Stolt-nielsen

Earnings Release • Jul 3, 2025

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

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

Resilient performance in an uncertain geopolitical environment

LONDON, July 3, 2025 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today

reported unaudited results for the second quarter ending May 31, 2025. The

Company reported a second-quarter net profit of $75.2 million with revenue of

$712.9 million, compared with a net profit of $100.2 million with revenue of

$741.1 million in the second quarter of 2024. The net profit for the first half

of 2025 was $226.6 million with revenue of $1,388.5 million, including $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), compared with a net profit of

$204.1 million with revenue of $1,448.5 million, in the first half of 2024.

Highlights for the second quarter of 2025, compared with the second quarter of

2024, were:

* Stolt-Nielsen Limited (SNL) consolidated EBITDA(1) of $210.1 million, up

from $207.9 million.

* Earnings per share (EPS) was $1.41, down from $1.87.

* Stolt Tankers reported operating profit of $70.5 million, down from $106.5

million.

* The average time-charter equivalent (TCE) revenue(2) was $26,220 per

operating day, compared to $32,862.

* Stolthaven Terminals reported record operating profit of $28.9 million, up

from $28.2 million.

* Stolt Tank Containers reported operating profit of $12.2 million, down from

$12.5 million.

* Stolt Sea Farm reported an operating profit before fair value adjustment of

biomass of $6.6 million, down from $8.2 million.

* Stolt-Nielsen Gas reported an operating profit of $0.3 million, compared to

a loss of $5.2 million.

* Corporate and Other reported an operating loss of $4.7 million, compared to

a loss of $14.5 million(3).

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

"In a challenging environment, the Company has delivered a strong performance.

This is a testament to our people, a global team who prioritise safety and the

delivery of our value proposition to customers every day. Our purpose is to move

today's products for tomorrow's possibilities and so we are laser-focused on

quality, reliability and flexibility, which are critical to support our

customers navigating supply chain complexities.

"Despite significant market volatility, driven by shifting macro-economic

factors, the Company has achieved a strong quarterly performance, with EBITDA of

$210 million, $2 million higher than the same period last year. This result

demonstrates the resilience inherent in our diversified business model. Our

portfolio encompasses our Liquid Logistics solutions across tankers, terminals

and tank containers; land-based aquaculture; and other investments."

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(1) Before fair value of biological assets, gain (loss) on sales of assets and

other one-time, non-cash items

(2) 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

(3) Variance driven predominantly by lower accruals

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act