Ljubljana, 13 March 2025 – At its 62nd meeting, the Supervisory Board of Petrol d.d., Ljubljana discussed the unaudited results of the Petrol Group and Petrol d.d., Ljubljana, for 2024. Despite the stringent regulatory conditions and challenges brought about by the geopolitical situation, the Petrol Group achieved very good business results which confirms the success of our portfolio diversification, business optimisation and risk management strategy.

The year 2024 was marked by the continued inflationary pressures and energy price volatility which, however, was lower than the year before. Despite the complex macroeconomic situation, Petrol managed to keep its growth stable and stay competitive by effectively managing risks and strategically adapting its business model. The regulatory framework has stayed a key challenge, since it has an impact on the price policy and energy sales margins.

"In 2024, the price regulation became less strict in the second half of the year, but the low limited margins and the growing environmental demands continued to represent a big challenge. Nevertheless, thanks to our prudent cost management and successful sales results, especially in the segments of merchandise and energy solutions, we exceeded last year’s results and the plan. Our revenue amounted to EUR 6.1 billion and EBITDA to EUR 314.2 million, which is a 15 percent increase year-on-year and three percent more than planned. Such growth is a result of efficient operations despite the regulatory restrictions. At Petrol, we are focused on the energy transition and digitalisation and continue making strategic investments despite the limited budget," said President of the Management Board of Petrol d.d., Ljubljana, Sašo Berger on the occasion of publishing the unaudited results.

Growth of key indicators

In 2024, the Petrol Group generated sales revenue of EUR 6.1 billion; the volumes of petroleum products, natural gas and electricity sold stayed high. Gross profit was EUR 730.4 million, an 8 percent increase compared to 2023. EBITDA amounted to EUR 314.2 million, a year-on-year increase of 15 percent. Net profit of EUR 145.9 million was 7 percent higher than in 2023.

Cost discipline and investments

The Petrol Group continued optimising costs in 2024 and decreased operating costs by 2 percent compared to 2023. Due to the inflationary pressures, labour costs represented the biggest challenge, but they were balanced by the improved cost efficiency and business process optimisation. The added value per employee increased by 13 percent compared to 2023, to EUR 86.8 thousand.

In 2024, CapEx amounted to EUR 60.1 million, which is less than planned for 2024. The unwas EUR 130 million. Uncertainty relating to too low margins and the rising geostrategic and environmental risks had an impact on the investment dynamic, especially in the field of the energy transition projects which are key to a sustainable transition to green fuels. In Slovenia, the limited margins are too low to allow adequate financing of the additional legally binding steps in the energy transition, such as biofuel blending, CO2 taxes and costs related to ensuring savings for final customers.

Analysis of operations by segments

In 2024, the Petrol Group sold 3.9 million tonnes of fuels and petroleum products, a year-on-year increase of 2 percent. Good sales results were achieved especially on the Croatian market where the prices of fuels were lower compared to the neighbouring countries, which prompted buyers in transit to refuel in Croatia rather than in Slovenia.

Revenue from sales of merchandise and services amounted to EUR 636.3 million, a year-on-year increase of 11 percent, which was contributed by the adaptation of service stations to new trends and habits of customers and the extended range of products and services, including freshly prepared food and other services for customers on the go.

In the energy and solutions segment, the Petrol Group sold 20.7 TWh of natural gas, 11.3 TWh of electricity and 135.5 thousand MWh of heat. A slightly negative consumption trend was noticed in the B2B segment in the second half of the year as a result of the worsening macroeconomic conditions. We fast-tracked investments in EV charging stations, thereby becoming the leading partner in the region in terms of the number of charging points.

Improved customer experience

The Petrol Group notably improved its customer experience in 2024 by making extensive renovations of service stations throughout the region, expanding digital services and tailoring the range of products and services to meet the modern needs of customers. As a result of such endeavours, Petrol won several awards and prizes for its products Coffee to Go, Fresh and Q Max fuel and for the updated Petrol GO mobile app.

Expectations for 2025 and Petrol’s 80th anniversary

The year 2025 will be particularly important to Petrol because we are celebrating our 80th anniversary. In addition to having set very ambitious goals for the current year, we will also perform a number of activities on the occasion to further highlight our role in energy supply and energy sector development in the region and sustainable solutions for the future.

We expect the year to be marked by the continued volatility on global energy markets driven by geopolitical tension, inflation and energy price regulation. Especially in Slovenia as the Petrol Group’s major market, the low margins on petroleum products continue to put pressure on operations. Although energy prices are forecast to further stabilise, the regulatory requirements and the costs related to the green transition, such as an increase in the share of biofuels and the environmental legislation, will continue to represent a challenge.

The Petrol Group will adjust its activity to such conditions by optimising processes and implementing cost efficiency measures with a goal to ensure a long-term stability and performance, including by making additional investments in digitalisation and implementing measures to improve operational efficiency. At the same time, we will pay special attention to managing risks and enhancing the capital structure in the volatile environment.

The Petrol Group’s key financial goals for 2025:

• Sales revenue of EUR 6.1 billion,
• Gross profit of EUR 789 million,
• EBITDA of EUR 339 million,
• Net profit of EUR 177.8 million,
• Net debt/EBITDA of 1.2.

This year, we plan to increase our investment activity. To this end, we have set a budget of EUR 150 million, of which more than a half for energy transition projects, including investments in renewable energy sources, digitalisation and mobility.

“Petrol’s Management Board efficiently implemented the business strategy and successfully managed risks in 2024. Despite the complex environment, the Petrol Group achieved excellent business results, attesting to its commitment to a long-term development and sustainable growth. The Supervisory Board expresses its support to the continued investments in energy transition projects and the implementation of the business strategy, which ensures a responsible approach to the market and the key stakeholders,” said Janez Žlak, President of the Supervisory Board of Petrol d.d., Ljubljana.