REG - Helleniq Energy - HELLENiQ ENERGY 4Q/FY 2025 Financial Results
26/02/2026 16:15
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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 4(th) 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% +5 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
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 6,011 -
assets
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 (144,009) (81,131)
ventures
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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