Motor Oil Hellas Corinth Refineries S A : Annual Briefing to Analysts

Annual Briefing to Analysts: MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.

The management of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. during the teleconference regarding the financial results and the performance of the Group for the fiscal year 2023, proceeded with the annual briefing to analysts according to the provisions of the Regulation of the Athens Exchange.

Moreover, reference was made regarding the business developments of the Group for the fiscal year 2024.

The Reported key financial figures as well as the product sales breakdown of the Parent Company and the Group of MOTOR OIL (HELLAS) S.A. for the fiscal year 2023 compared to the fiscal year 2022 are presented in the tables hereunder:

Key parameters affecting the Financial Figures of the Company and the Group

COMPANY

The decrease in turnover (by 23.86%) in the fiscal year 2023 compared to the fiscal year 2022 is attributed to the reduction in sales volume1 by 4.93% (from MT 13,924,573 to MT 13,238,383), combined with the decrease of the average prices of petroleum products (denominated in US Dollars) by approximately 18.37% compared to 2022 and the devaluation of US Dollar against the Euro (average parity) by 2.68% taking into account

1 Including sales of crude

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Annual Briefing to Analysts - April 2024

that the greatest part of the sales volume of the parent company concerns exports invoiced in US Dollars (average exchange rate in 2023: 1€ = 1.0813$ compared to 1€ = 1.0530$ in 2022).

It is clarified that during 2023 the volume of the industrial sales of the Company were approximately 1.4 million MT lower compared to those of 2022 due to the lost production because of the major turnaround maintenance program executed during the period May - July 2023 involving almost all Refinery units.

The sales volume of the Company in 2023 amounted to MT 12,762 thousand compared to MT 13,842 thousand in 2022. The products were placed in the three markets in which the Company traditionally operates (Domestic, Exports, Bunkering), confirming its exporting profile given that the export and bunkering sales combined accounted for 81.89% of the aggregate sales volume.

In addition, the de-escalation of the refining margins of the main oil products especially in the 4th quarter of 2023 and the negative impact of the inventory valuation had a significant impact on the Company's operating results in the fiscal year 2023.

Following the above, the Earnings Before Interest, Taxes and Depreciation (EBITDA) of the Company in the fiscal year 2023 amounted to Euro 1,080.3 million compared to Euro 1,395.7 million in 2022 (decreased by 22.60%).

The Earnings before Tax (EBT) reached Euro 999.4 million in the fiscal year 2023 compared to Euro 1,303.6 million in the fiscal year 2022.

The Earnings after Tax (EAT) reached Euro 786.6 million in the fiscal year 2023 compared to Euro 735 million in the fiscal year 2022. It is pointed out that the net income of the fiscal year 2022 was significantly impacted by the imposition of a temporary solidarity contribution of Euro 358.2 million.

GROUP

The decrease in the consolidated turnover (by 19.93%) in the fiscal year 2023 compared to the fiscal year 2022 is attributed to the same parameters that formed the turnover of the parent Company.

The consolidated EBITDA in the fiscal year 2023 reached Euro 1,383.2 million compared to Euro 1,692.9 million in the fiscal year 2022 with the combined contribution of the two subsidiary Groups operating in the retail market of liquid fuels (CORAL, AVIN) amounting to Euro 96.4 million (Euro 125.3 million in 2022), of the subsidiary MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. to Euro 126.4 million (Euro 83.8 in 2022), of NRG to Euro 44 million (Euro 52.4 million in 2022) and of LPC to Euro 15.8 million (Euro 20.3 million in 2022).

The consolidated Earnings before Tax (EAT) reached Euro 1,038.5 million in the fiscal year 2023 compared to Euro 1,557.5 million in the fiscal year 2022.

The consolidated Earnings after Tax (EAT) reached Euro 806.7 million in the fiscal year 2023 compared to Euro 967.2 million in the fiscal year 2022.

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Annual Briefing to Analysts - April 2024

Gearing and Capital structure of the Company and the Group

Capital Expenditure

For the fiscal year 2023 the capital expenditure of the Parent Company reached EUR

207.7 million. This is one of the biggest capex amounts in a fiscal year in the Company's history the greater part of which (approximately EUR 92 million) was cumulatively absorbed by the heavier maintenance works performed on almost all Refinery units, the revamping of the major topping unit which led to the increase of the Refinery throughput to 200,000 barrels per day (b/d) from 185,000 b/d previously, and, a series of miscellaneous projects aiming at the improvement of the health and safety conditions as well as its environmental terms. An amount of EUR 42.4 million concerned the project for the construction of a new Propylene Splitter complex at the Refinery of total budget of EUR 125 million. Moreover, an amount of EUR 24.6 million concerned the project for the construction of a new 57 MW capacity high efficiency Combined Heat & Power (CHP) unit of a total budget of EUR 60 million.

The capital expenditure of the Company for the fiscal year 2024 is expected to reach EUR 210 million the greater part of which will concern: the construction of the new Propylene Splitter Complex, the construction of the new CHP unit, the construction works for the new jetty of the Refinery and, a series of miscellaneous small-scale projects aiming to secure the high level of operability and the flexibility of the production of the Refinery.

1. Liabilities = TOTAL LIABILITIES - Own Capital & Reserves
2. Net Debt = Debt Liabilities - Cash & Cash Equivalents

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Annual Briefing to Analysts - April 2024

Business Developments

The Group, through the 100% subsidiary company MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. (MORE) attempts to penetrate further in the Renewable Energy Sector. More specifically, MORE proceeded with acquisitions as follows:

• within the fiscal 2023 it acquired 75% of the share capital of the company with the legal name UNAGI S.A. gaining access to a portfolio of photovoltaic projects located in Macedonia and Central Greece,
• in January 2024 it completed the acquisition of the remaining 25% stake of the share capital of ANEMOS RES SINGLE MEMBER S.A. the latter now being 100% controlled by MORE.

As a result of the above, the MOTOR OIL Group manages today a portfolio of wind and photovoltaic parks in full operation with a total capacity of 839 MW compared to 280 MW at the end of 2021, while there are significant prospects for expansion and development as MORE has a portfolio of licenses for development with a total capacity of 2.2 GW.

Finally, within the fiscal 2023 the Group expanded its activities in the sector of Circular economy and in particular in the solid waste treatment, water and liquid waste treatment as it completed, through a subsidiary company, the acquisition of the company under the legal name THALIS ENVIRONMENTAL SERVICES S.A.

Dividend

Since the inception of its shares on the Athens Exchange back in 2001, MOTOR OIL (HELLAS) S.A. has consistently rewarded its shareholders with monetary distributions be it in the form of interim dividends, dividends or return of capital.

The Company's management, while implementing an investment strategy combining organic growth and targeted acquisitions, remains consistent with the dividend maximisation policy and will propose at the upcoming Annual Ordinary General Assembly of Company shareholders the distribution of an amount of Euro 1.80 per share as a dividend for the fiscal year 2023 which is the highest amount ever distributed since the Company's listing on the Athens Stock Exchange. It is noted that in December 2023 an amount of EUR 0.40 per share was paid and recognized as an interim dividend for the fiscal year 2023, while the dividend remainder of Euro 1.40 per share will be recognized in the fiscal year 2024.

The proposed total amount of dividend per share for the fiscal year 2023 corresponds to a dividend yield of 7.58% based on the closing price of the share of the Company on 29 December 2023.

Maroussi, 5 April 2024

The Board of Directors

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Annual Briefing to Analysts - April 2024