OF THE PETROL GROUP AND PETROL d.d., LJUBLJANA
JANUARY-SEPTEMBER 2025Table of contents
INTRODUCTION 3
Statement of the Management's Responsibility 3
Introductory notes 4
Business highlights of the Petrol Group 5
Alternative performance measures 10
Significant events and achievements in the first nine months of 2025 11
The Petrol Group in the region 13
Strategic orientation 14
BUSINESS REPORT 15
Business performance analysis 15
Operations by product groups 29
Investments 46
Risk and opportunity management 46
Share and ownership structure 48
Events after the end of the accounting period 50
Responsibility towards the natural environment 50
Employees 51
Quality control and development 53
Social responsibility 54
FINANCIAL REPORT 56Financial performance of the Petrol Group Petrol and Petrol d.d., Ljubljana 56
Notes to the financial statements 61
Segment reporting 62
Notes to individual items in the financial statements 64
Financial instruments and risks 66
Related party transactions 75
Contingent liabilities 76
Events after the reporting date 77
Appendix 1: Organisational structure of the Petrol Group78
INTRODUCTION-
Statement of the Management's Responsibility
Members of the Management Board of Petrol d.d., Ljubljana, which comprises Sašo Berger, President of the Management Board, Drago Kavšek, Member of the Management Board, Marko Ninčević, Member of the Management Board, Jože Smolič, Member of the Management Board, Metod Podkrižnik, Member of the Management Board and Zoran Gračner, Member of the Management Board and Worker Director, declare that to their best knowledge:
the financial report of the Petrol Group and Petrol d.d., Ljubljana, for the first nine months of 2025 has been drawn up in accordance with International Financial Reporting Standards as adopted by the EU and gives a true and fair view of the assets and liabilities, financial position, financial performance and comprehensive income of Petrol d.d., Ljubljana, and other consolidated companies as a whole;
the business report of the Petrol Group and Petrol d.d., Ljubljana, for the first nine months of 2025 gives a fair view of the development and results of the Company's operations and its financial position, including the description of the material risks that Petrol d.d., Ljubljana, and other consolidated companies are exposed to as a whole;
the report of the Petrol Group and Petrol d.d., Ljubljana, for the first nine months of 2025 contains a fair presentation of significant transactions with related entities, which has been prepared in accordance with International Financial Reporting Standards.
Sašo Berger
President of the Management Board
Drago Kavšek
Member of the
Management Board
Marko Ninčević Jože Smolič
Metod Podkrižnik
Member of the Management Board Member of the Management Board
Zoran Gračner
Member of the Management Board Member of the Management Board
and Worker Director
Ljubljana, 13 November 2025
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Introductory notes
The report on the operations of the Petrol Group and Petrol, d.d., Ljubljana, Dunajska 50, for the first nine months of 2025 has been published in accordance with the Market in Financial Instruments Act, the Ljubljana Stock Exchange Rules, Guidelines on Disclosure for Listed Companies and other relevant legislation.
The figures and notes regarding the operations have been prepared based on the unaudited consolidated financial statements of the Petrol Group and the unaudited financial statements of Petrol d.d., Ljubljana, for the first nine months of 2025, in compliance with the Companies Act and IAS 34 - Interim Financial Reporting.
Subsidiaries are included in the consolidated financial statements, which have been prepared in accordance with IFRS, on the basis of the full consolidation method, while jointly controlled entities and associates are included on the basis of the equity method.
In accordance with IFRS, investments in subsidiaries, jointly controlled entities and associates are carried at historical cost in the separate financial statements.
The report on the operations in the first nine months of 2025 has been published on the website of Petrol d.d., Ljubljana, (https://www.petrol.eu, https://www.petrol.si) and is available for consultation at the registered office of Petrol d.d., Ljubljana, Dunajska cesta 50, 1000 Ljubljana, every working day between 8 am and 3 pm.
The Company's Supervisory Board discussed the report on the operations of the Petrol Group
and Petrol d.d., Ljubljana, in the first nine months of 2025 at its meeting on 20 November 2025.
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Business highlights of the Petrol Group
This year, the Petrol Group celebrates an important milestone-80 years of operation. Our journey began in 1945 when we were a small post-war company with seven street pumps, and we started supplying fuel to support the nation's reconstruction. From these modest beginnings, we have evolved into the leading energy group in the region, offering much more than fuel. By investing in renewable energy sources, e-mobility, digitalisation, and next-generation service stations, we actively drive the transition to a low-carbon society while delivering advanced energy solutions for sustainable and efficient lifestyle. We mark this anniversary with the slogan Together, unstoppable for 80 years, which reflects our enduring
commitment to people, the environment, and progress. Despite the challenges posed by the costs of the green transition and price regulation,
By diversifying energy sources, investing in green infrastructure, and enhancing the customer experience, we are laying the foundations for the region's longterm energy independence.
we remain focused on efficiency, innovation, and responsible management. Our business results for the first nine months of this year have surpassed those of the same period last year, reaffirming our stability and our ability to create long-term value for employees, customers, shareholders, and society.
We entered the business year 2025 ambitiously and optimistically, but our energy sector is always subject to significant changes resulting from macroeconomic and geopolitical changes, price shocks on markets, and, not least, regulatory
interventions in operations. The Group's operations were slightly eased in the first six months of this year due to minor interventions in regulated margins in
Slovenia. However, the business environment deteriorated again when the fuel margin regulation was extended to motorway service stations in Slovenia. At the same time, the regulated margin in Croatia-which had already been significantly higher than in Slovenia-was deregulated. The Croatian example proves that deregulation of fuel prices is
Despite the tougher business conditions in Slovenia's petroleum
product segment, we continue pursuing our ambitious targets for 2025.
justified, as competitive market dynamics kept fuel prices stable and, due to a more favourable tax policy, comparatively lower than in Slovenia. Price regulation at motorway service stations in Slovenia has further tightened operating conditions for non-motorway service stations, as the transfer of sales to domestic customers to motorway locations means reduced sales at smaller local service stations. Such interventions in fuel price regulation put the long-term sustainability of the business model for Slovenia's extensive network of service stations at risk, and thereby the efficient and stable supply for all residents of Slovenia. The regulated gross fuel margin in Slovenia remains the lowest in the region and even in the European Union. Nevertheless, we achieved good results thanks to strong fuel and petroleum product sales volumes in foreign markets and successful performance in most other segments. Additionally, we have noted a significant increase in instability of supply to end customers across the entire CEE region, due to sanctions against several competitors and technical issues at some refineries. At Petrol, we closely monitor developments and prepare alternative scenarios and additional measures to ensure stable supply for our end customers.
As of 1 March 2025, electricity prices in Slovenia are no longer regulated. However, the changed reimbursement system in the first two months of this year, which was significantly reduced, the existing net-metering scheme for self-supply, and aggressive pricing strategies of all market participants have had a major negative impact on operations. Energy prices have mostly stabilized, although significant geopolitical uncertainty remains, which could strongly influence price movements.
In the first nine months of 2025, the Petrol Group's EBITDA was EUR 244.8 million, a year-on-year increase of EUR 1.6 million. Good results were delivered across most product groups,
the only exception being electricity sales and trading, which fell short of the plan, although
Net profit of EUR 135.8 million is by EUR 12.1
million higher than last year, which is a result of strong fuel sales on foreign markets, successful performance in most other business segments, and cost optimisation.
this was partly anticipated already during the preparation of the plan for this year. In addition to prudent cost management, the positive result in the financial part has also contributed to the increased net profit in January to September 2025 in the amount of EUR 135.8 million, an improvement of 10
percent compared to the same period last year. The Petrol Group's investment activities, which were in full swing in the first half of the year, were aligned with the Group's cash flow generation capacity, in accordance with the objective of ensuring the long-term stable financial position. Despite this, the implemented investments at the Group level were EUR 18.5 million higher year-on-year.
As projected by the IMAD, economic growth in Slovenia is expected to reach 0.8 percent this year, which is much less than projected in autumn 2024 (2.4 percent). Uncertainty is caused by forecasts about weak economic recovery
among Slovenia's trading partners, and
uncertainty regarding the U.S. tariff measures is also still present. Inflation is expected to reach 2.9 percent at the end of 2025 with year average of 2.5 percent.
According to international institutions, economic growth in Croatia is expected to
In its most recent economic forecast, the IMAD substantially lowered the projected economic growth in 2025-from 2.4 percent in autumn 2024 to
0.8 percent.
reach 3.1 percent and inflation 4.4 percent in 2025.
Slovenia's capped margin remains the lowest in Europe. Combined with growing environmental requirements and cost inflation, it stays a key risk factor-particularly in light of the rising demands for investments in the energy transition. Due to increased geopolitical risks, fuel supply issues, and rising costs, long-term stable fuel supply can only be achieved through a well-thought-out economic policy that ensures stability of the entire sales network's operations.
In partnership with Visa, the Petrol Group has introduced a new loyalty payment card-Petrol Pay Loyalty-which replaces the previous Petrol Club payment card and has been in use since 1 September 2025. This advanced new solution combines the benefits of a loyalty card and an international Visa payment card, enabling fast and secure contactless payments both domestically and abroad (wherever Visa is accepted), easy management via the Petrol GO app, and payments for EV charging across Petrol's own and partner charging networks. With Petrol Pay Loyalty, the company continues to implement its strategy focused on digital transformation, the development of sustainable solutions, and building stronger customer relationships.
Unit
2023
2024
2025
2025/2024 2
025/2023
Revenue from contracts with customers
EUR million
5,216.8
4,524.9
4,535.0
100
87
Gross profit1
EUR million
510.7
537.2
577.0
107
113
Gross profit with DFI1
EUR million
538.4
556.6
543.3
98
101
Operating costs / (Gross profit with DFI)1
%
78.7
70.4
72.3
103
92
EBITDA1, 2
EUR million
199.7
243.2
244.8
101
123
EBITDA / (Gross profit with DFI)1
%
37.1
43.7
45.1
103
121
Operating profit
EUR million
124.6
163.4
172.3
105
138
Added value per employee January - September1
EUR thousand
56.4
65.6
67.7
103
120
Net profit
EUR million
95.0
123.6
135.8
110
143
Earnings per share attributable to owners of the
controlling company January - September
EUR
2.3
2.9
3.3
115
142
Equity3
EUR million
923.0
976.5
1,008.9
103
109
Total assets3
EUR million
2,635.3
2,447.1
2,350.0
96
89
Net debt/Equity1, 3
0.5
0.4
0.4
99
87
Net debt/EBITDA1, 3, 4
2.8
1.5
1.4
91
49
Net investments1
EUR million
57.7
41.7
60.2
144
104
Volume of fuels and petroleum products sold
thousand tons
2,874.2
2,889.3
3,009.8
104
105
Volume of natural gas sold5
TWh
11.4
14.6
15.5
106
135
Volume of electricity sold5
TWh
9.4
8.4
8.9
106
95
Revenue from the sales of merchandise and services
EUR million
430.1
484.2
506.0
105
118
Index
Index
1-9
Important data on the Petrol Group's operations
1Alternative performance measure (APM) as defined in chapter Alternative Performance Measures.
2EBITDA = Operating profit + Net impairment losses on financial and contract assets + Depreciation and amortisation charge.
3Data for 2023 and 2024 as at 31 December, data for 2025 as at 30 September.
4The calculation includes EBITDA for the last 12 months.
5Sales to end customers, trading and retail portfolio management.
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Alternative performance measures
To present its business performance, the Petrol Group also uses alternative performance measures (APMs) as defined by ESMA (The European Securities and Market Authority). The APMs we have chosen provide additional information about the Petrol Group's performance.
Reasons for choosing the measure
Calculation information
Alternative performance
measures
List of alternative performance measures
Gross profit
Gross profit = Revenue from the sale of merchandise and
services - Cost of goods sold
The Petrol Group has no direct influence over global energy prices, which makes the gross profit more appropriate to monitor business performance.
Closed Net derivative financial instruments for commodities are intended for hedging price and
Gross profit with DFI Gross profit + Closed Net Derivative Financial Instruments
for Commodities
EBITDA = Operating profit + Net impairment losses on
volumetric risks and, hence, the amount of sales revenue and the cost of goods sold. In terms of comparison with the previous period, the ratio is more appropriate than merely the gross profit.
EBITDA indicates business performance and is the
EBITDA
EBITDA / (Gross profit with DFI)
Operating costs
Operating costs / (Gross profit with DFI)
financial and contract assets + Depreciation and
amortisation charge.
EBITDA / (Gross profit + Closed Net Derivative Financial Instruments for Commodities)
Operating costs = Costs of materials + Costs of services + Labour costs + Depreciation and amortisation + Other costs
Operating costs / (Gross profit +Closed Net Derivative Financial Instruments for Commodities)
primary source for ensuring returns to shareholders.
The share of EBITDA in the gross profit, increased by the closed net derivative financial instruments for commodities is a good approximation to the share of free cash flow in the gross profit, increased by the net derivatives and ensures better comparability to the previous period and the plan.
The criterion is important in terms of the cost-effectiveness of operations.
The ratio is relevant in terms of the operational cost efficiency and ensures better comparability to the previous period and the plan.
Net debt/Equity
Net debt = Current and non-current financial liabilities + Current and non-current lease liabilities - Cash and cash equivalents; Ratio = Net debt/Equity
The ratio reflects the relation between debt and equity and is, as such, relevant for monitoring the Company's capital adequacy.
Net debt/EBITDA Ratio = Net debt/EBITDA
The ratio expresses the Petrol Group's ability to settle its financial obligations, indicating in how many years financial debt can be settled using existing liquidity and cash flows from operating activities.
Added value/Employee
Added value per employee = (EBITDA + Integral labour costs)/Average number of employees. Integral labour costs
= Labour costs relating to Petrol Group employees + Labour costs relating to third-party managed service stations, which stood at EUR 16.8 million in the period from January to September 2025 and EUR 15.9 million in the period from January to September 2024.
This productivity ratio indicates average newly created
value per Petrol Group employee.
Working capital
Net investments
Working capital = Operating receivables + Contract assets
+ Inventories - Current operating liabilities - Contract liabilities
Net investments = Investments in fixed assets (EUR 63.5 million in the period from January to September 2025) + Non-current investments (EUR 0.3 million in the period from January to September 2025) - Disposal of fixed assets, subsidiers and reimbursements (EUR 3.6 million in the period from January to September 2025).
The ratio reflects operational liquidity of the Petrol Group.
The information about investments reflects the direction of
the Petrol Group's development.
Book value per share Book value per share = equity/total number of issued
shares
Book value per share reflects the value of a public limited company's total equity per share.
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Significant events and achievements in the first nine months of 2025
Concluded a strategic partnership with NGEN, energetske rešitve d.o.o., for the development and implementation of state-of-the-art energy solutions and to facilitate energy management digitalisation and optimisation; February 2025.
Received the prestigious awards Voted Product of the Year for four Petrol's products: Petrol GO mobile app, Coffee to Go, freshly prepared Fresh Petrol food and high-quality Q MAX fuel; February 2025.
Opened a fully renovated modern Zreče service station, which provides a great customer experience and good-quality services; March 2025.
Launched a project to upgrade public lighting in Mali Iđoš, Serbia, which will improve system efficiency, reduce costs and create a more pleasant and safe environment; March 2025.
Geoplin d.o.o. Ljubljana established subsidiary Geoplin Italia Srl on 28 April 2025.
As part of the Family Friendly Certificate, we approved measures for the new three-year period and received a thank-you from Ekvilib Institute; May 2025.
80-year anniversary of Petrol's operations and development; May 2025.
Cooperated in the Future Fusion Summit's panel discussion Smart Mobility and Green Energy: Regional Growth Driver; June 2025.
At the DIGGIT conference on future trends in marketing, we received the Grand Award for Digital Innovation and the Gold Award in the Physical Shop category for the Petrol GO app; June 2025.
RECEIVED THE GRAND AWARD FOR THE "FAST PURCHASE WITH PETROL GO" DIGITAL INNOVATION AND THE GOLD
AWARD IN THE PHYSICAL SHOP CATEGORY
Petrol d.d., Ljubljana became 99.81 percent owner of Geoplin d.o.o. Ljubljana, holding 100 percent voting rights; June 2025.
On 13 June 2025, the Government of the Republic of Slovenia adopted a new Decree on determining the prices of certain petroleum products, which maintains the existing conditions and margin levels, but extends regulation to include motorway service stations.
Opened a new service station Zrenjanin in Serbia; June 2025.
Opened a new service station Podgorica Zetskih vladara in Montenegro; June 2025.
Received the Sport-Friendly Company certificate, awarded for the first time by the Olympic Committee of Slovenia; June 2025.
Launched the new Petrol Pay Loyalty payment card, which, in partnership with Visa, combines Petrol's loyalty program with an international Visa payment card. With this innovative solution, Petrol has become the first non-banking provider in the region, and among the first globally to offer such a financial payment service to its customers; September 2025.
Dr. Andrej Rakar, Head of Information Security at Petrol, received a Lifetime Achievement Award in Information Security at Infosek 2025, the largest cybersecurity conference in Slovenia and the wider region; September 2025.
Received two awards at WEBSI 2025, the largest competition for digital projects in Slovenia, for the Petrol GO project. For the second year in a row, we won the title WEBSI Champion 2025 in the Mobile Applications category and received the WEBSI Award for Best Design; September 2025.
Signed a co-financing agreement for the construction of ten new solar power plants on public buildings in the Municipality of Novo mesto. In addition to construction, Petrol will also take over the management of the power plants and electricity supply; September 2025.
Initiated activities for the merger of the subsidiary E 3, d.o.o.; September 2025.
Opened a new Pančevo Novoseljanski put service station in Serbia; September 2025.
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The Petrol Group in the region
The Petrol Group has companies in the following countries:
Slovenia
Croatia
Bosnia and Herzegovina
Serbia
Montenegro
North Macedonia
Kosovo
Austria
Romania
In addition to the above, the Petrol Group also performs its business activities in other countries.
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Strategic orientation
Our mission
Through a broad range of energy commodities, comprehensive energy solutions and digital approach, we put the user at the centre of our attention. We want to become the first choice for shopping on the go. Together with our partners, we create solutions for a simpler transition to cleaner energy sources. We are building a green energy future decisively and proactively, increasing the long-term value for our customers, shareholders, and society as a whole.
Our promise
Through the energy transition, we are creating a green future and making a significant contribution to protecting our environment.
Our vision
To become an integrated partner in the energy transition, offering an excellent customer experience.
Our values
Respect: We respect fellow human beings and the environment.
Trust: We build partnerships through fairness.
Excellence: We want to be the best at all we do.
Creativity: We use our own ideas to make progress.
Courage: We work with enthusiasm and heart.
At Petrol, we feel a strong sense of responsibility towards our employees, customers, suppliers, business partners, shareholders and the society as a whole. We meet their expectations with the help of motivated and business-oriented employees, we adhere to the fundamental legal and moral standards in all markets where we operate, and we protect the environment.
BUSINESS REPORT -
Business performance analysis
Business environment
The operations of the Petrol Group are strongly diversified and take place in two highly competitive industries: energy and trade. In addition to mega trends in the energy and trade sectors, the operations of the Petrol Group are impacted by several other, often interdependent factors, the most important being energy price movements, fluctuations in the U.S. dollar exchange rate, geopolitical changes, and sanctions lists, which reflect global economic and political trends. In addition, in the markets in which the Petrol Group operates, operations are also significantly impacted by local economic conditions (economic growth, price growth rate, consumption and manufacturing growth) and actions taken by the state to regulate prices and the energy commodity market. The operations and development of the Group are significantly influenced by digital transformation and changing consumer habits, which require adjusting business models and services.
In 2022, high energy prices and rising inflation triggered extensive price regulation of fuels, electricity, and natural gas in the Group's key markets. Although prices began to fall by the end of 2022, fuel and electricity prices remained regulated throughout 2024, while the regulation of natural gas prices was lifter at the end of March 2024 in Croatia and at the end of April 2024 in Slovenia. In Slovenia, the prices of electricity were regulated until the end of February 2025. In Slovenia, the prices of motor petrol and diesel fuels are still regulated in 2025; in mid-June, the regulation was even extended and now also includes motorway service stations. In Croatia, however, the government lifted fuel price regulation on 15 July 2025, allowing the market to return to free price formation.
Economic growth in the euro area was 0.9 percent and inflation 2.4 percent (December 2024 to December 2023 and year average). In its latest projections for the euro area for 2025, the IMF forecasts a 1.2 percent economic growth. According to the latest Eurostat estimate, seasonally adjusted GDP in the euro area increased by 0.6 percent in the first quarter of this year, and by 0.1 percent in the second quarter compared to the previous quarter. Compared to the same quarter of the previous year, seasonally adjusted GDP in the second quarter of 2025 increased by 1.5 percent, following a 1.6 percent growth in the previous quarter. Nevertheless, annual forecasts remain at lower levels, mainly due to uncertainties regarding the negative impact of tariffs on exports to the U.S. and other geopolitical tensions. According
to the most recent projections, inflation in the euro area will be 2.1 percent (in autumn
Macroeconomic institutions have significantly downgraded their forecasts for economic growth in Slovenia in their latest projections. In autumn
2024, the IMAD predicted a 2.4 percent GDP growth, but has now lowered it to 0.8 percent. The IMF also forecasts lower economic growth for Croatia.
2024, it was estimated at 2.0 percent).
Economic growth in Slovenia in 2024 was recorded at 1.7 percent. According to the IMAD's latest forecast, it will fall to 0.8 percent in 2025, which is significantly lower than projected in autumn 2024 (2.4 percent) and spring 2025 (2.1 percent). Available economic indicators at the transition to the
third quarter also point to reduced activity in the export sector due to weak foreign demand and increased geopolitical uncertainty, while indicators of private consumption remain encouraging. Inflation increased during the summer months, mainly due to rising food and energy prices. After stagnation last year, weak growth in investments in fixed assets is expected this year, with construction of engineering structures lagging the most compared to last year. The number of unemployed has further slightly decreased compared to the end of 2024, and year-on-year wage growth remains high (7.4 percent in June), also due to excess demand for labour in certain parts of the economy. The value of the economic sentiment indicator remains below the long-term average, although it slightly improved in August. Annual inflation in Slovenia in 2024 was 2.0 percent (annual average) or 1.9 percent (December 2024 compared to December 2023). By the end of 2025, inflation is projected to reach 2.9 percent, with an annual average of 2.5 percent.
In Croatia, economic growth in 2024 was 3.9 percent and inflation 4.0 percent (annual average) or 4.5 percent (December 2024 compared to December 2023). According to the IMF forecast, economic growth in 2025 is expected to be 3.1 percent, and inflation by the end of 2025 is projected at 3.8 percent, with an annual average of 4.4 percent.
Real GDP growth, in %
Inflation, year average, in %
Source: IMAD, Autumn forecast 2025 (for Slovenia), International Monetary Fund, October 2025 (for euro area and other countries)
Oil and petroleum product price movements
The price of Brent North Sea crude oil was between USD 61.1 and 82.0 per barrel in the first nine months of 2025. In the same period, the average price was USD 70.0 per barrel, down by 14 percent compared to the same period last year.
The price of crude oil fell in the first quarter of 2025 due to the stabilisation of crisis conditions in Ukraine and the Middle East, as well as forecasts of increased oil production by the OPEC+ organization. However, the biggest impact on the price drop came from the announcement and subsequent adoption of tariffs by the Trump administration. Tariffs on imports from China, the EU, Canada, and Mexico to the U.S. sparked fears of a global economic recession, which would reduce demand for oil. At the forefront was the trade war between the U.S. and China, the world's largest oil consumer. In the second quarter, oil prices rose again, driven by the easing of the trade war due to the postponement of some additional tariffs and a short-lived military conflict in Iran. In the third quarter, prices began to fall again as crisis conditions stabilized, OPEC+ increased production, and concerns re-emerged about an oversupply of crude oil relative to demand. Since September, there has been a noticeable increase in uncertainty, accompanied by a renewed rise in oil prices.
In the first nine months of 2025, the price of diesel (CIF MED High) was between USD 582.0 and 826.3 per metric ton. In the same period, the average price of diesel was USD 689.9 per metric ton, a year-on-year decrease of 12 percent.
In the first nine months of 2025, the price of petrol (CIF MED High) was between USD 614.8 and 797.5 per metric ton. In the same period, the average price of petrol was USD 717.6 per metric ton, a year-on-year decrease of 14 percent.
Changes in Brent Dated High crude price in 2023-2025, in EUR/barrel
Source: Petrol, 2025
Petroleum product price regulation
Retail prices of diesel and NMB-95 petrol are regulated in key markets where Petrol operates, despite such regulation being uncommon across the European Union. The lower margins-compared to those in more developed European countries-combined with rising inflation-related costs, are putting increasing pressure on Petrol's operations. In addition, regulatory demands are intensifying, particularly in the fields such as biocomponent blending and energy efficiency; while these demands generally aim to accelerate the green transition, the unharmonized margin levels pose a significant risk to achieving these goals and undermine the strategic potential for energy independence.
In Slovenia, the Decree on determining the prices sets maximum margins for diesel and NMB-95; until 16 June 2025, the prices of motor fuels at motorway service stations were exempt from regulation, but they have been capped since 17 June 2025. Premium fuels NMB-100 and iQ diesel are exempt from regulation.
Capped prices of diesel and petrol in Slovenia, Croatia and Serbia, in EUR per litre
The price of extra light fuel oil has been regulated since 9 November 2021, with the exception of the period from 22 May to 12 September 2022. Until 21 May 2022, the maximum margin was limited to EUR 0.06/litre, and, since 27 September 2022, it has been limited to EUR 0.08/litre.
On the Croatian market, the Regulation on the Formation of Maximum Retail Prices set maximum margins for motor petrol (Eurosuper
95), Eurodiesel, and "blue diesel" until 15 July
2025. Premium fuels were excluded from regulation, provided that the supplier offered the basic regulated fuel at that service station. Prices were also regulated for the propane-butane mixture for large tanks, as well as for
The retail fuel prices were deregulated in Croatia on 15 July 2025.
LPG1 cylinders (7.5 kg or more). The Croatian government abolished the regulation of retail prices for petroleum products and LPG in cylinders and the propane-butane mixture on 15 July 2025.
In the Republic of Serbia, a regulation has set the maximum retail price since 9 February 2023, including value added tax, for Eurodiesel and unleaded petrol NMB-95 amounting to the
1LPG - liquefied petroleum gas
average wholesale price of petroleum products in Serbia, increased by the amount determined by the regulation.
In Bosnia and Herzegovina, as of 3 April 2021, the retail calculation margin has been limited to a maximum of 0.25 BAM/litre (0.1211 EUR/litre), the wholesale margin to 0.06 BAM/litre (0.0291 EUR/litre).
In Montenegro, the prices of petroleum products are set in compliance with the Regulation on the Method of Maximum Retail Pricing of Petroleum Products, in force since March 2021. Prices change every 14 days based on the developments of the listed Platts prices and the dollar exchange rate. The regulation sets fixed margin amounts, namely for NMB-95/98 in the amount of 0.1108 EUR/litre and for diesel 0.1079 EUR/litre.
Price movements of other energy commodities
In the first half of 2025, energy markets operated in a highly volatile environment, marked by geopolitical tensions, weather conditions, and structural changes in supply.
Forward electricity prices at the beginning of the year followed the prices of natural gas and emission allowances, while SPOT prices fluctuated mainly due to weather effects. Low temperatures and limited wind production caused spikes in daily prices early in the year, which slightly decreased in March as temperatures rose. On the futures market, prices surged due to disruptions in Russian gas supply and expectations of stricter sanctions against Russia.
In the second quarter, electricity prices remained volatile. Occasional drops in wind production
led to significant price increases, while periods of high solar output helped stabilize
Electricity prices have been largely inffuenced by natural gas prices and electricity production from renewable sources, which in turn depend on weather conditions.
them. Drought in Central and Southeastern Europe reduced hydropower generation by around 15 percent, increasing demand for gas and coal, which caused SPOT price spikes in Slovenia and Hungary. The average German daily price in the second quarter was just under EUR 70/MWh, more
than EUR 20 higher than the French price, with the price gap reaching a record EUR 89.40/MWh in May. The reason lies in Germany's increased reliance on electricity generation from thermal power plants.
On the futures market, German product prices for 2026 peaked at EUR 94/MWh in June, while Hungarian Cal26 product prices exceeded EUR 116/MWh. This reflects persistent demand and production constraints in the SEE region. A significant influence also came from the dynamic known as "gas lock-in", where short-term increases in gas production to replace coal slow down investments in renewables and prolong dependence on fossil fuels.
Geopolitical tensions increased uncertainty and occasionally raised prices. Additionally, higher electricity consumption for cooling during the summer hear and limited nuclear production further contributed to price increase. Energy markets stayed closely interconnected, which was reflected in often simultaneous changes in electricity and gas prices. The emissions allowance market followed this dynamic, with price increases driven by speculative purchases and expectations of stricter European auction policies.
In the third quarter of 2025, energy markets gradually stabilized after the pronounced volatility in the first half of the year. Despite occasional impacts from weather and geopolitical factors, electricity and natural gas prices moved within a relatively narrow range, without major fluctuations, which was also reflected in smaller differences between spot and futures contracts.
Electricity prices rose moderately, with futures contracts for 2026 averaging EUR 85/MWh in Germany and EUR 104/MWh in Hungary. Spot prices remained highly volatile, with the average Slovenian price at EUR 92/MWh. The volatility was influenced by changes in renewable energy production and seasonal demand.
Emission allowance prices increased in the third quarter, with the average price of the December EUA contract ranging between EUR 70 and EUR 78 per ton; at the end of September, the prices peaked after June. The growth was driven by expectations of stricter conditions in the ETS system and an increased volume of purchases due to companies' compliance obligations.
The stability in energy markets during the third quarter suggests that the end of the year will likely pass without major price fluctuations.
Electricity price trends in 2024 and 2025, and projections for 2026 and 2027, in EUR/MWh
Source: Petrol, 2025
Natural gas prices on the Austrian CEGH exchange fluctuated between EUR 41.0 and EUR 60.5/MWh in the first quarter, peaking in February due to extremely cold weather, and falling in March. The lowest value was reached at the end of April at EUR 33.9/MWh. In May, prices stabilized between EUR 34.1 and EUR 39.9/MWh, but rose again above EUR 45/MWh in June due to geopolitical tensions, supply disruptions from Norway, and the start of storage refilling. High demand for natural gas in the EU was also influenced by low hydropower generation, which required increased use of thermal power plants.
In the third quarter, prices on the CEGH ranged between EUR 33 and EUR 39/MWh, about 40 percent lower than the February peak. This was driven by full storage levels and weaker demand in Asia, which increased LNG inflows to Europe. Occasional disruptions due to Norwegian pipeline maintenance had little impact on prices.
According to GIE data, European gas storage facilities were nearly 83 percent full at the end of September. Although the EU maintains a target of 90 percent storage capacity by 1 November, unfavourable economic conditions for summer refilling have led to calls for lowering the required stock levels.
Geopolitical tensions were a key factor in price volatility. International conflicts, trade tensions between the U.S. and China, and sanctions against Russia affected supply reliability and
market sentiment. The formal end of Russian gas transit through Ukraine on 1
Natural gas prices responded to geopolitical
developments.
January 2025 further increased the need for LNG and alternative sources.
To ensure stable natural gas supply in the future, it will be crucial to monitor the
development of LNG deliveries, the availability of European gas infrastructure, and EU policy decisions regarding storage levels.
Natural gas price trends in 2024 and 2025, and projections for 2026 and 2027, in EUR/MWh
Source: Petrol, 2025
Price regulation of other energy products Slovenia
Electricity
On 20 October 2023, the Government of the Republic of Slovenia adopted a decree maintaining electricity price regulation for household consumers throughout 2024. Under this measure, 90 percent of actual monthly consumption for each tariff category is subject to regulated pricing, while the remaining 10 percent is billed at market rates as defined in individual supply contracts. On 5 June 2024, the government adopted a reimbursement decree to support electricity suppliers affected by regulated pricing in 2024.
The new Network Charge Act, which came into force in October 2024, introduced significant changes by redefining how monthly network charges are calculated and introduced seasonal tariff differentiation. Charges during the high season, which lasts from 1 November to 28 February, are substantially higher than in other months. To protect consumers from sharp increases in electricity bills during the 2024/2025 winter season, the government issued a regulation, capping the maximum permitted retail electricity prices for household consumption in common areas of multi-dwelling buildings and mixed residential-commercial properties from 1 November 2024 to 28 February 2025.
Natural gas
The retail prices of natural gas from the transport and distribution network gas system for households and small business customers were regulated until 30 April 2024.
Croatia
Natural gas
The Republic of Croatia, through its energy regulatory agency HERA, introduced market-based principles for supplying household consumers in 2020. To support this transition, HERA published a bylaw in October 2020 detailing the methodology for calculating gas prices for this segment.
On 4 April 2023, HERA adopted a revised pricing methodology for retail natural gas, replacing the previous 11-month reference period with a 15-day pricing window. This change retroactively affected contractual relationships between suppliers and customers, as it no longer reflected the actual purchase price of gas under the original 2020 methodology.
On 7 July 2023, the Government of the Republic of Croatia issued a decree establishing a compensation mechanism for natural gas suppliers, which covers the difference between the procurement price of this energy commodity and the price regulated by the natural gas supply pricing methodology. The regulation applies for supplies from 1 April 2023 to 31 March 2024.
Impact of movements in the U.S. dollar/euro exchange rate
The USD/EUR exchange rate fluctuated between USD 1.02 and USD 1.18 per euro in the first nine months of 2025. The average exchange rate of the USD according to the exchange rate of the European Central Bank stood at USD 1.12 per EUR in the period concerned (in 2024, the average exchange rate was USD 1.08 per EUR). The Petrol Group has a hedging policy in place relative to USD exposure, with the aim of ensuring that exchange rate fluctuations do not impact the Group's operations.
The Petrol Group's performance
The Petrol Group's operating results are reported by the following product groups:
Fuels and petroleum products, which includes sales of petroleum products, sales of LPG and other alternative energy commodities (compressed natural gas), the transport, storage and handling of fuels, payment card revenues, and sales of biomass, tyres and tubes, and batteries.
Merchandise and services, which includes the sale of foodstuffs, haberdashery, tobacco products, lotteries, coupons and cards, Coffee to Go, Fresh products, car cosmetics and spare parts, as well as car wash services, sales promotion services and other services and catering facility rentals.
Energy and solutions, which includes the sale and trading of electricity and natural gas, the sale of energy solutions (systems of energy and the environmental management of buildings, water supply systems, efficient lighting systems, district energy, water treatment, closed economic areas (industrial solutions) and energy solutions for households and businesses), the sale of heating systems, natural gas distribution systems, mobility and energy commodity generation.
Other: mining services, maintenance services, vacation rentals.
In the first nine months of 2025, the Petrol Group generated EUR 4.5 billion in revenue from contracts with customers. In addition to sales volumes, revenue is primarily influenced by fluctuations in energy prices which, however, is an external factor beyond Petrol's control.
The Petrol Group's revenue from contracts with customers by product group in the first nine months of 2025, in %
In the first nine months of 2025, the Petrol Group sold 3,009,8 thousand tons of fuels and petroleum products, an increase of 4
percent compared to the same period of
2024. Sales of merchandise and services amounted to EUR 506.0 million, which is 5 percent more compared to the same period last year; good results were recorded in the majority of sales categories. Good sales results were
Increased sales of fuels and petroleum
products, merchandise and services, and electricity and natural gas to end customers.
achieved in the segment of fuels and petroleum products as well as merchandise and services, particularly in SEE markets since many buyers in transit switched Slovenian service stations for those in Croatia where the prices of fuels were lower despite the higher margins. In the first nine months of 2025, we also sold 15.5 TWh of natural gas, 8.9 TWh of electricity and 78.2 thousand MWh of heat.
Gross profit including closed net commodity derivatives amounted to EUR 543.3 million in the first nine months of 2025, a year-on-year decrease of EUR 13.2 million or 2 percent. Compared to last year, we achieved better results in the sale of fuels and petroleum products, primarily driven by higher volumes sold across all markets. Throughout the reporting period, the capped margin in Croatia was higher than in the same period of 2024, while in Serbia it was higher for a part of the period. In Slovenia, the regulated margin until mid-July was higher compared to the same period last year, but in mid-June 2025, the regulation was also extended to motorway service stations. Compared to the same period last year, we also recorded growth in gross profit from natural gas sales on the Croatian market, where prices were regulated during the first three months of the previous year. We achieved good results in sales of merchandise, energy solutions, and mobility services, and in natural gas distribution. However, we underperformed in electricity sales, mainly due to price regulation in Slovenia during the first two months, the impact of net-metering in self-supply electricity systems on supplier operations, and significantly unfavourable price movements on trading markets-although this was partially anticipated in the plan for the current year.
In accordance with accounting standards, gains and losses on derivatives which are used to balance price, volumetric and foreign exchange risks when selling energy commodities, are recorded as a separate item in the statement of profit and loss.
Structure of the Petrol Group's gross profit, increased by net gains on closed commodity derivatives, in the first nine months of 2025, by product group, in %
Operating costs of the Petrol Group amounted to EUR 392.6 million in the first nine months
of 2025, a year-on-year increase of EUR 0.8 million.
Increased labour costs as a result of regulatory requirements and business expansion.
Operating costs to gross profit ratio with closed net commodity derivatives stood at
72.3 percent in the first nine months of 2025, which is still a favourable trend in the long run. A slightly higher indicator was noted
only in the third quarter of this year, which is a result of increased labour costs and more challenging business conditions in this quarter.
Costs of materials stood at EUR 35.9 million in the first nine months of 2025, a decrease of 11 percent compared to the same period of 2024, mostly due to the lower energy costs. Costs of consumables also decreased because of a lower volume of work in the segment of home energy solutions.
Costs of services stood at EUR 136.8 million, a year-on-year increase of EUR 1.9 million or 1 percent. The highest increase in costs was recorded in intellectual services, particularly expenses related to agency workers and student work which are used to address staffing shortage at service stations. This was followed by legal and notarial fees, as well as costs
related to new energy projects. Subcontractor costs related to the sale of energy solutions have increased. Lease payments are also higher, mostly as a result of the growth in the variable share of service station lease expenses and the lease of IT licenses. Fixed asset maintenance costs have increased due to higher costs of IT equipment maintenance and building and equipment maintenance, particularly in SEE markets. Payment transaction and banking service costs have also gone up, with the most notable increase in exchange commission due to a higher volume of energy trading. On the other hand, credit card commission fees have decreased. Additionally, costs of service station managers have risen, as well as costs of advertising and entertainment, and security services. insurance premium costs and other service expenses are lower compared to the same period in 2024. Transport service costs to the final storage facility are recorded under the cost of goods sold.
Labour costs, which stood at EUR 139.0 million, increased by EUR 8.6 million or 7 percent year-on-year. In Slovenia and other markets, the costs increased because of wage indexation resulting from the regulatory interventions in the minimum wage systems.
Amortisation and depreciation charge stood at EUR 74.0 million in the first nine months of 2025, which is EUR 0.4 million or 1 percent lower compared to the same period of 2024.
Other costs amounted to EUR 6.8 million. Compared to the same period last year, net impairment losses on financial and contract assets and asset disposals and impairments decreased the most.
Net loss on derivatives amounted to EUR 20.1 million. The Petrol Group is exposed to price, volumetric and foreign exchange risks arising from operations in energy commodities, including petroleum products, natural gas, electricity, and LPG. The Petrol Group manages these risks primarily by aligning purchases and sales of energy commodities both in terms of volume and purchase and sales conditions, thereby effectively hedging its energy margins. Depending on the business model for each commodity, tailored limit systems are in place to cap exposure to price, volumetric and foreign exchange risks. The Petrol Group hedges petroleum product prices primarily with derivatives. In electricity trading, the Petrol Group also concludes derivative contracts with financial institutions where counterparty default risk is minimal, and it also takes into account the adopted market value limits. The value of financial transactions changes annually based on market price trends and portfolio hedging requirements. Net gains on derivatives should be monitored in conjunction with the margin that will be achieved in the future.
Forward products have been highly volatile this year due to increased geopolitical tensions, trade wars between major global economies, and uncertainty related to international conflicts that affect energy prices, particularly natural gas and oil. As a result, the risk premium has also increased, which is reflected in discrepancies between individual maturity products and in more complex management of price positions.
Other revenue amounted to EUR 8.5 million, which is EUR 1.1 million higher than in the same period last year. Other expenses were EUR 0.6 million, down by EUR 0.1 million compared to the same period last year.
EBITDA in the first nine months of 2025 amounted to EUR 244.8 million, an increase of EUR 1.6 million or 1 percent compared to the same period last year.
In the first nine months of 2025, EBITDA was 1 percent higher compared to the same period in 2024.
The Petrol Group's EBITDA by product group in the first nine months of 2025, in %
In the structure of EBITDA by product groups, the majority share is accounted for by EBITDA from fuels and petroleum products, which increased year-on-year in line with good sales results, especially in SEE markets. EBITDA from merchandise and services increased year-on-year, while EBITDA from energy and solutions decreased due to lower results in electricity sales and trading.
EBITDA in the first nine months of 2025 compared to the same period of 2024, in EUR million
Operating profit amounted to EUR 172.3 million in the first nine months of 2025, a year-on-year increase of EUR 8.9 million or 5 percent.
Share of profit from equity accounted investees stood at EUR 0.1 million in the first nine months of 2025, which is EUR 0.7 million less compared to the same period last year.
Net finance expenses of the Petrol Group stood at EUR 2.2 million in the first nine months of 2025, down by EUR 5.6 million year-on-year. Net foreign exchange gains were EUR 6.0 million higher and net interest expenses together with net interest swap income decreased by EUR
0.2 million compared to the same period of 2024.
Pre-tax operating profit amounted to EUR
170.2 million in the first nine months of 2025, up by EUR 13.9 million or 9 percent year-on-year. Net profit in January-September 2025 stood at EUR 135.8 million, an increase of EUR 12.1 million or 10 percent compared to the same period last year.
Financial position of the Petrol Group
We offset the negative impact of expanded fuel regulation in the Slovenian market with strong sales in SEE markets and solid sales of
merchandise and services.
Total assets of the Petrol Group stood at EUR 2.4 billion as at 30 September 2025, a decrease of 4 percent compared to the end of 2024. Non-current assets totalled EUR 1.3 billion, the same as at the end of 2024, while current assets amounted to EUR 1.0 billion, a decrease of EUR 110.1 million or 10 percent compared to the end of 2024, mostly due to lower trade receivables.
Net debt is EUR 43.8 million lower compared to the end of September 2024.
Equity of the Petrol Group stood at EUR 1,008.9 million as at 30 September 2025 compared to EUR 976.5 million at the end of 2024.
Net debt was EUR 440.4 million, which is EUR
11.9 million more than at the end of 2024 and EUR 43.8 million less than at the end of September 2024.
As at 30 September 2025, the Petrol Group's working capital stood at EUR 179.0 million, an increase of EUR 5.9 million compared to the end of 2024 and a decrease of EUR 9.2 million compared to the end of September 2024. Compared to the end of 2024, trade payables and trade receivables decreased, while inventories stayed at a similar level. Changes in the working capital are importantly influenced by the volatility of petroleum product and non-oil commodity prices, and the seasonal effect.
On 13 February 2025, S&P Global Ratings reaffirmed Petrol d.d., Ljubljana's long-term BBB-and short-term A-3 rating with a stable outlook.
Activities for the compensation of damage resulting from energy price regulation in 2022-2025
On 16 May 2023, Petrol d.d., Ljubljana filed a legal action with the District Court in Ljubljana against the Republic of Slovenia, seeking EUR 106.9 million in damages as a result of loss incurred due to capped fuel prices in the periods between 15 March and 30 April and 11 May and 20 June 2022. On 3 June 2025, Petrol d.d., Ljubljana submitted a request for amicable dispute resolution to the State Attorney's Office of the Republic of Slovenia, seeking EUR 68.6 million in compensation for the damage resulting from petroleum product price regulation in the period from 21 June 2022 to 17 June 2024. In response to the unsuccessful amicable dispute resolution procedure, Petrol d.d., Ljubljana on 18 September 2025 filed an action for the reimbursement of damage arising from the price regulation of certain petroleum products in the amount of EUR 70.3 million.
On 15 October 2024, Petrol d.o.o. Zagreb filed a legal action with the Commercial Court in Zagreb against the Republic of Croatia for damages resulting from the capped fuel prices in the period between October 2021 and December 2022 in the amount of EUR 60 million.
On 16 May 2023, Geoplin d.o.o. Ljubljana initiated arbitration proceedings against Gazprom Export LLC on the grounds of a breach of the natural gas supply agreement. The final request for arbitration was submitted on 13 May 2024. The arbitration hearing took place in early March 2025.
On 7 July 2023, the Government of the Republic of Croatia passed a decree, setting a mechanism of compensation payments to natural gas suppliers for the difference between the purchase price for the relevant energy commodity and the price regulated by the natural gas pricing methodology. Geoplin d.o.o., Zagreb, has already filed requests for the reimbursement of the price difference in the amount of EUR 20.9 million for the period of April-December 2023 and EUR 15.8 million for the period of January-March 2024. The claim is not recognised in the Petrol Group's financial statements because it has not been confirmed by the market regulator yet.
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Operations by product groups
Fuels and petroleum products
In the first nine months of 2025, the Petrol Group generated sales revenue of EUR 2.3 billion in the fuels and petroleum products group.
In 2025, the Petrol Group's fuel and petroleum product sales segment has been affected by government-imposed price caps, introduced in response to elevated energy prices and rising inflation. Although energy prices have since stabilised, regulated pricing remains in place across most of the markets where Petrol operates, with the exception of Croatia where the regulation of petroleum product prices was lifted on 15 July 2025.
In the first nine months of 2025, the Petrol Group sold 3,009.8 thousand tons of fuels and petroleum products, a year-on-year increase of 4 percent.
In Slovenia, we sold 1,132.1 thousand tons of fuels and petroleum products in the first nine months of 2025, a year-on-year decrease of 1 percent. Sales were negatively impacted by lower fuel prices at state border service stations in Italy, Austria, and Hungary. In Croatia, retail
fuel prices also remained lower than in
Good sales of fuels and petroleum products, particularly in SEE markets where prices are
lower than in Slovenia due to a different customs duty policy.
Slovenia, prompting customers-especially those in transit-to refuel in Croatia instead of Slovenia. We successfully offset this decline through increased wholesale activity and achieved growth in the sales of extra light fuel oil, aviation gasoline and bitumen.
On SEE markets, we sold 1,188.8 thousand tons of fuels and petroleum products, a year-on-year increase of 6 percent. Sales of diesel and petrol increased in both retail and wholesale.
In Croatia, the sharp increase was also a result of the lower price of fuel compared to
Renovated service stations and carefully
selected range of products sold have facilitated us to achieve better sales results on SEE markets.
the neighbouring countries, which prompted buyers in transit to refuel there instead of in Slovenia. We performed well in extra light fuel oil sales, while a decline was recorded in the sales of liquefied petroleum gas.
On EU and other markets, we sold 688.9 thousand tons of fuel and petroleum products in the first nine months of 2025, a year-on-year increase of 11 percent. As concerns sales to foreign markets, we only use opportunities providing us with a sufficient margin; this year, the conditions on some foreign markets allowed us to boost our operations.
In the first nine months of 2025, compared to the same period last year, sales to EU and other markets increased (from 21 to 23 percent) in the structure of fuel and petroleum product sales