Motor Oil (Hellas) Corinth Refineries (MOH) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined 16% year-on-year to €5.3 billion, with EBITDA down 39% to €387 million and net income falling 55% to €162 million, mainly due to lower refining margins, reduced sales volumes, and the September 2024 refinery fire.

• Insurance compensation of €145 million for business interruption and €10 million for property damage partially offset operational losses from the refinery incident.

• Free cash flow was negative €164 million for H1 2025, impacted by extraordinary tax payments and operational disruptions.

• Investments and CapEx increased, with notable spending on refinery restoration and renewables.

Financial highlights

• Revenues for H1 2025 were €5.27–5.3 billion, down from €6.24 billion in H1 2024.

• Adjusted EBITDA was €452 million, down 27% year-on-year; group EBITDA was €387 million, down 39%.

• Adjusted net income declined to €213 million; reported net income was €162–163 million.

• Net debt increased to €1.96 billion from €1.73 billion at year-end 2024.

• Free cash flow was negative €164 million for H1 2025.

Outlook and guidance

• Full restoration of the crude distillation unit in August 2025 is expected to boost utilization and EBITDA in H2.

• Group CapEx guidance for 2025 is €500 million, with company CapEx at €190–200 million.

• Margins and volumes improved in Q3, with expectations for a strong H2 as refinery operations normalize.

• Renewables and subsidiaries in retail and circular economy are expected to maintain or improve EBITDA contributions.