Earnings release
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HALF-YEAR FINANCIAL REPORT (ACCORDING TO L. 3556/2007) AUGUST 2026 FOR THE PERIOD 1 JANUARY - 30 JUNE 2026 TABLE OF CONTENTS: DECLARATIONS OF THE BoD REPRESENTATIVES HALF-YEAR DIRECTORS’ REPORT INTERIM CONDENSED FINANCIAL STATEMENTS AUDITOR’S REVIEW REPORT MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. G.E.MI. 272801000 Headquarters: Irodou Attikou 12Α, 151 24 Maroussi Attica
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DECLARATIONS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS OF “MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.” THE CHAIRMAN & CEO THE DEPUTY CEO THE DEPUTY CEO IOANNIS V. VARDINOYANNIS PETROS T. TZANNETAKIS IOANNIS N. KOSMADAKIS Pursuant to the provisions of article 5 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge: A. The interim condensed half year single and consolidated financial statements of “MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.” (the Company) for the period ended June 30, 2026, which have been prepared in accordance with the International Financial Accounting Standards as adopted by the European Union, fairly present the assets, the liabilities, the shareholders’ equity and the results of the Group and the Company, as well as of the companies included in the consolidated financial statements taken as a whole, according to the provisions of article 5 paragraphs 3 to 5 of Law 3556/2007, and B. The Board of Directors’ half year report fairly presents the information required by article 5 paragraph 6 of Law 3556/2007. Maroussi, August 24th, 2026
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DIRECTORS’ REPORT H 1 2026 1 D I R E C T O R S´ R E P O R T (ACCORDING TO ARTICLE 5 OF THE LAW 3556/2007) ON THE INTERIM CONDENSED FINANCIAL STATEMENTS OF “MΟΤΟR ΟIL (HΕLLΑS) CORINTH REFINERIES S.Α.” AND THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR THE PERIOD ENDED 30 JUNE 2026 (01.01.2026 – 30.06.2026 ) 1. REVIEW OF OPERATIONS The Group financial figures for the first half of 2026 compared with the corresponding interim period of 2025 are presented hereunder: Variation Amounts in thousand Euros First Half 2026 First Half 2025 Amount % Turnover (Sales) 7,524,130 5,265,552 2,258,578 42.89% Less: Cost of Sales (before depreciation & amortization) 6,271,818 4,835,030 1,436,788 29.72% Gross Profit (before depreciation & amortization) 1,252,312 430,522 821,790 190.88% Less: Distribution Expenses (before depreciation & amortization) 150,684 138,500 12,184 8.80% Less: Administrative Expenses (before depreciation & amortization) 82,090 71,439 10,651 14.91% Plus: Other Income 17,855 16,012 1,843 11.51% Plus/(Less): Other Gain/(Loss) 9,737 150,842 (141,105) (93.54)% Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) * 1,047,130 387,437 659,693 170.27% Plus/(Less): Investment Income / share of profits/(losses) in associates 14,644 4,196 10,448 249.00% Plus: Financial Income 184,629 69,044 115,585 167.41% Less: Financial Expenses 206,181 114,512 91,669 80.05% Plus/(Less): Gain/(loss) on fixed assets from significant incident 0 9,327 (9,327) (100.00)% Earnings before Depreciation/Amortization and Tax 1,040,222 355,492 684,730 192.61% Less: Depreciation & Amortization 148,518 137,733 10,785 7.83% Earnings before Tax (EBT) 891,704 217,759 673,945 309.49% Less: Income Tax 202,369 54,352 148,017 272.33% Earnings after Tax (EAT) 689,335 163,407 525,928 321.85% (*) Include government grants amortization Euro 2,204 thousand for the first half of 2026 and Euro 3,737 thousand for the first half of 2025. Depreciation & Amortization include also other impairments that relate to fixed assets.
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DIRECTORS’ REPORT H1 2026 2 The respective Company financial figures for the first half of 2026 compared with the corresponding interim period of 2025 are presented hereunder: Variation Amounts in thousand Euros First Half 2026 First Half 2025 Amount % Turnover (Sales) 5,738,253 3,497,599 2,240,654 64.06% Less: Cost of Sales (before depreciation & amortization) 4,858,451 3,339,356 1,519,095 45.49% Gross Profit (before depreciation & amortization) 879,802 158,243 721,559 455.98% Less: Distribution Expenses (before depreciation & amortization) 22,390 19,073 3,317 17.39% Less: Administrative Expenses (before depreciation & amortization) 40,360 30,321 10,039 33.11% Plus: Other Income 11,407 9,443 1,964 20.80% Plus/(Less): Other Gain/(Loss) 2,203 144,951 (142,748) (98.48)% Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) * 830,662 263,243 567,419 215.55% Plus: Financial Income 231,993 78,673 153,320 194.88% Less: Financial Expenses 153,416 65,067 88,349 135.78% Plus/(Less): Gain/(loss) on fixed assets from significant incident 0 9,327 (9,327) (100.00)% Earnings before Depreciation/Amortization and Tax 909,239 286,176 623,063 217.72% Less: Depreciation & Amortization 54,298 48,853 5,445 11.15% Earnings before Tax (EBT) 854,941 237,323 617,618 260.24% Less: Income Tax 182,808 50,757 132,051 260.16% Earnings after Tax (EAT) 672,133 186,566 485,567 260.27% (*) Include government grants amortization Euro 133 thousand for the first half of 2026 and Euro 1,371 thousand for the first half of 2025. Depreciation & Amortization include also other impairments that relate to fixed assets. On the financial figures presented above we hereby note the following: 1. Turnover (Sales) In principle, the turnover increase or decrease of oil refining and trading companies is mainly a function of the following factors: a) Volume of Sales b) Crude Oil and Petroleum Product Prices, and c) Euro / US Dollar parity. The industrial activity (refining) concerns sales of products produced in the refinery of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (‘‘Company’’ or ‘‘Parent Company’’) while the trading activity concerns sales generated as a result of imports of finished products from the international market and their subsequent resale to customers in the domestic market and abroad. The Group has the flexibility to take full advantage of the favorable market cond itions in the oil sector, whenever these arise, and it is in a position to respond to any exceptional or unpredictable conditions meeting the demand in the domestic and the international market with imports of products.
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DIRECTORS’ REPORT H1 2026 3 The breakdown of Group turnover by geographical market (Foreign – Domestic – Bunkering) and type of activity (Refining – Trading) as well as sales category in Metric Tons –Euros is presented hereunder: Metric Tons Amounts in Thousand Euros Geographical Market and Type of Activity First Half 2026 First Half 2025 Variation % First Half 2026 First Half 2025 Variation % Foreign Refining/Fuels 4,311,243 3,424,256 25.90% 3,342,788 1,847,423 80.94% Refining/Lubricants 105,954 93,945 12.78% 133,186 86,056 54.77% Trading/Fuels etc. 583,394 314,321 85.60% 523,430 295,851 76.92% Total Foreign Sales 5,000,591 3,832,522 30.48% 3,999,404 2,229,330 79.40% Domestic Refining/Fuels 1,343,333 1,095,122 22.67% 1,206,523 799,215 50.96% Refining/Lubricants 18,084 19,358 (6.58)% 26,578 24,418 8.85% Trading/Fuels etc. 256,958 662,379 (61.21)% 1,017,779 1,288,656 (21.02)% Total Domestic Sales 1,618,375 1,776,859 (8.92)% 2,250,880 2,112,289 6.56% Bunkering Refining/Fuels 550,938 482,426 14.20% 509,081 299,434 70.01% Refining/Lubricants 7,404 7,830 (5.44)% 13,752 13,158 4.51% Trading/Fuels etc. 214,076 161,280 32.74% 211,085 101,469 108.03% Total Bunkering Sales 772,418 651,536 18.55% 733,918 414,061 77.25% Rendering of Services 539,928 509,872 5.89% Total Sales 7,391,384 6,260,917 18.06% 7,524,130 5,265,552 42.89% In the first half of 2026 the turnover of the Group reached Euro 7,524.1 million compared with Euro 5,265.6 million in the corresponding period of 2025 denoting a n increase of 42.89%. This development is attributed to the sales volume increase of 18.06% (from 6,260,917 MT to 7,391,384 MT) combined with the higher average prices of petroleum products (denominated in US Dollars) by approximately 43% compared with the respective interim period of 2025. Part of this increase was offset by the devaluation of US Dollar against the Euro (average parity) by 6.8% considering that the greatest part of the sales volume of the parent company concerns exports invoiced in US Dollars (average exchange rate in the first half of 2026: 1€ = 1.1666$ compared with 1€ = 1.0927$ in the corresponding period of 2025). In the first half of 2026, the Group had revenues from the provision of services the greater part of which concerns the activities of NRG S.A., the sub-group of MORE, THALIS ENVIRONMENTAL SERVICES SINGLE MEMBER S.A . and the HELECTOR sub-group. The breakdown of the consolidated sales volume confirms the solid exporting profile of the Group considering that export and bunkering sales combined accounted for 78.10% of the aggregate sales volume in the first half of 2026 compared with 71.62% in the corresponding period of 2025, while the contribution of refining activities stood at 85.73%, compared with 81.82% in the first half of 2025.
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DIRECTORS’ REPORT H1 2026 4 The respective breakdown of Company turnover is presented hereunder: Metric Tons Amounts in Thousand Euros Geographical Market and Type of Activity First Half 2026 First Half 2025 Variation % First Half 2026 First Half 2025 Variation % Foreign Refining/Fuels 4,303,126 3,423,215 25.70% 3,332,312 1,847,106 80.41% Refining/Lubricants 87,803 75,762 15.89% 107,775 63,852 68.79% Trading/Fuels etc. 399,734 147,878 170.31% 273,123 97,627 179.76% Total Foreign Sales 4,790,663 3,646,855 31.36% 3,713,210 2,008,585 84.87% Domestic Refining/Fuels 1,337,353 1,085,102 23.25% 1,198,853 787,009 52.33% Refining/Lubricants 33,289 23,028 44.56% 39,589 21,670 82.69% Trading/Fuels etc. 147,322 440,317 (66.54)% 92,862 298,897 (68.93)% Total Domestic Sales 1,517,964 1,548,447 (1.97)% 1,331,304 1,107,576 20.20% Bunkering Refining/Fuels 550,938 482,427 14.20% 509,081 299,434 70.01% Refining/Lubricants 2,839 2,617 8.48% 4,418 3,850 14.75% Trading/Fuels etc. 150,115 75,925 97.71% 150,839 48,753 209.39% Total Bunkering Sales 703,892 560,969 25.48% 664,338 352,037 88.71% Rendering of Services 29,401 29,401 0 Total Sales 7,012,519 5,756,271 21.82% 5,738,253 3,497,599 64.06% The Company’s turnover for the first half of 2026 amounted to Euro 5,738.3 million compared with Euro 3,497.6 million in the corresponding period of 2025, denoting an increase of 64.06%. The evolution of the Company’s turnover was driven by the increase in sales volume by 21.82%, combined with the higher average prices (in US Dollars) of petroleum products by approximately 43%. Part of this increase was offset by the depreciation of the US Dollar against the Euro (see the relevant analysis of the consolidated turnover) . The breakdown of the Company sales volume confirms the solid exporting profile of the Refinery considering that export and bunkering sales combined accounted for 78.35% of the aggregate sales volume in the first half of 2026 compared with 73.10% in the corresponding period of 2025, as well as the high contribution of refining activities (90.06% of the aggregate sales volume in the first half of 2026 compared with 88.46% in the corresponding period of 2025). Revenues from services concern storage fees and related services .
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DIRECTORS’ REPORT H1 2026 5 A breakdown of the aggregate volume of crude oil and other raw materials processed by the Company during the first half of 2026 compared with the respective volume processed during the corresponding period of 2025 is presented below: Metric Tons First Half 2026 Metric Tons First Half 2025 Crude 5,276,770 2,097,133 Other raw materials 1,319,616 3,376,486 Total 6,596,386 5,473,619 The higher total quantity of crude oil processed by the Company in the first half of 2026 compared with the corresponding period of 2025 is attributed to the higher utilization rate of the Refinery’s units. It is noted that in the first half of 2025 the Refinery operated with a lower utilization rate due to the fire incident that occurred in one of the two crude distillation units (CDU) on 17.09.2024. The unit returned to full operation in the third quarter of 2025. During the CDU restoration period, the Company activated a contingency plan, adjusting the feedstock mix in the Refinery’s conversion units by substituting crude oil with alternative feedstocks such as fuel oil, naphtha, and vacuum gas oil (VGO). 2. Cost of Sales (before Depreciation & amortization) – Gross Profit In the first half of 2026 the Gross Profit (before depreciation & amortization) at Group level reached Euro 1,252,312 thousand compared with Euro 430,522 thousand in the corresponding period of 2025 denoting an increase of 190.88%. The Gross Profit (before depreciation & amortization) at Company level in the first half of 2026 amounted to Euro 879,802 thousand compared with Euro 158,243 thousand in the corresponding period of 2025 denoting an increase of 455.98%. The above development is attributed to the increased volume of the industrial sales by approximately MT 1,200 thousand on the back of the higher availability of the parent Company Refinery units during H1 2026, combined with the higher gasoline and diesel crack spreads as a consequence of the Middle East and Russia -Ukraine conflicts. The table below depicts the development of the Company Gross Profit Margin in USD per Metric Ton in the first half of 2026 and 2025 respectively. Gross Profit Margin (US Dollars / Metric Τon) First Half 2026 First Half 2025 Company Blended Profit Margin 174.72 54.61 3. Administrative and Distribution Expenses (before depreciation & amortization) The Operating expenses (Administrative and Distribution) at Group level increased in the first half of 2026 by Euro 22,835 thousand (or 10.88%) while at Company level increased by Euro 13,356 thousand (or 27.04%) compared with the corresponding period of 2025. 4a. Other Income Other income relates mainly to rentals, commissions as well as revenue to offset the indirect cost of CO 2 emissions (reference to the amount appears below). At Group level other income amounted to Euro 17,855 thousand in the first half of 2026 (of which the amount of Euro 9,714 thousand concerns revenue to offset the indirect cost of CO2 emissions) compared with Euro 16,012 thousand in the corresponding period of 2025 (of which the amount of Euro 7,174 thousand concerns revenue to offset the indirect cost of CO 2 emissions), while at Company level it amounted to Euro 11,407 thousand in the first half of 2026 (of which the amount of Euro 9,714 thousand concerns revenue to offset the indirect cost of CO2 emissions) compared
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DIRECTORS’ REPORT H1 2026 6 with Euro 9,443 thousand in the corresponding period of 2025 (of which the amount of Euro 7,174 thousand concerns revenue to offset the indirect cost of CO 2 emissions). 4b. Other Gain/(Loss) In the first half of 2026 the Group recorded gains Euro 9,737 thousand, compared with gains Euro 150,842 thousand in the corresponding period of 2025, while the Company recorded gains Euro 2,203 thousand in the first half of 2026 ( compared with gains Euro 144,951 thousand in the corresponding period of 2025). The other gain in the first half of 2026, both at Group level and at Company level, mainly relates to credit foreign‑exchange differences. The other gain for the corresponding period of 2025 mainly derived from insurance compensation for loss of production and industrial sales (business interruption insurance coverage), following the fire incident that occurred in one of the two crude distillation units (C DU) on 17.09.2024. 5. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) Subsequent to the above developments at Gross Margin level and at Operating Income & Expenses level, the EBITDA of the Group in the first half of 2026 was Euro 1,047,130 thousand compared with Euro 387,437 thousand in the corresponding period of 2025 (increased by 170.27%). Likewise, the EBITDA of the Company was Euro 830,662 thousand compared with Euro 263,243 thousand in the corresponding period of 2025 (increased by 215.55%). 6. Financial and Other Results In the first half of 2026 the financial and other results at Group level concern net expenses of Euro 6,908 thousand compared with net expenses of Euro 31,945 thousand in the corresponding period of 2025 (decreased by Euro 25,037 thousand or 78.38%). A breakdown of this variation is presented in the table below: Variation Amounts in thousand Euros First Half 2026 First Half 2025 Amount % (Profits)/losses from Associates (14,644) (4,196) (10,448) 249.00% Income from Participations and Investments (6,140) (3,763) (2,377) 63.17% Losses from sale of Participations and Investments 7,352 0 7,352 - Interest Income (17,405) (15,628) (1,777) 11.37% Interest Expenses & bank charges 59,018 67,126 (8,108) (12.08)% Realised (gains)/losses from derivatives accounted at FVTPL (16,922) 4,383 (21,305) (486.08)% (Gains)/losses from valuation of derivatives accounted at FVTPL (4,351) (6,650) 2,299 (34.57)% (Gains)/losses on fixed assets from significant incident 0 (9,327) 9,327 (100.00)% Total Financial and Other Results - (income)/expenses 6,908 31,945 (25,037) (78.38)% The ‘‘Profits from Associates” amount of Euro 14,644 thousand for the first half of 2026 corresponds to the share of the Group in the financial results of the companies which are consolidated under
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DIRECTORS’ REPORT H1 2026 7 the equity method. The larger amounts are the following: THERMOILEKTRIKI KOMOTINIS S.A. (profits Euro 9,888 thousand), KORINTHOS POWER S.A. (profits Euro 3,763 thousand), SHELL & MOH AVIATION FUELS A.E. (profits Euro 3,443 thousand), TALLON COMMODITIES LIMITED (profits Euro 752 thousand), ELLAKTOR S.A. (losses Euro 2,759 thousand), EVOIKOS BOREAS S.A . (losses Euro 221 thousand), SOFRANO S.A. (losses Euro 109 thousand) and HELLENIC FAST CHARGING SERVICES S.A. (losses 65 thousand). The ‘‘Profits from Associates” amount of Euro 4,196 thousand for the first half of 2025 corresponds to the share of the Group in the financial results of the companies which are consolidated under the equity method. The larger amounts are the following: KORINTHOS POWER S.A. (profits Euro 6,968 thousand), SHELL & MOH AVIATION FUELS A.E. (profits Euro 1,328 thousand), TALLON COMMODITIES LIMITED (profits Euro 551 thousand), ALPHA SATELLITE TELEVISION S.A. (losses Euro 1,543 thousand), THERMOILEKTRIKI KOMOTINIS S.A. (losses Euro 1,503 thousand) and ELLAKTOR S.A. (losses Euro 1,300 thousand). The “Income from Participations and Investments” in the first half of 2026 for the Group amounting to Euro 6,140 thousand corresponds to the dividend amount E uro 4,328 thousand for the fiscal 2025 of OPTIMA BANK S.A. collected by IREON INVESTMENTS LTD, plus the dividend remainder amount Euro 1,812 thousand for the fiscal 2025 of ELLAKTOR S.A. distributed to MOTOR OIL (HELLAS) S.A. The ‘‘Income from Participations and Investments’’ amounting to Euro 3,763 thousand for the first half of 2025 relates to dividend collected by IREON INVESTMENTS LTD as a shareholder of OPTIMA BANK S.A. . The “Losses from sale of Participations and Investments” in the first half of 2026 for the Group correspond to the Euro 7,352 thousand loss recognized due to the fair value valuation of the stake of MOTOR OIL (HELLAS) S.A. in ELLAKTOR S.A. ( it lowered at 10.41% from 22.40% previously). In the first half of 2026 the financial and other results at Company level concern net income of Euro 78,577 thousand compared with net income of Euro 22,933 thousand in the corresponding period of 2025 (increased by Euro 55,644 thousand or 242.64%). A breakdown of this variation is presented hereunder: Variation Amounts in thousand Euros First Half 2026 First Half 2025 Amount % Income from Investments (62,530) (20,424) (42,106) 206.16% Interest Income (13,307) (11,864) (1,443) 12.16% Interest Expenses & bank charges 20,117 24,083 (3,966) (16.47)% Realised (gains)/losses from derivatives accounted at FVTPL (19,082) 2,390 (21,472) (898.41)% (Gains)/losses from valuation of derivatives accounted at FVTPL (3,775) (7,791) 4,016 (51.55)% (Gains)/losses on fixed assets from significant incident 0 (9,327) 9,327 (100.00)% Total Financial and Other Results - (income)/expenses (78,577) (22,933) (55,644) 242.64% For the first half of 2026 the “Income from Investments” amount of Euro 62,530 includes Euro 58,600 thousand profit from the sale of the 11.99% stake held by the Company in ELLAKTOR S.A., as well as dividends from the companies ELLAKTOR S.A. (Euro 1,812 thousand), TALLON COMMODITIES LIMITED (Euro 900 thousand), AVIN OIL S.A. (Euro 800 thousand) and OFC AVIATION FUEL SERVICES S.A. (Euro 418 thousand). For the first half of 2025 the “Income from Investments” amount of Euro 20,424 thousand relates to dividends from the companies CORAL S.A. (Euro 10,000 thousand), CORINTHIAN OIL LIMITED (Euro
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DIRECTORS’ REPORT H1 2026 8 8,816 thousand), TALLON COMMODITIES LIMITED (Euro 840 thousand), OFC AVIATION FUEL SERVICES S.A. (Euro 468 thousand), and AVIN OIL S.A. (Euro 300 thousand) . The increase in interest income in the first half of 2026 compared with the corresponding period of 2025, at Parent Company and Group level, is mainly attributable to the higher average cash balances maintained during the period under review. Conversely, the decrease in interest expense reflects the lower average debt liabilities at Parent Company and Group level. Specifically, for the Parent Company, net debt in the first half of 2026 was negative (net cash), as cash and cash equivalents exceeded total borrowings and lease liabilities by EUR 238,863 thousand, compared with net debt of EUR 820,638 thousand in the first half of 2025. At Group level, net debt decreased significantly, from EUR 1,959,489 thousand in H1 2025 to EUR 814,308 thousand in the corresponding period of 2026. With regards to the transactions in financial derivatives, the Group recorded gains of Euro 21,273 thousand (compared with gains Euro 2,267 thousand in the first half of 2025) and the Company recorded gains Euro 22,857 thousand (compared with gains Euro 5,401 thousand in the first half of 2025). The above figures concern the net result from the transactions in financial derivatives and the mark to market valuation of derivatives at Fair Value through Profit or Loss (FVTPL). The “Gains on fixed assets from significant incident” amounting to Euro 9,327 thousand in the first half of 2025 refers to the net result following the receipt of insurance compensation of Euro 9,590 thousand for property damaged during the fire at the Refinery installation on 17 September 2024, and related expenses of Euro 263 thousand incurred due to the incident. 7. Earnings before Tax The Earnings before Tax of the Group in the first half of 2026 amounted to Euro 891,704 thousand compared with Earnings before Tax of Euro 217,759 thousand in the first half of 2025. The Earnings before Tax of the Company in the first half of 2026 amounted to Euro 854,941 thousand compared with Earnings before Tax of Euro 237,323 thousand in the first half of 2025. 8. Earnings after Tax The Earnings after Tax of the Group in the first half of 2026 amounted to Euro 689,335 thousand compared with Earnings after Tax of Euro 163,407 thousand in the first half of 2025. The Earnings after Tax of the Company in the first half of 2026 amounted to Euro 672,133 thousand compared with Earnings after Tax of Euro 186,566 thousand in the first half of 2025.
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DIRECTORS’ REPORT H1 2026 9 2. OUTLOOK FOR THE SECOND HALF OF 202 6 The operations as well as the profitability of the companies engaging in the sector of “oil refining and marketing of petroleum products” are impacted by a series of external parameters and mainly the prices of crude oil, the refining margins, the EURO/US Dollar parity and the volatility of the interest rates (reference to the latter two parameters is made in the section “Management of Financial Risks”). During the first half of 2026, the price of Brent crude oil exhibited significant volatility. Specifically, the average price stood at $92.31/bbl, with the maximum reaching $144.42/bbl and the minimum $60.98/bbl. In contrast, during the corresponding period of 2025, volatility was considerably milder, as the average price amounted to $71.87/bbl, while the maximum and minimum prices were $83.06/bbl and $61.09/bbl respectively. With regard to international refining margins, these moved at substantially higher levels in the first half of 2026 compared with the respective period of 2025, mainly influenced by geopolitical tensions in the Middle East and the naval blockade in the Strait of Hormuz passage, which caused considerable disruption in the global crude oil supply chain. During the third quarter of 2026 (up to the date of this report), refining margins have continued their upward trend. This trend reflects the reduced refining capacity in the Middle East and Russia which, combined with the seasonal increase in demand for refined products, drives the international benchmark refining margins higher. For the second half of fiscal year 2026, the Company’s operating results (EBITDA) are expected to be at least similar to those of the second half of 2025, factoring in the impact from the scheduled turnaround of the conversion units (Hydrocracker Complex and Fluid Catalytic Cracking – FCC – Complex), which will take place during September –October 2026. For the second half of the current fiscal year, the operating results (EBITDA) of the subsidiary groups operating in the retail fuel marketing sector (AVIN, CORAL), of MORE, which manages the portfolio of Renewable Energy Sources (RES), and of LPC, which operates in the lubricants trading and processing segment, are expected to be overall higher compared with the operating results (EBITDA) of the first half of 2026.
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DIRECTORS’ REPORT H1 2026 10 3. CAPITAL EXPENDITURE In the first half of 2026 the Company’s capital expenditure reached Euro 79.3 million of which Euro 76.9 million approximately (97%) was allocated to projects at the MOTOR OIL Refinery as follows: An amount of Euro 48. 2 million was allocated to projects for the production and supply of renewable fuels. The largest part of the expenditure (Euro 36.5 million) related to the construction of a new Electrolyzer for green hydrogen production, the construction of a new electricity distribution substation (Euro 11.5 million), and the project for the compressed H2 supply and transportation (the combined total budget of the said projects equals approximately Euro 150 million). An amount of Euro 18.7 million was allocated for regular maintenance works, upgrades and revamping of various Refinery units, infrastructure maintenance projects of existing port facilities, as well as development and operational safety projects for the Refinery. An amount of Euro 7.3 million was spent on a series of miscellaneous projects, aimed at enhancing health and safety conditions at the Refinery, as well as improving its environmental terms. An amount of Euro 2.7 million relates to environmental projects. For the second half of 2026, a significant part of capital expenditure will be allocated to the construction of the Electrolyzer unit for green hydrogen production, the construction of the new electricity distribution substation, as well as the scheduled turnaround of the Refinery’s conversion units — specifically the Hydrocracker Complex and the Fluid Catalytic Cracking (FCC) Complex — which will take place during the September –October 2026 period. The total capital expenditure of the Company for the fiscal year 2026 is expected to reach Euro 200 million.
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DIRECTORS’ REPORT H1 2026 11 4. EVENTS FROM 01.01.2026 UNTIL 30.06.2026 Business Developments On 26 March 2026, the 100% subsidiary of MOTOR OIL (HELLAS) S.A., IREON INVESTMENTS LIMITED, entered into an agreement with ANTENNA TV BV (Netherlands-based, member of the ANTENNA Group) and ALTER EGO MEDIA S.A., listed on Euronext Athens, for the acquisition of a 33.4% stake in ANTENNA GREECE SUPPORT SERVICES SINGLE MEMBER S.A. The latter will undertake the operation and management of the subscription-based audiovisual content platform under the trade name ANT1+. Specifically, IREON INVESTMENTS LIMITED will acquire from ANTENNA TV BV (the “Seller”) 3,000,000 common shares of ANTENNA GREECE SUPPORT SERVICES S.M.S.A. for a consideration of Euro 3 million, and an additional 2,508,245 common shares through participatio n in a share capital increase of ANTENNA GREECE SUPPORT SERVICES S.M.S.A., contributing a cash amount of Euro 2,508,245. Following the completion of the share transfer by the Seller and the corporate action described above, the new shareholding structure of ANTENNA GREECE SUPPORT SERVICES S.M.S.A. will be as follows: IREON INVESTMENTS LIMITED: 33.4%, ALTER EGO MEDIA S.A.: 33.3%, ANTENNA TV BV: 33.3%. The transaction is subject to approval by the competent Competition Authority. Moreover, on 29 May 2026, IREON INVESTMENTS LIMITED entered into a Sale and Purchase Agreement for the acquisition of a 60% stake in the share capital of the company under the legal name EN.ACT. ENVIRONMENTAL ENERGY SINGLE MEMBER S.A. (trade name ENACT S.A.). The latter operates in the field of integrated waste management, providing a wide array of services comprising advanced systems for the collection, transfer and processing of waste, as well as ancillary activities. The completion of the transaction is subject to the fulfillment of conditions precedent, including approval by the competent Competition Authority. On 4 June 2026, MOTOR OIL RENEWABLE ENERGY (“MORE” ), a 100% subsidiary of MOTOR OIL (HELLAS) S.A., signed an agreement with PPC Renewables S.A. (“PPCR”) for the sale to the latter of a portfolio of operating wind farms with a total installed capacity of 107 MW. The completion of the transaction is subject to the fulfilment of customary conditions precedent for transactions of this nature, including, among others, the receipt of the required approvals from the competent regulatory authorities. On 30 June 2026, MORE acquired the remaining 25% of the share capital of UNAGI S.A. (a holding company active in the electricity generation sector through Special Purpose Vehicles – SPVs) for a consideration of Euro 18 million. Subsequently , UNAGI S.A. became a wholly -owned (100%) subsidiary of MORE. On 30 June 2026, UNAGI S.A. completed the sale to PPC Renewables S.A. of its 51% participation in the share capital of twelve (12) Special Purpose Vehicles (SPVs) holding a portfolio of renewable energy projects under development for the construction of ph otovoltaic parks. The total consideration amounted to EUR 60 million. Participation in share capital increases of subsidiaries In February and April 2026, MOTOR OIL (HELLAS) S.A. participated in two share capital increases of IREON INVESTMENTS LIMITED, contributing amounts of Euro 16 million and E uro 60 million, respectively. The purpose of these corporate actions was to strengthen the capital base of IREON INVESTMENTS LIMITED in order to support the implementation of its investment plans (participation in the share capital of REAL CONSULTING – see next section below– and NOVA ICT – see section Developments after 30.06.2026). In March 2026, MOTOR OIL (HELLAS) S.A. participated in a share capital increase of MANETIAL LIMITED, contributing Euro 10.3 million. The purpose of this corporate action was to strengthen the capital base of MANETIAL LIMITED so that the latter could acquire the remaining minority stake of
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DIRECTORS’ REPORT H1 2026 12 5.56% in HELECTOR S.A. for a consideration of E uro 10.2 million. Subsequently, HELECTOR S.A. became a wholly-owned (100%) subsidiary of MANETIAL LIMITED. Participation in the share capital of a listed company During the period February – April 2026, IREON INVESTMENTS LIMITED acquired, through stock‑exchange transactions, a total of 3,080,000 shares issued by the Euronext Athens ‑listed company REAL CONSULTING S.A., for a consideration of EUR 15,558,000. IREON INVESTMENTS LIMITED transferred these shares, also via stock ‑exchange transactions, to its subsidiary IREON TECHNOLOGIES LIMITED on 19 June 2026. On the same date, IREON TECHNOLOGIES LIMITED proceeded with the purchase of an additional 500,000 REAL CONSULTING shares for EUR 3,000,000, resulting in the company holding 11.6598% of the voting rights of REAL CONSULTING S.A. Given that IREON VENTURES LTD, a wholly‑owned subsidiary of IREON INVESTMENTS LIMITED, held prior to the aforementioned transactions 21,529 shares of REAL CONSULTING, corresponding to 0.0701% of the voting rights, the total participation of the MOTOR OIL Group in the share capital of REAL CONSULTING, through IREON TECHNOLOGIES LIMITED and IREON VENTURES LTD, amounts to 11.73%. Bond Loan Issue On 10 June 2026, MOTOR OIL (HELLAS) S.A. successfully priced its senior unsecured notes of total nominal value Euro 400 million, carrying an annual coupon of 3.750%, at an issue price of 99.437% of par, and maturity 18 June 2031. The notes are listed and traded on the Global Exchange Market (GEM) of Euronext Dublin since 18 June 2026. The proceeds from the issuance were used to repay the Company’s outstanding notes of Euro 400 million, bearing an interest coupon of 2.125% maturing in 2026, which were also listed on the GEM. Reduction of stake in an associate In May 2026, MOTOR OIL sold 41,750,000 ELLAKTOR S.A. shares to Reggeborgh Invest B.V. for a consideration of Euro 37.2 million. Following the above transaction, MOTOR OIL holds 36,250,000 ELLAKTOR S.A. shares and its stake equals 10.411% (from 22.401% prev iously). Transfer of Own Shares As of December 31, 2025, the Company held 2,448,898 own shares, with a nominal value of €0.75 each, representing 2.21% of the Company’s share capital. In April 2026, following the relevant decisions of the Extraordinary General Meeting of 22 March 2023, altogether 289,101 treasury shares were transferred to the personal investment accounts held by executives of the Company and the Group in the Dematerialized Securities System ( D.S.S.) as follows: Type of Transaction Date Number of Shares Exercise price (€) / share) Allocation of shares to 15 executives of the Company and the Group following the exercise of stock options 30.4.2026 263,410 23.13 Allocation of shares to one Company executive following the exercise of Stock Options 30.4.2026 527 16.56 Stock Awards granted to 11 executives of the Company and the Group 30.4.2026 25,164 Free of payment Following the above transactions, on June 30 th, 2026, the Company held 2,159,797 treasury shares at an average price of 19.386 €/share which correspond to 1.95% of the Company share capital.
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DIRECTORS’ REPORT H1 2026 13 5. DEVELOPMENTS AFTER 30.06.2026 On July 9, 2026, MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (the Company) and AKTOR S.A. SOCIÉTÉ ANONYME HOLDING COMPANY TECHNICAL AND ENERGY PROJECTS (“AKTOR”) entered into a framework term sheet in relation to the acquisition by AKTOR of a 50% equity interest in DIORIGA GAS S.A. (the “Proposed Transaction”). DIORIGA GAS S.A. is the project vehicle for the development and operation of a floating storage and regasification unit for liquefied natural gas in Greece (the “FSRU”), which is expected to be connected to the National Natur al Gas Transmission System. Pursuant to the above framework term sheet, completion of the Proposed Transaction is subject, among others, to the finalization and execution of definitive transaction documents between the parties as well as the granting of all required corporate, regula tory and other approvals . The Proposed Transaction forms part of the Company’s broader strategy to develop critical energy infrastructure and strengthen its presence across the natural gas value chain, while further advancing the FSRU project by enhancing its financial, operational and commercial position . On 16 July 2026, MOTOR OIL participated in the share capital increase of IREON INVESTMENTS LIMITED by contributing in cash the amount of Euro 18,000,000 and acquiring 18,000 new shares of IREON INVESTMENTS LIMITED, of nominal value Euro 1 each at a subscription price above par of Euro 999 per share. The share capital increase was fully covered by MOTOR OIL. On 20 July 2026, the indirect subsidiary with the legal name IREON TECHNOLOGIES LIMITED (Purchaser) signed an agreement to acquire, for a total consideration amount of EUR 60.5 million, from NOVA TELECOMMUNICATIONS AND MEDIA SINGLE MEMBER S.A. (Seller) the stake of the latter in NOVA INFORMATION AND COMMUNICATION TECHNOLOGIES S.A. (NOVA ICT) corresponding to 50% of the share capital of NOVA ICT. Within the current fiscal year, IREON TECHNOLOGIES LIMITED intends to transfer part of the above -mentioned acquired stake to strategic investors ultimately ending up with a participation ranging between 10% -20% of the share capital of NOVA ICT. Furthermore, on 23 July 2026 IREON TECHNOLOGIES LIMITED acquired a 24.8% stake in SATORI ANALYTICS S.A. for a consideration of Euro 5.1 million. SATORI ANALYTICS operates in the field of advanced data analytics solutions, artificial intelligence and business digital transformation, possessing significant expertise in the development of AI applications and da ta analytics. On 5 August 2026, the Company and AKTOR signed a binding Share Purchase Agreement (SPA) for the sale to the latter of a 75% stake in MANETIAL LIMITED , the 100% parent company of the entities operating under the trade names HELECTOR S.A. and THALIS E.S. S.A. (the Target Companies) and a wholly owned subsidiary of the Company. The agreed enterprise value of the Target Companies amounts to Euro 300 million (on a 100% basis). The consideration for the sale of the 75% stake will be determined at closing of the transaction, following the deduction of net debt and the application of the rest of the adjustments provided for in the SPA. Completion of the transaction is subject to customary conditions precedent for similar transactions, including the receipt of any required approvals from the competent regulatory authorities. Besides the above, there are no events that could have a material impact on the Group’s and Company’s financial structure or operations that have occurred since 30/06/2026 up to the date of issue of these financial statements.
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DIRECTORS’ REPORT H1 2026 14 6. MAIN SOURCES OF UNCERTAINTY IN ACCOUNTING ESTIMATIONS The preparation of the financial statements presumes that various estimations and assumptions concerning the future are made by the Group’s management which may affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The application of sufficient information and various judgments made by the Group’s management may significantly impact the valuation and presentation of assets and liabilities. The areas requiring the most significant judgments, estimates and assumptions in the preparation of the financial statements are: • interests in subsidiaries, joint operations and associates – judgements in the determination of control, joint control or significant influence • fair values of assets acquired and liabilities assumed on acquisition – estimates in the ir measurement and determination of goodwill • recoverability of asset carrying amounts – estimations about future operating results and determination of discount rate • right of use assets and lease liabilities – judgment about the existence of lease and its term in contracts with renewal and termination options, as well as the discount rate • taxation – judgements in the recognition of deferred tax assets and the availability of future taxable profits, as well as the financial years not audited by tax authorities • provisions – estimations about the likelihood and magnitude of outflow of resources such as legal cases • retirement benefit obligations – estimates based on inflation rate, mortality rate, payroll increase and appropriate discount rate • impairment of receivables – estimations about forward looking information • valuation of financial instruments – estimates and assumptions in valuation techniques and their inputs The above estimations and assumptions are based on the most recent information available to the management and are reassessed so as to be up to date with the current market conditions.
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DIRECTORS’ REPORT H1 2026 15 7. MANAGEMENT OF FINANCIAL RISKS The strong risk management strategy that the Group has adopted, combined with its inherent flexibility, allows it to respond effectively to the changes in the business environment. This ensures both operational stability and a sustainable growth path. Τhe Group’s management addresses the challenges of the macroeconomic environment through a diversified product portfolio, the efficient management of the supply chain, and strict cost control. The management applies a continuous framework for risk assessme nt and management, which allows for the timely prediction and mitigation of potential threats, ensuring both operational continuity and uninterrupted functioning. Meanwhile, the ongoing investments in environmental upgrades and renewable energy projects strengthen the Group’s commitment to sustainability and energy transition. With the transition to clean energy and the active response to geopolitical and climate-related challenges as strong fundamental pillars, the Group remains well positioned to mitigate uncertainty and to take advantage of emerging export opportunities. In general, as further discussed in the management of each significant risk below, the Group regularly assesses and determines risks, ensuring that any negative impact on an international level will not significantly affect the normal operations of the Gro up and the Company. Risk Management Framework – Three Lines of Defense Model The Company implements the three lines of defense model, integrated within a broader corporate governance framework, with clearly defined roles and responsibilities for the timely identification, assessment, and handling of risks. First Line of Defense: Operational Unit s Operational units bear primary responsibility for identifying and managing risks related to their daily activities. Through modern tools and methodologies, they ensure alignment of actions with the Company’s strategic, operational, and regulatory goals, ad here to compliance policies, and strengthen the resilience of their operations. Second Line of Defense: Risk Management and Regulatory Compliance Unit s These units provide guidance, oversee, and support the first lines, ensuring that risks are addressed with professionalism and consistency, aligning with the Company’s policies and strategy. Their independence from the operational units is safeguarded thro ugh supervision by the Board of Directors, thereby reducing potential conflicts of interest and enhancing transparency. Third Line of Defense: Internal Audit Unit The Internal Audit Unit operates independently, providing objective assurance regarding the effectiveness of the overall risk management and internal control framework. Regular meetings between the Internal Audit Unit and the second -line units promote coll aboration and ensure coordinated monitoring of the corporate governance system and the tracking of related action plans.
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DIRECTORS’ REPORT H1 2026 16 Derivative financial Instruments and Hedging Activities For the management of commodity risk, foreign exchange risk, and interest rate risk, the Group uses a variety of instruments, including derivative financial instruments, as part of its broader risk management strategy. The use of derivatives is intended to limit the Group’s exposure to fluctuations in raw material prices, exchange rates, and interest rates, providing greater stability in cash flows and financial results. Meanwhile, the Group utilizes Virtual Power Purchase Agreements (VPPAs), ensuring predetermined selling prices for part of the electricity produced, thus enhancing revenue predictability. The Group designates under hedge accounting relationships certain commodity, interest rate, foreign exchange and VPPAs derivative contracts, where the relevant criteria are met, and the effectiveness of the hedging relationships is assessed on a regular basis, in accordance with the applicable financial reporting framework. Capital risk management The Group manages its capital with the objective of safeguarding its ability to continue as a going concern, while maintaining a sound capital structure and maximizing long -term value for its shareholders. The Group's capital structure comprises borrowings, lease liabilities, cash and cash equivalents, and equity attributable to the shareholders of the parent company, including share capital, reserves and retained earnings. The Group continuously monitors its capital structure, funding requirements and return on equity, taking into consideration prevailing market conditions, investment requirements and business risks. As part of this process, management evaluates the cost of capital and seeks to maintain an appropriate balance between debt and equity, ensuring adequate financial flexibility to support the Group's strategic objectives and future growth opportunities. The Group's strong operating cash flow generation, substantial liquidity position and access to diversified sources of funding in both domestic and international financial markets provide significant financial flexibility and support the effective manageme nt of capital. Capital allocation decisions are assessed on an ongoing basis and may include the distribution of dividends, the repayment or refinancing of existing debt, the raising of new financing and the funding of growth investments, depending on busi ness needs and market conditions.
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DIRECTORS’ REPORT H1 2026 17 Gearing ratio The Group’s management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed. The gearing ratio at the period -end was as follows: GROUP COMPANY (In 000's Euros) 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Bank loans 2,362,363 2,701,106 1,081,289 1,225,609 Lease liabilities 259,922 251,025 32,800 21,729 Cash and cash equivalents (1,807,977) (1,372,683) (1,352,952) (1,010,276) Net debt 814,308 1,579,448 (238,863) 237,062 Equity 3,923,314 3,355,941 3,261,885 2,747,288 Net debt to equity ratio 0.21 0.47 N/A* 0.09 *Not Applicable (N/A): As of the current reporting date, the net debt of the Company was negative, as cash and cash equivalents exceeded total debt and lease liabilities. Consequently, the Net Debt to equity ratio is calculated at -0.07 and does not provide a meaningful indication of financial leverage. Financial risk management The Group’s Treasury Department supports the Group’s operations by providing access to domestic and international financial markets and by monitoring and managing the financial risks arising from its activities. These risks primarily include market risk, credit risk and liquidity risk. Where considered appropriate, the Group uses derivative financial instruments to manage and reduce its exposure to market risks. The Treasury Department provides regular updates to Group Management, which is responsible for overseeing the Group’s risk management policies and monitoring the effectiveness of the measures implemented to mitigate financial risk exposures. 1. Market risk a. Commodity risk Due to the nature of its activities, the Group is exposed to price volatility in crude oil and petroleum products, resulting among other factors from its obligation to maintain a certain level of inventories. To mitigate fluctuations in inventory valuation, the Group follows a strategy of maintaining stocks at the lowest possible levels, while always adhering to required safety stock levels. Furthermore, the Group actively manages the composition of raw material and finished goods inventories, aiming to maximize efficiency and enhance competitiveness . The Group’s commodity derivatives mainly comprise derivatives relating to oil and related alternative fuels, as well as emission allowance derivatives (EUAs), arising from the Group’s primary activities and related obligations. The Group has limited exposure to energy prices and also utilizes Virtual Power Purchase Agreements (VPPAs). The Group designates certain derivatives, including VPPAs, in hedge accounting relationships in cash flow hedges, in accordance with the IFRS. For this purpose, the Group maintains the cash flow hedge reserve and the cost of hedging reserve. The former accumulates gains/losses arising from the hedging instruments, while the latter accumulates gains/losses relating to the time value of option contracts and the forward element of forward contracts.
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DIRECTORS’ REPORT H1 2026 18 The following tables present the movement for the period of the two reserves: Cash flow hedge reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 (152) 0 Gain/(loss) arising on changes in fair value of hedging instruments (3,494) (7,467) (Gain)/loss reclassified to profit or loss – hedged item has affected profit or loss 3,991 609 Balance as at 30/06/2026 345 (6,858) Cost of hedging reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 (19) 0 Gain/(loss) arising on changes in fair value of the forward element in relation to transaction-related hedged items 486 0 (Gain)/loss arising on changes in fair value of the forward element in relation to transaction-related hedged items reclassified to profit or loss – hedged item has affected profit or loss (536) 0 Balance as at 30/06/2026 (69) 0 Taking into consideration the conditions in the oil refining and trading sector, as well as the local economic environment in general, the course of the Group and the Company is considered satisfactory. The Group through its subsidiaries in United Kingdom, United Arab Emirates , Cyprus and the Balkans, continues to strengthen its international and exporting orientation. The presence in Dubai is primarily commercial in nature and, considering the nature of the activities, does not create material exposure for the Group. b. Geopolitical risk The presence of geopolitical turbulence and trade restrictions affects international energy markets and supply chains. The Group systematically monitors developments to assess potential impacts in a timely manner and adjust its operational planning accordi ngly. Despite recent developments in the Middle East and the Group's exposure to raw material procurement from the relevant markets, the Group managed to keep its supply chain intact, ensuring the uninterrupted operation of the refinery and capitalizing on opportunities arising from prevailing energy market conditions. This resilience was underpinned by the Group's operational flexibility, its ability to adjust the feedstock mix, and its supplier diversification strategy, which form the basis for addressing similar challenges in the future. c. Foreign currency risk The Group is exposed to foreign exchange risk primarily due to the use of Platts international prices denominated in U.S. Dollars (USD) for the purchase and sale of petroleum products. Fluctuations in foreign exchange rates may affect the Group’s profit margins. The Group’s Management seeks to minimize foreign exchange risk primarily through natural hedging, by matching assets and liabilities denominated in foreign currencies. Given that the majority of the Group’s operating expenses are incurred in Euro, the exposure to foreign exchange risk arising from this category of transactions is limited. As of 30 June 2026, the Group had Assets in foreign currency of 992.25 million USD and Liabilities of 688.99 million USD.
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DIRECTORS’ REPORT H1 2026 19 d. Interest rate risk The Group is exposed to interest rate risk mainly through its interest-bearing net debt. The Group borrows at both fixed and floating interest rates as a way of maintaining an appropriate mix between fixed and floating rate borrowings and managing interest rate risk . The objective of interest rate risk management is to limit the volatility of interest expenses in the income statement. In addition, the Group manages interest rate risk through the use of interest rate derivatives, mainly interest rate swaps. Hedging activities are reviewed and evaluated on a regular basis to ensure alignment with the defined risk appetite and the Group’s risk management strategy. The interest rate derivatives that the Group uses to hedge its floating-rate debt concern floored interest rate swap contracts under which the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed not ional principal amounts. The particular contracts enable the Group to mitigate the variability of the cash flows stemming from the floating interest payments of issued variable debt against unfavorable movements in the benchmark interest rates. During the current period, the Group has designated interest rate swaps in cash flow hedging relationships. The following tables present the movement for the period of the cash flow hedge reserve and the cost of hedging reserve: Cash flow hedge reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 3,594 5,497 Gain/(loss) arising on changes in fair value of hedging instruments 698 (456) (Gain)/loss reclassified to profit or loss – hedged item has affected profit or loss (2,044) (2,044) Balance as at 30/06/2026 2,248 2,997 Cost of hedging reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 (2,054) (2,306) Gain/(loss) arising on changes in fair value of the time value of an option in relation to transaction related hedged items 67 (3) (Gain)/loss arising on changes in fair value of the forward element in relation to transaction-related hedged items reclassified to profit or loss – hedged item has affected profit or loss 1,215 1,215 Balance as at 30/06/2026 (772) (1,094) 2. Credit risk The Group’s credit risk is primarily attributable to its trade and other receivables. The Group’s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Mo st of the customers are international well-known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contra cts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 30/06/2026 amounted to € 157.4 m illion. Receivables of the subsidiaries are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.
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DIRECTORS’ REPORT H1 2026 20 3. Liquidity risk Liquidity risk relates to the possibility that an entity may be unable to meet its current or future obligations as they fall due, due to insufficient availability of cash flows or shortages of liquidity in the market. The Group mitigates this risk by maintaining an appropriate mix of cash, cash equivalents and available committed banking facilities. In addition, the Group’s management continuously monitors the level of cash and cash equivalents and ensures the availabil ity of adequate and surplus credit facilities, while maintaining a significant cash balance position. Strong cash generation from operating activities further enhances the Group’s ability to manage liquidity risk effectively, ensuring uninterrupted operations and preserving its financial flexibility. As at 30/06/2026, the Group has available total credit facilities of approximately € 4.45 billion (Company: € 2.15 billion) and total available bank Letter of Credit facilities up to approximately €0.90 billion and $ 1.54 billion (Company: € 0.14 billion and $ 1.54 billion). Going Concern The Group’s management, having taken into account all current developments, estimates that the Company and the Group have adequate resources that ensure the smooth operation as a “Going Concern” in the foreseeable future.
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DIRECTORS’ REPORT H1 2026 21 8. ALTERNATIVE PERFORMANCE MEASURES The basic alternative performance measures of the Group and the Company are presented hereunder: GROUP COMPANY 30/06/2026 30/06/2025 30/06/2026 30/06/2025 37.58% 49.12% 24.90% 38.56% Debt to Capital Ratio Total Borrowings Total Borrowings + Shareholders' Equity 0.60 0.97 0.33 0.63 Debt to Equity Ratio Total Borrowings Shareholders' Equity GROUP COMPANY Ratios TTM (Trailing Twelve Months) 30/06/2026 30/06/2025 30/06/2026 30/06/2025 13.47% 1.19% 19.70% 1.99% Return on Assets (ROA) Earnings after Tax (EAT) Total Assets 29.99% 3.08% 34.53% 3.93% Return on Equity (ROE) Earnings after Tax (EAT) Shareholders' Equity 32.08% 5.87% 43.78% 6.23% Return on Invested Capital (ROIC) Earnings after Tax + Finance Costs Total Net Borrowings + Shareholders' Equity + Provisions 0.47 2.74 N/A* 1.85 Net Debt to EBITDA Net Debt (Borrowings plus Lease liabilities minus Cash and Cash equivalents) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) 3.55 29.58 3.69 27.84 Price/ Earnings (P/E) Share price at the end of the period Earnings per share *Not Applicable (N/A): As of the current reporting date, the net debt of the Company was negative, as cash and cash equivalents exceeded total debt and lease liabilities. Consequently, the Net Debt to EBITDA ratio is calculated at -0.18 and does not provide a meaningful indication of financial leverage.
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DIRECTORS’ REPORT H1 2026 22 GROUP COMPANY Amounts in thousand Euros 01/01- 30/06/2026 01/01- 30/06/2025 01/01- 30/06/2026 01/01- 30/06/2025 1,047,130 387,437 830,662 263,243 Earnings before interest, taxes, depreciation, and amortization (EBITDA), is a metric used to measure and better understand the operational performance of the Company and the Group. For the calculation of EBITDA, the expenses for the repayment of the loans are not taken into account, increasing in this way the profits with the amount of interest, income tax and depreciation of fixed assets. The above size should be considered in conjunction with the financial results prepared in accordance with IFRS and in no case replaces them.
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DIRECTORS’ REPORT H1 2026 23 9. RELATED PARTY TRANSACTIONS The t ransactions between the Company and its subsidiaries have been eliminated on consolidation. The transactions between the Company, its subsidiaries, its associates and other related parties, for the first half of 2026, are set below: GROUP Amounts in thousand Euro Sales of products and services Cost of sales and other expenses Dividends Receivables Payables Associates and Other Related: SHELL & MOH AVIATION 229,669 44 0 64,529 143 SHELL & MOH AVIATION BULGARIA 10 0 0 10 0 RAPI S.A. 0 181 0 0 76 AIR LIFT S.A. 327 921 0 313 297 KORINTHOS POWER S.A 331 1 0 134 0 TALLON COMMODITIES LTD 0 0 900 65,926 32,120 TALLON PTE LTD 11 0 0 15 0 THERMOILEKTRIKI KOMOTINIS S.A. 12,470 2 0 77,520 1,568 ALPHA SATELITE TV S.A. 88 184 0 3,010 128 VISTA BANK (ROMANIA) S.A.* 618 689 0 72,264 25,800 HELLENIC FAST CHARGING SERVICES S.A. 54 167 0 23 80 SOFRANO S.A. 83 0 0 52 0 EVOIKOS BOREAS S.A. 119 0 0 71 0 NEVINE HOLDINGS LTD 0 0 0 122 0 INDICE S.A. 0 307 0 0 25 AIOLIKI PROVATA TRAIANOUPOLEOS S.A. 51 0 0 1,824 0 ENERMEL S.A. 0 0 0 5 0 GEOTHERMAL TARGET TWO (II) S.M.S.A. 2 0 0 2 0 ELLAKTOR VENTURES 2 0 0 160 0 ELLAKTOR Group 187 205 0 0 0 Total 244,022 2,701 900 285,980 60,237 *The Receivables of the specific entity relate to cash and cash equivalents.
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DIRECTORS’ REPORT H1 2026 24 Details regarding the transactions of the Company and Related parties are presented hereunder: COMPANY Amounts in thousand Euro Sales of products and services Cost of sales and other expenses Dividends Receivables Payables Associates: Subsidiaries: OFC AVIATION FUEL SERVICES S.A. 0 0 418 418 0 BUILDING FACILITY SERVICES SINGLE MEMBER S.A. 201 4,155 0 233 725 NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A. 1,363 780 0 1,427 800 IREON AKINITA SINGLE MEMBER S.A. 0 106 0 0 22 CORINTHIAN OIL LTD 39,961 741,919 0 73 58,008 MOTOR OIL MIDDLE EAST FZCO 4,358 0 0 0 0 DIORIGA GAS SINGLE MEMBER S.A. 0 0 0 150 0 MOTOR OIL TRADING S.A. 5,357 0 0 0 0 OFC TECHNICAL S.A. 0 782 0 2,630 319 CORE INNOVATIONS SINGLE MEMBER S.A. 383 203 0 1,349 50 VERD SINGLE-MEMBER S.A. 370 4,949 0 54 915 PRASINO LADI S.A. 3 0 0 2 0 HELLENIC HYDROGEN S.A. 16 0 0 8 0 THALIS PERIVALLONTIKES YPIRESIES S.A. 342 1,556 0 310 583 CIPHARMA ONE PRIVATE COMPANY 0 20 0 0 4 ANEMOS RES SINGLE -MEMBER S.A. 0 0 0 80 0 MORE ANALYTICS SINGLE MEMBER S.A. 0 0 0 12 0 HELECTOR S.A. 108 0 0 135 0 AVIN OIL SINGLE MEMBER S.A. 429,277 657 800 42,882 5 MAKREON SINGLE MEMBER S.A. 279 249 0 279 41 CORAL S.A. 562,283 56,389 0 65,865 474 MYRTEA S.A. 578 1 0 260 19 ERMIS A.E.M.E.E. 1,293 59 0 3,619 0 CORAL PRODUCTS AND TRADING S.A. 73,046 44,561 0 10,274 9,138 CORAL SRB DOO BEOGRAD 23 0 0 23 0 CORAL-FUELS DOOEL SKOPJE 1 0 0 2 0 CORAL ENERGY PRODUCTS CYPRUS LTD 3,891 1 0 129 40 CORAL CROATIA D.O.O. 167 0 0 167 0 L.P.C. S.A. 42,926 5,035 0 11,810 3,761 ENDIALE S.A. 0 0 0 1 0 CYTOP S.A. 28 0 0 28 0 CORAL GAS A.E.V.E.Y. 59,237 0 0 3,574 0 MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. 1,199 5,530 0 3,811 14,231 AIOLIKI HELLAS SINGLE MEMBER S.A. 0 0 0 1 1 Total 1,226,690 866,952 1,218 149,606 89,136
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DIRECTORS’ REPORT H1 2026 25 Associates and Other Related: SHELL-MOH AVIATION 225,994 44 0 63,568 0 AIR LIFT S.A. 296 921 0 297 296 KORINTHOS POWER S.A. 331 0 0 123 0 TALLON COMMODITIES LTD 0 0 900 56,292 31,776 TALLON PTE LTD 11 0 0 15 0 THERMOILEKTRIKI KOMOTINIS S.A. 11,338 0 0 64,984 0 ALPHA SATELITE TV S.A. 0 21 0 0 22 VISTA BANK (ROMANIA) S.A.* 617 9 0 70,329 0 ELLAKTOR Group 0 5 0 0 0 Total 238,587 1,000 900 255,608 32,094 Grand Total 1,465,277 867,952 2,118 405,214 121,230 *The Receivables of the specific entity relate to cash and cash equivalents. The sales of goods to associates were made on an arm’s length basis. No provision has been made for doubtful debts in respect of the amounts due from related parties.
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DIRECTORS’ REPORT H1 2026 26 Maroussi, August 24, 2026 THE CHAIRMAN & CEO THE DEPUTY CEO IOANNIS V. VARDINOYANNIS PETROS Τ. TZANNETAKIS
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INTERIM CONDENSED FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS THAT HAVE BEEN ADOPTED BY THE EUROPEAN UNION FOR THE PERIOD 1 JANUARY - 30 JUNE 2026 FOR THE GROUP AND THE COMPANY “MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.” MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. G.E.MI. 272801000 Headquarters: Irodou Attikou 12Α, 151 24 Maroussi Attica
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We have aided community growth by employing thousands of people. We have invested in new projects and forms of energy, paving the way towards a sustainable future. We are moving forward, creating value for the generations to come. WHILE THE ENERGY SECTOR IS CONSTANTLY CHANGING, OUR COMMITMENT REMAINS THE SAME It all started in 1972, and for over 50 years we have supported the Greek economy by ex- porting to more than 71 countries worldwide. OUR PURPOSE For more than 50 years, we produce reliable and affordable energy products and services for our customers, we invest towards a more sustainable energy future, we promote the growth and safety of our employees and contribute to the development and wellbeing of the society. We operate based on our core values of integrity, transparency, meritocracy, professionalism, effectiveness and responsibility towards our employees, society and the environment. Overall, at Motor Oil, we provide the energy our customers need today, while leading the transition into a sustainable energy future. moh.gr | 2
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moh.gr | 3 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026 1. General Information _____________________________________________________________________________________ 15 2. Basis of Financial Statements Preparation & Adoption of New and Revised International Financial Reporting Standards (IFRS)__________________________________________________________ 16 3. Revenue ________________________________________________________________________________________________ 20 4. Operating Segments _____________________________________________________________________________________ 21 5. Finance Income _________________________________________________________________________________________ 25 6. Finance Cost ____________________________________________________________________________________________ 25 7. Dividends _______________________________________________________________________________________________ 26 8. Goodwill ________________________________________________________________________________________________ 26 9. Other Intangible Assets ___________________________________________________________________________________ 27 10. Property, Plant and Equipment ___________________________________________________________________________ 29 11. Other Financial Assets ____________________________________________________________________________________ 31 12. Inventories ______________________________________________________________________________________________ 32 13. Borrowings ______________________________________________________________________________________________ 33 14. Fair Value of Financial Instruments ________________________________________________________________________ 42 15. Establishment/Acquisition of Subsidiaries/Associates _______________________________________________________ 45 16. Related Party Transactions _______________________________________________________________________________ 46 17. Financial risk management _______________________________________________________________________________ 47 18. Events after the Reporting Period _________________________________________________________________________ 52 The interim condensed financial statements of the Group and the Company, set out on pages 1 to 52, were approved at the Board of Directors’ Meeting dated on Monday 24 of August, 2026. CONTENTS Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 30th June 2026____________________________________________________________________________ 5 Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period 1st April to 30th June 2026_________________________________________________________________________ 7 Interim Condensed Statement of Financial Position as at 30th June 2026__________________________________________ 9 Interim Condensed Statement of Changes in Equity for the period ended 30th June 2026 ________________________ 11 Interim Condensed Statement of Cash Flows for the period ended 30th June 2026 _______________________________ 13 Notes to the Financial Statements _____________________________________________________________________________ 15
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moh.gr | 4 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026 THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CEO THE DEPUTY CEO THE CHIEF FINANCIAL OFFICER THE CHIEF ACCOUNTANT IOANNIS V. VARDINOYANNIS PETROS T. TZANNETAKIS EFSTRATIOS N. PATSATZIS VASSILIOS N. CHANAS
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moh.gr | 5 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 30th June 2026 GROUP COMPANY In 000’s Euros (except for “earnings per share”) Note 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 Operating results Revenue 3 7,524,130 5,265,552 5,738,253 3,497,599 Cost of Sales (6,368,618) (4,925,537) (4,907,723) (3,383,984) Gross Profit/(loss) 1,155,512 340,015 830,530 113,615 Distribution expenses (194,165) (177,788) (23,876) (19,660) Administrative expenses (90,327) (79,376) (43,900) (33,959) Other income 17,855 16,012 11,407 9,443 Other Gain/(loss) 9,737 150,841 2,203 144,951 Profit from operations 898,612 249,704 776,364 214,390 Finance income 5 184,629 69,044 231,993 78,673 Finance cost 6 (206,181) (114,512) (153,416) (65,067) Share of profit/(loss) in associates 14,644 4,196 0 0 Gain/(loss) on fixed assets from significant incident 0 9,327 0 9,327 Profit before tax 891,704 217,759 854,941 237,323 Income taxes (202,369) (54,352) (182,808) (50,757) Profit after tax 689,335 163,407 672,133 186,566 Attributable to Company Shareholders 685,848 162,090 672,133 186,566 Non-controlling interest 3,487 1,317 0 0 Basic earnings per share (in €) From continued operations 6.33 1.50 6.20 1.72 Diluted earnings per share (in €) From continued operations 6.31 1.50 6.18 1.72
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moh.gr | 6 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. GROUP COMPANY 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 (76) (126) 0 0 1,475 1,302 0 0 52,358 46,976 (2,406) 0 53,757 48,152 (2,406) 0 1,165 (3,568) 0 0 383 845 (8,146) (1,893) 1,548 (2,723) (8,146) (1,893) 55,305 45,429 (10,552) (1,893) 744,640 208,836 661,581 184,673 741,138 207,605 661,581 184,673 In 000’s Euros Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Subsidiary Share Capital increase expenses Share of Other Comprehensive Income of associates accounted for using the equity method Fair value Gain/(loss) arising on financial assets Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations Net fair value gain/(loss) arising on hedging instruments during the period on cash flow hedges Net Other Comprehensive income Total comprehensive income Attributable to Company Shareholders Non-controlling interest 3,502 1,231 0 0 Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 30th June 2026
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moh.gr | 7 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period 1st April to 30th June 2026 GROUP COMPANY In 000’s Euros (except for “earnings per share”) 01/04-30/06/26 01/04-30/06/25 01/04-30/06/26 01/04-30/06/25 Operating results Revenue 4,165,487 2,586,745 3,238,145 1,701,076 Cost of Sales (3,619,894) (2,433,317) (2,870,485) (1,657,270) Gross Profit/(loss) 545,593 153,428 367,660 43,806 Distribution expenses (99,108) (93,636) (11,096) (11,598) Administrative expenses (41,829) (39,318) (17,625) (17,361) Other income 8,705 7,728 5,714 4,117 Other Gain/(loss) 13,678 88,159 1,163 86,295 Profit from operations 427,039 116,361 345,816 105,259 Finance income 133,070 30,597 185,974 43,039 Finance cost (105,539) (46,238) (76,987) (21,028) Share of profit/(loss) in associates 9,403 3,746 0 0 Gain/(loss) on fixed assets from significant incident 0 (121) 0 (121) Profit before tax 463,973 104,345 454,803 127,149 Income taxes (107,344) (25,958) (92,108) (25,883) Profit after tax 356,629 78,387 362,695 101,266 Attributable to Company Shareholders 353,667 77,459 362,695 101,266 Non-controlling interest 2,962 928 0 0 Basic earnings per share (in €) From continued operations 3.26 0.72 3.34 0.93 Diluted earnings per share (in €) From continued operations 3.25 0.72 3.33 0.93
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moh.gr | 8 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. GROUP COMPANY 01/04-30/06/26 01/04-30/06/25 01/04-30/06/26 01/04-30/06/25 (22) (7) 0 0 492 517 0 0 35,398 29,802 (2,406) 0 35,868 30,312 (2,406) 0 396 (2,394) 0 0 (2,493) (2,958) (1,811) (1,164) (2,097) (5,352) (1,811) (1,164) 33,771 24,960 (4,217) (1,164) 390,400 103,347 358,478 100,102 387,431 102,500 358,478 100,102 In 000’s Euros Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Subsidiary Share Capital increase expenses Share of Other Comprehensive Income of associates accounted for using the equity method Fair value Gain/(loss) arising on financial assets Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations Net fair value gain/(loss) arising on hedging instruments during the period on cash flow hedges Net Other Comprehensive income Total comprehensive income Attributable to Company Shareholders Non-controlling interest 2,969 847 0 0 Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period 1st April to 30th June 2026
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moh.gr | 9 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. Interim Condensed Statement of Financial Position as at 30th June 2026 GROUP COMPANY In 000’s Euros Note 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Non-current Assets Goodwill 8 190,057 190,057 0 0 Other intangible assets 9 684,343 703,329 20,621 19,221 Property, Plant and Equipment 10 2,866,102 2,950,319 1,396,870 1,369,890 Right of use assets 256,345 249,083 32,125 21,142 Investments in subsidiaries and associates 194,907 276,651 1,363,364 1,297,045 Other financial assets 11 331,487 207,869 53,903 3,768 Deferred tax assets 16,798 21,075 0 0 Derivative Financial instruments 14 6,052 5,057 3,639 2,266 Other non-current assets 124,164 120,803 76,733 91,104 Total Non-current Assets 4,670,255 4,724,243 2,947,255 2,804,436 Current Assets Income Taxes 4,209 5,638 0 0 Inventories 12 971,110 907,403 767,940 701,668 Trade and other receivables 1,209,852 985,666 592,529 425,015 Derivative Financial instruments 14 72,459 44,145 55,435 31,449 Cash and cash equivalents 1,807,977 1,372,683 1,352,952 1,010,276 Total Current Assets 4,065,607 3,315,535 2,768,856 2,168,408 Total Assets 8,735,862 8,039,778 5,716,111 4,972,844
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moh.gr | 10 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026 GROUP COMPANY In 000’s Euros Note 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Non-current Liabilities Borrowings 13 2,184,219 2,019,549 1,072,839 797,159 Lease liabilities 226,564 217,261 27,245 16,206 Provision for retirement benefit obligation 26,597 27,137 17,497 18,236 Deferred tax liabilities 232,149 234,473 19,995 18,313 Other non-current liabilities 64,077 56,551 434 431 Derivative Financial instruments 14 20,673 4,959 16,441 3,680 Other non-current provisions 19,680 8,552 0 0 Deferred income 124,281 112,845 50,738 42,652 Total Non-current Liabilities 2,898,240 2,681,327 1,205,189 896,677 Current Liabilities Trade and other payables 1,367,742 1,161,932 922,031 785,809 Derivative Financial instruments 14 37,227 15,019 35,118 10,323 Provision for retirement benefit obligation 4,028 3,288 3,845 3,180 Income Tax Liabilities 289,505 103,986 273,772 95,328 Borrowings 13 178,144 681,557 8,450 428,450 Lease liabilities 33,358 33,764 5,555 5,523 Deferred income 4,304 2,964 266 266 Total Current Liabilities 1,914,308 2,002,510 1,249,037 1,328,879 Total Liabilities 4,812,548 4,683,837 2,454,226 2,225,556 Equity Share capital 83,088 83,088 83,088 83,088 Reserves 445,316 272,345 167,287 95,559 Retained earnings 3,352,191 2,944,151 3,011,510 2,568,641 Equity attributable to Company Shareholders 3,880,595 3,299,584 3,261,885 2,747,288 Non-Controlling Interest 42,719 56,357 0 0 Total Equity 3,923,314 3,355,941 3,261,885 2,747,288 Total Equity and Liabilities 8,735,862 8,039,778 5,716,111 4,972,844 Interim Condensed Statement of Financial Position as at 30th June 2026 The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 11 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. Interim Condensed Statement of Changes in Equity for the period ended 30th June 2026 GROUP In 000’s Euros Share Capital Reserves Retained Earnings Total Non-controlling interest Total Balance as at 01/01/2025 83,088 163,700 2,476,741 2,723,529 35,258 2,758,787 Profit for the period 0 0 162,090 162,090 1,317 163,407 Other Comprehensive Income for the period 0 44,213 1,302 45,515 (86) 45,429 Total Comprehensive Income for the period 0 44,213 163,392 207,605 1,231 208,836 Addition from Establishment/ Acquisition of Subsidiary 0 0 0 0 18,645 18,645 Increase in Subsidiary’s Share Capital 0 0 0 0 10 10 Treasury Shares 0 10,877 1,295 12,172 0 12,172 Share options exercised 0 2,873 511 3,384 0 3,384 Adjustment arising from change in non- controlling interest 0 0 464 464 111 575 Transfer to Reserves 0 12,458 (12,458) 0 0 0 Dividends 0 0 (121,861) (121,861) (28) (121,889) Balance as at 30/06/2025 83,088 234,121 2,508,084 2,825,293 55,227 2,880,520 Balance as at 01/01/2026 83,088 272,345 2,944,151 3,299,584 56,357 3,355,941 Profit for the period 0 0 685,848 685,848 3,487 689,335 Other Comprehensive Income for the period 0 53,821 1,469 55,290 15 55,305 Total Comprehensive Income for the period 0 53,821 687,317 741,138 3,502 744,640 Loss of control of subsidiaries 0 0 0 0 (4,974) (4,974) Increase in Subsidiary’s Share Capital 0 0 0 0 3,234 3,234 Treasury Shares 0 1,874 137 2,011 0 2,011 Share options exercised 0 3,137 2,964 6,101 0 6,101 Adjustment arising from change in non-controlling interest 0 0 (13,143) (13,143) (15,055) (28,198) Transfer to Reserves 0 114,139 (114,139) 0 0 0 Dividends 0 0 (155,096) (155,096) (345) (155,441) Balance as at 30/06/2026 83,088 445,316 3,352,191 3,880,595 42,719 3,923,314
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moh.gr | 12 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. COMPANY In 000’s Euros Share Capital Reserves Retained Earnings Total Balance as at 01/01/2025 83,088 58,654 2,111,873 2,253,615 Profit for the period 0 0 186,566 186,566 Other Comprehensive Income for the period 0 (1,893) 0 (1,893) Total Comprehensive Income for the period 0 (1,893) 186,566 184,673 Transfer to reserves 0 22,217 (22,217) 0 Treasury Shares 0 10,877 1,295 12,172 Share options exercised 0 2,873 511 3,384 Dividends 0 0 (121,861) (121,861) Balance as at 30/06/2025 83,088 92,728 2,156,167 2,331,983 Balance as at 01/01/2026 83,088 95,559 2,568,641 2,747,288 Profit for the period 0 0 672,133 672,133 Other Comprehensive Income for the period 0 (10,552) 0 (10,552) Total Comprehensive Income for the period 0 (10,552) 672,133 661,581 Transfer to reserves 0 77,269 (77,269) 0 Treasury Shares 0 1,874 137 2,011 Share options exercised 0 3,137 2,964 6,101 Dividends 0 0 (155,096) (155,096) Balance as at 30/06/2026 83,088 167,287 3,011,510 3,261,885 Interim Condensed Statement of Changes in Equity for the period ended 30th June 2026
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moh.gr | 13 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group. Interim Condensed Statement of Cash Flows for the period ended 30th June 2026 GROUP COMPANY In 000’s Euros Note 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 Operating activities Profit before tax 891,704 217,759 854,941 237,323 Adjustments for: 9,10 127,378 119,304 49,934 45,951 20,175 18,402 3,411 2,881 11,693 8,659 5,137 2,931 (14,644) (4,196) 0 0 546 6,900 153 5,193 (195,292) (224,751) (230,365) (233,500) 6 206,181 114,512 153,416 65,067 (63,707) 174,711 (66,272) 192,643 (264,754) (50,629) (217,067) (95,796) 95,958 (37,341) 21,639 (36,628) (55,588) (62,695) (20,351) (23,062) (2,116) (2,623) (1,639) (1,659) (1,080) (1,080) (1,080) (1,080) (10,993) (311,147) 0 (304,010) 16,922 13 19,082 2,006 28,766 56,005 28,766 56,005 Depreciation and amortization of non- current assets Depreciation of right of use assets Provisions/ Impairments Share of profits of associates Exchange differences Finance income and other income, expense, gain, loss Finance cost Movements in working capital: Decrease/(increase) in inventories Decrease/(increase) in receivables (Decrease)/increase in payables (excluding borrowings) Less: Finance cost paid Benefits paid to employees Pension contributions paid Taxes paid Plus/(Minus): Cash settlements of derivative instruments Proceeds from insurance compensation due to significant incident Net cash (used in)/from operating activities (a) 791,149 21,803 599,705 (85,735)
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moh.gr | 14 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-30/06/2026 GROUP COMPANY Note 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 (19,822) (92,276) (97,427) (175,194) 0 70,882 929 70,882 55,830 13,565 37,168 13,000 9,10 (191,321) (202,581) (79,303) (101,177) 10,327 4,149 8,219 3,879 1,263 1,079 24 50 39,306 13,190 39,306 13,190 13,157 10,680 11,303 8,771 5,228 7,053 900 9,656 (86,032) (174,259) (78,881) (156,943) 3,234 10 0 0 (524) 0 0 0 (28,198) (225) 0 0 0 (6,003) 0 (6,003) 0 800 0 0 0 16,707 0 16,707 6,101 3,384 6,101 3,384 653,645 498,033 402,760 292,386 (852,892) (349,880) (550,625) (125,658) (18,041) (17,052) (3,311) (2,888) (39,494) (33,670) (38,774) (33,235) (276,169) 112,104 (183,849) 144,693 6,346 (12,175) 5,701 (7,646) 435,294 (52,527) 342,676 (105,631) 1,372,683 1,128,453 1,010,276 771,705 In 000’s Euros Investing activities Acquisition of subsidiaries, affiliates, joint ventures and other investments Reduction of Share Capital Disposal of subsidiaries, affiliates, joint- ventures and other investments Purchase of tangible and intangible assets Grants received for tangible assets Proceeds on disposal of tangible and intangible assets Proceeds from insurance compensation for fixed assets due to significant incident Interest received Dividends received Net cash (used in)/from investing activities (b) Financing activities Share capital increase Share capital decrease Acquisition of Non-Controlling Interest Repurchase of treasury shares Proceeds from partial disposal of interest in subsidiaries without loss of control Proceeds from sale of treasury shares Proceeds from exercise of share options Proceeds from borrowings Repayments of borrowings Repayments of leases Dividends Paid Net cash (used in)/from financing activities (c) Effect of exchange rate changes on cash and cash equivalents (d) Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)+(d) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 1,807,977 1,075,926 1,352,952 666,074 Interim Condensed Statement of Cash Flows for the period ended 30th June 2026 The notes on pages 15-52 are an integral part of these Financial Statements of the Company and the Group.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 15 Notes to the Financial Statements 1. General Information T he parent company of the MOTOR OIL Group (the Group) , under the trade name “Motor Oil (Hellas) Corinth Refineries S.A.” (the Company), is registered in Greece as a public company (Societe Anonyme) according to the provisions of Company Law 2190/1920 (as replaced by Law 4548/2018). The Company has its headquarters in Greece - Maroussi of Attica, 12A Irodou Attikou street, 151 24. The Group operates, mainly, in the energy sector. Its main activities involve the refining and trading of petroleum products, the trading of natural gas, as well as the production of energy from renewable sources. In addition, services are provided in electricity supply, energy efficiency, and electromobility. At the same time, there is active engagement in the management of solid waste and wastewater, the collection of biowaste, as well as in recycling and lubricant regeneration. As at 30 June 2026, “Petroventure Holdings Limited” was holding 40% of the Company. The length of life for the Company is until 2070. These financial statements are presented in Euro which is the currency of the primary economic environment in which the Group operates. Amounts in these financial statements are expressed in € 000’s unless otherwise indicated. Any difference up to € 1,000 is due to roundings. As at 30 June 2026, the number of employees, for the Group and the Company, was 4,503 and 1,573 respectively (30/06/2025: Group: 4,334 employees, Company: 1,544 employees).
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 16 2. Basis of Financial Statements Preparation & Adoption of New and Revised International Financial Reporting Standards (IFRS) 2.1 Basis of preparation The interim condensed financial statements for the period ended 30 June 2026 have been prepared in accordance with International Accounting Standard (IAS) 34, ‘Interim financial reporting’ and as such do not include all the information and disclosures required in the annual financial statements. In this context, these interim cond ensed financial statements should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2025. Furthermore, the interim condensed financial statements have been prepared on a going concern basis. The accounting policies adopted in the preparation of these interim condensed financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2025. The preparation of the financial statements presumes that various estimations and assumptions concerning the future are made by the Group’s management which may affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The application of sufficient information and various judgments made by the Group’s management may significantly impact the valuation and presentation of assets and liabilities. The areas requiring the most significant judgments, estimates and assumptions in the preparation of the financial statements are: accounting for interests in subsidiaries, joint operations and associates, fair values of assets acquired and liabilities assumed on acquisition , recoverability of asset carrying amounts , determining right of use assets and lease liabilities , taxation, provisions, retirement benefit obligations, impairment of receivables , and valuation of financial instruments . The Group’s Management reviewed these estimations and concluded that no revision of the accounting policies is required. New and revised accounting standards and interpretations, amendments to standards and interpretations that apply to either current or future fiscal years, including their potential impact on the interim condensed financial statements, are set out in Note 2.2.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 17 2.2 New s tandards, Interpretations and amendments New standards, amendment s to existing standards and interpretations have been issued, which are obligatory for accounting periods beginning during the present fiscal period or at a future time and are presented below. 2.2.1 Standards, Amendments and Interpretations mandatory for Fiscal Year 2026 The Group has adopted the amendments mentioned below which are effective from January 1st, 2026. Amendments to IFRS 9 and IFRS 7 : Contracts Referencing Nature-dependent Electricity On 18 December 2024, the IASB published “Contracts Referencing Nature- dependent Electricity – Amendments to IFRS 9 and IFRS 7”. The objective of the amendments is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements. More specifically, the amendments clarify the application of the ‘own-use’ requirements, permit hedge accounting if these contracts are used as hedging instruments and add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. The amendments related to the application of ‘own-use’ requirements are applicable retrospectively, while those for hedge accounting prospectively. The aforementioned amendments have been adopted by the Group as of 1 January 2026. More specifically, the Group has designated certain Virtual Power Purchase Agreements (VPPA) as hedging instruments in cash flow hedge relationships, reflecting the underlyi ng economic substance of these arrangements and their role in securing long-term price certainty. Under the amendments, an entity is permitted to designate the hedged item as a variable amount of forecast electricity transactions that is aligned with the variable amount of electricity expected to be delivered by the production facility identified in the contract referencing nature-dependent electricity, i.e. the VPPA. This is performed so as to remove the volume uncertainty and the ineffectiveness arising from it, i.e. comparing fixed with variable nominal amount. These hedging relationships also meet the economic relationship requirement of the standard. This is because the hedging instrument and the hedged item have values that generally move in the opposite direction because of the energy price risk. Moreover, th e Group has set the hedge ratio at 1:1, as the critical terms of the hedging instrument and the hedged item are matched with each other. Hedge ineffectiveness, if any, is recognised in profit or loss. Refer also to Note 14 - Fair Value of Financial Instruments for the effect in the Financial Statements. IFRS 7: Financial Instruments: Disclosures (Amendments) and IFRS 9: Financial Instruments (Amendments) The amendments clarify that a financial liability is derecognised on the “settlement date” and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date, if certain conditions are met. An entity that elects to apply the derecognition option would be required to apply it to all settlements made through the same electronic payment system. Other clarifications include the classification of financial assets with ESG linked features via additional guidance on the assessment of contingent features. Clarifications have been made to non-recourse assets and contractually linked instruments. The amendments require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI). These amendments did not have a significant impact on the interim condensed consolidated and separate financial statements for the six -month period ended 30 June 2026. Annual Improvements to IFRS Standards – Volume 11 The improvements have been issued in July 2024 by the IASB and provide minor amendments that include clarifications, simplifications, corrections and changes in the following to the following accounting standards: IFRS 1 “First -time Adoption of International Financial Reporting Standards”, IFRS 7 "Financial Instruments: Disclosures”, IFRS 9 “Financial Instruments", IFRS 10 “Consolidated Financial Statements” and IAS 7 “Statemen t of Cash Flows”. These improvements did not have a significant impact on the interim condensed consolidated and separate financial statements for the six -month period ended 30 June 2026.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 18 2.2.2 New standards, interpretations and amendments effective for periods beginning on or after January 1st, 2027 The following new standards, amendments and interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting January 1st, 2026. The Group is in the process of evaluating their imp act on both the consolidated and the Company’s financial statements. IFRS 18: Presentation and Disclosures in Financial Statements IFRS 18 was issued in April 2024 and will replace IAS 1 “Presentation of Financial Statements”. The primary objective of the standard is to improve the assessment of a company's performance by increasing comparability in presentation in an entity’s financial statements, particularly in the statement of profit or loss and in its notes to the financial statements. Specifically, the standard will improve the quality of financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the requirement to disclose certain ‘non-GAAP’ measures – management performance measures (MPMs) and c) the new principles for aggregation and disaggregation of information. The new standard has retrospective application and is effective for annual periods beginning on or after January 1st, 2027 and has been endorsed by the European Union. IAS 21: The effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency – Amendments In November 2025, IASB published amendments to IAS 21 which require companies with a non- hyperinflationary functional currency using a hyperinflationary presentation currency to translate all amounts, including comparatives, at the closing rate at the latest reporting date. The amendments also apply to companies with hyperinflationary functional and presentation currencies that translate the results and financial position of foreign operations whose functional currency is non-hyperinflationary. In this case, a company uses th e closing rate at the latest reporting date when translating all amounts , except comparatives where it applies the change in general price index to restate them . The amendments have retrospective application and are effective for annual periods beginning on or after January 1st, 2027 and have not been endorsed by the European Union. Early application is permitted. IFRS 20: Regulatory Assets and Regulatory Liabilities IFRS 20 was issued in May 2026 and requires companies subject to a regulatory agreement to recognize, measure, present, and disclose regulatory assets, regulatory liabilities, regulatory income, and regulatory expense. The standard addresses timing differences that arise when the total allowed compensation for regulatory goods or services supplied in one period is charged to customers through regulated rates in a different period. Furthermore, it introduces a discounted cash flow model to align financial performance reporting with this allowed compensation, supplementing the requirements of IFRS 15. The standard offers a choice between full retrospective application or a modified retrospective approach with transition reliefs and is effective for annual periods beginning on or after January 1st, 2029. Early application is permitted . The standard has not yet been endorsed by the European Union. IAS 28: “Investments in Associates and Joint Ventures – Fair Value Option” (Amendments) In June 2026, IASB issued amendments to IAS 28, clarifying which entities may elect to measure their investments in associates and joint ventures at fair value through profit or loss instead of applying the equity method. In particular, the amendments clarify that this opti on is also available to entities whose main business activity is investing in particular types of assets, as specified in IFRS 18 Presentation and Disclosure in Financial Statements. The amendments apply when an entity first applies IFRS 18, for annual reporting periods beginning on or after 1 January 2027 and have not yet been endorsed by the European Union.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 19 2.3 Reclassifications of figures There are reclassifications of figures in the comparative period of 2025, in the Statement of Cash Flows, at both Company and Group level. In particular, € 7,646 thousand for the Company and € 8,826 thousand for the Group were reclassified between the lines “Exchange differences” and “Effect of exchange rate changes on cash and cash equivalents ”. In addition, reclassification was made between the line “(Decrease)/increase in payables (excluding borrowings)” to the new lines “Benefits paid to employees” and “Pension contributions paid”, amounting to € 2,739 thousand for the Company and € 3,703 thousand for the Group. These reclassifications were made for the purpose of improved and more detailed presentation of cash flows, without affecting the total net cash flows for the period.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 20 3. Revenue Sales revenue is analyzed below: GROUP COMPANY (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 Sales 7,524,130 5,265,552 5,738,253 3,497,599 The following table s provide an analysis of the sales by geographical market (domestic – bunkering – export) and by category of goods sold (products - merchandise - services): GROUP (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 SALES: DOMESTIC BUNKERING EXPORT TOTAL DOMESTIC BUNKERING EXPORT TOTAL Products 1,233,101 522,833 3,475,974 5,231,908 823,633 312,592 1,933,479 3,069,704 Merchandise 1,017,779 211,085 523,430 1,752,294 1,288,656 101,469 295,851 1,685,976 Services 471,751 2,607 65,570 539,928 446,819 1,686 61,367 509,872 Total 2,722,631 736,525 4,064,974 7,524,130 2,559,108 415,747 2,290,697 5,265,552 COMPANY (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 SALES: DOMESTIC BUNKERING EXPORT TOTAL DOMESTIC BUNKERING EXPORT TOTAL Products 1,238,442 513,499 3,440,087 5,192,028 808,679 303,284 1,910,958 3,022,921 Merchandise 92,862 150,839 273,123 516,824 298,897 48,753 97,627 445,277 Services 15,622 2,948 10,831 29,401 18,131 1,758 9,512 29,401 Total 1,346,926 667,286 3,724,041 5,738,253 1,125,707 353,795 2,018,097 3,497,599 Based on historical information of the Company and the Group, the percentage of quarterly sales volume varies from 23% to 28% on annual sales volume and thus there is no material seasonality on the total sales volume. The Sales Breakdown by product category for the Company is as follows: (In 000's) 01/01-30/06/26 01/01-30/06/25 Sales /Product Metric Tons Amount € Metric Tons Amount € Asphalt 610 251,060 650 245,754 Fuel Oil 774 357,608 830 338,812 Diesel (Automotive - Heating) 2,386 2,194,785 1,947 1,265,896 Jet Fuel 1,132 1,202,355 672 461,922 Gasoline 1,307 1,120,820 1,222 866,341 LPG 99 82,550 89 58,647 Lubricants 124 151,782 101 89,372 Other 273 168,070 237 134,601 Total (Products) 6,705 5,529,030 5,748 3,461,345 Other Sales 308 179,822 8 6,853 Services 29,401 29,401 Total 7,013 5,738,253 5,756 3,497,599
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 21 4. Operating Segments The Group operates primarily in Greece, as most Group companies included in the consolidation are based in Greece. The Group’s management monitors internal financial information for the purpose of evaluating performance and allocating resources. Operating segments have been identified based on the internal reports that are regularly reviewed by the Chief Operating Decision Maker (“CODM”), in accordance with IFRS 8 Operating Segments. The internal reporting framework used by management is consistent with the accounting policies applied in the consolidated financial statements. This approach is consistent with the requirements of IFRS 8, which requires segment information to be presented based on the internal reporting structure used by management. During the current period, the Group revised its operating segment structure to reflect changes in the way management monitors, evaluates and allocates resources across the Group’s activities. Accordingly, comparative segment information has been revised to conform to the presentation adopted in the current period. As of the reporting date, the Group’s reportable operating segments comprise the following: a) Fuels, b) Consumer Services, c) Electrification, d) Circular Economy and e) Other. The “Fuels” segment mainly includes refining, trading and supply of fuels in the domestic and international markets, as well as activities related to alternative fuels and new energy solutions. The “Consumer Services” segment mainly includes fuel retail activities, operation of fuel station networks, convenience retail stores and provision of other related products and services. The “Electrification” segment includes activities relating to power generation, the supply of electricity and natural gas, and other energy services. The “Circular Economy” segment mainly includes activities relating to solid waste management, wastewater treatment, waste -to-energy, lubricants’ regeneration and biodiesel production. The “Other” segment includes the Group’s remaining business activities. The reportable segments reflect the Group’s current internal management and reporting structure and may be revised in future periods should the way management monitors and evaluates the Group’s operations change. Inter-segment sales primarily relate to sales from the refining segment to other operating segments. The following tables present an analysis by operating segment.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 22 Business Operations Fuels Consumer Services Electrification Circular Economy Other Eliminations/ Adjustments Total (In 000's Euros) STATEMENT OF COMPEHENSIVE INCOME 01/01-30/06/26 Sales to third parties 4,564,246 2,426,104 307,152 223,154 3,474 0 7,524,130 Inter-segment sales 1,266,046 104,336 4,001 17,841 18,312 (1,410,536) 0 Total revenue 5,830,292 2,530,440 311,153 240,995 21,786 (1,410,536) 7,524,130 Cost of Sales (4,977,629) (2,323,293) (253,464) (196,056) (17,268) 1,399,092 (6,368,618) Gross profit 852,663 207,147 57,689 44,939 4,518 (11,444) 1,155,512 Distribution expenses (23,912) (150,004) (19,324) (9,575) 0 8,650 (194,165) Administrative expenses (44,691) (18,959) (14,445) (10,538) (1,885) 191 (90,327) Other Income 11,398 3,189 3,235 716 53 (736) 17,855 Other Gain/(loss) 1,844 1,059 15,256 9 4 (8,435) 9,737 Segment result from operations 797,302 42,432 42,411 25,551 2,690 (11,774) 898,612 Finance income 175,998 1,114 4,581 916 6,291 (4,271) 184,629 Finance cost (166,003) (16,560) (21,928) (2,022) (320) 652 (206,181) Share of profit/(loss) in associates 0 3,361 13,304 (17) (2,004) 0 14,644 Profit/(loss) before tax 807,297 30,347 38,368 24,428 6,657 (15,393) 891,704 Other information Capital additions 94,176 86,080 68,191 4,819 3,948 (6,842) 250,372 Depreciation/amortization and other impair. for the period 54,309 36,471 51,700 6,543 591 (1,094) 148,520 FINANCIAL POSITION 30/06/2026 Assets Segment assets (excluding investments) 4,357,131 1,385,973 2,020,383 508,553 143,113 (205,685) 8,209,468 Investments in subsidiaries and associates 1,323,285 24,741 133,923 4,505 83,681 (1,375,228) 194,907 Other financial assets 53,903 40 904 317 276,323 0 331,487 Total assets 5,734,319 1,410,754 2,155,210 513,375 503,117 (1,580,913) 8,735,862 Liabilities Total liabilities 2,453,933 986,939 1,330,689 208,446 38,599 (206,058) 4,812,548 Total liabilities 2,453,933 986,939 1,330,689 208,446 38,599 (206,058) 4,812,548
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 23 Business Operations Fuels Consumer Services Electrification Circular Economy Other Eliminations/ Adjustments Total (In 000's Euros) STATEMENT OF COMPEHENSIVE INCOME 01/01-30/06/25 Sales to third parties 2,479,024 2,281,026 333,633 171,163 706 0 5,265,552 Inter-segment sales 1,123,707 50,994 7,082 11,833 14,928 (1,208,544) 0 Total revenue 3,602,731 2,332,020 340,715 182,996 15,634 (1,208,544) 5,265,552 Cost of Sales (3,482,373) (2,154,802) (320,398) (153,508) (11,609) 1,197,153 (4,925,537) Gross profit 120,358 177,218 20,317 29,488 4,025 (11,391) 340,015 Distribution expenses (19,492) (140,825) (18,974) (7,794) (820) 10,117 (177,788) Administrative expenses (34,631) (17,829) (14,220) (9,797) (2,460) (439) (79,376) Other Income 9,440 3,371 2,374 1,412 2 (587) 16,012 Other Gain/(loss)* 149,572 (1,857) 1,937 (999) 2,518 (330) 150,841 Segment result from operations 225,247 20,078 (8,566) 12,310 3,265 (2,630) 249,704 Finance income 72,523 1,216 2,855 1,043 5,790 (14,383) 69,044 Finance cost (68,693) (19,184) (25,844) (1,792) (81) 1,082 (114,512) Share of profit/(loss) in associates 0 1,341 5,182 (15) (2,312) 0 4,196 Gain/(loss) on fixed assets from significant incident 9,327 0 0 0 0 0 9,327 Profit/(loss) before tax 238,404 3,451 (26,373) 11,546 6,662 (15,931) 217,759 Other information Additions attributable to acquisition of subsidiaries 0 2,762 0 30,699 0 0 33,461 Capital additions 104,191 48,770 73,404 5,237 3,218 (4,060) 230,760 Depreciation/amortization and other impair. for the period 48,865 33,259 50,368 5,627 373 (759) 137,733 FINANCIAL POSITION 31/12/2025 Assets Segment assets (excluding investments) 3,741,903 1,263,877 2,163,638 463,199 90,034 (167,393) 7,555,258 Investments in subsidiaries and associates* 1,225,918 21,332 120,152 4,485 172,375 (1,267,611) 276,651 Other financial assets 3,768 33 904 1,155 202,009 0 207,869 Total assets 4,971,589 1,285,242 2,284,694 468,839 464,418 (1,435,004) 8,039,778 Liabilities Total liabilities 2,249,145 893,647 1,487,501 181,409 40,496 (168,361) 4,683,837 Total liabilities 2,249,145 893,647 1,487,501 181,409 40,496 (168,361) 4,683,837 *"Other Gain/(loss)" includes an amount of € 145,371 thousand which relates to compensation for loss of operating profits, while "Investments in subsidiaries and associates" includes the participation in the associate company ELLAKTOR S.A. amount of € 98,798 thousand.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 24 Business Operations 01/01-30/06/26 (In 000's Euros) Fuels Consumer Services Electrification Circular Economy Other Total At a point in time 4,551,230 2,407,494 0 105,072 0 7,063,796 Over time 13,016 18,610 307,152 118,082 3,474 460,334 Total Revenue 4,564,246 2,426,104 307,152 223,154 3,474 7,524,130 Business Operations 01/01-30/06/25 (In 000's Euros) Fuels Consumer Services Electrification Circular Economy Other Total At a point in time 2,479,024 2,269,169 0 80,102 0 4,828,295 Over time 0 11,857 333,633 91,061 706 437,257 Total Revenue 2,479,024 2,281,026 333,633 171,163 706 5,265,552 For the first half of 2026 and the respective one of 2025 , no Group customer exceeded the 10% sales benchmark. For the first half of 2026, one Company’s export customer and Company’s subsidiary Coral S.A. exceeded the 10% sales benchmark (in specific, 11% and 10% respectively). For the first half of 2025, subsidiary Coral S.A. also exceeded the 10% sales benchmark (in specific, 16%). The table below presents the ten countries with the highest Group sales during the current reporting period, compared with the corresponding ten countries in the comparative period of the previous year . 01/01-30/06/26 01/01-30/06/25 Country Revenue % Revenue % Greece 46.0% 56.5% Gibraltar 7.7% 6.8% U.S.A. 6.1% 3.2% Italy 4.0% 1.7% Croatia 3.5% 3.7% Slovenia 3.2% 0.4% Spain 3.1% 0.8% Lebanon 3.1% 4.6% Cyprus 3.0% 2.0% Libya 2.5% 4.5% Netherlands 0.7% 2.1% Egypt 1.8% 1.7% Other Countries 15.3% 12.0%
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 25 5. Finance Income Finance income is analyzed as follows: GROUP COMPANY (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 Interest income 17,405 15,628 13,307 11,864 Dividend income 6,140 3,763 3,931 20,424 Realised gains of derivatives accounted at FVTPL 112,969 7,992 108,624 5,691 Gains from valuation of derivatives accounted at FVTPL 48,115 41,661 47,532 40,694 Other Income from investments 0 0 58,599 0 Total Finance Income 184,629 69,044 231,993 78,673 “Other Income from investments ” of the Company for the current period includes a gain of Euro 58,599 thousand arising from the disposal of an 11.99% interest in ELLAKTOR S.A. and the remeasurement of the remaining interest at fair value. 6. Finance Cost Finance cost is analyzed as follows: GROUP COMPANY (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 01/01-30/06/26 01/01-30/06/25 Interest on borrowings* 41,909 52,521 17,953 22,444 Interest on leases 5,793 5,098 653 435 Realised losses from derivatives accounted at FVTPL 96,047 12,375 89,542 8,081 Losses from valuation of derivatives accounted at FVTPL 43,764 35,011 43,757 32,903 Bank commissions 7,806 7,661 667 462 Commitment fees 1,199 919 844 742 Other 9,663 927 0 0 Total Finance Cost 206,181 114,512 153,416 65,067 *It includes fees arising from revolving credit facilities that are amortized and recognized in profit or loss over the period of the facility using the straight-line method. Within the Group’s finance cost, under the “Other” category, a loss of Euro 7,352 thousand is included, arising from the transaction for the disposal of an equity interest in ELLAKTOR S.A. Following the reduction of the participation from 22.40% to 10.41%, the investment ceased to be accounted for as an associate. The loss resulted from the difference between the carrying amount of the investment, as determined under the equity method, and the value recognized upon disposal.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 26 7. Dividends Dividends to shareholders are proposed by the management, at the end of each financial year and are subject to the approval of the Annual General Meeting. The Annual General Meeting, held in June 2026, approved the distribution of total gross dividend for 202 5 of Euro 193,870,215 (Euro 1.75 per share). It is noted that a gross interim dividend of Euro 38,774,043 (Euro 0.35 per share) for 2025 has been accounted for in October 2025 and paid in January 2026, while the remaining amount (Euro 1.40 per share) has been accounted for in June and paid in July 2026. It is noted, that based on L. 4646/2019 profits distributed by legal entities, from fiscal year 2020 onwards, are subject to withholding tax at a tax rate of 5%. 8. Goodwill The carrying amount of Goodwill for the Group as at 30 June 2026 is € 190,057 thousand and is allocated to the Cash Generating Units as follows: GROUP Goodwill as at 31/12/2025 Additions Impairment Goodwill as at 30/06/2026 (In 000's Euros) AVIN OIL SINGLE MEMBER S.A. 16,200 0 0 16,200 CORAL GAS A.E.V.E.Y. 3,105 0 0 3,105 NRG SUPPLY AND TRADING SINGLE MEMBER S.A. 1,734 0 0 1,734 AUTOMOTIVE SOLUTIONS S.A. 185 0 0 185 L.P.C. S.A. 467 0 0 467 VERD SINGLE-MEMBER S.A. 1,905 0 0 1,905 THALIS ES SINGLE MEMBER S.A. 3,870 0 0 3,870 GROUP MORE 157,316 0 0 157,316 GROUP CORE INNOVATIONS 5,275 0 0 5,275 Total 190,057 0 0 190,057 Goodwill is allocated to cash-generating units and is tested annually for impairment, while during interim periods it is assessed for indications of impairment in accordance with IAS 36. As at 30 June 2026, no indication of impairment w as identified.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 27 9. Other Intangible Assets The movement in other intangible assets for the Group and the Company during the year 01/01-31/12/2025 and the period 01/01-30/06/2026 is presented in the tables below . GROUP (In 000's Euros) Software Rights Other Assets under construction Total COST As at 1 January 2025 69,101 788,182 28,524 9,285 895,092 Additions attributable to acquisition of subsidiaries 471 28,740 9,894 0 39,105 Additions 5,221 20,538 7 24,470 50,236 Disposals/Write-off (238) (1,397) (3) 0 (1,638) Transfers 4,358 20,777 0 (3,215) 21,920 As at 31 December 2025 78,913 856,840 38,422 30,540 1,004,715 Additions 1,501 8,549 95 32,697 42,842 Disposals/Write-off (5) (648) 0 0 (653) Effect of movements in exchange rates 0 0 0 2 2 Transfers 4,129 7,080 0 (11,853) (644) Derecognitions from sale of subsidiaries 0 (27,638) 0 0 (27,638) As at 30 June 2026 84,538 844,183 38,517 51,386 1,018,624 AMORTIZATION As at 1 January 2025 42,313 152,784 13,992 0 209,089 Additions attributable to acquisition of subsidiaries 296 24,236 30 0 24,562 Amortization charge for the period 9,053 54,986 3,934 0 67,973 Disposals/Write-off (238) 0 0 0 (238) As at 31 December 2025 51,424 232,006 17,956 0 301,386 Amortization charge for the period 3,521 28,129 1,883 0 33,533 Disposals/Write-off (5) (633) 0 0 (638) As at 30 June 2026 54,940 259,502 19,839 0 334,281 CARRYING AMOUNT As at 31 December 2025 27,489 624,834 20,466 30,540 703,329 As at 30 June 2026 29,598 584,681 18,678 51,386 684,343
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 28 COMPANY (In 000's Euros) Software Assets under construction Total COST As at 1 January 2025 25,716 4,477 30,193 Additions 578 6,443 7,021 Transfers 1,212 (326) 886 As at 31 December 2025 27,506 10,594 38,100 Additions 78 2,120 2,198 Disposals/Write-off (1) 0 (1) Transfers 3,566 (3,566) 0 As at 30 June 2026 31,149 9,148 40,297 AMORTIZATION As at 1 January 2025 14,693 0 14,693 Amortization charge for the period 4,186 0 4,186 As at 31 December 2025 18,879 0 18,879 Amortization charge for the period 798 0 798 Disposals/Write-off (1) 0 (1) As at 30 June 2026 19,676 0 19,676 CARRYING AMOUNT As at 31 December 2025 8,627 10,594 19,221 As at 30 June 2026 11,473 9,148 20,621 Other intangible assets include the Group’s software and rights, which concern mainly the exploitation rights of the subsidiaries “AVIN OIL SINGLE MEMBER S.A.”, “CORAL S.A.” and “CORAL GAS A.E.V.E.Y.”, the service concession rights for the subsidiaries “OFC AVIATION FUEL SERVICES S.A.” and “OFC CRETA S.M.S.A.”, and the clientele , sales commissions and brand name of the subsidiar ies “NRG SUPPLY AND TRADING SINGLE MEMBER S.A.” , “TARESSO I.K.E” and “TWENTY 4 SHOPEN S.M.S.A. ”. They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub-group MORE, in the waste management sector of sub -group Helector and the clientele of subsidiaries “VERD SINGLE MEMBER S.A.” and “THALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.”. At the Group level, during the previous fiscal year, additions attributed to the acquisition of subsidiaries mainly concern rights, and more specifically fully amortized concession rights of Helector group. Furthermore, current period’s additions primarily relate to concession rights in category assets under construction of subsidiaries “OFC A VIATION FUEL S ERVICES S.A.” and “ OFC CRETA S.M.S.A.” and the customer portfolio development expenses in category rights of the subsidiary “NRG SUPPLY AND TRADING SINGLE MEMBER S.A.”. In the prior year, additions mainly relate to concession rights and customer portfolio development expenses of subsidiaries “OFC AVIATION FUEL SERVICES S.A.” and “NRG SUPPLY AND TRADING SINGLE MEMBER S.A.” respectively. No impairment was recognized during the current period. The derecognitions from sale of subsidiaries during the current period relate to the licenses for the development of photovoltaic parks owned by the twelve subsidiaries of “UNAGI S.A.”, member of sub - group MORE, which were transferred to “PPC RENEWABLES SINGLE MEMBER S.A.” on 30 June 2026.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 29 10. Property, Plant and Equipment The movement in the fixed assets for the Group and the Company during the year 01/01-31/12/2025 and the period 01/01-30/06/2026 is presented in the tables below. GROUP Land and buildings Plant and machinery / Transportation means Fixtures and equipment Assets under construction Total (In 000's Euros) COST As at 1 January 2025 970,775 3,212,000 169,904 312,627 4,665,306 Additions attributable to acquisition of subsidiaries 14,957 79,312 4,236 997 99,502 Additions 17,925 23,371 12,476 476,877 530,649 Disposals/Write-off (8,002) (11,750) (4,884) (456) (25,092) Transfers 42,576 264,736 (285) (328,947) (21,920) As at 31 December 2025 1,038,231 3,567,669 181,447 461,098 5,248,445 Additions 4,980 15,822 4,394 141,751 166,947 Disposals/Write-off (1,388) (2,475) (476) (227) (4,566) Effect of movements in exchange rates (6) (1) (1) (928) (936) Transfers 10,371 22,922 1,290 (33,939) 644 Derecognitions from sale of subsidiaries (307) 0 0 (154,557) (154,864) As at 30 June 2026 1,051,881 3,603,937 186,654 413,198 5,255,670 DEPRECIATION As at 1 January 2025 295,587 1,674,796 104,497 0 2,074,880 Additions attributable to acquisition of subsidiaries 9,133 52,125 3,164 0 64,422 Depreciation charge for the period 23,895 145,028 11,253 0 180,176 Disposals/Write-off (7,396) (9,331) (4,625) 0 (21,352) Transfers 0 446 (446) 0 0 As at 31 December 2025 321,219 1,863,064 113,843 0 2,298,126 Depreciation charge for the period 12,745 75,814 5,286 0 93,845 Disposals/Write-off (524) (1,465) (414) 0 (2,403) Transfers 1,999 (2,184) 185 0 0 As at 30 June 2026 335,439 1,935,229 118,900 0 2,389,568 CARRYING AMOUNT As at 31 December 2025 717,012 1,704,605 67,604 461,098 2,950,319 As at 30 June 2026 716,442 1,668,708 67,754 413,198 2,866,102
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 30 COMPANY Land and buildings Plant and machinery / Transportation means Fixtures and equipment Assets under construction Total (In 000's Euros) COST As at 1 January 2025 349,820 2,024,602 46,640 229,637 2,650,699 Additions 3,156 592 3,901 208,522 216,171 Disposals/Write-off (67) (262) (272) 0 (601) Transfers 29,651 253,581 553 (284,671) (886) As at 31 December 2025 382,560 2,278,513 50,822 153,488 2,865,383 Additions 126 715 1,354 74,910 77,105 Disposals/Write-off (553) (1,124) (158) 0 (1,835) Transfers 4,449 9,671 0 (14,120) 0 As at 30 June 2026 386,582 2,287,775 52,018 214,278 2,940,653 DEPRECIATION As at 1 January 2025 81,732 1,286,325 33,991 0 1,402,048 Depreciation charge for the period 7,711 82,840 3,332 0 93,883 Disposals/Write-off (12) (174) (252) 0 (438) As at 31 December 2025 89,431 1,368,991 37,071 0 1,495,493 Depreciation charge for the period 4,179 43,644 1,313 0 49,136 Disposals/Write-off (106) (582) (158) 0 (846) As at 30 June 2026 93,504 1,412,053 38,226 0 1,543,783 CARRYING AMOUNT As at 31 December 2025 293,129 909,522 13,751 153,488 1,369,890 As at 30 June 2026 293,078 875,722 13,792 214,278 1,396,870 During the current period, additions to the Group’s assets under construction primarily comprise the construction of the new electrolyzer hydrogen production unit and the substation that will support its operation. In addition, they include refinery infrastructure improvement projects, gas stations’ additions, as well as the construction of individual electrochemical power storage stations (batteries), wind and photovoltaic parks. Furthermore, additions to the machinery category primarily relate to wind far m projects, while additions to the buildings and fixtures categories relate to the expansion of the retail stores network. The derecognitions from sale of subsidiaries during the current period relate to land and photovoltaic parks under construction owned by the twelve subsidiaries of “UNAGI S.A.”, member of sub-group MORE, which were transferred to “PPC RENEWABLES SINGLE MEMBER S.A.” on 30 June 2026. During the previous financial year, the significant increase in additions was mainly attributable to restoration works on the Refinery units that sustained damage in September 2024. Furthermore, at Group level, additions to the machinery and transportation equipment category attributable to the acquisition of subsidiaries relate to the acquisition of the Helector Group. The tangible assets included in the Statement of Financial Position of the Company and its subsidiaries are in full productive operation and no indications of impairment, as defined under IAS 36, were identified, except for specific mechanical equipment and building installations for which an impairment loss of €966 thousand was recognized. Some of the above Property, Plant and Equipment has been pledged as security for liabilities of the Group (as referred to Note 13).
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 31 11. Other Financial Assets Name Place of incorporation Cost as at Cost as at Principal Activity (In 000's Euros) 30/06/2026 31/12/2025 ATHENS AIRPORT FUEL PIPELINE CO. S.A.* Athens 927 927 Aviation Fueling Systems HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES* Athens 10 10 Promotion of Electric Power Issues VIPANOT Aspropyrgos 293 293 Establishment of Industrial Park ENVIROMENTAL TECHNOLOGIES FUND London 5,609 5,511 Investment Company EMERALD INDUSTRIAL INNOVATION FUND Guernsey 3,427 3,461 Investment Company PHASE CHANGE ENERGY SOLUTIONS Inc. Delaware 1,546 1,546 Energy-saving materials ACTNANO INC Delaware 2,122 2,122 Waterproof coatings OPTIMA BANK S.A. Athens 198,065 152,708 Bank KS INVESTMENT VEHICLE LLC Delaware 616 616 Investment Company HUMA THERAPEUTICS S.A. London 1,440 1,440 Innovation and Technology REAL CONSULTING S.A. Athens 26,291 192 Consulting Services ENERGY COMPETENCE CENTER P.C.* Athens 186 186 Innovation and Technology Services in the Energy and Environment Sectors FIDO AI LIMITED (ex SKION WATER UK LTD) London 2,170 2,170 Global water and waste water technology solution provider ENVIROMENTAL TECHNOLOGIES FUND 4 LP London 4,801 2,439 Investment in sustainable innovative companies BIO-BASED ENERGY TECHNOLOGIES P.C. Thessaloniki 15 15 Bio-based Energy Technologies ZEELO LTD London 681 681 Smart bus platform for organisations COOPERATIVE BANK OF CHANIA Chania 10 10 Bank BLUE BEAR CAPITAL PARTNERS III,LP Delaware 2,029 1,598 Investment Company OPEN COSMOS LTD Harwell 1,518 1,518 Space Technology SUSTAINABLE FORWARD CAPITAL FUND 1 A.K.E.S.* Kifissia 2,392 2,645 Investment Company DEVELOPMENT POWER SOLAR ENERGY S.R.L. Buzau 904 904 Renewable Energy Power Generation BANK OF CYPRUS HOLDINGS P.L.C. Nicosia 40 870 Investment Company NYPIT INC – Convertible bond Delaware 1,007 1,007 Technology and Environment EFA HOLDINGS P.L.C. Nicosia 25,000 25,000 Defence, aerospace and high technology ELLAKTOR S.A.* Athens 50,388 0 Construction 331,487 207,869 *Direct participation of the Company. The increase in the cost of investment in OPTIMA BANK S.A., as indicated in the above table, is attributed to the share price change from € 7.71 as at 31 December 2025 to € 10 as at 30 June 2026.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 32 Furthermore, the Group increased its shareholding in REAL CONSULTING S.A. following stock exchange transactions carried out during the first half of 2026 through IREON INVESTMENTS LTD and IREON TECHNOLOGIES LIMITED. Finally, the Company, following the partial disposal of its shareholding in ELLAKTOR S.A. during the second quarter of 2026, reduced its ownership interest from 22.4% to 10.41% and, consequently, ceased recognizing this investment as an investment in an associate. As a result, the investment is now measured at fair value and recognized under other financial assets. The participation stake on the investments listed on the above table is below 20% and they are measured at their fair value through other comprehensive income (level 1 and 3 in fair value hierarchy) . The Company's investments marked with an asterisk amounted to € 53,903 thousand as of 30/06/2026, compared to €3,768 thousand as of 31/12/2025. 12. Inventories GROUP COMPANY (In 000's Euros) 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Raw materials 503,561 465,855 486,531 447,649 Merchandise 183,194 188,154 15,558 13,181 Products 284,355 253,394 265,851 240,838 Total Inventories 971,110 907,403 767,940 701,668 Inventories are measured at the lower of cost and net realizable value (NRV). The cost of inventories may not be recoverable if their selling prices have decreased, if these inventories have been damaged, or if they have become completely or partially obsolete. For the current and prior year period, certain inventories were measured at their net realizable value, resulting in charges of the Statement of Profit or Loss and Other Comprehensive Income (“Cost of Sales”) for the Group, amounting to € 126,341 thousand for the period 01/01-30/06/2026 and € 27,165 thousand for the prior year’s period (Company:01/01- 30/06/2026: € 124,562 thousand, 01/01-30/06/2025: € 27,043 thousand). During the current period, there was no reversal of amount resulting from the write down to net realizable value charged on Group and Company level, while for the prior year’s period reversal amount of € 470 thousand has been recognized (Group: € 470 thousand). The charge per inventory category is as follows: GROUP COMPANY (In 000's Euros) 30/06/2026 30/06/2025 30/06/2026 30/06/2025 Raw materials 119,786 11,188 119,786 11,188 Merchandise 1,935 4,729 156 4,607 Products 4,620 10,778 4,620 10,778 Total 126,341 26,695 124,562 26,573 The total cost of inventories recognized as an expense in the “Cost of Sales” for the Group was € 6,145,490 thousand and € 4,808,355 thousand for the period 01/01-30/06/2026 and 01/01-30/06/2025, respectively (Company: 01/01-30/06/2026: € 4,733,902 thousand, 01/01-30/06/2025: € 3,312,803 thousand).
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 33 13. Borrowings GROUP COMPANY (In 000's Euros) 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Borrowings 2,404,862 2,740,543 1,099,449 1,238,553 Unamortized balance of capitalized profits from loan agreements modifications (21,473) (24,921) (4,928) (6,437) Unamortized balance of capitalized loan expenses (21,026) (14,516) (13,232) (6,507) Total Borrowings 2,362,363 2,701,106 1,081,289 1,225,609 The borrowings are repayable as follows: GROUP COMPANY (In 000's Euros) 30/06/2026 31/12/2025 30/06/2026 31/12/2025 On demand or within one year 178,144 681,557 8,450 428,450 In the second year 316,349 150,017 211,981 49,188 From the third to fifth year inclusive 1,483,521 1,393,370 851,567 671,030 After five years 426,848 515,599 27,451 89,885 Unamortized balance of capitalized profits from loan agreements modifications (21,473) (24,921) (4,928) (6,437) Unamortized balance of capitalized loan expenses (21,026) (14,516) (13,232) (6,507) Total Borrowings 2,362,363 2,701,106 1,081,289 1,225,609 Less: Amount payable within 12 months (shown under current liabilities) 178,144 681,557 8,450 428,450 Amount payable after 12 months 2,184,219 2,019,549 1,072,839 797,159 Analysis of borrowings by currency on 30/06/2026 and 31/12/2025 is: GROUP COMPANY (In 000's Euros) 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Loans' currency EURO 2,362,363 2,701,106 1,081,289 1,225,609 Total Borrowings 2,362,363 2,701,106 1,081,289 1,225,609 The fair value of the above borrowings is € 2,355,490 thousand and €1,074,415 thousand at Group and Company level respectively.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 34 The Group has the following borrowings: i. “MOTOR OIL” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €400,000 (traded at Euronext Dublin Stock Exchange)* July 2026 € 0 € 400,000 Bond Loan €200,000 (traded at Euronext Athens) March 2028 € 200,000 € 200,000 Bond Loan €300,000 July 2033 € 0 € 60,000 Bond Loan €100,000 July 2028 € 100,000 € 100,000 Bond Loan €200,000** November 2027 € 0 € 60,000 Bond Loan €90,000 July 2030 € 36,000 € 36,000 Bond Loan €300,000 February 2029 € 300,000 € 300,000 Bond Loan €32,612 December 2035 € 14,074 € 12,553 Bank Loan €40,000 December 2035 € 39,375 € 40,000 Bond Loan €40,000 June 2030 € 10,000 € 30,000 Bond Loan €400,000 (traded at Euronext Dublin Stock Exchange)* June 2031 € 400,000 € 0 *The proceeds from the issuance of the €400 mil. Bond Loan due in June 2031 were used to repay the €400 mil. Bond Loan due in July 2026, which was also listed on Euronext Dublin . **The specific loan was fully repaid earlier than the original maturity date. The total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 8,450 thousand. ii. “AVIN OIL SINGLE MEMBER S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €17,500 March 2028 € 2,000 € 9,000 Bond Loan €873 August 2033 € 755 € 805 Bond Loan €140,000 September 2028 € 92,000 € 115,000 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 6,101 thousand.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 35 iii. “CORAL” s ubgroup has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €35,000 Μay 2028 € 10,000 € 5,000 Bond Loan €80,000 December 2029 € 30,000 € 80,000 Bond Loan €100,000 November 2029 € 35,000 € 100,000 Bond Loan €35,000 February 2028 € 20,000 € 35 Bond Loan €30,000 Μay 2028 € 30,000 € 0 Bank Loan €1,125 August 2030 € 489 € 545 Bank Loan €4,000 March 2031 € 2,751 € 3,040 Bank Loan €800 February 2027 € 67 € 117 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 23,887 thousand. iv. “L.P.C. S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €15,000 December 2027 € 2,000 € 3,000 Bond Loan €25,000 December 2030 € 16,000 € 16,000 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 0 thousand. v. “CORAL GAS A.E.V.E.Y.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €15,000 July 2028 € 9,500 € 9,500 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 0 thousand.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 36 vi. “NRG” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €100,000 October 2028 € 86,000 € 93,000 Bond Loan €30,000 January 2028 € 15,000 € 20,000 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 0 thousand. vii. “MOTOR OIL RENEWABLE ENERGY” subgroup has been granted the following loans as analyzed in the below tables (in thousands €): “MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €100,000 December 2029 € 92,500 € 95,000 Bond Loan Series A €25,000 December 2034 € 22,400 € 23,700 Bond Loan Series B €45,000 December 2034 € 33,100 € 33,100 “SELEFKOS ENERGEIAKI S.M.S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €28,800 June 2035 € 17,909 € 18,927 “STEFANER ENERGY S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan Series A €12,300 June 2032 € 7,308 € 7,308 “WIRED RES S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €24,000 March 2026 € 0 € 24,000 Bank Loan €17,302 June 2044 € 14,128 € 0 Bank Loan €10,381 December 2045 € 10,381 € 0 Bank Loan €3,582 May 2028 € 485 € 0
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 37 “BALIAGA S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €48,500* June 2026 € 0 € 18,750 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “TEICHIO S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €8,600 January 2027 € 3,333 € 3,333 “PIVOT SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €7,000* June 2026 € 0 € 2,759 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “VERD SOLAR PARKS S.M.P.C. ” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €500 February 2033 € 281 € 302 “MAGOULA SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €26,200* June 2026 € 0 € 10,266 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “EVRYNOMI SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €21,700* June 2026 € 0 € 8,507 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “PTOLEMAIOS SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €25,900* June 2026 € 0 € 10,000 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 38 “SPILAIO SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €7,300* June 2026 € 0 € 2,876 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “ALYSTRATI SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €6,400* June 2026 € 0 € 2,516 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “ARSINOI SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €7,500* June 2026 € 0 € 2,933 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “ATLAS SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €36,900 January 2027 € 14,203 € 14,521 “FOIVOS SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €8,900 January 2027 € 3,485 € 3,485 “THERMES SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €15,900* June 2026 € 0 € 6,244 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “KORMISTA SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €8,800* June 2026 € 0 € 3,451 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 39 “MESAIO SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €16,800* June 2026 € 0 € 6,614 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “NIKOPOLI SOLAR S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €36,000* June 2026 € 0 € 14,187 *The entity was sold during 2026. Therefore, there is no outstanding borrowing at the reporting date. “SOLAR ENERGY PRODUCTION S.R.L.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan Series A €14,400* September 2038 € 12,542 € 11,758 Bank Loan Series B €4,600 October 2027 € 1,164 € 994 Bank Loan Series C €12,400 October 2027 € 12,094 € 12,094 *The specific loan’s credit limit was increased during the year 2026. “AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bank Loan €13,225 December 2034 € 9,363 € 9,363 Bank Loan €204,000 December 2036 € 145,752 € 152,833 There are pledges on the company’s stocks and on the machinery to secure the above loans. “ANEMOS RES SINGLE- MEMBER S.A.” Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €520,000* June 2038 € 388,521 € 408,329 *The specific loan consists of Series A €310,000, Series B €190,000 and Series C €20,000, all with the same expiration date . There are pledges on the company’s stocks and on the machinery to secure the above loan. Total short-term loans (including the short -term part of long -term loans) with duration up to one year amount to € 86,245 thousand for the MORE sub-group.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 40 viii. “VERD” subgroup has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €15,000 December 2028 € 15,000 € 10,200 Total short-term loans (including the short -term part of long -term loans) with duration up to one year amount to € 3,470 thousand for the VERD sub-group. ix. “THALIS ENVIRONMENTAL SERVICES S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €5,000 May 2029 € 4,500 € 1,000 Total short-term loans (including the short -term part of long -term loans) with duration up to one year amount to € 4,900 thousand. x. “OFC AVIATION FUEL SERVICES S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €3,000 April 2033 € 2,211 € 2,369 Bond Loan €5,000 March 2035 € 4,737 € 5,000 Bond Loan €25,000* February 2040 € 20,000 € 10,000 *The specific loan had two equal disbursements in 2025. Total short-term loans (including the short -term part of long -term loans) with duration up to one year amount to € 842 thousand. xi. “OFC CRETA S.M.S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €54,000 May 2041 € 20,283 € 0 Total short-term loans (including the short -term part of long -term loans) with duration up to one year amount to € 3,983 thousand.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 41 xii. “HELECTOR S.A.” subgroup has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 30.06.2026 Balance as at 31.12.2025 Bond Loan €3,500 December 2026 € 250 € 500 Bank Loan €25,437* December 2028 € 0 € 5,888 Bond Loan €978 August 2035 € 812 € 862 *The specific loan was fully repaid earlier than the original maturity date. Total short-term loans (including the short -term part of long -term loans) with duration up to one year amount to € 17,597 thousand. Changes in liabilities arising from financing activities The tables below detail changes in the Group’s and Company’s liabilities arising from financing activities, including both cash and non-cash changes: GROUP 31/12/2025 Additions attributable to acquisition of subsidiaries Financing Cash Flows Foreign Exchange Movement Additions Other 30/06/2026 (In 000's Euros) Borrowings 2,701,106 0 (199,247) (10) 0 (139,486) 2,362,363 Lease Liabilities 251,025 0 (18,041) 19 40,586 (13,667) 259,922 Total 2,952,131 0 (217,288) 9 40,586 (153,153) 2,622,285 Other items include the derecognition of lease liabilities and borrowings arising from the sale of the twelve subsidiaries of "UNAGI S.A.", member of subgroup MORE, to "PPC RENEWABLES SINGLE MEMBER S.A." on 30 June 2026. COMPANY 31/12/2025 Financing Cash Flows Additions Other 30/06/2026 (In 000's Euros) Borrowings 1,225,609 (147,865) 0 3,545 1,081,289 Lease Liabilities 21,729 (3,311) 14,862 (480) 32,800 Total 1,247,338 (151,176) 14,862 3,065 1,114,089 The Group classifies interest paid as cash flows from operating activities.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 42 14. Fair Value of Financial Instruments Financial instruments measured at fair value The tables below present the fair values of those financial assets and liabilities presented on the Group’s and the Company's Statement of Financial Position measured at fair value. These items are classified by fair value measurement hierarchy level at 30/06/2026 and 31/12/2025. Fair value hierarchy levels are based on the degree to which the fair value is observable and are the following: Level 1 are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 inputs provide the most reliable indication of fair value and are used without adjustments. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs need some degree of adjustment to determine fair value. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are based on unobservable inputs. An entity develops unobservable inputs using the best information available in each case and can be based on internal data. GROUP (Amounts in 000's Euros) 30/06/2026 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 2,878 0 2,878 Commodity Futures 1,448 0 0 1,448 Commodity Swaps 0 22 0 22 Power Purchase Agreements (PPA) 0 0 2,258 2,258 Derivatives that are not designated in hedging relationships Interest Rate Swaps 0 3,283 0 3,283 Commodity Futures 7,094 0 0 7,094 Commodity Options 46,846 0 0 46,846 Commodity Swaps 0 17 0 17 Foreign Exchange Forwards 0 1 0 1 Power Purchase Agreements (PPA) 0 0 14,664 14,664 Total 55,388 6,201 16,922 78,511 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 (1,390) 0 (1,390) Commodity Futures (204) 0 0 (204) Commodity Swaps 0 (122) 0 (122) Power Purchase Agreements (PPA) 0 0 (2,916) (2,916) Derivatives that are not designated in hedging relationships Commodity Futures (3,478) 0 0 (3,478) Commodity Options (34,580) 0 0 (34,580) Foreign Exchange Forwards 0 (4) 0 (4) Power Purchase Agreements (PPA) 0 0 (15,206) (15,206) Total (38,262) (1,516) (18,122) (57,900)
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 43 GROUP (Amounts in 000's Euros) 31/12/2025 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 4,599 0 4,599 Commodity Futures 312 0 0 312 Derivatives that are not designated in hedging relationships Interest Rate Swaps 0 2,458 0 2,458 Commodity Futures 5,808 0 0 5,808 Commodity Options 18,213 0 0 18,213 Foreign Exchange Forwards 0 4 0 4 Power Purchase Agreements (PPA) 0 0 17,808 17,808 Total 24,333 7,061 17,808 49,202 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 (3,147) 0 (3,147) Commodity Futures (582) 0 0 (582) Derivatives that are not designated in hedging relationships Commodity Futures (1,263) 0 0 (1,263) Commodity Options (10,327) 0 0 (10,327) Foreign Exchange Forwards 0 (4) 0 (4) Power Purchase Agreements (PPA) 0 0 (4,655) (4,655) Total (12,172) (3,151) (4,655) (19,978) COMPANY (Amounts in 000's Euros) 30/06/2026 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 2,587 0 2,587 Power Purchase Agreements (PPA) 0 0 2,258 2,258 Derivatives that are not designated in hedging relationships Interest Rate Swaps 0 917 0 917 Commodity Futures 6,467 0 0 6,467 Commodity Options 46,845 0 0 46,845 Total 53,312 3,504 2,258 59,074 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Power Purchase Agreements (PPA) 0 0 (14,029) (14,029) Derivatives that are not designated in hedging relationships Commodity Futures (2,950) 0 0 (2,950) Commodity Options (34,580) 0 0 (34,580) Total (37,530) 0 (14,029) (51,559)
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 44 COMPANY (Amounts in 000's Euros) 31/12/2025 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 4,170 0 4,170 Derivatives that are not designated in hedging relationships Commodity Futures 5,304 0 0 5,304 Commodity Options 18,213 0 0 18,213 Power Purchase Agreements (PPA) 0 0 6,028 6,028 Total 23,517 4,170 6,028 33,715 Derivative Financial Liabilities Derivatives that are not designated in hedging relationships Commodity Futures (197) 0 0 (197) Commodity Options (10,327) 0 0 (10,327) Power Purchase Agreements (PPA) 0 0 (3,479) (3,479) Total (10,524) 0 (3,479) (14,003) There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements during the current period and the prior year. The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over -the-counter, including interest rate swaps, foreign exchange forwards and commodity swaps with electricity as the underlying. Accordingly, their fair value is derived from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve. For the fair value measurement hierarchy, when inputs from different levels are used, the Company classifies the respective financial instrument in its entirety at the lowest level of the hierarchy for which the input has a significant effect on the overall measurement. The Group has entered into virtual power purchase agreements (VPPAs). These vPPAs are considered as financial instruments similar to a CfD (Contract for Differences), as there is an exchange of a fixed -price cashflow for a variable -priced cash flow, based on the difference between an agreed fixed rate and floating rates of energy markets. By entering these type of contracts, risk arising from price volatility in energy markets is being hedged. Regarding fair value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of energy market indices (such as natural gas, CO2, electricity price indices) as defined by the contract. The discounting of future cash flows is based on the use of an interest rate curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to market risk. Therefore, we have classified them at Level 3 in f air value hierarchy. During the current period , the Group has adopted the IFRS 9 amendments with respect to contracts referencing nature-dependent electricity and designated these contracts as hedging instruments in cash flow hedge relationships. Gains or losses related to the effective portion of the hedge arising from changes in the fair value of the financial derivatives are recognised in equity (“cash flow hedge reserve”). Conversely, the ineffective portion of the hedge is recognised in the income statement under the line item “Other Gains/(loss)”. Gains or losses from hedging transactions are reclassified from the reserve to the profit or loss, under the line item “Cost of sales”, during the period in which the hedged item affects the results of the Group and the Company.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 45 During the current period, the Group has recognised in the Other Comprehensive Income € 778 thousand loss (Company: € 8,793 thousand loss), while the amount recognised in the profit or loss is € 117 thousand loss (Company: € 5,527 thousand loss). Additionally, there is a CfD agreement in force between the subsidiary NRG and the associate Thermoilektriki SA, for which an equal gain and loss amounting to € 293 thousand was recognized in "Other gain/(loss)" and "Share of profit/(loss) in associates" respectively. All transfers between Fair value hierarchy levels are assumed to take place at the end of the reporting period, upon occurrence. 15. Establishment/Acquisition of Subsidiaries/Associates In May 2026, the subsidiary “CIPHARMA ONE PRIVATE COMPANY” established “SYSTEGASMENA FARMAKEIA M. KIMPEZI – Th. LAIOS KAI SIA G.P.”, which will be active in the operation and management of pharmacies. Additionally, in June 2026, “TEFORTO HOLDING LTD”, subsidiary of the subgroup MORE, established “AIOLIKI ENERGEIAKI FOKIDAS SINGLE MEMBER S.A.” and “AIOLIKI AVRA SINGLE MEMBER S.A.”. Their activity is related to the production and trading of electricity fr om Renewable Energy Sources.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 46 16. Related Party Transactions The transactions between the Company and its subsidiaries have been eliminated on consolidation. The transactions between the Company, its subsidiaries, its associates and other related parties are set below: GROUP (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 Income Expenses Income Expenses Associates and Other Related 244,922 2,701 179,332 3,018 COMPANY (In 000's Euros) 01/01-30/06/26 01/01-30/06/25 Income Expenses Income Expenses Subsidiaries 1,227,908 866,952 1,089,146 599,903 Associates and Other Related 239,487 1,000 167,030 863 Total 1,467,395 867,952 1,256,176 600,766 GROUP (In 000's Euros) 30/06/2026 31/12/2025 Receivables Payables Receivables Payables Associates and Other Related 285,980 60,237 199,098 37,679 COMPANY (In 000's Euros) 30/06/2026 31/12/2025 Receivables Payables Receivables Payables Subsidiaries 149,606 89,136 102,943 14,615 Associates and Other Related 255,608 32,094 168,578 10,207 Total 405,214 121,230 271,521 24,822 Sales to related parties were made on an arm’s length basis. No provision has been made for bad debts in respect of the amounts due from related parties.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 47 17. Financial risk management The strong risk management strategy that the Group has adopted, combined with its inherent flexibility, allows it to respond effectively to the changes in the business environment. This ensures both operational stability and a sustainable growth path . Τhe Group’s management addresses the challenges of the macroeconomic environment through a diversified product portfolio, the efficient management of the supply chain, and strict cost control. The management applies a continuous framework for risk assessment and management, which allows for the timely prediction and mitigation of potential threats, ensuring both operational continuity and uninterrupted functioning. Meanwhile, the ongoing investments in environmental upgrades and renewable energy projects strengthen the Group’s commitment to sustainability and energy transition. With the transition to clean energy and the active response to geopolitical and climate-related challenges as strong fundamental pillars, the Group remains well positioned to mitigate uncertainty and to take advantage of emerging export opportunities . In general, as further discussed in the management of each significant risk below, the Group regularly assesses and determines risks, ensuring that any negative impact on an international level will not significantly affect the normal operations of the Gro up and the Company. Risk Management Framework – Three Lines of Defense Model The Company implements the three lines of defense model, integrated within a broader corporate governance framework, with clearly defined roles and responsibilities for the timely identification, assessment, and handling of risks. First Line of Defense: Operational Unit s Operational units bear primary responsibility for identifying and managing risks related to their daily activities. Through modern tools and methodologies, they ensure alignment of actions with the Company’s strategic, operational, and regulatory goals, adhere to compliance policies, and strengthen the resilience of their operations. Second Line of Defense: Risk Management and Regulatory Compliance Unit s These units provide guidance, oversee, and support the first lines, ensuring that risks are addressed with professionalism and consistency, aligning with the Company’s policies and strategy. Their independence from the operational units is safeguarded through supervision by the Board of Directors, thereby reducing potential conflicts of interest and enhancing transparency. Third Line of Defense: Internal Audit Unit The Internal Audit Unit operates independently, providing objective assurance regarding the effectiveness of the overall risk management and internal control framework. Regular meetings between the Internal Audit Unit and the second -line units promote collaboration and ensure coordinated monitoring of the corporate governance system and the tracking of related action plans.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 48 Derivative financial Instruments and Hedging Activities For the management of commodity risk, foreign exchange risk, and interest rate risk, the Group uses a variety of instruments, including derivative financial instruments, as part of its broader risk management strategy. The use of derivatives is intended to limit the Group’s exposure to fluctuations in raw material prices, exchange rates, and interest rates, providing greater stability in cash flows and financial results. Meanwhile, the Group utilizes Virtual Power Purchase Agreements (VPPAs), ensuring predetermined selling prices for part of the electricity produced, thus enhancing revenue predictability. The Group designates under hedge accounting relationships certain commodity , interest rate, foreign exchange and VPPAs derivative contracts, where the relevant criteria are met, and the effectiveness of the hedging relationships is assessed on a regular basis, in accordance with the applicable financial reporting framework. Capital risk management The Group manages its capital with the objective of safeguarding its ability to continue as a going concern, while maintaining a sound capital structure and maximizing long -term value for its shareholders. The Group's capital structure comprises borrowings, lease liabilities, cash and cash equivalents, and equity attributable to the shareholders of the parent company, including share capital, reserves and retained earnings. The Group continuously monitors its capital structure, funding requirements and return on equity, taking into consideration prevailing market conditions, investment requirements and business risks. As part of this process, management evaluates the cost of capital and seeks to maintain an appropriate balance between debt and equity, ensuring adequate financial flexibility to support the Group's strategic objectives and future growth opportunities. The Group's strong operating cash flow generation, substantial liquidity position and access to diversified sources of funding in both domestic and international financial markets provide significant financial flexibility and support the effective management of capital. Capital allocation decisions are assessed on an ongoing basis and may include the distribution of dividends, the repayment or refinancing of existing debt, the raising of new financing and the funding of growth investments, depending on business needs and market conditions. Gearing ratio The Group’s management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed. The gearing ratio at the period -end was as follows: GROUP COMPANY (In 000's Euros) 30/06/2026 31/12/2025 30/06/2026 31/12/2025 Bank loans 2,362,363 2,701,106 1,081,289 1,225,609 Lease liabilities 259,922 251,025 32,800 21,729 Cash and cash equivalents (1,807,977) (1,372,683) (1,352,952) (1,010,276) Net debt 814,308 1,579,448 (238,863) 237,062 Equity 3,923,314 3,355,941 3,261,885 2,747,288 Net debt to equity ratio 0.21 0.47 N/A* 0.09 *Not Applicable (N/A): As of the current reporting date, the net debt of the Company was negative, as cash and cash equivalents exceeded total debt and lease liabilities. Consequently, the Net Debt to equity ratio is calculated at - 0.07 and does not provide a meaningful indication of financial leverage.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 49 Financial risk management The Group’s Treasury Department supports the Group’s operations by providing access to domestic and international financial markets and by monitoring and managing the financial risks arising from its activities. These risks primarily include market risk, c redit risk and liquidity risk. Where considered appropriate, the Group uses derivative financial instruments to manage and reduce its exposure to market risks. The Treasury Department provides regular updates to Group Management, which is responsible for overseeing the Group’s risk management policies and monitoring the effectiveness of the measures implemented to mitigate financial risk exposures. 1. Market risk a. Commodity risk Due to the nature of its activities, the Group is exposed to price volatility in crude oil and petroleum products, resulting among other factors from its obligation to maintain a certain level of inventories. To mitigate fluctuations in inventory valuation, the Group follows a strategy of maintaining stocks at the lowest possible levels, while always adhering to required safety stock levels. Furthermore, the Group actively manages the composition of raw material and finished goods inventories, aiming to maximize efficiency and enhance competitiveness . The Group’s commodity derivatives mainly comprise derivatives relating to oil and related alternative fuels, as well as emission allowance derivatives (EUAs), arising from the Group’s primary activities and related obligations. The Group has limited exposure to energy prices and also utilizes Virtual Power Purchase Agreements (VPPAs). The Group designates certain derivatives, including VPPAs, in hedge accounting relationships in cash flow hedges, in accordance with the IFRS. For this purpose, the Group maintains the cash flow hedge reserve and the cost of hedging reserve. The former accumulates gains/losses arising from the hedging instruments, while the latter accumulates gains/losses relating to the time value of option contracts and the forward element of forward contracts. The following tables present the movement for the period of the two reserves: Cash flow hedge reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 (152) 0 Gain/(loss) arising on changes in fair value of hedging instruments (3,494) (7,467) (Gain)/loss reclassified to profit or loss – hedged item has affected profit or loss 3,991 609 Balance as at 30/06/2026 345 (6,858) Cost of hedging reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 (19) 0 Gain/(loss) arising on changes in fair value of the forward element in relation to transaction-related hedged items 486 0 (Gain)/loss arising on changes in fair value of the forward element in relation to transaction-related hedged items reclassified to profit or loss – hedged item has affected profit or loss (536) 0 Balance as at 30/06/2026 (69) 0 Taking into consideration the conditions in the oil refining and trading sector, as well as the local economic environment in general, the course of the Group and the Company is considered satisfactory. The Group through its subsidiaries in United Kingdom, United Arab Emirates , Cyprus and the Balkans, continues to strengthen its international and exporting orientation. The presence in Dubai is primarily commercial in nature and, considering the nature of the activities, does not create material exposure for the Group .
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 50 b. Geopolitical risk The presence of geopolitical turbulence and trade restrictions affects international energy markets and supply chains. The Group systematically monitors developments to assess potential impacts in a timely manner and adjust its operational planning accordi ngly. Despite recent developments in the Middle East and the Group's exposure to raw material procurement from the relevant markets, the Group managed to keep its supply chain intact, ensuring the uninterrupted operation of the refinery and capitalizing on opportunities arising from prevailing energy market conditions. This resilience was underpinned by the Group's operational flexibility, its ability to adjust the feedstock mix, and its supplier diversification strategy, which form the basis for addressing similar challenges in the future. c. Foreign currency risk The Group is exposed to foreign exchange risk primarily due to the use of Platts international prices denominated in U.S. Dollars (USD) for the purchase and sale of petroleum products. Fluctuations in foreign exchange rates may affect the Group’s profit margins. The Group’s Management seeks to minimize foreign exchange risk primarily through natural hedging, by matching assets and liabilities denominated in foreign currencies. Given that the majority of the Group’s operating expenses are incurred in Euro, the exposure to foreign exchange risk arising from this category of transactions is limited. As of 30 June 2026, the Group had Assets in foreign currency of 992.25 million USD and Liabilities of 688.99 million USD. d. Interest rate risk The Group is exposed to interest rate risk mainly through its interest-bearing net debt. The Group borrows at both fixed and floating interest rates as a way of maintaining an appropriate mix between fixed and floating rate borrowings and managing interest rate risk. The objective of interest rate risk management is to limit the volatility of interest expenses in the income statement. In addition, the Group manages interest rate risk through the use of interest rate derivatives, mainly interest rate swaps. Hedging activities are reviewed and evaluated on a regular basis to ensure alignment with the defined risk appetite and the Group’s risk management strategy. The interest rate derivatives that the Group uses to hedge its floating -rate debt concern floored interest rate swap contracts under which the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. The particular contracts enable the Group to mitigate the variability of the cash flows stemming from the floating interest payments of issued variable debt against unfavorable movements in the benchmark interest rates. During the current period, the Group has designated interest rate swaps in cash flow hedging relationships. The following tables present the movement for the period of the cash flow hedge reserve and the cost of hedging reserve: Cash flow hedge reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 3,594 5,497 Gain/(loss) arising on changes in fair value of hedging instruments 698 (456) (Gain)/loss reclassified to profit or loss – hedged item has affected profit or loss (2,044) (2,044) Balance as at 30/06/2026 2,248 2,997
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 51 Cost of hedging reserve (In 000's Euros) GROUP COMPANY Balance as at 01/01/2026 (2,054) (2,306) Gain/(loss) arising on changes in fair value of the time value of an option in relation to transaction related hedged items 67 (3) (Gain)/loss arising on changes in fair value of the forward element in relation to transaction-related hedged items reclassified to profit or loss – hedged item has affected profit or loss 1,215 1,215 Balance as at 30/06/2026 (772) (1,094) 2. Credit risk The Group’s credit risk is primarily attributable to its trade and other receivables. The Group’s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well-known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 30/06/2026 amounted to € 157.4 million. Receivables of the subsidiaries are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk. 3. Liquidity risk Liquidity risk relates to the possibility that an entity may be unable to meet its current or future obligations as they fall due, due to insufficient availability of cash flows or shortages of liquidity in the market. The Group mitigates this risk by maintaining an appropriate mix of cash, cash equivalents and available committed banking facilities. In addition, the Group’s management continuously monitors the level of cash and cash equivalents and ensures the availability of adequate and surplus credit facilities, while maintaining a significant cash balance position. Strong cash generation from operating activities further enhances the Group’s ability to manage liquidity risk effectively, ensuring uninterrupted operations and preserving its financial flexibility. As at 30/06/2026, the Group has available total credit facilities of approximately € 4.45 billion (Company: € 2.15 billion) and total available bank Letter of Credit facilities up to approximately €0.90 billion and $ 1.54 billion (Company: € 0.14 billion and $ 1.54 billion). Going Concern The Group’s management, having taken into account all current developments, estimates that the Company and the Group have adequate resources that ensure the smooth operation as a “Going Concern” in the foreseeable future.
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Interim Condensed Financial Statements for the period 01/01-30/06/2026 moh.gr | 52 18. Events after the Reporting Period In July 2026, the Company and AKTOR SOCIÉTÉ ANONYME HOLDING COMPANY TECHNICAL AND ENERGY PROJECTS (AKTOR) have entered into a framework term sheet in relation to the acquisition by AKTOR of a 50% equity interest in DIORIGA GAS S.A., a project vehicle for the development and operation of a floating storage and regasification unit for liquefied natural gas in Greece (FSRU), which is expected to be connected to the National Natural Gas Transmission System. Completion of the transaction is subject, among others, to the finalization and execution of definitive transaction documents between the parties as well as the granting of all required corporate, regulatory and other approvals. Additionally, in July 2026, IREON TECHNOLOGIES LIMITED, an indirect subsidiary of the Company, signed an agreement to acquire, for a total consideration amount of € 60.5 million, from NOVA TELECOMMUNICATIONS AND MEDIA SINGLE MEMBER S.A. the stake of the latter in NOVA INFORMATION AND COMMUNICATION TECHNOLOGIES S.A. (NOVA ICT) corresponding to 50% of the share capital of NOVA ICT. IREON TECHNOLOGIES LIMITED intends to transfer part of the acquired stake to strategic investors ultimately ending up with a participation ranging between 10%-20% of the share capital of NOVA ICT. As part of the Group’s broader strategy to strengthen its presence in the technology sector, IREON TECHNOLOGIES LIMITED also proceeded, in July 2026, with the acquisition of a 24.8% stake in SATORI ANALYTICS S.A. for a total consideration amount of € 5.1 million. SATORI ANALYTICS operates in the field of advanced data analytics solutions, artificial intelligence and business digital transformation, possessing significant expertise in the development of AI applications and data analytics. Furthermore, in August 2026, the Company and AKTOR SOCIÉTÉ ANONYME HOLDING COMPANY TECHNICAL AND ENERGY PROJECTS (AKTOR) have entered into a binding share purchase agreement (SPA) for the sale to AKTOR of 75% of the shares of MANETIAL LIMITED, the 100% par ent company of the companies HELECTOR SINGLE MEMBER S.A. and THALIS E.S. S.A. (Target Companies), and a wholly-owned subsidiary of the Company. The agreed enterprise value of the Target Companies is € 300 million (on a 100% basis). The consideration for the sale of the 75% stake will be determined at closing of the transaction, following the deduction of net debt and the application of the rest of the adjustments provided for in the SPA. Completion of the transaction is subject to customary conditions precedent for transactions of this nature, including the receipt of any required approvals from the competent regulatory authorities. Besides the above, there are no events that could have a material impact on the Group’s and Company’s financial structure or operations that have occurred since 1/7/2026 up to the date of issue of these financial statements.
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KPMG Certified Auditors S.A. 44, Syngrou Avenue 117 42 Athens, Greece Telephone +30 210 6062100 Fax +30 210 6062111 Email: info@kpmg.gr KPMG Certified Auditors S.A., a Greek Societe Anonyme and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.All rights reserved. Certified Auditors GCR 148599601000 Independent Auditor’s Report on Review of Condensed Interim Financial Information (Translated from the original in Greek) To the Shareholders of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. Report on the Review of Condensed Interim Financial Information Introduction We have reviewed the accompanying condensed interim Separate and Consolidated Statement of Financial Position of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. (the “Company”) as at 30 June 2026 and the related condensed interim Separate and Consolidated Statements of Profit or Loss and other Comprehensive Income, Changes in Equity and Cash Flows for the six- month period then ended and the selected explanatory notes, which comprise the condensed interim Separate and Consolidated financial information and which forms an integral part of the six-month financial report of articles 5 and 5a of Law 3556/2007. Management is responsible for the preparation and presentation of this condensed interim Separate and Consolidated financial information in accordance with the International Financial Reporting Standards adopted by the European Union and specifically with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on this condensed interim Separate and Consolidated financial information based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as incorporated in Greek Law, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim Separate and Consolidated financial information as at 30 June 2026 is not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”.
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2 Report on Other Legal and Regulatory Requirements Our review did not identify any material inconsistency or error in the statements of the members of the Board of Directors and in the information of the six-month Financial Report of the Board of Directors as defined in articles 5 and 5a of L. 3556/2007 in relation to the accompanying interim condensed Separate and Consolidated financial information. Athens, 25 August 2026 KPMG Certified Auditors S.A. Reg. No SOEL 186 Nikolaos Vouniseas, Certified Auditor Accountant Reg. No SOEL 18701
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