Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Q1 2025 Earnings Presentation
25 slides from Stolt-nielsen's earnings presentation, Apr 3, 2025
Slide 1: First-Quarter 2025 Results
FIRST-QUARTER 2025 RESULTS APRIL 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 First-Quarter 2025 Results 3
Slide 4: Agenda: 1Q25 Results
Agenda: 1Q25 Results 1. Group Highlights 2. Financial Highlights 3. Segment Highlights 4. Market Outlook and Summary First-Quarter 2025 Results
Slide 5: 1Q25 Key Messages
1Q25 Key Messages Solid performance, EBITDA of $192m • Stolt Tankers EBITDA declined 17% • Non-shipping business EBITDA was up 6% Restart of share buy-back programme Investing for growth • Acquired Hassel Shipping 4 JV, 8 x C33s 100% consolidated1 • Acquired 48.8% in Avenir LNG, bringing owner
Slide 6: 1Q25 SNL Highlights: Performance Affected by Market Volatility
1Q25 SNL Highlights: Performance Affected by Market Volatility 1Q25 vs. 1Q24 vs 4Q24 OPERATING REVENUE EBITDA OPERATING PROFIT $ 675.6m $ 192.0m $ 107.9m $ 707.3m (-4.5%) $ 210.3m (-8.7%) $ 132.1m (-18.4%) $ 709.4m (-4.8%) $ 213.7m (-10.2%) $ 130.4m (-17.3%) 2 NET PROFIT1 FREE CASH FLOW NET DE
Slide 7: SNL Performance Drivers: Resilience in an Uncertain Market
SNL Performance Drivers: Resilience in an Uncertain Market 1 2 TCE / OPERATING DAY (US$) UTILISATION (%) -7.8% -0.4% 29,944 92.3% 91.9% 27,620 1Q24 1Q25 1Q24 1Q25 3 GROSS PROFIT PER SHIPMENT (US$) VOLUMES SOLD (MT) +19.7% +5.9% 948 2,142 2,268 792 1Q24 1Q25 1Q24 1Q25 1. TCE/Operating day ref
Slide 8: Financial Highlights
Financial Highlights 8
Slide 9: Financials: Summary Income Statement
Financials: Summary Income Statement Quarter Figures in USD millions 1Q25 4Q24 1Q24 HIGHLIGHTS (1Q25 vs 1Q24) Tanker deepsea revenue was down $30.8m reflecting lower Operating Revenue $675.6 $709.4 $707.3 volumes, causing a drop in utilisation, partly offset by an Operating Expenses (428.9) (452.0
Slide 10: Financials: Cash Flow Supporting Growth Investments
Financials: Cash Flow Supporting Growth Investments Quarter Figures in USD millions 1Q25 4Q24 1Q24 HIGHLIGHTS (1Q25 vs 1Q24) Net cash generated from operations declined by $1.4m Cash generated from operations $190.4 $200.9 $173.1 primarily due to lower operating profit and higher net interest Inte
Slide 11: Financials: Capital Expenditures
Financials: Capital Expenditures Actuals Remaining Approved Figures in USD millions1 1Q252 FY2025 FY2026 Stolt Tankers 104 69 141 Stolthaven Terminals 36 135 115 Stolt Tank Containers 16 24 - Stolt Sea Farm 5 33 39 SNL Corporate & Other 65 49 61 Total $226 $310 $356 Stolt Tankers: Capex excludes dry
Slide 12: Debt Profile: Consolidating Acquisition Debt
Debt Profile: Consolidating Acquisition Debt MATURITY PROFILE (NEXT FIVE YEARS) Loan Balloon Payments RCF NOK Bonds USPP Notes Loan Amortisation & Lease Payments 600 552.7 500 461.1 144.3 US $ million 400 317.5 188.6 295.0 143.7 300 230.7 102.5 200 236.3 140.0 127.4 192.1 264.7 143.0 100 44.5 38.5 8
Slide 13: Financial KPIs: 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 1,200 6.88 6.81 6.68 1.01 6.51 7.0 0.98 LTM EBITDA-to-Interest Expense 3,000 0.93 0.95 0.94 5.81 1.0 1,000 2,484 2,460 $845 $842 6.0 $837 $824 Debt-to-TNW (x) 2,500 2,241 2,291 2,31
Slide 14: Segment Highlights
Segment Highlights Stolt-Nielsen
Slide 15: Stolt Tankers: Lower Volumes as Uncertainty Impacts Market Sentiment
Stolt Tankers: Lower Volumes as Uncertainty Impacts Market Sentiment 1Q25 vs. 1Q24 vs. 4Q24 OPERATING REVENUE EBITDA HIGHLIGHTS (1Q25 vs 1Q24) $ 408.7m $ 109.8m Lower deepsea revenues driven by reduced freight volumes Lower voyage expenses due to lower bunker costs and less time charter expe
Slide 16: Stolt Tankers: Market Sentiment Driving Softer Spot Rates in 2Q25
Stolt Tankers: Market Sentiment Driving Softer Spot Rates in 2Q25 DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 250.0 $40,000 $36,000 2Q25 Indicative 200.0 $32,000 2%-5% Decrease $28,000 27,620 150.0 $24,000 +39.3%2 $20,000 2018-2022 Average ($19,825) 100.0 $16,000 $12,000 50.0 $8,000 $4,000 0.0 Mar-2
Slide 17: Stolthaven Terminals: Utilisation Improving, Strong Performance
Stolthaven Terminals: Utilisation Improving, Strong Performance 1Q25 vs. 1Q24 vs. 4Q24 OPERATING REVENUE EBITDA UTILISATION1 $ 76.4m $ 43.7m +1.2% -0.4% $ 76.8m (-0.5%) $ 44.1m (-0.9%) 90.9% 91.9% 92.3% 91.9% $ 78.0m (-2.0%) $ 42.5m (+2.8%) 4Q24 1Q25 YTD 1Q24 YTD 1Q25 OPERATING PROFIT HIGHLI
Slide 18: Stolt Tank Containers: Lower Shipments at Higher Margins
Stolt Tank Containers: Lower Shipments at Higher Margins 1Q25 vs. 1Q24 vs. 4Q24 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT1 (US$) $ 152.9m $ 28.2m -8.1% +19.7% 1,032 $ 156.1m (-2.1%) $ 26.9m (+4.5%) 948 948 792 $ 162.1m (-5.7%) $ 32.0m (-12.1%) 4Q24 1Q25 YTD 1Q24 YTD 1Q25 OPERATING P
Slide 19: Stolt Sea Farm: Strong Christmas Sales, Higher Pricing and Volumes
Stolt Sea Farm: Strong Christmas Sales, Higher Pricing and Volumes 1Q25 vs. 1Q24 vs. 4Q24 1 OPERATING REVENUE EBITDA (Excl. FV Adj.) VOLUMES SOLD (MT) $ 31.7m $ 9.4m +7.6% +5.9% 2,268 2,268 $ 30.6m (+3.4%) $ 9.1m (+4.1%) 2,107 2,142 $ 31.0m (+2.1%) $ 8.2m (+15.2%) 4Q24 1Q25 YTD 1Q24 YTD 1Q25
Slide 20: Market Outlook
Market Outlook ielsen S| Stolt-N
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 25 403 1Y TC Rates 19K DWT (k$/Day) 385 393 Seaborne Trade (million tonnes) 10% 45 Average MR Earnings (k$/Day) 400 8% 40 20 350 6% 35 YoY Growth 300 30 15
Slide 22: USTR Section 301 Port Fees: Significant Impact on US Chemical Industry
USTR Section 301 “Port Fees” – Significant Impact on US Chemical Industry USA – A POWERHOUSE FOR CHEMICALS – ESSENTIAL US STAINLESS STEEL FLEET – CHEMICAL MANUFACTURING ECONOMIC ROLE PRIMARILY ASIAN-BUILT $633bn 2nd 10% 25% >$30bn 4.1m <1% 850 ~60% annual value largest US export share of US US GDP s
Slide 23: Concluding Remarks
Concluding Remarks MARKET HEADWINDS, FOCUSED ON DELIVERING LONG UNDERLYING RESILIENT TERM SUSTAINABLE EBITDA OPERATIONS Softening tanker market expected to continue EBITDA BREAKDOWN (US$ millions) into 2Q25. Monitoring adjacent markets for signs of stability 250,000 100% 210 209 209 214 Continued
Slide 24: Q&A
Q&A Stolt-Nielsen S|
Slide 25: Appendix: Bunker Cost Analysis
Appendix: Bunker Cost Analysis BUNKER COST – DEEPSEA AND REGIONAL (US $ m) $120 16 13.9 $100 82.4 81.7 14 78.3 78.7 Bunker Cost (US $ million) 71.6 70.5 71.1 70.8 74.0 74.2 $80 Operating Days ('000) 63.6 64.1 63.7 12 $60 97.4 108.8 10 96.5 86.2 88.2 92.6 93.7 87.6 $40 76.6 81.5 78.8 84.5 81.1 8 $20