Stolt-Nielsen (SNI) investor relations material

Executive summary

• Q4 2025 EBITDA was $186 million, with FY25 EBITDA at $776 million, down 8% year-over-year but at the upper end of guidance.

• Operating revenue declined 4% year-over-year, mainly due to weaker freight rates in tankers, partially offset by stable volumes and strong non-tanker performance.

• Strategic focus on growing non-tanker logistics, with non-tanker operations now 57% of assets and 45% of EBITDA.

• Major acquisitions included Suttons International, expanding the ISO tank container fleet by over 11,000 units, and full acquisition of Avenir LNG and Hassel Shipping 4 A.S.

• Announced plans to partially sell down Avenir equity to maintain balance sheet flexibility.

Financial highlights

• FY25 operating revenue was $2,769.0 million, down 4.2% year-over-year; Q4 operating revenue was $680.6 million.

• Net profit for 2025 was $350.2 million, down from $394.8 million in 2024; Q4 net profit was $59.6 million.

• Free cash flow in Q4 was $60.4 million, down 38.7% year-over-year; adjusted FY25 free cash flow was $231.7 million, down 54.8%.

• Net debt to EBITDA increased to 3.12x at year-end, up from 2.20x a year ago.

• Total liquidity at year-end was $477 million, including $144.6 million in cash.

Outlook and guidance

• FY26 EBITDA guidance is $600–$750 million, excluding Avenir LNG and including Suttons integration costs.

• Non-tanker EBITDA share expected to grow in the second half of 2026 as new capacity comes online.

• Guidance assumes stable geopolitical environment, global GDP growth of 3.1%, and average interest rates of 5.5%.

• Management expects robust cash flows and compliance with all debt covenants through 2027, supported by undrawn credit facilities and planned refinancing.

• Stress testing indicates no liquidity shortfall is expected, assuming completion of new financing facilities.