During the second quarter, Preem Holding delivered a normalized adjusted EBITDA of SEK 694 million, reflecting continuous market volatility, visible in decreased margins in both diesel and gasoline. Nevertheless, the company continued to make meaningful progress in advancing renewable energy initiatives and executing on strategic priorities.
Key Figures in summary, April - June 2025
- Sales for the second quarter of 2025 amounted to SEK 25,543 million compared to SEK 35,360 million for the second quarter of 2024.
- Adjusted EBITDA* totaled SEK 694 million for the second quarter of 2025 compared to SEK 1,229 million for the same period last year.
- Net profit amounted to SEK -887 million for the second quarter 2025, compared to SEK 481 million for the same period 2024.
- Cash flow from operating activities, before taxes and changes in working capital, for the second quarter of 2025 amounted to SEK -592 million compared to SEK 1,043 million for the same period 2024.
- Net financial items for the second quarter of 2025 amounted to SEK -302 million compared to SEK -130 million for the second quarter of 2024.
- Total liquidity*** amounted to SEK 14,240 million by June 30, 2025, compared to SEK 18,823 million by June 30, 2024.
Magnus Heimburg, CEO of Preem, comments:
- Geopolitical tensions continue to influence global energy markets, with the conflict in Ukraine sustaining high levels of uncertainty. This requires continued vigilance as we navigate an evolving operating environment.
- Our Supply & Refining segment posted an adjusted EBITDA of SEK 650 million for the second quarter 2025, representing a decrease from SEK 1,207 million in the same period last year. Volumes decreased by 15 percent during the period, largely attributable to the scheduled turnaround at the Gothenburg refinery. Despite lower volumes, our weighted refining margins remained healthy at 6.2 USD/bbl.
- Our Marketing & Sales segment reported an EBITDA of SEK 256 million for the second quarter of 2025, compared to SEK 216 million in the same period last year. The increase in financial performance was primarily driven by higher volumes during the quarter as well as lower fixed costs. Volumes were up 10 percent, and the demand for our own HVO100 remained strong.
- On June 16, we inaugurated the Synsat facility at our Lysekil refinery – a strategic asset that increases Preem’s renewable production capacity by approximately 900,000 cubic meters per year. This is a landmark achievement for Preem, reinforcing our long-term growth strategy while marking a significant step forward in Sweden’s transition towards a low-carbon economy.
*Adjusted EBITDA - defined as EBITDA adjusted for inventory gains/losses, exchange rate translation differences and for net gain/loss on oil derivatives valued at fair value.
** Total liquidity - Cash and cash equivalent and undrawn committed facilities.