Stolt-Nielsen Limited

c/o Stolt-Nielsen M.S. Ltd Tel: +44 20 7611 8960 Aldwych House, 71-91 Aldwych Fax: +44 20 7611 8965 London WC2B 4HN www.stolt-nielsen.com U.K.

Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2025

Tanker performance impacted by market uncertainty, non-tanker portfolio continues to perform well

LONDON, April 3, 2025 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the first quarter ending February 28, 2025. The Company reported a first-quarter net profit of \$151.4 million with revenue of \$675.6 million, compared with a net profit of \$104.0 million with revenue of \$707.3 million in the first quarter of 2024. Excluding \$75.2 million in one-off gains, due to the step-up of equity investments in Avenir LNG Limited (Avenir) and Hassel Shipping 4 (HS4), firstquarter net profit was \$76.2 million.

Highlights for the first quarter of 2025, compared with the first quarter of 2024, were:

Stolt-Nielsen Limited (SNL) consolidated EBITDA of \$192.0 million, down from \$210.3 million.
Earnings per share (EPS) was \$2.83, up from \$1.94. Excluding the one-off gains, EPS was \$1.42 per share.
Stolt Tankers reported operating profit of \$66.6 million, compared to \$93.0 million.
The STJS average time-charter equivalent (TCE) revenue¹ was \$27,620 per operating day, compared to \$29,944.
Stolthaven Terminals reported operating profit of \$28.5 million, level with the same quarter last year.
Stolt Tank Containers reported operating profit of \$15.2 million, up from \$13.3 million.
Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of \$7.4 million, up from \$6.9 million.
Stolt-Nielsen Gas reported an operating loss of \$3.5 million, compared to a loss of \$2.0 million.
Corporate and Other reported an operating loss of \$10.5 million compared to a loss of \$10.7 million.

Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:

"In an increasingly uncertain environment, the Company produced solid results with EBITDA of \$192 million. While Stolt Tankers' EBITDA fell 17%, our non-shipping business was up 6%, so overall the Company was down 9%, demonstrating the benefit of our diversified portfolio. The breadth of our business brings some resilience and risk mitigation in an otherwise volatile macroeconomic situation.

"Stolt Tankers faces significant uncertainties in its markets, driven by geopolitics. Tariffs on traded goods and potential higher US port fees could significantly impact trade flows, and we are closely

¹ TCE revenue per operating day refers to deep-sea sailed-in revenue per day, which is calculated as voyage revenue less voyage related expenses and trading overhead expense, divided by total operating days during the period

monitoring the development of trade policies. Average TCE revenue for the first quarter was \$27,620 per day, a further decline from previous quarters, but still 39% above the historical average² .

"Storage markets have been more stable, and at Stolthaven Terminals utilisation continues to trend upwards. Revenue and operating profit were flat year-over-year at record levels, despite a negative currency impact.

"Ongoing margin improvement at Stolt Tank Containers has supported a strong year-on-year performance in the first quarter. A decline in volumes impacted revenue, however operating profit increased, as spot rates booked were up, and the ongoing focus on cost control continues to pay off.

"Strong Christmas sales and margin performance positioned Stolt Sea Farm well for the first quarter of the year. With inventory levels remaining tight, sales prices were at record-high levels, which has positively impacted operating profit.

"During the quarter, we continued to invest in our business. We completed the acquisitions of the remaining 50% of the HS4 joint venture and an additional 48.8% in Avenir. The combined outcome of these transactions should generate an annualised additional contribution to EBITDA of around \$50 million, subject to market conditions."

Outlook

We expect supply chain uncertainty driven by geopolitics, and particularly trade policies, to continue in the near term. This uncertainty is expected to continue to impact customer sentiment, resulting in deferred supply chain decisions such as hesitancy on contract commitments and potential re-routing of trade. We believe however that the supply and demand fundamentals for our markets remain supportive long-term, and that our diversified portfolio of liquid logistics and aquaculture businesses, combined with our clearly defined strategy, positions us well to navigate this uncertainty.

Tanker markets will continue to be affected by geopolitical risk, driven by the ongoing conflict in the Red Sea, sanctions as a result of war in Ukraine, and potential tariffs and port fees deriving from US trade policy. The range of outcomes from these disruptive events is wide and could have significant impact across the sector. In the event of an unfavourable outcome on the US port fee hearings, we have a range of mitigating tactics that could offset some of the impact, including reducing port calls, prioritising major ports, leaning into global trade shifts, and passing costs through. In light of the elevated uncertainty, commercial sentiment has weakened leading to a softer spot market in the nearterm. For the second quarter, we expect daily average TCE revenue to see a slight decline. However, market fundamentals are unchanged, and there are signs that rates are stabilising in adjacent markets, suggesting that supply dynamics through 2025 will hold steady.

At Stolthaven Terminals our global portfolio of terminals mitigates the potential impact of uncertain markets. We expect utilisation at our terminals to continue to improve throughout 2025 and costs to remain well under control.

Volatility in the tank container market was somewhat eased by the cancellation of strike action by the International Longshoremen's Association (ILA) in January 2025. However, market instability driven by geopolitics remains, which may impact space requirements and rates. Nonetheless, strengthening demand in the key geographies for Stolt Tank Containers should be positive for both spot rates and shipment volumes looking forward to the second quarter and beyond.

² 2018-2022 average TCE revenue was \$19,825

Pricing remains firm at Stolt Sea Farm. While the impact from greater-than-usual wild catch in sole may be felt in the near-term, the strong first quarter sales in turbot means that inventory levels are tight, supporting higher prices into Easter and the pre-summer season.

Our outlook has been formed on the basis of information available at the time of writing. As markets evolve, and clarity emerges on key issues that impact our sector, sentiment could quickly change.

Dividends

On February 11, 2025, the Company's Board of Directors recommended a final dividend for 2024 of \$1.25 per share, payable on May 7, 2025, to shareholders of record as of April 24, 2025. The shares will trade ex-dividend on and after April 23, 2024. The dividend, which is subject to shareholder approval, will be voted on at the Company's Annual General Meeting. If approved, this will bring the full dividend for 2024 to \$2.50 per Common Share.

Annual General Meeting

On March 21, 2025, materials for the Company's Annual General Meeting (AGM) were made available electronically and mailed to those shareholders who had requested physical documents. Copies of these materials are also available on the Company's website.

The Company's AGM will be held on April 17, 2025, at 10:00 am local time, at the registered office of the Company at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. Shareholders of record as at close of business on March 20, 2025 will be entitled to vote at the meeting.

Reporting Item (in USD millions, except per share data and number of shares)	Quarter
	1Q25	4Q24	1Q24
Revenue	675.6	709.4	707.3
Operating profit	107.9	130.4	132.1
Non-operating inc. on step-up acquisition of HS4 and Avenir	75.2	-	-
Net profit	151.4	91.4	104.0
EPS attributable to SNL shareholders – diluted	2.83	1.71	1.94
Weighted average number of shares – diluted (in millions)	53.5	53.5	53.5

Stolt-Nielsen performance summary and results

Debt, net of cash and cash equivalents, was \$2,327.2 million as of February 28, 2025, compared with \$1,852.0 million as of November 30, 2024. The increase in net debt was predominantly driven by the acquisition of HS4 and Avenir as well as the inclusion of their outstanding debt of \$323.9 million in aggregate in the Consolidated Balance Sheet. Shareholders' equity attributable to SNL as of February 28, 2025 was \$2,263.7 million, compared with \$2,152.3 million as of November 30, 2024.

Net interest expense in the first quarter was \$29.4 million compared with a first-quarter 2024 interest expense of \$25.4 million. As of February 28, 2025, the Company had \$156.3 million of cash and cash equivalents and \$298.2 million of available and undrawn committed revolving credit lines. In comparison, on November 30, 2024, the Company had \$334.7 million of cash and cash equivalents and \$418.2 million of available and undrawn committed revolving credit lines.

Segment information

Operating Profit (Loss) by Division (in USD millions)		Quarter
	1Q25	4Q24	1Q24
Stolt Tankers	66.6	83.4	93.0
Stolthaven Terminals	28.5	26.2	28.5
Stolt Tank Containers	15.2	16.6	13.3
Stolt Sea Farm	7.4	6.1	6.9
SSF fair value adjustment of inventory	4.2	1.1	3.1
Stolt-Nielsen Gas	(3.5)	(11.7)	(2.0)
Corporate & Other	(10.5)	8.7	(10.7)
Total	107.9	130.4	132.1

Stolt Tankers: Weaker volumes as uncertainty impacts market sentiment

Stolt Tankers reported first-quarter revenue of \$408.7 million, down from \$443.8 million in the first quarter of 2024. Deep-sea revenue decreased by \$30.8 million or 8.9%. Deep-sea volume was down 10.5% driven by a weaker market, low trader activity and ongoing transit restrictions in the Red Sea that began in early 2024. The prior year included \$6.8 million additional revenues from re-routing around the Panama Canal, which was not repeated in the first quarter of 2025. Deep-sea bunker surcharge revenue declined \$2.3 million, reflecting lower bunker fuel prices as the average price of bunkers consumed was down from \$606 to \$550 per tonne. The average deep-sea TCE revenue for the quarter was \$27,620 per operating day, down 7.8% compared to the same quarter last year, driven by lower volumes. Regional fleet revenue decreased \$4.3 million compared to the first quarter in the prior year, reflecting lower European barging results.

Stolt Tankers reported a first-quarter operating profit of \$66.6 million which was a \$26.4 million reduction from the first quarter of 2024. The \$35.1 million reduction in revenue was partially offset by lower voyage expenses caused by lower bunker costs and less time charter expense to pool partners in part due to the acquisition of HS4 in January 2025. Partially offsetting this was an increase in external time-charter costs related to replacement tonnage. Owning expenses were also up \$1.7 million, driven by the timing of stock replenishment and annual salary increase. Share of joint venture income was \$4.8 million lower due to the deep-sea lower results and acquisition of HS4.

Stolthaven Terminals: Utilisation improving, strong operating profit performance

Stolthaven Terminals reported first-quarter revenue of \$76.4 million, almost level with the \$76.8 million achieved in the first quarter of 2024. Foreign exchange negatively impacted revenue by \$1.9 million, partly offset by higher storage rates. Average utilisation at wholly owned terminals in the first quarter was 91.9%, down compared to 92.3% in the first quarter of 2024, however there is an upwards trend, with utilisation increasing from 90.9% in the prior quarter. This is expected to continue to gradually trend upwards over the course of the year.

Stolthaven Terminals reported a first-quarter operating profit of \$28.5 million, almost level with the first quarter of 2024 which was a record-high level. Like-for-like operating profit, excluding the impact of foreign exchange, would have been \$29.2 million. Equity income from joint ventures also increased by \$0.6 million, due to additional capacity at Westport, Malaysia and improved performance at Jeong-IL Stolthaven Ulsan, South Korea.

Stolt Tank Containers: Strong spot rates supporting higher margin business, despite lower shipment volumes

Stolt Tank Containers (STC) reported first-quarter revenue of \$152.9 million, a decrease of 2.1% from \$156.1 million in the first quarter of 2024. Soft market conditions in some regions impacted transportation revenue, which was down 5.1% due to a decline in shipment volumes of 9.0%. However, transportation revenue per shipment increased 4.2% compared to the same quarter last year, driven by stronger spot rates. Space constraints with carriers have eased, contributing to a decline in demurrage revenue of 5.0%. This impact was partially offset by an increase in China domestic and other revenue.

STC reported a first-quarter operating profit of \$15.2 million, increasing 14.1% from \$13.3 million in the first quarter of 2024. Lower operating expenses, primarily freight costs and costs to reposition empty tanks, more than offset the impact of the lower shipment volumes.

Stolt Sea Farm: Strong Christmas sales; sustained higher pricing through the quarter

Stolt Sea Farm (SSF) reported first-quarter revenue of \$31.7 million, up from \$30.6 million in the same quarter of 2024. Sales prices for both turbot and sole continue to be strong, increasing 2.5% and 8.0% respectively year-on-year. Sales volume of turbot increased 8.3% with higher sales of both fresh and frozen product. Sole sales volume declined 4.4% due to greater-than-usual wild catch together with lower production yield in the prior quarter.

SSF reported a first-quarter operating profit of \$7.4 million before fair value adjustment of biomass, up from \$6.9 million in the first quarter of 2024. Operating expenses excluding the fair value adjustment were up 1.9%. The fair value adjustment of biomass resulted in a gain of \$1.1 million compared with the first quarter of 2024.

Stolt Investments

Stolt-Nielsen holds equity and debt investments in Odfjell SE, Golar LNG Limited (Golar), Ganesh Benzoplast Limited and the Kingfish Company N.V., and a joint venture investment in and advance to Higas Holdings Limited (Higas).

In February 2025, through Stolt-Nielsen Gas, a subsidiary of the Company, purchased all the shares of Avenir owned by Golar and Aequitas Limited (46.9% ownership interest), and an additional 1.9% of Avenir shares, increasing its total shareholding from 47.0% to 95.8%. As a result, the Company recorded a one-off revaluation gain of \$32.5 million in the first quarter of 2025.

On March 5, 2025, the Company launched a compulsory offer for the remaining 4.2% of Avenir shares, which is expected to be completed by the end of April 2025. The Company now consolidates Avenir in the Consolidated Financial Statements.

Conference Call

Stolt-Nielsen Limited (Oslo Børs: SNI) will host a virtual presentation to discuss the Company's unaudited results for the first quarter of 2025 on Thursday, April 3, 2025 at 15:00 CEST (09:00 EDT, 14:00 BST).

The virtual presentation will be hosted by:

Mr. Udo Lange Chief Executive Officer, Stolt-Nielsen Limited
Mr. Jens F. Grüner-Hegge Chief Financial Officer, Stolt-Nielsen Limited
Mr. Alex Ng Vice President Strategy & Business Development, Stolt-Nielsen Limited

To join the event online, please click here. The link will also be available on our website. It may be necessary to download the Teams app to join by mobile phone, although attendees should not need to log in or create an account. The presentation slides will be published on the Investor section of our website here on the day of the presentation.

For additional information please contact:

Jens F. Grüner-Hegge Chief Financial Officer UK +44 (0) 20 7611 8985 [email protected]

Alex Ng Vice President Strategy & Business Development UK +44 (0) 20 7611 8913 [email protected]

Ellie Davison Head of Corporate Communications UK +44 (0) 20 7611 8926 [email protected]

About Stolt-Nielsen Limited

Stolt-Nielsen (SNL or the 'Company') is a long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Stolt-Nielsen portfolio consists of its three global bulk-liquid and chemicals logistics businesses – Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers – Stolt Sea Farm and various investments. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo Børs: SNI).

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Forward-Looking Statements

This press release contains "forward-looking statements" based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forwardlooking statement. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," "indicates" and similar expressions. The forward-looking statements reflect the Company's current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company's actual future results, performance or achievements will be as discussed in those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.

STOLT-NIELSEN LIMITED AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in US dollar thousands, except per share data) (UNAUDITED)

	Three Months Ended
		Feb 28		Nov 30		Feb 29
		2025		2024		2024
Revenue	\$	675,600	\$	709,375	\$	707,314
Operating expenses		428,889 246,711		452,034 257,341		452,951 254,363
Depreciation and amortisation		78,746		76,699		72,465
Gross profit		167,965		180,642		181,898
Share of profit of joint ventures and associates Administrative and general expenses Gain (loss) on disposal of assets, net		11,043 (71,509) 74		5,829 (54,986) (1,591)		17,509 (68,052) 354
Other operating income Other operating expenses		502 (202)		1,058 (582)		615 (201)
Operating Profit		107,873		130,370		132,123
Non operating income (expense)
Finance income Finance expense - finance leases Finance expense - debt Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. (a) Foreign currency exchange (loss) gain, net		2,216 (4,761) (26,813) 75,190 (2,734)		5,397 (4,664) (28,231) - (3,931)		5,684 (2,975) (28,151) - 141
Other non-operating income, net		8,187		9,006		5,932
Profit before income tax		159,158		107,947		112,754
Income tax expense		(7,755)		(16,534)		(8,785)
Net Profit	\$	151,403	\$	91,413	\$	103,969
PER SHARE DATA Net profit attributable to SNL shareholders
Basic Diluted	\$ \$	2.83 2.83	\$ \$	1.71 1.71	\$ \$	1.94 1.94

Weighted average number of common shares and common share equivalents outstanding: Basic Diluted		53,524 53,524		53,524 53,524		53,524 53,524
SELECTED CASH FLOW DATA Capital expenditures (excluding capitalised interest) Purchase price of acqusitions (net of cash acquired) Equity contributions and advances to joint ventures and associates,	\$	65,477 158,233	\$	95,943 -	\$	258,406 -
net of repayments		73,628		7,182		3,580
Total selected cash flow data	\$	297,338	\$	103,125	\$	261,986
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) AND ONE-TIME ITEMS
Profit before income tax Adjusted for:	\$	159,158	\$	107,947	\$	112,754
Depreciation and amortisation Finance income Finance expense - finance leases Finance expense - debt Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. (Gain) loss on disposal of assets, net EBITDA	\$	78,746 (2,216) 4,761 26,813 (75,190) (74) 191,998	\$	76,699 (5,397) 4,664 28,231 - 1,591 213,735	\$	72,465 (5,684) 2,975 28,151 - (354) 210,307
Fair value adjustment made to biological assets
(included in operating expenses) EBITDA before fair value of biological assets and other one-time items	\$	(4,200) 187,798	\$	(1,051) 212,684	\$	(3,105) 207,202

(a) Represents the gains from the step-up of SNL's investments in Hassel Shipping 4 of \$42.5 million and Avenir LNG of \$32.7 million when additional shares of these companies were purchased and SNL changed from the equity method to the consolidation method of accounting,

(UNAUDITED) STOLT-NIELSEN LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in US dollar thousands)

	As of
	Feb 28 2025		Nov 30 2024
ASSETS
Cash and cash equivalents	\$ 156,345	\$	334,738
Receivables	375,317		376,732
Inventories	7,819		7,295
Biological assets	56,102		52,545
Prepaid expenses	128,296		95,222

Derivative financial instruments	5,031		7,014
Income tax receivable	7,042		4,647
Other current assets	31,234		34,885
Total current assets	767,186		913,078
Property, plant and equipment	3,419,148		2,775,044
Right-of-use assets	318,330		331,492
Deposit for newbuildings	99,203		41,328
Investment in and advances to joint ventures and associates	576,205		719,563
Investments in equity instruments (a)	192,177		205,274
Deferred tax assets	14,915		18,488
Goodwill and other intangible assets	50,184		42,455
Employee benefit assets	24,232		24,082
Derivative financial instruments	4,153		2,337
Insurance reimbursement receivables	8,942		12,848
Other non-current assets	19,165		16,613
Total non-current assets	4,726,654		4,189,524
Total assets	\$ 5,493,840	\$	5,102,602

LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt	\$ 208,136	\$	195,645
Current lease liabilities	51,695		58,581
Accounts payable	140,654		96,325
Accrued voyage expenses and unearned revenue	99,436		70,862
Accrued expenses	259,358		282,158
Provisions	1,091		521
Income tax payable	26,933		24,505
Dividend payable	-		66,972
Derivative financial instruments	5,561		7,342
Other current liabilities	51,436		56,031
Total current liabilities	844,300		858,942

Long-term debt	1,944,038		1,647,127
Long-term lease liabilities	279,662		285,430
Deferred tax liabilities	107,101		109,629
Employee benefit obligations	20,113		20,197
Derivative financial instruments	16,170		12,671
Long-term provisions	11,151		15,049
Other non-current liabilities	1,219		1,223
Total non-current liabilities	2,379,454		2,091,326
Total liabilities	3,223,754		2,950,268
Common stock and Founder's shares	58,538		58,538
Paid-in surplus	195,466		195,466
Retained earnings	2,367,648		2,216,245
Other components of equity	(246,865)		(206,864)
	2,374,787		2,263,385
Treasury stock	(111,051)		(111,051)
Equity attributable to equity holders of SNL	2,263,736		2,152,334

Non-controlling interests	6,350		-
Total shareholders' equity	2,270,086		2,152,334
Total liabilities and shareholders' equity	\$ 5,493,840	\$	5,102,602
Debt, net of cash and cash equivalents (b)	\$ 2,327,186	\$	1,852,045

(a) Investments in equity and debt instruments include shares of Golar LNG Limited acquired for \$106.4 million, Ganesh Benzoplast Limited for \$5.1 million, Odfjell SE for \$55.4 million and The Kingfish Company N.V. equity for \$7.4 million and convertible debt for \$2.7 million.

(b) Computed as current maturities of long-term debt and lease liabilities and long-term debt and lease liabilities less cash and cash equivalents.

STOLT-NIELSEN LIMITED AND SUBSIDIARIES SELECTED SEGMENT AND FINANCIAL DATA (in US dollar thousands) (UNAUDITED)

The following tables present the contribution to revenue, gross profit, operating profit and EBITDA for each of SNL's reportable segments and other corporate items.

	Three Months Ended
		Feb 28		Nov 30		Feb 29
		2025		2024		2024
REVENUE:
Stolt Tankers Deepsea	\$	314,119	\$	337,812	\$	344,905
Regional Fleet		94,539		100,440		98,846
Stolt Tankers - Total		408,658		438,252		443,751
Stolthaven Terminals		76,416		78,011		76,814
Stolt Tank Containers Stolt Sea Farm		152,869 31,658		162,084 31,028		156,132 30,617
Stolt-Nielsen Gas		5,999		-		-
Total	\$	675,600	\$	709,375	\$	707,314
OPERATING EXPENSES:
Stolt Tankers	\$	279,902	\$	292,862	\$	299,195
Stolthaven Terminals		26,550		28,682		27,110
Stolt Tank Containers		104,323		110,775		110,495
Stolt Sea Farm (excluding Fair Value Adjustment) Stolt Sea Farm Fair Value Adjustment		19,172 (4,200)		19,512 (1,051)		18,818 (3,105)
Stolt-Nielsen Gas		3,448		-		-
Corporate and Other		(306)		1,254		438
Total	\$	428,889	\$	452,034	\$	452,951

DEPRECIATION AND AMORTISATION: Stolt Tankers	\$	44,136	\$	42,400	\$	39,386
Stolthaven Terminals		15,488		16,617		15,633
Stolt Tank Containers		13,999		14,657		13,913
Stolt Sea Farm Stolt-Nielsen Gas		2,102 1,643		1,837 -		2,103 -
Corporate and Other		1,378		1,188		1,430
Total	\$	78,746	\$	76,699	\$	72,465
GROSS PROFIT:
Deepsea	\$	74,795	\$	89,925	\$	86,548
Regional Fleet		9,825		13,065		18,622
Stolt Tankers - Total Stolthaven Terminals		84,620 34,378		102,990 32,712		105,170 34,071
Stolt Tank Containers		34,547		36,652		31,724
Stolt Sea Farm (excluding Fair Value Adjustment)		10,384		9,679		9,696
Stolt Sea Farm Fair Value Adjustment Stolt-Nielsen Gas		4,200 908		1,051 -		3,105 -
Corporate and Other		(1,072)		(2,442)		(1,868)
Total	\$	167,965	\$	180,642	\$	181,898
SHARE OF PROFIT OF JOINT VENTURES AND ASSOCIATES:
Stolt Tankers	\$	7,579	\$	8,218	\$	12,415
Stolthaven Terminals		7,315		7,913		6,727
Stolt Tank Containers		182		435		187
Stolt Sea Farm Stolt-Nielsen Gas		- (4,033)		- (10,737)		- (1,820)
Total	\$	11,043	\$	5,829	\$	17,509

ADMINISTRATIVE AND GENERAL EXPENSES: Stolt Tankers	\$	(25,535)	\$	(27,073)	\$	(24,568)
Stolthaven Terminals		(13,391)		(14,505)		(12,403)
Stolt Tank Containers		(20,119)		(21,143)		(19,243)
Stolt Sea Farm		(2,928)		(3,405)		(2,787)
Stolt-Nielsen Gas Corporate and Other		(741) (8,795)		(163) 11,303		(205) (8,846)
Total	\$	(71,509)	\$	(54,986)	\$	(68,052)

GAIN (LOSS) ON DISPOSAL OF ASSETS, NET: Stolt Tankers	\$	-	\$	(127)	\$	2
Stolthaven Terminals		(7)		(192)		(64)
Stolt Tank Containers		505		(25)		415
Stolt Sea Farm Stolt-Nielsen Gas		- -		16 (787)		- -
Corporate and Other		(424)		(476)		1
Total	\$	74	\$	(1,591)	\$	354

OTHER OPERATING INCOME (EXPENSE), NET:
Stolt Tankers Stolthaven Terminals	\$	(35) 164	\$	(611) 262	\$	- 185
Stolt Tank Containers		44		720		200
Stolt Sea Farm		(73)		(143)		(33)
Stolt-Nielsen Gas Corporate and Other		326 (126)		- 248		- 62
Total	\$	300	\$	476	\$	414

OPERATING PROFIT (LOSS):
Stolt Tankers Stolthaven Terminals	\$	66,629 28,459	\$	83,397 26,190	\$	93,019 28,516
Stolt Tank Containers		15,159		16,639		13,283
Stolt Sea Farm		11,583		7,198		9,981
Stolt-Nielsen Gas		(3,540)		(11,687)		(2,025)
Corporate and Other Total	\$	(10,417) 107,873	\$	8,633 130,370	\$	(10,651) 132,123

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) (a)
Stolt Tankers	\$	109,806	\$	124,332	\$	132,411
Stolthaven Terminals Stolt Tank Containers		43,747 28,164		42,549 32,045		44,131 26,944
Stolt Sea Farm		13,646		9,249		12,179
Stolt-Nielsen Gas		(1,042)		(10,223)		(1,321)
Corporate and Other Total	\$	(2,323) 191,998	\$	15,783 213,735	\$	(4,037) 210,307

(a) EBITDA excludes gain (loss) on disposal of assets and on step-up acquisition of Avenir and HS4, net

STOLT-NIELSEN LIMITED AND SUBSIDIARIES OPERATING YARDSTICKS (UNAUDITED)

	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
STOLT TANKERS
Time charter equivalent revenue per operating day (a)
2023	29,066	30,880	28,429	30,144
2024	29,944	32,862	33,355	30,185
2025	27,620	N/A	N/A	N/A

Volume of cargo carried - million of tons Deepsea fleet - Operated in the period (b)
2023	3.0	3.0	3.1	3.0
2024	2.7	2.6	2.5	2.7
2025	2.4	N/A	N/A	N/A
Regional fleets - Operated in the period (c)
2023	1.5	1.6	1.9	1.6
2024	2.1	2.2	2.0	2.1
2025	2.2	N/A	N/A	N/A
Operating days
Deepsea fleet - Operated in the period (d)
2023	7,185	7,225	7,402	7,092
2024	6,984	6,972	6,911	7,129
2025	7,135	N/A	N/A	N/A
Regional fleets - Operated in the period (c)
2023	5,650	5,838	6,084	6,372
2024	6,932	7,017	6,893	6,973
2025	6,725	N/A	N/A	N/A
Average number of ships (e)
Deepsea fleet - Operated
2023	83	83	83	76
2024	76	75	78	79
2025	79	N/A	N/A	N/A
Regional fleets - Operated
2023	74	76	78	77
2024	76	77	74	75
2025	74	N/A	N/A	N/A

STOLT TANK CONTAINERS Number of Shipments
2023	32,833	35,667	36,641	37,381
2024	40,047	41,781	37,365	35,528
2025	36,454	N/A	N/A	N/A
Tank containers owned and leased at the end of the period
2023	46,957	47,702	48,547	50,928
2024	50,748	50,571	51,036	51,407
2025	51,011	N/A	N/A	N/A
STOLTHAVEN TERMINALS
Average marketable capacity in cubic metres
2023	1,723,682	1,723,546	1,723,811	1,723,839
2024	1,742,786	1,750,169	1,748,702	1,748,532
2025	1,748,726	N/A	N/A	N/A
Tank capacity utilisation %
2023	97.3%	97.0%	96.8%	95.5%
2024	92.3%	90.0%	90.0%	90.9%
2025	91.9%	N/A	N/A	N/A

(a) For the deep-sea fleet, revenue less voyage-related costs divided by operating days.

(b) Deepsea fleet statistics include time-chartered ships and STJS pool partner ships.

(d) Operating days for deepsea fleet include ships Time Chartered out.

(e) Effective in the fourth quarter of 2022, the calculation of average number of ships was restated to be the average of the ships owned and operated in the beginning and ending of the period.

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