Motor Oil Hellas Corinth Refineries S A : Financial Results FY 2025

About this update from Motor Oil (hellas) Corinth Refineries S.a.

Motor Oil Performance Review FY 2025 financial results https://www.moh.gr | March 2026 The material contained in this presentation is intended to be general performance information on MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. and its activities. The information is provided in summary form and is therefore not necessarily complete. The information contained is not an invitation to invest in shares or other securities, or any other products or services or otherwise deal in these or enter into a contract with MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. or any other company. The information provided should not be relied upon in connection with any investment decision. The past performance of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. or any other company referred to in the presentation cannot be relied upon as a guide to its future performance. The price of shares and the income derived from them can go down as well as up and investors may not recoup the amount originally invested. Forward- looking statements concerning the Company's future results, operations, financial statements/condition/performance, business strategies and plans, involve risks and uncertainties related to events that may or may not happen in the future. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation. MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. assumes no obligation to update any forward-looking statements. Processing any information contained in the presentation is governed by the laws of Greece and any person who accesses this presentation, processes and uses this information agrees that the Greek courts shall have exclusive jurisdiction in any dispute. 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March 2026 | 2 Contents FY-2025 Financial Results Highlights Industry Indicators Segments' Review Key Financials FY-2025 https://www.moh.gr | March 2026 FY-2025 Financial Results Highlights https://www.moh.gr | March 2026 Full-Year 2025 Highlights - Motor Oil Group Turnover € 11.5bn EBITDA € 1.1bn Net Income € 648m -6% y/y +10% y/y +128% y/y Investments € 612m Adj. EBITDA € 1.2bn Adj. Net Income € 757m vs. 433m in FY24 +21% y/y +50% y/y Net Debt € 1.58bn Free Cash Flow € 347m DPS € 1.75 vs. 1.73bn in FY24 vs. 7m in FY24 vs. 1.40 in FY24 Notes: Net Income is calculated after minorities. Adjusted figures exclude the period's inventory valuation impact & net solidarity contribution in 2024. Net Debt includes IFRS 16. Group Financial Performance Q4 & FY 2025 (EUR m) Q4 2024 Q4 2025 FY 2024 FY 2025 Revenues 2,819 3,006 12,188 11,482 EBITDA 198 296 967 1,059 Earnings before tax 102 243 641 827 Earnings after tax & minorities 63 197 283 648 EPS (EUR) 0.58 1.82 2.62 5.98 Adj. EBITDA 173 357 995 1,199 Refining 105 280 725 913 Fuels Marketing 28 21 125 131 Power & Gas 34 35 131 111 Other 6 24 16 59 Elimin./Adjust. 1 -4 -2 -14 Adj. Earnings after tax & minorities 44 244 504 757 Adj. EPS (EUR) 0.40 2.26 4.67 6.99 Capex 128 176 315 580 Net Debt 1,729 1,579 1,729 1,579 Simpl. Cash Flow 70 119 652 480 Notes: Adjusted figures exclude the period's inventory valuation impact & €199m net solidarity tax in 2024. Net Debt includes IFRS 16. Simplified Cash Flow = EBITDA less Capex. Industry Indicators https://www.moh.gr | March 2026 Refining Macro Indicators (period avg.) EUR-USD Brent 4Q25 3Q25 2Q25 1Q25 4Q24 64 1.052 1.068 69 68 1.163 1.168 1.134 76 75 Brent DTD (USD/bbl) & EUR-USD Jet ULSD Gasoline 4Q25 3Q25 2Q25 16.5 14.0 14.5 10.2 1Q25 17.7 13.3 9.8 4Q24 15.9 25.7 17.0 25.1 20.1 17.2 16.1 28.2 Light, Mid-distillates Cracks (USD/bbl) 4Q25 3Q25 2Q25 1Q25 4Q24 -4.8 -3.6 -2.5 -2.2 -1.3 Crude Differentials (USD/bbl) Basrah Medium vs. Brent HSFO LSFO -8.5 4Q25 3Q25 2Q25 1Q25 4Q24 -6.4 -6.3 -5.8 -4.3 -4.9 -3.5 -2.5 -0.8 0.1 Fuel Oil Cracks (USD/bbl) 560 566 538 143 147 146 147 134 137 131 140 2023 2024 2025 2025: -4.9% y/y LPG 2,132 2,183 2,217 2023 2024 2025 2025: +1.5% y/y Gasoline 2023 2024 2025 2025: +2.2% y/y Auto Diesel Fuels Marketing Domestic Consumption Greece (k MT) 139 514 527 530 138 619 636 651 126 541 549 562 134 458 472 475 2,777 2,884 2,948 693 711 720 777 805 814 717 751 776 590 617 636 786 805 881 374 415 2023 2024 2025 2025: +9.4% y/y Heating Diesel 413 34 356 46 366 74 394 1,443 1,619 1,714 114 2023 135 2024 147 2025 2025: +5.9% y/y Jet 415 505 487 649 713 761 265 283 301 2,721 2,762 2,791 2023 2024 2025 2025: +1.1% y/y Bunker FO & Diesel 575 634 582 751 707 725 849 753 804 616 618 661 1Q 2Q 3Q 4Q FY Note: data excluding PPC and army. 180 150 120 90 60 30 0 Greek Electricity Wholesale Prices (EUR/MWh, avg.) 60 50 40 30 20 10 0 Natural Gas TTF (EUR/MWh, avg.) 100 80 60 40 20 0 EUAs (EUR/MT, avg.) Oct-23 Oct-23 Dec-23 Dec-23 Feb-24 Feb-24 Apr-24 Apr-24 Jun-24 Jun-24 Aug-24 Aug-24 Oct-24 Oct-24 Dec-24 Dec-24 Feb-25 Feb-25 Apr-25 Apr-25 Jun-25 Jun-25 Aug-25 Aug-25 Oct-25 Oct-25 Dec-25 Dec-25 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Power & Gas Macro indicators Greek Electricity Production (TWh) & Mix 10.2 9.8 13.5 11.1 11.8 12.4 14.5 13.3 13.6 11.9 15.6 13.3 51% 51% 45% 47% 50% 51% 45% 47% 43% 55% 52% 43% 8% 8% 9% 11% 8% 7% 8% 4% 5% 7% 7% 7% 27% 34% 37% 31% 33% 38% 42% 42% 44% 36% 38% 44% 14% 7% 9% 11% 9% 4% 6% 7% 8% 2% 3% 6% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Lignite Natgas Hydro RES Segments Review https://www.moh.gr | March 2026 Group Financial Performance Per Segment FY-2025 (EUR m) Refining Fuels Marketing Power & Gas Other Eliminations/ Adjustments Total Revenues 8,054 4,755 708 288 -2,322 11,482 EBITDA 782 122 111 59 -14 1,059 Earnings Before Tax 795 26 -17 56 -32 827 Capex 229 77 253 24 -4 580 Net Debt 239 546 914 -80 -39 1,579 Simpl. Cash Flow 552 45 -143 35 -10 480 FY-2024 (EUR m) Refining Fuels Marketing Power & Gas Other Eliminations/ Adjustments Total Revenues 8,936 4,802 795 131 -2,476 12,188 EBITDA 705 117 131 16 -2 967 Earnings Before Tax 620 19 22 14 -34 641 Capex 201 62 62 28 -38 315 Net Debt 513 552 792 -71 -58 1,729 Simpl. Cash Flow 504 55 69 -13 36 652 Notes: Simplified Cash Flow = EBITDA less Capex. Net Debt includes IFRS 16. Refining Segment Performance Q4 & FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Brent DTD (USD/bbl, avg) 75 64 81 69 USD (avg) 1.068 1.163 1.082 1.130 Benchmark margin (USD/MT) 57 116 76 87 MOH ref. margin (USD/MT) 72 101 86 81 MOH adj. ref. margin (USD/MT) 63 119 88 92 Processed Volume (MT k) 2,373 3,494 12,004 12,344 Production (MT k) 2,196 3,317 11,288 11,636 Sales Volume (MT k) 3,178 3,842 13,243 13,638 Production 2,221 3,222 11,410 11,373 Trading 958 620 1,833 2,265 Sales (EUR m) 1,960 2,133 8,936 8,054 EBITDA (EUR m) 130 219 705 782 Adj. EBITDA (EUR m) 105 280 725 913 Capex (EUR m) 73 66 201 229 Net Debt (EUR m) 513 239 513 239 Notes: MOH refining margin refers to the blended margin (production & trading) of the refining segment. Adjusted figures exclude the period's inventory valuation effect. FY25 EBITDA includes insurance compensation EUR238m for business interruption (FY24 EUR40m) after the Sept. 2024 incident at Corinth refinery. Net debt includes IFRS 16. Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs' Mix 12,700 3,252 11,951 13,179 14,262 6,927 5,417 8,809 3,894 3,244 12,703 12,004 12,344 Libya, 22% Kazakhstan, 4% 9,158 5,105 3,305 3,725 31% 27% 44% FY-2025 69% 8,759 9,454 8,646 9,449 73% 56% 2,373 3,494 696 20% 1,334 56% 2,798 1,039 44% 80% Iraq, 74% 2019 2020 2021 2022 2023 2024 2025 Q4-2024 Q4-2025 Crude Other Feedstock Total Refining Segment Production & Yields (k MT) 2,568 1,501 1,453 1,944 281 191 87 Total 12,004 2023 12% 16% 33% 13% 21% 1% 2% 2% 3,979 3,615 2,520 1,603 1,929 1,033 333 220 3% 2024 2% 35 0% 23% 14% 32% 9% 17% Total 11,288 2,426 1,373 1,586 1,766 313 204 3% 2025 2% 46 0% 21% 12% 34% 13% 15% Total 11,636 3,922 1,125 640 491 487 404 86 51 34 3% 2% 0% 19% 15% 34% 15% 12% Q4-2025 Total 3,317 Lubricants Liquid Gases Naphtha Gasolines Jet Fuels Diesels/Gas Oils Special Products Fuel Oils Refining Segment Sales per Market, Country & Product Sales Volume per Market (k MT) Revenue Mix by Country 14,458 1,685 12,703 737 14,319 780 13,993 1,210 13,412 1,289 13,243 1,371 13,638 1,452 10,225 11,465 9,735 10,672 9,623 8,851 8,388 3,178 220 2,074 884 3,842 300 2,449 1,092 Other, 22% Turkey, 2% Egypt, 2% Croatia, 3% Lebanon, 5% USA, 7% Libya, 7% FY25 Gibraltar, 8% Greece - Civil, 32% Greece - Shipping/ Aviation, 12% 2,547 2,231 2,074 2,111 2,500 3,020 3,798 2019 2020 2021 2022 2023 2024 2025 Revenue Mix by Product Note: Revenue mix by country refers to country of shipment. Q4-2024 Q4-2025 Asphalt 6% Fuel Oil 8% Jet 16% Lubes 3% Other 9% Domestic Exports Shipping-Aviation Total FY25 Gasoil 37% Gasoline 21% Refining Segment Margins (USD/MT) 145 134 140 128 112 92 102 88 86 76 81 46 48 45 55 28 47 119 26 22 20 87 104 101 116 101 72 96 65 72 68 63 55 61 57 60 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to the blended margin (production & trading) of the refining segment. Adjusted margin excludes the period's inventory valuation effect. Benchmark margin is based on S&P Global data. Fuels Marketing Segment Performance Q4 & FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 # of service stations (eop) c.1,540 c.1,540 c.1,540 c.1,540 Sales volume (MT k) 1,021 1,034 3,780 3,947 of which in Greece 958 968 3,525 3,670 Sales (EUR m) 1,209 1,204 4,802 4,755 EBITDA (EUR m) 28 21 117 122 Adj. EBITDA (EUR m) 28 21 125 131 Capex (EUR m) 28 38 62 77 Net Debt (EUR m) 552 546 552 546 Notes: Adjusted EBITDA excludes inventory valuation effect. Net debt includes IFRS 16. 6% Stations 94% 9% Turnover 91% 21% EBITDA 79% Greece International Power & Gas Segment Performance Q4 & FY 2025 (EUR m) Q4 2024 Q4 2025 FY 2024 FY 2025 Sales 200 172 795 708 EBITDA 34 35 131 111 Capex 30 63 62 253 Net Debt 792 914 792 914 RES operating capacity (MW, eop) 839 847 839 847 RES power production (MWh) 475,984 411,257 1,721,996 1,497,125 Capacity factor 25.7% 22.0% 23.4% 20.3% Electricity retail market share (eop) 4.8% 4.0% 4.8% 4.0% # of public EV charging points (eop) 1,629 1,937 1,629 1,937 Notes: Net debt includes IFRS 16. Key Financials FY-2025 https://www.moh.gr | March 2026 March 2026

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