Ljubljana, 30 March 2026 – At its 14th meeting, the Supervisory Board of Petrol d.d., Ljubljana was briefed on the unaudited business results of the Petrol Group and Petrol d.d., Ljubljana for 2025 and concluded that—given the challenging regulatory circumstances—the business results achieved in 2025 are solid, although lower than planned.

Adaptation to challenging market situation

The year 2025 was characterised by the high geopolitical uncertainty, ongoing energy price regulation, and changes in energy markets. In Slovenia, the regulatory framework tightened, as the margin regulation was expanded to motorway service stations, while in Croatia, the regulation was lifted in 2025. Despite these challenges, the Petrol Group maintained business stability through a flexible business model, effective risk management, and growth in foreign markets.

S&P rating agency also recognised Petrol d.d., Ljubljana’s stable operations. Despite geopolitical risks that the Company has been faced with recently, it reaffirmed our long-term “BBB-” and short-term “A-3” ratings, and upgraded the outlook from “stable” to “positive”.

Upon the announcement of the results, President of the Management Board of Petrol d.d., Ljubljana, Sašo Berger, emphasised: “The year 2025 was characterised by tightened regulatory conditions and higher costs of the energy transition. Nevertheless, we maintained business stability through effective management, growth in markets outside Slovenia, and cost discipline. We surpassed our 2024 results, but we did not fully meet the planned targets.”

Upon being briefed on the unaudited business results of the Petrol Group in 2025, President of the Supervisory Board Vesna Južna emphasised: “The Petrol Group achieved all that was possible in the extremely challenging environment. The results are solid, driven particularly by cost efficiency and sales in foreign markets, although they fell short of the plan. The Management Board will need to continue ensuring cost efficiency, yet a change in the regulatory framework is absolutely urgently required as soon as possible.”

Key performance indicators in 2025

In 2025, the Petrol Group generated EUR 6.1 billion in revenue from contracts with customers.

Gross profit amounted to EUR 768 million, an increase of 5 percent compared to 2024, but below the plan. EBITDA totalled EUR 326.6 million, a year-on-year increase of 4 percent but around 4 percent short of the plan, and net profit amounted to EUR 174.2 million, which is EUR 3.6 million below the plan.

Through effective cost control, increased sales volumes across categories, and good results in markets outside Slovenia, the Company managed to offset the majority of negative regulatory and business events.

Petrol earmarked EUR 100 million for investments in the renovation of service stations, development of renewable sources, e-mobility, and business digitalisation. In 2025, the Petrol Group sold 4.1 million tonnes of fuels and petroleum products, a year-on-year increase of 6 percent, primarily due to higher sales in foreign markets. Revenue from sales of merchandise and services amounted to EUR 662 million, up 4 percent year-on-year. In 2025, Petrol also introduced the Petrol Pay Loyalty payment card, a combination of the loyalty program and an international payment card, which represents an important step in the development of payment-financial services.

We will be able to assess the impact of the changed circumstances on the company’s operations—and consequently on the achievement of the financial targets set for 2026—more accurately in the public release of the results for the first quarter of this year.

Issue of fuel supply to service stations in March 2026

The Supervisory Board reviewed a detailed report presented by the Management Board regarding fuel supply to service stations in the Republic of Slovenia in March 2026.

The disruptions in fuel supply to service stations were primarily driven by the changed geopolitical situation, price disparity with neighbouring countries, an inadequate retail pricing mechanism, a pronounced surge in cross-border demand, a sudden rise in gas oil sales to the agricultural sector, speculative stockpiling by end customers, and expectations of further price increases.

The Supervisory Board unanimously adopted a resolution that the Management Board and Company employees responded to the changed circumstances prudently, professionally, and responsibly

President of the Supervisory Board Vesna Južna highlighted: “We need to be aware that Slovenia is the only country in the European Union (next to Belgium and currently again Croatia) with regulated prices of petroleum products. At the same time, Slovenia has an inadequate mechanism for determining retail fuel prices. Even the Expert Pricing Council established some time ago that there are no reasons for regulation, yet the Slovenian government continues to disregard this. Inadequate regulation that fails to take into account market dynamics already became evident during the first major imbalance in daily fuel demand. All allegations claiming that Petrol acted with political motives due to the pre-election period are entirely unfounded. The lowest prices compared with neighbouring countries and the resulting stockpiling by customers would cause the same situation, be it pre-election period or not. It is important to emphasise that Petrol acted responsibly and prudently, as it also supplied fuel to other Slovenian fuel retailers and did everything in its power to ensure supply stability.”

Vesna Južna
Supervisory Board President

Sašo Berger
Management Board President