Motor Oil (Hellas) Corinth Refineries (MOH) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 revenue was €9.37bn, down 6% year-over-year, with adjusted EBITDA at €821m, a 28% decrease, and net profit attributable to shareholders at €220.3m, a 69% decrease; adjusted net income (excl. solidarity contribution) was €461m, down 34%.

• Q3 2024 saw a net loss of €138.7m attributable to shareholders, mainly due to a refinery fire and higher tax expenses.

• Free cash flow was negative at €-129m versus €746m in 9M23, while net debt increased to €1,836m from €1,518m at FY23.

• Investments rose to €298m in 9M24 from €246m in 9M23, reflecting ongoing strategic initiatives and energy transition.

• The group maintains a strong presence in refining, fuels marketing, power & gas, and renewables, with over 3,200 employees and operations in more than 70 countries.

Financial highlights

• Group EBITDA for 9M24 was €768m, down from €1,158.5m year-over-year; adjusted EBITDA was €821m, down 28%.

• Gross profit for 9M24 was €879.9m, down from €1,319.1m in 9M23.

• Basic EPS for 9M24 was €2.04, down from €6.61 in 9M23; Q3 EPS was negative at €(1.28) compared to €4.06 in Q3 2023.

• Cash and cash equivalents at 30 September 2024 were €993.1m, down from €1,322.3m at year-end 2023.

• Interim dividend of €0.30 per share for FY2024 was approved, to be paid in January 2025.

Outlook and guidance

• Restoration of the CDU after the September 2024 fire is expected to complete in Q3 2025; production capacity during repairs is estimated at 65-80% of nominal capacity.

• Strategic plan targets €4bn investments by 2030, with €2.5bn for energy transition and €1.5bn for maintenance and resilience.

• Aims for 2.0 GW RES operating capacity, >4,000 EV charging points, and >40% of group EBITDA from non-fuel activities by 2030.

• Committed to a 30% reduction in CO2 emissions (scope 1 & 2) by 2030 and net zero (scope 1, 2 & 3) by 2050.

• The company is insured for property damage and loss of profits related to the fire.