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Motor Oil Performance review H1 2026 financial results www.moh.gr | August 2026
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The material contained in this presentation is intended to be general performance information on MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. and its activities. The information is provided in summary form and is therefore not necessarily complete. The information contained is not an invitation to invest in shares or other securities, or any other products or services or otherwise deal in these or enter into a contract with MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. or any other company. The information provided should not be relied upon in connection with any investment decision. The past performance of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. or any other company referred to in the presentation cannot be relied upon as a guide to its future performance. The price of shares and the income derived from them can go down as well as up and investors may not recoup the amount originally invested. Forward- looking statements concerning the Company’s future results, operations, financial statements/condition/performance, business strategies and plans, involve risks and uncertainties related to events that may or may not happen in the future. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation. MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. assumes no obligation to update any forward-looking statements. Processing any information contained in the presentation is governed by the laws of Greece and any person who accesses this presentation, processes and uses this information agrees that the Greek courts shall have exclusive jurisdiction in any dispute. The presentation is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the presentation is prohibited. Persons in respect of whom such prohibitions apply must not access the presentation. This presentation is only being distributed to, and is only directed at, qualified investors within the meaning of the Regulation (EU) 2017/1129. Persons who do not fall within the category of relevant persons should not take any action on the basis of this presentation and should not act or rely on it. The presentation is intended for use by professional and business investors only. August 2026 | 2
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Contents 1. H1-2026 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials H1-2026 www.moh.gr | August 2026
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H1-2026 Financial Results Highlights www.moh.gr | August 2026
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Turnover € 7.52bn +43% y/y EBITDA € 1,047m +170% y/y Net Income € 686m vs. 162m in 1H25 Investments € 133m vs. 262m in 1H25 Adj. EBITDA € 967m +114% y/y Adj. Net Income € 623m vs. 213m in 1H25 Net Debt € 814m vs. 1.58bn in FY25 Free Cash Flow € 683m vs. -164m in 1H25 Invested Capital € 4.74bn vs. 4.93bn in FY25 Notes: Net Income is calculated after minorities. Adjusted figures exclude the period’s inventory valuation impact. Net Debt includes lease liabilities. First Half 2026 Highlights – Motor Oil Group August 2026 | 5
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(EUR m) Q2 2025 Q2 2026 H1 2025 H1 2026 Revenues 2,587 4,166 5,266 7,524 EBITDA 186 501 387 1,047 Earnings before tax 104 464 218 892 Earnings after tax & minorities 77 354 162 686 EPS (EUR) 0.72 3.26 1.50 6.33 Adj. EBITDA 237 586 452 967 Fuels 182 466 330 782 Consumer Services 31 40 62 69 Electrification 14 48 42 94 Circular Economy 8 22 18 32 Other & Elim.Adj. 2 9 0 -10 Adj. Earnings after tax & minorities 117 420 213 623 Adj. EPS (EUR) 1.08 3.87 1.96 5.75 Capex 127 121 203 191 Net Debt 1,959 814 1,959 814 Simpl. Cash Flow 59 380 185 856 Notes: Adjusted figures exclude the period’s inventory valuation impact. Net Debt includes lease liabilities. Simplified Cash Flow = EBITDA less Capex. Group Financial Performance Q2 & H1 2026 August 2026 | 6
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Industry Indicators www.moh.gr | August 2026
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Brent DTD (USD/bbl) 1.134 1.168 1.163 1.170 1.163 2Q25 3Q25 4Q25 1Q26 2Q26 EUR-USD 14.0 16.5 17.7 11.5 21.1 15.9 20.1 25.7 44.0 51.8 17.0 25.1 28.2 34.6 49.2 2Q25 3Q25 4Q25 1Q26 2Q26 Light, Mid-distillates Cracks (USD/bbl) EUR-USD LSFO HSFO -3.5 -0.8 -4.9 -12.5 -14.4 -4.3 -6.4 -8.5 -13.7 -18.9 2Q25 3Q25 4Q25 1Q26 2Q26 Fuel Oil Cracks (USD/bbl) Gasoline ULSD JetBrent Refining Macro Indicators (period avg.) August 2026 | 8 68 69 64 81 104 2Q25 3Q25 4Q25 1Q26 2Q26
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LPG 2Q26: -5.7% y/y 1Q 2Q 3Q 4Q FY / H1 140 134 138 131 126 119 147 138 147 139 566 538 257 2024 2025 2026 Gasoline 2Q26: -3.1% y/y 472 475 478 549 562 544 636 651 527 530 2,183 2,217 1,022 2024 2025 2026 Auto Diesel 2Q26: +1.2% y/y 617 636 629 751 776 786 805 814 711 720 2,884 2,948 1,415 2024 2025 2026 Heating Diesel 2Q26: -80.8% y/y 356 413 391 34 74 14 415 394 805 881 405 2024 2025 2026 Jet 2Q26: +5.6% y/y 135 147 162 487 505 534 713 761 283 301 1,619 1,714 696 2024 2025 2026 Bunker FO & Diesel 2Q26: -7.5% y/y 634 575 580 707 751 695 804 849 618 616 2,762 2,791 1,274 2024 2025 2026 Note: data excluding PPC and army. Fuels Marketing Domestic Consumption Greece (k MT) August 2026 | 9
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0 30 60 90 120 150 180 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Greek Electricity Wholesale Prices (EUR/MWh, avg.) Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix Lignite Natgas Hydro RES 9% 4% 6% 7% 8% 2% 3% 6% 5% 4% 33% 38% 42% 42% 44% 36% 38% 44% 34% 32% 8% 7% 8% 4% 5% 7% 7% 7% 15% 9% 11.8 12.4 14.5 13.3 13.6 11.9 15.6 13.3 16.4 13.8 50% 51% 45% 47% 43% 55% 52% 43% 45% 55% 0 2 4 6 8 10 12 14 16 0% 20% 40% 60% 80% 100% 120% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 EUAs (EUR/MT, avg.) 0 10 20 30 40 50 60 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 0 20 40 60 80 100 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Power & Gas Macro indicators August 2026 | 10
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Segments Review www.moh.gr | August 2026
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H1-2026 (EUR m) Fuels Consumer Services Electrification Circular Economy Other Eliminations/ Adjustments Total Revenues 5,830 2,530 311 241 22 -1,411 7,524 EBITDA 852 79 94 32 3 -13 1,047 Earnings Before Tax 807 30 38 24 7 -15 892 Capex 79 53 56 4 4 -4 191 Net Debt -290 499 690 -4 -53 -29 814 Simpl. Cash Flow 772 26 38 28 0 -9 856 Notes: Simplified Cash Flow = EBITDA less Capex. Net Debt includes lease liabilities. Group Financial Performance Per Segment H1-2025 (EUR m) Fuels Consumer Services Electrification Circular Economy Other Eliminations/ Adjustments Total Revenues 3,603 2,332 341 183 16 -1,209 5,266 EBITDA 274 53 42 18 4 -3 387 Earnings Before Tax 238 4 -26 12 7 -16 218 Capex 101 30 66 5 2 -2 203 Net Debt 789 522 763 -53 -24 -37 1,959 Simpl. Cash Flow 173 23 -24 13 1 -2 185 August 2026 | 12
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Q2 2025 Q2 2026 H1 2025 H1 2026 Brent DTD (USD/bbl, avg) 68 104 72 92 USD (avg) 1.134 1.163 1.093 1.167 Benchmark margin (USD/MT) 68 175 64 149 MOH ref. margin (USD/MT) 51 164 54 176 MOH adj. ref. margin (USD/MT) 68 192 65 165 Processed Volume (MT k) 2,655 3,234 5,474 6,596 Production (MT k) 2,492 3,032 5,160 6,201 Sales Volume (MT k) 3,019 3,517 5,918 7,102 Production 2,604 3,226 5,092 6,315 Trading 415 291 826 787 Sales (EUR m) 1,739 3,305 3,603 5,830 EBITDA (EUR m) 137 381 274 852 Adj. EBITDA (EUR m) 182 466 330 782 Capex (EUR m) 61 38 101 79 Net Debt (EUR m) 789 -290 789 -290 Notes: MOH refining margin refers to the blended margin (production & trading) of the fuels segment. Adjusted figures exclude the period’s inventory valuation effect. 1H25 EBITDA includes insurance compensation of EUR145m for business interruption. Net debt includes lease liabilities. Fuels Segment Performance Q2 & H1 2026 August 2026 | 13
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8,646 9,454 9,158 8,809 8,759 6,927 2,097 5,277 3,271 3,692 5,085 3,855 3,130 5,297 3,376 1,320 11,917 13,146 14,242 12,664 11,889 12,224 5,474 6,596 2020 2021 2022 2023 2024 2025 H1-2025 H1-2026 70% 43% 57% 26% 74% 38% 62% 80% 20% Refining Processed Volume (k MT) Crude Runs’ Mix Crude Other Feedstock Total Iraq 46%Libya 25% USA 9% Kazakhstan 7% Saudi Arabia 5% North Sea 5% North Africa 3% H1-2026 Fuels Segment Processed Volume & Crude Mix 30% August 2026 | 14
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(k MT) Lubricants Liquid Gases Gasolines Jet Fuels Diesels/Gas Oils Fuel Oils Other Products Fuels Segment Production & Yields 2024 Total 11,179 2% 2% 23% 14% 32% 17% 10% H1-2026 Total 6,201 2025 Total 11,521 2% 2% 21% 12% 34% 15% 14% 198 204 2,426 1,373 3,922 1,766 1,632 H1-2025 Total 5,160 225 220 2,520 1,603 3,615 1,929 1,068 2% 3% 22% 9% 32% 19% 13% 91 127 1,126 485 1,672 965 694 2% 2% 20% 17% 35% 11% 13% 132 100 1,250 1,070 2,198 647 803 August 2026 | 15
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Domestic Exports Shipping-Aviation Total 2,243 2,081 2,094 2,398 3,033 3,786 1,711 1,608 9,686 11,429 10,665 9,681 8,797 8,349 3,647 4,791 720 762 1,195 1,270 1,353 1,432 561 704 12,650 14,272 13,955 13,348 13,183 13,566 5,918 7,102 2020 2021 2022 2023 2024 2025 H1-2025 H1-2026 Sales Volume per Market (k MT) Greece - Civil, 25% Greece - Shipping/ Aviation, 11% Gibraltar, 10% USA, 8%Italy, 5% Slovenia, 4% Spain, 4% Lebanon, 4% Libya, 3% Other, 26% Revenue Mix by Country Gasoil 39% Jet 21% Gasoline 19% Fuel Oil 6% Asphalt 4% Lubes 3% Other 8% Revenue Mix by Product Note: Revenue mix by country refers to country of shipment. 1H26 1H26 Fuels Segment Sales per Market, Country & Product August 2026 | 16
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52 142 124 83 77 176 45 137 130 84 88 165 20 112 102 76 87 149 2021 2022 2023 2024 2025 1H26 (USD/MT) Notes: MOH refining margin refers to the blended margin (production & trading) of the fuels segment. Adjusted margin excludes the period’s inventory valuation effect. Benchmark margin is based on S&P Global data. MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED 51 93 98 188 164 68 98 116 138 192 68 104 116 124 175 2Q25 3Q25 4Q25 1Q26 2Q26 Fuels Segment Margins August 2026 | 17
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Q2 2025 Q2 2026 H1 2025 H1 2026 # of service stations (eop) c.1,530 c.1,540 c.1,530 c.1,540 Sales volume (MT k) 923 876 1,937 1,684 of which in Greece 853 808 1,808 1,548 Sales (EUR m) 1,127 1,408 2,332 2,530 EBITDA (EUR m) 25 40 53 79 Adj. EBITDA (EUR m) 31 40 62 69 Capex (EUR m) 20 41 30 53 Net Debt (EUR m) 522 499 522 499 91% 9% Turnover 87% 13% EBITDA 94% 6% Stations Greece International Notes: Adjusted EBITDA excludes inventory valuation effect. Net debt includes lease liabilities. Consumer Services Segment Performance Q2 & H1 2026 August 2026 | 18
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Electrification Q2 2025 Q2 2026 H1 2025 H1 2026 Sales (EUR m) 156 143 341 311 EBITDA (EUR m) 14 48 42 94 Capex (EUR m) 43 41 66 56 Net Debt (EUR m) 763 690 763 690 RES operating capacity (MW, eop) 839 1,020 839 1,020 RES power production (MWh) 310,341 400,552 711,293 973,337 Capacity factor 16.9% 20.7% 19.5% 25.9% Electricity retail market share (eop) 4.3% 4.1% 4.3% 4.1% # of public EV charging points (eop) 1,756 2,112 1,756 2,112 Notes: Net debt includes lease liabilities. Electrification & Circular Economy Performance Q2 & H1 2026 Circular Economy Q2 2025 Q2 2026 H1 2025 H1 2026 Sales (EUR m) 104 143 183 241 EBITDA (EUR m) 8 22 18 32 Capex (EUR m) 3 3 5 4 Net Debt (EUR m) -53 -4 -53 -4 August 2026 | 19
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Key Financials H1-2026 www.moh.gr | August 2026
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Group Profit & Loss Q2 & H1 2026 Notes: Cost of Sales, Gross Profit and Admin. & Distr. expenses are presented before depreciation & amortisation. Depreciation/Amortisation include other impairments for the year. 1H25 EBITDA includes insurance compensation of EUR145m for business interruption and ΕΒΤ EUR10m for property damage. Adjusted figures exclude the period’s inventory valuation impact. Profit & Loss (EUR m) Q2 2025 Q2 2026 H1 2025 H1 2026 SALES 2,587 4,166 5,266 7,524 Cost of Sales -2,386 -3,571 -4,835 -6,272 GROSS PROFIT 201 594 431 1,252 Admin. & Distr. Expenses -111 -116 -210 -233 Other Income/Gain (incl. insurance compensation) 96 22 167 28 EBITDA 186 501 387 1,047 Depreciation/Amortisation -69 -74 -138 -149 EBIT 116 427 250 899 Net Financial Expenses -16 28 -45 -22 Income from Associates 4 9 4 15 Gain/(Loss) on fixed assets from significant incident 0 0 9 0 EARNINGS BEFORE TAX 104 464 218 892 Income tax -26 -107 -54 -202 EARNINGS AFTER TAX 78 357 163 689 EARNINGS AFTER TAX & MINORITIES 77 354 162 686 EPS (EUR) 0.72 3.26 1.50 6.33 ADJ. EBITDA 237 586 452 967 ADJ. EARNINGS AFTER TAX & MINORITIES 117 420 213 623 August 2026 | 21
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Balance Sheet (EUR m) FY 2025 H1 2026 Net Tangible & Intangible Assets 4,093 3,997 Participations & Other LT Assets 631 673 Current Assets 3,316 4,066 TOTAL ASSETS 8,040 8,736 Total Equity 3,356 3,923 Total Liabilities 4,684 4,813 Non-Current Liabilities 2,681 2,898 Current Liabilities 2,003 1,914 TOTAL EQUITY & LIABILITES 8,040 8,736 NET DEBT 1,579 814 INVESTED CAPITAL 4,935 4,738 Cash Flow (EUR m) H1 2025 H1 2026 EBITDA 387 1,047 Net interest paid -52 -42 Income taxes paid -311 -11 Other items -13 55 GROSS CASH FLOW 12 1,048 Working Capital Change 87 -233 OPERATING CASH FLOW 98 816 Capital expenditure -203 -191 Other investing activities -60 59 FREE CASH FLOW -164 683 Debt & finance lease payments 131 -218 Dividends paid / Capital returns -34 -39 Other adjustments 14 9 CHG. IN CASH POSITION -53 435 Notes: Net debt includes lease liabilities. Other items in CF include provisions, impairments, derivatives’ results, dividends/capital returns received and other items. Group Balance Sheet & Cash Flow H1 2026 August 2026 | 22
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Company Profit & Loss Q2 & H1 2026 Profit & Loss (EUR m) Q2 2025 Q2 2026 H1 2025 H1 2026 SALES 1,701 3,238 3,498 5,738 Cost of Sales -1,635 -2,846 -3,339 -4,858 GROSS PROFIT 66 392 158 880 Admin. & Distr. Expenses -27 -27 -49 -63 Other Income/Gain (incl. insurance compensation) 90 7 154 14 EBITDA 130 372 263 831 Depreciation/Amortisation -24 -26 -49 -54 EBIT 105 346 214 776 Net Financial Expenses 22 109 14 79 Gain/(Loss) on fixed assets from significant incident 0 0 9 0 EARNINGS BEFORE TAX 127 455 237 855 Income tax -26 -92 -51 -183 EARNINGS AFTER TAX 101 363 187 672 EPS (EUR) 0.93 3.34 1.72 6.20 ADJ. EBITDA 175 457 319 761 ADJ. EARNINGS AFTER TAX 136 429 230 618 Notes: Cost of Sales, Gross Profit and Admin. & Distr. expenses are presented before depreciation & amortisation. Depreciation/Amortisation include other impairments for the year. 1H25 EBITDA includes insurance compensation of EUR145m for business interruption and ΕΒΤ EUR10m for property damage. Adjusted figures exclude the period’s inventory valuation impact. August 2026 | 23
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Balance Sheet (EUR m) FY 2025 H1 2026 Net Tangible & Intangible Assets 1,410 1,450 Participations & Other LT Assets 1,394 1,498 Current Assets 2,168 2,769 TOTAL ASSETS 4,973 5,716 Total Equity 2,747 3,262 Total Liabilities 2,226 2,454 Non-Current Liabilities 897 1,205 Current Liabilities 1,329 1,249 TOTAL EQUITY & LIABILITES 4,973 5,716 NET DEBT 237 -239 INVESTED CAPITAL 2,984 3,023 Cash Flow (EUR m) H1 2025 H1 2026 EBITDA 263 831 Net interest paid -14 -9 Income taxes paid -304 0 Other items -9 59 GROSS CASH FLOW -64 880 Working Capital Change 60 -262 OPERATING CASH FLOW -4 619 Capital expenditure -101 -79 Other investing activities -145 -13 FREE CASH FLOW -250 527 Debt & finance lease payments 164 -151 Dividends paid / Capital returns -33 -39 Other adjustments 14 6 CHG. IN CASH POSITION -106 343 Company Balance Sheet & Cash Flow H1 2026 Notes: Net debt includes lease liabilities. Other items in CF include provisions, impairments, derivatives’ results, dividends/capital returns received and other items. August 2026 | 24
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175 243 163 208 196 223 200 2020 2021 2022 2023 2024 2025 2026f (m EUR) 282 322 258 318 315 580 420 2020 2021 2022 2023 2024 2025 2026f Company Group Capex Evolution 1H26 79 1H26 191 August 2026 | 25
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Bank Loans Bonds Total 8 9 114 314 24 7 24 200 400 8 9 314 314 24 407 24 2026 2027 2028 2029 2030 2031 2032-35 Note: Profile as of 30 June 2026. Balance sheet amounts adjusted for capitalized expenses and other items. (m EUR) Company 132 95 299 477 222 162 395 200 400 132 95 499 477 222 562 395 2026 2027 2028 2029 2030 2031 2032-45 Debt Maturity Profile Group August 2026 | 26
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MOTOR OIL GROUP 12A Irodou Attikou Str. 15124 Maroussi Athens, Greece Tel: +30 210 809 4000 Website: www.moh.gr Investor Relations Contact Mary A. Psyllaki, IRO Tel: +30 210 809 3305 Email: mpsyllaki@moh.gr www.moh.gr | August 2026 Motor Oil #1 Most Honoured Company Emerging EMEA - Oil & Gas (SMID-Cap) #1 IR Team, IR Professional, IR Program, Investor/Analyst Event, Company Board 2026 Executive Team Survey