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Hellenic Petroleum Holdings S.A.
Quarterly Report • May 15, 2025
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Quarterly Report
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National Storage Mechanism | Additional information 
RNS Number : 8966I
Helleniq Energy Holdings S.A.
15 May 2025
Maroussi, 15 May 2025
First Quarter 2025 Financial Results
Adjusted EBITDA of €180m, on substantially weaker benchmark refining margins - Elefsina refinery's full turnaround progressing according to schedule
HELLENiQ ENERGY Holdings S.A. ("Company") announced its 1Q25 consolidated financial results, with Adjusted EBITDA amounting to €180m and Adjusted Net Income to €55m.
The results were primarily driven by a weaker refining environment, in addition to reduced oil products sales ahead of the planned full turnaround at the Elefsina refinery which is progressing. The Fuels Marketing business, both in Greece and internationally, recorded improved performance, achieving a record high result for the first quarter. In the Power business, both Elpedison, which remains consolidated under the equity method until the closing of the transaction, and the Renewable Energy Sources (RES) business improved their performance, with a combined EBITDA of €40m.
Refineries' output in 1Q25 amounted to 3.7m MT, while sales volume reached 3.5m MT (-11% y-o-y), as a result of production and sales planning in order to accommodate the supply of the market during Elefsina's full turnaround. Despite lower production and increased domestic demand, the share of exports remained at high levels, accounting for 54% of the total sales.
The full turnaround at the Elefsina refinery commenced in late March, is progressing according to schedule and is anticipated to be concluded by mid-June. This represents the most extensive maintenance program since the commencement of operations at the Elefsina refinery, encompassing a broader scope of works, including equipment upgrades following the initial 12 years of operation of the new units and a number of projects both for operational optimization aimed at enhancing refinery performance, as well as for the reduction of carbon footprint by approximately 10,000 tons of CO2.
1Q25 Reported EBITDA amounted to €122m, with Reported Net Income coming in at €11m, primarily due to the impact of the substantial decline in international prices at the beginning of 2Q25 on inventory valuation.
Main developments - Strategy implementation
Upon the completion of the initial phase of the strategic program's implementation, the Group is updating its strategy with an outlook extending to 2030, based on a balanced and pragmatic approach towards energy transition.
In this context, following up on the agreement for the acquisition of the remaining 50% of Elpedison's share capital in December 2024, the relevant share purchase agreement was signed with Edison in April 2025. The completion of the transaction is anticipated within the next two months.
In Refining and Petrochemicals , the Group is implementing initiatives aimed at achieving energy autonomy and enhancing energy efficiency, alongside the expansion of the polypropylene production unit, while maturing carbon footprint improvement projects. At the same time, the Company has upgraded its Supply and Trading operating model by establishing a crude and products trading platform in Geneva, one of the major oil and commodities' trading hubs worldwide, with the objective of further leveraging its asset base and expanding its international business.
In Marketing , the transformation program is progressing, focusing on the optimization of the retail network in Greece, with the total number of stations down to 1,578, approximately 100 less in the past three years, while increasing company-managed stations, as well as market shares. At the same time, selective expansion in international markets is progressing. Emphasis is placed on the higher contribution of premium products, as well as the sales of products and services other than fuel, while the penetration of the loyalty program is growing.
In the Renewable Energy Sources (RES) business , HELLENiQ Renewables manages a portfolio of a total operational capacity of 494 MW and is developing photovoltaic parks with a cumulative capacity of 211 MW in Romania and 150 MW of battery storage projects in Greece. The total capacity of the project portfolio under development amounts to 5.1 GW within Greece and Southeastern Europe.
Lower crude oil prices and benchmark refining margins - Increased electricity EUA prices
In 1Q25, Brent crude oil declined by 9% y-o-y, averaging $76/bbl. The EUR/USD exchange rate averaged 1.05 vs 1.09 in 1Q24.
On the contrary, natural gas and electricity prices increased by 69% y-o-y and 67% y-o-y respectively, on average, in 1Q25. Accordingly, CO2 prices (EUAs) in 1Q25 recorded an increase of 23% y-o-y, on average.
Refining margins decreased compared with particularly high levels recorded in 1Q24, with our refineries' system benchmark margin averaging $5.1/bbl vs $8.0/bbl in 1Q24.
Increased demand for fuels in the domestic market
Domestic market demand in 1Q25 reached 1.7m MT, 4% higher y-o-y, with automotive fuels consumption increasing by 2% y-o-y. Demand for aviation fuels grew by 9%, while marine fuel consumption declined by 9%.
Balance sheet and capital expenditure
In 1Q25, operating cash flows were negatively affected, primarily due to the payment of the Solidarity Contribution amounting to €223m, which was imposed on 2023 profits and a temporary increase in working capital requirements due to the full turnaround at the Elefsina refinery. Capital expenditures reached €66m. Consequently, net debt increased to €2.5bn, while excluding non-recourse project finance, it stood at €2.1bn. Nevertheless, the debt service cost declined by 4% y-o-y due to the reduction in base interest rates and spreads. The Group maintains sufficient capacity to support its strategic initiatives and manage market volatility.
Andreas Shiamishis, Group CEO, commented on the results:
"Having completed the first phase of the Vision 2025 strategic transformation plan, we are updating our strategy, based on a pragmatic and balanced transition towards the new energy era. For 1Q25, we reported Adjusted EBITDA of €180m, a satisfactory performance, considering the weak refining environment and the reduced sales resulting from the scheduled full turnaround at the Elefsina refinery. Fuels Marketing performance improved further; it is anticipated that the full consolidation of Elpedison, upon transaction closing, will enhance the contribution from the electricity and RES business, thereby introducing an additional revenue stream to the Group.
The maintenance program at the Elefsina refinery is progressing safely and according to schedule. When operations resume in June, a substantial improvement is expected in the operational performance of the facilities and the environmental footprint.
The transformation program, coupled with ongoing operational improvements, has resulted in a high profitability level. We place particular emphasis on strengthening core refining and trading activities, as well as expanding our international presence in wholesale and fuel stations operations. Vertical integration within the electricity market is anticipated to provide the benefit of a diversified portfolio, encompassing renewable energy sources and natgas-fired units, thereby enabling the realization of synergies and increasing business opportunities.
The key highlights and contribution for each of the main business units in 1Q25 were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at €134m in 1Q25, lower than the respective period in 2024 due to weaker benchmark margins, tighter crude spreads and reduced sales volume.
- Production amounted to 3.7m MT (-3% y-o-y), with sales volume at 3.5 m MT, 11% lower y-o-y, as, due to the start of the full turnaround at the Elefsina refinery at the end of 1Q25, emphasis was placed on increasing products' inventory for the smooth supply of the domestic market.
Petrochemicals
- 1Q25 Adjusted EBITDA amounted to €8m, lower y-o-y, due to reduced polypropylene (PP) margins.
Marketing
- In 1Q25, Domestic Marketing's Adjusted EBITDA improved to €8m due to higher sales volume and increased contribution from the sales of non-fuel products and services, despite the ongoing rationalization in the network (1,578 fuel stations vs 1,623 in 1Q24), alongside the regulatory constraints. Market shares and the contribution from premium products increased for yet another quarter.
- Similarly, International Marketing's Adjusted EBITDA improved to €17m (+28% y-o-y), driven by network expansion (330 fuel stations vs 323 in 1Q24) and higher margins, with an improved contribution from the sales of non-fuel products and services.
Renewables
- 1Q25 RES EBITDA amounted to €12m. Power generation increased by 8% y-o-y to 173 GWh due to increased installed capacity (494 MW vs 381 MW in 1Q24).
Associate companies
- The contribution of associate companies consolidated using the equity method amounted to €8m, on increased contribution from ELPEDISON.
HELLENiQ ENERGY Holdings S.A.
Key consolidated financial indicators for 1Q 2025
(prepared in accordance with IFRS)
| € million | 1Q24 | 1Q25 | % Ä |
| P&L figures | |||
| Refining Sales Volume ('000 ÌÔ) | 3,987 | 3,532 | -11% |
| Sales | 3,278 | 2,733 | -17% |
| EBITDA | 350 | 122 | -65% |
| Adjusted EBITDA 1 | 338 | 1 80 | -47% |
| Operating Profit | 268 | 43 | -84% |
| Net Income | 1 79 | 11 | -94% |
| Adjusted Net Income 1 | 16 4 | 55 | -66% |
| Balance Sheet Items | |||
| Capital Employed | 4,8 87 | 5,257 | 8% |
| Net Debt | 1,750 | 2,486 | 42% |
| Gearing (ND/ND+E) | 36% | 47% | 11 pps2 |
Note 1: Adjusted for inventory effects and other non-operating/one-off items, as well as the IFRS accounting treatment of the EUAs deficit.
Note 2: pps stands for percentage points
Further information:
Investor Relations
8A Chimarras str., 151 25 Maroussi, Greece
Tel: 210-6302526, 210-6302305
Email: [email protected]
Group Consolidated statement of financial position
| As at | |||
| Note | 31 March 2025 | 31 December 2024 | |
| Ássets | |||
| Non-current assets | |||
| Property, plant and equipment | 3.744.052 | 3.742.339 | |
| Right-of-use assets | 238.154 | 238.753 | |
| Intangible assets | 384.527 | 357.905 | |
| Investments in associates and joint ventures | 210.961 | 202.251 | |
| Deferred income tax assets | 102.322 | 101.802 | |
| Investment in equity instruments | 689 | 646 | |
| Derivative financial instruments | 70 | - | |
| Loans, advances and long term assets | 153.721 | 156.496 | |
| 4.834.496 | 4.800.192 | ||
| Current assets | |||
| Inventories | 1.661.677 | 1.311.169 | |
| Trade and other receivables | 857.687 | 935.932 | |
| Income tax receivable | 78.193 | 80.810 | |
| Derivative financial instruments | 5.154 | 8.196 | |
| Cash and cash equivalents | 513.191 | 618.055 | |
| 3.115.902 | 2.954.162 | ||
| Total assets | 7.950.398 | 7.754.354 | |
| Equity | |||
| Share capital and share premium | 1.020.081 | 1.020.081 | |
| Reserves | 325.127 | 326.690 | |
| Retained Earnings | 1.370.292 | 1.360.168 | |
| Equity attributable to the owners of the parent | 2.715.500 | 2.706.939 | |
| Non-controlling interests | 55.678 | 55.283 | |
| Total equity | 2.771.178 | 2.762.222 | |
| Liabilities | |||
| Non- current liabilities | |||
| Interest bearing loans and borrowings | 2 | 2.799.120 | 2.169.486 |
| Lease liabilities | 191.638 | 191.832 | |
| Deferred income tax liabilities | 165.870 | 164.716 | |
| Retirement benefit obligations | 165.164 | 168.784 | |
| Derivative financial instruments | 1.491 | 1.940 | |
| Provisions | 36.308 | 36.247 | |
| Other non-current liabilities | 42.870 | 43.099 | |
| 3.402.461 | 2.776.104 | ||
| Current liabilities | |||
| Trade and other payables | 1.485.584 | 1.602.981 | |
| Derivative financial instruments | 0 | - | - |
| Income tax payable | 56.517 | 276.388 | |
| Interest bearing loans and borrowings | 2 | 200.413 | 240.893 |
| Lease liabilities | 32.258 | 33.482 | |
| Dividends payable | 1.987 | 62.284 | |
| 1.776.759 | 2.216.028 | ||
| Total liabilities | 5.179.220 | 4.992.132 | |
| Total equity and liabilities | 7.950.398 | 7.754.354 |
Group Consolidated statement of comprehensive income
| For the period ended | For the three-month period ended | |||||
| Note | 31 March 2025 | 31 March 2024 | 31 March 2025 | 31 March 2024 | ||
| Revenue from contracts with customers | 1 | 2.732.822 | 3.278.481 | 2.732.822 | 3.304.010 | |
| Cost of sales | (2.529.738) | (2.869.817) | (2.529.738) | (3.066.811) | ||
| Gross profit / (loss) | 203.084 | 408.664 | 203.084 | 237.199 | ||
| Selling and distribution expenses | (104.988) | (100.756) | (104.988) | (113.297) | ||
| Administrative expenses | (52.124) | (43.784) | (52.124) | (53.430) | ||
| Exploration and development expenses | (518) | (1.387) | (518) | (897) | ||
| Other operating income and other gains | 7.854 | 8.504 | 7.854 | 39.550 | ||
| Other operating expense and other losses | (10.496) | (3.436) | (10.496) | (41.710) | ||
| Operating profit / (loss) | 42.812 | 267.805 | 42.812 | 67.415 | ||
| Finance income | 2.288 | 3.439 | 2.288 | 5.754 | ||
| Finance expense | (31.137) | (33.444) | (31.137) | (36.660) | ||
| Lease finance cost | (2.576) | (2.436) | (2.576) | (2.644) | ||
| Currency exchange gains / (losses) | (2.518) | 5.824 | (2.518) | (10.100) | ||
| Share of profit / (loss) of investments in associates and joint ventures | 8.480 | (3.650) | 8.480 | 3.148 | ||
| Profit / (loss) before income tax | 17.349 | 237.538 | 17.349 | 26.913 | ||
| Income tax (expense) / credit | (6.373) | (58.270) | (6.373) | (12.181) | ||
| Profit / (loss) for the period | 10.976 | 179.268 | 10.976 | 14.732 | ||
| Profit / (loss) attributable to: | ||||||
| Owners of the parent | 10.571 | 179.172 | 11.381 | 15.458 | ||
| Non-controlling interests | 405 | 96 | (405) | (726) | ||
| 10.976 | 179.268 | 10.976 | 14.732 | |||
| Other comprehensive income / (loss): | ||||||
| Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax): | ||||||
| Actuarial gains / (losses) on defined benefit pension plans | - | - | (52.212) | (9.035) | ||
| Changes in the fair value of equity instruments | 42 | (34) | 108 | 107 | ||
| 42 | (34) | (52.104) | (8.928) | |||
| Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax): | ||||||
| Share of other comprehensive income / (loss) of associates | - | 570 | (3.524) | 759 | ||
| Fair value gains / (losses) on cash flow hedges | (1.381) | 12.709 | 2.979 | (36.700) | ||
| Recycling of (gains) / losses on hedges through comprehensive income | - | - | - | - | ||
| Currency translation differences and other movements | (234) | 17 | 4.197 | (71) | ||
| (1.615) | 13.296 | 3.652 | (36.012) | |||
| Other comprehensive income / (loss) for the period, net of tax | (1.573) | 13.262 | (48.452) | (44.940) | ||
| Total comprehensive income / (loss) for the period | 9.403 | 192.530 | (37.476) | (30.208) | ||
| Total comprehensive income / (loss) attributable to: | ||||||
| Owners of the parent | 9.019 | 192.455 | (37.486) | (32.580) | ||
| Non-controlling interests | 384 | 75 | 10 | 2.372 | ||
| 9.403 | 192.530 | (37.476) | (30.208) | |||
| Å arnings / (losses) per share (expressed in Euro per share) | 0,03 | 0,59 | 0,04 | 0,05 |
Group Consolidated statement of cash flows
| For the period ended | |||
| Note | 31 March 2025 | 31 March 2024 | |
| Cash flows from operating activities | |||
| Cash generated from operations | 3 | (292.900) | 197.298 |
| Income tax (paid) / received | (228.479) | (114.148) | |
| Net cash generated from/ (used in) operating activities | (521.380) | 83.150 | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment & intangible assets | (65.978) | (93.124) | |
| Proceeds from disposal of property, plant and equipment & intangible assets | - | 326 | |
| Acquisition of share of associates and joint ventures | (75) | 1 | |
| Cash and cash equivalents of acquired subsidiaries | - | 1.639 | |
| Grants received | 118 | 10.000 | |
| Interest received | 2.288 | 3.439 | |
| Prepayments for right-of-use assets | (182) | - | |
| Dividends received | - | - | |
| Net cash generated from/ (used in) investing activities | (63.829) | (77.719) | |
| Cash flows from financing activities | |||
| Interest paid on borrowings | (32.141) | (27.595) | |
| Dividends paid to shareholders of the Company | (60.293) | (90.425) | |
| Dividends paid to non-controlling interests | - | - | |
| Proceeds from borrowings | 2 | 690.001 | 205.000 |
| Repayments of borrowings | 2 | (102.343) | (525.397) |
| Payment of lease liabilities - principal | (12.062) | (10.634) | |
| Payment of lease liabilities - interest | (2.576) | (2.436) | |
| Net cash generated from/ (used in) financing activities | 480.586 | (451.487) | |
| Net increase/ (decrease) in cash and cash equivalents | (104.623) | (446.056) | |
| Cash and cash equivalents at the beginning of the year | 618.055 | 919.457 | |
| Exchange (losses) / gains on cash and cash equivalents | (241) | 5.901 | |
| Net increase / (decrease) in cash and cash equivalents | (104.623) | (446.056) | |
| Cash and cash equivalents at end of the period | 513.191 | 479.302 |
Parent Company Statement of Financial Position
| As at | |||
| Note | 31 March 2025 | 31 December 2024 | |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 1.091 | 1.121 | |
| Right-of-use assets | 6.487 | 7.165 | |
| Intangible assets | - | 1 | |
| Investments in subsidiaries, associates and joint ventures | 1.782.945 | 1.780.538 | |
| Deferred income tax assets | 8.512 | 8.623 | |
| Loans, advances and long term assets | 419.198 | 152.852 | |
| 2.218.233 | 1.950.300 | ||
| Current assets | |||
| Trade and other receivables | 277.367 | 426.176 | |
| Income tax receivables | 324 | 3.502 | |
| Cash and cash equivalents | 4.669 | 3.714 | |
| 282.360 | 433.392 | ||
| Total assets | 2.500.593 | 2.383.692 | |
| Equity | |||
| Share capital and share premium | 1.020.081 | 1.020.081 | |
| Reserves | 313.411 | 313.411 | |
| Retained Earnings | 1.128.416 | 950.276 | |
| Total equity | 2.461.908 | 2.283.768 | |
| Liabilities | |||
| Non-current liabilities | |||
| Lease liabilities | 4.137 | 4.839 | |
| Other Long Term Liabilities | 1.335 | 890 | |
| 5.472 | 5.729 | ||
| Current liabilities | |||
| Trade and other payables | 25.958 | 27.231 | |
| Income tax payable | 2.584 | 2.021 | |
| Lease liabilities | 2.680 | 2.659 | |
| Dividends payable | 1.991 | 62.284 | |
| 33.213 | 94.195 | ||
| Total liabilities | 38.685 | 99.924 | |
| Total equity and liabilities | 2.500.593 | 2.383.692 |
Parent Company Statement of Comprehensive Income
| For the period ended | |||
| Note | 31 March 2025 | 31 March 2024 | |
| Revenue from contracts with customers | 9.881 | 8.660 | |
| Cost of sales | (8.983) | (7.873) | |
| Gross profit / (loss) | 898 | 787 | |
| Administrative expenses | (1.604) | (1.443) | |
| Other operating income and other gains | 6.323 | 4.664 | |
| Other operating expense and other losses | (6.435) | (4.547) | |
| Operating profit /(loss) | (818) | (539) | |
| Finance income | 3.337 | 4.060 | |
| Finance expense | (9) | (4) | |
| Lease finance cost | (65) | (84) | |
| Currency exchange gain / (loss) | 5 | (2) | |
| Dividend income | 176.364 | - | |
| Profit / (loss) before income tax | 178.814 | 3.431 | |
| Income tax (expense) / credit | (674) | (761) | |
| Profit / (loss) for the period | 178.140 | 2.670 | |
| Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax): | |||
| Actuarial gains / (losses) on defined benefit pension plans | - | - | |
| Other comprehensive income / (loss) for the year, net of tax | - | - | |
| Total comprehensive income / (loss) for the period | 178.140 | 2.670 |
Parent Company Statement of Cash flows
| For the period ended | |||
| Note | 31 March 2025 | 31 March 2024 | |
| Cash flows from operating activities | |||
| Cash generated from / (used in) operations | 3 | 10.874 | (3.025) |
| Income tax (paid) / received | 3.178 | (1.599) | |
| Net cash generated from / (used in) operating activities | 14.052 | (4.624) | |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment & intangible assets | (27) | - | |
| Participation in share capital increase of subsidiaries, associates and joint ventures | (2.400) | (52.500) | |
| Loans and advances to Group Companies | (55.730) | (2.500) | |
| Interest received | 6.864 | 6.229 | |
| Dividends received | 99.205 | - | |
| Net cash generated from / (used in) investing activities | 47.912 | (48.771) | |
| Cash flows from financing activities | |||
| Dividends paid to shareholders of the Company | (60.293) | (90.425) | |
| Payment of lease liabilities - principal, net | (652) | (608) | |
| Payment of lease liabilities - interest | (65) | (84) | |
| Net cash generated from / (used in) financing activities | (61.010) | (91.117) | |
| Net increase / (decrease) in cash and cash equivalents | 955 | (144.512) | |
| Cash and cash equivalents at the beginning of the period | 3.714 | 150.528 | |
| Net increase / (decrease) in cash and cash equivalents | 955 | (144.512) | |
| Cash and cash equivalents at end of the period | 4.669 | 6.016 |
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