REG - Helleniq Energy - HELLENiQ ENERGY Holdings 3Q/9M 2025 Fin. Results
13/11/2025 16:30
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RNS Number : 4898H Helleniq Energy Holdings S.A. 13 November 2025
Maroussi, 13 November 2025
3Q/9M 2025 financial results
3Q25 Adjusted EBITDA at €365m and €766m in 9M25 - Improved refinery
operations and international sales - Enerwave (ex ELPEDISON) now fully
consolidated - Interim dividend of €0.20 per share
HELLENiQ ENERGY Holdings S.A. (the "Company") announced its 3Q25 consolidated
financial results, with Adjusted EBITDA amounting to €365m and Adjusted Net
Income to €186m.
Refined products sales reached a record high in 3Q25. The improvement in
international refining margins combined with strong operational performance,
led to an uplift in profitability. At the same time, the Fuels Marketing
stronger performance, both in Greece and international markets, drove the
sector's contribution to a record level. As a result, 9M25 profitability
exceeded 9M24, with Adjusted EBITDA amounting to €766m, despite a weaker
1H25.
Reported Net Income reached €149m, primarily due to the decline in
international crude oil prices during 3Q25 and the resulting inventory
valuation impact.
Based on the 9M25 results and positive outlook for FY25, the Board of
Directors has decided to distribute an interim dividend of €0.20 per share
to shareholders.
Main developments - Strategy implementation
Group strategy focuses on the further developing and growing, the two key
pillars (Downstream and Green Utility) of Vision 2025, in addition to the
continuous operational improvement across our business activities. Aiming at a
realistic and balanced energy transition path, strategic priorities include
continuous growth of Downstream operations and our international footprint,
profitable growth in the power and gas business, including Renewable Energy
Sources (RES), and strengthening of the hydrocarbon exploration and production
portfolio in Western and Southern Greece.
In Refining, Supply & Trading, the Group is implementing energy autonomy
and efficiency projects, while assessing high-return investments in production
units. Furthermore, it has recently completed the restructuring of its
international S&T model, looking forward to further capitalizing on its
strong Mediterranean and international market presence, especially over a
period of considerable geopolitical and European policy developments.
In Marketing, ongoing investments and transformation initiatives have
delivered sustained record performance in both domestic and international
markets. The Company remains focused on upgrading customer experience,
optimizing its product portfolio, expanding company-owned retail stations in
Greece, and pursuing targeted growth opportunities in Southeast Europe. A key
milestone in this strategy is the commencement of operations of the
Thessaloniki-Skopje pipeline, after 13 years. This development is anticipated
to significantly improve the oil products supply capabilities to North
Macedonia and neighboring markets, strengthening Greece's pivotal role in the
regional energy landscape.
In the RES business, a 506 MW portfolio is in operation, while an additional
616 MW in Southeast Europe and 350 MW in Greece are under development. The
objective is to reach 1.5 GW of installed capacity by 2028, through geographic
diversification across five countries and balanced technological development
between wind, solar, and storage projects.
On 15 July 2025, the Group completed the acquisition of the former ELPEDISON,
and on 12 November officially unveiled its new corporate identity as Enerwave,
marking a significant milestone in its strategic transformation. Moving on,
the company intends to revise its commercial policy through the introduction
of new products, improvement of customer interface, and closer collaboration
with other entities within the Group, both domestically and internationally.
Together with the Group's RES portfolio, this establishes a fully integrated
electricity and natural gas platform, with total invested capital of
approximately €1bn and a material contribution to consolidated results.
In Exploration & Production, HELLENiQ Upstream Holdings continues to
expand its portfolio, with an active presence in all licensed offshore areas
in Southern and Western Greece. In October, the HELLENiQ Upstream-Chevron JV
was awarded four new offshore exploration licenses in Greece. In parallel,
HELLENiQ ENERGY, Energean, and ExxonMobil reached an agreement for
ExxonMobil's farm-in (majority stake) into Block 2 in the northwestern Ionian
Sea, with HELLENiQ ENERGY retaining 10%. The consortium plans to carry out an
exploration drilling campaign in 2027, marking the next major step in
assessing the region's hydrocarbon potential.
Strong international refining margins amid lower crude oil prices - Lower
electricity prices - Higher EUA prices
In 3Q25, Brent crude oil prices averaged $69/bbl, 14% lower y-o-y, while the
EUR/USD strengthened to 1.17 vs 1.10 in 3Q24.
Natural gas and electricity prices were 7% and 30% lower, respectively,
compared to 3Q24. CO₂ prices (EUAs) averaged €73/ton, 7% higher y-o-y.
Low inventories and unplanned refinery outages supported stronger diesel and
gasoline cracks, the Group's main oil products. As a result, benchmark
refining margins were substantially higher, with our refineries' system
benchmark margin averaging $8.5/bbl in 3Q25 (3Q24 at $3.1/bbl).
Increased demand for fuels in all markets
Domestic market demand in 3Q25 reached 1.7m MT, 0.5% higher y-o-y, with
automotive fuels consumption increasing by 1.1% y-o-y. Demand for aviation
fuels grew by 7%, while marine fuel consumption increased by 5%, driven by
higher demand for marine diesel, following new sulfur content regulations in
the Med, effective 1 May 2025.
Balance sheet and capital expenditure
Operating cash flow in 3Q25 reached €479m, supported by profitability and
lower working capital requirements. Capital expenditure, including the
Enerwave acquisition, amounted to €300m in the quarter and €523m
year-to-date, significantly higher than in 2024. Net debt remained broadly
stable at €2.5bn, or €2.1bn excluding non-recourse project finance, while
total financing costs 10% lower y-o-y due to lower base rates and spreads.
Andreas Shiamishis, Group CEO, commented on the results:
"A strong third quarter led 9M25 Adjusted EBITDA at €766m, driven by a
favorable refining environment, ongoing operational improvements, and
continued international expansion. This is the first quarter where Elpedison,
from now on Enerwave, contributes as a fully consolidated subsidiary.
Focus on international business development continues to support improved
financial performance, with better utilization of local resources in
refineries and infrastructure.
Our investments plans are based on capital disciplined approach, combining
growth ambitions with prudency in terms of technology and market trends, with
VISION 2025 strategy remaining the focal point of reference.
These results, and a positive outlook for the full year, support the
distribution of an interim dividend of €0.20 per share to shareholders.
Furthermore, we note the progress on hydrocarbon exploration and production
business with the recent agreement with ExxonMobil and Energean to accelerate
exploration in Block 2 coming weeks after the Chevron-HELLENiQ ENERGY JV
selected for the new offshore concessions south of the Peloponnese and Crete.
All of the above are made possible due to the efforts of a team that is highly
focused in progressing a strategic vision that positions HELLENiQ ENERGY for
long term success in an evolving energy landscape."
The key highlights and contribution for each of the main business units in
3Q25 were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at €264m in 3Q25,
up y-o-y, due to higher benchmark refining margins and strong operational
performance.
- High refinery availability following the completion of the Elefsina
turnaround in June supported increased production, at 4.1m MT (+5 y-o-y), with
sales volume amounting to 4.3m MT, a record high. Exports remained strong for
another quarter, accounting for 47% of total sales.
Petrochemicals
- Despite record-low polypropylene (PP) margins, 3Q25 Adjusted EBITDA
remained positive at €3m, supported by increased sales and strong
commercial performance, demonstrating the resilience of our integrated
business model.
Marketing
- In 3Q25, Domestic Marketing's Adjusted EBITDA increased by 4% to a
record €38m, driven by higher volume and improved contribution from premium
fuels and non-fuel sales.
- International Marketing's Adjusted EBITDA rose to €30m (+14% y-o-y),
also to a record level, supported by higher sales volume and margins. The
retail network expanded to 331 stations vs 327 in 3Q24.
Power & Gas
- The segment contributed €32m in Adjusted EBITDA in 3Q25 vs €13m in
3Q24. The result reflects improved profitability from RES (€15m) and the
consolidation of Enerwave (€18m) from 15 July 2025. Total installed capacity
(thermal + RES) reached 1,346 MW, with total power generation of 1 TWh (pro
forma for 3Q25).
HELLENiQ ENERGY Holdings S.A.
Key consolidated financial indicators for 3Q / 9M 2025
(prepared in accordance with IFRS)
€m 3Q24 3Q25 % Δ 9M24 9M25 % Δ
P&L figures
Refining Sales Volumes ('000 ΜΤ) 4.163 4.281 +3% 12.153 11.345 -7%
Sales 3.192 3.312 +4% 9.744 8.478 -13%
EBITDA 90 317 - 622 552 -11%
Adjusted EBITDA (1) 183 365 100% 753 766 2%
Operating Profit 4 220 - 370 294 -21%
Net Income -198 149 - 12 129 -
Adjusted Net Income (1) 49 186 - 284 313 10%
Balance Sheet Items
Capital Employed 4.529 5.197 15%
Net Debt 1.769 2.457 39%
Gearing (ND/ND+E) ( ) 39% 47% +8 pps(2)
(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 (mailto:ir@helleniq.gr)
Group Consolidated statement of financial position
As at
30 September 2025 31 December 2024
Αssets
Non-current assets
Property, plant and equipment 3,993,578 3,742,339
Right-of-use assets 258,429 238,753
Intangible assets 405,933 357,905
Investments in associates and joint ventures 38,727 202,251
Deferred income tax assets 109,417 101,802
Investment in equity & debt instruments
Derivative financial instruments 20,500 -
Loans, advances and long term assets 188,330 157,142
5,014,914 4,800,192
Current assets
Inventories 1,379,647 1,311,169
Trade and other receivables 1,154,026 935,932
Income tax receivable 40,044 80,810
Derivative financial instruments 7,122 8,196
Other financial assets - -
Cash and cash equivalents 679,702 618,055
3,260,541 2,954,162
Total assets 8,275,455 7,754,354
Equity
Share capital and share premium 1,020,081 1,020,081
Reserves 342,069 326,690
Retained Earnings 1,321,707 1,360,168
Equity attributable to the owners of the parent 2,683,857 2,706,939
Non-controlling interests 55,693 55,283
Total equity 2,739,550 2,762,222
Liabilities
Non- current liabilities
Interest bearing loans and borrowings 2,886,145 2,169,486
Lease liabilities 202,931 191,832
Deferred income tax liabilities 161,509 164,716
Retirement benefit obligations 166,307 168,784
Derivative financial instruments 1,886 1,940
Provisions 35,148 36,247
Other non-current liabilities 65,372 43,099
3,519,298 2,776,104
Current liabilities
Trade and other payables 1,640,428 1,602,981
Derivative financial instruments - -
Income tax payable 73,124 276,388
Interest bearing loans and borrowings 255,389 240,893
Lease liabilities 46,035 33,482
Dividends payable 1,631 62,284
2,016,607 2,216,028
Total liabilities 5,535,905 4,992,132
Total equity and liabilities 8,275,455 7,754,354
Group Consolidated statement of comprehensive income
For the period ended For the three month period ended
30 September 2025 30 September 2024 30 September 2025 30 September 2024
Revenue from contracts with customers 8,478,162 9,744,283 3,312,450 3,191,729
Cost of sales (7,660,313) (8,838,599) (2,903,153) (3,019,160)
Gross profit / (loss) 817,849 905,684 409,297 172,569
Selling and distribution expenses (343,895) (332,779) (122,028) (116,037)
Administrative expenses (183,015) (148,652) (67,926) (52,669)
Exploration and development expenses (1,414) (7,657) (191) (757)
Other operating income and other gains 37,263 24,258 8,893 8,810
Other operating expense and other losses (32,974) (71,144) (7,629) (8,110)
Operating profit / (loss) 293,814 369,710 220,416 3,806
Finance income 13,385 10,277 6,324 3,512
Finance expense (96,307) (101,236) (33,908) (33,945)
Lease finance cost (7,829) (7,299) (2,824) (2,443)
Currency exchange gains / (losses) (9,577) (2,201) (466) (8,245)
Share of profit / (loss) of investments in associates and joint ventures (8,471) (10,584) 3,715 3,976
Profit / (loss) before income tax 185,015 258,667 193,257 (33,339)
Income tax (expense) / credit (52,386) (244,459) (42,016) (162,267)
Profit / (loss) for the period 132,629 14,208 151,241 (195,606)
Profit / (loss) attributable to:
Owners of the parent 129,323 11,642 148,747 (197,573)
Non-controlling interests 3,306 2,566 2,494 1,967
132,629 14,208 151,241 (195,606)
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 75 32 (3) 26
75 32 (3) 26
Other comprehensive income / (loss) that may be reclassified subsequently to
profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates - 623 - 161
Fair value gains / (losses) on cash flow hedges 5,840 1,034 3,298 (15,094)
Recycling of (gains) / losses on hedges through comprehensive income 10,041 (4,596) - (274)
Currency translation differences and other movements (587) 34 (92) 48
15,294 (2,905) 3,206 (15,159)
Other comprehensive income / (loss) for the period, net of tax 15,369 (2,873) 3,203 (15,133)
Total comprehensive income / (loss) for the period 147,998 11,335 154,444 (210,739)
Total comprehensive income / (loss) attributable to:
Owners of the parent 144,702 8,788 151,522 (212,912)
Non-controlling interests 3,296 2,547 2,922 2,173
147,998 11,335 154,444 (210,739)
Εarnings / (losses) per share (expressed in Euro per share) 0.42 0.04 0.49 (0.65)
Group Consolidated statement of cash flows
For the period ended
30 September 2025 30 September 2024
Cash flows from operating activities
Cash generated from operations 542,621 698,109
Income tax (paid) / received (252,947) (200,434)
Net cash generated from/ (used in) operating activities 289,674 497,675
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (335,256) (232,074)
Acquisition of subsidiary (188,340) -
Cash and cash equivalents of acquired subsidiaries 30,992 1,639
Proceeds from disposal of property, plant and equipment & intangible 3,830 690
assets
Share Capital increase of associates and joint ventures (74) (11,064)
Grants received - 10,008
Interest received 13,385 10,277
Prepayments for right-of-use assets (1) (57)
Dividends received 2,112 927
Net cash generated from/ (used in) investing activities (473,351) (219,654)
Cash flows from financing activities
Interest paid on borrowings (97,611) (97,946)
Dividends paid to shareholders of the Company (229,258) (274,732)
Dividends paid to non-controlling interests (2,833) (2,741)
Proceeds from borrowings 924,726 1,350,000
Repayments of borrowings (303,246) (1,548,227)
Payment of lease liabilities - principal (29,049) (29,968)
Payment of lease liabilities - interest (7,829) (7,299)
Net cash generated from/ (used in) financing activities 254,900 (610,913)
Net increase/ (decrease) in cash and cash equivalents 71,223 (332,892)
Cash and cash equivalents at the beginning of the year 618,055 919,457
Exchange (losses) / gains on cash and cash equivalents (9,576) (2,152)
Net increase / (decrease) in cash and cash equivalents 71,223 (332,892)
Cash and cash equivalents at end of the period 679,702 584,413
Parent Company Statement of Financial Position
As at
30 September 2025 31 December 2024
Assets
Non-current assets
Property, plant and equipment 1,018 1,121
Right-of-use assets 5,671 7,165
Intangible assets - 1
Investments in subsidiaries, associates and joint ventures 1,982,846 1,780,538
Deferred income tax assets 8,955 8,623
Investment in debt instruments -
Loans, advances and long term assets 284,634 152,852
2,283,124 1,950,300
Current assets
Trade and other receivables 64,703 426,176
Income tax receivables 2,407 3,502
Cash and cash equivalents 7,672 3,714
74,782 433,392
Total assets 2,357,906 2,383,692
Equity
Share capital and share premium 1,020,081 1,020,081
Reserves 313,411 313,411
Retained Earnings 987,278 950,276
Total equity 2,320,770 2,283,768
Liabilities
Non-current liabilities
Lease liabilities 3,008 4,839
Other Long Term Liabilities 2,821 890
5,828 5,729
Current liabilities
Trade and other payables 23,385 27,231
Income tax payable 3,295 2,021
Lease liabilities 2,991 2,659
Dividends payable 1,636 62,284
31,307 94,195
Total liabilities 37,135 99,924
Total equity and liabilities 2,357,906 2,383,692
Parent Company Statement of Comprehensive Income
For the period ended For the three month period ended
30 September 2025 30 September 2024 30 September 2025 30 September 2024
Revenue from contracts with customers 29,632 28,364 12,692 10,585
Cost of sales (26,938) (25,785) (11,539) (9,623)
Gross profit / (loss) 2,694 2,579 1,153 962
Administrative expenses (5,328) (7,558) (1,546) (2,755)
Other operating income and other gains 22,482 16,859 8,929 7,224
Other operating expense and other losses (24,335) (19,671) (10,158) (7,601)
Operating profit /(loss) (4,487) (7,791) (1,622) (2,170)
Finance income 11,153 11,652 2,981 4,025
Finance expense (34) (26) (9) (14)
Lease finance cost (288) (245) (58) (81)
Currency exchange gain / (loss) 18 (7) 3 (4)
Dividend income 199,693 224,117 18,329 2,000
Profit / (loss) before income tax 206,055 227,700 19,624 3,756
Income tax (expense) / credit (954) (1,607) 407 (588)
Profit / (loss) for the period 205,101 226,093 20,031 3,168
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 205,101 226,093 20,031 3,168
Parent Company Statement of Cash flows
For the period ended
30 September 2025 30 September 2024
Cash flows from operating activities
Cash generated from / (used in) operations 63,158 (1,973)
Income tax (paid) / received (694) (1,599)
Net cash generated from / (used in) operating activities 62,464 (3,572)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (77) (499)
Participation in share capital increase of subsidiaries, associates and joint (13,969) (75,500)
ventures
Acquisition of subsidiary (188,340) -
Loans and advances to Group Companies (increase) / decrease 82,360 (24,500)
Interest received 10,536 13,194
Dividends received 282,569 222,117
Net cash generated from / (used in) investing activities 173,079 134,812
Cash flows from financing activities
Dividends paid to shareholders of the Company (229,258) (274,732)
Payment of lease liabilities - principal (2,038) (1,871)
Payment of lease liabilities - interest (288) (245)
Net cash generated from / (used in) financing activities (231,584) (276,848)
Net increase / (decrease) in cash and cash equivalents 3,958 (145,608)
Cash and cash equivalents at the beginning of the period 3,714 150,528
Net increase / (decrease) in cash and cash equivalents 3,958 (145,608)
Cash and cash equivalents at end of the period 7,672 4,920
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