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Half-year Report

7th Aug 2025 15:55

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, CO2 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 pps2

 

 

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: [email protected]

 

 

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 assets

-

574

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 ventures

6

(8.258)

(54.000)

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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