Stolt-nielsen — Earnings Release 2025

Jan 28, 2026

Stolt-Nielsen Limited Reports Unaudited Results for the Fourth Quarter and Full Year 2025

Stolt-Nielsen Limited Reports Unaudited Results for the Fourth Quarter and Full Year 2025

Solid results in a challenging environment, reflecting a resilient business

model

LONDON, January 28, 2026 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today

reported unaudited results for the fourth quarter and full year ended November

30, 2025. The Company reported a fourth-quarter net profit of $59.6 million with

revenue of $680.6 million, compared with a net profit of $91.4 million with

revenue of $709.4 million in the fourth quarter of 2024. The net profit for

2025 was $350.2 million with revenue of $2,769.0 million, compared with a net

profit of $394.8 million, with revenue of $2,890.6 million for 2024.

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

2024, were:

* Stolt-Nielsen Limited (SNL) consolidated EBITDA(1) of $186.0 million, down

from $212.7 million

* Earnings per share in the fourth quarter was $1.12, down from $1.71

* Stolt Tankers reported operating profit of $54.8 million, down from $83.4

million

* The STJS average time-charter equivalent (TCE) revenue was $24,518 per

operating day, down from $30,185

* Stolthaven Terminals reported operating profit of $24.1 million, down from

$26.2 million

* Stolt Tank Containers reported operating profit of $8.1 million, down from

$16.6 million

* Stolt Sea Farm (SSF), Stolt-Nielsen Gas (SNG), Corporate & Other reported a

combined operating profit of $8.5 million, up from $4.2 million ($6.6

million before the fair value adjustment of biomass, up from $3.1 million)

* Acquisition of Suttons International Holdings Limited (Suttons) in November

and proposed deconsolidation of Avenir LNG Limited (Avenir LNG) after the

year end

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

"Our businesses delivered a solid finish to 2025 while maintaining strong market

positions, reflecting the resilience of our business model. The Company has

achieved EBITDA(1) of $186.0 million for the fourth quarter of 2025 and $775.5

million for 2025 overall, at the upper end of our guided range.

"Our strategic initiatives and investments continue to be focused on enhancing

our position in liquid logistics, to optimise supply chains and enhance our

productivity, creating long-term value through the cycle. In November, we

acquired 100% of Suttons, a UK-based ISO tank operator, adding 11,000 tanks to

our fleet and leveraging the scale and flexibility of STC's global platform

whilst expanding our service offering for customers. We have also very recently

announced that we are in discussions to sell down a portion of our equity in

Avenir LNG to support its future growth opportunities within small-scale LNG

bunkering.

"Macro-economic and geopolitical developments continue to be highly

unpredictable and these factors, combined with trade tariff instability, result

in a complex logistics marketplace. Stolt Tankers experienced increased volumes

from spot demand this quarter however, due to weaker freight rates, TCE earnings

dropped 19% to $24,518 per day. Stolthaven Terminals kept utilisation steady

despite a sluggish chemical market, though higher costs resulted in a profit

decline in the quarter. Operating profit at Stolt Tank Containers fell year-

over-year due to increased competitive pressure on margins."

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

other one-time, non-cash items