HELLENiQ ENERGY reports €734M in first-half comparable EBITDA

The Group recorded comparable EBITDA of €734 million and comparable net profits of €393 million, while in the second quarter comparable EBITDA reached €442 million and comparable net profits amounted to €253 million.

The improvement in results was driven by the strong performance of the Refining, Petrochemicals and Retail Marketing segments, as well as the contribution of Enerwave, which was incorporated into the Group’s financial results.

Management highlighted that these results were achieved in an environment of increased geopolitical uncertainty, with developments in the Middle East and the war in Ukraine continuing to impact global energy markets. Despite these challenges, HELLENiQ ENERGY ensured energy security and uninterrupted supply to the markets in which it operates, leveraging alternative supply sources and different types of crude oil.

A key contributor was the Group’s recent investment programme of more than €200 million for refinery maintenance and upgrades, which enabled the continuation of high productivity levels. The Group supplied more than 60% of domestic fuel demand while significantly strengthening its presence in international markets.

Exports of diesel and aviation fuels to Europe increased by 35%, contributing to the mitigation of supply shortages observed in Southeast Europe. Total exports reached 1.7 million tonnes, representing 48% of total sales, while diesel and aviation fuels accounted for 56% of production. At the same time, the reopening of the Thessaloniki–Skopje pipeline strengthened both supply to the neighbouring market and the Group’s international trading activity.

On a reported basis, EBITDA stood at €849 million, mainly reflecting accounting gains from inventory valuation following the increase in international oil prices and refined product prices.

Record Investment Levels

The first half of 2026 was characterised by historically high investment activity. Total investments reached €407 million, of which €226 million were executed during the second quarter, focusing primarily on the upgrade of the Aspropyrgos refinery and the expansion of the Renewable Energy Sources (RES) portfolio.

At the same time, net debt declined to €1.97 billion, approximately €700 million lower compared with the first quarter, supported by strong operating cash flows and the normalisation of working capital.

Siamisis: Supporting the Market and Expanding Exports

HELLENiQ ENERGY CEO Andreas Siamisis noted that refinery flexibility and diversified supply sources enabled the Group to maintain security of supply across all markets in which it operates.

He stated that the international shortage of refined products resulted in a significant increase in exports, particularly aviation fuels, a trend that has continued into the third quarter.

He also noted that part of the increased profitability was used to support the Greek market through an extraordinary discount of €0.10 per litre on gasoline and €0.05 per litre on diesel. The total cost of this initiative is now estimated to approach €30 million, exceeding the initial forecast due to stronger-than-expected consumer participation.

Agreement with Chevron

In the Exploration and Production of Hydrocarbons sector, HELLENiQ ENERGY entered into a new strategic agreement with Chevron, under which Chevron will acquire a 70% stake in the Block 10 concession in the southern Ionian Sea. Through this agreement, the cooperation between the two companies will expand to five offshore concessions in Greece.

In the Refining, Supply and Trading segment, comparable EBITDA reached €318 million in the second quarter, up 95% year-on-year, mainly due to higher refining margins. Production reached 3.5 million tonnes, sales amounted to 3.8 million tonnes, and exports remained at 48% of total sales.

In Petrochemicals, comparable EBITDA reached €24 million, more than double the €11 million recorded in the corresponding period last year. Retail Marketing in Greece generated EBITDA of €21 million, while International Trading achieved a record profitability level with EBITDA of €38 million, benefiting from particularly favourable conditions in international markets.

In the Electricity, Natural Gas and Renewable Energy Sources segment, comparable EBITDA reached €22 million, double the level recorded in the same period last year, mainly due to the integration of Enerwave. The Group’s installed capacity reached 1.4 GW, while electricity generation amounted to 0.8 TWh.

HELLENiQ ENERGY continues to accelerate its investments in green energy. During the first half, more than €130 million were invested in renewable energy projects, while the Group is also expanding its energy storage development programme. New solar photovoltaic and storage projects with a combined capacity of 250 MW are expected to become operational during the third quarter, increasing the Group’s RES portfolio to more than 800 MW.

In parallel, funding was secured from the Recovery and Resilience Facility for the 200 MW Alexandroupolis photovoltaic project and the 173 MW Green Hub North project, which will directly supply the Thessaloniki refinery through a high-voltage connection.

Management expects international refined product markets to remain characterised by supply constraints, as limited refinery operations in the Middle East and Russia, restrictions on Chinese exports and low inventory levels continue to support refining margins. Within this environment, the Group stated that it will continue strengthening its regional footprint, accelerating the energy transition and investing further in renewable energy development and energy storage solutions.