HELLENiQ ENERGY Holdings (ELPE) Q3 2025 earnings summary

Executive summary

• Achieved record refining output and sales, robust marketing performance, and strong margins, supporting a robust third quarter and nine-month results, with progress toward a €1bn FY25 Adjusted EBITDA target and interim DPS of €0.20.

• Full consolidation and acquisition of Enerwave (formerly Elpedison) from July 2025, enhancing the Green Utility segment and expanding the group's footprint.

• Operating cash flow remained strong, offsetting acquisition and dividend outflows, keeping net debt stable quarter-over-quarter.

• Group revenue for the nine months ended 30 September 2025 was €8,478 million, down from €9,744 million year-over-year.

• Net profit attributable to owners was €129 million, compared to €12 million in the prior year period.

Financial highlights

• 3Q25 Adjusted EBITDA reached €365 million, up 100% year-over-year; 9M25 Adjusted EBITDA at €766 million, up 2% year-over-year.

• Net debt at €2,457 million, up 39% year-over-year, mainly due to Enerwave acquisition and supply chain disruptions.

• Interim dividend of €0.20 per share for 2025, matching last year, with total payout of €61.1 million.

• Cash and cash equivalents at period end were €680 million, up from €584 million at the end of the prior period.

• Total investments for the nine months exceeded €500 million.

Outlook and guidance

• FY25 Adjusted EBITDA guidance reaffirmed at €1bn, supported by resilient refining margins and renewables growth.

• Strategic focus on expanding renewables capacity to 1.5 GW by 2028 and operational improvements in Enerwave.

• Refineries operating at full capacity; limited room for further production increases.

• New business model in Petroleum Trading and reopening of Thessaloniki-Skopje pipeline expected to strengthen market position.

• A subsidiary declared a €68 million dividend to the parent, payable in January 2026.