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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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