HELLENiQ ENERGY Holdings (ELPE) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA for Q2 was €221 million, signaling a return to strong performance despite the Elefsina refinery shutdown; YTD Adjusted EBITDA reached €401 million, positioning the group for another successful year.

• Elefsina refinery underwent its largest maintenance turnaround since 2012, completed safely and successfully, positioning the refinery for improved margins in Q3.

• Demand for transport fuels remains robust across all segments and geographies, with strong retail and international subsidiary performance.

• Acquisition of the remaining 50% in ELPEDISON completed post-Q2, enabling full consolidation and greater strategic control from Q3 onward.

• Major portfolio moves included the sale of DEPA Commercial and new renewable energy acquisitions in Greece, Romania, and Bulgaria announced after the reporting period.

Financial highlights

• Adjusted EBITDA for Q2 was €221 million, with the shutdown impact bringing it close to €250 million; YTD Adjusted EBITDA reached €401 million.

• EBITDA for the period was €234.6 million, down from €531.9 million year-over-year.

• Net Debt increased 49% year-over-year to €2,360 million, with Net Debt/Capital Employed rising to 48%.

• Sales revenue for Q2 was €2,433 million, a 26% decrease year-over-year; gross profit fell 37% to €205 million.

• Financing costs declined, aided by lower spreads and EURIBOR.

Outlook and guidance

• Positive outlook for the remainder of the year, with no major shutdowns planned for H2.

• Geneva trading office expected to expand trading portfolio over the next 12–18 months.

• Renewables portfolio to reach 1.5 GW operational capacity by 2028, with higher returns expected from new projects in Romania and Bulgaria.

• ELPEDISON consolidation and renewables growth expected to drive EBITDA toward €300 million by decade's end.

• Margin controls lift in domestic marketing to positively impact results from 3Q25 onwards.