Ljubljana, 9 April 2025 – At its 63rd meeting, the Supervisory Board of Petrol d.d., Ljubljana discussed and endorsed the Annual Report 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 efficient risk management strategy.

The year 2024 was marked by the continued inflationary pressures and the persistent energy price volatility, although it 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 remains a key challenge, since it influences the price policy and energy sales margins.

"The year 2024 was marked by fierce regulatory policy in the field of petroleum products in Slovenia, which requires the Company to maintain a high level of adjustability and efficiency. However, despite the restrictions, we exceeded both last year’s results and the plan thanks to our prudent cost management, a successful development of the trade segment and good sales of natural gas. We kept our operations stable also by actively managing financial and market risks. We continue adapting to the regulatory changes in all markets, strengthening the foundations for a long-term growth, and staying firmly focused on the energy transition, digitalisation and sustainable operations," said President of the Management Board of Petrol d.d., Ljubljana, Sašo Berger on the occasion of the endorsement of the Annual Report for 2024.

Growth of key indicators

In 2024, the Petrol Group generated revenue of EUR 6.1 billion; sales volumes of petroleum products, natural gas and electricity 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.

The Petrol Group continued streamlining operations and managing costs in 2024. Due to the inflationary pressures, labour costs represented the biggest challenge, yet the added value per employee nonetheless increased by 13 percent compared to 2023 and reached EUR 86.8 thousand.

The Petrol Group’s earnings per share (EPS) were EUR 3.4 and cash earnings per share (CEPS) EUR 5.8 in 2024. The capital gains yield of the share, calculated by comparing the closing share price at the end of 2024 with the closing share price at the end of 2023, was 35.2 percent. Together with a 7.7 percent dividend yield, this means a 42.9 percent gains yield of the share in 2024.

In 2024, CapEx was EUR 60.1 million, which is less than planned for 2024. 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 vital in transitioning to green fuels. In Slovenia, the limited margins are still too low to allow adequate financing of the additional legally binding steps in the energy transition.

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 particularly 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, which includes 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. We fast-tracked investments in EV charging stations; this way we are becoming the leading partner in the region in terms of the number of charging points.

Breakthroughs in sustainability, digitalisation and development of sales network

In 2024, we continued our strategic renovation of the sales network: we opened modern and renovated Barje – North and South service stations along with many other renovated service stations in Slovenia and the region. We received many prestigious awards, including the Product of the Year for our Coffee to Go, Fresh and the Petrol GO app, which also won the WEBSI and DIGGIT awards. We stepped up the green transition by having extended the range of HVO and CNG fuels and through our cooperation in the European CROSS-E project. By having signed a commitment for climate-neutral Ljubljana and a consortium agreement to establish a hydrogen ecosystem, we made important steps to a sustainable future.

A glance forward – the year 2025 and Petrol’s 80th anniversary

2025 will be a special year for Petrol not only because of the ambitious business goals, but also because we are celebrating our 80th anniversary. On the occasion, we will perform many activities to emphasise our role in energy supply and development of sustainable and innovative solutions for the future. In the challenging environment which continues to be characterised by geopolitical tensions, the trade war, energy price fluctuations, inflation and regulatory pressures, we plan to generate sales revenue of EUR 6.1 billion and EBITDA of EUR 339.0 million, net profit of EUR 177.8 million, and net debt-to-EBITDA of 1.2. CapEx budget is set at EUR 150.0 million, of which more than a half to support the energy transition – investments in renewables, digitalisation and sustainable mobility development. Ambitious sales targets together with thought-out measures aimed at enhancing efficiency are a foundation for creating added value for all stakeholders.

“Petrol’s Management Board efficiently implemented the business strategy and successfully managed risks in 2024. Despite the challenging 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,” re-emphasised Janez Žlak, President of the Supervisory Board of Petrol d.d., Ljubljana on the occasion of the publication of the results.