Stolt-Nielsen (SNI) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBITDA was $177.3 million, with stable performance despite Middle East disruptions and record operating profit at Stolthaven Terminals.

• Non-tanker activities contributed 45% of group EBITDA, reflecting diversified earnings streams.

• Final dividend of $1 per share paid in May, totaling $2 per share for 2025.

• Launched a Digital Innovation Center in Hyderabad to enhance data and AI capabilities.

• Ceasefire in June led to increased shipping activity, but market visibility remains unclear and no earnings guidance reinstated.

Financial highlights

• Revenue reached $750.3 million in Q2 2026, up 5.2% year-over-year, mainly due to the Suttons acquisition.

• EBITDA was $177.3 million, down 15.6% year-over-year, reflecting softer tanker rates and integration costs.

• Operating profit was $94 million, down 70.5% year-over-year, impacted by lower contract freight rates and integration costs.

• Net profit was $51.7 million, down 31.3% year-over-year, affected by FX losses and lower freight rates.

• Free cash flow was $100.1 million, with net debt to EBITDA at 3.16x due to lower EBITDA.

Outlook and guidance

• Near-term market visibility remains limited; cautious approach with no earnings guidance reinstated.

• Q3 performance expected to improve, with positive TCE sentiment, Tank Containers turnaround, and continued strong Stolthaven results, assuming stable market conditions.

• Stolthaven capacity expansions and STC turnaround expected to support earnings growth.

• Focus remains on safety, customer proximity, and disciplined capital management.

• Storage markets expected to remain stable, with capacity expansions supporting growth.