Stolt-Nielsen (SNI) Investor Presentation summary

Business overview and portfolio

• Leading provider in liquid logistics and aquaculture with $2.8bn LTM operating revenue and $837m LTM EBITDA.

• Operates 163 chemical tankers, 51,000 tank containers, 14 terminals, and 16 aquaculture facilities.

• Holds strategic investments in LNG and logistics companies, including Avenir LNG and Golar LNG.

• Employs 7,000 people and manages $4.8bn in assets.

Financial performance and growth

• Revenue grew at 8.5% CAGR from 2019 to 2023, reaching $2,820m.

• EBITDA increased 18.6% CAGR over the same period, with adjusted ROCE up 34.5%.

• 2Q24 operating revenue was $741.1m, with net profit at $100.2m and EBITDA at $208.9m.

• Cash from operations decreased in 2Q24 due to a $290m legal settlement payment.

• $1.2bn in dividends paid since 2005, with a 108% EPS CAGR from 2019-2023.

Balance sheet and liquidity

• Net debt reduced to $1,761m in 2Q24, with net debt/EBITDA at 2.4x.

• Debt to tangible net worth remains below 1.1x, and EBITDA to interest expense exceeds 5.5x.

• Over $1.2bn in additional debt capacity and strong liquidity position supported by a new $450m USPP.

• Cash and equivalents at $115.1m at end 2Q24.