Preem Holding AB

(publ)
 Interim Report
Third quarter ended 30 September 2022

Preem Holding AB (publ.), corporate ID. no. 559210-7410 (“Preem Holding”) is the parent company of Preem AB (publ),
corporate ID. no. 556072-6977 (“Preem”) and a wholly own subsidiary of Corral Petroleum Holdings AB (publ), corporate
ID. no. 556726-8569.

This report includes condensed consolidated financial information of the Group in which Preem Holding is the parent
company (the “Group”), thus comprising Preem Holding’s consolidated subsidiaries, for the three months period ending
September 30, 2022, and for the comparative period in 2021. This report has not been subject for the auditor's review.

Key Figures in summary, July-September 2022

• Sales for the third quarter 2022 amounted to SEK 37,422 million compared to SEK 22,601 million for the third quarter
2021.
• Adjusted EBITDA totaled SEK 3,087 million for the third quarter of 2022 compared to SEK 1,355 million for the same
period last year.
• Net financial expenses for the third quarter 2022 amounted to SEK 1,132 million compared to SEK 656 million for the
third quarter 2021.
• Net loss amounted to SEK -30 million for the third quarter 2022, compared to SEK 240 million in net profit for the same
period 2021.
• Cash flow from operating activities, before changes in working capital, for the third quarter in 2022 amounted to SEK
281 million compared to SEK 1,007 million in the same period 2021.
• Our total liquidity* amounted to SEK 7,433 million by September 30, 2022 compared to SEK 8,386 million by
September 30, 2021.

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

MSEK Note 2022 2021 2022 2021 2021
Net sales 37,422 22,601 122,308 63,286 89,592
EBITDA 1,523 1,470 15,682 4,818 6,629
Inventory gains/losses 1,354 -427 -5,178 -2,993 -3,494
Exchange rate differences 451 277 1,446 432 597
Net gain/loss on derivatives -241 35 1,006 176 476
Adjusted EBITDA** 3,087 1,355 12,956 2,433 4,209
Operating profit (EBIT) 1,139 1,065 14,512 3,629 5,011
Profit/loss for the period -30 240 8,820 1,348 1,921

Cash Flow from operating activities before

281 1,007 12,549 3,358 5,771
changes in working capital
Net leverage ratio*** 0.78 3.06 0.78 3.06 2.47

* Cash and cash equivalent and unused committed facilities

**Adjusted EBITDA - defined as EBITDA adjusted for, inventory gains/losses, exchange rate differences when buying and selling oil products, net
gain/loss on oil derivatives valued at fair value
***Net leverage ratio – defined as net financial third-party debt to adjusted EBITDA for the preceding twelve months, calculated on the reporting date.

2 - Preem Holding AB (publ)

 Preem CEO comments –
Interim Report Q3 2022
Preem Holding reported a good operating result in the third quarter of 2022
and, overall, I’m pleased with the business performance in a challenging macro
environment. Our adjusted EBITDA amounted to SEK 3,087 million for the third
quarter of 2022 compared to SEK 1,355 million for the third quarter 2021. The
third quarter was characterized by the planned maintenance shutdown at our
Lysekil refinery as well as the exceptional market conditions following the
decreased demand for Russian fuel products in Europe.

The international energy markets continued to be volatile driven by

geopolitical uncertainties. Our Supply & Refining segment was the main
contributor to our performance. Although, the result was negatively impacted
by the planned maintenance shutdown in Lysekil. Our Marketing & Sales
segment posted a somewhat weaker result than in the corresponding quarter
2021. Cash flow from operations was negative during the third quarter as a
result of increased working capital. As of September 30, 2022, our net leverage
ratio amounted to 0.78 times.

Supply & Refining reported an adjusted EBITDA of SEK 2,972 million for the third quarter 2022 compared to SEK 1,148
million for the third quarter 2021. The result was positively impacted by strong international refining margins and a
strong US dollar. This was, to some extent, offset by the negative effects from the planned maintenance work in Lysekil.
At the end of September, the Gothenburg refinery experienced a total power outage, caused by an external provider,
and the refinery was consequently shut down. No significant process safety incidents or environmental impact occurred
during the shutdown and most of the units were back only 3 days later. I am proud over the staff and organization for
the professional handling of such a challenging and unexpected event. The average refining margin amounted to
$12.9/bbl during the third quarter (compared to $4.2/bbl during the corresponding period in 2021).

Marketing & Sales reported an EBITDA of SEK 241 million in the third quarter of 2022 compared SEK 334 million in the
third quarter 2021. The result was negatively impacted by somewhat lower margins.

During September and October, the scheduled mid-term turnaround took place at our Lysekil refinery. Overall, the
turnaround went according to the planned time schedule and budget. One lost time incident was recorded during the
work. The majority of the units are now back in full operations. During the inspections, some wear-and-tear defects on
certain material in the hydrogen production unit were found. The work on repairing the unit is ongoing whilst it is still
too early to assess when the hydrogen unit, and thereupon dependent units, will be back online. Exact timing will
depend on several factors such as delivery time of specific materials and the extent of the defects that can only be
assessed while executing the repair work.

General elections were held in Sweden on 11 September 2022. To overcome the relatively high fuel prices on the
Swedish market, the new government has notified a reduction of the Swedish Greenhouse gas reduction mandate (Sw:
Reduktionsplikt) in 2024. However, the government has not yet presented details regarding future reduction mandate
levels nor a time schedule for how long such measures shall apply. In addition, the Swedish climate goal to reduce

3 - Preem Holding AB (publ)

emissions in the transport sector by 70 percent until 2030 is stated to remain unchanged, which in turn seems to imply
that the government may need to implement other means to reduce climate emissions and reduce the use of fossil fuels.

The so-called solidarity contribution (wind-fall tax), recently introduced by the European Commission in relation to
certain fossil-intense industries, is currently going through the legislative process in Sweden. Most likely, although not
finally concluded, this will lead to an additional taxation of the Group as regards the financial year 2023.

There is an increased uncertainty about the macroeconomic development, and therefore we continue to have high focus
on flexibility in our sourcing as well as on stable production and high utilization. Visibility for the coming month is limited
and we expect volatility in our main markets to remain high.

Stockholm October 2022

Magnus Heimburg
President and CEO
Preem AB (publ)

Financial overview –
third quarter 2022

4 - Preem Holding AB (publ)

Sales revenue in the third quarter of 2022 amounted to SEK 37,422 million compared to SEK 22,601 million in the third
quarter of 2021, an increase of SEK 14,821 million. The increase in sales revenue is primarily a result of a higher sales
price and a stronger US dollar compared to the third quarter 2021, although sales prices came down compared to second
quarter of 2022. Operating profit for the third quarter of 2022 amounted to SEK 1,139 million, an increase of SEK 74
million, compared to SEK 1,065 million for the same period last year. Operating profit for the third quarter was affected
by negative price effects of SEK -1,353 million and lower utilization at the Lysekil refinery. The weighted refining margin
in the third quarter of 2022 increased, compared to the third quarter of 2021, from $4.2/bbl to $12.9/bbl.

Net financial expenses for the third quarter of 2022 amounted to SEK 1,132 million, an increase of SEK 476 million
compared to an expense SEK 656 million for the third quarter of 2021. This was caused by a stronger US dollar resulting
in an exchange rate loss of SEK 448 million quarter by quarter. Total interest expense for the third quarter of 2022
amounted to SEK 294 million compared to SEK 278 million for the same period in 2021.

The Group’s cash flow from operating activities after changes in working capital amounted to negative SEK -4,480 million
for the third quarter 2022 compared to positive SEK 79 million for the same period last year. Cash flow was negatively
affected mainly by buildup of working capital. The increase in working capital was related to timing effects on crude
payments as a consequence of the Lysekil maintenance turnaround.

On September 30, 2022, the Group’s net financial third party debt amounted to SEK 12,373 million MSEK, compared to
SEK 10,552 million as of the third quarter of 2021, see Note 2 for further information.

As of September 30, 2022 the leverage ratio amounted to 0.78 times compared to 3.06 times as of September 30, 2021.

5 - Preem Holding AB (publ)

 Segments review

The Group divides its business into two segments, Supply & Refining and Marketing & Sales, and key metrics for both are
shown in the tables below.

Supply & Refining

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year
MSEK 2022 2021 2022 2021 2021
Net Sales 35,805 21,521 117,781 60,351 85,622
EBITDA 1,859 1,539 16,835 4,928 6,857
Inventory gains/losses 1,353 -428 -5,178 -2,992 -3,494
Exchange rate differences - - - - -
Net gain/loss on oil derivatives -240 37 1,005 175 476
Adjusted EBITDA 2,972 1,148 12,662 2,111 3,839

Average Brent Dated crude oil, $/bbl 100.8 73.5 105.5 67.9 70.9
Weighted refining margin, $/bbl 12.9 4.2 14.4 3.8 4.3
Refining margin LYR 12.5 3.9 13.7 3.2 3.9
Refining margin GOR 13.6 4.8 15.5 5.1 5.1
Feedstock throughput, 000 m3 4,062 5,113 14,740 15,185 20,051
Utilization rate LYR, % 56.9 77,9 72.6 76.3 78.6
Utilization rate GOR, % 74.9 79.4 81.0 71.6 67.6
Average exchange rate SEK/USD 10.6 8.7 9.9 8.5 8.6
Closing exchange rate SEK/USD 11.1 8.8 11.1 8.8 9.0

Net Sales for our Supply & Refining segment amounted to SEK 35,805 million for the third quarter of 2022 compared to
SEK 21,521 million MSEK for the same period last year. The third quarter of 2022 was highly affected by the volatile
market situation resulting in soaring sales prices and tight product markets. Supply & Refining segment reported an
adjusted EBITDA of SEK 2,972 million for the third quarter of 2022, an increase of SEK 1,824 million, compared to SEK
1,148 million for the same period last year. International refining margins showed a strong increase during the third
quarter. The weighted refining margin increased to $12.9/bbl for the third quarter of 2022 compared to $4.2/bbl for the
same period last year. In addition, the strengthening of the US dollar resulted in positive FX effect of approximately SEK
650 million. Fixed expenses increased by SEK 49 million in the third quarter of 2022 compared to the third quarter of
2021, mainly driven by increasing material prices.

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Marketing & Sales

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

MSEK 2022 2021 2022 2021 2021
Net sales 11,577 6,211 30,675 16,155 23,368
EBITDA 241 334 917 825 1,079
Operating profit 184 267 728 625 812

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

Sales by category (000 m3) 2022 2021 2022 2021 2021
Diesel 680 641 1,928 1,867 2,540
Gasoline 159 171 427 442 574
Other products 38 27 111 108 164

Net sales for Marketing & Sales segment amounted to SEK 11,577 million for the third quarter of 2022 compared to SEK
6,211 million for the same period last year, mainly driven by increased prices. Total sales volumes increased by 5%
primarily due to stronger demand within our B2B segment. Marketing & Sales segment reported an EBITDA of SEK 241
million for the third quarter of 2022 compared to SEK 334 million for the third quarter of 2021, a decrease of SEK 93
million primarily driven by negative price effects in our retail segment in the period. The result was negatively impacted
by increased fixed expenses of total SEK 30 million, mainly driven by increased material prices and a temporary increase
in company operated retail stations.

7 - Preem Holding AB (publ)

 Financial statements

Consolidated income statement

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

Amounts in SEK millions Note 2022 2021 2022 2021 2021
Net sales 3 37,422 22,601 122,308 63,286 89,592

Cost of goods sold -35,888 -21,218 -106,817 -58,669 -83,155

Gross profit 1,534 1,383 15,491 4,617 6,437

Selling expenses -218 -201 -622 -601 -848

Administrative expenses -261 -177 -717 -622 -879
Other operating income 89 64 368 242 322
Other operating expenses -5 -4 -8 -7 -20
Operating profit 3 1,139 1,065 14,512 3,629 5,011

Financial income 9 1 12 3 5
Financial expenses -1,141 -657 -3,281 -1,717 -2,360
Net financial items -1,132 -656 -3,269 -1,713 -2,355

Profit before income tax 7 410 11,244 1,916 2,657

Income tax -37 -169 -2,424 -568 -736
Profit/loss for the period -30 240 8,820 1,348 1,921

Profit/loss for the period attributable to:

Parent company shareholders -30 240 8,820 1,348 1,921
Non-controlling interests 0 0 0 0 0
-30 240 8,820 1,348 1,921

Consolidated statement of other comprehensive income

Amounts in SEK millions

Profit/loss for the period attributable to: -30 240 8,820 1,348 1,921

Items that may be reclassified to the income statement:

Translation difference 4 2 5 9 17
Changes in fair value hedges 267 - 1,268 - -
Income tax relating to hedges -55 - -261 - -

Items that will not be reclassified to the income statement:

Actuarial gains/losses on defined benefit pension plans 51 3 197 88 63

Tax attributable to the item above -11 -1 -41 -19 -14
Other -1 3 -1 3 3

Total other comprehensive income for the period, net of tax 256 7 1,168 81 68
Total comprehensive income for the period 227 247 9,987 1,429 1,990

Total comprehensive income for the period attributable to:

Parent Company shareholders 227 247 9,987 1,429 1,990
Non-controlling interests 0 0 0 0 0
227 247 9,987 1,429 1,990

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Consolidated Statement of Financial Position

30 Sep 30 Sep 31 Dec

Amounts in SEK million Note 2022 2021 2021
ASSETS
NON-CURRENT ASSETS
Intangible assets
Goodwill 308 308 308
Other intangible assets 410 505 453
718 813 760

Property, plant and equipment

Land and buildings 1,955 1,977 1,989
Plant and machinery 6,984 7,237 7,190
Capitalized turnaround costs 590 717 806
Equipment, tools, fixtures and fittings 577 386 351
Construction in progress 1,881 1,257 1,269
11,988 11,573 11,605

Financial assets
Participations in associates 389 307 321
Receivables from affiliates 15 0 15
Other shares and participations 5 0 0 0
Non-current derivatives 5 520 - -
Other non-current receivables 99 67 69
1,024 374 405
Total non-current assets 13,729 12,760 12,770

CURRENT ASSETS
Inventories 19,951 12,431 13,244
Trade receivables 5 5,887 4,358 4,188
Derivatives 5 766 447 644
Receivables from Parent Company 5 55 55 55
Other receivables 5 1,645 1,129 1,251
Prepaid expenses and accrued income 1,853 1,054 2,312
30,157 19,474 21,695

Cash and cash equivalents 4,222 2,714 2,302

Total current assets 34,380 22,188 23,997
TOTAL ASSETS 48,109 34,948 36,767

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Consolidated Statement of Financial Position

30 Sep 30 Sep 31 Dec

Amounts in SEK million Note 2022 2021 2021
EQUITY AND LIABILITIES
EQUITY
Equity attributable to Parent Company shareholders
Share Capital 1 0 0
Reserves 1,011 -8 0
Profit brought forward including profit for the period 17,290 6,431 6,984
18,302 6,423 6,984
Non- controlling interests 0 0 0
Total equity 18,302 6,423 6,984

LIABILITIES
Non-current liabilities
Pension obligations 152 165 192
Deferred tax liabilities 1,079 978 884
Other Provisions 215 267 228
Liabilities to parent company 5 - 1,031 1,078
Borrowings 4,5 15,884 12,861 460
17,330 15,303 2,841
Current liabilities
Other current provisions 140 - 582
Borrowings 188 155 12,865
Prepayments from customers 411 284 543
Trade payables 5 2,761 5,556 5,093
Current tax liabilities 2,822 473 739
Derivatives 5 12 41 5
Other liabilities 5 2,899 2,078 1,903
Accrued expenses and deferred income 3,244 4,634 5,211
12,478 13,222 26,942
Total liabilities 29,808 28,524 29,783
TOTAL EQUITY AND LIABILITIES 48,109 34,948 36,767

10 - Preem Holding AB (publ)

Consolidated statement of Changes in equity

Attributable to Parent Company shareholder

Profit Non-
Share brought controlling
Amounts in SEK million capital Reserves forward Total interests Total equity
Opening equity 2021-01-01 0 -17 5,011 4,995 0 4,995
Profit for the period - - 1,348 1,348 - 1,348
Other comprehensive income - 9 72 81 - 81
Total comprehensive income for the period 0 9 1,420 1,429 0 1,429
Closing equity 2021-09-30 0 -8 6,431 6,423 0 6,423

Opening equity 2022-01-01 0 0 6,984 6,984 0 6,984

Profit for the period - - 8,820 8,820 - 8,820
Other comprehensive income - 1,011 157 1,168 - 1,168
Total comprehensive income for the period - 1,011 8,976 9,988 0 9,988
Increase of share capital* 0 - 0 0 - 0
Group contribution, net of tax** - - 253 253 - 253
Shareholder contribution - - 1,077 1,077 - 1,077
Closing equity 2022-09-30 1 1,011 17,290 18,302 0 18,302

* During 2022, share capital has been increased to SEK 500,00 by a transfer from unrestricted equity.
** A group contribution amounting to SEK 1,228 million has been received by the Parent Company from its subsidiary. The receivable that
occured due to this was transferred by a shareholder contribution amounting to the same amount. The tax effect of this transaction amounts
to SEK 253 million and is accounted for directy against equity.

11 - Preem Holding AB (publ)

Consolidated cash flow statement

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

Amounts in SEK million Note 2022 2021 2022 2021 2021
Operating activities
Profit/loss before taxes 7 410 11,244 1,916 2,657
Adjustments for items not included in cash flow:
Depreciation 384 404 1,170 1,189 1,618
Unrealized Currency effects and derivatives -256 126 392 220 648
Other 192 69 -195 202 848
Cash flow from operating activities 327 1,008 12,611 3,527 5,771
before changes in working capital
Taxes paid -46 -1 -62 -168 -161
281 1,007 12,549 3,358 5,611
Decrease (+)/Increase (-) in inventories 577 -159 -6,704 -2,375 -3,174
Decrease (+)/Increase (-) in operating receivables 3,863 132 -785 -2,028 -3,999
Decrease (-)/Increase (+) in operating liabilities -9,201 -900 -3,556 2,158 2,465
Cash flow used in/from operating activities -4,480 79 1,503 1,113 902
Investing activities
Capital expenditure of intangible assets 0 0 -123 -420 -422
Capital expenditure of tangible assets -487 -136 -1,050 -344 -712
Decrease(+)/Increase(-) in financial assets -3 - -3 19 4
Cash flow used in investing activities -490 -136 -1,177 -745 -1,131
Financing activities
New loans 5,743 777 10,940 2,812 3,462
Borrowing costs -80 - -585 - -
Repayment of loans -123 -1,214 -8,686 -2,622 -3,044
Amortization of lease debt -45 -59 -135 -177 -235
Cash flow from/used in financing activities 5,496 -497 1,534 13 184
CASH FLOW FOR THE PERIOD 525 -553 1,860 381 -45
Opening cash and cash equivalents 3,673 3,260 2,302 2,311 2,311
Effect of exchange rate fluctuations on cash
and cash equivalents 24 8 60 23 37

Cash and cash equivalents at the end of the period 4,222 2,714 4,222 2,714 2,302

12 - Preem Holding AB (publ)

Income statement for the Parent Company

Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

Amounts in SEK million Note 2022 2021 2022 2021 2021
Administrative expenses -3 -0 -18 0 -0
Other operating income - - - - 5
Operating profit -3 -0 -18 0 5
Profit from participations in Group companies - - 2,519 - 450
Financial income - 71 - 333 -
Financial expenses -214 -184 -1,212 -862 -1,186
Net financial items -214 -113 1,308 -529 -736
Profit/loss before income tax -217 -113 1,290 -529 -732
Income tax 16 69 112 83 106
Profit/loss for the period* -201 -44 1,402 -446 -626

*) Comprehensive income equals net profit/loss for the period

Balance Sheet for the Parent Company

30 Sep 30 Sep 31 Dec

Amounts in SEK million Note 2022 2021 2021
Assets
Participations in Group companies 10,693 10,693 10,693
Deferred tax asset 135 - 23
Prepaid expenses and Accrued income 0 0 0
Cash and cash equivalents 239 136 144
Total assets 11,068 10,829 10,860

Equity and Liabilities

Restricted equity 1 0 0
Non-restricted equity 6,954 4,655 4,475
Total equity 6,955 4,655 4,475

Liabilities
Non-current liabilities
Senior Note 4 3,507 - -
Term Loan 4 - 4,603 -
Liabilities to Parent Company - 1,031 1,078
Liabilities to Group Companies 442 300 300
3,949 5,934 1,378
Current liabilities
Term loan current 4 - - 4,754
Income tax liability - 17 16
Accrued expenses and deferred Income 163 223 237
163 240 5,007
Total liabilities 4,113 6,174 6,385

Total equity and liabilities 11,068 10,829 10,860

13 - Preem Holding AB (publ)

 Notes

Note 1. Basis of preparation and accounting principles

These interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as
adopted by the European Union (EU) and RFR1 "Supplementary accounting rules for groups".

These consolidated interim financial statements should be read together with the annual consolidated financial
statements for the year ended December 31, 2021.

Preem has 2022 started to apply hedge accounting for derivatives that are used to hedge the Group’s exposure to
electricity price risk. Changes in the fair value of the derivatives designated for hedge accounting are recognized in Other
comprehensive income and accumulated in the Hedge reserve within equity. Changes in fair value are subsequently
reclassified to profit or loss in the same period as the Group reports the expense of the hedged consumption of
electricity. Any ineffectiveness is recognized immediately in profit or loss.

The annual consolidated financial statements for the Group are prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union (EU). The interim financial statements have been prepared
applying the accounting policies and presentation that were applied in the preparation of the Group's consolidated
financial statements for the year ended December 31, 2021.

The Swedish Annual Accounts Act and RFR 2 "Accounting for legal entities" have been applied for the Parent Company.
The financial statements are presented in Swedish krona (SEK), which is the Parent Company´s functional currency.

Unless otherwise stated, all figures are rounded to the nearest million. Amounts in the Group consolidation system are
based on SEK thousand. Due to the rounding of figures in the tables to the nearest SEK million the total amount is not
exactly equal to the sum of all components in some cases.

New accounting standards.

A number of amended standards became applicable for the current reporting period. The Group did not have to change
its accounting policies or make retrospective adjustments as a result of adopting these amended standards.

Note 2. Risk factors

For information on risks relating to our business and capital structure, please refer to Note 2 in Preem AB’s Annual
Report for 2021 as well as the Offering Memorandum, dated 14 June 2022, relating to Preem Holding AB (publ) –
€340,000,000, 12%, Senior Notes due in 2027.

14 - Preem Holding AB (publ)

Note 3. Segment information

Amounts in SEK million Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full-year

Net Sales 2022 2021 2022 2021 2021
Supply & Refining 35,805 21,521 117,781 60,351 85,622
Marketing & Sales 11,577 6,211 30,675 16,155 23,368
Sales between segments -9,960 -5,131 -26,148 -13,220 -19,397
Total external net sales 37,422 22,601 122,308 63,286 89,592

Operating profit
Supply & Refining 1,555 1,191 15,923 4,011 5,600
Marketing & Sales 184 267 728 625 812
Total operating profit 1,739 1,458 16,652 4,635 6,412
Exchange rate differences -451 -277 -1,446 -432 -597
Other expenses -148 -150 -693 -574 -804
Total Operating profit 1,139 1,065 14,512 3,629 5,011

of which depreciation by segment

Supply & Refining -304 -314 -912 -917 -1,256
Marketing & Sales -57 -67 -189 -200 -267
Total depreciation by segment -361 -381 -1,100 -1,118 -1,523

Note 4. Financial Debt Breakdown

30 Sep 30 Sep 31 Dec
Amounts in SEK million 2022 2021 2021
SEK Loans 927 127 126
USD Loans 11,234 7,912 8,049
Leasing liabilities 672 441 435
Deposits 50 39 41
Transaction costs -317 -105 -79
Total Financial Debt Preem Group 12,565 8,413 8,572
USD loans - 4,747 4,884
Senior Note EUR 3,712 - -
Transaction costs -205 -144 -130
Total Financial debt Preem Holding AB (publ) 3,507 4,603 4,754
Total Financial debt Preem Holding Group 16,073 13,016 13,325
Net of transaction costs 16,595 13,266 13,534

Jul-Sep Jul-Sep Full-year

Net debt 2022 2021 2021
Financial debt 16,595 13,266 13,534
Less cash and cash equivalents -4,222 -2,714 -2,302
Net debt* 12,372 10,552 11,232
Total equity 18,302 6,423 6,984
Debt/equity ratio 0,68 1,64 1,61

*Net debt exkludes transaction costs

15 - Preem Holding AB (publ)

Note 5. Financial instruments
Assets Assets measured Financial
measured at fair at fair value assets
value through through other measured at
profit/loss for comprehensive amortized Carrying
Assets in the balance sheet as of September 30, 2022 the period income cost amount Fair value
Other shares and participations 0 - - 0 0
Derivatives 19 1,268 - 1,287 1,287
Receivables from related parties - - 55 55 55
Trade receivables and other receivables - - 7,532 7,532 7,532
Cash and cash equivalents - - 4,222 4,222 4,222
19 1,268 11,810 13,096 13,096

Liabilities at fair
value through
profit/loss for Liabilities at fair Other Carrying
Liabilities in the balance sheet as of September 30, 2022 the period value through OCI liabilities amount Fair value
Senior Notes EUR - - 3,712 3,712 3,886
Liabilities to credit institutions - - 12,160 12,160 12,160
Leasing liabilities - - 672 672 672
Other interest-bearing liabilities - - 50 50 50
Derivatives 12 - - 12 12
Other liabilities - - 5,661 5,661 5,661
12 - 22,255 22 22,441

Note 6. Pledged assets and Contingent liabilities

For information on disclosures concerning contingent liabilities, please see Note 30 in Preem Holding ABs Annual Report
for 2021.

The balance of pledged accounts receivables has decreased to SEK 5,695 (6,536) million. Pledged shares in subsidiaries
now have a value of SEK 22,040 (10,693) million.

Pledged assets amount to SEK 41,889 (31,382) million.

There are no significant changes in contingent liabilities during 2022 compared to FY 2021.

The numbers within parentheses above in this Note 6 refer to the situation as per 31 December 2021.

Note 7. Related party transactions

For information related to "Related party transactions", please see note 33 in Preem Holdings ABs Annual Report for
2021. Preem Holding AB (publ has received a shareholder contribution amounting to SEK 1,077 million from its Parent
Company. There have not been any other significant changes in 2022 compared to FY 2021.

Note 8. Subsequent events

During inspections at the planned maintenance turnaround in Lysekil, some wear-and-tear defects on certain material in
the hydrogen production unit was found. The work with repairing the unit is ongoing whilst it is still too early to assess
when the hydrogen unit, and thereupon dependent units, will be back online.

16 - Preem Holding AB (publ)

 Stockholm, October 27, 2022
The Board of Directors

Preem Holding AB (publ)

Further information

Klas Lindgren Dansbo

Group Treasurer
Tel: + 46-10-450 10 00
Email: [email protected]

Preem AB, 112 80 Stockholm Besöksadress: Warfvinges väg 45 Tfn: +46 (0)10 450 10 00 preem.se