Stena (S) Q2 2026 earnings summary

Executive summary

• Revenue for the half year reached SEK 28,015 million, up SEK 3,190 million year-over-year, reflecting strong operational performance and asset sales.

• EBITDA from operations for the half year was SEK 7,114 million, an increase of SEK 1,597 million, with consolidated EBITDA for the last 12 months at SEK 12.7 billion.

• Net gain on asset sales totaled SEK 918 million, mainly from vessel divestments.

• Earnings before tax surged to SEK 2,274 million, up from SEK 485 million in the prior year.

• Diversified business areas include ferries, offshore drilling, shipping (tankers, RoRo & RoPax), property, and new businesses.

Financial highlights

• Total revenues (including asset sales and fair value changes) were SEK 29,289 million for YTD Q2 2026.

• EBITDA margin from operations (YTD Q2 2026): 25.4%.

• Net gain on asset sales: SEK 918 million; change in fair value of investment properties: SEK 356 million.

• Financial net improved by SEK 320 million to -SEK 1.2 billion.

• Income from operations rose to SEK 3,302 million, up SEK 1,513 million year-over-year.

Outlook and guidance

• Ferry operations expect margin improvements despite lower volumes, supported by cost-cutting and savings programs.

• Offshore drilling activity is expected to improve through 2026 and into 2027, with contract coverage building.

• Tanker freight rates remain above long-term averages, supporting continued strong performance; future asset sales likely to be opportunistic.

• Property segment targets a loan-to-value ratio of 40% within 12–18 months.

• New RoRo and RoPax vessel deliveries scheduled through 2029, indicating ongoing capital investment.