Stena (S) investor relations material

Executive summary

• Full-year revenues reached SEK 50.2 billion, with EBITDA from operations at SEK 11.0 billion, both down year-over-year.

• Net gain on asset sales and changes in fair value of investment properties contributed positively to total EBITDA.

• Decline in EBITDA mainly attributed to offshore drilling, while ferries performed strongly despite a challenging macro environment.

• Tankers and real estate delivered solid results; Stena RoRo and Stena Adactum performed according to plan.

• Available liquidity at year-end was SEK 19.8 billion, with 65% in unused credit lines.

Financial highlights

• Revenues decreased by SEK 3.8 billion compared to the previous year.

• EBITDA from operations declined by SEK 1.89 billion year-over-year.

• Income from operations was SEK 1.2 billion lower than in 2024.

• Earnings before tax declined by SEK 892 million from 2024.

• Strong liquidity position with nearly SEK 20 billion, mainly from unused credit lines and cash.

Outlook and guidance

• No formal forward guidance provided; management suggests historical performance as a guide for future expectations.

• Offshore drilling faces softer tendering activity into 2025, though contract coverage remains strong for 2024.

• Leverage is comfortable below 5x, with higher leverage in real estate and RoRo considered low risk due to long-term contracts.

• Management is confident in earnings visibility and not concerned about current leverage.

• RoRo and RoPax segments expect further growth with newbuildings scheduled for delivery through 2029.