Stolt-nielsen Limited · OSL:SNI

Stolt-nielsen — Stolt-Nielsen Ltd Ord — Q3 2025 Earnings Presentation

23 slides from Stolt-nielsen's earnings presentation, Oct 2, 2025

  1. Slide 1: Third-Quarter 2025 Results

    THIRD-QUARTER 2025 RESULTS OCTOBER 02, 2025 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 Third-Quarter 2025 Results 3

  4. Slide 4: Agenda: 3Q25 Results

    Agenda: 3Q25 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary Third-Quarter 2025 Results

  5. Slide 5: 3Q25 Key Messages

    3Q25 Key Messages ▪ Continued resilient performance, EBITDA1 of $191.7m • Consistently delivering results amidst market uncertainties • Non-shipping businesses represent 45% of EBITDA • 3Q25 vs 3Q24: 13% increase in non-shipping EBITDA2 diluting impact of a 27% decline in Tankers EBITDA ▪ 2025 EBITD

  6. Slide 6: 3Q25 SNL Highlights: Resilient Performance in an Uncertain Environment

    3Q25 SNL Highlights: Resilient Performance in an Uncertain Environment 3Q25 vs. 3Q24 vs 2Q25 1 OPERATING REVENUE EBITDA OPERATING PROFIT $ 699.9m $ 191.7m $ 109.4m    $ 732.8m (-4.5%) $ 215.2m (-10.9%) $ 139.3m (-21.4%) $ 712.9m (-1.8%) $ 210.1m (-8.8%) $ 113.7m (-3.7%) 2 NET PROFIT FREE CASH FLO

  7. Slide 7: SNL Performance Drivers: Navigating Volatile Markets

    SNL Performance Drivers: Navigating Volatile Markets 1 2 TCE / OPERATING DAY (US$) UTILISATION (%)  +2.1%  -25.5% 33,355 90.0% 91.9% 24,838 3Q24 3Q25 3Q24 3Q25 GROSS PROFIT PER SHIPMENT (US$) EBITDA BREAKDOWN3 (US$ m) 215 250 170%  -4.9% 200 192 150% 130% 110% 150 90% 910 45% 866 33% 70% 100 50%

  8. Slide 8: Financial Highlights

    Financial Highlights 8

  9. Slide 9: Financials: Summary Income Statement

    Financials: Summary Income Statement Quarter HIGHLIGHTS (3Q25 vs 3Q24) Figures in USD millions 3Q25 2Q25 3Q24 ▪ Lower revenue driven by reduced deepsea revenue and Operating Revenue $699.9 $712.9 $732.8 reduced transportation rates in Stolt Tank Containers Operating Expenses (438.8) (452.5) (472.2)

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

    Financials: Cash Flow and Liquidity Position Quarter Figures in USD millions 3Q25 2Q25 3Q24 HIGHLIGHTS (3Q25 vs 3Q24) ▪ Net cash generated from operations decreased by $17.5m Cash generated from operations $230.1 $156.8 $234.0 mainly due to higher interest payments Interest paid (42.1) (23.1) (30.1)

  11. Slide 11: Financials: Investing for Growth

    Financials: Investing for Growth Actuals Actuals Actuals Remaining Approved Figures in USD millions 1Q253 2Q25 3Q25 FY2025 FY2026 Stolt Tankers 104 30 26 42 138 Stolthaven Terminals 36 27 29 36 135 Stolt Tank Containers 16 8 - 102 - SNL Corporate & Other1 70 6 20 20 151 Total2 $226 $71 $75 $200 $424

  12. Slide 12: Debt Profile: Extending Debt Maturities

    Debt Profile: Extending Debt Maturities Balloon Payments RCFs NOK Bonds USPP Notes Loan Amortisation & Lease Payments 600 548 US $ million 500 433 146 400 273 180 292 263 144 300 53 103 153 200 120 83 205 258 143 66 100 126 132 87 68 46 0 2025 YTG 2026 2027 2028 2029 2030 STABLE DEBT PROFILE HIGHLIG

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

    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 1.05 1.01 0.98 1.01 1,200 6.81 3,000 0.94 6.68 6.51 1.0 6.13 7.0 LTM EBITDA-to-Interest Expense 2,484 2,460 2,576 2,557 2,520 5.86 2,451 Debt-to-TNW (x) 2,317 1,000 2,500 2,241 2,29

  14. Slide 14: Segment Highlights

    Segment Highlights Stolt-Nielsen

  15. Slide 15: Stolt Tankers: Performance Impacted by Lower Freight Rates

    Stolt Tankers: Performance Impacted by Lower Freight Rates 3Q25 vs. 3Q24 vs. 2Q25 OPERATING REVENUE EBITDA HIGHLIGHTS (3Q25 vs 3Q24) $ 395.2m $ 105.6m ▪ Lower deepsea revenue driven by reduced freight rates, partly   offset by higher COA volumes ▪ Lower voyage expenses due to lower bunker costs an

  16. 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 $34,000 250 200.0 $32,000 Lag Effect $30,000 200 150.0 $28,000 24,838 150 $26,000 100.0 $24,000 100 $22,000 50.0 $20,000 50 $18,000 $16,000 0 0.0 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Se

  17. Slide 17: Stolthaven Terminals: Stable Outlook Amid Market Uncertainty

    Stolthaven Terminals: Stable Outlook Amid Market Uncertainty 3Q25 vs. 3Q24 vs. 2Q25 OPERATING REVENUE EBITDA UTILISATION1 $ 79.0m  $ 43.6m  +2.1%  +1.3%  $ 76.8m (+2.8%) $ 43.5m (+0.3%) 90.0% 91.9% 90.8% 92.0% $ 79.1m (-0.2%) $ 46.0m (-5.3%) 3Q24 3Q25 YTD 3Q24 YTD 3Q25 OPERATING PROFIT HIGHLIGHT

  18. Slide 18: Stolt Tank Containers: Navigating Challenging Market Conditions

    Stolt Tank Containers: Navigating Challenging Market Conditions 3Q25 vs. 3Q24 vs. 2Q25 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT1 (US$) $ 164.2m $ 27.9m  +6.3%    -4.9% $ 166.8m (-1.6%) $ 28.5m (-2.1%) 910 866 867 816 $ 164.7m (-0.3%) $ 27.2m (+2.5%) 3Q24 3Q25 YTD 3Q24 YTD 3Q25 OPERATIN

  19. Slide 19: Market Outlook

    Market Outlook Stolt-Nielsen S|

  20. Slide 20: Balanced Fundamentals, Stable MR Rates Could Limit Swing Tonnage

    Balanced Fundamentals, Stable MR Rates Could Limit Swing Tonnage MODEST SEABORNE TRADE GROWTH EXPECTED STABLE MR RATES – LIMITING SWING TONNAGE 60 Seaborne Trade (million tonnes) -0.4% 1.1% 8% 400 Average MR Earnings (k$/Day) 6% 50 350 YoY Growth 4% 300 40 250 2% 30 200 0% 150 -2% 20 $19,454 100 -4%

  21. Slide 21: Concluding Remarks

    Concluding Remarks Focused on executing Pursuing targeted Strong balance sheet 2025 EBITDA full-year our Liquid Logistics investments to position with significant guidance range strategy amid volatile the business for long- headroom and extended narrowed to $750-790m market conditions term growth de

  22. Slide 22: Stolt-Nielsen

    Stolt-Nielsen

  23. Slide 23: Appendix: Full Year 2025 Outlook

    Appendix: Full Year 2025 Outlook MACROECONOMIC ASSUMPTIONS MARKET DYNAMICS ASSUMPTIONS 1 Global GDP growth: 3.0% 1 1 Seaborne trade: impacted by tariff uncertainty 2 Interest rates: average Interest rates of 5.5–6.0% 2 2 Net supply growth: 4.0% 3 3 Unchanged geopolitics and tax rates 3 No changes in

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