HELLENiQ ENERGY Holdings (ELPE) Q4 2024 earnings summary

Executive summary

• Achieved clean/adjusted EBITDA over €1 billion for the third consecutive year, supported by insurance compensation and strong operational performance despite weaker refining margins.

• Record refinery production exceeding 17 million tons, with 5% sales growth year-over-year and exports comprising 54% of total sales.

• Renewables portfolio grew to 494 MW, with a clear path to 1 GW by next year and 2 GW by 2030.

• Completed sale of 35% in DEPA Commercial and agreed to acquire the remaining 50% of Elpedison, with closing expected in 3Q25.

• Vision 2025 strategic plan completed a year ahead of schedule, with significant improvements in governance, digital transformation, and >€45m annualized benefit.

Financial highlights

• FY24 Adjusted EBITDA: €1,026m (down 17%-25% year-over-year); Reported EBITDA: €811m (down 23%); Adjusted Net Income: €401m.

• Reported Net Income: €60m, impacted by €128m-€130m inventory loss and €173m-€200m Solidarity Contribution.

• FY24 sales: €12,768m (flat year-over-year); cash flow from operations: €700m; net debt increased to €1,792m.

• Dividend proposed at €0.75 per share, including €0.30 from DEPA Commercial proceeds, resulting in a yield exceeding 10% for three consecutive years.

• Net finance costs decreased 3% to €119m; finance costs reduced despite slightly higher gross debt due to refinancing and better cash utilization.

Outlook and guidance

• Refining margins started weak in 2025 but improved in February; full-year margins expected to be better than 2024, though two major refinery turnarounds will impact profitability.

• Renewables expected to reach 1 GW in 2025, with further growth to 2 GW by 2030 and a 5.2 GW pipeline.

• Elpedison acquisition to be completed in Q2/Q3 2025, with full consolidation from Q3.

• Gas and power business streamlined for green utility growth, aiming for €0.3bn EBITDA by 2030.

• Dividend payout policy remains at 35%-50% of adjusted net income, with flexibility to exceed this range.