St1 Nordic Oy’s Interim Financial Statements Release January–June 2025

Consolidated key figures

	1.1.-30.6.2025	1.1.-30.6.2024	2024
Net sales, MEUR	3,511.9	4,150.8	7,960.7
Operating profit/loss, MEUR	-5.3	148.4	171.9
Operating profit as % of net sales	-0.2	3.6	2.2
Profit/loss for the financial period, MEUR	-3.4	116.4	131.7
Return on equity, %	-0.5	16.6	9.4
Equity ratio	54.9	55.0	57.2

The St1 Nordic Group's net sales for the first half of 2025 amounted to EUR 3.5 billion, which was approximately EUR 0.6 billion lower than the same period last year. The decrease in net sales was due to the lower prices of oil products and a partial maintenance shutdown at our Gothenburg oil refinery. In the retail market, volumes decreased slightly, while the marine fuel volumes increased significantly. The geographical distribution of net sales remained similar to previous years, with 20% of net sales coming from Finland, 52% from Sweden, 27% from Norway, and less than 1% from the United Kingdom.

Operating profit was EUR -5.3 million, which was EUR 153.7 million lower than the previous year. Profit after tax was EUR -3.4 million, compared to EUR 116.4 million last year. The refining margin was significantly lower than last year, mainly due to market conditions but also the partial maintenance shutdown at our oil refinery. Inventory and valuation differences negatively impacted results in the first half of this year, whereas the impact was positive in the comparison period. There was an oversupply in the renewable diesel and aviation fuel markets in the early part of the year. The outlook on the different markets is significantly more positive for the remainder of the year.

Cash flow from operations was EUR 137.4 million. Investments totalled EUR 117.3 million. The largest investments were directed to the partial maintenance shutdown at our refinery, the conversion of our Shell-branded retail station network to the St1 brand in line with St1's One brand strategy, and new electric vehicle charging points in our network. Additionally, St1 invested in the Novatron Fusion Group, which is developing fusion energy.

The Group's equity was strong at the end of the period at EUR 1,369.0 million, and the equity ratio was 54.9. The Annual General Meeting of St1 Nordic Oy authorized the Board of Directors to acquire the company's own shares, and the Board decided to acquire the offered 219,420 shares.

Henrikki Talvitie, St1 Nordic Oy’s CEO:

In the first half of the year, we continued advancing our major energy transition projects, including transition investments at our oil refinery in Gothenburg and Biorefinery Östrand in Sweden, which is our major low-emissions fuel development project launched in partnership with SCA. We also continued to develop our energy transition roadmap, which has the primary target of growing our low-emissions energy portfolio.

Investments in the Nordic site network

Our One Brand strategy reached its implementation phase in April, when we started consolidating our retail operations under the St1 brand across the Nordic countries. St1’s One Brand strategy includes rebranding our approximately 630 Shell-branded stations to St1. By the end of the year all our 1,250 St1 stations form a unified Nordic energy distribution network. This investment supports our energy transition roadmap and strengthens our ability to introduce more and more low-emissions energy products to our customers.

During the first half of the year, we have continued to expand our EV charging and biogas distribution. We opened 36 new EV charging sites, and charging is now already available at 175 of our stations in Finland, Norway, and Sweden. We strengthened our liquified biogas distribution network (LBG) by 4 new sites in Finland and Sweden. Our first energy station primarily serving electric vehicle drivers was opened in Oslo, Norway, offering EV charging, a car wash, and a convenience store.

Strengthening our low-emissions energy portfolio

In February, we entered into a strategic, long-term partnership with Novatron Fusion Group (NFG) to accelerate the development of commercial fusion energy. This collaboration aims to reduce society's dependence on fossil fuels while meeting future energy demands. St1 has taken on the role of lead investor and a new board member following an investment of EUR 13 million in NFG, aiming to provide long-term value as well as business, industrial and regulatory expertise. 

Our first solar park at Risholmen, Gothenburg, started supplying energy to the grid in June. The park, consisting of 15,777 solar panels, is estimated to produce 8.5 GWh per year, equivalent to the electricity consumption of approximately 3,500 households.

Energy transition remains our most important sustainability topic. To drive sustainable growth, we rely on science, data-driven management, agility, and cost-efficiency as key enablers. We will continue to invest in and strengthen our capabilities in this area.

Unaudited financial information:

St1 Nordic Oy Interim Report 06/2025, including:
Consolidated income statement 1.1.2025-30.6.2025, 1.1.2024-30.6.2024, 1.1.2024-31.12.2024
Consolidated balance sheet 30.6.2025, 31.12.2024
Consolidated cash flow statement 1.1.2025-30.6.2025, 1.1.2024-31.12.2024

St1 Nordic Oy will publish its financial statements release for 2025 on 31 March 2026.