Ljubljana, 14 May 2026 – At its 17th meeting, the Supervisory Board of Petrol d.d., Ljubljana, reviewed the Report on the Operations of the Petrol Group and Petrol d.d., Ljubljana, in the First Three Months of 2026. In the first quarter of 2026, the operations of the Petrol Group were marked by escalating geopolitical tensions and an inadequate regulatory fuel pricing model in Slovenia, which in March alone resulted in a loss of EUR 27.5 million from petroleum product sales for the Slovenian company Petrol d.d., Ljubljana despite an increase in sales volumes of as much as 39%. The latter had a negative impact on the Petrol Group’s business results in the first quarter of the year, which were significantly lower compared to the same period in 2025.

The regulatory framework for fuel pricing in Slovenia is inadequate, as has been consistently emphasised by oil sellers. This was also clearly demostrated by the results in March 2026, when the inappropriate petroleum product pricing model led to a significant deterioration in the Petrol Group’s business performance, which was further exacerbated by the government's announcement of fuel price increase, which placed additional pressure on the market. Despite these extreme challenges, Petrol continued to act responsibly, maintaining a reliable and uninterrupted supply even under crisis conditions.

Sašo Berger, President of the Management Board of Petrol d.d., Ljubljana, emphasises: “The results for the first quarter of 2026 fell significantly short of expectations, primarily due to an inadequate regulatory framework in Slovenia, which does not allow for sustainable operations in fuel sales in the long term. Such a mechanism causes direct business losses and increases risks to the stability and reliability of energy supply on the market. To protect its interests, Petrol will, in addition to the compensation claims already filed, continue to actively pursue legal remedies and claims for damages arising from petroleum product price regulation.”

Commenting on the results, Vesna Južna, President of the Supervisory Board of Petrol d.d., Ljubljana, emphasised: “In March, Petrol d.d., Ljubljana recorded a negative EBIT of EUR 27.5 million in the fuels and petroleum products segment, even though sales volumes were 39% higher. The inadequate and regulated margin, which has remained unchanged for more than a decade, does not take into account either inflation or the increase in key operating costs (labour, rent, transport, storage, maintenance, etc.). Over the past four years, inflation has reached 20% and retail costs have increased by more than 35%, resulting in a decline in the profitability of the core business, which is not sustainable. The Supervisory Board has instructed the Management Board to prepare a response protocol in the event that market conditions in the field of petroleum product sales do not allow for profitable operations.”

Petrol Group’s operations in the first three months of 2026

In the first three months of 2026, the Petrol Group generated sales revenue of EUR 1.5 billion, which is comparable to the first quarter of the previous year. In the same period, the Petrol Group sold 1.0 million tonnes of fuels and petroleum products, an increase of 10 percent compared to the same period of 2025. Sales of merchandise and services amounted to EUR 152.9 million, a year-on-year increase of 8% or EUR 11.9 million.

Despite the high rise in sales volumes, the business results were significantly below those recorded in the first three months of 2025. Gross profit of the Petrol Group with closed net commodity derivative financial instruments amounted to EUR 151.9 million, a year-on-year decrease of EUR 6.7 million or 4 percent. Pre-tax operating profit was EUR 9.9 million, which is EUR 29.1 million or 75 percent less than in the first three months of 2025. Net profit of the Petrol Group totalled EUR 8.3 million, a decrease of EUR 22.7 million or 73 percent compared to the same period of 2025.

The Petrol Group recorded EBITDA of EUR 41.0 million, a decrease of EUR 26.0 million or 39 percent compared to the same period last year. In March, Petrol recorded negative EBIT of EUR 27.5 million in its core business of fuel and petroleum product sales in Slovenia, which significantly deteriorated the Petrol Group’s results. Strong performance in most other product groups and cost optimisation were not sufficient to offset this negative impact; this, however, cannot be the company’s objective.

Credit ratings reflect the Petrol Group’s stable financial position. On 26 March 2026, S&P Global Ratings reaffirmed Petrol d.d., Ljubljana’s long-term BBB- and short-term A-3 ratings and upgraded its outlook from stable to positive. 

Renewed call to change the regulation and compensate for damages incurred

The Petrol Group once again emphasises that the current fuel pricing regulation model in Slovenia is not comparable to arrangements in other countries and, in the long term, does not enable stable and economically sustainable operation of the petroleum products market. Such a regulatory framework increases risks to the reliability of energy supply to the market, and at the same time limits the company’s long-term development, threatens the country’s energy security, and competitiveness of the Slovenian economy.

The company once again calls for the immediate removal of fuel price regulation and compensation for damages incurred.