RNS Number : 8966I
Helleniq Energy Holdings S.A.
15 May 2025
Maroussi, 15 May 2025
First Quarter 2025 Financial Results
Adjusted EBITDA of €180m, on substantially weaker benchmark refining margins - Elefsina refinery's full turnaround progressing according to schedule
HELLENiQ ENERGY Holdings S.A. ("Company") announced its 1Q25 consolidated financial results, with Adjusted EBITDA amounting to €180m and Adjusted Net Income to €55m.
The results were primarily driven by a weaker refining environment, in addition to reduced oil products sales ahead of the planned full turnaround at the Elefsina refinery which is progressing. The Fuels Marketing business, both in Greece and internationally, recorded improved performance, achieving a record high result for the first quarter. In the Power business, both Elpedison, which remains consolidated under the equity method until the closing of the transaction, and the Renewable Energy Sources (RES) business improved their performance, with a combined EBITDA of €40m.
Refineries' output in 1Q25 amounted to 3.7m MT, while sales volume reached 3.5m MT (-11% y-o-y), as a result of production and sales planning in order to accommodate the supply of the market during Elefsina's full turnaround. Despite lower production and increased domestic demand, the share of exports remained at high levels, accounting for 54% of the total sales.
The full turnaround at the Elefsina refinery commenced in late March, is progressing according to schedule and is anticipated to be concluded by mid-June. This represents the most extensive maintenance program since the commencement of operations at the Elefsina refinery, encompassing a broader scope of works, including equipment upgrades following the initial 12 years of operation of the new units and a number of projects both for operational optimization aimed at enhancing refinery performance, as well as for the reduction of carbon footprint by approximately 10,000 tons of CO2.
1Q25 Reported EBITDA amounted to €122m, with Reported Net Income coming in at €11m, primarily due to the impact of the substantial decline in international prices at the beginning of 2Q25 on inventory valuation.
Main developments - Strategy implementation
Upon the completion of the initial phase of the strategic program's implementation, the Group is updating its strategy with an outlook extending to 2030, based on a balanced and pragmatic approach towards energy transition.
In this context, following up on the agreement for the acquisition of the remaining 50% of Elpedison's share capital in December 2024, the relevant share purchase agreement was signed with Edison in April 2025. The completion of the transaction is anticipated within the next two months.
In Refining and Petrochemicals, the Group is implementing initiatives aimed at achieving energy autonomy and enhancing energy efficiency, alongside the expansion of the polypropylene production unit, while maturing carbon footprint improvement projects. At the same time, the Company has upgraded its Supply and Trading operating model by establishing a crude and products trading platform in Geneva, one of the major oil and commodities' trading hubs worldwide, with the objective of further leveraging its asset base and expanding its international business.
In Marketing, the transformation program is progressing, focusing on the optimization of the retail network in Greece, with the total number of stations down to 1,578, approximately 100 less in the past three years, while increasing company-managed stations, as well as market shares. At the same time, selective expansion in international markets is progressing. Emphasis is placed on the higher contribution of premium products, as well as the sales of products and services other than fuel, while the penetration of the loyalty program is growing.
In the Renewable Energy Sources (RES) business, HELLENiQ Renewables manages a portfolio of a total operational capacity of 494 MW and is developing photovoltaic parks with a cumulative capacity of 211 MW in Romania and 150 MW of battery storage projects in Greece. The total capacity of the project portfolio under development amounts to 5.1 GW within Greece and Southeastern Europe.
Lower crude oil prices and benchmark refining margins - Increased electricity EUA prices
In 1Q25, Brent crude oil declined by 9% y-o-y, averaging $76/bbl. The EUR/USD exchange rate averaged 1.05 vs 1.09 in 1Q24.
On the contrary, natural gas and electricity prices increased by 69% y-o-y and 67% y-o-y respectively, on average, in 1Q25. Accordingly, CO2 prices (EUAs) in 1Q25 recorded an increase of 23% y-o-y, on average.
Refining margins decreased compared with particularly high levels recorded in 1Q24, with our refineries' system benchmark margin averaging $5.1/bbl vs $8.0/bbl in 1Q24.
Increased demand for fuels in the domestic market
Domestic market demand in 1Q25 reached 1.7m MT, 4% higher y-o-y, with automotive fuels consumption increasing by 2% y-o-y. Demand for aviation fuels grew by 9%, while marine fuel consumption declined by 9%.
Balance sheet and capital expenditure
In 1Q25, operating cash flows were negatively affected, primarily due to the payment of the Solidarity Contribution amounting to €223m, which was imposed on 2023 profits and a temporary increase in working capital requirements due to the full turnaround at the Elefsina refinery. Capital expenditures reached €66m. Consequently, net debt increased to €2.5bn, while excluding non-recourse project finance, it stood at €2.1bn. Nevertheless, the debt service cost declined by 4% y-o-y due to the reduction in base interest rates and spreads. The Group maintains sufficient capacity to support its strategic initiatives and manage market volatility.
Andreas Shiamishis, Group CEO, commented on the results:
"Having completed the first phase of the Vision 2025 strategic transformation plan, we are updating our strategy, based on a pragmatic and balanced transition towards the new energy era. For 1Q25, we reported Adjusted EBITDA of €180m, a satisfactory performance, considering the weak refining environment and the reduced sales resulting from the scheduled full turnaround at the Elefsina refinery. Fuels Marketing performance improved further; it is anticipated that the full consolidation of Elpedison, upon transaction closing, will enhance the contribution from the electricity and RES business, thereby introducing an additional revenue stream to the Group.
The maintenance program at the Elefsina refinery is progressing safely and according to schedule. When operations resume in June, a substantial improvement is expected in the operational performance of the facilities and the environmental footprint.
The transformation program, coupled with ongoing operational improvements, has resulted in a high profitability level. We place particular emphasis on strengthening core refining and trading activities, as well as expanding our international presence in wholesale and fuel stations operations. Vertical integration within the electricity market is anticipated to provide the benefit of a diversified portfolio, encompassing renewable energy sources and natgas-fired units, thereby enabling the realization of synergies and increasing business opportunities.
The key highlights and contribution for each of the main business units in 1Q25 were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at €134m in 1Q25, lower than the respective period in 2024 due to weaker benchmark margins, tighter crude spreads and reduced sales volume.
- Production amounted to 3.7m MT (-3% y-o-y), with sales volume at 3.5 m MT, 11% lower y-o-y, as, due to the start of the full turnaround at the Elefsina refinery at the end of 1Q25, emphasis was placed on increasing products' inventory for the smooth supply of the domestic market.
Petrochemicals
- 1Q25 Adjusted EBITDA amounted to €8m, lower y-o-y, due to reduced polypropylene (PP) margins.
Marketing
- In 1Q25, Domestic Marketing's Adjusted EBITDA improved to €8m due to higher sales volume and increased contribution from the sales of non-fuel products and services, despite the ongoing rationalization in the network (1,578 fuel stations vs 1,623 in 1Q24), alongside the regulatory constraints. Market shares and the contribution from premium products increased for yet another quarter.
- Similarly, International Marketing's Adjusted EBITDA improved to €17m (+28% y-o-y), driven by network expansion (330 fuel stations vs 323 in 1Q24) and higher margins, with an improved contribution from the sales of non-fuel products and services.
Renewables
- 1Q25 RES EBITDA amounted to €12m. Power generation increased by 8% y-o-y to 173 GWh due to increased installed capacity (494 MW vs 381 MW in 1Q24).
Associate companies
- The contribution of associate companies consolidated using the equity method amounted to €8m, on increased contribution from ELPEDISON.
HELLENiQ ENERGY Holdings S.A.
Key consolidated financial indicators for 1Q 2025
(prepared in accordance with IFRS)
€ million
1Q24
1Q25
% Ä
P&L figures
Refining Sales Volume ('000 ÌÔ)
3,987
3,532
-11%
Sales
3,278
2,733
-17%
EBITDA
350
122
-65%
Adjusted EBITDA 1
338
180
-47%
Operating Profit
268
43
-84%
Net Income
179
11
-94%
Adjusted Net Income 1
164
55
-66%
Balance Sheet Items
Capital Employed
4,887
5,257
8%
Net Debt
1,750
2,486
42%
Gearing (ND/ND+E)
36%
47%
11pps2
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
31 March 2025
31 December 2024
Ássets
Non-current assets
Property, plant and equipment
3.744.052
3.742.339
Right-of-use assets
238.154
238.753
Intangible assets
384.527
357.905
Investments in associates and joint ventures
210.961
202.251
Deferred income tax assets
102.322
101.802
Investment in equity instruments
689
646
Derivative financial instruments
70
-
Loans, advances and long term assets
153.721
156.496
4.834.496
4.800.192
Current assets
Inventories
1.661.677
1.311.169
Trade and other receivables
857.687
935.932
Income tax receivable
78.193
80.810
Derivative financial instruments
5.154
8.196
Cash and cash equivalents
513.191
618.055
3.115.902
2.954.162
Total assets
7.950.398
7.754.354
Equity
Share capital and share premium
1.020.081
1.020.081
Reserves
325.127
326.690
Retained Earnings
1.370.292
1.360.168
Equity attributable to the owners of the parent
2.715.500
2.706.939
Non-controlling interests
55.678
55.283
Total equity
2.771.178
2.762.222
Liabilities
Non- current liabilities
Interest bearing loans and borrowings
2
2.799.120
2.169.486
Lease liabilities
191.638
191.832
Deferred income tax liabilities
165.870
164.716
Retirement benefit obligations
165.164
168.784
Derivative financial instruments
1.491
1.940
Provisions
36.308
36.247
Other non-current liabilities
42.870
43.099
3.402.461
2.776.104
Current liabilities
Trade and other payables
1.485.584
1.602.981
Derivative financial instruments
0
-
-
Income tax payable
56.517
276.388
Interest bearing loans and borrowings
2
200.413
240.893
Lease liabilities
32.258
33.482
Dividends payable
1.987
62.284
1.776.759
2.216.028
Total liabilities
5.179.220
4.992.132
Total equity and liabilities
7.950.398
7.754.354
Group Consolidated statement of comprehensive income
For the period ended
For the three-month period ended
Note
31 March 2025
31 March 2024
31 March 2025
31 March 2024
Revenue from contracts with customers
1
2.732.822
3.278.481
2.732.822
3.304.010
Cost of sales
(2.529.738)
(2.869.817)
(2.529.738)
(3.066.811)
Gross profit / (loss)
203.084
408.664
203.084
237.199
Selling and distribution expenses
(104.988)
(100.756)
(104.988)
(113.297)
Administrative expenses
(52.124)
(43.784)
(52.124)
(53.430)
Exploration and development expenses
(518)
(1.387)
(518)
(897)
Other operating income and other gains
7.854
8.504
7.854
39.550
Other operating expense and other losses
(10.496)
(3.436)
(10.496)
(41.710)
Operating profit / (loss)
42.812
267.805
42.812
67.415
Finance income
2.288
3.439
2.288
5.754
Finance expense
(31.137)
(33.444)
(31.137)
(36.660)
Lease finance cost
(2.576)
(2.436)
(2.576)
(2.644)
Currency exchange gains / (losses)
(2.518)
5.824
(2.518)
(10.100)
Share of profit / (loss) of investments in associates and joint ventures
8.480
(3.650)
8.480
3.148
Profit / (loss) before income tax
17.349
237.538
17.349
26.913
Income tax (expense) / credit
(6.373)
(58.270)
(6.373)
(12.181)
Profit / (loss) for the period
10.976
179.268
10.976
14.732
Profit / (loss) attributable to:
Owners of the parent
10.571
179.172
11.381
15.458
Non-controlling interests
405
96
(405)
(726)
10.976
179.268
10.976
14.732
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
-
-
(52.212)
(9.035)
Changes in the fair value of equity instruments
42
(34)
108
107
42
(34)
(52.104)
(8.928)
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates
-
570
(3.524)
759
Fair value gains / (losses) on cash flow hedges
(1.381)
12.709
2.979
(36.700)
Recycling of (gains) / losses on hedges through comprehensive income
-
-
-
-
Currency translation differences and other movements
(234)
17
4.197
(71)
(1.615)
13.296
3.652
(36.012)
Other comprehensive income / (loss) for the period, net of tax
(1.573)
13.262
(48.452)
(44.940)
Total comprehensive income / (loss) for the period
9.403
192.530
(37.476)
(30.208)
Total comprehensive income / (loss) attributable to:
Owners of the parent
9.019
192.455
(37.486)
(32.580)
Non-controlling interests
384
75
10
2.372
9.403
192.530
(37.476)
(30.208)
Åarnings / (losses) per share (expressed in Euro per share)
0,03
0,59
0,04
0,05
Group Consolidated statement of cash flows
For the period ended
Note
31 March 2025
31 March 2024
Cash flows from operating activities
Cash generated from operations
3
(292.900)
197.298
Income tax (paid) / received
(228.479)
(114.148)
Net cash generated from/ (used in) operating activities
(521.380)
83.150
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
(65.978)
(93.124)
Proceeds from disposal of property, plant and equipment & intangible assets
-
326
Acquisition of share of associates and joint ventures
(75)
1
Cash and cash equivalents of acquired subsidiaries
-
1.639
Grants received
118
10.000
Interest received
2.288
3.439
Prepayments for right-of-use assets
(182)
-
Dividends received
-
-
Net cash generated from/ (used in) investing activities
(63.829)
(77.719)
Cash flows from financing activities
Interest paid on borrowings
(32.141)
(27.595)
Dividends paid to shareholders of the Company
(60.293)
(90.425)
Dividends paid to non-controlling interests
-
-
Proceeds from borrowings
2
690.001
205.000
Repayments of borrowings
2
(102.343)
(525.397)
Payment of lease liabilities - principal
(12.062)
(10.634)
Payment of lease liabilities - interest
(2.576)
(2.436)
Net cash generated from/ (used in) financing activities
480.586
(451.487)
Net increase/ (decrease) in cash and cash equivalents
(104.623)
(446.056)
Cash and cash equivalents at the beginning of the year
618.055
919.457
Exchange (losses) / gains on cash and cash equivalents
(241)
5.901
Net increase / (decrease) in cash and cash equivalents
(104.623)
(446.056)
Cash and cash equivalents at end of the period
513.191
479.302
Parent Company Statement of Financial Position
As at
Note
31 March 2025
31 December 2024
Assets
Non-current assets
Property, plant and equipment
1.091
1.121
Right-of-use assets
6.487
7.165
Intangible assets
-
1
Investments in subsidiaries, associates and joint ventures
1.782.945
1.780.538
Deferred income tax assets
8.512
8.623
Loans, advances and long term assets
419.198
152.852
2.218.233
1.950.300
Current assets
Trade and other receivables
277.367
426.176
Income tax receivables
324
3.502
Cash and cash equivalents
4.669
3.714
282.360
433.392
Total assets
2.500.593
2.383.692
Equity
Share capital and share premium
1.020.081
1.020.081
Reserves
313.411
313.411
Retained Earnings
1.128.416
950.276
Total equity
2.461.908
2.283.768
Liabilities
Non-current liabilities
Lease liabilities
4.137
4.839
Other Long Term Liabilities
1.335
890
5.472
5.729
Current liabilities
Trade and other payables
25.958
27.231
Income tax payable
2.584
2.021
Lease liabilities
2.680
2.659
Dividends payable
1.991
62.284
33.213
94.195
Total liabilities
38.685
99.924
Total equity and liabilities
2.500.593
2.383.692
Parent Company Statement of Comprehensive Income
For the period ended
Note
31 March 2025
31 March 2024
Revenue from contracts with customers
9.881
8.660
Cost of sales
(8.983)
(7.873)
Gross profit / (loss)
898
787
Administrative expenses
(1.604)
(1.443)
Other operating income and other gains
6.323
4.664
Other operating expense and other losses
(6.435)
(4.547)
Operating profit /(loss)
(818)
(539)
Finance income
3.337
4.060
Finance expense
(9)
(4)
Lease finance cost
(65)
(84)
Currency exchange gain / (loss)
5
(2)
Dividend income
176.364
-
Profit / (loss) before income tax
178.814
3.431
Income tax (expense) / credit
(674)
(761)
Profit / (loss) for the period
178.140
2.670
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
178.140
2.670
Parent Company Statement of Cash flows
For the period ended
Note
31 March 2025
31 March 2024
Cash flows from operating activities
Cash generated from / (used in) operations
3
10.874
(3.025)
Income tax (paid) / received
3.178
(1.599)
Net cash generated from / (used in) operating activities
14.052
(4.624)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
(27)
-
Participation in share capital increase of subsidiaries, associates and joint ventures
(2.400)
(52.500)
Loans and advances to Group Companies
(55.730)
(2.500)
Interest received
6.864
6.229
Dividends received
99.205
-
Net cash generated from / (used in) investing activities
47.912
(48.771)
Cash flows from financing activities
Dividends paid to shareholders of the Company
(60.293)
(90.425)
Payment of lease liabilities - principal, net
(652)
(608)
Payment of lease liabilities - interest
(65)
(84)
Net cash generated from / (used in) financing activities
(61.010)
(91.117)
Net increase / (decrease) in cash and cash equivalents
955
(144.512)
Cash and cash equivalents at the beginning of the period
3.714
150.528
Net increase / (decrease) in cash and cash equivalents
955
(144.512)
Cash and cash equivalents at end of the period
4.669
6.016
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