We operate in markets that are rarely simple and seldom predictable. Being well prepared and attentive gives us the best chance of winning. 2025 was another year of unpredictable events and fluctuations. In capital-intensive businesses like ours, changes in the world around us have a strong impact on the results of our business units.

Stena remains strong. We have a robust cash flow and significant excess values in our fixed assets. At the end of the year, our available liquidity amounted to SEK 20 billion and the value of our property portfolio to SEK 57 billion, with a loan-to-value ratio of 42 percent. These reserves create resilience and freedom of action.

By and large, our businesses are performing well – some better, others facing tougher conditions. The Group’s diversity is a strength. Stena Property continued to deliver stability and Stena RoRo had a record year. Drilling remains the part of the Group most affected by market fluctuations. The tanker market rallied strongly during the second half of the year, which benefited Stena Bulk. Thanks to our philosophy of delegated business acumen, Stena Adactum’s companies maintained their margins and continued to develop, despite a more challenging market climate.

Ferry traffic is stable, although it will always be a low-margin business. Small margins require constant attention and perseverance. The combination of passengers and freight is crucial for us. Long-term cost-efficiency measures were implemented during the year. Beyond the vessels, Stena Line’s ferry routes are the company’s real assets. They must be well managed in order to develop. That requires constant discipline.

“ Markets go up and down. That is how it has always been. Our task is not to speculate about the next turn, but to ensure that we are prepared: financially, operationally and culturally.”

We are used to working with a long-term perspective. Selling assets is a natural part of how we work. We depreciate our vessels prudently and, when we sell, we realise the excess values we have built over time. In 2025, we sold six vessels. The sales freed up liquidity and contributed SEK 1.6 billion to the result. The timing of the sales was right. Vessel sales are not short-term thinking, but part of consistent and careful management of our assets.

Our starting point is always the customer. Satisfied customers are the foundation of profitability. The new Newmax vessels now operating on the Irish Sea, equipped with, among other things, rotor sails and hybrid technology, are an example of how investments in capacity and sustainability go hand in hand with improved service. This is closely linked to the engagement of our employees. Through Stena Pulse, we follow how our organisation is doing and how it is developing. High customer satisfaction and high employee satisfaction go hand in hand.

We have also continued to develop our international partnerships. During the year, we established a new joint venture with Caverton and NNPC (Nigerian National Petroleum Company) for the handling of oil cargoes from Nigeria. Our approach remains the same as always: to work with reliable partners, to take a long-term view of our commitments, and to stand firm in our values.

Long-term thinking is not just a word for us; it is a committed way of working. During the year, we celebrated 30 years in Belfast and Dublin, 20 years in Cyprus and 20 years of cooperation within Stena Sonangol. Such milestones do not happen by chance. They are the result of persistence, relationships and the ability to adapt over time.

Markets go up and down. That is how it has always been. Our task is not to speculate about the next turn, but to ensure that we are prepared: financially, operationally and culturally. With that as our starting point, we take on 2026.

Göteborg, 17 March 2026
Dan Sten Olsson