Preem Holding names new chairman as losses deepen in Q2
Falling margins in diesel and gasoline and a refinery turnaround in Gothenburg weighed on performance.
Preem Holding AB has appointed David Sundin as its new chairman, succeeding Jason Milazzo, who stepped down on his own initiative. The reshuffle also sees CEO Magnus Heimburg join the board, while Petter Holland departs.
The changes come as Sweden’s largest fuel company reported weaker second-quarter results, underscoring the strain from volatile energy markets and lower refining margins. Sales dropped to SEK 25.5 billion ($2.5 billion), down almost 30% from a year earlier, while adjusted EBITDA fell to SEK 694 million ($69 million), about half last year’s level.
Preem swung to a net loss of SEK 887 million ($89 million), compared with a profit of SEK 481 million ($48 million) in 2024, as diesel and gasoline margins declined and refinery volumes were reduced by planned maintenance. Liquidity also weakened to SEK 14.2 billion ($1.4 billion) from SEK 18.8 billion a year ago, highlighting tighter financial flexibility.
Analysts note the figures illustrate both the vulnerability of traditional refining to geopolitical shocks and the importance of Preem’s pivot to renewables. In June, the company inaugurated its Synsat facility in Lysekil, expected to expand renewable fuel output by 900,000 cubic meters annually — a move seen as crucial to offset pressures in its fossil-fuel operations.
