Stena (S) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was SEK 24.825 billion, down from SEK 27.006 billion year-over-year, with EBITDA at SEK 5.5 billion, a decrease of SEK 1.9 billion compared to the same period last year.

• Net income before tax was SEK 485 million, significantly lower than SEK 2,028 million in the prior year.

• Total revenues for the last twelve months reached SEK 52 billion, with EBITDA at SEK 12.1 billion, both reflecting declines from the previous year.

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

• The group operates across ferries, offshore drilling, shipping (tankers, LNG, RoRo & RoPax), property, and new businesses.

Financial highlights

• Direct operating expenses decreased to SEK 16.611 billion from SEK 17.552 billion year-over-year.

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

• Net gain on sale of assets and changes in fair value of investment properties contributed positively but were lower than the previous year.

• Operational EBITDA margin for the period was approximately 22%.

• Cash and cash equivalents at period end were SEK 3.033 billion, down from SEK 4.433 billion at the start of the 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.

• Offshore drilling contract coverage remains strong for 2024, but tendering activity is expected to soften into 2025.

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

• Ferry operations anticipate continued stable freight volumes, with a modest decline in passenger volumes.