Company & press releases

Consolidated key figures 2025 2024 Net sales, MEUR 7 234.2 7 960.7 Operating profit/loss, MEUR 110.0 171.9 Operating profit as % of net sales 1.5 2.2 Profit/loss for the financial period, MEUR 99.2 131.7 Return on equity % 6.8 9.4 Equity ratio 59.0 57.2 St1 Nordic Group’s net sales for 2025 was EUR 7.2 billion, a decrease of approximately 9% compared to EUR 8.0 billion in the previous year. The decline was mainly driven by a partial maintenance shutdown at the Gothenburg refinery in spring 2025, as well as lower global market prices for oil products. Overall sales volumes increased slightly, particularly in marine fuels. The geographical distribution of net sales remained similar to previous years: 20.9% from Finland, 53% from Sweden, 25.9% from Norway and 0.3% from the United Kingdom. The Group’s operating profit was EUR 110.0 million, which was EUR 61.9 million lower than the previous year. Refining margins materialised at higher levels than in 2024, but changes in oil product prices resulted in an inventory loss at the end of the year. The cash flow from operations totalled EUR 314.8 million. Investments amounted to EUR 181.2 million, including investments in associated companies. The Group’s most significant investment was the rebranding of the Nordic energy station network entirely to St1, in line with the One Brand strategy. In addition, the Gothenburg refinery underwent a smaller planned maintenance shutdown. St1 also expanded its electric vehicle charging network across Finland, Sweden and Norway. Investments in low-emissions energy production and its distribution network amounted to EUR 32.3 million. St1 entered into a strategic industrial partnership with the Swedish fusion energy developer Novatron Fusion Group AB (NFG) with a EUR 13.0 million investment. Investments in biogas operations were made through St1’s associated company St1 Biokraft Group AB. The Group’s equity at the end of the fiscal year was EUR 1,484.1 million, and the equity ratio strengthened to 59.0%. The Board of Directors of St1 Nordic Oy proposes to the Annual General Meeting that a dividend of EUR 3.00 per share, totalling EUR 113.2 million, be distributed. In addition, the Board proposes that the Annual General Meeting authorises the Board, at its discretion, to decide on the distribution of an additional dividend of up to EUR 1.50 per share, totalling up to EUR 56.6 million, during 2026. Henrikki Talvitie, CEO, St1 Nordic Oy: A strong year in advancing the energy transition Our energy transition ambition guides our strategic decision-making. In a year defined by geopolitical instability, armed conflicts, and increasingly rapid swings in global economic and regulatory cycles, St1 has remained firmly on course, and we have continued to advance our strategy as planned, in line with our long-term ambitions. We have continued to drive the energy transition with balance and resilience, safeguarding the reliability of existing energy systems while investing in new low-emissions solutions. The primary target of our energy transition execution is to grow our low-emissions energy portfolio. One Brand strategy The unified cross-Nordic St1 network is a strong channel for us to introduce more low-missions energy products to our customers. The rebranding of our entire Shell-branded network to St1 has been finalised as planned: keeping on schedule, ensuring quality, staying within budget, and achieving the zero serious incidents target. In total, we have rebranded 624 sites in Finland, Sweden, and Norway. The One Brand strategy and the strong cross-Nordic network are crucial components of St1’s energy transition execution and of building a profitable business in the long-term. Strong performance across our value chains Our new value chains are performing well, and we succeeded to increase profitability through our value chains throughout the year. The cornerstone of our hydrotreated vegetable oil (HVO) value chain, the Gothenburg Biorefinery, has had a stable year of production. Moreover, it is breaking production records with a high utilization rate. The market has revived and the demand for SAF and HVO diesel are strong. Our biogas value chain is managed in our joint venture St1 Biokraft, which has now completed its first full year of operation. Biogas growth plans continued progressing as planned and a new 138 GWh production plant was commissioned last year in Sweden. St1 Biokraft and Valio’s joint venture Suomen Lantakaasu is currently constructing production plants in Finland with a combined capacity of 248 GWh, and commissioning is expected to take place in 2026. By the end of 2025, the Nordic liquified biogas (LBG) refuelling network had already reached 13 locations, which is one quarter of the target by 2028. Our Electric vehicle (EV) charging value chain continued growing, and we added 44 new St1 Charge sites to the Nordic network. St1 opened its first solar park in Gothenburg, Sweden in 2025. Additionally, we established a new Power Business Unit with the aim of developing potential new value chains. In 2025, St1 joined forces with Novatron Fusion Group (NFG) to accelerate fusion energy in the Nordics. We believe that NFG has a game-changing formula, and as a lead investor with a long-term mindset, we are excited to help accelerate the work towards limitless fossil-free energy. It is important to increase awareness of the limitless opportunities offered by fusion energy and to promote its development through education, investments, and societal support, while creating a shared fusion strategy for the Nordic countries. Leading by data supports our energy transition target to grow the low‑emissions energy portfolio and decrease the carbon intensity of our sales, while maintaining profitability. It enables our commitment to be a partner to our customers in their energy transition process by offering insights and support in developing and executing their energy transition. St1 Nordic Oy has published its Game Changer Annual Review on 31 March 2026. Financial information: 2025 Financial Statements including the auditor’s report St1 Nordic Oy will publish the first-half interim report on 31 August 2026.

St1 has divested its subsidiary, St1 Lähienergia Oy, to Geonova Oy, a company specialized in geothermal heating solutions. The transaction became effective on 11 February 2026.

Energy company St1 has strengthened its commitment to sustainable transport by opening two new liquefied biogas (LBG) refueling points within its station network for heavy-duty transport. The stations, located in Iisalmi and Liminka, bring St1’s network in Finland to a total of seven dedicated LBG stations serving heavy transport.

St1 Suomi Oy has completed the merger of its subsidiary Lämpöpuisto Oy into the parent company. The merger took effect on 31 December 2025, and Lämpöpuisto Oy has ceased to exist as a separate entity. The merger is part of St1’s strategy to clarify and streamline its group structure. The arrangement strengthens St1’s service capabilities, harmonizes processes, and supports closer cooperation with customers and other stakeholders. Lämpöpuisto has been a wholly owned subsidiary of St1 since 2016. As a result of the merger, all operations, responsibilities, and rights of Lämpöpuisto Oy have been transferred to St1 Suomi Oy.

Energy company St1 has completed the rebranding of its retail network, finalising the company’s transition to a One Brand strategy. In Finland, more than 170 Shell-branded stations have been converted into St1 stations, creating a nationwide network of around 470 sites. The rebranding is part of a broader transformation across the Nordic countries, where a total of approximately 630 Shell-branded stations in Finland, Sweden and Norway have now been rebranded as St1. As a result, the Nordic network comprises around 1,250 St1 energy stations. Alongside the rebranding, the company has unified its customer offerings and expanded both its EV charging and heavy-duty biogas networks.

As the global fusion race accelerates, Novatron Fusion Group (NFG) – the only private fusion energy company in the Nordics – is preparing to build a pilot fusion reactor in the Nordic region during the 2030s. A new study conducted by VTT Technical Research Centre of Finland shows that Denmark, Finland, Norway and Sweden all meet the technical requirements to host the facility, but that Finland is the most prepared in terms of regulatory readiness.

St1 Suomi Oy will merge its subsidiary, Lämpöpuisto Oy. The merger is expected to be completed by 31 December 2025. The merger plan was registered with the Finnish Patent and Registration Office (PRH) on 28 August 2025. Lämpöpuisto has been a wholly owned subsidiary of St1 since 2016. The arrangement supports St1’s strategy to streamline its group structure, strengthen its service capabilities, and enhance long-term collaboration with various stakeholders.

Consolidated key figures 1.1.-30.6.2025 1.1.-30.6.2024 2024 Net sales, MEUR 3,511.9 4,150.8 7,960.7 Operating profit/loss, MEUR -5.3 148.4 171.9 Operating profit as % of net sales -0.2 3.6 2.2 Profit/loss for the financial period, MEUR -3.4 116.4 131.7 Return on equity, % -0.5 16.6 9.4 Equity ratio 54.9 55.0 57.2 The St1 Nordic Group's net sales for the first half of 2025 amounted to EUR 3.5 billion, which was approximately EUR 0.6 billion lower than the same period last year. The decrease in net sales was due to the lower prices of oil products and a partial maintenance shutdown at our Gothenburg oil refinery. In the retail market, volumes decreased slightly, while the marine fuel volumes increased significantly. The geographical distribution of net sales remained similar to previous years, with 20% of net sales coming from Finland, 52% from Sweden, 27% from Norway, and less than 1% from the United Kingdom. Operating profit was EUR -5.3 million, which was EUR 153.7 million lower than the previous year. Profit after tax was EUR -3.4 million, compared to EUR 116.4 million last year. The refining margin was significantly lower than last year, mainly due to market conditions but also the partial maintenance shutdown at our oil refinery. Inventory and valuation differences negatively impacted results in the first half of this year, whereas the impact was positive in the comparison period. There was an oversupply in the renewable diesel and aviation fuel markets in the early part of the year. The outlook on the different markets is significantly more positive for the remainder of the year. Cash flow from operations was EUR 137.4 million. Investments totalled EUR 117.3 million. The largest investments were directed to the partial maintenance shutdown at our refinery, the conversion of our Shell-branded retail station network to the St1 brand in line with St1's One brand strategy, and new electric vehicle charging points in our network. Additionally, St1 invested in the Novatron Fusion Group, which is developing fusion energy. The Group's equity was strong at the end of the period at EUR 1,369.0 million, and the equity ratio was 54.9. The Annual General Meeting of St1 Nordic Oy authorized the Board of Directors to acquire the company's own shares, and the Board decided to acquire the offered 219,420 shares. Henrikki Talvitie, St1 Nordic Oy’s CEO: In the first half of the year, we continued advancing our major energy transition projects, including transition investments at our oil refinery in Gothenburg and Biorefinery Östrand in Sweden, which is our major low-emissions fuel development project launched in partnership with SCA. We also continued to develop our energy transition roadmap, which has the primary target of growing our low-emissions energy portfolio. Investments in the Nordic site network Our One Brand strategy reached its implementation phase in April, when we started consolidating our retail operations under the St1 brand across the Nordic countries. St1’s One Brand strategy includes rebranding our approximately 630 Shell-branded stations to St1. By the end of the year all our 1,250 St1 stations form a unified Nordic energy distribution network. This investment supports our energy transition roadmap and strengthens our ability to introduce more and more low-emissions energy products to our customers. During the first half of the year, we have continued to expand our EV charging and biogas distribution. We opened 36 new EV charging sites, and charging is now already available at 175 of our stations in Finland, Norway, and Sweden. We strengthened our liquified biogas distribution network (LBG) by 4 new sites in Finland and Sweden. Our first energy station primarily serving electric vehicle drivers was opened in Oslo, Norway, offering EV charging, a car wash, and a convenience store. Strengthening our low-emissions energy portfolio In February, we entered into a strategic, long-term partnership with Novatron Fusion Group (NFG) to accelerate the development of commercial fusion energy. This collaboration aims to reduce society's dependence on fossil fuels while meeting future energy demands. St1 has taken on the role of lead investor and a new board member following an investment of EUR 13 million in NFG, aiming to provide long-term value as well as business, industrial and regulatory expertise. Our first solar park at Risholmen, Gothenburg, started supplying energy to the grid in June. The park, consisting of 15,777 solar panels, is estimated to produce 8.5 GWh per year, equivalent to the electricity consumption of approximately 3,500 households. Energy transition remains our most important sustainability topic. To drive sustainable growth, we rely on science, data-driven management, agility, and cost-efficiency as key enablers. We will continue to invest in and strengthen our capabilities in this area. Unaudited financial information: St1 Nordic Oy Interim Report 06/2025, including: Consolidated income statement 1.1.2025-30.6.2025, 1.1.2024-30.6.2024, 1.1.2024-31.12.2024 Consolidated balance sheet 30.6.2025, 31.12.2024 Consolidated cash flow statement 1.1.2025-30.6.2025, 1.1.2024-31.12.2024 St1 Nordic Oy will publish its financial statements release for 2025 on 31 March 2026.

Shell Ylöjärvi will become St1’s first energy station in Finland dedicated primarily serving electric vehicle (EV) drivers. The sale of liquid fossil fuels at the site will end on August 15. Despite the end of fuel distribution, the HelmiSimpukka restaurant and Car Wash services will continue to operate as usual.

Shell branded stations are getting a new look this summer as St1 transitions to a One Brand strategy.