Stolt-nielsen Limited · OSL:SNI
Stolt-nielsen — Non-Deal Roadshow (April 2025)
22 slides from Stolt-nielsen's roadshow presentation, April 2025
Slide 1: Stolt-Nielsen Limited Investor Presentation London Roadshow April 2025
STOLT-NIELSEN LIMITED INVESTOR PRESENTATION LONDON ROADSHOW APRIL 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: SNL at a Glance: A Leader in Logistics and Aquaculture
SNL at a Glance: A Leader in Logistics and Aquaculture US $2.9bn US $824m US $1.3bn US $5.1bn 7,000 LTM Revenue LTM EBITDA Market Cap1 Assets2 People LIQUID LOGISTICS SUPPLY CHAIN SOLUTIONS AQUACULTURE INVESTMENTS TANKERS TERMINALS TANK CONTAINERS SEA FARM INVESTMENTS1 (44%)3 (28%)3 (13%)3 (3%)3 (N/
Slide 4: The Case for Investing
The Case for Investing VALUE 5 STRATEGY AND 6 DRIVERS EXECUTION 1 2 3 SIMPLY THE BEST FOR EXCEPTIONAL LEADERS IN STRONG LIQUID OUR: TRACK BALANCE RECORD LOGISTICS AND SHEET ATTRACTIVE LAND-BASED ▪ SHAREHOLDERS AQUACULTURE OUTLOOK ▪ CUSTOMERS ▪ PEOPLE 4 STRONG MARKET FUNDAMENTALS Investor Presentatio
Slide 5: 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 (Adjusted Return on Capital Employed)1 Robust revenue growth as SNL … becoming a more profitable … with an unrelenting focus on has capitalised on tightening organisation in the process… continuo
Slide 6: Our Portfolio Gets Stronger
1 Our Portfolio Gets Stronger STOLT-NIELSEN SEGMENT ASSETS ADJUSTED EBITDA DEVELOPMENT (US $m) 2016 2024 STOLT TANKERS Corp. & +96% Corp. & SSF 3% Others Others 5% SSF 3% 546 12% STC 12% 279 ST US STC 13% US 44% 53% ST 2016 2024 $4.4bn $5.1bn SHVN 27% NON-TANKERS BUSINESSES SHVN 28% +57% 296 22%
Slide 7: Evolving Importance of Supply Chain Solutions in our Favour
2 Evolving Importance of Supply Chain Solutions in our Favour LEGACY THINKING… …IMPACT OF A VUCA1 WORLD… …LOGISTICS TODAY GEOPOLITICS C-SUITE FOCUS ENERGY TRANSITION PLANNING TRADE BARRIERS REGULATION VISIBILITY DIGITALISATION RESILIENCE/ BLACK-SWAN EVENTS FLEXIBILITY Investor Presentation 1. Volati
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 >65% OF OUR TOP 100 CUSTOMERS USE MORE LOGISTICS PLAYERS THAN ONE OF OUR LIQUID LOGISTICS SERVICES TOP 100 CUSTOMERS – 20241 68% > 1 SNL Service 32% Standalone Service Investor Presentation 1. Based on FY 2024 reve
Slide 9: Strong Balance Sheet: Financial Flexibility Supporting Growth Investments
3 Strong Balance Sheet: Financial Flexibility Supporting Growth Investments REDUCING LEVERAGE1 AND NET DEBT Net Debt (US $ m) 2,237 2,270 2,313 2,039 1,763 1,852 2,327 ▪ Conservative balance sheet management 5.1x 4.7x 4.3x Target <3.5x ▪ Disciplined capital allocation strategy balancing growth, debt
Slide 10: Supportive Fundamentals, Positive MR Signals Could Limit Swing Tonnage
4 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%
Slide 11: Aspiring to be Simply-the-Best for our Shareholders, Customers and People
5 Aspiring to be Simply-the-Best for our Shareholders, Customers and People SHAREHOLDERS CUSTOMERS PEOPLE SHARE PRICE GROWTH (NOK)1 NET PROMOTER SCORE2 SUSTAINABLE EMPLOYEE ENGAGEMENT3 +163% +17% +1.2% 289 41 86 85 110 35 2020 2024 Apr 2024 Nov 2024 2020 2024 CASH RETURNS CUSTOMER & INDUSTRY A
Slide 12: 1Q 2025 Results – Summary Slides
1Q 2025 RESULTS – SUMMARY SLIDES
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 1.01 6.51 7.0 LTM EBITDA-to-Interest Expense 0.95 0.98 0.94 3,000 0.93 5.81 1.0 1,000 2,484 2,460 $845 $842 6.0 $837 Debt-to-TNW (x) 2,317 $824 2,500 2,241 2,29
Slide 21: Concluding Remarks
Concluding Remarks MARKET HEADWINDS, FOCUSED ON DELIVERING LONG UNDERLYING RESILIENT TERM SUSTAINABLE EBITDA OPERATIONS ▪ Softening tanker market expected to continue EBITDA BREAKDOWN (US$ millions) into 2Q25. Monitoring adjacent markets for signs of stability 250,000 100% 210 209 209 214 90% ▪ Cont
Slide 22: Thank You
THANK YOU Stolt-Nielsen