Petrol (PETG) Q2 2026 earnings summary

Executive summary

• Operations in H1 2026 were heavily impacted by geopolitical instability, energy price volatility, and regulatory interventions, especially following the Middle East conflict in March, which led to fuel supply disruptions and negative margins in Slovenia.

• Regulatory changes in Slovenia and Croatia, including shortened price-setting periods and reintroduction of price caps, failed to fully mitigate operational risks or allow timely retail price adjustments.

• Despite strong sales volumes and improved performance in non-fuel segments, overall results fell short of plan due to negative margins in the fuel segment and increased costs.

Financial highlights

• Revenue rose to EUR 3,345.4 million, up 12% year-over-year, driven by higher energy commodity prices and increased fuel sales.

• EBITDA was EUR 131.8 million, down 9% year-over-year, mainly due to losses in the Slovenian fuel segment in March.

• Net profit was EUR 57.4 million, a 24% decrease year-over-year.

• Operating profit reached EUR 79.2 million, down 18% year-over-year.

• Earnings per share were EUR 1.39, compared to EUR 1.83 in H1 2025.

• Net investments totaled EUR 58.2 million, up 55% year-over-year, with 44% allocated to energy transition projects.

Outlook and guidance

• Cost optimization, operational efficiency, and adaptation to volatile markets remain top priorities for the remainder of 2026.

• Regulatory frameworks continue to pose challenges, with permitted margins in Slovenia still the lowest in the EU.

• Macroeconomic forecasts predict GDP growth of 2.0% for Slovenia and 2.6% for Croatia in 2026, with inflation expected at 2.5% and 4.4% respectively.