Stolt-nielsen — Earnings Release 2025

Jan 28, 2026

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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 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 fourthquarter 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 EBITDA¹ 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 EBITDA¹ 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 smallscale 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,

¹ Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items

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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."

Outlook

The prevailing themes from last year are anticipated to persist, with demand headwinds from a subdued global chemical market, geopolitical uncertainty, and the impact of tariffs challenging our customers and impacting demand within the liquid chemical logistics industry.

Stolt Tankers sees some signs of stability in the chemical tanker market as we move into the start of 2026. Rate developments in adjacent product and crude markets lends support to spot rates within the chemicals segment. However, on the supply side, we anticipate modest net fleet growth and minimal recycling in the chemical tanker sector, which introduces a degree of uncertainty in the second half of the year when new vessels are expected to be delivered.

Challenging demand drivers have seen customers take a "wait-and-see" approach on storage decisions, and we expect this caution to persist into 2026. Stolthaven Terminals is focused on optimising margins and utilisation. Additional capacity in our Houston and New Orleans terminals is expected from the third quarter onwards, ramping up through the fourth quarter to take full effect in 2027.

The tank container market is expected to remain highly competitive amid soft chemical demand. However, we believe that low levels of new tank production and ongoing capacity rationalisation lay the foundation for an eventual market recovery. STC remains well‑positioned for a potential upturn, and will continue to focus on margin stability, cost discipline and delivering a successful integration of Suttons.

Guidance

Overall, for the fiscal year ending November 30, 2026, consolidated EBITDA² is expected to be in the range of \$600 million to \$750 million. This range has been developed on the basis of information available at the time of writing, assumes no substantial geopolitical changes³ , and is subject to a number of uncertainties in a highly volatile operating environment.

Further detail on the outlook for 2026, the underlying market and operating assumptions will be shared in the fourth quarter 2025 earnings presentation.

Additional events

In November 2025, SNL acquired the ISO tank operator Suttons, adding over 11,000 ISO tank containers to the fleet. The acquisition is aligned with SNL's strategy to leverage STC's global platform to support customers with greater efficiency, reliability, and flexibility across their supply chains.

On November 6, 2025, the Company declared an interim cash dividend of \$1.00 per share payable on December 3, 2025, to shareholders of record as of November 20, 2025.

On January 26, 2026, the Company announced that, through its subsidiary Stolt-Nielsen Gas Ltd., it is in discussions with a strategic buyer regarding the potential sale of up to 50% of its interest in Avenir LNG. The potential sale agreement is subject to final documentation and customary approvals, which

² Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items, excluding the EBITDA contribution from Avenir LNG due to the proposed deconsolidation. Includes potential Suttons integration costs.

³ Including (i) that the Strait of Hormuz remains open to seaborne trade; (ii) that the Red Sea does not re-open to seaborne trade; and (iii) there is no material change to significant ongoing geopolitical conflicts.

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are expected in the first quarter of 2026. Should a formal agreement be reached, Stolt-Nielsen intends to jointly own and operate Avenir LNG as a joint venture.

Stolt-Nielsen performance summary and results

Reporting Item (in USD millions, except per share data and number of shares)		Quarter	Full Year
	4Q25	3Q25	4Q24	2025	2024
Revenue	680.6	699.9	709.4	2,769.0	2,890.6
Operating profit	95.5	109.4	130.4	426.5	538.5
Non-operating income on step-up acquisition of HS4 and Avenir LNG	-	-	-	75.2	-
Net profit	59.6	64.0	91.4	350.2	394.8
EPS attributable to SNL shareholders – diluted (in USD)	1.12	1.20	1.71	6.57	7.38
Weighted average number of shares – diluted (in millions)	53.1	53.1	53.5	53.3	53.5

Debt, net of cash and cash equivalents, was \$2,457.1 million as of November 30, 2025, compared with \$2,396.2 million as of August 31, 2025. The increase in net debt predominantly reflects the cash consideration for the acquisition of Suttons and other capital expenditures, net of cash from operations. Shareholders' equity of SNL as of November 30, 2025, was \$2,414.2 million, compared with \$2,438.3 million as of August 31, 2025.

Net interest expense in the fourth quarter was \$32.9 million compared with a fourth-quarter 2024 interest expense of \$27.5 million. As of November 30, 2025, the Company had \$144.6 million of cash and cash equivalents and \$332.0 million of available and undrawn committed revolving credit lines. In comparison, on August 31, 2025, the Company had \$160.7 million of cash and cash equivalents and \$305.0 million of available and undrawn committed revolving credit lines.

Segment information

Operating Profit (Loss) by Division (in USD millions)		Quarter	Full Year
	4Q25	3Q25	4Q24	2025	2024
Stolt Tankers	54.8	57.2	83.4	249.2	390.1
Stolthaven Terminals	24.1	26.3	26.2	107.8	110.4
Stolt Tank Containers	8.1	11.7	16.6	47.2	59.0
SSF, SNG, Corporate & Other	8.5	14.2	4.2	22.3	(21.0)
Total	95.5	109.4	130.4	426.5	538.5

Stolt Tankers: Volumes up, but continued market uncertainty impacts rates

Stolt Tankers reported fourth-quarter revenue of \$375.1 million, down from \$438.3 million in the fourth quarter of 2024. Deep-sea freight revenue was down \$38.4 million (12.9%), reflecting a 14.0% reduction in freight rates, partly offset by a 6.9% increase in volume carried. Operating days increased by 3.6% following net additions to the fleet over the last 12 months. Deep sea bunker surcharge revenue and demurrage revenue decreased by a combined \$5.4 million, reflecting a reduction in the price of bunker fuel. The average deep-sea TCE revenue for the quarter was \$24,518 per operating day, down 18.8% from \$30,185 in the same quarter in the prior year, but almost flat compared to the third quarter of 2025. Regional revenue decreased by \$12.5 million compared to the same quarter in the prior year.

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Stolt Tankers reported a fourth-quarter operating profit of \$54.8 million, down from \$83.4 million in the fourth quarter of 2024, predominantly driven by the lower deep-sea and regional freight rates. The lower freight revenue was partly offset by lower time charter cost following the acquisition and consolidation of Hassel Shipping 4 from February 2025. The average price of bunkers consumed was \$477 per tonne, down from \$566 per tonne in the same quarter last year.

Stolthaven Terminals: Stable utilisation amid demand headwinds

Stolthaven Terminals reported fourth-quarter revenue of \$77.9 million, in line with the \$78.0 million reported for the fourth quarter of 2024. The impact of improved storage rates was offset by reduced utilisation at some sites as well as lower ancillary revenue. Average utilisation at wholly owned terminals in the fourth quarter was 91.0%, similar to the fourth quarter of 2024. Utilisation is expected to remain stable for the first quarter of 2026.

Stolthaven Terminals reported a fourth-quarter operating profit of \$24.1 million, down from \$26.2 million in the fourth quarter of 2024. This was predominantly driven by an increase in administrative and general expense of \$1.6 million, mainly due to higher IT costs. In addition, there were small increases in operating expense and depreciation. Equity income from joint ventures was down \$0.3 million compared to the same quarter last year.

Stolt Tank Containers: Higher shipments offset by margin pressure

Stolt Tank Containers (STC) reported fourth-quarter revenue of \$167.0 million, up from \$162.1 million in the fourth quarter of 2024, reflecting an increase in shipment volumes and higher demurrage and ancillary revenue, offset by the impact of lower ocean carrier freight rates on transportation revenue.

STC reported a fourth-quarter operating profit of \$8.1 million, a decline from \$16.6 million in the fourth quarter of 2024. This was predominantly driven by lower transport margins and higher administrative and general expenses, due to professional fees and legal expenses.

SSF, SNG, Corporate & Other

Stolt-Nielsen owns two additional operating businesses: SSF and SNG. SNG comprises the Company's investments within liquid natural gas (LNG), including Avenir LNG. SNL holds equity and debt investments in Golar LNG Limited, Odfjell SE, Ganesh Benzoplast Limited and the Kingfish Company N.V. At quarter-end, the investments in equity and debt instruments had a book value of \$248.4 million (2024: \$205.3 million).

During the quarter, SSF, SNG, Corporate & Other recorded an operating profit of \$8.5 million compared with an operating profit of \$4.2 million in the same quarter of 2024. This was driven by improved results in SSF and Avenir LNG.

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Conference Call

Stolt-Nielsen Limited (Oslo Børs: SNI) will host a presentation to discuss the Company's unaudited results for the fourth quarter and full year 2025 on Wednesday, January 28, 2026 at 15:00 CET (09:00 EST, 14:00 GMT).

The presentation will be hosted by:

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

For investors, analysts and journalists who wish to attend in person, the presentation is being held at Danske Bank, Bryggetorget 4, 0250 Oslo, Norway.

To join the event online, please click here.

The link will also be available on our website (www.stolt-nielsen.com). The presentation slides will be published on the Investor section of our website on the day of the presentation.

For additional information please contact:

Jens F. Grüner-Hegge Chief Financial Officer UK +44 (0) 20 7611 8985 j.gruner-hegge@stolt.com

Alex Ng Vice President Strategy & Business Development UK +44 (0) 20 7611 8913 al.ng@stolt.com

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.

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

	Three Months Ended			Year to Date
		Nov 30 2025		Aug 31 2025	Nov 30 2024		Nov 30 2025		Nov 30 2024
Revenue Operating expenses	\$	680,603 426,213	\$	699,880 438,754	\$ 709,375 452,034		\$ 2,769,001 1,746,370		\$ 2,890,625 1,851,010
		254,390		261,126	257,341		1,022,631		1,039,615
Depreciation and amortisation		88,863		85,864	76,699		340,448		298,757
Gross profit		165,527		175,262	180,642		682,183		740,858
Share of profit of joint ventures and associates		11,898		9,108	5,829		43,511		62,758
Administrative and general expenses		(82,808)		(74,617)	(54,986)		(300,794)		(274,087)
(Loss) gain on disposal of assets, net		56		(69)	(1,591)		520		7,485
Other operating income		1,100		357	1,058		2,331		2,821
Other operating expenses		(228)		(621)	(582)		(1,247)		(1,305)
Operating Profit		95,545		109,420	130,370		426,504		538,530
Non operating income (expense)
Finance income		1,819		1,712	5,397		7,280		16,258
Finance expense - finance leases		(5,072)		(5,048)	(4,664)		(19,412)		(14,177)
Finance expense - debt		(29,648)		(31,177)	(28,231)		(121,345)		(112,001)
Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. (a)		-		-	-		75,190		-
Foreign currency exchange gain (loss), net Other non-operating income, net		(1,837) 5,312		2,068 934	(3,931) 9,006		6,210 15,478		(4,045) 16,550
Profit before income tax		66,119		77,909	107,947		389,905		441,115
Income tax expense		(6,569)		(13,940)	(16,534)		(39,749)		(46,356)
Net Profit	\$	59,550	\$	63,969	\$ 91,413	\$	350,156	\$	394,759
PER SHARE DATA
Net profit attributable to SNL shareholders
Basic	\$	1.12	\$	1.20	\$ 1.71	\$	6.57	\$	7.38
Diluted	\$	1.12	\$	1.20	\$ 1.71	\$	6.57	\$	7.38
Weighted average number of common shares and common share equivalents outstanding:
Basic		53,121		53,121	53,524		53,282		53,524
Diluted		53,121		53,121	53,524		53,282		53,524
SELECTED CASH FLOW DATA
Capital expenditures (excluding capitalised interest)	\$	62,629	\$	92,306	\$ 95,943	\$	268,559	\$	268,108
Purchase price of acqusitions (net of cash acquired)		75,225		-	-		237,252		-
Equity contributions and advances to joint ventures and associates,
net of repayments		(24,601)		22,498	7,182		26,860		73,628
Total selected cash flow data	\$	113,253	\$	114,804	\$ 103,125	\$	532,671	\$	341,736
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) AND ONE-TIME ITEMS
Profit before income tax Adjusted for:	\$	66,119	\$	77,909	\$ 107,947	\$	389,905	\$	441,115
Depreciation and amortisation		88,863		85,864	76,699		340,448		298,757
Finance income		(1,819)		(1,712)	(5,397)		(7,280)		(16,258)
Finance expense - finance leases Finance expense - debt		5,072 29,648		5,048 31,177	4,664 28,231		19,412 121,345		14,177 112,001
Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S.		-		-	-		(75,190)		-
Gain on disposal of assets, net		(56)		69	1,591		(520)		(7,485)
EBITDA	\$	187,827	\$	198,355	\$ 213,735	\$	788,120	\$	842,307
Fair value adjustment made to biological assets
(included in operating expenses)		(1,855)		(6,682)	(1,051)		(12,607)		699
EBITDA before fair value of biological assets and other one-time items \$		185,972	\$	191,673	\$ 212,684	\$	775,513	\$	843,006

⁽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,

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

		As of
	Nov 30	Nov 30
	2025	2024
ASSETS
Cash and cash equivalents	\$ 144,557	\$ 334,738
Receivables	361,918	376,732
Inventories	12,127	7,295
Biological assets	72,520	52,545
Prepaid expenses Derivative financial instruments	114,490 8,449	95,222 7,014
Income tax receivable	10,125	4,647
Other current assets	31,956	34,885
Total current assets	756,142	913,078
Property, plant and equipment	3,494,177	2,775,044
Right-of-use assets	384,596	331,492
Deposit for newbuildings	105,742	41,328
Investment in and advances to joint ventures and associates	627,377	719,563
Investments in equity and debt instruments (a)	248,350	205,274
Deferred tax assets	11,958	18,488
Goodwill and other intangible assets	90,984	42,455
Employee benefit assets	26,278	24,082
Derivative financial instruments	3,992	2,337
Insurance reimbursement receivables Other non-current assets	13,277 11,889	12,848 16,613
Total non-current assets	5,018,620	4,189,524
Total assets	\$ 5,774,762	\$ 5,102,602
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term bank loans	\$ 65,000	\$ -
Current maturities of long-term debt	292,295	195,645
Current lease liabilities	75,032	58,581
Accounts payable	124,926	96,325
Accrued voyage expenses and unearned revenue	68,816	70,862
Accrued expenses	274,739	282,158
Provisions	464	521
Income tax payable	19,355	24,505
Dividend payable	53,177	66,972
Derivative financial instruments Other current liabilities	4,246 42,918	7,342 56,031
Total current liabilities	1,020,968	858,942
Long-term debt	1,842,127	1,647,127
Long-term lease liabilities Deferred tax liabilities	327,156 120,497	285,430 109,629
Employee benefit obligations	19,858	20,197
Derivative financial instruments	11,320	12,671
Long-term provisions	17,367	15,049
Other non-current liabilities	1,312	1,223
Total non-current liabilities	2,339,637	2,091,326
Total liabilities	3,360,605	2,950,268
Common stock and Founder's shares	58,538	58,538
Paid-in surplus Retained earnings	195,466 2,447,124	195,466 2,216,245
Other components of equity	(167,213)	(206,864)
	2,533,915	2,263,385
Treasury stock	(119,984)	(111,051)
Equity attributable to equity holders of SNL	2,413,931	2,152,334
Non-controlling interests	226	-
Total shareholders' equity	2,414,157	2,152,334
Total liabilities and shareholders' equity	\$ 5,774,762	\$ 5,102,602
Debt, net of cash and cash equivalents (b)	\$ 2,457,053	\$ 1,852,045

• (a) Investments in equity and debt instruments include shares of Golar LNG Limited acquired for \$106.4 million and convertible loan of \$12.0 million, Ganesh Benzoplast Limited shares for \$5.1 million, Odfjell SE shares for \$55.4 million and The Kingfish Company N.V. equity for \$11.1 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.

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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.

Nov 30 Aug 31 Nov 30 Nov 30 2025 2025 2024 2025 REVENUE: Stolt Tankers Deepsea \$ 287,109 \$ 297,196 \$ 337,812 \$ 1,216,640 \$ 1,396,969 Regional Fleet 87,956 97,996 100,440 382,359 Stolt Tankers - Total 375,065 395,192 438,252 1,598,999 Stolthaven Terminals 77,852 78,958 78,011 312,354 Stolt Tank Containers 166,990 164,235 162,084 648,806 652,121 Stolt Sea Farm 38,021 39,566 31,028 138,988 Stolt-Nielsen Gas 22,615 19,834 - 67,699 Corporate and Other 60 2,095 - 2,155 Total \$ 680,603 \$ 699,880 \$ 709,375 \$ 2,769,001 \$ 2,890,625 OPERATING EXPENSES: Stolt Tankers \$ 248,479 \$ 264,279 \$ 292,862 \$ 1,069,945 Stolthaven Terminals 29,028 28,385 28,682 111,749 Stolt Tank Containers 116,348 116,100 110,775 455,168 Stolt Sea Farm (excluding Fair Value Adjustment) 21,063 21,153 19,512 78,671 Stolt Sea Farm Fair Value Adjustment (1,855) (6,682) (1,051) (12,607) Stolt-Nielsen Gas 13,647 11,575 - 39,719 Corporate and Other (497) 3,944 1,254 3,725 Total \$ 426,213 \$ 438,754 \$ 452,034 \$ 1,746,370 \$ 1,851,010 DEPRECIATION AND AMORTISATION: Stolt Tankers \$ 48,378 \$ 47,587 \$ 42,400 \$ 188,017 Stolthaven Terminals 16,906 16,822 16,617 65,558 Stolt Tank Containers 15,212 15,025 14,657 58,878 Stolt Sea Farm 2,895 2,389 1,837 9,258 Stolt-Nielsen Gas 3,722 2,305 - 12,344 Corporate and Other 1,750 1,736 1,188 6,393 Total \$ 88,863 \$ 85,864 \$ 76,699 \$ 340,448 \$ GROSS PROFIT: Deepsea \$ 65,701 \$ 65,521 \$ 89,925 \$ 283,634 Regional Fleet 12,507 17,805 13,065 57,403 Stolt Tankers - Total 78,208 83,326 102,990 341,037 Stolthaven Terminals 31,918 33,751 32,712 135,047 Stolt Tank Containers 35,430 33,110 36,652 134,760 Stolt Sea Farm (excluding Fair Value Adjustment) 14,063 16,024 9,679 51,059 Stolt Sea Farm Fair Value Adjustment 1,855 6,682 1,051 12,607 Stolt-Nielsen Gas 5,246 5,954 - 15,635 Corporate and Other (1,193) (3,585) (2,442) (7,962) Total \$ 165,527 \$ 175,262 \$ 180,642 \$ 682,183 \$ SHARE OF PROFIT OF JOINT VENTURES AND ASSOCIATES: Stolt Tankers \$ 3,156 \$ 2,947 \$ 8,218 \$ 17,843 \$ Stolthaven Terminals 7,622 7,322 7,913 30,370 Stolt Tank Containers 451 299 435 1,457 Stolt-Nielsen Gas 669 (1,460) (10,737) (6,159) Total \$ 11,898 \$ 9,108 \$ 5,829 \$ 43,511 \$ ADMINISTRATIVE AND GENERAL EXPENSES: Stolt Tankers \$ (26,519) \$ (29,068) \$ (27,073) \$ (109,649) \$ (104,807) Stolthaven Terminals (16,125) (14,938) (14,505) (58,805) Stolt Tank Containers (27,792) (21,659) (21,143) (90,305) Stolt Sea Farm (4,268) (3,967) (3,405) (14,937) Stolt-Nielsen Gas (1,505) (1,262) (163) (5,347) Corporate and Other (6,599) (3,723) 11,303 (21,751) Total \$ (82,808) \$ (74,617) \$ (54,986) \$ (300,794) GAIN (LOSS) ON DISPOSAL OF ASSETS, NET: Stolt Tankers \$ - \$ - \$ (127) \$ 4 \$ Stolthaven Terminals 65 (11) (192) 1 Stolt Tank Containers (19) (67) (25) 1,079 Stolt Sea Farm (16) 16 (16) Stolt-Nielsen Gas - - (787) - Corporate and Other 26 9 (476) (548) Total \$ 56 \$ (69) \$ (1,591) \$ 520 \$ OTHER OPERATING INCOME (EXPENSE), NET: Stolt Tankers \$ (1) \$ (15) \$ (611) \$ (51) \$ Stolthaven Terminals 649 198 262 1,202 Stolt Tank Containers 67 53 720 199 Stolt Sea Farm (195) (130) (143) (578) Stolt-Nielsen Gas (19) - - 265 Corporate and Other 371 (370) 248 47 Total \$ 872 \$ (264) \$ 476 \$ 1,084 \$ OPERATING PROFIT (LOSS): Stolt Tankers \$ 54,844 \$ 57,190 \$ 83,397 \$ 249,184 \$ Stolthaven Terminals 24,129 26,322 26,190 107,815 Stolt Tank Containers 8,137 11,736 16,639 47,190 Stolt Sea Farm 11,439 18,609 7,198 48,135 Stolt-Nielsen Gas 4,391 3,232 (11,687) 4,394 Corporate and Other (7,395) (7,669) 8,633 (30,214) Total \$ 95,545 \$ 109,420 \$ 130,370 \$ 426,504 \$ EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) (a) Stolt Tankers \$ 102,010 \$ 105,643 \$ 124,332 \$ 439,325 \$ Stolthaven Terminals 40,929 43,612 42,549 174,324 Stolt Tank Containers 23,448 27,865 32,045 106,666 Stolt Sea Farm 14,202 21,096 9,249 57,390 Stolt-Nielsen Gas 9,495 6,382 (10,223) 20,280 Corporate and Other (2,257) (6,243) 15,783 (9,865) Total \$ 187,827 \$ 198,355 \$ 213,735 \$ 788,120 \$ 842,307			Three Months Ended		Year to Date
						Nov 30
						2024
						405,945
						1,802,914
						308,048
						126,789
						-
						753
						\$ 1,202,411
						110,207
						460,886 75,702
						699
						-
						1,105
						\$ 162,965
						64,456
						57,292 8,593
						-
						5,451
						298,757
						\$ 368,788
						68,750 437,538
						133,385
						133,943
						42,494
						(699) -
						(5,803)
						740,858
						50,565
						29,136
						2,041 (18,984)
						62,758
						(52,721)
						(79,704)
						(12,358)
						(721) (23,776)
						\$ (274,087)
						7,083
						(284)
						1,934
						16
						(787) (477)
						7,485
						(297) 838
						774
						(274)
						-
						475 1,516
						390,082 110,354
						58,988
						29,179
						538,530
						546,304
						174,492
						113,350 37,809
						(20,492) (29,581) (16,998)
						(12,650)

8

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

{8}------------------------------------------------

STOLT-NIELSEN LIMITED AND SUBSIDIARIES OPERATING YARDSTICKS (UNAUDITED)

STOLT TANKERS	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
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	26,220	24,838	24,518
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	2.7	2.6	2.8
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	2.2	2.1	1.9
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	7,256	7,202	7,383
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	6,841	6,793	6,849
Average number of ships (e)
Deepsea fleet - Operated
2023	83	83	83	76
2024	76	75	78	79
2025	79	79	79	80
Regional fleets - Operated
2023	74	76	78	77
2024	76	77	74	75
2025	74	75	75	74
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	39,887	38,244	40,576
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	51,732	52,509	64,790
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	1,751,173	1,755,080	1,758,314
Tank capacity utilisation %
2023	97.3%	97.0%	96.8%	95.5%
2024	92.3%	90.0%	90.0%	90.9%
2025	91.9%	92.1%	91.9%	91.0%

⁽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.

⁽c) Regional fleet statistics include ships operated (owned and time-chartered).

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