Group’s profile

NIS Group is one of the largest vertically integrated energy systems in Southeast Europe. The most significant resource of NIS is its team more than 13,500 employees, including the employees of HIP-Petrohemija d.o.o. Pančevo. The core business activities of NIS Group are exploration, production, and refining of oil and natural gas, sale of a wide range of petroleum products and gas products, as well as implementation of projects in the petrochemical and energy sector. The registered seat of NIS and its main production capacities are located in the Republic of Serbia. In addition to Serbia, NIS is also present in the neighbouring countries of the Balkan region, in the field of oil and gas exploration and production, as well as in the field of retail.

The goal of NIS is to ensure stable operations and implementation of key projects in a highly volatilemacroeconomic environment. A priority for NIS is also to contribute to energy stability in the markets in which it operates, primarily in the market of the Republic of Serbia.

The NIS project portfolio considers the energy transition as a priority in Serbia. NIS Group is committed to improving environmental protection and allocates significant funds for the implementation of environmental projects that contribute to environmental protection. The Company implements projects that, inter alia, contribute to the achievement of the goals of reducing carbon emissions to the Paris Agreement level. One of NIS’ priorities are occupational health and safety. In this field, NIS sets the most ambitious goal – zero injuries at work and occupational diseases, and no negative impact on the working and living environment.

In addition to its business activities, NIS continuously implements numerous socially responsible projects that contribute to the development of the community and the improvement of the quality of life of citizens. The focus of the company in this field is to support young people as the driver of future development.

Business activities of the NIS Group are organized within the parent company NIS j.s.c. Novi Sad, through theExploration and Production Block and the Downstream Divison, which are supported by Functions in the parent company.

Exploration and Production Block

Exploration and Production

NIS is the only company in Serbia engaged in the activity of oil and gas exploration and production.The activities of NIS in this segment also include operational support to production, management of oil and gas reserves, management of oil and gas reservoir engineering, and major exploration and production projects.

The majority of NIS’s oil and gas fields are located in Serbia, while the Company also engages in this industry in Romania and Bosnia and Herzegovina. The oldest concession abroad is in Angola, where NIS has been operating since 1985.

In Serbia, the company applies all oil production methods used in the oil industry worldwide, with environmental protection as a priority.

The plant for the natural gas conditioning, LPG andgasoline production, and CO₂ stripping, based in Elemir, near Zrenjanin, operates as part of the Exploration and Production Block. The amine unit for natural gas processing using the high pressure acidgas capture technology is also located in Elemir. The method of gas processing employed in this unit completely prevents carbon dioxide emissions into the atmosphere and, in addition to the business effects, provides significant environmental benefits.

In addition, NIS has set up a modern training centre in Elemir dedicated to, training workers in the oil industry. It is a unique complex equipped with state of the art equipment that creates realistic conditions, allowing simulation of all the tasks that oil workers encounter in the process of production, preparation and shipment of oil and gas.

In 2025, NIS continued to implement digital projects in the field of oil and gas exploration and production and improved the work of the Production Management Center with investments worth more than EUR 2 million.

In the field of exploration and production, NIS Group receives scientific and technological support from the Scientific and Technological Centre (STC NIS – Naftagas LLC Novi Sad). NIS thus continued to use innovativetechnologies in the field of oil and gas exploration and production and carried out drone survey of the well stock and aboveground infrastructure in Kikinda and Elemir oil fields. This method enables fast and efficient collection of data from the field, and the obtained data will serve geologists as a basis for further geological and exploration works and the development of detailed models of the location.

Oil services

NIS has its own service capacities, which fully meet the needs of the Group and provide services to third parties. Services in the field of exploration and production of oil and gas include geophysical well testing, construction, completion and workover, as well as special operations and measurements in wells. Another part of the service portfolio is maintenance of equipment and construction and maintenance of oil and gas systems and facilities. In this business segment, the Company strives to strengthen its presence in the international market. For this reason, the priority is to modernize the equipment, ensure the best possible quality of services provided, increase the technical and technological efficiency, and improve work efficiency in NIS and other companies.

DOWNSTREAM

The Downstream Division consists of the Refining Block, Sales and Distribution Block, Energy Block, petrochemistry and technical services.

Refining

NIS operates the Pančevo Oil Refinery which has been in operation since 1968 and is now one of the most contemporary and environmentally most developed processing plants in the region, with a maximum designed capacity of 4.8 million tonnes per year. Since 2009, more than EUR 900 million have been invested in the modernization of the Refinery, with significant funds allocated for environmental protection projects. The Pančevo Oil Refinery produces: motor fuels meeting the Euro-5 standard, aviation fuel, liquefied petroleum gas, petroleum coke, fuel oil, bitumen, propylene, aromatics, straight-run gasoline for pyrolysis and other petroleum products (sulphur and other hydrocarbons).

The year 2025 marked five years since the commissioning of the Bottom-of-the-Barrel Unit with the delayed coking technology at the Pančevo Oil Refinery. The project worth more than EUR 300 million enables NIS to increase the output of the most valuable fuels – diesel, gasoline and liquified petroleum gas and to start the domestic production of petroleum coke. The implementation of this project also created numerous environmental benefits. These primarily include the cessation of the production of high-sulphur fuel oil and the reduction of emissions of gases and particulate matter into the air. In this way, the environmental conditions improved not only in Pančevo, but also in the entire country of Serbia.

Sales and Distribution

NIS operates a network of more than 400₁ petrol stations in Serbia and the countries of the region.NIS operates the largest retail network in the country, and simultaneously carries out its operations in the neighbouring countries – Bosnia and Herzegovina, Bulgaria and Romania.

NIS is present in the market under two retail brands, and petrol stations of the NIS Group are known for the high quality fuel and non-fuel portfolio, as well as modern services that meet the consumers’ demands. NIS continually invests in the development of its retail network and in improving the quality of its goods and services. One of the priorities is digital projects, which provides consumers with services in line with modern trends, such as fuel payments without going to the cashier, digitization of loyalty programmes, introduction of self-service cash registers inside petrol station facilities, etc.

In addition to the retail sale of finished petroleum products, liquefied petroleum gas and a range of related products, the sales structure of NIS also includes the export and domestic wholesale of gas and petroleum products. In addition, NIS is developing the supply of aviation and bunkering fuel, and the sales of bitumen and coke as special business lines.

All types of fuel undergo strict and regular laboratory control and meet the highest Serbian and international standards.

In 2025, NIS modernized its petroleum product transport fleet.

Also, the Petroleum Products Warehouse in Niš was officially put into trial operation. Four new aircraft refuelling tanks were put into operation at Aeroservice Belgrade. As part of the further development of services at NIS retail facilities, Post of Serbia installed at parcel lockers at 150 petrol stations throughout Serbia.

Energy

This business segment includes the production of electricity and thermal energy from conventional and renewable energy sources, centralized management of the entire natural gas portfolio (including the production and sale of compressed natural gas and the sale of natural gas), electricity trade, development and introduction of strategically important energy projects, as well as the development and implementation of projects to increase energy efficiency.

The Energy Block is primarily focused on expanding the scope of work in the field of electricity production and trading, managing the Company’s energy resources, more efficient and cost-effective operation of the TE-TO Pančevo, as well as improving energy efficiency and reliability within the NIS Group. The task of the Energy Block, among other things, is to accelerate the company’s energy transition and the process of decarbonisation.

The modern gas-steam combined cycle power plant in Pančevo (TE-TO Pančevo) powered by natural gas was constructed and started up in 2022. The main advantage of TE-TO Pančevo is that it uses natural gas, as a more environmentally friendly fuel, to simultaneously produce electricity and thermal energy in the form of process steam for the purposes of the Pančevo Refinery.

Since 2013, NIS has built mini power plants with the installed capacity of 16.5 MWe in its oil and gas fields at nine locations in Serbia. The environmental advantage of these plants lies in electricity and thermal energy generation from gas that was not previously used due to poor quality, large content of carbon dioxide and nitrogen, or could not be valorised due to the lack of gas infrastructure. The heat and electricity produced are used for the needs of NIS, while the electricity is also sold on the market. In 2025, the Banatsko Miloševo power plant was put into operation.

In 2022, NIS started the construction of solar photovoltaic power plants (SPPs) first at NIS petrol stations, and then on the roofs and ground of other company facilities, thereby achieving significant financial savings and contributing to the reduction of carbon dioxide emissions. So far, the total of 78 NIS petrol stations have solar power plants as a prosumer. Solar power plants were also built at the Jazak Drinking Water Production Unit, the Pančevo Oil Refinery, and one of the office buildings in Novi Sad. This year, NIS put in operation the first ground-mounted solar power plant at the Novi Sad oil depot, delivering all the produced electricity directly to the distribution system under commercial conditions.

Now the company’s total active solar capacity is 11.3 MW. The expected savings in greenhouse gas emissions from these projects will exceed 15,000 tonnes of CO₂ equivalent annually.

HIP-Petrohemija

The largest producer of petrochemical products in the Republic of Serbia, HIP-Petrohemija is a part of NIS Group since 2023. The strategy of further development of HIP-Petrohemija involves the modernization of basic production capacities and the construction of new facilities, increasing energy efficiency and business efficiency, as well as the implementation of projects in the field of environmental protection. The key project is the construction of a polypropylene production plant.

The integrated production complex of HIP-Petrohemija is currently able to produce over 600 thousand tonnes of petrochemical products per year. The production process in Pančevo includes five production and service facilities, with a laboratory and the necessary supporting services. Ethylene with its co-products and polyethylene HIPTEN^® and HIPLEX^® are produced here. A factory for the production of polyethylene pipes and fittings is also located in Pančevo.

In Elemir near Zrenjanin, the Synthetic Rubber Factory uses the co-product from Pančevo – the C4 fraction – as raw material. Its processing produces the monomer 1,3-butadiene, and then the polymer-synthetic styrene-butadiene rubber HIPREN^®. Methyl tertiary butyl ether (MTBE), an additive for motor gasoline, is also produced at this location. Raffinate 1, the residue after processing the C4 fraction, is used as raw material for MTBE production.

HIPTEN^®, HIPLEX^® and HIPREN^® polymer products are intended for plastic and rubber processors and are incorporated into a large number of everyday objects, making them higher quality, safer and more comfortable.

Base products that are not processed in the “HIP-Petrohemija” (propylene, pyrolysis oil, pyrolysis gasoline) are the starting point for numerous other uses in the chemical and processing industry.

Technical services

The Technical Services provides facilities and equipment maintenance and repair services, pipeline construction, installation of oil and gas process systems, as well as certified testing and inspection services, calibration and metrology services, and production of parts and equipment for oil industry and other related industries.

Strategy

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