Motor Oil (Hellas) Corinth Refineries (MOH) Q4 2024 earnings summary

Executive summary

• FY 2024 turnover was €12.19bn, down 8.5% year-over-year, with EBITDA at €967m (-30%) and net income at €283m (-65%).

• Adjusted EBITDA was €995m (-33% y/y) and adjusted net income €504m (-43% y/y), excluding inventory valuation and solidarity contribution.

• Free cash flow dropped to €7m from €500m in FY23, while net debt increased to €1,729m from €1,518m.

• Dividend per share was €1.40, down from €1.80 in FY23, with €0.30/share paid as interim dividend.

• Fire incident in September 2024 reduced refinery output, partially offset by €39.9m insurance; a temporary solidarity tax on 2023 profits also impacted results.

Financial highlights

• FY 2024 revenues were €12,188m, down from €13,317m; Q4 2024 revenues were €2,819m, down from €3,348m.

• FY 2024 EBITDA was €967m (vs. €1,383m in FY23); net profit was €283m (vs. €806m in FY23).

• Adjusted EBITDA for FY 2024 was €995m (vs. €1,480m in FY23); adjusted EPS was €4.67 (vs. €8.12 in FY23).

• Gross margin per ton was $84.63 (vs $123.07 in 2023); Group gross profit was €1,268m (-28% y/y).

• Net debt/EBITDA ratio increased to 1.79x due to lower EBITDA and higher net debt.

Outlook and guidance

• Refinery output expected at 65–80% of capacity in H1 2025 due to CDU repairs; full restoration targeted for Q3 2025.

• H1 2025 EBITDA expected to be impacted by lower utilization and normalized refining margins, partially offset by insurance.

• Growth in non-fossil activities targeted to exceed 40% of Group EBITDA by 2030; >2 GW RES capacity and >4,000 EV charging points planned.

• Industry indicators show a 5.5% year-over-year increase in total domestic fuels market consumption in 2024.

• Key product segments such as gasoline (+2.4% y/y), auto diesel (+3.8% y/y), and jet fuel (+12.1% y/y) saw growth.