Uno-X Mobility Annual and Sustainability Report 2023

Uno-X Mobility AS

Annual and Sustainability Report 2023

CONTENTS Highlights ���������������������������������������������������������������4 We are Uno-X Mobility �����������������������������������������6 Operating companies How we create value

8 9

Letter from CEO ������������������������������������������������� 12

Our sustainability approach ���������������������������� 16 Regulatory framework Stakeholder engagement Climate-related risks and opportunities Materiality assessment Prioritised list of material topics Focus areas, material topics, and measures

17 19 21 24 26 27

Environment ��������������������������������������������������������������������������30 Uno-X ultrafast charging for heavy-duty EVs 36 Uno-X ultrafast charging for EVs 40 Nordic Swan ecolabelled car wash 42 GHG emissions 46

2 • UNO-X MOBILITY • ASR 2023

Ethical value chain ���������������������������������������������������������������62 How we work to reach our goals 66 Business ethics and anti-corruption 67 Human rights 70 Due diligence 72

Director’s report ������������������������������������������������ 90

People and culture ���������������������������������������������������������������74 How we work to reach our goals 78 Environment, health, and safety (EHS) 79 Employer and employment practises 82 People, culture and cycling 87

Adresses ������������������������������������������������������������126

Governance ��������������������������������������������������������� 88

Consolidated financial statements ������������100 Financial statements ��������������������������������������118

Auditor’s report ������������������������������������������������128 Appendix ������������������������������������������������������������130

UNO-X MOBILITY • ASR 2023 • 3

Foto Fredrik Varfjell /NTB

Highlights One brand All operations united under one brand: Uno-X, boosting the brand’s presence and impact in Norway and in Denmark

Men’s Tour de France First time participation for the Uno-X Mobility men’s cycling team in Tour de France, following participation of the women’s team in 2022

Side by side 7-Eleven in Denmark Takeover of 57 mobility locations in Denmark approved by Danish competition authorities, paving the way for Uno-X operations side by side with 7-Eleven along the road

Heavy-duty EV charging Continued investments in sustainable mobility solutions, including launching of heavy-duty electric vehicle (EV) charging concept

4 • UNO-X MOBILITY • ASR 2023

Liquid fuel Solid development for liquid fuel operations in softening market

Facts “ Our mission is to develop and promote solutions for sustainable mobility

823 +1%

10 %

311

of the energy sold was renewable (MWh)

Number of employees

CO2 emissions scope 3 (tCO2e)

38 +443%

3 NEW

107 +27%

Mobility locations

EV charging locations

NO: 526 | DK: 297 | 2022: 816

NO: 27 | DK: 11 | 2022: 7

Heavy-duty EV charging locations NO: 1 | DK: 2 | 2022: 0

5 mill

285 mill Operating profit NOK

803 -1%

Car wash locations*

Liquid fuel locations

NO: 52 | DK: 55 | 2022: 84

NO: 508 | DK: 295 | 2022: 810

*In Norway all car wash facilities are Nordic Swan ecolabelled, in Denmark 25 of the total year end locations are Nordic Swan ecolabelled

UNO-X MOBILITY • ASR 2023 • 5

We are Uno-X Mobility

6 • UNO-X MOBILITY • ASR 2023

Uno-X Mobility operates as a business area within Reitan Retail, alongside REMA 1000 Norway, REMA 1000 Denmark, and Reitan Convenience – all entities owned by REITAN

The company operates in Norway and Denmark under the Uno-X brand, providing a range of offerings including fuels, EV charging, and car wash. Uno-X is also proactively involved in promoting everyday cycling as a crucial element of sustainable mobility.

The way we operate and further develop our business is guided by the attitudes and values in the REITAN-mindset.

As we continue to evolve and position Uno-X Mobility for the future, our approach is rooted in a comprehensive understanding of our operations, with a focus on mitigating our key impacts

on society. This report delves into the details of how environmental, social, and governance considerations are seamlessly integrated into our business strategy. We will outline our approach to minimising negative impacts across the value chain while maximising positive contributions to society.

We operate our business based on the REITANmindset Our values guide us in the way we work: 1. We stick to our business model 2. We keep high moral standards 3. We are committed to be debt-free 4. We encourage a winning culture 5. We are positive and proactive 6. We talk with each other, not about each other 7. The customer is our ultimate boss 8. We work for fun and profit

UNO-X MOBILITY • ASR 2023 • 7

Operating companies For many years, Uno-X Mobility has been behind the YX and Uno-X brands in Norway and Denmark. Uno-X has operated its own self-service locations tailored to individual car customers, offering fuel, car wash, and ultrafast EV charging.

Meanwhile, self-owned truck locations catering to heavy-duty transportation have been branded with the YX label in both countries. Additionally, in Norway, the YX brand has been used in co-locations with 7-Eleven convenience stores (YX 7-Eleven) and at manned locations in collaboration with independently owned stations affiliated with GIR Norge AS. As of March 2023, Uno-X Mobility decided to have a dedicated focus on the Uno-X brand moving forward. The

8 • UNO-X MOBILITY • ASR 2023

transformation the mobility business will undergo in the coming years is desired to be carried out with a focus on the Uno-X brand. This means that all YX truck facilities will be rebranded as Uno-X Truck in Norway and Denmark, and all colocations with 7-Eleven will be rebranded as Uno-X. Due to the updated brand strategy, a modified corporate structure was implemented during the year.

At year end Uno-X Mobility consists of 9 operating companies in Norway and Denmark. Norway: Uno-X Mobility Norge AS, Uno-X E-Mobility Norge AS, Uno-X Mobility Cycling AS, Uno-X Smøreolje AS and YX Betjent AS. Denmark: Uno-X Mobility Danmark A/S, Uno-X E-Mobility Danmark A/S, Uno-X Smøreolie A/S and Ipart ApS.

How we create value As a mobility business we play a crucial role in society by providing convenient access to essential energy resources, such as petrol and diesel. We contribute to the smooth functioning of transportation and logistics, supporting individuals and businesses in their daily activities.

Additionally, we engage in sustainability initiatives, aiming to minimise environmental impact and promote responsible energy consumption. Overall, our role is integral to the economic and social mobility of a community or region.

Our primary focus still lies within the oil and gas sector, with a specialisation in fuel sales encompassing both fossil fuels and biofuels. It is important to underscore that our operational reach extends beyond traditional oil and gas

activities. We are diversifying our services to include offerings such as EV charging and environmentally certified car wash facilities, with plans for their gradual implementation at additional locations.

Our extensive value chain encompasses activities ranging from global sourcing and processing of raw materials to the consumption of fuels by private and business customers in Denmark and Norway.

Within our owned and controlled operations’ value chain, we manage storage, distribution, and unmanned outlets operations. Our supplier relationships are pivotal to our value chain, and we prioritise cultivating enduring partnerships with reputable suppliers.

UNO-X MOBILITY • ASR 2023 • 9

Value chain Upstream activities Raw materials ▪ ▪ ▪ ▪

Fuel Biofuel Water Electricity

Own operations

Downstream activities

Uno-X Mobility businesses

Customers

▪ ▪ ▪ ▪ ▪

Fuels Car wash EV charging Heavy-duty EV charging Fuel depots

▪ Private ▪ Business

▪ Lubricants

Refining

1 301 580 tCO2e

25 %

from upstream activites 10 • UNO-X MOBILITY • ASR 2023

Transport

1 183 tCO2e

0.02 %

from own operations

3 867 270 tCO2e

75 %

from downstream activites

UNO-X MOBILITY • ASR 2023 • 11

Letter from CEO

12 • UNO-X MOBILITY • ASR 2023

Dear stakeholders, It is with gratitude that I present to you our 2023 Annual and Sustainability Report, providing an overview of Uno-X Mobility’s performance, initiatives, and commitment to a more sustainable future.

We are navigating in a time of turbulence, which presents unprecedented challenges for us all. However, it also offers significant opportunities for transformation if we collaborate effectively. As Uno-X Mobility navigates the dynamic landscape of the retail industry, I am particularly happy to share the strides we have made in promoting sustainable mobility.

UNO-X MOBILITY • ASR 2023 • 13

A shift towards sustainability

Electrifying the future

In the face of evolving environmental challenges, we are steadfast in our commitment to driving positive change. Historically, our turnover has been rooted in fossil fuels, but we recognise the urgency of transitioning towards cleaner alternatives.

Our commitment to sustainability is underscored by our ongoing efforts to develop an EV charging infrastructure for both personal EVs and heavy-duty EVs.

While we continue to uphold the critical societal function of supplying liquid fuels to our customers in Norway and Denmark, our focus for the foreseeable future will be on directing the majority of our earnings towards investments in more sustainable mobility. This year represents a noteworthy milestone as we actively engage in the EV revolution and persist in expanding our deployment of ecolabelled car wash facilities. Both initiatives contribute to shaping a more sustainable and environmentally friendly mobility landscape.

14 • UNO-X MOBILITY • ASR 2023

One of the highlights this year has been the launch of our heavy-duty transport charging concept, both in Norway and Denmark. This strategic move not only aligns with our dedication to reducing our carbon footprint, but it also entails an ambition to position us as a market leader in heavy-duty EV charging.

Cycling for change At Uno-X Mobility, we strongly advocate for cycling as a sustainable means of transportation. As a testament to this commitment, we own and operate professional cycling teams for both men and women. Cycling represents more than just a sport to us; it reflects our

„ Our mission is

to develop and promote solutions for sustainable mobility

dedication to a healthier, greener future.

Our cycling teams serve as ambassadors for sustainable mobility, embodying the values that propel our company forward.

In 2023, our men’s team received its first invitation to the Tour de France, following the participation of our women’s team in 2022. We are grateful to have received a second invitation for the men’s race in 2024, further affirming our presence on this prestigious arena.

Corporate responsibility We recognise the pivotal role businesses play in shaping the future, and we are dedicated to leading by example. Our commitment to corporate responsibility goes beyond compliance. This report reflects our transparent approach to sustainability, outlining our progress, challenges, and the steps we are taking to make a meaningful impact.

Going forward Uno-X Mobility continues to perform well financially. This enables us to invest in sustainable initiatives and empowers us to be at the forefront of change. We are a major player in the retail industry in Norway and Denmark, capable of influencing positive environmental and social impact going forward.

In closing, I extend my appreciation to our customers, employees, suppliers, owners, and other stakeholders who support us on our journey. Together, we are shaping a more sustainable and responsible future.

I invite you to delve into the pages of this report, exploring the stories of our progress and the impact we are making.

Thank you for your continued trust.

Vegar Kulset CEO • Uno-X Mobility AS

UNO-X MOBILITY • ASR 2023 • 15

Our sustainability approach 16 • UNO-X MOBILITY • ASR 2023

Regulatory framework Government dialogue At Uno-X Mobility, we recognise the pivotal role of achieving a society independent of fossil fuels for road transport in mitigating climate change. Consequently, we believe that fostering constructive and close dialogue with regulatory authorities in Denmark and Norway is imperative. Public regulations significantly influence the deployment of emission reduction technologies in road transport, shaping market dynamics.

Addressing climate change and reducing CO2 emissions will be central themes in Uno-X Mobility’s engagements with decision-makers in the years ahead. As a key player in our markets, we are strategically positioned to exert a substantial positive influence and remain dedicated to developing and advocating for more sustainable

mobility solutions to contribute to the reduction of pollution and enhancement of air quality in Denmark and Norway.

“But as the electric vehicle (EV) revolution has proven, transport is fertile ground for innovative greentech solutions and technologies, creating industries and

to supporting and promoting sustainable mobility solutions as we strive towards a society independent of fossil fuels.

National governing bodies

European Union

creating good jobs. This is the critical

At Uno-X Mobility, we emphasise keeping abreast of developments in EU policy, which sets key guidelines for policy development in both Norway and Denmark.

While Denmark is an EU member state and implements EU policies continuously, Norway collaborates with the EU as an EEA country and is influenced by EU policies at a slightly different pace.

period to not only cement Europe’s

Fuel

leadership in addressing the climate

Our collaboration with Danish authorities has been closely coordinated with the national industry association, Drivkraft Danmark, yielding significant outcomes.

From 2022, Danish authorities introduced a CO2 displacement requirement instead of a blending mandate for biofuels.

The European Green Deal (EGD) was an important regulatory initiative to transition Europa to a greener economy. EU lawmakers are working to make this transition a reality for people and businesses. Of course, with a strong focus on emissions from road transport, which constitute a significant portion of CO2 emissions in Europe.

crisis, but to transform the Green Deal into an industrial strategy for a prospering economy and society.“ Transport & Environment, Guide to Transport 20241

Recognising that the electrification of the car fleet is a gradual process, considering the about 20-year lifespan of an internal combustion engine (ICE) vehicle, it is crucial for authorities to establish long-term goals facilitating a responsible transition to new technologies in the market. At Uno-X Mobility, we are steadfast in our commitment 1. https://www.transportenvironment.org/discover/ tes-guide-to-eu-transport-2024/

The authorities have proposed an increased displacement requirement effective from 2025, disregarding the ILUC effects outlined in the Danish agreement for the green transition of road transportation in 2020. Instead, they are indicating a cap on the utilisation of first-generation biofuels. Together with the industry association, we are persistently advocating for the implementation of a

UNO-X MOBILITY • ASR 2023 • 17

method to incorporate ILUC effects, aiming for a gradual phase-out of first-generation biofuels rather than solely enforcing a maximum threshold. First-generation biofuels, primarily ethanol and biodiesel, are derived from food and other agricultural crops such as rapeseed, soybeans, and palm oil, intended to substitute petrol and diesel.

Additionally, we are of the opinion that expanding the CO2 displacement requirement to include various technologies capable of reducing emissions will create a more

18 • UNO-X MOBILITY • ASR 2023

comprehensive framework, enabling quicker and more cost-effective emission reductions in the road transportation sector.

Similarly, in Norway, our engagement with government authorities aligns with the industry association Drivkraft Norge.

We advocate for the implementation of a CO2 displacement mandate as a more effective and inclusive regulatory framework for emission reduction in the transportation sector, instead of the current ambitious volume-based bio-mandate as a substitute for fossil products.

EV charging Creating an infrastructure for EV charging, both for personnel EVs and heavy-duty EVs, is a crucial initiative in reducing emissions from road transport. In both countries, we are collaborating with industry associations to advocate for regulations conducive to the growth of an EV charging infrastructure.

A significant challenge to address is the imperative for swift access to electricity at locations where EV charging stations are installed. Regulatory authorities have pinpointed key challenges through

discussions with market participants and are presently in the process of adjusting regulations to expedite the development of an EV charging infrastructure. Some establishment barriers have been resolved during 2023; the primary ones remaining include straightforward and efficient access to electricity, the pricing model for rent of power grid in Norway, and access to land for establishing heavy-duty charging facilities.

Stakeholder engagement Uno-X Mobility and our subsidiaries engage in ongoing conversations with key stakeholders, both internal and external, as an integral aspect of our daily operations. This interaction provides valuable insights and knowledge that guide the continued development of our businesses. The identified key stakeholders, topics, and dialogue formats are detailed in the following table.

These were identified and delineated during the revision of our materiality assessment for this year’s reporting.

The customer is our ultimate boss. For example, in autumn 2023, we conducted a customer survey among 40 of our Norwegian customers in the heavy-duty diesel truck sector to identify the factors influencing their decision to transition to electric heavy-duty vehicles.

Additionally, in January 2024, a Net Promoter Score (NPS) survey was conducted in Norway and Denmark, revealing highly favourable results for our brand compared to competitors in both countries.

UNO-X MOBILITY • ASR 2023 • 19

Overview of stakeholders CUSTOMERS

EMPLOYEES AND PARTNERS

SUPPLIERS

Relevant topics

Dialogue format

Relevant topics

Dialogue format

Relevant topics

Dialogue format

▪

▪ ▪ ▪

▪ ▪

▪ ▪

▪

▪

▪ ▪ ▪

Environment, health, and safety (EHS) Affordable prices Efficient and convenient customer experience E-mobility for personnel cars, vans, and heavy-duty vehicles

▪

Customer events customer surveys Personal contact Participation in events and conferences Digital applications

▪ ▪ ▪ ▪

Value-based culture Our mission, business idea and strategy Environment, health, and safety Training and development Performance An active and healthy lifestyle

AUTHORITIES

▪ ▪

One-on-one discussions Group meetings – digitally or in the office Value gatherings Social contexts

▪ ▪ ▪

Access to sales products, fuels, biofuels, and electricity Suppliers Code of Conduct (SCoC) The Norwegian Transparency Act Electrification of heavy-duty transport

NGO’S

▪ ▪

Suppliers’ discussions and negotiations Events and conferences Agreements

LOCAL COMMUNITIES

Relevant topics

Dialogue format

Relevant topics

Dialogue format

Relevant topics

Dialogue format

▪ ▪ ▪

▪ ▪ ▪

▪

▪ ▪

▪

▪ ▪

Fuels E-mobility The Norwegian Transparency Act

Personal discussions Public events and panels Association and organisation dialogue formats

▪ ▪ ▪

Emissions reductions from road transport E-mobility Ecolabelled car wash Biofuel feedstocks

UNIVERSITIES AND RESEARCH INSTITUTIONS

Partnerships Participation on panels and in discussion events

BANKS/FINANCIAL INSTITUTIONS

Relevant topics

Dialogue format

Relevant topics

Dialogue format

▪

▪ ▪ ▪

▪ ▪ ▪

▪ ▪ ▪

Develop sustainable mobility

20 • UNO-X MOBILITY • ASR 2023

Meetings Seminars Partnerships, project participation

Loans Credit facilities Cash management

Meetings Agreements Seminars and events

▪ ▪ ▪ ▪

Environment, health, and safety (EHS) Sustainable mobility Ecolabelled car wash Uno-X Mobility Cycling Sponsorships

Social media Local campaigns or events

Climate-related risks and opportunities On our sustainability journey, we have conducted a thorough Task Force on Climate-Related Financial Disclosures (TCFD) analysis during 2023, employing a structured approach to assess how climaterelated risks and opportunities impact our business. The analysis has been conducted as part of our owner Reitan Retail’s TCFD analysis and comprised various essential elements, including scenario analysis, which allowed us to explore the potential effects of different climate scenarios on our operations and financial performance.

Price Waterhouse Coopers (PwC) assisted Reitan Retail in conducting its TCFD analysis.

Initially, we identified a spectrum of climaterelated risks pertinent to our business, ranging from physical risks like extreme weather events and sea-level rise, to transition risks such as policy changes and shifts in market preferences. We also recognised opportunities for innovation and adaptation.

Subsequently, we crafted scenario narratives to envision plausible future climates and their potential implications for our business.

These scenarios considered factors like greenhouse gas emissions trajectories, regulatory responses, technological advancements, and societal trends. For instance, we examined scenarios spanning from a “business as usual” trajectory with minimal climate action to a “rapid

transition” scenario marked by aggressive decarbonisation efforts and widespread adoption of clean technologies.

Through scenario analysis, we also looked at potential financial impacts of each scenario on our business, encompassing changes in revenue, costs, asset valuations, and market demand. This analysis empowered us to identify risks that require mitigation and opportunities primed for exploitation across various climate futures.

By integrating scenario analysis into our TCFD assessment, we deepened our understanding of the diverse outcomes linked to climate change. This insights-driven approach equips us to make well-informed decisions, fortify our resilience to climaterelated risks, and embrace opportunities for sustainable growth in an evolving landscape.

Our response Our response to identified risks and opportunities is our mission to develop and promote solutions for more sustainable mobility. Our ambitions so far are to continue to secure the critical societal functions of offering liquid fuels in a declining market.

Utilise financial resources derived from the sale of liquid fuels to establish infrastructure for charging of electric vehicles and electric heavy-duty trucks, facilitating increased adoption of renewable energy in the road transportation sector. Contribute to reduced water consumption in the community by providing ecolabelled car wash services from an expanding number of locations.

Promote increased everyday cycling by owning and operating a professional cycling team comprising both men’s and women’s teams being ambassadors for cycling.

UNO-X MOBILITY • ASR 2023 • 21

Summarised prioritised risks RISK

IMPACT

SHORT DESCRIPTION

1. Regulatory

▪ ▪ ▪

Stranded assets, inefficient investments Loss of market share Lacking support for transition (e.g. electricity grid development)

Regulatory frameworks heavily dictate market developments within energy for road transportation, e.g. fuels, biofuels, electricity, biogas etc. Short-term regulatory changes may result in inefficient or irrelevant investments, complicating decisions on where to allocate resources effectively. Sudden and significant regulatory shifts, such as a substantial increase in blend-in requirements, could pose considerable challenges for the supply chain and operations, potentially disrupting ability to meet demand effectively.

Competitors who are more aligned with policy priorities may stand to gain market share, potentially impacting competitive position.

▪ ▪

Stranded assets, sunk costs, inefficient investments Regulatory disconnect

Emergence of innovative technologies may render existing or planned investments obsolete, posing a risk of significant financial losses. Investing heavily in specific products that could become outdated with the adoption of new or superior technologies, such as biofuel versus electricity, could result in substantial losses. Regulatory delays in adjusting to innovative technologies may impede their adoption and utilisation, delaying market players’ ability to leverage technological advancements effectively.

▪ ▪

Damage to brand Greenwashing accusations

Changes in sustainability metrics, influenced by shifts in public perception or regulatory standards, could result in negative publicity or allegations of greenwashing. What is considered sustainable today may not meet future sustainability standards, as technologies undergo increased scrutiny.

2. Technology

Geopolitical events exacerbated by climate change may render supply from certain regions or countries deemed unsustainable, posing risks to our supply chain stability.

3. Reputational

▪

Disruption of fuel/energy supply

Fuel deliveries may be adversely impacted by extreme weather events, such as temporary or prolonged disruptions in port operations. Geopolitical events influenced by climate change could disrupt the ability of suppliers to deliver fuels, potentially affecting our supply chain reliability.

▪

N/A

We recognise the potential risk of not participating in the transition to more sustainable practices. However, given that our business strategy already incorporates plans for adaptation to align with this transition by developing and promoting solutions for more sustainable mobility, we have excluded this risk from the highlighted risks in our analysis.

4. Physical effects

5. Market effects of the transition

22 • UNO-X MOBILITY • ASR 2023

Summarised prioritised opportunities OPPORTUNITY

IMPACT

SHORT DESCRIPTION

▪ ▪

Enables long-term investments Possibility to utilise or capitalise on support-schemes

Remaining abreast of and adhering to stable regulations facilitates investments in long-term sustainable solutions. Governmental support schemes aimed at promoting specific fuels or energy sources can directly benefit the company and its customers, stimulating demand for products offered by the company or those it can potentially offer.

▪ ▪

Better products and services Effective delivery and reach

Leveraging innovative technology and digital solutions can enhance customer experience, such as offering ultrafast charging solutions that surpass existing options and providing guidance to customers on relevant products and service locations. The company’s infrastructure of outlets can be utilised to swiftly deploy new technological solutions.

▪ ▪

Positive perception of brand Increased sales

Engaging in transparent communication about sustainability efforts and actively participating in the transition to greener practices can enhance the company’s brand reputation, potentially increasing consumer demand.

1. Regulatory

2. Technology

Technology-neutral regulations may provide flexibility in responding to market demands effectively. Conversely, the absence of regulatory developments enables the company to maintain its standard business model without disruption.

Offering more environmentally friendly products, such as ecolabelled car wash options, can positively influence consumer perception of the brand.

3. Reputational

▪

N/A

N/A

▪ ▪

Enables growth Retained or increased market share

Positioning the company as a participant in the transition away from fossil fuels facilitates growth into new market segments. Proactively engaging in this transition enables the company to maintain or expand its current market shares. In a scenario where the transition does not occur, the business can sustain its current operations and potentially continue to grow over time.

4. Physical effects

5. Market effects of the transition

UNO-X MOBILITY • ASR 2023 • 23

Materiality assessment In preparation for the upcoming sustainability report for this year, Uno-X Mobility has conducted a comprehensive review of the impact-based materiality assessment carried out in 2022, aligned with the GRI Standards 2021. In 2023, the company operates in the same business sector as it did in 2022, and a review of the materiality analysis from 2022 is deemed relevant for the current year. The materiality assessment involved a thorough examination of all operations and value chain, laying the groundwork for the company’s ESG (Environmental, Social, and Governance) pathway.

24 • UNO-X MOBILITY • ASR 2023

The analysis pinpointed crucial material topics for disclosure, ensuring the comprehensive inclusion of all pertinent and substantial impacts on the company. As part of the updated GRI 2021 disclosure, we integrated the Oil and Gas (O&G) Sector Standard, encompassing all relevant material topics from this sector standard in our disclosure of significant impacts on the economy, environment, and people, including human rights impacts. However, due to the nature of our operations, some topics are not applicable and are not reported on. The rationale for omission is elaborated in the GRI content index, accessible on Uno-X Mobility’s website.

To ascertain significant impacts, the materiality analysis process involved listing all company activities and evaluating actual and potential negative and positive impacts throughout our value chain. Impacts were categorised based on their scale, scope, and the likelihood of significance, adhering to a predetermined threshold for material topics.

Negative and positive impacts were assessed independently to prevent the deprioritisation of negative impacts. Further scoring points were allocated to negative impacts related to human rights, acknowledging that the severity of human rights violations always takes precedence over their likelihood.

Once ranked, the impacts were grouped into material topics, with the naming of these topics being company-specific to provide the most accurate representation of Uno-X Mobility’s most significant impacts. Applicable disclosures outlined in the O&G Sector Standard were integrated into the material topics, with the linkage indicated in the GRI content index.

Seven material topics were included above the threshold and are grouped under three strategic focus areas for Uno-X Mobility; environment, ethical value chain and, people and culture.

ENVIRONMENT ▪ GHG emissions ▪ Spills ▪ Water and effluents management

ETHICAL VALUE CHAIN ▪ Human rights ▪ Business ethics and anti-corruption

PEOPLE AND CULTURE ▪ Employer- and employment practises ▪ Environment, health, and safety

UNO-X MOBILITY • ASR 2023 • 25

Prioritised list of material topics In consideration of our business operations and the corresponding value chain, several material topics have been identified for reporting in the upcoming year. We have reviewed our list of material topics for 2023 and have not identified any additional material topics. Local communities, biodiversity, safe and compliant infrastructure and procedures, land and resource rights, indigenous people, closure and rehabilitation, are still placed below the reporting threshold.

Preparations for CSRD This year we have dedicated substantial efforts to prepare for compliance with the recently introduced Corporate

26 • UNO-X MOBILITY • ASR 2023

Sustainability Reporting Directive (CSRD) within the European Union. The CSRD aims to significantly elevate sustainability standards by introducing a comprehensive framework mandating companies to disclose crucial non-financial information.

Notably, the directive stipulates that large public firms are obligated to commence reporting in 2024, with large non-public firms following suit in 2025. While our reporting obligation falls within the latter timeframe, we have proactively initiated preparations well in advance, recognising the substantial efforts required for achieving compliance with this directive.

This proactive approach underscores our commitment to upholding best practices in sustainability reporting and aligning with evolving regulatory frameworks.

LIST OF PRIORITISED MATERIAL TOPICS WITH THRESHOLD ▪ ▪ ▪ ▪ ▪ ▪ ▪

GHG emissions Business ethics and anti-corruption Human rights Water and effluents management Spills Environment, health, and safety Employer- and employment practises

▪ ▪ ▪ ▪ ▪ ▪

Local communities Biodiversity Safe and compliant infrastructure and procedures Land and resource rights Indigenous people Closure and rehabilitation

Focus areas, material topics, and measures FOCUS AREA

MATERIAL TOPIC

GOALS

MEASURES

Environment

▪ ▪ ▪

▪

▪

GHG emissions Spills Water and effluents management

▪

Scope 1 and 2, climate neutral in 2030 scope 3, net zero in 2050 30 % of energy traded to be renewable by 2030, and 100 % by 2050

▪ ▪

Comply with regulatory requirements for blending renewable liquid fuels. No tolerance for palm oil or soy oil in biofuels Enhance ultrafast-charging infrastructure for both electric passenger and heavy-duty vehicles to bolster the road transportation sector’s access to renewable energy sources Expand ecolabelled car wash facilities Own and operate Uno-X Mobility Cycling inspiring more everyday cycling

▪

Ethical value chain

▪ ▪

Human rights Business ethics and anti-corruption

▪

Supplier assessment of all suppliers

▪ ▪ ▪ ▪ ▪

Stakeholder dialogue Supplier Code of Conduct Conduct risk assessment of suppliers Secure transparency on biofuel feedstocks Contribute to developing a common procurement policy for Reitan Retail

People and culture

▪

Employer- and employment practises Environment, health, and safety

▪

By 2025, the ambition is for there to be at least a 40 % gender balance for new hires in top- and middle management combined in Reitan Retail All companies must have conducted internal employee surveys or use tools that measure how employees experience our diversity work Zero harm to people and environment

▪ ▪ ▪ ▪ ▪ ▪

Maintain a strong value-based culture based on the REITAN-mindset Code of Conduct Maintain a strong environment, health and safety (EHS) framework Ensure gender balance in the final stages of internal and external recruitment processes Inspire a healthy and active lifestyle among our employees Maintain both a women’s and a men’s team in Uno-X Mobility Cycling, on equal terms

▪

▪

▪

UN SDGS

UNO-X MOBILITY • ASR 2023 • 27

28 • UNO-X MOBILITY • ASR 2023

UNO-X MOBILITY • ASR 2023 • 29

ENVIRONMENT

6.3 By 2030, improve water quality by reducing pollution, eliminating dumping, and minimising release of hazardous chemicals and materials, halving the proportion of untreated wastewater, and increasing recycling and safe reuse globally.

6.5 By 2030, implement integrated water resources management at all levels, including through transboundary cooperation as appropriate.

Relevant UN Sustainability Goals and Sub Goals We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

30 • UNO-X MOBILITY • ASR 2023

13.1 Strengthen resilience and adaptive capacity to climate related hazards and natural disasters in all countries.

13.2 Integrate climate change measures into national policies, strategies, and planning.

UNO-X MOBILITY • ASR 2023 • 31

Creating net zero mobility 100 % Scope 1 / Our emissions • Prioritising renewable

90 % 80 %

Scope 3

70 %

Scope 1 and 2

60 %

Scope 2 / Energy consumption • Renewable and efficiency

50 %

▪ Enhancing energy efficiency in all our operations ▪ Purchasing guarantees of origin for all electricity

40 % 30 % 20 %

▪ Changing company cars to electric vehicles ▪ Actively exploring solutions for renewable mobility in our cycling team

Renewable energy sold

Scope 3 / Value chain • Renewable energy

10 %

0%

2020-2022 Base year

2030

▪ Accelerating the shift towards renewable mobility by offering simple and effective solutions for EV charging

OUR COMMITMENT

Climate neutral in own operations by 2030 (Scope 1 and 2) 32 • UNO-X MOBILITY • ASR 2023

100 % free from palm oil and soy oil since 2007

Halving our emissions by 2030,

net zero by 2050 (Scope 3)

30 %

renewable energy by 2030

UNO-X MOBILITY • ASR 2023 • 33

How we work to reach our goals At Uno-X Mobility, we are dedicated to implementing measures that support environmentally sustainable resource management, which is inherently woven into our business model and sustainability strategy. Our mission revolves around developing and promoting solutions for sustainable mobility. We recognise emissions and other environmental considerations as significant factors impacting both our company and stakeholders. This acknowledgment stems from the environmental advantages and disadvantages associated with our products, as well as the imperative to manage the risks posed by emissions on the environment.

34 • UNO-X MOBILITY • ASR 2023

While our value chain (scope 3), particularly the consumption of our sold fuels, stands out as the primary source of our negative environmental impact, our own operations exhibit significantly lower emissions. Consequently, our efforts are concentrated on addressing emissions within our value chain. Our foremost agenda includes innovations and activities focused on enhancing processes by reducing emissions, preventing spills, and improving water and energy efficiency.

In line with our priorities for 2023, we have emphasised initiatives such as expanding the number of EV charging stations and ecolabelled car wash. In 2023 we also launched our first charging stations for heavy-duty trucks, stimulating faster deployment of zero-emission heavy-duty trucks in both Norway and Denmark.

Electric mobility for a more sustainable tomorrow To reduce emissions from the transport sector the EU and Norway have set ambitious targets for electrification of the transport sector, thus clearly signalling a gradually decline of the market for fuels. In an era defined by environmental consciousness and transformative technological shifts, our commitment to sustainability extends far beyond the aisles of our fuel retail business. As we navigate the evolving landscape of energy and transportation, we proudly introduce our foray into electric mobility, to position ourselves at the forefront of sustainable solutions.

This sustainability report serves as a testament to our dedication to a cleaner, more responsible future, focusing specifically on our role in advancing electric mobility through the operation of charging infrastructure for EVs and electric heavy-duty trucks.

Our charging infrastructure caters to the diverse needs of electric mobility, accommodating not only the burgeoning market of electric cars and vans, but also the vital segment of heavy-duty electric vehicles. Recognising that sustainability in transportation spans a spectrum, from urban commuters to industrial logistics, our infrastructure is designed to support a comprehensive electrified ecosystem.

This inclusive approach aligns with our values of accessibility, efficiency, and environmental responsibility.

UNO-X MOBILITY • ASR 2023 • 35

Uno-X ultrafast charging for heavy-duty EVs Our ambition is to be a leading player in ultrafast-charging solutions for heavy-duty EVs in Norway and Denmark.

36 • UNO-X MOBILITY • ASR 2023

In March 2023, we opened our first ultrafast charging location for heavy-duty EVs, also marking Denmark’s first publicly accessible ultrafast charging facility for heavy-duty EV’s. Situated adjacent to our existing truck fuelling facility in Nyborg, on the island of Fyn near the Storebælt Bridge, this 360 kW ultrafast charger enables

drivers to recharge quickly and efficiently.

The introduction of this charging point was initiated following input from our customer, DFDS, and the charging point will play a crucial role in supporting the industry and Uno-X’s ambitions to deploy a network of public charging points across Denmark.

We are listening and moving together with the Danish transport industry.

As our customers transition to new technologies, so do we. Both HVO (Hydrotreated Vegetable Oil) and Ad blue are excellent examples of this.

The electrification of heavy-duty vehicles is another example of how we adapt alongside our customers.

- Michael B. Hansen, Head of Commercial at Uno-X Mobility Danmark

UNO-X MOBILITY • ASR 2023 • 37

In Norway, we opened our first charging station for heavy-duty transport in November, located at REMA 1000’s distribution centre outside Oslo. With ambitious goals to reduce emissions from their own freight transport, REMA 1000 Norway became our first

customer. Initially, six charging points were installed at REMA 1000, with two 400 kW chargers designated for REMA Distribution’s use and an equivalent fastcharger outside the gate made publicly accessible for anyone seeking to charge conveniently and efficiently at Uno-X.

Uno-X aims to provide straightforward and efficient solutions for fast-charging heavyduty vehicles while addressing our customers’ need for streamlined fleet management.

- Thomas Erik Sande, Head of Commercial at Uno-X Mobility Norge

38 • UNO-X MOBILITY • ASR 2023

The market development for ultrafast charging of heavyduty transportation is significantly influenced by political frameworks, and our commitment is, of course, contingent on a continued clear direction from the authorities.

By the end of the year, Uno-X Mobility has operationalised five ultrafast chargers specifically designed for heavy-duty EV’s, with two located in Denmark and three in Norway. This translates to the capacity for ten heavyduty EVs to charge simultaneously at Uno-X facilities by year-end.

UNO-X MOBILITY • ASR 2023 • 39

Uno-X ultrafast charging for EVs Uno-X Mobility is actively pursuing ambitious expansion plans to increase the number of EV charging locations in Norway and Denmark. This initiative involves providing EV charging services at sites managed by Reitan Retail in both countries, often strategically located alongside REMA 1000 or 7-Eleven outlets. Our cutting-edge solutions prioritise the best possible customer

40 • UNO-X MOBILITY • ASR 2023

experience, featuring transparent and straightforward pricing information, a 300 kW output, and a convenient tap-anddrive payment system that has garnered swift adoption from our clientele.

As of year-end 2023, we successfully launched 38 locations with a total of 90 ultrafast chargers. At year-end, 180 EVs can charge simultaneously at our locations in Norway and Denmark. Our mediumto-long-term objective is to enable the simultaneous charging of 1 000 EVs.

UNO-X MOBILITY • ASR 2023 • 41

Nordic Swan ecolabelled car wash Driven by our aspirations, we note a significant increase in the number of Uno-X ecolabelled car wash in 2023, aligning seamlessly with our commitment to offer an environmentally friendly alternative to traditional car wash. Both the car wash installations and the detergents adhere to the rigorous criteria of the Nordic Swan ecolabel, ensuring a comprehensive and detailed commitment to sustainability. For instance, wastewater treatment sees an improvement of about

42 • UNO-X MOBILITY • ASR 2023

90 % in hazardous contaminant removal, and water consumption is reduced by approximately 80 %.

The customer experience is designed to be seamless and efficient. Upon registering a customer relationship in the mobile app, the customer can simply drive to the gate, where the registration number is automatically recognised, and the gate opens. The process involves three straightforward steps: driving in, washing the car with ecolabelled products, and, upon completion, the gate opens for the customer to drive off. This entire experience is executed without requiring any additional customer interaction in the app.

Our ecolabelled car wash facilities are strategically deployed at selected Uno-X locations in Norway and Denmark, as well as being co-located with REMA 1000 in both countries.

Throughout the year, we have opened 25 new ecolabelled car wash facilities, culminating in a total of 77 ecolabelled car wash facilities operational in Norway and Denmark by year-end.

The Swan Award is given to a business that has excelled in incorporating the Swan label into its communication and marketing efforts, contributing to expanding the availability of environmentally friendly choices for consumers or professional buyers.

In 2023 Uno-X Mobility Norge received The Swan Award for its rollout of the Nordic Swan ecolabelled car wash facilities in Norway.

Cathrine Pia Lund, CEO Nordic Swan Ecolabel and Ole Robert Reitan, CEO Reitan Retail UNO-X MOBILITY • ASR 2023 • 43

Cycling and sustainable mobility Uno-X Mobility takes considerable pride in the ownership and operation of both a men’s and women’s pro cycling team, competing at the highest international levels. Our strategic investment in these teams extends beyond mere competition, aiming to elevate awareness and contribute to the broader promotion of cycling within society. The impetus behind this substantial investment is to enhance the visibility and popularity of cycling, with our team riders serving as crucial ambassadors for sustainable mobility.

Recognising the increasing global attention on cycling’s multifaceted benefits, particularly amid climate challenges, we acknowledge its potential to significantly reduce CO2 emissions and advocate for more sustainable mobility and improved personal health. At Uno-X Mobility, this

44 • UNO-X MOBILITY • ASR 2023

realisation drives our ownership and operation of the cycling teams, with the primary objective of positioning cycling as a pivotal element of sustainable mobility.

In 2023, both our women’s and men’s teams participated in the prestigious Tour de France race, further reinforcing our commitment to showcasing cycling excellence on the global stage.

From January 1, the cycling team has changed its name to Uno-X Mobility, aligning itself with its owners. This adjustment allows us to better facilitate the team’s promotion of sustainable mobility. Both the men’s and women’s teams will participate in the Tour de France 2024, providing additional opportunities to convey the message that cycling plays a crucial role in fostering more sustainable mobility.

Investments in more sustainable mobility In the pursuit of a sustainable future, strategic investments play a pivotal role in reshaping the landscape of the mobility sector.

Keeping with this theme, we are channelling our resources into three key components: ultrafast chargers for EVs, ultrafast chargers for heavy duty EVs and environmentally conscious, ecolabelled car wash facilities.

In the rapidly evolving market for EVs, the demand for efficient and easy to use ultrafast charging solutions has become paramount.

The market dynamics and technological

advancements is driving the proliferation of ultrafast chargers forward, transforming the mobility sector, shifting away from traditional fossil energy sources. With our mission to promote and develop solutions for sustainable mobility, we seek to invest as much as possible into solutions for renewable energy, aligning our business with the growing demand for sustainable mobility.

Ecolabelled car wash emerge as a conscientious choice in the sustainable mobility landscape. Recognising the importance of sustainable car care, this initiative represents a conscious

choice within the sustainable mobility landscape, emphasising the positive environmental impact of eco-friendly practices. The rise of eco-labels is explored as a transformative force, promoting transparency and accountability in the car wash sector while aligning our endeavours with consumer preferences and fostering a responsible business image.

Our investment strategy, encompassing both ultrafast chargers and ecolabelled car wash, creates a synergistic approach towards fostering sustainability.

In 2022, we conducted a screening in our business sector to identify potentially sustainable economic activities eligible under the current EU Taxonomy. Based on the screening, Uno-X Mobility identified one activity conforming to the taxonomy within our business, with our new EV charging concept recognised as eligible under activity 4.9 for the transmission and distribution of electricity.

As of 2023, no additional eligible activities have been identified within our business.

For further details on the EU Taxonomy, see Reitan Retail’s Annual and Sustainability Report 2023.

UNO-X MOBILITY • ASR 2023 • 45

GHG emissions At Uno-X Mobility we are committed to be transparent with our carbon emissions and report emissions in our own operations and value chain based on the Green House Gas Protocol.

Data for carbon accounting are collected from our 803 unmanned fuel locations, 77 Nordic Swan ecolabelled car wash and 30 conventional car wash, 38 E-mobility locations for personnel cars, three E-mobility locations for heavyduty vehicles, three active tank park facilities for fuel storage in Norway and one in Denmark, as well as our own internal office operations.

46 • UNO-X MOBILITY • ASR 2023

The carbon accounting calculation is based on the following methodology. The emissions considered for scope 1, 2, and 3 are CO2, CH4, N20, SF6, HFC, PFC, and NF3, expressed in ton CO2 equivalents (tCO2e). The global warming potential (GWP) used to calculate CO2e is based on the Fourth Assessment Report (AR4) by the Intergovernmental Panel on Climate Change (IPCC) for a 100-year period.

Additionally, we have transitioned our calculation methodology from volumebased to energy content-based, shifting from CO2e per liter of liquid fuel to CO2e per MJ. This adjustment aims to streamline the comparison of energy sources and the computation of our renewable energy proportion, as well as aligning our approach with the EU methodology.

Value chain Upstream activities Raw materials ▪ ▪ ▪ ▪

Fuel Biofuel Water Electricity

Own operations

Downstream activities

Uno-X Mobility businesses

Customers

▪ ▪ ▪ ▪ ▪

Fuels Car wash EV charging Heavy-duty EV charging Fuel depots

▪ Private ▪ Business

▪ Lubricants

Refining

1 301 580 tCO2e

25 %

from upstream activites

Transport

1 183 tCO2e

0.02 %

from own operations

3 867 270 tCO2e

75 %

from downstream activites UNO-X MOBILITY • ASR 2023 • 47

For both scope 1 and 2, the emission consolidation method is through operational control. All calculations for scope 1, 2, and 3 are consistent with the GHG Protocol, using recognised emission factor sources.

All scope 1 and 2 data is calculated using consumption data, as well as most of the scope 3 category 7 business travel has been estimated based on national statistics and employee data. We have in 2023 expanded our scope 3 screening, now including category 2 capital goods and category 12 end-of-life treatment of sold products,

48 • UNO-X MOBILITY • ASR 2023

as well as expanded on other categories such as including lubricants in category 1 purchased goods and services. This year’s reporting has also seen the inclusion of scope 1 & 2 activities in our production facility at Ipart ApS, acquired in November 2022.

Uno-X Mobility tracks all operational and value chain emissions according to the GHG Protocol and has been using a carbon accounting software tool to record emissions since 2019.

Presented are the aggregated results from our fully owned subsidiaries from 2020 - 2023. In

accordance with Reitan Retail, Uno-X Mobility has chosen 2020 as the base year for carbon accounting in scope 1 and 2, and 2022 as base year for scope 3, and will use this for emissions reference and target settings in the future. Please note that we have recalculated emissions for all previous years using updated and more relevant emission factors related to fossil fuels. Previously, our calculations were based on emission factors for diesel and petrol provided by the Department for Environment, Food and Rural Affairs (DEFRA).

However, we have now transitioned to

utilising factors outlined in the Commission Delegated Regulation (EU) of 10.02.2023, supplementing Directive (EU) 2018/2001.

This recalculation resulted in a 2.5 % increase in our scope 3 emissions for the base year 2022, and a 5.6 % increase in our scope 1 emissions for the base year 2020. We are committed to maintaining transparency and precision in our reporting, and this adjustment ensures alignment with the most current and applicable regulatory standards.

Scope 1 & 2 emissions breakdown (location-based) UNIT

2023

2022

2021

2020

Transportation

tCO2e

554

480

383

287

Total scope 1

tCO2e

554

480

383

287

Electricity (location-based)

tCO2e

629

636

580

729

District heating

tCO2e

1

1

2

-

Total scope 2

tCO2e

630

637

582

729

Total (Scope 1&2)

tCO2e

1 183

1 117

965

1 016

Electricity (market based)

tCO2e

2 121

4 300

3 431

3 647

Electricity

MWh

14 095

10 798

8 894

8 430

Uno-X Mobility GHG emissions data is verified by DNV, as part of Reitan Retail GHG emissions data. For more information see Reitan Retail Annual and Sustainability Report published at www.reitanretail.no.

UNO-X MOBILITY • ASR 2023 • 49

Scope 1 includes all our direct company emissions. Specifically, emissions from cars owned by the company and those that have been leased, including Uno-X Mobility Cycling AS, owning and operating our professional cycling team. Our scope 1 emissions in 2022 and 2023 accounted for 480 tCO2e and 554 tCO2e, respectively. Thus, equivalent to a 15 % increase from 2022. The increase is mostly due to increased activity in our cycling teams.

Emissions in scope 1 are calculated on a consumption basis and multiplied

50 • UNO-X MOBILITY • ASR 2023

with globally recognised emission factors from EU. Scope 2 is presented using both a location-based and market-based method. The locationbased method has seen a decrease of 1 % in CO2 emissions, and a 51 % decrease using the market-based method. The reduced emissions in the market-based method are due to increased use of guarantees of origins on electricity purchased.

We are aiming for further increasing this and eventually only purchasing electricity from renewable sources.

Scope 3 emissions breakdown UNIT

2023

2022

2021

2020

Purchased goods and services

tCO2e

1 246 629

1 247 283

1 276 949

1 281 061

Capital goods

tCO2e

4 867

-

-

-

Fuel and energy related activities

tCO2e

275

118

277

-

Upstream transportation and distribution

tCO2e

6 367

5 801

-

-

Waste generated in operations

tCO2e

586

1 220

113

49

Business travel

tCO2e

1 233

999

685

281

Employee commuting

tCO2e

128

165

-

-

Use of sold products

tCO2e

3 865 324

3 999 748

3 927 097

3 993 921

End-of-life treatment of sold products

tCO2e

19

-

-

-

Total (scope 3)

tCO2e

5 125 426

5 255 333

5 205 121

5 275 311

ILUC

tCO2e

43 424

35 561

122 811

81 791

Total (scope 3) including ILUC

tCO2e

5 168 851

5 290 894

5 327 932

5 357 102

Uno-X Mobility GHG emissions data is verified by DNV, as part of Reitan Retail GHG emissions data. For more information see Reitan Retail annual and sustainability report published at www.reitanretail.no.

UNO-X MOBILITY • ASR 2023 • 51

Our scope 3 emissions includes indirect emissions related to goods and services in the value chain. Categories included in this year’s reporting is purchased goods and services, capital goods, fuel- and energy related activities not included in scope 1 or scope 2, upstream transportation and distribution, waste generated in own operations, business travel, employee commuting, downstream transportation and distribution, use of sold products as well as end-of-life treatment of sold products. Our scope 3 emissions for 2023 stand at 5 168 851 tCO2e, 2.3 % decrease from 2022. Scope 3 emissions have been calculated using globally recognised EU, DEFRA, IEA, and Eco invent factors.

Purchased goods and services Our purchased goods and services consist of Well-to-Tank (WTT) emissions associated with our liquid fuel products and on-site water consumption. Additions to this category in 2023 is of chemicals used in our car wash

52 • UNO-X MOBILITY • ASR 2023

and the cradle-to-gate emissions associated with the production of DARE bicycles. In calculating fossil fuel emissions for 2023, we have relied on factors provided by the EU, while the assessment of biofuel emission is grounded in the Proof of Sustainability certificates provided by our suppliers.

Capital goods In 2023, we have introduced reporting on emissions from production of capital goods.

The emissions are derived from both the materials used and the transportation of the materials. In our current reporting, emphasis has been placed on the assessment of prominent capital goods, including car wash, fuel stations, charging stations and a new bus for Uno-X Mobility Cycling. Looking ahead to the forthcoming reporting year, our objective is to broaden the scope by incorporating a more extensive range of capital goods.

Fuel and energy related activities not included in scope 1 or scope 2 The scope of fuels and energy-related activities include all upstream emissions from the production of fuels and energy acquired and utilised in the reporting year. Emissions during the use phase are accounted for within scope 1 or 2. However, within scope 1 emissions, the fuels pertain specifically to purchases made at our proprietary gas stations. Upstream emissions linked to products sold at our gas stations are included in the purchased goods and services category, consequently exempting them from this category. In the context of scope 2 energy, upstream emissions associated with the electricity procured and used by the company are included in this category. It is important to note that upstream electricity, represented under purchased goods and services, pertains to the electricity distributed at our EV-charging

stations. Given that the company acquires this electricity for distribution and sale rather than consumption, we deem it more appropriate to report it under purchased goods and services. This approach serves to establish a clear distinction between the electricity purchased for resale to consumers and the electricity actually consumed by our company.

Upstream transportation and distribution The transportation of our fuel products, from tank facilities to our fuel stations is managed

by Skanol and their sub-suppliers, both in Norway and Denmark. The annual reporting of the fuel consumption associated with this transportation is diligently recorded and included as emissions within this specific category. While the transportation of other products is presently considered within the emissions factors of other distinct categories, we are actively working to enhance data collection in this specific category for all our products. Our aim is to refine the accuracy

and completeness of our emissions reporting, demonstrating our commitment to continuous improvement and sustainability practices.

Waste generated in operations The emission from our waste consists mostly of waste generated at our tank facilities, wastewater and landfill. In Uno-X Mobility subsidiaries, waste produced at mobility locations amount to a minor quantity as all locations are unmanned. The waste is collected in bins, such as waste from cars and used paper for cleaning fuel spills.

The frequency of emptying these bins is typically only once a week or once every two weeks due to the small amount of waste.

As the quantity of waste is limited, it is not recorded in our carbon accounting.

Business travel All subsidiaries have seen a rise in business travel activities in 2023, much because of our men’s cycling team participation in Tour de France, bringing our entire company to France to celebrate this achievement.

We have also a significant increase in emissions from our cycling team as they had an increase in activities and competition following the participation in Tour de France.

Employee commuting Employee commuting data is currently derived from national statistics, utilising the number of employees in each country. In an effort to enhance the precision of our reporting, one of our companies conducted a survey in 2023, providing more accurate insights into employee commuting patterns. Looking

ahead to future reporting years, our objective is to proactively implement surveys across our organisation to systematically track and analyse how our employees commute to work.

Use of sold products The consumption of sold products stands as our most significant contributor to emissions across all categories. Our primary product line involves the sale of liquid fuels for road transportation, presenting a considerable emission output. The Tank-to-Wheel (TTW) emissions associated with these products are incorporated within this category.

Additionally, a new inclusion for the year 2023 involves the reporting of emissions stemming from our lubricating products.

We offer Texaco lubricating oils produced at the factory Scanlube AB (50 % owned) and food-grade Anderol lubricating oils.

End-of-life treatment of sold products In 2023, we have incorporated end-of-life treatment as a new reporting category. Our emissions reporting now encompasses not only the lubricants themselves but also the packaging associated with them. In addressing lubricant packaging, Scanlube has implemented the use of 30 percent recycled plastic in specific packages (20 litres) and plans to progressively enhance the inclusion of recycled plastic in a broader range throughout 2024. While the endof-life treatment details for our DARE bikes are not currently included, we are committed to ongoing efforts to enhance our reporting practices on an annual basis.

UNO-X MOBILITY • ASR 2023 • 53

Additional emissions calculations Nitrogen Oxide (NOx) and Surplus Oxide (SOx) have been calculated in addition to GHG emission gasses in our relevant scope 1 activities.

In scope 3 our most significant air emissions have been calculated for NOx and SOx, as well as for Non-Metane Volatile Organic Compounds (NMVOC) and Particular Matter (PM) which stems

54 • UNO-X MOBILITY • ASR 2023

from the use of our sold products.

Calculations of air emissions are done based on conversion factors from Statistisk Sentralbyrå (SSB) and Drivkraft Norge. The emissions are calculated on the assumption that all fuel sold from fuel stations is used by passenger cars and all fuel sold at truck stations is used for heavy-duty transport.

Significant air emissions in kg – scope 1 UNIT

DIESEL

PETROL

BIODIESEL

BIOETHANOL

TOTAL

NOx

kg

1701

79

84

3

1 872

SOx

kg

2

0

0

0

3

Significant air emissions – use of sold products UNIT

DIESEL

PETROL

BIODIESEL

BIOETHANOL

MGO

LIGHT FUEL OIL

TOTAL

NOx

kg

9 479 402

764 174

888 374

192 623

29 557

41 959

11 396 088

SOx

kg

14 128

2 718

606

685

13 407

15 810

47 353

NMVOC

kg

222 740

1 389 515

20 822

350 250

4 729

6 714

1 994 769

PM

kg

122 827

7 385

11 646

1 861

3 381

4 800

151 900

UNO-X MOBILITY • ASR 2023 • 55

Spills We operate unmanned fuel stations and tank park facilities in Norway and Denmark where we strictly adhere to governmental regulations and procedures for spill management and hazardous waste treatment. Uno-X Mobility Norge manages the complete sourcing and storage operations in Norway, which includes operating tank facilities along the Norwegian coast. In Denmark, Uno-X Mobility Danmark bears the responsibility for these procedures operated by Samtank (50 % owned), while the associated company Skanol (50 % owned) is responsible for the distribution of fuels in both countries. Uno-X Mobility’s overall ambition is to do no harm to people or environment.

Our focus is on spill prevention, but in the event of a spill, we have clear on-site procedures to manage it. We have conducted a risk analysis of our outlets and our tank park facilities to identify and mitigate potential spills. E.g., the risk analysis of our tank park

56 • UNO-X MOBILITY • ASR 2023

facilities includes several scenarios related to spills on land and sea of petrol, diesel, and biofuel which are stored at the tank parks, including spills scenarios such as smaller and larger leakage with dock offloading of fuel, leakage or breakage of pipes or tanks, and spills at truck loading sites. Multiple collection tanks have been installed in the ground at the sites to gather any liquid spills that may occur. At locations without such collection tanks, such as a sea docking station, on-site personnel are present to respond to spills by deploying bilges to contain spilled diesel fuel in the water. Trained personnel are always on-site to oversee the offloading and filling of fuel, and they can stop the process in case of an emergency, overfilling or leakage.

Uno-X Mobility’s subsidiaries occasionally handle hazardous waste at stations, and this is done in accordance with comprehensive laws and regulations regarding this area.

In addition, each subsidiary has a strong Environment, Health, and Safety (EHS) framework with procedures and policies, e.g., programs for tank cleaning, tank replacement and intervals for emptying oil separators at stations, and preparedness on how to act if there are spills/leakage. Notification plans at fuel station facilities is in place.

certificates provided by our suppliers.

Denmark and Norway’s national statistics measure emissions by taking into account the use of sold products. The combustion of biofuels generates anthropogenic methane (CH4) and nitrous oxide (N2O), but zero CO2 emissions. The emissions from CH4 and N2O are included in the CO2e emission from TTW.

Fuels

However, we also conduct a life cycle analysis that encompasses the entire lifecycle of our products, including their refining, distribution, and usage, both for biofuels and fossil fuels.

The ILUC (Indirect Land Use Change) emission factors we use are based on standardised factors outlined in the EU directive. We acknowledge that as the demand for biofuels increases more efforts need to be made to

As mentioned earlier in this report, we categorise the emissions from our products into two categories: “Well to Tank” (WTT), which refers to the emissions generated during the refining and distribution of our products, and “Tank to Wheel” (TTW), which reflects the emissions produced by our customers when using our products. The sum of these two categories is known as the “Well to Wheel” (WTW) calculation. Our emission factors for fossil fuels are sourced from EU, while the emission data for biofuels is based on the Proof of Sustainability

account for their climate impact. As part of the country’s commitment to meeting CO2 displacement requirements, Denmark has considered developing national ILUC factors, while the EU system is also under

evaluation. We support and encourage further research and regulations in this area to ensure that biofuels are sourced from the most sustainable feedstocks and raw materials, which can be facilitated by the ILUC methodology.

Volumes included in emissions accounting Uno-X Mobility operates as a supplier, distributor, and retailer of liquid fuels.

Within Uno-X Mobility, the supply business holds the pivotal role of procuring and sourcing liquid fuels for our own mobility locations and dealer-owned stations where we act as suppliers. Furthermore, Denmark supplies the bulk business covering private and business customers with heating oil, process- and transportation fuel. The sourcing process involves utilising both our own terminals and those operated by third parties. To optimise the efficiency of our terminal operations, we have established throughput agreements with

third-party terminals. These agreements serve as a mechanism allowing suppliers and distributors of liquid fuels to leverage the pre-existing infrastructure provided by other industry participants. In doing so, we foster a streamlined and effective network within the terminal business in Norway.

Furthermore, we ensure that the liquid fuels supplied adhere to national product regulations by incorporating biofuel blending. Distributors eligible to meet the biofuel mandate or displacement requirements are those registered in accordance with excise duty regulations.

Our compliance extends to the national requirements and excise duty requirements for the volume of liquid fuels sold through our own mobility locations, as well as other mobility locations we supply. Consequently, the emissions we report are linked to liquid fuels sold in accordance with national requirements

UNO-X MOBILITY • ASR 2023 • 57

and excise duty registration. This excludes any liquid fuels sold to external parties and throughput agreements where the counterparty assumes responsibility for their own excise duty registration.

In other words, all fuels sold for end consumption in road transportation is included in our GHG emissions accounting.

Biofuels Fuels currently meet society’s energy needs for road transport, but fossil fuels still make up a significant portion of it. The refining, distribution, and usage of fossil fuels have a high environmental footprint, and we at Uno-X Mobility are committed to minimising our negative impact in the value chain. Our goal at Uno-X Mobility is to achieve independence from fossil fuels by 2050 at the latest, and we recognise that blending biofuels can play a significant role in reducing emissions from the transport sector. However, we acknowledge

58 • UNO-X MOBILITY • ASR 2023

the complexity of the use of biofuels, including advanced biofuels and those based on feedstocks with the highest climate benefits. Therefore, we approach this area with humility and openness, conducting thorough assessments of the raw materials to be used. We have also implemented a no-tolerance policy regarding the use of palm and soy oil in biofuels, as we believe this is an obvious choice. In Norway and Denmark, our procurement exclusively involves certified biofuels. Nevertheless, we acknowledge concerns regarding potential fraud within the biofuels market, particularly in connection with Used Cooking Oil (UCO) sourced from Asia. In response to these concerns, we have proactively engaged with our suppliers. They have reassured us that they have not been involved in trading with certification schemes suspected of fraudulent activities.

Denmark and Norway have implemented mandates or CO2 displacement requirements that regulate the biofuels required by the fuel industry to blend into liquid fuels to achieve their national emission targets for road transportation. However, these regulations also impose an implicit limit on the amount of biofuel that companies can blend without sacrificing competitiveness in the market. This is because biofuels are more costly than fossil fuels. Up until 2021, both Denmark and Norway only required biofuels to be used in road traffic, excluding off-road applications like construction and agriculture. The bio mandate in Denmark was based on energy content, while in Norway it is based on volume. Until 2021 both countries count advanced biofuels as double toward fulfilling the mandate. However, Denmark distinguished between second generation biofuels and advanced biofuels, with the latter limited to waste- and residue-based feedstocks categorised as inedible. Therefore,

animal fats and used cooking oil was not considered advanced in Denmark, resulting in a relatively low mandate for advanced biofuels.

Denmark, as per the European Union’s Fuels Quality Directive, must reduce Well to Wheel emissions by 6 % in 2023, measured against 2010 levels, for both on-road and off-road fuels. The directive allows the use of credits from Upstream Emission Reductions (UERs).

Uno-X in Denmark fulfil the national reduction mandate of 3.4 % greenhouse gas savings compared to 2010. The biovolume blended corresponds to a minimum of 3.4 %, inclusive of both on-road and off-road fuels. The remainder of the requirement is met through the purchase of UER credits to achieve the 6 % Well to Wheel emission reduction target.

In Norway, the biofuel blend in 2023 was 15 % by volume (17 % when the double counting effect is included), with more than 95 % of the volume being advanced biofuels made from waste and residues. The Norwegian government aims to increase the share of

advanced biofuels in both petrol and diesel sales continuously, while ensuring that biofuel purchases are palm oil and soy oil free to minimise the negative global climate effect from deforestation. Looking ahead, Denmark aims to achieve a 5.2 % CO2 displacement requirement in 2025, including indirect land use change (ILUC factor). The new regulations aim to ensure that sustainable liquid fuels (renewable energy) will be increasingly used in the road and off-road transport that is not electrified. Meanwhile, the Norwegian government probably will continue to increase the mandate in road transport and secure a larger proportion of advanced biofuels.

The mandate will continue to be based on a volume blend requirement rather than a CO2 reduction requirement like in Denmark.

Project with stakeholders In 2023, the Norwegian environmental organisation ZERO invited us, along selected stakeholders to participate in a project on

renewable fuels for the green transition.

There is a wide range of renewable fuels suitable for use in sectors probably being the most demanding to electrify, such as aviation and maritime sectors: liquid biofuels, biogas, ammonia, hydrogen, methanol, ethanol, e-fuels, renewable fuels of nonbiological origin (RFNBO), and recycled carbon fuels (RCF). To realise new production and use, predictable political frameworks are essential. The project’s goal is to recommend the appropriate fuels for various purposes, establish climate requirements, and define the necessary policies to industrialise new renewable fuel production and utilisation. The planned work and outcomes of the project include a literature review and overview of renewable fuels, input factors, and value chains from production to distribution and use in various sectors and segments. Additionally, the project aims to provide an overview of regulations and frameworks from the EU, along with the status of implementation in Norway.

UNO-X MOBILITY • ASR 2023 • 59

Biofuel origin ORIGIN

NORWAY

DENMARK

Africa

-

-

14 %

1%

-

14 %

Europa

25 %

85 %

North America

60 %

-

South America

1%

-

NORWAY

DENMARK

40 %

-

-

8%

Corn (maize)

1%

10 %

Rapeseed

-

57 %

13 %

-

-

6%

Used cooking oil

45 %

1%

Wheat

1%

18 %

Asia

Regional biofuel requirements NORWAY

Australia 2024

2023

2022

2021

Overall mandate

19.0 %

17.0 %

24.5 %

24.5 %

Advanced biofuel

12.5 %

12.5 %

9.0 %

9.0 %

2024

2023

2022

2021

Overall mandate

-

-

-

7.6 %

Advanced biofuel

-

-

-

0.3 %

3.4 %

3.4 %

3.4 %

-

DENMARK

Biofuel feedstock FEEDSTOCK Animal Fat

CO2 displacement requirements

Biomass fraction of industrial waste Uno-X Mobility GHG emissions data is verified by DNV, as part of Reitan Retail GHG emissions data. For more information see Reitan Retail Annual and Sustainability Report published at www.reitanretail.no.

Starch slurry Sugar beet

60 • UNO-X MOBILITY • ASR 2023

Water and effluents management In addition to managing water and effluents regarding petroleum-based substances (covered under the material topic ‘Spills), this topic is highly relevant for Uno-X Mobility, due to our car wash products and services. Traditional car wash practices entail having to use potent chemicals to remove oil and dirt from cars and constitute highly likely, and potentially severe, negative impacts on the environment. These conventional car wash products can also have negative impacts on employees, other workers, and customers, due to their contents.

Being aware of these potential negative impacts, Uno-X Mobility has since 2021 offered ecolabelled car wash, through Nordic Swan Ecolabel. The Nordic Swan Ecolabel is the official environmental label of Norway and Denmark and enforces strict requirements for approval. As

per the requirements of Nordic Swan ecolabelled car wash, contaminated water from washing is 90 % more thoroughly rinsed and requires approximately 80 % less water consumption compared to a conventional car wash.

Our conventional car wash locations in Denmark are covered by national regulatory frameworks, ensuring the mitigation of negative impacts on the environment and people. All conventional car wash locations in Denmark are required to obtain clearance from local authorities to operate, and standards for discharge quality are controlled annually. Recording of water and effluents usage and discharge per wash is done daily, to ensure compliance.

As of 2023, Uno-X Mobility owns and operates 77 ecolabelled car wash facilities at selected locations in Norway and Denmark, and 30 conventional car wash.

Tables show water consumption and water discharge by category WATER CONSUMPTION & DISCHARGE*

MEGA LITRES

NUMBER OF CAR WASH LOCATIONS IN DENMARK

NUMBER OF CAR WASH LOCATIONS IN NORWAY

Ecolabelled car wash

48 145

25

52

Conventional car wash

20 432

30

-

Other

939

*Water consumption equal the water discharge as all the water we use are being discharged into the drain.

As the table below shows, many water-related impacts, such as those due to extensive consumption, are less severe in Uno-X Mobility’s operating countries, compared to the world average:

Basin risk score

NORWAY

DENMARK

WORLD AVERAGE

1.54

2.18

2.74

Source: WWF (World Wide Fund) Water Risk Index (https://riskfilter.org/water/explore/countryprofiles)

UNO-X MOBILITY • ASR 2023 • 61

ETHICAL VALUE CHAIN Relevant UN Sustainability Goals and Sub Goals We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

62 • UNO-X MOBILITY • ASR 2023

8.8 Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment.

10.2 By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

17.14 Enhance policy coherence for sustainable development.

17.17 Encourage and promote effective public, publicprivate and civil society partnerships, building on the experience and resourcing strategies of partnerships.

UNO-X MOBILITY • ASR 2023 • 63

Responsible procurement OUR COMMITMENT

Continuously increase transparency and traceability through our value chain Working with our suppliers to ensure decent working conditions and avoid violations of basic human rights

100 % supplier risk assessed*

3 000

~ Supplier Code of Conduct

Code of Conduct

Enhancing our business relations

Guiding our day-today operations

64 • UNO-X MOBILITY • ASR 2023

suppliers and partners (Ipart ApS excluded)

▪ ▪ ▪ ▪

2 804 low risk 60 medium risk 10 high risk 0 very high risk

*Ipart ApS excluded

UNO-X MOBILITY • ASR 2023 • 65

How we work to reach our goals It is crucial for us to minimise our social and environmental footprint by collaborating with our suppliers and actively engaging with them throughout the entire value chain. Key indicators such as health, safety, human rights, integrity, and security risks are inherent in our supply chain activities.

Recognising the centrality of human rights issues, particularly in the oil and gas industry, we maintain close communication with our main suppliers. Consequently, we primarily source goods from major oil and gas

66 • UNO-X MOBILITY • ASR 2023

suppliers based in Scandinavia, renowned for their stringent human rights policies and meticulous monitoring of their supply chains.

For biofuels, which are susceptible to risks associated with land use change, Uno-X Mobility adopts a firm stance against incorporating soy or palm oil in our purchased products. Additionally, we obtain sustainability certificates from certified institutes for all biofuel purchases. These purchases undergo third-party verification in accordance with official requirements in Norway and Denmark, mitigating potential risks associated with biofuel production.

Furthermore, to address both physical and social risks in our operations and supply chains, we have implemented an internal Code of Conduct and an external Supplier Code of Conduct. These measures involve screening and monitoring our supply chain for potential risks, aligning with The Norwegian Transparency Act. This approach ensures a responsible and ethical supply chain management strategy.

In 2023, Uno-X Mobility participated in a comprehensive project to formulate a unified procurement policy across all of Reitan Retails business areas. The paramount objective

of this initiative is to embed sustainable business practices seamlessly throughout our corporate structure. This policy stands as a cornerstone for fostering integrity and accountability in our procurement procedures.

Having reached its finalisation in January 2024, the policy is slated for implementation across all of our operations throughout the ensuing year, signifying a pivotal step towards our commitment to responsible and transparent procurement practices.

Business ethics and anti-corruption Code of Conduct Uno-X Mobility’s Code of Conduct serves as the foundation for the day-to-day operations of Uno-X Mobility and its subsidiaries.

Rooted in the REITAN-mindset, this Code establishes the ethical standards guiding our commitments and expectations for business conduct at Uno-X Mobility, with subsidiaryspecific ethical standards providing additional detailed guidance. Effective from the second quarter of 2022, the Code underwent a comprehensive review by the board and represents a refined iteration of previous versions. It applies universally to the board, employees, and hired personnel, mandating the company to operate sustainably, socially, and ethically while adhering to relevant laws.

The responsibility for training employees on the implementation of the REITANmindset and the Code of Conduct rests with the Board and each subsidiary’s General Manager. Furthermore, we extend our expectations of compliance with the Code of Conduct to our suppliers.

Uno-X Mobility’s Code of Conduct explicitly prohibits all forms of bribery and corruption within the organisation. Recognising the detrimental effects of corruption on legitimate business practices, competition, and human rights, we are committed to abiding by all applicable anti-corruption laws. Our dedication to upholding professionalism and ethical standards entails avoiding actions that may cast doubt on our integrity. While the risk of corruption is assessed to be low based on our supplier portfolio, we maintain continuous monitoring to remain vigilant and proactive in identifying and addressing potential risks.

Uno-X Mobility adopts a zero-tolerance

approach to bribery and corruption, affirming our commitment to conducting business with transparency and unwavering integrity.

Supplier Code of Conduct Uno-X Mobility procures products from multiple suppliers spanning various countries. Given the potential societal impacts of our subsidiaries’ purchases, we prioritise minimising any adverse social and environmental effects through collaborative efforts with our suppliers. Our primary value chains encompass fossil fuels, biofuels, and transportation, and we believe that engaging with suppliers in a cooperative manner can foster responsible trading practices in our associated markets. Rooted in a strong set of values and principles, including high business ethics, our organisational culture evaluates all suppliers to ensure alignment with the REITAN-mindset, as articulated in our conduct philosophy. The Supplier Code of

Conduct (SCoC) offers detailed and structured guidelines, employing a risk-based approach in line with the Norwegian Transparency Act. Uno-X Mobility aims to enhance relationships with suppliers and collectively improve. The safety and well-being of our own and thirdparty employees, as well as stakeholders, are of paramount importance, and we assume responsibility for managing risks that could pose harm to people and the environment. Our SCoC outlines expectations for anti-corruption, human rights, and environmental practices, which all suppliers are required to adhere to. The SCoC is readily available on Uno-X Mobility’s website.

While legislation does not mandate open traceability in the fossil fuel supply chain, we acknowledge the associated risks in the crude oil industry and collaborate with suppliers to ensure they implement measures for the protection of people and the environment.

Additionally, we consider biofuels important

UNO-X MOBILITY • ASR 2023 • 67

in reducing reliance on fossil fuels and lowering CO2e emissions in the transportation sector. Our biofuel purchases, sourced from both large and small suppliers, adhere to government requirements for traceability and are verified by third-party sustainability certificates. To prevent supporting feedstocks linked to deforestation or conflicting with the rights of indigenous peoples, such as palm oil and soy oil, we conscientiously avoid their purchase in our biofuels.

Tax Uno-X Mobility operates in Norway and Denmark and adheres to the respective taxation regimes of these two countries.

The tax rate remains consistent at 22 % in both nations. Our approach to taxation

68 • UNO-X MOBILITY • ASR 2023

is straightforward – we comply with the laws and regulations governing our operations in these countries. Uno-X Mobility does not implement any specific tax strategy beyond this commitment, nor does it engage in activities related to advocating public policy on tax matters.

Our internal financial department ensures adherence to regulatory requirements.

To address concerns regarding the company’s integrity in relation to taxation, Uno-X Mobility has established a whistle-blower channel in both countries, administered by a third party and accessible through the company’s website. This channel serves as a platform for all stakeholders to report various conditions.

For more detailed information on assurance processes related to taxation provided to the government, please refer to our financial report.

Transparency Uno-X Mobility places a high value on transparency across all its operations, maintaining a commitment to the highest standards of compliance with competition laws. In Norway, we adhere to the Competition Act, which aligns with the EU and EEA Competition regulations that govern Denmark.

The primary objective of the Competition Act is to foster competition, contributing to the efficient utilisation of societal resources and benefiting consumers.

The Act explicitly prohibits any collaboration that restricts competition and the abuse of a dominant market position. Companies bear the sole responsibility for adhering to the rules outlined in the Competition Act, a prohibition law. The Authority does not have the authority to grant exceptions or dispensations from the Act, making it a legal obligation for Uno-X Mobility to comply with this legislation.

We approach our responsibility to comply with the Competition Act with utmost seriousness, working diligently to ensure that our operations align with the principles of fair competition, benefiting our customers and society.

Table showing reported corruption Incidents REPORTED CORRUPTION INCIDENTS

2023 AMOUNT

Total number of confirmed incidents of corruption

0

Total number of confirmed incidents in which employees were dismissed or disciplined for corruption

0

Total number of confirmed incidents when contracts with business partners were terminated or not renewed due to violations related to corruption

0

Public legal cases regarding corruption brought against the company or its employees during the reporting period

0

UNO-X MOBILITY • ASR 2023 • 69

Human rights The Norwegian Transparency Act, which came into effect in 2022, mandates that companies publicly report in compliance with the Act

by June 30, every year. This Act ensures the public’s right to access documents held by public bodies, with exemptions only as allowed by law or regulation. Its primary objectives are to promote transparency, disseminate information, and encourage democratic participation by providing public insight into the activities of the administration. The Act also outlines procedures for handling access requests, sets deadlines for responses, and establishes mechanisms for appeals.

70 • UNO-X MOBILITY • ASR 2023

As a pivotal component of Norwegian democracy and the rule of law, the Transparency Act empowers citisens to scrutinise public bodies and hold them accountable for their actions. Uno-X Mobility has formulated guidelines for all subsidiaries, specifically for supplier screenings and risk assessments related to human rights and workers’ rights.

This initiative is part of our commitment to implementing our Supplier Code of Conduct (SCoC) and ensuring compliance with the Norwegian Transparency Act.

The Norwegian Transparency Act imposes a duty to provide information to the public if inquiries are made with referral to the Act. The table shows inquiries received and replied to in 2023.

The screening of suppliers is based on a set criterion in which all suppliers are categorised from A - D as following and thereafter a risk evaluation regarding breach of human rights or workers’ rights in the value chain is conducted per supplier in each category:

▪ Category A Suppliers/partners who are directly included in the company’s delivery (e.g. resold products) ▪ Category B Suppliers/partners who are essential for the company’s ability to deliver (e.g. IT systems) ▪ Category C Suppliers/partners who do not pose a major commercial risk, but a significant liability risk ▪ Category D Suppliers/partners who pose neither commercial nor liability risk

Table showing supplier risk evaluation input SUPPLIER RISK EVALUATION INPUT

31.12.2023

Total number of suppliers in Uno-X Mobility during the year*

2 874

Number of suppliers who were risk evaluated during the year

2 874

Number of suppliers with very high risk

0

Number of suppliers with high risk

10

Number of suppliers with medium risk

60

Table showing requests for information in line with the Norwegian Transparency Act DUTY TO PROVIDE INFORMATION

Number of suppliers with low risk

2023

2 804

Share of suppliers assessed during the year

100 %

Share of assessed suppliers with very high risk

0%

Share of assessed suppliers with high risk

0%

Share of assessed suppliers with medium risk

2%

Share of assessed suppliers with low risk

98 %

Number of times the company has been asked to provide information

0

Number of replies within three weeks

0

Number of replies within two months

0

* Ipart ApS suppliers has not been assessed in time for this year’s annual report. However, they will be included in our report on the Transparency act due in June.

UNO-X MOBILITY • ASR 2023 • 71

Due diligence Uno-X Mobility adheres to the guidelines provided by the Organisation for Economic Cooperation and Development (OECD) when addressing identified negative impacts. In instances where actual or potential negative impacts are

72 • UNO-X MOBILITY • ASR 2023

recognised, prompt measures are implemented to cease, prevent, or mitigate them. The General Manager of each subsidiary is entrusted with the responsibility of upholding Uno-X Mobility’s standards and principles. The effectiveness of Uno-X’s due diligence process is evaluated annually by the board.

UNO-X MOBILITY • ASR 2023 • 73

PEOPLE AND CULTURE Relevant UN Sustainability Goals and Sub Goals We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

8.3 Promote development-oriented policies that support productive. activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalisation and growth of micro-, small- and medium sized enterprises, including through access to financial services.

8.5 By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.

10.2 By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies, and practices and promoting appropriate legislation, policies, and action in this regard.

10.4 Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality.

74 • UNO-X MOBILITY • ASR 2023

UNO-X MOBILITY • ASR 2023 • 75

Preserving a safe society and great people

311 employees

97.8 %

Age structure ■ Current employees ■ New employees

healthy employees 2.2 % sick leave

+ 4 % | 2022: 299 OUR COMMITMENT

2022: 210

76 • UNO-X MOBILITY • ASR 2023

Conduct employee surveys regularly

< 30 years

30 - 49 years

26 %

harm to people and environment

39 %

males

Zero

37 %

212

+1%

40 %

2022: 89

37 %

females

21 %

99 + 11 %

40 % gender balance in new hires of top and middle management by 2025

> 50 years

UNO-X MOBILITY • ASR 2023 • 77

How we work to reach our goals Our founder, Odd Reitan, formulated the REITAN philosophy based on years of experience operating REMA 1000. Rooted in trust-based leadership and a strong belief in the individual, this philosophy has proven instrumental in long-term business success and fostering a commitment to environmental, social, and human rights issues. Since the acquisition by REITAN in 2006, Uno-X Mobility has consistently

78 • UNO-X MOBILITY • ASR 2023

cultivated its corporate culture guided by the REITAN-mindset, encompassing eight core values and eleven success criteria.

Within Reitan Retail, each business area is entrusted with the responsibility of operating and evolving in alignment with this philosophy, with each manager tasked with fostering cultural development.

Subsidiaries provide tailored cultural building initiatives, and new employees are required to familiarise themselves with the philosophy.

Furthermore, leaders in REITAN companies are encouraged to partake in courses offered by the REITAN value academy to further refine their skills in value-based leadership.

Uno-X Mobility is steadfast in its commitment to promoting positive attitudes towards people, cultivating healthy relationships, and ensuring equal opportunities for all.

The organisation’s recruitment, training, and organisational development processes prioritise assessing competence, personality,

and potential, irrespective of gender, age, religion, sexual orientation, or ethnic origin.

While our corporate values underscore equality, Uno-X Mobility acknowledges the importance of taking concrete steps to align practices with these values. For instance, the organisation strives for gender balance in the final phase of recruitment and considers diversity when promoting employees to new responsibilities. For more detailed information, please see the Appendix section.

Environment, health, and safety (EHS) At our company, we regard environment, health and safety standards as an integral component of our business operations, prioritising the safety of our customers, employees, and communities. Consequently, EHS has been identified as a material topic.

Our unwavering commitment is to ensure a secure workplace for our employees, underscored by a zero-accident policy. Our collective objective is to avoid harm to people and the environment. Given the inherent risks in our industry, we diligently adhere to comprehensive laws and regulations, maintaining a robust EHS practice.

Moreover, we have proactively implemented ISO certifications for some of our subsidiaries, exceeding mandatory requirements. For instance, Uno-X Mobility Norge AS (former Uno-X Forsyning AS) annually upholds ISO

9001 certification for the operation of tank facilities and all involved employees, while Uno-X Smøreolje in Norway and Denmark has implemented both ISO 9001 and 14001.

The EHS framework covers all employees, and our workforce is trained in emergency and preparedness. All subsidiaries have pledged to prioritise safety, employing effective risk management strategies and systematic measures to prevent physical and mental injuries and illnesses. A safe and healthy workplace is imperative for ensuring sustainable business operations.

Each subsidiary has established practices, routines, and occupational health and safety management systems tailored to the company’s specific needs, focusing on EHS. These systems provide employees and third parties with EHS handbooks, easily accessible deviation reporting mechanisms, and essential safety-related information, such as explosion

hazards. Adherence to EHS reporting routines is mandatory, requiring employees to report safety incidents and unsafe conditions.

Employees play a pivotal role in implementing, continuously improving, and evaluating occupational health and safety management systems. Regular reports on selected EHS key performance indicators are provided to the Board of Directors of Uno-X Mobility and its subsidiaries.

Risk identification and evaluation Risk identification and evaluation are conducted across all subsidiaries, involving relevant personnel coordinated by the EHS responsible. Each subsidiary appoints an EHS responsible who oversees EHS tasks in their dedicated area, providing a summary of EHS-related indicators for each board meeting. This proactive process is crucial for anticipating potential hazards and mitigating potential dangers.

While most Uno-X Mobility’s employees hold office-based administrative roles, the company’s tank facilities and fuel station operations pose risks to the health and safety of third parties. These operations are included in the risk assessment process. Collaborating closely with third parties, Uno-X Mobility’s subsidiaries establish standard risk assessments and routine descriptions, enabling employees to remove themselves from potentially hazardous situations promptly.

Effective communication is integral, with EHS-related input from employees seamlessly integrated into daily communication and routines. Particularly for tank park facilities handling large fuel volumes, strict procedures are in place – from boat offloading at sea docks to storage and further loading onto tankers. These processes are meticulously

UNO-X MOBILITY • ASR 2023 • 79

monitored to prevent potential risks and facilitate a prompt shutdown of operations in the event of a breach.

In 2023, Uno-X Mobility Norge has optimised its documentation within their environmental, health and safety (EHS) system, introducing enhanced protocols for managing, operating, and maintaining locations, along with an improved control list. Notably, following the merger of three companies in 2023, Uno-X Mobility Norge has initiated a comprehensive project to integrate their EHS systems. This strategic initiative aims to leverage the strengths of each system, merge the most effective practices to establish a unified and superior set of EHS procedures.

80 • UNO-X MOBILITY • ASR 2023

In 2023, there were a total of 10 reported injuries resulting in harm to individuals within our organisation. Seven of these incidents occurred at our production facilities Ipart ApS. Fortunately, none of the injuries were fatal and ranged from finger cuts to shoulder twists. The remaining three injuries took place elsewhere in Uno-X Mobility. Two subcontractors suffered harm at our outlet locations in Norway – one during the lifting of walls for car wash, and the other during tank control activities. The third injury involved exposure to diesel and petrol gases during a sampling test at one of our tank facilities in Norway. In response to these incidents, we have revised our protocols and implemented additional security measures to prevent future injuries.

Furthermore, our environmental stewardship encountered three incidents warranting attention. Specifically, these

comprised a diesel spill amounting to 300 litres at a customer’s supply location in Denmark, a coolant spill of 150 litres at a customer’s tank facility, and a 30 liter spill of lubricants within an indoor setting in Norway. In line with our dedication to environmental responsibility, we diligently report all instances of harm to the environment.

Each incident undergoes thorough examination to glean insights that inform the implementation of additional security measures. This proactive approach underscores our commitment to not only rectifying the immediate consequences of such incidents but also preventing their recurrence through continuous improvement and vigilance.

Injuries and incident reporting REPORTED INCIDENTS AND INJURIES

2023

2022

2021

2020

Injuries – harm to people *,**

3

3

1

0

Injuries – harm to people Ipart ApS

7

-

-

-

Incidents – harm to environment

3

4

3

0

*Data missing on cyclists **Ipart excluded

UNO-X MOBILITY • ASR 2023 • 81

Employer and employment practises Creating a health-promoting work environment At Uno-X Mobility, we foster a culture grounded in values and aim to positively contribute to the health of our employees.

Our focus is on establishing an inclusive and supportive work environment, characterised by meaningful tasks, regular feedback, and assistance from colleagues and managers.

To safeguard employee health and wellbeing, all subsidiaries offer voluntary medical examinations and consistently gather feedback on the working environment.

Additionally, Uno-X Mobility extends health and accident insurance with comprehensive coverage to all employees. The main workrelated health risks identified pertain to neck and back ailments. While these are not considered high-consequence injuries,

82 • UNO-X MOBILITY • ASR 2023

we have taken proactive measures to mitigate the associated risks. Healthpromoting initiatives include the provision of ergonomic chairs and electric adjustable desks. Employees are also provided with individual supplies such as glasses, and free flu shots are offered. To further promote physical and mental health, we cover gym expenses for employees, recognising the significance of regular physical activity.

Uno-X Mobility organises various social and physical activities to ensure a holistic and healthy work environment. This includes participating in weekly spinning and biking events, arranging biking tours on road racing bikes and mountain bikes, and encouraging employees to take part in the 86-kilometerlong mountain bike race, Birkebeinerrittet, in Norway each year. Inspiring an active and healthy lifestyle is a key motive behind our commitment to engage and promote sports.

Furthermore, in compliance with Danish authorities, our companies in Denmark conduct a survey every three years on health, well-being, safety, and security in the workplace. We actively encourage employees to communicate their satisfaction levels regarding the occupational health and management systems they are covered by pinpoint areas for improvement and provide feedback on their overall mental and physical health.

parties must adhere to established protocols, which include the correct utilisation of safety tools and personal protective equipment like safety vests, gas masks, glasses, and safety shoes. EHS practices and routine information are readily accessible through digital solutions. All employee and thirdparty training sessions are conducted during working hours and are provided free of charge for participants. Feedback on the training is actively sought through dialogue or surveys.

Training

Throughout 2023, we maintained a robust emphasis on cybersecurity within our organisation. In addition to our annual cybersecurity training for all employees, we introduced regular assessments throughout the year specifically within our Norwegian companies. These assessments involved simulated security threats, including phishing and spam, to enhance our preparedness and resilience. Moreover, a noteworthy initiative was the simulation of a cybersecurity crisis,

To ensure that all relevant parties possess the requisite competence, Uno-X Mobility’s subsidiaries offer pertinent courses and training programs on health and safety, catering to both employees and relevant hired third parties. For instance, market managers at Uno-X in Norway (third party) are mandated to undergo an annual EHS course, culminating in an exam with a perfect score.

After any EHS training, employees and third

stress-testing our contingency plan to ensure its effectiveness. In Denmark, an innovative approach was adopted, where additional training sessions were conducted using an escape room setup.

This unique training format was designed to focus on upskilling employees in recognising and mitigating phishing and tailgating attacks, reinforcing our commitment to staying ahead of evolving cybersecurity challenges.

For workers at tank park facilities, Uno-X Mobility Norge conducts regular crisis preparedness training to ensure preparedness for various risk scenarios.

Labour - management relations As Uno-X Mobility operates in Norway and Denmark, we are obligated to adhere to public legislation concerning

salary, parental leave, and notice period agreements. In Norway, employees have the right to negotiate their salary annually as stipulated by the Norwegian Collective Bargaining Agreement. Our Danish companies, except for Ipart ApS, has not entered into collective bargaining agreements. Ipart ApS has a collective agreement for all hourly waged employees in their production facilities.

To ensure that we maintain our status as an attractive employer in both Denmark and Norway, we regularly benchmark employees’ compensation packages, including salary, retirement benefits, insurance, health care, etc., against the market to ensure competitiveness.

Our evaluations consistently demonstrate that our compensation packages remain competitive.

COLLECTIVE BARGAINING AGREEMENTS BY COMPANY Uno-X Mobility AS

PERCENTAGE 0%

Uno-X Mobility Norge AS

100 %

Uno-X Smøreolje AS

100 %

Uno-X E-Mobility Norge AS

0%

Uno-X Mobility Cycling AS

N/A

YX Betjent AS

100 %

Uno-X Mobility Danmark A/S

0%

Uno-X Smøreolie A/S

0%

Uno-X E-Mobility Danmark A/S

0%

Ipart ApS

58 %

UNO-X MOBILITY • ASR 2023 • 83

Internal integrity and trust

company has received high scores across all indicators, surpassing the Norwegian National Integrity Index (National Trust Index) on all parameters. For our Danish companies, we conduct a mandatory workplace assessment known as APV (arbejdspladsvurdering), which is required to be carried out at least once every three years. The latest assessment occurred in 2022, and although it unveiled commendable scores in various dimensions, a slight decline from the 2021 assessment indicates the necessity for focused improvements in specific areas.

Uno-X Mobility is deeply dedicated to fostering internal integrity, and as part of this commitment, we have collaborated with Reitan Retail to conduct anonymous third-party questionnaires to assess our employees’ opinions in our Norwegian companies. This methodology enables us to gather unbiased and transparent feedback on key aspects such as our company’s credibility, respect, fairness, pride, and sense of community. Every year we collect this feedback through Great Place to Work. The results from the questionnaires indicate that our REPORTED SICK LEAVE

2023

2022

2021

2020

Employer health (100 % - sick leave %)

97.8 %

98.2 %

97.8 %

96.9 %

Sick leave incl. long term

2.2 %

1.8 %

2.2 %

3.1 %

84 • UNO-X MOBILITY • ASR 2023

Promoting a healthy and active lifestyle Promoting active lifestyles is a core priority for us. We strongly believe that this not only contributes to building a more sustainable society but also addresses the interlinked challenges of physical and mental health on a global scale. Therefore, inspiring an active lifestyle is essential, not only for our employees but for society.

Partner- and sponsorships inspiration from role models Recognising the influential role that role models play in inspiring choices that contribute to both physical and mental health, Uno-X Mobility has strategically established partnerships and sponsorships with distinguished athletes who exemplify our values. A notable example is our subsidiary Uno-X Mobility Norge,

a key partner with cross-country skier Johannes Høsflot Klæbo. The focus of this partnership is on promoting development and performance while upholding strong values and fostering a mindset conducive to good mental and physical health.

Similarly, the subsidiary Uno-X Mobility Norge also entered a long-term partnership with biathlete Johannes Thingnes Bø and renewed the collaboration with Norway’s Biathlon Association (NSSF) in 2023. As part of this collaboration, a joint initiative with MOT is included, where biathletes actively promote “The Biathlete with Courage Award.” This award aims to recognise inspiring role models within their communities who contribute to the positive team culture.

MOT partnership At Uno-X Mobility, our objective is to inspire younger generations to make informed decisions and prioritise their physical and mental well-being. To achieve this, we have forged a long-term partnership with the non-profit organisation, MOT (“Courage”). Their program focuses on promoting resilience, independence, and awareness among individuals, fostering healthy relationships, creating safe environments, and cultivating sustainable communities.

UNO-X MOBILITY • ASR 2023 • 85

86 • UNO-X MOBILITY • ASR 2023

People, culture and cycling The professional cycling team, Uno-X Mobility, holds a significant role in our advocacy for gender equality in sports cycling, addressing issues such as maternity leave, wages, race calendar, and television coverage. At Uno-X Mobility, promoting overall equality is a core value that we prioritise. To manifest this commitment, we have established the Uno-X Mobility team, comprising both a women’s and a men’s team on equal footing. The women’s team obtained a UCI Women’s WorldTeam license upfront of the 2022 season, positioning them at the top level in the professional peloton.

Another historic moment was marked when our team participated in the Tour de France Femmes for the first time in 2022.

In November 2023, the council of the EU approved conclusions on women and equality in the field of sport. The conclusions emphasise the importance of access to a safe, inclusive, and equal playing field, free from any form of inequality, discrimination, or violence.

Despite the progress made so far, women still participate much less in sport and physical activity than men, largely due to sociocultural barriers. However, 8 in 10 Europeans believe that female role models in sports would inspire more women and girls to follow their example. https://www.consilium.europa.eu/en/press/ press-releases/2023/11/24/women-insports-council-approves-conclusions-tocombat-gender-based-discrimination/

At Uno-X Mobility, we believe we can make a small contribution to EU’s ambitions through the way we structure our professional cycling team, with equal emphasis on both men’s and women’s teams.

In our pursuit of equality, we have partnered with MOT to infuse their philosophy into all our cycling initiatives. This collaboration aims to foster a robust culture grounded in strong values, creating an environment where riders on the Uno-X Mobility team can grow and develop not only as athletes but also as individuals within a secure framework. Our collaboration with MOT plays a crucial role in cultivating riders who serve as strong and inspiring role models, thereby promoting greater participation in cycling.

At our company, we remain committed to giving back to the communities where our journey began, starting with the sponsorship of local cycling clubs. Recognising the

pivotal role these clubs play in providing opportunities for young people to be part of a team, develop skills, and enjoy collective activities, our support aligns with their mission to inspire mastery, foster unity, and provide enjoyment for as many individuals as possible. Moving forward, we plan to continue supporting selected regional cycling clubs in Norway and establish new partnerships.

Our partnerships with the Norwegian Cycling Union (NCF) and the Danish Cycling Union (DCU) are integral to our commitment to cycling. Both organisations play significant societal roles in making cycling an accessible activity for everyone. Our partnership with DCU focuses on creating opportunities for young female riders, described as a gamechanger for young Danish female cyclists.

Additionally, in Denmark, we have forged a long-term partnership with Team Rytger, a women’s team (U17, junior, and elite).

UNO-X MOBILITY • ASR 2023 • 87

Governance Governance structure The CEO of Uno-X Mobility AS serves as the highest governance body, making decisions on economic, environmental, and social matters in daily operations, reporting directly to the Board of Directors. Each subsidiary of Uno-X Mobility is led by a General Manager, responsible for creating, planning, implementing, and integrating the strategic direction. Uno-X Mobility operates under Reitan Retail, a family-owned business, with the board members appointed by

88 • UNO-X MOBILITY • ASR 2023

the Reitan family. Ole Robert Reitan, the CEO of Reitan Retail, also serves as the Chair of the Board of Uno-X Mobility AS.

impacts on the economy, environment, and people, presenting outcomes to the Board of Directors for ongoing assessment.

The Sustainability Officer at Uno-X Mobility coordinates daily management of the organisation’s impacts, reporting directly to the CEO. Collaborating with the CEO and administration, the Sustainability Officer plays a key role in developing purpose, mission statements, strategies, policies, and sustainable development goals. They conduct analyses to identify and manage

The Board of Directors holds ultimate responsibility for decisions on Uno-X Mobility’s impacts and associated strategies. Reitan Retail conducts quarterly board meetings in each business area, with additional meetings scheduled as needed, addressing impacts on the economy, environment, and people.

Regarding sustainability reporting, the Board reviews and approves reported information,

including Material Topics and Uno-X Mobility’s greenhouse gas accounting. The Annual and Sustainability Report undergoes board presentation and review before publication.

Communication of critical concerns is outlined in our employee Code of Conduct. Employees reporting violations or unethical conduct can do so to their manager, their manager’s manager, or the company’s whistleblowing channel. Whistleblower notifications are anonymous, and critical concerns are included in board meeting agendas.

UNO-X MOBILITY • ASR 2023 • 89

Director’s report 90 • UNO-X MOBILITY • ASR 2023

INTRODUCTION Uno-X Mobility is one of four business areas in Reitan Retail beside REMA 1000 Norway, REMA 1000 Denmark and Reitan Convenience - owned by REITAN. The company operates under the Uno-X brand in Norway and Denmark, providing fuel, EV charging, and car wash services to the market. Additionally, the company owns and operates a professional cycling team comprising both men’s and women’s teams.

COMPANY OVERVIEW A unified brand strategy, centered around Uno-X, was executed this year. All owned businesses will hence operate under the Uno-X brand. An emphasis that has been considered important during the ongoing transition of the mobility business in the years ahead. This entails maintaining our critical societal role in liquid fuels for as long as there is a societal need for these

products, while concurrently shifting the business to offer a progressively larger portion of renewable energy.

Today, Uno-X Mobility consists of 9 operating companies in Norway and Denmark.

Norway: Uno-X Mobility Norge AS, Uno-X E-Mobility Norge AS, Uno-X Smøreolje AS, Uno-X Mobility Cycling AS and YX Betjent AS. Denmark: Uno-X Mobility Danmark A/S, Uno-X E-Mobility Danmark A/S, Uno-X Smøreolie A/S, Ipart ApS. At the end of December, Scandinavian Fuel Infrastructure Denmark A/S became part of the group.

In addition, Uno-X Mobility AS has a 50 % interest in the Danish company Skanol A/S and a 50 % interest in the Swedish company Scanlube AB. Uno-X Mobility Danmark A/S also holds a 50 % interest in Samtank A/S, a Danish company operating depots for storage of liquid fuel products.

Uno-X Mobility AS and its Norwegian operations are headquartered at Ensjø/Oslo, while the Danish operations are headquartered in Søborg/Copenhagen. Ipart’s production takes place in Hammel, in Jutland, Denmark.

MARKET OVERVIEW Both Norway and Denmark boast highly developed retail fuel markets characterised by a diverse range of offerings and strong competition among providers. In Norway, the market is heavily influenced by government policies promoting EVs and renewable energy, leading to a rapid growth in EV charging infrastructure alongside traditional fuel stations. Denmark similarly emphasises sustainability, with a growing focus on renewable energy sources and innovative fuel alternatives. In 2023, there has been a notable increase in the deployment rate of charging stations, including in Denmark, accompanied by rising sales of EVs.

Both countries feature a mix of traditional fuel retailers and newer players, reflecting a shifting landscape toward more sustainable mobility solutions.

The heavy-duty electric vehicle charging market in Norway and Denmark is nascent yet growing, driven by government incentives, environmental regulations, and the transition to cleaner transportation solutions. Although both countries currently have limited charging infrastructure for heavy-duty transport, initiatives promoting electrification in the commercial transport sector are gaining momentum. This emerging market presents significant opportunities for companies involved in providing charging solutions for heavy-duty EVs. Strategic Direction The company harbours substantial aspirations for its mobility business in the future. This involves maintaining the critical societal

UNO-X MOBILITY • ASR 2023 • 91

FINANCIAL PERFORMANCE role of distributing liquid fuels as long as customers require them to meet their transportation needs. Additionally, the business is transitioning to offer increasingly more renewable energy. The company is well underway in expanding infrastructure for ultrafast charging of EVs and aims to be a market leader in charging for electric heavyduty transport both in Norway and Denmark.

Ambitious goals are also set for the professional cycling team owned and operated by Uno-X Mobility. As a crucial tool for promoting more sustainable mobility, the team’s name was changed to Uno-X Mobility Cycling from 1 January 2024 to closely align with the mobility business and continue to serve as ambassadors for cycling as a central component of more sustainable mobility.

92 • UNO-X MOBILITY • ASR 2023

REVIEW OF THE ANNUAL ACCOUNTS The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union. The separate financial statements of the parent company have been prepared in accordance with provisions of simplified IFRS, provided in the regulations to the Norwegian Accounting Act, section 3-9, subsection 5.

Results Uno-X Mobility’s revenue was NOK 20,780 million in 2023, a decrease from NOK 21,756 million in 2022. The product volume sold was 1,749 (1,000 m3), compared to 1,785 (1,000 m3) in 2022. Revenue decreased in 2023, primarily related to prices for oil products being somewhat lower in 2023 than in 2022,

in addition to a decrease in volume sold. The average Brent Spot price was USD 82 per barrel in 2023, compared to USD 99 per barrel in 2022. The oil price started at around 80 USD per barrel and fluctuated throughout the year between 72 and 94 USD per barrel.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) amounted to NOK 916 million (NOK 1,191 million), while operating profits were NOK 285 million (NOK 723 million). Profit before income tax was NOK 293 million (NOK 734 million). Profit for the year amounted to NOK 207 million (NOK 560 million). The results in 2023 are down from 2022, which was at a high level seen in historical context. The result in 2023 is impacted by solid development for liquid fuel operations, but negative inventory effect compared to significantly positive inventory effect last year, due to declining prices for refined oil products during 2023.

Balance Sheet and Liquidity Total assets as of 31 December 2023 were NOK 9,858 million (NOK 8,163 million), while liquid assets as of 31 December 2023 were NOK 140 million (NOK 132 million). Net interest-bearing debt ex. lease liabilities was NOK 825 million (NOK 841 million), and investments in non-current assets were NOK 1,211 million (NOK 778 million).

Equity at the end of the year was NOK 3,633 million (NOK 3,171 million), which gives an equity ratio of 37 % (39 %).

Cash Flow from Operations Cash flow from operations amounted to NOK 1 241 million (NOK 270 million).

EBITDA was NOK 916 million (NOK 1,191 million). The difference between cash flow from operations and EBITDA is mainly due to changes in working capital. Changes in

working capital resulted in a cash flow of NOK 336 million (NOK -920 million).

The group has a solid financial position.

In the opinion of the board of directors, the financial statements provide a true and fair view of the company’s operations and financial status. In according with Section 3-3a of the Norwegian Accounting Act, the Board confirms that the prerequisites for the going-concern assumption exist and that financial statements have been prepared on a going-concern basis.

Financial Risk Uno-X Mobility has its core business in trading of oil products and is consequently exposed to risk relating to oil price changes. Liquid reserves and available credit facilities are of considerable importance to the group’s liquidity situation. The limits of the credit facilities available to the group vary according to its

outstanding receivables and inventories.

Consequently, its access to debt financing varies largely with the fluctuations in its need for working capital. Fossil fuel prices were relatively stable throughout 2023 compared to the spike in 2022, despite the continued war in Ukraine and the turmoil in the oil markets as a consequence of the EU ban on Russian imports. The most significant impact was in trade flows and the increase in shipping prices. Biofuel prices were sustained during the year but started to show first signs of weakening due to significant imports from the USA. The group’s revenue consists of sales to private, commercial, and industrial customers, and to dealers that own and operate stations under the YX brand.

The group has established routines for credit assessment and continuous followup of individual customers. In addition, subsidiaries have reduced its risk for

UNO-X MOBILITY • ASR 2023 • 93

588 OUR OPERATIONS IN NORWAY AND DENMARK At year end, the network consisted of the following number of locations

Ecolabelled car wash • 52 Heavy-duty EV charging • 1 EV charging personnel cars • 27

363 30 • Traditional car wash 25 • Ecolabelled car wash 2 • Heavy-duty EV charging 11 • EV charging personnel cars Liquid fuels • 508

295 • Liquid fuels

NORWAY

94 • UNO-X MOBILITY • ASR 2023

DENMARK

Commercial losses on accounts receivable using credit insurance. Historically, defaults and losses on accounts receivable have been low, the group experienced a loss of NOK 14 million in 2023 (NOK 9 million) on its accounts receivable. In the Danish subsidiaries the procurement of oil products is mainly settled in USD while the procurement of oil products in Norway is mainly settled in NOK. Uno-X Mobility seeks to limit exposure related to ownership interests in foreign operations by adjusting the composition of the debt portfolio to reflect the importance of the individual currency and country in relation to the group’s total activities.

Note 4 – Financial risk management provides a more detailed description of the group’s financial risk and sensitivity to changes in oil prices, interest levels and currency rates.

Retail Due to the new brand strategy emphasising the Uno-X brand, all locations where the YX brand has been co-located with 7-Eleven along roadsides in Norway will undergo rebranding to Uno-X. The rebranding initiative commenced in 2023, with 24 locations successfully completed. The remaining 55 stations are scheduled for rebranding in 2024.

Following approval by the Danish Competition Authority for the takeover of operations at 57 locations, subsequent to the expiration of the agreement with Shell/DCC, Uno-X Mobility is currently in the process of establishing Uno-X alongside 7-Eleven at the majority of these roadside locations in Denmark, mirroring operations in Norway.

In Denmark, all Bonus branded locations have been rebranded as Uno-X.

The nationwide network of Uno-X branded locations in both Norway and Denmark will maintain their operation as selfservice stations, offering customers an efficient and convenient experience.

Uno-X strives to provide competitively priced, high-quality fuel, EV charging, and car wash services wherever it operates.

Uno-X Mobility EV charging infrastructure was further developed in 2023 in both countries, with significant ambitions for expansion in the years ahead. Close to 90 percent of the company’s investment funds will be allocated to EV charging expansion in the coming years.

In Norway the network of Nordic Swan ecolabelled car wash concept was expanded during the year, making it easier for customers to choose a more environmentally friendly car wash option.

In the business-to-business market, Uno-X Mobility caters to a diverse range of large and small customers. In Norway, commercial customers are classified into two categories: corporate customers and truck customers. Truck customers consist of transport companies involved in heavyduty transport, while corporate customers encompass all types of companies utilising vehicles in their daily operations.

Similarly, in Denmark, commercial customers are categorised into the same segments, with an additional segment for the agriculture industry.

During the year, Uno-X Mobility launched a strategy to establish itself as a leading player in charging for heavy-duty transport and has opend the first charging points in both Norway and Denmark. The company has ambitious plans for the future.

UNO-X MOBILITY • ASR 2023 • 95

Supply The Supply departments in both countries are tasked with sourcing transport fuels, aiming to ensure a dependable supply of these fuels at competitive prices. This objective is attained through strategic partnerships that enable the safe and responsible delivery of high-quality fuels at the most competitive rates nationwide.

These partnerships are instrumental in effectively managing product supply.

In Norway, the supply department additionally manages terminals along the coast and facilitates access to other terminals through third-party commercial agreements.

In Denmark, storage operations are managed

by Samtank A/S, an affiliated company.

The Supply department in Norway also has responsibility for procurement agreements for electricity to be sold at EV charging locations in Norway and Denmark.

96 • UNO-X MOBILITY • ASR 2023

Distribution The partnership with the distribution company Skanol A/S, an affiliated entity within the group, is essential in both Norway and Denmark. Leveraging its proficient route planning capabilities and tanker fleet for transportation, Skanol ensures that Uno-X Mobility companies can deliver the appropriate products to customers, promptly and efficiently, in the right locations.

Heating oil In Denmark, Uno-X Mobility Danmark maintains operations in the heating oil sector, serving both commercial and residential customers.

While this market is declining, we remain committed to meeting our customers’ requirements for as long as there is a demand for this product in the market.

YX Betjent AS

Uno-X Mobility Cycling AS

Following the new brand strategy focusing on the Uno-X brand, YX Betjent was established to maintain the relationship with the dealer owned and dealer operated (DODO) full-

Uno-X Mobility owns and operates Uno-X Mobility Cycling consisting of a women’s and a men’s team, naturally on equal terms. The operations are run both as

service stations. YX Betjent is a supplier and partner for the DODOs. The cooperation is organised through an agreement with GIR NORGE AS (YX Dealers’ Forum).

a marketing strategy and to promote cycling as an important measure for reducing emissions from road transport.

During the year Uno-X Mobility has facilitated a dialogue with its dealers, and the dealers of another network of DODOs in Norway named Best. By year end the parties agreed to merge the two concepts organising DODOs, establishing a new company with a majority ownership held by the two group of dealers. Uno-X Mobility will after the completion of the transaction, hold a minority ownership in the new company and be its long-term supplier of fuels.

The cyclists compete at the highest levels in international cycling and in 2023 both the men’s and women’s teams will participated in the iconic Tour de France, as they will in 2024. This is one of the world’s largest sporting events, a great opportunity both for branding and enthusiasm for cycling.

Ipart ApS (former Uno-X Konceptdesign) Ipart is mainly active in module-based building concepts and is an entrepreneurial company, based on a role as a supplier to

the Uno-X Mobility companies in Norway and Denmark. Ipart is an important supplier of module-based solutions for car washers.

Scanlube AB, synthetic speciality lubricants and environmentally adapted lubricants in cooperation with chosen suppliers.

Lubricants

CORPORATE GOVERNANCE AND COMPLIANCE

The activity in the two subsidiaries in each country spesialising in lubricants, include sales, marketing, technical support, distribution, and storage of lubricating oil products throughout the counties. In addition, the company in Denmark handle sales and delivery to Greenland, Iceland, the Faroe Islands, Finland, Estonia, Latvia, and Lithuania.

Local partnerships allow the companies to meet customer expectations for service, product, and logistics. The subsidiaries aim to provide the best service for its customers representing a wide range of industries from marine, contractor, agriculture to a small workshop. The companies offer the market high quality Texaco lubricants produced at the associated company

The CEO of Uno-X Mobility AS serves as the highest governance body, making decisions on economic, environmental, and social matters in daily operations, reporting directly to the Board of Directors. Each subsidiary of Uno-X Mobility is led by a General Manager, responsible for creating, planning, implementing, and integrating the strategic direction. Uno-X Mobility operates under Reitan Retail, a family-owned business, with board members appointed by the Reitan family.

Communication of critical concerns is outlined in the company’s Code of Conduct.

Employees reporting possible violations or unethical conduct can do so to their manager, their manager’s manager, or the company’s whistleblowing channel operated

by a third party. A whistle blower channel has also been published on the company’s website for external stakeholders to utilise.

SUSTAINABILITY Uno-X Mobility identifies as a strong value-based company and is committed to develop and promote solutions for sustainable mobility. Since 2019 Uno-X Mobility has worked to align its sustainability reporting with international standards.

Uno-X Mobility Annual and Sustainability Report 2023 has been prepared in accordance with the Global Reporting Initiative (GRI) Standards 2021, and the corresponding GRI 11 sector standard for Oil and Gas. This includes a materiality assessment involving a thorough examination of operations and value chain, laying the groundwork for the company’s ESG pathway. Targeted UN Sustainable Development goals are included the reporting.

In 2023, our parent company, Reitan Retail, conducted a TCFD analysis, which also encompassed Uno-X Mobility. The Task Force on Climate-related Financial Disclosures (TCFD) analysis is a framework employed in sustainability reporting to evaluate and disclose the financial implications of climate-related risks and opportunities for a business. It centers on four key areas: Governance, Strategy, Risk Management, and Metrics & Targets.

Greenhouse gas emissions is calculated aligned with the GHG Protocol to manage climate impact both from own operations and value chain.

The company is highly qualified in its product operations and has a strong focus on compliance with high safety and environmental standards. A Suppliers Code of Conduct (SCoC) is included in the operations of all subsidiaries. Due diligence assessments related to the risk of violations of human

UNO-X MOBILITY • ASR 2023 • 97

We operate our business based on the REITANmindset Our values guide us in the way we work: 1. We stick to our business model 2. We keep high moral standards 3. We are committed to be debt-free 4. We encourage a winning culture 5. We are positive and proactive 6. We talk with each other, not about each other 7. The customer is our ultimate boss 8. We work for fun and profit

98 • UNO-X MOBILITY • ASR 2023

rights and employee rights have been carried out in all subsidiaries in accordance with the Norwegian Transparency act (Åpenhetsloven). For further information, see the responsibility section of this Annual and Sustainability Report.

PEOPLE AND CULTURE REITAN aims to be recognised as the most value-driven company, and the REITAN-mindset is based on eight values and eleven key success factors. Valuebased leadership has been crucial, building a strong corporate culture in all business areas of Uno-X Mobility.

Value-based culture Based on the REITAN-mindset Uno-X Mobility organise its operations in a way that makes the distance between responsibility, authority, and operative implementation as short as possible.

Uno-X leaders practice value-based leadership defined as “developing great people who take action through trust”. An

Uno-X leader is clear about expectations and combines it with trust. Then, by being like an inspirational performance coach, Uno-X leaders enable people to make good decisions based on a strong overall understanding of the business.

Uno-X Mobility seeks talented and dedicated people, and the organisational structure supports development and growth for the individual employee, based on the REITAN-mindset. As part of the continuous work to maintain a strong value-based culture, Uno-X Mobility completes tailormade development initiatives for companies, groups, and individuals. Uno-X leaders also participate in programmes offered at REITAN’s value academy for leaders.

Uno-X Mobility emphasises a positive attitude towards people, healthy relations, and equal opportunities for all. Recruiting, training, or organisational development is based on an assessment

of competence, personality, and potential, regardless of gender, age, religion, sexual orientation, or ethnic origin.

Although the corporate values represent equality, Uno-X Mobility still need to be focused on providing the right measurements and efforts to ensure the business walks the talk. When recruiting Uno-X for example aim for gender balance in the last phase of the recruitment process. The same applies when considering promotion of employees to new responsibilities.

Employees At the end of 2023, Uno-X Mobility had 311 employees (hereby 44 employed by Ipart and 49 employed by Uno-X Mobility Cycling, and 9 temporary employed or nonguaranteed hours employed). There is 68 % male employees and 32 % female employees of the total 311 employees.

105 employees in Norway, 157 in Denmark

and 49 on our Cycling Teams. The overall sick leave including long-term sick leave was 2.2 %. Lost time injuries have not been registered in 2023. Uno-X Mobility top management group consist of six men and one woman. Liability insurance has been taken out for the board members and the general manager for their possible personal liability to the company and third parties.

All Uno-X Mobility companies have performed well during 2023, and the board would like to extend its thanks to all employees for a positive and proactive approach and good performance during the year.

OUTLOOK

Oslo, 12.04.2024

OLE ROBERT REITAN

MONICA ØDEGAARD

Chairman of the Board and CEO Reitan Retail

Board member

KRISTIN S. GENTON

VEGAR KULSET

Board member

CEO Uno-X Mobility

Uno-X Mobility is well positioned for the transition to more sustainable mobility in the years ahead. The company expects another year of stable value creation for its stakeholders in 2024.

UNO-X MOBILITY • ASR 2023 • 99

Consolidated Comprehensive income 2023

2022

Revenue incl. excise duties

30,072

30,917

Excise duties

-9,292

-9,161

Amounts in NOK million

Consolidated Financial Statements

Note

Revenue

6

20,780

21,756

Other income

7

42

21

Net other gains (losses)

8

-15

-5

Share of profit (loss) of associates

16

25

7

-18,058

-19,223

Cost of goods sold

Uno-X Mobility

Employee benefit expense

9

-424

-301

Other operating expenses

10, 15

-1,434

-1,064

916

1,191

Operating profit before amort., depr. and imp. (EBITDA) Amortisation and impairment intangible assets

13

-73

-96

Depreciation and impairment property, plant and equipment

14

-310

-213

Depreciation and impairment of right-of-use assets

15

-248

-159

285

723

Operating profit Net interest income (expenses)

11

-49

-24

Interest expenses lease liabilities

11, 27

-48

-22

Other financial income (expenses)

11

105

57

Net financial items

8

11

Profit before taxes

293

734

Income tax expenses

12

Profit for the year

-86

-174

207

560

-

1

-

1

Other comprehensive income: Remeasurement of pension liabilities

9

Items that will not be reclassified to income statement

30 100 • UNO-X MOBILITY • ASR 2023

Cash flow hedges

23

-15

-18

Currency translation differences

23

70

65

Items that may be reclassified subsequently to income statement

55

47

Other comprehensive income

55

48

Total comprehensive income for the year

262

608

31

Balance Sheet at 31 December - Assets Amounts in NOK million

Note

Balance Sheet at 31 December - Equity and liabilities 2023

2022

Non-current assets

Amounts in NOK million

Note

2023

2022

Equity

Deferred income tax assets

12

148

105

Share capital

22

102

101

Intangible assets

13

414

224

Share premium reserve

22

938

739

28

28

Other reserves

23

317

262

Retained earnings

2,276

2,069

Total equity

3,633

3,171

69

Investment property Property, plant and equipment

14

2,968

2,298

Right-of-use assets

15

1,680

909

Investments in associated companies and joint ventures

16

257

195

Financial investments

18

28

23

Trade and other receivables

19

101

20

5,624

3,802

Total non-current assets

Current assets

Non-current liabilities Deferred income tax liabilities

12

15

Pension liabilities

9

60

63

Non-current lease liabilities

27

1,268

710

Provisions for other liabilities

24

Total non-current liabilities Inventories

20

1,427

1,526

Trade and other receivables

19

2,658

2,676

9

27

Derivative financial instruments Cash Total current assets

Total assets

21

140

132

4,234

4,361

9,858

8,163

537

282

1,880

1,124

Current liabilities Borrowings

25, 26

1,044

989

Current lease liabilities

27

341

183

Current income tax liabilities

12

115

67

Provisions for other liabilities

24

90

51

Trade and other payables

30

2,755

2,578

Total current liabilities

4,345

3,868

Total liabilities

6,225

4,992

Total equity and liabilities

9,858

8,163

Oslo, 12th April 2024

Oslo, 12.04.2024

Ole Robert Reitan

Monica Ødegaard

Chairman of the Board

Board member

OLE ROBERT REITAN

MONICA ØDEGAARD

Chairman of the Board and

Board member

Kristin S. Genton CEO Reitan Retail Board member

32

Vegar N. Kulset CEO

KRISTIN S. GENTON

VEGAR KULSET

Board member

CEO Uno-X Mobility

33 UNO-X MOBILITY • ASR 2023 • 101

Equity

Statement of Cash Flow

Equity at 1 January 2022

Share capital and premium 440

Other reserves 215

Retained earnings 1,508

Total equity 2,163

Profit for the year 2022

-

-

560

560

Amounts in NOK million

Remeasurement of pension liabilities

-

-

1

1

Items that will not be reclassified to income statement

-

-

1

1

Cash flow hedges

-

-18

-

-18

Currency translation differences

-

65

-

65

Items that may be reclassified subsequently to income statement

-

47

-

47

Other comprehensive income

-

47

1

48

Total comprehensive income

-

47

561

608

Capital contribution

400

-

-

400

Equity at 31 December 2022

840

262

2,069

3,171

-

-

207

207

Profit for the year 2023

2023

2022

Profit before income tax

293

734

Impairment and amortisation, intangible fixed assets

73

96

Net gains (losses) on leases

-1

-3

310

213

Amounts in NOK million

Note

Cash generated from operating activities

Depreciation and amortisation of property, plant and equipment Loss (profit) on disposals of property, plant and equipment

8

14

9

Depreciation and impairment of right-of-use assets

15 11

248

159

Finance costs - net

-8

-11

-25

-7

1

-

Inventories

99

-500

Trade and other receivables

-63

-645

Trade and other payables

300

225

1,241

270

1,241

270

Share of profit from associates Foreign exchange losses(gains) on operating activities

8

Change in working capital

Cash generated from operating activities Cash generated from operating activities Interest paid

11

Income tax paid Cash flow hedges

-

-15

-

-15

Currency translation differences

-

70

-

70

Items that may be reclassified subsequently to income statement

-

55

-

55

Other comprehensive income

-

55

-

55

Total comprehensive income Capital contribution Equity at 31 December 2023

-

55

207

262

200

-

-

200

1,040

317

2,276

3,633

Net cash generated from operating activities

-49

-24

-11

-145

1,181

101

-556

Cash flows from investment activities Purchase of property, plant and equipment

14

-938

Proceeds from sale of property, plant and equipment

14

32

17

Purchase (net) of intangible assets

13

-272

-66

Purchase of associates and joint ventures

16

-38

-19

Dividend payment received from associates

16

9

3

-1,207

-621

Net cash flow from investment activities Cash flows from financing activities Net foreign exchange gains (losses), financing activities

103

53

Payments on lease debt

11

-273

-171

Capital increase

200

400

Dividends paid to owners of parent

-51

-

Net cash used in financing activities

-21

282

Net (decrease)/increase in cash

-47

-238

Cash at 1 January

21

-834

-596

Cash at 31 December

21

-881

-834

The group's financing solution is classified as an overdraft facility, this scheme is included in cash in this statement.

As of 31 December 2023 Uno-X Mobility has unused credit facilities of NOK 379 (NOK 434 million as of 31 December 2022).

34 102 • UNO-X MOBILITY • ASR 2023

35

Notes to the Financial Statements Note 1 - General information ����������������������������������������������������������������������������������������������������������������������������������103 Note 2 - Accounting policies �����������������������������������������������������������������������������������������������������������������������������������103 Note 3 - Financial risk management ���������������������������������������������������������������������������������������������������������������������104 Note 4 - Critical accounting estimates and jugdments �����������������������������������������������������������������������������������104 Note 5 - Segment reporting - Geographical ��������������������������������������������������������������������������������������������������������105 Note 6 - Revenue �������������������������������������������������������������������������������������������������������������������������������������������������������105 Note 7 - Other income ����������������������������������������������������������������������������������������������������������������������������������������������106 Note 8 - Net other gains(losses) ���������������������������������������������������������������������������������������������������������������������������106 Note 9 - Salaries and personnel costs ������������������������������������������������������������������������������������������������������������������106 Note 10 - Other operating expenses ��������������������������������������������������������������������������������������������������������������������106 Note 11 - Net financial items ����������������������������������������������������������������������������������������������������������������������������������107 Note 12 - Income tax ������������������������������������������������������������������������������������������������������������������������������������������������107 Note 13 - Intangible assets �������������������������������������������������������������������������������������������������������������������������������������108 Note 14 - Property plant and equipment �������������������������������������������������������������������������������������������������������������109 Note 15 – Right-of-use assets �������������������������������������������������������������������������������������������������������������������������������109 Note 16 - Investments in associated companies ����������������������������������������������������������������������������������������������110 Note 17 - Investments in subsidiaries �����������������������������������������������������������������������������������������������������������������110 Note 18 - Financial instruments by category �����������������������������������������������������������������������������������������������������110 Note 19 - Trade and other receivables ������������������������������������������������������������������������������������������������������������������111 Note 20 - Inventories ������������������������������������������������������������������������������������������������������������������������������������������������112 Note 21 - Cash ������������������������������������������������������������������������������������������������������������������������������������������������������������112 Note 22 - Share capital, premium and shareholders �����������������������������������������������������������������������������������������112 Note 23 - Other reserves. �����������������������������������������������������������������������������������������������������������������������������������������112 Note 24 - Provisions for other liabilities ���������������������������������������������������������������������������������������������������������������113 Note 25 - Borrowings ������������������������������������������������������������������������������������������������������������������������������������������������113 Note 26 - Loan agreements ������������������������������������������������������������������������������������������������������������������������������������114 Note 27 - Lease liabilities ����������������������������������������������������������������������������������������������������������������������������������������114 Note 28 - Guarantees �����������������������������������������������������������������������������������������������������������������������������������������������115 Note 29 - Net interest bearing liabilities ��������������������������������������������������������������������������������������������������������������115 Note 30 - Trade and other payables �����������������������������������������������������������������������������������������������������������������������115 Note 31 - Related parties ����������������������������������������������������������������������������������������������������������������������������������������115 Note 32 - Transactions ���������������������������������������������������������������������������������������������������������������������������������������������116

Note 1 – General information Uno-X Mobility is a group consisting of the trade companies Uno-X Mobility (Norway and Denmark), Uno-X Smøreolje (Norway and Denmark), Uno-X eMobility (Norway and Denmark) and YX Betjent AS (Norway).

The parent company, Uno-X Mobility AS is registered and domiciled in Norway, and its head office is located in Oslo. Uno-X Mobility AS is 100 percent owned by Reitan Retail AS. Odd Reitan Private Holding AS is the group’s ultimate parent company. Reitan Retail AS’ head office is located in

Oslo. Uno-X Mobility AS is included in the consolidated financial statements of Reitan Retail AS. The consolidated financial statements of Uno-X Mobility AS were approved by the company’s Board of Directors on 12. April 2024.

Note 2 – Accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out in the respective notes, more general principles are discussed below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation The consolidated financial statements of Uno-X Mobility AS have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements are prepared under the historical cost convention, as modified by the revaluation of land and buildings, financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of accounting principles requires management to exercise judgment. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4 - Critical accounting estimates and jugdments.

The consolidated financial statements are prepared under the going concern assumption.

2.2 Consolidation 2.2.a Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.

2.2.b Associates Associates are companies in which the group has significant influence but not control. Significant influence normally exists where the group has between 20 and 50 percent of the voting rights. Investments in associates are included using the equity method.

2.3 Foreign currency translation Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Norwegian krone (NOK), which is the group’s presentation currency.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Foreign exchange gains and losses that relate to working capital are classified as operating profit/loss. Currency items related to financing activities are included in net financial income (expenses).

2.4 New and amended standards adopted by the group There are no new interpretations that have material effect on our financial statements.

2.5 New standards and amendments to / interpretations of existing standards that are not yet effective and not have been early adopted by the group There are no other IFRSs or IFRIC interpretations that are not yet effective that are expected to have any material impact on our financial statements.

37 UNO-X MOBILITY • ASR 2023 • 103

Note 3 – Financial risk management

Note 3 – Financial risk management - continued

The group has its core operations in the market for sale, distribution and marketing of petroleum products.

The group’s activities involve various financial risks: market risk (including currency risk, fair value interest risk, floating interest risk and price risk), credit risk and liquidity risk. The group’s overall risk management plan focuses on the capital markets’ unpredictability and represents an attempt to minimize potential negative effects on the group’s financial performance.

The board of directors approves the principles for overall risk management, and provides guidelines for specific areas such as currency risk, credit risk, use of financial derivatives and use of surplus cash.

3.1 Market risk 3.1.a Currency risk The major part of the group’s operations is located in Scandinavia, and the group is exposed to currency risk in several currencies. This risk is particularly related to Danish kroner. Currency risk arises from future trading transactions, assets and liabilities recognised in the balance sheet, and net investments in international operations. This risk is still limited, as our operational units mainly have their income and cost and keep their accounts in local currency. The group has investments in foreign subsidiaries, where net assets are exposed to currency risk in foreign currency translation. We try to limit this exposure by ensuring an overall debt portfolio composition that to the greatest possible extent is adapted to the individual currency’s and country’s relative importance in the group’s activities.

The effect of a 10 percent change against the Norwegian krone is shown in the table below. The effects are calculated on the basis of the group’s net assets (liabilities) in each currency at 31 December 2023.

Balance sheet items in currency

-10%

+ 10%

Currency gain (loss) Effect on equity

-16 -135

16 135

3.1.b Price risk The prices of oil products follow an international market. Because of turnover in stock, we are exposed to price changes. It is company policy not to hedge against such changes. This can have a significant impact on the individual annual accounts.

Our products are subject to price changes due to fluctuations in the international market and strong price competition in our market. With close monitoring and frequent list price changes in line with cost developments, we have managed to keep our margins at a satisfactory level..

3.1.c Interest risk Since the group has no major interest-bearing assets, its profits and cash flows from operating activities are mainly independent of fluctuations in the market interest rates.

The group’s interest risk is related to borrowings, lending and bank deposits.

Loans with floating interest represent an interest risk for the group’s cash flow. The effects are calculated on the basis of the group’s net interest bearing receivables (liabilities) at 31 December 2023.

Interest Effect on interest income Effect on equity

-5%-point

+5%-point

-40 -31

40 31

3.3 Liquidity risk The group operates in a market with high turnover. Cash flows are high and relatively stable, but volatile within a week/month. The group manages its liquidity risk by ensuring a sufficient amount of cash in combination with sufficient headroom on its undrawn borrowing facilities.

Management monitors the group’s liquidity reserves (consisting of various borrowing facilities (note 25) and cash (note 21)) through rolling forecasts based on expected cash flow. Management follows its liquidity reserves separately for each main currency (NOK and DKK).

The table below specifies the group’s borrowings and net-settled derivative financial liabilities into relevant maturity groups based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Balances with less than 12 months maturity equal the balance sheet amounts, as the discounting effect is insignificant.

31 December 2023

<1 yr

1-2 yr

2-5 yr

>5 yr

Total

Borrowings Accounts payable and other debts Sum

1,044 2,755

-

-

-

1,044 2,755

3,799

-

-

-

3,799

3.4 Risk related to financing and capital structure The group’s ambition regarding financing and capital structure is based on REITAN’s value principle no. 3: “We shall be debt-free.” This entails that the parent company should be debt-free, while the group seeks an optimal business solution within the framework of appropriate risk management.

This value principle is operationalised by the board of directors in REITAN, who has established decision rules for each individual business area. The decision rules define the scope for financing alternatives and capital structure. The decision rule for Uno-X is that its debt should not exceed 1.5 times EBITDA. Financing is resolved within each individual business area, as long as the capital structure is within the scope defined by the decision rules.

The board is authorised to approve arrangements beyond the decision rules for each business area.

In order to improve capital structure, the group may adjust its investment level, exploit available credit facilities, sell financial investments or adjust the amount of dividend paid to shareholders.

3.5 Assessment of fair value The fair value of financial instruments traded in active markets (such as securities available for sale or held for trading purposes) is based on quoted market prices at the balance sheet date. The quoted market price for financial assets is the current bid price. For financial liabilities, the current sales price is used.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The group utilises various methods and makes assumptions based on the prevailing market conditions at the balance sheet date. For long-term liabilities, quoted prices

2023

Total borrowings

1,044

989

Less cash and cash equivalents

-140

-132

Net borrowings at 31 December

904

857

Total assets Gearing as net borrowings at 31 December

9,858 9%

8,163 10%

EBITDA before FIFO Gearing as net borrowings

1,062 0.9

861 1.0

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4.1 Critical accounting estimates and assumptions The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The present value of the reestablishment cost is determined by considering all assumptions and uncertain estimates which are included in the present value of expected reestablishment cost. These include the asset’s economic life, cost of reestablishment, discount rate and rate of inflation.

See also note 24.

Every year, the group calculates environmental restoration liabilities. The calculations make use of accumulated knowledge and specific information for each service station, e.g. age, number of tanks, and a specific assessment of the stations’ environmental conditions and environment factors such as distance to sources of drinking water. These estimates are uncertain average judgments of expenses and time of settlement. External experts assist to various degree in the calculation of these estimates.

4.1.c Leases The group has a significant number of leases that are recognised in the balance sheet. In accordance with IFRS 16 - Leases, assessments must be made of the rental period, discount rate and recognition of any option periods. The assessments involve a considerable degree of estimates and assumptions, and these may be different from the actual future rental conditions.

See also note 24.

See also note 15 and note 27.

2022

38

4.1.b Asset retirement obligations The group has in some cases assumed a liability to reestablish properties/locations used for energy activities to its original condition when the activities at a service station cease. When entering such contracts, a liability corresponding to the present value of expected reestablishment costs is entered in the accounts. Similarly, the cost of the right of use asset is increased and depreciated over the expected lease period. The estimate, which is recognized in the balance sheet as a liability and an asset, is continuously object for revaluation.

4.1.a Environmental liabilities The group purchases, stores and sells products based on petroleum. We have introduced routines to ensure regular environmental inspections, in order to assess costs incurred for environmental restoration and handling our environmental liability.

3.2 Credit risk Historically, defaults and losses on accounts receivables have been low in the Scandinavian market. However, the group also has a considerable turnover relating to customers. In such cases, we perform a thorough analysis of the credit quality of new customers, and corresponding routines have been implemented for assessment of existing customer relations. A certain credit risk also arises from committed transactions with customers and derivatives and deposits with financial institutions. Counterparties in derivative contracts and financial deposits are limited to financial institutions with high creditworthiness.

104 • UNO-X MOBILITY • ASR 2023

The accounting value of accounts receivable and payable is assumed to equal the fair value of these items. The fair value of financial liabilities (calculated for note purposes) is estimated by discounting future contractual cash flows with the group’s alternative market interest for similar financial instruments.

Note 4 – Critical accounting estimates and judgments

Gearing ratios, expressed as net borrowings divided by total assets and as net borrowings divided by EBITDA before FIFO, are shown in the table below.

Amounts in NOK million

for the actual instrument or for a similar instrument are used. Other techniques, such as the discounted value of future cash flow, are used to determine the fair value of other financial instruments. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows.

39

Note 5 - Segment reporting - Geographical

Note 6 – Revenue

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decisionmaker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors.

Revenue is recognised when control of the goods or services are transferred to the customer. The revenues is measured at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services, net of discounts, returns, excise duties and value added taxes. Revenue from sale of goods is recognised at the point in time when control of the goods is transferred to the customer, generally on delivery of the goods.

2023 Amounts in NOK million Revenue Other income and gains (losses)

Norway Denmark 13,447 7,086

Other/ Elim 247

Total 20,780

2022 Amounts in NOK million Revenue

17

6

4

27

Other income and gains (losses)

-

-

25

25

Share of profit of associates

Cost of goods sold

-12,084

-5,791

-183

-18,058

Operating expenses

-988

-808

-62

-1,858

EBITDA

392

493

31

Amortisation and impairment, rights, licences etc.

-48

-12

Depreciation and impairment, property plant and equipment

-199

Depreciation and impairment of right-of-use assets

Other/ Elim -26

Total 21,756

Sales of goods The activities of Uno-X Mobility mainly include sales, distribution and marketing of fuel through its own nationwide network of self-service stations and sales of goods to retailers. The group also sells other energy-related products directly to consumers.

18

7

-9

16

-

1

6

7

Cost of goods sold

-12,937

-6,477

21

-19,393

Operating expenses

-597

-577

-21

-1,195

916

EBITDA

449

771

-29

1,191

-13

-73

Amortisation and impairment, rights, licences etc.

-23

-12

-61

-96

Sales of services Revenue from sales of services includes revenues from car wash.

-103

-8

-310

Depreciation and impairment, property plant and equipment

-123

-90

-

-213

See note 5 - Segment reporting operational for disaggregated revenue information.

-150

-96

-2

-248

Depreciation and impairment of right-of-use assets

-77

-82

-

-159

Amounts in NOK million

-5

282

8

285

Operating profit

226

587

-90

723

Share of profit of associates

Operating profit

Norway Denmark 13,965 7,817

FIFO effect

A number of the products are subject to excise duties. These duties accrue when products are removed from duty-free inventories, and it is the supply and storage companies (Uno-X Mobility Norge AS and Uno-X Mobility Danmark A/S) that collects the duties from our customers, both internal customers in Uno-X Mobility and external customers. Excise duties that apply to our companies are lubricant duties, petrol and diesel duties, CO2 duties on all gas oil products, sulphur duties on some of our products, and bio-duties on products with bio-elements. Group revenue are presented excluding excise duties, and accordingly they are not included in cost of goods sold. In the consolidated comprehensive income, the group presents the amount of the excise duties that have been charged in the period, in addition to revenue.

2023

2022

Revenue from sales of goods

20,578

21,632

Revenue from sales of services Total revenue

202 20,780

124 21,756

1

-147

-

-146

FIFO effect

178

152

-

330

391

640

31

1,062

EBITDA before FIFO

271

619

-29

861

-6

429

8

431

Operating profit before FIFO

48

435

-90

393

Note 7 – Other income

Investments

564

633

14

1,211

Investments

423

199

157

779

Amounts in NOK million

No. of car wash locations

52

55

-

107

No. of car wash locations

35

49

-

84

5

7

-

12

518

298

-

816

EBITDA before FIFO Operating profit before FIFO

No. of EV charging locations

28

13

-

41

No. of EV charging locations

No. of mobility locations

526

297

-

823

No. of mobility locations

Other/ Norway Denmark Elim 13,281 7,040 257 166 46 -10

Total 20,578 202

13,447

20,780

247

9 12

Total other income

42

21

2023 -14

2022 -9

Net gains (losses) on leases

-

3

Net currency gains (losses), operating activities

-1

1

Total other gains (losses) - net

-15

-5

Amounts in NOK million

Net gains (losses) on sale of property, plant and equipment

Revenue from contracts with customers

7,086

2022

11 31

Note 8 - Net other gains (losses)

Investments are presented as investments in operating activities.

FIFO effect is a calculated effect reflecting realised gains (losses) on oil products sold in the period. The calculated effect reflects the difference between cost price at the day the product is sold (which is the basis for the daily price settings in the market) and the historical cost paid for the product. In average products are sold 20-30 days after they are bought, and the cost price is changing in that period resulting in the calculated FIFO effects.

2023 Amounts in NOK million Revenue from sales of goods Revenue from sales of services Total revenue from contracts with customers

2023

Rental income Other revenues

2022 Amounts in NOK million Revenue from sales of goods Revenue from sales of services Total revenue from contracts with customers

Other/ Norway Denmark Elim 13,865 7,788 -21 99 29 -4

Total 21,632 124

13,964

21,756

7,817

-25

40

41 UNO-X MOBILITY • ASR 2023 • 105

Note 9 - Salaries and personnel costs

Note 9 – Salaries and personnel costs - Continued

Wages and salaries

2023 -353

2022 -250

Social security costs

-28

-21

Pension costs

-29

-20

Amounts in NOK million

Other employment benefits

-14

-10

Total employee benefit expense

-424

-301

Average number of employees

305

253

Number of fulltime equivalents

299

248

Key management compensation The CEO has in 2023 received incentives of 10,0 million (11,8 million in 2022) of which 8,7 million is salary and 1,3 million is pension costs (9,4 million is salary and 2,4 million is pension costs). In addition, the CEO has a long-term bonus agreement determined by financial metrics. The contract period is five years, with payment at the end of the period. For 2023, a bonus of 2,9 million was recognised (6,5 million in 2022).

The CEO is entitled to severance pay equal to twelve months of the annual base salary from the expiry of the notice period. Any severance pay entitlement is conditional upon the CEO waiving the employee protection rights under local law and is applied in situations where the resignation is requested by the company. The CEO’s own resignation will not trigger severance payment, and the severance payment is also forfeited in cases of summary dismissal from the company.

The group has not paid any remuneration to the Board of Directors in 2023 (NOK 0.0 million in 2022). The Chairman has no other bonus or special compensation on termination of office.

Loans and guarantees to employees The group had no loans or guarantees to employees as at 31 December 2023, nor as at 31 December 2022.

As of 31 December 2023, there are no loans to executives, directors, shareholders or related parties.

Pensions The group has both defined benefit and defined contribution plans.

There has not been any significant purchase or sale of goods or services between group companies and executives, directors, shareholders or related parties.

For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due.

Fees to auditors

A defined benefit plans typically define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. In addition to funded defined benefit plans funded through insurance companies, the group also has unfunded pension liabilities covered by operations.

The group has not provided any guarantees on behalf of executives, directors, shareholders or related parties.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

2023 -4.1

2022 -4.0

Assurance services

-

-0.2

Non-audit services

-0.7

-0.8

Tax advisory services

-

-

Total fees to auditors

-4.8

-5.0

Rental of premises

2023 -35

2022 -31

Maintenance of premises

-239

-128

Distribution

-350

-322

Marketing expenses

-75

-63

Travel and cars

-45

-34

Office consumables, equipment, communication

-27

-19

Fees (legal, audit and other fees)

-111

-83

IT

-103

-74

Transaction cost and bank charges

-40

-37

Loss on bad debt

-14

-9

Other operating expenses

-395

-264

-1,434

-1,064

Amounts in NOK million

Audit

All amounts relating to audit fees specified above are exclusive of VAT.

Both the Norwegian and the Danish subsidiaries have mainly defined contribution plans.

As at 31 December 2023 the group has defined contribution plans with 290 (257 in 2022) members and defined benefit plans with 19 (21 in 2022) members. Uno-X Mobility in Norway is obligated to provide an occupational pension scheme in accordance with the Mandatory Occupational Pension Act. The company’s pension scheme satisfy the requirements of the Act.

Note 10 - Other operating expenses

Pension expenses

Amounts in NOK million

2023 -

2022 -

Defined contribution plans

-28

-20

Total pension costs

-28

-20

Financial cost

-2

-1

Remeasurements - OCI

-

1

-30

-20

Amounts in NOK million

Defined benefit plans

Total pension costs and remeasurements Pension liabilities Amounts in NOK million

Fair value of plan assets at 1 January Remeasurements - experience gains (losses) plan assets

31.12.23 24

31.12.22 22

3

-

Contributions from employer, incl. payroll tax

2

2

Fair value of plan assets at 31 December

29

24

Present value of obligation at 31 December

-89

-87

Fair value of plan assets at 31 December

29

24

Net defined benefit liabilities at 31 December

-60

-63

42 106 • UNO-X MOBILITY • ASR 2023

Total other operating expenses

43

Note 11 - Net financial items

Note 12 – Income tax - Continued 2023 3

2022 1

Interest income - associates and joint ventures

-

1

Total interest income

3

2

Interest expense - borrowings from banks

-36

-16

Interest expense - pension liabilities

-2

-1

Interest expense - provisions unwinding of discount

-13

-8

Interest expense - parent company

-1

-1

Total interest expenses

-52

-26

Net interest income (expenses)

-49

-24

Net interest income (expense)

2023 -49

2022 -24

Interest expense - lease liabilities

-48

-22

Net foreign exchange gains (losses) on financing activities

Amounts in NOK million

Interest income - customers

Amounts in NOK million

103

53

Other finance costs

2

4

Net finance income (expense)

8

11

2022 734

Nominal tax rate 22%

-64

-161

Effect of non-deductible expenses

-16

1 1

-

-13

-19

-

Effect of adjustments in tax in respect of prior years

5

-

Other

2

-2

Total tax on result

-86

-174

Effective tax rate (%)

29%

24%

Tax on other comprehensive income 2023

2022

Before tax -

Tax -

After tax -

Before tax 1

Tax -

After tax 1

Cash flow hedges

-19

4

-15

-23

5

-18

Currency translation differences

70

-

70

65

-

65

Other comprehensive income

51

4

55

43

5

48

2023 196

2022 140

Amounts in NOK million

Remeasurements of post employment benefits

Deferred income tax at 31 December

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.

Amounts in NOK million

Deferred tax assets

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Based on this deferred tax assets and deferred tax liabilities are offset for the Danish subsidiaries, but not for the other subsidiaries.

Netted against deferred tax liability

-48

-35

Total deferred tax assets

148

105

Deferred tax liability

63

104

Netted against deferred tax assets

-48

-35

Total deferred tax liability

15

69

Net deferred tax in the balance sheet at 31 December

133

36

2023 36

2022 97

Amounts in NOK million

Net deferred tax in the balance sheet at 1 January

Income tax expenses and tax payable

Changes in deferred tax charged to the income statement

10

-

Changes in deferred tax charged to other comprehensive income

4

5

-

Effect of group contribution credited (charged) equity

52

-52

-

Effect of acquisition of subsidiaries

34

8

Exchange difference

-3

-22

133

36

2023 -102

2022 -174

Corrections in payable tax previous years

6

Changes in deferred tax

10

Total tax on result

-86

-174

Current tax on profits for the year

102

174

Prepaid taxes Effect of income tax liabilities relates to purchase/sale of companies Effect of foreign exchange rate differences, calculated

-94

-142

Net deferred tax in the balance sheet at 31 December

21

-

1

-52

Net tax payable at 31 December

30

-20

Tax payable (liability)

115

67

Prepaid taxes (asset)

-85

-87

Net tax payable at 31 December

30

-20

44

6

The nominal tax rate in 2023 and 2022 was 22 percent in Norway and Denmark.

The tax expense for the period comprises current and deferred tax.

Payable tax on result

2023 293

Effect of income not subject for tax Effect of amortisation of intang. assets not deductable for tax Effect of impairment of deferred tax asset

Note 12 – Income tax

Amounts in NOK million

Profit before income tax

Amounts in NOK million

45 UNO-X MOBILITY • ASR 2023 • 107

Note 12 – Income tax - Continued

Note 13 – Intangible assets

The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction is as follows:

Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the group’s interest in net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree at the time of acquisition.

Deferred tax assets at 1 January 2022

Property, plant and equipment 32

Leases and other liabilities 24

Provisions 70

Taxable profit and loss acct.

8

Tax loss carried forward 1

Other 4

Total 139

Charged to the income statement 2022

-

-2

-

-

3

-1

-

Charged to other comprehensive income

-

-

-

-

-

-

-

Amounts in NOK million

Exchange difference

-

-

1

-

-

-

1

Deferred tax assets at 31 December 2022

32

22

71

8

4

3

140

Charged to the income statement 2023

-8

-

23

-1

3

-

17 38

Effect of acquisition of subsidiaries

6

-

30

2

-

-

Reclassifications

-1

1

3

-

-

-3

-

Exchange difference

-

1

1

-

-2

1

1

29

24

128

9

5

1

196

Intangible Investment assets property -7 -2

Property, plant and equipment -23

Derivative financial Current instrum. receivables -10 -

Other -

Total -42

Deferred tax assets at 31 December 2023

Amounts in NOK million

Deferred tax at 1 January 2022 Charged to the income statement 2022

1

-

-3

-

2

-

-

Charged to other comprehensive income

-

-

-

5

-

-

5

Effect of group contribution credited (charged) equity

-

-

-

-

-52

-

-52

Effect of acquisition of subsidiaries

8

-

2

-

-2

-

8

Exchange difference

-16

-

-7

-

-

-

-23

Deferred tax at 31 December 2022

-14

-2

-31

-5

-52

-

-104

2 -

-

-9 -2

4 -

52 -

-2

-7 4 52 -4

Charged to the income statement 2023 Charged to other comprehensive income Effect of group contribution credited (charged) equity Effect of acquisition of subsidiaries Exchange difference

-2

-

-1

-1

-

-

-4

Deferred tax at 31 December 2023

-14

-2

-43

-2

-

-2

-63

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that is expected to benefit from the synergies of the combination.

Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.

Software and rights Separately acquired software and rights are shown at historical cost. software and rights are acquired in a business combination are recognised at fair value at the acquisition date. Software and rights have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of software and rights are over their estimated useful lives of 4 - 5 years.

Impairment of non-financial assets Assets that have an indefinite useful life – for example, goodwill or intangible assets not ready to use – are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

Carrying amount at 1 January 2022 Transfers Additions - ordinary Additions from aquisition of subsidiaries Disposals Amortisation charges Impairment charges Exchange difference Total tax on result

Software and rights 137 13 30 36 -5 -36 2 177

Goodwill 4 60 -60 4

Development 2 -2 36 7 43

Total 143 11 66 103 -5 -36 -60 2 224

Cost price Accumulated depreciation Carrying amount at 31 December 2022

434 -257 177

64 -60 4

20 23 43

518 -294 224

Carrying amount at 1 January 2023 Transfers Additions - ordinary Additions from acquisition of subsidiaries Disposals Amortisation charges Impairment charges Exchange difference Carrying amount at 31 December 2023

177 27 17 -1 -40 -23 5 162

4 254 -6 252

43 -36 2 -10 1 -

224 -9 19 254 -1 -40 -33 414

Cost price Accumulated depreciation/impairment Carrying amount at 31 December 2023

488 -326 162

316 -64 252

10 -10 -

814 -400 414

Amounts in NOK million

The carrying amounts of rights are primarily related to the trademark Uno-X and customer portfolio.

Uno-X Mobility acquired Scandinavian Fuel Infrastructure Denmark A/S and a related car wash operation in 2023. These transactions are seen as one transaction. Assets from this acquisition are classifies as Additions from aquisition of subsidiaries.

Goodwill by segment at 31 December Goodwill is allocated to the group’s cash generating units expected to benefit from the acquisition.

Norway Denmark Carrying amount at 31 December

46 108 • UNO-X MOBILITY • ASR 2023

47

2023 2 250 252

2022 2 2 4

Note 14 – Property, plant and equipment

Note 14 – Property, plant and equipment - Continued

Property, plant and equipment is stated at historical cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Investments in and sale of property, plant and equipment

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Amounts in NOK million

Investments (cost price)

The asset retirement obligation is recognised as part of the acquisition cost of the asset. The estimate may be changed as a result of renewed judgment.

Such changes are recognised as an increase or reduction of the asset’s carrying amount. If the reduction is greater than the asset’s carrying amount, the excess amount will be recognised in profit and loss. If the carrying amount is increased, the company will consider whether this is an indication of impairment according to IAS 36.

2022

Land, buildings and plants 426

Fixtures 134

Machines office eq. and vehicles 49

Total 609

2023

594

283

61

938

Sales (sales price) 2022

14

3

-

17

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:

2023

16

1

15

32

Buildings Station fixtures Fixtures Vehicles Furniture, fittings and equipment IT-eqipment Fuel pumps and tanks

Note 15 – Right-of-use assets

10-25 years 5-10 years 5-10 years 5-18 years 3-5 years 3-5 years 5-25 years

Right-of-use assets The group measures the right-of-use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities The cost of the right-of-use asset comprise:

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

• The amount of the initial measurement of the lease liability recognised • Any lease payments made at or before the commencement date, less any incentives received

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘Net other gains (losses)’ in the income statement.

Amounts in NOK million

Book value at 1 January 2022

Land, buildings and plants 1,119

Fixtures 556

Machines office eq. and vehicles 198

• Any initial direct costs incurred by the group. An estimate of the costs to be incurred by the group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.

Total 1,873

Transfer between groups

-56

35

17

-4

Additions - ordinary

380

129

47

556

Additions from aquisition of subsidiaries

46

5

2

53

Disposals

-14

-3

-

-17

Depreciation

-69

-107

-27

-203

Impairment loss

-8

-2

-

-10

Currency translation differences

35

12

3

50

Book value at 31 December 2022

1,433

625

240

2,298

Cost

1,874

1,523

506

3,903

Accumulated depreciation

-441

-898

-266

-1,605

Book value at 31 December 2022

1,433

625

240

2,298

Book value at 1 January 2023

1,433

625

240

2,298

Transfer between groups

-24

25

8

9

Additions - ordinary

579

207

58

844

Additions from aquisition of subsidiaries

15

76

3

94

Disposals

-16

-1

-15

-32

Depreciation

-95

-126

-37

-258

Impairment loss

-24

-27

-1

-52

Currency translation differences

42

16

7

65

Book value at 31 December 2023

1,910

795

263

2,968

Cost

2,440

1,848

569

4,857

Accumulated depreciation

-530

-1,053

-306

-1,889

Book value at 31 December 2023

1,910

795

263

2,968

The group has no restrictions on property, plant and equipment.

Fixtures includes fuel-pumps and tanks at the stations.

Uno-X Mobility acquired Scandinavian Fuel Infrastructure Dannmark A/S and a related car wash operation in 2023. These transactions are seen as one transaction. Assets from this acquisition are classifies as Additions from aquisition of subsidiaries.

48

The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.

The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified Recognition of leases and exemptions At the lease commencement date, the group recognises a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: • Short-term leases (defined as 12 months or less) • Low value assets For these leases, the group recognises the lease payments as other operating expenses in the statement of profit or loss when they incur.

Amounts in NOK million

Book value at 1 January 2022 Reclassifications Additions Disposals

Land 362

Outlets 408

Warehouse 11

Offices 1

Vehicles 10

Total 909

-

-

-

-

-

-

126

59

2

-

6

193

-

-

-

-

-

-

Remeasurements

37

23

1

-

-

61

Depreciation and amortisation charges

-158

-74

-77

-2

-

-5

Currency translation differences

3

17

-

-

1

21

Book value at 31 December 2022

454

430

12

1

12

909

Reclassifications

15

-23

8

-

-

-

Additions

530

345

-

-

6

881

Remeasurements Depreciation and amortisation charges

62

53

-

-

-

115

-148

-91

-2

-

-6

-247

Currency translation differences

5

17

-

-

-

22

Book value at 31 December 2023

918

731

18

1

12

1,680

Lease term

1-31 years

1-45 years

1-9 years

1-2 years

1-4 years

Depreciation method

Straight-line

Straight-line

Straight-line

Straight-line

Straight-line

The remeasurements are mainly resulting from changes in lease terms as well as changes in indexes used to determine the lease payments. Information regarding changes in the group's lease obligations is specified in Note 27 – Lease liabilities.

49 UNO-X MOBILITY • ASR 2023 • 109

Note 17 - Investments in subsidiaries

Note 15 – Right-of-use assets - Continued Lease expenses (exemptions) 2023 -29

2022 -26

Expenses related to short-term lease exemption

-4

-3

Expenses related to low-value asset exemption

-2

-2

Total lease expenses

-35

-31

Amounts in NOK million

Variable lease expenses

Number of contracts Number of lease contracts 31.12.2022

Land 341

Outlets 196

Warehouse 22

Offices 3

Vehicles 34

Total 596

Number of lease contracts 31.12.2023

442

266

20

2

33

763

No. of contracts with an opt. for prolongment

210

14

-

-

9

233

Associated companies and joint ventures in the group Office location Gøteborg, Sweden

Skanol A/S Samtank A/S

Nature of business Lubricants manufacturer

Århus, Denmark

50.0 %

Logistics and distribution

Århus, Denmark

50.0 %

Storage in tanks

Firstcycling AS Sogndal, Norway None of the group's associated companies are listed.

50.0 %

Development of cycling statistics website

Scanlube AB 34

Skanol A/S 56

Samtank A/S 73

Firstcycling AS 4

Total 167

Additions

-

-

19

-

19

Share of profit

-9

15

1

-

7

Dividend received

-

-3

-

-

-3

Book value at 1 January 2022

Madlaveien 77 AS

Oslo, Norway

Property

100.0 %

100.0 %

Lura Eiendom AS

Oslo, Norway

Property

100.0 %

100.0 %

Heddalsvegen 49 AS

Oslo, Norway

Property

100.0 %

100.0 %

Gasolin Rudshøgda AS

Oslo, Norway

Property

100.0 %

100.0 %

Andslimoen Eiendom AS

Oslo, Norway

Property

100.0 %

100.0 %

Uno-X Smøreolje AS

Oslo, Norway

Lubricants

100.0 %

100.0 %

Uno-X E-Mobility Norge AS

Oslo, Norway

EV charging

100.0 %

100.0 %

Uno-X Mobility Cycling AS

Oslo, Norway

Cycling team

100.0 %

100.0 %

Uno-X Bikes AS

Oslo, Norway

Sale of bikes

100.0 %

100.0 %

YX Betjent AS

Oslo, Norway

Service stations

100.0 %

100.0 %

Uno-X Mobility Danmark A/S

Søborg, Denmark

Service stations/Energy

100.0 %

100.0 %

Søborg, Denmark

Service stations

100.0 %

100.0 %

Uno-X Smøreolie A/S

Søborg, Denmark

Lubricants

100.0 %

100.0 %

Uno-X E-Mobility Danmark A/S

Søborg, Denmark

EV charging

100.0 %

100.0 %

Ipart ApS

Hammel, Denmark

Industry

100.0 %

100.0 %

Hammel, Denmark

Property

100.0 %

100.0 %

Note 18 – Financial instruments by category Recognition At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

Summarised financial information for the associated companies Amounts in NOK million

Nature of business Service stations/Energy

Ipart Ejendomme ApS

Share of ownership 50.0 %

Currency translation differences

-

-

5

-

5

Book value at 31 December 2022

25

68

98

4

195

Additions

16

-

23

-

39

Share of profit

1

24

-

-

25

Dividend received

-

-9

-

-

-9

Currency translation differences

-

-

7

-

7

Book value at 31 December 2023

42

83

128

4

257

Revenue and balance based on share of ownership Revenue 2022

-

355

250

62

Profit for the year 2022

-3

20

1

-

Assets 31 December 2022

134

113

187

1

Liabilities 31 December 2022

109

45

89

-

Equity 31 December 2022

25

68

98

1

Revenue 2023

2

387

163

215

Profit for the year 2023

1

18

-

-

Assets 31 December 2023

132

163

211

2

Liabilities 31 December 2023

90

80

83

2

Equity 31 December 2023

42

83

128

-

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

Financial assets The classification of financial assets depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

The group classifies its financial assets in the following measurement categories: - Financial assets at fair value through profit or loss - Financial assets at amortised cost - Derivative financial assets at fair value through other comprehensive income Financial liabilities Financial liabilities are classified, at initial recognition, as: - Loan and receivables at amortised cost - Derivative financial liabilities at fair value through other comprehensive income Amortised cost After initial recognition, financial assets and liabilities at amortised cost are subsequently measured using the effective interest rate method.

Interests in joint operations The group has a 25 % ownership share in Sisterne Drift DA, which operates the group’s storage facilities for oil products at Ekeberg, Oslo. The group recognises its share of assets, liabilities, revenues and expenses related to the joint operation.

50 110 • UNO-X MOBILITY • ASR 2023

Proporation of Proportion of shares held shares held by directly by parent the Group 100.0 % 100.0 %

Office location Oslo, Norway

Scandinavian Fuel Infrastructure Denmark A/S

Note 16 – Investments in associated companies

Company name Scanlube AB

Company name Uno-X Mobility Norge AS

51

Note 19 – Trade and other receivables

Note 18 – Financial instruments by category - Continued

Current receivables

Financial instruments and their carrying amounts recognised in the consolidated statement of financial position at 31 December.

Amounts in NOK million Amounts in NOK million

2022 Financial investments

Financial assets at fair value through Financial assets at profit or loss amortised cost 23 -

Derivative financial instruments Non-current receivables Total non-current financial assets

Trade receivables

Liabilities at amortised cost -

Derivative financial instruments -

Total 23

-

-

-

-

-

23

20 20

-

-

20 43

Trade and other current receivables

-

2,676

-

-

Derivative financial instruments

-

-

-

27

2,676 27

Cash and cash equivalents

-

132

-

-

132

Total current financial assets

-

2,808

-

27

2,835

Total financial assets

23

2,828

-

27

2,878

Current borrowings

-

-

989

-

989

Trade and other current liabilities

-

-

2,578

-

2,578

Total financial liabilities

-

-

3,567

-

3,567

23

2,828

-3,567

27

-689

2023 2,359

2022 2,217

Current receivables, group companies

8

5

Interest bearing receivables from associates

1

15

Prepaid expenses

125

317

Accrued revenue

62

3

Receivables from public authorities

93

114

Other current receivables

10

5

Current receivables at 31 December

2,658

2,676

Carrying value of trade receivables held as collateral for debt

1,140

1,006

2023 2

2022 1

Other non-current receivables

99

19

Non-current receivables at 31 December

101

20

2,759

2,696

2023 81

2022 4

Non-current receivables Amounts in NOK million

Non-current interest bearing receivables

Total receivables at 31 December There is no difference between the carrying value and fair value of interest bearing assets.

Net financial assets (liabilities)

The aging analysis of non-current receivables is as follows Amounts in NOK million

Amounts in NOK million

Liabilities at amortised cost

Derivative financial instruments

Total

-

-

-

28

-

-

-

-

-

Total non-current financial assets

28

101 101

-

-

101 129

Trade and other current receivables

-

2,658

-

-

2,658

Derivative financial instruments

-

-

-

9

9

Cash and cash equivalents

-

140

-

-

140

Total current financial assets

-

2,798

-

9

2,807

2023

Financial assets at fair value through Financial assets at profit or loss amortised cost

Financial investments Derivative financial instruments Non-current receivables

28

1 - 2 years

Total financial assets

28

2,899

-

9

2,936

Current borrowings

-

-

1,044

-

1,044

Trade and other current liabilities

-

-

2,755

-

2,755

Total financial liabilities

-

-

3,799

-

3,799

Net financial assets (liabilities)

28

2,899

-3,799

9

-863

2023 28

2022 23

2023 12.13%

2022 12.13%

2 - 5 years

2

5

More than 5 years

18

11

Non-current receivables at 31 December

101

20

2023 -25

2022 -17

Movement in provision

12

-6

Interest income increase

1

-1

Exchange difference

-2

-1

Provision for receivables at 31 December

-14

-25

2023 392

2022 263

Movement in the group provision for impairment of trade receivables Amounts in NOK million

Provision for receivables at 1 January

The aging analysis of overdue trade receivables is as follows Amounts in NOK million

Up to 3 months Over 3 months Over due trade receivables at 31 December

5

-

397

263

Financial investments at 31 December consist of: Amounts in NOK million

Shares in TankRE A/S (Villatank A/S) - Denmark

Ownership of the investment is as follows at 31 December: Shares in TankRE A/S (Villatank A/S) - Denmark

52

53 UNO-X MOBILITY • ASR 2023 • 111

Note 19 – Trade and other receivables - Continued

Note 22 - Share capital, premium and shareholders

Carrying amount of trade receivables and provision Amounts in NOK million

Total trade receivables Provision for trade receivables

Share capital and premium 2023 2,373

2022 2,240

Amounts in NOK million

Ordinary shares

-14

-23

2,359

2,217

NOK

2023 1,125

2022 994

Reitan Retail AS

DKK

1,202

1,199

Total number of shares

SEK

10

9

EUR

20

12

Other

2

3

2,359

2,217

Carrying amount at 31 December The carrying amounts of the group's trade and other receivables are in the following currencies Amounts in NOK million

Total trade and other receivables at 31 December

Share premium

938

739 840

Number of shares 1,000,000

Share of ownership 100.0 %

Share of voting rights 100.0 %

1,000,000

100.0 %

100.0 %

Financial assets 46

Currency translation difference 169

Total 215

-18

-

-18

-

65

65

Other reserves at 31 December 2022

28

234

262

Cash flow hedges

-15

-

-15

-

70

70

13

304

317

Shareholder at 31 December 2023

Note 23 - Other reserves Amounts in NOK million

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. The group’s inventory substantially consists of purchased finished goods for resale.

Cash flow hedges

Raw materials

Other reserves at 1 January 2022

2023 33

2022 35

Work in progress

10

17

Goods for sale

1,384

1,474

Total inventories at 31 December

1,427

1,526

396

353

Carrying amount of inventory held as collateral for debt at 31 December

Currency translation differences

Currency translation differences Other reserves at 31 December 2023

Note 21 – Cash In the consolidated statement of cash flows, cash includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities.

2023 140

2022 132

Cash (excluding bank overdrafts)

2023 140

2022 132

Bank overdrafts

-1,021

-966

-881

-834

2023 8

2022 5

Amounts in NOK million

Cash at bank and in hand (excluding bank overdrafts) Cash include the following for the purposes of the statement of cash flows Amounts in NOK million

Cash as presented in cash flows Restricted deposits Amounts in NOK million

Tax withholdings funds Other restricted deposits

-

-

Total restricted deposits at 31 December

8

5

Restricted deposits are included in cash.

54 112 • UNO-X MOBILITY • ASR 2023

2022 101

1,040

Share capital and premium at 31 December

Note 20 – Inventories

Amounts in NOK million

2023 102

55

Note 24– Provisions for other liabilities

Note 25 – Borrowings

Provisions for environmental restoration, restructuring costs and legal claims are recognised when: the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognised for future operating losses.

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Amounts in NOK million

Book value at 1 January 2022

Asset retirement obligations 208

Environm. restoration 122

Other -

Total 330

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months from the balance sheet date.

Current and non-current borrowings Amounts in NOK million

Bank overdraft at 31 December Current collaterised borrowings - From acquisition of subsidiaries

Used during the year

-30

9

-

-21

Unused amounts reversed

-4

-16

-

-20

Provisions made in the year

13

18

-

31

Interest expense increased provision

5

3

-

8

Currency translation difference

1

4

-

5

Book value at 31 December 2022

193

140

-

333

-4

-14

-

-18

Unused amounts reversed

-

-11

-

-11

Provisions made in the year

63

86

27

176

Current collaterised borrowings - Book value of building in acquired subsidiaries

Interest expense increased provision

7

6

-

13

Carrying amount of assets held as collateral for debt at 31 December

Additions from acquisition of subsidiaries

129

Borrowings

2023 396

2022 352

Trade and other current receivables

1,140

1,006

45

-

-

5

-

5

Book value at 31 December 2023

343

257

-

627

Asset retirement obligations 14

Environm. restoration 74

Other 2

Due in 1 - 2 years

48

14

25

87

Due in 2 - 5 years

106

49

-

155

The carrying amounts of the group's borrowings are in the following currencies:

Due in more than 5 years

175

120

-

295

Amounts in NOK million

Book value at 31 December 2023

343

257

27

627

3.1 %

3.1 %

3.0 %

3.2 %

Due in less than 1 year

Discount rate

Total 90

Classification of total provisions 31 December 2023 90

31 December 2022 51

Non-current

537

282

Total provisions for other liabilities

627

333

Amounts in NOK million

Current

23 989

Inventory

84

Amounts in NOK million

23 1,044

Carrying amount of assets held as collateral for debt

Currency translation difference

Expected time of settlement

2022 966

As part of the acquisition of Ipart Group at the end of 2022, a short-term loan was consolidated into the group's financial statements. The loan is related to a building.

Amounts in NOK million

Used during the year

2023 1,021

35

35

1,571

1,393

The exposure of the group's borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are as follows: 2023 1,044

2022 989

1-2 years

-

-

2-3 years

-

-

3-5 years

-

-

1,044

989

NOK

2023 1,234

2022 790

DKK

120

418

SEK

-55

-21

EUR

-

1

USD

-255

-199

Total borrowings at 31 December

1,044

989

Amounts in NOK million

1 year or less

Total borrowings at 31 December

Undrawn borrowing facilities In 2010, the parent company Uno-X Mobility signed an agreement with DNB. The agreement includes an overdraft facility of NOK 1,400 million, of which NOK 379 million was drawn at 31 December 2023. See Note 26 – Loan Agreements for a description of the facility. Unused credit facilities are at floating rates and mature within a year.

Asset retirement obligations includes the obligation to return property and land to its original condition by the end of the lease period.

Environmental restoration includes expenses related to the removal of contaminants that have arised as a result of operations in Uno-X Mobility.

56

57 UNO-X MOBILITY • ASR 2023 • 113

Note 26 – Loan agreements

Note 27 – Lease Liabilities - Continued

The parent company has the following loan agreements as of 31 December 2023: Working capital and facility agreement Uno-X Mobility AS and DNB entered into a credit and corporate account agreement in 2010 with collateral in subsidiaries, receivables and inventories, the latter limited to Norwegian subsidiaries only. The agreement includes an overdraft facility of NOK 1‚400 million, limited to a percentage of the group’s outstanding receivables and the Norwegian companies’ inventories. The parent company is the owner of the facility. The group’s net deposits (borrowings) are presented in the parent company’s accounts.

Book value at 31 December 2022

463

405

13

1

11

893

Current liabilities Non-current liabilities

96 367

79 326

3 10

1

5 6

183 710

Book value at 31 December 2022

463

405

13

1

11

893

Amounts in NOK million

Land 463

Outlets 405

Warehouse and prod. facilities 13

Offices 1

Vehicles and offices equipment 11

Total 893

Subsidiaries’ deposits (drawing) are presented as deposits (receivables) for the parent company. The amount as of 31 December 2023 is included in Note 25 – Borrowings under ”Bank overdrafts – current assets”.

All subsidiaries are members of the credit and corporate account agreement and have provided an on-demand guarantee as collateral for Uno-X Mobility AS and its obligations according to the working capital facility agreement.

The following financial covenants apply to the credit facility in Uno-X Mobility:

Time of measuring From Q4 2010

Receivables/Debt (minimum)

EBITDA 12 months rolling basis (minimum)

Equity to be (minimum)

Equity Ratio to be (minimum)

1,00

NOK 220 million

NOK 900 million

20 %

Equity share are measured excluding IFRS 16 leases. EBITDA is adjusted for IFRS 16 lease payments. During 2023, Uno-X Mobility AS was in compliance with these covenants.

Note 27 – Lease Liabilities The lease liability is recognised at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right-to-use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option.

The lease payments included in the measurement comprise of: • Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable

Book value at 31 December 2022 Transfer

11

-19

8

-

-

-

Additions

505

292

-

-

7

804

Disposals Remeasurements Payments

-

-

-

-

-

52

1

-

-1

116

-169

-94

-3

-1

-6

-273

Interest expense

33

14

1

-

-

48

Currency translation differences

5

16

-

-

-

21

Book value at 31 December 2023

912

666

20

-

11

1,609

Current liabilities Non-current liabilities

186 726

146 520

3 17

-

6 5

341 1,268

Book value at 31 December 2023

912

666

20

-

11

1,609

The remeasurements are mainly resulting from changes in lease terms as well as changes in indexes used to determine the lease payments.

Information regarding changes in the group's lease assets is specified in Note 15 – Rights-of-use assets.

Duration of lease contracts Amounts in NOK million

• Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date

64

Within 1 year

31.12.23 325

31.12.22 186

• Amount expected to be payable by the group under residual value guarantees

Within 1 - 2 years

318

167

• The exercise price of a purchase option, if the group is reasonably certain to exercise that option

Within 2 - 3 years

285

147

• Payments of penalties for terminating the lease, if the lease term reflects the group exercising an option to terminate the lease.

Within 3 - 4 years

232

109

Within 4 - 5 years

167

96

More than 5 years

534

310

Total lease expenses

1,861

1,015

Effect of discounting

-252

-122

Present value of lease liabilities

1,609

893

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.

The group does not include variable lease payments in the lease liability. Instead, the group recognises these variable lease expenses in profit or loss.

The discount rate used to calculate the present value of future rental payments is the lease's implicit interest rate, if available. The lease's implicit interest rate is not available for most of the group's leases. In such cases, the lessees marginal loan rate is used, which consists of a base rate and a credit premium.

The base rate is a market rate based on a combination of the tenant's home country and the term of the lease. The term is assigned to one of three maturity intervals, either 1-5 years, 5-10 years or over 10 years. Interest rates of 2, 4 and 10 years are used for the three intervals respectively. Credit premiums correspond to market credit premiums for companies with similar credit ratings as tenants. Credit rating is determined through individual credit assessment of the individual tenant. Interest expenses related to the lease obligations are recognized as a separate line in the income statement. The group presents its lease liabilities as separate line items in the statement of financial position.

Book value at 1 January 2022

Land 372

Outlets 390

Warehouse and prod. facilities 12

Additions

125

39

2

1

5

Disposals

-

-

-

-

-

-

Remeasurements

36

26

1

-

-

63

Payments

-86

-77

-3

-

-5

-171

Interest expense

12

9

1

-

-

22

Currency translation differences

4

18

-

-

-

22

Amounts in NOK million

Offices -

Vehicles and offices equipment 11

Total 785 172

58 114 • UNO-X MOBILITY • ASR 2023

59

Note 28 – Guarantees

Note 31 – Related parties

Company guarantees for others

Shareholders Uno-X Mobility AS is a 100 percent owned subsidiary of Reitan Retail AS, se note 22 – Share capital, premium and shareholders. Reitan Retail AS is 100 percent controlled by the Reitan family through three holding companies. Reitan Retail AS also owns shares of other companies. Uno-X Mobility AS has office location in Oslo, Norway.

2023 15

2022 -

Guarantees for suppliers (see also note 31)

81

73

Total company guarantees for others at 31 December

96

73

Guarantees for rent(1)

2023 -

2022 1

Guarantees for suppliers

28

28

The receivables are unsecured and non-interest bearing.

Total bank guarantees at 31 December

28

29

The group has not made any provisions for losses on current receivables from related parties as of 31 December 2023 or 31 December 2022, nor have any such losses been realised in 2023 or 2022.

Amounts in NOK million

Guarantees for rent

Bank guarantees Amounts in NOK million

The subsidiaries' joint guarantee for parent company liabilities All subsidiaries of Uno-X Mobility AS have jointly and separately guaranteed for Uno-X Mobility AS’ liabilities related to the credit and corporate account agreement of NOK 1,400 million. See Note 26 – Loan agreements.

Related parties Uno-X Mobility AS has direct and indirect ownership in 22 companies. The subsidiaries of Uno-X Mobility AS are presented in Note 17 - Investment in subsidiaries.

Associated companies of Uno-X Mobility AS are shown in Note 16 – Associated companies.

Current receivables are related to claims arising from the purchase and sale of goods and services as well as accrued interest on the loan.

Current liabilities are related to the purchase and sale of goods and services, and accrued interest on the loan.

Transactions with parent Amounts in NOK million

Purchases of goods and services

Note 29 - Net interest bearing liabilities

2023 -9

2022 -2

Sales of goods and services

1

-

Interest expenses

-1

-1

2023 -

2022 14

2023 -79

2022 -16

Cash and bank deposits

-140

-132

Current borrowings

1,044

989

825

841

Non-current receivables Trade receivables

2

2

Total lease liabilities

1,609

893

Trade payables

27

23

Net interest bearing liabilities (receivables) incl. lease liabilities at 31 December

2,434

1,734

Amounts in NOK million

Other non-current interest bearing receivables

Net interest bearing liabilities (receivables) ex. lease liabilities at 31 December

Interest income

3

2

Interest expenses

-52

-26

Net interest income (expenses) ex. lease liabilities

-49

-24

Interest expense - lease liabilities

-48

-22

Net interest income (expenses) incl. lease liabilities

-97

-46

Note 30 - Trade and other payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. The interest element is disregarded if it is insignificant.

Trade payables

2023 1,566

2022 1,400

Public dues other than income tax

Amounts in NOK million

1,010

976

Accrued payroll

45

31

Other accrued expenses

121

147

Other current liabilities

13

24

2,755

2,578

Total trade and other payables at 31 December

60

Transactions with associated companies Amounts in NOK million

Sale of goods

14

16

Purchases of goods

-580

-421

Purchases of services

-176

-114

76

73

2023 77

2022 -

Current receivables

8

5

Current liabilities

411

-

Sales of goods and services

24

30

Other income

2

-

Rental income

2

1

Purchases of goods and services

-8

-90

Other operating expenses

-37

-6

Guarantees Transactions with other related parties Amounts in NOK million

Non-current receivables

Uno-X has some leases with subsidiaries of Reitan Eiendom, REMA 1000 and Reitan Convenience. Following the implementation of IFRS 16, the cost of leases recognised is presented as depreciation of the right of use asset and as interest expense on the lease liability. The following categories of leases with related parties has been identified.

•

Uno-X Mobility Norge AS leases land for some self-service stations and storage facilities from subsidiaries of Reitan Eiendom and Reitan Convenience with a total rental payment in 2023 of NOK 54 million (2022 NOK 5 million). The agreements have a total lease liability as of 31 December 2023 of NOK 398 million (2022 NOK 18 million).

•

Uno-X Mobility Danmark A/S leases land for some self-service stations from REMA 1000 Denmark with a total rental payment in 2023 of NOK 5 million (2022 NOK 0 million). The agreements have a total lease liability as of 31 December 2023 of NOK 34 million (2022 NOK 0 million).

•

Scandinavian Fuel Infrastructure Danmark A/S leases land for some self-service stations from REMA 1000 Denmark with a total rental payment in 2023 of NOK 0 million (2022 NOK 0 million). The agreements have a total lease liability as of 31 December 2023 of NOK 121 million (2022 NOK 0 million).

61 UNO-X MOBILITY • ASR 2023 • 115

Note 32 – Transactions Through 2023, Uno-X Mobility has purchased two companies from Reitan Convenience, Scandinavian Fuel Infrastructure Norway AS (SFI Norway AS) in Norway and Scandinavian Fuel Infrastructure Denmark A/S (SFI Denmark A/S) in Denmark.

With the acquisition of Scandinavian Fuel Infrastructure Norway AS, Uno-X Mobility became the owner of fuel infrastructure at 55 locations in Norway.

These locations have until spring 2023 been branded as YX 7-Eleven, while work is now underway to convert these locations to Uno-X stations.

In Denmark, Uno-X Mobility is the new supplier of liquid fuel to 57 locations, after the expiration of the agreement between Reitan Convenience Denmark A/S and Shell/DCC. With the acquisition of Scandinavian Fuel Infrastructure Denmark A/S, Uno-X Mobility became the owner of the fuel infrastructure at these 57 locations, and Uno-X Mobility is currently in the process of establishing Uno-X alongside 7-Eleven at the majority of these roadside locations in Denmark, mirroring operations in Norway.

The Norwegian company was acquired April 1 and has been merged into Uno-X Mobility Norge AS in 2023. The Danich company was acquired December 31 and is a subsidiary of Uno-X Mobility Danmark A/S. The fair value of identifiable assets at the time of acquisition was as follows: SFI Norway AS 59

SFI Denmark A/S 35

Total 94

Right-of-use assets

12

251

263

Trade receivables

81

153

234

Other assets

27

26

53

Total assets

179

465

644

Total liabilities

110

334

444

Net assets

69

131

200

Goodwill

-

192

192

69

323

392

Amounts in NOK million

Property, plant and equipment

Transaction price

Uno-X Mobility Denmark A/S also acquired a car wash operation related to Scandinavian Fuel Infrastructure Danmark A/S. The transaction price was 90 NOK mill. and it resulted in a goodwill of NOK 62 million. In total the goodwill effect from this transaction was: 2023 192

Amounts in NOK million

Scandinavian Fuel Infrastructure Denmark A/S Car wash operation

62

Total goodwill

254

62 116 • UNO-X MOBILITY • ASR 2023

Notes

UNO-X MOBILITY • ASR 2023 • 117

Comprehensive income Amounts in NOK million

Total revenue/income

Note

2023

2022

2

56

583

Share of profit (loss) of associates

Uno-X Mobility AS

6 -22

Employee benefit expense

3

-26

Other operating expenses

4

-12

-20

43

547

Operating profit

Financial Statements

25

Interest income

5

227

55

Interest expenses

5

-148

-32

Other financial income (expenses)

5

108

54

Net finance income (expenses)

187

77

Profit before income tax expenses

230

624

Income tax expenses

-37

-53

193

571

Remeasurement of pension liabilities

-2

-

Items that will not be reclassified to income statement

-2

-

Other comprehensive income

-2

-

191

571

Transferred to (from) other reserves

193

571

Total amount allocated

193

571

Profit for the year

6

Other comprehensive income:

Total comprehensive income for the year

Allocation of profit for the year

63 118 • UNO-X MOBILITY • ASR 2023

64

Balance Sheet at 31 December - Assets

Amounts in NOK million

Note

Balance Sheet at 31 December - Equity and liabilities

2023

2022

Non-current assets

Amounts in NOK million

Note

2023

2022

Equity

Deferred income tax assets

6

2

1

Share capital

12

102

101

Investments in subsidiaries

7

1,084

564

Share premium reserve

12

938

739

Investments in associated companies

8

125

93

Other reserves

42

99

1,253

757

Non-current receivables, concept group Total non-current assets Current assets

-5

-5

Retained earnings

1,896

1,705

Total equity

2,931

2,540

Pension liabilities

9

7

Non-current provisions for other liabilities and charges

25

-

34

7

966

Non-current liabilities

Trade and other receivables

9, 10

3,508

3,116

Cash

9, 11

3

3

Total current assets

3,511

3,119

Total non-current liabilities

Total assets

4,764

3,876

Current liabilities Borrowings

9, 13

1,021

Trade and other payables

9, 14

778

363

Total current liabilities

1,799

1,329

Total liabilities

1,833

1,336

Total equity and liabilities

4,764

3,876

Oslo, 12th April 2024

Oslo, 12.04.2024

Ole Robert Reitan

Monica Ødegaard

Chairman of the Board

Board member

OLE ROBERT REITAN Chairman of the Board and CEO Reitan Retail Kristin S. Genton

Board member

65

MONICA ØDEGAARD Board member

Vegar N. Kulset CEO

KRISTIN S. GENTON

VEGAR KULSET

Board member

CEO Uno-X Mobility

66 UNO-X MOBILITY • ASR 2023 • 119

Equity Amounts in NOK million

Equity at 1 January 2022

Statement of Cash Flow Share capital and premium 440

Other reserves -5

Retained earnings 1,134

Total equity 1,569

Profit for the year

-

-

571

571

Total comprehensive income

-

-

571

571

Capital increase

400

-

-

400

Equity at 31 December 2022

840

-5

1,705

2,540

Profit for the year

-

-

193

Remeasurement of pension liabilities

-

-

-2

-2

Total comprehensive income

-

-

191

191

200

-

-

200

1,040

-5

1,896

2,931

Capital increase Equity at 31 December 2023

193

Note

2023

Profit before income tax

2

230

624

Dividend recognised in profit or loss, not paid

2

-26

-554

5

Amounts in NOK million

2022

Change in retirement benefit obligations Finance costs - net

-187

-77

Share of profit from associates

-25

-6

Change in trade and other receivables

-319

-689

Change in trade and other payables

388

94

Cash generated from operations

61

-608

61

-608

Cash generated from operations Interest paid

5

79

23

Net cash generated from operating activities

140

-585

Investments in subsidiaries

-445

-156

Investments in associates

-16

-

9

3

Net cash flow from investment activities

-452

-153

Capital increase

200

400

Dividends paid

-51

-

Net cash used in financing activities

149

400

Net (decrease)/increase in cash

-163

-338

-963

-679

Dividend received - associates

Cash at 1 January

11

Exchange gains/(losses) on cash Cash at 31 December

108

54

-1,018

-963

Uno-X Mobility’s financing solution is classified as an overdraft facility, this scheme is included in cash in this statement.

As of 31 December 2023 Uno-X Mobility AS has unused credit facilities of NOK 379 million (NOK 434 million as of 31 December 2022).

67 120 • UNO-X MOBILITY • ASR 2023

68

Note 1 – Accounting policies

Notes to the Financial Statements Note 1 - Accounting policies �����������������������������������������������������������������������������������������������������������������������������������121 Note 2 - Total revenue �����������������������������������������������������������������������������������������������������������������������������������������������121 Note 3 - Salaries and personnel costs ������������������������������������������������������������������������������������������������������������������121 Note 4 - Other operating expenses. �����������������������������������������������������������������������������������������������������������������������122 Note 5 - Net financial items ������������������������������������������������������������������������������������������������������������������������������������122 Note 6 - Income tax ���������������������������������������������������������������������������������������������������������������������������������������������������122 Note 7 - Investments in subsidiaries ��������������������������������������������������������������������������������������������������������������������122 Note 8 - Investments in associated companies ������������������������������������������������������������������������������������������������122 Note 9 - Financial instruments by category ��������������������������������������������������������������������������������������������������������122 Note 10 - Trade and other receivables ������������������������������������������������������������������������������������������������������������������122 Note 11 - Cash and cash equivalents �������������������������������������������������������������������������������������������������������������������123 Note 12 - Share capital premium and shareholders ������������������������������������������������������������������������������������������123 Note 13 - Borrowings ������������������������������������������������������������������������������������������������������������������������������������������������123 Note 14 - Trade and other payables �����������������������������������������������������������������������������������������������������������������������123 Note 15 - Related parties ����������������������������������������������������������������������������������������������������������������������������������������124

Uno-X Mobility AS is the group’s parent company. The separate financial statements of Uno-X Mobility AS have been prepared in accordance with the provisions of simplified IFRS in separate financial statements, provided in regulations to the Norwegian Accounting Act, section 3-9, subsection 5 (“Regulations on simplified use of international accounting standards, chapter 4”), as laid down by the Norwegian Ministry of Finance 3 November, 2014.

Applying the simplified version of IFRS to the parent company accounts means that valuation rules and accounting policies applied in the consolidated accounts also apply to the parent company, Uno-X Mobility AS. See the group accounting policies for further information. A simplified application of IFRS enables the financial statements and note information to accord with the Accounting Act. The financial statements and notes for the parent company have been organised in accordance with the Accounting Act, with the exception of the comprehensive income statement, which follows IFRS.

1.1 Shares in subsidiaries Shares in subsidiaries are entered at cost in Uno-X Mobility AS’ financial statements (cf. IAS 27.37).

1.2 Dividend and group contribution Accountable entities that prepare separate financial statements according to the regulations of the Accounting Act, section 3-9, without prejudice to other provisions in these regulations, enter dividends and group contributions in accordance with other provisions of the Act. This means that any dividends and group contributions given or received by the parent company are entered in the accounts the year before the decision to give or receive such dividend or group contribution is made. This also applies to any tax effects relating to such transactions.

Note 2 - Total revenue 2023 30

2022 29

Dividend and group contribution

26

554

Total revenue

56

583

Wages and salaries

2023 -19

2022 -17

Social security costs

-4

-2

Pension costs

-2

-2

Other employment benefits

-1

-1

Total employee benefit expense

-26

-22

Average number of employees

3

2

Number of fulltime equivalents

4

2

Amounts in NOK million

Revenue from sales of goods and services

Note 3 - Salaries and personnel costs Amounts in NOK million

Loans and guarantees to employees The group had no loans or guarantees to employees as at 31 December 2023, nor as at 31 December 2022.

Retirement benefit obligations As of 31 December 2023, the parent company had 3 active members in its plan (2 as of 31 December 2022). The parent company’s pension costs in 2023 were NOK 2 million (NOK 2 million in 2022). The company’s net pension liability at 31 December 2023 was NOK 9 million (NOK 7 million as of 31 December 2022). Uno-X Mobility AS is obligated to provide an occupational pension sheme in accordance with the Mandatory Occupational Pension Act. The company’s pension scheme satisfy the requirements of the Act. Key management compensation The CEO has in 2023 received incentives of 10.0 million (NOK 11.8 million in 2022) of which 8.7 million is salary and 1.3 million is pension costs (9.4 million is salary and 2.4 million is pension costs). In additon, the CEO has a long-term bonus agreement determined by financial metrics. The contract period is five years, with payment at the end of the period. For 2023, a bonus of 2.9 million was recognised (6.5 million in 2022).

The CEO is entitled to severance pay equal to twelve months of the annual base salary from the expiry of the notice period. Any severance pay entitlement is conditional upon the CEO waiving the employee protection rights under local law and is applied in situations where the resignation is requested by the company. The CEO’s own resignation will not trigger severance payment, and the severance payment is also forfeited in cases of summary dismissal from the company.

The group has not paid any remuneration to the Board of Directors in 2023 (NOK 0.0 million in 2022). The Chairman has no other bonus or special compensation on termination of office.

As of 31 December 2023 there are no loans or guarantees to executives, directors, shareholders or related parties, nor as at 31 December 2022.

Fees to auditors The parent company had audit fees of NOK 0.6 million exclusive of VAT in 2023 (NOK 0.7 million in 2022).

70 UNO-X MOBILITY • ASR 2023 • 121

Note 4 - Other operating expenses Amounts in NOK million

Fees (legal, audit etc.)

Transaction cost and bank charges

Note 7 - Investments in subsidiaries 2023 -2

2022 -11

-2

-2

Other operating expenses

-8

-6

Total other operating expenses

-12

-20

Note 5 - Net financial items Amounts in NOK million

Interest income - bank deposits Interest income, associates and joint ventures Interest expense - borrowings from banks

2023 223

2022 54

Nature of business Energy

Uno-X Smøreolje AS

Oslo, Norway

Amount in 1000

Amount in NOK mill.

3,499

76

Lubricants

100.0 %

100.0 %

300

13

Uno-X E-Mobility Norge AS Oslo, Norway

EV charging

100.0 %

100.0 %

1,500

325

YX Betjent AS Uno-X E-Mobility Danmark A/S Uno-X Smøreolie A/S Uno-X Mobility Danmark A/S Uno-X Mobility Cycling AS

Oslo, Norway

Energy

100.0 %

100.0 %

217

7

Søborg, Denmark

EV charging

100.0 %

100.0 %

600

172

Søborg, Denmark

Lubricants

100.0 %

100.0 %

2,000

54

Søborg, Denmark

Energy

100.0 %

100.0 %

300,000

209

Oslo, Norway

Cycling teams

100.0 %

100.0 %

300

68

Hammel, Denmark

Production

100.0 %

100.0 %

7,331

160

1

Ipart ApS

Total investments in subsidiaries at 31 December 2023

-1

-1 23

Net interest income (expense)

2023 79

2022 23

Net foreign exchange gains (losses) on financing activities

108

54

Net finance income (expense)

187

77

Associated companies in Uno-X Mobility AS Share of ownership 50.0 %

Share of voting rights 50.0 %

Measurement method Equity

50.0 %

50.0 %

Equity

83 125

Amounts in NOK million

2023

2022

Loans and receivables Trade and other current receivables

3,508

3,116

Office location Gøteborg, Sweden

Nature of business Lubricants manufacturer

Skanol A/S Århus, Denmark Logistics and distribution Total investments in associated companies at 31 December 2023

Reconciliation of Norwegian nominal statutory tax rate to effective tax rate

Profit before income tax

2023 230

2022 624

Nominal tax rate 22%

-51

-137

Effect of expenses not deductable for tax

-1

1

Effect of income not subject for tax (permanent differences)

6

1

Dividends / group contribution not assessable for income tax

9

82

Total tax on result

-37

-53

Effective tax rate (%)

16%

9%

1,084

Note 8 - Investments in associated companies

Company name Scanlube AB

Note 6 - Income tax

Book value in parent

100.0 %

-31

79

Share capital in company Local currency

100.0 %

4

Net interest income (expenses)

Amounts in NOK million

Office location Oslo, Norway

-147

Interest expense - REITAN

Amounts in NOK million

Company name Uno-X Mobility Norge AS

Proporation Proportion of of shares held shares held directly by by the parent Group

Book value in parent

Amount in NOK mill

42

Note 9 - Financial instruments by category Financial instruments and their carrying amounts recognised in the consolidated statement of financial position at 31 December.

Cash

3

3

Total current assets

3,511

3,119

Financial liabilities Current borrowings

-1,021

-966

Trade and other current liabilities

-778

-363

Total net financial instruments at 31 December

1,712

1,790

2023 -

2022 14

Note 10 - Trade and other receivables Amounts in NOK million

Interest bearing receivables from associates/joint ventures Current receivables, REITAN Current receivables, group companies Other current receivables Total receivables at 31 December

71 122 • UNO-X MOBILITY • ASR 2023

-

183

3,506

2,918

2

1

3,508

3,116

72

Note 11 - Cash and cash equivalents

Note 13 – Borrowings The parent company has the following loan agreements as of 31 December 2023:

2023 3

2022 3

3

3

Cash and cash equivalents (excluding bank overdrafts)

2023 3

2022 3

All subsidiaries are members of the credit and corporate account agreement, and have provided an on-demand guarentee as collateral for Uno-X Mobilty AS and its obligations according to the working capital facility agreement.

Bank overdrafts

-1,021

-966

The following financial covenants apply to the credit facility in Uno-X Mobility:

Cash and cash equivalents

-1,018

-963

Amounts in NOK million

Cash at bank and in hand Cash and cash equivalents (excluding bank overdrafts)

Cash and cash equivalents include the following for the purposes of the statement of cash flows

Working capital and facility agreement Uno-X Mobility AS and DNB entered into a credit and corporate account agreement in 2010 with collateral in subsidiaries, receivables and inventories, the latter limited to Norwegian subsidiaries only. The agreement includes an overdraft facility of NOK 1‚400 million, limited to a percentage of the group’s outstanding receivables and the Norwegian companies’ inventories. The parent company is the owner of the facility. The group’s net deposits (borrowings) are presented in the parent company’s accounts. Unused credit facilities are at floating rates and mature within a year.

Subsidiaries’ deposits (drawing) is presented as deposits (receivables) for the parent company.

Amounts in NOK million

Time of measuring

As of 31 December 2023 Uno-X Mobility has unused credit facilities of NOK 434 million (NOK 719 million as of 31 December 2022). See note 13 for more information about borrowings.

Receivables/Debt (minimum)

EBITDA 12 months rolling basis (minimum)

Equity to be (minimum)

Equity Ratio to be (minimum)

1,00

NOK 220 million

NOK 900 million

20 %

From Q4 2010 Borrowings at 31 December Bank overdraft

2023 1,021

2022 966

Current borrowings at 31 December

1,021

966

Amounts in NOK million

Note 12 - Share capital, premium and shareholders Share capital and premium Ordinary shares

2023 102

2022 101

Share premium

938

739

Amounts in NOK million

1,040

840

Inventory

2023 396

2022 352

Trade and other current receivables

1,140

1,006

Share of ownership 100.0 %

Share of voting rights 100.0 %

Carrying amount of assets held at collateral for debt at 31 December

1,536

1,358

Reitan Retail AS

Number of shares 1,000,000

Total number of shares

1,000,000

100.0 %

100.0 %

Amounts in NOK million

Share capital and premium at 31 December Shareholder at 31 December 2023

Capital increase Capital increase

2023 200

2022 400

Total capital increase

200

400

Amounts in NOK million

Accountable entities that prepare separate financial statements according to the regulations of the Accounting Act paragraph 3–9 may, without prejudice to other provisions in these regulations, enter dividends and group contributions in accordance with other provisions of the Act. This means that any dividends and group contributions given or received by the parent company must be entered in the accounts the year before the decision to give or receive such dividend or group contribution is made. This also applies to any tax effects relating to such transactions.

Carrying amount of assets held at collateral for debt at 31 December

The exposure of the group's borrowings to interest rate changes and the contractual re-pricing dates at the end of the reporting period are as follows: 1 year or less

2023 1,021

2022 966

Total borrowings at 31 December

1,021

966

2023 1,234

2022 790

DKK

97

395

SEK

-55

-21

EUR

-

1

USD

-255

-199

Total borrowings at 31 December

1,021

966

2023 2

2022 1

Accured expenses

-

33

Current provisions for other liabilities and charges

1

-

Trade payables

3

-

Current income tax liabilities

37

-

Public dues other than income tax

-13

3

-

236

Amounts in NOK million

The carrying amounts of the group's borrowings are in the following currencies Amounts in NOK million

NOK

Fair value of borrowings at 31 December 2023 Fair value for both current and non-current borrowings equals their carrying value.

Note 14 - Trade and other payables Amounts in NOK million

Accrued payroll

Current liabilities, REITAN

73

Current liabilities, group companies

748

90

Total trade and other payables at 31 December

778

363

74 UNO-X MOBILITY • ASR 2023 • 123

Definition of Key Figures and Alternative Performance Measures

Note 15 - Related parties Shareholders Uno-X Mobility AS ia a 100 percent owned subsidiary of Reitan Retail AS, se note 12 – Share capital, premium and shareholders. Reitan Retail AS is a 100 percent subsidiary of REITAN AS. REITAN AS is 100 percent owned by the Reitan family through three holding companies. Reitan Retail AS also owns shares of other companies. Uno-X Mobility AS has office location in Oslo, Norway.

Related parties Uno-X Mobility AS has direct and indirect ownership in 22 companies. The subsidiaries of Uno-X Mobility AS are presented in Note 8 - Investment in subsidiaries. Associated companies of Uno-X Mobility AS are shown in Note 8 – Associated companies.

Excise duties

-

A number of the products sold by our companies are subject to excise duties. These duties accrue when products are taken from our main inventories, and thus it is our supply and storage companies (Uno-X Mobility Norge AS and Uno-X Mobility Danmark A/S) that collects the duties from our customers, both internal customers in Uno-X Mobility and external customers. Excise duties that apply to our companies are lubricant duties, petrol and diesel duties, basic duties (grunnavgift), CO2 duties on all gas oil products, sulphur duties on some of our products, and bio-duties on products with bioelements.

FIFO effect

-

The FIFO effect is a calculated effect, reflecting realised gain (loss) on oil products sold during the period. The calculated effect reflects the difference between the current cost on the day the product is sold (which is the basis for the day-to-day price in the market), and its historical cost. On average, oil products are sold about 20–30 days after they are purchased.

Purchase and sales of goods and services All transactions with related parties are made on an arm's-length basis.

Loans to subsidiaries Uno-X Mobility AS has provided loans to subsidiaries. The interest rate is determined by Uno-X Mobility AS’s average borrowing rate for loans with similar risk.

Current receivables Uno-X Mobility AS prepares its financial statements according to the regulations of the Accounting Act, paragraph 3–9 and may, without prejudice to other provisions in these regulations, enter dividends and group contributions in accordance with other provisions of the Act. The proposed dividends from subsidiaries recognised by the parent company as of 31 December are pending approval by the General Assemblies, and are classified as current receivables until such approval is granted. As of 31 December 2023, the amount recognised is NOK 26 million (NOK 554 million as of 31 December 2022).

Current receivables are related to claims arising from the purchase and sale of goods and services as well as accrued interest on the loan. The receivables are unsecured and non-interest bearing.

The parent company has not made any provisions for losses on current receivables from related parties as of 31 December 2023 or 31 December 2022, nor have any such losses been realised in 2023 or 2022.

Current liabilities are related to the purchase and sale of goods and services, and accrued interest on the loan.

The parent has the following transactions with its owners Amounts in NOK million

Other operating expenses

2023 -9

2022 -2

Interest expenses

-1

-1

Current receivables, REITAN

-

183

Current liabilities, REITAN

-

236

Non-current receivables

2023 42

2022 99

Current receivables

3,464

2,918

Current liabilities

748

90

Sales of goods and services

27

28

The parent has the following transactions with its subsidiaries Amounts in NOK million

Other income

-

1

Purchases of goods and services

-3

-3

1,131

924

2023 -

2022 14

76

73

Guarantees The parent has the following transactions with its associates Amounts in NOK million

Current receivables Guarantees

75 124 • UNO-X MOBILITY • ASR 2023

76

UNO-X MOBILITY • ASR 2023 • 125

Adresses Uno-X Mobility VEGAR KULSET CEO

Denmark

Norway

Gladengveien 2, N-0661 Oslo, NORWAY unoxmobility.com

126 • UNO-X MOBILITY • ASR 2023

Uno-X Mobility Norge THOR KRISTIAN KORSVOLD

Uno-X Smøreolje ELO ANDERSEN

Uno-X eMobility OLE JOHANNES TØNNESSEN

YX Betjent THOR KRISTIAN KORSVOLD

Managing Director

Managing Director

Managing Director

Managing Director

Gladengveien 2, N-0661 Oslo unox.no

Gladengveien 2, N-0661 Oslo olje.yx.no

Gladengveien 2, N-0661 Oslo unox.no

Gladengveien 2, N-0661 Oslo yx.no

Uno-X Mobility Danmark ELO ANDERSEN

Uno-X Smøreolie ELO ANDERSEN

Uno-X eMobility OLE JOHANNES TØNNESSEN

Managing Director

Managing Director

Managing Director

Buddingevej 195, DK- 2860 Søborg unox.dk

Buddingevej 195, DK- 2860 Søborg yxlube.dk

Buddingevej 195, DK- 2860 Søborg www.unox.dk

UNO-X MOBILITY • ASR 2023 • 127

Auditor’s report

Statsautoriserte revisorer Ernst & Young AS

Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00

Stortorvet 7, 0155 Oslo Postboks 1156 Sentrum, 0107 Oslo

www.ey.no Medlemmer av Den norske Revisorforening

INDEPENDENT AUDITOR'S REPORT To the Annual Shareholders' Meeting of Uno-X Mobility AS

Report on the audit of the financial statements Opinion We have audited the financial statements of Uno-X Mobility AS (the Company) which comprise the financial statements of the Company and the consolidated financial statements of the Company and its subsidiaries (the Group). The financial statements of the Company comprise the balance sheet as at 31 December 2023 and statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended and notes to the financial statements, including a summary of significant accounting policies. The consolidated financial statements of the Group comprise the balance sheet as at 31 December 2023, the statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended and notes to the financial statements, including material accounting policy information.

In our opinion • •

•

the financial statements comply with applicable legal requirements, the financial statements give a true and fair view of the financial position of the Company as at 31 December 2023 and its financial performance and cash flows for the year then ended in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2023 and its financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company and the Group in accordance with the requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information Other information consists of the information included in the annual report other than the financial statements and our auditor’s report thereon. Management (the board of directors and the CEO) is responsible for the other information. Our opinion on the financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information, and, in doing so, consider whether the board of directors’ report contains the information required by applicable legal requirements and whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that the other information is materially inconsistent with the financial statements, there is a material misstatement in this other information or that

A member firm of Ernst & Young Global Limited

128 • UNO-X MOBILITY • ASR 2023

2

3

the information required by applicable legal requirements is not included in the board of directors’ report, we are required to report that fact.

•

We have nothing to report in this regard, and in our opinion, the board of directors’ report is consistent with the financial statements and contain the information required by applicable legal requirements.

•

Responsibilities of management for the financial statements Management is responsible for the preparation of the financial statements of the Company that give a true and fair view in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit.

We remain solely responsible for our audit opinion.

We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Oslo, 12 April 2024 ERNST & YOUNG AS

In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or the Group, or to cease operations, or has no realistic alternative but to do so.

The auditor's report is signed electronically Finn Espen Sellæg State Authorised Public Accountant (Norway)

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: •

•

• •

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.

Independent auditor's report - Uno-X Mobility AS 2023

Independent auditor's report - Uno-X Mobility AS 2023

A member firm of Ernst & Young Global Limited

A member firm of Ernst & Young Global Limited

Signed electronically UNO-X MOBILITY • ASR 2023 • 129

Appendix People data

Verification

To collect data on employee statistics, Uno-X Mobility follows a set template developed by Reitan Retail, taking both FTE and number of employees into account. The data is collected and reported to Reitan Retail yearly by 31 December. Cyclists are not included in these statistics.

Uno-X Mobility Greenhouse Gas Emissions data (scope 1, 2 and 3) is verified by DNV, as part of Reitan Retails GHG emissions data. The data has been verified according to requirements set out by the Greenhouse Gas Protocol. Uno-X Mobility’s relationship with DNV regarding the carbon accounting is strictly related to verification, as this is considered best practise and mitigates any risk of conflicting interests. No other parts of our non-financial data have been verified by a third party, and we currently do not have any plans of implementing this as a practice.

130 • UNO-X MOBILITY • ASR 2023

BUSINESS AREA

EMPLOYEES PER 31.12.23

EMPLOYEES WITH ADDITIONAL HEALTHCARE SERVICES

EMPLOYEES COVERED BY MANAGEMENT SYSTEMS

Uno-X Mobility

311

305

311

EMPLOYEES BY GENDER Business area

2023

2022

Female

Male

Total

Female

Male

Total

Co-workers - other

10

41

51

9

29

38

Co-workers - warehouse/distribution

0

1

1

0

1

1

Co-workers - production facilities

0

26

26

0

0

0

Co-workers - office

63

70

133

4

39

43

Co-workers - with responsibility area

10

34

44

57

78

135

Managers

9

17

26

7

28

35

Management

7

23

30

2

9

11

Total

99

212

311

89

210

299

UNO-X MOBILITY • ASR 2023 • 131

EMPLOYMENT BY TYPE Business area

2023

2022

Female

Male

Total

Female

Male

Total

Permanent employment

95

207

302

81

176

257

Temporary employment

0

1

1

1

2

3

Non-guaranteed hours employees

4

4

8

7

32

39

Total

99

212

311

89

210

299

EMPLOYMENT TYPE

2023

2022

Full time

291

251

Part time

20

48

Total

311

299

132 • UNO-X MOBILITY • ASR 2023

BOARD MEMBERS BY GENDER 2023 Board member

EMPLOYEES BY AGE | 2023

FEMALE

MALE

TOTAL

2

1

3

>18

19-29

30-39

40-49

50-59

>60

TOTAL

Female

0

13

26

17

32

11

99

Male

2

50

39

43

53

25

212

Total

2

63

65

60

85

36

311

UNO-X MOBILITY • ASR 2023 • 133

MANAGERS AND MANAGEMENT POSITIONS

BY AGE 2023

>18

19-29

30-39

40-49

50-59

>60

TOTAL

Female

0

0

6

5

4

1

16

Male

0

3

2

17

13

5

40

Total

0

3

8

22

17

6

56

134 • UNO-X MOBILITY • ASR 2023

EMPLOYEES BY REGION 2023 Norway

105

Denmark

157

Cycling Team

49

FEMALE Parental Leave 2023

Entitled to parental leave

On parental leave

Returned to work rate

Entitled to parental leave

On parental leave

Returned to work rate

7

6

100 %

6

6

100 %

Total

NEW EMPLOYEES BY AGE AND GENDER 2023

MALE

> 18

19-29

30-39

40-49

50-59

> 60

TOTAL

Female

0

4

5

6

8

1

24

Male

1

23

7

10

7

4

52

Total

1

27

12

16

15

5

76

UNO-X MOBILITY • ASR 2023 • 135

Uno-X Mobility AS

Annual and Sustainability Report 2023