Revenue fell at several major fuel retailers in 2025, though profits steady
Several of Estonia's major fuel retailers reported lower revenues in 2025, while profits remained broadly stable or improved. Key factors include fuel price fluctuations, competition, and regulatory changes.
Several major fuel retailers in Estonia reported mixed financial results for 2025, with many companies seeing a decline in revenue while profits generally held steady or improved. Companies cited fuel price volatility, competition, and regulatory changes as the main factors affecting the market.
Olerex's revenue fell by 1.5% year-on-year to €543.3 million (from €551.6 million). Profit edged slightly down to €6.6 million from €6.7 million, marking the first time in a decade that the company's profit did not increase. Motor fuel sales accounted for 80.7% of revenue, generating €438.3 million (down from €446.8 million). The company attributed the results to fluctuations in the euro-US dollar exchange rate and changes in global crude oil and fuel prices.
Alexela's consolidated revenue rose to €621.3 million (from €594 million), but the company still recorded a net loss of €3.3 million, an improvement from a €5.3 million loss in 2024. Retail and wholesale motor fuel sales made up about 48% of group revenue (up from 46%), though revenue from fuel sales fell from €272.9 million to €264.3 million. The company noted that a price war in autumn highlighted the vulnerability of Estonia's small market and the risks of growing international competition.
Terminal's revenue grew by 3.7% to €199.3 million (from €192.3 million in 2024). Net profit jumped sharply from €200,000 in 2024 to €1.4 million in 2025. The company had experienced a steep decline in wholesale motor fuel sales in 2024 — from €106.3 million in 2023 to €70 million — but this partially recovered to €74.6 million in 2025. Terminal expanded beyond traditional fuel retail, positioning itself as a full-service energy provider, and upgraded several stations.
Neste Eesti's revenue dropped 14.4% to €190.9 million (from €223 million), driven by a strategic pricing change at the start of the year. Profit rose by 0.9% to around €3 million. Motor fuel retail and wholesale accounted for approximately 98% of revenue, totaling €187.7 million (down from €220.7 million). The company's main risks are tied to global fuel price fluctuations and long-term demand.
Jetoil's revenue fell by 17% to €128 million (from €154.7 million), while profit remained stable at €1.5 million. Fuel sales constitute 99% of revenue. The annual report noted that environmental regulations significantly affected Estonia's motor fuel market in 2025.
Circle K's financial year ended on April 30, and its 2025 report is not yet available. Diesel prices in Estonia rose above €2 per liter in spring due to economic effects of the Iran war but later fell and are currently just above €1.6 per liter.
