Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 2026

09 Jul 2026 08:00 CEST

Steady performance in an uncertain market

LONDON, July 9, 2026 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today
reported unaudited results for the second quarter ending May 31, 2026. The
Company reported a second-quarter net profit of $51.7 million with revenue of
$750.3 million, compared with a net profit of $75.2 million with revenue of
$712.9 million in the second quarter of 2025. The net profit for the first half
of 2026 was $99.2 million with revenue of $1,467.1 million, compared with a net
profit of $226.6 million with revenue of $1,388.5 million in the first half of
2025, which included $75.2 million in one-off gains related to the step-up of
equity investments in Avenir LNG Limited (Avenir LNG) and Hassel Shipping 4
(HS4).

Highlights for the second quarter of 2026, compared with the second quarter of
2025, were:

* Stolt-Nielsen Limited (SNL) consolidated EBITDA(1) of $177.3 million, down
from $210.1 million.
* Earnings per share (EPS) was $0.97, down from $1.41.
* Stolt Tankers reported operating profit of $52.5 million, down from $70.5
million.
* Average deep-sea time-charter equivalent (TCE) revenue(2) was $23,372 per
operating day, compared to $26,220.
* Stolthaven Terminals reported record operating profit of $29.1 million, up
from $28.9 million.
* Stolt Tank Containers reported an operating loss of $0.3 million, including
$4.0 million of Suttons integration costs, compared to an operating profit
of $12.2 million.
* Corporate and Other, including Stolt Sea Farm (SSF) and Stolt-Nielsen Gas
(SNG), reported an operating profit of $12.5 million compared to an
operating profit of $2.1 million.

Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:

"The breadth of our global logistics network enabled us to support our chemical
customers through a period of considerable disruption due to the closure of the
Strait of Hormuz. Our businesses have been navigating the current uncertainty by
taking a prudent, disciplined approach, which has resulted in broadly stable
performance despite the market shock in the Middle East.

"Stolt Tankers saw an increase in activity with higher contract and spot
volumes. Average freight rates were softer year-on-year in the quarter, and TCE
was $23,372 per day, a decline of 11% compared to the second quarter last year.
However, during the quarter we saw a reversal of the downwards trend, as TCE
increased month-on-month across the quarter. Stolthaven Terminals delivered a
record operating profit, with utilisation rising to 93.4%, as new business and
firmer storage rates more than offset increases in administrative and general
expenses. At Stolt Tank Containers, the integration of Suttons is progressing
well and contributed to shipment growth of 21% compared to the same quarter last
year. However, $4.0 million of Suttons integration expense was incurred, and
combined with the overall challenging market conditions resulted in a small
operating loss for Stolt Tank Containers this quarter."

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(1) Before fair value of biological assets, gain (loss) on sales of assets and
other one-time, non-cash items
(2) TCE revenue per operating day refers to deep-sea STJS sailed-in revenue per
day, which is calculated as voyage revenue less voyage related expenses and
trading overhead expense, divided by total operating days during the period

More information:
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677877_SNL - 2Q26 Earnings_Release.pdf
677877_Interim Accounts 2nd Qtr 2026.pdf