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1 LONDON ROADSHOW APRIL 2025 STOLT-NIELSEN LIMITED INVESTOR PRESENTATION
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2 Forward-Looking Statements Investor Presentation April 2025 Included in this presentation are various 'forward-looking statements', including statements regarding the intent, opinion, belief or current expectations of the Company or its management with respect to, among other things, (i) goals and strategies, (ii) plans for new development, (iii) marketing plans, (iv) evaluation of the Company’s markets, competition and competitive positions, and (v) trends which may be expressed or implied by financial or other information or statements contained herein. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other facts that may cause the actual results, performance and outcomes to be materially different for any future results, performance or outcomes expressed or implied by such forward-looking statements. These factors include in particular, but are not limited to, the matters described in the section 'Principal Risks' (p. 29 et seq.) in the most recent annual report available at www.stolt-nielsen.com.
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3 SNL at a Glance: A Leader in Logistics and Aquaculture Note: Data as of 4Q24 unless stated. Information includes joint ventures. 1. As of April 24, 2025, 2. Includes investments in and advances to joint ventures and associates, 3. Breakdown of total assets by business. Excludes a 12% contribution from Corporate & Others, 4. Sources: CKB Fleet List (2024); Tanktermina ls.com – storage terminals that can hold both chemicals and CPP, with the Advario Stolthaven Antwerp JV terminal included in Stolthaven Terminals' asset base; ITCO Global Tank Container Fleet Survey (2024).; and ITCO Global Tank Container Fleet Survey (2024). TANKERS (44%)3 TERMINALS (28%)3 TANK CONTAINERS (13%)3 SEA FARM (3%)3 INVESTMENTS1 (N/A) 162 chemical tankers 3.1m DWT ~5.0m m3 storage capacity 14 terminals ~51,000 tank containers 21 depots and hubs 14 land-based fish farms ~9,000t production capacity 100.0% in Avenir LNG 2.5% in Golar LNG 13.6% in Odfjell SE (A-Shares) 8.5% in Ganesh Benzoplast 12.3% in Kingfish Company Stolt Ventures #1 stainless steel ships by DWT4 #8 independent global storage providers4 #1 global tank operators fleet4 - - LIQUID LOGISTICS SUPPLY CHAIN SOLUTIONS AQUACULTURE INVESTMENTS US $2.9bn LTM Revenue US $824m LTM EBITDA US $1.3bn Market Cap1 US $5.1bn Assets2 7,000 People April 2025Investor Presentation
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4 The Case for Investing EXCEPTIONAL TRACK RECORD LEADERS IN LIQUID LOGISTICS AND LAND-BASED AQUACULTURE STRONG BALANCE SHEET STRONG MARKET FUNDAMENTALS 1 2 3 4 STRATEGY AND EXECUTION ATTRACTIVE OUTLOOK 5 6VALUE DRIVERS SIMPLY THE BEST FOR OUR: ▪ SHAREHOLDERS ▪ CUSTOMERS ▪ PEOPLE April 2025Investor Presentation
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5 We are Delivering on Years of Focused Strategy 1. EBITDA and ROCE exclude $155m loss provision related to MSC Flaminia. FY2023 reported figures: EBITDA: $710.8m. 2,032 2,891 2019 2024 438 842 2019 2024 REVENUE (US $ m) Robust revenue growth as SNL has capitalised on tightening freight markets… … becoming a more profitable organisation in the process… RETURNS (Adjusted Return on Capital Employed)1 … with an unrelenting focus on continuous operational improvement 7.3% CAGR 2019-2024 14.0% CAGR 2019-2024 25.6% CAGR 2019-2024 PROFITABILITY (EBITDA US $ m)1 4.0% 12.5% 2019 2024 1 April 2025Investor Presentation
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6 Our Portfolio Gets Stronger 1. FY 2023 figures excluding loss provision related to MSC Flaminia. Reported FY 2023 EBITDA: $710.8m. 44% 28% 13% 3% ST SHVN 53% 27% 12% 3% ST SHVN STOLT-NIELSEN SEGMENT ASSETS 22% Average EBITDA margin from 2014-2016 NON-TANKERS BUSINESSES 29% Average Adjusted EBITDA1 margin from 2022-2024 STOLT TANKERS2016 STC SSF Corp. & Others STC SSF Corp. & Others US $4.4bn US $5.1bn 2024 279 546 2016 2024 188 296 2016 2024 ADJUSTED EBITDA DEVELOPMENT (US $m) 12%5% +96% +57% 1 April 2025Investor Presentation
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7 Evolving Importance of Supply Chain Solutions in our Favour GEOPOLITICS ENERGY TRANSITION TRADE BARRIERS REGULATION DIGITALISATION BLACK-SWAN EVENTS C-SUITE FOCUS PLANNING VISIBILITY RESILIENCE/ FLEXIBILITY 2 1. Volatility, uncertainty, complexity and ambiguity. LEGACY THINKING… …IMPACT OF A VUCA1 WORLD… …LOGISTICS TODAY April 2025Investor Presentation
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8 We are a Leading Strategic Partner in Liquid Logistics LEADING DRY GOODS INTEGRATED LOGISTICS PLAYERS >65% OF OUR TOP 100 CUSTOMERS USE MORE THAN ONE OF OUR LIQUID LOGISTICS SERVICES TOP 100 CUSTOMERS – 20241 68% > 1 SNL Service 32% Standalone Service 2 1. Based on FY 2024 revenues. April 2025Investor Presentation
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9 5.1x 4.7x 4.3x 2.9x 2.5x 2.2x 2.8x 2.8x 2019 2020 2021 2022 2023 2024 1Q2025 Strong Balance Sheet: Financial Flexibility Supporting Growth Investments ▪ Conservative balance sheet management ▪ Disciplined capital allocation strategy balancing growth, debt service and dividends ▪ Targeted investments for sustainable long-term growth 2,237 2,270 2,313 2,039 1,763 Target <3.5x Net Debt (US $ m) REDUCING LEVERAGE1 AND NET DEBT 1,852 3 1. Net Debt to EBITDA. FY23 Net Debt to EBITDA exclude cash of $133.0m earmarked for partial payment of the MSC Flaminia legal claim settled in April 2024. April 2025Investor Presentation 2,327
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10 Supportive Fundamentals, Positive MR Signals Could Limit Swing Tonnage4 1. Includes stainless steel and coated ships with sizes between 3 -50k DWT. April 2025 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 DWT (million) Age (Years) -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 DWT (million) SEABORNE TRADE EXPECTED TO INCREASE EXPECTED STABILISATION OF MR RATES ORDERBOOK - MONITORING DEVELOPMENTS (~17.2%)1 Expected Scrapping 28 Yrs NB Orderbook Tonnage Delivered STAINLESS STEEL TANKER AGE DISTRIBUTION IN 2027 19% 27% 11% 0 5 10 15 20 25 0 5 10 15 20 25 30 35 40 45 50 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 1Y TC Rates 19K DWT (k$/Day) Average MR Earnings (k$/Day) MR Rates 1Y TC Rates 385 393 403 -4% -2% 0% 2% 4% 6% 8% 10% 100 150 200 250 300 350 400 YoY Growth Seaborne Trade (million tonnes) Total Seaborne Trade CKN Historical YoY Trade Growth CKN Trade Growth Estimates GDP Growth Estimates Sources: Clarksons Platou, Grieg Shipbrokers, Industry Sources Investor Presentation
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11 35 41 Apr 2024 Nov 2024 Aspiring to be Simply-the-Best for our Shareholders, Customers and People5 1. Closing share price as of 30 December 2020 and 30 December 2024, 2. Net Promoter Score represents consolidated results for Stolt Tankers, Stolthaven Terminals, Stolt Tank Containers and Stolt Sea Farm. 3. Excludes seafarers. 2020 Sustainable Employee Engagement did not include Stolthaven Terminals. SUSTAINABLE EMPLOYEE ENGAGEMENT3 +1.2% OUTPERFORMING OUR PEERS 16 of 19 Categories above Logistics Norm 12 of 19 Categories above High-Performance Norm SHAREHOLDERS CUSTOMERS PEOPLE NET PROMOTER SCORE2 CUSTOMER & INDUSTRY AWARDS SHARE PRICE GROWTH (NOK)1 US $ 2.50 2024 DPS US $ 1.25bn Dividends since 2005 CASH RETURNS 110 289 2020 2024 +163% 85 86 2020 2024 +17% April 2025Investor Presentation
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1Q 2025 RESULTS – SUMMARY SLIDES
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13 1Q25 Key Messages ▪ Solid performance, EBITDA of $192m • Stolt Tankers EBITDA declined 17% • Non-shipping business EBITDA was up 6% ▪ Restart of share buy-back programme ▪ Investing for growth • Acquired Hassel Shipping 4 JV, 8 x C33s 100% consolidated1 • Acquired 48.8% in Avenir LNG, bringing ownership to 95.8% • Annualised EBITDA contribution from HS4 and Avenir of ~$50m • Overall investments of $400m2 to strengthen US operations ▪ Balance sheet strength – 2.82x Net Debt / EBITDA • Liquidity of $455m ▪ Final dividend of $1.25 per share, bringing the total for 2024 to $2.50 per share – subject to AGM approval in April 2025 1. As of February 2025; 2. Includes projects executed since 2019 and planned investments for the coming years. April 2025Investor Presentation
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14 OPERATING PROFIT $ 107.9m $ 132.1m (-18.4%) $ 130.4m (-17.3%) FREE CASH FLOW2 ($ 41.7m) $ 57.7m (-172.2%) $ 98.6m (-142.3%) 1Q25 SNL Highlights: Performance Affected by Market V olatility 1Q25 vs. 1Q24 vs 4Q24 OPERATING REVENUE $ 675.6m $ 707.3m (-4.5%) $ 709.4m (-4.8%) NET PROFIT1 $ 76.2m $ 104.0m (-26.7%) $ 91.4m (-16.6%) NET DEBT TO EBITDA 2.82x 2.54x (+0.28x) 2.20x (+0.62x) EBITDA $ 192.0m $ 210.3m (-8.7%) $ 213.7m (-10.2%) 1. 1Q25 net profit excludes a $75.2m one -off gain related to the Hassel Shipping 4 and Avenir LNG transactions; 2. Cash generated from operations less cash used for investing activities. April 2025Investor Presentation
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15 92.3% 91.9% 1Q24 1Q25 SNL Performance Drivers: Resilience in an Uncertain Market 1. TCE/Operating day refers to deepsea sailed -in revenue per day, which is calculated as voyage revenue less voyage related expe nses and trading overhead expense, divided by total operating days during the period. Note that the sailed-in revenue excludes any gains on time-chartered ships and fees earned from managing the STJS pool; 2. Wholly-owned terminals only; 3. Includes turbot and sole. TCE / OPERATING DAY1 (US$) GROSS PROFIT PER SHIPMENT (US$) VOLUMES SOLD3 (MT) UTILISATION2 (%) +19.7% -7.8% +5.9% -0.4% 2,142 2,268 1Q24 1Q25 29,944 27,620 1Q24 1Q25 792 948 1Q24 1Q25 April 2025Investor Presentation
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16 Financials: Summary Income Statement HIGHLIGHTS (1Q25 vs 1Q24) ▪ Tanker deepsea revenue was down $30.8m reflecting lower volumes, causing a drop in utilisation, partly offset by an increase in freight rates ▪ STC's revenue decreased by $3.3m due to a 9.0% reduction in shipments ▪ The acquisition and consolidation of Avenir added $6.0m in revenue ▪ Operating expenses decreased by $24.1m, mostly due to lower TC hire on pool ships following the HS4 acquisition and lower bunker cost, as well as lower STC's freight costs by $4.9m. Avenir consolidation added $3.4m in operating expense ▪ Net interest expense increased by $4.0m driven by reduced cash on hand and higher debt levels following the acquisitions ▪ Non-operating income reflects the step-up gains on the acquisitions of HS4 and Avenir Quarter Figures in USD millions 1Q25 4Q24 1Q24 Operating Revenue $675.6 $709.4 $707.3 Operating Expenses (428.9) (452.0) (453.0) Depreciation and amortisation (78.7) (76.7) (72.5) Share of profit of joint ventures and associates 11.0 5.8 17.5 Administrative and general expenses (71.5) (55.0) (68.1) Gain (loss) on sale of assets, net 0.1 (1.6) 0.4 Other operating income, net 0.3 0.5 0.4 Operating Profit (as reported) $107.9 $130.4 $132.1 Net interest expense (29.4) (27.5) (25.4) FX (loss) gain, net (2.7) (3.9) 0.2 Gain on step-up acquisitions of Avenir and HS4 75.2 - - Other 8.2 8.9 5.9 Income tax expense (7.8) (16.5) (8.8) Net Profit $151.4 $91.4 $104.0 EBITDA $192.0 $213.7 $210.3 April 2025Investor Presentation
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17 Financials: Cash Flow Supporting Growth Investments ▪ Net cash generated from operations declined by $1.4m primarily due to lower operating profit and higher net interest payments, mostly offset by a decrease in working capital ▪ CAPEX including drydock payments was $231.3m mainly due to the acquisitions of HS4 and Avenir, as well as $36.2m in terminals capex, $15.8m on purchase of tank containers, and $5.9m in drydock payments ▪ Net cash used in financing activities was $93.3m reflecting $149.2m debt repayment and $67.0m dividend payment offset by $140.0m drawdown on revolving credit lines HIGHLIGHTS (1Q25 vs 1Q24) LIQUIDITY1 1. 1Q24 liquidity excludes cash of $133.0m earmarked for partial payment of the MSC Flaminia legal claim settled in April 2024. 228 115 337 335 156 445 331 431 418 298 0 200 400 600 800 1000 1Q24 2Q24 3Q24 4Q24 1Q25 US $ million Cash Committed Credit Lines Quarter Figures in USD millions 1Q25 4Q24 1Q24 Cash generated from operations $190.4 $200.9 $173.1 Interest paid (40.0) (26.5) (29.1) Debt issuance costs (0.7) (1.1) (0.4) Interest received 3.4 3.9 5.7 Income taxes paid (6.4) (4.7) (1.2) Net cash generated from operations $146.7 $172.5 $148.1 Capital expenditures and drydock payments (231.3) (97.7) (79.3) Investments in and repayment of advances to JVs (0.3) (7.2) (5.1) (Purchase)/sale of shares (3.7) 0.0 (35.6) Sale of assets 3.2 2.5 4.1 Other 0.2 0.1 0.5 Net cash used in investing activities ($232.0) ($102.3) ($115.4) Proceeds from issuance of long-term debt 140.0 0.7 68.0 Repayment of long-term debt (149.2) (52.5) (116.8) Principal payment on capital lease (17.0) (18.5) (17.0) Dividend and other (67.0) (0.1) (53.6) Net cash used in financing activities ($93.3) ($70.2) ($119.4) Effect of FX change on cash 0.2 (2.0) 0.8 Total cash flow ($178.4) ($2.0) ($85.9) Cash and cash equivalents at beginning of period $334.7 $336.7 $446.5 Cash and cash equivalents at end of period $156.3 $334.7 $360.6 April 2025Investor Presentation
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18 Stolt Tankers: Capex excludes drydocking and includes deposits for newbuildings. HIGHLIGHTS ▪ Stolt Tank Containers: Continued investment in our ISO tank fleet ▪ SNL Corporate & Other: Stolt-Nielsen Gas acquired Avenir LNG stake from Golar LNG and Aequitas Ltd ▪ Stolt Tankers: Purchased the remaining 50% in Hassel Shipping 4 joint venture ▪ Stolthaven Terminals: Ongoing expansion projects in Houston and New Orleans, US 1. Table excludes investments in affiliates; 2. Investments related to Hassel Shipping 4 and Avenir LNG are net of cash held on balance sheet now consolidated into Stolt-Nielsen Limited. Financials: Capital Expenditures Actuals Remaining Approved Figures in USD millions1 1Q252 FY2025 FY2026 Stolt Tankers 104 69 141 Stolthaven Terminals 36 135 115 Stolt Tank Containers 16 24 - Stolt Sea Farm 5 33 39 SNL Corporate & Other 65 49 61 Total $226 $310 $356 April 2025Investor Presentation
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19 Debt Profile: Consolidating Acquisition Debt MATURITY PROFILE (NEXT FIVE YEARS) HIGHLIGHTSSTABLE DEBT PROFILE ▪ During 1Q25: Refinancing of 13 ships under a sale-and-leaseback facility – reducing borrowing costs and fixing the interest rate on 10 ships; Prepayment of $103m in debt related to 4 ships ▪ Extension and upsizing of a revolving credit facility to $120m (from $100m) ▪ Consolidation of ~$324m of additional debt, following the acquisition of HS4 and Avenir ▪ $90m top-up facility agreed, extending maturities to 2031 – expected to close in 2Q25 2,075 2,028 2,090 2,241 2,187 2,484 5.57% 5.72% 5.58% 5.65% 5.66% 5.63% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0 500 1,000 1,500 2,000 2,500 3,000 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 US $ million Total Debt Average Interest Rate 38.5 81.2 132.5 264.7 49.6 82.9 140.0 143.7 143.0192.1 236.3 188.6 144.3 102.5 44.5 230.7 317.5 461.1 552.7 295.0 127.4 0 100 200 300 400 500 600 2025 2026 2027 2028 2029 2030 US $ million Loan Balloon Payments RCF NOK Bonds USPP Notes Loan Amortisation & Lease Payments April 2025Investor Presentation
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20 DEBT TO TANGIBLE NET WORTH (MAXIMUM 2.25:1.00) EBITDA TO INTEREST EXPENSE (MINIMUM 2.00:1.00) NET DEBT TO EBITDA1 EBITDA DEVELOPMENT 1. 1Q24 Net Debt to EBITDA exclude cash of $133.0m earmarked for partial payment of the MSC Flaminia legal claim settled in April 2024. Financial KPIs 2,028 2,090 2,241 2,187 2,484 2,173 2,193 2,291 2,317 2,460 0.93 0.95 0.98 0.94 1.01 0.0 0.2 0.4 0.6 0.8 1.0 1.2 0 500 1,000 1,500 2,000 2,500 3,000 3,500 1Q24 2Q24 3Q24 4Q24 1Q25 Debt-to-TNW (x) US$ millions Debt TNW Ratio $708 $837 $845 $842 $824 $122 $122 $124 $126 $127 5.81 6.88 6.81 6.68 6.51 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 200 400 600 800 1,000 1,200 1Q24 2Q24 3Q24 4Q24 1Q25 LTM EBITDA-to-Interest Expense US$ millions EBITDA LTM Interest Expense LTM Ratio $210 $209 $209 $214 $192 $708 $837 $845 $842 $824 400 500 600 700 800 900 0 50 100 150 200 250 300 350 1Q24 2Q24 3Q24 4Q24 1Q25 US$ millions (EBITDA LTM) US$ millions (EBITDA Q) EBITDA Q EBITDA LTM $1,800 $1,975 $1,904 $1,852 $2,327 $708 $837 $845 $842 $824 2.54 2.36 2.25 2.20 2.82 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0 500 1,000 1,500 2,000 2,500 1Q24 2Q24 3Q24 4Q24 1Q25 Net Debt-to-EBITDA (x) US$ millions Net Debt EBITDA LTM Ratio April 2025Investor Presentation
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21 Concluding Remarks ▪ Softening tanker market expected to continue into 2Q25. Monitoring adjacent markets for signs of stability ▪ Continued planned ramp up of utilisation to drive earnings in 2025 ▪ Signs of strengthening demand in key geographies should support both rates and volumes ▪ Firm prices and strong production volumes expected to continue ▪ Tariff / port fee disruption – working closely with customers and associations CONTINUED STRONG EXECUTION IN A YEAR OF UNCERTAINTY MARKET HEADWINDS, UNDERLYING RESILIENT OPERATIONS FOCUSED ON DELIVERING LONG TERM SUSTAINABLE EBITDA EBITDA BREAKDOWN (US$ millions) 7 -7 -7 15 10 71 70 72 75 72 132 145 144 124 110 210 209 209 214 192 37% 30% 31% 42% 43% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% -50,000 0 50,000 100,000 150,000 200,000 250,000 1Q24 2Q24 3Q24 4Q24 1Q25 Shipping Logistics (excl. Shipping) Others Non-Shipping % of total April 2025Investor Presentation
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THANK YOU