Motor Oil (Hellas) Corinth Refineries (MOH) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenue was €8.5 billion, down 10% year-over-year, but net income surged to €451 million, reflecting strong operational recovery and insurance compensation after a refinery fire.

• Earnings per share rose to €4.16 from €2.04 year-over-year, and comprehensive income reached €536.5 million.

• Investments increased to €462 million, supporting growth in refining, power, and circular economy platforms.

• Strategic transformation continues, positioning the group for resilience and long-term value.

Financial highlights

• Revenues for 9M 2025 were €8.48 billion, down from €9.37 billion in 9M 2024.

• Adjusted EBITDA rose 3% to €843 million; EBITDA for the period was €764 million.

• Net income for the period was €451 million; adjusted net income up 11% to €512 million.

• Free cash flow improved to €30 million from -€129 million in 9M 2024.

• Insurance compensation for business interruption and property damage totaled €245 million for the period.

Outlook and guidance

• Q4 refining performance expected to surpass Q3, supported by full utilization, strong demand, and robust margins.

• Ongoing investments in renewables and environmental upgrades, with major projects on track for completion by year-end 2025.

• CAPEX guidance for 2025 remains at €500 million for the group.

• The company remains well positioned to mitigate uncertainty and capitalize on export opportunities.