Stena (S) Q4 2024 earnings summary

Executive summary

• Revenues from operations for 2024 were SEK 54.2 billion, with EBITDA from operations at SEK 13.3 billion, excluding gains/losses on asset sales and fair value changes.

• Total EBITDA for the group was SEK 14.5 billion, a slight increase of SEK 115 million year-over-year.

• Net income before tax (EBT) was SEK 3.0 billion, up SEK 130 million compared to the previous year.

• Strong cash flow generation and stable liquidity across business areas.

Financial highlights

• Revenues from operations contracted by SEK 577 million year-over-year, but total revenues grew by SEK 777 million due to asset sales and fair value changes.

• EBITDA from operations rose by SEK 115 million to SEK 14.5 billion.

• Available liquidity stood at SEK 17.8 billion, including cash, unused credit lines, and marketable securities.

• Depreciation increased by SEK 114 million, and financial net improved by SEK 154 million.

• Result from operational associates and JVs improved by SEK 173 million.

Outlook and guidance

• No specific EBITDA guidance for 2025 provided; further color to be given with Q1 results.

• Management expects cost pressures to moderate, with wage inflation persisting but general inflation easing.

• Offshore Drilling segment expects softer tender activity in 2025, despite strong contract coverage in 2023 and 2024.

• Ferry Operations and RoRo/RoPax businesses are positioned for future growth with newbuildings scheduled for delivery through 2027.

• Full effect of SEK 500 million EBITDA improvement program in ferries expected by 2026.