Motor Oil (Hellas) Corinth Refineries (MOH) Q4 2025 earnings summary

Executive summary

• Revenue declined 5.8% year-over-year to EUR 11.48 billion, mainly due to lower petroleum product prices, restricted refining capacity, and USD devaluation, partially offset by higher sales volumes.

• EBITDA rose 10% to EUR 1.1 billion, or 21% to EUR 1.2 billion excluding inventory loss, driven by insurance compensation and improved operational performance in H2.

• Net income more than doubled to EUR 650.8 million, reflecting higher operating profit, lower tax burden, and significant one-off insurance gains.

• Net debt decreased to EUR 158 million, and a higher dividend of EUR 1.75 per share is proposed, yielding 5.57% on year-end share price.

Financial highlights

• Group EBITDA increased from EUR 967 million in 2024 to EUR 1,059 million in 2025, driven by higher production, strong refining margins in H2, and insurance compensation of EUR 238 million.

• Adjusted net income reached EUR 757 million, up 50% year-over-year; group net income was EUR 650.8 million, up 126.5%.

• Operating cash flow approached EUR 1 billion; free cash flow was EUR 347 million despite over EUR 600 million in investments and extraordinary tax payments.

• Earnings per share: EUR 5.98 (Group); EUR 5.92 (Company).

• Net debt to equity ratio improved to 0.47 (Group) and 0.09 (Company).

Outlook and guidance

• CapEx guidance for 2026: EUR 220 million for the parent, EUR 650 million for the group, focused on renewables (Unagi Solar project), hydrogen, and refinery upgrades.

• EBITDA from non-fossil activities targeted to exceed 40% of Group total by 2030.

• Refining margins and profitability were strong in early 2026, but March saw volatility due to market disruptions.

• Ongoing development of renewables and battery storage projects, with 72 MW of batteries ready for electrification.

• 2026 expected to be marked by increased uncertainty due to geopolitical tensions and volatile energy markets.