Stolt-Nielsen Limited (SNI) Earnings Call Transcript & Summary

Good morning, and welcome to the Stolt-Nielsen Capital Markets Day. I'm Alex Ng, Vice President of Corporate Development and Strategy, and I'll be your MC today. First, some housekeeping. There are no planned fire alarms today. If you do hear an alarm, please make your way out to the nearest available exit. Please also make sure that your phones are muted. Included in this presentation are various forward-looking statements. Please take 30 seconds to familiarize yourself with our disclaimer around these statements. Further details are available on our website. Now on to the agenda. We open with a welcome from Niels Stolt-Nielsen, our Chairman. Udo Lange, our CEO, will touch on Group strategy. We will then hear from the leaders of our 4 business units. I will then cover Stolt Investments, before our CFO will present on capital allocation. Udo will summarize the day with some final remarks. And then we'll conclude with a Q&A panel. There is a lunch planned for around 12:00, and we hope you can join us for some refreshments after the presentation. We're really excited to be able to present Stolt-Nielsen and showcase the businesses today. You'll hear from the leaders of the 4 business units and of the Group. In the audience, we also have a number of senior leaders who will be happy to answer your questions during the breaks. Thank you. Please welcome Niels Stolt-Nielsen, our Chairman.

Good morning, and welcome again to Stolt-Nielsen Capital Markets Day. I think this is the second one we have. The last one was in 2014, 10 years ago. It gives me an immense pleasure to stand here today to introduce to Stolt-Nielsen leadership team. It is not the assets or the digital platform that makes our company. It is the people and the culture that we have in our company. And what is that culture that attracts and retains people that make us market leaders in what we do? We innovate. We go further. We act pragmatically. We collaborate. We think long term. We remain focused on our long-term strategy. We care for our people, our assets and the environment. It is not one thing or one person that makes us. It is the combination of all of these things. I could not have found a better person to take over for me. I'm so pleased to see how our new CEO, Udo Lange, has embraced our culture and how he has connected with our management team, and also how he and I are working together. Our strategy of delivering a long-term sustainable growing EBITDA is now paying off, with record financial results, record dividends and a record share price, things are looking good. I'm confident that Udo and the team will continue to deliver on our strategy and that we will see some strong years ahead for Stolt-Nielsen. And with that, I'll give the word to Udo. Thank you.

Thank you so much, Niels, for this wonderful opening. And I have to say, I couldn't agree more. Stolt-Nielsen is a wonderful company, amazing culture, and we have really great people. My name is Udo Lange, and I have 25 years in the logistics industry. I worked for integrated logistics companies like Schenker, DHL, or most recently, FedEx. And when Niels reached out to me, probably more than 1 year ago, I actually had just been promoted at FedEx, and I had zero intention of leaving FedEx. But then I got more interested in Stolt-Nielsen, And I said, "I love this company," I'm like, "Oh, my god, this is an amazing company, and it has so much opportunity to grow even further in the future." So I want to share, together with our wonderful leadership team, more about our company today with you. But first of all, of course, a big welcome to all of you. Thanks for joining us here in London to our Capital Markets Day. And let's make it a very special one together. Thanks, Niels, for picking me as the first nonfamily CEO in 64 years. That's an honor on the one side, it's also a burden, particularly when I leave the office in the evening, I think the company has very strategically placed a painting of Jacob Stolt-Nielsen right at the exit door. So every day I go out, Jacob is asking me, "Are you doing a good job today?" And so it's just -- it's really an honor for me to be in this company. So today, what I really want to do with our leadership team is achieve 3 objectives for you. Number one, provide more clarity about our businesses. What are the markets that we are in? What are our customers? Who is our competition? But most important, what is our unique value proposition that differentiates us? Number two, this is a very special day today, I'm really excited to launch our new strategy to all of you here in London. And we aspire to be simply the best for our shareholders, customers and people, and you will hear more about our "simply the best" strategy during the course of the day. And finally, of course, most important for all of you, why should you invest in Stolt-Nielsen? So we go deeper in the investment case and providing more color for you on that. So let's first look at the company overall. We are a leading liquid logistics provider and a leader in aquaculture. And our business is really having 3 pillars. On the one hand, a liquid logistics business who has leading position in Stolt Tankers, #1, Stolthaven Terminals #6, Stolt Tank Containers #1, operating in a $380 billion very large logistics market. Number 2, we are leading in land-based aquaculture with our sea farm business, and operate in a market which has $110 billion market value. And finally, we have Stolt Investments where we are going into innovative things and also explore new markets like, for example, LNG, but also in businesses which connect to the rest of the corporation. And all of these businesses together then lead to close to $3 billion in revenue, $863 million EBITDA, close to $3 billion market cap, $5.6 billion assets, and 7,000 people around the world. We have been founded in 1959, and we have always been a trusted global pioneer in liquid logistics and land-based aquaculture. And our purpose for liquid logistics is we move today's products for tomorrow's possibilities. And for aquaculture, and Jordi can say it so much better, we ensure that future generations continue to enjoy wonderful seafood. And you think about the purpose of these businesses, while they are very important in the here and now, but they will be even more important in the future with all the changes that are happening in the world. And let's have now a look at our video, which tells you about the history, but also the essence of our business and its importance in the world. [Presentation]

Every time I see this video, it just gives me the goose bumps. It's so amazing what this company is doing with our wonderful people and the impact that we have on the world. So let's go a little bit deeper on the logistics side. What drives our logistics business is that's a truly global business. We operate in more than 30 countries on 6 continents. And what is really unique about us, that we have the end-to-end liquid supply chain solutions. So on shipping, we are not only having a leading Deepsea fleet, we also have strong regional fleets really provide an end-to-end shipping capability. But even more important, we connect with our terminals. We have 14 terminals around the world. And then finally, we have all the tank container business, which on the one hand allows global shipping, but on the other hand connects [Indiscernible] with our terminals for local distribution. And so with that we have this end-to-end capability, which helps us to make the supply chains of our customers simpler. What is the impact on the world? We serve diverse markets: electronics, automotive, food, textiles, construction, new energies, packaging, paint and coatings, agriculture, health and beauty, you name it. Whatever you probably touch today or car you run, or what you're wearing, it's very likely that Stolt-Nielsen has been a part of this. And it touches all -- we touch all of our lives every day. And with that, of course, we are also resilient across many industries because if one industry goes down, well, we are serving other industries, so we really have a resilient, balanced business. Now, of course, the key part of the presentation. Why should you invest in Stolt-Nielsen? So let me unpack this for you because we have, on the one hand, value drivers that are critical, then we execute against these value drivers. And with that we produce an attractive outlook. So let's go step by step. On the value drivers, we have an exceptional track record across all our businesses. And we are, in the business, not a shipping company. We are the leaders in liquid logistics. And we are also leading in land-based aquaculture. And in my section, I will go particularly deeper on the liquid logistics side, and then Jordi will later, as our President for the Sea Farm business, go deeper in our investment case on aquaculture. So now you have this exceptional track record and this amazing position, but how do you execute against that? But you need a strong balance sheet. And thanks to Jens' leadership and Niels' stewardship, we have done exceptional over recent years and we have a very strong balance sheet in place. And all of that is supported with very strong market fundamentals. So the value drivers are in place, so now how do you unlock that value as a company? And I'm so excited to launch today our Simply the Best strategy where we aspire to be the best choice for our shareholders, delight our customers, and be the best employer for our people. And that's really driving all of us in becoming better and better and better in all of these 3 dimensions. And that has tremendous energy and power and unlocks creativity in an organization. So it's no surprise that all of that then results in an attractive outlook. So let's now go step by step into each of these 6 chapters. Let's start with the exceptional track record. We are delivering on years of focused strategy. As you know, under Niels' leadership, launched "Committed to go further" and it has been exceptional. And he has been very smart because at the record high he says, "I'm stepping down. Udo, now you take over, and I expect to do even better." And of course, we are committed to do that. But if you look back our revenue from 2019 to 2023, 8.5% CAGR. Our profitability doubled to $866 million EBITDA, but even more important, our ROCE tripled to 13.1%. And as part of that our portfolio gets stronger and stronger. We have an EBITDA CAGR from 2014 to 2016 of 12%. But now from 2021 to 2023, we are at 27%. Our average EBITDA in the first period was 22%, and we are now delivering 27%. Our portfolio became more balanced, growing from $4.4 billion to $5 billion. But most important, we are not just the tankers business. We have created significant scale in the nontankers business, delivering now $339 million EBITDA. If you look at the world, the evolving importance of supply chain solutions is in our favor. I'm working with customers and executive sponsor roles since more than a decade. And what is very interesting to see is how the customer view supply chains before COVID and now. And it's also how all of us look at this. If you think about before COVID, logistics was like a light switch. You will go and you switch it on and the product is there. Wonderful, and then you have Amazon and then like, "Oh, now I can even see where it's around," and, "Oh, I want to have it a day faster," and then they did that. And then suddenly COVID hits, and somehow the light switch is not working anymore. And you had CEOs during COVID who were standing in front of the capital market, and they had to announce that they are missing earnings by $50 million or more. And the analysts ask, well, why is that? And they said, well, supply chain disruptions. And then it was like, well, give us more color. And there was no more color. And the reason for that is because there was no competence on the C level on logistics, and even sometimes not in the SVP or VP level, sometimes even only on a director level. And the reason for that was because logistics was a light switch, so all you needed to do as a company, tactically execute. Now fast-forward after COVID, we are now living in a VUCA world. We have high volatility, uncertainty, complexity and ambiguity. And it's not going away. Supply chains are actually becoming more and more complex. So what does this mean? Logistics today is by far more important for customers than before. So you have a by far higher focus on the C suite. So I can meet now with CEOs, Chief Supply Chain Officers, which before probably would not have met with us. And the value that we are delivering, of course, we need to execute tactically, but you're also a part of the supply chain planning, which is now more and more important. And the visibility of all your products is critical. And finally, customers need resilient and flexible supply chains. So you may wonder when I opened up and said I fell in love with the company. Well, why is that? Well, let me lead a little bit through, starting with dry goods. So in dry goods, you have many integrated logistics providers. And my PhD is actually about the advantage of being an integrated logistics provider. So I'm excited on this topic since many years. So in dry goods, you have customers like DSV, FedEx, Maersk, Schenker, Kuehne+Nagel, CMA, DHL and UPS. Very established players. So here Niels reaches out to me, and I look deeper into the liquid space, and there's only one company who has businesses at scale to provide end-to-end supply chain solution. And that company is Stolt-Nielsen. And what is really exciting is, and we just go in to our top 50 customers, 72% of our top customers today are using already more than one service, clearly proving that we are not a shipping business, we are a logistics business. And since 1959, we are delighting our customers with our value proposition around quality, reliability and flexibility. And of course, there's many amazing company logos here, but what is really interesting, that on the one hand, you see the renovated iconic Fortune 500-type companies, and then on the other hand, you see the upcoming medium-sized companies. And we serve the whole spectrum. But also, we have classical petrochemical energy companies, but we also have companies who are now coming in from a new energy angle. So we really cover the whole spectrum. Well, you heard me -- heard talk a lot about the customers and how they like us, but let's hear from one of our customers and see what they think about working together with Stolt-Nielsen. So I'm happy to introduce to you Carsten Weers, Vice President at BASF. [Presentation]

Hello. My name is Carsten Weers and I'm the Vice President of Global Logistics Procurement of BASF SE, working together with Stolt-Nielsen in this function already for a couple of years. BASF has a long-standing and very close relationship with Stolt-Nielsen. For us, Stolt-Nielsen is a strategic supplier and an important service provider in our logistics procurement portfolio. What makes our cooperation so unique is easily explained in a few words. It is Stolt-Nielsen's commitment to serve BASF in the best possible way, taking into account the specific requirements of the chemical industry. It is also the global presence of Stolt-Nielsen in combination with its complete service coverage across different modes of transport, such as parcel tankers, tank containers or tank terminal storage that are crucial for BASF's value chain. And lastly, in addition to this competitive portfolio of services, Stolt-Nielsen has the necessary capabilities in business-critical areas such as digitalization and sustainability. This creates the basis of our strategic partnership and will help us to intensify it even further going forward so that our 2 companies, BASF and Stolt-Nielsen can shape the future together.

Well, a big thank you to Carsten Weers for this wonderful testimonial, but even more important, for the excellent partnership between BASF and Stolt-Nielsen. I think you hear it loud and clear, he talks about our logistics capability at global scale. So we've heard about the exceptional track record and our unique positioning. Let's now look at our capacity from a financial side. And you see here our strong balance sheet, which provides significant flexibility to support our growth, and that's how we can execute against our strategy. And again, big thanks to Jens and the whole team, we reduced net debt from $2.2 billion to $1.8 billion. And as such, our net debt to EBITDA sits now at 2.5, significantly below our target of 3.5. And as such, we have ample investment capacity to grow, and we have significant capacity for shareholders' return. Let's now look at the market fundamentals. And they come out very strong. First, on the demand side. Growth is expected to continue, aligned with the global GDP growth. And so expectation is around 3%, pretty much in line what you've seen over many, many years. But what is more important is the very strong supply fundamentals. And let me walk you business by business to some key features on the supply fundamentals. In our tankers business, led by Maren and Bjarke, we are only seeing a low 2% net fleet growth up to 2026. And the strong MR markets are limiting the swing tonnage. Stolthaven Terminals, led by Guy, across the board, terminals are close to effective capacity. But even more important, our chemical terminals are well-positioned for the new energy storage at higher margins. And finally, in our tank container business led by Hans, there's limited near-term isotank ordering expected, and we have built a business which is a significant scale advantage and we have the capability to capture the volumes without adding further fixed cost. So I walked you through all the value drivers, but now what is our strategy to unlock this value for you as our shareholders? So we aspire to be simply the best for our shareholders, customers and people. So let me walk you a little bit through how we got to this strategic theme. So when I joined the company, I talked with a lot of customers, but then I also had a survey with all our people. We had a so-called Big Listen campaign. And we asked the whole organization 4 questions in the first 4 weeks. Number 1, what makes you proud to work for Stolt-Nielsen. Number 2, what can we do better to support you to make you more successful? Number 3, what can we do better to make our customers more successful? And number 4, if you were the new CEO, what would you do to create more shareholder value? And we got an amazing response. We got 4,000 responses back, which of course helped us to shape our strategy. But what was very prominent in the responses, and this was not a multiple choice, this was free open text, many of our people said "We are proud to work for the industry leader." And then when I walked through the different strategies, I found words like "We want to be world-class. We want to be the most respectable provider. We want to be the best in our space." "We want to be the leader." And so on. So you had already a lot of the spirit about aspiring to be the best in each of the businesses and also in how the people looked at that. But also, when I talk with customers, I got the same feedback about the exceptional value proposition that we deliver, as you have heard from BASF and you will hear 3 more customer videos during the course of the day. But then I have to share a fun story with you. So my first industry conference last year in September, and so the team said, "Well, we'll have an industry cocktail party with our customers and it's going to be at 5:00." And I looked at Bjarke and said, "Sunday, 5:00, we are doing a cocktail for customers? Nobody is going to show up." And Bjarke said, "Udo don't worry. We do this since many years, and you will be surprised." And I was not surprised, I was blown away. Sunday afternoon in Vienna, 300 people showed up, customers and leaders from the industry and partners. And the reason why they show up is because we are the industry leader and we basically kicked off the whole conference. So that tells you a little bit about what we want to achieve, the investment choice for our shareholders, best solution for our customers, and be the best employer. So why is the word simply in the strategic theme as well? And that has to do with how we want to go about it. And that's really about our culture and DNA. And of course, it all starts with safety first. Safety is vitally important for all of our businesses, and you will hear that across the board later as part of the presentation. But then Niels pointed already out the culture and the Stolt Way and our specific values, and you really can feel them in the organization. And then finally, our sustainability ambitions. And so all of that can be captured in the world simply because we live in this complex world, and our customers have complex supply chain. And our objective is to simplify their supply chains and make them really more effective through our Simply the Best strategy. So the key takeaway is here that we are a solutions provider in this volatile world, and we create solutions, but we make it simple. And that delivers value for our shareholders, customers and people. So now we have this aspiration of being simply the best, so of course, you can have all kinds of aspirations, but if you are far, far away from it, then it may be a long, stony road. So let's take a look at where we are. First, on the shareholder side. Since 2020, our share price has grown by 484%. We have delivered $1.2 billion in dividends, and most recently had a dividend of $2.50 per share. On the customer side, we are embarking on a customer experience journey. And these are early days, but it's very promising. We overall had 340 customer responses, and we sit at a very strong NPS of 35. Of course, there's room for improvement, but that's a strong starting point. And you see here, we win customer and industry awards across all our businesses. And then finally, on the people side, our sustainability engagement score sits at 89. I have never in my career seen such a strong employee engagement survey as the one at Stolt-Nielsen. And it's just wonderful. If you look at it, we are outperforming our peers. In 16 out of 19 categories, we are beating the logistics norm. But then there's other norm where you take the best companies in the world across all industries, and even in that category we beat 12 out of 19 times world-class companies. So that points to what Niels talked about, this very strong cultural foundation that we have. So let's look at the shareholder side. I joined in September. And since then, we are outperforming our tankers and logistics peers. Since September, our share price has grown by around 80%. And as such, we are better than our tanker peers, but we significantly outperform the logistics peers. On the lower side of the chart, you see different groups around tankers, asset-heavy logistics and asset-light logistics. And we are now on a PE of around about 8.5% -- 8.5x. And as such, we are edging away from the shipping and tankers peers, but there are still significant headroom towards the logistics peers. Let's now go deeper into the strategy. So the Simply the Best strategy has 2 key elements. Number one, our strategy elevates business performance and then unlocks Group-wide synergies through our connector strategies. So let me go and give you an example on how this works. So we recently had Guy presenting in our Board the terminal strategy. And what we're doing there is we're building a strategy terminal-by-terminal, but on the onset, we tell every leader, what we expect from your strategy is, tell us what will be the best performance that you can do in this particular market and what is the underlying strategy? And so if you think about this business, your market in the U.S. or in U.K. or Australia is completely different in terms of customers, in terms of competition, in terms of demand. But now you unlock the creative energy and people came forward with by far better strategies on a terminal-by-terminal basis, because it's very inspiring to think about how can we be simply the best in our space. And that's the North Star for all of our business and how we drive this company. It's the spirit of being simply the best in everything that we do. So how do we then unlock value across the businesses? And that's through our connector strategies. So the idea of the connector strategy is that you don't just have business and they're run separate. No, there's so much knowledge and expertise that you can share best practices and share resources to create even more value. The first one is around liquid logistics. We have our 3 logistics businesses. And while they compete in separate market segments, they can create even more value for our customers if they work together also on a strategic level. And that's what we unlock with liquid logistics. If you go through the rest of the businesses, then through operational excellence, customer excellence, people excellence, digitalization and sustainability, that's really the DNA of our strategy where we strive for excellence in all of these dimensions. And I would like to make a big shout out to Anne van Dassen Muller who sits there in the back of the room. And in our business, she's really in the front, I can tell you that because people excellence is absolutely vital for us. And Anne and her team are doing an outstanding job in making the people experience better and better every day. I now want to double-click on digitalization and sustainability. I cannot share the whole strategy with you, but just give you a little bit more color. And these 2 themes later on, when you go business by business, every business leader will give you more color around digitalization and sustainability. So first on digitalization. We have a long legacy of innovation in the digitalization. As we mentioned, we are the pioneers overall from a DNA, but this pioneering spirit also is present on the digitalization side. And you probably know this guy here. That's Bill Gates. And you may wonder, what is Bill Gates doing in the capital markets presentation of Stolt-Nielsen? Well, in 1995, we won the Bill Gates Innovation Award for the Microsoft's Windows World Open. What is even more important is, not only that we won this award, but that this shows we have this innovative spirit in digitalization, and that continues until today. And we continue to lead the digital innovation in our industry. And our digital strategy is second to none. And it's summarized in our digitalization planet. And let me walk you through our digitalization planet. So of course, in nowadays world, we all talk about data. So no surprise, at the core of the planet sits data, and working on master data across the businesses. And you got that one right, this data can be used in data science and unlock value. And that value can be unlocked for customer experience or sustainability on the external side, but on the other hand, it can also unlock value in your applications across the businesses or for your corporate functions. Underlying all of that is one tech stack with our modern architecture. And of course, a very solid governance structure. But then, of course, in nowadays world, you also need to be laser-focused on cybersecurity and understand the capability of your IT operations. And unfortunately, our CIO, Peter Koenders, is sick today, but I want to give a big shoutout to Peter and the digital team because this is clearly leading edge, I can tell you. This is delivering value for our shareholders, our customers and our people. Let's now look at sustainability. We are focused on sustainability for our people, our planet and our customers. And we are committed to the sustainability strategy and the United Nation commitments around responsible consumption and production, climate action and life below water. Even more important, if you think about the global energy transition, it can only happen if you have logistics infrastructure in place. And that's where Stolt-Nielsen comes into the play. We support the global energy transition through our logistics capabilities. And as you've heard, innovation is in our DNA and a key driver of our sustainability efforts. And with that, it's no surprise that we have reduced the CO2 impact for our customers and provide sustainability insights. You heard before about our digitalization planet. And this is just a wonderful example how this works, because underpinning all of this is Stolt-Nielsen's digital sustainability platform supporting all businesses. So we heard about the value drivers. We heard about our Simply the Best strategy. So what is the outlook that this can all deliver? And we see a very positive outlook for the foreseeable future. We are set up for winning in today's favorable markets while also investing in our long-term growth. Over the last 3 years, we invested $450 million into growth CapEx, significantly extending our asset base. And this investment level will continue in the future where we expect growth investments of $600 million to $700 million in the next 3 years. As already mentioned, the market fundamentals are strong for the foreseeable future, and we have the capability to outperform the market. Let me unpack this further for you. First, in the short term, we continue to provide our quarterly TCE guidance, and Bjarke has later in the presentation some exciting news for you on this one. Second, while forecasting is always challenging, it becomes even more difficult in this VUCA world. Hence, instead of 1 outlook, we are looking at different scenarios. As an example, you see here the Bloomberg 2026 estimate which predicts an EBITDA of $876 million. And this scenario is pretty much in line with the 2026 Stolt-Nielsen scenario which assumes, first, a reopening of the Red Sea, and second, also the Panama Canal. So now, as we all know, whilst the Panama Canal is starting to reopen, the Red Sea is still technically closed. And I would like to remind you that a $1,000 change per day in TCE results in an annualized EBITDA impact of $23 million. In conclusion, SNI's unique portfolio and our Simply the Best strategy allows us to outperform the market. And you will hear now more details on this from our wonderful leadership team. And I'm so excited to welcome Maren Schroeder to our stage who will talk about Delivering Now for the Next Generation in our tankers business.

Thank you, Udo. Good morning, everyone. So my name is Maren Schroeder, and I'm the Chief Operating Officer of Stolt Tankers. And I'm delighted to say that, as of July 1, I'll also be the President. I'm a naval architect and marine engineer. I've worked all my life in shipping. And I joined Stolt Tankers 5 years ago. But that's enough about me. So over the next 30 minutes, my colleague, Bjarke Nissen, who is our Chief Commercial Officer, and I will show you what Stolt Tankers is about, how we're planning to further grow the company, and how we aspire to be simply the best. So here's what you're going to see. We'll first start off with a brief introduction around some facts and figures around the company. We'll show you our fleet profile and how we're positioned within the market. Bjarke will then talk about our customer-centric approach and about market dynamics. And finally, we'll show you how we plan to further grow the company, the potential the business has, and how we're planning to create value. So this is who we are. We're the leading global operator of Deepsea and regional ships. And we operate 160 chemical tankers worldwide. And on an annual basis, we transport over 12 million tons of cargo, and that is in Deepsea alone. And if you look at the numbers here with an operating revenue of $1.7 billion and an asset base of $2.1 billion. In 2023, we had an EBITDA of $527 million. And that is just an incredible margin. So in a nutshell, we're big. We have scale. We're able to serve our customers globally and flexibly. And we're truly specialized in chemicals, and we're an expert in the market. So let me start off with what a chemical parcel tanker actually is. And some of you will know this very well, so forgive me, you have to sit through this for 2 minutes. And for the other ones, I hope it adds value. So as you can see here, a crude oil carrier carries crude oil -- crude oil only. Then you have product tankers, and sometimes we call them MR tankers. And they usually carry clean petroleum. And there's a subsegment that also carries commodity chemicals. But they can also carry crude oil, and even the normal product tankers, they sometimes go into commodity chemicals. And chemical tankers, chemical parcel tankers, usually carry commodity chemicals or specialized chemicals. And that depends a little bit on the ship and on the expertise. But we can also carry clean petroleum products if need be. Now, if you compare your average chemical tanker against product tankers, we have many more tanks, 40, sometimes 50. And with all these segregations, we can carry different cargo grades from different customers at the same time. That also means we spend much more time in port because we have to get to all the different terminals to actually load and discharge. And that does give us an advantage when it comes to life extensions. Because when you look at your average ships, they are designed for 25 years, give or take. And that is because of their material fatigue characteristics. So if you take a piece of steel, a ship, and I'm sure you've all done it with a paper clip at one point, so if you just bend it long enough, eventually it will break, right? So now don't quote me on it, Maren said ships will break at 25. There's a safety margin, of course. But they will get starting to show some signs of trouble beyond 25. Now in our case, we spend so much time in port, sometimes 40% or more, so we can actually use these ships longer, and that allows us to life-extend them and have that flexibility when the market is good to just keep going. I want to circle back a moment to the product tankers. So sometimes we refer to them as swing tonnage, you'll hear that later on from Bjarke, and that is because of their ability to tap into different cargo segments, into crude oil or into commodity chemicals. And again, Bjarke will go into more details later, but just remember that part. And then when we look into our cargoes, we usually carry commodity chemicals or specialized chemicals. And specifically, the specialized chemicals are interesting because they have the high margin. And this is where our expertise really comes in. These chemicals, they need a lot of special care, heating, cooling, nitrogen. And of course, the tanks also need to be super clean because you don't want to have any contamination from the previous cargoes. You won't see a lot of companies that actually carry cargoes like propylene oxide or isocyanates. And these cargoes are super specialized, they require a lot of expertise, and they come in very small parcel sizes. And this is where our expertise really comes in and where we have a real advantage being the global leader in chemical parcel tankers. What you see here is our fleet profile and the mix between Deepsea and regional ships. So we operate 76 Deepsea and 84 regional ships. And having this good mix of ships allows us to really provide end-to-end services to our customers. So the smaller ships, they also have access to the smaller ports, and we can really get the cargo to where the customer wants it. And we're the only chemical operator with that good mix of Deepsea and Regional ships. I just mentioned that we spend a lot of time in port, and that comes with the nature of the trade and the industry, and that is okay. But this is not where we want to spend our time. And having this good mix of Deepsea and Regional ships, and also the barges, allows us to really optimize our network. So to give you an example, we do around 130 transshipments a year. And in the Port of Houston, we have introduced 3 barges, and they are there to offload cargo from the bigger ships if the terminals are not ready to receive them yet. So that allows the bigger ships to go on about their business, reduces port time for them, and it also reduces fuel and emissions because now it's the smaller barges that are waiting, and the bigger ships can just do whatever they have to do. There's another advantage here having this regional fleet. And that really gives us good firsthand insights in these regional markets. And we do see a lot of growth potential there. And having that first-hand information allows us to grow with these markets there. So again, another big advantage for us. So I mentioned it several times now, you know it by heart, we're the world's largest chemical operator. I've talked about the fleet mix, but there are some more dynamics at play here. And you heard Udo talking about the VUCA world, and it is true we are facing a lot of uncertainty these days. Especially these last years, it feels like we're adding crisis on top of crisis, and we're never really resolving one before the next one hits. And that doesn't make our life easier. We had a pandemic, we have wars and sanctions, we have weather events. And we have lots of new regulations coming at us, many of them in the ESG space. And that, again, adds a lot of administration. So all that extra admin, but also all these geopolitical events make it very difficult to operate for shipping companies if you do not have scale. You need to be able to react fast and flexibly. And for that you need to be big and you also need to be able to cope with all this extra administration that is coming at us. And we do see a lot of smaller operators struggling, and that is why we think there's room for consolidation in the future. So with that, let me hand over to my colleague, Bjarke Nissen who will talk about our customer base, market dynamics and profitability.

Good morning. My name is Bjarke Nissen, I'm the Chief Commercial Officer for Stolt Tankers. I have 30 years of experience with the company. I'm here today to talk to you about markets, we're going to talk about supply, we're going to talk about demand. We're going to talk about industry dynamics. And finally, we're going to talk about the outlook. Before we go to the future, I want to take you back in time. We've been tracking demand in our industry since 1983. As you can see from this slide, it's a good story. We've seen almost continuous improvement every year on demand growth. Even when we encounter Black Swan events, like the financial crisis, like COVID, we only see very modest drops. So we should be here today to celebrate 41 years of continuous profit and high returns on capital. That's not the case, as many of you know. We see continuous demand. The challenge in our industry has always been around supply. So this is really about the supply creation. So let's look at supply. You will see we talk about the MRs and the chemical tankers. We talk about the MRs, there are 1,750 of them in the world, when their markets are challenging, some of them go into chemical tanker markets. Right now, we are seeing the MR sector at historically strong earnings. We're looking at an order book for the MR sector which is moderate. And after we assume scrapping, we are seeing an expected fleet growth in the MR sector of around 5%, which is closely matching the demand increase we expect. So that we have a good view on. We also had a moderate order book for chemical tankers. It's around 11%. What you can't see with the small letters is that we are now operating with a model where we are shooting scrapping at 28. Historically, we always talk about 25. Now at today's earnings, no one is going to scrap unless they absolutely have to. But it is noteworthy that if scrapping was to take place at 25 as is normal, we would actually encounter negative fleet growth. We don't expect that in our scenarios. The point of this slide is that we have a solid view of supply in both sectors for the next 2 to 3 years and is very positive from a shipowner perspective. Want to go back, Maren talked about the age of the fleet. Age itself is not an issue. Our ships are very well-maintained, and they can easily trade past the age of 25 years and still have an excellent safety record and still meet all [ratings]. The reason I bring this to your attention is we are now looking at a scenario where 14% of the world's chemical fleet will be over 25 years of age. We've not had this scenario before. And what that means is we now expect that any ship that's 25 or older is fully appreciated. In the past, we had a much younger fleet. And what that meant is that owners had such a heavy debt burden that no one could lay off tonnage, no one could do early scrapping. What we see now going forward is that for the first time in history, the industry has a buffer. If and when markets turn bad, we can start to retire tonnage with no financial consequence. Let's talk about demand growth. Take you back to the first slide, we saw almost continuous demand growth. That is because demand in our industry typically grow by a small multiple of GDP. The GDP outlook is positive. We track this closely. But we also follow 3 different companies for analysis. I won't have to go into detail here. But it's safe to say that anyone expects a 3% to 6% demand growth in our sector. A lot of that is driven by the fact that the world is growing, but also because production facilities now are increasingly placed in Asia, in the Middle East. It means that our ships have to sail longer. That longer voyages takes out supply from the market. So we have a demand growth. And over the next 3 to 4 years, we actually expect demand will outgrow supply growth. Let's talk about our industry and our customers. Somewhat interestingly, almost every single industrial process in the world has a use of chemicals. It also means that we service eventually every single industry in the world. We carry more than 600 different types of chemicals. With that sort of diversification comes resilience. We see that when one industry goes down, another industry picks up. I think the best example I can think of is that we typically have a very large amount of our cargoes that goes into the automotive industry. During COVID, I'll be honest with you, when COVID started, we did sit back and have a little bit of "Oh, boy, here we go." And automotive stopped. But then you all think back to having to disinfect your hands, you saw a surge in the need for disinfectants. At the same time, people were sitting at home and looking at the wall, they're saying, "This place needs painting." They started to order more furniture. They got bored, they ordered new barbecue. Go back to the first slide, one industry goes down, another one picks up. So my point here is that our industry is resilient. Let's talk about our customer base. We have 350 unique customers in our company in Stolt Tankers. We typically serve chemical producers, we serve large and small trading houses, and we serve some of the largest oil companies in the world. Our customers are solid counterparts. I think it's also worth mentioning that with some of our customers, the relationship goes back to 1959 when the company was founded. Our relationship with our customers spends decades. So we have solid strong counterparties and we have a long-term relationship that brings stability to our earnings. Contract portfolio. We had our contract folio basically is how we can optimize earnings and adjust for good and bad markets. What we see here is that we typically have a contract ratio of around 70%. We've been gradually lowering that to around 50% today. And we did that ahead of market development because we expected the market will go up and we want to participate in the growth of the spot market. Below here, you'll see that we did make the right call. Our earnings went from around $16,000 a day up to over $30,000 today. My point with this slide really is that we have a conversion strategy that allows us to extract the most from any market be good or bad. And as Udo mentioned earlier, had some positive news to share with you today, which is that we are seeing a significant jump in our Q1 earnings to Q2 earnings of 8% to 10%. Now this is a busy slide. So in a sense, I prefer just to talk about today's earnings because they're historically high, but as you also know, we are under cyclical industry. So I thought it's fair that we take a look back at a cycle of the last 10 years. I'm not particularly happy as CCO to share TC earnings around $15,000 a day with you. But I am pleased to share that in an industry, a cyclical and demanding as chemical tankers, we have only experienced 3 years of losses. The worst year we had was 2014 where we had a loss of $29 million. It's not a loss we're proud of, but it's a loss of it with an asset base of $1.8 billion and revenues of $1.3 billion. So the point is that even the worst year, our losses were modest. More importantly, that same year, Stolt-Nielsen Limited, our parent group had a profit of $79 million. We benefit from being part of a larger group having access to that means that even in our worst year, we can continue to invest in our ships. We continue to maintain them to the highest possible standard. We don't know our safety, from a commercial perspective, it also means we have the ability to buy countercyclically. We have picked up secondhand tonnage at very attractive times in the market because we always have access to that capital. So despite being a cyclical industry, our aim is to be profitable in any market. I think one more point I want to make here is the bottom one. We had some tough years and when you are not able to increase your revenue, you have to look at cost. We've been laser-like focused on our cost picture here. We invest heavily in digital tools, we are very focused on operational excellence. And that meant that we've been able to drive operational cost down, our cost management has been breakeven down to a lower point now than since 2018. So in conclusion, we see historical demand growth, positive demand growth going forward. Talk about the MR market. It's at historically high earnings, modest order book in AMS, which benefits us, and we are seeing crucially a favorable supply development. So we have a favorable view of the market for the next 2 to 3 years. Now back to Maren.

Good. Back to me. So there was market dynamics, customer base and profitability. So now I'll take you into our fleet strategy, capital allocation, the regulatory landscape, our sustainability efforts and digital strategy. What you see here is our strategy around capital allocation when it comes to our asset base. So we believe in a good mix between new buildings, secondhand acquisitions, life extensions and asset-light strategy. So we've just ordered 12 new buildings in China with the first ships on the water in 2027. And we order ships to replace old tonnage that goes out of the company. So we do not order to add capacity to the market, but simply to replace existing ships. And that allows us to have a good mix of fuel efficient and state-of-the-art ships in the mix. And building to our specification also helps us to have good interchangeability with the existing ships in the fleet and that adds more flexibility to our network. We always look for attractive secondhand acquisitions, which then allows us to target specific gaps in our fleet. And of course, we can capitalize on these appealing business cases. I spoke about life extensions earlier, again, more time in port, but also the stainless steel section that we have that makes the ship extra strong, allows us to live extend the ships and take these decisions on short notice also when the market picks up or to recycle when the market slows down. And asset light, of course, we pool, we time charter, and that again gives us flexibility to react with the markets. So in short, new building, secondhand acquisitions, life extensions and asset light to make sure that we have a good asset base and optimal capital allocation. So what else is going on in the industry. So in this world today that is ever changing with so much going on, it is important that we not only comply with rules and regulations, but we also need to make sure that we're well positioned for whatever is to come in the future. And we also believe that as a shipping company, we need to be actively involved in shaping future policies because again, the world is changing too fast around us to leave policymaking to a few individuals that are often way too detached from the challenges that we face on a daily basis. And that is why, for example, where a member of the Maersk Mc-Kinney Moller Center for zero carbon shipping. And we have a few secondees to the center, and that allows us to really understand future fuel requirements, regulations, but also the challenges that come with that and that allows us to take better decisions. We're an active member of the sea cargo charter, that is all about Scope 3 emissions reporting for our customers, and that is important to them. And being a member allows us to give feedback and to actively shape the emissions reporting mechanism. I'm not going into all the details here, you can read that. But there's one more thing I want to mention, and that's the carbon disclosure project, the CDP score of a B minus, which maybe doesn't sound that great B minus okay, but for a shipping company that actually puts us in the top category, and that's something we're very proud of. Udo mentioned already, safety, protecting our employees, the people, the planet. So for us, safety is really a value. And I say value are not priority because priorities can shift and values stay with us. We have 4,500 seafarers, and it is really, really crucial for us that they're safe and returning the same way home that they joined the ship and good health. So this is why we have our behavioral safety program, which we call Slashed Zero. And that allows us to address topics around leadership, competency, care for our people, for the planet on board and in the office. Having procedures is one part of the equation, but behavioral safety is even more important to make sure that people have excellent situational awareness and that they can take the right decisions at the right time. Mental health and well-being is something else, which is very important to us because as you can imagine, being 6 months on board to ship sometimes, well, it depends a bit on the contract duration, it can be 3 months, it can be 6 months. But what people you haven't chosen can be challenging, and it's important to make sure that our colleagues at sea have whatever they need to be mentally in a good space. You heard Udo talk about our sustainable development goals. There are 3 for the group, of which two are relevant for Stolt Tankers, and that is climate action and life below water. Climate action, of course, is all around carbon abatement and emissions reduction. And that is why we have a lot of initiatives around fuel efficiency to make sure that our ships really are as efficient as they can possibly be at this moment. And of course, the new buildings will also help to further drive efficiency and make sure that we reach our ambition of net zero by 2050. Life below water. Zero pollution, of course, is always the goal, but we also have initiatives around protecting Wales and mammals. So somebody asked me yesterday, what are [ citations ]? So this is Wales and their friends. It's about routing and underwater noise. We managed our discharge, and we want to reduce plastic. So this is really just in a nutshell what is happening in the ESG space. Let me show you what is happening in the future on the regulatory horizon. So we have the IMO, the International Maritime Organization, which is really regulating our shipping space. And they have just changed their course to net zero in 2050 or around 2050. The carbon intensity indicator the CII has been introduced last year for shipping. But has been in the meantime identified as largely deficient, and there will be a full revision in 2026. We still have to see what that means. And they also just announced they're working on a global pricing for emissions for adoption in late 2025, but we don't have any further details of what that will look like. So we're waiting, and we're ready as far as we can be ready. In the European Union space, we have the emissions trading scheme, which is enforced since January this year for the larger ships and the smaller ones will be added on by 2027. And as of next year, we'll have the Fuel EU Maritime regulation. And why am I telling you all this? Because as you can imagine, it adds a lot of uncertainty and administration also. Cost is not so much the issue. So that is being passed on to the customers but it's really about, as a company, being able to react to cope with all that administration and to react fast once we know how these regulations will look like. And again, you need to have scale for that. We do see a lot of smaller operators struggling and we do believe there will be room for consolidation in the future. What you see here is an artist impression of the 12 new buildings that we just ordered in China, 2 x 6 in Wuhu and in Nantong, Jiangyou, and the first ships will be on the water in 2027. There will be 38,000 tonnes deadweight with 30 tanks. And of course, there will be modern state-of-the-art fuel efficient about 20% more efficient than the younger ships we have on the water today, and the engines will be methanol already. So what does that mean? It means we can convert them for the use of methanol if and when we believe that this is the way forward. There will also be shore power ready. So you may know that other ship types they already today have to use shore power for container ships, they will be added by '27. And for sure, tankers will be added to the mix as well. However, there is no defined standard today for tankers. So terminals don't know what to install and ships don't know what connection is needed. And that is why we're part of an industry work group together with [indiscernible] and Intertanko so with terminals, oil majors and other shipowners to define that standard so that we know when the time comes, what we have to install. That was our deepsea newbuilding program. So to show you what we do for the barges, what you see here is the Stolt Ludwigshafen. And if you go into the coffee room, there's a small model. You can have a look if you want to see it in 3D. And you just heard from Carsten from BASF that we have a long-standing relationship. And the Stolt Ludwigshafen is a good example of how we co-create personalized solutions together with our customers. So in 2021, the River Rhine was hit by historically low water levels. And BASF, they had trouble to get feedstock to their main production plant in Germany, which is in Ludwigshafen. And of course, they weren't too happy about that. And together we brainstormed, whether we could build a barge that could still operate at very low water levels. And this is how the Stolt Ludwigshafen was born. So with her 135 x 17.5 meters, she is considerably larger, but also has lower draft than conventional ships on the river. And at moderate water level, she can still carry 2,300 tonnes of cargo and at very low water levels of up to 1.6 meters. She can still carry 800 tonnes of cargo, and that is pretty impressive because other ships can't. Fuel efficiency, of course, state-of-the-art, so 30% less than what is on the water on conventional ships. And nitrogen oxides even reduced by 70% to 80%. The generators also can be converted for the use of methanol and they can also be exchanged with hydrogen fuel cells once that technology reaches maturity. So firstly, I'm super excited about this. That's where the naval architect and need comes out. And again, the model is in the coffee room, if you want to have a look. You heard Udo talk about digitalization. And we truly believe that companies cannot survive without innovation and living in the digital age, a lot is happening in that space, of course. So at Stolt Tankers we use digitalization to enhance customer experience, take better decisions, make life easier for our colleagues, optimize processes and to simply play with new technology. And let me just give you 2 examples of what we're doing and how this looks like. So for customer experience, we have recently launched our customer portal. And that allows our customers to log in online, trace their cargo and get all kind of documentation and information around their cargo. And that really reduces a lot of administration for them and for us because it's a lot of ping pong e-mails and phone calls that we don't need anymore now. Similarly, on the employee side, we now have our crew self-service application where the crew can log in and they can view and update and submit all kind of information around their employment. So if you think about their payslip, but they can also submit expense statements, they can update visas and certification. And again, that reduces a lot of admin for both of us. So there's a lot of exciting stuff happening in that space. I won't give away too much of what else is happening. But is all helping us to become more efficient and for our customers to have a better experience. And that brings me to the end of this presentation. I hope Bjarke and I have been able to give you a clear view of what Stolt Tankers is and how we're aspiring to be simply the best. So to summarize, we have a market-leading position, being the largest chemical operator, both in deep sea and regionally. We're core supply chain partner to our customers. And together, we create personalized solutions. We invest in growth through our fleet renewal strategy and digitalization and the market outlook remains strong for the foreseeable future with very positive supply and demand dynamics. With that, let me hand over to Guy from Stolthaven and thank you very much.

Good morning, everybody. My name is Guy Bessant. I'm President of Stolthaven Terminals. I've been roughly 3 decades in the industry, chemical energy, having worked twice for Stolt-Nielsen, firstly, in Asia across actually all of the businesses and then 2 of our largest customers came back about 10 years ago and run the business for roughly a decade. Four main areas that I'll touch on today. So an introduction of Stolthaven, who we are, similar to the tankers presentation, the market we serve. How we've performed myself and the team really over the last decade, building on a strong foundation and off that strong foundation, then positioning ourselves for future growth. So who are we? 14 terminals. You'll see in a moment a map of where we locate it. Of those 4 are joint ventures and yes, December last year was the 25-year anniversary of our first joint venture, so long-term partnership with our joint venture partners. We saw 250 products globally. And on any given day, that would equate roughly to between $3 billion to $5 billion worth of inventory that we look after on behalf of our customers. From a financial perspective, operating revenue last year was $300 million with an EBITDA of $169 million. Slightly different to the tanker situation, we're an infrastructure company. Unfortunately, I can't move my assets. So we've really got to make sure we're in the right location. We provide excellent customer service so that we can keep our customers and then also look at future trends so that we can position ourselves for the future. You'll see on the next map, we are one of the truly global independent storage providers located across all major regions. We're an owner and operator of infrastructure which serves the chemical industry, specialty liquids, gases and the energy sector. We're an owner of land in key locations. And later on, I touched about growth, I'll share how much more capacity we can add at those locations. We have a diversified portfolio, and I'll touch on that in the next slide. And we are performing at the moment. But we are different from other infrastructure players. One thing also to bear in mind is in our sector in the last couple of decades, infrastructure pension funds have really come into our industry. But most of those players have an exit game, normally a 5- to 7-year window. We're long-term players in the market, steady growing EBITDA. That doesn't mean that we don't continue to look at our portfolio and where necessary divest. We're also affiliated to our sister companies Stolt Tank Containers and Stolt Tankers. That brings a differentiated value proposition, which Udo alluded to earlier and also internal synergies, both operational and commercial. If you look at the numbers here, 99% of our contracts at the owned terminals are CPI linked. We have 75% of our business around nonpetroleum-related products, and I'll go into details later on that. And importantly, almost 50% of our contracts are 2 years and above, bringing that stability that we need as an infrastructure player. A busy map, I'll try and talk you through it. So on the left-hand side, a split from a capacity perspective of where we are regionally. I'll dive into details in Asia later. But as you'll see, it's a nice split. And from that, I'd say we hedged, we do see both, some of the events that have been mentioned earlier, COVID, weather events. One market can have a slight dip, but often we see another market pick up. If I start in the U.S.A. Strong market domestically. I'll show some growth figures later. It's also a strong export market because of the feedstock base and the energy price that they benefit from. Counter to that is Europe, of course, the energy prices have come down post Russia-Ukraine Invasion but they're still much higher than the U.S., and the feedstock cost is still higher. So what we're seeing is a consolidation of the chemical industry in Europe, but there's still demand here, and that feeds import flows, which is good for us as a storage company. Asia, as mentioned, I'm going to delve into a little bit deeper later. The green terminals here, 3 of them, different stages of the pipeline. So Taiwan is currently being constructed will be operational end of the year. Turkey, we're waiting for our partner to go ahead with final investment decision, hopefully, within this year. And then Pecem we're waiting for news on a tender, which we've submitted a couple of months ago. But overall, again, nice geographic presence serving different markets. And the markets we do serve. So core is around the chemical market, and that's growing at a multiple of GDP in all regions. If you look at the petroleum market, that's a different story. So in Europe, you do notice a slowdown of core traditional petroleum products, but often being replaced by new products, sustainable aviation fuel, et cetera. In Asia, strong demand continues. And then the exciting opportunity is around energy transition and circularity. So we're seeing good opportunities around sustainable aviation fuel, biofuel feedstocks into those products. And then circularity is nicely linked to our existing customer base in the chemical industry. And that's the recycling of plastics back into a liquid and going into the production sites as feedstock again. So that's an area we see as a good opportunity going forward. From a growth perspective, very similar story to what Bjarke was mentioning earlier. So increased demand for sustainable fuels and feedstocks, a growth in emerging market economies, that's both Latin America, Asia Pacific, India and other regions, and that's very much driven by population growth, specifically in Asia Pacific. And of course, that urbanization, so the people buying paint that Bjarke mentioned to and just upskilling their livelihoods. And then we do see it again, and that's the nice linkage with tankers. We see trends ahead of time as well is the increased complexity of supply chains. So post COVID, there was a real realization by some of our customers that they needed a China Plus One strategy. So not putting all of their production in China, but maybe putting something in Southeast Asia or close by just to derisk themselves. So within Asia Pacific, you can really see that's where the growth is going to be driven. So the white number in the yellow half circle is the chemical sales in trillions of dollars. And then the white number in the black semi circle is the expected compound average growth rate for the period. So Asia is really going to be driving growth in the chemicals sector. And as you saw on the earlier slide, we've got a nice position in Asia Pacific and de-risked in regards to being in multiple countries in that region. Europe, although slower is growing, and we have a presence in that region. And in the Americas, again, strong domestic consumer demand but also an import export flow. And again, we've got a presence in that market. Just wanted to drill down into a couple of terminals within the presentation. And the first one is Dagenham. So this is 30 minutes drive from here on a good day, roughly 30 minutes. And why have I pick this one? So this talks nicely around the energy transition. So when we did a strategic review a couple of years ago and then linked to what we see externally and particularly government mandates within the U.K. around diesel fuel cars and such like. We said, okay, how are we going to make sure that, that terminal, which we can't move has a sustainable future. So we said, okay, our biggest exposure at the moment is clean petroleum products and one in particular, diesel. So we said, okay, how are we going to balance the risk that we have there. And what we've done over the last 5 years successfully is reduced our dependency on that one product and replaced it with products which we see having a much broader future, those being biofuel feedstocks, replacement for diesel, et cetera. So we've nicely grown the business. Importantly, it's not been done at the cost of reducing revenue or our margins. In fact, the opposite. We've actually grown the revenue the same capacity. We've just swapped products around and customers. At the same time, we've had an extensive capital investment program within Dagenham a new jetty and other investments, which really position it for the future. As with Maren's slides, very similar in regards to sustainability. And again, safety for us and across Stolt-Nielsen really is a value that we have to focus on. We expect our people to come to work safely, work safely with us and get home safely to their families. So that's really a priority area. A slight difference for Stolthaven Terminals versus Stolt Tankers is we don't have an IMO type equivalent body globally, setting directives for us. That doesn't mean that we shouldn't do things around sustainability. We know that things will be coming at us. And of course, there's customer-driven demands as well. So on the left-hand side, really focusing around the people aspects and then around the environment. If you look at some of the highlights, so EcoVadis really is the accreditation that particularly the chemical industry is focusing on. So that's one that we've decided to focus on. We get tested on this. We have a $280 million Singapore loan, which is actually linked to our EcoVadis Silver Award. And in fact, there was an announcement today with our partner bank in Singapore that they were awarded an award for that loan that they arrange linked to the sustainability. On greenhouse gases, as mentioned, there isn't an IMO body that's saying we have to reduce our emissions by x amount by a certain time. But since 2018, we've reduced our footprint on CO2 by 20%. That hasn't been done at a negative to the business from a financial perspective. In fact, what we've identified is waste. So we've reduced cost leakage and at the same time, providing a good service to our customers and that we're not overcharging. It's an energy efficient process that we have now. And then personally, I see some really nice opportunities around sustainability and particularly the storage space. So Maren mentioned earlier future fuels. Green methanol is one potential that we're looking at and specifically bunkering opportunities. We have a project in Houston, looking at storing renewable electricity in a flow battery and that uses basically the same storage tanks that we have at the moment. And then we're evaluating a green ammonia export terminal, which was on the map earlier in Northern Brazil. Digital, again, a trend running through a lot of the presentations, same digital planet and same focus areas. So what can we do to improve efficiency? What can we do to drive safety? What can we do to deliver customer service? So if you look at the screen shot, which is deliberately vague, I think, this is a handheld device that we're piloting at our Singapore and Santos terminals at the moment, and it will do away with paperwork in the field. Every operator will have a handheld device. Now it makes their job easier. It reduces mistakes, so improves safety. And importantly, the data is real time and then fed into this online my Stolt Terminals customer portal. So real-time data for our customers. At the same time, the data from here feeds into that master data which Udo mentioned earlier, is then linked across multiple business units. Another terminal just to drill into or terminals is our U.S. terminals. So over the last 5 years, we've seen an opportunity to improve the results of those 2 terminals. We've done that really threefold. One was around commercial excellence. So really focusing on the customer, customer centricity, understanding what the customer needs are. Then looking and getting real visibility linked to the digital planet on the margins, the cost that we have in that terminal. And then because we understand the customer and have a good relationship, we've then been able to have, frankly, difficult conversations with them and increase rates. And where we haven't been able to agree, we've parted on good terms with the customers and replace them with customers who pay higher rates. Operational safety excellence, again, talking to the theme of safety and our values. Big focus in both terminals and they've really driven efficiency, improved safety and also delivering on that customer service. A customer won't pay a higher rate if the service isn't good. Thirdly, capital investment. We've put significant sustaining CapEx into both terminals. But that has actually led to younger assets and also reduced operational costs. What does that mean from a revenue per lease capacity over the period. In Houston, we've increased by 41% and then New Orleans by 52%. What we've then done is said, okay, are there learnings from that project that we can then spread globally? And that's what the next slide will show, there we go. So over the period, the same period 2018 to 2023, we've actually only added 300,000 cubic meters of capacity, about 6.5% growth. But over the same period, because of some of the programs that we've put in place, we basically added a little bit over 11% improvement on revenue per capacity. And then proportional EBITDA, again, same period increasing by 21%. What's important from this is all of the improvements we've made and the learnings and then partnering with our affiliated companies, it then means that growth is well positioned off a very strong platform. So you'll see on the next couple of slides, our growth story and specifically bearing in mind this global platform and being able to grow off it. Our focus really is on organic growth. So we have 2 projects currently underway, one in Houston and one in New Orleans, both for roughly 70,000 cubic meters capacity. And as I mentioned earlier, we've got a significant land bank at a lot of locations. Depending on market dynamics, we can add roughly 1.5 million cubic meters of capacity to those terminals. That's our focus because it gives us our biggest bang for the buck. We have existing terminals. We have existing management teams, infrastructure, et cetera. So adding incremental capacity expansions actually has a really meaningful impact on the bottom line. Second priority area is Greenfield Growth. So we have 2 projects at the moment. Taiwan, I mentioned earlier, that will be operational within this year. And in Turkey, which is an industrial terminal on a long-term contract with the partner, we're hoping for final investment decision within this year. Both of those locations have the capability for expansion. And we also got a pipeline of other opportunities globally that we're looking at. New Energies I've mentioned already, so around the hydrogen value chain, ammonia, et cetera, and then the biofuel space and multiple other opportunities that we're looking out at new energies. And then strategic M&A is admittedly less of a focus. And the reason I say that is the pension and infrastructure funds that I mentioned earlier, they're still paying quite high multiples for assets in our industry. And we don't see that it's worth competing with those companies at those multiples. However, we do talk to them, and if you know of anybody who's looking at assets and wants a reputable company to manage them, then I'll give you my phone number later. Last but not least, linking again to simply the best strategy, and Udo mentioned it when he went around the businesses when he first joined, he heard respected, and that was from Stolthaven Terminals. So from 2019, our vision has been to be the most respected global storage provider. What does it mean? Basically, respective means different things to different people. So to investors and shareholders, we give a good return to you. To our employees we're a good employer to customers, we provide a good service. And then, of course, we operate in communities and we are good players in the local community, all linked to aspiring to be simply the best. The bottom 4 bullet points, I've talked around the infrastructure model, so bringing stability, bringing good earnings and stable cash flows. And of course, remembering that we are different to traditional terminal companies because of our link to the other business units, strong focus on the customer. Because of that, that allows us to see opportunities for growth, and we believe that there are strong market outlooks and fundamentals, which will support that growth going forward. Thank you very much.

My name is Hans Augusteijn. I'm President of Stolt Tank Containers. I've worked for over 20 years in logistics and in container shipping. And I worked now for more than 4 years, in Stolt-Nielsen, and I'm proud to be leading an amazing group of people for the last 2 years in Stolt Tank Containers. This morning, you first heard from our Chairman, Neil Stolt-Nielsen. You then heard from Udo how we aspire to be simply the best. And my colleagues, Bjarke and Maren then told you about the first business unit within liquid logistics about tankers. Guy gave you an update on terminals. And I would like to round off the 3 business units within Liquid Logistics to talk more about Stolt Tank containers. After that, this afternoon, it's very exciting which you hear more about our aquaculture business from Jordi. Alex will talk about Stolt investments. And Jens will talk a bit more about capital allocation, before Udo will round off and take questions. So we also hope that equally as the morning that the afternoon will be an exciting time. And at the end, indeed, there will be room for Q&A. But I'm actually passionate and excited to talk a bit more about Stolt Tank containers. And equal to my colleagues, I hope to give you a bit more insight about what we do in Stolt Tank containers. Therefore, the agenda that I do have for you today follows a bit the same threat. But the core story for us is Stolt Tank containers is that, of course, we would like to give you more insights into the business also because historically, I think we have a lot of details about tankers and other parts of our business, but this time also a lot on Stolt Tank containers, especially the markets that we're in. In a high-growth market. We're an asset-light business. And I'd like to give you a bit more on the market fundamentals that are at play. And also, we are proud for over 40 years to be the market leader. And why is that important in this business? And how do we build a more scalable platform. I will talk a bit about the other business units about digital because, especially in what we do. Digital is crucial to build a scalable platform. And lastly, I will round off to talk a bit forward about how we believe that we can grow this business even further. But let's start, I've spoken to some of you, so I know that many of you know who we are, but I'd like to start with the essence of Stolt Tank containers. The team that operates around the globe operates 51,000 tanks. We execute for our customers, 150,000 shipments per year, actually even more. We have, and I'll show you that around the world, 21 depots and hubs, and that for ISO tank shipments is actually very crucial because what we do there is we store and repair our units, but we also clean them for our customers, and we store their cargo at these facilities. And we are really truly global business. We reach virtually any country in the world, so we reach over 100 countries with all the shipments that we move. Some of the key financials, $700 million in revenue. We have an asset base of over 650 million, and we are proud to be Gold on EcoVadis, which in the logistics industry, only 3% of logistics players are -- were on the ESG journey were awarded the Gold status. Like I mentioned, many of you know what an ISO tank is, but maybe for some of you who don't know, under your seat, you find a goody bag. And in the goody bag there's a little miniature model of an ISO tank. So we hope that when you go back to your office that you don't forget about us in Stolt-Nielsen and don't forget about Stolt Tank containers. But also if you don't know what the tank container is, have a look at it. But I think for all of us who know logistics, we know that over the past decades, the world has containerized. And logistics has to a large degree containerized, because having a standard unit makes the supply chain very efficient to operate. So our tanks look like this. We load about 25,000, 26,000 liters in a tank. It's a standard 20 foot unit, and that means that we move it from a truck a barge, on a train, put it for our customers in storage and ship it on a container vessel to the other side of the world. Containerized supply chains are very efficient. They're very resilient. They are also increasingly becoming more sustainable. And that's why we've seen that this mode of transport in terms of ISO tank shipments has been growing at an average rate of 10% in the last decade because of the efficiency and sustainability elements that this product has for our customers. And as I mentioned, we are, for the last [ 4 ] years, the market leader within this business. Similar to what you've heard from Bjarke and from Guy, when they spoke about the business. We are strong in liquid logistics. And the strength of the group is really that we have a similar portfolio of customers. So the key takeaway from this slide is that in the ISO tank, we basically move any liquid. So indeed, the chemicals, lubricants, you'll hear more also about new energies like what Guy spoke about is for us at play, but also other liquids and also including food stuffs that are moved into an ISO tank. And the point that I want to make with this slide is basically similar to what Udo mentioned to us is that customers we work with or customers we have a relationship with for a long time, they are very different industries but they also serve a wide area of end markets. We deal, unlike what Guy and Bjarke mentioned, we deal with the large chemical players, the oil and gas industry, traders, aquaculture, industrial a wide range of customers who then on their part, serve a wide range of industries, similar to what Udo mentioned. And with that also in our business, touch millions of life towards the end consumer. So in ISO Tank basically any liquid towards a wide range of customers and industries, making us quite resilient to any changes that we see in terms of demand. If you look then -- while introducing what the ISO tank is, who we are and the markets we play in, you actually see that we operate not only in a high-growth market, but also in a quite fragmented market. I'll demonstrate to you a bit later, I'll explain why market leadership for us is an important part of our strategy. If you look at the industry over the last years, you have seen an increase. So actually, the top 10 has of operators have about 50% of the market. But then you also see that there's a long tail of 230 other operators who have the remaining 50% of the market. So it's quite a fragmented industry. And within that, as you can see, Stolt Tank Containers is the largest operator. So with that, a little bit about us, a little bit about our customers and a little bit about the competitive environment. Now let's get into the market fundamentals of this business. What you see here on the slide is 2 lines. You see GDP growth in the blue line. And then the yellow line is the growth of ISO tanks in the world. And looking from a distance, you can see that this is a high-growth environment. Basically, we've indexed it here in 1992, which you've seen that also in the last decade, actually, this business has been growing at a very healthy growth rate of 10% per annum. But you also see that back to the last slide that over that time, the number of tank operators has tripled. I showed you a bit about our number of tank shipments, but we estimate that the market is about 2 million tank shipments per annum. What drives this 10% growth? Because you also saw Bjarke and Guy mentioning about the underlying growth of chemicals. And this is a significantly higher growth rate than the underlying growth for lubricants and chemicals. Well, here, I go back to the point about containerization. Over the past decades, basically any packaged goods that you buy or any supply chain involving non-bulk dry goods has been containerized. 99% of all non-bulk goods move in a container around the globe. Basically, when you then go to the supermarket and you buy refrigerated products like foods and vegetables that are coming in from other parts of the world, that used to go in reefer ships also that over the past decades has been containerized. We even see and this will not be happening to the same extent, but we see some of those trends also happening in the bulk segments. So of course, bulk operators are there. But if you have large train sets, large machinery, it increasingly moves on a container vessel because of the Stolt cost advantage that it gives in the dry bulk sector. And we see this also happening on liquid bulk. So we don't expect that the same trend will happen as we've seen on non-bulk goods because, of course, the value proposition of a parcel tanker is very attractive. So that's a part of the market that's not attainable for the ISO tank. But what we see is that bottle, drum, flexy bag, there is a big scale advantage to move some of those liquids into an ISO tank. And we also see that as parcel tankers become larger and have less segregations, some of that business also moves into an ISO tank. So the point that I wanted to make on this slide is that the 10% growth that we've seen over the past decade, we expect is set to continue. Containerization is something that will continue, not to the same extent as what we've seen in other sectors. But in our view, we would expect that this sector will continue to grow at a high rate. So that was growth. Then something else about our market, which is very much around the profitability. This is quite an attractive industry in terms of returns, but I also wanted to share that we've had some exceptional years behind us. What I show in this slide is that in the blue bar, you see the margin performance from Stolt Tank containers. And in the yellow line, you see the performance on container ship earnings. And because of the ISO tank loading on a container ship, there's a high correlation between the margin performance that's the Stolt Tank Containers has, and it correlates with the container ship earnings that are there. So you've seen that we've had absolutely exceptional results in the years of supply chain disruption also because being the largest, we could get the capacity because we have quite good relations with the shipping lines. So it meant that we could keep the cargo for our customers moving, but it also meant that our margins went up significantly. As the container business has normalized, you can see that with a lag effect, we are also coming back to more of a pre-COVID level. And right now, we believe that the market has been bottoming out, but it is a very competitive market for tank containers at the moment. So apart from high growth, we have had very healthy margins but a business where we believe we're now coming back and the market has bottomed. The third thing that I want to share with you about the market that we're in, which makes us very attractive also within the portfolio of the Stolt-Nielsen Group is that we're asset-light. And to give you an idea, over the last decade, the investments that we've had are about 30 million per year, where we invest in tanks and keep developing our asset base, but that's less than 5% of the revenue we generate. So it's high growth. We have attractive returns, but we can also grow this business asset light, and that is a good mix to have within the Stolt-Nielsen Group. So that gave you a bit of an insight on Stolt Tank containers. We are in the market that we play in. And then I'd like to tell you about what our strategy is to win within this market. And for that, the word scale, you will hear me talk a little bit about. And this is what I'm really proud about is that we are very close to our customer, and we have a truly global setup. We have these 51,000 tanks. We have 26 offices around the globe because the closeness to our customers is very important. And then we have -- and you see them here on the map with the blue dots, we have 21 depots around the world where we can service, manage and store our and clean our tanks. What that leading global network, because we're the only one that has a network of this size and global presence. What that gives us is scale. And let me show you what that scale means for us, and I would like to show you that on this picture on 2 sides. On the left side, I'll talk with you about the scale of the platform and the efficiencies we drive out of that. And on the right-hand side, I would like to talk with you about the scale of the network and how that makes us win in the market. So by having a setup of 26 offices around the globe, we are commercial people can be very close to the customer and really service them the way they need to be serviced in the local markets, be it in Argentina, be it in Taiwan, be it in the U.K. But what we do is we actually centralize the operation. So that means that we bring the operation together, so we can service our customers all around the world in selected offices. And in those offices, we have amazing teams that really work in a standardized way, use our digital tools, which I will share with you in a moment and can run that operations efficiently. And then when our customers need specific help from us on liquid logistics, we actually have that global reach and global capability to service them also. So close to the customer, but centralized operations. Now what does that give us? To give you an idea, between 2019 and 2024, we've been growing the business 7% per year. But actually, despite inflation, our cost to serve has been reducing every year by 2%. So we get scale advantage and platform efficiencies as we run more volumes over the platform. The second thing on the right-hand side is the scale advantage that we get out of our network. Because we're global, we can react better to the changes that we see in the local markets. We can combine the flows depending on which customer business there is. We can drive higher utilization and less empty [ mileage ships ] with the tank. And we can because of the way we operate, we can quickly respond where we see higher and lower demand happening within the supply chain. So that gives us with our scale, the network benefits to win in this market. So when talking about scale and on the last slide, I mentioned to you a lot about the efficiencies, but actually scale of our platform is more than pure efficiency. One of the advantages of scale is that we have the capacity to serve customers big and small because of the size of the fleet that we have and the global coverage that we operate with. No one else has ISO tank fleet, the size that Stolt-Nielsen has. We have scale for cost. I told you when space is getting tight and when it's difficult to get on board the container ship, we actually negotiate the biggest contract within the ISO tanks. So we have good relations with our suppliers, with our partners to make sure that we also get a preferred treatment and better cost there. So we get also economies of scale out of our procurement, we get economies of scale out of labor arbitrage, because we can handle the operations from a cost location where it makes more sense. And we have the scale to actually do more transactions, so we can actually do deploy operational excellence and tools to make the platform run better and for lower cost. And then last and not least, we believe that scale gives us a better product towards the customer. Because the quality that Stolt-Nielsen can deliver, you do require the scale for, and I think it's some of the things that my colleagues also spoke about. Because you need scale to be really on top of the ESG developments that are happening and to be able to have an EcoVadis Gold certification. You need the scale to bring your Scope 1 emissions down to run more efficiently at the platform to better utilize your depots and to reduce your emissions. You need to scale to actually have a reliable operation and work in line with the quality standards that our customers require from us. So it's scale in terms of capacity, it's scale in terms of cost, but very much it's also scale to serve our customers better. And that comes back to the heart of what we do in Stolt-Nielsen and my colleagues have spoken about it, is that we take ESG incredibly serious, starting with safety being a value for us. So of course, some of the work that's happening in the depots, we really need to make sure that, that is safe, and we're actually having a very good safety performance there as an example. I mentioned to you that we have an EcoVadis Gold rating so that we make sure that the operations that we do that, that is ESG compliant and that we're in the top category. But even more important is that we work together with our customers on ESG. We are part of their supply chain. We use container carriers, truckers, real operators to further execute the supply chain. So what we do is we go together to our customers, look at the emissions and see how we can optimize that. And actually, if you're a customer of Stolt Tank containers today, you go online, you know your emissions and you can also discuss with us what is a better way to optimize your emissions by doing a more efficient routing or by using more efficient assets. So you can, through our online tools, get better transparency on your sustainability performance, similar to what Udo said, the sustainability platform that we have within Stolt-Nielsen. Another thing that my colleagues spoke about and what Udo introduced is how vital digital is in Stolt-Nielsen and also towards winning within our businesses. And one thing that -- where we use the digital tools within Stolt Tank Containers is to make the platform truly scalable and truly easy for the customer and efficient for us and both. And I would like, on the next slide, to just give you 3 very practical examples, which I hope you can relate to about what we have implemented to make our business easy for the customer and efficient for us. Firstly, on the left-hand side, if you place a booking with Stolt Tank Containers anywhere around the world, you can choose how you place that booking. You can call us, you can write us an e-mail or you can go online. In the last 2 years, we've been able to actually move 70% of our customer business online. So 70% of all the bookings that we take today, actually 72%, is conducted online. And also here, the customer can choose. We can either integrate with our customer which happens a lot with the larger players and those we work with a lot. We have a direct integration within their systems. But if you were a customer, you can also choose to come to our website and place your bookings there. It's very handy. If you have repeat bookings, the tool will know who you are, what you normally ship and you place your bookings online. So there is still 30% that calls us or writes us an e-mail, but nowadays, the vast majority has moved online. Last year, we also started to test, at the end of last year, for customers after they've done the booking, they will need to do documentation. We asked a selected group of customers, how they feel that the tool is working? So they go online and they make the changes in the documentation. They make themselves online. We've now expanded that in the first half year to still a group of customers. And towards -- after the summer, we will scale this to a bigger group. Again, you'll have some questions about your documentation, maybe your product changes, maybe you need to do changes because your consignee has changed. You click on a link or you go directly to our portal, you make the changes, your documentation is updated. You don't need to write us an e-mail. We don't need to go into the system. Easy for the customer, efficient for us. And then the question that we get the most from our customers is, where is my tank? And when will it arrive? And for that, we have deployed track and trace capability. And indeed, it will tell you where the tank is today, but that's actually not really interesting if you're planning your supply chain. What's really interesting is when will it arrive. And we've put predictive AI on the tool so that what you will see when you go on our website is when was it planned to arrive, so let's say, in Hong Kong, as announced by the shipping line, but what does our predictive AI tells us when we really expect it to arrive. And again, for our customer, this is significantly easier than calling us and asking where the tank is. But you can imagine, it's also significantly more efficient for our customer to go online. So just 3 examples of how we use digital to make our platform scalable. It is a high-growth market. It is asset-light. So we make sure that we have a service offering that matches that. With that, we believe there is more growth out there. One, where we started this presentation, the underlying growth and what we call conversion, so bottle to bulk, flexy back to bulk but also some parts of tanker business, which may account for the ISO tank, we expect that that's continuing. We also see growth coming from working closely together with our sister companies on liquid logistics. So continuing doing what we're doing, we expect to continue to grow the business. Also, like my colleagues have mentioned, the intra-regional trades are growing. Asia is a very important growth market for us. And also historically, we've been more focused on the Northern Hemisphere than the Southern Hemisphere. So in terms of geographic expansion, there's more market share for Stolt Tank Containers to capture. And then lastly, we do believe we have a strong platform. So if there may opportunities exist, we will look at M&A, but that's, of course, not within our own control. But just to make the point that the plan that we have is to continue to grow this business. With that, we are the leading operator within ISO tank shipments. We also aspire to be simply the best. And the way we think we will achieve that is to build on that market-leading position that we have, being the largest in a highly fragmented market, to build on the strong fundamentals of high growth being asset-light and having attractive returns to leverage that scale, like I mentioned, for cost, quality and global scale and to keep building on our digital capabilities to grow our platform and continue to make it easier for the customer and more efficient for us. So that was basically the story from Stolt Tank Containers. But what's really exciting is that we are part of the Liquid Logistics business unit. So what I would like to do next is to show you a customer that we're working with across the 3 business units and hear how they look at this. This is Thomas Fuhrken from Neste. And I think it's highly relevant also with the trend that we see in new energy about how some of these customers, Neste being a leading player in that field. How do they look at logistics? How do they look at Stolt-Nielsen? And what is the role that we can play for them. So with that, I'd like to... [Presentation]

Yes. So well, thanks to Neste for such a fantastic customer testimonial. But we also felt that there was a nice end to the presentations of the 3 liquid logistics business units and here from a customer in the new energy sector, how important liquid logistics is to them. So with that, [indiscernible] end of the presentation of Liquid Logistics, but we have super exciting presentations coming. So I would like to hand over to Jordi to talk about our Aquaculture business.

I love this picture. Thank you, Hans. Hello, everyone. I'm Jordi Trias, the President of Stolt Sea Farm. I joined the company 8 years ago, and for the last 6, I've been honored to be the President of the company. As you heard from my fantastic colleagues, innovation and scale are crucial to Stolt-Nielsen as a group, same for Stolt Sea Farm. R&D, innovation are at the core of everything we do, and we are ready to scale up and become a global seafood enterprise. So welcome to the world of land-based aquaculture. And I'll start obviously with explaining what is that? What's land-based aquaculture? It is essentially cultivating fish on land premises like the one you have on the picture as opposed to the more traditional net pens in the ocean that you probably have in mind when you think about fish farming. Some of the advantages of land-based aquaculture include a higher degree of water treatment, higher levels of animal welfare or lower environmental impact, just to name a few. So with that, over the next minutes, I will be sharing with you why is Stolt Sea Farm such a profitable and successful company and why we have such a large growth potential ahead of us. And I will do so by guiding you through what is it that we do? Why our customers love us so much? Why are we today, the world's most profitable land-based farmer? And why we will continue to be so? So allow me to start with the general overview, where I would like to highlight that we have been doing land-based aquaculture for 50-plus years. In an industry that is heading towards -- all the industry is trying to move to land, trying to move to land-based aquaculture, we have been mastering this from the last 5 decades. Also, I would like to highlight that we operate in 6 different countries in Europe, where we have 16 farms and where we produce and processing plants, where we produce our lovely turbot and sole, which is basically the best fish you can get. And we are happy to deliver those fish to our customers to more than 30 countries globally. And as you see by the figures on the chart, in a very profitable way. And one of the reasons why Stolt Sea Farm is so successful is our sustainability credentials. To us, Stolt Sea Farm, sustainability means essentially long lasting. From the recirculation technology that we're introducing into our farming through the reduction of fishmeal and fish oil in our feed formulas where we have very strong targets that we're already achieving and through the support from the world-leading sustainability labels, everything that we do is thinking about the next 50 years. And I mentioned recirculation here, I would like to explain as well recirculating aquaculture systems. You will hear me talk about this a lot through the presentation. This is basically a technology to farm on land where we renew a very small percentage of water, just around 10%. The rest stays within the system and is recirculated, hence the name. And that allows us to have a more efficient use of the energy and a lower use of water, which go in line with our sustainability ambitions. So you will see here on this chart that historically, most of our operations have been focused in Southern Europe, particularly Spain and Portugal. There's a clear reason for that. That's the perfect place -- the best place in the world actually to farm turbot, because of the water quality and the water temperature particular to this area. But you see as well that with sole, we have started to diversify our geographical footprint much more and this is essential to our growth plan and our ambition to become a global company. So I will touch upon that, but this is a key part of our strategy. I hereby introduce you formally to our turbot and sole. They're both flat fish. They both compete at the high end of the market. And on the 2 species we have managed to create, thanks to the knowledge of the group, towards the biological side of the business, the know-how of our people who are the best in the industry, we have created, as I say, strong barriers of entry, strong competitive advantages, and we are expanding the demand across the globe. Now, the next step is incorporating new species, it's enlarging the portfolio. That is very important. And the reason for that, well, I'll mention before I jump to them, as to the new species, we recently invested, a couple of years ago, in the Kingfish Company, which is another land-based farmer in the Netherlands. They produce yellowtail. Alex will touch upon that on the Stolt investments. And as I said, the portfolio is becoming more and more relevant. So it's expanding into more species is becoming more important. You see we compete in what we call the global premium seafood market. It's a very large one. We compete with lots of different species. Some of them are wild, some of them are wild caught, some of them are farm. The important thing to retain here is that as the demand for this global premium seafood is expanding, we are increasing, as I say, our portfolio, we are diversifying our reach and we are increasing our market share. To continue to highlight the attractiveness of turbot and sole, we like to benchmark it with or against the most famous fish in the world, which is actually salmon, of course. This allows us to highlight what a large market opportunity we have with turbot and sole. Look at the percentage of farmed sole in the world. It's only 6%, 6% of the sole that is available is farm only, compared to almost 100% in salmon. Also, we highlight the very high productivity rates that we have. You can see the times of maturity, which means essentially from egg to harvest, the whole production cycle or the feed conversion ratio, which is how many kilos of feed do you need to convert it to 1 kilo of meat protein. So you stay within the 1 ratio as we are in turbot. That means you're extremely efficient, and that's very important because feed is one of the most important elements in our production cost. But also have a look at the average price that we're consistently achieving above salmon to benchmark that. So very large market opportunity, on a very solid platform with turbot and sole. Now up to this point, bit of pause, I have been talking about what we do, the type of company we are, where we are located. What really is important is what happens outside. So let's step outside, just have a look at the market. And when I say and I defend it, we have a large market opportunity, I'd like to couple that with the global megatrends that support it. So from the obvious large populations that we are having, but more importantly, the growing purchase capacity of those populations, so the middle class that is growing, to the fact that we are in need for resource-efficient production of protein, but not only resource efficient but healthy and safe, and aquaculture is perfectly located to respond to that need. And let's not forget the growing trend of what we call the gastronomic experience. This is about enjoying. This is about going out with the family, with friends to a restaurant, turbot and sole absolutely tick on all of these boxes. And that is why I'm convinced the opportunity ahead of us is very large. And very importantly, our approach to this opportunity is from a very solid platform. So on the first chart, you can see the evolution of average prices. I was having some questions about that during lunch. So you see the evolution of prices for sole and turbot, compared to salmon, again increased in the last decade. You see that the evolution is a very positive one and very consistent. And then on the other side, you can see that in our subsegment, remember, we compete in the global premium seafood. In our subsegments for turbot and sole, we are strongly positioned in terms of market share. A bit more than 50% in turbot, almost 75% in sole. So again, the takeaway here is big market opportunity from a very solid platform for Stolt Sea Farm. And now let's talk about our customers. And the first message is, why is it that they love us so much? And one of the main reasons for that is the fact that we own the whole value chain, which is very unique and very rare in the aquaculture industry. A lot of companies buy eggs or buy juveniles and then they [indiscernible] them or they outsource the sales and marketing efforts. We own from the R&D, the mastering of the biology of the species, to the broodstock excellence, all the collection cycle, to the sales and distribution, as I say, to more than 30 countries. And that is very important because only the whole chain allows us to guarantee stability in supply, which is crucial to our chefs, for example, or the stability in the quality levels. This has generated, for us, big levels of reliability and trust with our customers. And who are our customers? We supply basically through all distribution channels, whether it's wholesale or retail or the chefs outside of home, but the chefs at home also. Most of our sales happen in the food service channel, the HoReCa, hotels and restaurants. We have more than 500 active customers today. None of them weighs more than 5% in our revenues, which is a very good way of reducing risk in our customer portfolio. And you can see on the column chart that as the production capacity of the company has been increasing, we have been reducing the weight, not the volume, but the weight of what we call the traditional markets, which is essentially Spain, Portugal and Italy, where turbot is more popular and more widely consumed. So we are developing, fostering what we call the new markets, Northern Europe, North America, and this is expanding our capacity to become a global company, making it easier. This is another crucial part of our strategy at Stolt Sea Farm. And then let's talk about the product. That's a lovely picture also. We launched one new concept that I would like to share with you. It's a success study. It's called the King Sole concept. Most of the market in sole is competing or our competitors are facing the 200-gram to 400-gram spectrum, that's where most of the competition is, the wild catch or our competitors. We decided to be different and grow our sole from 500-gram to 1 kilo. That is something you don't find in our competitors. You don't find it in the wild, it's very unique. So we have created a unique selling proposition that allows us to defend the average price evolution that you saw in the previous slides. So this is a beautiful study, a combination of the technology, the broodstock, the biological mastering and a very good sales and marketing implementation, and it's delicious. I've been talking about our customers, but let our customers talk about us. So I will share as well a testimonial, our good friend, Dave from Wheeler. Wheeler is one of the leading distributors of seafood in the U.S., and he has some messages to share with you. [Presentation]

Thank you, Dave. I love, this man. So Wheeler is a long-lasting partner of us in the U.S. market. So we have established that we have profitable business, successful, innovative and leading land-based aquaculture business. Let's talk about growth. And I'll start by talking about the last 10 years and then move to the next 10. And us being fish farmers, for us one key indicator is production yield in metric tons. So what we're displaying here is the evolution in production capacity in the last decade. As you can see in the 2 species, we've done remarkably well in terms of growth. For sole, this has gone through the building of 3 new farms and improving the performance of the existing ones. For turbot, very remarkably, we increased by 60% of our production capacity with no new farmers. That absolutely has contributed to the profits that you will see later on. But all these ingredients together with our people, mastering this, means that we have been growing or we have doubled the revenues of the company in the last decade, achieving an 8% CAGR, a very solid 8% CAGR. What is the impact of that in profits. What I'm very happy to share that we are continuously and consistently delivering more than EUR 2 per kilo EBIT. EBIT per kilo is the typical benchmark or KPI for aquaculture companies. I can tell you that Stolt Sea Farm is at the top of that spectrum in terms of EBIT per kilo. You see for sole, this meant going from an R&D species to a star product in our portfolio, even more profitable than turbot. And by now, I think you already know why. And you know the reasons, although they are listed here, essentially the mastering of the broodstock capabilities, the excellence of our juveniles, the excellence of the whole production cycle and the premium branding implementation in the market. So let's talk about growth and let's talk about the next years ahead of us. As I explained, the first phase of our growth plan from 2018 to 2023 has been a big success. We've increased our production capacity by 40%, but more importantly, in a very profitable way. The next phase will take us to 2028 with another 50% extra capacity. This is already happening. We're already building, as we speak, a new hatchery, a new processing plant and 2 new sole recirculation farms. And the next step, Phase 3, we call it, we'll see Stolt Sea Farm reach 24,000, 25,000 tons by 2035. And as you can see on the chart, sole is going to be a main contributor to that. And there's 2 basic reasons for that. The first one is that sole is much more of a universal product. Everybody knows sole. Turbot is a bit more regional, sole is known by all publics and all markets. But the more important reason is our technology. And we have developed the truly scalable solution to take sole farming to a global scale. And that is what we call the recirculation model. This is the result of years of research. It's internally designed. This is our own people who have developed this solution. This is the solution that maximizes the efficiency and the performance of our juveniles, the sole species. It's the best way to farm sole actually. The theory of these modules is that they're extremely optimized in terms of energy consumption and water use. They're extremely robust in terms of biological safety. That's very important. And this obtains the full effect of the broodstock and juveniles for sole. With this solution, we are capable of taking this module, basically install them anywhere in the world, much closer to consumer markets. This outsmarts our competitors by more than a decade. This is really what will take our company to the next level. So we are very proud of this. And this is pure innovation. And as you saw from my colleagues, you heard from my colleagues, innovation is across all businesses. For us, it means being able to beat inflation continuously by reducing production costs and improving productivity. It also means, for example, introducing new technologies, as I showed you, but it also means digitalizing our operations, transforming them digitally. This is not very common in the aquaculture industry. For the fish farmer, being digital is not that common, but we already have applications where we can gather data on real time, make decisions on real time much more quicker, much better decisions. We also have AI-based tools to predict supply and demand across the 2 curves and achieve the maximum performance in the market in terms of price/revenue margins. And all that we'll do it within the digital planet of Stolt-Nielsen, which is a very robust and good thing to have for us. So with that, I believe we have established that Stolt Sea Farm is a very profitable, innovative, successful company with a large growth potential ahead of us, starting from a very solid platform and same as the other businesses of Stolt-Nielsen, we're also aspiring to be simply the best. So I will now leave you with my good friend and fantastic professional Alex, who will talk about the Stolt Investments. Thank you very much for your attention.

So I now want to spend 10 minutes talking about 2 things: one, how our investment framework supports the strategy of the group and the businesses. And two, how, over the last 4 years, we've helped develop Stolt Investments into an enabler for our businesses to help drive innovation and ultimately shareholder value. So let's start with our investment framework. We have a clear and disciplined investment strategy. We aim to provide growing long-term cash flow to shareholders, and we do it by 3 pillars: Number one, we leverage our deep sector expertise and industry knowledge. By that, we mean, we actively seek investments into bulk liquid logistics, LNG, land-based aquaculture and sustainable investments. Utilizing our industry knowledge is key to how we create that value as a long-term owner. A good example is how we took the opportunity to buy both chemical tankers and invest into Odfjell to capitalize on a strong market fundamentals. Secondly, our investment pipeline is focused and always has good strategic alignment. As you can imagine, we're exposed to many interesting opportunities, but strategic alignment has to come first. And then thirdly, we are constantly looking for investments that future-proof our business. Innovation and technology is at the heart of it. Within Stolt Ventures, we've invested into 4 different companies, each of which helped to make our operations more efficient and sustainable. So how do we do this? We do this by a standardized execution process, business development within the operations, working with a dedicated M&A expertise at the corporate level. For example, in Stolthaven, we have corporate development people identifying greenfield terminals. We then have an M&A opportunities list. These are then screened and created into a focused investment pipeline that matches our growth agenda. M&A opportunity, we then execute a process playbook to have best practice. And then finally, we optimize our active portfolio management. We believe active management of our portfolio is important, important for both supporting our leading positions today and for the future. In Stolt Investments, we invest in businesses that align with our framework. We don't take operational decisions, but we do on occasions, assess the benefit to taking a nonexecutive role on the board to help them achieve their goals. A good example is in Kingfish where Jordi, our President of Stolt Sea Farm, sits on the board. In the business units, we have a significant pipeline of highly accretive organic opportunities such as ordering new ships or building new ISO tanks. These are then supplemented by a strategic M&A pipeline. We are highly selective in prioritizing our pipeline and only pursue deals if there was a clear benefit and attractive returns. We're also a long-term owner, but we are continuingly monitoring whether our investments match our strategy or aligned with our long-term trends. On occasions, we may not be the right long-term owner, and we'll try to find a better home for the asset. And in that case, we will recycle that capital back into the business. As an example, we recently sold 2 MR tankers and exited our position in the LNG carrier business, CoolCo. So what's in Stolt Investments? Stolt Investments is made up of 3 core activities. First, we have our equity investments. That represents around about 50% of our asset portfolio in terms of the assets; Odfjell, the chemical tanker business, Kingfish, the aquaculture business; and Ganesh Benzoplast, a storage terminal business. As I mentioned, our investment in Odfjell is a great example about how we apply our investment framework. As the long-term owner in chemical tankers, we saw that opportunity to add chemical tanker exposure at a time when the market was strengthening. In Stolt-Nielsen Gas, that's our arm dedicated to investments within LNG. It represents 45% of our assets and has the investments of Golar LNG and Avenir. We're really excited to have this position within a growing and attractive LNG market. I'll also touch on Avenir and its opportunities shortly. And then, in order to keep on top of our technologies and innovation, a couple of years ago, we set up Stolt Ventures. This is our corporate venture capital arm focused on identifying and investing in sustainable technologies, contributing productivity and sustainability improvements. So far, we've made 4 investments. And Axel, who is also with us today, will be happy to tell you more about the exciting opportunities we have in this field. So let me walk you through an example about how we connect our industry expertise with the venture capital investments of Stolt Ventures to drive that innovation. Biofouling is a major problem within the shipping industry. You can imagine a blade like this, covered in barnacles impacts the efficiency of our fleet. Traditional solutions involve either polishing or using coatings, which are bad for the environment. The company GIT Coatings has an exciting graphene-based solution, which offers significant operational performance and sustainability benefits. Stolt Tankers held a trial and identified it as a commercial attractive solution. The trial identified net efficiency gains of 3% to 4%, which equates to 5x the efficiency savings per year versus the cost of the application. In 2023, we invested $1 billion to support the capacity expansion in that business. So through the phasing of trials, financial investment and a commercial rollout, through all of the dry dockings that we're doing in our ships, we were able to benefit from the product and also the exposure to the financial upside. Avenir is another example of a company well positioned to capture future trends and its first-mover advantage in a tightening LNG bunkering market. In 2018, we founded Avenir with our partners, Hoegh and Golar, with a strategy to focus on small-scale LNG supply chain. Today, Avenir is a leading pure-play small-scale shipping company. It has 5 assets, 3 of which are on time charter providing strong revenue backlog and then 2 assets which they're trading themselves and a terminal. By 2030, we expect over 1,000 LNG fuel ships, but there are not enough LNG bunkering ships to support their bunkering needs. And the market could be structurally short in the next 1 to 2 years. That's why this exciting supply-demand balance means that we're really happy that Avenir is able to secure 2 new orders at SOE for 2 LNG bunkering vessels, the first due in late 2026. So let me wrap up the investment discussion with a few key messages. With installed investments, we have an attractive portfolio of highly performing companies linked to key megatrends. We have a clear investment strategy where we leverage our deep understanding and industry expertise with business strategy led and if it doesn't fit within our business growth strategy, it doesn't go in the pipeline. We have a strong culture of innovation. Our investments help to identify and develop technologies which contribute to maintaining our leading positions. And finally, we take a highly disciplined, return-focused approach. We're really excited about the Stolt-Nielsen's investments, the opportunities that we have, and we believe that if we invest in a highly disciplined way, it will be an important enabler to create incremental shareholder value.

Good afternoon. My name is Jens Gruner-Hegge. I've had the pleasure working for the company for the last 32 years, and of those, the last 6 as the CFO. So today, you have heard about the markets we operate in, the assets we have, our growth ambitions, the position we've built up into our markets by growing and how we've been really driving our strategies in order to become simply the best as we aspire to. What I would like to talk to you about is our approach to capital allocation. So basically, how we have sources of funds, which the businesses are generating a lot of, and how we invest those founds in different ways. You may think that with this fantastic performance and this fantastic portfolio of businesses that we have, that I have the simplest job in the company, and it's probably true. But the businesses have great ambitions. And therefore, in great ambitions, we are always faced with how are we placing the money into the businesses? How do we prioritize where we go and invest the funds? And before I start talking about that, I want to give you a little bit of a feel for our financial planning. At Stolt-Nielsen, we work with a 5-year plan where we look forward, we take basically the businesses' outlook, put those together in a group view. We have our capital expenditures that the Board has approved. That gives us the baseline. Then, the businesses have strategies and strategies typically require investments. So we say, well, in order to achieve those strategies, we need to invest so and so on and so on and so. Those investments will hopefully generate cash flows. That's the ambition. And that gives us a good forward 5-year view of what our investment needs will be? What our liquidity needs will be? How are we going to fund those liquidity needs? And that also gives us a view of leverage to pull should something happen in the market. Most of my time, which is perhaps not really representative for this pleasant message that we're giving you today, is looking at what can go wrong. What happens if this happens? So you might say, well, how do I even sleep when I have such negative thoughts all the time? But luckily, with fantastic business leadership, we are able to identify the levers we can pull. We are able to position ourselves well for eventual downside, not only focusing on the upside. And why do I say this? Because there's a lot of bankers in the room here, so I need to make sure that we also take care of the credit side. What I would like to talk to you today about is really the sources of capital that we have and then how we use them into managing our balance sheet, investing and last but not least, growing long-term cash flow for our shareholders in the form of dividends. So if we start with the source of funds, we have 2, and I'll focus more on what you have up here, but the other one, which is not mentioned as much is the debt side. So we approach the debt markets, work with lenders in different formats in order to make sure that we have the funds available. But then we also generate cash in the businesses that we have. And you see, thanks to good positioning as well as strengthening markets, the cash flow that we generate has grown substantially over the last number of years. And that cash flow has typically been applied between balance sheet maintenance, investments and dividends in a 50%, 40% and 10% ratio. What is also important is that all businesses do not necessarily fire equally strongly on their spark plugs at the same time. So having this group structure has also allowed us to cross-fertilize the businesses. So when one business -- say, now tankers is doing tremendously well, when they're doing well, it allows us to invest in other businesses. When tankers is not doing so well, we have been able to use cash generated in the other businesses to countercyclically go in and invest in assets at an opportunistic price. And that has helped us position us, bring us to where we are today. The same goes for when we borrow money. Debt borrowed against ships as collateral can be used to grow [indiscernible] terminals where this organic growth in Houston or New Orleans. So this sort of sets a little bit of agenda for the rest of it. Maintaining a strong balance sheet is important because that is the foundation for growth and allows us to invest in our businesses, in our traditional businesses, but also, as Alex talked about, explore new areas of growth for the company to develop further legs that the company can stand on. And then last not least, as I mentioned, to make sure that we return cash to our shareholders. So starting with the first one, looking at the balance sheet. Udo mentioned that we have reduced our debt from about $2.2 billion down to $1.8 billion on a net debt basis. And in the process, we've also driven down our leverage ratio, which is net debt to EBITDA. After we took over Jo Tankers in 2016, for those of you who followed us back then, we were at a net debt to EBITDA of 5.3x, which we're now, with the help of a concerted effort on reducing debt, but also on driving cash flow, we brought it down to 2.5x, well below our target of 3.5x. The 3.5x is important. We set this now as a target that we want to stay at or below. It's important because once we start going above the 3.5x, a proportionately larger portion of our cash flow is going to be consumed by debt service. And that means we start losing out on opportunities. We're not able to keep our position within the businesses, our competitive position. And last, we're going to have to cut back on dividends. And that's why when we start seeing the 3.5x being approached, again, we go back to the levers, we say, how do we adjust in order to make sure that we bring it back down again. Because that 3.5x is really key for us to maintain our operational flexibility. In the process, we also keep an eye towards liquidity because drawing our facilities, we have fantastic support from the financial community. But drawing on facilities can take time, and we always keep a buffer of liquidity available for those opportunities that require quick action. Our target is always to stay above $200 million as a guideline. We had been well above that. Mostly, the way we like to look at liquidity is not necessarily borrowing money at today's market, what you pay with the treasury at 4.4%, you pay a lot in interest. And then sitting with cash on the balance sheet, which you don't get the same kind of return on. Our preference is to have revolving credit lines where you pay a commitment fees, but you have availability to contact your favorite banker of the day and say, I would like to draw down. This is what Kim Holzwarth, the Head of Treasury and her team, is constantly looking at, how do we utilize our facilities in order to most efficiently fund our operations. Then it's important for us to keep an eye towards the debt maturity profile because when we're looking at maintaining a strong balance sheet, what we have to repay is key. So Julian Villar, our Head of Corporate Finance, which most of you know very well, is doing a tremendous job -- has done a fantastic job in keeping us well positioned, making sure we have the facilities available to manage our debt structure. We have a benign debt maturity profile. And when I say that, we say, well, gosh, is he blind? Can he not see this? Well, if you look at this, the $236 million, that is in the process of being refinanced, and we hope that soon we can actually tell you about that. And if you take that away, we're actually pretty steady at sort of sub $300 million until we get out to 2028, where we have the $144 million bond maturing that Julian just placed in the market in September. What is also important is when we think debt, we have to look at our key covenants. There's 3 of them that we really focus on. One is net debt to tangible net worth. We have to keep that below 2.25x at all times. Today, we are at 0.93x. EBITDA to interest expense has to stay above 2:1 at all times. We're at 5.8. Minimum tangible net worth always has to be at [ 600 ] or above. We're at almost $2.2 billion. This talks volumes about the strength of the company as we are today, thanks to fantastic performances on a continuous basis by the businesses and incredibly well positioning of the company. Moving over to capital expenditures because we want to continue to invest in the businesses. And you can see that over the last 5 years, as Udo mentioned, we have invested $1 billion into our businesses. So in the process, we have bought 24 ships, sold a number of ships as well. We expanded terminals with 300,000 cubic meters, 12,000 tank containers. and Sea Farm has grown by over 2,000 tons of production capacity. But not only are we expanding, we're also maintaining our assets. Maren talked about the longevity of our assets. It's important that we have assets that meet the requirements of our customers today and tomorrow. Even if a ship is 25 years old, it needs to meet the requirements of our customers, the requirements of the industry and our own standards, not the least. And in the process of investing, we had also pointed out that we have significantly improved the returns. Part of that is because of margin improvement. But a lot of that has been through positioning the company diligently over the last number of years to take advantage of the market we're in today. And you can see that to some extent here, we've gone from $4.4 billion to $5 billion in assets, as Udo mentioned. In the process, we have grown the stability of our earnings base. So the more cyclical tanker market is -- has a smaller proportion, still generating massive returns for the group. But when the market eventually turns down, which hopefully will be a long time from now, we have other businesses that we're growing that will provide stability in our earnings and limit any kind of downfall. But it's not only investing in growth, and Maren talked about it, Udo talked about it, safety is not a priority, it is part of our culture. We continuously make sure that we live up to the safety requirements of the group, of our shareholders of the society at large. Also, environmental regulations are coming. It seems like whenever you turn a corner, there is a new regulation staring in the eyes. And we need to be positioned not only to meet the regulations that are coming today, but have a balance sheet that can allow us to invest as new regulations come in the future. One significant one, what's going to happen with propulsion of our tankers and when that new technology comes. We know it's not going to be free, and we need to have the balance sheet to be able to take advantage of not only the expense, what also becomes an opportunity for us. So strong cash flow and strong balance sheet is important to meet the future requirements of the industry. Now last but not the least, dividends. Udo showed this as well. We paid $1.2 billion in dividends since 2004. Last year, so for 2023, we paid $2.50 a share in dividends, paid in December and in May this year, and that puts us at an average payout ratio of 42% of net profit. In the process, the dividend yield, so relative to the share price, has been in the region of 5% to 7%. And if you look at investments, if you had gone into treasuries, you wouldn't have been close to that. You would have to go to relatively high-risk bonds to be able to exceed what we have given back to our shareholders in the same period. The considerations that go into the dividends is, of course, what are we earning today, our balance sheet, our debt service requirements, the market prospects. But one thing I want to point you to is restrictions in our credit facilities because it's not often talked about. But we have bonds issued in the Nordic market, and they have certain restrictions on dividends. We can always pay $1 a share. So no matter what the result is, we can pay $1 a share. That has been agreed. When net profit increases, limit kicks in, that says max 50% of net profit. And I want to get that across because often when analysts talk about dividend potential, they forget that there are certain restrictions on it. So 50% of net profit means that as soon as net profit for the group goes above $107 million, and that is driven by 53.5 million shares outstanding. So when it goes above $107 million, we are limited by the 50% of net profit. So let's keep that in mind when you think dividend capacity. So with that, from a financial aspect, we are doing our part to help the group aspire to being simply the best, working with our capital allocation across the different businesses, strengthening the balance sheet, making sure that we improve the efficiency of the organization that we help Hans meet his scale requirements by investing in that growing turbot and sole to 24,000 tons of production capacity and returning dividends to our shareholders at the same time. With that, I would like to give the microphone back to you, Udo.

Yes. Thank you so much, Jens. It's just wonderful to work together with Jens as the CFO. Not only is he amazing in this field, but he brings 32 years of company experience. So whenever I want to do something that is a bad idea, he comes and says, Udo, we don't do this. So he is making sure that we really drive the right things in the company. So before I close out, I thought we have one more look at one of our customers, again, in the liquid logistics field working with all our businesses. So let's hear from Nestor de Mattos from Dow. [Presentation]

Thank you so much to Nestor. And of course, also thank you for this wonderful strategic partnership since decades. What I like particularly about this video, it pretty much brings all the presentations together. He talks about scale. He talks about all our logistics capabilities. He talks about sustainability, the importance of digitalization and that everything needs to be grounded and a very strong focus on safety. So that's -- I think he did my summary actually for the whole day. And the good news for you, we are really at the end, this is the last slide. So bear with me for 2 more minutes on the conclusion. So let's bring this all now together. First, we are holding leading market positions and have delivered a strong track record across our businesses. And as we have said at the beginning of the day, we have an exceptional culture and an amazing leadership. And we have seen today, in my view, of course, we have the best leadership team in the industry. So let's give them a big round of applause. But, of course, also a big thank you to our 7,000 team members for being instrumental for our success, being laser-focused on our safety-first commitment, on delighting our customers and embracing our culture. I'm very confident that this team will execute our simply the best strategy flawlessly. Third, we expect strong market fundamentals across our businesses in the foreseeable future. And fourth, we will unlock further value with our laser-focused execution via our simply the best strategy. So in conclusion, we have the capability to outperform the market, delivering long-term profitable growth and being simply the best investment choice for you, our shareholders.