Motor Oil Hellas Corinth Refineries S A : Full Year Financial Report 2025

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

ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR 2025 TABLE OF CONTENTS DECLARATIONS OF THE BoD REPRESENTATIVES DIRECTORS' REPORT CORPORATE GOVERNANCE STATEMENT AUDIT COMMITTEE REPORT ANNUAL FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. G.E.MI. 272801000 Headquarters: Irodou Attikou 12Α, 151 24 Maroussi Attica ‌DECLARATIONS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS OF "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A." Pursuant to the provisions of article 4 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge: The single and consolidated financial statements of "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A." (the Company) for the fiscal year 2025, which have been prepared in accordance with the applicable set of accounting standards, present truly and fairly the assets and the liabilities, the shareholders' equity and the statement of comprehensive income of the Company and the companies included in the consolidated financial statements taken as a whole, and The Board of Directors' annual report fairly presents the course, the performance and the position of the Company and the companies included in the consolidated financial statements taken as a whole, including the description of the most important risks and uncertainties they are facing and that it has been prepared in accordance with the standards for sustainability reports referred to in Article 154A of Law No. 4548/2018 (A' 104) and with the specifications approved pursuant to par. 4 of Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework for the facilitation of sustainable investments and amending Regulation (EU) 2019/2088 (L 198). Maroussi, March 20, 2026 THE CHAIRMAN & CEO THE DEPUTY CEO THE DEPUTY CEO IOANNIS V. VARDINOYANNIS PETROS T. TZANNETAKIS IOANNIS N. KOSMADAKIS ‌CONTENTS OF DIRECTORS' REPORT REVIEW OF OPERATIONS 2 SHARE PRICE DATA - DIVIDEND - DIVIDEND YIELD 13 PROSPECTS 14 CAPITAL EXPENDITURE 16 GROUP STRUCTURE - SIGNIFICANT SUBSIDIARIES & AFFILIATED COMPANIES 17 SHAREHOLDERS - SHARE CAPITAL - BOD AUTHORIZATIONS - ARTICLES OF ASSSOCIATION 33 DEVELOPMENTS AFTER 31.12.2025 34 MAIN SOURCES OF UNCERTAINTY IN ACCOUNTING ESTIMATIONS 35 MANAGEMENT OF FINANCIAL RISKS 36 ALTERNATIVE PERFORMANCE MEASURES 48 RELATED PARTY TRANSACTIONS 50 SUSTAINABILITY STATEMENT (LAW 5164/2024) 53 ‌D I R E C T O R S´ R E P O R T (ACCORDING TO ARTICLE 4 OF THE LAW 3556/2007) ON THE FINANCIAL STATEMENTS OF "MΟΤΟR ΟIL (HΕLLΑS) CORINTH REFINERIES S.Α." AND THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2025 (01.01.2025 - 31.12.2025) REVIEW OF OPERATIONS The Group financial figures for the fiscal year 2025 compared with the fiscal year 2024 are presented hereunder: 2024 2025 Amounts in thousand Euros % Amount Variation Turnover (Sales) 11,482,478 12,187,917 (705,439) (5.79)% Less: Cost of Sales (before depreciation & amortization) 10,247,749 10,920,148 (672,399) (6.16)% Gross Profit (before depreciation & amortization) 1,234,729 1,267,769 (33,040) (2.61)% Less: Distribution Expenses (before depreciation & amortization) Less: Administrative Expenses (before depreciation & amortization) 295,572 273,630 21,942 8.02% 169,199 150,556 18,643 12.38% Plus: Other Income 36,304 61,411 (25,107) (40.88)% Plus/(Less): Other Gain/(Loss) 253,086 61,601 191,485 310.85% Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) * 1,059,348 966,595 92,753 9.60% Plus/(Less): Investment Income / share of profits/(losses) in associates 52,731 (593) 53,324 8,992.24% Plus: Financial Income 183,671 165,073 18,598 11.27% Less: Financial Expenses 253,651 222,987 30,664 13.75% Plus/(Less): Gain/(loss) on fixed assets from significant incident 73,208 (6,097) 79,305 1,300.72% Earnings before Depreciation/Amortization and Tax 1,115,307 901,991 213,316 23.65% Less: Depreciation & Amortization 288,065 260,849 27,216 10.43% Earnings before Tax (EBT) 827,242 641,142 186,100 29.03% Less: Income Tax 176,435 353,828 (177,393) (50.14)% Earnings after Tax (EAT) 650,807 287,314 363,493 126.51% (*) Includes government grants amortization Euro 5,691 thousand for 2025 and Euro 3,787 thousand for 2024. Depreciation & Amortization includes also other impairments that relate to fixed assets. The respective Company financial figures for the fiscal year 2025 compared with fiscal year 2024 are presented hereunder: 2024 2025 Amounts in thousand Euros % Amount Variation Turnover (Sales) 7,698,104 8,412,789 (714,685) (8.50)% Less: Cost of Sales (before depreciation & amortization) 7,087,353 7,730,013 (642,660) (8.31)% Gross Profit (before depreciation & amortization) 610,751 682,776 (72,025) (10.55)% Less: Distribution Expenses (before depreciation & amortization) Less: Administrative Expenses (before depreciation & amortization) 40,188 31,348 8,840 28.20% 84,406 84,814 (408) (0.48)% Plus: Other Income 21,452 46,987 (25,535) (54.34)% Plus/(Less): Other Gain/(Loss) 238,267 58,329 179,938 308.49% Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) * 745,876 671,930 73,946 11.01% Plus: Finance Income 245,740 157,436 88,304 56.09% Less: Financial Expenses 157,994 117,516 40,478 34.44% Plus/(Less): Gain/(loss) on fixed assets from significant incident 73,208 (6,097) 79,305 1,300.72% Earnings before Depreciation/Amortization and Tax 906,830 705,753 201,077 28.49% Less: Depreciation & Amortization 104,126 96,802 7,324 7.57% Earnings before Tax (EBT) 802,704 608,951 193,753 31.82% Less: Income Tax 161,969 331,805 (169,836) (51.19)% Earnings after Tax (EAT) 640,735 277,146 363,589 131.19% (*) Includes government grants amortization Euro 1,525 thousand for 2025 and Euro 349 thousand for 2024. Depreciation & Amortization includes also other impairments that relate to fixed assets. On the financial figures presented above we hereby note the following: Turnover (Sales) In principle, the turnover increase or decrease of oil refining and trading companies is mainly a function of the following factors: Volume of Sales Crude Oil and Petroleum Product Prices, and Euro / US Dollar parity. The industrial activity (refining) concerns sales of products produced in the refinery of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (''Company'' or ''Parent Company'') while the trading activity concerns sales generated as a result of imports of finished products from the international market and their subsequent resale to customers in the domestic market and abroad. The Group has the flexibility to take full advantage of the favorable market conditions in the oil sector, whenever these arise, and it is in a position to respond to any exceptional or unpredictable conditions meeting the demand in the domestic and the international market with imports of products. The breakdown of Group turnover by geographical market (Foreign - Domestic - Bunkering) and type of activity (Refining - Trading) as well as sales category in Metric Tons-Euros is presented hereunder: Metric Tons Amounts in Thousand Euros Geographical Market and Type of Activity 2025 2024 Variation % 2025 2024 Variation % Foreign Refining/Fuels 7,663,740 7,924,869 (3.30)% 4,009,354 4,945,485 (18.93)% Refining/Lubricants 187,907 206,067 (8.81)% 162,839 199,013 (18.18)% Trading/Fuels etc. 915,393 807,453 13.37% 736,896 651,199 13.16% Total Foreign Sales 8,767,040 8,938,389 (1.92)% 4,909,089 5,795,697 (15.30)% Domestic Refining/Fuels 2,394,260 2,147,438 11.49% 1,694,765 1,764,294 (3.94)% Refining/Lubricants 41,199 31,548 30.59% 48,953 45,084 8.58% Trading/Fuels etc. 1,468,647 1,110,427 32.26% 2,676,133 2,483,328 7.76% Total Domestic Sales 3,904,106 3,289,413 18.69% 4,419,851 4,292,706 2.96% Bunkering Refining/Fuels 1,069,973 1,085,572 (1.44)% 666,959 712,467 (6.39)% Refining/Lubricants 15,811 13,487 17.23% 25,519 23,392 9.09% Trading/Fuels etc. 511,401 540,470 (5.38)% 331,693 361,650 (8.28)% Total Bunkering Sales 1,597,185 1,639,529 (2.58)% 1,024,171 1,097,509 (6.68)% Rendering of Services 1,129,367 1,002,005 12.71% Total Sales 14,268,331 13,867,331 2.89% 11,482,478 12,187,917 (5.79)% In 2025 the turnover of the Group reached Euro 11,482.5 million compared with Euro 12,187.9 million in 2024 denoting a decrease of 5.79% which is accounted for by the reduction of the average prices of petroleum products combined with the devaluation of the US Dollar against the Euro (average parity), considering that the greatest part of the sales volume of the parent company concerns exports invoiced in US Dollars (information regarding the average prices of petroleum products and the €/$ parity is provided in the analysis of the Company turnover), while part of the turnover decrease was offset due to the increased volume of product sales. In 2025, the Group had revenues from the provision of services the greater part of which concerns the activities of NRG S.A., the sub-group of MORE, THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A and the HELECTOR sub-group. The breakdown of the consolidated sales volume confirms the solid exporting profile of the Group considering that export and bunkering sales combined accounted for 72.64% of the aggregate sales volume in 2025 compared with 76.28% in 2024, while the contribution of refining activities stood at 79.71%, compared with 82.27% in 2024. The respective breakdown of Company turnover is presented hereunder: Metric Tons Amounts in Thousand Euros Geographical Market and Type of Activity 2025 2024 Variation % 2025 2024 Variation % Foreign Refining/Fuels 7,660,787 7,919,848 (3.27)% 4,008,024 4,939,255 (18.85)% Refining/Lubricants 156,390 162,777 (3.92)% 123,340 140,070 (11.94)% Trading/Fuels etc. 531,361 737,537 (27.95)% 300,681 410,359 (26.73)% Total Foreign Sales 8,348,538 8,820,162 (5.35)% 4,432,045 5,489,684 (19.27)% Domestic Refining/Fuels 2,377,497 2,133,895 11.42% 1,674,042 1,749,083 (4.29)% Refining/Lubricants 46,042 58,838 (21.75)% 40,734 56,000 (27.26)% Trading/Fuels etc. 982,444 258,673 279.80% 581,682 166,492 249.38% Total Domestic Sales 3,405,983 2,451,406 38.94% 2,296,458 1,971,575 16.48% Bunkering Refining/Fuels 1,069,974 1,085,572 (1.44)% 666,959 712,467 (6.39)% Refining/Lubricants 5,552 5,119 8.46% 7,970 7,792 2.28% Trading/Fuels etc. 356,450 262,564 35.76% 231,967 181,960 27.48% Total Bunkering Sales 1,431,976 1,353,255 5.82% 906,896 902,219 0.52% Rendering of Services 62,705 49,311 27.16% Total Sales 13,186,497 12,624,823 4.45% 7,698,104 8,412,789 (8.50)% In 2025 the turnover of the Company reached Euro 7,698.1 million compared with Euro 8,412.8 million in 2024 which represents a decrease of 8.50%. This development is attributed to the reduction of the average prices of petroleum products by 10.84% (see table: International Average Petroleum Product Prices (US Dollars / MT)) and to the devaluation of the US Dollar against the Euro by 4.40% (average exchange rate in 2025: 1 € = 1.13$ compared with 1€ = 1.0824 in 2024), while part of the decline was offset by a 6.20% increase in product sales volume (see table: Sales per Product). The breakdown of the Company sales volume confirms the solid exporting profile of the Refinery considering that export and bunkering sales combined accounted for 74.17% of the aggregate sales volume of 2025 compared to 80.58% in 2024, as well as the high contribution of refining activities (85.82% of the aggregate sales volume of 2025 compared to 90.03% in 2024). Revenues from services concern storage fees and related services as the Company invests significant funds in the construction of storage tanks (please see section 4. Capital Expenditure ). The international average prices of petroleum products (in US Dollars per Metric Ton) and the international average prices of the various types of crude (in US Dollars per barrel) during the period 2024 - 2025 are presented hereunder. On average, the prices of petroleum products were reduced by 10.84% and the respective crude prices by 13.79%. International Average Petroleum Product Prices (US Dollars / Μ Τ) 2025 2024 Naphtha 540 627 Unleaded Gasoline 697 791 Jet Kero / A1 (Aviation Fuels) 693 766 Automotive Diesel 677 744 Heating Gasoil 665 725 Fuel Oil 1% 419 488 Fuel Oil 3.5% 397 444 International Average Crude Oil Prices (US Dollars / bbl) 2025 2024 Dated Brent, fob North Sea 69.11 80.76 Arab Light, fob Sidi Kerir 70.40 81.07 The sales of the Company per product as well as the Refinery production per product (both in thousand Metric Tons) during the period 2024- 2025 are presented hereunder: Sales per Product Thousand ΜΤ 2025 Thousand ΜΤ 2024 Asphalt 1,470 942 Fuel Oil 1,750 2,128 Diesel (Automotive - Heating) 4,210 3,880 Jet Fuel 1,843 1,891 Gasoline 2,491 2,622 LPG 193 216 Lubricants 208 227 Other 788 291 Total (Products) 12,953 12,197 Crude Sales / Other Sales 233 428 Total 13,186 12,625 Refinery Production per Product Thousand ΜΤ 2025 Thousand ΜΤ 2024 Lubricants 169 197 LPG 204 220 Gasoline 2,426 2,519 Jet Fuel 1,373 1,603 Diesel (Automotive - Heating) 3,922 3,615 Naphtha 46 35 Semi-finished products 28 27 Special Products 1,586 1,033 Fuel Oil 1,766 1,929 Total 11,520 11,178 A breakdown of the aggregate volume of crude oil and other raw materials processed by the Company during 2025 compared with the respective volume processed during 2024 is presented below: Metric Tons 2025 Metric Tons 2024 Crude 6,927,297 8,759,416 Fuel Oil raw material 2,365,242 996,844 Gas Oil 1,889,672 1,355,226 Other 1,041,999 777,927 Total 12,224,210 11,889,413 The aggregate volume of crude oil processed by the Company during 2025 was lower compared with 2024 due to the lower utilization rate of the Refinery units following the fire incident in one of the two Crude Distillation Units happened on 17.09.2024. The unit was brought back into full operation in third quarter of 2025. To mitigate the impact, the Company activated a contingency plan, adjusting the feedstock mix in the Refinery's conversion units by substituting crude oil with alternative feedstocks such as fuel oil, naphtha, and vacuum gas oil (VGO). As a result of the above-mentioned adjustment to the Refinery's unit feedstock, the aggregate volume of crude oil and other raw materials processed by the Company in 2025 exceeded the corresponding level of 2024. Cost of Sales (before Depreciation & amortization) - Gross Profit In 2025 the Gross Profit (before depreciation & amortization) at Group level reached Euro 1,234,729 thousand compared with Euro 1,267,769 thousand in 2024 denoting a decrease of 2.61%. The breakdown of the Cost of Sales at consolidated level per type of activity (refining, trading, services) is presented hereunder: Amounts in thousand Euros 2025 2024 Refining 6,005,187 6,998,349 Trading 3,379,023 3,127,239 Services 863,539 794,560 Total Cost of Sales (before depreciation) 10,247,749 10,920,148 The Gross Profit (before depreciation & amortization) at Company level in 2025 amounted to Euro 610,751 thousand compared with Euro 682,776 thousand in 2024 denoting a decrease of 10.55%. This development is due to the lower international refining margins in 2025 compared with those of 2024, as well as the negative impact from inventory valuation resulting from the decline in crude oil prices (indicatively, the price of Brent fell from $74.65/bbl on 31.12.2024 to $62.56/bbl on 31.12.2025) and in petroleum product prices, as already mentioned. It is noted that in the second half of 2025 international refining margins picked up and this, combined with the higher utilization rate of the Refinery's units following the restoration of the CDU affected by the incident on 17.09.2024 and the resulting increase in the proportion of industrial sales, led to the significant recovery of the Company's Gross Profit in the second half of 2025 which came in at Euro 452.5 million compared with the Gross Profit of the first half of 2025 which was Euro 158.2 million. The table below depicts the development of the Company Gross Profit Margin in USD per Metric Ton in 2025 and 2024 respectively. Gross Profit Margin (US Dollars / Metric Τon) 2025 2024 Company Blended Profit Margin 77.70 84.63 It is pointed out that part of the operational losses resulting from the lower utilization rate of the Refinery Units during the period January - July 2025 was offset by insurance compensation (see chapter 4b. Other Gain/(Loss)). Administrative and Distribution Expenses (before depreciation & amortization) The Operating expenses (Administrative and Distribution) at Group level increased in 2025 by Euro 40,585 thousand (or 9.57%) while at Company level increased by Euro 8,432 thousand (or 7.26%) compared with 2024. 4a. Other Income Other income concerns mainly rentals, commissions as well as revenue to offset the indirect cost of CO 2 emissions (reference to the amount appears below). At Group level other income amounted to Euro 36,304 thousand in 2025 (of which the amount of Euro 17,466 thousand concerns revenue to offset the indirect cost of CO 2 emissions) compared with Euro 61,411 thousand in 2024 (of which the amount of Euro 43,868 thousand concerns revenue to offset the indirect cost of CO 2 emissions), while at Company level it amounted to Euro 21,452 thousand in 2025 (of which the amount of Euro 17,249 thousand concerns revenue to offset the indirect cost of CO 2 emissions) compared with Euro 46,987 thousand in 2024 (of which the amount of Euro 43,473 thousand concerns revenue to offset the indirect cost of CO 2 emissions). 4b. Other Gain/(Loss) In 2025 the Group recorded gains Euro 253,086 thousand, compared with gains Euro 61,601 thousand in 2024, while the Company recorded gains Euro 238,267 thousand in 2025 (compared with gains Euro 58,329 thousand in 2024). In both cases, the greater part of ''Other Gain'' (Euro 237,832 thousand) relates to insurance compensation for the loss of production at the Refinery and industrial sales (business interruption insurance coverage). Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) Subsequent to the above developments at Gross Margin level and at Operating Income & Expenses level, the EBITDA of the Group in 2025 was Euro 1,059,348 thousand compared with Euro 966,595 thousand in 2024 (increased by 9.60%). Likewise, the EBITDA of the Company was Euro 745,876 thousand compared with Euro 671,930 thousand in 2024 (increased by 11.01%). Financial and Other Results Varia tion Amounts in thousand Euros 2025 2024 Amount % (Profits)/losses from Associates (52,731) 593 (53,324) (8,992.24)% Income from Participations and (4,098) (3,322) (776) 23.36% Interest Income (45,364) (61,607) 16,243 (26.37)% Interest Expenses & bank charges 129,888 141,325 (11,437) (8.09)% (Gains)/losses from derivatives (3,423) (10,122) 6,699 (66.18)% (Gains)/losses from valuation of (7,023) (8,360) 1,337 (15.99)% (Gains)/losses on fixed assets from (73,208) 6,097 (79,305) (1,300.72)% Total Financial and Other Results - (55,959) 64,604 (120,563) (186.62)% The financial and other results at Group level concern net income of Euro 55,959 thousand in 2025 compared with expenses of Euro 64,604 thousand in 2024 (increased by Euro 120,563 thousand or 186.62%). A breakdown of this variation is presented in the table below: Investments accounted at FVTPL derivatives accounted at FVTPL significant incident (income)/expenses The ''Profits from Associates" amount of Euro 52,731 thousand for 2025 concerns the share of the Group in the financial results of the companies which are consolidated under the net equity method. The amounts concern: ELLAKTOR S.A. (profits Euro 31,966 thousand), KORINTHOS POWER S.A. (profits Euro 9,110 thousand), SHELL & MOH AVIATION FUELS A.E. (profits Euro 5,502 thousand), THERMOILEKTRIKI KOMOTINIS S.A. (profits Euro 2,855 thousand), ALPHA SATELLITE TELEVISION S.A. (profits Euro 2,688 thousand), TALLON COMMODITIES LIMITED (profits Euro 915 thousand), RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A. (profit Euro 150 thousand), INDICE S.A. (profits Euro 118 thousand), ELLAKTOR VENTURES (losses Euro 3 thousand), DYNEKAT Ο.E. (losses Euro 8 thousand), ENERMEL S.A. (losses Euro 19 thousand), NEVINE HOLDINGS LIMITED (losses Euro 33 thousand), AIOLIKI PROVATA TRAIANOUPOLEOS SINGLE MEMBER S.A. (losses Euro 43 thousand), GEOTHERMAL TARGET TWO (II) S.A. (losses Euro 47 thousand), SOFRANO S.A (losses Euro 82 thousand), HELLENIC FAST CHARGING SERVICES S.A (losses Euro 110 thousand) and EVOIKOS BOREAS S.A (losses Euro 228 thousand). The "Losses from Associates" amount of Euro 593 thousand for 2024 concerns the share of the Group in the financial results of the companies which are consolidated under the net equity method. The amounts concern: ELLAKTOR S.A. (losses Euro 18,862 thousand), KORINTHOS POWER S.A. (profit Euro 13,283 thousand), SHELL & MOH AVIATION FUELS S.A. (profit Euro 5,577 thousand), TALLON COMMODITIES LIMITED (profit Euro 889 thousand), THERMOILEKTRIKI KOMOTINIS S.A. (profit Euro 235 thousand), RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A. (profit Euro 130 thousand), ALPHA SATELLITE TELEVISION S.A. (losses Euro 880 thousand), EVOIKOS BOREAS S.A (losses Euro 593 thousand), SOFRANO S.A (losses Euro 321 thousand), HELLENIC FAST CHARGING SERVICES S.A (losses Euro 34 thousand) and TALLON PTE LTD (losses Euro 17 thousand). The ''Income from Participations and Investments'' amounting to Euro 4,098 thousand for the fiscal year 2025 concerns a dividend (Euro 3,763 thousand) received by IREON INVESTMENTS LTD as shareholder of the ATHEX-listed Optima Bank, a dividend (Euro 272 thousand ) that MOTOR OIL (HELLAS) S.A. received from ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., in which it holds a 16% stake, α dividend (Euro 50 thousand) received by HELECTOR S.A., as shareholder of Bank of Cyprus Holdings plc, which is dual-listed on the Athens Stock Exchange and the Cyprus Stock Exchange, a dividend (Euro 10 thousand) received by IREON VENTURES LTD as shareholder of the ATHEX-listed Real Consulting S.A. and a dividend (Euro 3 thousand) received by CORAL ENERGY PRODUCTS CYPRUS LIMITED as shareholder of Bank of Cyprus Holdings plc. The "Income from Participations and Investments" of Euro 3,322 thousand for the fiscal year 2024 concerns a dividend (Euro 2,905 thousand) received by IREON INVESTMENTS LTD as shareholder of Optima Bank, a dividend (Euro 261 thousand) that MOTOR OIL (HELLAS) S.A. received from ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., and dividends (Euro 156 thousand) collected by IREON VENTURES LTD. Varia tion Amounts in thousands Euros 2025 2024 Amount % Income from Investments (86,925) (32,221) (54,704) 169.78% Interest Income (29,497) (36,001) 6,504 (18.07)% Interest Expenses & bank charges 45,964 48,316 (2,352) (4.87)% (Gains)/losses from derivatives (8,825) (9,905) 1,080 (10.90)% (Gains)/losses from valuation of (8,463) (10,109) 1,646 (16.28)% (Gains)/losses on fixed assets from (73,208) 6,097 (79,305) (1,300.72)% Total Financial and Other Results - (160,954) (33,823) (127,131) 375.87% In 2025 the financial and other results at Company level concern net income of Euro 160,954 thousand compared with Euro 33,823 thousand in 2024 (increased by Euro 127,131 thousand or 375.87%). A breakdown of this variation is presented hereunder: accounted at FVTPL derivatives accounted at FVTPL significant incident (income)/expenses For 2025 the "Income from Investments" amount of Euro 86,925 thousand concerns dividends from the companies ELLAKTOR S.A. (Euro 39,228 thousand), LPC S.A. (Euro 27,000 thousand), CORAL S.A. (Euro 10,000 thousand), CORINTHIAN OIL LIMITED (Euro 8,816 thousand), TALLON COMMODITIES LIMITED (Euro 840 thousand), OFC AVIATION FUEL SERVICES S.A. (Euro 469 thousand), AVIN OIL S.A. (Euro 300 thousand), and ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., (Euro 272 thousand) (please see section "Related Party Transactions"). For 2024 the "Income from Investments" amount of Euro 32,221 thousand concerns dividends from the companies CORAL S.A. (Euro 14,400 thousand), CORINTHIAN OIL LIMITED (Euro 9,239 thousand), LPC S.A. (Euro 7,000 thousand), TALLON COMMODITIES LIMITED (Euro 765 thousand), OFC AVIATION FUEL SERVICES S.A. (Euro 356 thousand), ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., (Euro 261 thousand), and AVIN OIL S.A. (Euro 200 thousand). The reduction in interest income in 2025, both for the Parent Company and the Group , is attributed to the decline in deposit interest rates following the central banks' decisions to ease monetary policy, which reduced the returns on cash balances and investment placements. Correspondingly, the reduction in interest expenses resulted from the decrease in lending rates and from modifications/improvements to existing loan agreements. With regards to the transactions in financial derivatives, the Group recorded gains of Euro 10,446 thousand (compared with gains Euro 18,482 in 2024) and the Company recorded gains Euro 17,288 thousand (compared with gains Euro 20,014 thousand in 2024). The above figures concern the net result from the transactions in financial derivatives and the mark to market valuation of derivatives at Fair Value through Profit or Loss (FVTPL). The "Gains on fixed assets from significant incident" amounting to Euro 73,208 thousand refers to the net result following the receipt of insurance compensation for property damaged during the fire at the Refinery installation on 17 September 2024, and related expenses incurred due to the incident. Depreciation & amortization The breakdown of the depreciation & amortization charge on the various cost accounts at Group level is presented in the next table: Amounts in thousand Euros 2025 2024 Cost of Sales 188,047 171,353 Administrative Expenses 18,104 14,427 Selling Expenses 81,914 75,069 TOTAL DEPRECIATION & AMORTIZATION 288,065 260,849 The respective breakdown of the depreciation & accounts at Company level is presented hereunder: amortization charge on the various cost Amounts in thousand Euros 2025 2024 Cost of Sales 94,999 88,654 Administrative Expenses 7,893 6,945 Selling Expenses 1,234 1,203 TOTAL DEPRECIATION & AMORTIZATION 104,126 96,802 The above figures include other impairments that relate to fixed assets. Earnings before Tax The Earnings before Tax of the Group in 2025 amounted to Euro 827,242 thousand compared with Earnings before Tax of Euro 641,142 thousand in 2024. The Earnings before Tax of the Company in 2025 amounted to Euro 802,704 thousand compared with Earnings before Tax of Euro 608,951 thousand 2024. GROUP COMPANY (In 000's Euros) 2025 2024 2025 2024 Current corporate tax for the year 183,189 99,550 157,074 73,467 Temporary solidarity contribution 0 255,424 0 255,424 Tax audit differences from prior 858 (435) (72) 31 Total 184,047 354,539 157,002 328,922 Deferred Tax on Comprehensive (7,612) (711) 4,967 2,883 Deferred Tax on Other (951) (1,171) (828) (1,123) Deferred Tax (8,563) (1,882) 4,139 1,760 Total 175,484 352,657 161,141 330,682 Income Tax Expenses years Income Comprehensive Income Income tax, on a Company level, for the year 01/01-31/12/2025 is calculated at 22% on the taxable profits. For the comparative year 01/01-31/12/2024, income tax, on a Company level, is calculated at 22% on the taxable profits, plus temporary solidarity contribution. In determining the taxable profits, the contribution is a deductible expense for the tax year of 2024, in accordance with the Income Tax Code. In July 2024, Law 5122/19.7.2024 was issued that imposed a Temporary Solidarity Contribution on refineries, based on the surplus profits, as defined in the EU Regulation 2022/1854, of the fiscal year 2023, i.e. 33% on the taxable profits of the fiscal year 2023 that exceeded 20% of the average taxable profits of the fiscal years 2018 until 2021. Additionally, the Council Directive (EU) 2022/2523, known as Pillar II-Global Tax, set a 15% minimum tax for multinational and large domestic business groups earning over 750 million Euros annually. For the fiscal years beginning on or after January 1, 2024, an additional tax is applicable if the effective tax rate is below 15%. Additional tax is calculated based on the detailed rules, as described in Pillar II legislation (L. 5100/2024). In Greece, where the Company's headquarters reside, this law was passed on April 5, 2024, while other countries where the Group operates, have either adopted or are in various stages of adopting corresponding laws. The Group has evaluated the tax expense under the Pillar II rules of the OECD's global minimum tax framework. There are three key steps in the assessment: Identification of In-Scope Entities - Determining which entities within the Group fall under the Pillar II regulations Safe Harbor Assessment - Evaluating whether entities in certain jurisdictions qualify for the Country by-Country Reporting (CbCR) Safe Harbor, meaning no Pillar II liability is expected Liability Calculation - Estimating the tax liability for entities that do not qualify for Safe Harbor and are subject to Pillar II taxation As a result, the Group has recognized an expense of € 187 thousand in "Current corporate tax for the year" which relates to Cyprus and United Arab Emirates. For the prior year, the respective expense recognized equals to € 136 thousand. Furthermore, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the amendments of IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes. There are on-going tax audits of the subsidiary J/V HELECTOR SA - WATT SA (PHASE A OF RESTORATION OF WEST ATTICA OEDA) for the fiscal years 2021 and 2022 while from March of 2026 there are on-going tax audits of the Company for the fiscal years 2022 - 2024. It is not expected that material liabilities will arise from these tax audits. For the fiscal years 2020, 2021, 2022, 2023 and 2024, Group companies that selected tο undergo a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with the articles 82 of L.2238/1994 and 65A of L.4174/13 and the relevant Tax Compliance Certificates have been issued. In any case and according to Circ.1006/05.01.2016 these companies, for which a Tax Compliance Certificate has been issued, are not excluded from a further tax audit, if requested by the relevant tax authorities. Therefore, the tax authorities may carry out their tax audit as well within the period dictated by the law. However, the Group's management believes that the outcome of such future audits, should these be performed, will not have a material impact on the financial position of the Group or the Company. Up to the date of approval of these financial statements, the Group's significant companies' tax audits, by the statutory auditors, for the fiscal year 2025 is in progress. However, it is not expected that material liabilities will arise from these tax audits. Earnings after Tax The Earnings after Tax of the Group in 2025 amounted to Euro 650,807 thousand compared with Earnings after Tax of Euro 287,314 thousand 2024. The Earnings after Tax of the Company in 2025 amounted to Euro 640,735 thousand compared with Earnings after Tax of Euro 277,146 thousand in 2024. ‌SHARE PRICE DATA - DIVIDEND - DIVIDEND YIELD Share Price Data The closing price of the share of MOTOR OIL (HELLAS) S.A. on 31 December 2025 was Euro 31.40, while at its highest, the price of the share reached Euro 31.58 (22 December 2025) and at its lowest it stood at Euro 18.26 (7 April 2025). The Volume Weighted Average Price (VWAP) of the share was Euro 24.31 which corresponds to a market capitalization of the Company of Euro 2,693.13 million. The market capitalization of the Company as of 31 December 2025 amounted to Euro 3,478.59 million. On average 142,059 Company shares were traded daily which represents 0.13% on the number of outstanding Company shares and 0.23% on the number of Company shares regarded as free float. The average daily turnover amounted to Euro 3,454.09 thousand. During the year as a whole 35,230,584 Company shares were traded corresponding to 31.80% on the number of outstanding Company shares and 55.97% on the number of Company shares regarded as free float. Implementation of share buyback program - granting of Own Shares As of December 31, 2024, the Company held 3,161,417 own shares, with a nominal value of €0.75 each, representing 2.85% of the Company's share capital. During the fiscal year 2025, the following transactions took place: Type of Transaction Period / Date Number of Shares Average price (€/share) Decision Sales 8.1.2025 - 17.1.2025 800,000 20.884 BoD Decisions 3.1.2025 & 15.1.2025 Purchases 4.4.2025 - 7.5.2025 297,737 20.164 EGM 11.10.2023 Allocation of shares to 11 executives of the Company and the Group following the exercise of stock options 30.4.2025 204,376 16.56 EGM 22.3.2023 Stock Awards granted to 4 executives of the Company and the Group 30.4.2025 5,880 without monetary consideration Following the above transactions, on 31 December 2025, the Company held 2,448,898 treasury shares at an average price of 19.387 €/share which correspond to 2.21% of the Company share capital. Dividend The management of the Company consistent with the dividend maximization policy of its shareholders will propose at the upcoming Annual Ordinary General Assembly of June 2026 of the Company shareholders the distribution of an amount totaling Euro 193,870,215 (or Euro 1.75 per share) as a dividend for the fiscal year 2025. It is noted that an amount of Euro 38,774,043 (or Euro 0.35 per share) has already been paid and recognized as an interim dividend for the fiscal year 2025, the payment of which took place on 05.01.2026 (ex-date: 23 December 2025, record date: 29 December 2025). Dividend Yield The proposed total amount of dividend per share for the fiscal year 2025 corresponds to a dividend yield of 5.57% based on the closing price of the share of the Company on 31 December 2025 and to a dividend yield of 7.20% based on the year 2025 Volume Weighted Average Price (VWAP) of the share of the Company. ‌PROSPECTS The profitability of the companies engaging in the sector of "oil refining and marketing of petroleum products" is by and large dependent on crude prices, refining margins, the Euro - US Dollar parity and interest rates (reference to the last two parameters is made in the section "Management of Financial Risks"). With reference to the volume of sales the domestic demand figures per product category (in thousand Metric Tons) during the 2021-2025 period are presented hereunder: Product Category 2021 2022 2023 2024 2025 Lubricants 89 77 89 84 70 Asphalt 155 154 194 183 202 LPG 484 533 560 566 538 Jet Kero / A1 (Aviation Fuels) 910 1,486 1,574 1,752 1,860 Gasoline 2,029 2,053 2,140 2,191 2,223 Fuel Oil 2,725 2,746 2,756 3,034 1,636 Gasoils / Diesels Heating Gasoil 1,036 1,161 786 805 881 Automotive Diesel 2,756 3,004 2,998 3,136 2,948 Bunker Gasoil 733 873 896 894 1,398 TOTAL 10,917 12,087 11,993 12,645 11,756 % Variation over previous year 5.4% 10.7% -0.8% 5.4% -7.0% The above table indicates that total domestic demand for petroleum products in 2025 decreased by 889 thousand MT, recording a 7% decline compared with 2024. This development is primarily attributed to the significant drop in fuel oil consumption, which fell by 1,398 thousand MT (-46.1%), and, to a lesser extent, to the reduction in diesel consumption by 188 thousand MT (-6%). Smaller scale declines were also recorded in LPG and lubricants. Conversely, part of the overall reduction was offset by the strong increase in marine gasoil demand, which rose by 504 thousand MT (+56.4%), as well as by the increase in heating oil by 76 thousand MT (+9.4%). Jet fuels also presented a significant rise up by 108 thousand MT (+6.2%), reflecting higher aviation activity. Demand for gasoline remained marginally higher compared with 2024. MOTOR OIL (HELLAS) S.A. Total Product Sales Volume (in thousand MT) 2021 2022 2023 2024 2025 Domestic Sales Volume 2,838 3,207 3,190 3,803 4,827 % over previous year -4.22% 12.98% -0.52% 19.20% 26.93% Foreign Sales Volume 11,429 10,636 9,572 8,394 8,126 % over previous year 18.00% -6.94% -10.00% -12.30% -3.19% Total Sales Volume 14,267 13,842 12,762 12,197 12,953 % over previous year 12.79% -2.98% -7.80% -4.43% 6.20% The above table shows that in 2025 the largest part of MOTOR OIL (HELLAS) S.A. sales was again directed to foreign markets (62.73%), confirming the Company's export-oriented profile. In addition, the Company's sales volume in 2025 once again exceeded the annual nominal production capacity of the Refinery, despite the fact that the Crude Distillation Unit (CDU), which had been affected by the incident of 17 September 2024, remained out of operation until the end of July 2025. The unit was brought back into full operation in third quarter of 2025. In the meantime, the Company implemented an alternative operating plan to mitigate the impact, adjusting the feedstock and operation of the Refinery's conversion units by using alternative fuels such as fuel oil, naphtha and VGO (Vacuum Gasoil) instead of crude oil. For 2026, at least in the short term, the year is proving to be one of increased uncertainty, as geopolitical tensions in the Middle East-particularly those involving Iran-are undoubtedly affecting international energy markets. The high volatility of crude oil and petroleum product prices, combined with the uncertainty regarding the course of the global economic activity due to obstacles in the supply chain of refineries and the difficulty in meeting consumer needs, forms a business environment with complex challenges. The uncertainty surrounding the global economy and the volatility of crude oil and product prices depend on the duration of these geopolitical tensions, for which no reliable estimates or forecasts can be made. In this context, maintaining operational flexibility and financial discipline remains a critical priority for the Group. At parent company level, the main objective for 2026 is to ensure the uninterrupted supply of its technologically advanced Refinery, which is capable of processing different types of crude oil to produce high value-added products and achieve margins at the top end of sector. Additional benefits are expected from the permanent increase in the share of industrial activity in the Company's sales, following the expansion of the Refinery's capacity to 220,000 b/d . Regarding the business segments in which the Group operates, the estimates for 2026 are as presented hereunder. In the Refining segment , where both the parent company and the subsidiary LPC operate, the contribution to the operating profitability (EBITDA) is expected to remain significant, reflecting the Group's established strong position in the sector, the high technological complexity of the Refinery, and the stable demand for its products. In the Fuel's Marketing segment , the contribution of the subsidiaries AVIN and CORAL , which together hold approximately 35% share of the domestic market, is expected to remain at 2025 levels in terms of operating profitability (EBITDA). In the Power and Gas segment , a significant contribution to the operating profitability is anticipated from Renewable Energy activities through the subsidiary MORE , which in 2025 further increased its operating portfolio of wind and photovoltaic parks to 847 MW from 839 MW previously. Finally, in the Other Activities segment , an enhanced contribution to the operating profitability is also expected from the circular economy sector , where the Group has a strong presence through the companies THALIS Environmental Services and HELECTOR S.A. , as a result of acquisitions carried out during the period 2022-2025. ‌CAPITAL EXPENDITURE In 2025 the Company's capital expenditure reached Euro 223.2 million of which Euro 215 million (96.3%) concerned projects at the MOTOR OIL Refinery as follows: An amount of Euro 81.4 million was allocated for the restoration works of the crude distillation unit that was affected by the incident that occurred at the Refinery on 17.09.2024. The unit was brought back into full operation in third quarter of 2025. An amount of Euro 38 million was allocated to projects for the production and transportation of renewable fuels. The largest part of the expenditure (Euro 35.2 million) related to the construction of a new Electrolyzer for green hydrogen production, the construction of a new electricity distribution substation, and the project for the compressed H2 supply and transportation (the combined total budget of the said projects equals Euro 150 million). An amount of Euro 33 million was allocated for the construction of the new Propylene Splitter unit at the Refinery. The project was completed in the third quarter of 2025 and the unit has been put into operation. An amount of Euro 30.3 million was allocated for regular maintenance works, upgrades and revamping of various Refinery units, infrastructure maintenance projects of existing port facilities, as well as development and operational safety projects for the Refinery. An amount of Euro 23.5 million was spent on a series of miscellaneous projects, aimed at enhancing health and safety conditions at the Refinery, as well as improving its environmental terms. An amount of Euro 4.5 million was allocated for the construction of new storage tanks. An amount of Euro 4.3 million relates to environmental projects. The Company's capital expenditure for the fiscal year 2026 is expected to reach Euro 220 million, with the largest part relating to: the completion of the construction of the Electrolyzer unit and the construction of a new electricity distribution substation, aiming primarily to meet the energy requirements of the Electrolyzer Unit (see section b) above), and also, the scheduled turnaround of the Refinery's conversion units and specifically of the Hydrocracker Complex and of the Fluid Catalytic Cracking (FCC) Complex. ‌GROUP STRUCTURE - SIGNIFICANT SUBSIDIARIES & AFFILIATED COMPANIES Α. Subsidiaries (direct participation) AVINOIL INDUSTRIAL, COMMERCIAL & MARITIME OIL COMPANY SINGLE MEMBER S.A. AVINOIL Industrial, Commercial & Maritime Oil Company S.A. was founded in Athens in 1977, its headquarters are in Maroussi (12A Irodou Attikou str., zip code 151 24) and its distinctive title is AVINOIL SINGLE MEMBER S.A. The main activity of the company is the sale of liquid fuels, lubricants and asphalt which have a wide array of applications (transportation, industrial and household usage). The share capital of AVINOIL today is Euro 20,896,135.26 divided into 7,107,529 common registered shares of nominal value Euro 2.94 each. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company. The retail network of AVINOIL comprises 571 AVIN branded and 78 CYCLON branded gas stations (data as of 31.12.2025). The company serves also several industrial customers all over Greece while it has its own fleet of tank - trucks. The market share of AVIN in the Greek market is approximately 14%. The major supplier of AVINOIL is MOTOR OIL (section "Related Party Transactions"). At the end of December 2025 AVINOIL Group had 120 employees. AVINOIL participates with 100% in MAKREON SINGLE MEMBER S.A. Furthermore, AVIN OIL participates with 47.03% in OFC AVIATION FUEL SERVICES SA. [relevant Section B. Subsidiaries (direct or/and indirect participation)]. MAKREON SINGLE MEMBER S.A. The company was founded in April 2007 with headquarters in Maroussi of Athens (12A Irodou Attikou str., zip code 151 24) and duration for 50 years. The objective of the company according to article 2 of its Codified Memorandum and Articles of Association is the establishment and operation of gas outlets in Greece, the marketing of fuels, the installation, maintenance and service of equipment of vehicles using autogas as alternative fuel, the provision of catering services in gas outlets territory, the transportation of petroleum products and the engagement in business representation activities for domestic and international corporations which offer similar products, goods and services. The share capital of MAKREON S.A. is Euro 4,620,000 divided into 462,000 ordinary registered shares of a nominal value Euro 10 each. The Financial Statements of AVINOIL SINGLE MEMBER S.A. and MAKREON SIGNLE MEMBER S.A. are uploaded on the website https://www.avinoil.gr/ CORAL SINGLE MEMBER S.A. OIL AND CHEMICALS COMPANY The company was founded in 1995 following the restructuring of the established in Greece branches in 1926 and 1974 of the English enterprises Shell Company (Hellas) Limited and Shell Chemicals (Hellas) Limited. Today its registered address is at Maroussi (Irodou Attikou 12A street, zip code 151 24). The duration of the company has been defined until 2045. The main activities of CORAL S.A. involve the distribution and marketing of a wide range of oil products, including gasoline, fuel oil, diesel and lubricants through its retail network. Its activities also cover the commercial sector, the chemicals sector (exclusive representative/distributor in Greece of SHELL CHEMICALS), the marine sector and exports. The share capital of CORAL S.A. is Euro 80,150,975.80 divided into 2,730,868 registered shares of nominal value Euro 29.35 each. The sole shareholder of the company is MOTOR OIL (HELLAS) S.A. CORAL S.A. retail network comprises 791 stations (data as at 31.12.2025) operating in Greece under the SHELL trademark and its market share in gasoline and automotive diesel sales amounts to 22.3%. The Financial Statements of CORAL S.A. are uploaded on the website https://www.coralenergy.gr/ CORAL S.A. holds 100% of the share capital of the companies MYRTEA A.E. (full legal name: MYRTEA OIL TRADING, STORAGE AGENCY AND SERVICES SA.) and CORAL PRODUCTS AND TRADING A.E. (full legal name: CORAL PRODUCTS AND TRADING SOCIETE ANONYME OF MARINE FUELS & LUBRICANTS, MARINE SUPPLIES, OIL & CHEMICAL PRODUCTS TRADING AND SERVICE PROVISION). Furthermore, CORAL S.A. holds a 74.9668% stake in ERMIS A.E.M.E.E (full legal name: ERMIS OIL TRANSPORTATION, EXPLOITATION, TRADING AND SERVICES SA.), a 37.49% stake in RAPI S.A. and a 49% stake in SHELL & MOH AVIATION FUELS A.E. (information on these companies is provided in the following sections). MYRTEA A.E. Registered address: 12A Irodou Attikou street, 151 24 Maroussi, duration until 2045, share capital: Euro 1,175,000 divided into 23,500 shares of nominal value Euro 50 each. The company engages in the management of retail fuel sites. The Financial Statements of the company are uploaded on the website http://www.myrtea.gr/ CORAL PRODUCTS AND TRADING A.E. Registered address: 12A Irodou Attikou street, 151 24 Maroussi and duration until 2064. The company engages in petroleum product trading. The paid-up share capital of CORAL PRODUCTS AND TRADING A.E is 1,100,000 Euro divided into 550,000 shares of nominal value 2 Euro each. The Financial Statements of CORAL PRODUCTS AND TRADING A.E. are uploaded on the website http://www.coralmarine.gr/ ERMIS A.E.M.E.E. Registered office: 12A Irodou Attikou Street, 151 24 Marousi, duration until 2068 and corporate purpose, among others, the operation of retail liquid-fuel service stations. As at 31 December 2024, the company's share capital amounted to Euro 5,475,800 divided into 54,758 shares with a nominal value of Euro 100 each with CORAL S.A. as the sole shareholder. During the fiscal year 2025, and following the resolution of the Extraordinary General Meeting of ERMIS A.E.M.E.E., held on 07.11.2025, a share capital increase was carried out due to the absorption of the e-mobility (InCharge) business sector of NRG SUPPLY AND TRADING S.A. 0F 1 , which was valued at Euro 13,256,471. Specifically, an amount of Euro 1,828,500 was booked as share capital of ERMIS A.E.M.E.E. through the issuance of 18,285 new shares with a nominal value of Euro 100 each, while an amount of Euro 11,427,971 was booked as a share premium reserve. Following the above corporate action, as at 31.12.2025 the share capital of ERMIS A.E.M.E.E. amounted to EUR 7,304,300, divided into 73,043 shares with a nominal value of Euro 100 each. MOTOR OIL (HELLAS) S.A., as shareholder of NRG, was allocated all 18,285 newly issued shares in exchange for the contribution of the e-mobility business sector. Consequently, as at 31.12.2025, the shareholder structure of ERMIS A.E.M.E.E. was as follows: CORAL S.A.: 74.9668% - MOTOR OIL (HELLAS) S.A.: 25.0332%. The Financial Statements of the company are uploaded on the website http://www.ermisaemee.gr/ The major supplier of CORAL S.A. is MOTOR OIL (section "Related Party Transactions"). At the end of December 2025 CORAL Group had 438 employees. CORAL S.A. has expanded its activities in the Balkan countries and in Cyprus through MEDSYMPAN LIMITED and MEDPROFILE LIMITED which are holding companies. MEDSYMPAN LIMITED was founded on 1 st June 2017 with headquarters in Nicosia. CORAL S.A. is the sole shareholder of the company. As at 31 December 2025, the share capital of MEDSYMPAN 1 It includes NRG's 50% equity interest in HELLENIC FAST CHARGING SERVICES S.A. LIMITED amounted to Euro 31,194,946 divided into 31,194,946 shares with a nominal value of Euro 1 each. MEDSYMPAN LIMITED participates with 100% in CORAL SRB d.o.o Beograd, CORAL - FUELS DOOEL Skopje, CORAL MONTENEGRO DOO Podgorica and CORAL ALBANIA SH.A. and with 75% in the share capital of CORAL CROATIA D.O.O. The companies are briefly presented hereunder: CORAL SRB d.o.o Beograd The company was established on 13 January 2017 with headquarters in Belgrade, Serbia. Its major activity, as set out in its articles of association, is wholesale of solid, liquid and gaseous fuels and similar products. The share capital of CORAL SRB d.o.o Beograd is 1,691,640,660 Serbian Dinars (RSD) (approximately Euro 14,430,000). The company operates eleven (11) retail service stations under the Shell brand. CORAL - FUELS DOOEL Skopje The company was established on 24 November 2017 as a limited liability incorporation for an indefinite period of time with headquarters in Skopje. The major business activity of CORAL FUELS DOOEL Skopje, as set out in its articles of association, is retail trade of motor fuel and lubricants through specialised stores. The share capital of the company is 112,895,711.48 Macedonian Denars (MKD) (approximately Euro 1,833,000). During the fiscal year 2025, the Company operated one additional Shell-branded fuel station, bringing the total number of stations to four (4). CORAL MONTENEGRO DOO Podgorica The company was established on 27 November 2017 as an independent, economic and business unit responsible for its liabilities with all its assets (complete liability) and headquarters in Montenegro. The paid-up share capital of the company is Euro 100,000 and its major activity is wholesale of liquid and gaseous fuels and similar products. CORAL ALBANIA SH.A. It was established on 2 October 2018 and is headquartered in Tirana, Albania. The main activities of CORAL ALBANIA SH.A. include the import/export, wholesale and retail trade of petroleum products, as well as the operation of fuel stations. Its share capital is ALL 53,921,000 (equivalent to Euro 500,486.96) divided into 539,210 shares with a nominal value of ALL 100 each. In November 2024, an agreement was signed with the Albanian Kastrati Group for the operation of fuel stations in Albania under the SHELL brand. In the context of this agreement, two (2) fuel stations commenced operations during the fiscal year 2025. CORAL CROATIA D.O.O The company was founded in 2009 with headquarters in Croatia and engages in the retail and wholesale trading of liquid fuels. Its share capital is Euro 1,387,879.19 and MEDSYMPAN LIMITED holds a 75% stake of the company's share capital. Moreover, CORAL CROATIA D.O.O participates with 100% in the company Coral Dva d.o.o. CORAL CROATIA D.O.O Group operates 35 retail services stations (from 34 in 2024) under the Shell brand and its market share amounts to approximately 5%. MEDPROFILE LIMITED was founded in 2017 with headquarters in Nicosia. Its share capital is Euro 10,001 divided into 10,000 common registered shares plus one (1) non-voting preference share. The shareholder structure of MEDPROFILE LIMITED has as follows: CORAL A.E. 7,500 common registered shares plus one non-voting preference share (75% stake), RASELTON HOLDINGS LTD 2,500 common registered shares (25% stake). MEDPROFILE LIMITED holds 100% stake of the share capital of CORAL ENERGY PRODUCTS CYPRUS LTD , a company based in Nicosia. The latter operates a network of 41 retail fuel sites in Cyprus under the SHELL brand. The share capital of CORAL ENERGY PRODUCTS CYPRUS LTD is Euro 342,343.71 divided into 200,201 common registered shares of nominal value Euro 1.71 each. CORAL SINGLE MEMBER SA COMMERCIAL AND INDUSTRIAL GAS COMPANY The Company was founded in 1975. Today its registered address is in the Prefecture of Asprorpyrgos of Attica while its headquarters are in Maroussi of Athens (Irodou Attikou 12A, zip code: 151 24). The duration of the company has been defined until 2055. According to article 3 of its codified memorandum, the main objective of CORAL GAS A.E.B.E.Y. is the marketing and distribution of Liquefied Petroleum Gas (LPG) as well as the manufacturing of LPG cylinders for the packaging and transportation of its goods. Additionally, since 2014 the company has been granted the license to sell natural gas in accordance with the provisions of the Law 3428/2005. The license is valid for 20 years. The share capital of CORAL GAS A.E.B.E.Y. amounts to Euro 8,464,931.15 divided into 2,889,055 registered shares of nominal value 2.93 each. The sole shareholder of the company is MOTOR OIL (HELLAS) S.A. At the end of December 2025 CORAL GAS A.E.B.E.Y Group had 107 employees. The Financial Statements of CORAL GAS A.E.B.E.Y. are uploaded on the website https://www.coralgas.gr/ In 2017 CORAL GAS A.E.B.E.Y. founded the Cyprus based company under the legal name CORAL GAS CYPRUS LTD with authorised share capital Euro 5,000 divided into 5,000 common registered shares of nominal value Euro 1 each. The formation of CORAL GAS CYPRUS LTD is in line with the CORAL GAS A.E.B.E.Y. strategy to expand its business abroad since the major activity of the newly founded subsidiary is LPG marketing. As at 31 December 2025, the paid-up share capital of CORAL GAS CYPRUS LTD amounted to Euro 860 divided into 860 common shares of nominal value Euro 1 each and the balance of the share premium account amounted to Euro 759,240. L.P.C. SINGLE MEMBER S.A. CORPORATION OF PROCESSING & TRADING OF LUBRICANTS & PETROLEUM PRODUCTS The company was founded in June 2015 with legal name L.P.C. S.A. PROCESSING & TRADING OF LUBRICANTS & PETROLEUM PRODUCTS and trade name L.P.C. S.A. by the means of contribution in kind of part of the assets of CYCLON HELLAS S.A following the separation of the activities of the latter. The registered address of the company is Megaridos 124 street, zip code: 193 00, Aspropyrgos, Attica. The share capital of L.P.C S.A. is Euro 7,345,820 divided into 14,691,640 common registered shares of nominal value Euro 0.50 each. The only shareholder of the company is MOTOR OIL (HELLAS) S.A. At the end of December 2025 L.P.C. Group had 227 employees. The Financial Statements of L.P.C S.A. are uploaded on the website http://lpc.gr/ L.P.C. S.A. participates directly and indirectly in the share capital of the following companies: ENDIALE S.A. (Corporate Objective: Alternative Waste Lubricant Oils Treatment) Registered Address: Aspropyrgos of Attica, Greece - Share Capital: Euro 111,000 - Shares: 222,000 common registered of nominal value Euro 0.5 each. L.P.C participation: 100%. ARCELIA HOLDINGS LTD (Holding Company) Registered Address: Nicosia, Cyprus -Share Capital Euro 244,460 - Shares: 244,460 common registered of nominal value Euro 1 each. L.P.C participation: 100% CYTOP S.A. (Corporate Objective: Collection & Trading of Used Lubricating Oils). Registered Address: Aspropyrgos of Attica, Greece - Share Capital: Euro 700,000 - Shares: 7,000 common registered of nominal value Euro 100 each. L.P.C. participation: 100% BULVARIA AUTOMOTIVE PRODUCTS LTD (Corporate Objective: Marketing of Lubricants). Registered Address: Sofia, Bulgaria. Share Capital: 5,000 ΒGN (Euro 2,556 with exchange rate on 31/12/2025). Shareholder Structure: ARCELIA 100% CYROM PETROTRADING COMPANY (Corporate Objective: Marketing of Lubricants). Registered Address: Bucharest, Romania - Share Capital: 175,000 lei (approximately Euro 35,000 -exchange rate on 31.12.2025: 1€ = 5.097 lei) - Shares: 17,500 common registered of nominal value 10 lei (or Euro 1.96) each. Shareholder Structure: BULVARIA 95% - ARCELIA 5% CYCLON LUBRICANTS DOO BEOGRAD (Corporate Objective: Marketing of Lubricants). Registered Address: Belgrade, Serbia -Share Capital: 29,258,882.20 RSD (EUR 250,000 - indicative parity EUR = 117 RSD), Shareholder Structure: ARCELIA 86.37% and BULVARIA 13.63% KEPED S.A. (Corporate Objective: Management of Waste Lubricants Packaging). Registered Address: Aspropyrgos of Attica - Share Capital: Euro 60,000 - Shares: 2,000 common registered of nominal value Euro 30 each. L.P.C participation: 100%. AL DERAA AL AFRIQUE JV FOR ENVIRONMENTAL SERVICES (Corporate Objective: Collection and Trading of Used Lubricating Oils). Registered Address: Tripoli, Libya - Share Capital: Euro 602,594.06 - Shares: 100,000 common registered of nominal value Euro 6.03 each. Major Shareholder: CYTOP 60%. OFC TECHNICAL S.A.: L.P.C participation: 25%. [Additional information on the company is available in section Β. Subsidiaries (direct or/and indirect participation) 1. OFC AVIATION FUEL SERVICES S.A.]. ASPROPYRGOS INDUSTRIAL PARK SOUTH SECTOR A.E.: L.P.C participation: 16.15%. [Additional information on the company is available in section D. Other Financial Assets]. MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. The company is based in Maroussi, prefecture of Attica, its duration is set for 50 years and its corporate objective is the construction, operation and exploitation of electricity production units in Greece and abroad, the supply and trading of electricity and the supply and trading of natural gas. The share capital of the company is Euro 119,540,000 divided into 1,195,400 share of nominal value Euro 100 each. MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. is the sole shareholder of the company. Activities in the Renewable Energy Sources Sector MORE's RES portfolio currently in operation is summarized in the table below: Company MW Parks Major Shareholder ANEMOS RES SINGLE MEMBER S.A. 485 Wind parks MORE 100% EOLIKI KARPASTONIOU S.A. 1 ANEMOS RES SINGLE MEMBER S.A. 51% AIOLIKI ELLAS ENERGEIAKI M.A.E. 242 TEFORTO HOLDINGS LIMITED 100% OPOUNTIA ECO WIND PARK 4 TEFORTO HOLDINGS LIMITED 100% KELLAS WIND PARK S.A. 43 TEFORTO HOLDINGS LIMITED 100% STEFANER ENERGY S.A. 9 TEFORTO HOLDINGS LIMITED 85% AEIFORIKI DODEKANISOU SINGLE MEMBER S.A. 8 KELLAS WIND PARK S.A. SELEFKOS ENERGEIAKI SINGLE MEMBER S. A 47 Photovoltaic parks TEFORTO HOLDINGS LIMITED 100% VERD SOLAR PARKS M.I.K.E 1 SELEFKOS ENERGEIAKI SINGLE MEMBER S.A 100% ANEMOS RES SINGLE MEMBER S.A. 2 MORE 100% MYIS SMIXIOTIKOU S.A. 5 Small Hydroelectric Station ANEMOS RES SINGLE MEMBER S.A. 51% 847 In addition, MORE has a portfolio of licenses of total capacity of 2.8 GW for the development of RES projects and storage. Activities in the Electricity Management and Trading Sector MORE operates in cross-border electricity trading through licenses held by the company, its wholly-owned subsidiaries SENTRADE RS DOO BEOGRAD (Belgrade, Serbia) and MOTOR OIL RENEWABLE ENERGY DOOEL SKOPJE (Skopje, North Macedonia), as well as through its branch in Sofia, Bulgaria. In addition, in January 2025 MORE sold to NRG SUPPLY & TRADING S.A. the 35% stake it held in KORINTHOS POWER S.A. for a consideration of Euro 56 million (see Section 12: NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY SOCIETE ANONYME). At the end of December 2025 MORE Group had 152 employees. The Financial Statements of MORE are uploaded on the website https://www.more-energy.gr/ . IREON INVESTMENTS LTD The Company was founded in Nicosia in May 2013 and its sole shareholder is MOTOR OIL (HELLAS) S.A. Its corporate objective is the participation in the share capital of other companies. As at 31 December 2024, the share capital of the company was Euro 414,900, divided into 414,900 shares of nominal value Euro 1 each. By virtue of the decision of its Board of Directors dated 4 December 2025, MOTOR OIL participated in the share capital increase of IREON INVESTMENTS LTD by the amount of Euro 8,000,000 through a cash contribution and the issuance by IREON INVESTMENTS LTD of 8,000 new registered shares, each with a nominal value of Euro 1 and an issue price of Euro 1,000. All new shares were taken up by MOTOR OIL. Following the above corporate action, as at 31 December 2025, the share capital of IREON INVESTMENTS LTD amounted to Euro 422,900 divided into 422,900 registered shares with a nominal value of Euro 1 each, while the balance of the share premium account amounted to Euro 121,927,100. IREON INVESTMENTS LTD holds 100% of the share capital of IREON VENTURES LTD, MOTOR OIL MIDDLE EAST DMCC, MOTOR OIL TRADING A.E., IREON AKINITA SINGLE MEMBER S.A., and CORE INNOVATIONS SINGLE MEMBER S.A., as well as 60% of AUTOMOTIVE SOLUTIONS S.A., which are briefly presented hereunder: IREON VENTURES LTD The company was founded on 13 April 2018 with headquarters in Nicosia. Its corporate objective is the participation in the share capital of other companies. As at 31 December 2025, the share capital of IREON VENTURES LTD amounted to Euro 36,410 divided into 36,410 registered shares with a nominal value of Euro 1 each. MOTOR OIL MIDDLE EAST DMCC The company was founded in Dubai of United Arab Emirates in July 2014. Its major activity is oil trading. The share capital of the company is 200,000 Arab Emirates Dirhams (AED) divided into 200 common registered shares of nominal value 1,000 AED each. As of 7 January 2026, the company's legal name was changed to MOTOR OIL MIDDLE EAST FZCO. MOTOR OIL TRADING SINGLE MEMBER S.A. The company was founded in January 2015 with headquarters in Maroussi of Attica (12A Irodou Attikou str., zip code: 151 24), duration for 50 years and distinctive title MOTOR OIL TRADING S.A. The major activity of the company is oil trading. The share capital of the company amounts to Euro 1,525,000 divided into 1,525,000 registered shares of nominal value Euro 1 each. IREON AKINITA SINGLE MEMBER S.A. The company was founded in July 2013 with headquarters in Maroussi of Athens (12A Irodou Attikou str., zip code 151 24) and duration for 50 years. The corporate objectives of the company, according to article 2 of its Codified Memorandum and Articles of Association, include the purchase, sale, exploitation, and development of real estate. The share capital of IREON AKINITA SINGLE MEMBER S.A. amounts to Euro 35,144,000 divided into 3,514,400 registered shares of nominal value Euro 10 each. IREON AKINITA SINGLE MEMBER S.A. is the sole shareholder of the companies IREON REALTY I SINGLE MEMBER S.A . (headquarters: 12A Irodou Attikou Str, share capital as at 31.12.2025: Euro 10,500,000), IREON REALTY II SINGLE MEMBER S.A. (headquarters: 12A Irodou Attikou Str, share capital as at 31.12.2025: Euro 14,000,000), and IREON REALTY III SINGLE MEMBER S.A. (headquarters: 12A Irodou Attikou Str, share capital as at 31.12.2025: Euro 7,500,000). The main objective of the said companies is the purchase, sale and exploitation of real estate in Greece and abroad. CORE INNOVATIONS SINGLE MEMBER S.A. The company is headquartered at 217A Kifisias Avenue, in the municipality of Marousi, with an indefinite duration, and its corporate objective is, among other things, the provision of ecommerce services through the website https://www.allSmart.gr , the conduct of commercial transactions through a network of convenience stores, the distribution of the products it sells and related activities. The share capital of CORE INNOVATIONS SINGLE MEMBER S.A. is Euro 20,000,000 divided into 2,000,000 registered shares of nominal value Euro 10 each. CORE INNOVATIONS SINGLE MEMBER S.A. holds a 100% stake in ELETAKO LIMITED , a 70% stake in PHARMON SINGLE MEMBER PRIVATE COMPANY , and a 60% stake in TARESSO PRIVATE COMPANY and BARISTA GR S.A. , a brief presentation of which is presented hereunder: ELETAKO LIMITED The company was established in Cyprus in March 2022 as a holding company. As at 31 December 2025, its share capital amounted to Euro 13,610,000, divided into 13,610,000 shares of nominal value Euro 1 each. ELETAKO LIMITED holds 100% of the share capital of ZENROW LTD, which in turn holds a 100% controlling stake in the company operating under the trade name TWENTY 4 SHOPEN. The latter is based at 217A Kifisias Avenue, in the municipality of Marousi, its duration is set for 50 years and its corporate objective is, among other things, the retail trade, the provision of services, the operation of convenience stores offering fast food and standardized products and other related activities. As at 31 December 2025, the share capital of TWENTY 4 SHOPEN amounted to Euro 3,450,950, divided into 3,450,950 shares of nominal value Euro 1 each and is fully paid up. As of the date of this report, the company operates a network of 25 convenience stores. PHARMON SINGLE MEMBER PRIVATE COMPANY The company was founded on 07/11/2022. Its headquarters are located in the Municipality of Maroussi, in the Prefecture of Attica. Its distinctive title is PHARMON M.I.K.E., and its duration is set for an indefinite period. The company's purpose is to provide holding services and its capital amounts to Euro 2,005,000, divided into 2,005,000 company units of nominal value Euro 1 each. PHARMON M.I.K.E. holds a 99.41% stake in the capital of CIPHARMA ONE PRIVATE COMPANY. The said company's headquarters are located in the municipality of Maroussi, 156 Kifisias Avenue, its duration is set until 31 December 2039, its distinctive title is CIPHARMA ONE IKE and its corporate objective is the operation and exploitation of pharmacies in Greece. Its capital amounts to Euro 1,955,000 divided into 1,955,000 company units of nominal value Euro 1 each. TARESSO PRIVATE COMPANY The company is based in Korinthos, and pursuant to article 4 of its article of association, its corporate objective is, among other things, the packaging, wholesale, and retail sale of coffee; the provision of all types of food-service activities; the operation of a restaurant and café-bar; the retail sale to the public of all kinds of food, coffee, soft drinks, and alcoholic or non-alcoholic beverages; the organization of catering services for all types of events; and any other related activity. Its capital amounts to Euro 13,250, divided into 13,250 company units of nominal value Euro 1 each. BARISTA GR S.A. The company's headquarters are located in the municipality of Korinthos. It has an indefinite duration, and its corporate objective includes, among other activities, the wholesale and retail sale of various types of coffee, as well as the sale, rental, and general exploitation of coffee-production machines. The company's share capital amounts to Euro 575,000, divided into 575,000 shares with a nominal value of Euro 1 each. The Financial Statements of CORE INNOVATIONS SINGLE MEMBER S.A. are uploaded on the website https://www.coreinnovations.gr/ AUTOMOTIVE SOLUTIONS S.A. The company is based in the municipality of Metamorfosi, prefecture of Attica, its duration is set for 50 years and its share capital amounts to Euro 766,150 divided into 21,890 shares of nominal value Euro 35 each. Its corporate objective is, among other things, the trade of electric vehicles. IREON INVESTMENTS LTD acquired the 60% stake in AUTOMOTIVE SOLUTIONS S.A. from NRG SUPPLY AND TRADING S.A. (the seller) for a consideration of Euro 6,300,000 in November 2025. At the end of December 2025, IREON INVESTMENTS LTD Group had 332 employees. Moreover, IREON INVESTMENTS LTD holds an 8.949% stake in OPTIMA BANK S.A . (for more information please see section D. Other Financial Assets). DIORIGA GAS SINGLE MEMBER S.A. DIORYGA GAS SINGLE MEMBER S.A. was founded in June 2016 with headquarters in Maroussi of Attica (12A Irodou Attikou str., zip code: 151 24) and duration for 50 years. The major activity of the company is to supply, purchase, transfer and distribute natural gas as well as to store and to liquefy natural gas. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company and the share capital of DIORIGA GAS SINGLE MEMBER S.A. amounts to Euro 7,274,000 divided into 7,274,000 registered shares of nominal value Euro 1 each. DIORYGA GAS SINGLE MEMBER S.A. has a license for an Independent Natural Gas System - FSRU (Floating Storage Regasification Unit) which was granted by the Regulatory Authority for Energy in December 2018 and is valid until 2068. BUILDING FACILITY SERVICES RENDERING OF SERVICES SINGLE MEMBER SOCIETE ANONYME The company was founded in April 2014 with headquarters in Maroussi, prefecture of Attica (12A Irodou Attikou str., zip code: 151 24). Its major objective is the provision of services for the management and operation of buildings and installations. The share capital of BFS today is Euro 600,000 divided into 600,000 common registered shares of nominal value Euro 1 each. At the end of December 2025 BFS had 169 employees. MOTOR OIL FINANCE PLC The company was incorporated in May 2014 with headquarters in London and share capital GBP 50,000. Its sole shareholder is MOTOR OIL (HELLAS) S.A. Its purpose is the provision of financial and credit services. The company is currently under liquidation. CORINTHIAN OIL LIMITED The company was founded in London in 2016 with crude oil and petroleum product trading as its corporate objective and MOTOR OIL (HELLAS) S.A. as its sole shareholder. The share capital of CORINTHIAN OIL LIMITED is Euro 1,000.99 (shares 100,099 of nominal value Euro 0.01 each) while the balance of share premium account is Euro 98,999.01. MOTOR OIL VEGAS UPSTREAM LIMITED The company was founded in May 2016 in Limassol (Cyprus) with corporate objective the exploration and production of potential new oil resources (upstream). MOTOR OIL (HELLAS) S.A. owns 65% of the shares of MOTOR OIL VEGAS UPSTREAM LIMITED and the remaining 35% belongs to the company VEGAS OIL AND GAS LIMITED. As at 31 December 2024, the share capital of the Company amounted to Euro 21,500 divided into 21,500 shares of nominal value 1 Euro each. MOTOR OIL VEGAS UPSTREAM LTD held a 100% participation in MVU Brazos Corp. (registered in the U.S.A.). This stake was sold for approximately USD 1.5 million in May 2025. Moreover, by resolution of its Board of Directors dated on 17 October 2025, MOTOR OIL (HELLAS) S.A. decided to reduce the share capital of MOTOR OIL VEGAS UPSTREAM LIMITED by Euro 1,500 through the cancellation of 1,500 shares with a nominal value of Euro 1 each. It was further decided a reduction of the share premium account by Euro 1,453,854.85 and a cash return to shareholders in proportion to their shareholdings (the amount attributable to MOTOR OIL (HELLAS) S.A. amounts to Euro 945,980.65). Following the above corporate action, the share capital of MOTOR OIL VEGAS UPSTREAM LTD will be Euro 20,000, divided into 20,000 shares of nominal value Euro 1 each. MOTOR OIL VEGAS UPSTREAM LIMITED participates with 100% in VEGAS WEST OBAYED LTD which is based in Nicosia and engages in the upstream. NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY SOCIETE ANONYME The company commenced its activities in 2012, its headquarters are in Maroussi (Kifissias Avenue 168 & Sofokleous street, zip code 151 26) and its distinctive title is NRG SUPPLY AND TRADING S.A. (henceforth NRG). It offers electrical energy and natural gas programs having as its primary objective the provision of full service to its household and business customers providing high quality services covering all their energy needs. As at 31 December 2024, the Company's share capital amounted to Euro 7,100,000, divided into 710,000 registered shares with a nominal value of Euro 10 each, with MOTOR OIL (HELLAS) S.A. as its sole shareholder. In March 2025, a share capital increase was carried out through the issuance of 560,000 new common shares with a nominal value of Euro 10 each and a subscription price of Euro 100 per share. MOTOR OIL (HELLAS) S.A. took up all newly issued shares, contributing a total amount of Euro 56 million. Following this corporate action, the share capital of NRG amounted to Euro 12,700,000, divided into 1,270,000 shares with a nominal value of Euro 10 each. The purpose of the share capital increase was to finance the acquisition by NRG (the Purchaser) of a 35% stake in the share capital of KORINTHOS POWER S.A., which was held by MOTOR OIL (HELLAS) S.A.'s subsidiary MOTOR OIL RENEWABLE ENERGY S.A. (the Seller). KORINTHOS POWER S.A. was founded on January 5th, 2005, with headquarters in Maroussi and duration for 50 years. Its corporate objectives, as set out in article 4 of its Codified Memorandum and Articles of Association, include the construction, operation and commercial exploitation of a power production unit located at Agioi Theodoroi, in the prefecture of Corinthos. KORINTHOS POWER S.A. possesses a 436.6 MW power generation license and its core asset is a combined cycle power production plant fuelled with natural gas located within the facilities of MOTOR OIL (HELLAS) S.A. at Agii Theodori of Korinthos. The share capital of KORINTHOS POWER is Euro 3,137,600 divided into 313,760 shares with a nominal value of Euro 10 each, and the shareholder structure is as follows: 65% PROTERGIA THERMOILEKTRIKI S.A. (a 100% subsidiary of METLEN Energy & Metals S.A.) and 35% NRG SUPPLY AND TRADING S.A. Moreover, in July 2025 MOTOR OIL (HELLAS) S.A. and GEK TERNA S.A. signed a binding agreement for the establishment of a joint venture, through the contribution of assets of both companies, which will engage in the electricity generation from natural gas-fired units and in the supply of electricity and natural gas. In the context of the above agreement, MOTOR OIL shall contribute, among other things, its 100% stake in NRG SUPPLY AND TRADING S.A. (excluding the activities of e-mobility (InCharge) and micro-mobility (Automotive Solutions)), as well as the activities related to the energy-efficiency upgrade of Municipalities (see below). The transaction status update is available in section 7. DEVELOPMENTS AFTER 31.12.2025 . In December 2025, the partial demerger of NRG was approved, involving the absorption of NRG's e-mobility (InCharge) business by ERMIS A.E.M.E.E. (see relevant section under CORAL A.E. OIL AND CHEMICALS COMPANY) and the absorption of NRG's energy-efficiency upgrade of municipalities sector by THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A. (see relevant section under MANETIAL LIMITED). Following the completion of the above NRG partial demerger, a share capital reduction of NRG was carried out through the cancellation of 433,642 shares with a nominal value of Euro 10 each. Consequently, as at 31.12.2025, the share capital of NRG amounted to Euro 8,363,580, divided into 836,358 common shares with a nominal value of Euro 10 each. The Financial Statements of NRG are uploaded on the website https://www.nrg.gr . At the end of December 2025 NRG had 155 employees. VERD The company was founded in 2005, its headquarters are located at 14 Irodou Attikou Street, in Maroussi and its duration was set for an indefinite period. Its share capital amounts to Euro 5,338,750, fully paid, divided into 125,000 registered shares of nominal value Euro 42.71 each. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company. According to article 4 of its Codified Memorandum and Articles of Association, the main objective of the company is the supply, collection and processing of raw materials for the production of biofuels or other sources of energy from renewable sources or other chemical products, the establishment or/and operation of industrial installations for the production of biofuels or other sources of energy from renewable sources as well as the production, trading and storage of electricity. The company is in possession of a biodiesel production plant located at the B' Industrial Area of Volos. Moreover, VERD participates in the share capital of the company under the legal name PRASINO LADI S.A. The said company's headquarters are located at 14 Irodou Attikou Street, in Maroussi and its main objective is the collection, management, processing and recycling of all kind of residues and by-products such as used cooking oil, animal and vegetable fat, etc. The duration of the company is set until 2090. Its share capital amounts to Euro 852,000, fully paid, divided into 120,000 registered shares of nominal value Euro 7.10 each. VERD holds 116,000 registered shares issued by PRASINO LADI S.A. which correspond to 96.97% of the share capital of this company. The financial statements of VERD are available at https://www.verd.gr . At the end of December 2025, the Group of Verd had 72 employees. MANETIAL LIMITED The company was established in November 2022 with headquarters in Cyprus. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company. Its corporate objective is the participation in the share capital of other companies. As at 31.12.2024, the share capital of MANETIAL LIMITED amounted to Euro 51,010,000, divided into 51,010,000 shares with a nominal value of Euro 1 each. Within the fiscal year 2025, two corporate actions were carried out, all relating to a share-capital increase in cash totaling Euro 117,500,000 and the issuance by MANETIAL LIMITED of an aggregate of 117,500,000 shares with a nominal value of Euro 1 each. All new shares were taken up by MOTOR OIL (HELLAS) S.A. The said corporate actions are briefly presented below: MOTOR OIL BoD Decision New shares Share Nominal Value Funds Raised 24.01.2025 116,000,000 1 € 116,000,000 € 05.11.2025 1,500,000 1 € 1,500,000 € Total 117,500,000 1 € 117,500,000 € Following the above corporate actions, as at 31.12.2025 the share capital of MANETIAL LIMITED amounted to Euro 168,510,000, divided into 168,510,000 shares with a nominal value of Euro 1 each. The funds raised from the above share capital increases were used by MANETIAL LIMITED for the acquisition of 94.44% of the share capital of HELECTOR S.A. (see below), as well as for the fulfilment of contractual obligations arising from the acquisition of THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A. HELECTOR S.A. In January 2025, MANETIAL LIMITED completed the acquisition of 94.44% of the share capital of the company for a consideration of Euro 114.7 million. The company's headquarters are located at 25 Ermou Str at Kifisia, Attica, its duration is set until 2049, and it operates in the fields of waste management, hazardous medical waste management, recyclable materials processing, and biogas energy recovery. The share capital of the company amounts to Euro 2,010,498.84, divided into 196,722 common registered voting shares with a nominal value of Euro 10.22 each. At the end of December 2025, HELECTOR Group had 725 employees. The financial statements of HELECTOR S.A. are available at https://helector.com/ . THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A. In April 2023, MANETIAL LIMITED acquired all shares of THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A. The company engages in the environmental sector and more specifically in the field of circular economy. It offers a wide range of integrated sustainable solutions in relation to solid waste treatment, water and liquid waste treatment as well as energy, other sources savings and RES utilization in infrastructure. Its distinctive title is THALIS E.S. S.A., its duration is indefinite, and its headquarters are located at 25 Ermou Str. in the Municipality of Kifissia, prefecture of Attica. As at 31 December 2024, its share capital amounted to Euro 30,944,000, divided into 7,736,000 shares with a nominal value of Euro 4 each. In the fiscal year 2025 and following the resolution of the Extraordinary General Meeting of THALIS E.S. S.A. held on 07.11.2025, a share capital increase was carried out due to the absorption of the energy-efficiency upgrade sector 1F 2 for municipalities of NRG SUPPLY AND TRADING S.A., which was valued at Euro 2,657,831. Specifically, an amount of Euro 2,650,000 was booked as share capital of THALIS E.S. S.A. through the issuance of 662,500 new shares with a nominal value of Euro 4 each, while an amount of Euro 7,831 was booked as share premium reserve. Following this corporate action, as at 31.12.2025, the share capital of THALIS E.S. S.A. amounted to Euro 33,594,000, divided into 8,398,500 shares with a nominal value of Euro 4 each. MOTOR OIL (HELLAS) S.A., as shareholder of NRG, was allocated all 662,500 newly issued shares in exchange for the contribution of the energy-efficiency upgrade sector for municipalities. Consequently, as at 31.12.2025, the shareholder structure of THALIS E.S. S.A. S.A. was as follows: MANETIAL LIMITED: 92.1117% - MOTOR OIL (HELLAS) S.A.: 7.8883%. The energy efficiency upgrade sector for municipalities of the partially demerged company NRG includes all activities, services and technologies aimed at improving the energy efficiency of local government infrastructure. It focuses on targeted actions, through participation in relevant energy-upgrade programs, with key objectives being the reduction of energy consumption and CO₂ emissions, as well as the strengthening of municipal sustainability. At the end of December 2025, THALIS E.S. S.A. had 169 employees. The financial statements of THALIS E.S. S.A. are available at https://www.thalis-es.gr/en . MEDIAMAX HOLDINGS LIMITED The company is headquartered in Nicosia and MOTOR OIL (HELLAS) S.A. is the sole shareholder. Its share capital amounts to Euro 45,351,000 divided into 45,351,000 shares of nominal value Euro 1 each. MEDIAMAX HOLDINGS LIMITED holds a 24.99999% stake in the share capital of ALPHA SATELLITE TELEVISION S.A. (see section Other Consolidated Companies below). 2 It includes the NRG's 50% equity interest in the joint venture NRG SUPPLY AND TRADING S.A. - GLOBILED P.C. - NURO SOLUTIONS S.A HELLENIC HYDROGEN S.A. The company was founded in January 2023, its duration is set for 50 years, and its headquarters are located in the municipality of Maroussi, prefecture of Attica. According to article 2 of its Articles of Association, the purpose of the company is the development, operation and construction of infrastructure for the installation of green hydrogen electrolysis units in Greece including their supporting infrastructure as well as other related activities in relation to said projects including production, storage, commercial promotion and marketing of the green hydrogen produced by said units. The share capital of the company amounts to Euro 13,200,000 divided into 13,200,000 common, registered shares of nominal value Euro 1 each, is fully paid and the shareholder structure is MOTOR OIL (HELLAS) S.A. 51% and PPC 49%. The financial statements of HELLENIC HYDROGEN S.A. are available at https://www.hellenic-hydrogen.gr/en/ ROBOLA LTD, NEILMAN LTD, KRASDON ENTERPRISES LTD, BRENDENA HOLDINGS LTD and NAVAPLEX TRADING LTD The above companies were incorporated in February 2025 in Cyprus as holding companies, with MOTOR OIL (HELLAS) S.A. as their sole shareholder. Β. Subsidiaries (direct or/and indirect participation) OFC AVIATION FUEL SERVICES S.A. The company was founded in October 1998. Its headquarters are located within the Athens International Airport area on the 5th km of the Spata- Loutsa Avenue. Its duration is set until 2050. Its objective, according to article 3 of its Codified Memorandum and Articles of Association, is to design, finance, construct and by exclusive right operate the aircraft fuel supply system and the storage facilities at the Athens International Airport (AIA) "Eleftherios Venizelos" at Spata of Attica, as well as to engage in other similar endeavours, stipulated in the Aircraft Fuel Supply Agreement expiring in 2041 between the AIA and OFC. The share capital of OFC S.A. amounts to Euro 12,099,332.05 divided into 412,243 shares of nominal value Euro 29.35 each and the shareholder structure is as follows: 50.04% MOTOR OIL (HELLAS) S.A., 47.03% AVINOIL Single Member S.A. and 2.93% SKYTANKING N.V. OFC S.A. participates with a 100% stake in OFC CRETA SINGLE MEMBER S.A . and a 75% stake in OFC TECHNICAL S.A., which are presented hereunder: OFC CRETA SINGLE MEMBER S.A . It was founded in August 2025, with a duration until 2075, and is headquartered in the Municipality of Minoa Pediada, in the Regional prefecture of Heraklion, Crete, Zip Code 70006. The company's objective is the design, financing, construction, and operation of aircraft fuel supply systems, as well as the facilities for the storage and distribution of aviation fuel through an underground pipeline network at the New International Airport of Heraklion in Kastelli, Municipality of Minoa Pediada. It also aims at the development and operation of similar facilities at airports in Greece and abroad, as well as any related activity. The share capital of the company amounts to Euro 12,000,000, divided into 120,000 shares of nominal value Euro 100 each. The sole shareholder of the company is OFC AVIATION FUEL SERVICES S.A. OFC TECHNICAL S.A. It was founded in January 2021, with an indefinite duration, and is based in the Municipality of Spata in the Prefecture of Attica. Its share capital amounts to Euro 500,000, divided into 50,000 shares with a nominal value of Euro 10 each. The company's corporate objective is the provision of technical services in the aviation fuels industry, as well as in the petroleum industry in general.

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