Presentation of Esso S.A.F.

Context

Esso S.A.F. is a French listed company, subsidiary of the ExxonMobil group, historically active in refining, logistics and marketing of petroleum products on the national market.

Following the announcement of May 28, 2025, the company is entering a new stage in its history:

• change of controlling shareholder,
• implementation of long-term agreements with entities linked to ExxonMobil,
• and continuation of its activities with French customers.

Heritage and Assets

Esso S.A.F. has supported the supply of the French market with fuels and petroleum products for over a century. It relies on:

• industrial and logistics assets located on the territory,
• long-term supply contracts,
• a distribution network operating notably under the Esso brand, still present in France,
• and a set of minority shareholdings in companies necessary for its operation.

Announcement of the Transfer of Esso S.A.F.

On May 28, 2025, ExxonMobil announced that it had entered into exclusive negotiations with North Atlantic France SAS for the transfer of its controlling block in the capital of Esso S.A.F. (and, separately, of ExxonMobil Chemical France).

Following this transfer, North Atlantic France SAS will have to file a mandatory public offer on the remaining shares of Esso S.A.F., the launch of which is expected at the beginning of 2026, in accordance with the press releases published on May 28.

Depending on its outcome, the offer could be followed by a mandatory buyout resulting in the delisting of Esso S.A.F. shares.

Esso S.A.F. Share Price and Trading Volume Evolution

The evolution of Esso S.A.F.'s share price over ten years shows a long-stable stock before strong volatility starting in 2022, a period marked by the energy crisis and soaring refining margins. Trading volumes then experienced an initial historic peak.

Since 2024, volumes have tightened again and price movements have intensified, linked to successive announcements regarding the sale, exceptional distributions, and price adjustments communicated by North Atlantic. The acceleration of volatility in 2024–2025 reflects a market seeking visibility on industrial prospects and the offer price.

The Operation at a Glance

The exclusive negotiations announced on May 28, 2025 resulted in the transfer, on November 28, 2025, of 100% of Esso S.A.F.'s capital as well as the entire capital of ExxonMobil Chemical France (EMCF) to the North Atlantic group. EMCF is ExxonMobil's petrochemical subsidiary in France, operating notably the Gravenchon/Port-Jérôme industrial site in Normandy.

With the transaction now completed, Esso S.A.F. has taken the name North Atlantic Énergies, as announced in the company's press release dated November 28, 2025.

In accordance with regulations, North Atlantic must file a mandatory public offer on the remaining Esso S.A.F. shares not held following the acquisition. The acquirer has indicated that this offer is expected to be filed in the first quarter of 2026.