 1,763 1,852 2,457 ▪ Conservative balance sheet management 4.7x 4.3x Target <3.5x ▪ Disciplined capital allocation strategy balancing growth, debt service and 3.1x 3.1x dividends
Slide 9: Supply/Demand Fundamentals Supported by a Tight MR Market
4 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 31,866 250 2% 30 200 0% 20 150 -2% 100
Slide 10: Uncertainties Remain Elevated, Well-Positioned to Support Customers
4 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 NE
Slide 11: Delivering Exceptional Value for Our Shareholders, Customers and People
5 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 PEE
Slide 12: Suttons Acquisition: Enhancing Competitive Position
5 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 a
Slide 13: Full Year 2026 Outlook
6 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
Slide 14: Stolt-Nielsen is a Logistics Business
Stolt-Nielsen is a Logistics Business TANKERS PEERS1 STOLT NIELSEN ASSET HEAVY LOGISTICS1 ASSET LIGHT LOGISTICS1 ~7.0x ~6.2x ~8.8x ~11.1x EV/EBITDA EV/EBITDA EV/EBITDA EV/EBITDA ~10.3x ~9.6x ~16.3x ~24.3x P/E P/E P/E P/E Bloomberg as of March 03, 2026. Median metrics observed across the peer groups.
Slide 15: 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 16: Thank You
THANK YOU
Slide 17: 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
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