Preem AB's Interim Report first quarter ended January - March 2025: Continued financial improvement in a normalized market environment

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Preem AB

07 May, 2025, 08:29 GMT

STOCKHOLM, May 7, 2025 /PRNewswire/ -- Preem Holding reported continued improvement in adjusted EBITDA, reaching SEK 1,135 million in the first quarter. up from SEK 680 million in the fourth quarter of 2024. The improved performance was supported by moderately stronger diesel margins, improved renewable margins and higher utilization rates at our Lysekil refinery.

Key Figures in summary, January - March 2025 

  • Sales for the first quarter of 2025 amounted to SEK 31,723 million compared to SEK 34,596 million for the first quarter of 2024.
  • Adjusted EBITDA* totaled SEK 1,135 million for the first quarter of 2025 compared to SEK 2,307 million for the same period last year.
  • Net profit amounted to SEK -39 million for the first quarter 2025, compared to SEK 1,934 million for the same period 2024.
  • Cash flow from operating activities, before taxes and changes in working capital, for the first quarter of 2025 amounted to SEK 730 million compared to SEK 1,844 million for the same period 2024.
  • Net financial items for the first quarter of 2025 amounted to SEK 13 million compared to SEK -179 million for the first quarter of 2024.
  • Total liquidity*** amounted to SEK 15,442 million by March 31, 2025, compared to SEK 17,713 million by March 31, 2024. 

Magnus Heimburg, CEO of Preem, comments:

- Our Supply & Refining segment reported an adjusted EBITDA of SEK 1,188 million for the first quarter of 2025, down from SEK 2,275 million in the same period last year. The decline in financial performance was primarily driven by a reduction in international refining margins, particularly for diesel and gasoline.

- In our Marketing & Sales segment, we saw a continued strong demand for our HVO100, which reached a new market high in March. Consequently, our market share for the month accounted for approximately one third of the Sweden HVO100 market.

- In the fast-changing geopolitical landscape, it is too early to assess the full implications from the imposed US tariffs. Our initial understanding and conclusion are that the direct impact of tariffs on Preem will be limited, states Magnus Heimburg in his closing marks.

- On March 31, a Sale and Purchase Agreement was signed under which VARO Energy acquire 100 percent of the shares in Corral Petroleum Holdings AB. VARO's long-term strategic vision is strongly aligned with our own. The combined entity will deliver greater value to customers, increase resilience across our operations, and make a meaningful contribution to energy security in both Sweden and Europe.

*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.

Read the complete interim report for the first quarter here.

For more information, please contact:
Preem Press Office
press@preem.se 
+46 (0)70-450 10 01

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