RNS Number : 5911U
Helleniq Energy Holdings S.A.
26 February 2026
Maroussi, 26 February 2026
4Q/FY 2025 financial results
FY25 Adjusted EBITDA at €1.13bn, with Adj. Net Income at €0.5bn on the back of strategic transformation and favorable environment - Strong operational performance across all businesses, especially in international markets - FY25 dividend of €0.60 per share
HELLENiQ ENERGY Holdings S.A. (the "Company") announced its FY25 consolidated financial results, with Adjusted EBITDA amounting to €1,132m and Adjusted Net Income to €503m. Strategic transformation benefits, a favorable international refining backdrop, strong operating performance across all our businesses, as well as increased international markets profitability, led to improved results.
In Downstream, refining production and sales volume remained high - at 15m MT and 15.6m MT respectively -, despite the Elefsina refinery turnaround. This, alongside stronger refining margins and a improved international sales, partly aided by the launch of HELLENiQ Petroleum Trading operations in Geneva contributed to better realized margins. At the same time, contribution from Domestic and International Marketing was substantial, with historically high profitability. Overall, international business accounts for a significant proportion of our profitability (~40%).
In Power, which includes Enerwave's results from July 2025 onwards and Renewables Energy Sources (RES), the creation of a new vertically integrated power and gas platform establishes a new profitability pillar; on a pro-forma basis, Adjusted EBITDA exceeds €100m.
FY25 reported Net Income reached €173m (2024 at €60m), primarily due to inventory valuation impact on declining international crude oil prices.
Following FY25 financial results, the Board of Directors will propose to the Annual General Meeting the distribution of a final dividend of €0.40 per share. As a result, including the interim payment of €0.20 per share in January 2026, total dividend amounts to €0.60 per share (2024: €0.45€/share[1]). This distribution results in a total dividend yield of 7%, based on the share price at the end of 2025.
Main developments - Strategy implementation
The Vision 2025 strategic plan was successfully completed ahead of schedule. Its implementation yielded substantial, measurable results across all our businesses, leading to a significant performance uplift. Emphasis was placed on strengthening our core activities, while creating a strategic new pillar in the RES, electricity and natural gas sectors, further strengthening our position in the energy market.
Our strategy remains focused on value creation for shareholders through growth and continuous competitiveness improvement in Downstream, as well as further expansion in international markets. At the same time, we continue evolving the RES and Power & Gas business into a standalone, vertically integrated platform, materialising synergies with other Group activities.
In Refining, Supply & Trading, our strategic initiatives include the implementation of projects that enhance energy autonomy and efficiency, the further development of digital transformation and the strengthening of our international presence through HELLENiQ Petroleum Trading. At the same time, we are evaluating growth investments in the Refineries facilities, along with sustainable fuels projects and carbon capture technologies, which are expected to contribute to the reduction of our environmental footprint.
In Marketing, investments and operational transformation in recent years are now consistently delivering strong results, both in Greece and internationally. Our strategy focuses on upgrading customer experience, expanding the company-controlled retail network in Greece and pursuing targeted expansion in Southeastern Europe. The re-opening of the Thessaloniki-Skopje pipeline after 13 years is a key milestone, an important development that improves access to Southeastern Europe markets, increasing opportunities for further growth in the region, while strengthening Greece's role as an energy hub in the region.
Our RES business is expanding with a target of 1.5 GW of installed capacity within the next three years. Our diversification is strengthened both geographically, with presence in five countries, as well as technologically, through a balanced mix of wind, PV and storage projects. A major milestone for the Group was the integration of Enerwave (formerly ELPEDISON), with redesigned commercial policy and services, following the relaunch of its corporate identity. The synergies between RES and Enerwave, as well as the Downstream business, create a strong vertically integrated pillar in electricity and natural gas, making a significant contribution to the Group's financial performance and growth. Furthermore, the acquisition of the portfolio and team of ABO Energy Hellas during the year strengthens our ability to accelerate development and enhance our implementation capabilities of new projects.
In Exploration & Production, we are managing an expanded portfolio through HELLENiQ Upstream Holdings, maintaining smaller participation interests, but in partnership with larger and more experienced international groups. The recent signing, together with Chevron, of lease agreements with the Hellenic Republic for hydrocarbon exploration and production in four new offshore blocks in Greece, as well as the partnership with ExxonMobil and Energean in Block 2 in the NW Ionian, significantly strengthen the Group's portfolio. The exploratory drilling in Block 2, planned by the consortium in 2027, is expected to provide a clear assessment of the area's hydrocarbon potential.
Lower crude oil prices - Higher international refining margins
In 2025, crude oil prices declined, with Brent averaging $69/bbl, 15% lower y-o-y, while the EUR/USD strengthened to 1.13 on average vs 1.08 in 2024.
Natural gas prices experienced a slight increase, +3% y-o-y on average. At the same time, electricity prices in Greece rose by 3% y-o-y, averaging €104/MWh, although they were down 8% y-o-y in 4Q25. CO₂ prices (EUAs) averaged €74/ton, 12% higher y-o-y.
During 2025, the global refining environment strengthened, reflecting a tighter supply-demand balance, driven by increased oil product demand growth in and ongoing supply disruptions. As a result, refining margins increased significantly, with our refineries system's benchmark margin averaging $7.5/bbl in 2025 vs $5.3/bbl in 2024.
Increased fuel demand in all markets
Domestic market demand in 2025 reached 6.9m MT, 2% higher y-o-y, with automotive fuels consumption increasing by 1.5% y-o-y. Demand for aviation fuels grew by 6%, while marine fuel consumption increased by 1%, driven by higher demand for marine diesel, following new sulfur content regulations in the Med, effective 1 May 2025. Overall, economic growth continues to support higher demand, while relatively low pre-tax prices in Euro terms, benefits consumers.
Balance sheet and capital expenditure
Operating cash flow in 2025 amounted to €0.67bn due to strong profitability. Capital expenditure, including the Enerwave acquisition, amounted to €757m, a historic high. Net debt reached €2.1bn, or €1.8bn excluding non-recourse project finance, while total financing costs were reduced by 8% y-o-y due to lower base rates and spreads.
Andreas Shiamishis, Group CEO, commented on the results:
"For the 4th consecutive year, Adjusted EBITDA exceeded €1bn, while FY25 Adjusted Net Income was above €0.5bn, significantly higher than in FY24. The results were achieved within a favorable refining environment, but also as a result of improvements in sectors less dependent on external factors. Marketing for instance recorded strong performance, with EKO claiming a leading position in all its markets in Greece and abroad. At the same time, our international trading activity has expanded, and growth has accelerated in new areas such as renewables and electricity. A new first for the Group is the set-up of a platform for our power and gas business, which is fully controlled.
The financial performance demonstrates the successful completion of the first phase of our strategic transformation, VISION 2025, which led to portfolio diversification, operational improvements, cultural change, and the adoption of a more effective governance framework. The past few years have been successful at strengthening and transforming the Group. Examples are the establishment of HELLENiQ PETROLEUM Trading in Switzerland, enhancing the Group's international footprint and extroversion. The acquisition of Enerwave completed in 2025, creates a strong platform in renewables, electricity, and natural gas, with ambitions for further growth. In hydrocarbons exploration and production, as working with major international energy groups such as ExxonMobil and Chevron progressed, we doubled the exploration portfolio in Western and Southern Greece. Finally, the restart of Thessaloniki-Skopje pipeline operation for diesel transport opens up new opportunities to the Group's regional position and improves not only cost-to-serve but also safety and environmental footprint.
Alongside our business performance, it is important to refer to the Group's substantial contribution to society. Through targeted social and environment protection initiatives in 2025, we create a positive impact on the daily lives of more than 2 million fellow citizens.
Finally, I would like to express my sincere thanks to all HELLENiQ ENERGY employees for their contribution to the Company's progress, as well as to our shareholders for their continued support and trust."
Key highlights and contribution for each of the main business units in 4Q/FY25 were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at €330m in 4Q25 and €891m in FY25, higher y-o-y, primarily due to higher refining margins ($16.4/bbl vd 13.3/bbl in FY24).
- Refineries' production in FY25 amounted to 15m MT, -3% y-o-y, due to the scheduled three-month turnaround at the Elefsina refinery, while sales volume reached 15.6m MT. The launch of HELLENiQ Petroleum Trading in Geneva enabled improved crude oil supply and export opportunities during the year, with the latter accounting for 54% of total sales in FY25.
Petrochemicals
- Particularly weak polypropylene (PP) margins, due to oversupply, affected the profitability of the business, with FY25 Adjusted EBITDA amounting to €18m, lower y-o-y despite increased sales volume by 7%. Exports accounted for 64% of total sales, demonstrating the international orientation of the business.
Marketing
- In FY25, Domestic Marketing's Adjusted EBITDA increased by 46% to €71m, driven by higher sales volume and improved contribution from premium fuels and non-fuel sales.
- International Marketing's Adjusted EBITDA amounted to €89m (+18% y-o-y), a record high, primarily supported by improved sales volume and margins. The retail network expanded to 336 stations vs 329 in FY24.
RES, Power & Gas
- In FY25, RES and Power & Gas contributed €71m to Adjusted EBITDA compared to €46m in the corresponding period last year, primarily supported by the integration of Enerwave, which is consolidated in the Group's results from 15 July 2025. The total installed capacity in thermal units and RES amounted to 1,346 MW, while power production from RES and thermal units reached 3.7 TWh (pro forma) for 2025.
HELLENiQ ENERGY Holdings S.A.
Group key financials for 4Q /FY 2025
(prepared in accordance with IFRS)
€m
4Q24
4Q25
% Δ
FY24
FY25
% Δ
P&L figures
Refining Sales Volumes ('000 ΜΤ)
4,133
4,272
+3%
16,286
15,617
-4%
Sales
3,024
3,137
+4%
12,768
11,615
-9%
EBITDA
189
184
-3%
811
736
-9%
Adjusted EBITDA 1
273
365
34%
1,026
1,132
10%
Operating Profit
105
101
-4%
475
395
-17%
Net Income
48
44
-9%
60
173
-
Adjusted Net Income 1
117
189
62%
401
503
25%
Balance Sheet Items
Capital Employed
4,554
4,867
7%
Net Debt
1,792
2,139
19%
Gearing (ND/ND+E)
39%
44%
+5pps2
1 Adjusted for inventory effects and other non-operating/one-off items, as well as the IFRS accounting treatment of the EUAs deficit.
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
Note
31 December 2025
31 December 2024
Αssets
Non-current assets
Property, plant and equipment
6
4,155,354
3,742,339
Right-of-use assets
7
281,253
238,753
Intangible assets
8
524,203
357,905
Investments in associates and joint ventures
9
38,156
202,251
Deferred income tax assets
19
107,755
101,802
Investment in equity instruments
3
925
646
Derivative financial instruments
23
32,564
-
Loans, advances and long term assets
10
62,274
156,496
5,202,484
4,800,192
Current assets
Inventories
11
1,306,759
1,311,169
Trade and other receivables
12
1,144,370
935,932
Income tax receivable
29
45,650
80,810
Derivative financial instruments
23
9,216
8,196
Cash and cash equivalents
13
858,251
618,055
3,364,246
2,954,162
Total assets
8,566,730
7,754,354
Equity
Share capital and share premium
14
1,020,081
1,020,081
Reserves
15
361,352
326,690
Retained Earnings
1,290,459
1,360,168
Equity attributable to the owners of the parent
2,671,892
2,706,939
Non-controlling interests
56,016
55,283
Total equity
2,727,908
2,762,222
Liabilities
Non- current liabilities
Interest bearing loans and borrowings
17
2,777,046
2,169,486
Lease liabilities
18
234,110
191,832
Deferred income tax liabilities
19
180,386
164,716
Retirement benefit obligations
20
157,834
168,784
Derivative financial instruments
23
842
1,940
Provisions
21
32,336
36,247
Other non-current liabilities
22
65,356
43,099
3,447,910
2,776,104
Current liabilities
Trade and other payables
16
1,978,079
1,602,981
Derivative financial instruments
23
8,190
-
Income tax payable
81,234
276,388
Interest bearing loans and borrowings
17
221,101
240,893
Lease liabilities
18
40,580
33,482
Dividends payable
31
61,728
62,284
2,390,912
2,216,028
Total liabilities
5,838,822
4,992,132
Total equity and liabilities
8,566,730
7,754,354
Group Consolidated statement of comprehensive income
For the year ended
Note
31 December 2025
31 December 2024
Revenue from contracts with customers
5
11,614,643
12,767,894
Cost of sales
24
(10,471,455)
(11,693,626)
Gross profit / (loss)
1,143,188
1,074,268
Selling and distribution expenses
25
(487,569)
(456,454)
Administrative expenses
25
(257,126)
(203,788)
Exploration and development expenses
25
(5,643)
(10,674)
Other operating income and other gains
26
59,107
153,216
Other operating expense and other losses
26
(57,107)
(81,731)
Operating profit / (loss)
394,850
474,837
Finance income
27
18,580
13,327
Finance expense
27
(128,131)
(132,245)
Lease finance cost
18, 27
(10,179)
(9,810)
Currency exchange gains / (losses)
28
(11,913)
3,952
Share of profit / (loss) of investments in associates and joint ventures
9
(8,365)
(23,956)
Profit / (loss) before income tax
254,842
326,105
Income tax (expense) / credit
29
(77,869)
(263,841)
Profit / (loss) for the period
176,973
62,264
Profit / (loss) attributable to:
Owners of the parent
173,354
59,789
Non-controlling interests
3,619
2,475
176,973
62,264
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
(1,194)
(2,783)
Changes in the fair value of equity instruments
276
131
(918)
(2,652)
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates
15
-
825
Fair value gains / (losses) on cash flow hedges
15
12,802
11,265
Amounts reclassified to profit or loss
15
6,251
4,525
Currency translation differences and other movements
(844)
49
18,209
16,664
Other comprehensive income / (loss) for the period, net of tax
17,291
14,012
Total comprehensive income / (loss) for the period
194,264
76,276
Total comprehensive income / (loss) attributable to:
Owners of the parent
190,645
73,857
Non-controlling interests
3,619
2,419
194,264
76,276
Εarnings / (losses) per share (expressed in Euro per share)
30
0.57
0.20
Group Consolidated statement of cash flows
For the year ended
Note
31 December 2025
31 December 2024
Cash flows from operating activities
Cash generated from operations
32
910,300
1,009,436
Income tax (paid) / received
(241,817)
(309,839)
Net cash generated from/ (used in) operating activities
668,483
699,597
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
6, 8
(574,250)
(434,424)
Acquisition of subsidiary
(183,014)
-
Proceeds from disposal of property, plant and equipment & intangible assets
6,011
-
Acquisition of share of associates and joint ventures
(77)
(11,506)
Cash and cash equivalents of acquired subsidiaries
6, 9
44,025
6,930
Disposal of Associate
193,892
-
Grants received
5,406
19,423
Interest received
18,580
13,327
Prepayments for right-of-use assets
-
(65)
Dividends received
2,272
1,742
Proceeds from disposal of investments in equity instruments
220
-
Net cash generated from/ (used in) investing activities
(486,935)
(404,573)
Cash flows from financing activities
Interest paid on borrowings
(124,563)
(126,989)
Dividends paid to shareholders of the Company
31
(229,798)
(274,748)
Dividends paid to non-controlling interests
(2,871)
(2,741)
Proceeds from borrowings
17
1,183,292
2,809,832
Repayments of borrowings
17
(706,535)
(2,952,700)
Payment of lease liabilities - principal
(38,785)
(39,310)
Payment of lease liabilities - interest
(10,179)
(9,810)
Net cash generated from/ (used in) financing activities
70,561
(596,466)
Net increase/ (decrease) in cash and cash equivalents
252,108
(301,442)
Cash and cash equivalents at the beginning of the year
13
618,055
919,457
Exchange (losses) / gains on cash and cash equivalents
(11,913)
40
Net increase / (decrease) in cash and cash equivalents
252,108
(301,442)
Cash and cash equivalents at end of the period
13
858,251
618,055
Parent Company Statement of Financial Position
As at
Note
31 December 2025
31 December 2024
Assets
Non-current assets
Property, plant and equipment
977
1,121
Right-of-use assets
7
6,620
7,165
Intangible assets
13
1
Investments in subsidiaries, associates and joint ventures
9
2,110,996
1,780,538
Deferred income tax assets
8,968
8,623
Loans, advances and long term assets
10
167,174
152,852
2,294,748
1,950,300
Current assets
Trade and other receivables
12
129,728
426,176
Income tax receivables
2,407
3,502
Cash and cash equivalents
6,483
3,714
138,618
433,392
Total assets
2,433,366
2,383,692
Equity
Share capital and share premium
14
1,020,081
1,020,081
Reserves
15
327,446
313,411
Retained Earnings
968,247
950,276
Total equity
2,315,774
2,283,768
Liabilities
Non-current liabilities
Lease liabilities
18
3,238
4,839
Other Long Term Liabilities
-
890
3,238
5,729
Current liabilities
Trade and other payables
47,789
27,231
Income tax payable
1,279
2,021
Lease liabilities
18
3,557
2,659
Dividends payable
31
61,728
62,284
114,353
94,195
Total liabilities
117,591
99,924
Total equity and liabilities
2,433,365
2,383,692
Parent Company Statement of Comprehensive Income
For the year ended
Note
31 December 2025
31 December 2024
Revenue from contracts with customers
44,081
39,894
Cost of sales
(40,630)
(36,267)
Gross profit / (loss)
3,451
3,627
Administrative expenses
(7,297)
(9,336)
Other operating income and other gains
26
35,193
134,722
Other operating expense and other losses
26
(51,354)
(32,128)
Operating profit /(loss)
(20,007)
96,885
Finance income
13,593
14,631
Finance expense
(62)
(36)
Lease finance cost
(263)
(314)
Currency exchange gain / (loss)
17
(12)
Dividend income
31
268,586
323,322
Profit / (loss) before income tax
261,864
434,476
Income tax (expense) / credit
29
(1,656)
(2,235)
Profit / (loss) for the period
260,208
432,241
Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
(3,336)
(839)
Other comprehensive income / (loss) for the year, net of tax
(3,336)
(839)
Total comprehensive income / (loss) for the period
256,872
431,402
Parent Company Statement of Cash flows
For the year ended
Note
31 December 2025
31 December 2024
Cash flows from operating activities
Cash generated from / (used in) operations
32
(19,894)
(4,825)
Income tax (paid) / received
(403)
(3,005)
Net cash generated from / (used in) operating activities
(20,297)
(7,830)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
(112)
(580)
Acquisition of subsidiary
(183,014)
-
Disposal of Associate
193,892
-
Participation in share capital increase of subsidiaries, associates and joint ventures
(144,009)
(81,131)
Loans and advances to Group Companies
72,360
(13,960)
Interest received
16,231
13,831
Dividends received
300,898
220,455
Net cash generated from / (used in) investing activities
256,246
138,615
Cash flows from financing activities
Dividends paid to shareholders of the Company
31
(229,798)
(274,748)
Payment of lease liabilities - principal, net
(3,119)
(2,537)
Payment of lease liabilities - interest
(263)
(314)
Net cash generated from / (used in) financing activities
(233,180)
(277,599)
Net increase / (decrease) in cash and cash equivalents
2,769
(146,814)
Cash and cash equivalents at the beginning of the period
3,714
150,528
Net increase / (decrease) in cash and cash equivalents
2,769
(146,814)
Cash and cash equivalents at end of the period
6,483
3,714
[1] Excluding the special dividend from the sale of the stake in DEPA Commercial
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FR EASAKASPKEFA
