Stolt-Nielsen (SNI) investor relations material

Executive summary

• Delivered resilient Q3 2025 performance with EBITDA of $191.7 million, maintaining above $800 million EBITDA for the sixth consecutive quarter despite challenging macroeconomic and geopolitical conditions.

• Non-shipping businesses contributed 45% of EBITDA, with a 13% increase in non-shipping EBITDA compared to 3Q24, mitigating the impact of weaker shipping markets.

• Net profit for the nine months ended August 31, 2025 was $290.6 million, down from $303.3 million year-over-year.

• Major acquisitions included full control of Avenir LNG Limited and Hassel Shipping 4 AS, resulting in a $75.2 million gain on step-up acquisitions.

• Maintained strong liquidity of $466 million and robust access to funding, with a stable and extended debt maturity profile.

Financial highlights

• Q3 operating revenue was $699.9 million, down 4.5% year-over-year, with nine-month revenue at $2,088.4 million, a decrease from $2,181.3 million year-over-year.

• EBITDA before fair value adjustment was $191.7 million, down 10.9% year-over-year and 8.8% sequentially.

• Net profit was $64.0 million for Q3, a 35.5% decrease year-over-year; nine-month net profit was $290.6 million.

• Free cash flow was $135.0 million in Q3, down 36.3% year-over-year but up 91.5% sequentially.

• Earnings per share (basic and diluted) for the nine months were $5.45, compared to $5.67 year-over-year.

Outlook and guidance

• Full-year 2025 EBITDA guidance narrowed to $750–$790 million, reflecting ongoing uncertainties.

• Management expects robust cash flows and compliance with all debt covenants for the remainder of 2025 and 2026.

• CapEx for 2025 projected at $500 million, with investments targeting long-term growth in tankers, terminals, and tank containers.

• Macroeconomic assumptions include 3% global GDP growth and average interest rates of 5.5–6.0%.

• The Group has access to undrawn committed revolving credit facilities totaling $305.0 million.