Petrol Group

Management Reports • Dec 15, 2025

Petrol Group's 2030 Strategy

We are entering the next strategic period with a clear ambition focused on geographic and product expansion.

Key strategy components of the Petrol Group

Petrol Group's history

Petrol has been supplying its customers with energy for life for more than 80 years. In this time, we have established ourselves as one of the leading energy companies in Slovenia and the SEE region.

Petrol – powering your life for more than 80 years.

Gas station, 1947...

Energy transition natural gas, 1975.

Entered the world of electricity.

First warehouse, 1945.

...with supreme logistics.

Adjusting retail to customer needs.

Green transition and renewable sources, today.

Petrol Group is the leading energy company in SEE

We operate a retail network across five countries in the region and maintain a diversified energy supply and renewable energy production portfolio.

^1. Supply to end customers. Estimate for 2025. Source: Petrol.

Risk management and stakeholder satisfaction

In today's volatile market environment, risk management and commitment to stakeholder satisfaction remain our key strategic advantages.

Source: S&P Global; Dun & Bradstreet; EcoVadis; SecurityScorecard; MojeDelo.com; POY Adria; Petrol. 1. Energy, Utilities, Water and Gas Supply in Slovenia.

Key external factors (1/2)

Due to the increasing external pressure on the core activity, maintaining cash flows and accelerating selective diversification will be crucial to secure long-term growth through 2030.

Due to the EU Green Deal and the increasing number of legal regulations, companies are facing rising compliance costs and an accelerated energy transition. Market players are expanding into renewables, mobility and other alternatives (e.g., circular economy, chemicals), which requires high CAPEX; long payback. Tight government regulation of fuel margins in Slovenia limits profitability. Additionally, increasing share of duties is eroding market competitiveness in comparison to other neighbouring markets. Accelerated EV penetration and electrification of transport is reducing demand for diesel and petrol, eroding core fuel retail volumes. Environmental compliance Portfolio diversification Margin regulation on core markets Electrification & EV adoption Pressure on profitability due to increasing and new compliance costs. New revenue streams, but limited returns in short-term. Sustained pressure on retail margins, especially in Slovenia. Minimal impact on fuel demand; EV uptake speed is slower. Changes in customer behaviour resulting in decreasing fuel demand. Diversified portfolio becomes significant profit pool. Margins expected to gradually converge to EU average. Greater impact requiring Petrol to diversify from fossil fuels. Key trends Description Challenges and opportunities By 2030 Beyond 2030

Key external factors (2/2)

We will stay competitive by achieving economies of scale, monetizing stable demand, and entering into long-term strategic partnerships.

Key trends Description Challenges and opportunities

Competitive pressure

Market consolidation in the Adriatic region is driven by economies of scale and rising compliance costs, new challengers (global oil and gas players, energy and tech firms), and digital/AI-driven operating models.

Macroeconomic outlook and purchasing power

The region is recovering from the inflationary shock, but the rebound in real income is uneven across countries. SEE region continues to converge toward the EU.

Customer preferences & behaviour

Consumer sentiment is strengthening. Sustainability support is stagnating – price and convenience outweigh ecological considerations in several segments.

Energy market, prices and risks Following the energy crisis peaks in 2021-23, volatility is gradually declining but remains above historical levels. The EE market is facing a growth phase; NG forecasts depend on the pace of the energy transition.

By 2030 Beyond 2030

Opportunity for market consolidation and for securing a leading market position.

Lower purchasing power in the short to mid-term; nevertheless, recovery is underway in key markets.

Stable fuel demand; limited demand for "green" products/services.

Price stabilisation, but at a higher level. EE growth and NG stability.

Cost efficiency and operational excellence are essential to compete with global players.

Stabilized inflation and wages stabilise demand; EU reforms shape the pace of growth.

Loyalty shifts to valuefor-money low-carbon offers rather than "green at any price.".

More in-house electricity production and lower dependence on gas suppliers; EE growth, but NG decline.

Vision, mission, and values of the Petrol Group

Our renewed vision, mission, and values will guide us in achieving our 2030 ambitions while laying the foundation for a culture that supports growth and development plans.

"Together we grow faster than our competition. We are the largest energy company in the region and provide energy, which is the source of life."

Vision Mission Values

"We connect energy, people, and technology into smart solutions that power communities, enable mobility, and build trust for a better life."

• Accountability
• Innovation
• Trust
• Cooperation
• Excellence
• Agility

Key business goals by 2030

By 2030, we will expand our core activity and increase energy production and supply in order to secure diversified and stable cash flows.

30al

Core business expansion

Loyal members increase

Energy production growth

Electricity supply growth

Natural gas supply growth

escription

Expand and modernise the retail network and offering, and ensure a resilient supply chain. Develop an integrirated loyalty ecosystem that rewards cross-selling and digitalises offering of energy, merchandise, and services.

Develop a scalable RES portfolio to lock in stable long-term cash flows.

Build a profitable electricity retail book for households, SMEs and industrial customers via bundled solutions¹ and efficient supply.

Maintain a secure and flexible gas supply (including liquefied NG options) with strong risk management.

10

4.4 m tonnes

fuel volumes sold with organic growth in 2030

~2 m

loyalty program members in 2030

~1 GW

portfolio capacities in 2030

~5.5 TWh

EE supply in 2030

~13.5 TWh

NG supply in 2030

Petrol Group's growth ambition: 500+ EBITDA

The strategy foresees 9% CAGR EBITDA in 2025-30, exceeding growth of the past five years; it combines strong organic growth in all key pillars and introduces a new pillar – circular economy.

Petrol Group's EBITDA growth and target structure through 2030 (mEUR)

High drop of … share in EBITDA

High growth of share in EBITDA

Key sustainability goals and commitments by 2030

Petrol is accelerating the implementation of its sustainability commitments by setting ambitious environmental goals.

Targets Description Overarching environmental KPI

Environmental E

Reducing emissions; strategic investments in the green transition, and responsible use of sources.

Social S

Responsible partnership with employees and other key stakeholders.

Ensuring responsible, ethical, and compliant operations across the organisation and value chain.

-25%

reduced scope 1 and 2 emissions compared to 20241,2 .

~500 MW

installed RES capacities by 2030.

~35 GWh

green energy for charging by 2030.

Key financial goals by 2030

Disciplined, high-return investing will scale EBITDA and profit, enabling a higher dividend and transition within our balance-sheet limits.

Goal

Profitable scale-up…

...with progressive payout...

...requiring bullish CAPEX...

...and disciplined investments… …to ensure powerful earnings...

...and necessary returns.

Description

Increase EBITDA by scaling multi-energy and profitable retail, creating a more resilient, less volatile earnings mix.

Increase the share of profit for dividend payout.

Deploy a sizable, Capex envelope into diversification and footprint growth to build future cash engines.

Invest in projects that pass a clear scorecard, while keeping leverage within limits.

Organic growth, cost discipline and portfolio expansion (diversification).

Focus the portfolio on high-return projects.

KPI

500+ mEUR Annual EBITDA in 2030

60%

Share of the Petrol Group's profit for dividend

~150 mEUR

Average annual CAPEX through 2030

<1.0x

Target net debt/EBITDA

300 mEUR Net profit in 2030 >10% ROACE Targeted return on projects

Key financial indicators

Over the next five years, gross profit will grow at 9.9% CAGR. Through cost discipline, growth will also be recorded in EBITDA (9.0% CAGR) and net profit (11.1% CAGR).

Structure of investments

By investing in our core activity and pursuing diversification, we ensure a strong core while driving an ambitious transition.

Investments in 2026–30, by business pillars (%)

Product portfolio and market presence expansion

To achieve results, we will grow in existing and new regional markets, especially through the expansion of the retail network and entry to NG and EE supply markets.

Tactical goals by 2030

The strategic goals are complemented by operational and tactical goals focused on costs, employee productivity, human resources, brand, and customer experience.

Strategic goals

Tactical goals

Cost management

Productivity increase

Human resource management

Brand development and CX

Enhance cost discipline and operational efficiency to achieve the target CIR and long-term financial stability.

Increase productivity and value added per employee.

Become one of the most desired and reputable employers with a culture and employee structure necessary to achieve strategic goals. Defend brand power and preference in Slovenia, strengthen it in other markets, and ensure the best customer experience.

~70%

Cost-to-income ratio (CIR) by 2030

100 kEUR

Added value per employee in 2030

Top 10

Employer in relevant markets by 2030

30+

Touchpoints for measuring customer experience in relevant markets by 2030

Key strategic initiatives

We will achieve the set goals through operational and organisational excellence, while ensuring the best customer experience and further building on brand power and image.

	Supply chain optimisation	Costs	AV per emloyee	Personnel	Brand & CX
Operational	Retail network automation	~	~		~
excellence and cost efficiency	AI implementation	~	~	~	~
	IT development	~	~	~
Organisational	Employer branding improvement			~	~
excellence and	Workplace climate, satisfaction, and engagement improvement		~	~	~
employer	Employee development		~	~
branding	Ensuring an optimal human resource structure		~	~	~
	Brand development			~	~
Customer	Increasing the number and value of loyal customers		~		~
experience and	Improving the customer experience		~		~
brand image	Implementing and further developing the mobile app		~		~
	Digitalisation in marketing, digital sales, and CC		~		~

Remark

Any further use of data, estimates, or content from the document "Petrol Group's 2030 Strategy" – including summarizing, quoting, interpreting, or incorporating into other analyses – requires prior written consent from Petrol d.d., Ljubljana, to ensure accurate and comprehensive interpretation.

This document contains an estimate of the current state, including an evaluation of key business indicators for 2025, as well as Projections for 2026–2030 and beyond (forward-looking statements) related to the Petrol Group's strategy, plans, goals, and expectations.

In developing the strategic plan, we relied on the rolling forecast for 2025, which changed significantly during the year due to unforeseen circumstances. In cases of material deviations between the rolling forecast and the latest estimate for 2025, we adjusted the baseline in this document to align with the latest available estimate. The assumptions for 2025 in this document are estimates and may differ from actual results, as the financial year was not yet closed at the time of content preparation.

Projections include risks and uncertainties which is why actual results may differ materially from those stated due to movements in energy prices, market conditions, changes in demand, macroeconomic factors, technology development, regulatory changes, competitive environment, and other factors disclosed in our public reports.

Certain data are based on estimates, assumptions, and third-party information. Despite due diligence, we cannot guarantee their completeness or accuracy.

These risk factors explicitly apply to all projections included in this content and must be considered by the reader. Each projection is valid only as of the date of this content. The Petrol Group does not undertake to publicly update or revise any projection due to new information, future events, or other circumstances, except as required by regulations. Given these risks, actual results may differ materially from those stated, implied, or inferred in this content.

The abbreviations used in this document are explained on the next page.

List of abbreviations

Abbreviation	Meaning	Abbreviation	Meaning
AI	Artificial intelligence	FCF	Free cash flow
AV	Added value	IT	Information technology
B2C	Operations with natural persons	KPI	Key performance indicators
BiH	Bosnia and Herzegovina	M&A	Mergers and acquisitions
CAGR	Cumulative annual growth rate	MNE	Montenegro
CAPEX	Capital expenditure	MW, GW / GWh, TWh	Megawatt, Gigawatt / Gigawatt hours, Terawatt hours
CC	Contact centre	NG	Natural gas
CIR	Cost-to-income ratio	OPEX	Operating expenses
CRO	Croatia	RES	Renewable energy sources
CX	Customer experience	ROACE	Return on average capital employed
EBITDA	Earnings before interest, taxes, depreciation and amortization	SEE	Southeast Europe
EE	Electricity	SLO	Slovenia
ESG	Environmental, social, governance	SME	Small and medium size enterprises
EU	European Union	SRB	Serbia
EV	Electric vehicle	SS	Service station

Petrol 2030: Strong core, ambitious transition.