Motor Oil (Hellas) Corinth Refineries (MOH) Q1 2025 earnings summary

Executive summary

• Q1 2025 turnover was €2.7bn, down 10% year-over-year, with EBITDA at €202m (-43% y/y) and net income at €85m (-56% y/y).

• Adjusted EBITDA was €216m (-35% y/y) and adjusted net income €96m (-45% y/y), reflecting inventory valuation impacts.

• Gross margin declined to 7.0% from 12.7% year-over-year, reflecting lower refining margins and higher costs.

• Significant acquisitions included 94.44% of HELECTOR S.A. (circular economy) and 100% of TWENTY 4 SHOPEN S.M.S.A. (retail stores).

• Group headcount increased to 4,090 from 3,129 year-over-year.

Financial highlights

• Revenues declined to €2,679m in Q1 2025 from €2,979m in Q1 2024.

• Group EBITDA dropped to €202m from €354m year-over-year; EBIT was €133m versus €292m.

• EPS was €0.78, down from €1.76 in Q1 2024; adjusted EPS was €0.88.

• Net debt rose to €2,063m, and invested capital increased to €4,963m.

• Operating cash flow improved to -€212m from -€276m year-over-year.

Outlook and guidance

• Capex for 2025 is forecast at €500m for the group, up from €258m in 2024.

• Management remains focused on operational stability amid geopolitical and macroeconomic uncertainty.

• Ongoing investments in energy transition, renewables, and circular economy sectors.

• No material impact expected from Pillar II global tax rules.

• No material events after the reporting period affecting financial structure or operations.