Stena (S) investor relations material

Executive summary

• Group revenues for the nine months ended September 30, 2025, were SEK 38.7 billion, down SEK 2.7 billion year-over-year, with declines in all segments except Property.

• EBITDA for the same period was SEK 9.8 billion, a decrease of SEK 2.0 billion compared to the prior year, mainly due to weaker Offshore Drilling and Shipping.

• Profit before tax dropped to SEK 2.2 billion from SEK 3.6 billion year-over-year.

• Liquidity remains strong, with available liquidity at SEK 17.1 billion as of September 30, 2025.

Financial highlights

• Total debt at quarter end was SEK 77.4 billion; available liquidity included SEK 17.1 billion in cash and credit facilities.

• Direct operating expenses decreased to SEK 24.96 billion from SEK 26.24 billion year-over-year.

• Net gain on sale of assets and change in fair value of investment properties increased by SEK 763 million year-over-year.

• Net result on sale of vessels was SEK 631 million, down from SEK 1,425 million last year.

• EBITDA margin for the period was approximately 23.4%.

Outlook and guidance

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

• Offshore Drilling faces softer tendering activity into 2025, despite strong contract coverage for 2024.

• Tanker market outlook is cautiously optimistic, with no imminent fall expected, but a pause in the market is possible during 2026.