Esso SAF (ES) H2 2024 earnings summary

Executive summary

• 2024 marked by the sale of the Fos-sur-Mer refinery, reorganization at Gravenchon, and a strengthened Esso-branded fuel distribution network.

• Managed a major fire at Gravenchon and completed scheduled maintenance at Fos-sur-Mer.

• Focus remains on operational competitiveness amid normalized refining margins.

Financial highlights

• Net income was €107M in 2024, down from €677M in 2023.

• Adjusted EBITDA was €58M, a sharp decline from €964M in 2023, reflecting lower refining margins.

• Revenue fell 7% year-over-year to €17.9B, mainly due to lower petroleum product prices.

• Net financial position improved to €1,493M, up from €1,015M, boosted by asset sales.

• Proposed total dividend of €53 per share, including a €50 exceptional dividend.

Outlook and guidance

• 2025 will see scheduled maintenance at Gravenchon and €110M in planned investments.

• Exposed to oil price, FX, and refining margin volatility in a globally competitive market.

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