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 EBITDA1 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 EBITDA1 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."
1 Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items
