Slides
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Anton Cherepanov Function for finance, economics, planning and accounting
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2 Disclaimer This presentation has been prepared by NIS j.s.c. Novi Sad ("Company") and consists of a slide show that contain information pertaining to the NIS Group intended to investors. This presentation is not any offer or invitation to tender. or any information on the approval of the offer for sale or purchase or registration of shares or other securities of Company; neither this presentation. nor any of its part. as well as the fact that this presentation is made available or distributed. can be a ground for any contract or investment decision. and it may not be relied upon for this purpose. All visitors of this presentation who consider purchase or sale of securities are hereby warned that any purchase or sale should be undertaken on the basis of the information contained in other publicly available documents. which should be used in accordance with the restrictions contained in these documents. There should be no reliance. for whatever purpose. on the information contained in this presentation. or any content that has been mention when it was made public. or on its completeness. accuracy or veracity. The information specified in this presentation should not be treated as giving investment advice or recommendations. All reasonable measures were taken with a view to ensure that the facts contained in this presentation are accurate and that the opinions expressed are correct and reasonable. This presentation is not adopted by Company’s bodies. Consequently. no statement or guarantees. explicit or implicit. in connection with the accuracy. completeness or veracity of information or opinions which are contained or considered in this presentation was not given by or in the name of the Company or any of its shareholders. directors. agents. employees or any other person. Neither the Company nor any of its shareholders. directors. agents or employees or any other person do not accept any responsibility for any loss that may arise on the basis of or in connection with the use of this presentation or its content or in any other way connected with this presentation. Information in this presentation contains a statements on uncertain future events. The statements about uncertain future events include statements that are not historical facts. statements in connection with the intent of the Company and NIS Group. beliefs or current expectations in connection with. among other things. performance results of the NIS Group. the financial situation and their liquidity management. prospects. growth. strategies and industrial branches in which the NIS Group operates. For the reasons which are related to the events and depend on circumstances that may but are not certain to take place in the future. the statements about uncertain future events by their nature involve risks and uncertainty. including but not limited to the risks and uncertainties that the Company and NIS Group have identified in other publicly available documents. The Company warns that there is no guarantee that the statements on uncertain future events will come true in the future and that the actual business results. the financial situation and the liquidity. as well as the development of the industrial branch in which the Company and NIS Group operate. may significantly differ from those presented or reckoned by the statements about uncertain future events which are contained in this presentation. Additionally. and if the results of the business of the NIS Group. its financial condition and liquidity. as well as the development of industrial branch in which the Company and NIS Group operate are in accordance with the statements herein contained about uncertain future events. such results and the development are not indicative of the results and the development in the coming periods. The information contained in this presentation is given on the date of this presentation and their changes are possible without prior notice. No person shall be under any obligation to update and keep current the data herein contained. Once you have visited or read this presentation you shall be considered familiar with the above mentioned constraints.
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41 43 47 54 64 74 2020 2021 2022 2023 2024 2025 333 Macroeconomic Indicators A decrease of oil price, a drop of USD dollar comparing to RSD Brent oil price, $/bbl 46 43 270 189 133 155 0 50 100 150 200 250 300 2020 2021 2022 2023 2024 2025 Diesel spread Average Diesel spread, $/t. 65 133 220 218 180 175 0 50 100 150 200 250 300 2020 2021 2022 2023 2024 2025 Gasoline spread Average Gasoline spread, $/t. 1% 8% 15% 8% 4% 2% 2020 2021 2022 2023 2024 2025 Annual inflation rate in RS1, % 1 Change in prices in the month compared to the same month of the previous year ( December), measured by the consumer price index . Source NBS (https://nbs.rs) 2 Source: IPC (www.ipc.rs) 3 Source: Statistical Office of the Republic of Serbia (www.stat.gov.rs) * The average salary refers to period January-October 2025. Minimum gross salary in the RS2, in RSD thousand Average gross salary in the RS3, in RSD thousand 83 91 103 119 135 149 2020 2021 2022 2023 2024 2025* 42 71 101 83 81 69 0 30 60 90 120 150 2020 2021 2022 2023 2024 2025 Oil price Average 60 70 80 90 100 I II III IV V VI VII VIII IX X XI XII 2024 Average 2024 2025 Average 2025
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44 NIS in Q4 2025 NUMBER OF WELLS: VOLUME OF PRODUCTION : FINANCIAL INDICATORS: Q4 2025 Drilled: 20 development wells and 1 exploratory well in Serbia. Put into operation: 20 development wells in Serbia. Total volume of oil and gas production in the fourth quarter amounts to 286.5 thousands t.o.e including concessions. Q4 2025 CAPEX1: 5.1 bln RSD EBITDA2: 4.1 bln RSD 1 Financing, excluding VAT. CAPEX for 12M 2025 is RSD 16.6 billion 2 EBITDA for 12M 2025 is RSD 25.9 billion. Block Exploration and production The main goal in the fourth quarter of 2025 in the Exploration and Production Block was to fulfill the planned production of hydrocarbons, the realization of geological research projects and increase the efficiency of geological and technical activities.
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5 Q4 2025 FINANCIAL INDICATORS: Q4 2025 CAPEX1: 1.8 bln RSD EBITDA2: -0.5 mln RSD VOLUME OF OIL REFINING AND SEMI-PRODUCTS Downstream - Refining Through November, refinery operations were maintained with a steady market supply of all petroleum products, despite NIS's exposure to the US sanctions regime. Due to a shortage of crude oil for processing, a shutdown of refinery production units commenced in late November 1 Financing, excluding VAT. CAPEX for 12M 2025 is RSD 5.0 billion 2 EBITDA for 12M 2025 is RSD 4.4 billion The total volume of oil refining and semi-products in the fourth quarter is 423.8 thousand tonnes. NIS in Q4 2025 During the fourth quarter of 2025, the Refining Block adjusted its operations to market conditions in order to continuously supply the market with oil derivatives.
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6 Q4 2025 Q4 2025 FINANCIAL INDICATORS: • The share of NIS in the Serbian retail market: in 2025, the share of NIS is 46% • Retail volume in Serbia in the fourth quarter amounts to 216.1 thousand tons Q4 2025 CAPEX1: 1.12 bln RSD EBITDA2: 2.7 bln RSD 1 Financing, excluding VAT. CAPEX for 12M 2025 is RSD 3.9 billion. 2 EBITDA for 12M 2025 is RSD 10.3 billion • The new online business model – The Wholesale Web Portal, introduced. • Operations commenced at the FS Majdanpek 2. • After the completion of the total reconstruction, the following petrol stations were put into operation: FS Kraljevo, FS Kula, FS Mrčajevci and the Aerodrom Surčin. Downstream - Sales and distribution NIS in Q4 2025 Упркос отежаним условима пословања због стављања НИС листу, Блок Промет успешно је реализовао извоз роба неопходан за обезбеђење несметаног рада рафинерије
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77 Development Projects in Serbia in 2025 7 1 5Reconstruction Purchase/Rent and rebrand Planned in 2025 1 During the 2025.: • The new PS Majdanpek 2 was commisioned, after the purchase and rebranding • Demolition and construction of the Svrljig PS, Kula PS, Kraljevo 1 PS, Mrčajevci PS and Aerodrom Surčin PS was completed, and was commissioned Realization 12M 2025 1 Planned in 2025 Realization 12M 2025 5
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8 Construction of PVPPs1 : Q4 2025 FINANCIAL INDICATORS: • The total volume of produced electricity in the fourth quarter is 37.4 GWh. Q4 2025 CAPEX2: 0.3 bln RSD EBITDА3: 0.05 bln RSD 1Photovoltaic power plants 2Financing, excluding VAT. CAPEX for 12M 2025 is RSD 0,5 bln 3EBITDA for 12M 2025 is RSD -0.06 bln 4 Synthetic Rubber Factory • PVPP in the Novi Sad oil products storage facility, with a capacity of 6.8 MWp, has been put into trial operation in august, the use permit was then obtained, and it was put into continuous operation in December 2025. • PVPP Smederevo - The equipment was delivered, and the construction permit was acquired. • The project passport and economic model were developed for the implementation of the PVPP SRF4 projects with a capacity of 5 MWp and for the implementation of the projects of 23 PVPPs on PSs with a capacity of 0.6 MWp Downstream - Energy NIS in Q4 2025 In 2025, the commissioning of the solar plants constructed continues.
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9 PS name Power (kWp) 1 ARANĐELOVAC 2 32.64 2 BAČKA TOPOLA-VAŠARIŠTE 24.96 3 CARINA 21.12 4 ČARLI ČAPLINA 34.56 5 ČUKARICA 36.48 6 DŽONA KENEDIJA 26.88 7 KLADOVO 28.80 8 KRAGUJEVAC 5 24.96 9 KRAGUJEVAC 6 34.56 10 KRUŠEVAC 1 34.56 11 LAZAREVAC-GRAD 23.04 12 LESKOVAC-GRAD 5 34.56 13 MEDIJANA 2 26.88 14 NOVA VAROŠ 26.88 15 NOVI SAD 4 23.04 16 NOVI SAD 7 23.04 17 NOVO MIRIJEVO 28.80 18 PALIĆ 34.56 19 PETROVARADIN 54.72 20 POŽAREVAC 1 38.40 21 RUMA 1 23.04 22 SEVOJNO 2 26.88 23 SOMBOR 2 32.64 24 SREMSKA MITROVICA 1 40.80 25 ZEMUN 1 34.56 26 TOPOLA 15.84 27 TRG OSLOBOĐENJA 17.28 28 UB 41.28 29 ZRENJANIN CENTAR 34.56 30 ŽARKOVO 2 24.96 31 BAČKI VINOGRADI 1 36.00 32 JAGODINA 2 34.56 33 NIŠ AUTOPUT 34.56 2025 1 Petrol stations 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Implementation of solar power projects in Serbia on PSs1 Put into trial operation 33
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10 Q4 2025 FINANCIAL INDICATORS: Q4 2025 CAPEX1: 0.1 bln RSD EBITDA2: -2.6 bln RSD Q4 2025 • After successfully completed workover activities in the first quarter of 2025, HIP and its units were in a mode of regular and stable operation from April until 27 November. • The Polypropylene Project status: o The FEED study for the project is temporarily postponed (until the issue of US sanctions is resolved). o All other project activities that do not depend on the preparation of the FEED study are carried out according to the established work schedule. 1Financing, excluding VAT. CAPEX for 12M 2025 is RSD 0.7 billion. 2EBITDA for 12M 2025 is RSD -9.1 billion Downstream – HIP-Petrohemija NIS in Q4 2025
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11 HSE indicators Major events Medium events Minor events Number of events in NIS LTIF1 RAR2 11 1 LTIF (Lost Time Injury Frequency) – Ratio of employee injuries with sick leaves to the total number of working hours. 2 RAR (Road Accident Rate) - Indicator of the number of traffic accidents. 2024 2025 524 530 84 85 6 2 2.13 (69 LTI) 2.08 (63 LTI) 2024 2025 0.18 (10 RAR) 0.32 (17 RAR) 2024 2025
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Q4 2025 Q4 2024 Key indicators Unit of measures 2025 2024 63.7 74.7 Brent Dtd $/bbl 69.1 80.8 60.4 103.5 Sales revenues bn RSD 290.1 408.1 1.1 9.9 EBITDA bn RSD 22.2 44.4 -5.3 2.0 Net result (loss/profit) bn RSD -5.6 10.1 16.7 21.0 OCF bn RSD 43.4 61.0 39.3 68.5 Accrued liabilities based on public revenues bn RSD 207.0 260.4 286.5 290.0 Oil and gas output thou. TOE 1,124.3 1,146.7 423.1 1,080.3 Crude oil and semi-finished products output1 thou. tonnes 3,094.9 3,619.7 602.0 1,056.3 Total petroleum products sales volume2 thou. tonnes 3,023.2 3,749.6 9.1 15.9 CAPEX bn RSD 28.1 53.2 396.3 558.0 Total debt to banks (total debt to banks + letters of credits) mn EUR 396.3 558.0 1212 Key indicators 1The presented refining volume includes the refining volume of HIP-Petrohemija. 2The presented volume includes the volume of petrochemical products of HIP-Petrohemija.
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13 HIP-Petrohemija: Key Operating and Financial indicators 1Financing. CAPEX amounts are excluding VAT. Q4 2025 Q4 2024 Key indicators Unit of measures 2025 2024 46.4 89.4 Production of petrochemical products thousand tons 257.9 298.1 57.2 119.5 Refining of primary gasoline thousand tons 326.2 399.6 53.0 83.1 Petrochemical product sales thousand tons 248.4 288.0 -2.6 -2.3 EBITDA RSD billion -9.1 -7.2 -2.8 -2.6 Net loss RSD billion -10.3 -7.7 0.1 0.2 CAPEX1 RSD billion 0.7 1.5
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14 Motor Fuel Market Trends 12M 2025/12M 2024 +2.5% +2.0% +1.5% +1.6% +1.4% 14 +2.0% -1.0% • Contrary to the general regional trend of 2% consumption growth, there was a slight decrease in motor fuel consumption of about 1% in our country in 2025.
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15 Market Share - Serbia: Motor fuels market Motor fuels market volume, thousand tonnes1 565 (20%) 1,037 (37%) 2,275 (80%) 1,776 (63%) 2,840 2,812 2024 2025 Others NIS 15 1Including CNG. Data for 2025 are based on estimates • During 2025, there was a slight decrease of 1% in motor fuel consumption at the domestic market. • The decline in diesel and LPG consumption was partially compensated for by the increase in gasoline consumption, which resulted in a minimal reduction in the total consumption of motor fuels. Consumption is lower primarily due to a decrease in diesel consumption.
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16 Market Share - Serbia: Motor fuel retail market Retail market, thousand tonnes1 1NIS sale and other competitors include motor fuels (gas, CNG-motor fuel, motor gasoline, diesels). LPG bottles are not included.Data for 2025 are based on estimates. Retail sales of other market participants are supplied by NIS wholesalers and other participants in the Serbian wholesale market. 1,033 (52%) 1,062 (54%) 952 (48%) 916 (46%) 1,985 1,978 2024 2025 Others NIS 16 The total number of petrol stations in NIS j.s.c. in Serbia on Decembar 31, 2025 331 • In 2025, the consumption is almost at the same level compared to the 2024. NIS's share of the retail market remains high in complex and dynamic market conditions.
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17 Market share – region 12M 2025/12M 2024 Bosnia and Herzegovina No. of PS’: 38 % total market: 19.6% % retail market: 10.3% 17 Romania No. of PS’: 19 % total market: 0.3% % retail market: 0.5% Bulgaria No. of PS’: 221 % total market : 1.5% % retail market: 1.4% 1 With the entry into force of sanctions in full, on 09.10. 2025, the operation of petrol stations in Bulgaria was temporarily suspended
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18 802 769 291 310 54 46 1,147 1,124 2024 2025 Domestic oil Domestic gas Foreign projects Operating Indicators Exploration and production 18 Oil and gas output, thou. t.o.e. • The continous production of hydrocarbons ensured, with the implementation of geological-exploration research works 201 194 193 192 190 76 72 74 79 85 13 12 11 12 11 290 278 278 282 287 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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1919 Operating Indicators Downstream Refining 800 700 2,648 2,278 172 117 3,620 3,095 2024 2025 Domestic oil Imported oil Semi-finished products Refining of oil and semi-finished products1, thousand tonnes The volume of refining decreased by 14% compared to the last year. A decrease of refining volume is the result of the US sanctions regime. 1 The presented volume includes the volume of petrochemical products of HIP-Petrohemija. 198 183 190 201 126 829 632 604 766 276 53 38 29 28 21 1.080 853 824 995 423 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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20 Operating Indicators Downstream Sales and distribution 20 Sales volume1, thousand tonnes 1The presented volume includes the volume of petrochemical products of HIP-Petrohemija. 2It includes the sale of CNG of the Energy Block and the sale of oils, lubricants and technical fluids. 3Business unit includes the sale in petroleum products of bitumen, bunker and jet fuels. In the fourht quarter of 2025, the sales reduced by 43% compared to the same period in 2024: • Retail ‒ down 15% due to: o The decline in sales in Serbia was caused by a decline in consumption and sanctions on NIS, o Decrease in sales to corporate customers due to the termination of cooperation with certain customers due to the sanctions against NIS in 2025, o The decline in sales in foreign assets was caused by the impact of the current geopolitical situation. • Wholesale2 – down 56% primarily due to: o reduced sales of derivatives due to sanctions against NIS. • Export, transit and BU3: o Decrease in transit traffic volume by 38% primarily due to the decrease in demand for fuel oil o Decrease of the sales of aviation fuel by 9% compared with same period in 2024, due to changes in consumption dynamics by domestic airlines, o A 30% decrease in sales within the bunkering channel due to the additional difficulty of operating with foreign clients, caused by the termination of contracts with certain clients due to sanctions against NIS, o A 67% decrease in bitumen and coke sales due to the optimization of crude oil consumption, which led to lower availability in the Pancevo Refinery, as well as a decrease in sales due to sanctions against NIS 1,105 1,045 1,667 1,115 792 692 186 171 3,750 3,023 2024 2025 Укупно HIPP sales Export, transit and BU Wholesale Serbia and foreign assets 282 237 277 290 241 469 293 292 324 206 253 150 196 240 106 52 38 41 43 49 1,056 719 805 897 602 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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44.4 22.2 -8.02 -14.1 21 Financial indicators EBITDA 21 EBITDA, bln RSD EBITDA 2024 Other factors2 EBITDA 2025 Impact of inventory costs1 1The impact of inventory costs includes the impact of oil prices and USD exchange rate impact 2Includes the effect of price restrictions in the Republic of Serbia The decrease in EBITDA indicator in 2025 compared to the last year is the consequence of: • The impact of the “expensive“ stock • A decrease in the volume of oil and gas production compared to the comparable period last year, partly due to sanctions • A decrease in sales volume with a deterioration in margins, a decrease in the volume of oil and oil derivatives refining mainly due to sanctions, partially offset by the positive effect of the absence of a major overhaul in 2025 • An increase in costs compared to the same period due to market trends in the Republic of Serbia (inflation trends and wage growth in the Republic of Serbia) • The negative impact of the accounting effect of foreign asset impairment
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22 Financial indicators Net profit (loss) 22 Net profit (loss), bln RSD Decline in net profit indicator in 2025 compared to the 2024 was influenced by: • a decrease in EBITDA as a result of the impact of "high- cost" inventories, the reduction in refining and sales volumes due to sanctions and the negative impact of the accounting effect of foreign asset impairment and • higher depreciation costs 2.0 1.5 -5.1 3.3 -5.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 10.1 7.3 -10.3 -2.9 -5.6 -2.6 1Impairment of goodwill in NIS Petrol e.o.o.d. Sofia (Bulgaria) RSD 0.5 bln; Impairment of marketing and distribution asset in NIS Petrol e.o.o.d. Sofia (Bulgaria) RSD 0.76 bln; Impairment of O&G asset in NIS Petrol s.r.l. Bucharest (Romania) RSD 1.62 bln; Income tax effect of impairment loss RSD 0.3 bln Net profit 2025 without HIPP and without impairment Net loss 2025 Loss HIPP Net loss with HIPP and without impairment Impairment1Net profit 2024.
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23 Financial indicators OCF 23 OCF, bln RSD The decline of the OCF indicator in 2025 was influenced by: • Lower inflows. 61.0 43.4 2024 2025
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24 Realization of CF in 2025 in bln RSD The balance of long-term deposits 43.4 -20,0 -10,0 12.5 -2.5 -31.1 0.22 24 OCF Free Cash Flow Net borrowings ICF Net CF -30.9 Investments Dividends1 1 NIS paid dividends to shareholders from the profit generated in 2024, except for shareholders for whom, in accordance with the decision of the Board of Directors of NIS j.s.c Novi Sad, the payment was temporarily postponed until their exclusion from the SDN list of the US Department of the Treasury
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2525 Financial indicators CAPEX CAPEX1, bln RSD CAPEX by segments 25 1 Financing, excluding VAT 53.2 28.1 2024 2025 59%18% 14% 2% 2% 2% 3% Block Exploration and production DWS Refining DWS Sales and distribution DWS Energy DWS HIPP The rest DWS Corporate centre
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262626 Achievable potential level on EBITDA Effect of reaching the target level of potential on EBITDA, in RSD billion 26 The total effect of reaching the target level of potential on the EBITDA indicator in 2025 equals RSD 1.69 billion. 1.69 0.24 0.68 0.49 0.10 0,18 Exploration and production Refining Sales and distribution Other DWS HIPP NIS 12M 2025 Operational efficiency measures
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2727 Debt to banks Maturity and Currency Structure of Credit Portfolio 27 Debts to banks, mn EURBank indebtedness, mn EUR Debt structure: USD 0.0% EUR 100.0% Other 0.0% 3 3 2 0 0 0 0 0 0 0 0 0 0 628 549 575 590 590 590 566 564 558 540 516 540 396 631 552 577 590 590 590 566 564 558 540 516 540 396 31.12.'16 31.12.'17 31.12.'18 31.12.'19 31.12.'20 31.12.'21 31.12.'22 31.12.'23 31.12.'24 31.03.'25 30.06.'25 30.09.'25 31.12.'25 Letter of credits Loans 176 3 3 3 53 14 38 99 76 90 186 269 164 453 547 572 587 537 576 528 465 482 451 330 270 232 629 549 575 590 590 590 566 564 558 540 516 540 396 31.12.'16 31.12.'17 31.12.'18 31.12.'19 31.12.'20 31.12.'21 31.12.'22 31.12.'23 31.12.'24 31.03.'25 30.06.'25 30.09.'25 31.12.'25 Up to 1 year Over 1 year
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282828 11.4 9.2 8.5 7.8 7.5 7.2 Benchmarking All data for 9М 2025 25.4 22.6 12.6 10.9 9.2 16.1 226.6 135.8 91.3 38.0 15.6 101.4 17.9 12.6 10.7 6.8 Н/Д 12.0 85.0 80.9 80.7 78.1 77.3 80.4 8.6 EBITDA margin (%) EBITDA/FTE (thou. USD) Daily volume(t/day) Share of light products(%) UPS OPEX ($/boe)
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2929 Conclusion 29 Complex macroeconomic conditions Extremely complex business circumstances, especially after January 10, when the Company was added to the SDN list (Specially Designated Nationals) by the decision of the U.S. Department of the Treasury Preserved stability on the domestic market of oil derivatives Preservation of the Company’s operational stability and the maintenance of the social stability of employees
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30 NIS j.s.c. Novi Sad Investor relations Services Investor.relations@nis.rs