HELLENiQ ENERGY Holdings (ELPE) Q4 2025 earnings summary

Executive summary

• Achieved a fourth consecutive year of strong performance, with adjusted EBITDA of €1,132m (up 10% year-over-year) and adjusted net income of €503m (up 25%), supported by robust refining margins, record production, and expansion in renewables and power, despite challenging macroeconomic conditions.

• Distributed a total dividend of €0.60 per share for 2025, reflecting both recurring and exceptional distributions, with a 7% yield and a 33% increase in normal dividend payment.

• Continued transformation and international expansion, highlighted by the Enerwave acquisition, Vision 2025 initiatives, and digital transformation.

Financial highlights

• Revenue declined 9% year-over-year to €11.6bn, mainly due to lower oil prices and volumes, while gross profit increased 6% to €1,143m.

• Adjusted EBITDA exceeded €1.1bn, with a 10% year-over-year increase, driven by strong refining and marketing performance.

• Reported net income was €173m, impacted by €329m inventory losses; adjusted net income was €503m, up 25%.

• Net debt increased to €2.14bn, with leverage at 1.9x and gearing ratio of 44%.

• Total investments reached €757m, focused on refinery maintenance, renewables, and the Enerwave acquisition.

Outlook and guidance

• Targets 2 GW of RES capacity by 2030 and a 30% reduction in Scope 1 and 2 emissions by 2030.

• Expects continued growth in power and renewables, with further expansion in Southeast Europe and additional EBITDA contributions from energy efficiency projects and the Thessaloniki-Skopje pipeline reopening.

• No special dividends projected for 2026 unless exceptional transactions occur; focus remains on recurring and performance-based dividends.