Revenue fell at several major fuel retailers in 2025, though profits steady

Revenue fell at several major fuel retailers in 2025, though profits steady Several of Estonia's major fuel retailers reported mixed financial results in 2025, with several companies recording lower revenues while profits generally remained stable or improved. Companies cited fluctuations in fuel prices, competition and regulatory changes as key factors affecting the market. Olerlex Olerex's revenue fell by 1.5 percent in 2025 compared with 2024. The company's sales revenue declined to €543.3 million, down from €551.6 million a year earlier. Profit remained broadly stable but edged down slightly. Olerex earned a profit of €6.6 million in 2025, compared with €6.7 million the year before. It marked the first time in the past decade that the company's profit did not increase. Motor fuel sales accounted for 80.7 percent of the company's revenue, unchanged from 2024. Olerex generated €438.3 million from retail fuel sales, down from €446.8 million a year earlier. According to the company, its results are primarily affected by fluctuations in the euro-U.S. dollar exchange rate and changes in global crude oil and motor fuel prices. Alexela Alexela's consolidated revenue increased to €621.3 million in 2025, up from €594 million a year earlier. At the same time, the company recorded a net loss of €3.3 million, compared with a €5.3 million loss the previous year. Retail and wholesale motor fuel sales accounted for approximately 48 percent of the group's revenue, up from 46 percent a year earlier. Revenue from fuel sales declined from €272.9 million to €264.3 million. According to the company, a price war that erupted in the autumn affected the market by highlighting the vulnerability of Estonia's small market and the risks associated with growing international competition. Terminal Terminal's revenue fell by 18.2 percent in 2024 but grew by 3.7 percent in 2025. The company's sales revenue reached €199.3 million in 2025, up from €192.3 million the year before. The company's profit increased significantly during the same period. After posting a net profit of €200,000 in 2024, Terminal earned €1.4 million in 2025. Terminal experienced a sharp decline in wholesale motor fuel sales in 2024. After selling €106.3 million worth of motor fuel wholesale in 2023, wholesale sales dropped to €70 million a year later. In 2025, the figure recovered to €74.6 million. In 2025, Terminal expanded its operations beyond traditional fuel retailing, positioning itself as a full-service energy provider. During the year, the company also added and upgraded a number of its staffed and automated service stations. According to its annual report, expanded geographic coverage and a higher share of full-service stations and food services helped strengthen its retail business model despite intensifying competition. Neste Eesti Neste Eesti's revenue fell by 14.4 percent in 2025 to €190.9 million, compared with €223 million a year earlier. According to the annual report, the decline was driven by a strategic pricing change introduced at the beginning of the year. At the same time, the company's profit rose by 0.9 percent and remained at around €3 million. Retail and wholesale motor fuel sales accounted for approximately 98 percent of Neste's revenue. The company generated €187.7 million from those operations in 2025, compared with €220.7 million the previous year. The report states that the company's main risks are linked to fluctuations in global fuel prices and long-term demand. Jetoil Jetoil's revenue fell by 17 percent in 2025 to €128 million, down from €154.7 million a year earlier. Profit remained stable at €1.5 million, roughly in line with the 2024 result. Wholesale and retail motor fuel sales account for 99 percent of the company's revenue. The annual report states that regulations aimed at reducing the environmental impact of fuel use had a significant effect on Estonia's motor fuel market in 2025. Meanwhile Circle K's financial year ended on April 30, while the company has until October 31 to submit its annual report, and so its 2025 financials are not yet available. The price of diesel in Estonia rose above the €2 per liter-mark in spring, as the economic effects of the Iran war made themselves known, but has dropped below that and is currently just above €1.6 per liter. -- Follow ERR News on Facebook and Twitter and never miss an update! Editor: Andrew Whyte