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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, CO(2) 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%    +13 pps(2)

 

 

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 (mailto: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            -             574
 assets
 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  6     (8.258)       (54.000)
 ventures
 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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