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In 2023, EBITDA reached an all-time high of EUR 13.7 million, which is 11.7% higher than 2022. Labour costs, volatile fuel and energy prices and high inflation rates in Latvia and globally made it a challenging period. Despite that, thanks to our strategic management of the business segments, we have achieved a significant improvement in our performance and were able to invest in further development.

Throughout 2023, we continued our focused development toward our 2026 strategic goals, ending the year with 73 petrol stations and a profit of EUR 5.1 million. Our net profit in the reporting period was affected by changes in the financial instrument value, which generated revenue of EUR 3.1 million in 2022, while incurring costs of EUR 2.1 million at the market price in 2023.

*The value of the financial instrument is calculated based on the current energy prices, which reached a historical high at the end of 2022, but declined significantly and stabilised during 2023.

The company's profits come from three core business segments: sale of fuel products, convenience stores and energy.

In 2023, the Group's convenience stores generated the largest gross profit of EUR 17.1 million, which is 33.2% more than in 2022.

In the first 11 months of 2023, retail fuel sales in Latvia grew by 1.5% (in tonnes), while for Virši the growth was 10.5%. The third business segment – energy – achieved a gross profit of EUR 2.4 million, which is almost 6 times more than in 2022.

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