Uno-X Mobility Annual and Sustainability Report 2023

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

Liquid fuel

Solid development for liquid fuel operations in softening market

Foto Fredrik Varfjell /NTB

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

We are Uno-X Mobility

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 REITAN-

mindset

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

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

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.

Value chain

Own operations

Uno-X Mobility businesses

▪ Fuels

▪ Car wash

▪ EV charging

▪ Heavy-duty EV charging

▪ Fuel depots ▪ Lubricants

Letter from CEO

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.

A shift towards sustainability

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.

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.

Electrifying the future

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

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

Our sustainability approach

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.

European Union

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.

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.

“But as the electric vehicle (EV) revolution has proven, transport is fertile ground for innovative greentech solutions and technologies, creating industries and creating good jobs. This is the critical period to not only cement Europe’s leadership in addressing the climate 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/

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

National governing bodies

Fuel

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 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

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

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.

Overview of stakeholders

▪ 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

▪ Fuels

▪ E-mobility

▪ The Norwegian Transparency Act

▪ Personal discussions

▪ Public events and panels

▪ Association and organisation dialogue formats

▪ Value-based culture

▪ Our mission, business idea and strategy

▪ Environment, health, and safety

▪ Training and development

▪ Performance

▪ An active and healthy lifestyle

▪ One-on-one discussions

▪ Group meetings – digitally or in the office

▪ Value gatherings

▪ Social contexts

▪ Emissions reductions from road transport

▪ E-mobility

▪ Ecolabelled car wash

▪ Biofuel feedstocks

UNIVERSITIES AND RESEARCH INSTITUTIONS

Relevant topics

▪ Develop sustainable mobility

▪ Meetings

▪ Seminars

▪ Partnerships, project participation

▪ Partnerships

▪ Participation on panels and in discussion events

▪ Access to sales products, fuels, biofuels, and electricity

▪ Suppliers Code of Conduct (SCoC)

▪ The Norwegian Transparency Act

▪ Electrification of heavy-duty transport

▪ Suppliers’ discussions and negotiations

▪ Events and conferences

▪ Agreements

▪ Loans

▪ Credit facilities

▪ Cash management

BANKS/FINANCIAL INSTITUTIONS

▪ 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.

Summarised prioritised risks

1. Regulatory

2. Technology

▪ Stranded assets, inefficient investments

▪ Loss of market share

▪ Lacking support for transition (e.g. electricity grid development)

▪ Stranded assets, sunk costs, inefficient investments

▪ Regulatory disconnect

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.

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

3. Reputational

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.

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

▪ Disruption of fuel/energy supply

4. Physical effects

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

5. Market effects of the transition

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.

Summarised prioritised opportunities

1. Regulatory

▪ Enables long-term investments

▪ Possibility to utilise or capitalise on support-schemes

▪ Better products and services

▪ Effective delivery and reach

2. Technology

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.

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.

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

3. Reputational

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.

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

▪ N/A N/A

4. Physical effects

▪ Enables growth

▪ Retained or increased market share

5. Market effects of the transition

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.

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.

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

▪ Human rights

ETHICAL VALUE CHAIN

▪ Business ethics and anti-corruption

PEOPLE AND CULTURE

▪ Employer- and employment practises

▪ Environment, health, and safety

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

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

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

Ethical value chain

▪ Human rights

▪ Business ethics and anti-corruption

People and culture

▪ Employer- and employment practises

▪ Environment, health, and safety

▪ Supplier assessment of all suppliers

▪ 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

▪ 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

▪ 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

ENVIRONMENT

Relevant

UN Sustainability Goals and Sub Goals

We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

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.

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.

Creating net zero mobility

Scope 1 / Our emissions • Prioritising renewable

▪ Changing company cars to electric vehicles

▪ Actively exploring solutions for renewable mobility in our cycling team

Scope 2 / Energy consumption • Renewable and efficiency

▪ Enhancing energy efficiency in all our operations

▪ Purchasing guarantees of origin for all electricity

Scope 3 / Value chain • Renewable energy

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

in own operations by 2030 (Scope 1 and 2)

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.

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 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.

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

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

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 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

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.

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

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

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

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.

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.

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

Own operations

Uno-X Mobility businesses

▪ Fuels

▪ Car wash

▪ EV charging

▪ Heavy-duty EV charging

▪ Fuel depots ▪ Lubricants

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,

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 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

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.

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

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.

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

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

Significant air emissions – use of sold products

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

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.

Fuels

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

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.

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 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

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

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.

Regional biofuel requirements

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.

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

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:

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

ETHICAL VALUE CHAIN

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.

Relevant UN Sustainability Goals and Sub Goals

We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

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.

Responsible procurement

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

Supplier Code of Conduct

Enhancing our business relations Code of Conduct Guiding our day-today operations

suppliers and partners (Ipart ApS excluded) 100 % supplier risk assessed*

2 804 low risk

60 medium risk

10 high risk

0 very high risk

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

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

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

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

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

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

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

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.

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

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

of suppliers who were risk evaluated during the year

of suppliers with very high risk

of suppliers with high risk

* 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.

showing requests for information in line with the Norwegian Transparency Act

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

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.

PEOPLE AND CULTURE

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.

Relevant UN Sustainability Goals and

Sub Goals

We contribute to specific Sustainable Development Goals (SDGs) by concentrating on our material topics.

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.

Preserving a safe society and great people

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

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

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

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.

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.

and incident reporting

*Data missing on cyclists

**Ipart excluded

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,

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.

Training

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

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.

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,

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.

Internal integrity and trust

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

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.

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 sponsorshipsinspiration 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.

REPORTED SICK LEAVE

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�

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).

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

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

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

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

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.

Director’s report

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

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.

FINANCIAL PERFORMANCE

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

OUR OPERATIONS IN NORWAY AND DENMARK

At

NORWAY

DENMARK

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.

Commercial

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.

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.

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

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) fullservice 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).

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.

Uno-X Mobility Cycling AS

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

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.

Lubricants

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

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

CORPORATE GOVERNANCE AND COMPLIANCE

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

We operate our business based on the REITAN-

mindset

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

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

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.

OLE ROBERT REITAN Chairman of the Board and CEO Reitan Retail

MONICA ØDEGAARD Board member

KRISTIN S. GENTON Board member

VEGAR KULSET CEO Uno-X Mobility

Oslo, 12.04.2024

Notes to the Financial Statements

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.

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.

The consolidated financial statements of Uno-X Mobility AS were approved by the company’s Board of Directors on 12 April 2024

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.

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) -16 16

Effect on equity -135 135

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 -5%-point +5%-point

Effect on interest income -40 40

Effect on equity -31 31

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.

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

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.

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 2023 2022

borrowings 1,044 989

cash and cash equivalents -140 -132

borrowings at 31 December 904 857

Note 3 – Financial risk management - continued

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 ong-term liabilities, quoted prices

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 nterest rate swaps is calculated as the present value of the estimated future cash flows.

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

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

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.

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’ environmenta 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

See also note 24.

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.

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.

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 15 and note 27

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 effe ct 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.

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, e xcise 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

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.

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,

and

products, sulphur duties on some of our products, and bio-duties on products with bio-elements. Group revenue are presented

and accordingly they are not included in cost of goods sold. In the consolidated comprehensive income, the group presents the amo unt of the excise duties that have been charged in the period, in addition to revenue.

Sales of services

Revenue from sales of services includes revenues from car wash.

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

Note 7 – Other income

Note 8 - Net other gains (losses)

Note 9 - Salaries and personnel costs

in NOK million

and salaries

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 Pensions

The group has both defined benefit and defined contribution plans.

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. T he contributions are recognised as employee benefit expense when they are due.

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

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 calcul ated annually by independent actuaries using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charge d or credited to equity in other comprehensive income in the period in which they arise

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 9 – Salaries and personnel costs - Continued

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

(9,4

is salary and 2,4 million is pension costs). In addition, the CEO has a long-term bonus agreement determined by

is

years, with payment at the end of the period. For 2023, a

The

is conditional upon the CEO waiving the

rights under local

and is

in

ituations 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 o f 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

or special compensation on termination of office.

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

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

There has not been any significant purchase or sale of goods or services between group companies and executives, directors, s

or related parties.

to auditors

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

Note 10 - Other operating expenses

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

for the Danish subsidiaries, bu not for the other subsidiaries. Income

Goodwill

Goodwill

net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree at the time of acquisition.

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 poten tial 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 reco verable 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

as

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.

Note 14 – Property, plant and equipment

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.

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.

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 t his is an indication of impairment according to IAS 36.

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:

Buildings 10-25 years

Station fixtures 5-10 years

Fixtures 5-10 years

Vehicles 5-18 years

Furniture, fittings and equipment 3-5 years

IT-eqipment 3-5 years

Fuel

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within ‘Ne t other gains (losses)’ in the income statement.

Amounts in NOK million

Note 15 – Right-of-use assets

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 amount of the initial measurement of the lease liability recognised

• Any lease payments made at or before the commencement date, less any incentives received

• Any initia 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 condit ions of the lease, unless those costs are incurred to produce inventories.

The group applies the depreciation requirements in IAS 16 Property, Plant and Equi pment 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

in the

of profit or

when they incur.

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

The

-

-

-

Financial

Financial

-

Amortised

Note 19 – Trade and other receivables - Continued

Note 20 – Inventories

Note 24– Provisions for other liabilities

Provisions for environmental restoration, restructuring costs and legal claims are recognised when: the group has a present egal 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 am ount has been reliably estimated.

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

Provisions are measured at the present value of the expenditures expected to be

market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of

Note 25 – Borrowings

Borrowings

Fees

Borrowings are classified as current liabilities unless the group has an

balance sheet date.

Current and non-current borrowings

right to

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:

1-2 years

Undrawn borrowing facilities

In 2010, the parent company Uno-X Mobility signed an agreement with DNB The agreement includes an overdraft facility of

1,400

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.

Note

26

– Loan agreements

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, receivab les and inventories, the latter limited to Norwegian subsidiaries only. The agreement includes an overdraft facility of NOK 1‚4 00 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.

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

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

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

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

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

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

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 le ase 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 eases. 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 ass igned 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 throug h individual credit assessment of the individual tenant. Interest expenses related to the lease obligations are recognized as a separate line in the in come statement. The group presents its lease liabilities as separate line items in the statement

Shareholders

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

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 Convenien ce 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:

in NOK million SFI

Property, plant and equipment

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:

in

A/S

Notes

Notes to the Financial Statements

Note 1 – Accounting policies

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.

Note 2 - Total revenue

Note 3 - Salaries and personnel costs

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.

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 mil lion 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

The CEO is entitled to severance pay equal to twelve months of the annual base salary from the expiry of the

Note 7 - Investments in subsidiaries

Note 8 - Investments in

Note 9 - Financial instruments by category

Note 11 - Cash and

Note 13 – Borrowings

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, receivab les and inventories, the latter limited to Norwegian subsidiaries only. The agreement includes an overdraft facility of NOK 1‚4 00 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.

All subsidiaries are members of the credit and corporate account agreement, and have provided an on-demand

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

Borrowings at 31 December

transactions.

Note 14 - Trade and other payables

as

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.

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 prov isions 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 class ified 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 interes 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 202 3 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

Current receivables, REITAN

Current liabilities, REITAN

The

The parent has the following transactions with its associates

Definition of Key Figures and Alternative Performance Measures

Adresses

Uno-X Mobility

VEGAR KULSET CEO

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

Uno-X Mobility Norge

Norway

Denmark

THOR KRISTIAN KORSVOLD

Managing Director

Gladengveien 2, N-0661 Oslo

unox.no

Uno-X Mobility Danmark

ELO ANDERSEN

Managing Director

Buddingevej 195, DK- 2860 Søborg unox.dk

Uno-X Smøreolje

ELO ANDERSEN

Managing Director

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

Uno-X Smøreolie

ELO ANDERSEN

Managing Director

Buddingevej 195, DK- 2860 Søborg yxlube.dk

Uno-X eMobility

OLE JOHANNES TØNNESSEN

Managing Director

Gladengveien 2, N-0661 Oslo unox.no

Uno-X eMobility

OLE JOHANNES TØNNESSEN

Managing Director

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

YX Betjent

THOR KRISTIAN KORSVOLD

Managing Director

Gladengveien 2, N-0661 Oslo yx.no

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 b alance 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 end ed 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 esponsibilities 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 informa tion 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

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.

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 inte nds to liquidate the Company or the Group, or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financ ial 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 decisio ns 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.

• 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 consolidat ed 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

The auditor's report is signed electronically

Finn Espen Sellæg State Authorised Public Accountant (Norway)

Appendix

People data

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.

Verification

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.

BOARD MEMBERS BY GENDER 2023

Uno-X Mobility AS Annual and Sustainability Report 2023