Slovenian energy company Petrol Group reported a significant decline in profitability in the first quarter of 2026, despite stable revenues and higher fuel sales volumes. The company pointed to Slovenia’s regulated fuel pricing system as the main factor behind the weaker financial results.
Between January and March, the group generated around 1.5 billion euros in revenue, broadly unchanged compared to the same period last year. However, net profit fell sharply by 73%, while EBITDA declined by 39% to 41 million euros. Operating profit also dropped significantly, decreasing by 65% to 14.8 million euros.
According to Petrol, the most severe pressure occurred in March, when regulatory fuel pricing measures reportedly led to losses of 27.5 million euros, even though sales volumes increased notably during the month. The company argued that the current pricing framework in Slovenia no longer reflects real operating costs and has become unsustainable for fuel retailers.
Petrol also noted that government signals regarding potential fuel price adjustments created additional uncertainty in the market, further complicating operations. Despite these challenges, the company maintained uninterrupted fuel and energy supply throughout the quarter.
During the first three months of 2026, Petrol sold approximately one million tons of fuels and petroleum products, representing a 10% increase year-on-year. Revenue from merchandise and services rose by 8% to 152.9 million euros, while gross profit declined slightly by 4% to 151.9 million euros.
CEO Sašo Berger stated that the current regulatory environment does not allow for sustainable long-term operations in the fuel retail sector, adding that regulated pricing is directly generating operational losses and increasing supply risks. He also confirmed that the company will continue pursuing legal actions and compensation claims linked to the pricing model, while calling for the removal of fuel price controls.
Supervisory Board Chairwoman Vesna Južna emphasized that regulated retail margins have remained largely unchanged for more than a decade, despite rising inflation and significantly higher operating costs. She noted that inflation over the past four years reached around 20%, while operating expenses increased by more than 35%, severely impacting profitability.
In response to the challenging environment, the Supervisory Board instructed management to prepare a protocol for situations in which regulated fuel sales may no longer support profitable operations. At the end of March, the group employed 5,759 people, about 2% fewer than a year earlier, and invested 26.8 million euros during the quarter while maintaining a stable financial position and favorable credit outlook.
