Stolt-Nielsen (SNI) Investor Presentation summary

Business overview and portfolio

• Generated $2.8bn in 2023 operating revenue and $866m adjusted EBITDA, with a diversified portfolio in liquid logistics and aquaculture.

• Operates 163 chemical tankers, 14 terminals, 51,000 tank containers, 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 position

• 1H24 operating revenue grew 1.3% year-on-year to $1,448.5m, but adjusted EBITDA and net profit declined by 4.3% and 4.2%, respectively.

• Free cash flow decreased 18.8% to $202.4m YTD 2Q24, with net debt to EBITDA stable at 2.40x.

• 2Q24 operating profit was $136.8m and net profit $100.2m, with higher revenue offset by increased expenses and lower deepsea revenues.

• Cash from operations dropped due to a $290m legal settlement, with end-2Q24 cash at $115.1m.

• Maintains robust financial KPIs, with debt to tangible net worth at 0.95 and EBITDA to interest expense at 6.88x.

Strategic execution and growth

• Achieved 8.5% revenue CAGR and 18.6% EBITDA CAGR from 2019-2023, with a 34.5% CAGR in adjusted ROCE.

• Portfolio strengthened with increased share of non-tanker businesses and 27% adjusted EBITDA CAGR from 2021-2023.

• Over $1.2bn in additional debt capacity and disciplined capital allocation support growth and shareholder returns.

• $450m growth capex invested 2021-23, with $600-700m planned for 2024-26.