Stolt-nielsen Limited · OSL:SNI

Stolt-nielsen — Stolt-Nielsen Ltd Ord — Q3 2026 Earnings Presentation

23 slides from Stolt-nielsen's earnings presentation, Oct 1, 2026

  1. Slide 1: Third-Quarter 2026 Results

    THIRD-QUARTER 2026 RESULTS OCTOBER 1, 2026 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 Alex Ng CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Third-Quarter 2026 Results 3

  4. Slide 4: 3Q26 Key Messages

    3Q26 Key Messages ▪ EBITDA1 of $194m in 3Q26, up from $192m in 3Q25 • Steady performance in a challenging macro backdrop • Strong YoY performance for Stolthaven Terminals • Positive QoQ momentum for Stolt Tank Containers • Non-Tankers represents 50% of 3Q26 EBITDA1 ▪ Ongoing market disruptions have

  5. Slide 5: 3Q26 Highlights: Steady Year-on-Year Performance

    3Q26 Highlights: Steady Year-on-Year Performance 3Q26 vs. 3Q25 vs 2Q26 OPERATING REVENUE EBITDA1 OPERATING PROFIT $ 776.5m  $ 194.1m  $ 100.8m  $ 699.9m (+10.9%) $ 191.7m (+1.3%) $ 109.4m (-7.9%) $ 750.3m (+3.5%) $ 177.3m (+9.5%) $ 93.8m (+7.5%) 2 NET PROFIT FREE CASH FLOW NET DEBT TO EBITDA $ 84

  6. Slide 6: TCE Rates Down, Higher Terminal Utilisation and Shipment Volumes

    TCE Rates Down, Higher Terminal Utilisation and Shipment Volumes 1 2 TCE / OPERATING DAY (US$) UTILISATION (%)  +1.8%  -2.9% 91.9% 93.6% 24,838 24,121 3Q25 3Q26 3Q25 3Q26 3 NUMBER OF SHIPMENTS (#) EBITDA BREAKDOWN (US$)  +25.6% 250 70% 192 194 65% 200 60% 48,036 150 50% 55% 45% 50% 38,244 100 45%

  7. Slide 7: Financial Highlights

    Financial Highlights Stolt-Nielsen S|

  8. Slide 8: Financials: Summary Income Statement

    Financials: Summary Income Statement Quarter Figures in USD millions 3Q26 2Q26 3Q25 HIGHLIGHTS (3Q26 vs 3Q25) ▪ Higher operating revenue driven by higher shipments in Operating Revenue $776.5 $750.3 $699.9 Stolt Tank Containers, due to larger fleet, and Stolt Tankers Operating Expenses (516.6) (495.

  9. Slide 9: Financials: Cash Flow and Liquidity Position

    Financials: Cash Flow and Liquidity Position Quarter HIGHLIGHTS (3Q26 vs 3Q25) Figures in USD millions 3Q26 2Q26 3Q25 ▪ Net cash generated from operations remained broadly Cash generated from operations $229.0 $134.6 $230.1 consistent with the prior year quarter Interest paid (39.5) (20.7) (42.1) De

  10. Slide 10: Financials: Investing for Growth

    Financials: Investing for Growth Actuals Actuals Approved Approved Figures in USD millions1 FY2025 YTD 3Q26 FY2026 FY2027 Stolt Tankers 178 44 113 372 Stolthaven Terminals 124 58 85 90 Stolt Tank Containers 100 4 5 - SNL Corporate & Other 109 26 51 78 Total $511 $132 $254 $540 Stolt Tankers: Capex e

  11. Slide 11: Debt Profile: Stable Debt Portfolio

    Debt Profile: Stable Debt Portfolio MATURITY PROFILE (NEXT FIVE YEARS) Balloon Payments RCF NOK Bonds USPP Notes Loan Amortisation & Lease Payments 394 400 339 325 US $ million 300 244 163 137 189 200 159 184 144 49 143 100 150 92 60 88 0 46 2026 YTG 2027 2028 2029 2030 STABLE DEBT PORTFOLIO HIGHLIG

  12. Slide 12: Financial KPIs

    Financial KPIs DEBT TO TANGIBLE NET WORTH (MAXIMUM 2.25:1.00) EBITDA1 TO INTEREST EXPENSE (MINIMUM 2.00:1.00) 1.01 1.04 3,500 0.98 5.86 0.97 0.89 1,200 1.0 5.60 6.0 5.31 5.25 5.37 LTM EBITDA-to-Interest Expense 3,000 2,557 2,521 2,602 2,622 1,000 2,490 2,485 2,545 2,453 2,542 5.0 Debt-to-TNW (x) 2,5

  13. Slide 13: Segment Highlights

    Picture Picture to be to updated be replaced Segment Highlights 13

  14. Slide 14: Stolt Tankers: Stronger Rates, but Profit Limited by Bunker Costs

    Stolt Tankers: Stronger Rates, but Profit Limited by Bunker Costs 3Q26 vs. 3Q25 vs. 2Q26 OPERATING REVENUE EBITDA HIGHLIGHTS (3Q26 vs 3Q25) $ 410.4m  $ 97.1m ▪ Higher deepsea revenue driven by a significant increase in spot  rates, partly offset by lower COA freight rates ▪ Higher voyage expenses

  15. Slide 15: Stolt Tankers: TCE Rates Up Quarter on Quarter

    Stolt Tankers: TCE Rates Up Quarter on Quarter DEEPSEA CHEMICAL INDEX TCE / OPERATING DAY1 250.0 $35,000 $30,000 200.0 $25,000 $24,121 2016-2026 Average ($23,182) 150.0 $20,000 $15,000 100.0 $10,000 50.0 $5,000 0.0 $0 1Q17 1Q22 3Q16 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 3Q22 1Q23 3Q23 1Q24 3Q

  16. Slide 16: Stolthaven Terminals: Utilisation and Pricing Lift Operating Profit

    Stolthaven Terminals: Utilisation and Pricing Lift Operating Profit 3Q26 vs. 3Q25 vs. 2Q26 OPERATING REVENUE EBITDA UTILISATION1 $ 80.3m  $ 44.2m   +1.8% +0.9%  $ 79.0m (+1.6%) $ 43.6m (+1.3%) 91.9% 93.6% 92.0% 92.8% $ 81.6m (-1.6%) $ 45.9m (-3.9%) 3Q25 3Q26 YTD 3Q25 YTD 3Q26 OPERATING PROFIT HI

  17. Slide 17: Stolt Tank Containers: Return to Profit QoQ as Scale Builds

    Stolt Tank Containers: Return to Profit QoQ as Scale Builds 3Q26 vs. 3Q25 vs. 2Q26 OPERATING REVENUE EBITDA GROSS PROFIT PER SHIPMENT2 (US$) $ 215.8m  $ 31.3m   -1.0%  -17.3% $ 164.2m (+31.4%) $ 27.9m (+12.2%) $ 202.2m (+6.7%) $ 17.1m (+83.0%) 866 857 867 717 3Q25 3Q26 YTD 3Q25 YTD 3Q26 OPERATIN

  18. Slide 18: Market Outlook

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  19. Slide 19: Chemical Tanker Earnings Have Lagged Crude and Product Tankers

    Chemical Tanker Earnings Have Lagged Crude and Product Tankers CRUDE AND PRODUCT TANKER EARNINGS FIRMING GLOBAL CHEMICAL TRADE DOWN 15% Crude tanker markets have 30 YTD volumes down 15% amid AG1 losses, constrained 500 120 reached all time highs 423 US capacity and uneconomic Asian production 450 10

  20. Slide 20: Chemical Inventories Near Multi-year Lows, Restocking Required

    Chemical Inventories Near Multi-year Lows, Restocking Required CHINA ETHYLENE GLYCOL INVENTORIES ▪ While chemical inventories are opaque, key tracked 1,400 products are at multi-year lows in some markets vs Volume (thousand tons) 1,200 historic averages 1,000 800 667 600 400 200 ▪ Lower feedstock av

  21. Slide 21: Market Fundamentals Likely to be Supported by Disruptions into 2027

    Market Fundamentals Likely to be Supported by Disruptions into 2027 REBOUND IN SEABORNE TRADE EXPECTED INTO 2027 STABLE MR RATES – LIMITING SWING TONNAGE +6% 10% 70,000 Seaborne Trade (million tonnes) 400 -6% 8% 60,000 350 6% 4% 50,000 300 2% 40,000 $32,781 250 YoY Growth 0% 30,000 200 -2% 20,000 -4

  22. Slide 22: Concluding Remarks

    Concluding Remarks Supporting customers’ Diversified earnings Q4 performance Financial flexibility need for supply chain Non-Tankers represents modestly behind Q3 Net Debt / EBITDA down resilience with the breadth ~50% of 3Q26 EBITDA1 Slightly softer Stolt Tankers to 2.9x following Avenir of our glo

  23. Slide 23: Stolt-Nielsen

    Stolt TakOuianes Stolt Tank Containers Stolt-Nielsen

Stolt-Nielsen Ltd Ord — Q3 2026 Earnings Presentation on 6ix