Stacked barrels of crude oil and an oil tanker at sunset

Six months of conflict: why oleins remain more expensive and scarcer

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Six months ago, we warned in this same space that the escalating conflict in the Middle East had ceased to be a regional issue and had become a destabilizing factor in global commodity markets (see "Conflict in Iran: The Perfect Storm Threatening Animal Feed," April 2026). What was then an emerging risk has now become the new reality for the sector: rising prices and shortages in the olein market have only worsened.

Crude oil prices remain high, and the domino effect continues.

Tensions in the Strait of Hormuz are keeping oil prices persistently high. In fact, Brent crude averaged around $102 a barrel in September—fluctuating between $93 and $110 as tensions in the Strait of Hormuz escalated—with no signs of easing. As long as crude remains expensive, biodiesel will continue to be profitable, and biofuel refineries will continue to absorb vegetable oils—soybean, palm, and sunflower—that were previously destined for the food supply chain. This shift in supply from the food sector to the energy sector, which we anticipated in April, has become structural: it is not a temporary spike, but rather sustained competition for the same raw material.

Less by-product available, prices at record highs

The impact is particularly severe on oleins and fats intended for animal feed. With the reduced availability of vegetable oils and their refining byproducts, the olein market is grappling with two simultaneous problems: record-high farmgate prices and a product shortage that makes it difficult to secure regular volumes. Adding to the rising cost of raw materials is the increased expense of transportation and auxiliary inputs, which puts pressure on both the source and the destination, squeezing profit margins throughout the entire supply chain.

A logistical strain that doesn't let up

Added to the cost is the uncertainty surrounding supply. Shipping routes remain affected by the conflict, lead times are lengthening, and planning is becoming more complicated. For a sector that works with perishable goods and long-term contracts, the combination of volatile prices and strained logistics necessitates anticipating and managing supply with a level of care that wasn't required a year ago.

RIOSA's commitment

In this scenario, at RIOSA we are reinforcing what has always been our priority: guaranteeing our customers a stable supply and consistent quality, even when the market is against us. We are closely monitoring the evolution of the conflict and prices to make decisions as early as possible and mitigate, to the best of our ability, the impact on livestock farming. As we said in April, this is not just a war for geopolitical control: it is a struggle for resources that are the first link in the global food chain. And in this struggle, supplier reliability has become as scarce—and as crucial—as the raw materials themselves.

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Conflict in Iran: The Perfect Storm Threatening Animal Food

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The escalating conflict in the Middle East has ceased to be a strictly regional issue and has become a critical destabilizing factor in global commodity markets. With crude oil prices exceeding $90-$100 per barrel due to instability in the Strait of Hormuz, the energy industry has turned its attention to biofuels, triggering a domino effect that directly impacts the animal nutrition sector.


The relentless rise in oil prices has driven up the profitability and demand for biodiesel. In this scenario, vegetable oils (soybean, palm, and sunflower), essential components in livestock feed, are being massively absorbed by biofuel refineries. This massive diversion of supply from the food sector to the energy sector is causing a shortage of oilseed byproducts and a historic price increase for vegetable fats used in animal feed.

This is compounded by increases in the price of transport and auxiliary raw materials, which are producing a significant increase in prices at origin and destination for consumers.


For companies like Riosa, the situation presents a double challenge: volatile farmgate prices and the logistical strain stemming from the conflict. As long as energy remains tied to oil shortages, livestock farming faces unprecedented cost pressures. This is not just a war for geopolitical control, but a struggle for resources that are the first link in the global food chain.

Call for the Ordinary General Meeting of Shareholders

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The Board of Directors of RIOSA-REFINACION INDUSTRIAL OLEICOLA SA. In accordance with the legal and statutory precepts, the Board of Directors hereby convenes the shareholders to the Ordinary General Meeting to be held at the registered office, located at Barriada del Puente, s/n, in Ibros, Jaén, on April 30, 2026 at 10:00 a.m., with the following agenda:

ORDER OF THE DAY:

First: Ratification of the constitution of the Ordinary General Meeting, the Agenda, as well as the positions of President and Secretary thereof.


Second: Approval, if applicable, of the management of the entity's governing body, corresponding to the financial year ending 31/10/2025.


Third: Approval, if applicable, of the annual accounts for the financial year ending 31/10/2025.


Fourth: Approval, if applicable, of the Application Proposal of the result of the aforementioned exercise.


Fifth: Ratify the remuneration of the Administrators.


Sixth: Reading and approval of the minutes.

The right of shareholders to request in writing, prior to the Board meeting or verbally during it, the reports or clarifications they deem necessary regarding the matters included in the Agenda, to the Administrative Body, is stated. who will provide it orally or in writing, according to the time and nature of the information requested in accordance with article 197 of the Consolidated Text of the Capital Companies Law.

In Ibros, on March 28, 2026.

The President of the Board of Directors, Mr. Hugo L. Espuny Camacho.

Call for the Extraordinary General Meeting of Shareholders

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The Board of Directors of RIOSA-REFINACION INDUSTRIAL OLEICOLA SA. In accordance with legal and statutory precepts, the shareholders are hereby summoned to the Ordinary General Meeting of Shareholders to be held on March 31, 2026, at 10:00 a.m., at the registered office located in Ibros (Jaén), Barriada del Puente s/n, in accordance with the following

 ORDER OF THE DAY:

First: Determination of the remuneration of the Board of Directors.


Second: Reading and approval of the minutes.

The right of shareholders to request in writing, prior to the Board meeting or verbally during it, the reports or clarifications they deem necessary regarding the matters included in the Agenda, to the Administrative Body, is stated. who will provide it orally or in writing, according to the time and nature of the information requested in accordance with article 197 of the Consolidated Text of the Capital Companies Law.

In Ibros, on February 28, 2026.

The President of the Board of Directors, Mr. Hugo L. Espuny Camacho.

ISCC Sustainability Certification Renewal

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Sustainability and environmental protection are a priority in our manufacturing processes, achieved through continuous research and investment, as well as the meticulous daily adherence to sustainable work procedures implemented over the past forty years. Thus, thanks to our commitment to the environment In 2026, we achieved certification under the prestigious ISCC standard – International Sustainability and Carbon Certification, Sustainability certification awarded by the prestigious Italian company RINA. This certification demonstrates our commitment to environmental matters beyond mere compliance with existing regulations.

ISCC certification confirms that the raw materials we process and the products we market for biofuel applications meet the requirements of the European Renewable Energy Directive (RED II/III) in sustainability and reduction of greenhouse gas emissions.

A portion of the fats we produce is used to manufacture biodiesel. For this biodiesel to count as renewable energy in the European energy mix, it must be traceable back to a sustainable feedstock—typically byproducts and waste from the olive oil sector—with a verifiable reduction in greenhouse gas (GHG) emissions compared to the reference fossil fuel. ISCC audits every link in the chain: harvesting, storage, manufacturing, and transport. Our certifying body, RINA (Italy), verifies our mass balances, traceability documentation, and emissions calculations. For our energy sector clients, ISCC is not a voluntary badge but a regulatory requirement: without valid ISCC certification at every stage of the chain, the final biodiesel cannot be recognized as renewable in European national registers. We are committed to renewing this certification annually without interruption, ensuring a continuous supply to a sector where any traceability failure propagates backward to all the suppliers that feed it.

https://www.riosa.com/wp-content/uploads/2026/04/Certificado-ISCC-RIOSA-2026-2027.pdf

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NextGeneration EU aid for self-consumption photovoltaic installations

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«RIOSA-REFINACION INDUSTRIAL OLEICOLA SA” has received aid from the European Union under the NextGenerationEU Fund, within the framework of the Recovery, Transformation and Resilience Plan, for the installation of a self-consumption photovoltaic system within the incentive program linked to self-consumption and storage, with renewable energy sources, as well as the implementation of renewable thermal systems in the residential sector of the Ministry for Ecological Transition and the Demographic Challenge, managed by the Regional Government of Andalusia, through the Andalusian Energy Agency.”

Call for the Extraordinary General Meeting of Shareholders

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The Board of Directors of RIOSA-REFINACION INDUSTRIAL OLEICOLA SA. In accordance with legal and statutory precepts, the shareholders are hereby summoned to the Ordinary General Meeting of Shareholders to be held on December 29, 2025, at 10:00 a.m., at the registered office located in Ibros (Jaén), Barriada del Puente s/n, in accordance with the following

 ORDER OF THE DAY:

First: Distribution of dividends against voluntary reserves.


Second: Reading and approval of the minutes.

The right of shareholders to request in writing, prior to the Board meeting or verbally during it, the reports or clarifications they deem necessary regarding the matters included in the Agenda, to the Administrative Body, is stated. who will provide it orally or in writing, according to the time and nature of the information requested in accordance with article 197 of the Consolidated Text of the Capital Companies Law.

In Ibros, on November 24, 2025.

The President of the Board of Directors, Mr. Hugo L. Espuny Camacho.

Call for the Extraordinary General Meeting of Shareholders

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The Board of Directors of RIOSA-REFINACION INDUSTRIAL OLEICOLA SA. In accordance with legal and statutory precepts, the shareholders are hereby summoned to the Ordinary General Meeting of Shareholders to be held on December 15, 2025, at 10:00 a.m., at the registered office located in Ibros (Jaén), Barriada del Puente s/n, in accordance with the following

 ORDER OF THE DAY:

First: Removal of the members of the previous Board of Directors and
appointment of the new Councilors.


Second: Delegation of powers to execute and formalize the above
agreements.


Third: Reading and approval of the minutes.

The right of shareholders to request in writing, prior to the Board meeting or verbally during it, the reports or clarifications they deem necessary regarding the matters included in the Agenda, to the Administrative Body, is stated. who will provide it orally or in writing, according to the time and nature of the information requested in accordance with article 197 of the Consolidated Text of the Capital Companies Law.

In Ibros, on November 14, 2025.

The Deputy Secretary of the Board of Directors, Mr. Manuel Fernandez Gayo

ISO 14001:2015 Environmental Certification

hecQuality, Chemical industry, Environment

Sustainability and environmental protection are a priority in our manufacturing processes, achieved through continuous research and investment, as well as the meticulous daily adherence to sustainable work procedures implemented over the past forty years. Thus, thanks to our commitment to the environment In 2025 we achieved certification under the prestigious ISO 14001:2015 Environmental Management System standard. Awarded by the prestigious certification company Bureau Veritas, this certification demonstrates our commitment to environmental conservation beyond mere compliance with existing regulations.

ISO 14001:2015 certification guarantees that RIOSA systematically identifies, measures, and improves the environmental impact of all its production processes. Unlike a statement of intent, ISO 14001 requires an annually audited cycle: identification of environmental aspects (energy consumption, waste management, air emissions, discharges, and noise), setting measurable improvement targets year after year, and independent verification by an accredited certification body—in our case, Bureau Veritas—that the targets are met in practice, not just on paper.

In an oil refinery, this translates into concrete commitments: productive circularity —we take advantage of by-products from the olive oil sector as raw material, extending their useful life cycle instead of sending them to landfill—, progressive reduction of energy consumption per ton manufactured, exhaustive control of spills with periodic analysis, traceability of recoverable waste, and responsible purchasing policies from suppliers.

Adherence to ISO 14001 forms an inseparable whole with our other environmental compliance certification ISCC and our food certifications GMP+ and ISO 22000. Manufacturing with maximum food safety and with the lowest possible environmental impact is for RIOSA a single, indivisible requirement, not two conflicting objectives.

https://www.riosa.com/wp-content/uploads/2026/04/25862777-BUQ-RIOSA-REFINACION-INDUSTRIAL-OLEICOLA-S.A.-ESPANOL.pdf

Call for the Extraordinary General Meeting of Shareholders

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The Board of Directors of RIOSA-REFINACION INDUSTRIAL OLEICOLA SA. In accordance with legal and statutory precepts, the shareholders are hereby summoned to the Ordinary General Meeting of Shareholders to be held on October 20, 2025, at 10:00 a.m., at the registered office located in Ibros (Jaén), Barriada del Puente s/n, in accordance with the following

 ORDER OF THE DAY:

First: Appointment of the company's auditor.


Second: To authorize, where appropriate, the execution and notarization of the
agreements adopted.


Third: Requests and questions.


Fourth: Reading and approval of the minutes.

The right of shareholders to request in writing, prior to the Board meeting or verbally during it, the reports or clarifications they deem necessary regarding the matters included in the Agenda, to the Administrative Body, is stated. who will provide it orally or in writing, according to the time and nature of the information requested in accordance with article 197 of the Consolidated Text of the Capital Companies Law.

In Ibros, on September 15, 2025.

The President of the Board of Directors, Mr. Hugo L. Espuny Camacho.