HELLENiQ ENERGY Holdings (ELPE) Q1 2025 earnings summary

Executive summary

• Adjusted EBITDA reached €180 million in Q1 2025, down 47% year-over-year, amid normalized refining margins and refinery maintenance slowdowns; clean EBITDA remained strong despite these challenges.

• Net profit attributable to owners was €10.6 million, a significant decrease from €179.2 million in the prior year quarter, with reported results further impacted by inventory valuation.

• Net debt increased to €2.5 billion due to temporary inventory build and Solidarity Contribution payment, but financing costs declined.

• SPA for the acquisition of the remaining 50% in Elpedison signed, with closing expected in the next two months and full consolidation anticipated from Q3 2025.

• Group activities span refining, marketing, petrochemicals, renewables, gas, and power, with operations mainly in Greece and Southeast Europe.

Financial highlights

• Sales revenue for Q1 2025 was €2,733 million, down 17% year-over-year, with gross profit falling 50% to €203 million.

• Reported EBITDA dropped 65% to €122 million; adjusted EBIT was €108 million, down from €252 million in Q1 2024.

• Adjusted EPS was €0.18, a 66% decrease year-over-year; earnings per share were €0.03, compared to €0.59 in the same quarter last year.

• Net cash used in operating activities was €292.9 million, versus €197.3 million generated in Q1 2024.

• Inventory losses of around EUR 80 million impacted reported results due to sharp oil price declines.

Outlook and guidance

• Elefsina refinery turnaround progressing ahead of schedule and within budget, with operational and environmental benefits expected from Q3 2025.

• Renewables capacity target of 1 GW on track for the next 18 months, with 0.5 GW under construction or ready-to-build and further international opportunities under evaluation.

• Trading platform established in Geneva to maximize refining asset value and expand wholesale reach.

• Anticipate performance close to last year’s levels if current margin trends persist.