Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Pareto Securities Conference September 2026
17 slides from Stolt-nielsen's conference presentation, September 2026
Slide 1: Stolt-Nielsen Limited Investor Presentation
September 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 $736m $2.2bn 2 $5.8bn 3 >7,000 LTM Operating Revenue LTM EBITDA1 Market Cap Assets People AQUACULTURE & LIQUID SUPPLY CHAIN SOLUTIONS INVESTMENTS STOLT TANKERS STOLTHAVEN TERMINALS STOLT TANK CONTAINERS STOLT SEA FARM ~9,000tn production capacity
Slide 4: 1H26 Highlights: TCE Rates Down From Peak and Stable Q on Q
1H26 Highlights: TCE Rates Down From Peak and Stable Q on Q Key Financials: 1H26 vs. 1H25 Performance Drivers: 2Q26 vs. 2Q25 TCE / OPERATING DAY4 UTILISATION5 OPERATING REVENUE EBITDA1 (US$) (%) $ 1,467.1m $ 358.1m -10.9% +1.3% $ 1,388.5m (+5.7%) $ 397.9m (-10.0%) 26,220 92.1% 93.4% 23,372 O
Slide 5: The Case for Investing
The Case for Investing VALUE 5 STRATEGY AND 6 DRIVERS EXECUTION 1 2 3 SIMPLY THE BEST FOR LEADERS IN EXCEPTIONAL LIQUID STRONG OUR: TRACK LOGISTICS AND BALANCE ATTRACTIVE RECORD LAND-BASED SHEET ▪ SHAREHOLDERS AQUACULTURE OUTLOOK ▪ CUSTOMERS ▪ PEOPLE 4 SOLID MARKET FUNDAMENTALS Pareto Securities Con
Slide 6: 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 7: Our Portfolio Diversification Drives Long-Term Resilience
1 Our Portfolio Diversification Drives Long-Term Resilience SEGMENT ASSETS EBITDA DEVELOPMENT (US $m) 2016 STOLT TANKERS Corp. & Others ▪ Balanced earnings mix with 45%1 SSF 3% +46% non-shipping EBITDA – offsetting 5% tanker markets volatility STC 12% 408 US 279 $4.4bn 53% ST SHVN 27% 2016 2Q26-LT
Slide 8: 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 Pareto Securities Conference 1. Based on 2025 rev
Slide 9: Strong Balance Sheet: Disciplined Capital Allocation
3 Strong Balance Sheet: Disciplined Capital Allocation LEVERAGE1 AND NET DEBT Net Debt (US $ m) 2,313 2,039 1,763 1,852 2,457 2,358 ▪ Conservative balance sheet management 4.5x Target <3.5x ▪ Disciplined capital allocation strategy balancing growth, debt service and 3.1x 3.2x 3.2x dividends 2.8x 2.5
Slide 10: Investments & Strategic Initiatives to Strengthen the Business
3 Investments & Strategic Initiatives to Strengthen the Business INVESTING IN LONG-TERM VALUE CREATION STRATEGIC INITIATIVES4 TOTAL CAPEX TOTAL CAPEX 14x deepsea (including 8x NST JV) and 2x 2025 2026 regional newbuilds STOLT TANKERS1 $178m $127m ~150,000 cbm additional capacity in Houston / NOLA ST
Slide 11: Chemical & Feedstock Markets: More Resilient than Expected in Q2
4 Chemical & Feedstock Markets: More Resilient than Expected in Q2 STRAIT OF HORMUZ CLOSURE – STRAIT OF HORMUZ CLOSURE IMPACT ON GLOBAL CHEMICAL TRADE FLOWS ▪ ~80%1 reduction in tanker transits vs. pre-war levels ▪ Drop of global chemical trade volumes by 15% vs. pre-war levels; impact on tonne-mile
Slide 12: Supply / Demand Fundamentals Supported by Tight Adjacent Tanker Markets
4 Supply / Demand Fundamentals Supported by Tight Adjacent Tanker Markets REBOUND IN SEABORNE TRADE EXPECTED INTO 2027 STABLE MR RATES – LIMITING SWING TONNAGE +6% 10% 70,000 Seaborne Trade (million tonnes) 400 -6% 8% 350 6% 60,000 4% 50,000 300 2% 40,000 250 $30,983 YoY Growth 0% 30,000 200 -2% -4%
Slide 13: Concluding Remarks: Navigating A Very Uncertain Market Environment
Concluding Remarks: Navigating A Very Uncertain Market Environment Safeguarding earnings Leveraging Focus on operational Financial flexibility: and maintaining diversification from our cost discipline and Strong liquidity and customer focus liquid logistics and capital discipline balance sheet capac
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Slide 15: Financials: Summary Income Statement
Financials: Summary Income Statement Quarter Figures in USD millions 2Q26 1Q26 2Q25 HIGHLIGHTS (2Q26 vs 2Q25) ▪ Higher operating revenue mainly due to Suttons acquisition Operating Revenue $750.3 $716.8 $712.9 (consolidation added $36.7m in revenue) Operating Expenses (495.7) (462.0) (452.5) ▪ Highe
Slide 16: Financials: Cash Flow and Liquidity Position
Financials: Cash Flow and Liquidity Position Quarter Figures in USD millions 2Q26 1Q26 2Q25 HIGHLIGHTS (2Q26 vs 2Q25) ▪ Net cash generated from operations decreased by $12.1m Cash generated from operations $134.6 $164.0 $156.8 mainly due to lower profitability, lower dividends from joint Interest pa
Slide 17: Financial KPIs
Financial KPIs DEBT TO TANGIBLE NET WORTH (MAXIMUM 2.25:1.00) EBITDA1 TO INTEREST EXPENSE (MINIMUM 2.00:1.00) 3,500 1.2 1.05 1.01 1.04 1,200 0.98 0.97 6.13 7.0 LTM EBITDA-to-Interest Expense 3,000 1.0 5.86 2,576 2,557 2,521 2,602 2,538 1,000 5.60 2,451 2,490 2,485 2,545 2,453 5.31 5.25 6.0 Debt-to-T
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