Stolt-Nielsen (SNI) investor relations material

Executive summary

• Q3 2026 delivered solid results amid global supply chain disruptions, with operating revenue up to $776.5 million and net profit rising to $84.4 million, reflecting resilience from a diversified portfolio and non-tanker businesses contributing 50% of EBITDA.

• Strategic sale of 50% interest in Avenir LNG to NYK Line released capital, reduced consolidated debt, and created a growth partnership, resulting in a $15.4 million gain and deconsolidation.

• Acquisition of Suttons International Holdings expanded the tank container segment and resulted in $31.4 million goodwill.

Financial highlights

• Operating revenue reached $776.5 million, up 10.9% year-over-year; EBITDA before fair value adjustment was $194 million, up 1.3% year-over-year.

• Operating profit was $100.8 million, down 7.9% year-over-year; net profit rose 31.9% to $84.4 million, including a $15.4 million one-off gain from the Avenir LNG sale.

• Free cash flow surged 116.6% year-over-year to $292.4 million, benefiting from asset sales.

• Cash and cash equivalents at period end were $217.5 million, up from $144.6 million at November 30, 2025.

Outlook and guidance

• Q4 2026 financial performance expected to be modestly behind Q3, mainly due to softer tanker performance, with stable terminal and container margins.

• Management expects robust cash flows and compliance with all debt covenants for the remainder of 2026 and 2027, with stress testing indicating resilience.

• CapEx for 2026 projected at $250 million, with $438.7 million in commitments outstanding and $170.1 million due within 12 months.