Q1 2026 Stolt-Nielsen Ltd Earnings Call Transcript
Key Points
- Stolt-Nielsen Ltd (SOIEF) achieved a solid first quarter with group EBITDA of just over $180 million, showcasing the strength of its diversified business model.
- The Stolthaven Terminals business had its second-highest ever quarter in terms of operating profit, demonstrating strong performance outside the tanker segment.
- The company maintains robust liquidity with $546 million available, and a net debt-to-EBITDA ratio improved slightly to 3.02 times.
- Stolt-Nielsen Ltd (SOIEF) announced a strategic joint venture with NYK Line, selling a 50% equity stake in Avenir LNG, which helps preserve balance sheet flexibility.
- Free cash flow was nearly $120 million for the quarter, significantly higher than the same period last year, indicating strong cash generation capabilities.
- Operating profit was $82 million, down 24% compared to last year, mainly due to weaker performance in store tankers and tank containers.
- Net profit decreased to $47.5 million, influenced by higher interest expenses and additional depreciation from acquisitions.
- Stolt Tank Containers recorded an operating loss of $5 million, driven by weaker transportation margins and integration costs related to Suttons.
- The company withdrew its previously issued EBITDA guidance for 2026 due to uncertainties related to the conflict in the Middle East.
- The average deep-sea TCE revenue for store tankers declined by 14.5% year-on-year, reflecting ongoing weaker freight rates.
(audio in progress) earnings call for the first quarter of 2026. As always, the earnings release and related materials are available on our website. We will also be recording this session and playback will be available on the website from tomorrow.
Included in this presentation are various forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, and we refer you to our latest annual report for further details.
I'm Alex Ng, Vice President of Corporate Development and Strategy. Joining me today are Udo Lange, CEO; and Jens Gruner-Hegge, CFO. (Event Instructions)
Thank you. And over to you, Udo.
Yes. Thank you, Alex. Good afternoon, everyone, and thank you for joining us today for our first-quarter 2026 results.
The presentation will follow our usual format. I will begin with an overview of the group's results for the first quarter and share some
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