Stena (S) investor relations material

Executive summary

• Revenue for the last twelve months as of Q2 2025 was SEK 52 billion, with EBITDA at SEK 12.1 billion, both reflecting declines from the previous year.

• Revenue for the six months ended 30 June 2025 was SEK 24,825 million, down from SEK 27,006 million year-over-year.

• Operational EBITDA decreased to SEK 5,517 million from SEK 7,441 million year-over-year.

• Liquidity position remains strong, with available liquidity at SEK 18.5 billion as of 30 June 2025.

• Result before taxes dropped to SEK 485 million from SEK 2,028 million year-over-year.

Financial highlights

• Direct operating expenses decreased to SEK 16,611 million from SEK 17,552 million year-over-year.

• Net result on sale of vessels was SEK 478 million, down from SEK 1,260 million year-over-year.

• Earnings before tax were SEK 485 million, down SEK 1.5 billion from the same period in 2024.

• Depreciation, amortisation, and impairment charges decreased to SEK 3,726 million from SEK 4,001 million year-over-year.

• Income from operations decreased by 1.8% year-over-year.

Outlook and guidance

• Committed CapEx for newbuildings on order is SEK 4.4 billion, with deliveries scheduled through 2027.

• Management expects cash flow from operations and available sources of funds to be sufficient for debt service, capital expenditures, and working capital needs under current market conditions.

• Property segment expects EBITDA from the recent acquisition to be about 5% of the required amount annually.

• Stena Drilling faces some contract gaps but maintains good coverage, with paid downtime for rig upgrades.