NIS j.s.c. Novi Sad (NIIS) investor relations material

Executive summary

• Navigated complex business conditions due to US SDN list inclusion and global oil market disruptions, with OFAC licenses enabling continued operations until June 2026.

• Maintained operational and social stability, ensuring continued supply of oil derivatives and domestic market stability.

• Pančevo Oil Refinery resumed operations in January after a shutdown, impacting refining and sales volumes.

• Continued strategic investments, especially in oil and gas exploration, and focused on cost optimization, digitalization, and social responsibility.

Financial highlights

• Sales revenues declined to RSD 66.2bn, down 8% year-over-year.

• EBITDA rose to RSD 11.0bn, up 29%, driven by higher oil prices and cost optimization.

• Net profit increased to RSD 2.8bn, up 86% year-over-year.

• Operating cash flow reached RSD 16.7bn, reversing a negative OCF last year.

• CAPEX increased to RSD 6.3bn, mainly directed to exploration and production.

• Total bank indebtedness decreased to EUR 373.7mn.

• Accrued public revenue liabilities at RSD 44.0bn, down 16% year-over-year.

Outlook and guidance

• Ongoing operational adjustments to sanctions and market volatility, with a focus on efficiency, supply continuity, and financial discipline.

• Polypropylene project remains on hold pending sanction relief, with other projects progressing as scheduled.

• Market volatility and sanctions continue to pose uncertainties for the remainder of 2026.