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DECLARATIONS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS OF
“MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.”
Pursuant to the provisions of article 4 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge:
A.The single and consolidated financial statements of “MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.” (the Company) for the fiscal year 2025, which have been prepared in accordance with the applicable set of accounting standards, present truly and fairly the assets and the liabilities, the shareholders’ equity and the statement of comprehensive income of the Company and the companies included in the consolidated financial statements taken as a whole, and
B.The Board of Directors’ annual report fairly presents the course, the performance and the position of the Company and the companies included in the consolidated financial statements taken as a whole, including the description of the most important risks and uncertainties they are facing and that it has been prepared in accordance with the standards for sustainability reports referred to in Article 154A of Law No. 4548/2018 (A' 104) and with the specifications approved pursuant to par. 4 of Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 establishing a framework for the facilitation of sustainable investments and amending Regulation (EU) 2019/2088 (L 198).
Maroussi, March 20, 2026

THE CHAIRMAN & CEO | THE DEPUTY CEO | THE DEPUTY CEO
IOANNIS V. VARDINOYANNIS | PETROS T. TZANNETAKIS | IOANNIS N. KOSMADAKIS

DIRECTORS’ REPORT
2025
1
CONTENTS OF DIRECTORS’ REPORT

1 | REVIEW OF OPERATIONS | 2
2 | SHARE PRICE DATA – DIVIDEND – DIVIDEND YIELD | 13
3 | PROSPECTS | 14
4 | CAPITAL EXPENDITURE | 16
5 | GROUP STRUCTURE – SIGNIFICANT SUBSIDIARIES & AFFILIATED COMPANIES | 17
6 | SHAREHOLDERS – SHARE CAPITAL – BOD AUTHORIZATIONS – ARTICLES OF ASSSOCIATION | 31
7 | DEVELOPMENTS AFTER 31.12.2025 | 32
8 | MAIN SOURCES OF UNCERTAINTY IN ACCOUNTING ESTIMATIONS | 33
9 | MANAGEMENT OF FINANCIAL RISKS | 34
10 | ALTERNATIVE PERFORMANCE MEASURES | 46
11 | RELATED PARTY TRANSACTIONS | 48
12 | SUSTAINABILITY STATEMENT (LAW 5164/2024) | 51

DIRECTORS’ REPORT
2025
2
D I R E C T O R S´ R E P O R T
(ACCORDING TO ARTICLE 4 OF THE LAW 3556/2007)
ON THE FINANCIAL STATEMENTS OF
“MΟΤΟ R Ο IL (H Ε LL Α S) CORINTH REFINERIES S.Α.”
AND THE CONSOLIDATED FINANCIAL STATEMENTS
OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2025
(01.01.2025 – 31.12.2025)
1.REVIEW OF OPERATIONS
The Group financial figures for the fiscal year 2025 compared with the fiscal year 2024 are presented hereunder:

|  |  | Variation
Amounts in thousand Euros | 2025 | 2024 |  | Amount | %
Turnover (Sales) | 11,482,478 | 12,187,917 |  | (705,439) | (5.79)%
Less: Cost of Sales (before depreciation & amortization) | 10,247,749 | 10,920,148 |  | (672,399) | (6.16)%
Gross Profit (before depreciation & amortization) | 1,234,729 | 1,267,769 |  | (33,040) | (2.61)%
Less: Distribution Expenses (before depreciation & amortization) | 295,572 | 273,630 |  | 21,942 | 8.02%
Less: Administrative Expenses (before depreciation & amortization) | 169,199 | 150,556 |  | 18,643 | 12.38%
Plus: Other Income | 36,304 | 61,411 |  | (25,107) | (40.88)%
Plus/(Less): Other Gain/(Loss) | 253,086 | 61,601 |  | 191,485 | 310.85%
Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) * | 1,059,348 | 966,595 |  | 92,753 | 9.60%
Plus/(Less): Investment Income / share of profits/(losses) in associates | 52,731 | (593) |  | 53,324 | 8,992.24%
Plus: Financial Income | 183,671 | 165,073 |  | 18,598 | 11.27%
Less: Financial Expenses | 253,651 | 222,987 |  | 30,664 | 13.75%
Plus/(Less): Gain/(loss) on fixed assets from significant incident | 73,208 | (6,097) |  | 79,305 | 1,300.72%
Earnings before Depreciation/Amortization and Tax | 1,115,307 | 901,991 |  | 213,316 | 23.65%
Less: Depreciation & Amortization | 288,065 | 260,849 |  | 27,216 | 10.43%
Earnings before Tax (EBT) | 827,242 | 641,142 |  | 186,100 | 29.03%
Less: Income Tax | 176,435 | 353,828 |  | (177,393) | (50.14)%
Earnings after Tax (EAT) | 650,807 | 287,314 |  | 363,493 | 126.51%

(*) Includes government grants amortization Euro 5,691 thousand for 2025 and Euro 3,787 thousand for 2024. Depreciation & Amortization includes also other impairments that relate to fixed assets.
DIRECTORS’ REPORT
2025
3
The respective Company financial figures for the fiscal year 2025 compared with fiscal year 2024 are presented hereunder:

|  |  | Variation
Amounts in thousand Euros | 2025 | 2024 |  | Amount | %
Turnover (Sales) | 7,698,104 | 8,412,789 |  | (714,685) | (8.50)%
Less: Cost of Sales (before depreciation & amortization) | 7,087,353 | 7,730,013 |  | (642,660) | (8.31)%
Gross Profit (before depreciation & amortization) | 610,751 | 682,776 |  | (72,025) | (10.55)%
Less: Distribution Expenses (before depreciation & amortization) | 40,188 | 31,348 |  | 8,840 | 28.20%
Less: Administrative Expenses (before depreciation & amortization) | 84,406 | 84,814 |  | (408) | (0.48)%
Plus: Other Income | 21,452 | 46,987 |  | (25,535) | (54.34)%
Plus/(Less): Other Gain/(Loss) | 238,267 | 58,329 |  | 179,938 | 308.49%
Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) * | 745,876 | 671,930 |  | 73,946 | 11.01%
Plus: Finance Income | 245,740 | 157,436 |  | 88,304 | 56.09%
Less: Financial Expenses | 157,994 | 117,516 |  | 40,478 | 34.44%
Plus/(Less): Gain/(loss) on fixed assets from significant incident | 73,208 | (6,097) |  | 79,305 | 1,300.72%
Earnings before Depreciation/Amortization and Tax | 906,830 | 705,753 |  | 201,077 | 28.49%
Less: Depreciation & Amortization | 104,126 | 96,802 |  | 7,324 | 7.57%
Earnings before Tax (EBT) | 802,704 | 608,951 |  | 193,753 | 31.82%
Less: Income Tax | 161,969 | 331,805 |  | (169,836) | (51.19)%
Earnings after Tax (EAT) | 640,735 | 277,146 |  | 363,589 | 131.19%

(*) Includes government grants amortization Euro 1,525 thousand for 2025 and Euro 349 thousand for 2024. Depreciation & Amortization includes also other impairments that relate to fixed assets.
On the financial figures presented above we hereby note the following:
1. Turnover (Sales)
In principle, the turnover increase or decrease of oil refining and trading companies is mainly a function of the following factors:
a) Volume of Sales
b) Crude Oil and Petroleum Product Prices, and
c) Euro / US Dollar parity.
The industrial activity (refining) concerns sales of products produced in the refinery of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (‘‘Company’’ or ‘‘Parent Company’’) while the trading activity concerns sales generated as a result of imports of finished products from the international market and their subsequent resale to customers in the domestic market and abroad. The Group has the flexibility to take full advantage of the favorable market conditions in the oil sector, whenever these arise, and it is in a position to respond to any exceptional or unpredictable conditions meeting the demand in the domestic and the international market with imports of products.
DIRECTORS’ REPORT
2025
4
The breakdown of Group turnover by geographical market (Foreign – Domestic – Bunkering) and type of activity (Refining – Trading) as well as sales category in Metric Tons–Euros is presented hereunder:

| Metric Tons |  | Amounts in Thousand Euros
Geographical Market and Type of Activity | 2025 | 2024 | Variation % |  | 2025 | 2024 | Variation %
Foreign |  |  |  |  |  |  |
Refining/Fuels | 7,663,740 | 7,924,869 | (3.30)% |  | 4,009,354 | 4,945,485 | (18.93)%
Refining/Lubricants | 187,907 | 206,067 | (8.81)% |  | 162,839 | 199,013 | (18.18)%
Trading/Fuels etc. | 915,393 | 807,453 | 13.37% |  | 736,896 | 651,199 | 13.16%
Total Foreign Sales | 8,767,040 | 8,938,389 | (1.92)% |  | 4,909,089 | 5,795,697 | (15.30)%
Domestic |  |  |  |  |  |  |
Refining/Fuels | 2,394,260 | 2,147,438 | 11.49% |  | 1,694,765 | 1,764,294 | (3.94)%
Refining/Lubricants | 41,199 | 31,548 | 30.59% |  | 48,953 | 45,084 | 8.58%
Trading/Fuels etc. | 1,468,647 | 1,110,427 | 32.26% |  | 2,676,133 | 2,483,328 | 7.76%
Total Domestic Sales | 3,904,106 | 3,289,413 | 18.69% |  | 4,419,851 | 4,292,706 | 2.96%
Bunkering |  |  |  |  |  |  |
Refining/Fuels | 1,069,973 | 1,085,572 | (1.44)% |  | 666,959 | 712,467 | (6.39)%
Refining/Lubricants | 15,811 | 13,487 | 17.23% |  | 25,519 | 23,392 | 9.09%
Trading/Fuels etc. | 511,401 | 540,470 | (5.38)% |  | 331,693 | 361,650 | (8.28)%
Total Bunkering Sales | 1,597,185 | 1,639,529 | (2.58)% |  | 1,024,171 | 1,097,509 | (6.68)%
Rendering of Services |  |  |  |  | 1,129,367 | 1,002,005 | 12.71%
Total Sales | 14,268,331 | 13,867,331 | 2.89% |  | 11,482,478 | 12,187,917 | (5.79)%

In 2025 the turnover of the Group reached Euro 11,482.5 million compared with Euro 12,187.9 million in 2024 denoting a decrease of 5.79% which is accounted for by the reduction of the average prices of petroleum products combined with the devaluation of the US Dollar against the Euro (average parity), considering that the greatest part of the sales volume of the parent company concerns exports invoiced in US Dollars (information regarding the average prices of petroleum products and the €/$ parity is provided in the analysis of the Company turnover), while part of the turnover decrease was offset due to the increased volume of product sales.
In 2025, the Group had revenues from the provision of services the greater part of which concerns the activities of NRG S.A., the sub-group of MORE, THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A and the HELECTOR sub-group.
The breakdown of the consolidated sales volume confirms the solid exporting profile of the Group considering that export and bunkering sales combined accounted for 72.64% of the aggregate sales volume in 2025 compared with 76.28% in 2024, while the contribution of refining activities stood at 79.71%, compared with 82.27% in 2024.
DIRECTORS’ REPORT
2025
5
The respective breakdown of Company turnover is presented hereunder:

| Metric Tons |  | Amounts in Thousand Euros
Geographical Market and Type of Activity | 2025 | 2024 | Variation % |  | 2025 | 2024 | Variation %
Foreign |  |  |  |  |  |  |
Refining/Fuels | 7,660,787 | 7,919,848 | (3.27)% |  | 4,008,024 | 4,939,255 | (18.85)%
Refining/Lubricants | 156,390 | 162,777 | (3.92)% |  | 123,340 | 140,070 | (11.94)%
Trading/Fuels etc. | 531,361 | 737,537 | (27.95)% |  | 300,681 | 410,359 | (26.73)%
Total Foreign Sales | 8,348,538 | 8,820,162 | (5.35)% |  | 4,432,045 | 5,489,684 | (19.27)%
Domestic |  |  |  |  |  |  |
Refining/Fuels | 2,377,497 | 2,133,895 | 11.42% |  | 1,674,042 | 1,749,083 | (4.29)%
Refining/Lubricants | 46,042 | 58,838 | (21.75)% |  | 40,734 | 56,000 | (27.26)%
Trading/Fuels etc. | 982,444 | 258,673 | 279.80% |  | 581,682 | 166,492 | 249.38%
Total Domestic Sales | 3,405,983 | 2,451,406 | 38.94% |  | 2,296,458 | 1,971,575 | 16.48%
Bunkering |  |  |  |  |  |  |
Refining/Fuels | 1,069,974 | 1,085,572 | (1.44)% |  | 666,959 | 712,467 | (6.39)%
Refining/Lubricants | 5,552 | 5,119 | 8.46% |  | 7,970 | 7,792 | 2.28%
Trading/Fuels etc. | 356,450 | 262,564 | 35.76% |  | 231,967 | 181,960 | 27.48%
Total Bunkering Sales | 1,431,976 | 1,353,255 | 5.82% |  | 906,896 | 902,219 | 0.52%
Rendering of Services |  |  |  |  | 62,705 | 49,311 | 27.16%
Total Sales | 13,186,497 | 12,624,823 | 4.45% |  | 7,698,104 | 8,412,789 | (8.50)%

In 2025 the turnover of the Company reached Euro 7,698.1 million compared with Euro 8,412.8 million in 2024 which represents a decrease of 8.50%. This development is attributed to the reduction of the average prices of petroleum products by 10.84% (see table: International Average Petroleum Product Prices (US Dollars / MT)) and to the devaluation of the US Dollar against the Euro by 4.40% (average exchange rate in 2025: 1 € = 1.13$ compared with 1€ = 1.0824 in 2024), while part of the decline was offset by a 6.20% increase in product sales volume (see table: Sales per Product).
The breakdown of the Company sales volume confirms the solid exporting profile of the Refinery considering that export and bunkering sales combined accounted for 74.17% of the aggregate sales volume of 2025 compared to 80.58% in 2024, as well as the high contribution of refining activities (85.82% of the aggregate sales volume of 2025 compared to 90.03% in 2024).
Revenues from services concern storage fees and related services as the Company invests significant funds in the construction of storage tanks (please see section 4. Capital Expenditure).
DIRECTORS’ REPORT
2025
6
The international average prices of petroleum products (in US Dollars per Metric Ton) and the international average prices of the various types of crude (in US Dollars per barrel) during the period 2024 – 2025 are presented hereunder. On average, the prices of petroleum products were reduced by 10.84% and the respective crude prices by 13.79%.

International Average Petroleum Product Prices (US Dollars / Μ Τ) | 2025 | 2024
Naphtha | 540 | 627
Unleaded Gasoline | 697 | 791
Jet Kero / A1 (Aviation Fuels) | 693 | 766
Automotive Diesel | 677 | 744
Heating Gasoil | 665 | 725
Fuel Oil 1% | 419 | 488
Fuel Oil 3.5% | 397 | 444
International Average Crude Oil Prices (US Dollars / bbl) | 2025 | 2024
Dated Brent, fob North Sea | 69.11 | 80.76
Arab Light, fob Sidi Kerir | 70.40 | 81.07

The sales of the Company per product as well as the Refinery production per product (both in thousand Metric Tons) during the period 2024– 2025 are presented hereunder:

Sales per Product | Thousand ΜΤ 2025 | Thousand ΜΤ 2024
Asphalt | 1,470 | 942
Fuel Oil | 1,750 | 2,128
Diesel (Automotive - Heating) | 4,210 | 3,880
Jet Fuel | 1,843 | 1,891
Gasoline | 2,491 | 2,622
LPG | 193 | 216
Lubricants | 208 | 227
Other | 788 | 291
Total (Products) | 12,953 | 12,197
Crude Sales / Other Sales | 233 | 428
Total | 13,186 | 12,625
Refinery Production per Product | Thousand ΜΤ 2025 | Thousand ΜΤ 2024
Lubricants | 169 | 197
LPG | 204 | 220
Gasoline | 2,426 | 2,519
Jet Fuel | 1,373 | 1,603
Diesel (Automotive - Heating) | 3,922 | 3,615
Naphtha | 46 | 35
Semi-finished products | 28 | 27
Special Products | 1,586 | 1,033
Fuel Oil | 1,766 | 1,929
Total | 11,520 | 11,178

DIRECTORS’ REPORT
2025
7
A breakdown of the aggregate volume of crude oil and other r aw materials processed by the Company during 2025 compared with the respective volume processed during 2024 is presented below:

| Metric Tons 2025 | Metric Tons 2024
Crude | 6,927,297 | 8,759,416
Fuel Oil raw material | 2,365,242 | 996,844
Gas Oil | 1,889,672 | 1,355,226
Other | 1,041,999 | 777,927
Total | 12,224,210 | 11,889,413

The aggregate volume of crude oil processed by the Company during 2025 was lower compared with 2024 due to the lower utilization rate of the Refinery units following the fire incident in one of the two Crude Distillation Units happened on 17.09.2024. The unit was brought back into full operation in third quarter of 2025. To mitigate the impact, the Company activated a contingency plan, adjusting the feedstock mix in the Refinery’s conversion units by substituting crude oil with alternative feedstocks such as fuel oil, naphtha, and vacuum gas oil (VGO). As a result of the above‑mentioned adjustment to the Refinery’s unit feedstock, the aggregate volume of crude oil and other raw materials processed by the Company in 2025 exceeded the corresponding level of 2024.
2. Cost of Sales (before Depreciation & amortization) – Gross Profit
In 2025 the Gross Profit (before depreciation & amortization) at Group level reached Euro 1,234,729 thousand compared with Euro 1,267,769 thousand in 2024 denoting a decrease of 2.61%.
The breakdown of the Cost of Sales at consolidated level per type of activity (refining, trading, services) is presented hereunder:

Amounts in thousand Euros | 2025 | 2024
Refining | 6,005,187 | 6,998,349
Trading | 3,379,023 | 3,127,239
Services | 863,539 | 794,560
Total Cost of Sales (before depreciation) | 10,247,749 | 10,920,148

The Gross Profit (before depreciation & amortization) at Company level in 2025 amounted to Euro 610,751 thousand compared with Euro 682,776 thousand in 2024 denoting a decrease of 10.55%.
This development is due to the lower international refining margins in 2025 compared with those of 2024, as well as the negative impact from inventory valuation resulting from the decline in crude oil prices (indicatively, the price of Brent fell from $74.65/bbl on 31.12.2024 to $62.56/bbl on 31.12.2025) and in petroleum product prices, as already mentioned.
It is noted that in the second half of 2025 international refining margins picked up and this, combined with the higher utilization rate of the Refinery’s units following the restoration of the CDU affected by the incident on 17.09.2024 and the resulting increase in the proportion of industrial sales, led to the significant recovery of the Company’s Gross Profit in the second half of 2025 which came in at Euro 452.5 million compared with the Gross Profit of the first half of 2025 which was Euro 158.2 million.
The table below depicts the development of the Company Gross Profit Margin in USD per Metric Ton in 2025 and 2024 respectively.

Gross Profit Margin (US Dollars / Metric Τon) | 2025 | 2024
Company Blended Profit Margin | 77.70 | 84.63

It is pointed out that part of the operational losses resulting from the lower utilization rate of the Refinery Units during the period January – July 2025 was offset by insurance compensation (see chapter 4b. Other Gain/(Loss)).
3. Administrative and Distribution Expenses (before depreciation & amortization)
The Operating expenses (Administrative and Distribution) at Group level increased in 2025 by Euro 40,585 thousand (or 9.57%) while at Company level increased by Euro 8,432 thousand (or 7.26%) compared with 2024.
DIRECTORS’ REPORT
2025
8
4a. Other Income
Other income concerns mainly rentals, commissions as well as revenue to offset the indirect cost of CO 2 emissions (reference to the amount appears below).
At Group level other income amounted to Euro 36,304 thousand in 2025 (of which the amount of Euro 17,466 thousand concerns revenue to offset the indirect cost of CO 2 emissions) compared with Euro 61,411 thousand in 2024 (of which the amount of Euro 43,868 thousand concerns revenue to offset the indirect cost of CO 2 emissions), while at Company level it amounted to Euro 21,452 thousand in 2025 (of which the amount of Euro 17,249 thousand concerns revenue to offset the indirect cost of CO 2 emissions) compared with Euro 46,987 thousand in 2024 (of which the amount of Euro 43,473 thousand concerns revenue to offset the indirect cost of CO 2 emissions).
4b. Other Gain/(Loss)
In 2025 the Group recorded gains Euro 253,086 thousand, compared with gains Euro 61,601 thousand in 2024, while the Company recorded gains Euro 238,267 thousand in 2025 (compared with gains Euro 58,329 thousand in 2024). In both cases, the greater part of ‘‘Other Gain’’ (Euro 237,832 thousand) relates to insurance compensation for the loss of production at the Refinery and industrial sales (business interruption insurance coverage).
5. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Subsequent to the above developments at Gross Margin level and at Operating Income & Expenses level, the EBITDA of the Group in 2025 was Euro 1,059,348 thousand compared with Euro 966,595 thousand in 2024 (increased by 9.60%). Likewise, the EBITDA of the Company was Euro 745,876 thousand compared with Euro 671,930 thousand in 2024 (increased by 11.01%).
6. Financial and Other Results
The financial and other results at Group level concern net income of Euro 55,959 thousand in 2025 compared with expenses of Euro 64,604 thousand in 2024 (increased by Euro 120,563 thousand or 186.62%). A breakdown of this variation is presented in the table below:

|  |  | Variation
Amounts in thousand Euros | 2025 | 2024 |  | Amount | %
(Profits)/losses from Associates | (52,731) | 593 |  | (53,324) | (8,992.24)%
Income from Participations and Investments | (4,098) | (3,322) |  | (776) | 23.36%
Interest Income | (45,364) | (61,607) |  | 16,243 | (26.37)%
Interest Expenses & bank charges | 129,888 | 141,325 |  | (11,437) | (8.09)%
(Gains)/losses from derivatives accounted at FVTPL | (3,423) | (10,122) |  | 6,699 | (66.18)%
(Gains)/losses from valuation of derivatives accounted at FVTPL | (7,023) | (8,360) |  | 1,337 | (15.99)%
(Gains)/losses on fixed assets from significant incident | (73,208) | 6,097 |  | (79,305) | (1,300.72)%
Total Financial and Other Results - (income)/expenses | (55,959) | 64,604 |  | (120,563) | (186.62)%

The ‘‘Profits from Associates” amount of Euro 52,731 thousand for 2025 concerns the share of the Group in the financial results of the companies which are consolidated under the net equity method. The amounts concern: ELLAKTOR S.A. (profits Euro 31,966 thousand), KORINTHOS POWER S.A. (profits Euro 9,110 thousand), SHELL & MOH AVIATION FUELS A.E. (profits Euro 5,502 thousand), THERMOILEKTRIKI KOMOTINIS S.A. (profits Euro 2,855 thousand), ALPHA SATELLITE TELEVISION S.A. (profits Euro 2,688 thousand), TALLON COMMODITIES LIMITED (profits Euro 915 thousand), RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A. (profit Euro 150 thousand), INDICE S.A. (profits Euro 118 thousand), ELLAKTOR VENTURES (losses Euro 3 thousand), DYNEKAT Ο.E. (losses Euro 8 thousand), ENERMEL S.A. (losses Euro 19 thousand), NEVINE HOLDINGS LIMITED (losses Euro 33 thousand), AIOLIKI PROVATA TRAIANOUPOLEOS SINGLE MEMBER S.A. (losses Euro 43 thousand), GEOTHERMAL TARGET TWO (II) S.A. (losses Euro 47 thousand), SOFRANO S.A (losses Euro 82
DIRECTORS’ REPORT
2025
9
thousand), HELLENIC FAST CHARGING SERVICES S.A (losses Euro 110 thousand) and EVOIKOS BOREAS S.A (losses Euro 228 thousand).
The "Losses from Associates" amount of Euro 593 thousand for 2024 concerns the share of the Group in the financial results of the companies which are consolidated under the net equity method. The amounts concern: ELLAKTOR S.A. (losses Euro 18,862 thousand), KORINTHOS POWER S.A. (profit Euro 13,283 thousand), SHELL & MOH AVIATION FUELS S.A. (profit Euro 5,577 thousand), TALLON COMMODITIES LIMITED (profit Euro 889 thousand), THERMOILEKTRIKI KOMOTINIS S.A. (profit Euro 235 thousand), RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A. (profit Euro 130 thousand), ALPHA SATELLITE TELEVISION S.A. (losses Euro 880 thousand), EVOIKOS BOREAS S.A (losses Euro 593 thousand), SOFRANO S.A (losses Euro 321 thousand), HELLENIC FAST CHARGING SERVICES S.A (losses Euro 34 thousand) and TALLON PTE LTD (losses Euro 17 thousand).
The ‘‘Income from Participations and Investments’’ amounting to Euro 4,098 thousand for the fiscal year 2025 concerns a dividend (Euro 3,763 thousand) received by IREON INVESTMENTS LTD as shareholder of the ATHEX-listed Optima Bank, a dividend (Euro 272 thousand ) that MOTOR OIL (HELLAS) S.A. received from ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., in which it holds a 16% stake, α dividend (Euro 50 thousand) received by HELECTOR S.A., as shareholder of Bank of Cyprus Holdings plc, which is dual‑listed on the Athens Stock Exchange and the Cyprus Stock Exchange, a dividend (Euro 10 thousand) received by IREON VENTURES LTD as shareholder of the ATHEX-listed Real Consulting S.A. and a dividend (Euro 3 thousand) received by CORAL ENERGY PRODUCTS CYPRUS LIMITED as shareholder of Bank of Cyprus Holdings plc.
The "Income from Participations and Investments" of Euro 3,322 thousand for the fiscal year 2024 concerns a dividend (Euro 2,905 thousand) received by IREON INVESTMENTS LTD as shareholder of Optima Bank, a dividend (Euro 261 thousand) that MOTOR OIL (HELLAS) S.A. received from ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., and dividends (Euro 156 thousand) collected by IREON VENTURES LTD.
In 2025 the financial and other results at Company level concern net income of Euro 160,954 thousand compared with Euro 33,823 thousand in 2024 (increased by Euro 127,131 thousand or 375.87%). A breakdown of this variation is presented hereunder:

|  |  | Variation
Amounts in thousands Euros | 2025 | 2024 |  | Amount | %
Income from Investments | (86,925) | (32,221) |  | (54,704) | 169.78%
Interest Income | (29,497) | (36,001) |  | 6,504 | (18.07)%
Interest Expenses & bank charges | 45,964 | 48,316 |  | (2,352) | (4.87)%
(Gains)/losses from derivatives accounted at FVTPL | (8,825) | (9,905) |  | 1,080 | (10.90)%
(Gains)/losses from valuation of derivatives accounted at FVTPL | (8,463) | (10,109) |  | 1,646 | (16.28)%
(Gains)/losses on fixed assets from significant incident | (73,208) | 6,097 |  | (79,305) | (1,300.72)%
Total Financial and Other Results - (income)/expenses | (160,954) | (33,823) |  | (127,131) | 375.87%

For 2025 the “Income from Investments” amount of Euro 86,925 thousand concerns dividends from the companies ELLAKTOR S.A. (Euro 39,228 thousand), LPC S.A. (Euro 27,000 thousand), CORAL S.A. (Euro 10,000 thousand), CORINTHIAN OIL LIMITED (Euro 8,816 thousand), TALLON COMMODITIES LIMITED (Euro 840 thousand), OFC AVIATION FUEL SERVICES S.A. (Euro 469 thousand), AVIN OIL S.A. (Euro 300 thousand), and ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., (Euro 272 thousand) (please see section “Related Party Transactions”).
For 2024 the "Income from Investments" amount of Euro 32,221 thousand concerns dividends from the companies CORAL S.A. (Euro 14,400 thousand), CORINTHIAN OIL LIMITED (Euro 9,239 thousand), LPC S.A. (Euro 7,000 thousand), TALLON COMMODITIES LIMITED (Euro 765 thousand), OFC AVIATION FUEL SERVICES S.A. (Euro 356 thousand), ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., (Euro 261 thousand), and AVIN OIL S.A. (Euro 200 thousand).
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2025
10
The reduction in interest income in 2025, both for the Parent Company and the Group, is attributed to the decline in deposit interest rates following the central banks’ decisions to ease monetary policy, which reduced the returns on cash balances and investment placements. Correspondingly, the reduction in interest expenses resulted from the decrease in lending rates and from modifications/improvements to existing loan agreements.
With regards to the transactions in financial derivatives, the Group recorded gains of Euro 10,446 thousand (compared with gains Euro 18,482 in 2024) and the Company recorded gains Euro 17,288 thousand (compared with gains Euro 20,014 thousand in 2024). The above figures concern the net result from the transactions in financial derivatives and the mark to market valuation of derivatives at Fair Value through Profit or Loss (FVTPL).
The “Gains on fixed assets from significant incident” amounting to Euro 73,208 thousand refers to the net result following the receipt of insurance compensation for property damaged during the fire at the Refinery installation on 17 September 2024, and related expenses incurred due to the incident.
7. Depreciation & amortization
The breakdown of the depreciation & amortization charge on the various cost accounts at Group level is presented in the next table:

Amounts in thousand Euros | 2025 | 2024
Cost of Sales | 188,047 | 171,353
Administrative Expenses | 18,104 | 14,427
Selling Expenses | 81,914 | 75,069
TOTAL DEPRECIATION & AMORTIZATION | 288,065 | 260,849

The respective breakdown of the depreciation & amortization charge on the various cost accounts at Company level is presented hereunder:

Amounts in thousand Euros | 2025 | 2024
Cost of Sales | 94,999 | 88,654
Administrative Expenses | 7,893 | 6,945
Selling Expenses | 1,234 | 1,203
TOTAL DEPRECIATION & AMORTIZATION | 104,126 | 96,802

The above figures include other impairments that relate to fixed assets.
8. Earnings before Tax
The Earnings before Tax of the Group in 2025 amounted to Euro 827,242 thousand compared with Earnings before Tax of Euro 641,142 thousand in 2024.
The Earnings before Tax of the Company in 2025 amounted to Euro 802,704 thousand compared with Earnings before Tax of Euro 608,951 thousand 2024.
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2025
11
9. Income Tax Expenses

|  | GROUP |  | COMPANY
(In 000's Euros) |  | 2025 | 2024 |  | 2025 | 2024
Current corporate tax for the year |  | 183,189 | 99,550 |  | 157,074 | 73,467
Temporary solidarity contribution |  | 0 | 255,424 |  | 0 | 255,424
Tax audit differences from prior years |  | 858 | (435) |  | (72) | 31
Total |  | 184,047 | 354,539 |  | 157,002 | 328,922
Deferred Tax on Comprehensive Income |  | (7,612) | (711) |  | 4,967 | 2,883
Deferred Tax on Other Comprehensive Income |  | (951) | (1,171) |  | (828) | (1,123)
Deferred Tax |  | (8,563) | (1,882) |  | 4,139 | 1,760
Total |  | 175,484 | 352,657 |  | 161,141 | 330,682

Income tax, on a Company level, for the year 01/01-31/12/2025 is calculated at 22% on the taxable profits. For the comparative year 01/01-31/12/2024, income tax, on a Company level, is calculated at 22% on the taxable profits, plus temporary solidarity contribution. In determining the taxable profits, the contribution is a deductible expense for the tax year of 2024, in accordance with the Income Tax Code.
In July 2024, Law 5122/19.7.2024 was issued that imposed a Temporary Solidarity Contribution on refineries, based on the surplus profits, as defined in the EU Regulation 2022/1854, of the fiscal year 2023, i.e. 33% on the taxable profits of the fiscal year 2023 that exceeded 20% of the average taxable profits of the fiscal years 2018 until 2021.
Additionally, the Council Directive (EU) 2022/2523, known as Pillar II-Global Tax, set a 15% minimum tax for multinational and large domestic business groups earning over 750 million Euros annually. For the fiscal years beginning on or after January 1, 2024, an additional tax is applicable if the effective tax rate is below 15%. Additional tax is calculated based on the detailed rules, as described in Pillar II legislation (L. 5100/2024).
In Greece, where the Company’s headquarters reside, this law was passed on April 5, 2024, while other countries where the Group operates, have either adopted or are in various stages of adopting corresponding laws.
The Group has evaluated the tax expense under the Pillar II rules of the OECD’s global minimum tax framework. There are three key steps in the assessment:
1.Identification of In-Scope Entities – Determining which entities within the Group fall under the Pillar II regulations
2.Safe Harbor Assessment – Evaluating whether entities in certain jurisdictions qualify for the Country by-Country Reporting (CbCR) Safe Harbor, meaning no Pillar II liability is expected
3.Liability Calculation – Estimating the tax liability for entities that do not qualify for Safe Harbor and are subject to Pillar II taxation
As a result, the Group has recognized an expense of € 187 thousand in “Current corporate tax for the year” which relates to Cyprus and United Arab Emirates. For the prior year, the respective expense recognized equals to € 136 thousand.
Furthermore, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the amendments of IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes.
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2025
12
There are on-going tax audits of the subsidiary J/V HELECTOR SA - WATT SA (PHASE A OF RESTORATION OF WEST ATTICA OEDA) for the fiscal years 2021 and 2022 while from March of 2026 there are on-going tax audits of the Company for the fiscal years 2022 – 2024. It is not expected that material liabilities will arise from these tax audits.
For the fiscal years 2020, 2021, 2022, 2023 and 2024, Group companies that selected tο undergo a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with the articles 82 of L.2238/1994 and 65A of L.4174/13 and the relevant Tax Compliance Certificates have been issued. In any case and according to Circ.1006/05.01.2016 these companies, for which a Tax Compliance Certificate has been issued, are not excluded from a further tax audit, if requested by the relevant tax authorities. Therefore, the tax authorities may carry out their tax audit as well within the period dictated by the law. However, the Group’s management believes that the outcome of such future audits, should these be performed, will not have a material impact on the financial position of the Group or the Company.
Up to the date of approval of these financial statements, the Group’s significant companies’ tax audits, by the statutory auditors, for the fiscal year 2025 is in progress. However, it is not expected that material liabilities will arise from these tax audits.
10. Earnings after Tax
The Earnings after Tax of the Group in 2025 amounted to Euro 650,807 thousand compared with Earnings after Tax of Euro 287,314 thousand 2024.
The Earnings after Tax of the Company in 2025 amounted to Euro 640,735 thousand compared with Earnings after Tax of Euro 277,146 thousand in 2024.
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2025
13
2.SHARE PRICE DATA – DIVIDEND – DIVIDEND YIELD
Share Price Data
The closing price of the share of MOTOR OIL (HELLAS) S.A. on 31 December 2025 was Euro 31.40, while at its highest, the price of the share reached Euro 31.58 (22 December 2025) and at its lowest it stood at Euro 18.26 (7 April 2025). The Volume Weighted Average Price (VWAP) of the share was Euro 24.31 which corresponds to a market capitalization of the Company of Euro 2,693.13 million. The market capitalization of the Company as of 31 December 2025 amounted to Euro 3,478.59 million.
On average 142,059 Company shares were traded daily which represents 0.13% on the number of outstanding Company shares and 0.23% on the number of Company shares regarded as free float. The average daily turnover amounted to Euro 3,454.09 thousand.
During the year as a whole 35,230,584 Company shares were traded corresponding to 31.80% on the number of outstanding Company shares and 55.97% on the number of Company shares regarded as free float.
Implementation of share buyback program - granting of Own Shares
As of December 31, 2024, the Company held 3,161,417 own shares, with a nominal value of €0.75 each, representing 2.85% of the Company’s share capital. During the fiscal year 2025, the following transactions took place:

Type of Transaction | Period / Date | Number of Shares | Average price (€/share) | Decision
Sales | 8.1.2025 – 17.1.2025 | 800,000 | 20.884 | BoD Decisions 3.1.2025 & 15.1.2025
Purchases | 4.4.2025 – 7.5.2025 | 297,737 | 20.164 | EGM 11.10.2023
Allocation of shares to 11 executives of the Company and the Group following the exercise of stock options | 30.4.2025 | 204,376 | 16.56 | EGM 22.3.2023
Stock Awards granted to 4 executives of the Company and the Group | 30.4.2025 | 5,880 | without monetary consideration

Following the above transactions, on 31 December 2025, the Company held 2,448,898 treasury shares at an average price of 19.387 €/share which correspond to 2.21% of the Company share capital.
Dividend
The management of the Company consistent with the dividend maximization policy of its shareholders will propose at the upcoming Annual Ordinary General Assembly of June 2026 of the Company shareholders the distribution of an amount totaling Euro 193,870,215 (or Euro 1.75 per share) as a dividend for the fiscal year 2025. It is noted that an amount of Euro 38,774,043 (or Euro 0.35 per share) has already been paid and recognized as an interim dividend for the fiscal year 2025, the payment of which took place on 05.01.2026 (ex-date: 23 December 2025, record date: 29 December 2025).
Dividend Yield
The proposed total amount of dividend per share for the fiscal year 2025 corresponds to a dividend yield of 5.57% based on the closing price of the share of the Company on 31 December 2025 and to a dividend yield of 7.20% based on the year 2025 Volume Weighted Average Price (VWAP) of the share of the Company.
DIRECTORS’ REPORT
2025
14
3.PROSPECTS
The profitability of the companies engaging in the sector of “oil refining and marketing of petroleum products” is by and large dependent on crude prices, refining margins, the Euro – US Dollar parity and interest rates (reference to the last two parameters is made in the section “Management of Financial Risks”).
With reference to the volume of sales the domestic demand figures per product category (in thousand Metric Tons) during the 2021-2025 period are presented hereunder:

Product Category | 2021 | 2022 | 2023 | 2024 | 2025
Lubricants | 89 | 77 | 89 | 84 | 70
Asphalt | 155 | 154 | 194 | 183 | 202
LPG | 484 | 533 | 560 | 566 | 538
Jet Kero / A1 (Aviation Fuels) | 910 | 1,486 | 1,574 | 1,752 | 1,860
Gasoline | 2,029 | 2,053 | 2,140 | 2,191 | 2,223
Fuel Oil | 2,725 | 2,746 | 2,756 | 3,034 | 1,636
Gasoils / Diesels |  |  |  |  |
Heating Gasoil | 1,036 | 1,161 | 786 | 805 | 881
Automotive Diesel | 2,756 | 3,004 | 2,998 | 3,136 | 2,948
Bunker Gasoil | 733 | 873 | 896 | 894 | 1,398
TOTAL | 10,917 | 12,087 | 11,993 | 12,645 | 11,756
% Variation over previous year | 5.4% | 10.7% | -0.8% | 5.4% | -7.0%

The above table indicates that total domestic demand for petroleum products in 2025 decreased by 889 thousand MT, recording a 7% decline compared with 2024. This development is primarily attributed to the significant drop in fuel oil consumption, which fell by 1,398 thousand MT (–46.1%), and, to a lesser extent, to the reduction in diesel consumption by 188 thousand MT (–6%). Smaller scale declines were also recorded in LPG and lubricants. Conversely, part of the overall reduction was offset by the strong increase in marine gasoil demand, which rose by 504 thousand MT (+56.4%), as well as by the increase in heating oil by 76 thousand MT (+9.4%). Jet fuels also presented a significant rise up by 108 thousand MT (+6.2%), reflecting higher aviation activity. Demand for gasoline remained marginally higher compared with 2024.
MOTOR OIL (HELLAS) S.A. Total Product Sales Volume (in thousand MT)

| 2021 | 2022 | 2023 | 2024 | 2025
Domestic Sales Volume | 2,838 | 3,207 | 3,190 | 3,803 | 4,827
% over previous year | -4.22% | 12.98% | -0.52% | 19.20% | 26.93%
Foreign Sales Volume | 11,429 | 10,636 | 9,572 | 8,394 | 8,126
% over previous year | 18.00% | -6.94% | -10.00% | -12.30% | -3.19%
Total Sales Volume | 14,267 | 13,842 | 12,762 | 12,197 | 12,953
% over previous year | 12.79% | -2.98% | -7.80% | -4.43% | 6.20%

The above table shows that in 2025 the largest part of MOTOR OIL (HELLAS) S.A. sales was again directed to foreign markets (62.73%), confirming the Company’s export‑oriented profile. In addition, the Company’s sales volume in 2025 once again exceeded the annual nominal production capacity of the Refinery, despite the fact that the Crude Distillation Unit (CDU), which had been affected by the incident of 17 September 2024, remained out of operation until the end of July 2025. The unit was brought back into full operation in third quarter of 2025. In the meantime, the Company implemented an alternative operating plan to mitigate the impact, adjusting the feedstock and operation of the Refinery’s conversion units by using alternative fuels such as fuel oil, naphtha and VGO (Vacuum Gasoil) instead of crude oil.
DIRECTORS’ REPORT
2025
15
For 2026, at least in the short term, the year is proving to be one of increased uncertainty, as geopolitical tensions in the Middle East—particularly those involving Iran—are undoubtedly affecting international energy markets. The high volatility of crude oil and petroleum product prices, combined with the uncertainty regarding the course of the global economic activity due to obstacles in the supply chain of refineries and the difficulty in meeting consumer needs, forms a business environment with complex challenges. The uncertainty surrounding the global economy and the volatility of crude oil and product prices depend on the duration of these geopolitical tensions, for which no reliable estimates or forecasts can be made. In this context, maintaining operational flexibility and financial discipline remains a critical priority for the Group.
At parent company level, the main objective for 2026 is to ensure the uninterrupted supply of its technologically advanced Refinery, which is capable of processing different types of crude oil to produce high value-added products and achieve margins at the top end of sector. Additional benefits are expected from the permanent increase in the share of industrial activity in the Company’s sales, following the expansion of the Refinery’s capacity to 220,000 b/d.
Regarding the business segments in which the Group operates, the estimates for 2026 are as presented hereunder.
In the Refining segment, where both the parent company and the subsidiary LPC operate, the contribution to the operating profitability (EBITDA) is expected to remain significant, reflecting the Group’s established strong position in the sector, the high technological complexity of the Refinery, and the stable demand for its products.
In the Fuel’s Marketing segment, the contribution of the subsidiaries AVIN and CORAL, which together hold approximately 35% share of the domestic market, is expected to remain at 2025 levels in terms of operating profitability (EBITDA).
In the Power and Gas segment, a significant contribution to the operating profitability is anticipated from Renewable Energy activities through the subsidiary MORE, which in 2025 further increased its operating portfolio of wind and photovoltaic parks to 847 MW from 839 MW previously.
Finally, in the Other Activities segment, an enhanced contribution to the operating profitability is also expected from the circular economy sector, where the Group has a strong presence through the companies THALIS Environmental Services and HELECTOR S.A., as a result of acquisitions carried out during the period 2022–2025.
DIRECTORS’ REPORT
2025
16
4.CAPITAL EXPENDITURE
In 2025 the Company’s capital expenditure reached Euro 223.2 million of which Euro 215 million (96.3%) concerned projects at the MOTOR OIL Refinery as follows:
a)An amount of Euro 81.4 million was allocated for the restoration works of the crude distillation unit that was affected by the incident that occurred at the Refinery on 17.09.2024. The unit was brought back into full operation in third quarter of 2025.
b)An amount of Euro 38 million was allocated to projects for the production and transportation of renewable fuels. The largest part of the expenditure (Euro 35.2 million) related to the construction of a new Electrolyzer for green hydrogen production, the construction of a new electricity distribution substation, and the project for the compressed H2 supply and transportation (the combined total budget of the said projects equals Euro 150 million).
c)An amount of Euro 33 million was allocated for the construction of the new Propylene Splitter unit at the Refinery. The project was completed in the third quarter of 2025 and the unit has been put into operation.
d)An amount of Euro 30.3 million was allocated for regular maintenance works, upgrades and revamping of various Refinery units, infrastructure maintenance projects of existing port facilities, as well as development and operational safety projects for the Refinery.
e)An amount of Euro 23.5 million was spent on a series of miscellaneous projects, aimed at enhancing health and safety conditions at the Refinery, as well as improving its environmental terms.
f)An amount of Euro 4.5 million was allocated for the construction of new storage tanks.
g)An amount of Euro 4.3 million relates to environmental projects.
The Company’s capital expenditure for the fiscal year 2026 is expected to reach Euro 220 million, with the largest part relating to: the completion of the construction of the Electrolyzer unit and the construction of a new electricity distribution substation, aiming primarily to meet the energy requirements of the Electrolyzer Unit (see section b) above), and also, the scheduled turnaround of the Refinery’s conversion units and specifically of the Hydrocracker Complex and of the Fluid Catalytic Cracking (FCC) Complex.
DIRECTORS’ REPORT
2025
17
5.GROUP STRUCTURE – SIGNIFICANT SUBSIDIARIES & AFFILIATED COMPANIES
Α. Subsidiaries (direct participation)
1. AVINOIL INDUSTRIAL, COMMERCIAL & MARITIME OIL COMPANY SINGLE MEMBER S.A.
AVINOIL Industrial, Commercial & Maritime Oil Company S.A. was founded in Athens in 1977, its headquarters are in Maroussi (12A Irodou Attikou str., zip code 151 24) and its distinctive title is AVINOIL SINGLE MEMBER S.A. The main activity of the company is the sale of liquid fuels, lubricants and asphalt which have a wide array of applications (transportation, industrial and household usage).
The share capital of AVINOIL today is Euro 20,896,135.26 divided into 7,107,529 common registered shares of nominal value Euro 2.94 each. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company.
The retail network of AVINOIL comprises 5 71 AVIN branded and 78 CYCLON branded gas stations (data as of 31.12.202 5). The company serves also several industrial customers all over Greece while it has its own fleet of tank – trucks. The market share of AVIN in the Greek market is approximately 14%.
The major supplier of AVINOIL is MOTOR OIL (section “Related Party Transactions”).
At the end of December 2025 AVINOIL Group had 120 employees.
AVINOIL participates with 100% in MAKREON SINGLE MEMBER S.A.
Furthermore, AVIN OIL participates with 4 7.03% in OFC A V IATION FUEL SERVICES SA. [relevant Section B. Subsidiaries (direct or/and indirect participation)].
MAKREON SINGLE MEMBER S.A.
The company was founded in April 2007 with headquarters in Maroussi of Athens (12A Irodou Attikou str., zip code 151 24) and duration for 50 years. The objective of the company according to article 2 of its Codified Memorandum and Articles of Association is the establishment and operation of gas outlets in Greece, the marketing of fuels, the installation, maintenance and service of equipment of vehicles using autogas as alternative fuel, the provision of catering services in gas outlets territory, the transportation of petroleum products and the engagement in business representation activities for domestic and international corporations which offer similar products, goods and services. The share capital of MAKREON S.A. is Euro 4,620,000 divided into 462,000 ordinary registered shares of a nominal value Euro 10 each.
The Financial Statements of AVINOIL SINGLE MEMBER S.A. and MAKREON SIGNLE MEMBER S.A. are uploaded on the website
https://www.avinoil.gr/
2. CORAL SINGLE MEMBER S.A. OIL AND CHEMICALS COMPANY
The company was founded in 1995 following the restructuring of the established in Greece branches in 1926 and 1974 of the English enterprises Shell Company (Hellas) Limited and Shell Chemicals (Hellas) Limited. Today its registered address is at Maroussi (Irodou Attikou 12A street, zip code 151 24). The duration of the company has been defined until 2045. The main activities of CORAL S.A. involve the distribution and marketing of a wide range of oil products, including gasoline, fuel oil, diesel and lubricants through its retail network. Its activities also cover the commercial sector, the chemicals sector (exclusive representative/distributor in Greece of SHELL CHEMICALS), the marine sector and exports.
The share capital of CORAL S.A. is Euro 80,150,975.80 divided into 2,730,868 registered shares of nominal value Euro 29.35 each. The sole shareholder of the company is MOTOR OIL (HELLAS) S.A.
CORAL S.A. retail network comprises 791 stations (data as at 31.12.2025) operating in Greece under the SHELL trademark and its market share in gasoline and automotive diesel sales amounts to 22.3%.
The Financial Statements of CORAL S.A. are uploaded on the website
https://www.coralenergy.gr/
CORAL S.A. holds 100% of the share capital of the companies MYRTEA A.E. (full legal name: MYRTEA OIL TRADING, STORAGE AGENCY AND SERVICES SA.) and CORAL PRODUCTS AND TRADING A.E. (full legal name: CORAL PRODUCTS AND TRADING SOCIETE ANONYME OF MARINE FUELS & LUBRICANTS, MARINE SUPPLIES, OIL & CHEMICAL PRODUCTS TRADING AND SERVICE PROVISION). Furthermore, CORAL S.A. holds a 74.9668% stake in ERMIS A.E.M.E.E (full legal name: ERMIS OIL TRANSPORTATION, EXPLOITATION, TRADING AND SERVICES SA.), a 37.49% stake in
DIRECTORS’ REPORT
2025
18
RAPI S.A. and a 49% stake in SHELL & MOH AVIATION FUELS A.E. (information on these companies is provided in the following sections).
MYRTEA A.E.
Registered address: 12A Irodou Attikou street, 151 24 Maroussi, duration until 2045, share capital: Euro 1,175,000 divided into 23,500 shares of nominal value Euro 50 each. The company engages in the management of retail fuel sites.
The Financial Statements of the company are uploaded on the website
http://www.myrtea.gr/
CORAL PRODUCTS AND TRADING A.E.
Registered address: 12A Irodou Attikou street, 151 24 Maroussi and duration until 2064. The company engages in petroleum product trading. The paid-up share capital of CORAL PRODUCTS AND TRADING A.E is 1,100,000 Euro divided into 550,000 shares of nominal value 2 Euro each.
The Financial Statements of CORAL PRODUCTS AND TRADING A.E. are uploaded on the website
http://www.coralmarine.gr/
ERMIS A.E.M.E.E.
Registered office: 12A Irodou Attikou Street, 151 24 Marousi, duration until 2068 and corporate purpose, among others, the operation of retail liquid‑fuel service stations. As at 31 December 2024, the company’s share capital amounted to Euro 5,475,800 divided into 54,758 shares with a nominal value of Euro 100 each with CORAL S.A. as the sole shareholder.
During the fiscal year 2025, and following the resolution of the Extraordinary General Meeting of ERMIS A.E.M.E.E., held on 07.11.2025, a share capital increase was carried out due to the absorption of the e‑mobility (InCharge) business sector of NRG SUPPLY AND TRADING S.A.1, which was valued at Euro 13,256,471. Specifically, an amount of Euro 1,828,500 was booked as share capital of ERMIS A.E.M.E.E. through the issuance of 18,285 new shares with a nominal value of Euro 100 each, while an amount of Euro 11,427,971 was booked as a share premium reserve.
Following the above corporate action, as at 31.12.2025 the share capital of ERMIS A.E.M.E.E. amounted to EUR 7,304,300, divided into 73,043 shares with a nominal value of Euro 100 each. MOTOR OIL (HELLAS) S.A., as shareholder of NRG, was allocated all 18,285 newly issued shares in exchange for the contribution of the e-mobility business sector. Consequently, as at 31.12.2025, the shareholder structure of ERMIS A.E.M.E.E. was as follows: CORAL S.A.: 74.9668% – MOTOR OIL (HELLAS) S.A.: 25.0332%.
The Financial Statements of the company are uploaded on the website
http://www.ermisaemee.gr/
The major supplier of CORAL S.A. is MOTOR OIL (section “Related Party Transactions”).
At the end of December 2025 CORAL Group had 438 employees.
CORAL S.A. has expanded its activities in the Balkan countries and in Cyprus through MEDSYMPAN LIMITED and MEDPROFILE LIMITED which are holding companies.
MEDSYMPAN LIMITED was founded on 1 st June 2017 with headquarters in Nicosia. CORAL S.A. is the sole shareholder of the company. As at 31 December 2025, the share capital of MEDSYMPAN LIMITED amounted to Euro 31,194,946 divided into 31,194,946 shares with a nominal value of Euro 1 each.
MEDSYMPAN LIMITED participates with 100% in CORAL SRB d.o.o Beograd, CORAL - FUELS DOOEL Skopje, CORAL MONTENEGRO DOO Podgorica and CORAL ALBANIA SH.A. and with 75% in the share capital of CORAL CROATIA D.O.O. The companies are briefly presented hereunder:
CORAL SRB d.o.o Beograd
The company was established on 13 January 2017 with headquarters in Belgrade, Serbia. Its major activity, as set out in its articles of association, is wholesale of solid, liquid and gaseous fuels and similar products. The share capital of CORAL SRB d.o.o Beograd is 1,691,640,660 Serbian Dinars (RSD) (approximately Euro 14,430,000). The company operates eleven (11) retail service stations under the Shell brand.
CORAL - FUELS DOOEL Skopje
The company was established on 24 November 2017 as a limited liability incorporation for an indefinite period of time with headquarters in Skopje. The major business activity of CORAL FUELS DOOEL Skopje,
1 It includes NRG’s 50% equity interest in HELLENIC FAST CHARGING SERVICES S.A.
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as set out in its articles of association, is retail trade of motor fuel and lubricants through specialised stores. The share capital of the company is 112,895,711.48 Macedonian Denars (MKD) (approximately Euro 1,833,000).
During the fiscal year 2025, the Company operated one additional Shell‑branded fuel station, bringing the total number of stations to four (4).
CORAL MONTENEGRO DOO Podgorica
The company was established on 27 November 2017 as an independent, economic and business unit responsible for its liabilities with all its assets (complete liability) and headquarters in Montenegro. The paid-up share capital of the company is Euro 100,000 and its major activity is wholesale of liquid and gaseous fuels and similar products.
CORAL ALBANIA SH.A.
It was established on 2 October 2018 and is headquartered in Tirana, Albania. The main activities of CORAL ALBANIA SH.A. include the import/export, wholesale and retail trade of petroleum products, as well as the operation of fuel stations. Its share capital is ALL 53,921,000 (equivalent to Euro 500,486.96) divided into 539,210 shares with a nominal value of ALL 100 each. In November 2024, an agreement was signed with the Albanian Kastrati Group for the operation of fuel stations in Albania under the SHELL brand. In the context of this agreement, two (2) fuel stations commenced operations during the fiscal year 2025.
CORAL CROATIA D.O.O
The company was founded in 2009 with headquarters in Croatia and engages in the retail and wholesale trading of liquid fuels. Its share capital is Euro 1,387,879.19 and MEDSYMPAN LIMITED holds a 75% stake of the company’s share capital.
Moreover, CORAL CROATIA D.O.O participates with 100% in the company Coral Dva d.o.o.
CORAL CROATIA D.O.O Group operates 35 retail services stations (from 34 in 2024) under the Shell brand and its market share amounts to approximately 5%.
MEDPROFILE LIMITED was founded in 2017 with headquarters in Nicosia. Its share capital is Euro 10,001 divided into 10,000 common registered shares plus one (1) non-voting preference share.
The shareholder structure of MEDPROFILE LIMITED has as follows: CORAL A.E. 7,500 common registered shares plus one non-voting preference share (75% stake), RASELTON HOLDINGS LTD 2,500 common registered shares (25% stake).
MEDPROFILE LIMITED holds 100% stake of the share capital of CORAL ENERGY PRODUCTS CYPRUS LTD, a company based in Nicosia. The latter operates a network of 41 retail fuel sites in Cyprus under the SHELL brand.
The share capital of CORAL ENERGY PRODUCTS CYPRUS LTD is Euro 342,343.71 divided into 200,201 common registered shares of nominal value Euro 1.71 each.
3. CORAL SINGLE MEMBER SA COMMERCIAL AND INDUSTRIAL GAS COMPANY
The Company was founded in 1975. Today its registered address is in the Prefecture of Asprorpyrgos of Attica while its headquarters are in Maroussi of Athens (Irodou Attikou 12A, zip code: 151 24). The duration of the company has been defined until 2055. According to article 3 of its codified memorandum, the main objective of CORAL GAS A.E.B.E.Y. is the marketing and distribution of Liquefied Petroleum Gas (LPG) as well as the manufacturing of LPG cylinders for the packaging and transportation of its goods. Additionally, since 2014 the company has been granted the license to sell natural gas in accordance with the provisions of the Law 3428/2005. The license is valid for 20 years.
The share capital of CORAL GAS A.E.B.E.Y. amounts to Euro 8,464,931.15 divided into 2,889,055 registered shares of nominal value 2.93 each. The sole shareholder of the company is MOTOR OIL (HELLAS) S.A.
At the end of December 2025 CORAL GAS A.E.B.E.Y Group had 107 employees.
The Financial Statements of CORAL GAS A.E.B.E.Y. are uploaded on the website
https://www.coralgas.gr/
In 2017 CORAL GAS A.E.B.E.Y. founded the Cyprus based company under the legal name CORAL GAS CYPRUS LTD with authorised share capital Euro 5,000 divided into 5,000 common registered shares of nominal value Euro 1 each. The formation of CORAL GAS CYPRUS LTD is in line with the CORAL GAS
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A.E.B.E.Y. strategy to expand its business abroad since the major activity of the newly founded subsidiary is LPG marketing.
As at 31 December 2025, the paid-up share capital of CORAL GAS CYPRUS LTD amounted to Euro 860 divided into 860 common shares of nominal value Euro 1 each and the balance of the share premium account amounted to Euro 759,240.
4. L.P.C. SINGLE MEMBER S.A. CORPORATION OF PROCESSING & TRADING OF LUBRICANTS & PETROLEUM PRODUCTS
The company was founded in June 2015 with legal name L.P.C. S.A. PROCESSING & TRADING OF LUBRICANTS & PETROLEUM PRODUCTS and trade name L.P.C. S.A. by the means of contribution in kind of part of the assets of CYCLON HELLAS S.A following the separation of the activities of the latter. The registered address of the company is Megaridos 124 street, zip code: 193 00, Aspropyrgos, Attica.
The share capital of L.P.C S.A. is Euro 7,345,820 divided into 14,691,640 common registered shares of nominal value Euro 0.50 each. The only shareholder of the company is MOTOR OIL (HELLAS) S.A.
At the end of December 2025 L.P.C. Group had 227 employees.
The Financial Statements of L.P.C S.A. are uploaded on the website
http://lpc.gr/
L.P.C. S.A. participates directly and indirectly in the share capital of the following companies:
ENDIALE S.A. (Corporate Objective: Alternative Waste Lubricant Oils Treatment)
Registered Address: Aspropyrgos of Attica, Greece – Share Capital: Euro 111,000 - Shares: 222,000 common registered of nominal value Euro 0.5 each. L.P.C participation: 100%.
ARCELIA HOLDINGS LTD (Holding Company)
Registered Address: Nicosia, Cyprus –Share Capital Euro 244,460 - Shares: 244,460 common registered of nominal value Euro 1 each. L.P.C participation: 100%
CYTOP S.A. (Corporate Objective: Collection & Trading of Used Lubricating Oils).
Registered Address: Aspropyrgos of Attica, Greece – Share Capital: Euro 700,000 - Shares: 7,000 common registered of nominal value Euro 100 each. L.P.C. participation: 100%
BULVARIA AUTOMOTIVE PRODUCTS LTD (Corporate Objective: Marketing of Lubricants).
Registered Address: Sofia, Bulgaria. Share Capital: 5,000 Β GN (Euro 2,556 with exchange rate on 31/12/2025). Shareholder Structure: ARCELIA 100%
CYROM PETROTRADING COMPANY (Corporate Objective: Marketing of Lubricants).
Registered Address: Bucharest, Romania – Share Capital: 175,000 lei (approximately Euro 35,000 – exchange rate on 31.12.2025: 1€ = 5.097 lei) - Shares: 17,500 common registered of nominal value 10 lei (or Euro 1.96) each. Shareholder Structure: BULVARIA 95% - ARCELIA 5%
CYCLON LUBRICANTS DOO BEOGRAD (Corporate Objective: Marketing of Lubricants).
Registered Address: Belgrade, Serbia –Share Capital: 29,258,882.20 RSD (EUR 250,000 - indicative parity EUR = 117 RSD), Shareholder Structure: ARCELIA 86.37% and BULVARIA 13.63%
KEPED S.A. (Corporate Objective: Management of Waste Lubricants Packaging).
Registered Address: Aspropyrgos of Attica – Share Capital: Euro 60,000 - Shares: 2,000 common registered of nominal value Euro 30 each. L.P.C participation: 100%.
AL DERAA AL AFRIQUE JV FOR ENVIRONMENTAL SERVICES
(Corporate Objective: Collection and Trading of Used Lubricating Oils).
Registered Address: Tripoli, Libya – Share Capital: Euro 602,594.06 - Shares: 100,000 common registered of nominal value Euro 6.03 each. Major Shareholder: CYTOP 60%.
OFC TECHNICAL S.A.: L.P.C participation: 25%. [Additional information on the company is available in section Β. Subsidiaries (direct or/and indirect participation) 1. OFC AVIATION FUEL SERVICES S.A.].
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ASPROPYRGOS INDUSTRIAL PARK SOUTH SECTOR A.E.: L.P.C participation: 16.15%. [Additional information on the company is available in section D. Other Financial Assets].
5. MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.
The company is based in Maroussi, prefecture of Attica, its duration is set for 50 years and its corporate objective is the construction, operation and exploitation of electricity production units in Greece and abroad, the supply and trading of electricity and the supply and trading of natural gas. The share capital of the company is Euro 119,540,000 divided into 1,195,400 share of nominal value Euro 100 each. MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. is the sole shareholder of the company.
Activities in the Renewable Energy Sources Sector
MORE’s RES portfolio currently in operation is summarized in the table below:

Company | MW | Parks | Major Shareholder
ANEMOS RES SINGLE MEMBER S.A. | 485 | Wind parks | MORE 100%
EOLIKI KARPASTONIOU S.A. | 1 | ANEMOS RES SINGLE MEMBER S.A. 51%
AIOLIKI ELLAS ENERGEIAKI M.A.E. | 242 | TEFORTO HOLDINGS LIMITED 100%
OPOUNTIA ECO WIND PARK | 4 | TEFORTO HOLDINGS LIMITED 100%
KELLAS WIND PARK S.A. | 43 | TEFORTO HOLDINGS LIMITED 100%
STEFANER ENERGY S.A. | 9 | TEFORTO HOLDINGS LIMITED 85%
AEIFORIKI DODEKANISOU SINGLE MEMBER S.A. | 8 | KELLAS WIND PARK S.A.
SELEFKOS ENERGEIAKI SINGLE MEMBER S. A | 47 | Photovoltaic parks | TEFORTO HOLDINGS LIMITED 100%
VERD SOLAR PARKS M.I.K.E | 1 | SELEFKOS ENERGEIAKI SINGLE MEMBER S.A 100%
ANEMOS RES SINGLE MEMBER S.A. | 2 | MORE 100%
MYIS SMIXIOTIKOU S.A. | 5 | Small Hydroelectric Station | ANEMOS RES SINGLE MEMBER S.A. 51%
| 847 |  |

In addition, MORE has a portfolio of licenses of total capacity of 2.8 GW for the development of RES projects and storage.
Activities in the Electricity Management and Trading Sector
MORE operates in cross‑border electricity trading through licenses held by the company, its wholly‑owned subsidiaries SENTRADE RS DOO BEOGRAD (Belgrade, Serbia) and MOTOR OIL RENEWABLE ENERGY DOOEL SKOPJE (Skopje, North Macedonia), as well as through its branch in Sofia, Bulgaria.
In addition, in January 2025 MORE sold to NRG SUPPLY & TRADING S.A. the 35% stake it held in KORINTHOS POWER S.A. for a consideration of Euro 56 million (see Section 12: NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY SOCIETE ANONYME).
At the end of December 2025 MORE Group had 152 employees.
The Financial Statements of MORE are uploaded on the website
https://www.more-energy.gr/
.
6. IREON INVESTMENTS LTD
The Company was founded in Nicosia in May 2013 and its sole shareholder is MOTOR OIL (HELLAS) S.A. Its corporate objective is the participation in the share capital of other companies. As at 31 December 2024, the share capital of the company was Euro 414,900, divided into 414,900 shares of nominal value Euro 1 each.
By virtue of the decision of its Board of Directors dated 4 December 2025, MOTOR OIL participated in the share capital increase of IREON INVESTMENTS LTD by the amount of Euro 8,000,000 through a cash contribution and the issuance by IREON INVESTMENTS LTD of 8,000 new registered shares, each with a nominal value of Euro 1 and an issue price of Euro 1,000. All new shares were taken up by MOTOR OIL.
Following the above corporate action, as at 31 December 2025, the share capital of IREON INVESTMENTS LTD amounted to Euro 422,900 divided into 422,900 registered shares with a nominal value of Euro 1 each, while the balance of the share premium account amounted to Euro 121,927,100.
IREON INVESTMENTS LTD holds 100% of the share capital of IREON VENTURES LTD, MOTOR OIL MIDDLE EAST DMCC, MOTOR OIL TRADING A.E., IREON AKINITA SINGLE MEMBER S.A., and CORE INNOVATIONS SINGLE MEMBER S.A., as well as 60% of AUTOMOTIVE SOLUTIONS S.A., which are briefly presented hereunder:
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IREON VENTURES LTD
The company was founded on 13 April 2018 with headquarters in Nicosia. Its corporate objective is the participation in the share capital of other companies. As at 31 December 2025, the share capital of IREON VENTURES LTD amounted to Euro 36,410 divided into 36,410 registered shares with a nominal value of Euro 1 each.
MOTOR OIL MIDDLE EAST DMCC
The company was founded in Dubai of United Arab Emirates in July 2014. Its major activity is oil trading. The share capital of the company is 200,000 Arab Emirates Dirhams (AED) divided into 200 common registered shares of nominal value 1,000 AED each. As of 7 January 2026, the company’s legal name was changed to MOTOR OIL MIDDLE EAST FZCO.
MOTOR OIL TRADING SINGLE MEMBER S.A.
The company was founded in January 2015 with headquarters in Maroussi of Attica (12A Irodou Attikou str., zip code: 151 24), duration for 50 years and distinctive title MOTOR OIL TRADING S.A. The major activity of the company is oil trading. The share capital of the company amounts to Euro 1,525,000 divided into 1,525,000 registered shares of nominal value Euro 1 each.
IREON AKINITA SINGLE MEMBER S.A.
The company was founded in July 2013 with headquarters in Maroussi of Athens (12A Irodou Attikou str., zip code 151 24) and duration for 50 years. The corporate objectives of the company, according to article 2 of its Codified Memorandum and Articles of Association, include the purchase, sale, exploitation, and development of real estate. The share capital of IREON AKINITA SINGLE MEMBER S.A. amounts to Euro 35,144,000 divided into 3,514,400 registered shares of nominal value Euro 10 each.
IREON AKINITA SINGLE MEMBER S.A. is the sole shareholder of the companies IREON REALTY I SINGLE MEMBER S.A. (headquarters: 12A Irodou Attikou Str, share capital as at 31.12.2025: Euro 10,500,000), IREON REALTY II SINGLE MEMBER S.A. (headquarters: 12A Irodou Attikou Str, share capital as at 31.12.2025: Euro 14,000,000), and IREON REALTY III SINGLE MEMBER S.A. (headquarters: 12A Irodou Attikou Str, share capital as at 31.12.2025: Euro 7,500,000). The main objective of the said companies is the purchase, sale and exploitation of real estate in Greece and abroad.
CORE INNOVATIONS SINGLE MEMBER S.A.
The company is headquartered at 217A Kifisias Avenue, in the municipality of Marousi, with an indefinite duration, and its corporate objective is, among other things, the provision of e-commerce services through the website
www.allSmart.gr
, the conduct of commercial transactions through a network of convenience
stores, the distribution of the products it sells and related activities. The share capital of CORE INNOVATIONS SINGLE MEMBER S.A. is Euro 20,000,000 divided into 2,000,000 registered shares of nominal value Euro 10 each.
CORE INNOVATIONS SINGLE MEMBER S.A. holds a 100% stake in ELETAKO LIMITED, a 70% stake in PHARMON SINGLE MEMBER PRIVATE COMPANY, and a 60% stake in TARESSO PRIVATE COMPANY and BARISTA GR S.A., a brief presentation of which is presented hereunder:
ELETAKO LIMITED
The company was established in Cyprus in March 2022 as a holding company. As at 31 December 2025, its share capital amounted to Euro 13,610,000, divided into 13,610,000 shares of nominal value Euro 1 each.
ELETAKO LIMITED holds 100% of the share capital of ZENROW LTD, which in turn holds a 100% controlling stake in the company operating under the trade name TWENTY 4 SHOPEN. The latter is based at 217A Kifisias Avenue, in the municipality of Marousi, its duration is set for 50 years and its corporate objective is, among other things, the retail trade, the provision of services, the operation of convenience stores offering fast food and standardized products and other related activities. As at 31 December 2025, the share capital of TWENTY 4 SHOPEN amounted to Euro 3,450,950, divided into 3,450,950 shares of nominal value Euro 1 each and is fully paid up.
As of the date of this report, the company operates a network of 25 convenience stores.
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PHARMON SINGLE MEMBER PRIVATE COMPANY
The company was founded on 07/11/2022. Its headquarters are located in the Municipality of Maroussi, in the Prefecture of Attica. Its distinctive title is PHARMON M.I.K.E., and its duration is set for an indefinite period. The company’s purpose is to provide holding services and its capital amounts to Euro 2,005,000, divided into 2,005,000 company units of nominal value Euro 1 each.
PHARMON M.I.K.E. holds a 99.41% stake in the capital of CIPHARMA ONE PRIVATE COMPANY. The said company’s headquarters are located in the municipality of Maroussi, 156 Kifisias Avenue, its duration is set until 31 December 2039, its distinctive title is CIPHARMA ONE IKE and its corporate objective is the operation and exploitation of pharmacies in Greece. Its capital amounts to Euro 1,955,000 divided into 1,955,000 company units of nominal value Euro 1 each.
TARESSO PRIVATE COMPANY
The company is based in Korinthos, and pursuant to article 4 of its article of association, its corporate objective is, among other things, the packaging, wholesale, and retail sale of coffee; the provision of all types of food-service activities; the operation of a restaurant and café-bar; the retail sale to the public of all kinds of food, coffee, soft drinks, and alcoholic or non-alcoholic beverages; the organization of catering services for all types of events; and any other related activity. Its capital amounts to Euro 13,250, divided into 13,250 company units of nominal value Euro 1 each.
BARISTA GR S.A.
The company’s headquarters are located in the municipality of Korinthos. It has an indefinite duration, and its corporate objective includes, among other activities, the wholesale and retail sale of various types of coffee, as well as the sale, rental, and general exploitation of coffee‑production machines. The company’s share capital amounts to Euro 575,000, divided into 575,000 shares with a nominal value of Euro 1 each.
The Financial Statements of CORE INNOVATIONS SINGLE MEMBER S.A. are uploaded on the website
https://www.coreinnovations.gr/
AUTOMOTIVE SOLUTIONS S.A.
The company is based in the municipality of Metamorfosi, prefecture of Attica, its duration is set for 50 years and its share capital amounts to Euro 766,150 divided into 21,890 shares of nominal value Euro 35 each. Its corporate objective is, among other things, the trade of electric vehicles.
IREON INVESTMENTS LTD acquired the 60% stake in AUTOMOTIVE SOLUTIONS S.A. from NRG SUPPLY AND TRADING S.A. (the seller) for a consideration of Euro 6,300,000 in November 2025.
At the end of December 2025, IREON INVESTMENTS LTD Group had 332 employees.
Moreover, IREON INVESTMENTS LTD holds an 8.949% stake in OPTIMA BANK S.A. (for more information please see section D. Other Financial Assets).
7. DIORIGA GAS SINGLE MEMBER S.A.
DIORYGA GAS SINGLE MEMBER S.A. was founded in June 2016 with headquarters in Maroussi of Attica (12A Irodou Attikou str., zip code: 151 24) and duration for 50 years. The major activity of the company is to supply, purchase, transfer and distribute natural gas as well as to store and to liquefy natural gas. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company and the share capital of DIORIGA GAS SINGLE MEMBER S.A. amounts to Euro 7,274,000 divided into 7,274,000 registered shares of nominal value Euro 1 each.
DIORYGA GAS SINGLE MEMBER S.A. has a license for an Independent Natural Gas System – FSRU (Floating Storage Regasification Unit) which was granted by the Regulatory Authority for Energy in December 2018 and is valid until 2068.
8. BUILDING FACILITY SERVICES RENDERING OF SERVICES SINGLE MEMBER SOCIETE ANONYME
The company was founded in April 2014 with headquarters in Maroussi, prefecture of Attica (12A Irodou Attikou str., zip code: 151 24). Its major objective is the provision of services for the management and operation of buildings and installations. The share capital of BFS today is Euro 600,000 divided into 600,000 common registered shares of nominal value Euro 1 each.
At the end of December 2025 BFS had 169 employees.
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9. MOTOR OIL FINANCE PLC
The company was incorporated in May 2014 with headquarters in London and share capital GBP 50,000. Its sole shareholder is MOTOR OIL (HELLAS) S.A. Its purpose is the provision of financial and credit services. The company is currently under liquidation.
10. CORINTHIAN OIL LIMITED
The company was founded in London in 2016 with crude oil and petroleum product trading as its corporate objective and MOTOR OIL (HELLAS) S.A. as its sole shareholder. The share capital of CORINTHIAN OIL LIMITED is Euro 1,000.99 (shares 100,099 of nominal value Euro 0.01 each) while the balance of share premium account is Euro 98,999.01.
11. MOTOR OIL VEGAS UPSTREAM LIMITED
The company was founded in May 2016 in Limassol (Cyprus) with corporate objective the exploration and production of potential new oil resources (upstream). MOTOR OIL (HELLAS) S.A. owns 65% of the shares of MOTOR OIL VEGAS UPSTREAM LIMITED and the remaining 35% belongs to the company VEGAS OIL AND GAS LIMITED. As at 31 December 2024, the share capital of the Company amounted to Euro 21,500 divided into 21,500 shares of nominal value 1 Euro each.
MOTOR OIL VEGAS UPSTREAM LTD held a 100% participation in MVU Brazos Corp. (registered in the U.S.A.). This stake was sold for approximately USD 1.5 million in May 2025.
Moreover, by resolution of its Board of Directors dated on 17 October 2025, MOTOR OIL (HELLAS) S.A. decided to reduce the share capital of MOTOR OIL VEGAS UPSTREAM LIMITED by Euro 1,500 through the cancellation of 1,500 shares with a nominal value of Euro 1 each. It was further decided a reduction of the share premium account by Euro 1,453,854.85 and a cash return to shareholders in proportion to their shareholdings (the amount attributable to MOTOR OIL (HELLAS) S.A. amounts to Euro 945,980.65). Following the above corporate action, the share capital of MOTOR OIL VEGAS UPSTREAM LTD will be Euro 20,000, divided into 20,000 shares of nominal value Euro 1 each.
MOTOR OIL VEGAS UPSTREAM LIMITED participates with 100% in VEGAS WEST OBAYED LTD which is based in Nicosia and engages in the upstream.
12. NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY SOCIETE ANONYME
The company commenced its activities in 2012, its headquarters are in Maroussi (Kifissias Avenue 168 & Sofokleous street, zip code 151 26) and its distinctive title is NRG SUPPLY AND TRADING S.A. (henceforth NRG). It offers electrical energy and natural gas programs having as its primary objective the provision of full service to its household and business customers providing high quality services covering all their energy needs. As at 31 December 2024, the Company’s share capital amounted to Euro 7,100,000, divided into 710,000 registered shares with a nominal value of Euro 10 each, with MOTOR OIL (HELLAS) S.A. as its sole shareholder.
In March 2025, a share capital increase was carried out through the issuance of 560,000 new common shares with a nominal value of Euro 10 each and a subscription price of Euro 100 per share. MOTOR OIL (HELLAS) S.A. took up all newly issued shares, contributing a total amount of Euro 56 million. Following this corporate action, the share capital of NRG amounted to Euro 12,700,000, divided into 1,270,000 shares with a nominal value of Euro 10 each. The purpose of the share capital increase was to finance the acquisition by NRG (the Purchaser) of a 35% stake in the share capital of KORINTHOS POWER S.A., which was held by MOTOR OIL (HELLAS) S.A.’s subsidiary MOTOR OIL RENEWABLE ENERGY S.A. (the Seller).
KORINTHOS POWER S.A. was founded on January 5th, 2005, with headquarters in Maroussi and duration for 50 years. Its corporate objectives, as set out in article 4 of its Codified Memorandum and Articles of Association, include the construction, operation and commercial exploitation of a power production unit located at Agioi Theodoroi, in the prefecture of Corinthos. KORINTHOS POWER S.A. possesses a 436.6 MW power generation license and its core asset is a combined cycle power production plant fuelled with natural gas located within the facilities of MOTOR OIL (HELLAS) S.A. at Agii Theodori of Korinthos.
The share capital of KORINTHOS POWER is Euro 3,137,600 divided into 313,760 shares with a nominal value of Euro 10 each, and the shareholder structure is as follows: 65% PROTERGIA THERMOILEKTRIKI S.A. (a 100% subsidiary of METLEN Energy & Metals S.A.) and 35% NRG SUPPLY AND TRADING S.A.
Moreover, in July 2025 MOTOR OIL (HELLAS) S.A. and GEK TERNA S.A. signed a binding agreement for the establishment of a joint venture, through the contribution of assets of both companies, which will engage in the electricity generation from natural gas‑fired units and in the supply of electricity and natural gas. In
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the context of the above agreement, MOTOR OIL shall contribute, among other things, its 100% stake in NRG SUPPLY AND TRADING S.A. (excluding the activities of e-mobility (InCharge) and micro-mobility (Automotive Solutions)), as well as the activities related to the energy‑efficiency upgrade of Municipalities (see below). The transaction status update is available in section 7. DEVELOPMENTS AFTER 31.12.2025.
In December 2025, the partial demerger of NRG was approved, involving the absorption of NRG’s e-mobility (InCharge) business by ERMIS A.E.M.E.E. (see relevant section under CORAL A.E. OIL AND CHEMICALS COMPANY) and the absorption of NRG’s energy-efficiency upgrade of municipalities sector by THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A. (see relevant section under MANETIAL LIMITED).
Following the completion of the above NRG partial demerger, a share capital reduction of NRG was carried out through the cancellation of 433,642 shares with a nominal value of Euro 10 each. Consequently, as at 31.12.2025, the share capital of NRG amounted to Euro 8,363,580, divided into 836,358 common shares with a nominal value of Euro 10 each.
The Financial Statements of NRG are uploaded on the website
https://www.nrg.gr
.
At the end of December 202 5 NRG had 155 employees.
13. VERD
The company was founded in 2005, its headquarters are located at 14 Irodou Attikou Street, in Maroussi and its duration was set for an indefinite period. Its share capital amounts to Euro 5,338,750, fully paid, divided into 125,000 registered shares of nominal value Euro 42.71 each. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company. According to article 4 of its Codified Memorandum and Articles of Association, the main objective of the company is the supply, collection and processing of raw materials for the production of biofuels or other sources of energy from renewable sources or other chemical products, the establishment or/and operation of industrial installations for the production of biofuels or other sources of energy from renewable sources as well as the production, trading and storage of electricity. The company is in possession of a biodiesel production plant located at the B’ Industrial Area of Volos.
Moreover, VERD participates in the share capital of the company under the legal name PRASINO LADI S.A. The said company’s headquarters are located at 14 Irodou Attikou Street, in Maroussi and its main objective is the collection, management, processing and recycling of all kind of residues and by-products such as used cooking oil, animal and vegetable fat, etc. The duration of the company is set until 2090. Its share capital amounts to Euro 852,000, fully paid, divided into 120,000 registered shares of nominal value Euro 7.10 each. VERD holds 116,000 registered shares issued by PRASINO LADI S.A. which correspond to 96.97% of the share capital of this company.
The financial statements of VERD are available at
www.verd.gr
.
At the end of December 202 5, the Group of Verd had 72 employees.
14. MANETIAL LIMITED
The company was established in November 2022 with headquarters in Cyprus. MOTOR OIL (HELLAS) S.A. is the sole shareholder of the company. Its corporate objective is the participation in the share capital of other companies. As at 31.12.2024, the share capital of MANETIAL LIMITED amounted to Euro 51,010,000, divided into 51,010,000 shares with a nominal value of Euro 1 each.
Within the fiscal year 2025, two corporate actions were carried out, all relating to a share‑capital increase in cash totaling Euro 117,500,000 and the issuance by MANETIAL LIMITED of an aggregate of 117,500,000 shares with a nominal value of Euro 1 each. All new shares were taken up by MOTOR OIL (HELLAS) S.A. The said corporate actions are briefly presented below:

MOTOR OIL BoD Decision | New shares | Share Nominal Value | Funds Raised
24.01.2025 | 116,000,000 | 1 € | 116,000,000 €
05.11.2025 | 1,500,000 | 1 € | 1,500,000 €
Total | 117,500,000 | 1 € | 117,500,000 €

Following the above corporate actions, as at 31.12.2025 the share capital of MANETIAL LIMITED amounted to Euro 168,510,000, divided into 168,510,000 shares with a nominal value of Euro 1 each.
The funds raised from the above share capital increases were used by MANETIAL LIMITED for the acquisition of 94.44% of the share capital of HELECTOR S.A. (see below), as well as for the fulfilment of
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contractual obligations arising from the acquisition of THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A.
HELECTOR S.A.
In January 2025, MANETIAL LIMITED completed the acquisition of 94.44% of the share capital of the company for a consideration of Euro 114.7 million. The company’s headquarters are located at 25 Ermou Str at Kifisia, Attica, its duration is set until 2049, and it operates in the fields of waste management, hazardous medical waste management, recyclable materials processing, and biogas energy recovery. The share capital of the company amounts to Euro 2,010,498.84, divided into 196,722 common registered voting shares with a nominal value of Euro 10.22 each.
At the end of December 2025, HELECTOR Group had 725 employees.
The financial statements of HELECTOR S.A. are available at
https://helector.com/
.
THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A.
In April 2023, MANETIAL LIMITED acquired all shares of THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A. The company engages in the environmental sector and more specifically in the field of circular economy. It offers a wide range of integrated sustainable solutions in relation to solid waste treatment, water and liquid waste treatment as well as energy, other sources savings and RES utilization in infrastructure. Its distinctive title is THALIS E.S. S.A., its duration is indefinite, and its headquarters are located at 25 Ermou Str. in the Municipality of Kifissia, prefecture of Attica. As at 31 December 2024, its share capital amounted to Euro 30,944,000, divided into 7,736,000 shares with a nominal value of Euro 4 each.
In the fiscal year 2025 and following the resolution of the Extraordinary General Meeting of THALIS E.S. S.A. held on 07.11.2025, a share capital increase was carried out due to the absorption of the energy‑efficiency upgrade sector 2 for municipalities of NRG SUPPLY AND TRADING S.A., which was valued at Euro 2,657,831. Specifically, an amount of Euro 2,650,000 was booked as share capital of THALIS E.S. S.A. through the issuance of 662,500 new shares with a nominal value of Euro 4 each, while an amount of Euro 7,831 was booked as share premium reserve.
Following this corporate action, as at 31.12.2025, the share capital of THALIS E.S. S.A. amounted to Euro 33,594,000, divided into 8,398,500 shares with a nominal value of Euro 4 each. MOTOR OIL (HELLAS) S.A., as shareholder of NRG, was allocated all 662,500 newly issued shares in exchange for the contribution of the energy‑efficiency upgrade sector for municipalities. Consequently, as at 31.12.2025, the shareholder structure of THALIS E.S. S.A. S.A. was as follows: MANETIAL LIMITED: 92.1117% – MOTOR OIL (HELLAS) S.A.: 7.8883%.
The energy efficiency upgrade sector for municipalities of the partially demerged company NRG includes all activities, services and technologies aimed at improving the energy efficiency of local government infrastructure. It focuses on targeted actions, through participation in relevant energy‑upgrade programs, with key objectives being the reduction of energy consumption and CO ₂ emissions, as well as the strengthening of municipal sustainability.
At the end of December 202 5, THALIS E.S. S.A. had 169 employees.
The financial statements of THALIS E.S. S.A. are available at
https://www.thalis-es.gr/en
.
15. MEDIAMAX HOLDINGS LIMITED
The company is headquartered in Nicosia and MOTOR OIL (HELLAS) S.A. is the sole shareholder. Its share capital amounts to Euro 45,351,000 divided into 45,351,000 shares of nominal value Euro 1 each.
MEDIAMAX HOLDINGS LIMITED holds a 24.99999% stake in the share capital of ALPHA SATELLITE TELEVISION S.A. (see section Other Consolidated Companies below).
16. HELLENIC HYDROGEN S.A.
The company was founded in January 2023, its duration is set for 50 years, and its headquarters are located in the municipality of Maroussi, prefecture of Attica. According to article 2 of its Articles of Association, the purpose of the company is the development, operation and construction of infrastructure for the installation of green hydrogen electrolysis units in Greece including their supporting infrastructure as well as other
2 It includes the NRG’s 50% equity interest in the joint venture NRG SUPPLY AND TRADING S.A. – GLOBILED P.C. – NURO SOLUTIONS S.A
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related activities in relation to said projects including production, storage, commercial promotion and marketing of the green hydrogen produced by said units. The share capital of the company amounts to Euro 13,200,000 divided into 13,200,000 common, registered shares of nominal value Euro 1 each, is fully paid and the shareholder structure is MOTOR OIL (HELLAS) S.A. 51% and PPC 49%.
The financial statements of HELLENIC HYDROGEN S.A. are available at
https://www.hellenic-
hydrogen.gr/en/
17. ROBOLA LTD, NEILMAN LTD, KRASDON ENTERPRISES LTD, BRENDENA HOLDINGS LTD and NAVAPLEX TRADING LTD
The above companies were incorporated in February 2025 in Cyprus as holding companies, with MOTOR OIL (HELLAS) S.A. as their sole shareholder.
Β. Subsidiaries (direct or/and indirect participation)
1. OFC AVIATION FUEL SERVICES S.A.
The company was founded in October 1998. Its headquarters are located within the Athens International Airport area on the 5th km of the Spata– Loutsa Avenue. Its duration is set until 2050. Its objective, according to article 3 of its Codified Memorandum and Articles of Association, is to design, finance, construct and by exclusive right operate the aircraft fuel supply system and the storage facilities at the Athens International Airport (AIA) “Eleftherios Venizelos” at Spata of Attica, as well as to engage in other similar endeavours, stipulated in the Aircraft Fuel Supply Agreement expiring in 2041 between the AIA and OFC.
The share capital of OFC S.A. amounts to Euro 12,099,332.05 divided into 412,243 shares of nominal value Euro 29.35 each and the shareholder structure is as follows: 50.04% MOTOR OIL (HELLAS) S.A., 47.03% AVINOIL Single Member S.A. and 2.93% SKYTANKING N.V.
OFC S.A. participates with a 100% stake in OFC CRETA SINGLE MEMBER S.A. and a 75% stake in OFC TECHNICAL S.A., which are presented hereunder:
OFC CRETA SINGLE MEMBER S.A.
It was founded in August 2025, with a duration until 2075, and is headquartered in the Municipality of Minoa Pediada, in the Regional prefecture of Heraklion, Crete, Zip Code 70006.
The company’s objective is the design, financing, construction, and operation of aircraft fuel supply systems, as well as the facilities for the storage and distribution of aviation fuel through an underground pipeline network at the New International Airport of Heraklion in Kastelli, Municipality of Minoa Pediada. It also aims at the development and operation of similar facilities at airports in Greece and abroad, as well as any related activity.
The share capital of the company amounts to Euro 12,000,000, divided into 120,000 shares of nominal value Euro 100 each. The sole shareholder of the company is OFC AVIATION FUEL SERVICES S.A.
OFC TECHNICAL S.A.
It was founded in January 2021, with an indefinite duration, and is based in the Municipality of Spata in the Prefecture of Attica. Its share capital amounts to Euro 500,000, divided into 50,000 shares with a nominal value of Euro 10 each. The company’s corporate objective is the provision of technical services in the aviation fuels industry, as well as in the petroleum industry in general. The shareholder structure of OFC TECHNICAL S.A. has as follows: OFC AVIATION FUEL SERVICES S.A.: 75% - LPC S.A.: 25%.
At the end of December 2025, OFC S.A. had 96 employees.
The Financial Statements of OFC S.A. are uploaded on the website
http://www.ofc.gr
C. Other Consolidated Companies
1. ELLAKTOR S.A.
As of 31 December 2024, MOTOR OIL (HELLAS) S.A. held a 26.88% stake in the share capital of the ATHEX listed company ELLAKTOR S.A.
Within the fiscal year 2025, in the context of a call option held by Reggeborgh Invest B.V., MOTOR OIL (HELLAS) S.A. sold to that legal entity a total of 15,600,000 ELLAKTOR shares for a total consideration of
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Euro 15.1 million. Following this transaction, as of 31 December 2025, MOTOR OIL (HELLAS) S.A. held 78,000,000 shares and its stake was reduced to 22.401%.
In addition, within the fiscal year 2025, MOTOR OIL (HELLAS) S.A. received, through corporate actions of ELLAKTOR S.A. (a capital return in March 2025 and an interim dividend for fiscal year 2025 in December 2025), an aggregate amount of Euro 110.1 million.
2. SHELL & MOH AVIATION FUELS A.E.
The company was founded in 2009. Its duration is for 50 years and its registered address is at Maroussi of Attica (151 Kifissias Avenue, zip code 151 24). The company’s corporate objectives include the trade of aviation fuels as well as the provision of aircraft refuel services. Within this context, apart from the provision of refuel services to its own customers, SHELL & MOH AVIATION FUELS A.E. has entered into business agreements with foreign company members of the Shell International Aviation Trading System for the provision of refuel services to the system customers in airports located in Greece.
Shell & MOH Aviation Fuels has a presence at 21 airports across Greece, supplying its customers through the two joint ventures in which it participates (GISSCO and SAFCO). In addition, its subsidiary Shell & MOH Bulgaria Fuels supplies its aviation customers at the airports of Sofia and Varna. In 2025, more than 107,000 refuellings were carried out in Greece and Bulgaria. As a member of the Shell International Aviation Trading System, the company is also able to serve any Greek, Cypriot, or Bulgarian airline at approximately 600 airports worldwide.
The share capital of SHELL & MOH AVIATION FUELS Α.Ε. amounts to Euro 7,547,000 divided into 754,700 shares of nominal value Euro 10 each.
The shareholder structure of the company is as follows: 51% SHELL OVERSEAS HOLDINGS LIMITED, 49% CORAL A.E.
At the end of December 2025, SHELL & MOH AVIATION FUELS A.E. had 11 employees.
3. RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.
The company was founded in 1967 in Maroussi of Athens (26 Kifissias Avenue & 2 Paradisou street, zip code 151 25), trading name “R.A.P.I” and duration until 2027. According to article 3 of the Codified Memorandum and Articles of Association of the company, its corporate objective is to manage oil depots at airports. The shareholding structure of “R.A.P.I.” is as follows: 62.51% BP Hellenic A.E., 37.49% CORAL A.E.
The share capital of “R.A.P.I” is equal to Euro 1,226,750 divided into 49,070 shares of nominal value Euro 25 each.
4. TALLON COMMODITIES LIMITED & TALLON PTE LTD
MOTOR OIL (HELLAS) S.A. holds a 30 % stake in the share capital of “Tallon Commodities Limited” & “Tallon PTE LTD” based in England and Singapore respectively. The said companies engage in the sector of risk management and commodities trading.
5. THERMOILEKTRIKI KOMOTINIS S.A.
The company was founded on 15.04.2021, has a duration for 50 years, and headquarters in the municipality of Maroussi in the prefecture of Attica. The main objective of the company is the design, development, operation and exploitation of thermal power plants using natural gas, as well as the import, trading and supply of natural gas for use as a raw material in power plants. Its share capital amounts to Euro 45,626,000 divided into 4,562,600 shares of nominal value Euro 10 each and the shareholder structure is as follows: 50% MOTOR OIL (HELLAS) S.A. and 50% GEK TERNA CONCESSIONS MAE.
THERMOILEKTRIKI KOMOTINIS S.A. possess a Combined Cycle Gas Turbine power plant fueled with natural gas of 877 MW capacity at the Komotini Industrial Area. The commissioning period began in December 2024, while the delivery of the power plant took place in June 2025.
For the construction of the plant, with a total budget of Euro 375 million, THERMOILEKTRIKI KOMOTINIS S.A. has issued two common bond loans totaling Euro 102.74 million, maturing on 30.06.2034, in which the shareholders MOTOR OIL and GEK TERNA CONCESSIONS S.M.S.A. participate equally with Euro 51,372,000 each. Furthermore, in April 2023, THERMOILEKTRIKI KOMOTINIS S.A. issued a Secured Syndicated Common Bond Loan of up to Euro 325 million, maturing on 24.06.2034.
In July 2025, MOTOR OIL (HELLAS) S.A. and GEK TERNA S.A. signed a binding agreement for the establishment of a joint venture, through the contribution of assets by both companies, which will be active
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in the production of electricity from natural‑gas‑fired units, as well as in the supply of electricity and natural gas.
In the context of the above agreement, MOTOR OIL (HELLAS) S.A. will contribute, among other assets, the 50% stake it holds in THERMOILEKTRIKI KOMOTINIS S.A., as well as the total amount of the loans granted, amounting to Euro 51,372,000 and maturing on 30.06.2034.
6. ALPHA SATELLITE TELEVISION S.A.
ALPHA SATELLITE TELEVISION S.A. operates the television channel ALPHA. The share capital of the company is equal to Euro 26,341,245.92 divided into 29,933,234 shares of nominal value Euro 0.88 each.
MOTOR OIL (HELLAS) S.A. participates in the share capital of ALPHA SATELLITE TELEVISION S.A. with a 50% stake (through the subsidiary companies NEVINE HOLDINGS LIMITED: 25.00001% and MEDIAMAX HOLDINGS LIMITED: 24.99999%).
Moreover, ALPHA SATELITE TELEVISION S.A. holds a 50% stake in the share capital of “GREEN PIXEL PRODUCTIONS S.A.”. The latter was established in 2017 and is active in the production and distribution of audiovisual, television, radio and other programs.
7. INDICE S.A.
The company is based in the Municipality of Athens, has an indefinite duration, and operates in the software development sector. Its share capital amounts to Euro 30,000, divided into 6,000 common, registered, voting shares with a nominal value of Euro 5 each.
In February 2025, MOTOR OIL (HELLAS) S.A. acquired 24.9% of the Company’s share capital for a total consideration of Euro 2 million.
D. Other Financial Assets
1.OPTIMA BANK S.A.
The headquarters of the bank are located at Maroussi (32 Egialias & Paradisou street, 151 25 Marousi), its distinctive title is Optima Bank, its share capital amounts to Euro 254,520,789.90, divided into 221,322,426 common registered shares of nominal value Euro 1.15 each. The bank is listed in the Main Market of the Athens Exchange (symbol: OPTIMA).
MOTOR OIL Group participates in OPTIMA BANK S.A., through its 100% subsidiary IREON INVESTMENTS LTD, with a stake of 8.949%. As at 31 December 2025, the value of this participation amounted to Euro 152.7 million.
2.ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.
The company was founded in May 2000 with headquarters in Maroussi (registered address: 2 Ergotelous street, zip code 151 24 at Maroussi) and duration for 50 years. The objective of the ATHENS AIRPORT FUEL PIPELINE COMPANY S.A., according to article 3 of its Codified Memorandum and Articles of Association, is the execution of all works and activities relating to the design, financing, construction, completion, operation, maintenance and handling of the pipeline and its premises for the carrying of aircraft fuel from the “Hellenic Petroleum” (EL-PE) refinery at Aspropyrgos to the Athens International Airport “Eleftherios Venizelos” at Spata.
The share capital of the ATHENS AIRPORT FUEL PIPELINE COMPANY S.A is Euro 5,782,355 divided into 1,973,500 common registered shares with a nominal value of Euro 2.93 each. The shareholder structure of the company is as follows: 50% HELLENIC PETROLEUM S.A., 34% ATHENS INTERNATIONAL AIRPORT S.A., 16% MOTOR OIL (HELLAS) S.A.
3.HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES
This company is a civil non profit organisation established in Athens with trading name “ESAH”. It was founded in March 2010 by companies engaging in the power production sector with initial share capital of Euro 60,000 and duration for 50 years. The objective of “ESAH” is to promote and study issues in relation to the production, development and distribution of electricity to the final customers. MOTOR OIL (HELLAS) S.A. contributed Euro 10,000 to the formation capital of “ESAH” (a stake of 16.67%).
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4.ASPROPYRGOS INDUSTRIAL PARK SOUTH SECTOR A.E.
The concern was founded in July 2010 with registered address at the prefecture of Aspropyrgos of Attica and duration for 100 years. Its trading name is “VI.PA.NO.T Aspropyrgos A.E.” and its objective is to pursue the establishment and management of an Industrial Park at the south sector of the industrial zone of Aspropyrgos area of which the concern shareholders are land owners and/or industrial complex owners. The share capital of the concern amounts to Euro 1,813,158 fully paid divided into 1,813,158 registered shares of nominal value Euro 1 each.
LPC S.A. participates in the share capital of the concern with a percentage of 16.15%.
5.ENERGY COMPETENCE CENTER
ENERGY COMPETENCE CENTER P.C. (ECC) is an initiative of the National Technical University of Athens and the Research University Institute of Communication and Computer Systems (ICCS), constitutes a partnership of public and private sector entities, and aims to bridge the gap between supply and demand of specialized innovation and technology transfer services in the fields of energy and environment. The headquarters of the company are located in the Municipality of Athens at 22 Anagnostopoulou Street. Its duration has been set until 20.12.2026 and its share capital amounts to Euro 1,430,000, is fully paid, divided into 1,430,000 company shares of nominal value Euro 1 each. The participation of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. in the share capital of ENERGY COMPETENCE CENTER P.C. (ECC) amounts to 13%.
6.SUSTAINABLE FORWARD CAPITAL FUND 1 A.K.E.S
SUSTAINABLE FORWARD CAPITAL FUND 1 A.K.E.S is a Closed-end Mutual Fund in accordance with article 7 of the Law 2992/2002, as amended and in force. Its duration has been set for twelve (12) years, its total registered capital amounts to Euro 60,000,000, divided into 6,000 shares, and its purpose is to invest in sectors related to energy and/or infrastructure for the preservation of natural resources, sustainable development, the circular economy and any natural activities. Sustainable Forward Capital A.E.D.A.K.E.S. Single-member S.A. serves as the fund’s manager, while Optima Bank S.A. acts as its custodian. By decision of its Board of Directors dated 3 September 2024, MOTOR OIL (HELLAS) S.A. participates in the foundation of the fund with the amount of Euro 10,000,000 having taken up 1,000 shares which correspond to 16.67% of its total capital. As at 31 December 2025, MOTOR OIL’s contributions amounted to Euro 2,645,914, while the remaining uncalled capital amounted to Euro 7,354,086.
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6.SHAREHOLDERS – SHARE CAPITAL – BoD AUTHORIZATIONS – ARTICLES OF ASSOCIATION
MOTOR OIL (HELLAS) S.A. has its headquarters in Greece, with the Central Offices located at Maroussi of Attika (Herodou Attikou 12A, zip code 151 24) and the Refinery facilities located at Agioi Theodoroi in Korinthos. Apart from the Central Offices and the Refinery facilities, the Company has nine branches in Greece which concern storage installations and office spaces.
Reference to the key intangible resources, as well as research and development activities of the Company and the Group, is provided in various sections of the Sustainability report.
The major shareholder of MOTOR OIL (HELLAS) S.A. is the legal entity “Petroventure Holdings Limited” with a 40% stake. The holding company “Motor Oil Holdings Ltd” is the controlling shareholder of “Petroventure Holdings Limited”.
The share capital of the Company amounts to Euro 83,087,235 divided into 110,782,980 common registered shares of a nominal value of Euro 0.75 each which have no right to fixed income. The shares of the Company are listed on the Main Market of the Athens Exchange. It is noted that there are no restrictions as to the transfer of shares, there are no shareholders with special controlling rights and there are no restrictions on voting rights. Furthermore there are no agreements activated, revised or terminated in case of change of shareholder control of the Company as a result of a tender offer as well as agreements with BoD members or Company personnel that provide for compensation in case of retirement without material reason or termination of their term or employment as a result of tender offer. Furthermore, it is noted that the BoD or its members have no authority to increase share capital, issue new shares or buy treasury shares. The authorisation for the above mentioned matters lies with the General Assembly of Company shareholders.
The Codified Memorandum of the Company is available on its website
www.moh.gr
in the particular menu
option: Investor Relations / Corporate Governance/Policies.
With regards to the appointment and/or replacement of the members of the Board it is provided in the Articles of Association of the Company the capacity of the General Assembly to appoint substitute members. The substitute members of the Board take over in case of death, resignation or loss of identity of other Board members. Moreover, the Company Articles of Association provide that in case of death or loss of identity of a Board member, the Board can continue its function and representation of the Company without appointing a replacement. Additionally, the Board of Directors may appoint members in cases of conflict of interest between Board members and the Company. This appointment is possible provided that the replacement of the aforementioned members cannot be facilitated by substitute members elected by the General Assembly.
Also, the Company Articles of Association provide that there is no obligation for the Board of Directors to convene a meeting once a month. The members of the Board are elected by the General Assembly which, according to the Articles of Association of the Company, is duly convened and decides upon this matter with ordinary quorum and majority.
Fulfillment of the conditions stipulated in paragraph 1 of article 9 of the Law 4706/2020
On 10 March 2026, the Board of MOTOR OIL (HELLAS) S.A. having carried out the review, in the context of the annual review regarding the fulfillment of the independence criteria of its non-executive independent Directors, verified that Messrs. Panayotis J. Constantaras, Rania N-P. Ekaterinari and Dimitris-Antonios A. Anifantakis meet the criteria as provided by the Law.
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7.DEVELOPMENTS AFTER 3 1.12.202 5
Participation in corporate actions - Business Developments
On 7 January 2026, the deal between “Motor Oil (HELLAS) SA” and “GEK TERNA SA” that was announced in July 2025 with regards to the joint company in electricity production and trading through the merge of activities of NRG and HERON was approved by the European Competition Committee.
On 9 February 2026, MOTOR OIL (HELLAS) S.A. participated in the share capital increase of its 100% subsidiary, IREON INVESTMENTS LTD, through a cash contribution of EUR 16,000,000 and the acquisition of 16,000 newly issued shares of IREON INVESTMENTS LTD, with a nominal value of Euro 1 each and an issue price of Euro 1,000 each. As a result of the above, the share capital of IREON INVESTMENTS LTD amounts to Euro 438,900 divided into 438,900 shares with a nominal value of Euro 1 each.
Moreover, on 9 February 2026, IREON INVESTMENTS LTD acquired, through a stock‑exchange transaction, 1,500,000 shares of the ATHEX‑listed company REAL CONSULTING S.A. for a consideration of Euro 7,050,000. These shares correspond to 6.977% of the company’s voting rights. Given that IREON VENTURES LTD (a 100% subsidiary of IREON INVESTMENTS LTD) already held 21,529 shares of REAL CONSULTING S.A. prior to the above transaction, the participation of MOTOR OIL Group in the share capital of REAL CONSULTING S.A. amounts to 7.077%.
By decision of its Board dated 3 March 2026, MOTOR OIL (HELLAS) S.A. participated in the share capital increase of its 100% subsidiary, MANETIAL LIMITED, through a cash contribution of Euro 10,300,000 and the acquisition of 10,300,000 newly issued shares of MANETIAL LIMITED, with a nominal value of Euro 1 each. Following the above corporate action, the share capital of MANETIAL LIMITED is Euro 178,810,000 divided into 178,810,000 shares of nominal value Euro 1 each.
On 19 March 2026, we concluded with the acquisition of the rest of the minority share of 5.56% in HELECTOR S.A. at € 10.2 mil.. Following this, the Group holds, through the 100% subsidiary MANETIAL LIMITED, 100% of the share capital of HELECTOR S.A..
Besides the above, there are no events that could have a material impact on the Group’s and Company’s financial structure or operations that have occurred since 1/1/2026 up to the date of issue of these financial statements.
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8.MAIN SOURCES OF UNCERTAINTY IN ACCOUNTING ESTIMATIONS
The preparation of the financial statements presumes that various estimations and assumptions concerning the future are made by the Group’s management which may affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The application of sufficient information and various judgments made by the Group’s management may significantly impact the valuation and presentation of assets and liabilities.
The areas requiring the most significant judgments, estimates and assumptions in the preparation of the financial statements are:
•interests in subsidiaries, joint operations and associates – judgements in the determination of control, joint control or significant influence
•fair values of assets acquired and liabilities assumed on acquisition – estimates in their measurement and determination of goodwill
•recoverability of asset carrying amounts – estimations about future operating results and determination of discount rate
•right of use assets and lease liabilities – judgment about the existence of lease and its term in contracts with renewal and termination options, as well as the discount rate
•taxation – judgements in the recognition of deferred tax assets and the availability of future taxable profits, as well as the financial years not audited by tax authorities
•provisions – estimations about the likelihood and magnitude of outflow of resources such as legal cases
•retirement benefit obligations – estimates based on inflation rate, mortality rate, payroll increase and appropriate discount rate
•impairment of receivables – estimations about forward looking information
•valuation of financial instruments – estimates and assumptions in valuation techniques and their inputs
The above estimations and assumptions are based on the most recent information available to the management and are reassessed so as to be up to date with the current market conditions.
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9.MANAGEMENT OF FINANCIAL RISKS
The strong risk management strategy that the Group has adopted, combined with its inherent flexibility, allows it to respond effectively to the changes in the business environment. This ensures both operational stability and a sustainable growth path.
Τhe Group’s management addresses the challenges of the macroeconomic environment through a diversified product portfolio, the efficient management of the supply chain, and strict cost control. The management applies a continuous framework for risk assessment and management, which allows for the timely prediction and mitigation of potential threats, ensuring both operational continuity and uninterrupted functioning. Meanwhile, the ongoing investments in environmental upgrades and renewable energy projects strengthen the Group’s commitment to sustainability and energy transition.
With the transition to clean energy and the active response to geopolitical and climate-related challenges as strong fundamental pillars, the Group remains well positioned to mitigate uncertainty and to take advantage of emerging export opportunities.
In general, as further discussed in the management of each significant risk below, the Group regularly assesses and determines risks, ensuring that any negative impact on an international level will not significantly affect the normal operations of the Group and the Company.
Risk Management Framework – Three Lines of Defense Model
The Company implements the three lines of defense model, integrated within a broader corporate governance framework, with clearly defined roles and responsibilities for the timely identification, assessment, and handling of risks.
First Line of Defense: Operational Units
Operational units bear primary responsibility for identifying and managing risks related to their daily activities. Through modern tools and methodologies, they ensure alignment of actions with the Company’s strategic, operational, and regulatory goals, adhere to compliance policies, and strengthen the resilience of their operations.
Second Line of Defense: Risk Management and Regulatory Compliance Units
These units provide guidance, oversee, and support the first lines, ensuring that risks are addressed with professionalism and consistency, aligning with the Company’s policies and strategy. Their independence from the operational units is safeguarded through supervision by the Board of Directors, thereby reducing potential conflicts of interest and enhancing transparency.
Third Line of Defense: Internal Audit Unit
The Internal Audit Unit operates independently, providing objective assurance regarding the effectiveness of the overall risk management and internal control framework. Regular meetings between the Internal Audit Unit and the second-line units promote collaboration and ensure coordinated monitoring of the corporate governance system and the tracking of related action plans.
Derivative financial Instruments and Hedging Activities
For the management of commodity risk, foreign exchange risk, and interest rate risk, the Group uses a variety of instruments, including derivative financial instruments, as part of its broader risk management strategy.
The use of derivatives is intended to limit the Group’s exposure to fluctuations in raw material prices, exchange rates, and interest rates, providing greater stability in cash flows and financial results.
Meanwhile, the Group utilizes Virtual Power Purchase Agreements (vPPAs), ensuring predetermined selling prices for part of the electricity produced, thus enhancing revenue predictability.
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The Group designates under hedge accounting relationships certain commodity, interest rate and foreign exchange derivative contracts, where the relevant criteria are met, and the effectiveness of the hedging relationships is assessed on a regular basis, in accordance with the applicable financial reporting framework.
The following tables present the Derivative financial instruments for the Group and the Company concerning the years 2025 and 2024:

| GROUP
| 31.12.2025
| Notional Amounts (in 000's Euros)
| MTs | BBLs | MWHs | Euro (Current Nominal Amt) | Euro (FV)
Non-Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 239,370 | 2,194
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 50,000 | 1,826
Commodity Derivatives
Futures EUA | 50 | 0 | 0 | 0 | 34
Options EUAs | 750 | 0 | 0 | 0 | 468
Electricity Futures | 0 | 0 | 9 | 0 | 109
Power Purchase Agreements (PPA) | 0 | 0 | 144 | 0 | 426
Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives |  |  |  |  |
Interest Rate Swaps | 0 | 0 | 0 | 110,000 | 2,405
Commodity Derivatives |  |  |  |  |
Futures Crude Oil and Other Products | 8 | 0 | 0 | 0 | 22
Electricity Futures | 0 | 0 | 30 | 0 | 290
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 50,000 | 632
Commodity Derivatives
Futures Crude Oil and Other Products | 1 | 0 | 0 | 0 | 4
Futures EUA | 450 | 0 | 0 | 0 | 5,267
Options EUAs | 4,400 | 0 | 0 | 0 | 17,746
Electricity Futures | 0 | 0 | 72 | 0 | 395
Power Purchase Agreements (PPA) | 0 | 0 | 1,985 | 0 | 17,380
Foreign Exchange Derivatives
Foreign Exchange Forward | 0 | 0 | 0 | 939 | 4
Total | 5,659 | 0 | 2,240 | 450,309 | 49,202
Non Current Derivative Financial Liabilities
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives |  |  |  |  |
Interest Rate Swaps | 0 | 0 | 0 | 280,304 | 380
Held for trading derivatives which are not designated in cash-flow hedge relationships:
Commodity Derivatives
Options EUAs | 400 | 0 | 0 | 0 | 201

DIRECTORS’ REPORT
2025
36

Power Purchase Agreements (PPA) | 0 | 0 | 22,156 | 0 | 4,378
Current Derivative Financial Liabilities
Derivatives which are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 34,098 | 2,767
Commodity Derivatives
Futures Crude Oil and Other Products | 4 | 0 | 23 | 0 | 179
Electricity Futures | 0 | 0 | 52 | 0 | 403
Held for trading derivatives which are not designated in cash-flow hedge relationships:
Commodity Derivatives |  |  |  |  |
Futures Crude Oil and Other Products | 44 | 0 | 52 | 0 | 664
Options EUAs | 3,825 | 0 | 0 | 0 | 10,126
Electricity Futures | 0 | 0 | 107 | 0 | 599
Power Purchase Agreements (PPA) | 0 | 0 | 21 | 0 | 277
Foreign Exchange Derivatives |  |  |  |  |
Foreign Exchange Forward | 0 | 0 | 0 | 939 | 4
Total | 4,273 | 0 | 22,411 | 315,341 | 19,978

| GROUP
| 31.12.2024
| Notional Amounts (in 000's Euros)
| MTs | BBLs | MWHs | Euro (Current Nominal Amt) | Euro (FV)
Non-Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 190,000 | 4,302
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 50,000 | 2,421
Commodity Derivatives
Options EUAs | 650 | 0 | 0 | 0 | 503
Electricity Futures | 0 | 0 | 18 | 0 | 98
Power Purchase Agreements (PPA) | 0 | 0 | 25 | 0 | 123
Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives |  |  |  |  |
Interest Rate Swaps | 0 | 0 | 0 | 130,000 | 3,504
Commodity Derivatives
Futures Crude Oil and Other Products | 0 | 0 | 50 | 0 | 80
Electricity Futures | 0 | 0 | 16 | 0 | 159
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 50,000 | 1,053
Commodity Derivatives
Futures Crude Oil and Other Products | 4 | 0 | 0 | 0 | 30
Futures EUA | 350 | 0 | 0 | 0 | 1,098
Options EUAs | 3,370 | 0 | 0 | 0 | 12,758
Electricity Futures | 0 | 0 | 45 | 0 | 559

DIRECTORS’ REPORT
2025
37

Electricity Swaps | 0 | 0 | 1 | 0 | 9
Power Purchase Agreements (PPA) | 0 | 0 | 1,661 | 0 | 14,506
Total | 4,374 | 0 | 1,816 | 420,000 | 41,203
Non Current Derivative Financial Liabilities
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 418,288 | 11,277
Held for trading derivatives which are not designated in cash-flow hedge relationships:
Commodity Derivatives
Options EUAs | 100 | 0 | 0 | 0 | 130
Electricity Futures | 0 | 0 | 18 | 0 | 120
Power Purchase Agreements (PPA) | 0 | 0 | 24,420 | 0 | 6,594
Current Derivative Financial Liabilities
Derivatives which are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 18,833 | 2,277
Commodity Derivatives
Futures Crude Oil and Other Products | 5 | 180 | 203 | 0 | 1,372
Electricity Futures | 0 | 0 | 10 | 0 | 15
Held for trading derivatives which are not designated in cash-flow hedge relationships:
Derivatives on Stocks
Stock Options | 0 | 0 | 0 | 5,200 | 5,149
Commodity Derivatives
Futures Crude Oil and Other Products | 15 | 0 | 0 | 0 | 191
Futures EUAs | 650 | 0 | 0 | 0 | 5,703
Options EUAs | 4,070 | 0 | 0 | 0 | 6,398
Electricity Futures | 0 | 0 | 74 | 0 | 679
Electricity Swaps | 0 | 0 | 1 | 0 | 12
Power Purchase Agreements (PPA) | 0 | 0 | 5 | 0 | 174
Total | 4,840 | 180 | 24,731 | 442,321 | 40,091

DIRECTORS’ REPORT
2025
38

| COMPANY
| 31.12.2025
| Notional Amounts (in 000's Euros)
| MTs | BBLs | MWHs | Euro (Current Nominal Amt) | Euro (FV)
Non-Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 150,000 | 1,765
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Commodity Derivatives
Futures EUA | 50 | 0 | 0 | 0 | 34
Options EUAs | 750 | 0 | 0 | 0 | 467
Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 110,000 | 2,405
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Commodity Derivatives
Futures Crude Oil and Other Products | 1 | 0 | 0 | 0 | 4
Futures EUA | 450 | 0 | 0 | 0 | 5,266
Options EUAs | 4,400 | 0 | 0 | 0 | 17,746
Power Purchase Agreements (PPA) | 0 | 0 | 351 | 0 | 6,028
Total | 5,651 | 0 | 351 | 260,000 | 33,715
Non Current Derivative Financial Liabilities
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Commodity Derivatives
Options EUAs | 400 | 0 | 0 | 0 | 201
Power Purchase Agreements (PPA) | 0 | 0 | 2,394 | 0 | 3,479
Current Derivative Financial Liabilities
Held for trading derivatives which are not designated in cash-flow hedge relationships:
Commodity Derivatives
Futures Crude Oil and Other Products | 9 | 0 | 30 | 0 | 197
Options EUAs | 3,825 | 0 | 0 | 0 | 10,126
Total | 4,234 | 0 | 2,424 | 0 | 14,003

DIRECTORS’ REPORT
2025
39

| COMPANY
| 31.12.2024
| Notional Amounts (in 000's Euros)
| MTs | BBLs | MWHs | Euro (Current Nominal Amt) | Euro (FV)
Non-Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 190,000 | 4,302
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Commodity Derivatives
Options EUAs | 650 | 0 | 0 | 0 | 503
Current Derivative Financial Assets
Derivatives that are designated and effective as hedging instruments carried at fair value:
Interest Rate Derivatives
Interest Rate Swaps | 0 | 0 | 0 | 130,000 | 3,504
Commodity Derivatives
Futures Crude Oil and Other Products | 0 | 0 | 50 | 0 | 80
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Commodity Derivatives
Futures EUA | 350 | 0 | 0 | 0 | 1,098
Options EUAs | 3,320 | 0 | 0 | 0 | 12,539
Total | 4,320 | 0 | 50 | 320,000 | 22,026
Non Current Derivative Financial Liabilities
Held for trading derivatives which are not designated in cash-flow hedging relationships:
Commodity Derivatives
Options EUAs | 100 | 0 | 0 | 0 | 130
Current Derivative Financial Liabilities
Derivatives which are designated and effective as hedging instruments carried at fair value:
Commodity Derivatives
Futures Crude Oil and Other Products | 0 | 180 | 203 | 0 | 1,333
Held for trading derivatives which are not designated in cash-flow hedge relationships:
Derivatives on Stocks
Stock Options | 0 | 0 | 0 | 5,200 | 5,149
Commodity Derivatives
Futures EUAs | 650 | 0 | 0 | 0 | 5,703
Options EUAs | 4,020 | 0 | 0 | 0 | 6,274
Total | 4,770 | 180 | 203 | 5,200 | 18,589

DIRECTORS’ REPORT
2025
40
Capital risk management
The Group manages its capital to ensure that Group companies will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the parent, comprising of issued capital, reserves and retained earnings which are re-invested. The Group’s management monitors the capital structure and the return on equity on a continuous basis.
As a part of this monitoring, the management reviews the cost of capital and the risks associated with each class of capital. The Group’s intention is to balance its overall capital structure through the payment of dividends, as well as the issuance of new debt or the redemption of existing debt. The Group has already issued, since 2014, bond loans through the offering of Senior Notes bearing a fixed rate coupon. The Group also has access to the local and international money markets broadening materially its financing alternatives.
Gearing ratio
The Group’s management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed.
The gearing ratio at the period-end was as follows:

|  | GROUP |  | COMPANY
(In 000's Euros) |  | 31/12/2025 | 31/12/2024 |  | 31/12/2025 | 31/12/2024
Bank loans |  | 2,701,106 | 2,616,199 |  | 1,225,609 | 1,296,115
Lease liabilities |  | 251,025 | 241,167 |  | 21,729 | 23,114
Cash and cash equivalents |  | (1,372,683) | (1,128,453) |  | (1,010,276) | (771,705)
Net debt |  | 1,579,448 | 1,728,913 |  | 237,062 | 547,524
Equity |  | 3,355,941 | 2,758,787 |  | 2,747,288 | 2,253,615
Net debt to equity ratio |  | 0.47 | 0.63 |  | 0.09 | 0.24

Financial risk management
The Group’s Treasury department provides services to the Group by granting access to domestic and international financial markets, monitoring and managing the financial risks relating to the operation of the Group. These risks include market risk, credit risk and liquidity risk. The Group enters into derivative financial instruments to manage its exposure to the risks of the market in which it operates and does not engage in significant transactions in financial derivatives for speculative purposes.
The Treasury department reports on a frequent basis to the Group’s management which in turn weighs the risks and policies applied in order to mitigate the potential risk exposure.
DIRECTORS’ REPORT
2025
41
1. Market risk
a. Commodity risk
Due to the nature of its activities, the Group is exposed to the volatility of oil and petroleum products prices, resulting among other factors from its obligation to maintain certain level of inventories. The Company, in order to avoid significant fluctuations in the inventories valuation is trying, as a strategy, to keep the inventories at the lowest possible levels that do not affect operational flexibility always maintaining the required safety stocks. Furthermore, any change in the pertaining refinery margin affects the Company’s profit margin.
Commodity derivatives are presented as above, including mainly oil and related alternative fuel derivatives as well as derivatives of emissions allowances EUAs, relating to the Group’s primary activities and obligations. The exposure of the Group in energy prices is limited, while utilizing virtual Power Purchase Agreements (vPPAs).
The Group designates certain derivatives in hedge accounting relationships in cash flow hedges, in accordance with the IFRS. For this purpose, the Group maintains the cash flow hedge reserve and the cost of hedging reserve. The former accumulates gains/losses arising from the hedging instruments, while the latter accumulates gains/losses relating to the time value of option contracts and the forward element of forward contracts.
Regarding commodity derivatives for which the underlying transaction had not been realized by the end of the current year, fair value changes remained within the relevant reserve, without impacting the profit or loss for the period. Conversely, for cases where the associated transaction was settled within the year, the corresponding accumulated gains or losses were reclassified to the profit or loss. A detailed presentation of the movements in these reserves is presented in Note 30 of financial statements.
Taking into consideration the conditions in the oil refining and trading sector, as well as the local economic environment in general, the course of the Group and the Company is considered satisfactory. The Group through its subsidiaries in United Kingdom, United Arab Emirates, Cyprus and the Balkans, continues to strengthen its international and exporting orientation. The presence in Dubai is primarily commercial in nature and, considering the nature of the activities, does not create material exposure for the Group.
b. Geopolitical risk
Socio-political tensions, geopolitical conflicts, and trade disruptions may affect the operation of international energy markets and the smooth operation of supply chains. The Group systematically monitors developments in order to timely assess potential impacts on its operations and to adjust its business planning accordingly.
In light of recent events in the Middle East, and particularly in countries with which the Group maintains commercial relationships, it is noted that the group has exposure to raw material markets in these regions amounting to approximately € 3.5 billion for the 2025 financial year, mainly through purchases of Iraqi crude oil. These account for 36% of total purchases.
Based on the data currently available, no material impact is expected on the Group’s turnover, results, or financial position. This assessment is supported by its high operational flexibility, as well as its ability to adapt its supply chain.
In particular, the Company’s refinery has the capability to adjust the composition of its feedstock mix, allowing it to respond effectively to potential supply disruptions or fluctuations in crude oil prices. Furthermore, the strategy of suppliers’ diversification, through sourcing raw materials from multiple geographical regions and maintaining long-term partnerships with reliable international suppliers, contributes to ensuring supply adequacy and reducing exposure to potential market disruptions.
Through its operational flexibility and adaptive strategy, the Group strengthens its resilience against potential pressures, while maintaining the ability to capitalize on emerging opportunities and benefit from favorable market conditions.
The Group continues to assess developments and will take all necessary actions to ensure the uninterrupted continuity of its operations.
DIRECTORS’ REPORT
2025
42
c. Foreign currency risk
Due to the use of the international Platt’s prices in USD for oil purchases/sales, there is a risk of exchange rate fluctuations that may arise for the Group’s profit margins. The Group’s management minimises foreign currency risks through physical hedging, mostly by matching assets and liabilities in foreign currencies.
Additionally, the majority of the Group’s operating expenses are incurred in Euro. Consequently, no exposure arises from this source.
As of December 31, 2025, the Group had Assets in foreign currency of 760 million USD and Liabilities of 611.15 million USD. These balances, denominated in Euro, amount to 646.81 million and 520.12 million respectively according to the exchange rates at the reporting date. A change in the exchange rates by +/- 5%, would result in an amount of € +/- 6.33 million recognised before tax in the Statement of Profit or Loss and Other Comprehensive Income, and in the equity.
d. Interest rate risk
The Group is exposed to interest rate risk mainly through its interest-bearing net debt. The Group borrows both with fixed and floating interest rates as a way of maintaining an appropriate mix between fixed and floating rate borrowings and managing interest rate risk. The objective of the interest rate risk management is to limit the volatility of interest expenses in the income statement. In addition, the interest rate risk of the Group is managed with the use of interest rate derivatives, mainly interest rate swaps. Hedging activities are reviewed and evaluated on a regular basis to be aligned with the defined risk appetite and Group’s risk management strategy.
The interest rate derivatives that the Group uses to hedge its floating-rate debt concern floored interest rate swap contracts under which the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. The particular contracts enable the Group to mitigate the variability of the cash flows stemming from the floating interest payments of issued variable debt against unfavorable movements in the benchmark interest rates.
During the current period, the Group has designated interest rate swaps in cash flow hedging relationships.
For interest rate derivatives where the hedged cash flow had not occurred by the end of the reporting period, fair value fluctuations remained in the reserves, maintaining a neutral impact on the profit or loss. Additionally, for hedging instruments whose transaction was realized within the year, the accumulated gains or losses were transferred to the profit or loss. A detailed presentation of the movements in the cash flow hedge reserve and the cost of hedging reserve is presented in Note 30 of financial statements.
Had the current interest rates been 50 basis points higher/lower, all other variables kept constant, the Group’s profit for the year ended December 31, 2025, could have decreased/increased by approximately € 11,840 thousands.
2. Credit risk
The Group’s credit risk is primarily attributable to its trade and other receivables. The Group’s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well-known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 31/12/2025 amounted to € 159.2 million. As far as receivables of the subsidiaries “AVIN OIL SINGLE MEMBER S.A.”, “CORAL S.A.”, “CORAL GAS A.E.B.E.Y.”, “L.P.C. S.A.” and “NRG SUPPLY AND TRADING SINGLE MEMBER S.A.” are concerned, these are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.
3. Liquidity risk
Liquidity risk relates to the possibility that an entity may be unable to meet its current or future obligations as they fall due, due to insufficient availability of cash flows or shortages of liquidity in the market.
DIRECTORS’ REPORT
2025
43
The Group mitigates this risk through the proper combination of cash and cash equivalents and available bank overdrafts and loan facilities. Meanwhile, the Group’s management monitors the balance of cash and cash equivalents and ensures available bank loans facilities, maintaining also increased cash balances. Moreover, the major part of the Group’s borrowings is long-term borrowings which facilitates liquidity management.
Robust cash flow from operating activities further strengthens the Group’s capacity to manage liquidity risk, supporting continuous operations and maintaining financial flexibility.
The following tables present the Group’s remaining contractual maturity for its financial liabilities:

| GROUP
(In 000's Euros) | 2025
| Weighted average effective interest rate | 0-6 months | 7-12 months | 2-5 years | 5 + years | Total
Trade & other payables |  | 1,159,995 | 1,937 | 0 | 0 | 1,161,932
Leases | 4.64% | 17,513 | 16,251 | 86,583 | 130,678 | 251,025
Derivative Financial instruments |  | 3,148 | 11,871 | 4,724 | 235 | 19,978
Borrowings | 3.23% | 200,659 | 480,898 | 1,540,581 | 478,968 | 2,701,106
Interest |  | 45,358 | 37,927 | 221,364 | 131,163 | 435,812
Total |  | 1,426,673 | 548,884 | 1,853,252 | 741,044 | 4,569,853

| GROUP
(In 000's Euros) | 2024
| Weighted average effective interest rate | 0-6 months | 7-12 months | 2-5 years | 5 + years | Total
Trade & other payables |  | 1,020,840 | 1,727 | 0 | 0 | 1,022,567
Leases | 3.96% | 15,468 | 13,751 | 85,657 | 126,291 | 241,167
Derivative Financial instruments |  | 9,123 | 12,847 | 18,121 | 0 | 40,091
Borrowings | 3.97% | 96,359 | 114,205 | 1,950,204 | 455,431 | 2,616,199
Interest |  | 52,226 | 49,463 | 304,019 | 110,831 | 516,539
Total |  | 1,194,016 | 191,993 | 2,358,001 | 692,553 | 4,436,563

DIRECTORS’ REPORT
2025
44
The following tables present the Company’s remaining contractual maturity for its financial liabilities:

| COMPANY
(In 000's Euros) | 2025
| Weighted average effective interest rate | 0-6 months | 7-12 months | 2-5 years | 5 + years | Total
Trade & other payables |  | 785,809 | 0 | 0 | 0 | 785,809
Leases | 3.77% | 2,978 | 2,545 | 9,997 | 6,209 | 21,729
Derivative Financial instruments |  | 197 | 10,126 | 2,260 | 1,420 | 14,003
Borrowings | 2.69% | 625 | 427,825 | 720,219 | 76,940 | 1,225,609
Interest |  | 15,971 | 12,087 | 54,386 | 4,965 | 87,409
Total |  | 805,580 | 452,583 | 786,862 | 89,534 | 2,134,559

| COMPANY
(In 000's Euros) | 2024
| Weighted average effective interest rate | 0-6 months | 7-12 months | 2-5 years | 5 + years | Total
Trade & other payables |  | 665,873 | 0 | 0 | 0 | 665,873
Leases | 3.76% | 2,688 | 2,461 | 10,675 | 7,290 | 23,114
Derivative Financial instruments |  | 6,482 | 11,977 | 130 | 0 | 18,589
Borrowings | 3.00% | 25,658 | 38,858 | 1,173,848 | 57,751 | 1,296,115
Interest |  | 18,812 | 18,406 | 83,296 | 2,852 | 123,366
Total |  | 719,513 | 71,702 | 1,267,949 | 67,893 | 2,127,057

As of today, the Group has available total credit facilities of approximately €4.60 billion (Company: € 2.16 billion) and total available bank Letter of Credit facilities up to approximately € 0.99 billion and $ 1.54 billion (Company: € 0.07 billion and $ 1.54 billion).
4. Environmental, Social and Governance (ESG) Risk
The Group recognizes the importance of managing environmental, social and governance (ESG) risks and their potential impacts on its operations, stakeholders, and the wider society. In this context, the Group monitors developments related to climate change and the energy transition, taking relevant parameters into account when designing its strategy and business activities.
During the preparation of the financial statements, the Group assessed whether climate risks and related commitments might affect significant accounting estimates and assumptions, such as the useful lives of assets, impairment tests and the recognition of provisions. Based on the assessment performed, no material impact was identified on the estimates or amounts recognized in these financial statements.
The Group seeks to integrate ESG parameters into its decision-making processes and works continuously to improve its performance in these areas. Additionally, it engages with its stakeholders to understand their expectations and concerns, striving for transparency in the communication and disclosure of relevant information. Further information regarding ESG risk management and the Group's related actions is included in the Sustainability Report within the Directors' Report.
DIRECTORS’ REPORT
2025
45
Going Concern
The Group’s management, having taken into account all current developments, estimates that the Company and the Group have adequate resources that ensure the smooth operation as a “Going Concern” in the foreseeable future.
DIRECTORS’ REPORT
2025
46
10.ALTERNATIVE PERFORMANCE MEASURES
The basic alternative performance measures of the Group and the Company are presented hereunder:

| GROUP | COMPANY
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
| 44.59% | 48.67% | 30.85% | 36.51%
Debt to Capital Ratio
Total Borrowings
Total Borrowings + Shareholders' Equity
| 0.80 | 0.95 | 0.45 | 0.58
Debt to Equity Ratio
Total Borrowings
Shareholders' Equity

| GROUP | COMPANY
Ratios TTM (Trailing Twelve Months) | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024
| 8.09% | 3.95% | 12.88% | 6.17%
Return on Assets (ROA)
Earnings after Tax (EAT)
Total Assets
| 19.39% | 10.41% | 23.32% | 12.30%
Return on Equity (ROE)
Earnings after Tax (EAT)
Shareholders' Equity
| 18.00% | 10.80% | 25.60% | 13.19%
Return on Invested Capital (ROIC)
Earnings after Tax + Finance Costs
Total Net Borrowings + Shareholders' Equity + Provisions
| 1.49 | 1.79 | 0.32 | 0.81
Net Debt to EBITDA
Net Debt (Borrowings plus Lease liabilities minus Cash and Cash equivalents)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
| 5.25 | 7.88 | 5.30 | 8.03
Price/ Earnings (P/E)
Share price at the end of the period
Earnings per share

DIRECTORS’ REPORT
2025
47

| GROUP | COMPANY
Amounts in thousand Euros | 01/01-31/12/2025 | 01/01-31/12/2024 | 01/01-31/12/2025 | 01/01-31/12/2024
| 1,059,348 | 966,595 | 745,876 | 671,930
Earnings before interest, taxes, depreciation, and amortization (EBITDA),
is a metric used to measure and better understand the operational performance of the Company and the Group. For the calculation of EBITDA, the expenses for the repayment of the loans are not taken into account, increasing in this way the profits with the amount of interest, income tax and depreciation of fixed assets. The above size should be considered in conjunction with the financial results prepared in accordance with IFRS and in no case replaces them.

DIRECTORS’ REPORT
2025
48
11.RELATED PARTY TRANSACTIONS
The transactions between the Company and its subsidiaries have been eliminated on consolidation.
The transactions between the Company, its subsidiaries, its associates and other related parties, for 2025, are set below:

GROUP
Amounts in thousand Euro | Sales of products and services | Cost of sales and other expenses | Dividends | Receivables | Payables
Associates and Other Related:
SHELL & MOH AVIATION | 314,169 | 224 | 7,252 | 9,867 | 136
SHELL & MOH AVIATION BULGARIA | 20 | 0 | 0 | 20 | 0
RAPI S.A. | 0 | 408 | 0 | 0 | 45
AIR LIFT S.A. | 1,037 | 1,226 | 0 | 543 | 118
KORINTHOS POWER S.A | 572 | 0 | 17,538 | 130 | 0
TALLON COMMODITIES LTD | 0 | 571 | 840 | 32,414 | 11,210
TALLON PTE LTD | 14 | 0 | 0 | 11 | 0
THERMOILEKTRIKI KOMOTINIS S.A. | 125,281 | 751 | 0 | 78,913 | 849
ALPHA SATELITE TV S.A. | 278 | 205 | 0 | 3,610 | 86
VISTA BANK (ROMANIA) S.A.* | 1,709 | 678 | 0 | 70,965 | 24,855
HELLENIC FAST CHARGING SERVICES S.A. | 213 | 209 | 0 | 7 | 67
SOFRANO S.A. | 169 | 0 | 0 | 104 | 0
EVOIKOS BOREAS S.A. | 240 | 0 | 0 | 142 | 0
NEVINE HOLDINGS LTD | 0 | 0 | 0 | 105 | 0
INDICE S.A. | 0 | 210 | 0 | 0 | 0
AIOLIKI PROVATA TRAIANOUPOLEOS S.A. | 81 | 0 | 0 | 1,513 | 0
ENERMEL S.A. | 1 | 0 | 0 | 6 | 0
GEOTHERMAL TARGET TWO (II) S.M.S.A. | 4 | 0 | 0 | 2 | 0
ELLAKTOR VENTURES | 4 | 0 | 0 | 158 | 0
ELLAKTOR Group | 3,117 | 1,927 | 39,228 | 588 | 313
Total | 446,909 | 6,409 | 64,858 | 199,098 | 37,679

*The Receivables of the specific entity relate to cash and cash equivalents.
DIRECTORS’ REPORT
2025
49
Details regarding the transactions of the Company and Related parties are presented hereunder:

COMPANY
Amounts in thousand Euro | Sales of products and services | Cost of sales and other expenses | Dividends | Receivables | Payables
Associates: |  |  |  |  |
Subsidiaries: |  |  |  |  |
OFC AVIATION FUEL SERVICES S.A. | 0 | 0 | 468 | 0 | 0
BUILDING FACILITY SERVICES SINGLE MEMBER S.A. | 432 | 7,186 | 0 | 236 | 901
NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A. | 12,084 | 1,671 | 0 | 25,016 | 408
IREON AKINITA SINGLE MEMBER S.A. | 0 | 241 | 0 | 0 | 0
MVU BRAZOS CORP. | 6 | 6 | 0 | 940 | 0
CORINTHIAN OIL LTD | 336 | 962,517 | 8,816 | 100 | 1,062
MOTOR OIL MIDDLE EAST DMCC | 58,224 | 0 | 0 | 0 | 3
DIORIGA GAS SINGLE MEMBER S.A. | 0 | 0 | 0 | 150 | 0
MOTOR OIL TRADING S.A. | 12,265 | 3 | 0 | 1 | 0
OFC TECHNICAL S.A. | 0 | 288 | 0 | 1,144 | 288
CORE INNOVATIONS SINGLE MEMBER S.A. | 561 | 13 | 0 | 948 | 22
VERD SINGLE-MEMBER S.A. | 514 | 19,294 | 0 | 52 | 2,108
PRASINO LADI S.A. | 5 | 0 | 0 | 6 | 0
HELLENIC HYDROGEN S.A. | 13 | 0 | 0 | 8 | 3
THALIS PERIVALLONTIKES YPIRESIES S.A. | 850 | 3,061 | 0 | 534 | 300
CIPHARMA ONE PRIVATE COMPANY | 0 | 47 | 0 | 0 | 5
TARESSO Ι.Κ.Ε. | 0 | 9 | 0 | 0 | 9
ANEMOS RES SINGLE-MEMBER S.A. | 90 | 0 | 0 | 80 | 0
MORE ANALYTICS SINGLE MEMBER S.A. | 12 | 0 | 0 | 12 | 0
HELECTOR S.A. | 260 | 0 | 0 | 172 | 0
AVIN OIL SINGLE MEMBER S.A. | 602,645 | 138 | 300 | 22,252 | 29
MAKREON SINGLE MEMBER S.A. | 407 | 294 | 0 | 287 | 33
CORAL S.A. | 1,109,023 | 75,789 | 10,000 | 33,151 | 626
MYRTEA S.A. | 1,179 | 1 | 0 | 379 | 13
ERMIS A.E.M.E.E. | 2,068 | 38 | 0 | 3,882 | 3
CORAL PRODUCTS AND TRADING S.A. | 87,347 | 27,673 | 0 | 1,054 | 3,770
CORAL SRB DOO BEOGRAD | 48 | 0 | 0 | 24 | 0
CORAL-FUELS DOOEL SKOPJE | 2 | 0 | 0 | 1 | 0
CORAL ENERGY PRODUCTS CYPRUS LTD | 24,622 | 0 | 0 | 172 | 0
CORAL CROATIA D.O.O. | 325 | 0 | 0 | 172 | 0
L.P.C. S.A. | 38,055 | 4,676 | 27,000 | 1,903 | 1,350
ENDIALE S.A. | 0 | 0 | 0 | 1 | 0
CYTOP S.A. | 99 | 8 | 0 | 52 | 0
CORAL GAS A.E.V.E.Y. | 93,139 | 0 | 0 | 2,680 | 1
MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. | 4,404 | 1 | 0 | 7,533 | 3,680
KELLAS WIND PARK S.A. | 413 | 0 | 0 | 0 | 0
AIOLIKI HELLAS SINGLE MEMBER S.A. | 0 | 0 | 0 | 1 | 1
Total | 2,049,428 | 1,102,954 | 46,584 | 102,943 | 14,615

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Associates and Other Related:
SHELL-MOH AVIATION | 306,659 | 77 | 0 | 9,432 | 0
AIR LIFT S.A. | 975 | 1,226 | 0 | 529 | 117
KORINTHOS POWER S.A. | 571 | 0 | 0 | 120 | 0
TALLON COMMODITIES LTD | 0 | 571 | 840 | 26,122 | 10,083
TALLON PTE LTD | 14 | 0 | 0 | 11 | 0
THERMOILEKTRIKI KOMOTINIS S.A. | 119,429 | 0 | 0 | 66,570 | 0
ALPHA SATELITE TV S.A. | 0 | 8 | 0 | 0 | 0
VISTA BANK (ROMANIA) S.A.* | 1,709 | 4 | 0 | 65,792 | 0
ELLAKTOR Group | 0 | 6 | 39,228 | 2 | 7
Total | 429,357 | 1,892 | 40,068 | 168,578 | 10,207
Grand Total | 2,478,785 | 1,104,846 | 86,652 | 271,521 | 24,822

*The Receivables of the specific entity relate to cash and cash equivalents.
The sales of goods to associates were made on an arm’s length basis.
No provision has been made for doubtful debts in respect of the amounts due from related parties.
Compensation of key management personnel
The remuneration of key management personnel, who are also BoD members of companies of the Group (including share-based payments) for the years 01/01-31/12/2025 and 01/01-31/12/2024 amounted to € 21,395 thousand and € 20,887 thousand respectively. (Company: 01/01-31/12/2025: € 14,270 thousand, 01/01-31/12/2024: € 14,637 thousand)
The remuneration of the BoD members of the Company is approved by the General Assembly of Company shareholders.
Other short-term benefits granted to key management personnel of the Group for the years 01/01-31/12/2025 and 01/01-31/12/2024 amounted to € 599 thousand and € 708 thousand respectively. (Company: 01/01-31/12/2025: € 78 thousand, 01/01-31/12/2024: € 81 thousand)
Leaving indemnities were paid to key management personnel of the Group amounted to € 89 thousand for the year 01/01-31/12/2025 (Company 01/01-31/12/2025: € 0 thousand). Additionally, for the comparative year 01/01-31/12/2024 the respective amount at Group level was € 370 thousand (Company 01/01-31/12/2024: € 0 thousand).
Directors’ Transactions
There are receivable balances between the companies of the Group and the executives amounted to € 142 thousand (Company: € 142 thousand) but there are no payable balances (Company: € 0 thousand). For the respective prior year, there were receivable balances outstanding between the companies of the Group and the executives amounted to € 152 thousand (Company: € 152 thousand) but there are no payable balances (Company: € 0 thousand).
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12. SUSTAINABILITY STATEMENT(LAW 5164/2024)
Table of Contents

ESRS 2 GENERAL DISCLOSURES | 53
EU TAXONOMY | 90
E1 CLIMATE CHANGE | 105
E2 POLLUTION | 132
E3 WATER AND MARINE RESOURCES | 138
E4 BIODIVERSITY & ECOSYSTEMS | 143
E5 CIRCULAR ECONOMY | 153
S1 OWN WORKFORCE | 159
S3 AFFECTED COMMUNITIES | 180
S4 CONSUMERS & END-USERS | 188
G1 BUSINESS CONDUCT | 193
ES ENTITY SPECIFIC | 200

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ESRS 2 GENERAL DISCLOSURES
BP1 General Basis for Preparation of the Sustainability Statement
The Sustainability Statement of MOTOR OIL Group (hereinafter "the Group" or "MOTOR OIL Group") for the reporting period 1 January to 31 December 2025 has been prepared in accordance with the European Sustainability Reporting Standards (ESRS).
The Sustainability Statement has been prepared on a consolidated basis, aligned with the financial statements to ensure consistency in the reporting scope, while it covers information on the Group’s upstream and downstream value chain. In this context, it also includes relevant information from Associates and Joint Ventures (JVs) that are part of the value chain. The reporting period follows the financial year, ensuring comparability between financial and sustainability information and is referenced to appropriate financial indicators when needed.
This Statement provides stakeholders with insights into environmental, social and governance (ESG) actions, initiatives and impacts and covers the value chain of the Group, including the impacts, risks and opportunities (IROs) identified in the upstream and downstream supply chain as well as the Group’s own operations. In continuation of previous years, the Group has conducted a double materiality assessment that incorporates impacts, risks and opportunities across the value chain for key sustainability matters related to environment, society and governance. The Group’s policies, actions, targets and metrics reflect the efforts to reduce environmental impacts, enhance resource efficiency and promote ethical labor practices.
MOTOR OIL Group has not omitted any sustainability-related disclosures due to intellectual property or innovation protection nor has used the exemption related to impending developments or matters in the course of negotiation under Articles 19a(3) and 29a(3) of Directive 2013/34/EU. All relevant information has been fully incorporated into this statement.
BP2 Disclosures in Relation to Specific Circumstances
MOTOR OIL Group has defined time horizons for impacts, risks and opportunities in alignment with the ESRS standards. These time horizons are categorized as short-term (the period adopted by the undertaking as the reporting period in its financial statement), medium-term (from the end of the short-term reporting period up to 5 years) and long-term (more than 5 years).
Where direct data is not available, industry benchmarks and proxy data are used. In any case, the Group remains committed to continuously enhancing data quality through ongoing engagement with suppliers and business partners, with the aim of improving transparency across the value chain. In this context, during the current year the Group distributed ESG-related questionnaires to its suppliers. Furthermore, certain metrics are based on estimates of upstream and/or downstream value chain data derived from secondary data sources. These include:
•Scope 3 emissions
•Non-employees (contractors)
The references for all estimates are documented in detail in the corresponding sections below, along with the relevant methodologies and assumptions utilized. For every methodology used and the assumptions made, these issues are addressed clearly in the corresponding chapters. This approach is chosen, as such estimates are limited to the energy mix of Greece, the emission factors used for the emission calculations and to certain internationally recognized net calorific values for energy conversions. At this stage, no specific actions are planned in relation to limiting the use of assumptions, as this will depend on future data availability and advances in scientific research within the petroleum sector value chain.
MOH Group hasn’t identified any monetary disclosures that are subject to a high level of uncertainty.
During the reporting period, the Group identified a material error in the EU Taxonomy section affecting the Taxonomy eligible and aligned figures for 2024. The necessary restatements have been made in the EU Taxonomy Chapter.
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This Statement has been prepared in accordance with Laws 4403/2016 and 4548/2018 as amended by Law 5255/2025, which transpose EU Directive 2013/34/EC, as amended, into Greek legislation. It also complies with the provisions of Law 5164/2024 (Government Gazette A 202/12.12.2024), which incorporated Directive (EU) 2022/2464 of the European Parliament and Council into national law. These legal frameworks establish the obligation for large undertakings classified as public interest entities, as defined in Annex A of the Directive, to prepare both a Management Report and a Non-Financial Statement. Additionally, this Statement includes the disclosures required under the Corporate Sustainability Reporting Directive (CSRD), as implemented through the European Sustainability Reporting Standards (ESRS), which introduce enhanced sustainability reporting requirements for companies operating within the EU. The statement additionally references indexes covering rating agencies (S&P Global, Ecovadis, CDP, ATHEX). Additionally, the report references the EU Taxonomy Regulation, where the Group is obligated to report, ensuring alignment with the European framework for classifying environmentally sustainable economic activities.
Through chapter “IRO2 Disclosure requirements in ESRS covered by the undertaking's sustainability statements”, a detailed table is disclosed related to the specific datapoints mandated by a Disclosure Requirement, as have been incorporated in Sustainability Statement by reference to another section of the Management Report.
GOV1 The role of the Administrative, Management and Supervisory Bodies
The governance structure of MOTOR OIL Group, including the composition and functioning of the administrative, management and supervisory bodies (including the composition, diversity and experience of the BoD 3),is described in the Corporate Governance Statement of the Annual Financial Report. This section explains how sustainability responsibilities are integrated into the Group’s governance framework and how these bodies oversee material impacts, risks and opportunities (IROs).
Supervisory bodies
The Board of Directors is supported by specialized committees that contribute to the oversight of sustainability matters.
Audit Committee - Oversees the integrity of non-financial disclosures, including sustainability reporting, and monitors internal control systems related to ESG reporting.
Nomination Committee - Ensures that members of the administrative, management and supervisory bodies possess appropriate sustainability-related expertise and supports succession planning and diversity considerations.
Remuneration Committee - Integrates sustainability-related performance indicators into executive remuneration frameworks, linking ESG performance with incentive structures.
Sustainability Committee - The Sustainability Committee consists of Board members and oversees the Group’s Sustainability Policy and Strategy. It reviews material ESG topics, including impacts, risks and opportunities, monitors sustainability performance and targets, and supervises sustainability due diligence processes and ESG disclosures.
Chair: Petros Tzannetakis (Executive Board member)
Members: Ioannis Kosmadakis, Michael Stiakakis, Rania Ekaterinari, Niki Stoufi
Convener: Helena Athoussaki – Chief Sustainability Officer
The Committee meets at least annually and more frequently when required. In 2025, the Committee convened in December with full member participation.
Members possess relevant expertise in areas including energy transition, risk management and ESG regulatory frameworks. Their expertise is strengthened through targeted training on sustainability regulations, emerging ESG trends and sector developments. The Committee also receives regular updates from the Chief Sustainability Officer, the Risk Management Unit and executive leadership regarding
3 The Board’s gender diversity ratio is 0.25. There is no representation of employees and other workers in the Board of Directors.
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material sustainability risks and opportunities, ESG due diligence implementation and strategic investment decisions with sustainability implications.
Management Bodies
Executive management, led by the Chief Executive Officer (CEO) and Deputy CEOs, provides strategic leadership and ensures that sustainability considerations are integrated into the Group’s strategy and operational decision-making. General Managers oversee implementation across business units. Further information on how governance bodies are informed about sustainability matters is provided in GOV-2.
Administrative Bodies
The Chief Sustainability Officer (CSO) leads the Group’s sustainability agenda and reports to executive leadership and the Sustainability Committee. The CSO ensures alignment between ESG strategy, business objectives and regulatory requirements and advises management on sustainability-related risks and opportunities. The Sustainability Division supports the implementation of the Group’s sustainability strategy, including ESG reporting, double materiality assessments, monitoring of ESG performance indicators and coordination of stakeholder engagement. Sustainability Specialists within subsidiaries support the implementation of ESG actions and data collection locally.
MOTOR OIL Group’s risk management and internal control processes for sustainability reporting are integrated into the Group’s overall risk management framework. In accordance with Law 4706/2020, the Group has established an Internal Control System (ICS) comprising the Internal Audit Unit (IAU), Risk Management Unit (RMU) and Compliance Unit to support governance, risk management and regulatory compliance.
•Compliance Unit monitors adherence to laws, regulations and internal policies and reports to the Audit Committee.
•Risk Management Unit identifies and manages enterprise risks, including ESG risks, and maintains the Group’s risk register.
•Internal Audit Unit provides independent assurance on governance, risk management and internal control systems, incorporating ESG considerations into its audit planning.
To strengthen oversight of sustainability matters, the Group maintains a network of internal sustainability experts who receive specialized training through internal workshops and external seminars, ensuring continuous development of expertise and alignment with evolving regulatory requirements and recognized international practices.
GOV2 Information Provided to and Sustainability Matters Addressed by the Undertaking’s Administrative, Management and Supervisory Bodies
The governance structure described in GOV-1 ensures a clear allocation of sustainability responsibilities across supervisory, management and administrative bodies, enabling the systematic consideration of material impacts, risks and opportunities (IROs) in strategic planning, risk management and operational decision-making.
During the reporting period, the Board of Directors and the Sustainability Committee reviewed the outcomes of the Group’s Double Materiality Assessment and evaluated the strategic implications of the identified material impacts, risks and opportunities, including their potential financial implications. Further information on how due diligence processes support the identification and management of IROs is presented in the GOV-4 Statement on Due Diligence. Material sustainability matters are addressed through the following governance structure:
Supervisory Body (Board of Directors and Sustainability Committee) - Oversees the strategic implications of material IROs, particularly those with potential financial consequences. The Board reviews risks that could affect financial performance, cash flows and access to capital and ensures that mitigation measures are incorporated into strategic planning and investment decisions. The Sustainability Committee and the Board of Directors through it are informed about material IROs at least once a year.
Management Body (Senior Management) - Evaluates and monitors the integration of material IROs into the Group’s sustainability strategy, targets and operational plans. Senior management also oversees the implementation of ESG risk mitigation actions, including scenario analysis for climate-related risks and
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opportunities. Senior management is informed in a timely manner, at least once a year, as needed to support the definition and management of material IROs.
Administrative Bodies (Sustainability Division, Risk Management Unit and Compliance Unit) - Support the due diligence process by collecting and assessing ESG information, maintaining the ESG risk register and monitoring performance related to material IROs. These functions ensure that sustainability information is communicated internally and that relevant governance processes are informed in a timely and appropriate manner.
Further information on the methodology and steps of the Double Materiality Assessment is provided in the relevant section of this report.
GOV3 Integration of Sustainability-Related Performance in Incentive Schemes
The Remuneration Committee of MOTOR OIL Group oversees the Group’s remuneration policy, as approved by the General Assembly, ensuring alignment between executive compensation, corporate strategy and sustainability objectives. The policy includes fixed and variable remuneration components, with variable remuneration linked to financial and non-financial performance indicators, including sustainability targets such as greenhouse gas (GHG) emission reduction (reference to chapter E1.4 Targets related to climate change mitigation and adaptation) and health and safety performance.
For the 2025 reporting period, a portion of the variable remuneration of the management body was linked to the achievement of sustainability-related targets. The Sustainability Committee, supported by the Sustainability Division, contributes to the development and monitoring of the relevant sustainability metrics.
Long-term incentive schemes, including share-based awards and stock options, are also linked to non-financial performance indicators, reinforcing the alignment between executive remuneration, the Group’s sustainability strategy and long-term value creation.
To ensure fairness and alignment with strategic goals, remuneration is benchmarked against industry standards and tied to indicators including profitability, growth and corporate social responsibility. The Remuneration Committee regularly reviews and updates the policy, which is valid for up to four years, to maintain competitiveness and integrity.
GOV4 Statement on Due Diligence
MOTOR OIL Group integrates sustainability due diligence into its governance, strategy and operations in line with regulatory frameworks such as the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). The Group’s due diligence framework aims to identify, prevent, mitigate and account for actual and potential environmental and social impacts arising from its activities and value chain.
Oversight of sustainability due diligence is provided by the Sustainability Committee, which ensures the integration of sustainability considerations into corporate strategy, risk management and decision-making processes. The Committee also supports compliance with international frameworks such as the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.
The Chief Sustainability Officer (CSO) coordinates the implementation of sustainability policies and works with operational departments to integrate ESG considerations into business activities, investment decisions and value-chain management. This includes sustainability risk and opportunity assessments, the integration of ESG criteria into procurement and supplier relationships and the application of business ethics and compliance policies.
To support the implementation of due diligence, the Group applies a set of internal policies and procedures, including the Whistleblowing and Ethics Policy, Anti-Corruption and Compliance Policy, Climate Adaptation and Carbon Management Policy and the Supplier Code of Conduct, which establish standards for ethical conduct, environmental management and human rights protection across the Group and its value chain.
The Group’s due diligence framework assesses both the impacts of the Group’s activities on the environment and society and the financial risks and opportunities arising from sustainability matters.
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Core Elements of Due Diligence | Sections in the Sustainability Statement
A | Embedding due diligence in governance, strategy and business model | GOV-1, GOV-2
B | Engaging with affected stakeholders in all key steps of the due diligence | SBM-2, IRO-1
C | Identifying and assessing adverse impacts | IRO-1
D | Taking actions to address those adverse impacts | Actions chapters within Sustainability Statement
E | Tracking the effectiveness of these efforts and communicating | Targets chapters within Sustainability Statement

GOV5 Risk Management and Internal Controls over sustainability reporting
The Internal Control System (ICS) framework supports the identification, assessment and management of material risks through structured risk management processes, internal controls, information systems and continuous monitoring mechanisms. The Audit Committee oversaw the preparation, assurance, and integrity of the Sustainability Report, including ESG controls (Please refer to Audit Committee’s activity report, which is included in the Corporate Governance Statement)
The Board of Directors holds ultimate responsibility for the effectiveness of the ICS. The Group applies the Three Lines Model, which strengthens risk management, internal control and accountability:
•First Line of Defense: Operational units responsible for identifying and managing risks arising from their activities, including sustainability reporting processes.
•Second Line of Defense: Oversight functions such as the Risk Management Unit and Compliance Unit, which monitor risk management practices and ensure regulatory compliance.
•Third Line of Defense: The Internal Audit Unit, which independently evaluates the effectiveness of internal controls and risk management processes.
The Risk Management Unit (RMU) is responsible for identifying, assessing and monitoring risks across the Group. It maintains the Group Risk Register, ensuring that risk exposure remains within the risk appetite defined by senior management and the Board of Directors. The RMU reports functionally to the Board of Directors and administratively to the Deputy CEO.
Risk assessment approach
The Group applies a structured risk assessment methodology consisting of three main stages:
•Risk Identification and Evaluation: Identification of potential risks and opportunities and their documentation in the Risk Register.
•Risk Response: Definition of mitigation measures and control mechanisms.
•Risk Monitoring: Ongoing monitoring of risk exposure and control effectiveness.
Risks are assessed at both inherent risk level (before controls) and residual risk level (after controls). Risk prioritization is based on the likelihood and potential impact of each risk, ensuring alignment with the Group’s risk appetite and strategic objectives.
Identified risks are categorized within the Group Risk Taxonomy, which includes operational, financial, governance, compliance, quality, health and safety, strategic and ESG risks.
Sustainability reporting risks and controls
Risks related to sustainability reporting, including those associated with the Double Materiality Assessment, are identified and monitored by the Sustainability Division’s ESG Controller. These risks and related control procedures are integrated into the Group’s Internal Control System through their alignment with the RMU Risk Register, ensuring consistency with the overall enterprise risk management framework.
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The Group has identified key sustainability reporting risks and corresponding control mechanisms, which are presented in the risk catalogue below.

Risk Description | Key Controls
Incorrect or incomplete identification of companies included in the reporting scope | • Finance Division provides validated list of consolidated entities • ESG Controller confirms completeness and scope • Sustainability Senior Specialists verify each entity’s activities
Failure to identify sustainability impacts across upstream, own operations and downstream stages | • Full value chain analysis conducted during the Double Materiality Assessment (DMA)
Limited engagement with stakeholders affecting credibility of sustainability targets | • Stakeholder mapping and engagement conducted within the DMA process
Failure to consider all ESRS topics when identifying and evaluating IROs | • DMA methodology reviewed and validated by ESG Controller for ESRS compliance
Inaccurate identification or calculation of financial risks and opportunities | • Financial effects calculated under Group Risk Policy • ESG due diligence performed during M&A processes
Use of inaccurate qualitative or quantitative data in reporting | • Training provided to ESG data owners and validators by Sustainability Division
Delays in submission of sustainability information | • Data owner training • Automated reminders sent prior to reporting deadlines
Lack of clarity on ESG data ownership across entities | • Sustainability Senior Specialists coordinate responsible data owners across Group pillars
ESG policies not fully disclosed in the report | • ESG reporting platform ensures completeness • ESG Controller reviews Sustainability Statement for ESRS compliance
Significant sustainability actions not reported | • ESG reporting software platform • Final ESRS compliance review by ESG Controller
Failure to comply with domestic ESG legal requirements | • Regulatory updates provided by Shareholders Services Unit • Oversight by Sustainability Committee
Failure to anticipate or comply with EU directives | • Regulatory monitoring through conferences and sector engagement • Oversight by Sustainability Committee
Sustainability report structure not aligned with ESRS | • ESG reporting software platform • Final ESRS compliance review by ESG Controller
Failure to achieve disclosed ESG targets | • Monitoring through ESG data collection and reporting processes
Sustainability targets not aligned with corporate strategy | • Oversight by Sustainability Committee and Board of Directors

Integration into internal processes
Operational units monitor risks within their areas of responsibility and report them periodically to the RMU. The RMU aggregates and evaluates this information, performs independent assessments and ensures alignment between risk exposure and the Group’s risk appetite.
Risk response plans are developed for significant risks and may include the strengthening of existing controls or the implementation of additional mitigation measures. These plans are implemented by the relevant business units and monitored by the RMU.
The Internal Audit Unit performs periodic independent reviews of the sustainability reporting process, including procedures implemented by the Sustainability Division, to assess the adequacy and effectiveness of related internal controls.
Reporting to governance bodies
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Findings from the risk assessment process, including those related to sustainability reporting, are communicated to the administrative, management and supervisory bodies through established reporting channels:
•The RMU submits an annual Risk Management Report to the Board of Directors presenting key risks and mitigation actions.
•The Sustainability Division reports sustainability-related risks, ESG performance and progress against sustainability targets to the Sustainability Committee, which oversees the Group’s sustainability strategy and reports to the Board of Directors.
Through this framework, MOTOR OIL Group ensures the reliability of sustainability reporting, effective risk oversight and informed decision-making at governance level.
IRO1 Description of the process to identify and assess material impacts, risks and opportunities
MOTOR OIL Group conducted a Double Materiality Assessment (DMA) to identify and prioritize its most significant sustainability matters. The assessment considers both impact and financial materiality. The assessment covers the Group’s actual and potential impacts on the environment, society and governance, as well as its financial materiality, that is, the sustainability‑related risks and opportunities that may affect the Group’s financial position, performance, cash flows, access to financing or cost of capital over the short, medium and long term. The DMA methodology follows a structured five-step process, as illustrated in the figure below.
Step 1: Creating the inventory of impacts, risks and opportunities
The development of the inventory of Impacts, Risks, and Opportunities (IROs) for MOTOR OIL Group’s Double Materiality Assessment was carried out through a structured, multi-phase approach.
The first phase involved a benchmarking analysis aimed at developing a comprehensive understanding of the Group’s material sustainability topics, both those specific to its operations and those relevant to the broader industry. This process included a comparative assessment of MOTOR OIL Group’s activities against those of its industry peers, enabling the identification of key sustainability themes pertinent to both the Group and the sector.
The second phase focused on the review and validation of material topics identified in previous assessments, to ensure their continued relevance within the evolving sustainability landscape, reflecting changes in environmental, social, and governance priorities.
The third phase incorporated new or updated Impacts, Risks, and Opportunities arising from newly acquired entities, stakeholder feedback gathered through internal interviews, and the alignment of sustainability-related risks with the Group’s Enterprise Risk Management (ERM) Catalogue.
The benchmarking process also incorporated impact and financial materiality findings from prior reports to ensure consistency in the sustainability reporting process.
The assessment places particular emphasis on activities and business relationships that may pose an increased risk of adverse environmental or social impacts. These include operations in high-impact sectors such as refining, energy infrastructure, and petrochemicals, as well as activities in regions characterized by heightened environmental stress or social risk. Special attention is given to business activities involving hazardous materials, high energy intensity, and land use, including renewable energy and energy-from-waste projects.
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Through this targeted approach, MOTOR OIL Group identifies and monitors areas of disproportionate environmental or social exposure. The process explicitly considers impacts arising both from the Group’s own operations and from its business relationships across the value chain, including suppliers, customers, joint ventures and associates.
Through the first step of the DMA methodology, the Group has also re-assessed its value chain and stakeholder mapping, including a review of the reporting perimeter to be considered as part of the scoping.
Value Chain mapping
MOTOR OIL Group’s impact identification, assessment and prioritization process is closely integrated with its sustainability due diligence framework. As part of its due diligence, the Group conducted a value chain analysis to determine where significant environmental, social and economic impacts are most likely to occur. This assessment covered upstream, own operations and downstream stages, on key business activities such as sourcing, production, distribution and product end-use.
The process evaluated the severity and likelihood of impacts across each stage of the value chain, with emphasis placed on areas where the Group has greater influence. Notably, own operations and downstream activities were identified as the primary areas of material impact, particularly concerning environmental and safety issues. In contrast, certain upstream social risks - such as human rights or child labor - were considered less likely or severe due to the Group's indirect involvement in those areas. Nonetheless, these were still addressed through policies such as the Supplier Code of Conduct and other due diligence measures.
This approach, which aligns with ESRS, ensures that impact assessment is not only data-driven but also risk-informed and context-specific. By embedding it within the broader due diligence process, the Group has developed a more streamlined, accountable and resilient framework for identifying and managing sustainability-related impacts, risks and opportunities across its value chain.
Stakeholder mapping
MOTOR OIL Group developed a dynamic stakeholder map to understand the influence and impact of various stakeholders on its operations. Key Group s were identified and categorized based on the ESRS requirements for “Affected Stakeholders and Users of Sustainability Statements”.
Each stakeholder Group was assigned a priority level, enabling MOTOR OIL Group to allocate resources effectively for engagement; this mapping provided insights into stakeholder’s concerns, expectations and potential areas of collaboration or conflict, creating the necessary background for easier identification of impacts, risks and opportunities.
An overview of the stakeholder Group s is provided on the table below.

Affected Stakeholders | Users of Sustainability Statements | Silent Stakeholders
Employees | Industry peers | Nature
Business partners & suppliers | Media | Society
Clients & Consumers | NGOs and Local communities | The economy
Shareholders | Unions |
Value chain workers | Universities & scientific community |
Investment & Financial Community |  |

DMA Reporting Perimeter Scoping
For the 2025 reporting period, the process for Double Materiality Assessment was conducted through the newly acquired ESG data management platform as per steps described below. The Sustainability Division
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updated the scope of the Double Materiality Assessment (DMA) process by establishing 18 distinct DMA Group s, encompassing all companies eligible for this year’s assessment. Given the Group’s broad and diversified portfolio—including refining, lubricants, energy trading, waste management, aviation fueling, coffee processing and trading, pharmacies, and hydrogen and natural gas-based power generation—a hybrid “bottom-up and top-down” consolidation model was adopted. Investment entities were excluded from the process.
The bottom-up approach involved the scoring of each subgroup’s DMA and identifying, with a single “activity bundle”, representing all entities within that subgroup. Once all activity bundles were finalized, they were consolidated into a comprehensive Group-level view. The Sustainability Division reviewed the corresponding Impacts, Risks, and Opportunities (IRO) scores, providing input and adjustments where necessary, each supported by appropriate justification.
The top-down approach involved validation and approval of the final IRO scores by the Sustainability Committee. In instances where the Committee’s assessment differed from the Division’s, the Committee’s evaluation was incorporated into the final DMA, with proper justification provided, and it prevailed in the final assessment.
Step 2: Stakeholder engagement in the DMA
Stakeholder engagement forms an integral part of the Double Materiality Assessment. The Group conducted structured consultations and discussions to collect stakeholder views on material sustainability topics and integrate them into the DMA process. The Group employed diverse engagement methods, such as communication channels, workshops and feedback mechanisms, to facilitate ongoing dialogue with each Group, across all Group operations and subsidiaries.
Stakeholders are classified into different Group s based on their role and relevance:
•Internal Stakeholders: Employees, shareholders and trade unions who shape internal decision-making and corporate culture.
•Business and Market Partners: Business partners, suppliers, clients, consumers and industry peers who contribute to supply chain stability and market trends.
•Financial and Investment Community: Investors, financial institutions and analysts who assess sustainability performance for investment decisions.
•Regulatory and Societal Influencers: NGOs, local communities, media and policymakers who hold organizations accountable for their social and environmental impact.
•Scientific and Academic Institutions: Universities and research bodies that provide insights into ESG (Environmental, Social and Governance) trends and regulations.
•Environmental and Economic Systems: Nature, society and the broader economy, representing the indirect but critical stakeholders impacted by corporate sustainability actions.
Stakeholder Representatives facilitated engagement with external stakeholders and translated stakeholder input into insights for the materiality assessment. An independent third party supported the collection and analysis of stakeholder feedback to ensure objectivity in the scoring process.
Step 3: Validation of Impacts, Risks and Opportunities (IROs)
Before scoring, the identified IROs were reviewed to ensure clarity, consistency and appropriate categorization.
The Sustainability Division prepared the identified relevant impacts, risks and opportunities through the Group’s ESG data management platform and uploaded them accordingly to structure the 18 subgroup DMAs. The Division ensured that each IRO was clearly described, appropriately classified and aligned across each value chain relevant stage.
Where required, the Sustainability Division consulted relevant departments, including Operations, Risk Management and Human Resources, to appropriately frame the relevant IROs. This process resulted in a validated list of IROs forming the basis for the scoring phase.
Step 4: Scoring Impacts, Risks and Opportunities (IROs)
The scoring of Impacts, Risks and Opportunities (IROs) was conducted in accordance with the principles of the Corporate Sustainability Reporting Directive (CSRD), ESRS 1 and ESRS 2, and the EFRAG G1
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guidance. After the IROs were identified and validated, scores were assigned to determine their materiality. The Group’s ESG data management platform supported the application of the scoring methodology, while the consolidation of results at Group level was performed by the Sustainability Division. The assessment considered both impact materiality, reflecting the effects of sustainability issues on stakeholders and the environment, and financial materiality, reflecting their potential impact on the Group’s financial position, performance and value creation. This Double Materiality Assessment approach ensured a comprehensive evaluation of the Group’s relevant sustainability matters.
Roles & Responsibilities
The governance structure for identifying and scoring Impacts, Risks and Opportunities (IROs) within the MOTOR OIL Group ensures clarity, accountability and alignment across the organization.
Subgroup DMA results were processed as follows:
1.Each subgroup DMA was represented by a single “activity bundle”, encompassing all entities within the subgroup.
2.Material IROs were recorded through direct extracts from the Group’s ESG Data management Platform, including the applied scores and thresholds.
Consolidation of subgroup DMA results was performed as follows:
1.The main business activity of each subgroup was identified. Where multiple activities existed, the dominant activity was determined based on revenue weighting, resulting in a single activity bundle per subgroup.
2.All activity bundles were consolidated at Group level to provide a Group-level IRO scoring using a consistent methodology, ensuring completeness, proportionality and relevance.
Impact materiality scoring
The impact materiality assessment evaluated how sustainability matters affect external stakeholders, including communities, employees, customers and the environment. Impacts were assessed based on four parameters: scale, scope, irremediability and likelihood (for potential impacts). The evaluation was informed by insights from stakeholder engagement activities to ensure that both internal and external stakeholder perspectives were appropriately reflected in the assessment.
Financial materiality scoring
Financial materiality scoring assessed how sustainability-related impacts, risks and opportunities may affect the Group’s financial performance and value creation. The evaluation considered the magnitude and likelihood of potential financial outcomes across relevant time horizons to determine when financial benefits or losses could materialize. In addition, the assessment considered the Group’s dependencies on natural
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and human capital, ensuring that the significance of risks and opportunities was evaluated across the value chain.
Step 5: Validation from management
The final step of the Double Materiality Assessment involved the review and validation of results by the Sustainability Committee.
Material topics were determined through the application of predefined thresholds within the Group’s ESG data management platform, ensuring consistency in the identification of material sustainability matters and alignment with the Group’s strategic objectives.
Integration of Double Materiality Assessment into the ERM
The financial materiality assessment, and the relevant sustainability related risks and opportunities, has been incorporated into the Group’s Enterprise Risk Management framework, and incorporated accordingly into the Group Risk Register, to enable systematic monitoring This integration strengthens the link between sustainability and risk management processes and supports informed decision-making and long-term strategic resilience.
The involvement of supervisory, management and administrative bodies in the assessment of IROs
MOTOR OIL Group ensures strong governance oversight of its Impacts, Risks and Opportunities (IROs) assessment process through the structured involvement of its administrative, management and supervisory bodies as described in section GOV-1 The role of the administrative, management and supervisory bodies.
IRO2 Disclosure requirements in ESRS covered by the undertaking's sustainability statements

ESRS2 General Requirements | Description | Additional Information
BP-1 | General basis for preparation of the sustainability statement | 5a, 5b(i),5b(ii), 5c, 5d, 5e
BP-2 | Disclosures in relation to specific circumstances - Changes in preparation or presentation of sustainability information | 9a,9b, 10a, 10b,10c, 10d, 11a, 11b, 12, 13a, 13b, 13c, 14a, 14b, 14c, 15, AR 2
GOV-1 | The role of the administrative, management and supervisory bodies | 21a, 21b, 21c, 21d, 21e, 22a, 22b, 22c, 22d, AR 4, 23
GOV-2 | Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies | 26a, 26b, 26c, AR 6
GOV-3 | Integration of sustainability-related performance in incentive schemes | 29a, 29b, 29c, 29d, 29e
GOV-4 | Statement on due diligence | 32
GOV-5 | Risk management and internal controls over sustainability reporting | 36a, 36b, 36c, 36d, 36e
IRO-1 | Description of the process to identify and assess material impacts, risks and opportunities | 53a, 53b, 53c, 53d, 53e, 53f, 53g, 53h
IRO-2 | Disclosure requirements in ESRS covered by the undertaking's sustainability statements | 56, 57, 58, 59
SBM-1 | Strategy, business model and value chain | 40a(i), 40a(ii), 40a(iii), 40a(iv), 40b, 40c, 40d(i), 40d(ii), 40d(iii), 40d(iv), 40e, 40f, 40g, 42
SBM-2 | Interests and views of stakeholders | 45a, 45b, 45c, 45d

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SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 48a, 48b, 48c(i), 48c(ii), 48c(iii), 48c(iv), 48d, 48f, 48g, 48h, 48(e)4

ESRS E1 Climate Change | Description | Additional Information
E1-1 | Transition plan for climate change mitigation | 16a, 16b, 16c, 16d, 16e, 16f, 16g, 16h, 16i, 16j, 17
E1-2 | Policies related to climate change mitigation and adaptation | 25a, 25b, 25c, 25d, 25e
E1-3 | Actions and resources in relation to climate change policies | 29a, 29b, 29c(i), 29c(ii), 29c(iii)
E1-4 | Targets related to climate change mitigation and adaptation | 33, 34a, 34b, AR24, 34c, 34e, 34f
E1-5 | Energy consumption and mix | 37, 37a, 37b, 37c, 37c(i), 37c(ii), 37c(iii), 39, 40, 42, 43
E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | 47, 48a, 48b, 49a, 49b, AR45d, 51, AR46g, AR46h, AR46i, AR51 52a, 52b, 53, 55, AR39b, AR42c
E1-7 | GHG removals and GHG mitigation projects financed through carbon credits | 58a, AR57, 58b, 59a, 59b, AR62a, AR62b, AR62c, AR62d, AR62e,60, 61a, 61b, 61c
E1-8 | Internal carbon pricing | 62, 63a, 63b, 63c, 63d
E1-9 | Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | Motor Oil Group has chosen to omit the information prescribed by E1-9 based on the ESRS ‘quick-fix’ delegated act of 11 July 2025
GOV-3 | Integration of sustainability-related performance in incentive schemes | 13
IRO-1 | Description of the processes to identify and assess material climate-related impacts, risks and opportunities | 20a, 20b, 20c, 21, AR15
SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 18, 19a, 19b, 19c

ESRS E2 Pollution | Description | Additional Information
E2-1 | Policies related to pollution | 15a, 15b, 15c, AR12
E2-2 | Actions and resources related to pollution | AR13, AR15, 19
E2-3 | Targets related to pollution | 23a, 23b, 23c, 23d, 24, 24a, 24b, 24c, 25
E2-4 | Pollution of air, water and soil | 28a, 28b, 30a, 30b, 30c, 31, AR25a, AR25b, AR25c, AR25d, AR25e
E2-6 | Anticipated financial effects from material pollution-related risks and opportunities | Motor Oil Group has chosen to omit the information prescribed by E2-6 based on the ESRS ‘quick-fix’ delegated act of 11 July 2025

4 Motor Oil Group has chosen to omit the information prescribed by ESRS 2 SBM-3 paragraph 48(e) anticipated financial effects based on the ESRS ‘quick-fix’ delegated act of 11 July 2025.
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IRO-1 | Description of the processes to identify and assess material pollution-related impacts, risks and opportunities | 11a, 11b

ESRS E3 Water and Marine Resources | Description | Additional Information
E3-1 | Policies related to water and marine resources | 12a, 12b, 12c, 13, 14, AR17a, AR17b, AR17c, AR17d, AR17e, AR18a, AR18b, AR18c
E3-2 | Actions and resources related to water and marine resources | 17, 19, AR20
E3-3 | Targets related to water and marine resources | 23a, 23b, 23c, AR27, 24, 24a, 24b, 24c, 25, AR23a, AR23b
E3-4 | Water consumption | 28a, 28b, 28c, 28d, 28e, 29, AR30, AE31, AR32
E3-5 | Anticipated financial effects from material water and marine resources-related risks and opportunities | Motor Oil Group has chosen to omit the information prescribed by E3-5 based on the ESRS ‘quick-fix’ delegated act of 11 July 2025
IRO-1 | Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities | 8a, 8b

ESRS E4 Biodiversity and Ecosystems | Description | Additional Information
E4-1 | Transition plan and consideration of biodiversity and ecosystems in strategy and business model | 13a, 13b, 13c, 13d, 13e, 13f, AR1a, AR1b, AR1c, AR1d, AR1r, AR1f, AR1g, AR1h, AR1i, AR1j, AR1k
E4-2 | Policies related to biodiversity and ecosystems | 23a,23b, 23c, 23d, 23e, 23f, 24a, 24b, 24c, 24d, AR12, AR12a, AR12b, AR12c, AR13, AR16a, AR16b, AR16c, AR16d, AR17a, AR17b, AR17c, AR17d, AR17e
E4-3 | Actions and resources related to biodiversity and ecosystems | 28a, 28b, 28b(i), 28b(ii), AR18a, AR18b, AR18c, 28b(iii), 28c, AR19, AR20a, AR20b. AR20c, AR20d, AR20e, AR20f
E4-4 | Targets related to biodiversity and ecosystems | 32a, 23a(i), 32a(ii), 32a(iii), 32a(iv), 32b, 32c, 32d, 32e, 32f, AR22
E4-5 | Impact metrics related to biodiversity and ecosystems change | 35, 36, 38, 38a, 38b, 38c, 38d, 38e, 39, AE32, 40, 40a, 40b, 40c, 40d(i), 40d(ii), 41a, 41b(i), 41b(ii), 41b(iii)
E4-6 | Anticipated financial effects from material biodiversity and ecosystem-related risks and opportunities | Motor Oil Group has chosen to omit the information prescribed by E4-6 based on the ESRS ‘quick-fix’ delegated act of 11 July 2025

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IRO-1 | Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks, dependencies and opportunities | 17a, 17b, 17c, 17d, 17e, 17e(i), 17e(ii), 17e(iii), 18, 18a, 18b, 18c, 19a, 19b
SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 16a(i), 16a(ii), 16a(iii), 16b, 16c

ESRS E5 Circular Economy | Description | Additional Information
E5-1 | Policies related to resource use and circular economy | 15a, 15b, AR9a, AR9b
E5-2 | Actions and resources related to resource use and circular economy | 20a, 20b, 20c, 20d, 20e, 20f, AR11, AR12a, AR1b, AR12c
E5-3 | Targets related to resource use and circular economy | 24, 24a, 24b, 24c, 24d, 24e, 24f, 25, 26, 26a, 26b, 26c, 27, AR20
E5-4 | Resource inflows | 30,31a, 31b, 31c, AR22, 32, AR25
E5-5 | Resource outflows | 35, 36, 37a, 37b, 37b(i), 37b(ii), 37b(iii), 37c, 37c(i), 37c(ii), 37c(iii), 37d, 38a, 38b, 39, 40, AR28
E5-6 | Anticipated financial effects from material resource use and circular economy-related risks and opportunities | Motor Oil Group has chosen to omit the information prescribed by E5-6 based on the ESRS ‘quick-fix’ delegated act of 11 July 2025
IRO-1 | Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities | 11, 11a, 11b, AR7a, AR7b, AR7c, AR7d, AR7e, AR7f

ESRS S1 Own Workforce | Description | Additional Information
S1-1 | Policies related to own workforce | 19, 20, 20a, 20b, 20c, 21, 22, 23, 24a, 24b, 24c, 24d, AR10, AR13, AR14, AR17a, AR17b, AR17c, AR17d, AR17e, AR17f, AR17g, AR17h
S1-2 | Processes for engaging with own workforce and workers’ representatives about impacts | 27, 27a, 27b, 27c, 27d, 27e, AR26, AR22, 28, 29, AR25a, AR25b, AR25c, AR25d, AR25e
S1-3 | Processes to remediate negative impacts and channels for its own workforce to raise concerns | 32a, 32b, AR28, AR29, 32c, 32d, 32e, 33, 34
S1-4 | Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, end effectiveness of those actions | 38a, 38b, 38c, AR40a, AR40b, AR41, 38d, AR39, AR43, 39, 40a, 40b, 41, 43, AR33a, AR33b, AR33c, AR33d, AR35, AR36
S1-5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 47, AR49a, AR49b, AR36
S1-6 | Characteristics of the undertaking’s employees | 50a, 50b, 50c, 50d 50e, 50f, 52a
S1-7 | Characteristics of non-employees in the undertaking’s own workforce | 55a, 55b, 55c, AR65, 56, 57, AR61

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S1-8 | Collective bargaining coverage and social dialogue | 60a, 60b, 61, 62, 63a, 63b
S1-9 | Diversity metrics | 66a, 66b
S1-10 | Adequate wages | 69, 70
S1-11 | Social Protection | 74, 74a, 74b, 74c, 74d, 74e
S1-12 | Persons with disabilities | 79, 80
S1-13 | Training and skills development metrics | 83a, 83b, 84
S1-14 | Health and safety metrics | 88a, 88b, 88c, 88e, 90, AR81, AR84
S1-15 | Work-life balance metrics | 93a, 93b
S1-16 | Remuneration metrics (pay gap and total remuneration) | 97a, AR100, 97b, 97c, 98, 99
S1-17 | Incidents, complaints and severe human rights impacts | 103a, 103,b 103c, 103d, 104a, 104b, AR106, AR103
SBM-2 | Interests and views of stakeholders | 12
SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 13a, 13b, 14, 14a, 14b, 14c, 14d, 14e, 14f, 14g, 15, 16

ESRS S3 Affected Communities | Description | Additional Information
S3-1 | Policies related to affected communities | 14, 15, 16, 16a, 16b, 16c, 17, AR9, AR11
S3-2 | Processes for engaging with affected communities about impacts | 19, 21, 21a, 21b, 21c, 21d, AR16, 22, 23, 24
S3-3 | Processes to remediate negative impacts and channels for affected communities to raise concerns | 27a, 27b, AR18, AE20, 27c, 27d, 28, 29, AR19, AR21
S3-4 | Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions | 32a, AR28, AR29, 32b, 32c, AR34a, AR34b, AR34c, AR35, 32d, 33a, 33b, 33c, 34a, 34b, 35, 36, 38, AR27
S3-5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 42a, 42b, 42c, AR44a, AR44b, AR44c, AR47, AR29
SBM-2 | Interests and views of stakeholders | 7
SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 8a, 8b, 9, 9a, 9b, 9c, 9d, 10, 11

ESRS S4 Consumers and End-Users | Description | Additional Information
S4-1 | Policies related to consumers and end-users | 15, 16, 16a, 16b, 16c, 17, AR13
S4-2 | Processes for engaging with consumers and end-users about impacts | 20,20a, 20b, 20c, 20d, AR17, 21, 22
S4-3 | Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | 25a, 25b, AR19, 25c, 25d, 26, 27, AR20, AR21, AR22

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S4-4 | Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions | 31a, 31b, 31c, 31d, 32a, 32b, 32c, 33a, 33b, 34, 35, 37, AR27, AR28, AR29, AR33a, AR33b, AR34, AR41
S4-5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 41a, 41b, 41c, AR42a, AR42b, AR42c, AR28
SBM-2 | Interests and views of stakeholders | 8, AR4
SBM-3 | Material impacts, risks and opportunities and their interaction with strategy and business model | 9a,9b, 10a, 10b, 10c, 10d, 11, 12

ESRS G1 Business Conduct | Description | Additional Information
G1-1 | Business conduct policies and corporate culture | 9, 10a, 10b, 10c, 10d, 10e, 10f, 10g, 10h
G1-2 | Management of relationships with suppliers | 14, 15a, 15b
G1-3 | Prevention and detection of corruption and bribery | 18a, AR6, 18b, 18c, 19, 20, 21a, 21b, 21c, AR7
G1-4 | Incidents of corruption or bribery | 24a, 24b, 25a, 25b, 25c, 25d
G1-5 | Political influences and lobbying activities | AR12a, AR12b, AR13
G1-6 | Payment practices | 33a, 33b, 33c, 33d
GOV-1 | The role of the administrative, management and supervisory bodies | 5a, 5b
IRO-1 | Description of the process to identify and assess material impacts, risks and opportunities | 6

Entity Specific Description | Section
Innovation and Digital Transformation | Entity Specific
Emergency Preparedness | Entity Specific

List of data points in cross-cutting and topical standards that derive from other EU legislation
The table below includes all the data points arising from EU legislation as incorporated in ESRS2, indicating where the relevant data points arise from, and which have been categorized as “Not Applicable”.

Disclosure Requirement | Data point | Sustainability Statement/ Appendix | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference

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ESRS 2 GOV-1 | 21 (d) | Board's gender diversity | x |  | x |
ESRS 2 GOV-1 | 21 (e) | Percentage of board members who are independent |  |  | x |
ESRS 2 GOV-4 | 30 | Statement on due diligence | x |  |  |
ESRS 2 SBM-1 | 40 (d) i | Involvement in activities related to fossil fuel activities | x | x | x |
ESRS 2 SBM-1 | 40 (d) ii | Involvement in activities related to chemical production | x |  | x |
ESRS 2 SBM-1 | 40 (d) iii | Involvement in activities related to controversial weapons | x |  | x |
ESRS 2 SBM-1 | 40 (d) iv | Involvement in activities related to cultivation and production of tobacco |  |  | x |
ESRS E1-1 | 14 | Transition plan to reach climate neutrality by 2050 |  |  |  | x
ESRS E1-1 | 16 (g) | Undertakings excluded from Paris-aligned Benchmarks |  | x | x |
ESRS E1-4 | 34 | GHG emission reduction targets | x | x | x |
ESRS E1-5 | 38 | Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) | x |  |  |
ESRS E1-5 | 37 | Energy consumption and mix | x |  |  |
ESRS E1-5 | 40-43 | Energy intensity associated with activities in high climate impact sectors | x |  |  |
ESRS E1-6 | 44 | Gross Scope 1, 2, 3 and Total GHG emissions | x | x | x |
ESRS E1-6 | 53-55 | Gross GHG emissions intensity | x | x | x |
ESRS E1-7 | 56 | GHG removals and carbon credits |  |  |  | x
ESRS E1-9 | 66 | Exposure of the benchmark portfolio to climate-related physical risks |  |  | x |
ESRS E1-9 | 66 (a); 66 (c) | Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical risk |  | X |  |
ESRS E1-9 | 67 (c) | Breakdown of the carrying value of its real estate assets by energy-efficiency classes |  | X |  |
ESRS E1-9 | 69 | Degree of exposure of the portfolio to climate-related opportunities |  |  | x |
ESRS E2-4 | 28 | Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil | x |  |  |
ESRS E3-1 | 9 | Water and marine resources | x |  |  |
ESRS E3-1 | 13 | Dedicated policy | x |  |  |
ESRS E3-1 | 14 | Sustainable oceans and seas | x |  |  |
ESRS E3-4 | 28 (c) | Total water recycled and reused. | x |  |  |

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ESRS E3-4 | 29 | Total water consumption in m 3 per net revenue on own operations | x |  |  |
ESRS 2 SBM 3 - E4 | 16 (a) i |  | x |  |  |
ESRS 2 SBM 3 - E4 | 16 (b) |  | x |  |  |
ESRS 2 SBM 3 - E4 | 16 (c |  | x |  |  |
ESRS E4-2 | 24 (b) | Sustainable land / agriculture practices or policies | x |  |  |
ESRS E4-2 | 24 (c) | Sustainable oceans / seas practices or policies | x |  |  |
ESRS E4-2 | 24 (d) | Policies to address deforestation | x |  |  |
ESRS E5-5 | 37 (d) | Non-recycled waste | x |  |  |
ESRS E5-5 | 39 | Hazardous waste and radioactive waste | x |  |  |
ESRS 2 SBM3 - S1 | 14 (f) | Risk of incidents of forced labor | x |  |  |
ESRS 2 SBM3 - S1 | 14 (g) | Risk of incidents of child labor | x |  |  |
ESRS S1-1 | 20 | Human rights policy commitments | x |  |  |
ESRS S1-1 | 21 | Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8 |  |  | x |
ESRS S1-1 | 22 | Processes and measures for preventing trafficking in human beings | x |  |  |
ESRS S1-1 | 23 | Workplace accident prevention policy or management system | x |  |  |
ESRS S1-3 | 32 (c) | Grievance/complaints handling mechanisms | x |  |  |
ESRS S1-14 | 88 (b) and (c) | Number of fatalities and number and rate of work-related accidents | x |  | x |
ESRS S1-14 | 88 (e) | Number of days lost to injuries, accidents, fatalities, or illness | x |  |  |
ESRS S1-16 | 97 (a) | Unadjusted gender pay gap | x |  | x |
ESRS S1-16 | 97 (b) | Excessive CEO pay ratio | x |  |  |
ESRS S1-17 | 103 (a) | Incidents of discrimination | x |  |  |
ESRS S1-17 | 104 (a) | Non-respect of UNGPs on Business and Human Rights and OECD | x |  | x |
ESRS 2 SBM3 - S2 | 11 (b) | Significant risk of child labour or forced labour in the value chain | x |  |  |
ESRS S2-1 | 17 | Human rights policy commitments | x |  |  |
ESRS S2-1 | 18 | Policies related to value chain workers | x |  |  |
ESRS S2-1 | 19 | Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines | x |  | x |
ESRS S2-1 | 19 | Due diligence policies on issues addressed by the fundamental International Labor Organization Conventions 1 to 8 |  |  | x |

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ESRS S2-4 | 36 | Human rights issues and incidents connected to its upstream and downstream value chain | x |  |  |
ESRS S3-1 | 16 | Human rights policy commitments | x |  |  |
ESRS S3-1 | 17 | Non-respect of UNGPs on Business and Human Rights, ILO principles and/or OECD guidelines | x |  | x |
ESRS S3-4 | 36 | Human rights issues and incidents | x |  |  |
ESRS S4-1 | 16 | Policies related to consumers and end-users | x |  |  |
ESRS S4-1 | 17 | Non-respect of UNGPs on Business and Human Rights and OECD guidelines | x |  | x |
ESRS S4-4 | 35 | Human rights issues and incidents | x |  |  |
ESRS G1-1 | §10 (b) | United Nations Convention against Corruption | x |  |  |
ESRS G1-1 | §10 (d) | Protection of whistle- blowers | x |  |  |
ESRS G1-4 | §24 (a) | Fines for violation of anti-corruption and anti-bribery laws | x |  | x |
ESRS G1-4 | §24 (b) | Standards of anti- corruption and anti-bribery | x |  |  |

SBM1 Strategy, business model and value chain
MOTOR OIL Group is a diversified energy Group comprising more than 222 companies, with a combined turnover of €11.5 billion.
The Group operates across the energy value chain, with principal activities including oil refining and marketing of petroleum products in domestic and international markets, electricity generation from conventional and renewable sources, electricity and natural gas supply and trading, and a growing portfolio of circular economy activities, such as waste management, feedstock recovery and lubricants regeneration. Through these activities, the Group serves transportation, industrial, commercial and residential customers across Southeastern Europe.
The Group’s retail network comprises approximately 650 AVIN stations, 800 CORAL stations, and around 90 stations across the Balkans and Cyprus, supporting the distribution of fuels and energy services across the region.
The Group employs 4,383 people, including 73 employees from associate companies, while the total number of employees excluding associates amounts to 4,310, as disclosed in the financial statements. Employees are primarily located in Greece (4,260), with additional presence in Cyprus (23), Romania (7), Bulgaria (9), Serbia (15), Croatia (39), North Macedonia (1) and Germany (29).
MOTOR OIL Group has also established a strong presence in renewable power generation, operating one of the largest installed portfolios in the region. In line with its commitment to sustainability and innovation, the Group has expanded its activities in the circular economy and alternative fuels sector through strategic investments and acquisitions in biofuels and waste management.
Vision and Mission
The Group’s vision is to evolve into a leading Multi-Energy Group in Southeastern Europe, driving sustainable growth and innovation across the energy spectrum.
Its mission is to operate efficiently, responsibly and profitably across the oil, gas and energy sectors while investing in alternative energy solutions that address evolving customer needs and contribute to regional energy security and the energy transition.
Core Principles
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Strategic Business Pillars
The Group’s strategy is structured around three complementary pillars, reflecting the need for a balanced and evolving energy mix that combines conventional energy with lower-carbon solutions.
Fuels
The fuels segment includes refining, trading and distribution of petroleum products and the operation of retail fuel networks. The Group produces and supplies conventional fuels, such as gasoline and diesel, as well as sustainable fuels, including advanced biofuels and e-fuels. Petrochemicals production also supports industrial and consumer markets and is increasingly integrated with circular economy practices.
Electrification
This pillar focuses on expanding electricity generation and energy services. Activities include renewable and thermal power generation, electricity and natural gas supply and trading, and the development of energy storage and e-mobility infrastructure, supporting the transition towards lower-carbon energy systems.
Circular Economy
Circular economy initiatives aim to enhance resource efficiency and sustainable material flows. Key activities include environmental and waste management, lubricants regeneration, and collection of high-energy feedstocks used in the production of lower-carbon fuels.
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The Group operates across several energy and environmental sectors, including:
•Oil refining (crude processing capacity exceeding 200 thousand barrels per day) and production of petroleum products including gasoline, middle distillates, bitumen, paraffin, sulphur and lubricants
•Wholesale and direct petroleum product sales through CORAL, CORAL GAS, AVIN OIL and subsidiaries
•Renewable energy generation through MORE, with a portfolio of 847 MW installed capacity
•Electricity production through participation in two gas-fired power plants (Korinthos Power 437 MW and THERMOILEKTRIKI Komotinis 877 MW)
•Electricity and natural gas supply through NRG, including electromobility services
•Environmental and waste management infrastructure through THALIS and HELECTOR
•Electricity production from biogas (>23 MW capacity)
•Lubricants regeneration through LPC
•Biodiesel production and used cooking oil collection through VERD and PRASINO LADI
•Renewable hydrogen development through Hellenic Hydrogen
•Aviation fuel supply and aircraft refueling services through OFC.
There were no significant changes in the Group’s products or services during the reporting period compared to the previous year.
A. Environmental Research, Innovation & Development Projects
Innovation and research activities play a key role in MOTOR OIL Group’s strategy to support the energy transition and reduce the environmental footprint of its operations. Through its European Affairs Division, the Group promotes the development and implementation of environmental investment projects supported by European and national funding programs.
The Group actively collaborates with research institutes, universities, innovation organisations and industry partners to develop technologies that contribute to decarbonisation, digital transformation and sustainable energy solutions. During 2025, MOTOR OIL undertook, coordinated or participated in 24 research, innovation and demonstration projects aligned with its environmental and sustainable development priorities.
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These initiatives focus on areas such as hydrogen technologies, carbon capture, renewable fuels, energy efficiency, circular economy solutions and digital innovation.
Key Technology Focus Areas & Flagship Innovation Projects
The Group’s innovation activities support several strategic technology domains linked to the energy transition:
Hydrogen technologies: Development of renewable and low-carbon hydrogen production, distribution and utilization ecosystems.
Carbon capture and decarbonisation technologies: Deployment of carbon capture, utilization and storage (CCUS) solutions aimed at reducing refinery emissions and enabling low-carbon fuel production.
Renewable fuels and circular economy solutions: Advancement of technologies for sustainable fuels, feedstock recovery and circular resource management.
Digital transformation and energy systems innovation: Development of digital tools, cybersecurity solutions and advanced data infrastructures supporting industrial efficiency and energy system resilience.
BLUE HYDROGEN PROGRAMME – IRIS Project (Carbon Capture, Utilization and Storage)
The IRIS project, funded by the EU Innovation Fund, is a flagship initiative supporting the decarbonisation of the Agioi Theodoroi refinery. The project deploys carbon capture technology at the Steam Methane Reformer (SMR) to reduce refinery emissions and enable the production of ultra-low-carbon hydrogen. It also includes the development of an e-methanol production facility using captured CO ₂ and renewable hydrogen, supporting the production of low-carbon fuels for sectors such as maritime transport. The project represents one of the first CCUS initiatives of its kind in Southeast Europe and is expected to reduce the refinery’s CO ₂ emissions by approximately 25%. Implementation started in January 2024 with funding from the EU Innovation Fund (Grant Agreement No. 101133015).
GREEN HYDROGEN PROGRAMME
The Green Hydrogen Programme involves the development of a 50 MW renewable hydrogen production facility at the MOTOR OIL refinery in Agioi Theodoroi (Corinth) using water electrolysis powered by renewable energy. The project includes the construction of the electrolysis infrastructure and associated systems for hydrogen compression, transport and distribution to end users. Once implemented, it will represent the first large-scale renewable hydrogen production facility in Greece and one of the largest currently under development in Europe. The programme has secured funding from several European mechanisms, including the Recovery and Resilience Facility (RRF), Horizon Europe / Clean Hydrogen Partnership, the Connecting Europe Facility – Transport and the European Investment Bank (EIB).
The development of the Green Hydrogen program is supported by several EU-funded projects:
EPHYRA – Demonstrates a 30 MW renewable hydrogen production facility, scalable to 50 MW, integrated into refinery operations using advanced electrolysis technologies. The project started in June 2023 and is implemented by a consortium of 11 partners from six countries, with completion expected in May 2028.
Green Hydrogen Project (RRF) – Expands the EPHYRA electrolysis facility by adding 20 MW capacity and develops the supporting infrastructure required for hydrogen compression, storage, logistics and distribution.
TRIERES Hydrogen Valley – Establishes a regional hydrogen ecosystem linking green hydrogen production with multiple applications such as transport, shipping, power generation and industrial uses. The project involves 26 partners from five countries, started in July 2023, and is expected to be completed by April 2028.
Within the Green Hydrogen programme, AVIN OIL is developing hydrogen mobility infrastructure through the construction of Hydrogen Refueling Stations (HRS).
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REA project – established the first publicly accessible hydrogen refueling station in Greece, located in Agioi Theodoroi (Corinth), supporting the introduction of hydrogen-powered road transport. The station operates under the AVIN brand and is supported by the Connecting Europe Facility – Transport programme (Grant Agreement No. 101079451).
REAH3 project – Involves the construction of a hydrogen refueling station for public transport buses at the Thriasio depot in Attica. The project, implemented by AVIN OIL, started in November 2023 and is expected to be completed in Q4 2026, with funding from the Connecting Europe Facility – Transport programme (Grant Agreement No. 101165972).
Dioriga Gas FSRU – Involves the development of a Floating Storage and Regasification Unit (FSRU) LNG import terminal by Dioriga Gas S.A., a wholly owned subsidiary of MOTOR OIL. The project aims to strengthen the Greek natural gas network, enhance energy diversification and support the REPowerEU objective of reducing dependence on Russian fossil fuels. The infrastructure is designed to accommodate renewable fuels, including hydrogen, while all installations will be powered by renewable electricity through cold ironing, enabling near-zero-carbon operations. The project has been granted Strategic Investment status under national legislation.
NORTH-1 project – Developed by Hellenic Hydrogen (a joint venture between MOTOR OIL 51% and PPC 49%), involves the construction of a renewable hydrogen production facility in Amyntaio-Filotas, Western Macedonia, with an initial capacity of 50 MW, expandable to 200 MW. The facility will produce high-purity renewable hydrogen using electricity from Renewable Energy Sources (RES) and supply it to industrial and energy users. The project supports Greece’s energy transition strategy and the post-lignite transition of Western Macedonia, and has secured funding under the Just Transition Development Programme 2021-2027.
B. Other EU Co-Funded Projects
Horizon Europe Projects
FAME – Develops a secure and energy-efficient federated data marketplace for embedded finance, improving data economy infrastructure. Implemented by a consortium of 36 partners from 15 countries (2023–2026) under Horizon Europe.
AURORA – Accelerates the deployment of integrated Carbon Capture, Utilization and Storage (CCUS) chains using solvent-based capture technologies. Implemented by 13 partners from 6 countries (2023–2026) under Horizon Europe.
DECAGONE – Develops a demonstrator for carbon-free power generation using waste-heat-to-energy technologies based on Organic Rankine Cycle (ORC). Implemented by 16 partners from 10 countries (2022–2026) under Horizon Europe.
BioTheRoS – Supports the scale-up of sustainable biofuels production through thermochemical conversion technologies including biomass gasification and pyrolysis upgrading. Implemented by 6 partners from 6 countries (2023–2026) under Horizon Europe.
COREU – Demonstrates key carbon capture and storage technologies and supports the development of new CCS value chains in Central and Eastern Europe. Implemented by 39 partners from 12 countries (2024–2028) under Horizon Europe.
FUELPHORIA – Develops end-to-end value chains for advanced biofuels and renewable fuels of non-biological origin (RFNBOs) to support Europe’s low-carbon energy transition. Implemented by 22 partners from 9 countries (2023–2027) under Horizon Europe.
SAFeCRAFT – Demonstrates technologies enabling the use of sustainable alternative fuels in maritime transport, including hydrogen and hydrogen carriers. Implemented by 10 partners from 6 countries (2023–2027) under Horizon Europe.
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THEUS – Develops advanced tools for planning and operating hybrid electricity grids across high-, medium- and low-voltage networks. Implemented by 15 partners from 8 countries (2024–2027) under Horizon Europe.
PQ-NEXT – Develops frameworks and tools supporting the transition to post-quantum cryptography, strengthening cybersecurity for critical digital infrastructures. Implemented by 18 partners from 6 countries (2025–2028) under Horizon Europe.
Digital Europe Projects
HELLASQCI – Deploys the Greek Quantum Communication Infrastructure, contributing to the European EuroQCI network and strengthening cybersecurity for sensitive data and critical infrastructures. Implemented by 14 partners from 3 EU countries (2022–2026) under the Digital Europe Programme.
UNDERPIN – Develops a European Data Space for Manufacturing to improve asset management and maintenance through advanced data analytics. The project is coordinated by MOTOR OIL and implemented by 11 partners from 5 countries (2023–2026) under the Digital Europe Programme.
CRACoWi – Addresses emerging cybersecurity challenges in the European digital market through collaborative innovation and security solutions. Implemented by 16 partners from 5 countries (2024–2027) under the Digital Europe Programme.
PIQASO – Develops quantum-resistant cryptographic infrastructure and services to ensure secure digital communications and long-term data protection. Implemented by 22 partners from 12 countries (2025–2027) under the Digital Europe Programme.
DETANGLE – Supports compliance with the NIS2 Directive through integrated cybersecurity services including incident management, compliance tracking and collaboration platforms. Implemented by 15 partners from 8 countries (2026–2028) under the Digital Europe Programme.
AENAON – Develops a Digital Twin-based cybersecurity training and preparedness platform for offshore wind operators to enhance resilience and regulatory compliance. Implemented by 12 partners from 4 countries (2026–2028) under the Digital Europe Programme Defence Project
European Defence Fund
SENTINEL - Addresses the urgent need to shift military energy provision from a high reliance on fossil fuels toward sustainable, resilient, and efficient energy solutions. The project aims to enhance the operational efficiency and tactical autonomy of military camps and operations, while reducing logistic burden and supporting a flexible and high-capacity energy supply. The project started in November 2025, is implemented by a consortium of 42 partners from 16 different countries and is expected to be completed in October 2029. The project receives funding from European Defence Fund program under the Grant Agreement No. 101224400.
C.Loans and Tax Incentives
Greek Recovery and Resilience Fund – Loan Facility – Supports the Digital Transformation Programme at the Group’s headquarters, including upgrades and replacements of SAP ERP and other core applications used across the company and its subsidiaries. The programme started in January 2023 and is expected to be completed by June 2026.
EIB Green H2 – Electromobility Loan – MOTOR OIL secured a €40 million 10-year loan from the European Investment Bank (EIB) to co-finance the deployment of EV charging and hydrogen refuelling infrastructure across Greece. The investment supports the development of zero-emission mobility infrastructure, contributing to reduced greenhouse gas emissions and the growth of the hydrogen and electromobility ecosystem.
Article 22A – R&D Tax Incentives – The Group utilizes the provisions of Article 22A of the Greek Income Tax Code (Law 4172/2013) to support scientific and technological research activities, including projects related to alternative fuels, renewable energy and digitalisation, fostering innovation and technological development.
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D.Partnerships and Collaborations with Research and Innovation Institutions
MOTOR OIL collaborates with leading research institutions and innovative organisations to advance technologies supporting the energy transition, digital transformation and sustainable industrial development.
The Group participates as a founding member of the Energy Competence Center in Greece, an initiative led by the National Technical University of Athens (NTUA) and the Institute of Communication and Computer Systems (ICCS). The center promotes innovation and technology transfer in the energy and environmental sectors, bridging collaboration between academia, research institutions and industry.
MOTOR OIL has also established partnerships with key research organisations, including the Foundation for Research and Technology – Hellas (FORTH), the Centre for Research and Technology Hellas (CERTH), the National Centre for Scientific Research “Demokritos”, and the Athena Research Center, supporting research and innovation initiatives in areas such as biofuels, digital technologies, cybersecurity and emerging energy solutions.
In addition, since April 2025, MOTOR OIL and several Group companies (VERD, THALIS ES, LPC, MORE, NRG and Hellenic Hydrogen) have been members of the European Institute of Innovation and Technology Manufacturing Southeast (EIT Manufacturing SE), a regional innovation hub promoting sustainable industrial solutions across Southeast Europe.
The total approved funding for ongoing innovative projects amounts to €219.1 million. During 2025, the Group submitted 26 proposals, of which 7 were evaluated and 6 approved, corresponding to a 23% success rate, while 13 proposals remain under evaluation, representing potential funding of approximately €11.6 million.
Sustainability Strategy
At MOTOR OIL Group, sustainability is fully integrated into the corporate strategy and guides investment decisions, operational priorities and long-term value creation across the Group’s activities. The Group promotes sustainable development in alignment with major international frameworks, including the European Green Deal, the Paris Agreement, and the United Nations Sustainable Development Goals (SDGs).
The sustainability strategy aims to create long-term value for stakeholders while providing investors with a transparent understanding of the risks and opportunities associated with the energy transition. The Sustainability Policy serves as the foundation of this strategy, defining the principles, commitments and governance framework guiding the Group’s environmental, social and governance (ESG) performance and is operationalized through the following strategic sustainability pillars:
1. Decarbonisation and Energy Transition
MOTOR OIL is implementing an accelerated energy transition programme aimed at transforming the Group into a diversified regional multi-energy leader. The strategy includes investments in renewable energy, low-carbon fuels, hydrogen technologies and energy efficiency improvements across operations and customer solutions.
2. Stakeholder Engagement and Materiality
The Group maintains structured engagement with stakeholders to understand expectations and identify material ESG impacts, risks and opportunities. Stakeholder insights support the double materiality assessment and guide strategic priorities and sustainability actions.
3. ESG Risk Management and Impact Assessment
The Group systematically assesses environmental, social and governance impacts, ensuring alignment with regulatory frameworks and recognized sustainability standards. ESG risks, including climate-related risks, are identified and monitored within the Group’s risk management framework.
4. Governance, Policies and Responsible Business Conduct
MOTOR OIL implements a comprehensive framework of ESG policies, procedures and governance mechanisms that promote ethical conduct, environmental protection and social responsibility. Strong
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corporate governance structures ensure transparency, accountability and oversight of sustainability-related matters.
5. Monitoring, Targets and Transparent Reporting
The Group sets clear sustainability objectives and performance indicators, enabling continuous monitoring of progress. Through regular evaluation and transparent disclosure, MOTOR OIL communicates its sustainability performance and identifies opportunities for improvement.
ESG Ratings Performance
MOTOR OIL Group is evaluated by several external ESG rating agencies, providing an independent benchmark of its sustainability performance and enhancing transparency for investors and stakeholders. The latest scores from the 2025 evaluation are presented below:
Participation in organizations
Throughout 2025, the Group continued its engagement in several workshops on climate policy proposals and energy initiatives supported by various organizations. Below, there is an indicative list of participation in certain organizations.

European Institute of Innovation and Technology - Manufacturing Association The UN Global Compact Network The Hellenic Network for Corporate Social Responsibility (CSR HELLAS) The Hellenic Petroleum Marketing Companies Association (SEEPE) Federation of Recycling and Energy Recovery Industries & Enterprises (SEPAN) Fuels Europe, European Petroleum Refiners Association CONCAWE (Conservation of Clean Air and Water in Europe) Global Carbon Capture Institute Hydrogen Europe World LPG Association European LPG Association Oil Companies International Marine Forum (OCIMF) Mediterranean Oil Industry Group (MOIG) | The Hellenic Federation of Enterprises (SEV) The Athens Chamber of Commerce and Industry, the Hellenic-American and Arab-Hellenic Chambers, as well as other regional Chambers The Hellenic Association of Independent Power Producers The Hellenic Association of Energy Suppliers (ESPEN) The Union of the European Lubricants Industry (UEIL) The European Lubricating Grease Institute (ELGI) Biomass Biofuel Sustainability Voluntary Scheme (2BSVS) The Union of Listed Companies Association of Chief Executive Officers Hellenic Solid Waste Management Association Eurogas SEV Business Council for Sustainable Development (SEV BCSD)

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MOTOR OIL Group has launched one of the most ambitious Energy Transition initiatives in Southeastern Europe, aiming to evolve into a Sustainable, Diversified, Multi-Energy leader in the region. Group’s strategy focuses on delivering innovative energy solutions that meet the evolving needs of the customers while generating long-term value for the shareholders. By strategically investing in the energy transition, the Group is proactively adapting to the changing energy landscape.
The Group’s diversified strategy aligns with society’s demand for a reliable, sustainable, and cost-effective energy mix. To support this strategy, MOTOR OIL Group has committed a €4.0 billion investment program by 2030, with over €2.5 billion allocated to low-carbon energy projects and €1.5 billion dedicated to enhancing resilience and upgrading its infrastructure.
As part of its long-term commitment to sustainability, MOTOR OIL has set clear environmental, social and governance (ESG) goals to drive responsible growth and value creation. These objectives align with global sustainability trends, stakeholder expectations and regulatory requirements, ensuring that the Group continues to evolve in a way that benefits both the business and society. The following table outlines MOTOR OIL’s key sustainability targets and commitments across its operations.

Environmental (E)
ESRS Reference | Key Targets | Entity Level
E1.4 – Climate Change Mitigation | 30% reduction in Scope 1 and Scope 2 emissions, as well as 25% reduction in Scope 3 emissions by 2030. | Group
E1.4 – Climate Change Mitigation | Electricity generation from biogas >182,500 MWh annually | Company
E1.4 – Climate Change Mitigation | Green hydrogen production from a 50 MW electrolyzer capacity | Company
E1.4 – Climate Change Mitigation | Organic development of project pipeline leading to an additional 2.1TWh clean power generation by 2030. | Company
E1.4 – Climate Change Mitigation | 10% reduction in CO ₂ eq emissions by 2030 | Company
E1.4 – Climate Change Mitigation | 15% reduction in CO ₂ equivalent emissions by 2030 from fuel substitution (fuel oil to natural gas). | Company
E1.4 – Climate Change Mitigation | Implementation of ISO 46001 in Industrial sites located in water risk areas | Company
E1.4 – Climate Change Mitigation | Use of bioheating agent ( by-product) - 1,000 tons per year as fuel for energy purposes | Company
E1.4 – Climate Change Adaptation | Reforestation of 320,000 trees under the national reforestation plan | Group
E3.3 - Water and Marine Resources | Improve waste oil recovery from the oil separator in the waste water treatment plan from 35% average in yearly basis to 45% by 2030. | Company
E3.3 - Water and Marine Resources | Implementation of ISO 46001 in Industrial sites located in water risk areas | Company
E5.3 – Resource Use & Circular Economy | Expansion of the Zero Waste programme across operations | Group

Social (S)
ESRS Reference | Key Targets | Entity Level
S1.5 – Own Workforce | Reinforce awareness of the Group's Violence and Harassment Policy through targeted communication campaigns | Group

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S1.5 – Own Workforce | Zero accidents leading to lost workdays (ongoing target) | Company
S1.5 – Own Workforce | Achieve 2nd Quartile performance in the European sector benchmarking for Lost Workday Incident Frequency (LWIF), as defined by CONCAWE. Relative target measured against sector peers. | Company
S1.5 – Own Workforce | Ensure that minimum 85% of the contractors working in industrial facilities hold valid mandatory H&S training either by external body or from the H&S dept. by 2027. | Company
S1.5 – Own Workforce | 95% of targeted employees invited to access digital learning tools by 2026 | Group
S3.5 – Affected Communities | At least two local community engagement programmes implemented by 2027 | Company
S4.5 – Consumers & End-users | 100% of retail product quality checks conducted by 2026 | Company
S4.5 – Consumers & End-users | Expand the electromobility infrastructure: > 4,000 charging points by 2030 | Company

Governance (G)
ESRS Reference | Key Targets | Entity Level
G1 – Business Conduct | Refresher training on the Whistleblowing Policy for relevant employees by 2026 | Group
G1 – Responsible Supply Chain | 100% of suppliers aligned with ESG criteria by 31 Dec 2026 | Group

Revenue
Comprehensive financial data for the Group’s operating segments for the year ending 31 December 2025 is provided in the Consolidated Financial Statements.
The table below outlines the activities and revenue sources in which the Group is active:

Description | 2025 | 2024
Total revenue (th. €) | € 11,482,478 | € 12,187,917
Revenue from coal activities | - | -
Revenue from oil activities | € 10,523,322 | € 11,297,042
Revenue from gas activities | € 349,538 | € 419,654
Revenue from Taxonomy-aligned economic activities related to fossil gas | - | -
Revenue from fossil fuel (coal, oil and gas) sector | € 10,872,860 | € 11,716,696
Revenue from chemicals production | - | -
Revenue from controversial weapons | - | -
Revenue from the cultivation and production of tobacco | - | -

Group Structure
Please refer to the ‘Director’s Report’, specifically Section 5 titled ‘GROUP STRUCTURE – SIGNIFICANT SUBSIDIARIES & AFFILIATED COMPANIES’.
Value Chain
MOTOR OIL Group offers a diversified portfolio of products and services across the energy and environmental sectors. These include refined fuels (gasoline, diesel and jet fuel), lubricants, electricity and natural gas - particularly from renewable energy sources - as well as environmental services such as waste
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management and recycling initiatives. The Group also provides technical, engineering and maintenance services supporting operational safety and environmental compliance.
The Group serves a broad range of markets and customer segments, including automotive customers and fleet operators, industrial and power generation companies, wholesalers and retail fuel networks, as well as residential consumers of electricity and natural gas. In addition, the environmental sector includes municipalities, local authorities and environmental project developers.
MOTOR OIL Group’s value chain spans upstream sourcing activities, own operations and downstream distribution and product use, covering the procurement of raw materials, production and energy generation, distribution and retail activities, and the final consumption or recycling of products. The table below summarizes the main activities across the value chain and the key stakeholders involved.

Value Chain Stage | Strategic Pillar / Activity | Key Stakeholders Involved
Upstream | Fuels – Crude oil sourcing, feedstock procurement and refining inputs (crude oil, catalysts, additives, chemicals) | Suppliers, trading partners, regulators, environmental NGOs
Electrification – Equipment and technology sourcing for renewable energy and energy storage projects | Technology providers, contractors, regulators, local authorities
Circular Economy – Waste feedstock sourcing, waste oil collection and energy crop sourcing | Waste suppliers, municipalities, collection partners, farmers, local communities
Energy & Natural Resources – Natural gas, renewable energy, electricity and water for operations and environmental projects | Energy suppliers, utilities, regulators, local authorities
Logistics & Infrastructure – Procurement logistics, storage infrastructure and transportation of feedstocks and materials | Logistics providers, port authorities, contractors, suppliers
Technical Services – Engineering, maintenance, environmental and safety support services | Service providers, contractors, technical consultants
Financial Capital – Debt financing, public markets financing and internal capital allocation for strategic investments | Investors, financial institutions, shareholders

Own Operations | Fuels – Refining, trading, petrochemicals, biofuel production and waste oil collection | Employees, unions, regulators (HSE), auditors, local communities
Electrification – Renewable and thermal power generation and energy storage operations | Employees, joint venture partners, regulators, local communities
Circular Economy – Waste management, energy-from-waste projects and lubricant regeneration | Facility workers, contractors, environmental agencies, recyclers
Storage & Infrastructure – Fuel storage, distribution infrastructure and energy storage assets | Logistics partners, regulators, local communities
Distribution & Retail – Fuel retail stations, convenience services and fleet customer solutions | Retail customers, B2B clients, franchise partners, logistics providers
Customer Energy Solutions – Home energy solutions, e-mobility infrastructure and maintenance services | Residential customers, commercial clients, EV users, service providers

Downstream | Product Supply – Distribution of refined fuels, electricity and natural gas to wholesalers and commercial customers | B2B customers, energy traders, utilities
Retail & Customer Consumption – Supply of fuels, electricity and gas to households and end customers | End users, retail customers, commercial customers
Lifecycle Use Phase – Energy consumption by transportation, households and industry | Consumers, industrial users, transportation companies

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End-of-Life & Circularity – Collection and recycling of used oils, lubricants and waste materials | Recycling partners, waste management companies, environmental authorities

Business model and value chain
MOTOR OIL Group has strategically evolved its business model into a diversified, multi-energy platform, integrating traditional operations with renewable energy, electrification and circular economy activities. Its integrated business model is designed for resilience and future readiness, leveraging innovation and operational excellence to deliver value across a transitioning energy landscape.
This transformation has produced tangible outputs and outcomes that deliver sustained value to customers, investors and broader stakeholder Group s:

Capital Type | Key Inputs | FY25 | Key Outputs | FY25
Financial Capital | Total equity (Group) | 3,355,941 th. € | Total consolidated income (Group) | 650,807 th. €
Net debt (Group) | 1,579,448 th. € | EBITDA (Group) | 1,059,348 th. €
Productive Capital | Refinery production capacity (12.61 Nelson Complex. Index.) | ~200 k b/d | Products produced (MOH Refinery) | 11,521 t
Taxonomy aligned investments | 379,394 th. € | Products produced (LPC) | 36,411 t
Total CAPEX (Group) | 580,883 th. € | Product produced (VERD) | 31,530 t
|  | Total RES production (MORE) | 1,484 GWh
Biogenic feedstock for bio-fuels production | 35,302 t | Total EV charging points | 2,249
Electricity production from biogas | 149,662 MWh | Taxonomy aligned CAPEX (Group) | 65.3%
Waste lubricant oils directed to regeneration | 40,683 t | Taxonomy aligned revenue | 338,414 th. €
Natural Capital | Electricity consumption (parent co., subsid., assoc.) | 3,030 TJ | CO 2 e avoidance from RES 5 (MORE) | 469,579 tCO 2 e
RES installed capacity (operational) | 847 MW |  |
Human Capital | Employees | 4,383 (incl. 73 empl. From assoc.) | Employee turnover | 11.9%
Training hours | 126,498 hr | Percentage of employees who received performance evaluation review | 92.4%
Intellectual Capital | Investments in innovation and digital transformation | 24,209 th. € | Goodwill (Group) | 190,057 th. €
Environmental research projects submitted | 26 | Success rate on research projects submitted | 23.0%
Social Capital | Sponsorships given to local communities and societies | 11,243 th € | Taxes paid (Group) | 289,119 th. €

5 Avoided CO 2 e emissions from RES generation were estimated using the Greece-specific reference emission factor derived from national electricity-sector emissions data reported in Greece’s 2025 National Inventory Report (NIR), applied to total renewable electricity generated. The indicator is disclosed separately from Scope 1, Scope 2 and Scope 3 greenhouse gas emissions.
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Total procurement costs | 9,591,007 th. € | Procurement budget paid to local suppliers | 2,693,620 th. €

SBM2 Interests and views of stakeholders
Stakeholder engagement is a continuous and structured process at MOTOR OIL Group, supporting transparency, trust and long-term value creation. The Group defines stakeholders as individuals or Group s that influence or are influenced by its activities. Engagement takes place throughout the year across multiple functions and supports the identification and management of material sustainability impacts, risks and opportunities, as assessed through the Double Materiality Assessment.
The Group maintains open dialogue with key stakeholder Group s such as employees, customers, investors, suppliers, local communities and regulatory authorities. Sustainability performance and progress are communicated through regular disclosures, including the Annual Financial Report and Sustainability Statement, investor communications and stakeholder consultations.
Integration of stakeholder views into strategy and governance
Stakeholder insights contribute to shaping the Group’s sustainability priorities, strategy and business model. Feedback gathered through engagement processes informs decision-making related to the energy transition, ESG targets, climate strategy, product innovation and operational improvements.
The Group places particular emphasis on engaging its own workforce, recognizing employees as a key Group of affected stakeholders. Structured dialogue mechanisms, employee consultations and internal communication channels ensure that workforce perspectives — including those related to working conditions, health and safety, skills development and human rights — are integrated into strategic planning.
In addition, the Group maintains regular consultations with local communities, regulators, industry associations and civil society organizations, ensuring that the expectations of stakeholders potentially affected by its operations are considered. Stakeholder perspectives are regularly communicated to executive management and governance bodies, ensuring alignment between stakeholder expectations, sustainability objectives and corporate strategy.
Within the context of Double Materiality Assessment (as described in ESRS-2 IRO-1), the Group has appointed a Third Party to collect insights, analyze stakeholder feedback and ensure a comprehensive and objective representation of stakeholder engagement in the Double Materiality Assessment scoring process.

Key Stakeholder [SBM-2 45a, AR 16] | Ways of Engagement [SBM-2 45a, AR 16] | Key Issues of Interest | Ways of Resolution
Employees | Performance evaluation, training and people development Employee engagement through continuous feedback and discussions Systematic support for health, safety and wellbeing through Health and Safety committee Effective communication, dialogue and cooperation with internal stakeholders, including employees, line managers, employees' union Employees are encouraged to submit their individual proposals for improvements in working conditions Grievance and whistleblowing mechanism | Energy Transition Sustainability impact and efforts ESG Targets & Commitments Business ethics Employees performance evaluation Health & Safety Wellbeing, upskilling and development Recognition & incentives Social Responsibility | Enhanced new features in Group's new learning and development platform Strengthen internal policies & procedures
Consumers & Εnd-users | Loyalty programs Consumer market research survey Grievance and whistleblowing mechanism | Product/service quality Health & Safety Social responsibility Economic value generated and distributed | Analyze the results of surveys to benchmark performance and improve customer experience Active communication, responding to queries via customer support desk

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B2B Customers | Long standing relationship with customers Organize Customers events Arrange refinery site visits Developing joint communication initiatives Perform satisfaction surveys Answer (on our side) several suppliers' questionnaires | Product/service quality Experience & Reliability Health & Safety Sustainability Innovation & Research | Support with products requests Co-creation of new services Encouragement to reduce carbon footprint Participation to Group s sustainability actions Enhancement in customer service department
Shareholders & Investors | Attendance at investment conferences An Annual Analysts' Briefing once a year 4 quarterly teleconferences with financial analysts; Group's website Press releases and regulatory announcements The Annual Financial Report and Sustainability Statement One to one communication | Group's decarbonization strategy and climate change ESG rating performance Corporate Governance Diversity ESG risks and opportunities | Setting GHG ambitious targets Developing and communicating energy transition plan Reporting risks and opportunities Improving ESG scores Aligning with international standards and regulations
Business Partners & Vendors | Collaborating closely with contractors and suppliers to ensure high level of safety, efficiency and quality Collecting information through survey regarding ESG material issues Conducting internal | Health & Safety GHG reduction Business ethics Human rights | Training programs on health, safety and environment protection issues Developing a Supplier Code of Conduct information guide
Local Communities | Continuous communication and interaction with local authorities Grievance mechanism | Employment opportunities Health, safety and environment concerns Investments and Impacts on local communities | Identify issues early in the Project cycle that may pose a risk to the local community Financial and in-kind contribution to local communities Ongoing engagement and reporting Responding to local community requirements through platform
Government, Regulation & Industry Association | Sharing views on policies, laws and regulations with officials and legislators through public consultations, meetings and stakeholder dialogue with policymakers and industry associations The Group is in close interaction with the Government and creates revenues through the payment of taxes | Climate change -Renewable fuels, RES Sustainable Finance Circular economy | Replying to public consultations and providing insights and analysis to policymakers Participating in workshops of industry associations
Media | Ongoing communication with media sharing releases & articles Arranging interviews and media events Actively responding to media inquiries | Financial Results Announcements M&A and other investments Community contribution stories Research and development Energy pricing | Media coverage for specific events Sending Press releases and information materials Responding to media inquiries

MOTOR OIL continuously enhances its stakeholder engagement processes to improve transparency and strengthen value-chain responsibility. Planned initiatives include expanding stakeholder consultation in sustainability target-setting and strengthening value-chain due diligence through enhanced supplier engagement. The planned steps and timelines of the above have been communicated to the Sustainability Committee in 2025 and are expected to further enhance the stakeholder engagement.
These initiatives include the development of ESG questionnaires for suppliers, the reinforcement of the Supplier Code of Conduct, and improved mechanisms for identifying sustainability risks and opportunities across the value chain.
SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model 6
MOTOR OIL Group’s Double Materiality Assessment identified a range of material impacts, risks and opportunities (IROs) reflecting the nature of the Group’s integrated multi-energy operations and its ongoing
6 MOTOR OIL Group has chosen to omit the information prescribed by ESRS 2 SBM-3 paragraph 48(e) anticipated financial effects based on the ESRS ‘quick-fix’ delegated act of 11 July 2025
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transition toward a more sustainable energy portfolio. These material matters arise across the upstream, own operations and downstream stages of the Group’s business model and value chain.
In the upstream segment, material issues relate mainly to the sourcing and use of natural resources, including crude oil, natural gas, feedstock, water and energy inputs. The procurement, transportation and processing of these resources may generate environmental impacts and operational risks. In addition, the allocation of financial capital to large-scale infrastructure, renewable energy projects and environmental investments creates strategic and financial exposure.
Within own operations, refining and energy generation activities account for the majority of the Group’s material environmental and social impacts. These include greenhouse gas emissions, air and water pollution, use of hazardous substances and occupational health and safety risks associated with complex industrial processes. At the same time, own operations represent the main area where sustainability opportunities arise, including investments in renewable energy, circular economy initiatives and decarbonization technologies. Positive impacts stem from initiatives such as biofuel co-processing, low-carbon hydrogen development, lubricant regeneration, waste management activities and renewable electricity generation.
In the downstream value chain, material impacts and risks are primarily associated with emissions from fuel consumption, product lifecycle environmental effects and biodiversity considerations linked to energy infrastructure. However, downstream activities also create opportunities to support the energy transition through customer-focused solutions such as electric vehicle charging infrastructure, energy supply services and circular initiatives including used oil collection and recycling.
These sustainability impacts and risks increasingly influence MOTOR OIL Group’s strategy and business model. In recent years, the Group has expanded investments in renewable energy, low-carbon fuels, circular economy activities and innovative technologies, including solar and wind generation, hydrogen production, carbon capture and waste management infrastructure. These investments are reshaping the Group’s asset portfolio and resource allocation in line with the evolving regulatory environment and the transition to a lower-carbon economy.
Material impacts affect both people and the environment, primarily through industrial emissions, resource use and operational risks, while positive impacts arise from initiatives supporting decarbonization, environmental protection and socio-economic development. The Group is involved in these impacts both directly through its operations and indirectly through its value chain, including suppliers, contractors and customers. Examples include Scope 3 emissions associated with product use and biodiversity impacts linked to infrastructure development.
Most environmental and climate-related impacts and opportunities are expected to materialize over medium- to long-term time horizons, particularly those associated with decarbonization investments such as renewable energy, hydrogen and carbon capture technologies.
From a financial perspective, these material risks and opportunities already influence the Group’s strategy and investment planning. The transition toward a more diversified energy portfolio requires significant capital deployment, with up to €2.5 billion planned for energy transition initiatives, including renewable energy infrastructure, low-carbon fuels and decarbonization technologies. While transition-related risks may increase costs in the short term, the Group aims to capture long-term value from non-fossil activities, which are expected to contribute more than 40% of Group EBITDA by 2030.
Through its diversified portfolio, operational flexibility and digital transformation initiatives, MOTOR OIL Group continues to adapt its business model to sustainability-related risks and opportunities, strengthening its resilience while contributing to climate and sustainability objectives.
The tables below summarize the material impacts, risks and opportunities identified through the Double Materiality Assessment, while further information on their management is provided in the relevant sections of this report. The geographical areas and distribution channels where material impacts, risks and opportunities are concentrated correspond to the Group’s operational area and the locations where value chain activities take place, across both upstream and downstream operations.
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Topic | Impact | Char. | Fact. | Value Chain | Time Horizon
Climate Change | Investments in renewable energy, alternative fuels and onsite renewable electricity (including RECs) support decarbonization and resource efficiency. | Positive | Actual | Own Ops, Downstream | Long
GHG emissions from refining, distribution and fuel use contribute to climate change and environmental degradation. | Negative | Actual | Upstream, Own Ops, Downstream | Long
Waste-to-energy, recycling and biogas recovery reduce emissions and support circular resource use. | Positive | Actual | Upstream, Own Ops, Downstream | Short–Long
Energy | Energy-intensive operations increase demand for energy resources. | Negative | Actual | Own Ops | Long
Pollution | Fossil fuel processing releases pollutants (excluding GHGs), affecting air quality and ecosystems. | Negative | Actual | Upstream, Own Ops, Downstream | Long
Potential oil spills and heated water discharge may contaminate water bodies and disrupt ecosystems. | Negative | Potential | Upstream, Own Ops, Downstream | Medium
Water & Marine Resources | Water desalination provides an alternative water source and reduces reliance on freshwater resources. | Positive | Actual | Own Ops | Medium
Biodiversity | Renewable infrastructure (e.g., wind parks) may affect species and biodiversity in sensitive areas. | Negative | Potential | Own Ops | Long
Reforestation and forest programs restore habitats, improve biodiversity and enhance carbon sequestration. | Positive | Actual | Downstream | Long
Circular Economy | Dependence on natural resources such as crude oil and gas may affect long-term resource availability. | Negative | Actual | Upstream, Own Ops | Medium
Waste repurposing and recycling initiatives convert by-products into valuable resources and reduce landfill disposal. | Positive | Actual | Own Ops | Medium
End-of-life waste from solar parks, wind farms and batteries requires effective management. | Negative | Potential | Own Ops, Downstream | Long
Hazardous and non-hazardous waste generation may contaminate soil and groundwater if not properly managed. | Negative | Actual | Own Ops, Downstream | Long
Own Workforce | Health and safety committees strengthen workplace safety culture and regulatory compliance. | Positive | Actual | Own Ops | Long
Oil and gas operations involve inherent risks (fires, explosions, chemical leaks and falls). | Negative | Actual | Own Ops | Medium
Employee training and development support skill development and long-term employability. | Positive | Actual | Own Ops | Medium
Communities | Energy supply supports economic development, infrastructure and quality of life. | Positive | Actual | Upstream, Own Ops, Downstream | Long
Consumers | Product labeling and compliance with EU legislation improve transparency and informed consumer decisions. | Positive | Actual | Downstream | Medium
Product quality checks ensure safety and reduce health risks for consumers. | Positive | Actual | Own Ops, Downstream | Short
Entity-Specific | Emergency preparedness and cybersecurity measures strengthen operational safety and regulatory compliance. | Positive | Actual | Upstream, Own Ops, Downstream | Long
Health & safety emergency preparedness systems enhance operational resilience and worker protection. | Positive | Actual | Upstream, Own Ops, Downstream | Medium
Digital transformation and innovation initiatives improve efficiency and reduce environmental impacts. | Positive | Actual | Upstream, Own Ops, Downstream | Medium

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Business Conduct | Corporate governance policies support ethical conduct and operational integrity. | Positive | Actual | Own Ops, Downstream | Long
Whistleblowing mechanisms strengthen transparency and accountability. | Positive | Actual | Upstream, Own Ops, Downstream | Medium

Topic | Risk / Opportunity | Time Horizon | Risk Pillars | Type
Climate Change | Climate change impacts may lead to higher compliance costs, regulatory penalties, insurance costs and adaptation expenses. | Medium–Long | Regulatory, Operational, Reputational, Strategy, Environmental | Risk
Emissions from fossil fuel activities may lead to carbon pricing, litigation, insurance costs and stricter regulation. | Medium | Regulatory, Operational, Reputational, Strategy, Environmental | Risk
Energy transition policies, technological change and declining fossil fuel demand may affect existing assets and market position. | Long | Regulatory, Operational, Reputational, Strategy, Environmental, Clients | Risk
Renewable energy, alternative fuels and waste-to-energy investments create growth opportunities and attract sustainable investment. | Short | Regulatory, Operational, Reputational, Strategy, Environmental | Opportunity
Pollution | Exceeding air pollution limits may lead to regulatory penalties, remediation costs and legal action. | Short | Regulatory, Operational, Reputational, Environmental | Risk
Oil spills and water contamination incidents may create significant financial liabilities and environmental damage. | Short | Regulatory, Operational, Reputational, Environmental | Risk
Biodiversity | Land use impacts from infrastructure development may lead to restoration costs and reputational risks. | Medium | Regulatory, Operational, Reputational, Strategy, Environmental | Risk
Waste | Hazardous waste mismanagement may result in remediation costs, penalties and community litigation. | Short | Regulatory, Operational, Reputational, Environmental | Risk
Workforce | Industrial accidents may result in financial liabilities, regulatory penalties and higher insurance costs. | Short | Regulatory, Operational, Reputational, Strategy, Workforce, Clients | Risk
Failure to prevent workplace violence or harassment may lead to litigation and reputational damage. | Long | Regulatory, Operational, Reputational, Strategy, Workforce | Risk
Effective health and safety governance reduces accident costs, insurance premiums and operational disruptions. | Medium | Regulatory, Operational, Workforce | Opportunity
Worker representation and engagement improve productivity and retention. | Medium | Operational, Workforce | Opportunity

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Topic | Risk / Opportunity | Time Horizon | Risk Pillars | Type
Competitive employee benefits improve retention, productivity and employer reputation. | Short | Operational, Reputational, Workforce | Opportunity
Communities | Community opposition or insufficient engagement may cause project delays and operational disruptions. | Medium | Regulatory, Reputational, Strategy, Environmental | Risk
Community investment and local employment strengthen stakeholder trust and social license to operate. | Short | Operational, Reputational | Opportunity
Business Conduct | Effective whistleblowing systems reduce fraud risk and strengthen governance and compliance. | Medium | Regulatory, Reputational, Strategy, Workforce | Opportunity
Weak supplier oversight may expose the Group to human rights and environmental compliance risks. | Short | Regulatory, Reputational, Strategy, Clients | Risk
Corruption and bribery risks may lead to legal penalties, contract loss and reputational damage. | Short | Regulatory, Operational, Reputational, Strategy, Clients | Risk

The changes to material impacts, risks and opportunities (IROs) compared to the previous reporting period are presented in the following tables.

Topic | Title | Category | Change compared to previous reporting period
Climate Change | Climate Change Mitigation – Transformation of waste into energy | Impact | New material IRO
Pollution | Pollution of water
Water & Marine Resources | Water desalination
Circular Economy | Resource inflows, including resource use
Own Workforce | Working conditions – Health & Safety Committee
Equal treatment and opportunities for all
Affected Communities | Communities' civil and political rights
Consumers & End-users | Information-related impacts for consumers and/or end-users
Personal safety of consumers and/or end-users
Business Conduct | Corporate culture
Protection of whistleblowers
Climate Change | Climate Change Mitigation – Climate transition risks | Financial Effect
Pollution | Pollution of air
Waste | Waste
Own Workforce | Working conditions – Comprehensive benefit packages
Pollution | Substances of concern or very high concern | Impact | No longer assessed as material
Water & Marine Resources | Water
Biodiversity & Ecosystems | Direct impact drivers of biodiversity loss

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Pollution | Substances of concern or very high concern | Financial Effect
Water & Marine Resources | High water usage
Biodiversity & Ecosystems | Impacts on the state of species
Circular Economy | Risk of hazardous waste contamination
Waste generation from solar and wind operations
Own Workforce | Equal treatment – failure to implement training and development system
Equal treatment – failure to address equal opportunity issues

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EU TAXONOMY
Introduction to the Regulation (EU) 2020/852
The EU Taxonomy Regulation (EU) 2020/852, in force since July 2021, establishes a classification system for determining whether economic activities are environmentally sustainable, providing a common framework for investors, businesses and policymakers. It is built around six environmental objectives: climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy; pollution prevention and control; and protection and restoration of biodiversity and ecosystems.
An activity is taxonomy-eligible if explicitly listed in the relevant Delegated Act, and taxonomy-aligned if it: fulfils the substantial contribution criteria; does not cause significant harm to any other objective (DNSH); and complies with minimum safeguards. Disclosures are expressed through three KPIs — turnover, capital expenditure (CapEx) and operational expenditure (OpEx). The Climate Delegated Act (EU) 2021/2139, as amended by (EU) 2023/2485, has been applied since January 2022, while the Environmental Delegated Act (EU) 2023/2486 became applicable from January 2025.
On 4 July 2025, the European Commission adopted a new Delegated Act amending the Taxonomy Disclosures, Climate Delegated Act and Environmental Delegated Act as part of the Omnibus simplification package, subsequently published as Commission Delegated Regulation (EU) 2026/73.
MOTOR OIL Hellas Group applies EU Taxonomy disclosure requirements in accordance with Commission Delegated Regulation (EU) 2026/73 for the financial year 1 January — 31 December 2025, having chosen not to apply the 10% materiality threshold for the assessment of taxonomy eligibility or alignment.
Application of the Taxonomy Regulation to MOTOR OIL Hellas Group
To comply with the requirements of the Taxonomy Regulation, MOTOR OIL Hellas Group carried out a detailed assessment of its economic activities, examining both eligibility and alignment against the six environmental objectives defined under the Climate Delegated Act and the Environmental Delegated Act. Following this evaluation, the Group determined the turnover, capital expenditure (CapEx), and operational expenditure (OpEx) attributable to each activity identified as eligible and/or aligned.
The analysis covered all consolidated subsidiaries of MOTOR OIL Hellas Group, as included in the financial statements, in accordance with Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020. For the purposes of these disclosures, the aforementioned entities are collectively referred to as “MOTOR OIL Hellas Group” or simply “the Group”. This report includes both eligible and non-eligible activities, as well as aligned and non-aligned activities, for the reporting period ending 31 December 2025.
The Group’s operations make a substantial contribution to the following environmental objectives:
•Climate change mitigation (CCM)
•Transition to circular economy (CE)
•Pollution prevention and control (PPC)
•Sustainable use and protection of water and marine resources (WTR)
Eligibility assessment
The Group’s business activities were assessed for eligibility under the Taxonomy Regulation, taking into account Delegated Regulation (EU) 2021/2139 (“Climate Delegated Act,” as amended), Delegated Regulation (EU) 2022/1214 (“Complementary Climate Delegated Act”), and Delegated Regulation (EU) 2023/2486 (“Environmental Delegated Act”). In order to capture eligible activities across all six environmental objectives, the evaluation categorized the Group’s operations based on their nature and corresponding NACE codes.
In the financial year 2025, 4.08% of the Group's turnover, 74.61% of its CapEx additions, and 36.54% of its OpEx 7 were classified as Taxonomy-eligible. (The eligible turnover for 2024 is restated from 2.48% to 3.58% due to a clerical error in the turnover amount of the Group.)
7 OpEx refers to accounts related to repair and maintenance, short-term leases, day-to-day servicing of property, plant, and equipment (PPE), research and development, and building renovation measures, all of which are included in the OpEx denominator.
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Alignment assessment
Substantial Contribution Criteria (SCC) - In the subsequent phase, each eligible activity within the Group’s operations was evaluated against the applicable substantial contribution criteria for Climate Change Mitigation, Transition to a Circular Economy, Pollution Prevention and Control, and Sustainable use and protection of water and marine resources objectives, as defined in the Climate Delegated Act, the Environmental Delegated Act, and their respective amendments.
Do No Significant Harm (DNSH) - For eligible activities that satisfied the applicable Substantial Contribution Criteria (SCC) in the previous phase, the Group proceeded to assess compliance with the relevant Do No Significant Harm (DNSH) requirements. This evaluation was carried out in line with Article 17 of the Taxonomy Regulation, as well as the provisions of the Climate Delegated Act and the Environmental Delegated Act. A detailed presentation of the results for key economic activities that meet their DNSH criteria is provided in the section “Key EU Taxonomy related activities”.
Minimum Safeguards (MS) - Alongside environmental criteria, MOTOR OIL Hellas Group ensures full compliance with the Minimum Safeguards set out in Article 18 of the Regulation8. These safeguards require alignment with the OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human Rights, while also encompassing the principles and rights established in the eight fundamental conventions of the International Labor Organization (ILO) and the International Charter of Human Rights. The Group has thoroughly reviewed these requirements and implemented the necessary policies and procedures to ensure compliance.
It is worth noting that the Group has already been disclosing under the EU Taxonomy framework and, in line with the most recent updates of the Disclosures Delegated Act, remains committed to strengthening transparency and sustainability. Consistent with this approach, MOTOR OIL Hellas Group has assessed and reported on the alignment of newly identified activities.
Furthermore, the reporting scope covers associate companies on a voluntary basis, thereby enhancing the overall completeness of disclosures. This proactive stance underscores the Group’s dedication to sustainable operations, responsible investment, and the continuous improvement of its environmental performance.
It is noteworthy that in FY 2025, 2.95% of the Group's turnover, 65.31% of its CapEx additions, and 27.43% of its OpEx qualified as Taxonomy-aligned. (The aligned turnover for 2024 is restated from 2.24% to 3.24% due to a clerical error in the turnover amount of the Group.)
Key EU Taxonomy related activities
8 Regulation (EU) 2020/852
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Revenue generating economic activities in renewable energy sources
Manufacture of hydrogen [3.10]
The Group is actively exploring opportunities in low-carbon hydrogen production as part of its strategy to support the transition toward cleaner energy systems and reduce the carbon intensity of industrial and energy processes. In this context, investments are being directed toward the development of hydrogen production capabilities aligned with the EU Taxonomy criteria, supporting the future deployment of renewable and low-carbon hydrogen across the energy value chain. These actions represent an important step in strengthening the Group’s role in emerging clean energy technologies and facilitating the decarbonization of hard-to-abate sectors. For the reporting period, MOTOR OIL Hellas Group achieved 3.68% aligned CapEx, and 0.33% aligned OpEx. Since the activity has not been designated as a Climate Change Adaptation (CCA) activity, compliance with the Do No Significant Harm (DNSH) criteria related to Climate Change Mitigation (CCM) was not evaluated. In addition, the DNSH requirements concerning Transition to a Circular Economy were considered not applicable.
DNSH to Climate Change Adaptation - The activity complies with the generic Do No Significant Harm (DNSH) requirements related to climate change adaptation. Additional details are presented in the “General Disclosures – ESRS 2” and “ESRS E1 – Climate Change” sections, including the TCFD analysis, which summarizes the outcomes of the climate risk and vulnerability assessment.
DNSH to Water - The activity considers potential impacts on water resources and water quality in line with applicable EU environmental legislation. Appropriate assessments and management measures are implemented, where relevant, to ensure that water bodies and marine ecosystems are protected and that the activity does not adversely affect their environmental status.
DNSH to Pollution Prevention and Control - Potential pollution risks are addressed in accordance with applicable EU legislation on hazardous substances, chemical management, and environmental protection. Emissions and operational processes are managed in line with relevant Best Available Techniques (BAT) conclusions to reduce environmental impacts and avoid significant cross-media effects.
DNSH to Biodiversity - Compliance with the DNSH requirements for biodiversity and ecosystems is ensured through environmental assessments conducted in line with the Environmental Impact Assessment (EIA) Directive (2011/92/EU), where applicable. Where operations are located within or in proximity to biodiversity-sensitive areas, including protected sites, appropriate assessments are undertaken and any required mitigation measures are implemented to safeguard habitats and species and prevent adverse impacts on protected ecosystems.
Electricity generation using solar photovoltaic technology [4.1]
In an effort to reduce reliance on fossil fuels for power generation, the Group has taken a proactive role in promoting research and implementing innovative renewable energy projects. As part of this commitment, it has developed 52 solar photovoltaic parks with a combined installed capacity of 50 MW. These initiatives mark an important milestone in the Group’s transition toward cleaner and more sustainable energy sources. For the reporting period, MOTOR OIL Hellas Group achieved 0.04% Taxonomy-aligned turnover, 33.01% aligned CapEx, and 0.46% aligned OpEx. As the activity is not classified as a Climate Change Adaptation (CCA) enabling activity, compliance with the DNSH criteria for Climate Change Mitigation (CCM) was not assessed. In addition, the DNSH criteria for Water and Pollution Prevention were deemed not applicable.
DNSH to Climate Change Adaptation - The activity meets all generic criteria for DNSH to climate change adaptation. Further information is provided in the “General Disclosures – ESRS 2” and “ESRS E1 – Climate Change” sections, particularly within the TCFD analysis, which outlines the material physical climate risks for the activity as well as the results of the comprehensive climate risk and vulnerability assessment.
DNSH to Transition to a Circular Economy - The activity considers the availability and, where feasible, the use of equipment and components designed for high durability, recyclability, and ease of dismantling and refurbishment.
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DNSH to Biodiversity - For each wind park, the Group has carried out Environmental Impact Assessments (EIAs) in accordance with Directive 2011/92/EU. All necessary mitigation and compensation measures to safeguard the environment have been implemented. In cases where projects are located in or near biodiversity-sensitive areas – such as the Natura 2000 network, UNESCO World Heritage Sites, Key Biodiversity Areas, or other protected areas – appropriate assessments were performed. These assessments concluded that no additional mitigation measures were required, confirming that the activity complies with the criteria set out in Appendix D to this Annex.
Electricity generation from wind power [4.3]
MORE stands as a leading player in the renewable energy sector, ranking among the largest RES producers in Greece and a key contributor in Southeastern Europe. As a core pillar of MOTOR OIL Group’s energy transition strategy, MORE generates renewable electricity primarily from wind power. It operates a RES portfolio with an installed capacity of 847 MW. For the reporting period, MOTOR OIL Group achieved approximately 1.19% Taxonomy-aligned turnover, 3.51% aligned CapEx, and 20.32% aligned OpEx, demonstrating its strong commitment to aligning financial activities with its Transition Plan. As the activity has not been designated as a Climate Change Adaptation (CCA) enabling activity, compliance with the DNSH criteria for Climate Change Mitigation (CCM) was not assessed. Furthermore, the DNSH criteria for Pollution Prevention were deemed not applicable.
DNSH to Climate Change Adaptation - The activity complies with the criteria set out in Appendix A of Annex I to the Climate Delegated Act, which establishes the generic DNSH requirements for climate change adaptation. Further details on the Group’s climate risk and vulnerability assessment, including climate adaptation plans, can be found in the sections “General Disclosures – ESRS 2” and “ESRS E1 – Climate Change”.
DNSH to Water - As the Group operates exclusively onshore wind facilities, its activities do not hinder the achievement of good environmental status under Directive 2008/56/EC of the European Parliament and of the Council. In accordance with this Directive, the Group ensures compliance with measures to prevent or mitigate potential impacts related to Descriptor 11 (Noise/Energy).
DNSH to Transition to a Circular Economy - For this activity, MOTOR OIL Group evaluates the availability and, where feasible, the use of equipment and components with high durability and recyclability, designed to be easily dismantled and refurbished.
DNSH to Biodiversity - For all onshore wind installations, MOTOR OIL Group has conducted Environmental Impact Assessments (EIAs) in line with Directive 2011/92/EU. All necessary mitigation and compensation measures to protect the environment have been applied. Furthermore, the Group confirms that none of its onshore wind sites are located in or near biodiversity-sensitive areas.
Manufacture of biogas and biofuels for use in transport and of bioliquids [4.13]
The circular economy and renewable alternative fuels sectors represent a key focus area within MOTOR OIL Group’s overall business strategy. The Group is expanding its footprint in these areas through new investments, partnerships, and acquisitions. Over the past three years, significant capital has been directed towards both sectors. For the reporting period, the Group’s Taxonomy-aligned figures stand at approximately 0.19% of turnover, 0.75% of CapEx, and 0.27% of OpEx. As this activity is not classified as a Climate Change Adaptation (CCA) enabling activity, compliance with the DNSH criteria for Climate Change Mitigation (CCM) was not assessed. In addition, the Circular Economy DNSH criteria were not applicable.
DNSH to Climate Change Adaptation - The activity complies with the requirements of Appendix A of Annex I to the Climate Delegated Act, which sets out the generic DNSH criteria for climate change adaptation. Further details on the Group’s climate risk and vulnerability assessment, as well as its adaptation plans, are available in the sections “General Disclosures – ESRS 2” and “ESRS E1 – Climate Change”.
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DNSH to Water - The Group actively identifies and mitigates risks of environmental degradation, with a focus on maintaining water quality and preventing water stress, in order to achieve good water status and ecological potential. Where relevant, water-use and protection management plans are developed in consultation with stakeholders. In addition, the Group ensures that Environmental Impact Assessments (EIAs) are carried out in accordance with Directive 2011/92/EU to identify and address potential environmental impacts.
DNSH to Pollution Prevention and Control - For biogas production, the Group applies gas-tight covers on digestate storage facilities and implements Best Available Techniques (BATs). As a result, no significant cross-media effects have been observed.
DNSH to Biodiversity - For all biogas, biofuels for transport, and bioliquids facilities, the Group has conducted EIAs in accordance with Directive 2011/92/EU. All necessary mitigation and compensation measures have been implemented to safeguard the environment. Importantly, all such facilities are located within designated industrial zones, away from biodiversity-sensitive areas.
Transmission and distribution networks for renewable and low-carbon gases [4.14]
CORAL GAS continues to invest in both innovation and safety, providing all packaged products with a special safety valve. This feature, combined with a range of innovative solutions, enhances the safety of LPG consumers in Greece. For the reporting period, the Group’s Taxonomy-aligned ratios are approximately 1.11% for turnover, 1.48% for CapEx, and 0.40% for OpEx. As the activity is not classified as a Climate Change Adaptation (CCA) enabling activity, compliance with the DNSH criteria for Climate Change Mitigation (CCM) was not assessed. Similarly, the Circular Economy DNSH criteria were deemed not applicable.
DNSH to Climate Change Adaptation - The activity complies with the requirements of Appendix A of Annex I to the Climate Delegated Act, which defines the generic DNSH criteria for climate change adaptation. Additional details on the Group’s climate risk and vulnerability assessment, including climate adaptation plans, are available in the sections “General Disclosures – ESRS 2” and “ESRS E1 – Climate Change”.
DNSH to Water - The Group safeguards water quality and addresses water stress risks to ensure good water status. For areas that may be affected, water management plans are developed in consultation with stakeholders, and Environmental Impact Assessments (EIAs) are conducted in line with Directive 2011/92/EU.
DNSH to Pollution Prevention and Control - All fans, compressors, pumps, and related equipment used in the transmission and distribution of renewable and low-carbon gases comply with Directive 2009/125/EC, meeting top energy label requirements and implementing regulations. These systems reflect the best available technology (BAT).
DNSH to Biodiversity - For all facilities related to the transmission and distribution of renewable and low-carbon gases, the Group has carried out EIAs in accordance with Directive 2011/92/EU. All necessary mitigation and compensation measures have been applied to ensure environmental protection.
Accounting policy
The consolidated financial statements of MOTOR OIL Hellas Group for the financial year 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS). The following sections provide details on turnover (Chapter 1 – Review of Operations, Director’s Report, CapEx (Chapter 4 – Capital Expenditure, Director’s Report), and OpEx for the Group’s relevant subsidiaries, as previously outlined in this report. By converting the Group’s sustainability initiatives and outcomes into financial metrics—turnover, CapEx, and OpEx—investors and financial institutions gain a clearer and more comprehensive basis for informed and strategic decision-making. The methodology applied for calculating eligibility and alignment KPIs is defined as follows:
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•Turnover reflects the share of net revenue generated from products or services that are taxonomy-eligible and/or aligned. This KPI offers a static snapshot of the Group’s contribution to environmental objectives.
•CapEx represents the proportion of capital expenditure associated with activities that are already taxonomy-eligible and/or aligned or are included in a credible plan to achieve alignment. This KPI provides a dynamic and forward-looking view of the Group’s strategy for transforming its business activities.
•OpEx denotes the share of operating expenses connected to taxonomy-eligible and/or aligned activities or to the CapEx plan (Not such capex plan has been adopted by the Group).It includes direct non-capitalized costs for research and development, renovation measures, short-term leases, maintenance, and other direct expenditures required for the daily servicing of property, plant, and equipment to ensure their continued efficiency and use.
Avoiding double counting
MOTOR OIL Group ensures that double counting and intra Group effects are eliminated in its EU Taxonomy assessment through the structured preparation of its financial statements and the detailed tagging of CapEx and OpEx accounts. This rigorous approach enhances transparency, guarantees the accurate classification of financial data, and maintains consistency across the reporting period. The accounting policy remained unchanged during the year. To uphold regulatory compliance and align with best practices, the Group is committed to closely monitoring developments in the EU Taxonomy framework. Methodologies for capturing and reporting relevant information are continuously refined, with any regulatory updates integrated into the Group’s financial framework.
In addition, MOTOR OIL Group conducts internal reviews and audits to validate the accuracy of both financial and sustainability disclosures. Cross-departmental collaboration ensures that taxonomy-related financial data is correctly allocated and aligned with regulatory requirements. This robust internal oversight strengthens the integrity of the Group’s reporting process and reinforces its broader commitment to responsible and transparent corporate governance.
Changes in disclosures compared with the previous reporting periods
During the 2025 reporting period, eligibility and alignment percentages for CapEx, and OpEx increased, the variations reflect both the expanded scope and the Group’s ongoing commitment to sustainability. The aligned OpEx ratio increased by approximately 47.17%, mainly due to the inclusion of HELECTOR Group and a new activity9 under the EU Taxonomy framework. Similarly, the CapEx alignment ratio grew by around 30.92%, supported by targeted investments in sustainable projects and infrastructure upgrades.
Associates
For the second year, MOTOR OIL Group has voluntarily assessed additional associate entities beyond the mandatory EU Taxonomy scope to determine their eligibility and alignment status. This proactive initiative demonstrates the Group’s commitment to responsible business practices and transparency by extending the evaluation of eligibility and alignment to these entities in relation to the Taxonomy’s environmental criteria. The perimeter of the eligibility and alignment assessment encompassed the following companies:
•RAPI S.A.
•THERMOILEKTRIKI KOMOTINIS
•SHELL AND MOH AVIATION FUELS A.E.
•HELLENIC FAST CHARGING SERVICES
By extending its assessment beyond the regulatory perimeter, MOTOR OIL Group determined that, for the 2025 financial year, 0.03% of turnover, 24.59% of CapEx and 2.70% of OpEx for the Associate Companies
9 5.3 Construction, extension and operation of waste water collection and treatment
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were classified as Taxonomy-eligible10. The corresponding aligned ratios amounted to 0.03% for turnover, 24.59% for CapEx and 2.70% for OpEx.
EU Taxonomy Appendix
The key performance indicators (KPIs) for eligible (both aligned and non-aligned) and non-eligible economic activities of MOTOR OIL Hellas Group have been calculated in accordance with the Accounting Policy defined in the Disclosure Delegated Act (EU) 2021/2178. The following sections present the methodology applied in determining the KPIs for Turnover, Capital Expenditure (CapEx), and Operating Expenditure (OpEx).
The Turnover KPI reflects the proportion of net turnover generated from products or services, including intangibles, that are linked to Taxonomy-aligned economic activities. It is calculated by dividing the net turnover attributable to these activities (numerator) by the total net turnover (denominator), as defined in Article 2, point (5) of Directive 2013/34/EU. Turnover is recognized in line with International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC) No 1126/2008.
The calculation excludes turnover derived from activities adapted to climate change under Article 11(1), point (a) of Regulation (EU) 2020/852 and Annex II of Delegated Regulation (EU) 2021/2139, unless such activities qualify as enabling activities under Article 11(1), point (b) of the Regulation or are themselves Taxonomy-eligible and aligned. For activities contributing to the environmental objective of climate change adaptation, the numerator includes turnover generated by enabling activities.
The CapEx KPI is calculated as the proportion of capital expenditure linked to Taxonomy-aligned activities, in accordance with Article 8(2), point (b) of Regulation (EU) 2020/852. The KPI is derived by dividing the numerator by the denominator, as set out in Annex I, sections 1.1.2.1 and 1.1.2.2 of Delegated Regulation (EU) 2021/2178, as amended.
The denominator comprises all capital investments made during the financial year, capturing the Group’s expenditures on tangible and intangible assets that support long-term value creation. These additions are reported before depreciation, amortization, or any re-measurements resulting from asset revaluations or impairments. It also includes capital expenditures arising from business combinations, thereby providing a complete view of the Group’s investment activities.
The numerator represents the share of capital expenditure, included in the denominator, that meets one of the following conditions:
•Is directly associated with Taxonomy-aligned economic activities.
•Forms part of a CapEx plan (Not such capex plan has been adopted by the Group) aimed at expanding Taxonomy-aligned activities or transitioning Taxonomy-eligible activities to alignment, in line with the requirements of the Regulation.
•Is linked to the purchase of output from Taxonomy-aligned economic activities.
The numerator further distinguishes CapEx allocations contributing to each environmental objective. Where capital expenditure contributes simultaneously to climate change mitigation and climate change adaptation, but no clear separation is possible, it is reported under the mitigation objective.
The OpEx KPI represents the proportion of operating expenditures associated with Taxonomy-aligned activities, as set out in Article 8(2), point (b) of Regulation (EU) 2020/852. It is calculated by dividing the numerator by the denominator, in accordance with Annex I, sections 1.1.3.1 and 1.1.3.2 of Delegated Regulation (EU) 2021/2178, as amended.
•The denominator covers direct non-capitalized costs that are essential for sustaining and improving the operational efficiency and sustainability of the Group’s assets. These expenditures arise from routine business activities and are not capitalized under financial accounting rules. The main categories included in the denominator are:
10 6.15 Infrastructure enabling low-carbon road transport and public transport, 7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings).
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•Research and development (R&D): Non-capitalized R&D expenses are counted as eligible OpEx. Capitalized R&D costs are instead included as eligible CapEx.
•Repair and maintenance: Costs incurred to maintain or restore assets, ensuring their continued and effective functioning.
•Short-term leases: Expenses for leasing equipment, machinery, or infrastructure with a contract duration of less than 12 months, providing flexibility without long-term commitments.
•Building renovation measures: Non-capitalized expenditures related to renovation works necessary to sustain the effective functioning of assets.
•Day-to-day servicing of property, plant, and equipment (PPE): Costs linked to the ongoing operation, upkeep, and management of physical assets to guarantee their safe and efficient use.
The numerator represents the share of OpEx, included in the denominator, that satisfies one of the following conditions:
•Is associated with Taxonomy-aligned assets or processes, such as research and development for cleaner energy solutions, workforce training on sustainability practices, or human resource adaptation.
•Is linked to the purchase of output from Taxonomy-aligned economic activities or to individual measures that enable target activities to reduce greenhouse gas emissions or transition to low-carbon operations.
Where OpEx is not material to the business model of a non-financial undertaking, the following disclosure requirements apply:
•The numerator of the OpEx KPI is set to zero, in accordance with Annex I, section 1.1.3.2 of Delegated Regulation (EU) 2021/2178.
•The total OpEx denominator value is still disclosed.
•A qualitative explanation is provided to justify the non-materiality of operating expenditures in the business model.
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EU Taxonomy KPIs
Summary
Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (summary KPIs):

Financial year 2025 | Breakdown by environmental objectives of Taxonomy-aligned activities |
KPI | Total | Proportion of Taxonomy eligible activities | Taxonomy aligned activities | Proportion of Taxonomy aligned activities | Climate change mitigation | Climate change adaptation | Water | Circular economy | Pollution | Biodiversity | Proportion of enabling activities | Proportion of transitional activities | Not assessed activities considered non-material | Taxonomy aligned activities in previous financial year 2024 | Proportion of Taxonomy aligned activities in previous financial year 2024
(Text) | € | % | € | % | % | % | % | % | % | % | % | % | % | € | %
Turnover | 11,482,478,361.84 € | 4.08% | 338,413,824.53 € | 2.95% | 2.68% | 0.00% | 0.16% | 0.00% | 0.11% | 0.00% | 0.13% | 0.00% | 0.00% | 394,670,982.43 € | 3.24%
CapEx | 580,882,873.49 € | 74.61% | 379,393,992.45 € | 65.31% | 64.74% | 0.00% | 0.00% | 0.00% | 0.57% | 0.00% | 23.64% | 0.00% | 0.00% | 139,802,346.08 € | 44.38%
OpEx | 113.509.810,47 € | 36,54% | 31.132.951,63 € | 27,43% | 25,55% | 0,00% | 0,00% | 1,61% | 0,27% | 0,00% | 3,73% | 0,00% | 0,00% | 30.155.553,22 € | 20.92%

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Turnover
Proportion of Turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown):

Turnover
Financial year 2025 | Environmental objective of Taxonomy-aligned activities |
Economic Activities | Code | Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) | Taxonomy aligned KPI (monetary value of Turnover) | Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover) | Climate change mitigation | Climate change adaptation | Water | Circular economy | Pollution | Biodiversity | Enabling activity | Transitional activity | Proportion of Taxonomy aligned in Taxonomy eligible
(Text) |  | % | € | % | % | % | % | % | % | % | (E where applicable) | (T where applicable) | %
Manufacture, installation and associated services for leakage control technologies enabling leakage reduction and prevention in water supply systems | WTR 1.1 | 0.07% | 7,692,667.82 € | 0.07% |  |  | 0.07% |  |  |  | E | - | 100.00%
Collection and transport of hazardous waste | PPC 2.1 | 0.04% | 1,390,647.39 € | 0.01% |  |  |  |  | 0.01% |  | - | - | 33.06%
Treatment of hazardous waste | PPC 2.2 | 0.22% | 10,760,879.40 € | 0.09% |  |  |  |  | 0.09% |  | - | - | 43.23%
Urban Waste Water Treatment | WTR 2.2 | 0.10% | 11,151,930.74 € | 0.10% |  |  | 0.10% |  |  |  | - | - | 100.00%
Recovery of bio-waste by anaerobic digestion or composting | CE 2.5 | 0.00% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Sorting and material recovery of non-hazardous waste | CE 2.7 | 0.32% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Electricity generation using solar photovoltaic technology | CCM 4.1 | 0.04% | 4,191,151.62 € | 0.04% | 0.04% |  |  |  |  |  | - | - | 100.00%
Electricity generation from wind power | CCM 4.3 | 1.19% | 136,531,486.39 € | 1.19% | 1.19% |  |  |  |  |  | - | - | 100.00%

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Electricity generation from hydropower | CCM 4.5 | 0.01% | 714,153.57 € | 0.01% | 0.01% |  |  |  |  |  | - | - | 100.00%
Electricity generation from bioenergy | CCM 4.8 | 0.00% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Manufacture of biogas and biofuels for use in transport and of bioliquids | CCM 4.13 | 0.19% | 21,933,272.40 € | 0.19% | 0.19% |  |  |  |  |  | - | - | 100.00%
Transmission and distribution networks for renewable and low-carbon gases | CCM 4.14 | 1.11% | 127,088,574.27 € | 1.11% | 1.11% |  |  |  |  |  | - | - | 100.00%
Construction, extension and operation of waste water collection and treatment | CCM 5.3 | 0.31% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Anaerobic digestion of sewage sludge | CCM 5.6 | 0.08% | 9,539,958.18 € | 0.08% | 0.08% |  |  |  |  |  | - | - | 100.00%
Composting of bio-waste | CCM 5.8 | 0.16% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Landfill gas capture and utilization | CCM 5.10 | 0.15% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Transport by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 | 0.04% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Infrastructure enabling low-carbon road transport and public transport | CCM 6.15 | 0.02% | 1,882,012.96 € | 0.02% | 0.02% |  |  |  |  |  | E | - | 100.00%
Installation, maintenance and repair of energy efficiency equipment | CCM 7.3 | 0.00% | 199,448.38 € | 0.002% | 0.002% |  |  |  |  |  | E | - | 50.00%
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCM 7.4 | 0.05% | 5,337,641.41 € | 0.05% | 0.05% |  |  |  |  |  | E | - | 100.00%
Sum of alignment per objective |  |  |  | 2.68% | 0.00% | 0.16% | 0.00% | 0.11% | 0.00% |  |  |
Total Turnover | 4.08% | 338,413,824.53 € | 2.95% | 2.68% | 0.00% | 0.16% | 0.00% | 0.11% | 0.00% | 0.13% | 0.00% | 72.27%

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CapEx
Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown):

CapEx
Financial year 2025 | Environmental objective of Taxonomy-aligned activities |
Economic Activities | Code | Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) | Taxonomy aligned KPI (monetary value of CapEx) | Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx) | Climate change mitigation | Climate change adaptation | Water | Circular economy | Pollution | Biodiversity | Enabling activity | Transitional activity | Proportion of Taxonomy aligned in Taxonomy eligible
(Text) |  | % | € | % | % | % | % | % | % | % | (E where applicable) | (T where applicable) | %
Collection and transport of hazardous waste | PPC 2.1 | 0.003% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Treatment of hazardous waste | PPC 2.2 | 0.61% | 3,290,749.93 € | 0.57% |  |  |  |  | 0.57% |  | - | - | 92%
Collection and transport of non-hazardous and hazardous waste | CE 2.3 | 0.002% | 14,144.00 € | 0.002% |  |  |  | 0.002% |  |  | - | - | 100%
Sorting and material recovery of non-hazardous waste | CE 2.7 | 0.08% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Manufacture of hydrogen | CCM 3.10 | 3.68% | 21,360,009.57 € | 3.68% | 3.68% |  |  |  |  |  | - | - | 100%
Manufacture of organic basic chemicals | CCM 3.14 | 6.02% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Electricity generation using solar photovoltaic technology | CCM 4.1 | 33.01% | 191,724,576.05 € | 33.01% | 33.01% |  |  |  |  |  | - | - | 100%
Electricity generation from wind power | CCM 4.3 | 3.51% | 20,391,359.29 € | 3.51% | 3.51% |  |  |  |  |  | - | - | 100%

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Storage of electricity | CCM 4.10 | 4.82% | 27,994,907.75 € | 4.82% | 4.82% |  |  |  |  |  | E |  | 100%
Manufacture of biogas and biofuels for use in transport and of bioliquids | CCM 4.13 | 0.75% | 4,342,511.35 € | 0.75% | 0.75% |  |  |  |  |  | - | - | 100%
Transmission and distribution networks for renewable and low-carbon gases | CCM 4.14 | 1.48% | 8,612,438.71 € | 1.48% | 1.48% |  |  |  |  |  | E |  | 100%
Renewal of water collection, treatment and supply systems | CCM 5.2 | 0.14% | 817,819.59 € | 0.14% | 0.14% |  |  |  |  |  | - | - | 100%
Construction, extension and operation of waste water collection and treatment | CCM 5.3 | 0.02% | 123,887.84 € | 0.02% | 0.02% |  |  |  |  |  | - | - | 100%
Composting of bio-waste | CCM 5.8 | 0.002% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Landfill gas capture and utilization | CCM 5.10 | 0.004% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Transport by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 | 0.03% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Infrastructure enabling low-carbon road transport and public transport | CCM 6.15 | 0.16% | 929,578.84 € | 0.16% | 0.16% |  |  |  |  |  | E |  | 100%
Renovation of existing buildings | CCM 7.2 | 3.09% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Installation, maintenance and repair of energy efficiency equipment | CCM 7.3 | 16.64% | 96,663,214.08 € | 16.64% | 16.64% |  |  |  |  |  | E |  | 100%
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCM 7.4 | 0.54% | 3,128,795.45 € | 0.54% | 0.54% |  |  |  |  |  | E |  | 100%
Acquisition and ownership of buildings | CCM 7.7 | 0.004% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Data-driven solutions for GHG emissions reductions | CCM 8.2 | 0.01% | - € | 0.00% |  |  |  |  |  |  | - | - | 0%
Sum of alignment per objective |  |  |  | 64.74% | 0.00% | 0.00% | 0.002% | 0.57% | 0.00% |  |  |
Total CapEx | 74.61% | 379,393,992.45 € | 65.31% | 64.74% | 0.00% | 0.00% | 0.00% | 0.57% | 0.00% | 23.64% | 0.00% | 87.55%

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OpEx
Proportion of OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown):

OpEx
Financial year 2025 | Environmental objective of Taxonomy-aligned activities |
Economic Activities | Code | Taxonomy eligible KPI (Proportion of Taxonomy eligible OpEx) | Taxonomy aligned KPI (monetary value of OpEx) | Taxonomy aligned KPI (Proportion of Taxonomy aligned OpEx) | Climate change mitigation | Climate change adaptation | Water | Circular economy | Pollution | Biodiversity | Enabling activity | Transitional activity | Proportion of Taxonomy aligned in Taxonomy eligible
(Text) |  | % | € | % | % | % | % | % | % | % | (E where applicable) | (T where applicable) | %
Collection and transport of hazardous waste | PPC 2.1 | 0.13% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Treatment of hazardous waste | PPC 2.2 | 1.12% | 301,623.28 € | 0.27% |  |  |  |  | 0.27% |  | - | - | 23.81%
Collection and transport of non-hazardous and hazardous waste | CE 2.3 | 1.61% | 1,825,939.69 € | 1.61% |  |  |  | 1.61% |  |  | - | - | 100.00%
Sorting and material recovery of non-hazardous waste | CE 2.7 | 1.18% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Manufacture of hydrogen | CCM 3.10 | 0.33% | 376,460.99 € | 0.33% | 0.33% |  |  |  |  |  | - | - | 100.00%
Electricity generation using solar photovoltaic technology | CCM 4.1 | 0.46% | 521,081.31 € | 0.46% | 0.46% |  |  |  |  |  | - | - | 100.00%
Electricity generation from wind power | CCM 4.3 | 20,36% | 23.114.974,97 € | 20,36% | 20,36% |  |  |  |  |  | - | - | 100,00%
Electricity generation from hydropower | CCM 4.5 | 0.002% | 1,767.00 € | 0.002% | 0.002% |  |  |  |  |  | - | - | 100.00%

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Manufacture of biogas and biofuels for use in transport and of bioliquids | CCM 4.13 | 0.27% | 301,882.53 € | 0.27% | 0.27% |  |  |  |  |  | - | - | 100.00%
Transmission and distribution networks for renewable and low-carbon gases | CCM 4.14 | 0.40% | 454,817.77 € | 0.40% | 0.40% |  |  |  |  |  | - | - | 100.00%
Construction, extension and operation of waste water collection and treatment | CCM 5.3 | 0.001% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Composting of bio-waste | CCM 5.8 | 2.30% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Landfill gas capture and utilization | CCM 5.10 | 3.05% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Transport by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 | 1.32% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Infrastructure enabling low-carbon road transport and public transport | CCM 6.15 | 3.50% | 3,965,324.17 € | 3.50% | 3.50% |  |  |  |  |  | E |  | 100.00%
Renovation of existing buildings | CCM 7.2 | 0.05% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Installation, maintenance and repair of energy efficiency equipment | CCM 7.3 | 0.04% | 44,787.21 € | 0.04% | 0.04% |  |  |  |  |  | E |  | 100.00%
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCM 7.4 | 0.20% | 224,292.71 € | 0.20% | 0.20% |  |  |  |  |  | E |  | 100.00%
Acquisition and ownership of buildings | CCM 7.7 | 0.24% | - € | 0.00% |  |  |  |  |  |  | - | - | 0.00%
Sum of alignment per objective |  |  |  | 25,55% | 0,00% | 0,00% | 1,61% | 0,27% | 0,00% |  |  |
Total OpEx | 36,54% | 31,132,951.63 € | 27,43% | 25,55% | 0,00% | 0,00% | 1,61% | 0,27% | 0,00% | 3,73% | 0,00% | 75,06%

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E1 CLIMATE CHANGE
E1.1 Transition plan for climate change mitigation
MOTOR OIL Group has developed a climate transition plan to support the transformation of its business model from a conventional oil and gas Group into a diversified, lower-carbon energy Group. The plan is integrated into the Group’s corporate strategy and financial planning and is designed to support long-term resilience, energy security and alignment with the transition to a sustainable economy. It is based on the Group’s greenhouse gas reduction targets (pls refer to E1.4) and decarbonisation actions and reflects the role of renewable energy, low-carbon fuels, circular economy solutions and efficiency improvements in reducing the carbon intensity of its operations and product portfolio.
In the short-term (1 to 5 years), MOTOR OIL Group is navigating a period of rapid transformation along with an evolving geopolitical context marked by increasing policy pressures, energy security concerns and shifting alliances. The immediate focus is on substantial investments in low-carbon and renewable energy projects such as solar, wind, and hydrogen, as these are becoming integral to its core strategy. This rapid shift is driven by both the urgency of climate commitments and the geopolitical landscape where energy independence and security are becoming priorities for many countries. As traditional oil and gas markets face volatility due to geopolitical tensions, sanctions and trade policies, the Group is forced to accelerate divestment from high-carbon assets and reinvest in cleaner, locally viable energy solutions. Financially, the Group adopts active strategies to reallocate resources efficiently, managing both the risks and opportunities arising from this accelerated shift, mitigate risks associated with geopolitical instability while capturing opportunities in new, more environmentally friendly markets, aligning closely with evolving regulatory frameworks and carbon pricing mechanisms. The short-term strategic financial planning is explicitly outlined in the MOTOR OIL's "Resilience and Energy Security Strategy and Outlook."
The medium-term horizon (5 to 15 years) builds on this transformative momentum by scaling up and integrating these new environmentally friendly initiatives into the MOTOR OIL Group’s operations and identity. This phase focuses on deepening the transition as the Group starts to mature as a diversified energy player. It involves ramping up large-scale renewable energy projects and clean technology solutions, expanding into areas such as green hydrogen and carbon capture and storage. In this term MOTOR OIL Group needs to be adaptable to changing geopolitical realities, such as regional energy transitions, shifts in global trade routes and new bilateral or multilateral agreements. In addition, the medium term is characterized by driving operational and technological innovation to reduce costs, enhance efficiencies, and achieve greater scalability in clean energy projects. Financial planning is centered around ensuring sustainable growth, with a focus on leveraging new revenue streams from low-carbon businesses and reinforcing MOTOR OIL Group's position as a competitive and resilient entity in a future energy landscape.
The long-term horizon (15 to 25 years) sees MOTOR OIL Group reaching the peak of its transformational journey, aiming for net-zero emissions and establishing itself as a leading force in sustainable energy. The strategy shifts from growth to consolidation, seeking complete decarbonization across the value chain. By this stage, MOTOR OIL Group is not just an energy provider but a key player in national sustainability efforts, leveraging its diversified portfolio to offer integrated solutions that combine renewable energy, alternative fuels and circular economy principles. Financial strategies in the long - term horizon rely on innovative instruments such as green bonds, sustainability-linked financing and long-term impact investments to support continued growth in a low-carbon economy. The Group’s role involves shaping the future energy landscape, influencing international negotiations and fostering cross-border collaborations that align with both climate goals and geopolitical realities.
The main decarbonisation levers of the transition plan include:
•Carbon capture and storage project
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•Green Hydrogen production
•Sustainable production of E–fuels
•Advanced biofuels and recycled fuel production
•Renewable energy production with solar and wind power
•Battery Energy Storage Systems (BESS) installation
•Acquisitions and investments in new, low carbon projects
•Energy production and distribution from transitional fuels
•E-mobility development
•Energy efficiency optimization and on-site renewable energy production
•Innovative processing and digital technologies
A key component is the expansion of renewable electricity generation over 2 GW by 2030, supporting the Group’s goal of producing clean power and achieving energy independence. Importantly, the transition plan incorporates a Carbon Capture and Storage (CCS) project designed to capture and permanently store CO2 emissions from refinery operations. This initiative will be a critical enabler for reducing Scope 1 emissions and achieving long-term carbon neutrality targets. The plan also prioritizes the SAF and green hydrogen production and e-methanol production derived from carbon capture and waste.
Furthermore, MOTOR OIL Group is driven by its determination to contribute to the preservation of the environment, energy and digital transition through the participation in EU and national co-funded programs. For further details regarding these programs please refer to SBM-1.
Article 19 of Law 4936/2022 (Government Gazette 105/A/2022) mandates a minimum 30% reduction in Scope 1 and Scope 2 greenhouse gas emissions intensity (tCO ₂/unit of output or operational activity) by 2030 compared with 2019 baseline levels. The Group’s industrial installations relating to manufacturing and waste management activities classified under Environmental Category A and not included in the EU ETS submitted detailed Emissions Reduction Plans to the competent authorities by 31/12/2025. These plans specify the reduction measures and the methodology and calculation framework applied to demonstrate compliance with the mandated reduction target, as required under paragraph 2 of the same article.
The Group’s installations subject to this requirement include LPC, VERD, RAPI, ENDIALE, and HELECTOR Group installations under its operational control, namely APOSTEIROSI, ASA, and the biogas production units in Tagarades and Ano Liosia.
Measures adopted to achieve the reduction targets include energy-efficiency improvements, fuel switching, replacement of refrigerants and the purchase of guarantees of origin. Most of the Group entities that are subject to the above mentioned climate law are considered relatively low emitters, as their emissions are primarily associated with purchased electricity. As a result, for several of these installations the 2030 emissions intensity target has already been achieved, reflecting improvements in the national electricity generation mix.
In parallel, the Group plans to invest more than €4 billion by 2030 in one of the largest energy transition programs in the region. These investments will support decarbonisation and sustainability initiatives including renewable energy development, biofuels, hydrogen, petrochemicals transformation, natural gas projects and broader decarbonisation initiatives, as well as resilience measures such as maintenance of industrial facilities, logistics optimization, digitalization, energy efficiency and HSSE improvements.
During the reporting period, a significant share of the Group’s investments supported environmentally sustainable activities. For oil and gas activities 31,287,169.31 euros were invested during the reporting
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period. Further information on capital and operational expenditure aligned with the EU Taxonomy, including the relevant KPIs for CapEx and OpEx, is provided in the EU Taxonomy section of this report.
Carbon Lock-in Risk Assessment
MOTOR OIL Group assesses the potential carbon lock-in risk of its assets and activities as part of its climate transition planning. Carbon lock-in refers to the risk that existing or planned carbon-intensive assets may continue to generate greenhouse gas emissions over their operational lifetime and could therefore hinder the achievement of the Group’s decarbonisation targets or create transition risks.
The assessment covers the full range of the Group’s business activities, including subsidiaries, with particular focus on the refinery, which represents more than 97% of total Group emissions. Given the specific characteristics of the refining sector and the absence of a widely accepted sector benchmark, the Group developed a dedicated methodology aligned with relevant climate scenarios and international reference frameworks.
The methodology evaluates three categories of risk:
•Technical/sectoral risk, relating to the technological feasibility and emissions intensity of the activity;
•Institutional risk, reflecting regulatory developments, climate policies and market frameworks;
•Financial risk, considering potential economic impacts such as carbon pricing, transition costs and capital allocation.
The assessment follows a structured five-step process: defining the emissions scope and portfolio coverage, conducting a technical evaluation of activities and emissions intensity, assessing the institutional and regulatory environment, evaluating financial risks and finally determining the overall carbon lock-in risk.
Activities are classified into low, medium or high carbon lock-in risk categories based on their emissions intensity, alignment with EU climate policy frameworks (including the EU Taxonomy), and the interaction between technical, institutional and financial risk factors.
The results of the assessment indicate that more than 97% of Group emissions are associated with activities classified as having a low carbon lock-in risk, while less than 3% of emissions are assessed as having a medium-to-low carbon lock-in risk. No activities were identified as presenting a high carbon lock-in risk.
The refinery, despite representing the majority of Group emissions, is assessed as having low carbon lock-in risk due to its inclusion in the EU ETS and the implementation of multiple decarbonisation initiatives, including renewable energy integration, hydrogen projects and carbon capture and storage development.
The Group will continue to enhance the quality and granularity of the assessment in future reporting periods, updating the methodology to reflect regulatory developments, evolving industry practices and improvements in data availability.
Transition plan: Integration with Corporate Strategy & Progress
MOTOR OIL Group’s climate change transition plan is a strategic roadmap fully integrated into the Group’s overall business strategy and long-term financial planning. It reflects the Group’s commitment to align with the European Green Deal, the Fit for 55 package, the Greek National Climate Law and evolving regulatory frameworks, including the EU ETS, EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD).
The transition plan is embedded in financial planning and is expected to drive changes in capital allocation, revenue streams and EBITDA composition. By 2030, more than 40% of Group EBITDA is projected to originate from non-fossil activities. Investments supporting this transformation are financed
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through a combination of retained earnings, project-level financing and sustainability-linked financial instruments, ensuring long-term value creation for investors, customers and other stakeholders.
Group’s value creation model is built on three engines that span the full energy spectrum. Each business contributes to shareholder value in a distinct way, combining high returns, growth visibility and resilient cash flows across fuels, power and resource recovery. In a relatively short period of time, the Group has established leadership positions across its three growth platforms and has now moved from building to scaling them. Each platform is built on strong operational and strategic foundations and includes market-leading businesses with clear organic growth pathways. Together, these platforms provide balanced exposure across the power spectrum: contracted renewables portfolio offering predictable returns and flexible generation capturing market upside. All businesses are well positioned to play a leading role in Greece’s energy transition over the next decade.
Having achieved leadership across these three areas, MOTOR OIL now has a clear pathway to expand organically through 2030. Growth is driven by projects already under execution or in advanced stages of preparation, supported by disciplined capital allocation aimed at increasing the share of non-fuel earnings.
Refining and retail activities
Refining and consumer operations remain the Group’s high-return engine, consistently generating strong cash yields supported by scale, complexity and market leadership. This segment forms the financial foundation that supports both growth and shareholder returns. In refining and fuels, MOTOR OIL has enhanced crude processing capacity, efficiency and flexibility, reinforcing its position as a regional benchmark in operational performance and returns, while it remains committed to reducing emissions in a disciplined and value-accretive way that protects shareholder returns and avoids stranded assets.
MOTOR OIL is developing a large-scale Carbon Capture, Utilisation and Storage (CCUS) project at the refinery as part of the IRIS initiative, with the potential to capture and store up to 500 thousand tonnes of CO ₂ annually. Furthermore the electrolyser (50 MW) construction is already underway on system, which will contribute to reducing the carbon intensity of both products and industrial processes. (please refer to emblematic projects ESRS2)
Finally, the Sustainable Aviation Fuel (SAF) production unit, which is highly synergistic with existing refinery product streams, is progressing through development. It has to be noted that securing long-term feedstock remains an important milestone toward the final investment decision.
Electrification
The Greek power market is currently at a clear inflection point. Electricity demand is expected to grow significantly over the coming decade, driven by economic growth, electrification and the planned retirement of lignite-based generation by 2026. At the same time, the energy system continues to require reliable dispatchable capacity, creating sustained demand for both renewable generation and flexible gas-fired power.
MOTOR OIL is well positioned to capture this opportunity through its two complementary power platforms:
•MORE, a regional renewables leader which provides a clear pathway for growth in renewable energy through 2030 and beyond, operates 847 MW of contracted wind assets and maintains a mature pipeline of solar and wind projects with strong economic fundamentals and execution visibility. Today, the Group’s renewable energy portfolio produces 1.7 TWh of green electricity annually, avoiding more than 400 thousand tonnes of CO ₂ emissions per year. Through the continued expansion of the pipeline, an additional 2.1 TWh of clean electricity generation is expected by 2030.
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•Integrated utility business Heron-NRG, which combines a growing retail customer base with 1.5 GW of dispatchable generation capacity, including THERMOELEKTRIKI S.A. the most modern and efficient gas-fired power plant in Greece, which is expected to complete its first full year of operation in 2026.
Finally, In-Charge e-mobility platform is also expanding Group’s charging network, strengthening its presence in consumer energy services and supporting the electrification of transport.
Circular economy
Over the coming decade, Greece will need to invest approximately €15 billion to address structural gaps in waste management, wastewater treatment and the broader water cycle. These investments are essential to meet European environmental standards, reduce landfill dependence, secure water resources and develop infrastructure capable of recycling, recovering and reusing materials.
As Greece’s largest circular economy platform, MOTOR OIL Group also operates long-term infrastructure businesses that generate stable and resilient cash flows. With major national upgrades underway across waste and water management, this segment offers significant growth potential. Today the circular economy segment generates approximately €50 million of EBITDA on a run-rate basis, with significant potential for growth as new projects mature and private sector investment expands. The circular economy platform also creates important synergies with the rest of the Group as waste streams are increasingly explored as inputs for energy production. In this way, the circular economy pillar contributes directly to the Group’s strategy of decarbonizing both products and processes in a value-accretive manner.
Importantly, this business offers long-term visibility and resilience. It is not commodity-linked and benefits from concession-based revenues, making it a strong complement to the refining and power platforms while contributing meaningfully to Greece’s environmental transition.
Within this context, companies such as THALIS and HELECTOR—which together form the largest environmental services platform in Greece with approximately €600 million of project backlog—are positioned to play a critical role in delivering these investments. Their integrated capabilities span the construction of environmental infrastructure and the operation of advanced processing facilities across the country.
MOTOR OIL has also established a strong position in waste oil collection and processing. Through subsidiaries LPC and VERD, the Group is the leading player in the collection, regeneration and recycling of waste oils in Greece—a business that has demonstrated consistent profitability and growth.
The Group is also developing two e-methanol projects: one integrated within the refinery and a second waste-to-methanol facility in Western Macedonia, both designed to meet growing demand for advanced e-fuels.
Across all these initiatives, MOTOR OIL follows a consistent investment approach: prioritising projects where technologies are mature, economic returns are visible and emissions reductions are credible. This represents the Group’s disciplined pathway toward decarbonisation.
Moreover, climate-related metrics, as indicated in E1-5 and E1-6, play a pivotal role within MOTOR OIL Group’s governance, strategy and risk management framework and form an integral part of its decision-making processes. These metrics are treated with the same level of importance as other key performance indicators (KPIs) and key risk indicators (KRIs), creating a feedback loop that evolves over time. By incorporating climate-related metrics into its governance structure, the Group gains valuable insights into the potential impacts of climate-related risks and opportunities across its operations. This enables the Group to anticipate and address financial and operational implications associated with climate risks and opportunities across different time horizons. Where relevant, the Group monitors indicators related to GHG emissions, energy efficiency, carbon intensity, climate risk exposure and
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sustainable investments, including investments aligned with the EU Taxonomy for climate mitigation and adaptation.
Progress in implementing the transition plan is monitored through the Group’s governance structure and the regular reporting of climate-related metrics and investment indicators. The Board of Directors and the Sustainability Committee periodically review the implementation of the transition plan and assess whether additional actions or adjustments are required to ensure alignment with the Group’s climate objectives and evolving regulatory requirements.
Finally, the Group has also assessed its position against the EU Paris-Aligned Benchmark (PAB) criteria. Based on its current revenue profile and continued exposure to oil refining, fossil fuel distribution and natural gas activities, the Group is presently not eligible for inclusion in the PAB. Nevertheless, the Group continues to align its strategy with European climate policy, the EU Taxonomy framework and long-term decarbonization objectives.
E1.2 Policies related to climate change mitigation and adaptation
Policies to Climate Change Adaptation & Mitigation
MOTOR OIL Group has established policies addressing climate change mitigation and adaptation, aimed at reducing greenhouse gas (GHG) emissions, strengthening climate resilience and supporting the transition to a lower-carbon energy system. These policies are embedded within the Group’s Environmental and Sustainability framework where relevant policies including Group’s Sustainability policy and Environmental policies under certified EmS of the entities. This framework guides the management of material climate-related impacts, risks and opportunities identified through the Double Materiality Assessment process described in IRO-1, including both transition and physical climate risks. The Group’s mitigation approach focuses on reducing emissions through energy efficiency improvements, deployment of lower-carbon technologies and expansion of renewable energy sources, supporting its commitment to achieve net-zero emissions by 2050, with interim targets including a 30% reduction in Scope 1 and Scope 2 emissions and a 25% reduction in Scope 3 emissions by 2030. In parallel, the Group’s adaptation policies aim to enhance the resilience of infrastructure, assets and operations by assessing vulnerabilities to climate-related physical risks such as extreme weather events, flooding, rising temperatures and sea-level changes. Climate considerations are integrated into risk management, investment planning and operational processes, while implementation of the policies is supported by certified management systems, including ISO 14001 for environmental management and ISO 50001 for energy management, ensuring systematic monitoring, environmental risk assessments and continuous improvement in addressing climate-related risks and opportunities.
Policies related to Energy & Renewables
MOTOR OIL Group places energy efficiency at the core of its sustainability and climate strategy, recognizing its critical role in reducing greenhouse gas (GHG) emissions, conserving natural resources and supporting the transition to a lower-carbon economy. Given the energy-intensive nature of several Group activities, particularly refining operations, responsible and efficient energy use is a strategic priority. The Group’s Energy and Environmental Policies, embedded within the broader Sustainability framework, guide the management of energy-related impacts, risks and opportunities associated with climate change mitigation.
The Group’s Energy Strategy focuses on three main areas: improving energy efficiency, expanding renewable energy and promoting sustainable energy practices across operations and the value chain. Energy efficiency is pursued through the systematic monitoring and optimization of energy consumption across operational facilities. Energy-intensive activities operate under an Energy Management System (EnMS) certified under ISO 50001, enabling the establishment of measurable energy performance targets, the identification of efficiency improvement opportunities and the integration of best available technologies to enhance operational performance.
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In parallel, the Group supports the deployment of renewable and lower-carbon energy sources by investing in wind, solar and alternative fuel projects, contributing to the gradual diversification and decarbonisation of its energy mix. The Group also promotes sustainable energy practices throughout its value chain by encouraging suppliers, partners and stakeholders to adopt responsible energy use and energy-efficient solutions.
The Energy Management System provides a structured framework for continuous improvement in energy performance, including regular monitoring of energy consumption, review of energy objectives and implementation of operational improvements. Procurement and operational practices prioritise energy-efficient products, technologies and services across all stages of operations, from design and construction to production and maintenance. Through this framework, MOTOR OIL Group aims to reduce energy consumption, lower emissions and strengthen its contribution to climate change mitigation.
E1.3 Actions and resources in relation to climate change policies
MOTOR OIL’s value creation model is built on three engines that span the full energy spectrum. Each business contributes to shareholder value in a distinct way, combining high returns, growth visibility, and resilient cash flows across fuels, power, and resource recovery.
The Group’s value creation model spans the full energy spectrum through three complementary engines: refining and consumer operations, electrification and renewable power, circular economy and resource recovery. While refining activities continue to generate strong financial returns that support capital allocation and shareholder value, the Group is simultaneously investing in lower-carbon technologies, renewable energy infrastructure and circular economy initiatives to support the transition toward a diversified multi-energy model.
Climate change adaptation actions
In parallel with mitigation measures, MOTOR OIL implements adaptation actions aimed at strengthening resilience to physical climate risks.
Renewable energy projects incorporate resilient infrastructure design, land-use planning and climate risk assessments to address potential impacts from extreme weather events, temperature fluctuations and sea-level rise. Offshore wind development projects also consider coastal erosion and marine environmental conditions.
Climate scenario analysis is integrated into project planning and risk assessment processes to identify potential long-term climate impacts. Operational adaptation measures include adjustments in maintenance schedules, infrastructure upgrades and early warning systems for extreme weather events.
Business continuity plans and emergency response protocols are implemented to minimize disruptions during climate-related incidents. Supply chain policies also incorporate climate risk assessments to address potential disruptions caused by climate hazards.
Climate change mitigation actions
The Group’s mitigation actions focus on several key decarbonisation levers, including renewable energy deployment, energy efficiency improvements, low-carbon fuels, circular economy solutions and carbon management technologies.
Key initiatives of MOTOR OIL Group include:
•Investments in Renewables: Strategic investments have been made in solar, wind power and BESS projects, alongside alternative fuel technologies, including biofuels and green hydrogen, primarily within the Refining and Power & Gas sectors.
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•Energy Efficiency & Process Optimization: Operational improvements include digital monitoring systems, energy efficiency enhancements, "green fuels" deployment and lower-carbon technologies aimed at reducing emissions intensity.
•Carbon Capture and Storage (CCS): Consideration is being given to CCS technologies as part of long-term mitigation strategies.
•Onsite Renewable Solutions & RECs: The Group is actively exploring onsite renewable installations and the purchase of Renewable Energy Certificates (RECs) to lower emissions and support clean energy production.
•Stakeholder Alignment: Engagement with stakeholders ensures transparency and awareness of mitigation efforts, while policies are made publicly available to all potentially affected parties through the Environmental Impact Assessment.
•Participation in EU Programs: The Group takes part in European alternative fuel initiatives and sustainable finance programs, enhancing its credibility and positioning in the evolving low-carbon economy.
MOTOR OIL Group has not yet finalized the specific capital expenditures plans for the initiatives above and is committed to disclose the information where the relevant amounts will be approved.
Other Key actions during reporting period
In its renewable energy operations, the Group mitigates physical risks through resilient infrastructure design, careful land-use planning and targeted adaptation measures. Collaboration with government bodies, local communities and industry partners ensures coordinated risk management and collective resilience-building.
Wind Energy - During the reporting period, MORE continued the development and expansion of its wind energy portfolio, supporting the Group’s renewable energy growth strategy. The company is advancing a portfolio of wind power projects exceeding 1 GW of capacity, currently at various stages of licensing and development, contributing to the strategic objective of reaching 2.1 GW of installed renewable capacity by 2030.
In 2025, MORE completed the construction of a wind farm with an installed capacity of 22.5 MW, which is currently under commissioning. In parallel, the company continues to advance additional wind power projects with a total installed capacity of 792.2 MW, progressing through the licensing, development and construction phases.
MORE is also actively preparing investments in Offshore Wind Parks (OWPs) in Greece, including both floating and bottom-fixed technologies, positioning the Group to participate in the emerging offshore wind market as the regulatory framework and licensing procedures evolve.
Solar Energy - During the reporting period, MORE continued expanding its renewable energy portfolio through the development and operation of solar power projects. The company holds a 75% participation in Unagi S.A., which is developing a portfolio of 15 photovoltaic plants with a licensed capacity of 1.4 GW in Macedonia and Central Greece through three special purpose entities (SPVs). At the same time, MORE operates solar power projects with a total installed capacity of 48.6 MW, contributing to the Group’s renewable electricity generation.
Further progress was achieved in the development of international renewable energy assets. The photovoltaic projects Stalpu I and Stalpu II in Romania, developed in collaboration with Alive Renewable Holding Limited, the investment arm of Premier Energy Group, have a combined installed capacity of 86 MW and will be integrated with battery energy storage systems (BESS) with a capacity of 18 MW. During the reporting period, construction of the projects progressed significantly and is approaching completion, with the commissioning phase expected to begin shortly.
Battery Energy Storage Systems (BESS) - MORE’s strategic plan includes the development of modern electricity storage infrastructure. During the reporting period, the company completed the construction of three large-scale independent BESS facilities located in Fokida, Florina and Viotia. The
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projects were delivered within five months, demonstrating high technical capability and operational efficiency. The facilities provide 72 MW of power capacity and 144 MWh of storage.
These systems contribute to:
•improved grid stability
•increased utilisation of renewable electricity
•enhanced national energy security
•reduced electricity prices through better integration of renewable generation.
Pump Hydro Storage - MORE is also developing several pumped-hydro storage projects designed to enhance renewable energy integration and system flexibility. Key projects include:
•Asomata project – Imathia, N. Greece – 200 MW storage capacity
•Kremasta project – Aitoloakarnania, W. Greece – 450 MW storage capacity
•Xironomi project – Voiotia, Central Greece – 200 MW storage capacity
Hydroelectric Projects - MORE maintains the operation of a 5 MW installed capacity SHPP in North Pindos, on the eastern foothills of Mount Vasilitsa in Grevena. The project has been continuously operating since 2013, utilizing the supplies of the stream Smixiotiko, a tributary of the river Venetiko, in a natural waterfall of 150 m.
Self-generated renewable electricity - In selected CORAL facilities there were initiatives where self-generated non-fuel renewable energy originates from renewable electricity production, contributing to MOH Group energy mix. Since 2021, CORAL has installed 1.869kW of energy production capacity by photovoltaics.
CORAL GAS also introduced renewable energy production in two of its major facilities. In 2025, 415kW of energy production capacity was installed by photovoltaics.LPC implemented, among others, projects focusing on mitigation of fossil fuels. In 2025, there was commenced an installation of zero feed-in photovoltaic station and totally powered AdBlue production by renewable energy. In 2025, a total of 246kW of energy production capacity by photovoltaics were installed.
AVIN implemented six (6) photovoltaic installations in selected petrol stations, adding a total energy production capacity of 129kW of energy production capacity. On the other hand, CORAL operates one solar installation of 20kW while it has in the pipeline a total of 219kW energy production capacity power production capacity for eight (8) petrol stations operating in Cyprus.
Marine Biofuels - CORAL Marine successfully completed the first-ever delivery of marine fuel blended with biofuels in Greece, marking an important step in reducing emissions and supporting the maritime sector’s green transition.The delivery was made to the cruise ship Celestyal Discovery at the Port of Lavrio and represents the first use of a petroleum–biofuel blend in the Greek market, reducing the vessel’s CO ₂ emissions by approximately 21%.
The blend combines mineral oil produced at MOTOR OIL’s refinery with biofuel produced domestically by the Group’s company VERD from used cooking oils collected across Greece, supporting circular economy practices and reducing waste.
This second-generation biofuel lowers environmental impact by reducing CO ₂ emissions and preventing soil and water pollution caused by improper disposal of used cooking oils.
The fuel complies with ISO 8217:2024 specifications, ensuring compatibility and performance for maritime use, and aligns with the International Maritime Organization’s decarbonization strategy.
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Through this initiative, the MOTOR OIL Group reinforces its commitment to innovative energy solutions and to supporting a more sustainable maritime industry.
Low-carbon product development & Energy Efficiency improvements - LPC commissioned IFEU GmbH to conduct a life cycle assessment (LCA) of its waste-oil re-refining process. The study focuses on RRBO produced in 2022 and follows a cradle-to-gate system boundary, in accordance with ISO 14040:2006 and ISO 14044:2006.
The LCA compares 1 kg of LPC’s re-refined base oil with an equivalent primary (virgin) base oil of similar functionality and viscosity index. Across all impact categories studied, the re-refined product shows clear environmental advantages over fossil-based primary base oil.
In terms of global warming potential:
•Each kg of LPC’s RRBO used instead of primary base oil avoids more than 1.2 kgCO ₂-eq, representing a >66% reduction.
•LPC’s annual production avoids about 36,000 tCO ₂-eq, equivalent to the annual absorption of ~1.4 million trees.
•Additional impacts—such as acidification, eutrophication and particulate matter—are reduced by orders of magnitude compared to virgin base oils.
As a result, LPC’s products have a significantly lower Product Carbon Footprint, helping customers reduce their own emissions and support decarbonization.
LPC is also implementing measures to further reduce environmental impacts, including:
•Replacement of the main steam boiler with a unit featuring automated combustion control and an economizer (completed).
•Replacement of the blending unit heater with automated combustion control (in progress).
•Replacement of the main natural draft furnace with a modern forced draft furnace equipped with automated BMS and an economizer (in progress).
•Replacement of thermal forklifts with electric units (completed).
•Additional efficiency measures such as steam trap maintenance, improved insulation and other initiatives.
Nature Based Activities – Forest Program
As part of its climate adaptation strategy, MOTOR OIL Group has implemented the Forest Program, a nature-based initiative aimed at preserving biodiversity, restoring degraded ecosystems and strengthening climate resilience. The programme operates through three main pillars:
•Seed collection and conservation, including control, selection and certification of forest reproductive material.
•Large-scale plant cultivation through forestry nurseries with a capacity exceeding 3.5 million plants.
•Targeted reforestation of fire-affected areas under the National Reforestation Plan.
In addition to ecosystem restoration, the programme supports research, innovation, circular resource management and long-term environmental monitoring, with an estimated carbon mitigation potential of approximately 208 tCO ₂.
At the Amygdaleza nursery, a biomass management initiative converts plant residues from cultivation and maintenance into stabilized compost through mechanical shredding and controlled composting. The compost is reused onsite for substrate production, soil improvement, mulching and increasing organic matter, contributing to circular resource use while reducing fire risks.
During 2025, the programme achieved the following outcomes:
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•17,703 kg of raw forest reproductive material were processed at the Forest Reproductive Material Control, Selection and Certification Center, producing 668 kg of seed, while an additional 9,252 kg of cones and fruits remain under processing. A total of 285 kg of seeds from various species were distributed to forest authorities for ecosystem restoration.
•1,045,862 plants were cultivated in the Amygdaleza and Parnitha nurseries, including species such as Aleppo pine, cypress, oaks, junipers, stone pine, black pine and native firs (Parnitha and Evia fir), as well as shrubs and herbaceous plants.
•Under the National Reforestation Plan, 319,000 plants were delivered to fire-affected areas and 201,189 plants were provided to other entities for reforestation initiatives.
Additional resilience measures implemented in the nurseries include flood-protection works and wildfire-protection infrastructure to prevent soil erosion and protect surrounding ecosystems. Biomass generated from cleaning the Amygdaleza nursery’s central park (approximately 600 m³) produced about 60 tonnes of compost after treatment.
E1.4 Targets related to climate change mitigation and adaptation
Targets related to Climate Change Adaptation
MOTOR OIL Group recognizes the importance of climate change adaptation for the long-term resilience of its operations, supply chains and the communities where it operates. The Group acknowledges that adapting to climate-related risks—such as extreme weather events and changing environmental conditions—is essential for sustainable business continuity.
While adaptation is an important element of the Group’s sustainability strategy, specific quantitative targets for own operations have not yet been formally established. A climate resilience analysis has been conducted, but its results are still under evaluation before setting measurable targets. The Group continues to monitor regulatory developments, industry best practices and scientific advancements to effectively integrate adaptation measures and strengthen its approach in line with global frameworks and stakeholder expectations.
Adaptation to physical climate risks is closely linked to mitigation efforts, as reducing emissions and improving energy efficiency help lower CO ₂ concentrations and associated climate risks. To enhance resilience, the Group has implemented a comprehensive adaptation approach across operations, infrastructure and supply chains. This includes integrating climate risk assessments into planning, reinforcing infrastructure against extreme weather and prioritizing low-risk site selection.
The Group has also developed business continuity plans and supply chain risk assessments to minimize climate disruptions, while investing in green technologies, closed-loop water systems and biodiversity initiatives, such as the Forest Program, to further strengthen climate resilience.
MOTOR OIL Group, through its Forest Program, has set a climate-related mitigation target to reforest 320,000 trees by 2026 as part of the national reforestation plan, supporting its decarbonization and broader sustainability commitments. The target-setting framework defines 2025 as the base year and establishes 2026 as the completion year. The initiative aligns with the National Energy and Climate Plan (NECP), which promotes increased carbon removals, renewable energy expansion, cleaner energy supply and improved energy efficiency. No changes to the target, baseline or assumptions have been made to date, and any future updates will be disclosed. As of 2025, progress has reached 72%, and the initiative remains on track for completion.
Targets Related to Climate Change Mitigation
MOTOR OIL Group considered a wide range of market and environmental factors when setting its climate change mitigation targets, including projections for energy demand, expected production trends and evolving demand for oil and natural gas under transition scenarios. The analysis also accounted for accelerating electrifications such as electric vehicle adoption—growing demand for renewable energy, grid transformation, and increasing use of biofuels, bioenergy and low-carbon hydrogen to
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decarbonize hard-to-abate sectors. Technological innovation, climate policy developments, carbon pricing mechanisms, geopolitical factors affecting energy security and the rising frequency of extreme weather events were also incorporated. These elements informed a science- and scenario-based mitigation pathway aligned with the Group’s long-term sustainability and resilience objectives.
Target development also involved engagement with key stakeholders, including investors, regulators, customers, employees, industry partners and local communities. The Group’s mitigation targets are grounded in scientific evidence, and aligned with the European Green Deal and the United Nations Sustainable Development Goals and are informed by climate scenarios and sectoral pathways from sources such as the Intergovernmental Panel on Climate Change and the International Energy Agency.
A key target within its decarbonization strategy is to achieve a 30% reduction in Scope 1 and Scope 2 emissions by 2030 (in absolute values, covering all greenhouse gases ), using 2021 as the baseline year. This 30% reduction will come as a result of approximately 1% reduction in GHG Scope 2 emissions and the rest (approx. 29%) in GHG Scope 1 emissions. This target reflects the Group’s dedication to optimizing its operations, enhancing energy efficiency and integrating cleaner energy sources into its production processes. At the end of reporting year, 2.91% of reduction is achieved. For further details, please refer below to the "Total GHG Emissions Progress against Targets" table. Through investments in advanced technologies, electrification and energy efficiency improvements, MOTOR OIL Group aims to significantly lower direct emissions from its refining, power and gas operations. Additionally, the Group is actively incorporating renewable energy solutions into its facilities and securing Renewable Energy Certificates (RECs) to support its transition to a low-carbon business model.
On a high-level approach, each initiative’s contribution in scope 1 & 2 is presented below:
The above figure presents the measures to be implemented in refinery against the target, which is the major contributor for scope 1 & 2 emissions. More information about the total baseline emissions and reporting year’s progress is presented in E1-6.
Beyond direct emissions, MOTOR OIL Group recognizes the importance of addressing value chain emissions and has set a target to reduce Scope 3 emissions by 25% using 2021 as the baseline year by 2030. At the end of reporting year, 15.14% of reduction is achieved. For further details, please refer below to the "Total GHG Emissions Progress against Targets" table. This objective reflects the Group’s commitment to influencing and collaborating with its suppliers, partners and customers to drive systemic changes across the industry. A key focus is on promoting lower-carbon products, expanding alternative fuel offerings and enhancing the efficiency of distribution networks. Additionally, the Group engages with its stakeholders to advance responsible sourcing practices and encourage carbon reduction strategies across the supply chain.
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MOTOR OIL Group actively engages stakeholders in setting its climate mitigation targets through structured activities such as surveys, bilateral meetings and focus Group s. Baseline values used to measure progress reflect the Group’s highest-emitting activities, including refining and retail operations. This approach ensures that the Group’s decarbonization goals of reducing Scope 1, 2, and 3 emissions by 2030 and achieving net-zero by 2050, align with stakeholder expectations, industry best practices, and regulatory developments. Input from investors, employees, regulators, communities and supply chain partners helps shape realistic and impactful targets while fostering shared responsibility for advancing the Group’s climate strategy. Note that GHG removals, carbon credits, or avoided emissions in meeting these targets are not taken into consideration.

Value | Target Year | Target
CO ₂ Emissions Reduction (Scope 1 & 2) | 2030 | 30% Reduction (base year 2021)
CO ₂ Emissions Reduction (Scope 3) | 25% Reduction (base year 2021)
Net Zero Emissions (Scope 1,2,3) | 2050 | Net Zero
Growth Investments | 2030 | €2.5 billion
Renewable Energy Operating Capacity | >2.0 GW
MORE EBITDA Target | > €250 million
Group EBITDA from Non-Fuel Activities | >40% of total EBITDA
EV Charging Points | > 4,000 points

MOTOR OIL REFINERY
Refinery has established a climate‑mitigation target of green hydrogen production from a 50 MW electrolyzer capacity by 2028, supporting its decarbonization strategy and its broader environmental and sustainability policy objectives. The target contributes to reductions in Scope 1 refinery emissions, through the substitution of fossil‑based hydrogen and changes in the hydrogen‑to‑carbon ratio of the refinery fuel gas mix, as well as Scope 3 emissions, through the supply of green hydrogen and e‑methanol to external customers in mobility, maritime, power, and other end‑use sectors. Methodological quantification relies on the EU ETS methodology for Scope 1 emissions and the use of internationally recognized emission‑factor databases (e.g. ecoinvent, exiobase) for Scope 3 assessments. The target aligns with national policy priorities set under the National Energy and Climate Plan (NECP), which promotes increases in renewable energy and renewable gases, reductions in greenhouse gas emissions, cleaner energy supply, and the deployment of more energy‑efficient technologies and infrastructure. Development and oversight of the target involve the Sustainability Division, Strategy, Energy, and Operations teams. The electrolyzer is currently under construction and supported by €132.125 million in EU funding [pls refer to ESRS2, SBM1], with any future changes to be disclosed in accordance with ESRS requirements. The project remains on track.
HELECTOR GROUP
HELECTOR Group through its subsidiaries BEAL / Tagarades, targets annual electricity generation of over 182,500 MWh from biogas until 2029 (baseline year 2025), assuming stable organic‑waste availability and uninterrupted grid operation. The target is supporting Group's decarbonization strategy and sustainability policy and is aligned with NECP. Performance is monitored through certified flow meters and verified annually via DAPEEP certifications. Current performance meets the annual threshold, and the initiative remains on track.
LPC
LPC has set a climate‑mitigation target to achieve a 10% reduction in CO ₂ eq emissions by 2030, based on the hydrogen production unit shutdown and the sourcing of green hydrogen, the replacement of the natural‑draft boiler with a forced‑draft boiler, and the implementation of energy‑optimization measures, fully aligned with its decarbonization strategy, sustainability policy and the objectives of the National
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Climate Law. The target applies to Scope 1 GHG emissions from LPC’s industrial installation, using 2019 as the base year. Emissions calculations follow the National Climate Law methodology, using the GHG Protocol and ISO 14064‑1:2018 for Scope 1 and 2 estimations, with emission factors provided by the Ministry of Environment and Energy and supported by IPCC‑based climate science. It is consistent with national directions under the National Energy and Climate Plan (NECP), and was developed in consultation with the Sustainability, Energy and Operations teams.
VERD
VERD has set a target to achieve a 15% reduction in Scope 1 CO ₂‑equivalent emissions by 2030, compared with the 2019 baseline, through fuel substitution from fuel oil to natural gas.
The target applies to Scope 1 emissions from VERD’s industrial installation, with a 2019 baseline of 4,736.08 tCO ₂ e and a target period of 2019–2030 (no interim milestones). Emissions are calculated in accordance with the National Climate Law using the GHG Protocol and ISO 14064‑1:2018 standards. Emission factors are sourced from national guidance issued by the Ministry of Environment and Energy, supplemented by IPCC‑based factors and climate science.
The target was developed in consultation with national authorities and considers the goals of the National Energy and Climate Plan (NECP), including increased greenhouse‑gas removals, expanded renewable energy use, cleaner energy carriers, and higher energy efficiency.
Noted that production in 2025 reached 31.530 tonnes, approximately 19% higher than in 2019. Scope 1 emissions in 2025 were 4,599.56 tCO ₂ e, representing a 2.88% reduction compared with the 2019 baseline.
Furthermore, VERD has established an internal environmental target to utilize 1,000 tons per year of bioheating agent (a by‑product) as fuel for energy purposes at its industrial site at 2030, with baseline year 2025. The target is aligned with the National Energy and Climate Plan (NECP), which includes measures related to renewable energy, cleaner fuels, and improved energy efficiency.
In the table below, for 2024 the indicator for the share of fossil sources in total energy consumption (%) is restated from 98.988% to 99.73% due to a clerical error.
E1.5 Energy Consumption and Mix

Energy Consumption and Mix (parent company, subsidiaries and associates) | 2025 | 2024
1 | Fuel consumption from coal and coal products (MWh) | - | -
2 | Fuel consumption from crude oil and petroleum products (MWh) | 5,681,953.06 | 6,649,790.16
3 | Fuel consumption from natural gas (MWh) | 4,585,692.89 | 1,364,145.39
4 | Fuel consumption from other fossil sources (MWh) | - | 24.54
5 | Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh)11 | 142,281.90 | 149,718.10
6 | Total fossil energy consumption (MWh) (SUM of lines 1-5) | 10,409,927.85 | 8,163,678.00
Share of fossil sources in total energy consumption | 95.03% | 99.73%
7 | Consumption from nuclear sources (MWh) | 9.58 | 212.13
Share of consumption from nuclear sources in total energy consumption | 0.000001% | 0.002600%

11 The value concerning the consumption of purchased from fossil sources derives from renewable sources based on latest published data on suppliers' mix from DAPEEP (58,734.62MWh).
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8 | Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) | 481,102.18 | 20,279.73
9 | Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (MWh) | 400.00 | -
10 | The consumption of self-generated non-fuel renewable energy (MWh) | 1,004.34 | 1,863.67
11 | Total renewable energy consumption (MWh) (SUM of lines 8-10) | 482,506.52 | 22,143.39
Share of renewable sources in total energy consumption | 4.97% | 0.27%
Total energy consumption (MWh) (SUM of lines 6, 7, 11) | 10,892,434.37 | 8,186,033.52

MOTOR OIL GROUP produced 2,447,185.04 MWh energy from non-renewable sources (MOH refinery and THERMOELEKTRIKI CCGT plant) and 1,633,496.76 MWh from renewable sources (MORE, BEAL, HELECTOR - Tagarades and self-generated renewable electricity from gas stations and depots). Energy consumption from nuclear sources relates to electricity consumption mix in Bulgaria and Romania, where BULVARIA and CYROM operate. Fuel consumption for renewable sources includes consumption of biogas in BEAL, and HELECTOR's Tagarades installation, VERD production plant (BHA) and HERHOF's offices (biomass)
Accordingly, energy intensity showed in the next table, is calculated using total Group’s net revenue (please refer to Note 4 of the Financial Statements 2025) and total energy consumption of MOTOR OIL’s Group since the Group considers all sub-Group s and their respective activities as high climate impact sectors according to Sections A to H and Section L of Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council (as defined in Commission Delegated Regulation (EU) 2022/1288).

Energy Intensity | 2025 | 2024 | Change
Total energy consumption (MWh)/Net revenue (€) | 0.000670 | 0.000672 | -0.20%

Methodological approach
The Group’s energy consumption framework is structured around multiple sources, considering national reporting standards and applicable regional data. For the Group in 2025, no other forms of energy (such as steam, heat or cooling) were purchased apart from electricity.
The total energy consumed in the Refinery is derived from three primary sources: (i) imported or self-generated fuels - classified as primary energy, (ii) purchased electricity from the national grid, converted into primary energy and (iii) fuel consumption for the Group’s vehicle operations.
Specifically, refinery consumes for energy purposes the following fuel types:
•Self-generated fuel oil.
•Natural Gas as an imported fuel source.
•Refinery fuel gas (containing self-generated fuel gas, LPG and natural gas).
The electricity consumed, which supports both industrial processes and operational activities, is sourced from onsite fossil fuel-based generation and from imports through the national grid.
For the Group’s other industrial installations and offices, the energy mix consists predominantly of commercial fuels (e.g., diesel, fuel oil, natural gas). In VERD’s facility, however, a by‑product (BHA) is also utilized for heating purposes, aligning with the Group’s decarbonization and circular economy strategy. Additionally, CORAL, CORAL GAS and LPC’s installations consume self-generated non-fuel (solar) renewable energy. For the year 2025, also, LPC has acquired Guarantees of Origin.
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For subsidiaries operating in Greece, energy consumption from nuclear sources is considered zero, in accordance with the National Inventory Report (Edition 2025). For subsidiaries in Cyprus, Bulgaria, Serbia, North Macedonia, Croatia and Romania, nuclear energy consumption is calculated using relevant and applicable data.
Energy consumption metrics of energy intensive activities are externally validated every year in the context of ISO 50001 audit conducted by competent authorities. MOTOR OIL refinery’s energy consumption is also externally validated in the context of the EU ETS. For the reporting year, the validation process has not yet been completed.
E1.6 Gross Scopes 1, 2, 3 and Total GHG Emissions

Total GHG Emissions (parent company, subsidiaries, and associates) | 2025 | 2024 | Change
Scope I Emissions
Gross Scope 1 GHG emissions (tCO2eq) | 2,816,997.70 | 2,118,793.96 | 24.79%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) | 22.66% | 29.88% | -31.86%
Scope 2 Emissions
Gross location-based Scope 2 GHG emissions (tCO2eq) | 32,351.80 | 78,054.81 | -141.27%
Gross market-based Scope 2 GHG emissions (tCO2eq) | 27,671.48 | 50,433.08 | -82.26%
Gross Scope 1 & 2 GHG emissions (tCO2eq) (location - based) | 2,849,349.50 | 2,196,848.77 | 22.90%
Scope 3 Emissions (significant)
Total Gross indirect (Scope 3) GHG emissions (tCO 2 eq) | 50,572,188.73 | 50,548,171.49 | 0,05%
1 | Purchased goods and services | 8,624,739.22 | 7,756,609.59 |
2 | Capital goods | 67,016.78 | 47,643.33 |
3 | Fuel and energy-related Activities (not included in Scope1 or Scope 2) | 901,688.85 | 1,143,124.24 |
4 | Upstream transportation and distribution | 668,861.27 | 1,254,135.18 |
5 | Waste generated in operations | 16,704.33 | 7,959.31 |
6 | Business travelling | 952.34 | 786.72 |
7 | Employee commuting | 6,674.76 | 5,338.65 |
8 | Upstream leased assets | - | - |
9 | Downstream transportation | 26,705.35 | 245,149.50 |
10 | Processing of sold products | 179,352.34 | 191,997.72 |
11 | Use of sold products | 39,011,891.14 | 38,958,668.99 |
12 | End of life treatment of sold products | 1,067,602.35 | 936,758.27 |
Total GHG emissions
Gross location-based GHG emissions (tCO2eq) | 53,421,538.23 | 52,745,020.26 | 1.27%
Gross market-based GHG emissions (tCO 2 eq) | 53,416,857.92 | 52,717,398.53 | 1.31%

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On the table above, GHG Scope 1, 2 & 3 emissions are depicted for the reporting year, as well as the year before and comparison. Please note that:
•GHG emissions from parent company, subsidiaries and associate companies are included.
•GHG emissions regulated by the EU ETS and total GHG emissions reported on this statement refer to the same reporting period.
•GHG emissions from HELECTOR GROUP are 35,138.55 MT CO2eq for 2025, which participate in the Group’s total emissions by 1.25%.
GHG emissions from associates included are:
•Scope 1: 640,153.92 MT CO2eq
•Scope 2: 4,609.75 MT CO2eq (location - based), 3,941.29 MT CO2eq (market - based)
•Scope 3: 2,072,844.31 MT CO2eq

GHG Scope 1&2 Emissions Analysis | MT CO2eq
CO 2 | 2,840,410.52
CH 4 | 2,039.32
N 2 O | 6,380.48
HFCS | 519.17
PFCs, SF 6, NF 3 | -

On the table above, GHG Scope 1 & 2 emissions per GHG are depicted for the reporting year. Please note that GHG emissions from parent company, subsidiaries and associate companies are included. Please note that HFCs emissions derive from maintenance of air-conditioning devices and refrigerants consumption, according to Regulation 573/2024/EU.

Total GHG Emissions Progress Against Targets
GHG Emissions (tCO 2 eq) | Retrospective | Milestones
2025 | 2024 | Change | 2021 (Base Year) | 2030 | 2050 | Annual Target / Base Year
Scope 1
Gross Scope 1 | 2,125,876.43 | 2,111,933.88 | 0.66% | 2,179,907.49 |  |  |
Scope 2 (location-based)
Gross Scope 2 | 22,004.43 | 72,369.13 | -69.59% | 32,259.52 |  |  |
Gross Scope 1 & 2 | 2,147,880.86 | 2,184,302.51 | -1.67% | 2,212,167.01 | 1,548,516.91 | NZ | -2.91%
Significant Scope 3
Total Gross Indirect (Scope 3) | 47,829,492.62 | 47,888,826.66 | -0.12% | 56,361,665.65 | 42,271,249.24 | NZ | -15.14%
Total GHG Emissions (location based)
Total GHG emissions | 49,977,373.48 | 50,073,129.17 | -0.19% | 58,573,832.66 |  | NZ |

On the table above, GHG Emissions Scope 1, 2 & 3 are depicted, in comparison with the previous year as well as the GHG emissions of 2021 as the base year for setting reduction targets. Please note that on this table, GHG emissions included represent the boundaries of base year 2021 (for a detailed list
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of the entities included in the organizational boundaries, please refer to the sustainability report 2021). Although THERMOELEKTRIKI’s GHG emissions contribute significantly to Group’s emissions, note that in 2021 the installation was not in operation, thus it is not possible to be included in the operational boundaries. Since last year's Sustainability Statement, Scope 3 GHG emissions recalculation for 2021 (base year) was completed, thus relevant values have been updated for that year.
Accordingly, GHG intensity of MOTOR OIL’s Group for the reporting year is calculated using net revenue as well as total GHG emissions of MOTOR OIL Group, including parent company, subsidiaries and associates (also referenced in the relevant section of the financial statements, in euros).

GHG emissions Intensity | 2025 | 2024 | Change
Total GHG emissions (location-based) per net revenue (tCO 2 eq/Monetary unit) | 0.00465 | 0.00433 | 7.45%
Total GHG emissions (market-based) per net revenue (tCO 2 eq/Monetary unit) | 0.00465 | 0.00432 | 7.69%

Methodological approach
Scope 1 Emissions
MOTOR OIL’s refinery CO2 emissions calculations adhere to the EU-ETS methodology and are validated from external third party, as outlined in Regulation 2018/2066, in accordance with Directive 2003/87/EC and its subsequent amendments. The annual EU ETS report is verified by an accredited third party. Emission monitoring is conducted based on Monitoring Plan approved by the competent authorities, which details the applied methodology and is fully documented in a standardized electronic template published by EU CLIMA.
The Monitoring Plan includes:
•Compliance with uncertainty limits for the applied tiers, with uncertainty calculations for each source stream documented in the EU CLIMA uncertainty tool (Annex 4).
•A risk assessment framework designed to ensure control over emission monitoring procedures, documented in the EU CLIMA risk assessment tool.
For all the other Group installations and offices, CO2 calculations align with methodologies, tools and fuel property data provided by the Hellenic Ministry of Environment and Energy, ensuring compliance with National Climate Law reporting obligations.
For all Group installations and offices other GHG calculations align with methodologies, tools and fuel property data provided by the Hellenic Ministry of Environment and Energy and Concawe report no.4/19, ensuring compliance with National Climate Law reporting obligations. Please note that HFCs emissions derive from maintenance of air-conditioning devices and refrigerants consumption, according to Regulation 573/2024/EU.
Scope 2 Emissions
•Location-based emissions are calculated using the latest Emission Factors (EF) provided by the National Inventory Report (Edition 2025) for installations and subsidiaries in Greece, while country-specific EF are applied for operations in Cyprus, Bulgaria, Serbia, North Macedonia, Croatia and Romania.
•Market-based emissions for Greek operations utilize EF data from the latest DAPEEP publication. Electricity for Group installations was primarily supplied by NRG, with other energy providers covering the remainder. Where multiple providers were used, emissions were calculated using a weighted mean approach.
Scope 3 Emissions
The quantification of the other indirect emissions (Scope 3) of greenhouse gases (GHG) of the MOTOR OIL Group is carried out in accordance with the internationally recognized GHG Protocol and the ISO
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14064-1:2018 standard, also taking into account the guidelines of the document "Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions." Overview of methodologies” of IPIECA and API. The primary data for the corporate activities concerning Scope 3 emissions are collected for all the Group companies included in the ATH inventory and, if necessary, are processed to obtain the appropriate format (e.g. unit conversions). Then, the GHG emissions associated with each activity / emission source are calculated, applying appropriate emission factors from reliable sources. Indicatively, the following is a list of sources of emission factors used during the GHG inventory (Scope 3) for the reference year 2025: Ecoinvent, Agribalyse, DEFRA / BEIS, EPA, Exiobase, Greece's National Inventory Report, IEA.
GHG accounting for MOTOR OIL Group’s total emissions was held following GHG Protocol’s guidance and most recent GWP values were used according to Sixth Assessment of IPCC (AR6).
Also, GHG emissions accounting boundaries include the parent company and its subsidiaries, as well as joint ventures and associates on which MOTOR OIL has operational control.
E1.7 GHG removals and GHG mitigation projects financed through carbon credits
During the reporting period, MOTOR OIL Group did not engage in any GHG removal activities, nor did it finance any GHG mitigation projects through the use of carbon credits. Also, no carbon credits were purchased, sold, or transferred by MOTOR OIL Group during the reporting period.
Also, MOTOR OIL Group does not store CO ₂ derived from carbon removal projects implemented within its own operations or across the upstream or downstream stages of its value chain.
However, as part of its commitment to achieving net-zero emissions across Scope 1, 2 and 3 and in line with the National Climate Law (including the target of a 30% reduction in Scope 1 & 2 emissions), the Group acknowledges that, should its targets not be fully met through decarbonization technologies within its energy production processes, it may pursue offsetting strategies.
These would include the use of the Group’s own Natural Based Solutions (NBS) projects or high-integrity carbon credits, aligned with internationally recognized frameworks such as Article 6 of the Paris Agreement, the EU Carbon Removal Certification Framework (CRCF), or the National Voluntary Carbon Framework (once available) and any credits used would ensure transparency, additionality, permanence and methodological rigor.
E1.8 Internal carbon pricing
MOTOR OIL Group is committed to developing an Internal Carbon Pricing (ICP) methodology to mitigate risk, to hedge against future energy price increases and to better align with business opportunities in the transition to a low-carbon economy aligning to the Paris Agreement goals. Also, an Internal Carbon Pricing Program (ICPP) will be implemented to internalize the external cost of climate change in the broadest possible range of economic decision making and in setting economic incentives for clean and sustainable development. The ICP is integrated with the related Assessment of carbon locked-in emissions and the Climate Scenarios.
The ICP includes critical assumptions made to determine the dynamic mechanism of price definition along with the critical assumptions will be made to determine these prices; ICPs are based on scientific guidance and how the methodology foresees to estimate their future values along with science-based carbon pricing trajectories. In designing the Program, the Group also considers the management system to monitor and evaluate how ICPs are consistent with financial statements, especially concerning asset valuation and impairment assessments. The ICPP will enable MOTOR OIL to make decarbonization, a company-wide effort through internal carbon fees and incorporating carbon pricing data as an input to other financial evaluative measures and to the assessment of the Carbon Lock-in Risk. Carbon price applied according to the type of scheme and any relevant critical assumptions made to calculate it, will be available after the planned assessment that is to be conducted.
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The methodology includes:
•clear definition of different ICP for the complete range of business functions activities of all the companies of MOTOR OIL’s GROUP, including subsidiaries, and
•clear instruction on how to include the ICP in any business activities function (ICPP).
and assess on:
•different Marginal Abatement Cost (MAC) along emissions reduction opportunities,
•offsetting alternatives for residual emissions, considering high quality criteria,
•best-practices, beyond standard approaches.
GOV3 Integration of sustainability-related performance in incentive schemes
The Group’s Remuneration Committee, in collaboration with the Board of Directors and the Sustainability Committee, is integrating ESG objectives—such as GHG emission reduction—into the performance evaluation framework. The Sustainability Committee, supported by the Sustainability division, oversees the development and updating of relevant sustainability metrics.
Sustainability-related KPIs are progressively being embedded in remuneration policies, particularly within annual bonus schemes, aligning executive incentives with individual and corporate ESG goals. While the methodology is still being finalized, future disclosures will clarify the proportion of variable pay tied to these targets.
Long-term incentives, including stock awards and options, form part of the variable remuneration for executives (and, selectively, non-executives). These rewards are linked to both financial and non-financial performance, reinforcing the connection between sustainability outcomes and total compensation.
IRO1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities
Climate related Impacts
While MOTOR OIL Group is committed to sustainable practices, it acknowledges that the nature of its operations—particularly in Refining, Power & Gas and Fuels & Marketing—contributes to greenhouse gas (GHG) emissions. The refining, distribution and use of petroleum products can affect air quality and lead to broader environmental degradation. These impacts extend to various stakeholders, including nature and ecosystems, business partners, shareholders, investors, NGOs and local communities.
In addition, the Group’s energy-intensive industrial processes place considerable pressure on natural resources. Recognising these challenges, MOTOR OIL Group continues to invest in decarbonisation initiatives, energy efficiency improvements and technological innovation aimed at reducing the environmental footprint of its activities. The Group also aligns its climate-related disclosures with internationally recognised frameworks, including the Task Force on Climate-related Financial Disclosures (TCFD), ensuring transparent communication with stakeholders regarding environmental impacts and mitigation efforts.
Climate related Opportunities
MOTOR OIL Group is proactively leveraging the energy transition by directing investments toward biofuels, green hydrogen, renewable energy infrastructure and circular economy platforms, alongside carbon capture and energy efficiency technologies. These initiatives support the Group’s transformation toward a low-carbon business model and reinforce its commitment to achieving net-zero emissions by 2050. At the same time, they strengthen the Group’s operational resilience and ensure alignment with evolving regulatory frameworks and increasing stakeholder expectations regarding sustainability and climate performance.
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Stakeholder engagement is an integral component of the Group’s assessment of climate-related impacts, risks and opportunities. Input from affected communities is incorporated through the Double Materiality Assessment (IRO-1), where Stakeholder Representatives—employees maintaining close relationships with external stakeholders—facilitate the collection of stakeholder perspectives. Further information on engagement with affected communities is provided in the chapter “Processes for engaging with affected communities about impacts [S3-2]”, while the present section should be read in conjunction with the broader Climate Change [E1] disclosures.
MOTOR OIL Group evaluates climate-related risks and opportunities across short-, medium- and long-term time horizons as part of its integrated risk management and strategic planning processes. In the short term, risks are primarily regulatory and technological, reflecting evolving climate legislation and the rapid development of low-carbon solutions. In the medium term, exposure to regulatory, technological, market and reputational risks is expected to increase as policies tighten and stakeholder expectations continue to shift. Over the long term, risks expand to include both acute and chronic physical climate risks, such as extreme weather events, long-term climate shifts and structural changes in global energy demand and supply.
Financial Compatibility with Climate Scenarios
MOTOR OIL Group evaluates the financial resilience of its strategy and operations under different climate scenarios in order to assess compatibility with future regulatory, market and physical risk developments.
The Group has conducted a comprehensive assessment of material climate-related impacts, risks and opportunities across its value chain. It recognizes that certain activities—particularly oil refining and fuel distribution—contribute significantly to greenhouse gas (GHG) emissions, energy consumption and other environmental pressures, including air and water pollution, biodiversity degradation and hazardous waste generation. These impacts are long-term in nature and material across several business activities.
At the same time, positive climate-related impacts are increasingly generated through investments in renewable energy projects, biofuels, green hydrogen and energy efficiency technologies, which support emissions reductions and contribute to the Group’s transition toward more sustainable energy solutions.
Climate-related risks and opportunities have been identified across key business sectors including Refining, Biofuels, Renewable Energy Sources (RES) Power, Hydrogen Production and Natural Gas Trade. These are assessed across short, medium and long-term horizons within the context of the Group’s climate scenario analysis. These time horizons correspond to the transition planning framework and differ from the ESRS time horizon definitions described in Additional Information [BP-2].
The Group distinguishes between transition risks and physical risks. Transition risks arise from evolving climate policies and regulatory frameworks—such as the EU Green Deal and Fit for 55—as well as technological disruption, shifting market demand and reputational pressures associated with carbon-intensive activities. Physical risks include both acute events, such as floods, storms and heatwaves, and chronic risks, including sea-level rise and long-term temperature changes, which may affect infrastructure, supply chains and operational continuity.
At the same time, the energy transition creates new opportunities for the Group, including the expansion of renewable energy generation, hydrogen and biofuels markets, energy trading activities and circular economy solutions.
These impacts, risks and opportunities are integrated into the Group’s strategic planning and transformation pathway, supporting its transition from a traditional oil and gas operator to a diversified multi-energy provider. Through scenario-based resilience assessments, MOTOR OIL ensures that its strategy remains adaptable under different climate and market conditions while progressing toward its net-zero ambition by 2050.
Physical Climate Risks
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MOTOR OIL Group identifies physical climate risks as a significant area of concern for its infrastructure and operations, categorizing them into acute and chronic risks. Acute risks arise from extreme weather events—such as hurricanes, floods, wildfires and heatwaves—which can cause direct physical damage, disrupt supply chains and lead to operational and financial losses. Chronic risks, on the other hand, emerge gradually due to long-term climate trends like rising temperatures, sea-level rise and prolonged droughts. These conditions can negatively impact refinery efficiency, increase energy and cooling demands, disrupt logistics and contribute to equipment corrosion, especially in coastal facilities.
Under a high-emissions scenario (RCP8.5), the Group's infrastructure is expected to experience up to 15% more downtime in high-risk locations, 8–12% productivity losses during extreme heat events and as much as 20% reduction in cooling water availability. In response, the Group has introduced adaptation measures such as closed-loop water systems and alternative sourcing strategies to maintain resilience.
In its Renewable Energy (RES) operations, physical risks vary by technology and geographical context. Solar panels and wind turbines are vulnerable to extreme weather, while temperature fluctuations can affect their performance. Water scarcity poses operational challenges for hydroelectric and cooling systems and coastal erosion, and rising seas threaten offshore installations. Additionally, geophysical hazards like earthquakes and landslides can impact geothermal and hydro assets and variability in natural resources—such as inconsistent wind or solar radiation—can affect energy production and grid stability.
To mitigate these diverse risks, MOTOR OIL Group incorporates resilient infrastructure design, strategic site selection and land-use planning. The Group also utilizes climate scenario analysis to inform its strategic and project-level decision-making, ensuring that climate resilience is embedded throughout its renewable and conventional energy operations.
Transition Climate Risks
The global shift toward a low-carbon economy presents a broad spectrum of transition risks that have the potential to significantly impact MOTOR OIL Group’s core business activities. Key challenges include regulatory developments, such as stricter emissions limits and the introduction of carbon pricing mechanisms under frameworks like the EU Green Deal and Fit for 55. In parallel, technological advancements are accelerating the competitiveness of alternative energy solutions, potentially rendering some existing fossil-based assets less viable.
At the same time, growing pressure from investors and financial institutions to prioritize sustainable portfolios, along with evolving consumer preferences and increasing societal expectations for corporate climate responsibility, are reshaping market dynamics.
Among the most critical risks is the anticipated decline in oil demand, driven by electrification and improved energy efficiency. This shift may result in lower sales volumes, reduced profit margins and underutilization of refining infrastructure. It also increases the burden of regulatory compliance and exposes the Group to reputational risks, particularly as stakeholders—including NGOs, regulators and local communities—intensify scrutiny of traditional oil and gas operations.
Time Horizons of Analysis
MOTOR OIL Group employs scenario analysis across three defined time horizons to systematically assess climate-related risks and opportunities, ensuring strategic resilience in an increasingly dynamic energy environment.
Short-term (1–5 years): This period marks a phase of rapid transformation driven by geopolitical developments, evolving policy frameworks and heightened energy security concerns. The Group’s focus is on accelerating investments in low-carbon and renewable energy projects, while actively managing operational and financial risks amid market volatility.
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Medium-term (5–15 years): During this phase, the Group aims to scale up green initiatives and embed them across its operations. Emphasis is placed on the expansion of clean technologies, advancement in green hydrogen production and deployment of carbon capture solutions, all while adapting to shifting global trade dynamics and increasingly stringent regulatory landscapes.
Long-term (15–25 years): Representing the full realization of the Group’s strategic transition, this horizon focuses on achieving net-zero emissions and becoming a leader in sustainable energy solutions. Key priorities include value chain-wide decarbonization, integration of circular economy principles and adoption of sustainable financing tools to secure MOTOR OIL Group’s role in shaping the future energy system.
Further insights into the implications of these time horizons for strategic planning can be found in the chapter titled "Transition Plan for Climate Change" within this report.
Climate Resilience & Scenario Analysis
MOTOR OIL Group fully acknowledges the significant environmental impact its operations can have as well as those of its subsidiaries. While various aspects of the Group’s activities contribute to atmospheric emissions, the organization is firmly committed to addressing these impacts with transparency, responsibility and a forward-looking approach.
In response to the growing complexity of climate-related challenges, the Group conducted in 2025 comprehensive resilience analysis to evaluate its exposure to both physical and transition risks associated with climate change. This analysis encompasses the Group’s core business operations and extends across the value chain, covering both upstream and downstream activities.
The Group’s climate risk screening process spans nearly 100% of its operational sites, ensuring that all location-specific climate vulnerabilities, including those related to assets and business functions, are rigorously assessed. This evaluation is supported by a combination of internal data and leading external sources, including:
•IPCC Assessment Reports (AR5 and AR6)
•Regional Climate Change Adaptation Plans
•Socio-economic scenarios from the Network for Greening the Financial System (NGFS)
•The Greek National Energy and Climate Plan (NECP)
•The S&P Global Climanomics Platform, which supports the Group’s proprietary Climate Risk Assessment
By integrating these scientific and policy-driven tools, MOTOR OIL Group is well-positioned to proactively identify, assess and manage climate-related risks across its portfolio. This robust approach reinforces the Group’s resilience and strengthens its positioning as a leader in the energy transition. As such, no material physical or transition risks were excluded from the analysis.
Scenario Analysis
The Group performs climate scenario analysis to assess the potential impacts of climate change on its operations, supply chains and market environment. This process supports the identification of financial, operational and strategic risks and opportunities associated with the transition to a low-carbon economy and ensures alignment with international climate objectives.
The methodology consists of two main steps:
•Definition of time horizons, climate scenarios and key drivers, including climatic variables, market conditions, geopolitical developments, regulatory compliance and carbon pricing mechanisms.
•Evaluation of the resilience of the Group’s asset portfolio and investment plans under each scenario, analysing operational resilience, strategic implications and economic impacts across business sectors.
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The scenario analysis evaluates climate-related risks and opportunities using different Representative Concentration Pathway (RCP) scenarios, based on climatic and economic projections from the IPCC Assessment Reports AR5 and AR6.
Scenario of Weak Policies: In this scenario, climate mitigation actions are delayed and global greenhouse gas emissions continue to increase throughout the century, leading to global temperature increases exceeding 3°C. Under these conditions, climate risks are mainly associated with physical impacts, including extreme weather events, sea-level rise and long-term climate shifts that may affect infrastructure, supply chain resilience and operational continuity.
Scenario of Current Policies: This scenario assumes stronger climate mitigation policies aligned with the Paris Agreement, resulting in global temperature increases between 2°C and 3°C by the end of the century. The Group evaluates how regulatory developments, technological changes and shifts in energy demand may affect operations, investment requirements and opportunities in low-carbon technologies.
Net Zero scenario: This scenario assumes the implementation of strong climate mitigation policies enabling the global energy system to achieve net-zero CO ₂ emissions by 2050, consistent with limiting global warming to 1.5-2.0°C. Under this scenario, MOTOR OIL Group assesses the implications of accelerated renewable energy deployment, rapid adoption of low-carbon technologies and stricter emissions reduction targets.
The timing and strength of policy implementation are also considered through additional sensitivity scenarios. Delayed policy action, for example, may require more abrupt and costly emissions reductions in later years, increasing compliance costs and financial risks. Conversely, limited policy action could result in higher climate-related risks and increased market uncertainty.

Market outlook in 2030 according to WP, CP and NZ scenarios
Driver | Weak Policies (WP) Scenario | Current Policies (CP) Scenario | Net Zero (NZ) Scenario
Total energy demand | 10% | 3% | -8%
Oil demand | 5% | -5% | -15%
Natural gas demand | 5% | -5% | -16%

Estimated emissions reduction (tCO ₂ e) – All scenarios
Actions Until 2030 | Scope 1 | Scope 2 | Scope 3 | Scope 1&2 | All Scopes
CCS | -460,000 | - | - | -460,000 | -460,000
Propylene Splitter | 27,100 | - | - | 27,100 | 27,100
GT6 | -29,300 | - | - | -29,300 | -29,300
Introduction of 5kMt of blue H ₂ in GT6 | -33,600 | - | - | -33,600 | -33,600
PTU (pretreatment unit / SAF) | 1,400 | - | - | 1,400 | 1,400
Intro of 10kMt of blue H ₂ in heater fuel gas | -66,000 | - | - | -66,000 | -66,000
Electrify one of the medium sized heaters | -107,000 | - | - | -107,000 | -107,000
Introduction of 28MWelec steam boiler | -63,000 | - | - | -63,000 | -63,000
Energy efficiency improvement projects | -17,333 | - | - | -17,333 | -17,333
Intro of 10kMt Biomethane (instead of NG) | -27,000 | - | - | -27,000 | -27,000
Production of e-methanol 25ktpa | - | - | -37,977 | - | -37,977
Low carbon H ₂ market supply (Green & Blue) | - | - | -68,047 | - | -68,047
SAF production unit | - | - | -107,063 | - | -107,063

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RES – Wind power | - | - | -628,406 | - | -628,406
RES – Solar power | - | - | -409,711 | - | -409,711
RES Solar power 10MW | - | -7,730 | - | -7,730 | -7,730
Biodiesel production and feedstock sourcing | - | - | -37,802 | - | -37,802
EV chargers installation | - | - | -11,858 | - | -11,858
TOTAL | -774,733 | -7,730 | -1,300,644 | -782,463 | -2,083,327

Market outlook in 2030 according to WP, CP and NZ scenarios
Driver | Scope 1 | Scope 2 | Scope 3 | Scope 1&2 | All Scopes
Energy demand – Production volume | -174,392.6 | -2,580.8 | -3,691,589.5 | -176,973.4 | -3,868,562.9
Oil demand | -285,817.8 | -7,769.7 | -6,429,595.5 | -293,587.5 | -6,723,183.0
Natural gas demand | -6,985.4 | -189.9 | -116,014.6 | -7,175.3 | -123,189.9
TOTAL | -467,195.8 | -10,540.4 | -10,237,199.6 | -477,736.1 | -10,714,935.7

The MOTOR OIL Group reduction plan as described in the Group’s “MOTOR OIL: Growth, Resilience and Energy Security Strategy and Outlook”, has been quantitatively included in the reduction scenarios tool.
The main scenarios analysis and results focused on the three basic scenarios described (WP, CP, NZ) and additionally a NZ scenario where the CCS project would not be implemented before 2030.
The Group’s reduction plan as outlined in the “MOTOR OIL: Growth, Resilience and Energy Security Strategy and Outlook” could potentially reduce emission derived from scope 1&2, up to 770 ktCO2e per year. Under Current Policies (CP) and NZ Scenarios it would be very likely that the scope 1&2 targets could be reached. In any case fulfilment of scope 1&2 target is highly dependent on the implementation of the CCS project and related actions, as these would cover the majority (~70%) of the emissions impacts for Scope 1&2. The market outlook predictions for NZ scenario are based on data from IEA for the global energy demand and global oil demand and National Energy and Climate plan for the Greek market outlook of NG. However, the IEA predictions for the European energy and European oil demand differ significantly to the global outlook. If future policies and regulations steer MOTOR OIL Group toward a trajectory aligned with the European market outlook—where global oil demand is projected to decline by approximately 25% (compared to a 5% reduction in international markets)—the resulting decrease in Scope 3 emissions could enable the Group to achieve its current Scope 3 emissions reduction target of -25% by 2030.

Summary of emissions reduction to 2030 for all scenarios
Scenario | Absolute Scope 1,2 emissions 2030 | Absolute Scope 3 emissions 2030
Target: -30% | Target: -25%
Scenario WP | -23% | 15%
Scenario CP | -39% | -1%
Scenario NZ | -59% | -25%
Scenario NZ_EUR | -80% | -43%
Scenario WP w/o CCS | 2% | 15%
Scenario CP w/o CCS | -14% | -1%

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Scenario NZ w/o CCS | -34% | -25%
Scenario NZ_EUR w/o CCS | -55% | -43%
Scenario Base + Reduction Plan | -38% | 0%

Group’s climate resilience strategy
The insights from scenario analysis inform the Group’s long-term strategy and investment planning. The Group’s climate resilience strategy is built on several key pillars:
•a diversified energy portfolio with expansion into renewable energy sources and circular economy, investments in natural gas, biofuels and hydrogen and development of electromobility infrastructure.
•financial and operational resilience through revenue diversification beyond the refining sector,
•carbon capture initiatives, digitization investments, improvements in the supply chain and infrastructure.
•adaptation to Regulations and the Market through compliance with EU climate policies and active participation in sustainability frameworks.
•adopting measurable GHG reduction and decarbonization goals and formulating a climate transition plan aligned with the 1.5°C target.
SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
MOTOR OIL Group has developed a structured framework to address material impacts, risks and opportunities related to climate change adaptation. This framework is embedded within the Group’s Environmental Policy and broader Sustainability Policy, ensuring that climate resilience is integrated into all aspects of operations and strategic planning. The Group’s Climate Change Adaptation Strategy outlines a systematic approach to assessing and mitigating climate-related risks. This includes identifying vulnerabilities within infrastructure and operational processes to determine necessary adaptation measures.
MOTOR OIL Group analyzes and prioritizes risks and opportunities related to climate change that may affect its activity, aiming to adapt accordingly to address risks and exploit opportunities. The analysis focuses on existing or designed facilities owned by MOTOR OIL Group, as in these cases the assessment of climate risks and opportunities is material. Risks and opportunities are broken down on 10 Business Sectors (BS) namely:
•Refinery
•Fuels Trade
•Lubricants
•Biofuels
•Hydrogen Production
•RES power generation
•Fossil fuel power generation
•Electricity Trade
•Natural Gas Trade
•Construction & Environmental Services
Through this process, the Group will be able to properly adapt its operations, to address the risks and to take advantage of the opportunities presented.
The time horizons that the Company considers for the identification of climate risks and opportunities are:
•Short-term (1 to 5 years – up to 2030)
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•Medium-term (5 to 15 years – up to 2040)
•Long-term (15 to 25 years – up to 2050)
Climate risk oversight is managed by the Sustainability Committee, which includes members of the Board of Directors and senior management. The Committee is responsible for evaluating adaptation strategies, monitoring policy implementation, and ensuring that climate-related risks are addressed through structured mitigation measures. CapEx/OpEx in decarbonization actions referenced in taxonomy chapter and E1-1.
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E2 POLLUTION
E2.1 Policies related to pollution
MOTOR OIL Group has adopted and implements an Environmental Policy applicable to all employees and covering its own operations both within and outside the European Union. Its core activities, including refining, retail, circular economy and alternative fuel operations, are certified under ISO 14001. The Policy is embedded within the Group’s Environmental and Sustainability framework, which includes the Group’s Sustainability Policy and is implemented through ISO 14001-certified Environmental Management Systems (EMS) across its entities. It establishes a framework for the prevention, management and control of pollution, aiming to minimize emissions to air, water and soil and mitigate related environmental impacts in compliance with applicable environmental legislation.
Pollution prevention as part of MOTOR OIL Group’s Environmental Policy is implemented in the context of the evolving EU regulatory framework aimed at reducing pollution to air, water and soil, taking into consideration the objectives of the EU Action Plan “Towards a Zero Pollution for Air, Water and Soil” and the requirements of the Industrial Emissions Directive, medium combustion plant Directive and other relevant EU Regulations. These policy developments may affect the Group through progressively stricter emission limits, monitoring obligations and environmental performance requirements. In response, the Group aims to continuously improve its pollution footprint through Best Available Techniques, environmental management systems and operational controls across its activities.
Pollutants under scope are defined on each installation’s Environmental Terms. This framework forms an integral part of the Group’s Sustainability Policy where environmental protection is fundamental factor for a long-term, responsible and successful business strategy. To support pollution prevention and environmental protection, MOTOR OIL Group is committed to:
•Set environmental objectives and monitor performance to drive continuous improvement in pollution prevention and emissions management.
•Implement appropriate technologies, including Best Available Techniques (BAT), where applicable, to control air pollutant emissions and reduce environmental impacts.
•Make appropriate efforts to minimize its environmental impact, including pollution prevention, improving the quality and the treatment of waste, discharges and emissions.
•Integrate environmental controls into its Integrated Management System and operational processes.
•Provide consultation, information and training to employees, contractors and suppliers working to ensure their commitment to environmental protection and awareness.
Sustainability Committee is responsible for the supervision of the environmental management system implementation and ensures that mitigation measures to control emissions are effectively integrated into daily operations. The development and periodic review of the policy takes into consideration the interests of key stakeholders, including regulatory authorities, local communities and industry partners to promote transparency and accountability.
MOTOR OIL Group publicly discloses its environmental performance, beyond Sustainability Statement, through Group companies’ annual reports to competent authorities and -where available-EMAS environmental statements. The Group also implements procedures to prevent environmental incidents and emergency situations and to control and limit their potential impact on people and the environment through operational controls, monitoring of emissions and compliance with environmental permit requirements.
Further information on engagement with affected communities is provided in the chapter “Processes for engaging with affected communities about impacts [S3-2]”, while the present section should be read in conjunction with the broader Pollution [E2] disclosures.
E2.2 Actions and resources related to pollution
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MOTOR OIL Group is committed to comply with all applicable environmental laws and regulations, ensuring the effective monitoring, control and reduction of emissions across its industrial operations. It has established Key Performance Indicators to track the effectiveness of its air pollution control policies and ensure alignment with regulatory requirements and best practices. The targets focus on emissions reduction, pollution prevention and resource management to minimize the Group’s environmental impact.
Air Pollution: Refinery activities
The application of BAT (Implementing Decision 2014/738/EU) related to air pollution at the refinery includes measures to prevent or reduce emissions during the facilities operation:
•Incorporation of BATs either into the design of a new unit or when existing units and processes are expanded or modified.
•Reduction and control of hydrocarbon fugitive emissions by efficient measures and equipment, such as closed circuits in gas processing operations, routing of gases from safety valves to flares, secondary seals in floating roof tanks, floating covers in oil separators and a Vapor Recovery Unit (VRU) in the truck loading terminal.
•Automations and control systems that contribute to the efficient management of raw materials and energy, while supporting to maintain high levels of reliability and safety
•Continuous monitoring of main pollutants (SO ₂, NOx, PM, and CO) in large combustion plants, and periodic monitoring in other refinery stacks by an accredited third party.
•Implementation of a leak detection and repair program (LDAR) to limit fugitive emissions from the equipment, using both sniffing and optical methods.
To prevent and manage potential pollution incidents, the refinery operates preventive maintenance and operational procedures designed to minimize accidental releases and ensure rapid response in case of abnormal operating conditions. Ambient air quality is monitored through an Air Quality Monitoring Network, including a station near the refinery port measuring pollutants such as hydrogen sulfide (H ₂ S), sulfur dioxide (SO ₂), particulate matter (PM ₁₀ and PM ₂.₅), nitrogen oxides (NO, NO ₂, NO ₓ), methane (CH ₄), non-methane hydrocarbons (NMHC), total hydrocarbons (THC), benzene (C ₆ H ₆), and carbon monoxide (CO), together with meteorological parameters. Three additional stations monitor H ₂ S and SO ₂ around the refinery perimeter and in Agioi Theodoroi.
Water Pollution: Refinery activities
The Group’s approach to water pollution prevention and wastewater management forms an integral part of its broader Sustainability Policy and environmental management framework. The deployment of Best Available Techniques (BAT) and the implementation of an ISO 14001–certified environmental management system support compliance with applicable environmental legislation and permit conditions across all operating sites.
The Group aims to prevent and minimise environmental impacts through wastewater treatment processes, operational controls and preventive maintenance applied to discharges to marine recipients or municipal sewage systems in accordance with regulatory requirements. Wastewater streams generated during refinery operations are treated according to pollutant load, with industrial and sanitary wastewater managed separately using treatment solutions incorporating Best Available Techniques (BAT) and supported by monitoring and internal controls.
In parallel, the Group applies operational controls aimed at reducing the risk of accidental releases to water bodies, including sealed drainage systems and containment measures at industrial sites. Preventive maintenance programmes, including regular inspections of pipelines, storage tanks and wastewater treatment units, are implemented to identify and address potential failures at an early stage and to minimise environmental risks.
APOSTEIROSI S.A. is developing a Wastewater Treatment Plant (WWTP) to control the quality of liquid effluents before discharge to the industrial sewer network, strengthening pollution prevention measures.
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The installation will treat wastewater from sterilization processes, washing activities and sanitary uses through an upgraded internal drainage network. The plant will use a Moving Bed Biofilm Reactor (MBBR) activated sludge system designed for efficient organic load removal and reduced sludge generation, supporting the prevention and control of water pollution. The WWTP is expected to become operational in 2026.
Retail activities
Both CORAL and AVIN maintain robust environmental management systems certified to ISO 14001:2015, reflecting their commitment to environmental protection. At CORAL, a water management initiative redesigned the wastewater drainage system at the Ag. Theodoroi, Perama, Kalochori, Kavala, Alexandroupoli, Chanea, and Ikonio oil terminals to separate stormwater from wastewater before treatment. This approach prevents contamination of local water sources, directly addressing community concerns over industrial effluents. Similarly, AVIN prioritizes water protection across its facilities, implementing measures to safeguard local water resources and support sustainable operations.
RES Activities
MORE mitigates potential impacts related to air, water and soil pollution through full compliance with the approved environmental terms of its Environmental Permit Approval (EIA Approval Decision). Environmental Management Plans are implemented across all project phases, incorporating preventive measures, monitoring procedures and control mechanisms to minimize emissions, prevent contamination and ensure responsible resource and waste management. Continuous supervision and corrective actions, where required, ensure effective prevention and control of pollution risks in accordance with applicable environmental legislation.
Circular Economy & Alternative Fuels activities
LPC implements robust environmental protection measures supported by certified management system (ISO 14001:2015), fully aligned with EMAS Regulation (EC) 1221/2009 and subsequent EU amendments.
Pollution prevention is supported by the application of Best Available Techniques (BAT) in regeneration processes, including high vacuum distillation, thin film evaporation, selective propane extraction and catalytic hydrotreatment, which minimise pollutants. Environmental permit conditions set limits for emissions, and effluents, managed through process controls, air and wastewater treatment systems, environmental monitoring and responsible waste management.
VERD implements pollution prevention and control measures in air, water and soil by measures presented below:
•Air emissions from burners are monitored to ensure compliance with environmental permit conditions,
•use of a low-sulfur (<0.1%) production by-product fuel (Bio-Heating Agent – BHA) which reduces reliance on conventional fossil fuels.
•scrubber systems to prevent methanol emissions and biofilters to manage odors. To prevent releases to water bodies, production and storage areas are equipped with sealed safety basins and oil separation systems designed to contain potential leaks or spills.
•Monitoring of wastewater discharges which are directed to municipal wastewater treatment infrastructure.
Through its subsidiary PRASINO LADI, whose core activity is the systematic collection and responsible management of used cooking oils (UCO), mitigates the risk of soil and water contamination from uncontrolled UCO disposal. This activity materially contributes to climate mitigation, protects natural resources, prevents pollution of sewage networks, land and water bodies, and supports circular‑economy principles.
HELECTOR S.A. contributes to pollution prevention through integrated waste management activities across the waste lifecycle, including biological treatment and recycling, sanitary landfilling, landfill
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biogas energy recovery and leachate treatment. These operations support waste prevention, minimisation and control by promoting material recovery, reducing waste volumes requiring final disposal and ensuring the treatment of liquid and gaseous emissions from waste management facilities. Environmental protection measures are supported by an Integrated Management System compliant with international standards, including ISO 14001. The system supports operational controls, monitoring and continuous improvement measures aimed at preventing pollution, minimising environmental impacts and ensuring compliance with applicable EU and national environmental legislation.
E2.3 Targets related to pollution
Regarding air and water emissions, the MOTOR OIL Group has not established measurable or outcome-oriented targets. The relevant business operations in these areas are subject to regulations that define the permissible limits and specify the technologies to be employed. These regulatory requirements set specific environmental performance obligations that the Group must adhere to, ensuring alignment with legislative standards for pollution control and mitigation.
MOTOR OIL Group remains committed to sustainable industrial practices, regulatory compliance and proactive stakeholder collaboration. By prioritizing air, soil and water resource protection in all its operations, the Group sets a high standard for environmental responsibility in the energy and refining industry.
E2.4 Pollution of air, water and soil
The Group’s approach to environmental monitoring has evolved over time, driven by technological advancements and operational improvements. Continuous enhancements in monitoring systems ensure compliance with regulatory requirements while minimizing the environmental footprint of operations. By integrating advanced technologies and internal procedures, high standards of environmental responsibility are maintained. Monitoring methods and analyses are compliant with EN standards according to Best Available Techniques Decisions, where applicable. Environmental data is managed through a structured process of collection to ensure accuracy and reliability. The final step in the environmental monitoring process is reporting and validation. For installations subject to the Industrial Emissions Directive (IED), the Medium Combustion Plant Directive (MCPD), and Regulation (EC) No 166/2006, annual reports are submitted to the competent authorities. In addition, the air and water emissions of the Refinery and LPC are verified by an independent third party within the framework of EMAS.
It should be noted that the Group’s industrial facilities do not generate emissions or discharges to soil.

TOTAL AIR POLLUTANTS (kg) | 2025 | 2024
Sulphur oxides (SOx/SO2) | 2,272,747 | 2,307,605
Nitrogen oxides (NOx/NO2) | 1,743,332 | 1,780,167
Non-methane volatile organic compounds (NMVOC) | 290,230 | 354,393
Particulate matter (PM10) | 85,319 | 91,485
Nickel and compounds (as Ni) | 3,306 | -
Copper and compounds (as Cu) | 165 | -

TOTAL WATER POLLUTANTS (kg) | 2025 | 2024
Phenols (as total C) | 1,036 | 1,035
Total nitrogen | 74,938 | 76,586
Total organic carbon (TOC) (as total C or COD/3) | 140,079 | 140,446

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The pollutant emissions to air and water presented in the above tables derive from MOTOR OIL refinery since the relevant pollutants of the subsidiaries LPC, CORAL GAS, VERD, APOSTEIROSI which are subject to European Pollutant Release and Transfer Register did not exceed the legislative threshold (Regulation 166/2006/EU, Annex I).
The results are based on continuous measurements and calculations. Measurements and analyses are according to EN/ISO standards as required from legislation. Emission factors used for the calculations of air pollutants, derive from Concawe’s report no. 4.19 “Air pollutant emission estimation methods for E-PRTR reporting by refineries”. Water pollutants’ calculation was based on average/year concentration and effluents discharge flow measured. Metrics are externally validated by third party on annual basis under Eco Management and Audit Scheme (EMAS). No inferior methodology is used to calculate emissions. Air emissions of CH4 and N 2 O (eligible under Regulation 166/2006/EU) are disclosed in ESRS E1 metrics.
IRO1 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities
The environmental impacts of the Group’s operational sites are identified through its Environmental Management System (EMS). Key entities within this sector, including MOTOR OIL (the refinery), LPC, THERMOILEKTRIKI and VERD, as well as storage and distribution facilities, may contribute to pollution affecting air, water and soil. These impacts arise primarily from the Group’s own industrial activities related to refining, energy generation, fuel processing, storage and distribution.
Due to the nature of these operations, pollutants emissions constitute inherent aspects of industrial processes. The processing and storage of fossil fuels generate air pollutants beyond greenhouse gas emissions while industrial activities may also contribute to water and soil contamination. These impacts may degrade, air, affect natural resources, disrupt aquatic ecosystems and pose potential risks to human health and surrounding communities.
The pollution-related impacts may also give rise to regulatory, financial and operational risks. Releases of pollutants from operational activities or accidental events may result in regulatory penalties, remediation costs, environmental liabilities and operational disruptions. Furthermore, the industry may face reputational risks and legal actions from stakeholders advocating stricter pollution controls. Compliance with evolving environmental regulations may also require increased investments in treatment technologies, monitoring systems and operational controls, leading to higher capital and operational costs.
The Group identifies and manages pollution-related impacts through its EMS, which is certified to the ISO 14001 standard across operational sites. The EMS provides a structured framework to identify and assess environmental impacts, ensure compliance with environmental legislation and best practices, and monitor environmental performance metrics.
The EMS aligns with relevant European and national environmental legislation, including Directive 2010/75/EU on industrial emissions (IED), Directive 2015/2193/EU on emissions from medium combustion plants, regulations related to the implementation of Best Available Techniques (BAT), and Directive 2011/92/EU on environmental impact assessment.
The Double Materiality Assessment identified several pollution-related impacts associated with refinery operations. Air pollution may arise from emissions of pollutants such as sulfur oxides (SO x), nitrogen oxides (NO x), volatile organic compounds (VOCs) and particulate matter (PM), which can contribute to atmospheric degradation, smog formation, acid rain and adverse health effects. Industrial activities may also generate wastewater that, if not properly treated, could affect surface water quality, aquatic biodiversity and ecosystem health:
In the Circular Economy and Alternative Fuels sector, impacts may arise from the improper disposal of used cooking oils (UCO). Disposal of UCO into drainage systems may cause sewer blockages and
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potential sewage overflows, posing risks to communities. Improper disposal may also contaminate water bodies by forming surface oil films that reduce oxygen levels and harm aquatic life. In addition, uncontrolled burning or incineration of cooking oils may release air pollutants that contribute to air quality degradation.
Pollution-related risks identified in the materiality assessment include water contamination resulting from accidental oil spills or leaks, which may lead to environmental damage, remediation costs, regulatory penalties and reputational impacts. The handling of hazardous substances and the generation of waste streams also expose the Group to regulatory and legal risks, including potential fines, operational restrictions or permit withdrawals. Furthermore, compliance with increasingly stringent pollution control standards may require increased operational and compliance costs for treatment technologies, emissions monitoring systems and staff training.
With regards to the consultation with affected communities please refer to the Chapter Processes for engaging with affected communities about impacts [S3-2].
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E3 WATER AND MARINE RESOURCES
E3.1 Policies related to water and marine resources
MOTOR OIL Group manages water and marine resources through environmental policies, operational procedures, and management systems governing sustainable use and protection of water resources across its operations and value chain. While the Group has not adopted a standalone water and marine resources policy, water management practices are integrated into its ISO 14001 certified Environmental Management Systems (EMS), ensuring consistent implementation across all sites. Site-specific measures are applied to operations, located in areas of elevated water risk, addressing potential local water-related risks.
Water-related risks are managed through the EMS and environmental permitting processes, in line with the Industrial Emissions Directive 2010/75/EU, the Water Framework Directive 2000/60/EC, and relevant national requirements. The Group applies these practices to water-intensive operations, including refining, energy generation, waste management, and environmental services, covering responsible sourcing and use of water, treatment and reuse of process and wastewater streams, and controlled effluent discharge to protect receiving water bodies and marine ecosystems. Operational measures also extend to marine and coastal environments associated with port and terminal activities.
The Group seeks to enhance water efficiency, reduce reliance on freshwater resources, and build resilience to water-related risks such as drought, flooding, and sea-level rise. Within this scope, the Group aims to adopt certified water efficiency management systems and internal targets for water reuse, which could be reflected in dedicated water management policies. The Group also intends to develop measurable objectives through a formal water and marine transition plan, while looking to align with evolving frameworks such as the Taskforce on Nature-related Financial Disclosures (TNFD).
E3.2 Actions and resources related to water and marine resources
Water is a critical resource for MOTOR OIL Group’s industrial operations, supporting multiple stages of the production process. Beyond the refinery operations, certain facilities of the Group in Greece operate in areas exposed to water‑related risks, as identified by the World Resources Institute (WRI) and the national River Basin Management Plans.
The Group is committed to sustainable use and marine resource management across its operations. The Group focuses on three core pillars: reducing freshwater consumption, maximizing water reuse and recycling, and ensuring environmentally responsible discharge of treated wastewater complying regulatory requirements.
Where applicable, the Group employs advanced multi-stage wastewater treatment at the refinery and other operational sites to support low – pollutant effluent and aim to reduce impact on local water bodies. Actions such as continuous monitoring, process optimization, and targeted technology investments contribute to sustainable water management, operational efficiency, and regulatory compliance.
Refinery, Supply and Trading activities
MOTOR OIL Group integrates environmental policy governing water and marine resources into its refining operations, particularly at the Refinery, the Group’s largest industrial site. The policy complies with EU and national regulations, including the Industrial Emissions Directive (2010/75/EU-national law MD 36060/1155) and the Water Framework Directive (2000/60/EC – national law 3199/2003) and are implemented through a robust ISO 14001-certified Environmental Management System (EMS).
To reduce freshwater demand, the refinery operates a dedicated desalination unit supplying 100% of its water needs, eliminating dependence on local freshwater sources and enhancing long-term resilience. Industrial and sanitary effluents are treated in a closed drainage network feeding the Industrial Wastewater Treatment Plant (IWWTP), ensuring regulatory compliance, while periodic coastal water monitoring assesses impacts on marine biodiversity.
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Water management actions include the reuse of acidic process water in crude oil desalination, closed-loop cooling systems in new units to minimize water use, integrated wastewater treatment for safe discharge, periodic monitoring of marine water quality, and participation in marine protection programs, including oil spill response and pollution risk mitigation measures.
Retail activities
Within the Retail and Fuels Marketing segment, MOTOR OIL Group applies a risk-based, proportionate approach to water and marine resource management, recognizing that water consumption in this business line is relatively low. Nevertheless, site-level procedures ensure wastewater handling, drainage, and spill prevention are managed in line with regulatory requirements.
Compliance is maintained at service stations, terminals, and depots, particularly where activities such as vehicle washing or fuel handling may pose local water pollution risks. Oil-water separation systems, drainage network controls, and containment bunds are in place at fuel terminals and storage facilities, while marine and water sustainability measures are integrated into operational frameworks such as Shell’s HSSE MS, providing structured environmental controls for branded operations.
CORAL leads targeted infrastructure improvements to enhance environmental risk prevention, including drainage system upgrades at Ag. Theodoroi, Kavala, Perama, Ikonio, and Kalochori terminals and new bund lining at the Alexandroupolis terminal, successfully completed in 2025. These interventions strengthen operational resilience and water protection, while CORAL GAS supports the Group’s broader operations through systematic water consumption monitoring, contributing to optimized water use across low-intensity operations.
Finally, staff are trained in spill prevention, emergency response, and wastewater management across all retail sites.
Power & Gas activities
In the Power and Gas segment, MOTOR OIL Group applies a precautionary and forward-looking approach to water management, recognizing the significance of water in cooling, auxiliary processes and environmental compliance—particularly in thermal power generation.
A prime example of the Group’s evolving water management in this area is the THERMOILEKTRIKI KOMOTINIS power plant, currently in its commissioning phase. As part of its early operational readiness strategy, THERMOILEKTRIKI is conducting systematic recording of water inflows and outflows to establish a robust baseline for water use efficiency and discharge management once the plant becomes fully operational. This data will inform future targets, and infrastructure possible needs while supporting compliance with environmental permitting obligations.
RES Activities
MORE focuses on the development and operation of solar, wind, and other renewable energy assets, which generally require low water use. Water related considerations are integrated into site selection, permitting, and planning, including soil stabilization and runoff control, particularly in sensitive or sloped areas. For large-scale solar projects, stormwater infrastructure prevents local flooding and protects adjacent land and water systems. In wind and solar developments, protected habitats are deliberately avoided in order to align with regulatory and biodiversity requirements.
Comprehensive Environmental Impact Assessments (EIAs) evaluate potential impacts on water, soil, and biodiversity, defining prevention, mitigation, and monitoring measures that are incorporated into project implementation and approved under the Environmental Terms Approval (ETA).
Where relevant, MORE collaborates with local authorities and stakeholders to reduce water-related impacts and support ecosystem protection.
Circular Economy & Alternative Fuel Activities
While water use in these activities is generally lower than in refining or energy production, the Group remains committed to optimizing its usage, minimizing wastewater generation, and integrating
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sustainable practices across operations, implemented across subsidiaries including LPC, PRASINO LADI, VERD, THALIS, HELECTOR, and APOSTEIROSI.
At LPC, water consumption is monitored via a Key Performance Indicator (KPI - water per ton of raw material), and treated wastewater is reused in processes, such gas‑condensate recovery through spraying into the vacuum‑system oil separator, supply to the gas‑washing vessels and use in the sealing vessels for gas streams routed to the flare, enhancing recirculation and reducing freshwater withdrawals. Similarly, PRASINO LADI continuously evaluates water use to improve efficiency and conservation, while VERD integrates water stewardship through a dedicated recovery unit with VOC distillation, which supports reuse and reduces wastewater discharge.
THALIS adheres to an ISO 14001-certified EMS to systematically monitor water use at operational and office sites, ensuring responsible resource management. HELECTOR maximizes recycling through biological treatment and Reverse Osmosis (RO), in alignment with ISO 14001 and EMAS, and APOSTEIROSI minimizes water consumption through an innovative depressurization cooling system, while a dedicated water storage and supply system ensures operational continuity during maintenance, interruptions, or extreme weather. Complementary safeguards, including waterproof flooring, fully enclosed waste handling, and segregated stormwater and wastewater networks, further strengthen water protection.
E3.3 Targets related to water and marine resources
While quantified, time-bound water and marine resource targets are not yet established, the Group is actively advancing their definition by building the necessary data infrastructure, operational benchmarks, and governance processes. MOTOR OIL Group will enter a target-setting phase, during which site-specific and activity-based water targets will be formally developed to address water use efficiency, recycling and reuse, and discharge quality, tailored to each business segment. In parallel, the Group is assessing the applicability of science-based freshwater targets, incorporating them where relevant global standards mature.
The majority of water withdrawals is seawater. Nevertheless, the Group continues to track the effectiveness of its water-related actions and plans to further strengthen monitoring, verification, and data reliability. Where legally binding requirements exist, such as permit limits, River Basin Management Plan constraints, or discharge caps, these function as mandatory operational targets and are fully integrated into operational planning and target evaluation. Forward looking, the Group has identified a number of priorities to support a structured sustainable water transition pathway.
For VERD site - which is located in water-risk area- a water efficiency management system aligned with ISO 46001:2019 will be implemented by 2027, including upgraded monitoring infrastructure and data reliability, expanded internal verification and potential third-party assurance of water data, development of performance indicators (e.g., water intensity and recycling rates) to support formal target-setting by 2026, and further reduction of freshwater dependency through enhanced circular water use from desalination operations.
Finally, for LPC, an internal environmental target has been set to increase waste-oil recovery efficiency in the wastewater treatment plant from a 35% annual average in the 2025 baseline year to 45% by 2030. It applies to the daily operational performance of the wastewater treatment plant and aims to enhance lubricant recovery while reducing the environmental impact of the outgoing wastewater stream. Performance is monitored through weekly efficiency measurements conducted by the site’s accredited laboratory, with results reported as annual averages for the 2025–2030 period. For the target that has been set, the relevant European legislation (Directive 2000/60/EC) requirements have been taken into consideration.
E3.4 Water consumption
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Description | Unit | 2025
Total water consumption | m 3 | 1,129,751
Total water discharge | m 3 | 4,440,048
Total water withdrawal | m 3 | 5,569,799
Total water consumption in areas at water risk, including areas of high-water stress | m 3 | 292,268
Water intensity ratio | m 3 /million € | 95.374

Water consumption is defined as the net difference between total water withdrawn and total water discharged, according to ESRS specifications. Water storage at the end of the reporting year is considered to be zero, as all quantities are included in withdrawal/discharge metrics. Recycled/reused water is not possible to be directly measured.
Except MOTOR OIL refinery, where 100% of water is derived from seawater, withdrawals from all other facilities are considered to be located in areas in water-risk and high-water-risk areas.
Water withdrawal as well as discharges for production and storage facilities, is directly measured (flow meters for refinery and invoices from suppliers for all other entities). For MOTOR OIL’s refinery and LPC, water management related metrics are externally validated through Eco Management and Audit Scheme (EMAS), while refinery’s metrics are also validated under EU ETS reporting purposes (ALC report).
IRO1 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities
MOTOR OIL Group’s operations exhibit significant dependencies on water and marine resources across refining, power generation, gas infrastructure and environmental services, creating material risks related to water availability, seawater quality, effluent compliance, stormwater management and regulatory changes affecting withdrawals or discharge limits, while retail activities, though lower in water intensity, face localized pollution and wastewater compliance risks; expanding into biofuels and low‑carbon products introduces additional water‑related exposures linked to feedstock water intensity, agricultural practices and process‑related discharges (please refer to SBM3).
MOTOR OIL Group recognizes significant dependencies on water and marine resources across all its operations, which give rise to material risks. These impacts are managed through a structured approach that includes systematic monitoring of withdrawals, consumption and discharges, operation of desalination units to reduce freshwater demand, promotion of reuse, and investments in closed-loop and advanced treatment technologies to ensure compliance and are intended to protect marine ecosystems. Marine risks are addressed through a Facility Contingency Plan aligned with international marine protection standards, covering pollution prevention and spill response. Biodiversity and water risk management are closely interconnected, particularly in coastal and port operations, where wastewater handling and spill mitigation protocols are specifically designed to protect marine ecosystems.
As a result of these measures, impacts to water and the natural environment are minimized to the lowest degree possible. Specifically, the following benefits are achieved:
•Conservation of Freshwater Resources: By relying entirely on desalinated sea water, the refinery avoids the use of freshwater sources, which are often limited and vital for local communities and ecosystems. This helps in preserving freshwater for essential uses such as drinking water and agriculture.
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•Protection of Marine Ecosystems: The desalination process within the environmental terms framework ensures that the water used in the refinery does not negatively affect marine life. Proper management and treatment of sea water prevent contamination and disruption of marine habitats.
•Reduction of Wastewater Pollution: Recycling acidic water within the refinery reduces the amount of polluted water discharged into the environment. This helps in maintaining the health of nearby water bodies and prevents harmful substances from entering the natural water cycle.
With regards to the consultation with affected communities please refer to the Chapter Processes for engaging with affected communities about impacts [S3-2]. Furthermore, within the process of Double Materiality Assessment (Identification of material impacts, risks and opportunities [IRO-1]), the Group has incorporated the view of local communities through the Stakeholder Representatives who are employees that maintain close relationships with external stakeholders and facilitate the assessment process.
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E4 BIODIVERSITY & ECOSYSTEMS
E4.1 Transition Plan and Strategy
Group-wide Approach
MOTOR OIL Group is involved in a wide range of activities that interact with nature and biodiversity following a transformation strategy with a key target to become a diversified multi-energy and circular economy leader.
A transition plan includes an ongoing evaluation of biodiversity-related risks and dependencies across the Group value chain, while its policies are systematically reviewed to incorporate measurable biodiversity objectives and integrate international best practices into operational planning and execution. On the other hand, the biodiversity plan covers activities across renewable energy development, biofuels and e-fuels production, carbon capture and low-carbon hydrogen, circular economy and waste management, land stewardship, and infrastructure expansion.
Informed by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES), MOTOR OIL Group biodiversity strategy addresses both direct and indirect drivers of biodiversity loss, including land-use change, climate change, invasive species, pollution and economic incentives. The approach is built on continuous monitoring, adaptive management and investment in nature-based solutions, such as: using native plant species for reforestation, promoting agroforestry and advancing regenerative agriculture practices.
The Group assesses the resilience of its strategy and business model in relation to biodiversity and ecosystems through its climate risk assessment framework, which examines exposure to relevant physical, transition and systemic risks across its asset portfolio over the short, medium and long term. The assessment covers physical risks such as extreme heat, drought, wildfire, water stress and coastal flooding, and transition risks primarily through projected carbon pricing pathways linked to evolving policy and regulatory developments. It also considers broader systemic and transition-related risks, including litigation, reputational, technology and market risks, which may affect operating conditions, competitiveness and long-term value creation. The analysis is based on recognized climate-model datasets and scenario analysis under high, medium and low climate change pathways, using historical climate conditions from the latter half of the twentieth century as the baseline reference. The assessment covers the next three decades and presents results at asset level across the three scenarios, thereby providing a structured basis for evaluating the resilience of the Group’s current strategy and business model under different future conditions. The Group has conducted this climate resilience analysis, however, its outcome has not yet been fully evaluated for the purpose of setting specific targets.
The Group is in the process of recognizing and embedding biodiversity dependencies and risk assessments into its climate resilience planning, ensuring that nature conservation efforts are fully integrated into the broader climate strategy. Group’s methodology draws on global frameworks and science-based approaches, including those of the IPCC (Intergovernmental Panel on Climate Change) and the IEA (International Energy Agency), to align biodiversity action with climate mitigation and adaptation goals.
Another major component of the strategy is the Group’s Forest Program, which supports biodiversity and climate goals through the following key initiatives:
•Collection, processing and storage of forest seeds through its ginning plant.
•Forestry nurseries for the propagation of native.
•Afforestation and reforestation initiatives.
•Forest protection, preservation and conservation.
•Revegetation and soil restoration. Implementation of regenerative agriculture and sustainable land management.
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One more cornerstone of MOTOR OIL Group’s transition plan is active participation in EU and national co-funded programs that align with its biodiversity and sustainability objectives. These projects focus on biodiversity restoration, renewable energy expansion (s. ESRS2, SBM1 for details on projects IRIS, EPHYRA, TRIERES, NORTH-1, FUELPHORIA, etc.) and reforestation (through MoUs with the Ministry of Environment & Energy for the Amygdaleza FRMPCC & Plant Nursery and Agia Triada Plant Nursery), while they aim at improving ecosystem resilience and natural capital.
RES Activities
In compliance with the approved environmental conditions set out in the Environmental Terms Approval Decisions for MORE projects, Environmental Management Plans are developed and implemented. These plans establish structured processes for monitoring and controlling compliance with environmental requirements, as well as for preventing and managing potential environmental impacts.
The Environmental Management Plans incorporate recognized good environmental management practices, covering key areas such as waste management, control of disturbance, protection of biodiversity, including avifauna and wildlife, and the maintenance of environmental safety within project sites. Appropriate systems are in place to ensure responsible handling of specific waste streams, in accordance with applicable legal and regulatory frameworks.
MORE applies monitoring and control mechanisms to ensure ongoing compliance and environmental performance. Where deviations from approved requirements are identified, corrective actions are promptly implemented in line with regulatory obligations and established environmental procedures.
Through the consistent application of these Environmental Management Plans, MORE reinforces its commitment to environmental protection, regulatory compliance and the effective management of environmental risks.
E4.2 Policies related to biodiversity and ecosystems
Biodiversity conservation and responsible environmental management are fundamental aspects of MOTOR OIL Group’s operations. To strengthen commitment to sustainability, MOTOR OIL Group has established a Biodiversity Policy, approved by the Board of Directors, which applies to all subsidiaries. This policy is approved by the sustainability committee and aligns with the regulatory framework and best international practices. It defines Group’s approach of managing impacts, risks, and opportunities on biodiversity, integrating sustainability principles into Group’s business model and contributing to the preservation and restoration of natural ecosystems. Through Group’s stakeholder engagement plan, the affected communities and environmental authorities are engaged in the planning process, in order to identify potential social consequences that can be derived from the project development such as minimizing land disturbance and habitat fragmentation.
The Biodiversity Policy provides a framework to integrate biodiversity considerations into strategic and operational decision-making. It defines MOTOR OIL Group’s commitment to avoiding and minimizing biodiversity loss through risk management and impact mitigation strategies, incorporating biodiversity management into the Group’s Environmental Management Systems (EMS), where applicable, to assess and monitor risks effectively, applying the mitigation hierarchy (avoid, minimize, restore, compensate) across all new and existing infrastructure projects, aiming for sustainable land use by avoiding new developments in protected biodiversity-sensitive areas where possible, promoting research, awareness and stakeholder engagement to enhance biodiversity protection and aligning with EU biodiversity standards, including the EU Taxonomy Regulation’s "Do No Significant Harm" principles. The Policy relates to the Group’s material biodiversity- and ecosystem-related impacts by addressing, in particular, land disturbance, habitat fragmentation, species disturbance and broader risks of biodiversity loss associated with project development and operation. Accordingly, the Group has adopted a biodiversity and ecosystem protection policy that also covers operational sites owned, leased or managed in or near biodiversity-sensitive areas, where relevant.
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The policy applies to all subsidiaries and operational areas of the Group. It governs biodiversity considerations across all projects, stating that actions for sustainable land use, seas, or forestry comply with the requirements set in national legislation. The Sustainability Committee is responsible for overseeing the implementation of the policy, while the Sustainability Division ensures its communication across all business functions. Moreover, the policy commits to Greek and European biodiversity protection laws, including Law 3937/2011 on the Protection of Nature and Biodiversity, Presidential Decree 67/1981 on Wild Bird Conservation and Environmental Licensing Law 4014/2011, which includes Ministerial Decisions for Biodiversity Impact Assessments. The policy also relates to the Group’s material dependencies and material physical and transition risks and opportunities, insofar as the preservation of ecosystem functionality, land condition and natural resources is relevant to the long-term development, permitting, operation and resilience of its activities.
At present, the Group does not maintain separate standalone sustainable seas or deforestation policies; however, relevant considerations are addressed through the Biodiversity Policy, the environmental regulatory framework and project-specific environmental assessment and permitting processes.
The Group integrates stakeholder engagement into biodiversity planning, collaborating with government agencies, NGOs, local communities and scientific institutions to ensure inclusive and science-based biodiversity management. For example, this includes partnerships with environmental authorities for permitting and biodiversity impact assessments, joint initiatives on habitat restoration and species protection, as well as engagement with local communities through stakeholder representative discussions to promote transparency, incorporate local knowledge and ensure social acceptance of projects.
Awareness and training programs are designed to address employees and subcontractors to ensure policy adherence. Any stakeholder will be able to access it once publicly available and internal dissemination will be conducted through employee training, newsletters and official documentation channels. In addition, the Group seeks to strengthen the traceability of products, components and raw materials with actual or potential impacts on biodiversity and ecosystems along the value chain through applicable procurement, environmental and compliance processes, where relevant.
Across all operational pillars, MOTOR OIL Group has implemented environmental impact mitigation plans aligned with regulatory requirements. Specific initiatives have been designed based on the nature of each business activity, ensuring that biodiversity considerations are addressed effectively.
E4.3 Actions and resources related to biodiversity and ecosystems
Supply, Refining & Trading Activities
Although the refinery itself is located within an industrial zone and is not classified as a biodiversity-sensitive area, the associated port facilities present potential biodiversity risks, particularly in relation to coastal and marine ecosystems. These ecosystems are vulnerable to impacts such as oil spills, waste discharge and habitat disturbance. As such, the Group has integrated biodiversity protection measures into both its refining operations and port-related activities.
MOTOR OIL Group refining operations are governed by a certified ISO 14001 Environmental Management System, which ensures best environmental practices are followed. MOTOR OIL Group has developed a Facility Contingency Plan that complies with national legislation and international guidelines, focused on spill prevention, emergency preparedness and environmental protection. This includes collaboration with global response partners, regular emergency drills and strict anti-contamination protocols aimed at preventing damage to marine biodiversity. The key resources deployed for these actions include certified management systems, contingency planning processes, response partnerships, trained personnel and emergency response arrangements.
The port facilities, due to their proximity to sensitive marine habitats, are subject to enhanced environmental risk management. The Group has identified and classified environmental risks at key port sites and implemented site-specific Operations Manuals, along with targeted plans for risk
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prevention, mitigation and emergency response. This includes a structured waste reception and handling plan for ship-generated waste and cargo residues, ensuring compliance with international marine pollution regulations such as MARPOL. These actions are intended to reduce the likelihood and severity of adverse impacts on coastal and marine ecosystems and are supported by site-level operational controls and emergency preparedness resources.
In addition, the Group integrates Best Available Techniques (BAT) to minimize land degradation and reduce unintended biodiversity impacts in both terrestrial and marine zones.
Fuel Retail Activities
In the Group’s retail operations, potential biodiversity risks stem primarily from fuel storage, transportation and distribution activities. To address these risks, the Group has implemented preventive environmental measures, including a structured spill response strategy at fuel depots. CORAL and AVIN have established an annual drill program, simulating spill containment and response scenarios, often in collaboration with local authorities. Additionally, an emergency response vehicle is deployed for rapid intervention in case of spills to prevent potential contamination of soil and nearby water bodies. These actions are supported by operational emergency response resources, annual preparedness exercises and coordination with relevant local stakeholders.
Subsidiaries involved in fuel distribution and alternative energy production have adopted waste minimization strategies to reduce hazardous material use in service stations and office operations. CORAL GAS has implemented LPG recovery initiatives, ensuring that non-compliant cartridges and cylinders are processed efficiently to prevent environmental contamination. The related resources include internal procedures, recovery processes and operational controls designed to reduce risks to soil and water ecosystems.
RES Activities
Recognizing biodiversity related challenges, MORE ensures that all renewable energy projects undergo the applicable environmental permitting and assessment requirements under Greek law, before construction and operation, balancing clean energy expansion with ecosystem preservation. Through environmental assessments’ output, MORE aims to align its renewable energy initiatives with national biodiversity conservation goals while maintaining regulatory compliance and stakeholder confidence. MORE’s operations within or nearby protected areas, require strict biodiversity impact assessments and mitigation strategies. To ensure sustainable operation within these sensitive ecosystems, MORE has developed a biodiversity monitoring and habitat restoration program that aligns with Environmental Terms Approval (ETA) requirements. These actions focus on impact avoidance, mitigation, monitoring and restoration and are supported by project-level environmental studies as well as a monitoring and restoration program.
Monitoring and restoration programs are conducted to track wildlife interactions with wind farm operations, with special attention to bird mortality rates due to turbine activity. For wind energy projects located near sensitive habitats, biodiversity measures are considered such as restoring native vegetation around turbine bases and deploying bird detection radar systems to protect endangered species. Where necessary, monitoring systems (DtBird) have been installed which detect birds and can optionally take two independent actions to mitigate bird collision risk: the activation of warning sounds and/or the stoppage of the Wind Turbine Generator (WTG). These measures constitute key biodiversity-related actions for wind projects, while the associated resources include avifauna monitoring technology (detection, collision mitigation, stoppage) and relevant to each region monitoring/restoration programs based on ecological expertise and site-specific mitigation plans.
As part of its environmental mitigation and biodiversity offset measures, MORE implements restoration works along access roads and wind turbine platforms, according to the ETA requirements. The plant species and area required for these restoration activities are selected in consultation with the local forestry authorities to ensure the use of appropriate native vegetation and ecological compatibility with
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the surrounding habitats. The restored and reforested areas continue to be maintained under the responsibility of MORE, for as long as the local forestry authorities indicate, in order to ensure the successful establishment and long-term sustainability of the vegetation. The KPI here is the duration of maintenance.
Moreover, it should be noted that, in accordance with national regulatory requirements, MORE has paid the relevant land-use compensation fees to the Greek Green Fund. These funds are managed by the Greek State and are primarily allocated to finance environmental projects and initiatives aimed at protecting, upgrading and restoring the natural environment. Finaly, the financing effects of biodiversity offsets are included as costs in the business plan of each RES project.
All biodiversity offsets mentioned above are monitored through the following KPIs: (a) restoration and reforestation area, (b) duration of maintenance, (c) amount and applicable species of plantation, and (d) land-use compensation fees.
During the period 2024–2025 MORE implemented restoration works along access roads and wind turbine platforms covering a total area of approximately 5.3 ha at the “Tsamadorachi” and “Wired” wind farms. In addition, MORE carried out reforestation activities in accordance with the applicable Greek environmental and forestry legislation, covering a total area of approximately 23.4 ha for the “Tsamadorachi”, “Kellas”, and “Korobili” wind farms.
In 2025 the following initiatives took place for Renewable Energy projects:
•Restoration: Wired Wind Farm, 2.7 ha (3,301 seedlings)
•Reforestation: Korobili Wind Farm, 9.3 ha (824 seedlings, supplementary tree planting)
•Maintenance: Five (5) Wind Farms, 38.4 ha (117,941 seedlings, sites: Korobili, Tsamadorachi, Kellas, Kassidiaris I&II, and Wired)
Circular Economy & Alternative Fuels Activities
Within MOTOR OIL Group’s circular economy and alternative fuels division, including LPC and VERD waste management and alternative fuel production is integrated. It has to be noted that all installations operate in industrial areas, not in proximity to sensitive areas (i.e. NATURA), that keep up with all measures directed by the Greek legislation in order not to directly affect biodiversity sensitive areas.
THALIS Environmental Services ensures compliance with environmental regulations, particularly in infrastructure projects that may affect local ecosystems. THALIS environmental management framework incorporates best practices to minimize ecological disturbance during project execution. The relevant actions consist of regulatory compliance, environmental management and disturbance minimization measures, supported by internal environmental management resources and project execution controls.
A key initiative in the Group’s Biodiversity strategy is the Forest Program, which supports reforestation, ecosystem restoration and carbon sequestration. This initiative aligns with the EU Biodiversity Strategy for 2030, promoting sustainable forest management and environmental research. The Amygdaleza’s ginning plant as well as Amygdaleza’s and Parnitha’s nurseries play a central role in seed conservation, degraded ecosystems restoration and biodiversity and climate resilience enhancement. The key resources supporting these actions include nursery infrastructure, seed conservation capacity and restoration-related operational capabilities.
As the Group advances its biodiversity strategy, it remains committed to enhancing its monitoring frameworks, stakeholder collaborations and impact mitigation measures. The Biodiversity Policy serves as a guiding framework to integrate biodiversity considerations into business operations, ensuring that sustainability remains a core component of decision-making. Through continuous assessment, stakeholder engagement and adherence to international best practices, MOTOR OIL Group is dedicated to and strengthening ecosystem resilience across its operations.
Group Initiatives
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By adopting habitat restoration efforts and promoting nature-based solutions, MOTOR OIL Group aims to reduce environmental impacts while promoting sustainable development. Specifically, the Group through the operation of the forestry nurseries has managed to develop a capacity to produce 3.5 million plants. Until now, under national deforestation program ~300,000 were planted to fire affected areas. These measures support the management and enhancement of ecosystems in ways intended to maintain or improve biodiversity conditions, supported by monitoring activities implemented through the Group’s Environmental Management System and project-specific environmental monitoring requirements.
E4.4 Targets related to biodiversity and ecosystems
At present, MOTOR OIL Group has not adopted measurable or outcome-oriented targets specifically related to biodiversity and ecosystems. This is primarily due to the complexity associated with biodiversity metrics, the challenge of establishing uniform performance indicators across a broad range of activities and limitations in current international standards and methodologies for biodiversity measurement and reporting.
Nonetheless, at MOTOR OIL Group biodiversity protection and promotion are integrated into Group-level strategy. The Group continuously tracks and monitors the effectiveness of its actions, initiatives and policies in relation to biodiversity loss and impacts on species. For the time being, efforts are being made by the Group's companies to establish appropriate targets that will support the preservation, development, and regeneration of natural heritage and ecosystems.
While formal, measurable targets are not yet in place, the Group remains committed to enhancing its biodiversity strategy and aligning with emerging global frameworks, such as the Taskforce on Nature-related Financial Disclosures (TNFD). As these frameworks mature and provide more robust guidance, the Group will evaluate the feasibility of adopting science-based and results-driven biodiversity targets in the future.
E4.5 Impact metrics related to biodiversity and ecosystems change
Biodiversity metrics reported derive from each operational site’s licensing procedure and documentation, such as Environmental Terms Decisions or relevant licensing according to national legislation. Therefore, information regarding the proximity of operational sites to protected areas and consequently covered area in the above-mentioned licensing documentation, is externally validated and issued by competent authorities.

Description | Unit | 2025 | 2024
Number of sites near protected areas | Sites | 24 | 24
Area of sites leased near protected areas 12 | ha | 793.98 | 780.69

IRO1 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks, dependencies and opportunities
MOTOR OIL Group identified its material impacts, risks and opportunities related to biodiversity and ecosystem matters through the Double Materiality Assessment process. In the Double Materiality Assessment, the Group evaluated both the impact of its operations on stakeholders and the broader environment, as well as the risks and opportunities emerging from external trends, including regulatory, market and societal developments. To support this, the Group employs a robust set of criteria for materiality assessment, encompassing factors such as geographic location, operational activities and industry-specific dynamics. The geographical context of operations, the nature of refinery activities and sector-specific challenges are critical elements in identifying material risks and opportunities. The topics
12 This area refers to the polygons as defined by Regulatory Authority for Energy Waste and Water (RAAEY) and not to the actual project intervention/footprint areas. Therefore, the area is overestimated compared to the actual land occupation.
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that were included in the Double Materiality Assessment were related to land-use change, species population size and land degradation.
Biodiversity preservation is embedded into environmental risk assessments, especially in areas adjacent to sensitive ecosystems. The Group undertakes proactive measures to mitigate habitat disruption and supports initiatives that promote ecosystem restoration and environmental stewardship.
MOTOR OIL Group integrates its refinery and commercial facilities into the marine environment with careful planning to prevent and respond to pollution incidents. No parts of the refinery about natural habitats or protected areas, minimizing direct harm to sensitive ecosystems.
CORAL & AVIN conduct regular spill response drills involving local authorities and certified contractors, equipped with emergency vans to address spills promptly. CORAL (ex AVIN depot.) identifies and manages environmental risks, such as degradation at its Agioi Theodoroi loading station, following strict operational rules and preventive plans.
OFC conducts precise monitoring of groundwater, effluent, surface water, vapor and soil to detect and address environmental issues.
All projects undertaken by MORE are licensed according to Greek legislation, ensuring environmental approval for new constructions and addressing biodiversity impacts through assessments. MOTOR OIL Group's commitment to biodiversity includes strategic facility placement, detailed emergency plans, risk identification and management, compliance with legislation and comprehensive environmental monitoring. These initiatives protect biodiversity and promote sustainable practices, reflecting the Group's dedication to a healthier and more sustainable future.
With regards to the consultation with affected communities please refer to the Chapter Processes for engaging with affected communities about impacts [S3-2].Furthermore, within the process of Double Materiality Assessment (identification of material Impacts, Risks and Opportunities [IRO-1]), MOTOR OIL Group has incorporated the view of local communities through the Stakeholder Representatives who are employees who maintain close relationships with external stakeholders and facilitate the assessment process.
Finally, in the context of carrying out Environmental Impact Assessments (EIAs) for projects and/or installations related to the production and/or supply of raw materials used in MOTOR OIL Group activities, a public consultation process takes place in accordance with Law 4014/2011. This process involves, indicatively, the competent Regional Council, the relevant municipality, competent bodies such as chambers, environmental organizations and NGOs, as well as citizens, who submit their views with the aim of ensuring transparency and environmental protection in the affected communities. Through the public consultation process, actual or potentially adverse impacts on affected communities may be identified, as well as impacts on ecosystem services that are relevant to those communities. The MOTOR OIL Group takes the relevant observations into account and, where feasible, provides ways to avoid adverse impacts. Where such impacts are unavoidable, the Group may describe plans to minimize them and to implement mitigation measures, with the aim of preserving the value and functionality of priority ecosystem services. In such cases, the relevant terms and measures are also defined, which the Group is required to implement pursuant to the Environmental Terms Approval Decisions (AEPΟ) or the Standard Environmental Commitments (SEC).
SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
Actual or Potential Impacts
Managing RES infrastructures and other assets located in protected or high biodiversity areas poses inherent risks to local biodiversity. During both the construction and operational phases, the renewable energy projects may have negative impacts on specific species and the overall biodiversity richness and/or abundance of the ecosystem. Recognizing these risks, MORE ensures that all renewable energy
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projects comply with Greek legislation and undergo environmental assessments before construction and operation. While these projects aim to generate renewable energy, their development in protected or ecologically sensitive areas requires careful planning, implementation of mitigation measures and monitoring programs to prevent adverse effects.
Refineries, storage facilities, and pipelines may alter wildlife habitats and reduce biodiversity by converting natural areas into industrial zones, requiring structured environmental management through ecological assessments within Environmental Impact Assessments and robust spill prevention and response planning to mitigate potential pollution and ecological impacts. No refinery operations are located in natural habitats or protected areas, as MOTOR OIL Group operates within designated industrial zones with strict environmental controls to avoid, minimize, restore, and offset biodiversity impacts. Nevertheless, recognizing the sector’s dependence on marine and terrestrial ecosystems, the Group implements biodiversity protection measures across its activities, including renewable energy projects, retail fuel networks, and marine transport, integrating mitigation and restoration actions to support long-term environmental sustainability. Any potential oil spills and other incidents with significant impacts, including damage to marine and terrestrial ecosystems, are generally recognized as risks for the Oil & Gas Industry.
The Group’s subsidiaries operating in retail fuels, including CORAL and AVIN, follow similar environmental management principles. This cross-sectoral approach ensures that MOTOR OIL Group’s sustainability initiatives remain consistent, whether in mitigating risks from oil spills or enhancing ecosystem resilience through reforestation efforts.
Forest programs that include nurseries and reforestation efforts, along with ginning plants, positively impact ecosystems by restoring habitats and biodiversity and enhancing carbon sequestration. These initiatives align with Group’s broader commitment to biodiversity protection, reinforcing its structured approach to environmental risk management.
Risks and Opportunities
Land degradation caused by industrial infrastructure development presents material financial risks, including costly environmental restoration, regulatory penalties and reputational damage among environmentally conscious stakeholders. The conversion of natural landscapes into industrial zones disrupts ecosystems, leading to biodiversity loss and long-term ecological damage. Companies operating in such environments must implement strict environmental controls and sustainable land-use planning to mitigate these risks.
The potential severity of pollution incidents, particularly in marine and terrestrial ecosystems, necessitates comprehensive spill prevention and response planning. Industrial operations, including refineries and fuel storage facilities, pose inherent risks to biodiversity due to potential spills, emissions and habitat deterioration. To mitigate these risks, the Group has developed structured environmental risk management strategies that include continuous monitoring, emergency response protocols and engagement with specialized spill response organizations. These measures not only help prevent environmental harm but also reduce financial exposure by ensuring regulatory compliance and limiting the costs associated with pollution-related liabilities.
MORE’s Renewable energy projects, while critical to producing renewable energy, also carry potential biodiversity risks, particularly when developed in protected or ecologically sensitive areas. Wind parks, for example, can disrupt local wildlife habitats, potentially conflicting with conservation efforts. The financial implications of such risks include possible regulatory fines, costly mitigation measures and reputational challenges among stakeholders who expect renewable energy to align with broader environmental goals. MORE is committed to implementing mitigation strategies and monitoring programs to minimize impacts on local biodiversity and ensure sustainable project development.
Biodiversity Sensitive Areas
MOTOR OIL Group’s operations interact with biodiversity-sensitive areas primarily through its renewable energy subsidiary, MORE, which operates Wind Farms, Solar PVs and a Small Hydropower
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Plant within or near protected areas (s. table of sites below). While Group’s refinery, fuels marketing and infrastructure projects do not directly impact protected ecosystems, its renewable energy assets require structured biodiversity risk management which is integrated in the Group’s ERM system and conservation measures to ensure compliance with environmental regulations.
Regarding MORE’s operational sites, habitat protection and biodiversity conservation are key considerations. These locations have been developed in full compliance with Greek environmental legislation, and all projects undergo rigorous Environmental Impact Assessments (EIAs) and Special Ecological Assessments (SEAs) before approval. In line with these requirements, environmental management plans are implemented to ensure that any temporary environmental disturbances during both the construction and operational phases are effectively mitigated and monitored, supporting sustainable site management.
Based on site-specific EIAs and SEAs (where applicable) MORE identifies and assesses, for each material renewable energy site, the biodiversity- and ecosystem-related impacts and dependencies relevant to the location concerned.
Regarding impacts, MORE considers, as applicable, potential effects on avifauna and bats, the temporary and operational displacement of fauna, and habitat fragmentation, which is managed within permitted thresholds and in a manner consistent with applicable conservation objectives. For hydroelectric installations, the assessment also covers impacts relating to ecological flow and the transfer of nutrients from upstream to downstream ecosystems.
Regarding dependencies, MORE assesses the natural and physical conditions that are material to the viability and operation of each site, including the availability of renewable natural resources, such as wind, solar irradiation and water, as well as landscape characteristics, including topography and elevation differentials.
On this basis, MORE classifies its material sites according to the impacts and dependencies identified and the ecological status of the areas in which they are located, with reference to the relevant ecosystem baseline level for each site. During the operational phase, these impacts and dependencies are monitored through established, site-specific environmental monitoring programs, enabling the Group to evaluate performance against the relevant ecosystem baseline level on an ongoing basis.
The following operating RES projects are located within or near protected sites, broken down by required Environmental Impact Assessments, according to Greek legislation:
Environmental Impact Assessments (EIAs) or Special Ecological Assessments (SEAs)
•Tsitomi Wind Farm (Delphi, 23.00 MW) – Located 1.6 km inside the boundaries of a Natura 2000 area SPA (GR2450009).
•Kato Lakomata Wind Farm (Dorida, 19.20 MW) – Located 1.2 km inside a Natura 2000 area SCI (GR2450004).
•Psaromyta Wind Farm (Dorida, 9.60 MW) – Located 3.5 km inside a Natura 2000 area SCI (GR2450004).
•Toumba-Anthovouni Wind Farm (Florina, 28.90 MW) – In close proximity to Natura 2000 sites GR1340003 and GR1340009.
•Kellas Wind Farm (Florina, 39.95 MW) – Within Natura 2000 site GR1240008 SPA.
•Kalogerovouni Wind Farm (Lakonia, 17.10 MW) – Located within Natura 2000 sites GR2540001 and GR2540007 SPA.
•Terpandros Wind Farm (Lesvos Island, 4.80 MW) – Situated within Natura 2000 site GR4110010 SPA.
•Antissa Wind Farm (Lesvos Island, 4.20 MW) – Located within Natura 2000 area GR4110010 SPA.
•Lyrkeio Wind Farm (Arkadia-Argolida, 39.60 MW) – Located inside a Natura 2000 area SPA (GR2510004).
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•Agia Dynati & Extension Wind Farm (Kefalonia, 34.50 MW) – Within Natura 2000 site GR2220006 SPA.
•Tetrapolis Wind Farm (Kefalonia, 20.00 MW) – Within Natura 2000 site GR2220006 SPA.
•Magoula Kazakou & Extension Wind Farm (Evros, 39.10 MW) – Located near the boundaries of Natura 2000 sites GR111003 SPA and GR1110100 SPA.
•Eptadendros Wind Farm (Evros, 28.80 MW) – Located on the boundaries of Natura 2000 sites GR1110009 SPA.
Standard Environmental Commitments (SEC)
•Agios Prodromos Plots (1402-404 & 392-394) Solar PVs (Chalkidiki, 0.78 MW & 1.00 MW) – Within Natura 2000 site GR1270012 SPA.
•Skalosia/Ydragogio Solar PV (Larisa, 0.99 MW) – Within Natura 2000 site GR1420011 SPA.
•Mikro Perivolaki Plots (Prosilio, Pigadi, Keramidario, Gefyres, Platania Mikro, Platania Megalo, Mpelitsair) Solar PVs (Magnisia, 0.30 MW, 1.00 MW, 1.00 MW, 0.49 MW, 0.40 MW, 1.00 MW, 0.55 MW) – Within Natura 2000 site GR1420011 SPA.
•Smixiotiko Small Hydro Plant (Grevena, 4.95 MW) – Within Natura 2000 site GR1310004 SPA.
For all projects mentioned above, the forested areas and habitats impacted during construction were restored following an environmental restoration study and under the guidance of forestry authorities in order to ensure the recovery of affected vegetation with compliance to Environmental Terms Approval (ETA) and national forestry law.
The following RES projects under development are located within or near protected sites:
•Central Evia Wind Farm (Evia, 104.95 MW) – Within Natura 2000 site GR2420011 SPA.
•Gyaros Wind Farms (Profitis Ilias – Xeri Sikia & Psili Rachi – Chinopodi, 50.00 MW & 6.00 MW) – Within Natura 2000 site GR4220033 SCI/SPA.
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E5 CIRCULAR ECONOMY
E5.1 Policies related to resource use and circular economy
MOTOR OIL Group integrates sustainable waste and resource management as a core pillar of its circular economy strategy, aiming to minimize environmental impacts and enhance material efficiency across its value chain. As part of the Group’s Environmental Policy, waste management is based on the principles of the circular economy, Best Available Techniques (BAT) and the ISO 14001‑certified Environmental Management System. In this context, MOTOR OIL Group has identified Impacts, Risks and Opportunities (IROs), through screening its entities, under the Double Materiality Assessment.
In line with EU and national legislation (Law 4042/2012 implementing Directive 2008/98/EC), the Group applies waste hierarchy, prioritizing waste prevention, followed by preparation for reuse, recycling, other recovery and safe disposal as a last resort. This ensures responsible management of hazardous and non‑hazardous waste streams and maximizes opportunities for recovery and reuse wherever technically and environmentally feasible. Licensed waste management partners operate under strict procedural and regulatory requirements, including registration in the Electronic Waste Registry for hazardous waste collection, transport and treatment.
As part of its resource‑efficiency strategy, the Group promotes recovery maximization of raw materials for its own operations, and also solid waste management, lubricant regeneration, biodiesel production from waste feedstocks, and municipal wastewater treatment, strengthening material circularity and contributing to resource recovery across its value chain. The sustainable sourcing and responsible use of renewable feedstocks is ensured by verified, traceable and environmentally responsible supply chains.
Policy implementation is overseen by the Sustainability Committee and supported by systematic EHS audits, performance monitoring and stakeholder engagement. The Group provides continuous consultation, information and training to employees, contractors and personnel working on its behalf, reinforcing competence, safety awareness and compliance with sustainable waste and resource management practices.
E5.2 Actions and resources related to resource use and circular economy
MOTOR OIL Group implements an integrated waste and resource management system fully embedded in its own operations and applied across all business activities. It prioritises resource efficiency, waste prevention actions and the substitution of virgin materials with secondary and renewable resources, in line with relative legislation.
Refinery operations - All waste streams are managed through defined stages - classification, collection, processing and final treatment—ensuring systematic application of the waste hierarchy. Key resource recovery actions include regeneration and metal reclamation of used catalysts through accredited partners, utilisation of spent catalyst as fuel in the metal industry, sulfur recovery and bioremediation of hydrocarbon contaminated soils by biopilling. Furthermore, the operation of an advanced hazardous waste treatment facility is planned to increase internal processing capacity. Also, it assesses the possibility of repurposing oil sludge and petroleum residues for energy uses to other industries, instead of being discarded, supporting industrial circularity and minimizing environmental impact. Finally, lifecycle extension of refinery equipment through refurbishment and preventive maintenance further reduces waste generation and material demand.
Retail operations - Retail activities support responsible waste management primarily through participation in national recycling schemes, improving material separation at source and responsible waste handling. Waste lubricants are managed through licensed collection and recovery systems, ensuring proper treatment and recycling. In addition, CORAL GAS recovers LPG from non-compliant cylinders and repurposes tin-plate residues, increasing the recovery of secondary materials.
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Circular economy and Alternative Fuels operations - Integrating circular principles into the Group’s operations through dedicated platforms and initiatives that promote responsible resource use and waste recovery.
VERD directs wastewater derived sludge to external biogas plants, eliminating solid waste and converting it into energy resources (4,780.3 tonnes in 2025). Remaining effluents undergo oil separation before further treatment.
APOSTEIROSI S.A. manages hazardous healthcare waste using packaging compliant with Joint Ministerial Decision 146163/2012 and the ADR Regulation. Although hazardous waste packaging is typically single-use, the company reduces packaging consumption and leakage risks by using ADR-certified reusable containers where possible. Infectious waste is first placed in special yellow bags and then in certified containers stored in designated waste areas. During collection, filled containers are replaced with disinfected ones and transported directly to sterilization systems using dedicated vehicles. All containers are ADR-certified and disinfected using products compliant with ELOT 1275 and 1276, offering enhanced safety and partial reusability compared to standard hospital boxes widely used in Greece and internationally.
HELECTOR implements water recovery from leachate treatment for the irrigation of plants within landfill sites.
Zero Waste Program
Recognising the importance of waste management across all activities, the Group has implemented an Integrated Recycling Management System at its headquarters. Solid waste is sorted at source, ensuring that no waste generated at the offices is directed to disposal. Employee training plays a key role in this initiative by equipping staff with the knowledge and tools required for efficient waste management and responsible resource use.
As part of initiatives to enhance environmental performance and sustainable waste management, the Longopac ecological waste management system was implemented in catering areas of refinery facilities during 2025. The system replaces conventional plastic waste bags with a continuous multi-layer cross-laminated polyethylene tube with high mechanical strength. This technology enables the use of thinner yet stronger material, reducing overall plastic consumption. The continuous film is formed onsite using specialized clips, allowing precise adjustment of collection volume for each waste cycle and preventing unnecessary plastic use.
Environmental performance is evaluated using the Save CO ₂ Calculator, a certified calculation tool developed by Paxxo AB (Sweden), based on actual consumption data and standardized emission factors.
For 2025:
•CO ₂ emissions from conventional waste bags: 23,372 kg
•CO ₂ emissions using the Longopac system: 5,680 kg
•Total emissions reduction: 17,692 kg CO ₂ (76% reduction)
This initiative contributes to reducing the environmental footprint of operations and supports the Group’s strategy for material optimization and sustainable waste management.
Innovation and circular economy initiatives
Innovation plays a key role in the Group’s waste management strategy. During 2025 the Group participated in research projects such as WASTEMILL, MAESTRO and YDRAERIO, demonstrating its commitment to developing waste-to-value solutions (see chapter S3.5). These projects explore new approaches for converting organic municipal waste into valuable raw materials, optimizing biofuel production and enhancing energy recovery.
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In addition, subsidiaries such as THALIS contribute to public awareness and stakeholder engagement on circular economy practices. Initiatives such as the 2025 School Recycling Marathon in Heraklion and Agios Nikolaos promote environmental awareness among local communities.
THALIS also organized two major events in Heraklion and Thessaloniki, presenting the findings of the National Public Opinion Survey on Climate Change and Circular Economy, conducted at the company’s initiative. These events brought together representatives from local authorities, industry and academia, strengthening multi-stakeholder dialogue on sustainability.
Battery circular management
Finally, the Group supports responsible battery waste management through the establishment of “Ifaistos”, a Collective Alternative Management System (SSED) for Li-ion and LFP batteries, licensed by the Hellenic Recycling Organization. “Ifaistos” organizes and manages the alternative management of battery waste from Battery Energy Storage Systems (BESS) connected to the National Electricity Transmission System (ESMIE), covering mainland Greece.
E5.3 Targets related to resource use and circular economy
As part of Group’s commitment to sustainability and the circular economy, its target by 2026 is to significantly scale up its waste management, renewable feedstock utilization and energy recovery capabilities across its operations. MOTOR OIL has developed Greece’s leading platform for waste management and resource recovery. Within this framework, THALIS and HELECTOR—together the country’s largest environmental services providers—are central to advancing upcoming investments. As fully integrated players, from environmental project construction to operation of advanced treatment facilities, they are well positioned to support the sector’s transformation in the years ahead.
The Group has also established a strong presence in waste‑oil collection and processing through LPC, ENDIALE, PRASINO LADI and VERD, already holding a leading position in the collection, regeneration and recycling of waste oils in Greece. At the same time, the Group is well positioned to capture synergies between its Circular Economy activities and the wider portfolio, including opportunities to upcycle waste into energy streams. Overall, the Circular Economy pillar directly supports the Group’s commitment to decarbonising its products and operations in a value‑accretive way and has already become a robust engine of growth, with significant potential for further expansion as new projects mature and the sector continues to open to private investment.
As outlined in the Group’s Energy Outlook 2024, MOTOR OIL Group has established medium-term targets to support the expansion of its circular economy platform and improve resource efficiency across its operations. In particular, the Group aims to manage over 300,000 tonnes of solid waste annually and achieve municipal wastewater treatment capacity exceeding 15 million cubic meters per year. In the area of renewable feedstocks, the Group plans to collect more than 28,000 tonnes of used cooking oil (UCO) annually, while increasing lubricant processing and regeneration capacity to over 43,000 tonnes per year. Furthermore, through the strategic expansion of landfill gas recovery and mechanical-biological treatment (MBT) facilities, the Group aims to develop more than 35 MW of biogas-based energy recovery capacity.
While MOTOR OIL Group does not set specific targets related to waste from own operations, it’s dedicated to responsible waste management and minimization practices in line with environmental regulations and circular economy principles.
For restaurant facilities and, where applicable , the zero-waste programme is planned to be expanded by 2030 to all offices and industrial sites.
The Group actively implements measures to reduce, reuse and recycle waste, promotes the safe handling and disposal of hazardous materials and continuously seeks opportunities to enhance waste efficiency across its operations.
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E5.4 Resource inflows
MOTOR OIL Group adopts a circular‑resource strategy designed to create value from circular raw materials. At the MOTOR OIL refinery, crude oil natural gas and other hydrocarbons as secondary feedstocks constitute key primary raw materials; however, internal reprocessing and recovery loops maximize material efficiency by enabling the reuse of intermediate streams.
LPC uses waste lubricants as its primary raw material, applying regeneration and re‑refining technologies that turn end‑of‑life oils to high‑quality base oils and extend the lifecycle of hydrocarbon resources. Through HELECTOR’s facilities BEAL and Tagarades, electricity is produced from biogas derived from landfill, ensuring the valorization of residual organic waste into renewable energy. VERD further broadens the Group’s circular raw‑material base by using used cooking oils and fats to produce biodiesel, converting waste biomass into a renewable transport fuel.
In addition, CYTOP and PRASINO LADI secure a stable, traceable supply of secondary raw materials (waste lubricant oils and used cooking oils, respectively) through nationwide waste‑oil collection networks that support high recovery rates and compliant management. Collectively, these activities strengthen the Group’s circular business model by increasing the share of secondary inputs and enhancing resource productivity. In 2025:
•MOTOR OIL Refinery processed 6,927,297.451 MT of crude oil and 63,783.582 MT of natural gas as feedstock, while it reprocessed 146,533 MT of waste oils.
•LPC regenerated 40,682.812 MT of waste lubricant oils
•BEAL and Tagarades utilized 101,106,316 Nm 3 of biogas for electricity production
•VERD processed 31,529,93 MT of used cooking oils and animal fats
E5.5 Resource Outflows

Description | Unit | 2025
The rates of recyclable content in products (including packaging) | % | n/a
The rates of recyclable content in products packaging | % | n/a
Total Waste generated | MT | 55,247.87
Total amount of non-recycled waste | MT | 26,170.69
Percentage of non-recycled waste | % | 47.37
Total hazardous waste generated | MT | 8,078.83
Total non-hazardous waste generated | MT | 47,169.04
Total radioactive waste generated | MT | 0,00

Description | Unit | 2025
Hazardous waste headed to incineration | MT | 0,00
Hazardous waste headed to landfill | MT | 791.64
Hazardous waste disposed using a different method | MT | 0.00
Total hazardous waste directed to disposal | MT | 791.64
Non-hazardous waste headed to incineration | MT | 4.45
Non-hazardous waste headed to landfill | MT | 25,374.60
Non-hazardous waste disposed using a different method | MT | 0.00
Total non-hazardous waste directed to disposal | MT | 25,379.05

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Description | Unit | 2025
Hazardous waste for preparation for reuse | MT | 410.80
Hazardous waste for recycling | MT | 6,625.58
Hazardous waste diverted from disposal using other recovery operations | MT | 250.81
Total hazardous waste diverted from disposal | MT | 7,287.19
Non-hazardous waste for preparation for reuse | MT | 61.70
Non-hazardous waste for recycling | MT | 16,813.63
Non-hazardous waste diverted from disposal using other recovery operations | MT | 4,914.66
Total non-hazardous waste diverted from disposal | MT | 21,789.99

Generated waste is categorized following the European Waste Catalogue (Decision 2014/955/EU), with all figures derived from direct measurement methods to prevent any risk of double counting. Waste management methods take place exclusively by licensed third parties and outside the Group’s facilities. During the reporting period, MORE managed the replacement of wind turbine‘s blade components and photovoltaic panels through established recycling and recovery channels in line with applicable regulatory requirements. Specifically, a blade tip was delivered to a licensed recipient for appropriate waste management and material recovery, while end-of-life solar panels were handed over to an authorized collective scheme for recycling.
As far as operational sites are concerned, raw waste data generated and presented in the above tables are submitted to the National Registry on an annual basis, while offices integrated management system is concerned, waste collection, treatment and reporting are conducted by a certified third party. Consequently, all waste is tracked and double counting is avoided. Note that the quantities for MOTOR OIL refinery and LPC waste are validated under Eco Management and Audit Scheme (EMAS) annually. The KPI’s presented are subjected to potential changes until final submission to the National Registry.
The Group’s waste streams encompass a broad range of materials generated across its industrial activities. These include oily sludge, spent catalysts, resins, activated carbon, paraffin, waste lubricating oils, waste electrical and electronic equipment (WEEE), excavation–construction–demolition waste, contaminated packaging, metal scrap, oily absorbents and clothing, packaging waste, municipal waste, laboratory waste and medical waste. RES facilities additionally produce used batteries, end‑of‑life photovoltaic (PV) panels and damaged composite wind turbine components.
Liquid waste streams consist of sludges from oil/water separators, interceptor sludges and various aqueous residues that require specialized treatment. Contaminated absorbents, filters, protective equipment, fluorescent tubes and electrical components reflect the handling of hazardous substances across operations, while sulphur and bitumen appear as by‑products.
Packaging materials (paper, cardboard, plastic and metal) contribute to the overall waste footprint, including cases where hazardous residues require stricter management. Additional waste streams include end‑of‑life tires, vehicle parts, lead batteries, metal residues, plastics, cables and construction debris, underscoring the diversity and complexity of the Group’s waste profile.
The Group remains committed to systematic tracking, documentation and diversion of waste from disposal, ensuring responsible waste management across all facilities, in full compliance with applicable environmental legislation and are classified according to their respective European Waste Catalogue (EWC) codes.
Each waste category follows a dedicated and traceable management route, ensuring proper identification, segregation, storage, transportation, and recovery. All waste materials are transferred exclusively to licensed waste management operators and are subject to recovery operations.
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Through these recovery pathways, all materials mentioned above are directed toward appropriate recycling or material recovery processes, minimizing disposal and supporting circular economy principles.
IRO1 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities The Group has developed and implemented its waste management system within its broader Environmental management system to identify and assess the risks and opportunities deriving from its waste generated. The purpose of this procedure is:
•Identification and Recording of Solid Waste: Comprehensive documentation of all solid waste produced during the operations.
•Classification of Solid Waste: Categorizing solid waste according to its properties and classification according to European Waste Catalogue
•Management through certified collection, transportation and final treatment ensuring safe disposal and minimal environmental impact.
•Exploring innovative methods to extend product life cycles and improve resource efficiency throughout its value chain.
With regards to the consultation with affected communities please refer to the Chapter Processes for engaging with affected communities about impacts [S3-2]. Furthermore, within the process of Double Materiality assessment (Identification of material impacts, risks and opportunities [IRO-1]), the Group has incorporated the view of local communities through the Stakeholder Representatives who are employees that maintain close relationships with external stakeholders and facilitate the assessment process.
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S1 OWN WORKFORCE
S1.1 & S1.4 Policies and Actions Related to Own Workforce
MOTOR OIL Group is committed to promote an inclusive, fair and equitable working environment that upholds internationally recognized labor standards and human rights. Group’s policies and actions support diversity, non-discrimination, fair compensation, health and safety and professional development, aligned to internationally recognized frameworks, such as the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational Enterprises.
To effectively manage material impacts, risks and opportunities related to its workforce (for all employees and job applicants), the Group has implemented policies such as:

Group Policies referred to Own Workforce
Talent Acquisition & Recruitment Policy, | Diversity, Equity & Inclusion Policy
Rewards & Recognition Policy, | Performance Management and Employee Development Policy
Code of Ethics and Corporate Responsibility, | Integrated Management System Manual (covering Quality, Health, Safety, Security and Environment (QHSSE Management System))
Internal Career Opportunities Policy, | Whistleblowing Policy
Learning & Development Policy, | Policy Against Violence & Harassment

The General Manager of the Human Resources and Compliance Unit oversees the following policies, ensuring regular assessment and compliance with international labour standards. Policies are developed and approved with input from the Compliance, Legal, and Sustainability Division, and incorporate contributions from employees, HR professionals, senior management, and DEI specialists to align with best practices and organizational objectives. Actions to implement these policies include regular employee surveys, feedback mechanisms, and engagement with external partners such as educational institutions and professional organizations, ensuring continuous improvement in areas including equal opportunities, career development, professional growth, and fostering an inclusive workplace. No significant changes have occurred in the relevant human resources policies during the reporting year.
The Group ensures that these policies are accessible to all relevant stakeholders, ensuring that all remain informed and protected. Employees can access them through internal communication channels, including the company’s intranet (SharePoint) and dedicated training sessions, while external stakeholders can refer to them via the company’s official website. New hires receive detailed policy briefings during onboarding, and employees complete training on the “Code of Ethics, Corporate Responsibility”, and “Whistleblowing Policy” to ensure awareness and compliance. MOTOR OIL Group implemented policies promote equal opportunities and mitigate gender and racial disparities in hiring and promotions.
HR representatives provide ongoing guidance, while continuous training ensures organization-wide understanding and compliance. These initiatives aim to create a more inclusive and equitable work environment. The following sections describe the areas of Diversity, Human Rights, Learning and Development, Talent and Performance Management, Secure Employment, Work-Life Balance, Health and Safety, Social Protection, and Income Security. They outline the policies and actions implemented to address material impacts and risks, pursue material opportunities related to the Company’s own workforce, and assess the effectiveness of these measures in line with the Company’s workforce management approach.
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Diversity
The Code of Ethics and Corporate Responsibility serve as a key resource, offering guidance on professional behavior in daily operations. No type of racial discrimination or discrimination related to gender, religion, age, nationality, social or national origin, disability, beliefs, sexual orientation, or trade unionism is tolerated. These principles in work environment ensure that hiring decisions are based on merit, with zero tolerance for sexual harassment or discrimination. While equal opportunity practices, as outlined in Group’s "Code of Ethics and Corporate Responsibility", apply across all operations, the specialized nature and skill requirements of refinery work have historically led to a lower percentage of female applicants. To address this, the Group is actively implementing targeted initiatives - such as partnerships with technical universities for internship programs. Additionally, the Group engages with NGOs and conducted campaigns that promote women's empowerment in local communities, such as the ongoing initiative of "Lead the Way", to encourage greater female participation in engineering roles.
The "Diversity, Equity and Inclusion Policy (DEI Policy)" reinforces the Group's commitment to fairness, transparency and respect in the workplace by setting clear guidelines for inclusive talent management and professional development. The Group has developed a framework for DEI initiatives and programs, which are described in detail within the policy.
MOTOR OIL Group remains committed to fostering a workplace culture that prioritizes equity and inclusion while promoting psychological safety and upholding fundamental human rights. In support of this commitment, mechanisms have been established under the “Whistleblowing Policy”, providing employees with a secure and confidential process for reporting concerns. The company encourages the submission of anonymous or identifiable reports regarding any illegal conduct through its designated reporting channels, fostering a transparent and accountable work environment. To ensure compliance with its DEI agenda, the Group has established a framework aligned with the EU Corporate Sustainability Reporting Directive (CSRD). The “Whistleblowing Policy” also supports compliance with relevant Greek legislation, specifically Law No. 4990/2022 and Law No. 4808/2021, by covering specific types of misconduct. Compliance is ensured through structured oversight by the HR, Compliance, Legal, and Sustainability functions, supported by secure whistleblowing channels and regular employee feedback mechanisms. These processes allow the Group to monitor adherence to international standards, address potential issues, and continuously improve its human rights practices.
These Policies aim to create a more inclusive and equitable work environment. Indicative programs and actions include continuous monitoring of diversity related metrics. Part of these metrics are pay equity, the share of women in the total workforce, the share of women in management positions (i.e. top management) and employees per gender within MOTOR OIL Group. Inclusion entails cultivating an environment where everyone is not only treated with fairness, respect and dignity, but also, is able to bring their authentic selves to work, feel the sense of belonging by openly discussing their ideas and perform at their best in all interactions.
Lastly, MOTOR OIL Group integrates its dedication to DEI into the core of its Leadership Development Programs. These programs and initiatives are meticulously designed to instill DEI values in emerging leaders, ensuring that the principles of inclusivity, fairness and diversity are championed by future organizational leaders. This approach ensures that the Group's practices do not cause or contribute to material negative impacts on its workforce.
Human Rights
The Group’s participation in the UN Global Compact aims to address identified negative impacts through the Communication on Progress process, strengthening brand credibility by committing to the UN Global Compact and the SDGs, while enabling consistent progress measurement, continuous improvement through self-evaluation, and benchmarking sustainability performance against peers.
The “Rewards & Recognition Policy” creates a fair and meritocratic approach to remuneration, reinforcing salary equity through a grade-based structure that aligns roles with their market value and impact. The Group fosters an inclusive environment where factors such as gender, age, religion, marital
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status, racial or ethnic origin and sexual orientation have no bearing on compensation or career progression.
Across all geographies where the Group operates, national legislation on child and forced labor is strictly observed. Such practices have never been condoned within Group’s operations or those of its subsidiaries. Prevention is paramount and the Group actively oversees the evolving directive on corporate sustainability due diligence, equipping the Group with tools to identify, mitigate and address potential human rights and environmental impacts across MOTOR OIL Group’s value chain.
MOTOR OIL Group’s “Policy Against Violence and Harassment” reflects this, addressing material risks and ensuring dignity at work. In alignment with local legislation (Law 4808/2021 and P.D. 80/2022), the Group takes decisive measures to prevent and respond to workplace violence, including gender-based and sexual harassment. Risk assessments, preventive measures and incident investigations, contribute to accountability at all levels. A safe and respectful workplace is foundational for the Group identity.
MOTOR OIL Group’s policy applies to all employees, regardless of contractual status and extends to trainees, apprentices, volunteers and third-party collaborators. The Group’s Human Resources Manager, as the designated Reference Person, holds high accountability in guiding employees on prevention and response mechanisms.
Employees who report concerns through internal channels are safeguarded against retaliation. This protection extends not only to them but also to their colleagues, relatives and external contractors, reinforcing a culture were speaking up is encouraged and met with support. Furthermore, the Group’s Whistleblowing mechanism may provide a remedy through a structured process if any human rights wrongdoing is reported. In any case, the Group ensures the protection of personal data related to the report and in this context, every effort is made to prevent any leakage, limit their processing and further circulation.
Additionally, the Group collaborates with a wide range of external business partners and suppliers, both domestically and internationally, which necessitates the consideration and addressing of relevant human rights principles. The “Business Partners’ and Suppliers’ Code of Conduct” of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A., and its subsidiaries, establishes the fundamental principles governing cooperation with business partners and suppliers and outlines the Group’s expectations regarding business ethics, human rights, and environmental responsibility.
Learning & Development
MOTOR OIL Group recognizes that continuous learning and development are critical to maintaining a competitive and skilled workforce. The "Learning & Development Policy" applies to all employees excluding those with definite contracts, interns, external partners and contractors, except where mandatory training is required, and refinery employees, who are covered under a separate Refinery-Specific Training Policy. The Policy promotes inclusivity by ensuring equal access to development opportunities in line with the Company’s core values.
To facilitate professional growth, the Group follows the 70-20-10 learning model, which balances experiential learning (70%), social learning (20%) and formal training (10%). This model ensures that employees gain practical experience on the job while also benefiting from learning opportunities and mentorship. Talent Management & Acquisition Division is responsible for overseeing the implementation and effectiveness of these policies, ensuring alignment with the Group’s strategic priorities.
In 2026, MOTOR OIL Group will introduce an Individual Development Plan pilot for engineers, focusing on personalized career growth and targeted upskilling.
International Assignments expand cultural awareness and professional exposure, allowing employees to engage in cross-location exchanges. To further support continuous learning, the Group has introduced the "My Learning Path" initiative, leveraging SAP SuccessFactors as its core Learning Management System (LMS). This system provides access to over 9,000 courses from leading global
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training institutions, created to enhance employee development through a robust approach. The rollout includes,
1.building awareness through continuous learning reminders,
2.contextualizing learning based on business needs such as Finance, Sales and Performance Management,
3.creating a learner-driven culture where employees take ownership of their personal development within MOTOR OIL Group’s strategic framework.
MOTOR OIL Group implements leadership and talent development initiatives, including Leadership Development Programs, Development Centers and the MOTOR OIL Mentoring Program, aimed at strengthening leadership capabilities, enhancing learning agility and supporting employee growth and career progression. In addition, the Talent Assessment and Selection Workshop equips leaders with competency-based recruitment skills to promote fair hiring practices. Training effectiveness is monitored through participation rates, skills development metrics and post-training assessments, while SAP SuccessFactors records individual development plans to align learning initiatives with employee career progression and organizational needs. Employee feedback, satisfaction surveys and post-training evaluations are used to continuously improve program effectiveness and alignment with business objectives and workforce development needs.
Refinery Training Activities
Employees follow a specialized Refinery Training Policy designed to uphold high operational and safety standards. Process safety, hazardous material management, emergency response and regulatory compliance are integral to refinery training modules. Certification programs include Permit-to-Work authorization, fire safety procedures and advanced engineering skills. Periodic retraining ensures employees maintain up-to-date knowledge, covering startup/shutdown procedures, environmental compliance and risk management protocols. Compliance with ISO-18788, ISO-27001 and emergency response plans is reinforced through recertification programs developed in coordination with regulatory bodies and industry experts.
Training activities within the refinery are managed collaboratively by the Training and Development Department and refinery departments. Each department appoints an "Area Training Leader" responsible for overseeing training initiatives, as detailed in their job description. A "Skills Map" is developed for each job position, specifying mandatory training subjects, reference materials, course descriptions, trainer lists, delivery methods (classroom, e-learning, field demonstration, simulator exercises, off-site training) and assessment criteria.
Scheduled retraining is required at a minimum in key areas, including,

Fire safety and startup/shutdown emergency procedures for production units. Work Permit Certification: every three years for issuers, recipients and inspectors; every five years or approvers. Alkylation unit entry certification every three years. Fire safety training as per DEP HSM-36. ISO-18788 and ISO-27001 requirements for all refinery personnel and security teams. Emergency response planning for the Duty Engineer. | Facility Contingency Plan for the jetty. ISO 17025 requirements for laboratory operations. First aid training for rescuers and nurses every three years. IRATA rescue certifications per industry requirements. Inspection certifications. Professional certifications (Welder, Boiler Technician, Heavy Equipment Operator) as per their expiration.

Through these structured and evolving training programs, MOTOR OIL Group supports its employees to remain at the forefront of industry developments while fostering a culture of continuous learning, operational excellence and workplace safety.
Talent and Performance Management
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The "Talent Acquisition & Recruitment Policy" establishes objective and merit-based recruitment practices, in line with MOTOR OIL Group’s commitment to fairness and equal opportunities for all candidates. Candidate assessment is conducted through a structured process, including CV screening, phone interviews, online assessments, competency-based assessments and panel interviews. This ensures that hiring decisions are based solely on qualifications, skills, experience and competencies eliminating bias and fostering an inclusive workforce. The policy ensures that candidates are assessed fairly, with recruitment teams trained in non-discriminatory hiring practices. The General Manager of Human Resources oversees its implementation, ensuring compliance with national labor laws and internal workforce planning strategies.
The "Internal Career Opportunities Policy" ensures that all Group employees have equal access to internal career opportunities across all subsidiaries and general divisions of the Group, offering opportunities for lateral moves, career advancement and career change. This policy reflects its commitment to social causes by emphasizing diversity, equity and inclusion throughout the entire internal hiring process.
The “Performance Management and Development Policy” establish a career progression framework, ensuring that employees receive clear performance evaluations, feedback and opportunities for professional growth. Additionally, one goal of Performance Management and Development Policy is to strengthen the Group's commitment to the principles and values that govern ESG through key performance indicators, as well as to promote personal responsibility regarding its impact on society and the environment. Through SAP SuccessFactors, Group tracks performance metrics, aligning individual career development with organizational goals.
Secure employment
MOTOR OIL Group promotes employee well-being through policies such as the Rewards & Recognition Policy and the Talent Acquisition & Recruitment Policy, ensuring transparent hiring, equitable compensation, career development opportunities and alignment with national regulations and international labour standards. The Group applies a merit-based approach to remuneration, supported by a grade-based salary structure that reflects job responsibilities, experience and market benchmarks, ensuring competitiveness and internal equity. Performance-based incentives and recognition programs are allocated transparently to acknowledge employee contributions and reinforce a culture of performance and excellence. The Group is committed to equal pay without discrimination based on gender, race or other characteristics, supported by regular salary audits and equity reviews to maintain fairness, consistency and alignment with market practices.
By upholding this principle, not only does the Group promote equity and commitment to fostering a fair workplace but also its employees feel valued and appreciated for their contributions. Regular salary audits and equity reviews maintain alignment with market standards and internal principles, reinforcing a system where recognition is earned and fairness is given.
Work-life balance
At MOTOR OIL Group the importance of family and personal well-being is recognized. Along with the regulatory respective family-related leave options (e.g. paternity leave, parental leave, carer's leave, force majeure leaves and flexible working arrangements for parents and carers) the Group additionally provides a wide range of benefits (e.g. Childcare support), in order, to support its team members during significant life events.
More specifically, MOTOR OIL has launched a New Parents Support Program as part of its commitment to family values and investing in future generations. The initiative provides financial support to employees welcoming a child, offering a one-time grant per birth. In addition, employees with children attending nursery or kindergarten receive a specific allowance per year per child.
MOTOR OIL Group “Rewards and Recognition Policy” has been conducted to celebrate the achievements and contributions of its employees, ensuring that their hard work and dedication are acknowledged. By placing equal emphasis on both professional achievement and personal well-being,
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Group is dedicated to cultivating a supportive and balanced environment where its employees can excel in both their careers and personal lives. The Group provides a range of employee benefits, including pension and medical insurance coverage, educational assistance, long-service awards, family-oriented events (e.g., Christmas gatherings), support for employee sporting activities, and employee discounts. Benefits are granted based on position and level within the organization and apply to all employees irrespective of the nature of their employment contract. The Group is committed to fostering a supportive work environment that promotes productivity, employee development, and physical and mental well-being.
Health & Safety
MOTOR OIL Group maintains policies addressing workforce-related risks, opportunities and material impacts, including occupational health and safety, fair treatment, social dialogue and employee development. Senior and line management bear accountability for policy implementation, ensuring continuous improvements, with policies informed by employee feedback and external engagement. Protecting employees, contractors, local communities and business partners, the MOTOR OIL Group fosters open communication, promotes active safety participation and provides targeted training. The integration of environmental protection strategies ensures resilience in operations, benefiting both internal and external stakeholders.
To ensure a safe working environment, the Group operates an Integrated Quality, Health, Safety, Security and Environment Management System (QHSSE), applicable to employees and non-employee workers (e.g., contractors, interns, security personnel and refinery visitors) across all operations. The QHSSE Management System is a line management accountability system and an integral part of how the Group conducts business. Its aim is to continuously improve processes and performance by assessing risks and controlling those as well as builds up from potential incidents identification and control (not just on actual incidents or near misses).
MOTOR OIL Group’s Health and Safety Policy based on the "Goal Zero" philosophy, prioritizes accident prevention, occupational hazard elimination and operational integrity. Seeking zero harm, zero fatalities and zero significant incidents, the policy is embedded in an Integrated Management System (QHSSE), covering Quality, Health, Safety, Security and Environment. Compliance with ISO 45001:2018 ensures adherence to global occupational health and safety standards, while proactive risk assessments and hazard prevention strategies safeguard employees, contractors and operations. Certified under ISO 45001:2018, the major operational sites’ safety framework aligns with the European Directive 2012/18/EU (SEVESO III) and national legislation regarding hazardous circumstances.
Emergency preparedness remains a priority, with identified scenarios forming the basis of regularly tested response plans. All incidents, from near misses to significant events, undergo thorough investigation and documentation. Senior management continuously reviews and updates policies to maintain alignment with industry standards and best practices.
Retail Health & Safety
The Group extends its commitment to safety, social responsibility and labor standards into the retail sector, according to the following policies.
Safety & Security Policy
Safeguarding people, assets, information and corporate reputation systematically addresses security matters. National laws, international standards and the Group’s General Business Principles guide security management, with supervisors and specialized security firms overseeing implementation. Annual risk assessments inform proactive security measures, ensuring compliance while reinforcing a culture of vigilance.
Driving Policy
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Recognizing driving as a high-risk activity, Retail Companies enforce strict road safety measures. Road Safety Studies guide hazard identification, regulatory compliance underpins operational standards and performance monitoring supports accident prevention. Comprehensive training for employees and contractors ensures alignment with the highest safety standards.
Drugs and Alcohol Policy
Maintaining a workplace free from substance-related impairment is a fundamental responsibility. Retail strictly prohibits the use, possession, or distribution of drugs and alcohol within its operations. Employees in high-risk roles, particularly in fuel, lubricant and chemical handling, undergo routine and specialized testing. Medical examinations post-incident further upholds workplace safety while respecting confidentiality.
Product Stewardship Policy
An approach to product management, ensuring compliance with regulatory standards while mitigating risks to employees, contractors, customers and the environment. Safety Data Sheets (MSDS) facilitate informed handling, storage and transport and emergency response plans safeguard against hazardous material incidents. Collaboration with experts and regulatory bodies drives continuous improvements in safety and environmental responsibility.
Non-Smoking Policy
Retail Companies reinforce health-focused workplace policies by regulating smoking in designated outdoor areas. Employees and visitors share responsibility for compliance, ensuring a work environment that prioritizes well-being.
Major Accident Prevention Policy
Managing risks inherent in petroleum and chemical product storage, handling and transport, retail companies adhere to SEVESO III regulations and national laws. The Major Accident Prevention Policy upholds stakeholder safety, extending protection to employees, contractors, visitors and local communities.
Refinery Health & Safety
MOTOR OIL (Hellas) – Corinth Refineries S.A takes all necessary measures to prevent accidents and injuries related to, resulting from or occurring at work, minimizing as far as reasonably practicable the risks related to the work environment, always considering the specific risks associated with its activities. The company ensures that all staff receive effective environmental, safety and hygiene instructions on a regular basis. Health and safety and environmental training is repeated for new and relocated staff as well as in the event of changes or incidents/ accidents.
In addition, MOTOR OIL (Hellas) – Corinth Refineries S.A provides to personnel with the necessary and appropriate personal protective equipment. In the event of a work-related accident, the company has adequate facilities (first aid rooms) to provide first aid and ensure that the employee receives further medical attention. The company also has a multi-membered safety section and specialized safety technicians who are assigned the responsibility to supervise and secure health and safety conditions at workplace as well as to prevent work accidents. As an aid to workplace accident prevention, the Company owns fire extinction vehicles and a multitude of stable and portable fire & smoke detection systems and extinguishers.
The accident prevention policy is implemented through the following methods:
•Strict adherence to legislation and internationally accepted codes, protocols and safety operation rules.
•Continuous improvement of all safety and health and safety control systems.
•Record keeping of all accidents/incidents and near- miss, evaluation and adopting appropriate corrective actions.
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•Continuous upgrade of all resources relating to individual safety and fire prevention, combined with personnel training on the use of these resources.
MOTOR OIL (Hellas) – Corinth Refineries S.A,
•has the mechanisms, time, training and resources necessary for consultation and participation. In these mechanisms is included the possibility of representing employees through the Committee on Occupational Health and Safety (EYAE - joint meetings of EYAE with the management of the Refinery to promote hygiene and safety issues in the workplace),
•provides timely access to clear, comprehensible and relevant information on Occupational Safety Health which is developed in accordance with the requirements of the ISO 45001:2018 standard,
•identifies and removes barriers or barriers to participation and limits those that cannot be removed (e.g. failure to respond to employee input or suggestions, language and literacy barriers, retaliation or threats of retaliation and policies or practices discourage or suppress employee participation), and
•emphasizes the consultation of staff and the participation of employees who do not hold managerial positions.
RES Health & Safety
MORE has implemented a Health & Safety Management System aligned with ISO 45001 to prevent workplace accidents, supported by management commitment and resource allocation. The system focuses on legal compliance, integration of HSE in daily operations and planning, risk management through effective controls, employee training and reporting of unsafe conditions, and performance monitoring for continuous improvement.
Personal accountability is promoted through HSE targets in annual evaluations, with planning coordinated by the HSE function and execution led by Operations and Engineering, enhancing employee engagement.
MORE places strong emphasis not only on employees’ accident prevention but also on contractor safety, given that contractor activities represent a significant portion of its operations and may impact on employee safety, too. Accordingly, MORE has established a structured process for contractor selection, performance evaluation, and collaboration to share lessons learned from high-risk activities, such as Wind Turbine Generator maintenance and construction projects.
MORE’s management system is aligned with the broader MOTOR OIL Group HSE framework, incorporating both proactive and reactive elements. Proactive components include clearly defined roles and responsibilities, risk identification and classification, implementation of control measures, monitoring of HSE KPIs, employee training, internal inspections and audits, and emergency response planning. Reactive elements include incident management and deviation handling, supporting continuous improvement and accident prevention.
Circular economy & alternative fuels Health & Safety
Advancing sustainability initiatives, THALIS prioritizes safety and regulatory compliance, fostering a culture of continuous improvement through audits, risk assessments and training. Industry-specific strategies align with best practices, ensuring resilience in an evolving regulatory landscape.
VERD & PRASINO LADI integrates a structured, proactive Health & Safety and emergency preparedness framework, ensuring compliance with national and industry regulations, including P.D. 17/1996 and Law 3850/10. Its comprehensive Internal Emergency Plan addresses all potential risks—fires, chemical leaks, extreme weather, seismic events, and security threats—through scenario-specific protocols, clear response mechanisms, evacuation routes, area prioritization, and coordinated response teams. Employees receive ongoing training to act decisively and reinforce a safety-focused culture, supported by integrated communication systems. Periodic reviews, internal evaluations, and
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drills ensure procedures remain practical, current, ESG-aligned, reduce risks, limit disruptions, and build trust among employees, partners, and regulators.
HELECTOR maintains a Health & Safety Policy to prevent accidents and occupational diseases through risk identification, assessment, and mitigation measures. Senior management and company representatives are committed to guiding and promoting the policy across all hierarchy levels, ensuring understanding and implementation by the entire workforce. The policy safeguards employees, third parties, and the environment, while workforce engagement ensures safe procedures are followed daily. Continuous training fosters a Health & Safety culture aimed at achieving zero accidents.
S1.2 Processes for engaging with own workforce and workers’ representatives about impacts
MOTOR OIL Group prioritizes employee engagement, diversity, equity, and inclusion, ensuring workforce policies reflect evolving labor market trends and employee needs. Through bi-annual satisfaction surveys, engagement forums, focus Group s, leadership feedback sessions, and structured reporting channels, employees provide input on career progression, work-life balance, and organizational practices, enabling data-driven policy improvements. Workforce policies are accessible via digital platforms, and onboarding includes mandatory training on rights, benefits, professional development, and corporate governance. Action plans based on employee feedback ensure continuous refinement of employment practices, transparency, and alignment with best-practice workforce management. Engagement with employees and their representatives takes place at different stages of the Group’s workforce management and due diligence processes. Specifically, following the completion of the employee satisfaction survey, employees from all levels participate in a structured exchange of views to analyze the survey results, including discussions on policy design, implementation, and the review of actions across workforce-related matters derived from the survey.
The Local Safety Committee represents all workers and contractors, with active participation from QHSSE Advisors, Technical Inspectors, Occupational Hygienists, and a Safety Technician, to discuss health and safety hazards. MOTOR OIL (Hellas) – Corinth Refineries S.A. ensures employee communication and participation at all levels in the development, planning, implementation, evaluation, and improvement of the OHS management system. Employees receive timely information, contribute to decision-making on OHS performance and changes, and are encouraged to report hazards to enable preventive and corrective actions. Another way of engaging with own workforce and workers’ representatives is also described in the publicly available Policy Against Violence and Harassment. The Human Resources Manager of each Group Company, as the designated Reference Person, confidentially guides and informs employees on prevention and resolution of such issues and responds to inquiries. Employees may contact the Reference Person by name or anonymously via email, direct phone line, or personal meeting with a written, oral, or email request.
The Reference Person shall comply with all provisions on the protection of personal data and confidentiality in the performance of his/her duties. Furthermore, in compliance with EU Directive 2019/1937 and Greek Law 4990/2022, as in force, each Group company, that is obliged, has adopted a Whistleblowing Policy that protects employees against retaliation and ensures the protection of personal data for all parties involved and has appointed an Officer Responsible for the Receipt and Monitoring of Reports (ORRMR) to independently manage investigations, report directly to the Board of Directors and be supported by the Reporting Management Committee. The Group encourages employees and stakeholders to submit confidential or anonymous reports, ensuring protection from retaliation and data privacy in line with ethical governance. The reporting channels and the mechanism for identifying, reporting and investigating concerns about unlawful behavior are described both in S1.3. and in the Group Whistleblowing Policy and the relevant Procedure. In the event of indications of policy violations, employees must promptly inform the ORRMR, following the guidelines outlined in the Whistleblowing Policy. All reports will be thoroughly reviewed, and corrective and remedial actions will be taken as needed.
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Additionally, the Collective Bargaining Agreement with the Hellenic Federation of Enterprises describes the terms of employment and pay levels at the refinery, aiming to achieve continuous improvements in working conditions and develop mutually beneficial relations. Furthermore, within the code of ethics and corporate responsibility, which applies to all employees of the Group, respect and support for human rights is specifically mentioned. The Group, through its sphere of influence, supports and respects the protection of human rights and ensures that any type of violation or infringement thereof is avoided. Inter alia, the avoidance of child and forced labor and the respect for the principles of non-discrimination in the workplace.
The outcomes of the engagement of own workforce, are communicated internally. For example, the results of the employee survey were communicated through intranet to all the employees. The resources allocated to engagement are among others, the HR General Division and the Group’s Health and Safety departments along with other departments within the organization that might be involved in the impact.
Lastly, MOTOR OIL Group has adopted a comprehensive and extent Stakeholder Engagement Plan (SEP), which aims to enhance transparency, strengthen two-way communication and align MOTOR OIL with social, environmental and regulatory expectations. It includes analyzing the connection between each stakeholder Group and the company to identify critical interaction points, understand impacts and interdependencies and recognize potential conflicts. Additionally, the plan ensures compliance with ESG standards while identifying risks and opportunities that arise from stakeholder relationships, fostering stable and effective long-term partnerships.
S1.3 Processes to remediate negative impacts and channels for its own workforce to raise concerns
MOTOR OIL Group recognizes that strong accountability mechanisms reinforce trust and enhance corporate governance. Central to this commitment is the “Whistleblowing Policy”, which provides employees and stakeholders with secure, confidential, and—when preferred—anonymous channels for reporting concerns, thereby promoting transparency at all organizational levels. The entire process is conducted internally within the organization, without the involvement of any third-party mechanisms.
This policy is fully aligned with applicable Greek legislation, including Law 4990/2022 and Law 4808/2021, as in force, ensuring that all reports are managed with diligence, impartiality, and fairness. Employees and stakeholders have access to multiple reporting methods, such as an electronic whistleblowing platform, written submissions, or personal meetings with the Officer Responsible for the Receipt and Monitoring of Reports (ORRMR) or the Compliance Officer, each designed to guarantee confidentiality and protect the reporting individual.
MOTOR OIL Group fosters a work environment where reporting misconduct is protected from retaliation, including exclusion from development programs, negative evaluations, or workplace ostracization. Awareness campaigns, communications, and training ensure employees understand their rights and reporting mechanisms, including whistleblowing through the intranet, newsletters, email updates, and structured training. The Committee on Occupational Health and Safety (EYAE) and the Local Safety Committee, with QHSSE Advisors, Technical Inspectors, Occupational Hygienists, and Safety Technicians, provide forums for jointly addressing hygiene and safety concerns, enhancing transparency, identifying risks, and guiding corrective actions. The Integrated Management System ensures that corrective actions are analyzed, approved by management, implemented, recorded, and monitored through safety assessments, maintenance reviews, and key safety indicators, with monthly and weekly updates tracking trends and supporting continuous improvement.
The Group tracks and monitors issues raised through a formal Register of Reports maintained by the Officer Responsible for Receipt and Monitoring of Reports (ORRMR), which captures all reports regardless of submission channel. The ORRMR acknowledges receipt within seven working days, provides updates to the reporting person within three months, and the Reports Management Committee
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monitors investigation progress and reports to the Board of Directors, which takes final decisions on corrective actions.
S1.5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Following the Group’s Double Materiality Assessment (ESRS 2 IRO1), the Sustainability Division defined preliminary targets for each material topic. These were shared with the relevant stakeholders, which reviewed them in the context of their operations, provided feedback, and proposed adjustments or complementary targets based on their experience and ongoing practices. This iterative process ensured that workforce insights were considered in finalizing the targets. All proposed targets and the relevant process, were acknowledged by the Group’s Sustainability Committee, ensuring alignment with strategic priorities, operational realities, and effective integration of employee input into the Group’s sustainability objectives.
MOH Group: Violence and Harassment Awareness and Training Targets
By 2026, the Group aims to reinforce awareness of its Violence and Harassment Policy through targeted SharePoint campaigns and biennial refresher training, providing employees with guidance on responding to incidents. The target applies to permanent employees with access to SAP SuccessFactors and SharePoint and is measured via participation and completion rates in the HR learning management system. This supports the Violence and Harassment Policy, Code of Ethics and Corporate Responsibility, and the zero-tolerance commitment. The baseline participation rate was 95% in 2025, when employees with access to SAP SuccessFactors completed the first whistleblowing training. Training content is aligned with internal policies, applicable national labour legislation, and recognized international standards, with the assumption that employees have continued access to digital training platforms and communication channels. The target was defined with the involvement of the Compliance and HR functions. No changes to the target or measurement methodology have been made to date, and as of 2025, 95% of employees with access to SAP SuccessFactors completed the initial training.
MOH Group: Digital Learning Access Targets
By 2026, the Company aims to ensure that 95% of permanent employees with SAP SuccessFactors access are invited to the Group’s digital learning platforms. This target supports workforce development, employability, and long-term skills strategy in line with the Training and Development Policy, providing continuous upskilling and reskilling opportunities. The baseline participation rate was 90%, representing employees with access to SAP SuccessFactors who had already been invited to access the Group’s digital learning tools. Progress is tracked through HR and Learning Management System user records. Learning content aligns with business needs, digital skills frameworks, and national and EU strategies. The target was defined by Human Resources and Learning & Development, with no changes to methodology to date; any future adjustments will be disclosed with rationale and impact on comparability.
MOH Refinery: Lost Workday Incident Frequency (LWIF) Benchmarking Targets
During 2024–2027, the Company aims to achieve 2nd quartile performance in European sector benchmarking for Lost Workday Incident Frequency (LWIF), as defined by CONCAWE. The target applies to all employees and contractors at company-controlled sites and covers occupational incidents resulting in lost workdays. Measured per million hours worked against sector peers, the baseline in 2024 was 3rd–4th quartile, with interim milestones of 3rd quartile by 2025 and 2nd quartile by 2027. Progress is monitored continuously and reported monthly to refinery management. The target supports the Health & Safety Policy, employee well-being, and alignment with leading European benchmarks. It was defined as Health & Safety, Operations, HR, Worker Representatives, and employee safety committees. Any future methodological changes will be disclosed with rationale and impact on comparability.
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LPC: Contractor Health & Safety Training Targets
By 2027, the Company aims for at least 85% of contractors in industrial facilities to have gone through Health & Safety training, either externally certified or provided by the H&S Department. The target applies to all contractors and subcontractors performing construction, maintenance, operations, and technical services and is measured through onboarding systems, H&S records, and site access controls. The baseline year is 2025, when 65% of contractors held valid H&S certification. The target period is 2025–2027, with certification required for all new contractors by 2026 and full compliance for existing contractors by 2027. Training status is verified through contractor onboarding systems, H&S Department records, and site access controls, aligned with internal regulations, national H&S legislation, and industry standards. The target was defined by Health & Safety, Procurement, Legal, and site management teams, and progress is monitored continuously. No changes to the target or methodology have been made to date.
AVIN & CORAL: Zero accidents Targets
AVIN & CORAL has set a long-term target of zero accidents leading to lost workdays (target value = 0), measured as the number of incidents. The target supports the Health & Safety policy and aims to minimize work-related incidents, improve employee well-being, and align performance with leading European-sector benchmarks. It applies to all employees and contractors at company-controlled sites and covers all occupational accidents resulting in injury, illness, or lost workdays. The baseline year is 2024, with Total Recordable Cases Frequency (TRCF) = 0.30. The target has no end date and is reviewed annually with internal improvement plans. Incidents are recorded through the internal Health & Safety management system and monitored continuously via H&S dashboards, with annual disclosure of accidents and lost workdays, including root-cause analysis and corrective actions where needed. The target is based on internal policies and recognized industry practices and was defined by Health & Safety, Operations, HR, the Management Team, and safety committees. Any changes to incident definitions, reporting scope, or data collection systems will be disclosed, including impacts on comparability.
The Group’s sustainability targets are systematically monitored and reviewed to track performance and ensure continued alignment with strategic priorities. Relevant departments report on implementation progress and outcomes, including lessons learned or proposed improvements, which are evaluated internally by top management. Oversight by the Sustainability Division ensures that targets remain relevant, measurable, and effectively integrated into the Group’s sustainability strategy.
S1.6 Characteristics of the undertaking’s employees
The following table discloses the total number of employees for 2025 in MOTOR OIL Group (incl. Associate companies) by headcount and breakdown by gender and type of employment contract. The following data concerns the number of employees at the end of the reporting period as 31.12.2025. The total number of employees, excluding those from Associate companies, is 4,310, as stated in 'Note 1: General Information' of the Financial Statement.
MOTOR OIL Group has significant employment with at least 50 employees representing at least 10% of total number of employees, which is 4,260 in Greece. No other country where MOTOR OIL Group operates has at least 50 employees, representing at least 10% of the total number of employees.

Description 13 | 2025 | 2024
Number of employees (head count) | 4,383 14 | 3,332

13 All metrics have been measured at the end of the reporting year. The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
14 The total number of employees reported in the Sustainability Statement also includes employees from Associate companies (2025: 73 employees, 2024: 63). The total number of employees, excluding those from Associate companies, is 2025: 4,310 and 2024: 3,269, as stated in 'Note 1: General Information' of the Financial Statement.
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Number of male employees | 3,485 | 2,692
Number of female employees | 898 | 640
Number of employees (Greece) | 4,260 | 3,246
Permanent employees (male) | 3,359 | 2,478
Permanent employees (female) | 883 | 608
Temporary employees (male) | 118 | 214
Temporary employees (female) | 23 | 32
Non-guaranteed hours employees (male) | 0.00 | 0.00
Non-guaranteed hours employees (female) | 0.00 | 0.00
Full time employees (male) | 3,453 | 2,684
Full time employees (female) | 903 | 632
Part time employees (male) | 12 | 8
Part time employees (female) | 15 | 8
Number of employees who have left the undertaking | 522 | 267
Percentage of employee turnover (%) | 11.9%15 | 8.00%

The total number of employees who have left the Group’s workforce due to dismissal, resignation and retirement during the reporting period is 522 with the employee turnover being 11.9%. From turnover data, the contract expirations for fixed-term employees have been excluded, since they do not count as a turnover-related exit.
The total number of employees for 2025 reported in the Sustainability Statement also includes employees from Associate companies (73 employees). The fluctuation in employee numbers (headcount) between the two reporting periods is partly attributable to the incorporation of new companies into the MOTOR OIL Group. Additionally, employee figures for certain HELECTOR joint ventures 16 are consolidated proportionally to the Group’s ownership interest; accordingly, the total number has been rounded up. This reflects the Group’s evolving structure and ensures that reported headcount data accurately represents the workforce across all consolidated entities.
S1.7 Characteristics of non-employees in the undertaking’s own workforce

Description 17 | 2025 | 2024
Number of non-employees in own workforce 18 | 11,243 | 8,460

The above-mentioned number of Non – employees (headcount, at the end of the reporting period, 31.12.2025) include mainly contractors and employees provided by Temporary Employment Agencies.
15 Excluding the entities integrated in 2025 and considering the same scope of entities as in 2024, the employee turnover rate amounts to 10.6%.
16 The list of the joint ventures: J/V EKMETALLEFSIS BIOAERIOU DYT. MAKEDONIAS ILEKTOR AE THALIS SA, J/V ILEKTOR AE–WAAT AE (A PHASI APOKATASTASI OEDA DYT ATTIKIS), J/V PRASINOU EMA, J/V ILEKTOR AE THALIS ES SA XIRANSI ILYOS EEL XANION, J/V ILEKTOR WATT MES OEDA D. ATTIKIS, J/V ILEKTOR AE THALIS ES SA ANAVATHMISI YPOD LYMATON POROU, J/V XERSONISOU ILEKTOR AE – LIMENIKIS AE, J/V ILEKTOR TOMI EDESSA, J/V ILEKTOR MESOGEIOS AQUA..
17 The number of non-employees is reported in headcount, counting everyone regardless of full-time or part-time status. At the end of the reporting period, non-employees mainly include contractors and employees from Temporary Employment Agencies. The workforce primarily consists of engineers and their teams, as well as workers in retail stations, performing mostly manual, field-based work in refineries and retail locations. The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
18 Total number of non-employees in the undertaking’s own workforce also include, either people with contracts with the undertaking to supply labour (“self-employed people”) or people provided by undertakings primarily engaged in “employment activities” (NACE Code N78).
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The type of workers that were occupied were mostly engineers and their teams, along with workers that are occupied in Group's retail stations. The type of work that is performed is mainly manual (field-based work in the refinery, the RES locations and the retail stations). The fluctuation in non-employees numbers (headcount) between the two reporting periods is partly attributable to the incorporation of new companies into the MOTOR OIL Group.
S1.8 Collective bargaining coverage and social dialogue

Description 19 | 2025 | 2024
Percentage (%) of total employees covered by collective bargaining agreements (Group)20 | 100% | 100%
Percentage (%) of total employees covered by collective bargaining agreements (Greece) | 100% | 100%
Percentage (%) of employees covered by workers' representatives (Greece)21 | 19% | 54%

The percentage of employees covered by workers' representatives is calculated as the proportion of employees in the Group's companies with a union in Greece relative to the total workforce across all the Group's companies operating in Greece.
S1.9 Diversity metrics

Description 22 | 2025 | 2024
Male employees at top management level | 87 | 124
Percentage (%) of male employees at top management level | 92.55% | 91.18%
Female employees at top management level | 7 | 12
Percentage (%) of female employees at top management level | 7.45% | 8.82%
Employees under 30 years old | 548 | 391
Percentage (%) of <30 aged employees | 12.5% | 11.73%
Employees between 30 and 50 years old | 2,646 | 2,064
Percentage (%) of 30-50 aged employees | 60.4% | 61.94%
Employees over 50 years old | 1,189 | 877
Percentage (%) of >50 aged employees | 27.1% | 26.32%

All metrics have been measured as of the end of the reporting year 2025 and extracted from the HR Department's software. The top management metrics include employees at a specified grade and
19 MOTOR OIL Group does not have any representation agreements in accordance with the European Works Council (EWC), Societas Europaea (SE) Works Council, or Societas Cooperativa Europaea (SCE) Works Council. [S1-8 63 b] [S1-8 AR 70] The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
20 All EU-based geographies are covered 100% by law. For some geographies outside the EU collective bargaining agreement is not applicable.
21 the variation between the two years is primarily attributable to the temporary absence of employee representatives or unions within the newly integrated companies of the Group.
22 All metrics have been measured at the end of the reporting year. The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
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above - defined by the Group at the company level - and commonly referred to in the market as senior management.
S1.10 Adequate wages

Description 23 | 2025 | 2024
Percentage (%) of employees that earn below the applicable adequate wage benchmark | 0.00% | 0.00%

The topic of 'adequate wages' has not been classified as material based on the DMA outcomes. However, in keeping with MOTOR OIL Group’s commitment to transparency and responsible reporting, it continues to disclose relevant metrics on this matter.
All employees within the Group receive fair and adequate compensation, with their wages exceeding the minimum wage stipulated by law.
S1.11 Social Protection
Social Protection and Income Security
The topic of ‘social protection’ has not been classified as material based on the DMA outcomes. However, in keeping with MOTOR OIL Group commitment to transparency and responsible reporting, it continues to disclose relevant information on this matter. MOTOR OIL Group prioritizes efforts to safeguard its employees’ financial security against challenges such as retirement, long-term illness, disability, or unemployment. To achieve this, the Group adheres to national labor laws and corporate agreements, providing severance payments and retirement benefits as required. Also, the Group offers competitive compensation that reflects its employees' skills, experience and dedication. This approach underscores its commitment to attracting and retaining top talent, while fostering a positive and rewarding work environment for everyone within the organization and ensuring compliance with the minimum wage standards mandated by Greek law.
MOTOR OIL Group ensures compliance with EU regulations and national social protection frameworks, with its primary operations in Greece. MOTOR OIL Group’s commitment extends to comprehensive healthcare coverage for all employees, with public healthcare provided as part of the statutory benefits. For those with indefinite-term contracts, private health insurance through Insurance Company enhances their coverage, offering protection against income loss due to illness or accident. This forms part of a broader strategy to secure its employees’ well-being, which includes income protection from the start of their employment. In addition, for employees who voluntarily left are covered by social protection through Greek Law, if they must have completed 80 days of work in each of the two previous years before receiving benefits.
Sickness benefits are fully covered under Greek legislation and EU regulations. Employees in Greece are protected by the EFKA (National Social Security Fund), which provides medical expenses, hospitalization and sick leave benefits. Additionally, Regulation (EC) No 883/2004 ensures continuity of healthcare coverage for employees working across EU member states, while Directive 2011/24/EU guarantees access to medical treatment in other EU countries under comparable conditions. In addition, unemployment benefits are partially covered, with EU regulations coordinating benefits while Greek law determines eligibility and amounts. Employees in Greece are entitled to unemployment support through OAED (Greek Employment Organization), which administers benefits according to national legislation. Moreover, employment injury and acquired disability coverage are fully provided under both Greek law and EU regulations. Regulation (EC) No 883/2004 facilitates the coordination of such benefits for
23 The Group ensures that all employees receive an adequate wage, consistent with applicable benchmarks, standards and legislation. The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
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employees moving between EU states. At the same time, Directive 89/391/EEC mandates occupational safety and health measures to prevent workplace risks.
Equally important, parental leave rights are fully secured through Directive 2019/1158/EU, which has been transposed into Greek labor law. In Greece, mothers receive paid maternity leave for 17 weeks, while fathers are entitled to 14 days of paid paternity leave. Furthermore, employees can extend their leave through unpaid parental leave or special childcare leave, partially compensated through social security schemes. Also, the Group provides severance payments and retirement benefits as required, by EU regulations ensuring the portability of pension rights while Greek law defines the benefit structure. Employees contribute to EFKA (National Social Security Fund), which administers both national and supplementary pension schemes. It is important to note that the employment contract issued by MOTOR OIL Group specifies the commencement date of employment.
Tracking the effectiveness of its policies and actions related to material sustainability impacts, risks and opportunities, the Group is committed to adhering strictly to relevant targets and the scope of its policies. The Group monitors and evaluates relevant metrics on a case-by-case basis. Key metrics include those related to Diversity, Training and Skills Development and Health & Safety (can be found, under the Metrics segment). Additional, metrics may also cover turnover ratios, the proportion of women in the total workforce and the percentage of women in management positions.
With regards to the positive outcomes achieved of its actions, in 2025, the Group’s personnel completed 126,498 training hours on various topics, including ‘Health & Safety’ and ‘Whistleblowing wrongdoings 24’ at work. The effectiveness of these actions is reflected in metrics such as Health and Safety incidents, complaints and severe human rights impacts. Additionally, the outcomes are assessed through a bi-annual Employee Survey. Employee Survey is a key component of the Group commitment to cultivating an open, inclusive, and continuously improving workplace. The most recent survey took place in 2025. Through this structured feedback process, employees can openly express what works well and what could be improved, contributing directly to the organization’s strategic priorities and cultural evolution. The insights gathered are systematically analyzed at both Group and Company levels and serve as a foundation for the development of targeted Action Plans. These plans focus on strengthening employee engagement, enhancing leadership practices, improving communication, and addressing any areas requiring attention. By actively responding to the feedback received, the Group ensures that every voice plays a meaningful role in shaping the future of our organization. The next cycle is scheduled for 2027.
S1.12 Persons with disabilities

Description | 2025 | 2024
Number of male employees with disabilities | 7 | 4
Number of female employees with disabilities | 4 | 4
Total number of employees with disabilities | 11 | 8
Percentage (%) of people with disabilities amongst employees, subject to legal restrictions on collection of data | 0.00% | 0.24%

Group employees with disabilities are in accordance with the legal definitions of disability in the countries where it operates, ensuring compliance with regional labor regulations. There are no
24 The Whistleblowing Wrongdoings are the following: The violations of EU law within the meaning of Article 4 of Law no. 4990/2022, as currently in force, as well as the legislation on combating violence and harassment at work, within the meaning of Articles 3 and 4 of Law no. 4808/2021. In addition, violations of the provisions of the Anti-Bribery and Corruption Policy and of the Group’s Code of Conduct and Corporate Responsibility also fall within the scope of Wrongdoings.
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employees with disabilities amongst employees subject to legal restrictions on collection of data for 2025.
S1.13 Training and skills development metrics

Description 25 | 2025 | 2024
Male employees (%) that participated in regular performance and career development reviews | 90.63% | 99.84%
Female employees (%) that participated in regular performance and career development reviews | 98.51% | 100%
Percentage (%) of employees that participated in regular performance and career development reviews | 92.39%26 | 99.87%
Percentage (%) of Senior management that participated in regular performance and career development reviews | 84.29% | 100%
Percentage (%) of Office based employees that participated in regular performance and career development reviews | 90.09% | 99.78%
Percentage (%) of Field based employees that participated in regular performance and career development reviews | 58.61% | 100%
Average number of training hours (male) | 34.02 | 44.25
Average number of training hours (female) | 8.84 | 6.60
Average number of training hours (total) | 28.86 | 37.02
Percentage (%) of employees that participated in trainings | 80% | -
Percentage (%) of male employees that participated in trainings | 78% | -
Percentage (%) of female employees that participated in trainings | 89% | -

The Group provides equal training opportunities to all employees, tailored to their respective roles. However, in industrial facilities, such as the Refinery, due to the specific demands and the associated requirements, the workforce is primarily male, with the average training hours of men being higher. Additionally, the integration of new companies into the Group of MOTOR OIL has temporarily reduced overall participation rates. This is primarily attributable to the employee onboarding process and the time required to align new team members with the training programs implemented across the rest of the Group.
Performance Management & Development combines formal processes and daily practices to align employees with the company’s strategic goals and behaviors. It promotes continuous feedback and coaching between employees and managers to enhance performance and business outcomes. The process includes four phases: target setting, development planning, performance period, and evaluation - covering self-assessment, managerial review, calibration, feedback, and employee acknowledgment, with involvement from the employee, manager, and Human Resources. Participation rates were calculated as the proportion of eligible employees who completed the performance and career development evaluation relative to the total number of eligible employees. Eligible employees
25 All metrics have been measured at the end of the reporting year. The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
26 The number of eligible employees for 2025 is 2,976 and the eligible employees who participated in 2025 is 2,750.
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for performance & career development participation are all Group MOH employees who have been hired till June 30 th of the performance year, except the following,
•Employees with definite contracts, technical workers, interns, external partners and contractors,
•Employees who have worked less than 6 months during the respective year due to long-term leave (e.g. Maternity, long-term sick leave).
S1.14 Health and safety metrics

Description 27 | 2025 | 2024
Percentage (%) of people who are covered by health and safety management system 28 | 100% | 100%
Number of fatalities in own workforce as result of work-related injuries and work-related ill health | 0 | 0
Number of fatalities as result of work-related injuries and work-related ill health of other workers working on undertaking's sites | 0 | 0
Number of recordable work-related accidents for own workforce 29 | 27 | 7
Number of recordable work-related accidents for non-employees | 7 | 10
Rate of recordable work-related accidents for own workforce | 2.75 | 1.98
Number of cases of recordable work-related ill health of own employees and non-employees | 0 | 0
Number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health related to employees | 423 | 614

Employees are covered by EFKA (National Social Security Fund), which provides benefits including medical expense coverage, hospitalization, and sick leave compensation. In addition, Regulation (EC) No 883/2004 ensures the continuity of healthcare coverage for employees working across EU Member States, while Directive 2011/24/EU guarantees access to medical treatment in other EU countries under comparable conditions.
Furthermore, Law 3850/2010 and the 5239/2025, reaffirms the implementation of measures aimed at promoting occupational health and safety in the workplace and the social protection and support of employees in the workplace. The Group’s Health & Safety activities across its business segments (Refinery, Retail, Circular Economy & Alternative Fuels, RES) are validated by ISO 45001:2018. [ESRS2 MDR-M b]. Additionally, the Group provides private health insurance coverage to each employee.
S1.15 Work-life balance metrics

Description 30 | 2025 | 2024
Percentage (%) of employees entitled to take family-related leave | 100% | 100%

27 The Group’s Health & Safety activities across its business segments (Refinery, Retail, Circular Economy & Alternative Fuels, RES) are validated by ISO 45001:2018. [ESRS2 MDR-M b]
28 own workforce and non-employees who are entering Group’s operational sites, are covered by the undertaking’s health and safety management system based on legal requirements and/or recognized standards or guidelines namely Law 3850/2010 and the 5239/2025 as described in narrative. As such no calculation of percentage has been made.
29 In 2025, several companies were integrated into the Group, resulting in an increase in reported incidents. However, this does not necessarily lead to a rise in lost workdays, as these depend on the severity of each incident and the required absence, rather than the occurrence of minor incidents.
30 All metrics have been measured at the end of the reporting year. The related leaves are formally reported to the competent authorities and are subject to applicable regulatory oversight and control procedures other than the assurance provider. [ESRS2 MDR-M b]
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Percentage (%) of entitled employees that took family-related leave | 11.29% | 7.53%
Percentage (%) of entitled employees that took family-related leave (male) | 9.21% | 6.32%
Percentage (%) of entitled employees that took family-related leave (female) | 19.38% | 12.66%

In accordance with labor law, all employees in a dependent employment relationship are entitled to family-related leave. Specifically, Articles 24 to 45 of Law 4808/2021 encompass the majority of leave provisions within this category.
S1.16 Remuneration metrics (pay gap and total remuneration)

Description 31 | 2025 | 2024
Gender pay gap (%) | 27.29% | 31.54%
Annual total remuneration ratio | 93.98 | 60.83

All relevant numbers have been calculated based on the average gross hourly pay level. In the pay, components such as the Annual Gross Salary (actual payroll data for employees with a full year of employment, as well as full-year projections for new hires and those who were not employed for the entire year for any reason), Bonuses paid through payroll and Stock Options & RSUs were included. No in-kind benefits were included. Regarding the calculation of Annual total remuneration ratio, for the median employee annual total remuneration, the highest paid individual was excluded, while all other employees were included. The Annual Remuneration Ratio has been calculated based on annual gross total compensation.
The exact same components were included in last year's data. All numbers are now expressed in hourly pay rather than monthly pay. Regarding Stock Options, the amount added to the Total Compensation for the respective employees is not the stock’s full value but rather the difference between the stock’s value and the agreed stock option price.
S1.17 Incidents, complaints and severe human rights impacts

Measures against violence and harassment in the workplace 32 | 2025 | 2024
Number of incidents of discrimination 33 | 0 | 0
Number of complaints filed through channels for people in own workforce to raise concerns | 0 | 0
Number of complaints filed to National Contact Points for OECD Multinational Enterprises | 0 | 0
Amount (€) of fines, penalties and compensation for damages as result of incidents of discrimination, including harassment and complaints filed | 0.00 | 0.00

Human right violations | 2025 | 2024
Number of severe human rights issues and incidents connected to own workforce | 0 | 0
Number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises | 0 | 0

31 All metrics have been measured at the end of the reporting year. The related metrics have not been validated by an external body other than the assurance provider. [ESRS2 MDR-M b]
32 According to the information available from the communication channels monitored by the Compliance Unit/ORRMR and the available legal files held by the Legal Departments of the Group.
33 included grounds of gender, racial or ethnic origin, nationality, religion or belief, disability, age, sexual orientation, or other relevant forms of discrimination involving internal and/or external stakeholders across operations in the reporting period.
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Amount (€) of fines, penalties and compensation for severe human rights issues and incidents connected to own workforce | 0.00 | 0.00
Number of severe human rights cases where undertaking played role securing remedy for those affected | 0 | 0

Additionally, to the information reported in the above table, no incidents of discrimination, including harassment, were reported within the Group's companies during the reporting year. Furthermore, no cases of severe human rights violations were identified within the Group’s companies. No penalties, fines, or compensation for damages were imposed because of any incidents or complaints related to discrimination, harassment, or severe human rights violations.
SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
Actual or Potential Impacts
MOTOR OIL Group’s strategy and business model reflect its commitment to safeguarding the workforce by proactively addressing existing and potential Impacts, Risks, and Opportunities (IROs) [SBM-3]. These IROs are closely linked to the Group’s strategy, which is guided by principles of responsibility toward employees, including equal opportunities and occupational health and safety, as set out in the Code of Ethics and Corporate Responsibility.
The Group has assessed a negative material impact on Health & Safety that stems from the inherent nature of oil and gas industry, including explosions, fires, chemical leaks which pose significant environmental and human health impacts. This impact is characterized as systemic, treated as a structural feature of the industry and affecting all own workforce on the Group’s sites. It should be noted that the systemic exposure is the persistent, background condition. Individual incidents represent the realization of that systemic risk at specific times and locations. In high-risk operations such as refining, rigorous safety protocols protect employees and build trust with shareholders and unions. The Group has established a dedicated Health & Safety Committee to identify hazards, promote best practices, ensure regulatory compliance, and foster a proactive approach to workplace safety.
MOTOR OIL Group addresses material workforce topics through policies on equal opportunity, fair hiring, career advancement, and worker rights associations, particularly in refining and fuels operations. Professional development is supported via continuous training programs, while workplace harassment policies and comprehensive medical programs foster a respectful and safe environment. Recognizing its workforce as key stakeholders [SBM-2], the Group integrates employee views, rights, and human rights considerations into strategic planning through structured dialogues, feedback mechanisms, and consultations. This approach promotes inclusion, fair labor practices, well-being, and contributes to the Group’s long-term resilience and sustainable growth.
Operating in the Oil & Gas sector, MOTOR OIL Group employees face inherent risks from complex refining processes, volatile substances, and potential incidents such as explosions, fires, chemical leaks, and falls. These hazards require constant vigilance, as safety must coexist with operational demands across refining, retail, circular economy, alternative fuels, and renewables sectors. The Group implements safety protocols aligned with international standards, supported by advanced safety technologies and a dedicated Health & Safety Committee that identifies emerging hazards, reinforces best practices, and ensures regulatory compliance. Beyond immediate operational safety, MOTOR OIL Group through its Code of Ethics and Corporate Responsibility takes a broader view of workforce well-being, to mitigate certain labor risks across operations and supply chains. While no material risks of forced, compulsory or child labor have been identified, the adherence to the code allows the Group to proactively address geographic and operational vulnerabilities. Contractors and outsourced providers are encouraged to adhere to labor compliance practices aligned with international standards, reinforcing
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ethical employment practices and ensuring fair working conditions. Employee support extends beyond the workplace with fully covered maternity leave, state-subsidized extensions, and paternity leave policies that balance professional and family responsibilities. By embedding this proactive safety, ethical, and workforce initiative, MOTOR OIL Group strengthens employee protection, operational resilience, ESG alignment, and stakeholder confidence, ensuring long-term sustainable performance.
Risks and Opportunities
Beyond operational challenges, MOTOR OIL Group faces organizational risks and opportunities that impact long-term financial stability and growth. The capital-intensive nature of oil and gas operations exposes the Group to regulatory compliance costs, operational incidents, financial penalties, higher insurance expenses, and investor uncertainty. These risks are mitigated through robust safety and risk management frameworks that prevent disruptions, ensure operational continuity, and maintain financial predictability, supporting resilient profitability even in volatile regulatory and market conditions.
Effective implementation of workplace violence and harassment policies is critical, as non-compliance can lead to litigation, fines, reputational damage, reduced productivity, and weakened employee trust, affecting financial performance. MOTOR OIL Group recognizes that fostering an inclusive, diverse workforce, providing comprehensive benefits, and maintaining a dedicated Health & Safety Committee are not only social responsibility measures but also safeguards for operational efficiency and cost control, reducing disruptions and lowering risk exposure. The Group also acknowledges that transitioning to greener, climate-neutral operations presents both investment requirements and financial opportunities, with failure to adapt potentially resulting in regulatory penalties, carbon pricing impacts, and reduced market competitiveness, affecting workforce stability and long-term growth.
Broader workforce benefits—including long-term incentives, recognition awards, health check-ups, company-funded postgraduate scholarships, family perks, and case-based benefits—support employee retention and reduce hidden costs of turnover such as recruitment, onboarding, and lost productivity. Financial resilience is further strengthened through worker representation via unions and dedicated worker rights associations, mitigating risks of labor disputes, work stoppages, legal costs, and reputational harm. Structured engagement channels, surveys, and feedback mechanisms enhance internal stability, while investment in training and technical upskilling ensures the workforce meets evolving industry demands, improves operational efficiency, and aligns capabilities with sustainability and long-term financial viability.
Types of Own Workforce
MOTOR OIL Group’s workforce includes employees—permanent and temporary staff in office and field roles—and non-employees, primarily contractors and agency personnel, such as engineers and retail staff. Their work, often manual and field-based across refineries and retail sites, exposes them to material impacts, making workplace safety, fair employment conditions, and adequate protections key priorities for the Group. All individuals within MOTOR OIL Group’s own workforce that may be affected by the material impacts risks and opportunities previously outlined are within the scope of the S1 disclosures, unless otherwise indicated. During the materiality assessment as described in the chapter ‘’IRO1 Description of the process to identify and assess material impacts, risks and opportunities’’ the Group has developed an understanding of employees with particular characteristics that might be at greater risk of harm. Through the value-chain mapping step the Group has taken into consideration both employees and non-employees (e.g. contractors) that are subject to risk of harm. The Group is dedicated to fostering an inclusive workplace where all employees have equal opportunities for professional growth and advancement.
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S3 AFFECTED COMMUNITIES
S3.1 Policies related to affected communities Community Contribution Policy
MOTOR OIL Group's “Community Contribution Policy” ensures donations, sponsorships and community programs align with corporate values and the United Nations Sustainable Development Goals (SDGs), providing a framework for voluntary contributions with meaningful and lasting societal impact across the value chain of the Group. The policy is linked to the positive impact as recognized by the Group through the Double Materiality Assessment while it supports the reputation of the Group and enhances structured engagement with communities. Contributions may be financial, services and in-kind, in accordance with the “Code of Ethics and Corporate Responsibility” and Sustainable Development Strategy. The CEO and Chairman of the BoD oversee implementation. No significant changes to any of the policies mentioned occurred during the reporting year. All policies are available upon request or through the website of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
In 2025, the Group contributed €11.2 million to local communities, structured around four pillars: (1) National Initiatives, (2) New Generation, (3) Environment, (4) Society & People 34. All contribution requests undergo a formal evaluation process via a dedicated application form.
The policy is read in conjunction with the “Code of Ethics and Corporate Responsibility” and the “Sustainability Policy”. Local communities are engaged through the stakeholder engagement dialogue, while the whistleblowing mechanism provides an additional channel for relevant stakeholders to report concerns or issues, thereby contributing to the decision-making process.
The Group adheres to the UN Universal Declaration of Human Rights and, as a UN Global Compact signatory, integrates its ten principles across human rights, labor, environment and anti-corruption. The oversight and the monitoring of compliance with these standards is lied within the Sustainability Committee (Further information can be found in chapter GOV-4 Statement on Due Diligence)
No cases of non-respect of the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises have been reported. No indigenous peoples, as defined by ESRS, are affected across any part of the Group's operations.
S3.2 Processes for engaging with affected communities about impacts
Affected communities' engagement
MOTOR OIL Group maintains multiple engagement processes with affected communities, reflecting its commitment to transparency and ongoing dialogue. Engagement occurs directly or via legitimate representatives and credible proxies through: (i) the general inquiries section on MOH.gr/general-inquiries, open to all; (ii) the Community Contribution Form, enabling requests for support and active dialogue on potential impacts; and (iii) the Double Materiality Assessment process, where a third party collects and analyzes stakeholder feedback ensuring objective representation.
Regarding the stage, type and frequency of engagement, interaction occurs across multiple levels: ongoing through open communication channels, periodically through the Double Materiality Assessment, and upon request through the Community Contribution Form. In addition, the refinery has a dedicated stakeholder engagement procedure, categorizing stakeholders into local government, state bodies, residents, customers, certification bodies, ecological associations, workers' institutions and suppliers. As no distinction is made among different Group s (such as vulnerable or marginalized Group s), the measures implemented to understand affected communities are applied uniformly across all Group s.
34 The pillars were retitled during 2025. They were previously defined as: (1) Arts, Culture, Sports, (2) Environment, (3) Education and Innovation and (4) Local communities and Society
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In terms of operational responsibility, community engagement falls under the Communication and Public Relations Division, Sustainability Division, Commercial Subsidiaries General Division and Refinery General Division, with final approval of community contributions resting with the Chairman and CEO. To assess effectiveness, the Group has developed a Stakeholder Engagement Plan (SEP) to enhance transparency and two-way communication. Furthermore, for environmental concerns raised by communities, a structured corrective action process is followed: assessing compliance, reviewing the Environmental Impact Register, activating preventive and corrective actions, and integrating deviations into an Environmental Management Program.
S3.3 Processes to remediate negative impacts and channels for affected communities to raise concerns
During the Double Materiality Assessment, no negative material impacts on affected communities have emerged. Nevertheless, the Group maintains several channels and processes for raising concerns and providing remedy supporting the availability of grievance channels through its business relationships.
In the retail sector, a Request and Complaint Management Code is in place, covering submission methods, categorization, a reference-numbered recording system, handling procedures with defined responsibilities and deadlines, and the option to appeal to alternative dispute resolution bodies. In the refinery, a dedicated Complaints Handling process is established, encompassing complaint submission with supporting documentation, investigation by relevant departments, customer communication, negotiation for resolution — including potential compensation — and record keeping for up to five years.
In the RES sector, MORE has set a target for 2025–2027 to develop and implement at least two local community engagement action programs, including volunteerism initiatives, in areas of operation or significant impact, designed based on stakeholder surveys and internal guidelines. In that way the Group is expected to raise awareness on the available grievance mechanisms
Furthermore, the Group's Whistleblowing mechanism enables confidential or anonymous reporting of illegal activities. Reports are managed objectively and independently, with explicit protection against retaliation and full personal data protection for all parties involved.
S3.4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions
MOTOR OIL Group strives to build constructive relationships with the local communities in which it operates, by fostering a relationship based on trust and mutual respect. More specifically, local communities are supported by the Group through programs that enhance economic, social and cultural life. The Group makes direct or indirect financial contributions to many businesses and families, while supporting local initiatives and encouraging entrepreneurship, in a general effort to improve the well-being of the communities in which it operates.
The Group’s Sustainability Strategy on social welfare addresses both individual needs and societal goals in alignment with the 17 Sustainable Development Goals (SDGs), thereby affirming its commitment to addressing key societal challenges. This commitment is reflected in various initiatives and projects that the Group undertakes, ranging from educational programs, healthcare support, environmental conservation efforts, to cultural and sports sponsorships. The MOTOR OIL Group, through "Frontizo" program, a high-responsibility initiative with actions and projects that impact its world, aims for a better future. Future financial resources allocated to local communities are determined through a specific formula outlined in the Community Contribution Policy. This formula uses the EBITDA of each company within the Group to establish the minimum and maximum levels of financial contributions. The Group increased its contribution to local communities from 6.3 million in 2024 to 11.2 million in 2025.
National Initiatives pillar
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Overall, MOTOR OIL Group’s footprint under the “National Initiatives” pillar reflects a consistent and responsible approach to corporate social contribution—one that transcends ad hoc support and invests strategically and long-term in institutions, infrastructure, and human capital. Through meaningful actions and strategic vision, the Group reinforces its role as a reliable partner to Greek society and the State, actively contributing to national cohesion and resilience.
Under the National Initiatives pillar, the Group donated €5 million to the Hellenic Armed Forces, of which €4.5 million was allocated for the construction of the 4th and 5th floors of the Athens Naval Hospital, adding new hospital wings above the surgery unit and upgrading medical care standards for inpatients and Navy personnel. An additional €500,000 was directed to the reconstruction of the treatment center of the Hellenic Naval Academy and the purchase of new medical equipment. A pioneering biosafety project was also implemented in the new hospital wings through metagenomic analysis. Further donations were made to the Ecumenical Patriarchate for the acquisition of a permanent seat in Athens, reinforcing its institutional presence in Greece.
New Generation pillar
Under the New Generation pillar, MOTOR OIL Group makes a strategic and long-term investment in education, innovation and sports, empowering young people and laying the foundations for a knowledge-based society. Collectively, these actions benefited 240 schools, addressed the needs of 26,997 students and 2,597 educators, improved teaching and learning conditions, reduced schools' operating costs and contributed to bridging the digital divide, particularly in regional areas.
In the field of educational outreach, the Group supported students from regional schools through educational trips to Athens, enabling exposure to institutions of national significance such as the Hellenic Parliament and major cultural heritage sites. These initiatives fostered experiential understanding of democratic governance, strengthened historical and cultural awareness and ensured equal participation for all students regardless of financial means. In addition to these trips, the provision of school equipment, heating oil and modern technological equipment — including new computers and upgraded IT laboratories — significantly enhanced the learning experience, enabling educators to deliver curricula using contemporary digital tools and equipping students with essential digital skills for their academic and professional futures.
Building on this educational foundation, the Group further supported innovation and research by engaging 1,400 students from eight academic institutions through high-technology university competitions such as Formula Student and Chem-E-Car. These initiatives advanced research in engineering and technology, promoted interdisciplinary collaboration and international outreach, and cultivated skills critical to the future of the Greek economy, thereby serving as a bridge between academia and industry.
Alongside its educational and innovative efforts, the Group extended its commitment to the new generation through sports, supporting more than 23 champion athletes and Olympians, 13 emerging athletes and 17 sports clubs and organizations nationwide over the past three years. Through sponsorships and upgrades to sports infrastructure, the Group promotes values such as perseverance, resilience, consistency and excellence, strengthening athletes' role as positive role models for younger generations. In 2025 alone, these combined initiatives reached schools, students, athletes, sports organizations and local communities across Greece, significantly enhancing the quality of education, skills and talent development, social cohesion and opportunities for young people.
Environmental pillar
Under the Environment pillar, MOTOR OIL implements targeted environmental initiatives as part of its Corporate Social Responsibility strategy, aimed at reducing its environmental footprint, enhancing biodiversity and raising public awareness on ecosystem preservation.
A central focus in 2025 was the continuation of its multi-year collaboration with the Centre for Processing, Control and Certification of Forest Reproductive Material and the Amygdaleza and Agia
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Triada Parnitha Forest Nurseries, contributing to forest ecosystem protection and restoration. By 2026, this partnership will mark five consecutive years of support, reflecting the Group's long-term commitment to the National Reforestation Plan and the conservation of Greek biodiversity. In 2025, the processing facility produced 668 kg of certified forest seeds from 17,700 kg of raw material, while the nurseries recorded 757,317 sowings, 3,197,224 seedlings and 1,105,573 graftings, resulting in the distribution of 232,000 plants to reforestation areas, with a target of 320,000 plants in 2026.
In addition to cultivation activities, significant infrastructure and maintenance works were completed, including irrigation system repairs, flood-prevention works and road maintenance, while the nursery park was developed and made accessible to the public, fostering broader societal engagement with nature. Environmental education was also a key component, with 20 schools, 610 students and 92 educators visiting the facilities in 2025, gaining hands-on understanding of forest genetic material management. Further initiatives, including the New Cycle of Visits — Forest Stories and AXION HELLAS activities, promoted environmental knowledge and its connection to social responsibility.
To assess the impact of these initiatives, the Group applied the Social Return on Investment (SROI) methodology in partnership with the Sustainability Center (external partner), yielding a ratio of 1:3.71 — meaning that for every €1 invested, approximately €3.71 of social and environmental value was generated, with the total socio-environmental impact reaching €5 million.
Environment – Key Figures 2025 | Years of continuous nursery support: 5 | Certified forest seed production: 668 kg | Raw material processed: 17,700 kg | Sowings: 757,317 | Seedlings: 3,197,224 | Graftings: 1,105,573 | Plants distributed for reforestation: 232,000 | Target plant distribution for 2026: 320,000 | Participating schools: 20 | Students & educators: 702
Society & People pillar
Under the Society & People pillar, MOTOR OIL Group places people at the center of its corporate responsibility framework, supporting health, social care and the well-being of children, families and vulnerable Group s through partnerships with leading institutions and local communities. The Group's contribution extends across Health, Welfare & Children; Social Solidarity & Support for Vulnerable Group s; Civil Protection; Safety & Volunteering; Support for the Armed Forces & Public Infrastructure; and Religious Institutions & Local Communities. In 2025, total donations and sponsorships exceeded €8 million, supporting 80+ organizations across 10+ regions, spanning 40+ social and charitable organizations, 15+ health and welfare institutions, 20+ facilities for children and vulnerable Group s, 15+ volunteer and civil protection bodies, 10+ local authorities and institutional bodies, and 15+ religious institutions and local communities.
At the refinery level, MOTOR OIL HELLAS S.A. invested in local communities through donations, service projects and volunteer efforts. In collaboration with the Vardinoyiannio Foundation, and under a Memorandum of Cooperation with the Municipalities of Loutraki–Perachora–Agioi Theodoroi and Korinthia — encompassing public utility and infrastructure initiatives totaling €50 million — the Group contributed to the creation of a new daycare centre in Agioi Theodoroi with a capacity of 70 children, built across 546.55 square meters and achieving Category A+ energy efficiency certification. Within the same framework, two electric city buses and three electric vehicles were donated to the Municipality of Corinthia for public use and urban cleanliness. Furthermore, the Vardinoyiannio Foundation and MOTOR OIL supported the installation of desalination units addressing water scarcity in Agioi Theodoroi, Isthmia and Loutraki-Perachora, comprising one 1,000 m³ seawater unit — already operational in Agioi Theodoroi — two 500 m³ seawater units in Agioi Theodoroi, four 500 m³ seawater units in Isthmia and one 500 m³ brackish water unit in Loutraki–Perachora, with installation works currently underway for the remaining units. Additionally, the "Painting School Buildings" program transformed 10 schools in affected areas in collaboration with UrbanAct, and the "Ready for Work @ Engineering" program provided professional development and mentorship to young women engineers across Greece.
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In the Circular Economy & Alternative Fuels sector, THALIS supported cultural preservation by sponsoring the Malevizi Festival, Christmas celebrations in Sitia, the 10th Mediterranean Radio Festival of Sitia and Carnival 2025 in the Municipality of Phaistos, as well as international sporting events including the 12th BAJA Greece and the TUI SOCCA Champions League 2025. In the field of education and awareness, THALIS participated in the 2025 School Recycling Marathon in Heraklion and Agios Nikolaos and organized two multi-stakeholder events in Heraklion and Thessaloniki to disseminate the findings of the National Public Opinion Survey on Climate Change and Circular Economy. PRASINO LADI partnered with the Municipality of Kifissia to deliver circular economy education to 100 primary school students and 10 educators, providing hands-on understanding of the Reduce, Reuse, Recover and Recycle principles. L.P.C. supported the Thriasian Cultural Events, donated essential goods to the Social Grocery Store of Aspropyrgos and mobilized employee volunteers for Christmas support basket delivery.
In the Retail sector, AVIN OIL implemented the seasonal solidarity initiatives "Christmas for All", "Easter for All" and "Smiles for All" in collaboration with Ithaca, distributing essential supplies, festive gifts and school materials to homeless and vulnerable Group s, while continuing its support of top Greek athletes including Dora Gountoura, Artemis Vassilakis and Stefanos Douskos. CORAL-Shell Licensee supported "The Love Van Goes to School" initiative, through which 2,500 students from 94 schools prepared 11,500 meals for people in need, and additionally provided fuel gift cards to 20 beneficiary organizations and heating oil to 20+ schools in the Municipality of Perama. NRG sponsored the Fly Athens Pole Vault international event and, through the "Books of Hope" and "Cookie Boxes" volunteering actions in collaboration with Wise Greece, donated 300 books and prepared 200 cookie boxes for children and vulnerable Group s. CORAL GAS supported the "With Diabetes as a Guide" awareness campaign, screening 400+ children and adults across seven municipalities, and contributed to Liberty Guide Dogs, empowering the autonomy of people with visual impairments.
In the Renewable Energy Sources sector, MORE strengthened its positive footprint in local communities by equipping schools in the Municipality of Kymi-Aliveri in Evia with laptops, interactive screens and photocopying machines, benefiting 250+ students and educators and upgrading IT laboratories. Looking ahead, MORE has initiated a collaboration with Doctors of the World for 2026, as part of the Group's "Care for All" program, aiming to provide residents of 8 remote areas with access to medical professionals across a wide range of specialties, further reinforcing the commitment to social well-being and equal access to essential services.
Mitigation Measures
The Group has implemented a range of mitigation measures to address the environmental and social impacts of its industrial operations on surrounding communities. Noise mitigation is addressed through the installation of sound barriers and noise-dampening equipment, scheduled maintenance programs and operational protocols limiting high-noise activities to designated timeframes. Visual impact is reduced through green buffers, landscaping initiatives, architectural modifications, vegetation barriers and color harmonization. Prior to new projects, Environmental Impact Assessments are conducted, incorporating biodiversity preservation and cultural heritage protection measures, while structured consultations and community dialogue sessions ensure that local concerns are addressed proactively. To assess the effectiveness of its community initiatives, the Group has collaborated with a third-party organization to develop a Social Return on Investment (SROI) methodology, enabling measurement of the social, environmental and economic value created through its programs and ensuring a more transparent approach to community engagement.
Refinery - MOTOR OIL HELLAS S.A. has established a formal complaints management procedure to handle environmental grievances from residents in a structured and transparent manner. Complaints related to noise and other disturbances are received via telephone or the Refinery's Central Portal, recorded by designated gatekeepers and escalated to an environmental engineer who assesses the issue and, where necessary, conducts on-site inspections. The Head of the Environmental Section provides recommendations to senior management, which oversees the implementation of corrective
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actions and allocates the necessary resources for effective resolution, ensuring continuous compliance with regulatory requirements and sustainability commitments.
Circular Economy & Alternative Fuels - THALIS has submitted three environmental research projects — WASTEMILL, targeting organic waste processing; MAESTRO, aimed at advanced biofuel production; and YDRAERIO, focusing on co-gasification of waste materials with pruning residues to enhance energy recovery — all currently pending evaluation in partnership with research organizations and universities. L.P.C. supports marine conservation through in-kind sponsorships of lubricants to marine ecology organizations and local fishermen's associations, mitigating the impact of industrial pollution on marine biodiversity and coastal livelihoods. PRASINO LADI contributes to reduced environmental pollution and lower carbon emissions through the proper recovery of used cooking oil across the fuel and waste management value chain.
Retail - AVIN OIL conducted 57 beach clean-ups in 2025 under Project PARALIES, collecting 344.9 kg of waste from Schinias Beach and specific beaches in Evia, contributing to the mitigation of pollution and marine debris accumulation. NRG undertook long-term environmental rehabilitation through the "YMoto Energy for the Care of Hymettus" initiative, planting 500 trees and committing to the watering of 5,000 trees in collaboration with Let's Do It Greece, counteracting land degradation linked to industrial expansion. CORAL-Shell Licensee promoted sustainable mobility by sponsoring three student teams from Greek universities in the Shell Eco Marathon and raised awareness on responsible driving through its Safe Driving School initiative, reducing transportation-related emissions in affected communities.
Renewable Energy - MORE mitigates the long-term effects of fossil fuel dependency through the development and operation of renewable energy projects, the promotion of sustainable energy solutions and continuous investment in innovative technologies, contributing to the reduction of greenhouse gas emissions, enhanced energy security and the transition toward low-carbon power generation.
Finally, no severe human rights issues or incidents related to affected communities have been reported through the Group's Whistleblowing channels.
S3.5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Following the Group’s Double Materiality assessment (ESRS 2 IRO1), the Sustainability Division defined preliminary targets for each material topic. Information was also included by the outcome from 2025 third-party stakeholder engagement with local communities and affected stakeholders.
Preliminary targets were then shared with relevant departments, which reviewed them in the context of their operations, provided feedback, and proposed adjustments or complementary targets based on operational experience. This iterative process ensured stakeholder and internal insights were incorporated. No affected communities or representatives are involved in tracking performance against targets yet.
All proposed targets and the relevant process were acknowledged by the Group’s Sustainability Committee, ensuring alignment with strategic priorities, operational realities, and effective integration of stakeholder input into the Group’s sustainability objectives.
Local Community Engagement target
For the period 2025–2027, MORE aims to develop and implement at least two (2) local community engagement action programs, including volunteerism initiatives, in areas where it operates or has significant impacts. This absolute target is measured by the number of programs implemented and supports the Company’s community engagement and social impact strategy, in line with the Group-wide Stakeholder Engagement Policy and Plan. The base year is 2025, with one (1) program in place, and an interim milestone to develop at least one additional program by 2026. Program design is based on material issues identified through stakeholder surveys and aligned with internal guidelines. As of 2025, one program is in progress and implementation is on track to meet the 2027 target. The target
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was defined with the involvement of local community representatives, the Sustainability Division, and employees.
The Group’s sustainability targets are systematically monitored and reviewed to track performance and ensure continued alignment with strategic priorities. Relevant departments report on implementation progress and outcomes, including lessons learned or proposed improvements, which are evaluated internally by top management.
Oversight by the Sustainability Division ensures that targets remain relevant, measurable, and effectively integrated into the Group’s sustainability strategy.
SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
Actual or Potential Impacts
The primary beneficiaries of the Group’s initiatives are local communities - meaning communities that are either directly engaged with or located around the facilities, as well as the broader national context in which the core operations of the organization are conducted - which experience significant improvements in infrastructure, access to essential services and overall quality of life. Through the Group's investments, residents benefit from enhanced economic opportunities, better healthcare facilities, improved transportation networks and the creation of job opportunities, leading to increased employment prospects and community well-being. These benefits are particularly impactful for vulnerable Group s within local communities, such as low-income families, youth and the elderly, who stand to gain from improved social services and economic opportunities.
MOTOR OIL Group has identified a positive actual impact on affected communities, regarding its energy supply to society, remaining committed to support these communities, particularly those located near its areas of operation. These communities are often at the heart of the Group’s engagement efforts, as the development and operational activities surrounding the refinery play an important role in shaping their daily lives. By improving essential infrastructure and promoting social development, the Group’s investments help uplift these communities, making them more resilient and better equipped for long-term prosperity.
Risks and opportunities
The operation of refineries, renewable energy installations and petroleum facilities introduces significant risks and opportunities across the value chain (upstream and downstream) for MOTOR OIL Group, with direct financial implications tied to the impacts on local communities and stakeholders. Noise, visual disturbances and landscape changes can affect the quality of life for nearby residents, potentially leading to dissatisfaction, reduced property values and increased regulatory scrutiny. These risks can result in increased costs related to environmental protection, community engagement and potential legal liabilities. For the Group, such disruptions may also harm the public perception of its operations, influencing brand reputation and, ultimately, customer loyalty, which could have financial consequences in the form of decreased demand or increased operational costs.
However, these same challenges present opportunities for the Group to mitigate risks and create value through proactive engagement with affected communities. By addressing community concerns and implementing measures to reduce noise, enhance aesthetics and preserve landscapes, the Group can build stronger relationships with residents and stakeholders. The trust built through these actions translates into long-term operational efficiency, stronger community support and potential incentives from local governments. Energy companies' role in societal development presents a financial opportunity, as local hiring — notably at the refinery in Agioi Theodoroi — and community investment through donations enhance reputation, stakeholder trust and workforce retention. Moreover, investing in sustainability initiatives can lead to cost savings in energy efficiency and waste management, further
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improving the Group's financial performance while aligning with evolving regulatory and market demands.
Through both its operations and donations, the MOTOR OIL Group contributes to the energy supply that powers vital sectors such as healthcare, education and transportation - critical pillars of local economies. For instance, by providing electricity to hospitals, the Group enhances healthcare delivery. Supporting educational institutions with technology facilitates a more skilled workforce, contributing to economic growth. In the transportation sector, energy fuels improved efficiency and safety, directly benefiting industries reliant on logistics and infrastructure.
These practices foster long-term economic growth and contribute to the creation of jobs, enhancing the Group's financial stability and strengthening its position in the marketplace.
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S4 CONSUMERS & END-USERS
S4.1 & S4.4 Policies and Actions related to Consumers and End-Users
MOTOR OIL Group has adopted policies to manage material impacts related to consumers and end-users, covering product safety, quality and regulatory compliance across all aspects of its operations and throughout its value chain. These principles are embedded in a structured framework applied to production, distribution and customer interactions. No significant changes to policies were recorded during the reporting year of 2025. Key policies include the Quality Policy of MOTOR OIL and the Product Stewardship Policy of CORAL, available upon request or through the websites of the relevant Group companies. ISO certifications related to quality are also publicly available through the Group's company websites.
Regarding human rights, the Group's Code of Ethics and Corporate Responsibility explicitly commits to respecting and supporting internationally recognized human rights standards for consumers and end-users, within its sphere of influence. The Group upholds the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational Enterprises. Compliance is monitored through the Group's Whistleblowing Policy, which allows employees, customers and business partners to report regulatory violations confidentially and without fear of retaliation. (for detailed analysis of these policies, refer to chapter S1.1_S1.4 Policies and Actions related to own workforce). No severe human rights issues or incidents involving consumers or end‑users were identified during the reporting period through the Group’s whistleblowing channels.
The Group has implemented action plans and allocated resources to manage material impacts, from its products and services. A summary of the Group’s action plans is provided below, with further details mentioned in the following paragraphs.
Product safety and compliance
The Group's ISO 9001:2015 Quality Management System, overseen by senior management through measurable objectives and regular performance reviews, forms the backbone of its product safety approach, centrally managed with support from the Customer Service Centre Manager. The Group aligns with international standards including ISO 14001:2015, 45001:2018, 50001:2018 and 9001:2015. Product quality is ensured through specialized laboratories and mobile quality control units conducting monthly tests on incoming crude oil, chemicals, additives and final products before distribution. The primary resources allocated are personnel from quality departments. Health and safety risks are systematically assessed through ISO 45001:2018 certifications, with staff and contractors encouraged to report actual and potential incidents through a dedicated web-based platform, with all safety committee reports, peer reviews, internal audits and customer service findings recorded for ongoing monitoring and reassessment. The Whistleblowing Policy further reinforces responsible business conduct, allowing employees, customers and business partners to report regulatory violations confidentially and without fear of retaliation.
At subsidiary level, AVIN OIL operates a Quality & Quantitative Control Department and the "AVIN Quality Assurance" program, covering: fuel pump quality control checking specific gravity, appearance, color, clarity, moisture, foreign substances and octane number; quantitative pump control using accredited 20-liter measuring containers; proper sealing of fuel pumps in accordance with national legislation; and monthly technical inspection of tanks and wells — all certified by Bureau Veritas.
CORAL implements quality management processes certified to ISO 9001:2015 by TUV Austria for its owned fuel station network and by Bureau Veritas for its entire supply chain, covering receiving, storage, mixing, loading, transport and delivery of petroleum, lubricants and chemicals. Effectiveness is monitored through fuel quality control, customer satisfaction surveys, sales data analysis and service quality evaluation. CORAL maintains ISO certifications (14001:2015, 45001:2018, 50001:2018,
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9001:2015) and continuously invests in upgrading operations and equipment to enhance service delivery service and minimize environmental impact.
LPC complies with CLP Regulation (EC) No 1272/2008, placing required information and classifications on all product labels and publishing Market Safety Data Sheets online. Through the "Lab Project", LPC monitors packaged product sampling, records chemistry analysis results and implements corrective actions, supported by a mobile application with photo capture functionality for field usage decisions.
Consumer Engagement and Feedback
The Group maintains transparent customer feedback management through its Customer Complaints Policies and processes, covering all consumers across all product categories (e.g. Customer Complaints Policy & Procedures, Customer complaints processes in the Refinery, code for the management of requests and complaints for electricity customers). These policies ensure a structured, proactive approach to addressing customer concerns, driving service enhancements and implementing corrective actions based on consumer insights. The complaint policy is organized into two cycles: a complaint logging and resolution cycle, whereby complaints received via email, call center or social media are captured through an automated system, resolved within five calendar days and the resolution communicated back to the customer; and a complaint analysis and learning cycle, whereby complaints are analyzed monthly to identify root causes, corrective actions are implemented to prevent recurrence and learnings are shared across the organization to drive continuous improvement. Furthermore, MOTOR OIL, through constant communication with its customers and end users (Chapter (ESRS 2): Interests and views of stakeholders [SBM-2]) and the relevant to customers concerns, takes into consideration their views in drafting the relevant policies. With regards to the Customers Complaints policies and procedures, these are available upon request or provided directly through the websites of the relevant companies. Systematic monitoring and analysis of feedback enable the Group to continuously refine its services and maintain high levels of customer satisfaction, in line with the Quality Policy commitment to understand customer needs, respond promptly to requirements and meet.
S4.2 Processes for engaging with consumers and end-users about impacts
Engagement with consumers and end-users occurs directly through the general inquiries sections on MOTOR OIL Group's website and those of its retail subsidiaries, accessible to all including legitimate representatives and credible proxies, with communication directed to the relevant internal departments. Additionally, the Group's Stakeholder Engagement Plan (SEP), overseen by the Sustainability Committee, provides a structured framework for two-way communication, analyzing stakeholder relationships, identifying key interaction points, understanding impacts and interdependencies and recognizing potential conflicts.
The refinery has established a structured customer service assessment process, overseen by the General Division of Supply & Trading, covering quantitative and qualitative satisfaction surveys, identification and evaluation of strengths and weaknesses, gap management and continuous performance improvement, with the primary objective of minimizing product-related complaints.
At subsidiary level, NRG Customer Support operates through inbound and outbound calls, digital channels and complaints management, mapping customer journeys, monitoring KPIs, analyzing quantitative and qualitative results and cascading the agreed customer experience strategy across all touchpoints. Key engagement milestones with customers include the "NRG all smart" loyalty scheme (since 2019), a Quality Assurance Specialist function (since 2020), membership of the Hellenic Institute of Customer Service (since 2019), IVR customer surveys via 18101 (since 2021) and the "My NRG" application enabling customers to manage meters, payments and invoices. Retail subsidiaries additionally engage through market research. AVIN OIL conducted the following surveys in 2025:

Market Surveys for AVIN OIL (2025)
Type of Survey | Purpose | Responders

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Usage & Attitude Research, MRB Hellas (Quantitative) | Comprehensive analysis of consumer behavior, perceptions, and purchasing habits within fuels category. Monitor Brand Health KPIs | 800
Mystery Motorist Program (3 waves) | To evaluate and grade network sites | 271 sites

S4.3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
MOTOR OIL Group has established a structured complaint management framework Consumers and end-users can submit complaints through multiple channels: telephone, email, social media platforms (including Facebook and CORAL Net) and Voice of the Customer (VOC) platforms. All complaints are logged in the Salesforce system for centralized documentation and efficient tracking, directed to the appropriate department for assessment and resolution, with quality and quantity-related complaints subject to additional review by quality control officers, inspectors and operations managers.
A structured monthly reporting process ensures transparency and accountability, covering analysis of complaints received for trend identification, monitoring of unresolved complaints and year-to-date statistical reporting. Customers receive timely updates on complaint status, investigation progress and expected resolution timelines. Furthermore, the Group has established procedures for handling complaints related to product quality, delivery and service performance. Special attention is given to complaints concerning the Chemistry Department, which adheres to ISO/IEC 17025:2017 standards ensuring the reliability and accuracy of laboratory analyses
The Group assesses consumer awareness and trust in these channels through surveys, feedback mechanisms and direct stakeholder engagement sessions, using insights gathered to continuously refine its approach. The availability and use of these channels are embedded in the Group's business model, as further described under Interests and Views of Stakeholders SBM-2, Processes to remediate negative impacts and channels for its own workforce to raise concernsS1-3 and Business Conduct Policies and Corporate Culture G1-1. Policies protecting individuals from retaliation when utilizing these channels are in place, as described under Processes to remediate negative impacts and channels for affected communities to raise concerns S3-3, ensuring all reports are handled impartially and those raising concerns are safeguarded against adverse actions.
At subsidiary level, NRG applies a structured complaint resolution framework aligned with the Electricity Supply Code (ΦΕΚ Β' 832/9.4.2013), covering multiple submission methods, complaint categorization and tracking, defined response timelines and escalation procedures, and alternative dispute resolution mechanisms including referral to the Regulatory Authority for Energy (RAE) and the Consumer Ombudsman.
S4.5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Following the Group’s Double Materiality Assessment (ESRS 2 IRO1), the Sustainability Division defined preliminary targets for managing material impacts related to consumers and end-users. Insights from the 2025 market survey were also incorporated. These preliminary targets were reviewed by relevant operational departments, which provided feedback and proposed adjustments or complementary actions based on practical experience. This iterative process ensured that both internal expertise and stakeholder perspectives were integrated into the Group’s action plans, with resources allocated to quality assurance, regulatory compliance, customer support, and product safety to implement the targets effectively.
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All proposed targets and the relevant process were acknowledged by the Group’s Sustainability Committee, ensuring alignment with strategic priorities, operational realities, and effective integration of stakeholder input into the Group’s sustainability objectives.
Quality checks Target
For 2024–2026, the AVIN & CORAL targets 100% coverage of product quality checks across its retail network, measured as full site coverage of retail locations and relevant product categories distributed through petrol stations, B2B clients and heating resellers, in line with the Due Diligence Law. The baseline year is 2024, when 100% coverage was achieved and as of 2025 full coverage is maintained, in line with the 2026 target. Performance is monitored quarterly through retail audit records, inspection logs and quality management system data, with input from the Health and Safety Department. The target was defined with input from quality assurance, supply chain, state authorities and retail partners, taking into account consumer complaints and regulatory inspections. No changes to the target or methodology have been made to date; any future changes will be disclosed with their rationale and impact on comparability.
EV charging points Target
By 2030, MOTOR OIL Group aims to install over 4,000 charging points 35 (from approximately 2,030 36 in H1 2025), in line with the Group's strategic outlook. Target-setting methodology incorporated EV adoption trends, charging demand and market growth, national targets under the National Energy and Climate Plan (NECP), geographic factors, assumptions on government incentives, regulation and EV technology advancements. Stakeholders, including industry experts, local authorities, consumer Group s and retail networks were consulted to ensure alignment with demand. Progress is tracked through the number of charging points installed annually, reaching 2,249 in 2025 (vs. 1,629 in 2024). Consumer engagement was carried out through feedback surveys. The initiative is designed to meet growing EV charging demand, ensuring greater accessibility and convenience for consumers and end-users, delivered through subsidiaries NRG, AVIN OIL and CORAL, catering to both private consumers and commercial fleets.
The Group’s sustainability targets are systematically monitored and reviewed to track performance and ensure continued alignment with strategic priorities. Relevant departments report on implementation progress and outcomes, including lessons learned or proposed improvements, which are evaluated internally by top management.
Oversight by the Sustainability Division ensures that targets remain relevant, measurable, and effectively integrated into the Group’s sustainability strategy.
SBM3 Material impacts, risks and opportunities and their interaction with strategy and business model
Actual or Potential Impacts
MOTOR OIL Group operates across refining, storage, distribution and marketing of petrochemical products — including fuels and lubricants — as well as electricity and natural gas sales, electromobility, circular economy, alternative fuels and renewable energy. Within its retail segment, the Group serves individuals, businesses and industries with fuels, lubricants, LPG and energy-related services, ensuring products and services are accessible, safe and aligned with evolving consumer expectations and regulatory requirements. This disclosure covers all consumers and end users likely to be materially impacted.
MOTOR OIL Group recognizes that consumers and end-users are key Group s of affected stakeholders (further analysis regarding the stakeholders can be found in sub-Chapter: Interests and views of stakeholders [SBM-2]) and their interests, views and rights, including the respect for human rights
35 Includes private and public charging points
36 ~1,550 in the H1 2024
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(please refer to the Code of Ethics and Corporate Responsibility on the respect for human rights) are integral to shaping the company's strategy and business model. MOTOR OIL Group engages with them through structured dialogues, loyalty programs and feedback mechanisms (Questionnaires).
The following consumer and end-user Group s fall within the scope of the Group's quality processes in the retail sector and are dependent on accurate and accessible product and service information: fuel station owners; industrial clients procuring fuels and products for industrial production; end customers and households purchasing fuels, non-fuel offerings and services from fuel stations; heating oil customers; and electricity consumers comprising households and businesses.
The Group adheres to CLP Regulation (EC) No 1272/2008, ensuring all necessary product classifications and information are clearly communicated to consumers, supporting informed decision-making and public confidence. Quality control measures implemented across the refinery and retail companies prevent the distribution of substandard products, reduce health risks and reinforce consumer trust across the value chain, including business partners and suppliers.
Based on the Double Materiality Assessment, two actual positive impacts on consumers and end-users have been identified, with no related material risk or opportunities.
During the Double Materiality Assessment, as outlined in the chapter “IRO1: Description of the process to identify and assess material impacts, risks, and opportunities”, the Group developed a clear understanding of stakeholders with characteristics that may place them at higher risk of harm. As part of the value chain mapping process, the Group considered both consumers and end-users who could be exposed to such risks. Ensuring consumer trust through quality control, the Group utilizes specialized laboratories and mobile quality control units for product inspections. These labs support refinery, port and tanker loading operations by conducting extensive tests on incoming crude oil, chemicals and additives, as well as final products before distribution. Monthly lab tests ensure both product excellence and safe distribution, minimizing potential risks to human health and the environment. This process takes place in the whole value chain (upstream, own operations and downstream) and across all geographies where the Group operates. Stakeholders that are affected include consumer and end users, as well as Business partners. The resources that are used by the Group include mainly personnel from quality departments.
Risks and Opportunities
No material risks or opportunities have been identified related to consumers and end-users. However, in keeping with MOTOR OIL Group commitment to transparency and responsible reporting, it continues to disclose relevant information on this matter. Maintaining high product quality and safety standards enhances consumer trust and strengthens its market position, applicable to all consumers and end-users and recognized through actual positive impact.
Quality control measures — including provision of material safety data sheets, compliance with mandatory regulations and appropriate packaging and labeling — proactively prevent financial losses associated with product recalls, legal liabilities and reputational damage, contributing to a more resilient business model and trusted relationships with consumers, business partners and regulatory authorities.
Beyond risk mitigation, a quality assurance framework — including ISO 9001:2015 and ISO 17025:2017 — serves as a competitive advantage, driving consumer preference, brand loyalty, higher customer satisfaction, increased sales growth and expanded market share, enabling the Group to respond swiftly to market demands and regulatory requirements while laying the groundwork for sustained consumer trust.
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G1 BUSINESS CONDUCT
G1.1 Business conduct policies and corporate culture
MOTOR OIL Group has established a comprehensive framework of policies reinforcing responsible business conduct and regulatory compliance, including the “Code of Ethics and Corporate Responsibility”, “Anti-Bribery and Anti-Corruption Policy”, “Policy against Violence and Harassment” at Work.
The “Code of Ethics and Corporate Responsibility” promotes moral integrity, honesty, transparency and proper professional behavior across all levels of the Group hierarchy, ensuring orderly operation and proper management of business activities in the best interests of employees, customers and shareholders. It is addressed to all employees, Group companies and third parties or business partners acting on their behalf, applied in conjunction with legal and regulatory requirements and other approved Group policies and procedures. MOH has adopted and implements the Hellenic Corporate Governance Code, following the Board of Directors decision dated 14 July 2021, available at www.MOH.gr under Investor Relations > Corporate Governance > Policies.
The Group's parent company and its significant subsidiaries have established Operating Regulations in accordance with Greek Law 4706/2020, covering organizational structure, divisions and committees, internal control systems, hiring and evaluation processes and management compliance with applicable legal and regulatory frameworks. MOH's Operating Regulations include Compliance and Training Policies, under which compliance training programs and awareness sessions are monitored, planned and executed by the Human Resources General Division, with support from the Group Compliance Unit. The Group Compliance Unit, established as an independent unit under Law 4706/2020, conducts training and updates for Members of the Board of Directors, Committee Members and persons discharging managerial responsibilities on regulatory compliance and corporate governance. During 2025, the Group Compliance Unit organized the annual Group Compliance Workshop addressed to Members of the Board of Directors, Committee Members, senior management and representatives of key functions, covering corporate governance, evaluation of corporate culture, regulatory compliance, risk management and assessment of the Internal Control System and Corporate Governance System of MOH and its significant subsidiaries. The Group Compliance Unit steadily strengthens its operation and efficiency, guiding the ongoing effort of assurance of Group compliance and promotion of business conduct and corporate culture. The evaluation of corporate culture - including anti-corruption, anti-bribery, whistleblower protection and the Code of Ethics and Corporate Responsibility - lies within the authority of the Board.
In compliance with EU Directive 2019/1937 and Greek Law 4990/2022, each obliged Group company has appointed an Officer Responsible for the Receipt and Monitoring of Reports (ORRMR) to independently manage investigations, report directly to the Board of Directors and be supported by the Reporting Management Committee. The mechanism for identifying, reporting and investigating concerns about unlawful behavior is described in the Group “Whistleblowing Policy” and relevant Process. In the event of indications of policy violations, employees must promptly inform the ORRMR, and all reports are thoroughly reviewed with corrective and remedial actions taken as needed. If a whistleblowing report is received by an unauthorized person, they are obliged to forward it immediately to the ORRMR without modification of content or disclosure of information that may lead to identification of the whistleblower or any third party named in the report, in compliance with Law 4990/2022. The Group has established multiple whistleblowing channels, further described in S1-3 and the Group “Whistleblowing Policy”. Reports are assessed by the ORRMR, escalated as appropriate and investigated in coordination with the Reporting Management Committee through review of documentation and interviews, ensuring adherence to the Code of Ethics and corporate governance standards.
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The Group encourages the submission of confidential or anonymous reports through existing reporting channels, with management and investigation conducted objectively, independently and with respect to all implicated parties. The Group is committed to the principle that employees who have made a report will not suffer retaliation, harassment or marginalization, intimidation or threats and unfair treatment because of their report (e.g. exclusion from training courses, non-approval of expenses, denial of leave, unfounded negative evaluation). Unjustified changes in the employment relationship because of the report are not allowed. In the case of a malicious report, the above protection does not apply. The same level of protection applies to third persons connected to the Reporting Persons who could be retaliated against in a work context, such as colleagues or relatives of the Reporting Persons. Where the Reporting Person is an external contractor, early termination or cancellation of a contract for goods or services because of the report is not permitted. The Group is subject to the legal requirements of Greek Law 4990/2022 transposing Directive (EU) 2019/1937 with regard to the protection of whistleblowers. In compliance with this, the Group maintains formal procedures to investigate alleged business conduct incidents, including corruption and bribery, promptly, independently, and objectively. Reports received through the channels provided in the “Whistleblowing Policy” are assessed by the ORRMR, escalated as appropriate, and investigated in coordination with Reporting Management Committee. Investigations include review of documentation and interviews, ensuring adherence to the Company’s Code of Ethics and corporate governance standards.
Employees are informed and trained on the Code of Ethics and Corporate Responsibility and relevant policies through information materials, emails, newsletters and other suitable methods, with Group policies prominently displayed on the intranet and company websites. Awareness initiatives are also shared with relevant stakeholders - including investors, financial institutions, society and business partners - to reinforce the Group's commitment to integrity, honesty and transparency. The Group's training policy covers Members of the Board of Directors, management and all employees, addressing ethical business practices, corporate governance, compliance regulations and identification of potential fraud, bribery and corruption All employees, including ORRMR, staff receiving reports complete training on whistleblowing, ethical business practices, corporate governance, and compliance requirements through the MyLearning Platform. These training courses are mandatory and tracked within the system. The training is conducted across the organization without taking into consideration the functions at risk. Additionally, all new hires are required to complete these modules as part of their onboarding process. New hires are required to complete these modules as part of onboarding. Training sessions are conducted annually, overseen by the Human Resources General Division with support from the Group Compliance Unit. The Sustainability Committee undergoes regular training on Sustainable Development topics, with onboarding and ongoing training of Board members aligned with procedures recommended by the Remuneration & Nomination Committee, enhancing each member's ability to assess and address ESG impacts, risks and opportunities. The compliance training sessions for 2025 included, among others, important topics related to corporate ethics and responsibility. In Q2/2025, training focused on conflicts of interests issues. Specifically, employees underwent training on Conflicts of Interest issues. This topic constitutes one of the pillars of the Corporate Governance System and is governed by Laws 4548/2018 and 4706/2020. This training was in line with the one that was organized by the Group Compliance Unit in Q4/2024, for the members of the Board of Directors and its Committees as well as to the persons discharging managerial responsibilities, which aimed at ensuring decisions are made based on the company's interests, not personal ones. These sessions reflected a strong commitment to promoting ethical practices and maintaining a healthy work environment.
G1.2 Management of relationships with suppliers
MOTOR OIL Group fosters collaborative, trust-based relationships with its suppliers and business partners, committing to minimize social and environmental risks across its supply chain. Supplier evaluation integrates conventional criteria - cost, quality and delivery - with QHSSE and ESG criteria, applied across a diverse supplier base including raw material providers, contractors, service providers, equipment manufacturers and infrastructure partners. The Group has developed a “Suppliers &
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Business Partners Code of Conduct” and a “Responsible Supply Chain Policy”, requiring all third parties - including their own suppliers, contractors and subcontractors - to comply with ethical, sustainability, human rights and integrity standards. It should be noted that the Group does not adopt a different approach to payments with respect to SMEs. The “Suppliers & Business Partners Code of Conduct” and the “Responsible Supply Chain Policy” state that the Group promotes prompt payment practices that are consistent with the proper execution of contractual terms.
The “Responsible Supply Chain Policy” establishes the Group's approach to a sustainable value chain, addressing social and environmental risks and setting ethical standards across the industry. ESG criteria are actively integrated into supplier selection and evaluation, with training and educational efforts for both employees and suppliers reinforcing ethical values. Systematic data collection and whistleblowing mechanisms serve as accountability tools. Partnerships that violate legal, ethical or ESG guidelines are subject to termination, reflecting a zero-tolerance approach to non-compliance with both local and international standards.
The Group has established a multi-stage supplier and contractor evaluation process, beginning with an initial review of submitted documentation followed by on-site evaluations where required, ensuring all suppliers meet the Group's operational, quality, safety, sustainability and ESG requirements.
In 2025, 28% of the Group’s key suppliers, selected by the respective procurement departments of each entity, participated in an ESG assessment process. These suppliers completed ESG questionnaires and accepted the Group’s Suppliers & Business Partners Code of Conduct as well as the “Responsible Supply Chain Policy”, demonstrating MOTOR OIL Group’s ongoing commitment to sustainable and responsible supply chain management.
Retail companies maintain long-term supplier partnerships with zero rejections through a structured Purchasing Organization. Circular Economy & Alternative Fuels entities evaluate suppliers against defined quality specifications, conducting on-site inspections at raw material suppliers' facilities where necessary to identify gaps in production, warehousing or distribution. RES sector companies prioritize local contractors for most projects while engaging international suppliers holding ISO 14001, 50001 and 9001 certifications. MORE evaluates RES key suppliers through a three-stage process: prequalification - covering ISO certifications, child labor policies and sanctions; assessment during the tender process; and post-performance evaluation based on field performance with particular focus on QHSSE criteria. Specific entities additionally require supplier assurances on employee contribution payments and environmental regulatory compliance, conduct pre-cooperation HSSE questionnaires with on-site verification by an external partner, mandate ISO 14001 compliance, hold annual contractor HSSE meetings and include contractor safety regulations in all tender documents.
G1.3 Prevention and detection of corruption and bribery
The Group maintains a zero-tolerance approach to all forms of bribery and corruption, enforced through its “Anti-Bribery and Anti-Corruption Policy”. The Policy complies with Greek Law and the Greek Penal Code, which incorporates the provisions of the UN Convention against Corruption - ratified by Greece through Law 3666/2008 - and is consistent with the US Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act (UKBA). The requirements of the UN Convention against Corruption are reflected in the enacting legislation which has been issued by its signatory states (including Greece). The Code of Ethics and Corporate Responsibility and the “Anti-Bribery and Anti-Corruption Policy”, available on the company website and SharePoint, apply to all employees, management teams and third parties representing or acting on behalf of any Group company. The Code is a dynamic document, subject to amendment by the Board of Directors upon recommendation from the Compliance Unit, with modifications communicated to all stakeholders. The Group actively engages with regulatory authorities, industry associations and stakeholders to enhance anti-bribery measures and promote a corruption-free business environment. MOTOR OIL Group does not adhere to a specific animal welfare policy, as it is not applicable to its operations. The Group promotes a culture of ethical decision-making,
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ensuring that all personnel understand the severe consequences of engaging in corrupt activities, both legally and reputationally.
Investigation of Business Conduct Incidents
Each reported case is evaluated for credibility, scale and severity to determine the appropriate response. High-risk incidents are escalated to Top Management to assess potential exposure under bribery laws. Following management approval, an investigation assesses whether controls failed, policies were violated or disciplinary actions are required, involving interviews, document reviews and external experts where necessary. To maintain objectivity and independence, investigations are conducted by a dedicated internal investigative committee or external experts separate from management teams responsible for implementing anti-corruption measures. Findings are documented, corrective actions implemented following Board approval and the register updated, with the reporter informed of the outcome where appropriate. Investigative results are formally reported to relevant governing bodies, detailing findings, corrective measures and recommendations. The Compliance Unit ensures proper follow-up including disciplinary actions, policy updates and training enhancements.
The Reporting Management Committee (RMC) comprising the ORRMR or Group Compliance Officer, the Chief Human Resources Officer and the Director of Internal Audit - manages and investigates reports. The ORRMR promptly records incidents, conducts an initial risk assessment and acknowledges written reports within three business days. Investigation reports are submitted to the Board of Directors, which takes the final decision on corrective actions proposed by the ORRMR in consultation with the RMC. To strengthen internal controls, the Group implements regular audits, risk assessments and due diligence processes for third parties, with employees and business partners required to disclose potential conflicts of interest.
During the reporting period, the Group recorded zero convictions, fines or confirmed incidents related to anti-corruption and anti-bribery laws. No employees were dismissed or disciplined, no contracts with business partners were terminated and no public legal cases were filed against the Group or its employees in this regard.
Training in Business Conduct
Anti-corruption training and awareness programs extend to all employees and the Board of Directors, equipping them to identify, manage and escalate corruption-related risks. Training is delivered based on employees' functional responsibilities: senior executives and Board members participate in specialized sessions highlighting their leadership role in promoting integrity and embedding a culture of compliance, while operational and functional teams receive targeted training on relevant challenges and risks.
G1.4 Incidents of corruption or bribery

Description | 2025 | 2024
Number of convictions for violation of anti-corruption and anti- bribery laws | 0 | 0
Amount (€) of fines for violation of anti-corruption and anti- bribery laws | 0.00 | 0.00
Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents | 0 | 0
Number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery | 0 | 0
Number of confirmed incidents of corruption or bribery | 0 | 0

During the reporting period, MOTOR OIL Group recorded zero convictions, fines, or confirmed incidents related to anti-corruption and anti-bribery laws. Additionally, there were no cases in which employees were dismissed or disciplined, nor were any contracts with business partners terminated due to
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corruption or bribery violations. No corrective actions were required due to the absence of breaches. Furthermore, there were no public legal cases filed against the Group or its employees in this regard.
G1.5 Political influences and lobbying activities
The topic of ‘Political influences and Lobbying activities’ has not been classified as material based on the DMA outcomes. However, in keeping with MOTOR OIL Group commitment to transparency and responsible reporting, it continues to disclose relevant information on this matter. As stated by the “Anti-Bribery and Anti-Corruption policy”, under paragraph 7.2 Charitable Donations and 7.3 Lobbying, "It is prohibited to provide a charitable donation to improperly influence a Government Official, Foreign Public Official or any other person, in exchange for any improper favor or benefit for the Group Companies". Additionally, in Code of Ethics and Corporate Responsibility, under paragraph Freedom of Association of Workers-Engagement with political parties, mentions, "With regard to dealing with political parties, politicization or party action is permitted as long as the above are not related to the activities of the Group. It is not allowed to promote party programs through these activities. In any case, the Compliance Unit must be informed immediately if an employee or a relative up to the 1st degree acquires the status of a Politically Exposed Person (PEP) in accordance with Law 4557/2018, as currently in force."

Description | 2025 | 2024
Monetary political contributions (€) | 0.00 | 0.00
In-kind political contributions (€) | 0.00 | 0.00

G1.6 Payment practices
MOTOR OIL Group maintains structured and transparent payment practices across its business segments, ensuring clarity and consistency in supplier transactions. The Group’s standard payment terms vary based on the nature of procurement and supplier category, with specific terms communicated to vendors through formal procurement documents. Furthermore, in specific cases, payment terms are established on a contractual basis, in addition to the standard payment practices. It should be noted that the Group does not adopt a different approach to payments with respect to SMEs. “The Suppliers & Business Partners Code of Conduct” and the “Responsible Supply Chain Policy” state that the Group promotes prompt payment practices that are consistent with the proper execution of contractual terms.
For the purposes of G1.6 Disclosure Requirements, the reported values have been prepared on a consolidated Group basis. The figures represent estimated average values derived from available internal data and are presented below. The scope of the calculation covers all entities operating within the Group’s Refining, Supply & Trading, Retail, Renewable Energy Resources, and Circular Economy segments.

Description | 2025 | 2024
Average number of days to pay invoice from date when contractual or statutory term of payment starts to be calculated | 49 | 30 37
Percentage (%) of payments are subject to the agreed payment terms 38 | 77.0% | 53.0%

37 Data reported in 2024 were broken down per segment as follows: Retail segment, the standard payment term is 90 days, Circular Economy and Alternative Fuels segment, payments are typically processed under 25 days, Renewable Energy Sources segment, the standard payment term is 30 days, Refining, Supply & Trading, payment terms are structured according to contractual terms with estimated average 29 days.
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It is important to note that, due to the diverse operations of several Group companies, late payments do not constitute a breach of the agreed payment terms but rather reflect mutually agreed arrangements between the relevant parties. Consequently, the aforementioned results should be considered as indicative. The number of outstanding legal proceedings for late payments for 2025 is two (2), instead of four (4) reported in 2024.
G1.GOV1 The role of the administrative, management and supervisory bodies
MOTOR OIL Group's governance structure upholds integrity, transparency and accountability across all business conduct. The Board of Directors defines the Group's values and strategic direction, ensuring compliance with legal, regulatory and corporate governance standards through adherence to the Hellenic Corporate Governance Code on a "comply or explain" basis. The Board operates under a well-defined Charter, overseeing shareholder rights, decision-making transparency, risk management and personnel policies. The Sustainability Committee, functioning under the highest governance body, is responsible for shaping and monitoring the Group's Sustainability Policy and Strategy, with regular training on sustainability and corporate governance ensuring the Board remains informed and equipped to address emerging risks and opportunities.
The supervisory, management and administrative bodies involved with business conduct matters are the following:
Supervisory Bodies: Board of Directors (BoD) and Sustainability Committee
Management Bodies: Chief Executive Officer (CEO) and Deputy CEOs
Administrative Bodies: Reporting Management Committee (R.M.C.), HR General Division – HR Dept., Head of Legal Dept., Compliance Unit, Internal Audit Unit.
Their roles are described in the following sections: Chapter "Business conduct policies and corporate culture [G1-1]" and Chapter "Prevention and detection of corruption and bribery [G1-3]". The role of the administrative bodies in relation to business conduct is described collectively within the Whistleblowing Policy, the Anti-corruption and Anti-bribery policy as well as in the code of ethics and corporate responsibility.
This chapter should be read in conjunction with ESRS 2 GOV-1 and Chapter "Prevention and detection of corruption and bribery [G1-3]". For additional information regarding the Committees and the expertise of the management and supervisory bodies on business conduct matters, please refer to Chapter "Corporate Governance Statement (L.4548/2018), The Charter of the Company’s Board of Directors, “Director’s Suitability Policy” and the Operating Regulations. Furthermore, reference should be made to the Remuneration & Nomination Committee, where among its main responsibilities is to identify suitable candidates to become Directors, as well as to propose candidates to fill vacancies on the Board or its committees and to evaluate periodically the membership headcount and composition of the Board and its committees. The level expertise of the Administrative Bodies with regards to Business conduct matters is covered through the training framework as described in chapters G1.1 Business conduct policies and corporate culture and G1.3 Prevention and detection of corruption and bribery.
IRO1 Description of the process to identify and assess material business conduct impacts, risks and opportunities
The Group identified material impacts, risks and opportunities related to business conduct through a robust Double Materiality Assessment, evaluating both the financial implications of its activities and the ESG factors influencing long-term value creation. The assessment considered the impact of operations on stakeholders and the broader environment, as well as risks and opportunities arising from regulatory, market and societal shifts, applying criteria encompassing location, activity, sector and transaction structure.
Specifically, the Group evaluates environmental and social conditions in areas of operation - including local regulations, community impacts and climate-related risks -assesses refinery operations for
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business conduct implications such as production processes, energy consumption, waste management, worker safety and environmental degradation, and considers sector-specific risks including environmental compliance, supply chain transparency and resource management. Transaction structures such as mergers, acquisitions and partnerships are examined for governance, ethical and sustainability integration risks and opportunities.
Throughout the process, the Group actively engaged with affected stakeholders to ensure their perspectives informed decision-making, enabling comprehensive identification of material impacts, risks and opportunities aligned with both business objectives and sustainability goals.
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Following the Group’s Double Materiality Assessment (ESRS 2 IRO-1), the Sustainability Division defined preliminary targets for managing material impacts, risks, and opportunities related to consumers and end-users. Insights from the 2025 market survey were also incorporated. These preliminary targets were reviewed by relevant operational departments, which provided feedback and proposed adjustments or complementary actions based on practical experience. This iterative process ensured that both internal expertise and stakeholder perspectives were integrated into the Group’s action plans, with resources allocated to quality assurance, regulatory compliance, customer support, and product safety to implement the targets effectively.
All proposed targets and the relevant process were acknowledged by the Group’s Sustainability Committee, ensuring alignment with strategic priorities, operational realities, and effective integration of stakeholder input into the Group’s sustainability objectives.
Whistleblowing biennial refresher Target
By 2026, the Group targets a minimum 80% participation rate in biennial refresher training on the “Whistleblowing Policy” and associated Process, delivered to permanent employees with access to SAP SuccessFactors. The baseline participation rate was 95% in 2025, when employees completed the initial whistleblowing training. Progress is monitored through the learning management system, with training content aligned with internal policies, applicable legal requirements and recognized best practices. The target was defined with involvement of the Compliance and HR functions, supporting effective implementation of the “Whistleblowing Policy” and the Group's commitments to transparency, integrity and protection against retaliation. No changes to the target or measurement methodology have been made to date.
Suppliers assessment Target
By 31 December 2026, the Group targets 100% of in-scope suppliers and business partners — defined based on materiality and risk criteria including spend, risk level, criticality and geographic exposure — to have been communicated the Suppliers & Business Partners Code of Conduct and completed the ESG questionnaire. The baseline year is 2025, when 28% of in-scope suppliers communicated the Code of Conduct and 25.5% completed questionnaire. Progress is monitored quarterly by the Procurement Departments and Sustainability Division through standardized ESG questionnaires and internal tracking systems. The target was defined with involvement of Procurement, Compliance, Legal and the Sustainability Division. No changes to the target or methodology have been made to date; any future changes will be disclosed with their rationale and impact on comparability.
The Group’s sustainability targets are systematically monitored and reviewed to track performance and ensure continued alignment with strategic priorities. Relevant departments report on implementation progress and outcomes, including lessons learned or proposed improvements, which are evaluated internally by top management.
Oversight by the Sustainability Division ensures that targets remain relevant, measurable, and effectively integrated into the Group’s sustainability strategy.
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ES ENTITY SPECIFIC
ES. SBM3. Material Impacts, Risks and Opportunities
MOTOR OIL Group actively drives innovation, digital transformation, and emergency preparedness as key enablers of efficiency, resilience, and long-term value creation. By integrating cutting-edge technologies, IT-enabled capabilities, and advanced safety and cybersecurity measures, the Group enhances operational effectiveness, streamline processes, and strengthens its competitive position. Innovation and digital transformation initiatives also support the introduction of new products and services, generating additional economic, environmental, and societal benefits.
Technological advancement, digitalization, and comprehensive emergency preparedness, including health & safety, cybersecurity, and privacy protection measures—remain core material impacts for the Group. These initiatives optimize decision-making, improve resource utilization, reduce emissions, and safeguard employees, local communities, and corporate assets, ensuring operational continuity while exceeding national and European regulatory requirements, including the Seveso-III Directive (2012/18/EU).
ES Impacts, Risks and Opportunities Management
ES. Innovation and Digital Transformation | Policies, Actions and Targets
MOTOR OIL Group continues to advance technological innovation through strategic investments in cutting-edge IT systems aligned with its broader vision. The IT Division plays a key role in enabling business-driven technology initiatives that support the transition to a new energy era and enhance customer value.
In 2025, the Group allocated €24.2 million to its IT budget, funding a range of initiatives, with a significant share dedicated to innovation projects that promote long-term sustainability and operational efficiency. Several projects implemented during the year also highlight the role of digital transformation in optimizing processes, strengthening governance and supporting ESG-driven business strategies.
Asset Information Platform for MOTOR OIL Refinery
The Asset Information Platform project was initiated to centralize and contextualize all refinery asset data into a single, intuitive digital platform. Previously, asset information was scattered across multiple systems such as SAP PM, ENOVIA, PCMS, and SharePoint, making access and decision-making cumbersome. The AIP solution, powered by Cognite Data Fusion, integrates documents, drawings, time-series data, maintenance records, and inspection data into a unified interface. It enables real-time visibility, AI-driven contextualization, and role-based dashboards, supporting both office and field operations. This platform lays the foundation for future digital initiatives, including predictive maintenance and advanced analytics.
ESG Data Management of MOTOR OIL Group
The ESG project implemented a centralized ESG Data Management and Reporting Platform to support compliance with the Corporate Sustainability Reporting Directive and the European Sustainability Reporting Standards. The selected SaaS solution enables structured and auditable ESG data collection across Environmental, Social, and Governance domains, with secure access through centralized identity management and capabilities for future integration and automation. Following a structured procurement process, including functional, technical, and cybersecurity assessments, Osapiens was selected as the technology partner. Implemented through collaboration between Sustainability, IT, and Cybersecurity teams, the platform established standardized ESG workflows and governance controls, strengthening sustainability governance, regulatory compliance, and long-term ESG transparency.
Propylene Production Unit at MOTOR OIL Refinery
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The Propylene Project was a strategic initiative by MOTOR OIL Hellas to diversify the refinery’s product mix and strengthen its position in the petrochemical market. The project included the construction of a 160,000 tpa propylene production unit integrated with the existing FCC infrastructure, enabling the production of polymer-grade propylene used in polypropylene and other petrochemical derivatives. Aligned with the company’s 2030 Strategy, the initiative enhances efficiency and flexibility while leveraging existing assets to increase output and profitability. Construction was completed in 2025 following extensive engineering and commissioning phases.
Physical Access Control & ERGANI HR Integration – Security and Compliance Enhancement
The Axtrax and ERGANI projects were initiated to scale up physical access control to new plants and integrate Physical Access Control with ERGANI HR compliance system across MOTOR OIL Hellas facilities. The AxtraxNG™ platform from Rosslare is used to manage secure access for employees and contractors, offering centralized control, role-based permissions, and real-time monitoring of entry points. In parallel, the ERGANI integration ensured compliance with Greek labor regulations by automating workforce time tracking, shift management, and reporting to government systems. Together, these systems aim to strengthen security, operational transparency, and regulatory adherence.
Grid Scale Battery Energy Storage Systems (BESS) Electricity Market Representation Business Case
Prior to the initiation of the project, coordination between Smart energy systems (IT) and MORE took place and detailed requirements were set, as well as questions that needed to be answered were identified. These requirements and topics were consolidated in a tender process with the most prominent consultants at EU level. Prior to the technical and financial evaluation, several meetings were held with each consulting agency to clarify our objectives and desired deliverables. The technical proposals, methodologies and delivery teams were evaluated along with MORE and AFRY were selected.
Integrated Model to Evaluate Green (Solar/Wind) Power Purchase Agreements for 50MW Electrolyzer LCOH
Green hydrogen generation and distribution represent a strategic priority for the MOTOR OIL Group. In collaboration with the Strategy Division, the Group developed techno-economic models and automated evaluation tools to support investment analysis and green hydrogen certification requirements.
SES, in cooperation with the Alternative Fuels department, enhanced an analytics platform for the assessment of Renewable Energy Source (RES) Power Purchase Agreements (PPAs) supporting green hydrogen production. The upgraded model integrates both solar and wind PPAs and incorporates operational constraints, such as maintenance schedules and shift patterns, enabling certification-compliant electricity sourcing. The tool supports decision-making by identifying suitable RES assets, estimating electricity costs and optimizing electricity supply, including PPAs, grid operations and curtailment scenarios.
RISE Project
Project RISE was initiated by the Energy Solutions and Strategic Projects Division of MOTOR OIL Group in collaboration with CORAL, AVIN, Core Innovation and BFS Group. The project evaluates the economic viability of hybrid energy systems at fuel retail stations, combining photovoltaic generation, battery storage and EV charging infrastructure. The initiative also assesses the potential for large-scale deployment, leveraging aggregated energy production, storage capacity and operational flexibility across the retail network.
Licensed energy aggregator Status
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MORE operates as a licensed energy aggregator under the Aggregators' Licensing Registry (ALR), representing renewable energy asset owners in electricity markets. It sells the forecasted production of represented assets in the day-ahead (DAM) and intra-day (IDM) markets, manages balancing market costs and remunerates asset owners based on day-ahead market prices.
The ALR Platform, operational since March 2023, is a SaaS suite supporting both back-office and customer operations, including automated settlement and billing, contract and portfolio management, RES production forecasting and business analytics.
In 2025, the represented portfolio expanded by 16% in capacity, with MORE than 150 new RES assets added, resulting in an approximately 26% increase in traded energy production.
External Digital Risk Protection & Attack Surf. Intelligence Platform
To reduce breach likelihood and accelerate detection beyond Group’s perimeter, MOH Group procured a platform (Cyberint by CheckPoint) that consolidates Attack Surface Management (ASM), Deep & Dark Web monitoring, Threat Intelligence, Brand Protection, and Supply Chain Intelligence into one operational capability.
Core Innovations Autonomous Retail Store
The Retail Fuel stations including their convenience stores (NFR - Non Fuel Retail) business are driving towards digital transformation to ensure survival by market differentiation and customer satisfaction. Customers are now supported in their journey by smart displays, smart loyalty schemes, smart ways to pay and smart BI analytics to ensure adaptation to their needs.
The CI autonomous Smartshop in Nea Smyrni is a cutting-edge convenience retail store that operates without staff during specific hours using AI and sensor technologies to enable seamless self-checkout and automatic charging — part of a pilot to scale this model across Greece.
ES. Emergency Preparedness | Policies, Actions and Targets
Emergency Preparedness | Entity Specific
Emergency preparedness are fundamental priorities for MOTOR OIL Hellas, given the inherent risks associated with the oil and gas sector. MOTOR OIL Group maintains a state of readiness across all functions, integrating stringent safety measures and response protocols that align with national and European regulations. Compliance with the Seveso-III-Directive (2012/18/EU) underscores the company’s commitment to accident prevention and impact mitigation.
The requirements include:
•Notification of all concerned establishments
•Deploying a major accident prevention policy
•Producing a safety report for upper tier establishments
•Producing internal emergency plans for upper tier establishments
•Providing information in case of accidents
Emergency Response Plans
All MOTOR OIL Group’s facilities have made emergency response arrangements based on the Emergency Response Plan (ERP). The ERP is regularly reviewed and updated to consider any changing legal requirements and revised "best practices", resulting from technical advancements, gained experience or from peers in dealing with minor or major accidents. Moreover, the Group prepares and submits appropriate safety and firefighting studies to the relevant authorities, in accordance with the EU Seveso III Directive. The Emergency Response Plan (ERP) outline public health protection measures, including warnings and relevant advice for neighboring communities, to be implemented if the plans are activated due to a major technological accident. The ERP is approved by
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Fie Brigade and is shared to the competent authorities. The ERP includes the entire organizational structure and equipment, as well as the actions that should be taken in the event of an incident.
MOTOR OIL has been strategically prepared to address the scenarios outlined in its emergency plans. Emphasizing the importance of continuous proactivity and preparedness, the Group has also implemented a Corporate Contingency Plan. The Corporate Contingency Plan is designed to assess the capabilities of each company within the Group, encompassing both human resources and infrastructure. It further aims to identify the most effective ways to align these capabilities, ensuring that, in the shortest possible time, they can seamlessly integrate and contribute to addressing emergency situations that may threaten the operations of any company within the Group.
For further protection of the interests, assets and functions of the Group, contracts include three types of insurance risks: cessation of activity, accident & gradual pollution, against third parties. CORAL GAS carries out a thorough risk management assessment, which is performed on an annual basis at management team level and has as its scope the identification of potential risks, the evaluation of responses and the provision of detailed control actions.
Privacy Protection
MOTOR OIL Group complies with GDPR standards, safeguarding the data of employees and customers to build trust and support business growth. Data privacy is a strategic priority, implemented through a comprehensive data protection management program, robust governance processes, and corporate policies covering data collection, use, retention, and protection. The Group has designated a Data Protection Officer, conducts Data Protection Impact Assessments for high-risk activities, and signs Data Privacy Agreements with all data processors. Safeguards include breach monitoring, authority and individual notification procedures, minimizing processed data, defining retention periods, and secure deletion of personal data. Employees receive GDPR training to ensure awareness and compliance.
Cybersecurity
MOTOR OIL Group prioritizes cybersecurity to protect its interconnected, data-driven energy operations and comply with NIS2 and other EU cybersecurity regulations. The Group has designated a Chief Information Security Officer reporting to the Deputy CEO and maintains an annually approved security strategy addressing information security and cyber defense. A comprehensive Information Security Management System (ISMS) ensures the confidentiality, integrity, and availability of information and operational assets, integrating organizational and technical controls that are continuously monitored, evaluated, and improved. Headquarters and refinery operations are ISO/IEC 27001:2023 certified. Security performance is measured annually using KPIs, with updates to standards and compliance levels. Employees are key to the first line of defense and participate in a mature security awareness program, including ongoing privacy and information security training, targeted modules for high-risk audiences, simulated phishing exercises, and regular communications to reinforce safe practices and business continuity.
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Appendix
Non CSRD Data: Social

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. | HQ | REFINERY
Topic | KPI | Unit | Values
Workforce Breakdown: Gender | Share of women in junior management positions, i.e. first level of management (as % of total junior management positions) | Percentage (%) | 42.08% | 5.26%
Workforce Breakdown: Gender | Share of women in top management positions, i.e. maximum two levels away from the CEO or comparable positions (as % of total top management positions) | Percentage (%) | 0.00% | 0.00%
Workforce Breakdown: Gender | Share of women in management positions in revenue-generating functions (e.g. sales) as % of all such managers (i.e. excluding support functions such as HR, IT, Legal, etc.) | Percentage (%) | 35.42% | 0.00%
Workforce Breakdown: Gender | Share of women in STEM-related positions (as % of total STEM positions) | Percentage (%) | 29.90% | -
Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - GR Share in total workforce (as % of total workforce)" | Percentage (%) | 99.20% | 100.00%
Workforce Breakdown: Race/ Ethnicity & Nationality | Breakdown based on nationality - GB Share in total workforce (as % of total workforce) | Percentage (%) | 0.27% | 0
Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - CY Share in total workforce (as % of total workforce)" | Percentage (%) | 0.00% | 0
Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - Other Share in total workforce (as % of total workforce)" | Percentage (%) | 0.53% | 0
Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - GR Share in all management positions, including junior, middle and senior management (as % of total management workforce)" | Percentage (%) | 98.99% | 100.00%

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Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - GB Share in all management positions, including junior, middle and senior management (as % of total management workforce)" | Percentage (%) | 0.34% | 0
Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - CY Share in all management positions, including junior, middle and senior management (as % of total management workforce)" | Percentage (%) | 0.00% | 0
Workforce Breakdown: Race/ Ethnicity & Nationality | "Breakdown based on nationality - Other Share in all management positions, including junior, middle and senior management (as % of total management workforce)" | Percentage (%) | 0.67% | 0
Training & Development Inputs | Average amount spent per FTE on training and development. | Euros (€) | 141.62 | 1,937.7
Training & Development Inputs | Average hours per FTE of training and development | Number | 13.9 | 96
Training & Development Inputs | Average hours per FTE of training and development (male employees) | Number | 16.4 | 98
Training & Development Inputs | Average hours per FTE of training and development (female employees) | Number | 10.4 | 32
Training & Development Inputs | Average hours per FTE of training and development (Senior Management) | Number | 0.8 | 43
Training & Development Inputs | Average hours per FTE of training and development (Office-based employees) | Number | 13.9 | 66
Training & Development Inputs | Average hours per FTE of training and development (Field-based employees) | Number | 0 | 106
Hiring | Total number of new employee hires | Number | 36 | 74
Hiring | Total number of new employee hires - Men | Number | 20 | 74
Hiring | Total number of new employee hires - Women | Number | 16 | 0
Hiring | Total number of new employee hires - under 30 years old | Number | 11 | 38
Hiring | Total number of new employee hires - between 30 and 50 years old | Number | 25 | 35

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Hiring | Total number of new employee hires - over 50 years old | Number | 0 | 1
Hiring | Percentage of open positions filled by internal candidates (internal hires) | Percentage (%) | 13% | 0
Hiring | Percentage of new employee hires from local communities | Percentage (%) | 86.11% | 55.41%
Employee Turnover Rate | Total employee turnover rate - Men | Number | 18 | 46
Employee Turnover Rate | Total employee turnover rate - Women | Number | 9 | 2
Employee Turnover Rate | Total employee turnover rate - under 30 years old | Number | 4 | 6
Employee Turnover Rate | Total employee turnover rate - between 30 and 50 years old | Number | 18 | 16
Employee Turnover Rate | Total employee turnover rate - over 50 years old | Number | 5 | 26
Employee Turnover Rate | Voluntary employee turnover rate | Number | 21 | 40
Employee Turnover Rate | Total Voluntary employee turnover rate - Men | Number | 16 | 38
Employee Turnover Rate | Total Voluntary employee turnover rate - Women | Number | 5 | 2
Employee Turnover Rate | Total Voluntary employee turnover rate - under 30 years old | Number | 4 | 4
Employee Turnover Rate | Total Voluntary employee turnover rate - between 30 and 50 years old | Number | 17 | 15
Employee Turnover Rate | Total Voluntary employee turnover rate - over 50 years old | Number | 0 | 21
Characteristics of the undertaking’s employees | Percentage of full-time employee voluntary turnover | Percentage (%) | 100% | 100%
Characteristics of the undertaking’s employees | Percentage of full-time employee involuntary turnover | Percentage (%) | 100% | 16.67%

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Non CSRD Data: Governance & Social

GROUP MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
Topic | KPI | Unit | Values
Reporting on Breaches | Number of breaches in FY2025 (Customer Privacy Data) | Number | 0
Reporting on Breaches | Number of breaches in FY2025 (Conflicts of Interest) | Number | 0
Reporting on Breaches | Number of breaches in FY2025 (Money Laundering or Insider trading) | Number | 0
KPIs for Supplier Assessment and/or Development | Number of suppliers assessed with substantial actual/potential negative impacts | Number | 145
KPIs for Supplier Assessment and/or Development | % of suppliers with substantial actual/potential negative impacts with agreed corrective action/improvement plan | Percentage (%) | N/A
Business ethics violations | Number of incidents of non-compliance with social and economic laws and regulations. | Number | 0
Business ethics violations | Number of confirmed cases of non-compliance with environmental laws and regulations resulting in penalties | Number | 0
Training & skills development | Total amount of monetary expenditure on employee training | Euros (€) | 2,537,597.53 €
Trend of Employee Wellbeing | Percentage of employees who responded to the survey | Percentage (%) | 95%

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Non CSRD Data: Governance

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
Topic | KPI | Unit | Values
Board Accountability | Number of board members of the company who has 4 or less other mandates | Number | 8
Board Average Tenure | The average tenure of board members on the company’s board of directors/supervisory board in years. | Number | 12
Board composition | Average age of board members | Number | 65
Board Industry Experience | Number of independent or non-executive members with industry experience (e.g., excludes executives) | Number | 2

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Maroussi, March 20, 2026

THE CHAIRMAN & CEO | THE DEPUTY CEO
IOANNIS V. VARDINOYANNIS | PETROS Τ. TZANNETAKIS

2025
1
CORPORATE GOVERNANCE STATEMENT FOR THE FISCAL YEAR 202 5
The present Corporate Governance Statement has been compiled in accordance with the provisions of article 152 of the Law 4548/2018 as amended and in force, articles 9, 14 and 18 of the Law 4706/2020 and forms part of the Report of the Board of Directors of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (hereinafter “MOTOR OIL” or “Company”) for the fiscal year 2025 as a separate section of it.
A)The legal framework governing the operation of MOTOR OIL and defining its obligations as a company having its registered address in Greece is dictated by Law 4548/2018 on “Societés Anonymes”, as in force. Apart from the Law 4548/2018, issues such as the objectives of the Company, its corporate objective, its duration, the responsibilities of the Board of Directors and of the General Assemblies, the appointment of Certified Auditors, the liquidation and dissolution of the Company are set out at its “Company Memorandum & Articles of Association”, available on the corporate website
www.moh.gr
(option: Investor Relations/ Corporate Governance/ Policies). As a Company the shares of which are listed on the Main Market of the Athens Stock Exchange, MOTOR OIL is under additional obligations pertaining to the specific areas of corporate governance, dissemination of information to the investment community and the supervisory authorities, the publication of financial statements etc. The additional obligations of the Company are defined in Law 4706/2020 as in force and in article 44 of the Law 4449/2017 as it is in force. Moreover, the Athens Stock Exchange Regulation clearly sets forth the obligations of listed companies in conformity to the decisions of the ATHEX Board of Directors.
The Company, following the decision of its Board of Directors dated 14 July 2021, adopts and implements the Hellenic Corporate Governance Code which was compiled and published by the Hellenic Corporate Governance Council in June 2021. The code is available on the corporate website
www.moh.gr
in the
particular option:
Investor Relations> Corporate Governance> Policies.
The Company’s Board maintains that the existing institutional and regulatory framework in force in our country is sufficient, especially after the enactment of the Law 4706/2020 as amended and in force. Additionally, in the context of adopting the best practices of corporate governance and aiming at strengthening its Corporate Governance System, MOTOR OIL has established:
•Anti-Bribery and Anti-Corruption Policy, which aims to protect the Group's reputation and avoid potential adverse civil and criminal consequences,
•Regulatory Framework Violation Reporting Policy (“Whistleblowing Policy”), which is in line with the current legislative and regulatory requirements and the international best practices.
•Code of Ethics and Corporate Responsibility
•Policy Against Violence and Harassment at work, which is in line with the current legislative and regulatory requirements as well as the international best practices.
•Charter of the Company’s Board of Directors, which sets the principles and the framework for the operation of the Board of Directors and has been compiled pursuant to the provisions of Laws 4548/2018 and 4706/2020, as in force. the Company Memorandum and Articles of Association, and the approved Directors’ Suitability Policy.
All the above corporate governance documents are uploaded on the Company's website in the particular option: Investor Relations/ Corporate Governance/ Policies.
2025
2
B)Pursuant to article 4 of the decision 2/905/03.03.2021 of the Board of the Hellenic Capital Market Commission, the Hellenic Corporate Governance Code is implemented based on the ”comply or explain’” principle observing the international best practices. A table indicating the compliance of MOTOR OIL in the Special Practices dictated by the Hellenic Corporate Governance Code is provided in the appendix of the present Corporate Governance Statement. In cases whereby the Company does not implement the Special Practices of the Code, or implements them in a different way, the relevant explanation is provided.
C)With reference to the way of function of the Internal Control and Risk Management – ICRM – Systems of the Company and the Companies included in the consolidated financial statements, in relation to the process of preparation of financial statements, it is hereby mentioned that the reporting system utilizes a professional and highly advanced software for reporting to the top management of the Company and to external users. Comprehensive Income and Financial Position Statements along with other relevant analyses are reported to top management on a monthly basis and are prepared on a stand-alone and consolidated basis for management and statutory reporting purposes in accordance with the International Financial Reporting Standards (IFRS) and the pertaining regulations on a quarterly basis. Both management and statutory reporting include all the necessary information pertinent to an up-to-date controlling system, including sales, costs, operating profit as well as further relevant details. The management reports include current period data which are compared to the budget that was approved by the Board and to the Previous Year corresponding reporting period. All the statutory interim and year end reporting financial statements are prepared in accordance with the IFRS, include all the necessary financial information and disclosures according to the IFRS, and are approved in their entirety by the Board. The yearly and half-year reporting financial statements are reviewed by the Audit Committee, for the completeness and consistency in relation to the information provided to the Committee as well as the accounting principles applied by the Company, prior to their approval by the Board.
The Management of the Company ensures that the financial statements present a true and fair view of the assets, liabilities, financial position and results of the Company at consolidated and stand-alone basis. In this context, the Company has developed internal procedures for the identification of risk areas that may affect the preparation process of the financial statements taking corrective measures to ensure the accuracy of their content on a timely basis.
The identification, assessment and management of risks in relation to the process of preparing the financial statements is carried out at first level by the Risk Owners who are managers responsible for each business function of the activities of the Group. Regular reporting to the top management contributes to the identification of risks ensuring adaptation of procedures and implementation of corrective measures. The effectiveness of the risk management system in relation to the process of preparing the financial statements is supervised by the top executives, the Audit Committee and the Board of Directors in cooperation with the external auditors.
The Company has its own Operating Regulations approved by its Board of Directors. A summary of the most recent version of Company Operating Rules is available on the corporate website
www.moh.gr
in the
particular option: Investor Relations> Corporate Governance> Policies.
The Operating Regulations include everything foreseen in paragraph 3 of article 14 of Law 4706/2020, including, among others, the main features of the Internal Control System i.e. at least the operation of the Internal Audit Division, Risk Management Unit and Compliance Unit. The Company has the aforementioned
2025
3
functions according to the organizational chart which is available on the corporate website in the particular option: Company/Organizational Structure.
By virtue of the decision of the Board of MOTOR OIL (HELLAS) S.A. (the “Company”) dated 23.07.2025, pursuant to the provisions of the Law 4706/2020 and the Decision 1/891/30.09.2020 of the Board of HCMC as it is applicable, Deloitte Certified Public Accountants S.A. were appointed to carry out the evaluation of the adequacy and effectiveness of the Internal Control System (the “ICS”) of the Company and the significant subsidiaries CORAL S.A. OIL AND CHEMICALS COMPANY, AVIN OIL INDUSTRIAL, COMMERCIAL & MARITIME OIL COMPANY SINGLE MEMBER S.A. and, NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A. for the period from 01.01.2023 until 31.12.2025 with reference date 31 December 2025 as well as the evaluation of the implementation and effectiveness of the Corporate Governance System (the “CGS”) of the Company for the period from 01.01.2025 until 31.12.2025 with reference date 31 December 2025.
The evaluation of the ICS was carried out based on the Regulatory Framework, as further specified in the audit program issued pursuant to the Decision No. 278/16.01.2026 of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB), in accordance with the International Standard of Assurance Engagements (ISAE) 3000 “Assurance Engagements other than Audits or Review of Historical Financial Information” and the evaluation of the CGS was conducted on the basis of the procedures provided for in Decision No. I 73/08b/14.02.2024 of the Supervisory Board of the Institute of Certified Public Accountants of Greece and in accordance with the aforementioned International Assurance Standard.
The conclusion of the Independent Evaluator, as included in the final evaluation reports dated 6 March 2026, states that, based on the audit carried out in relation to the evaluation of the adequacy and effectiveness of the ICS of the Company and its significant subsidiaries and of the CGS of the Company, with reference date 31 December 2025, nothing has come to its attention that could be deemed as material weakness of the Company’s CGS or the of the ICS of the Company and its significant subsidiaries, pursuant to the Regulatory Framework.
D)The total number of shares issued by MOTOR OIL (HELLAS) S.A. equals 110,782,980 with a nominal value of Euro 0.75 per share. All shares are common registered shares and besides these no other securities exist, embodying rights to Company control. Each share embodies the right of one vote in the General Assemblies except for the Company own shares 39 whose representation and voting rights at the General Assembly are suspended. The major shareholder of the Company is the entity under the legal name “PETROVENTURE HOLDINGS LIMITED” which holds 40.00% of the voting rights of “MOTOR OIL (HELLAS) S.A.”. The holding company under the legal name “MOTOR OIL HOLDINGS LTD” is the controlling shareholder of “PETROVENTURE HOLDINGS LIMITED”. “MOTOR OIL HOLDINGS LTD” directly holds 0.97% of the voting rights of MOTOR OIL (HELLAS) S.A. (based on Share Register data as of December 31 st, 2025). Consequently, “MOTOR OIL HOLDINGS LTD” controls on aggregate (directly and indirectly) 40.97%40 of the voting rights of MOTOR OIL (HELLAS) S.A. The Company shares are traded on the Main Market of the Athens Stock Exchange and there are no restrictions to their transferability, there are no shareholders with special control rights nor are there any restrictions on the voting rights. Furthermore, there are no material agreements put in force, revised
39 At of the date of writing the present statement, the number of own shares held by the Company is 2,448,898 corresponding to 2.21% of the voting rights.
40 As of the date of writing the present statement there is no change as regards the percentage (40.97%) of the voting rights of MOTOR OIL (HELLAS) S.A. controlled by MOTOR OIL HOLDINGS LTD.
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or terminated in case of change in the control of the Company as a result of a public tender offer as well as agreements with BoD members or Company personnel that provide for compensation in case of retirement without material reason or termination of their term or employment as a result of a public tender offer. Furthermore, it is noted that the BoD or its members have no authority on matters of share capital increase, issuance of new shares or purchase of treasury shares. The authority on the above mentioned matters lies with the General Assembly of the Shareholders of MOTOR OIL (HELLAS) S.A. which is the only body responsible to decide on issues such as, indicatively but not exhaustively, amendment of the Company Articles of Association, election of BoD members, any increase or decrease of the Company share capital, appointment of Certified Public Accountants, approval of annual financial statements and distribution of Company earnings. The Board of Directors may appoint members in replacement of members who have resigned, passed away or lost their membership status in any other way and in cases of conflict of interest between the Board members and the Company. This appointment is possible provided that the replacement of the aforementioned members cannot be facilitated by substitute members elected by the General Assembly.
E)The Board of Directors is the Company’s highest governing body, and, according to article 14 of the Company Memorandum & Articles of Association, may consist of eight (8) up to twelve (12) members elected by the General Assembly of Company shareholders for a one – year term commencing on the day following the General Assembly from which they were elected and its tenure is extended until the expiration of the period within which the next Ordinary General Assembly must be convened and until a relative decision is taken. Members of the Board of Directors may be elected from among shareholders or non-shareholders, as well as MOTOR OIL senior employees. BoD members may be re-elected indefinitely without limitation and may be freely recalled. Immediately following its election by the General Assembly, the Board of Directors organizes as a Body Corporate and appoints its Chairman, up to two (2) Vice-Chairmen and the Managing Director. The Chairman of the Board of Directors presides over the meetings and, in case he is absent or cannot attend he is substituted by one of the Vice-Chairmen; in case both Vice-Chairmen are absent or cannot attend they are substituted by any member appointed by the BoD. The Chairman, the Vice-Chairmen and the Managing Director may always be re-elected. The Board holds a meeting whenever the law, the Company Memorandum & Articles of Association and the Company requirements dictate so and is considered to be at quorum and lawfully conducts its business when half the number plus one of its members are present or represented. The decisions of the Board are taken on the basis of simple majority of the present and represented Directors. Each member is entitled to one vote while the Chairman or any person acting as Chairman has no decisive vote at any meeting of the Board of Directors.
According to Article 20 of the Company Memorandum & Articles of Association of MOTOR OIL, the Board is entitled to deliberate on any affair, matter, deed or action pertaining to the administration of the Company in general or to the management of Company property, to represent the Company in all its relations and transactions with third parties and to take any action that enhances its goals, including the granting to third parties of Company guarantees on behalf of affiliated or related companies, with the exception of only those matters that, according to the provisions of the Law or the Company Memorandum & Articles of Association, fall within the jurisdiction of the General Assembly. By decision of the General Assembly, which is made by an open vote following the approval of the Annual Financial Statements, the overall administration of the Company performed in the respective fiscal year may be approved. The members of the Board have personal liability to the Company according to the provisions of the Law 4548/2018.
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The Company’s Board has a Charter which is available on the Company’s website at the option: Investor Relations > Corporate Governance > Policies.
The Company has a Directors’ Suitability Policy, the content of which includes all information stipulated in article 3 of the Law 4706/2020 and is also in conformity with the 890-1Β-60/18.09.2020 decision of the Board of the Hellenic Capital Market Commission. The Policy was approved by decision of the Annual Ordinary General Assembly dated June 23 rd, 2021. MOTOR OIL is obliged to submit the Suitability Policy for re-approval by the General Assembly each time a material change in the content of the Policy takes place.
The Suitability Policy is available on the corporate website
www.moh.gr
at the particular option: Investor
Relations> Corporate Governance> Policies.
Moreover, in September 2025, MOTOR OIL, pursuant to paragraph 1 of article 3C of the Law 4706/2020, as currently in force, prepared the special annual report on the balanced representation of the genders in its Board of Directors which is available at the Company’s website at the option: Investor Relations > Corporate Governance > Reports. In the said report, the Company’s compliance with the provisions of the applicable legislation regarding balanced gender representation on its Board of Directors is confirmed.
The information regarding the number of members of the Company’s Board of Directors who belong to the underrepresented gender, categorized according to their capacity based on the current composition of the Board, is presented in the table below:

|  | Number of Directors | Men | Women | % of the underrepresented gender
Directors | 10 | 8 | 2 | 20%
Executive Directors | 4 | 4 | 0 | 0%
Non- Executive Directors | 3 | 2 | 1 | 33%
Independent Non- Executive Directors | 3 | 2 | 1 | 33%

The percentage of the members of the Company’s Board belonging to the underrepresented gender cannot be lower than 33%, rounded to the nearest whole number, with effective date 30 June 2026 (article 42 par. 3 of the Law 5178/2025). The Annual Ordinary General Assembly of the Company’s shareholders which, according to the published financial calendar of the year 2026, is scheduled for 17 June 2026 will be called to appoint a new Board with the appropriate composition securing the balanced gender representation provided by the law.
With refence to the appointment, in case the Board composition includes three or more executive Directors, of at least one executive Board member who belongs to the underrepresented gender, the Company has to comply with this requirement on the first, after the effective date (30 June 2026) of the above article, termination of the term of the Board or in the case of replacement of an already serving executive Board member for whatever reason (article 17 par. 3 of the Law 5178).
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The Annual Ordinary General Assembly of the Company shareholders dated June 18 th, 2025, elected a 10-member Board for a one-year term, which was organized as a Body corporate in its meeting dated June 19 th, 2025. The current composition of the Board of MOTOR OIL (HELLAS) S.A. is as follows:

Nr. | Name | Board Position | Member Identity
1 | Yannis V. Vardinoyannis | Chair & CEO | Executive
2 | Ioannis Kosmadakis | Deputy CEO | Executive
3 | Petros Tzannetakis | Deputy CEO | Executive
4 | Michael Stiakakis | Member | Executive
5 | George Prousanidis | Vice-Chair | Non-executive
6 | Nikolaos Th. Vardinoyannis | Member | Non-executive
7 | Niki Stoufi | Member | Non-executive
8 | Panayotis Constantaras | Member | Non-executive-independent
9 | Ourania Ekaterinari | Member | Non-executive-independent
10 | Dimitrios- Antonios Anifantakis | Member | Non-executive-independent

According to paragraph 3 of the article 18 of the Law 4706/2020, the curricula vitae of the Directors and the top executives of the Company are presented hereunder. Particularly with regards to the Directors, as a verification of the time availability aspect, information on their participations in various Company Boards, besides those associated with MOTOR OIL or the Group, have been included:
Yannis V. Vardinoyannis: Chair and CEO
He was born in 1962. He studied Economics at VASSAR COLLEGE in USA. He has been a member of the Company’s Board since 2005 and in 2009 he assumed duties of Executive Vice-Chairman. Since January 2021 he is the CEO of the Company and in November 2024 he was appointed Chairman of the Board. Apart from MOTOR OIL (HELLAS) S.A. he has been involved in a wide array of entrepreneurial endeavours in Greece and abroad in various sectors such as upstream, shipping, real estate, banking and traveler accommodation.
Ioannis Kosmadakis: Deputy CEO
He was born in 1952 and holds a Master’s Degree in Chemical Engineering from the National Technical University of Athens. He has been working with the Company since 1978. From 1998 until 2018 he was the General Manager of Trading & Supply, he has been a member of the Board of Directors of the Company since 1998 and Deputy CEO since 2005. Furthermore, Mr I. Kosmadakis is a member of the Sustainability Committee of the Company, the Chair of the Board of Directors of SHELL & MOH AVIATION FUELS S.A., and a Board member of ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.
Petros Tzannetakis: Deputy CEO
He was born in 1955 and holds a Bachelor´s degree in Economics from the University of Surrey and a Master´s Degree in European Union Economics from the University of Sussex (U.K). He has been working with the Company since 1986 at various executive positions: Finance Manager (1991-1998), Deputy General Manager of Finance (1998-2005), Chief Financial Officer (2005-2023). Mr. Tzannetakis has been a Board member of the Company since 1998 and Deputy CEO since 2005. Furthermore, Mr. Tzannetakis is the Chair of the Sustainability Committee of the Company since 2023. Moreover, he is a Non-Executive Vice-Chair of the ATHEX listed OPTIMA BANK S.A.
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Michael Stiakakis: Executive BoD Member / GM of Fuels Refining & Trading
He was born in 1955. He holds a Master’s Degree in Mechanical-Electrical Engineering from the Polytechnic School of the Aristotle University of Thessaloniki. He has been working with the Company since 1982. He was Deputy Refinery General Manager from 2000 until 2006 and Refinery General Manager from 2006 until February 2024 when he became General Manager of Fuels Refining & Trading. He has been a member of the Board since June 2024. Furthermore, Mr. M. Stiakakis is a member of the Sustainability Committee of the Company.
George I. Prousanidis: Vice Chairman Non-Executive Board member
He was born in 1961. He graduated from the Athens Law School and holds a postgraduate degree (LLM) from Columbia Law School. He has been employed by MOTOR OIL (HELLAS) S.A. since 1990. In addition, Mr. Prousanidis is a non-executive Board member of the ATHEX listed company under the legal name ELLAKTOR S.A.
Nikolaos Th. Vardinoyannis: Non – executive Board member
He was born in 1977. He has established long-term and versatile entrepreneurial activity and is in possession of solid business experience participating in companies engaging in various sectors such as entertainment, tourism, technology and investments. He was a member of the Board of the Company from 2005 until 2018 and was reappointed as Director in June 2022.
Niki Stoufi: Non – executive Board member
She is a Mechanical Engineer having graduated from Northeastern University (Boston, USA) and the Federal Polytechnic of Zurich (ETH) with specialization in Industrial Management. Since 1990 she has been holding various posts within MOTOR OIL Group assuming duties relating to organization and business development issues. She worked for MOTOR OIL (ΗELLAS) S.A. from 2012 until 2024. She is member of the Remuneration & Nomination Committee and member of the Sustainability Committee of the Company.
Panayotis Constantaras: Independent Non-Executive Board member
He was born in 1950. He is a graduate of the Athens Graduate School of Economics and Business Sciences (former ASOEE currently Athens University of Economics) and holds a Postgraduate Degree (M Sc.) from the London School of Economics (UK). From 1978 until 2011 he worked with Citibank Greece where for a series of years, he held the position of Managing Director of the Piraeus Shipping Unit of the Bank. Since June 2018, he has been an Independent Non‑Executive member of the Board of Directors and Chair of the Company’s Audit Committee. Additionally, he is a Board member of VISTA BANK (Romania) S.A.
Ourania Ekaterinari: Independent Non-Executive Board Member
She holds a degree in Electrical & Computer Engineering from Aristotle University of Thessaloniki and an MBA from City University Business School in London. Mrs. Ekaterinari served as CEO and executive member of the Board of the Hellenic Corporation of Assets and Participations S.A. (2014-2018) and prior to that as Deputy CEO and executive member of the Board and of the Management Committee of Public Power Corporation S.A. (2010-2014). Apart from her professional experience, Mrs. Ekaterinari has served as member of the Hellenic Corporate Governance Council (HCGC) and of the Council of Competitiveness of Greece. Since June 2021, Mrs. Ekaterinari has been an Independent Non-Executive Board member of MOTOR OIL, Chair of the Remuneration & Nomination Committee of the Company, and member of the Sustainability Committee of the Company. Moreover, she is an Independent Non-Executive member of the Board of the listed company ELVALHALKOR HELLENIC COPPER & ALUMINIUM IND. and a non-executive Board member of the HELLENIC ELECTRICITY DISTRIBUTION NETWORK OPERATOR.
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Since June 2024, she has been a Vice-Chair of the Board of the Hellenic Federation of Enterprises (SEV) as well as Chair of the Executive Committee of SEV.
Dimitrios- Antonios Anifantakis: Independent Non-Executive Board Member
He was born in 1963. He holds a BE and ME in Mechanical Engineering from Stevens Institute of Technology (New Jersey, USA) and an MBA from London Business School (London, UK). He has more than 30 years of international professional experience in the Energy Business having served as Managing Director of LITASCO SA (2018-2020), Chairman of the Board of EIGER SHIPPING S.A. (2017-2020), Deputy Senior Vice President Supply & Sales of OAO LUKOIL (2011-2018), General Manager at BP IST Russia & CIS (2004-2011) and General Manager at CARGILL PETROLEUM S.A. Russia & CIS (1999-2004). Since June 2021, he has been an Independent Non-Executive member of the Board of MOTOR OIL and a member of the Remuneration & Nomination Committee of the Company. Moreover, he serves as a Board member of a UK‑based company operating in the real estate sector.
Nikolaos Dikeos: Head of Legal Department / Secretary of the Board
He was born in 1961. He is a graduate of the School of Law of the National & Kapodistrian University of Athens and holds a postgraduate degree (MSc) from London School of Economics and Political Science. He has over 35 years of work experience, having served as legal counsel to the Shell Group in Greece since 1990, Company Secretary since 1998 and Director of Legal Department since 2008. He has been working for MOTOR OIL Group since 2010, following the acquisition of SHELL HELLAS S.A. (now CORAL S.A.) by MOTOR OIL, where he served as Head of Legal Department for the Commercial Companies of the Group until 2020. Since then, he has been the Head of Legal Department of MOTOR OIL. In November 2024, he was appointed as Secretary of the Board.
Ioannis Kioufis: Refinery General Manager
He was born in 1964. He holds a degree in Chemical Engineering from the Polytechnic School of Aristotle University of Thessaloniki (AUTH). He has been working for MOTOR OIL since 1993. He became Deputy Refinery General Manager in 2012 and was promoted to the position of Refinery General Manager in February 2024. Moreover, he has been the Managing Director of the MOTOR OIL subsidiary company DIORYGA GAS since 2016.
Efstratios Patsatzis: General Manager of Finance
He was born in 1982. He holds a Bachelor’s degree in Business Administration from the University of Derby (United Kingdom), a postgraduate degree (major: Accounting and Finance) from the Athens University of Economics and Business, and an MBA from the University of Kentucky (USA). In addition, he has completed the Strategic Leadership program at INSEAD. During his 16-year professional career, prior to his employment with MOTOR OIL, he served as a senior financial and administrative executive in well-known companies, both in Greece and abroad, engaging in various business sectors including the steel industry, construction, shipping, IT and tourism. He joined the Company in November 2024.
Georgios Triantafyllou: General Manager of Strategy
He was born in 1982. He holds a dual degree in Economics and History from Brandeis University and an MBA from MIT Sloan School of Management. He joined the Company in July 2021. Prior to joining Motor Oil, Mr. Triantafyllou worked for 13 years at Goldman Sachs’ Investment Banking Division in London and New York, focusing on the Energy and Power sectors. In his last role at Goldman Sachs, he was Head of Southeastern Europe including Greece and Cyprus. Mr. Triantafyllou is a non-executive Board member of the ATHEX listed company under the legal name ELLAKTOR S.A.
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Alkhas Khametov: General Manager of Supply & Trading
He was born in 1973. He is a graduate of the Massachusetts State University (Bachelor in Business Administration) and a holder of the Global Executive MBA from the SDA Bocconi School of Management. Mr. Khametov has 30 years of international professional experience holding managerial positions with various state and multinational Groups in a wide array of geographical locations. He joined the company in October 2023.
Theofanis Voutsaras: General Manager of Human Resources
He was born in 1963. He is a Boston College (USA) graduate and holder of a MSc in Industrial Relations & Personnel Management from London School of Economics (UK). He has more than 30 years of working experience at managerial posts in various sectors (downstream, retail fuel, banking, constructions). He has been working for MOTOR OIL since 2010. From March 2011 until June 2021 he was an executive member of the Board of Directors. In addition, Mr. Voutsaras is a non-executive board member of the ATHEX listed OPTIMA BANK S.A.
Nikos Giannakakis: IT General Manager
He was born in 1971. He holds a Bachelor’s Degree (Faculty of Physics) from the University of Ioannina, a Postgraduate Degree (MSc) in Industrial Systems Administration, and is an Alumni of the International Institute for Management Development – IMD (Lausanne, Switzerland). He joined the Company in November 2019, bringing an international 15-year experience gained in Information Technology Executive positions with recognizable Multinational Organizations. Mr. Giannakakis was included in the list of the top 100 Chief Information Officers for the year 2019.
Ioannis Kalogirou: General Manager of Commercial Subsidiaries
He was born in 1965 and holds a BSc in Business and an MBA in Marketing from the University of New Haven (USA). He joined Motor Oil in June 2022, bringing 30 years of senior management experience gained in leading international companies. Mr. Kalogirou has a deep understanding of brands and consumers, and extensive knowledge of many markets across the world.
Loukas Tripelopoulos: Finance General Manager of Commercial Subsidiaries
He was born in 1974. He is a graduate of the Athens University of Economics and Business, holds an MSc from the University of Stirling (Scotland) and is a fellow of the Association of Chartered Certified Accountants (ACCA). Mr. Tripelopoulos has more than 25 years of working experience in Greece and abroad in the refining and upstream sectors. He has been working for the MOTOR OIL Group since December 1999.
Dimitrios Kontaxis: General Manager of Circular Economy
He was born in 1967. He has been working since 1998 for various companies of the MOTOR OIL (HELLAS) S.A. Group having served as Managing Director of the subsidiary LPC SINGLE MEMBER S.A. and as General Manager of the subsidiary AVIN OIL SINGLE MEMBER S.A. whilst he joined the Company in July 2022. He has accumulated solid professional experience and knowhow in the fields of the Environment, waste management, recycling and