St1 Oy’s interim financial statements release January-June 2026

Consolidated key figures

	1.1.-30.6.2026	1.1.-30.6.2025	2025
Net sales, MEUR	4,766.6	3,511.9	7,234.2
Operating profit/loss, MEUR	350.6	-5.3	110.0
Operating profit as % of net sales	7.4	-0.2	1.5
Profit/loss for the financial period, MEUR	299.1	-3.4	99.2
Return on equity, %	38.1	-0.5	6.8
Equity ratio, %	58.4	54.9	59.0

St1 Group's net sales for the first half of 2026 amounted to EUR 4.8 billion, approximately EUR 1.3 billion more than in the same period last year. The increase in net sales was due to a sharp rise in oil product prices caused by the conflict in the Middle East. The net sales of the comparison period, in turn, were reduced by the partial maintenance shutdown at St1's refinery in Gothenburg. Sales volumes in the retail market and of marine fuels increased somewhat compared to the same period last year. Of net sales, 55% came from Sweden, 23% from Norway, and 22% from Finland. The impact of the UK business on net sales remained below one percent, as the main customer of our UK-based subsidiary, which processes waste- and residue-based feedstocks, is St1's biorefinery in Gothenburg.

Operating profit was EUR 350.6 million, while operating profit for the corresponding period last year was a loss of EUR -5.3 million. Profit after tax was EUR 299.1 million, compared to a loss of EUR -3.4 million in the comparison period. The result for the first half of the year was strongly affected by the rise in world market prices caused by the conflict in the Middle East and by improved refining margins. The refining margins of renewable diesel and Sustainable Aviation Fuel were supported by growing global demand. Refining margins were exceptionally strong following the first months of the year. The impact of inventory and valuation items compared to the previous year was almost EUR 150 million.

Cash flow from operations was strong at EUR 323.9 million. Investments totalled EUR 44.6 million. The largest investments were directed to improvement and maintenance work at the refinery, the development and maintenance of the station network, the electric vehicle charging network, and information systems. In addition, St1 continued its investments in the Novatron Fusion Group, which is developing fusion energy.

The Group's equity was EUR 1,657.6 million at the end of the period, and the equity ratio was 58.4. The Annual General Meeting of St1 Oy authorized the Board of Directors to acquire the company's own shares, and the Board decided to acquire the offered 52,056 shares.

Henrikki Talvitie, St1 Oy’s CEO:

We had a strong first half of the year across our operations. Our oil and renewable products value chains delivered record performance, with our St1 Refinery, Gothenburg Biorefinery and Brocklesby all achieving the highest refining and production volumes in their history.

As our operations have grown beyond the Nordic countries, we also shortened our name from St1 Nordic Oy to St1 Oy. This step better reflects the scope of our business today and supports our growth strategy going forward.

Scaling our low-emissions operations

We entered into an agreement to supply Sustainable Aviation Fuel (SAF) from our Gothenburg biorefinery to ten regional Swedish airports, as part of one of the largest coordinated SAF procurement in Sweden to date. Deliveries are handled through a Book & Claim model, which supports growth in a market where SAF supply is still limited.

Our biogas business, managed through our joint venture St1 Biokraft, continued to grow across the Nordics. St1 Biokraft acquired Danish Bio Commodities (DBC), extending into Denmark and adding meaningful production and pipeline capacity. We expanded our liquefied biogas network for heavy-duty transport, opening two new refuelling points and bringing the Nordic total to 15. The Nurmo biogas plant in Finland started operations, further strengthening our biogas supply. The plant was developed by Nurmon Bioenergia Oy, whose majority shareholder is Suomen Lantakaasu Oy and minority shareholder is Atria Suomi Oy. Suomen Lantakaasu is a joint venture between St1 Biokraft and Valio.

We continued to expand our EV charging network by opening five new sites in Sweden, adding to our growing charging network across the Nordics.

Strong collaboration

Together with Valio, we established a new joint venture, Ekviton Oy, to advance emission reductions in Finland through the distribution obligation's flexibility mechanism.

We also joined ABB, Fortum and the Walter Ahlström Foundation in a combined EUR 9 million donation to Aalto University to support the launch of its House of Energy Transition competence centre. The energy transition relies on the development and scaling of new energy solutions, which requires new expertise, continuous innovation, and above all a comprehensive energy strategy. That is why our EUR 3 million share funds two professorships in energy strategy and new energy technologies.

Unaudited financial information:

St1 Oy Interim Financial Statements January-June 2026, including:
Consolidated income statement 1.1.2026-30.6.2026, 1.1.2025-30.6.2025, 1.1.2025-31.12.2025
Consolidated balance sheet 30.6.2026, 31.12.2025
Consolidated cash flow statement 1.1.2026-30.6.2026, 1.1.2025-31.12.2025

St1 Oy will publish its financial statements release for 2026 on 31 March 2027.