Esso SAF (ES) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €5.8bn, down 35% year-over-year, mainly due to lower sales volumes and declining petroleum product prices.

• Net loss reached €85m versus a profit of €116m in H1 2024, impacted by negative inventory effects, refinery sale, and major shutdowns.

• Adjusted EBITDA was €82m, up from €34m in H1 2024, despite a 30% drop in refining margins and benefiting from positive FX effects.

• Adjusted operating income was €46m, up from a €6m loss in H1 2024, reflecting improved refining margins late in the period.

• Operational performance was impacted by the sale of a major refinery and planned maintenance shutdowns.

Financial highlights

• Sales volumes of refined products fell 27% year-over-year to 7.6 million m³, mainly due to the sale of the Fos-sur-Mer refinery and a planned maintenance shutdown.

• Negative inventory effects totaled €123m, compared to a positive €118m in H1 2024, due to falling oil prices.

• Operating expenses decreased by €90m, driven by lower external and personnel costs and reduced taxes.

• Operating loss of €158m, compared to a €112m gain in H1 2024.

• Financial result positive at €39m, unchanged year-over-year, including €22m in dividends.

Outlook and guidance

• Persistent international uncertainties, geopolitical tensions, and energy transition are expected to maintain market volatility.

• The group is preparing for a potential acquisition by North Atlantic and separation from ExxonMobil, with completion targeted for Q4 2025.

• Strategic focus remains on operational excellence, industrial competitiveness, and a low-carbon future.

• Ongoing adaptation to market changes and focus on industrial asset optimization.