Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Q2 2025 Earnings Presentation
25 slides from Stolt-nielsen's earnings presentation, Jul 3, 2025
Slide 1: Second-Quarter 2025 Results
SECOND-QUARTER 2025 RESULTS July 03, 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 Second-Quarter 2025 Results 3
Slide 4: Agenda: 2Q25 Results
Agenda: 2Q25 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary Second-Quarter 2025 Results
Slide 5: 2Q25 Key Messages
2Q25 Key Messages ▪ Strong quarterly performance, EBITDA of $210m • Resilient performance in an uncertain environment • Improved utilisation and record operating profit for Stolthaven ▪ Stolt Tankers currently exempt from USTR Section 301 port tariffs ▪ ‘Simply the Best’ for our shareholders • Compl
Slide 6: 2Q25 SNL Highlights: Strong Performance Despite Challenging Environment
2Q25 SNL Highlights: Strong Performance Despite Challenging Environment 2Q25 vs. 2Q24 vs 1Q25 2 OPERATING REVENUE EBITDA OPERATING PROFIT $ 712.9m $ 209.9m $ 113.7m $ 741.1m (-3.8%) $ 208.9m (+0.5%) $ 136.8m (-16.9%) $ 675.6m (+5.5%) $ 192.0m (+9.3%) $ 107.9m (+5.4%) 3 NET PROFIT1 FREE CASH FL
Slide 7: SNL Performance Drivers: Navigating in Volatile Markets
SNL Performance Drivers: Navigating in Volatile Markets 1 2 TCE / OPERATING DAY (US$) UTILISATION (%) +2.3% -20.2% 32,862 90.0% 92.1% 26,220 2Q24 2Q25 2Q24 2Q25 3 GROSS PROFIT PER SHIPMENT (US$) VOLUMES SOLD (MT) +5.2% -14.8% 2,157 755 794 1,838 2Q24 2Q25 2Q24 2Q25 1. TCE/Operating day refer
Slide 8: Financial Highlights
Financial Highlights Stolt-Nielsen
Slide 9: Financials: Summary Income Statement
Financials: Summary Income Statement Quarter HIGHLIGHTS (2Q25 vs 2Q24) Figures in USD millions 2Q25 1Q25 2Q24 ▪ Lower revenues driven by reduced deepsea revenues and Operating Revenue $712.9 $675.6 $741.1 drop in shipment volumes in Stolt Tank Containers, partly Operating Expenses (452.5) (428.9) (4
Slide 10: Financials: Cash Flow and Liquidity Position
Financials: Cash Flow and Liquidity Position Quarter Figures in USD millions 2Q25 1Q25 2Q24 HIGHLIGHTS (2Q25 vs 2Q24) ▪ Net cash generated from operations increased due to the Cash generated from operations $156.8 $190.4 ($64.1) Flaminia settlement payment in 2024. Excluding this impact the Interest
Slide 11: Financials: Investing for Growth
Financials: Investing for Growth Actuals Actuals Remaining Approved Figures in USD millions 1Q253 2Q25 FY2025 FY2026 Stolt Tankers 104 30 46 138 Stolthaven Terminals 36 27 64 135 Stolt Tank Containers 16 8 11 - Stolt Sea Farm 5 4 24 75 SNL Corporate & Other1 65 2 21 76 Total2 $226 $71 $166 $424 Stol
Slide 12: 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 600 558 500 440 149 USD $ Million 400 327 198 144 296 300 212 104 200 246 110 155 133 265 143 68 100 40 81 132 87 0 39 50 2025 2026 2027 2028 2029
Slide 13: 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 1.05 6.51 7.0 1.01 LTM EBITDA-to-Interest Expense 0.95 0.98 0.94 6.13 3,000 1.0 1,000 2,484 2,460 2,576 6.0 2,451 $837 $845 $842 Debt-to-TNW (x) 2,317 $824 $825
Slide 14: Segment Highlights
Segment Highlights Stolt-Nielsen S|
Slide 15: Stolt Tankers: Performance Impacted by Market Sentiment
Stolt Tankers: Performance Impacted by Market Sentiment 2Q25 vs. 2Q24 vs. 1Q25 OPERATING REVENUE EBITDA HIGHLIGHTS (2Q25 vs 2Q24) ▪ $ 420.1m $ 121.9m Lower deepsea revenues driven by reduced spot freight rates ▪ Lower voyage expenses due to lower bunker costs and less time charter expense to poo
Slide 16: Stolt Tankers: Rates Impacted by Softer Spot Market
Stolt Tankers: Rates Impacted by Softer Spot Market DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 250.0 $36,000 $32,000 200.0 26,220 $28,000 $24,000 150.0 +32.3%2 $20,000 2018-2022 Average ($19,825) $16,000 100.0 $12,000 50.0 $8,000 $4,000 0.0 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 $0 Housto
Slide 17: Stolthaven Terminals: Record Operating Profit
Stolthaven Terminals: Record Operating Profit 2Q25 vs. 2Q24 vs. 1Q25 OPERATING REVENUE EBITDA UTILISATION1 +2.3% +0.9% $ 79.1m $ 46.0m $ 76.4m (+3.5%) $ 44.3m (+3.8%) 90.0% 92.1% 91.2% 92.0% $ 76.4m (+3.5%) $ 43.7m (+5.3%) 2Q24 2Q25 YTD 2Q24 YTD 2Q25 OPERATING PROFIT HIGHLIGHTS (2Q25 vs 2Q24
Slide 18: Stolt Tank Containers: Navigating Short-term Volatility
Stolt Tank Containers: Navigating Short-term Volatility 2Q25 vs. 2Q24 vs. 1Q25 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT1 (US$) +5.2% +12.2% $ 164.7m $ 27.2m $ 167.1m (-1.4%) $ 25.9m (+5.0%) 794 773 867 755 $ 152.9m (+7.7%) $ 28.2m (-3.5%) 2Q24 2Q25 YTD 2Q24 YTD 2Q25 OPERATING PROFI
Slide 19: Stolt Sea Farm: Positioning for a Strong Summer Season
Stolt Sea Farm: Positioning for a Strong Summer Season 2Q25 vs. 2Q24 vs. 1Q25 1 OPERATING REVENUE EBITDA (Excl. FV Adj.) VOLUMES SOLD (MT) $ 29.7m $ 8.6m -14.8% -4.5% 2,157 4,298 $ 31.6m (-6.0%) $ 10.6m (-18.9%) 1,838 4,106 $ 31.7m (-6.3%) $ 9.4m (-8.5%) 2Q24 2Q25 YTD 2Q24 YTD 2Q25 OPERATING
Slide 20: Market Outlook
Market Outlook Stolt-Nielsen S|
Slide 21: Supportive Fundamentals, Positive MR Signals Could Limit Swing Tonnage
Supportive Fundamentals, Positive MR Signals Could Limit Swing Tonnage SEABORNE TRADE EXPECTED TO INCREASE EXPECTED STABILISATION OF MR RATES 50 25 1Y TC Rates 19K DWT (k$/Day) 403 Seaborne Trade (million tonnes) 385 393 10% Average MR Earnings (k$/Day) 45 400 8% 40 20 350 6% 35 YoY Growth 300 4% 30
Slide 22: Full Year 2025 Outlook
Full Year 2025 Outlook MACROECONOMIC ASSUMPTIONS MARKET DYNAMICS ASSUMPTIONS 1 Global GDP growth: 2.8% 1 1 Chemical tonne-mile growth: 1.7% 3 2 Interest rates: Average Interest rates of 5.5–6.5% 2 2 Net supply growth: 1.4% 4 3 Unchanged Geopolitics and tax rates 3 No changes in seaborne trade lanes
Slide 23: Concluding Remarks
Concluding Remarks MARKET HEADWINDS, FOCUSED ON DELIVERING LONG UNDERLYING RESILIENT TERM SUSTAINABLE EBITDA BUSINESS MODEL ▪ Continued weakness in spot market as we EBITDA BREAKDOWN (US$ millions) move into 2H25. Monitoring adjacent markets for improving signals 250,000 100% 209 209 214 210 90% ▪ U
Slide 24: Appendix
Stolt-Nielsen
Slide 25: 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 74.2 75.1 71.6 70.5 71.1 70.8 Operating Days ('000) $80 64.1 63.7 12 $60 97.4 108.8 10 96.5 86.2 88.2 92.6 93.7 87.6 $40 81.5 78.8 84.5 81.1 82.1 8 $20