Stolt-Nielsen Q2 2025: Key Takeaways

Holding steady in turbulent waters – and still yielding 10%

Stolt-Nielsen, one of the core holdings in our Gullinbursti Dividend Portfolio, delivered a solid second-quarter result that once again highlighted the value of its diversified liquid logistics platform. Despite ongoing macroeconomic turbulence and pressure on spot tanker markets, the group held EBITDA steady year-on-year at $210 million – underpinned by strong contributions from terminals, tank containers, and aquaculture.

The company continues to reward patient shareholders with a generous payout – a full-year dividend of $2.50 per share, equivalent to a ~10% yield at the time of writing. Just as importantly, it is taking meaningful steps to reshape its equity story: this quarter saw the introduction of full-year EBITDA guidance and a deliberate shift away from tanker-specific disclosures. Stolt wants to be seen not as a cyclical shipping stock – but as a high-quality, capital-disciplined logistics compounder.

---

Index

1. Highlights

2. Segment Performance
    a. Stolt Tankers
    b. Stolthaven Terminals
    c. Stolt Tank Containers (STC)
    d. Stolt Sea Farm
    e. Stolt-Nielsen Gas / Avenir

3. Cash Flow, CapEx and Balance Sheet

4. Guidance and Strategic Outlook

5. Conclusion

---

Highlights

• Group EBITDA remained flat year-on-year at $210 million, despite a near 10% revenue drop in tankers.

• Net profit came in at $75.2 million, down from $100 million in Q2 2024, reflecting weaker tanker earnings and higher depreciation following the Avenir and HS4 acquisitions.

• The final dividend of $1.25/share was paid in May, bringing the total dividend for FY 2024 to $2.50/share.

• Net debt/EBITDA increased modestly to 2.96x, mainly due to higher CapEx and the dividend payment.

• The group completed its $8.8 million share buyback programme during the quarter.

“Our purpose is to move today’s products for tomorrow’s possibilities – and we are laser focused on quality, reliability and flexibility in a volatile world.” – CEO Udo Lange

“Our EBITDA guidance clearly shows that we are a logistics business.” – Lange

---

Segment Performance

Stolt Tankers