Stolt-Nielsen (SNI) Q1 2026 earnings summary

Executive summary

• EBITDA reached $180.8 million in Q1 2026, with 44% from non-tanker businesses, reflecting resilience amid global uncertainty.

• Operating profit was $81.8 million and net profit $47.5 million, down significantly year-over-year due to weaker tanker/container performance and absence of prior one-time gains.

• Free cash flow improved to nearly $120 million, supported by robust liquidity and new financing.

• Guidance for 2026 was withdrawn due to Middle East conflict, which is disrupting global supply chains.

• Final dividend of $1.00 per share proposed, totaling $2.00 for 2025, pending AGM approval.

Financial highlights

• Operating revenue rose 6.1% year-over-year to $716.8 million, mainly from the Suttons acquisition.

• EBITDA before fair value adjustment was $180.8 million, down 3.7% year-over-year.

• Operating profit was $81.8 million, down 24% year-over-year; net profit was $47.5 million, down from $151.4 million last year.

• Free cash flow improved 387.3% year-over-year to $119.8 million.

• Net interest expense increased by $6.0 million due to higher average debt levels.

Outlook and guidance

• Guidance withdrawn amid heightened geopolitical risk and market volatility from Middle East conflict.

• Planning for a range of scenarios, from normalized to highly restricted transit environments.

• Management expects robust cash flows and compliance with all debt covenants for 2026 and 2027.

• Stress testing indicates resilience even under downside scenarios.

• Focus remains on cost and capital discipline, leveraging diversification.