Stolt-Nielsen Limited

Solid Q3 operating performance + strong cash generation (but operating profit down) - Revenue: $770.65m, +11% YoY (mainly STC +$52m from Suttons scale; Stolt Tankers +$15m mainly higher rates, partly offset by lower volumes). - EBITDA (ex fair value): $194m, +1.3% YoY (steady despite a difficult market). - Operating profit: ~$100m, -8% YoY (negative drivers: higher fair value losses at Stolt Sea Farm biological assets + higher depreciation). - Net profit: $84m, +32% YoY (helped by a one-off ~$15.4m gain from partial Avenir LNG sale). - Free cash flow: $292m (strong); liquidity benefit from Avenir cash proceeds used to pay down debt.

Balance sheet strengthened; capital management and leverage focus - Net debt / EBITDA: 2.86x, improving from 2.94x YoY and 3.6x in Q2 (driven by debt reduction; company cites ~$250m net debt reduction). - Liquidity: $660m. - Funding actions: signed a new 10-year facility in Q3; post-quarter refinanced the $450m RCF into a new $307m facility across 9 banks on improved terms. - CapEx: $63m in Q3; expects ~$250m CapEx in 2026 (lower than 2025) with disciplined pace given geopolitical uncertainty; CapEx expected to rise in 2027 as deliveries accelerate.

Segment results: Non-tankers growing and stabilizing earnings; tankers remain pressured - Non-tankers are a key positive: ~50% of group EBITDA in Q3 vs ~45% a year ago, reflecting diversification and strategic investments. - Stolt Tankers: revenues +4%, but EBITDA -8% YoY and operating profit down; TCE -3% YoY (firm rates offset by lower volumes + higher bunker costs). COA renewal softness: COA mix ~60%, renewals at ~8% lower average rate. - Stolthaven Terminals: strong/steady—utilization 93.6% (+1.8% YoY); EBITDA $44m (+1% YoY); profit supported by storage and ramp of Houston/New Orleans capacity (with some timing-driven utilization effects into Q4). - Stolt Tank Containers (STC): returned to profit with EBITDA $31m (+12% YoY); volumes 48,036 (+26% YoY) (driven by Suttons consolidation). Quarter-on-quarter swing +$13m (~+$2,000/day TCE equivalent). Margins supported by scale/flexibility and demurrage; expect broadly flat margins into Q1.