Stolt-Nielsen Limited

Solid quarter, but profit down on tanker + fair value (mixed results): - Group EBITDA before fair value adj.: $194m (+1.3% YoY), operating revenue $770.65m (+11% YoY). - Operating profit ~ $100m (-8% YoY) due to higher fair value losses (Stolt Sea Farm biological assets) and higher depreciation. - Net profit $84m (+32% YoY) boosted by a $15.4m one-off gain from selling 50% interest in Avenir LNG.

Cash generation strong; balance sheet improving but visibility remains short: - Free cash flow $292m (benefits from Avenir LNG cash proceeds used to pay down term debt). - Net debt/EBITDA improved to 2.86x from 2.94x YoY (and 3.6x in Q2). Liquidity $660m. - Financing actions: new 10-year facility, and post-quarter refinanced $450m RCF with a $307m facility across 9 banks on improved terms; no major maturity spikes (next bond matures 2028). - No dividend/buyback guidance mentioned in the transcript.

Segment performance: diversification helps (non-tankers now half of EBITDA): - Non-tankers = ~50% of group EBITDA (up from ~45% YoY), driven by strategic investment and resilience. - Stolt Tank Containers (STC): returned to profit with EBITDA $31m (+12% YoY) and a +13m QoQ swing (management notes this is ~$2,000/day TCE-like improvement). Volumes 48,036 (+25.6% YoY) (mostly Suttons consolidation). - Stolt Terminals (Stolthaven): strong YOY with utilization 93.6% (+1.8pp YoY); EBITDA $44m (+1% YoY), supported by Singapore/Dagenham utilization and storage rate escalation. - Stolt Tankers: TCE ~$24.1k/day (-3% YoY, +3% QoQ) but EBITDA $97m (-8% YoY) on lower volumes + higher bunker costs and renewal pressure; also impact from off-hire of Stolt Magnesium after an Oman attack (crew/cargo safely handled per statement, “minimal financial impact” expected).