RNS Number : 4788U
Helleniq Energy Holdings S.A.
07 August 2025
Maroussi, 7 August 2025
Second Quarter / First Half 2025 financial results
Adjusted EBITDA at €221m and successful completion of the full turnaround at the Elefsina refinery - Significant progress in all activities - Completion of ELPEDISON acquisition - Acquisition of 405 MW RES projects in Romania and Bulgaria
HELLENiQ ENERGY Holdings S.A. ("Company") announced its 2Q25 consolidated financial results, with Adjusted EBITDA amounting to €221m and Adjusted Net Income to €72m.
The scheduled full turnaround at the Elefsina refinery, which commenced in late March, was successfully and safely completed at the end of June. Despite the reduced production during the maintenance period, the improvement in benchmark refining margins, combined with the strong performance of our Marketing subsidiaries both in Greece and internationally, led to a significant improvement compared to 1Q25, bringing profitability close to last year's levels.
Refineries' output and sales in 2Q25 amounted to 3.5m MT, lower than in the same period last year, due to the planned shutdown of the Elefsina refinery. Exports remained strong, accounting for 45% of total sales, while, at the same time, domestic sales were higher.
2Q25 Reported EBITDA amounted to €112m, primarily due to the weaker international crude oil prices during the quarter and their impact on inventory valuation.
Main developments - Strategy implementation
During the last few months, the Group accelerated progress on all strategic priorities, with a strong focus on expanding its international footprint.
In Refining and Petrochemicals, the Group evolved its Supply & Trading business model through the launch of HELLENiQ Petroleum Trading, based in Switzerland. The new company is staffed by experienced professionals from the Supply & Trading division, as well as newly onboarded traders from the international market. The team works closely with refinery operations and planning teams and conducts trading activities on behalf of its parent, HELLENiQ Petroleum, aiming to further capitalize on the Group's material position in the physical commodity market, while expanding its presence in the international markets.
In the Renewable Energy Sources (RES) business, the Group, through HELLENiQ Renewables, has acquired ready-to-build projects, with a total capacity of 405 MW in Romania and Bulgaria. Specifically, acquisitions include 96 MW of wind parks and 186 MW of hybrid projects, comprising wind and energy storage, in East Romania. Additionally, 123 MW of hybrid projects, consisting of photovoltaic and energy storage, have been acquired in SE Bulgaria. The projects shall be constructed and progressively commissioned over the next three years. In addition, the acquisition of ABO Energy Hellas has resulted in the addition of a portfolio of projects under development, amounting to a total capacity of 1.5 GW in Greece, alongside an integrated platform for the development and construction of RES projects. Furthermore, the commencement of construction of two new energy storage systems in Florina, with a total capacity of 50 MW (200 MWh), is expected soon.
These initiatives accelerate the implementation of our strategic plan, targeting a total operating RES portfolio of 1.5 GW by 2028, while enhancing geographical and technological diversification, resilience to market conditions, development and construction capabilities, as well as financial returns.
On 15 July 2025, the acquisition of ELPEDISON was completed for a total consideration of €164m, plus €19m in adjustments. As of 3Q25, ELPEDISON will be fully consolidated in the Group's financial results, enabling the creation of a fully integrated platform for the production and supply of electricity and natural gas, leveraging synergies between HELLENiQ Renewables and ELPEDISON.
Higher benchmark refining margins amid lower crude oil prices - Increased electricity and EUA prices
In 2Q25, Brent crude oil was 20% lower y-o-y, averaging $68/bbl. The EUR/USD exchange rate averaged 1.13 vs 1.08 in 2Q24.
Natural gas and electricity prices increased by 14% y-o-y and 6% y-o-y respectively, on average, in 2Q25. Accordingly, CO2 prices (EUAs) in 2Q25 recorded an increase of 1% y-o-y, on average.
Refining margins were higher vs 2Q24, with our refineries' system benchmark margin averaging $5.7/bbl vs $4.9/bbl in 2Q24.
Increased demand for fuels in the domestic market
Domestic market demand in 2Q25 reached 1.6m MT, 6% higher y-o-y, with automotive fuels consumption increasing by 3% y-o-y. Demand for aviation fuels grew by 4%, while marine fuel consumption increased by 6%, supported by the introduction of new specifications regarding sulfur content in the Med, which became effective on 1 May 2025.
Balance sheet and capital expenditure
In 2Q25, the operating cash flow amounted to €331m, primarily due to increased profitability and lower working capital requirements. Capital expenditure reached €157m, mainly driven by the full turnaround at the Elefsina refinery. Consequently, net debt was reduced to €2.4bn, while excluding non-recourse project finance, it stood at €2bn. The debt service cost declined by 13% y-o-y due to the decrease in base interest rates and spreads.
Andreas Shiamishis, Group CEO, commented on the results:
"In 2Q25, we successfully and safely completed the scheduled maintenance at the Elefsina refinery, enabling the materialization of improved market conditions during 3Q25. Our financial performance, with Adjusted EBITDA of €221 million, marks a return to a positive trajectory. With Elefsina back in operation, we anticipate even stronger results ahead. The improved performance of our Marketing subsidiaries, both in Greece and internationally, contributed substantially to this positive result.
As part of our strategic focus on international expansion, we launched our new office in Switzerland, dedicated to international crude oil and products trading. Our goal is to capture commercial opportunities and further leverage our strategic position in the Eastern Mediterranean.
In the renewable energy sector, we expanded our portfolio with ready-to-build projects in Romania and Bulgaria - two growing markets - securing the achievement of our interim target of 1.5 GW of capacity, with improved economic returns.
Finally, the completion of the ELPEDISON acquisition in July 2025 marks the commencement of a period of autonomous presence in the electricity and natural gas sector. We are now able to implement substantial changes to our commercial strategy and realize synergies with our significant investments in both RES and our core operations.
The key highlights and contribution for each of the main business units in 2Q25 were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at €163m in 2Q25, lower than the respective period in 2024, primarily due to lower production associated with the full turnaround works at the Elefsina refinery, which commenced at the end of March and were completed successfully at the end of June.
- Refineries' production amounted to 3.5m MT (-17% y-o-y), with sales volume reaching similar levels.
Petrochemicals
- Despite increased sales, 2Q25 Adjusted EBITDA amounted to €11m, lower y-o-y, primarily due to reduced polypropylene (PP) benchmark margins.
Marketing
- In 2Q25, Domestic Marketing's Adjusted EBITDA increased by 59% to €17m, driven by improved volume and sales mix, as well as increased contribution from non-fuel sales.
- Similarly, International Marketing's performance improved, with Adjusted EBITDA reaching €23m (+14% y-o-y), a historic high, supported by improved sales and margins, as well as increased contribution from non-fuel sales. The number of fuel stations stands at 330 compared to 324 in 2Q24.
Renewables
- 2Q25 RES EBITDA amounted to €11m. Power generation increased by 7% y-o-y to 188 GWh due to increased installed capacity (494 MW vs 384 MW in 2Q24).
Associate companies
- The contribution of associate companies consolidated using the equity method was negative, primarily reflecting ELPEDISON's performance, which was affected by the unfavorable environment and one-off impact associated with the clearing of prior years' electricity network losses by the Regulator.
HELLENiQ ENERGY Holdings S.A.
Key consolidated financial indicators for 2Q / 1H 2025
(prepared in accordance with IFRS)
€m
2Q24
2Q25
% Δ
1Η24
1Η25
% Δ
P&L figures
Refining Sales Volumes ('000 ΜΤ)
4,003
3,533
-12%
7,990
7,064
-12%
Sales
3,274
2,433
-26%
6,553
5,166
-21%
EBITDA
182
112
-38%
532
235
-56%
Adjusted EBITDA 1
232
221
-5%
570
401
-30%
Operating Profit
98
31
-69%
366
74
-80%
Net Income
30
-30
-
209
-19
-
Adjusted Net Income 1
73
72
-1%
236
128
-46%
Balance Sheet Items
Capital Employed
4,568
4,944
8%
Net Debt
1,587
2,360
49%
Gearing (ND/ND+E)
35%
48%
+13pps2
Note 1: Adjusted for inventory effects and other non-operating/one-off items, as well as the IFRS accounting treatment of the EUAs deficit.
Note 2: pps stands for percentage points
Further information:
Investor Relations
8A Chimarras str., 151 25 Maroussi, Greece
Tel: 210-6302526, 210-6302305
Email: ir@helleniq.gr
Group Consolidated statement of financial position
As at
Note
30 June 2025
31 December 2024
Αssets
Non-current assets
Property, plant and equipment
9
3.820.308
3.742.339
Right-of-use assets
10
244.970
238.753
Intangible assets
11
398.307
357.905
Investments in associates and joint ventures
6
190.139
202.251
Deferred income tax assets
106.721
101.802
Investment in equity instruments
3
727
646
Derivative financial instruments
3
20.500
-
Loans, advances and long term assets
12
154.289
156.496
4.935.961
4.800.192
Current assets
Inventories
13
1.396.995
1.311.169
Trade and other receivables
14
934.106
935.932
Income tax receivable
7
77.727
80.810
Derivative financial instruments
6.301
8.196
Cash and cash equivalents
15
766.205
618.055
3.181.334
2.954.162
Total assets
8.117.295
7.754.354
Equity
Share capital and share premium
16
1.020.081
1.020.081
Reserves
17
338.867
326.690
Retained Earnings
1.171.670
1.360.168
Equity attributable to the owners of the parent
2.530.618
2.706.939
Non-controlling interests
53.202
55.283
Total equity
2.583.820
2.762.222
Liabilities
Non- current liabilities
Interest bearing loans and borrowings
18
2.789.717
2.169.486
Lease liabilities
200.311
191.832
Deferred income tax liabilities
166.817
164.716
Retirement benefit obligations
164.373
168.784
Derivative financial instruments
3
1.639
1.940
Provisions
35.268
36.247
Other non-current liabilities
42.363
43.099
3.400.488
2.776.104
Current liabilities
Trade and other payables
19
1.526.438
1.602.981
Income tax payable
7
68.486
276.388
Interest bearing loans and borrowings
18
336.902
240.893
Lease liabilities
33.590
33.482
Dividends payable
24
167.571
62.284
2.132.987
2.216.028
Total liabilities
5.533.475
4.992.132
Total equity and liabilities
8.117.295
7.754.354
Group Consolidated statement of comprehensive income
For the period ended
For the three-month period ended
Note
30 June 2025
30 June 2024
30 June 2025
30 June 2024
Revenue from contracts with customers
4
5.165.712
6.552.554
2.432.890
3.274.074
Cost of sales
(4.757.193)
(5.819.439)
(2.227.454)
(2.949.621)
Gross profit / (loss)
408.519
733.115
205.436
324.453
Selling and distribution expenses
(221.868)
(216.742)
(116.880)
(115.986)
Administrative expenses
(114.938)
(95.983)
(62.814)
(52.199)
Exploration and development expenses
(1.056)
(6.900)
(537)
(5.513)
Other operating income and other gains
5
28.370
15.448
20.516
6.944
Other operating expense and other losses
5
(25.345)
(63.034)
(14.849)
(59.598)
Operating profit / (loss)
73.682
365.904
30.872
98.101
Finance income
7.000
6.765
4.712
3.326
Finance expense
(62.399)
(67.291)
(31.261)
(33.847)
Lease finance cost
(5.005)
(4.856)
(2.429)
(2.419)
Currency exchange gains / (losses)
(9.111)
6.044
(6.593)
221
Share of profit / (loss) of investments in associates and joint ventures
(12.186)
(14.559)
(20.666)
(10.909)
Profit / (loss) before income tax
(8.019)
292.007
(25.365)
54.473
Income tax (expense) / credit
7
(10.468)
(82.192)
(4.096)
(23.923)
Profit / (loss) for the period
(18.487)
209.815
(29.461)
30.550
Profit / (loss) attributable to:
Owners of the parent
(19.299)
209.216
(29.054)
30.047
Non-controlling interests
812
599
(407)
503
-18487
209815
-29461
30550
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
-
-
-
-
Changes in the fair value of equity instruments
17
79
6
37
40
79
6
37
40
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates
17
-
462
-
(108)
Fair value gains / (losses) on cash flow hedges
17
2.543
16.128
3.923
3.252
Recycling of (gains) / losses on hedges through comprehensive income
17
10.041
(4.322)
10.041
(4.155)
Currency translation differences and other movements
17
(493)
(14)
(269)
(31)
12.091
12.254
13.695
(1.042)
Other comprehensive income / (loss) for the period, net of tax
12.170
12.260
13.732
(1.002)
Total comprehensive income / (loss) for the period
(6.318)
222.075
(15.729)
29.548
Total comprehensive income / (loss) attributable to:
Owners of the parent
(7.123)
221.500
(16.160)
29.347
Non-controlling interests
805
575
431
201
(6.318)
222.075
(15.729)
29.548
Εarnings / (losses) per share (expressed in Euro per share)
8
(0,06)
0,68
(0,10)
0,10
Group Consolidated statement of cash flows
For the period ended
Note
30 June 2025
30 June 2024
Cash flows from operating activities
Cash generated from operations
20
39.299
496.931
Income tax (paid) / received
7
(229.115)
(121.186)
Net cash generated from/ (used in) operating activities
(189.816)
375.745
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
9,11
(223.219)
(172.641)
Proceeds from disposal of property, plant and equipment & intangible assets
-
574
Share Capital increase of associates and joint ventures
(74)
-
Cash and cash equivalents of acquired subsidiaries
9
243
1.639
Grants received
118
10.008
Interest received
7.000
6.765
Prepayments for right-of-use assets
(9)
(3)
Proceeds from disposal of assets held for sale
79
-
Net cash generated from/ (used in) investing activities
(215.862)
(153.659)
Cash flows from financing activities
Interest paid on borrowings
(62.616)
(65.040)
Dividends paid to shareholders of the Company
24
(61.597)
(91.586)
Dividends paid to non-controlling interests
(2.329)
(2.741)
Proceeds from borrowings
18
793.362
1.446.221
Repayments of borrowings
18
(79.777)
(1.610.699)
Payment of lease liabilities - principal
(19.100)
(19.597)
Payment of lease liabilities - interest
(5.005)
(4.856)
Net cash generated from/ (used in) financing activities
562.938
(348.298)
Net increase/ (decrease) in cash and cash equivalents
157.260
(126.212)
Cash and cash equivalents at the beginning of the year
15
618.055
919.457
Exchange (losses) / gains on cash and cash equivalents
(9.111)
6.162
Net increase / (decrease) in cash and cash equivalents
157.260
(126.212)
Cash and cash equivalents at end of the period
15
766.204
799.407
Parent Company Statement of Financial Position
As at
Note
30 June 2025
31 December 2024
Assets
Non-current assets
Property, plant and equipment
10
1.058
1.121
Right-of-use assets
6.361
7.165
Intangible assets
-
1
Investments in subsidiaries, associates and joint ventures
6
1.790.795
1.780.538
Deferred income tax assets
8.808
8.623
Loans, advances and long term assets
12
429.348
152.852
2.236.370
1.950.300
Current assets
Trade and other receivables
14
267.696
426.176
Income tax receivables
323
3.502
Cash and cash equivalents
2.744
3.714
270.763
433.392
Total assets
2.507.133
2.383.692
Equity
Share capital and share premium
16
1.020.081
1.020.081
Reserves
17
313.411
313.411
Retained Earnings
967.246
950.276
Total equity
2.300.738
2.283.768
Liabilities
Non-current liabilities
Lease liabilities
3.763
4.839
Other Long Term Liabilities
2.269
890
6.032
5.729
Current liabilities
Trade and other payables
26.397
27.231
Income tax payable
3.567
2.021
Lease liabilities
2.971
2.659
Dividends payable
24
167.428
62.284
200.363
94.195
Total liabilities
206.395
99.924
Total equity and liabilities
2.507.133
2.383.692
Parent Company Statement of Comprehensive Income
For the period ended
Note
30 June 2025
30 June 2024
Revenue from contracts with customers
16.940
17.778
Cost of sales
(15.400)
(16.162)
Gross profit / (loss)
1.540
1.616
Administrative expenses
(3.782)
(4.803)
Other operating income and other gains
5
13.554
10.252
Other operating expense and other losses
5
(14.177)
(12.687)
Operating profit /(loss)
(2.865)
(5.622)
Finance income
8.173
7.627
Finance expense
(24)
(12)
Lease finance cost
(230)
(163)
Currency exchange gain / (loss)
15
(3)
Dividend income
24
181.364
222.117
Profit / (loss) before income tax
186.433
223.944
Income tax (expense) / credit
7
(1.361)
(1.018)
Profit / (loss) for the period
185.072
222.926
Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
-
-
Other comprehensive income / (loss) for the year, net of tax
-
-
Total comprehensive income / (loss) for the period
185.072
222.926
Parent Company Statement of Cash flows
For the period ended
Note
30 June 2025
30 June 2024
Cash flows from operating activities
Cash generated from / (used in) operations
20
8.005
1.674
Income tax (paid) / received
3.178
(1.599)
Net cash generated from / (used in) operating activities
11.183
75
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
(56)
-
Participation in share capital increase of subsidiaries, associates and joint ventures
6
(8.258)
(54.000)
Loans and advances to Group Companies
12
(56.640)
(6.500)
Interest received
9.726
6.413
Dividends received
24
106.206
-
Net cash generated from / (used in) investing activities
50.978
(54.087)
Cash flows from financing activities
Dividends paid to shareholders of the Company
24
(61.597)
(91.586)
Payment of lease liabilities - principal
(1.304)
(1.237)
Payment of lease liabilities - interest
(230)
(163)
Net cash generated from / (used in) financing activities
(63.131)
(92.986)
Net increase / (decrease) in cash and cash equivalents
(970)
(146.998)
Cash and cash equivalents at the beginning of the period
3.714
150.528
Net increase / (decrease) in cash and cash equivalents
(970)
(146.998)
Cash and cash equivalents at end of the period
2.744
3.530
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