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Interim Report First Quarter ended 31 March 2023

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Preem Holding had a good start to 2023. Preem experienced high refining margins and delivered an overall good performance in a market environment affected by continued market volatility. The result was mainly driven by international margins, but a strengthened US dollar also contributed.

Key Figures in summary, January-March 2023

  • Sales for the first quarter 2023 amounted to SEK 36,845 million compared to SEK 36,831 million for the first quarter 2022.
  • Adjusted EBITDA totaled SEK 3,496 million for the first quarter of 2023 compared to SEK 2,305 million for the same period last year.
  • Net financial items for the first quarter 2023 amounted to negative SEK 298 million compared to negative SEK 550 million for the first quarter 2022.
  • Net profit amounted to SEK 1,720 million for the first quarter 2023, compared to SEK 3,728 million in net profit for the same period 2022.
  • Cash flow from operating activities, before changes in working capital, for the first quarter in 2023 amounted to SEK 2,736 million compared to SEK 5,314 million the same period 2022.
  • Total liquidity* amounted to SEK 15,778 million by March 31, 2023, compared to SEK 8,909 million by March 31, 2022.

    * Total liquidity - Cash and cash equivalent and unused committed facilities

    “The international energy markets, oil & gas included, were affected by continued market volatility. Demand for non-Russian crudes and refined products continued to affect refining margins, although product cracks have come down somewhat compared to last year’s highs.” says Magnus Heimburg, CEO of Preem.

    “Our Supply & Refining segment yet again delivered a strong contribution to our overall result. It can mainly be attributed to international refining margins, a strengthened US dollar also contributed in a positive way.”, Magnus Heimburg, continues.

    “Our Marketing & Sales segment reported a weaker result in comparison to the corresponding quarter previous year, primarily due to lower margins and volumes in line with last year.”, Magnus Heimburg, concludes.

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

PREEM is Sweden’s largest fuel company. Our vision is to lead the transition toward a sustainable society. By 2030, Preem will produce 5 million cubic meters of renewable fuels, and to achieve climate neutrality by 2035. Preem’s two refineries are among the most modern and environmentally friendly in Europe with a refining capacity of over 18 million cubic meters per year. We refine and sell fuel, heating and lubricating oil as well as other products to companies and individuals. Most of our products, almost 80 percent, are exported to the international market, mainly to northwestern Europe. We have a nationwide service network with 520 filling stations for private and commercial traffic. Preem AB has around 1,500 employees, of which 1,100 work at our refineries. In 2021, Preem’s turnover was SEK 161 billion.

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