Stena (S) investor relations material

Executive summary

• Q1 2026 revenue reached SEK 12,859 million, up SEK 1,143 million year-over-year, with total revenues at SEK 13,571 million including asset sales and property revaluations.

• Consolidated EBITDA for Q1 2026 was SEK 2,773 million, up from SEK 1,856 million year-over-year, with operational EBITDA (excluding asset sales and property revaluations) at SEK 2,061 million versus SEK 1,844 million.

• Result before taxes improved to SEK 359 million from a loss of SEK 745 million in Q1 2025.

• Improved earnings were driven by asset sales, stronger tanker markets, stable property performance, and lower interest expenses, despite subdued ferry and offshore drilling markets.

• Total comprehensive income for the period was SEK 955 million, compared to a loss of SEK -2,919 million last year.

Financial highlights

• EBITDA from operations (excluding other items) was SEK 2,061 million, up SEK 217 million year-over-year.

• Net financial expenses improved by SEK 477 million year-over-year.

• EBT (Earnings Before Tax) turned positive at SEK 359 million, up from a loss of SEK 745 million in Q1 2025.

• Available liquidity as of March 31, 2026, was SEK 18.9 billion, with SEK 11.4 billion in unused credit lines.

• Total interest-bearing debt increased to SEK 81,482 million from SEK 78,768 million at year-end 2025.

Outlook and guidance

• Offshore drilling contract coverage expected to improve through 2026 and into 2027, with new contracts awarded and upgrades planned.

• Ferry operations anticipate continued growth in passenger volumes, with recent acquisitions and route adjustments, but ongoing volume and demand challenges remain.

• Management expects cash flow from operations and available funding to cover debt service, capital expenditures, and working capital needs.