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

28 Jan 2026 08:00 CET

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

More information:
Access the news on Oslo Bors NewsWeb site

664317_Interim Accounts 4th Qtr 2025.pdf
664317_SNL - 4Q25 Earnings Release.pdf