REG - Helleniq Energy - HELLENiQ ENERGY S.A.1Q26 Financial Results
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RNS Number : 4106E Helleniq Energy Holdings S.A. 14 May 2026
Maroussi, 14 May 2026
First Quarter 2026 Financial Results
Focus on security of supply to address Middle East crisis impact - Adjusted
EBITDA at €293m on Refining business performance and full consolidation of
Enerwave
HELLENiQ ENERGY Holdings S.A. (the "Company") announced its consolidated
financial results for 1Q26, a period primarily marked by the outbreak of the
Middle East crisis and its broader implications on the global energy sector
and economic activity. Against this backdrop, the Group focused on managing
the impact of the crisis, while ensuring the uninterrupted supply of its core
markets.
Adjusted EBITDA amounted to €293m, while Adjusted Net Income reached
€140m. Quarterly results were mainly driven by the improved performance of
the Refining business as well as the contribution of the fully integrated
Power business, following the onboarding of Enerwave.
In Downstream, the scheduled full turnaround at the Aspropyrgos Refinery,
which was completed safely and on schedule, while at the same time managing
the uncertainty arising from the developments in the Persian Gulf, were the
top priorities. Improved benchmark refining margins supported stronger
financial performance, while both Domestic and International Marketing
maintained their contribution.
In Power, following Enerwave consolidation, the newly integrated electricity
and gas platform contributed €38m in 1Q26 Adjusted EBITDA, in line with
HELLENiQ ENERGY's strategic portfolio diversification plan.
1Q26 Reported Net Income reached €284m (1Q25 at €11m), primarily due to
inventory valuation impact on increasing international crude oil prices,
offsetting part of the respective inventory losses recorded in 2025.
Main developments
Since late February 2026, the crisis in the Strait of Hormuz has caused
significant disruptions in global energy markets, restricting oil and LNG
flows, leading to sharp increases in prices, freight rates, and benchmark
refining margins. Reduced product availability, particularly for diesel and
jet fuel, intensified market pressures, while natural gas and electricity
prices also increased substantially.
In this challenging environment, HELLENiQ ENERGY acted swiftly to replace
crude oil volumes previously sourced through the Persian Gulf, leveraging both
its diversified supply network and flexible production units.
The Group's refineries, with a total capacity of 16m MT annually, supply
approximately 60% of the Greek market, while a significant share of output is
exported, mainly to the Mediterranean and Black Sea regions. The export
surplus covers all major product categories, especially those most affected by
the crisis, such as diesel and jet fuel. Despite the full turnaround at the
Aspropyrgos Refinery, seamless supply to our core markets was sustained. At
the same time, exports remained close to 50% of total sales, reinforcing the
Group's role as a reliable supplier during a period of heightened geopolitical
and energy uncertainty. Overall, Greece remains one of the largest fuel
producers and exporters in the region and among the very few European
countries with surplus refining production.
In Marketing, HELLENiQ ENERGY's companies in Greece and Southeastern Europe
responded rapidly to regulatory measures introduced to support consumers
facing increased fuel prices. At the same time, they implemented competitive
commercial policies, introducing additional pricing initiatives aimed at
supporting the market, alleviating the impact on consumers where possible, and
ensuring continuous retail supply. It is worth noting that the current crisis
comes on top of already challenging conditions in Balkan markets since 2025,
following sanctions that reduced product availability, exerting pressure on
supply chains. In this context, HELLENiQ ENERGY further strengthened its
presence in these markets, increasing both sales volumes and market shares,
with the reopening of the Thessaloniki-Skopje pipeline, which secured the
smooth supply of North Macedonia and neighboring countries, a key enabler.
Adjusted profitability (excluding inventory effect) remained broadly in line
with last year's levels.
Strategy implementation
A core pillar of the Group's strategy remains the strengthening of its two
main activities - Hydrocarbons and Power - focusing on accelerating growth in
Power, aiming at establishing it as the Group's second strong pillar. At the
same time, investments and growth in the Hydrocarbons business continue, with
strategic importance increasingly highlighted amid the current crisis
environment.
In the Hydrocarbons business, Geneva-based HELLENiQ Petroleum Trading played a
key role from the onset of the crisis, providing alternative sourcing
solutions and flexibility for HELLENiQ Petroleum's feedstock supply, while
also supporting risk management in a highly volatile environment.
In Refining, the progress of projects aimed at reducing the carbon footprint
of industrial facilities continues, through direct connection with renewable
energy projects, combined with storage systems (Green Hub North - Green Hub
South). In addition, turnaround works at the Aspropyrgos Refinery were
successfully completed in April 2026, aiming at further enhancing unit
availability and improving contribution to refining margins. At the same time,
significant investment projects were implemented, including the energy
efficiency of the reformer unit and the first phase of the corresponding
upgrade in the crude distillation unit, expected to deliver substantial
benefits both in emissions and cost reduction. The total annual benefits from
the projects implemented during the turnaround are estimated at approximately
€20-25m from 2027 onwards.
In Exploration & Production, exploration activities in Western Greece are
accelerating. During 1Q26, lease agreements were signed jointly with Chevron
and the Greek State for the exploration and exploitation of hydrocarbons in
four new offshore blocks in Southern Greece. At the same time, in Block 2 in
the northwestern Ionian Sea, the JV with ExxonMobil and Energean is advancing
preparations for the first offshore exploration drilling in 2027, which is
expected to provide a clearer assessment of the region's hydrocarbon
potential.
HELLENiQ ENERGY has now established a strong, vertically integrated Power
platform in the electricity and natural gas market. Through strategic
synergies among RES, Enerwave, and Downstream, the Group is strengthening both
the efficiency and growth prospects of this new business pillar.
In RES, with a 3-year target of reaching 1.5 GW of installed capacity, the
Group is focusing both on geographical expansion, with presence in five
countries, as well as building a balanced portfolio including wind, PV, and
energy storage projects. During 1Q26, 58 MW out of the total 211 MW solar PV
project in Southern Romania entered into operation, with the remaining
capacity expected to come online in the coming months. Combined with the
installation of energy storage systems totaling 100 MW / 200 MWh in
Thessaloniki, the Group's total installed capacity is expected to reach 800
MW. In addition, construction continues on a 93 MW wind farm in Romania,
expected to be completed in 2027, alongside the development of 250 MW of
projects in Greece and 309 MW of hybrid projects across Southeastern Europe.
The consolidation of Enerwave, completed in July 2025, marks a milestone in
the Group's transformation. Under its new corporate identity, the company is
reshaping its commercial strategy and expanding the range of services it
offers.
Higher crude oil prices and improved benchmark refining margins - Increased
volatility in natural gas markets - Electricity prices remain contained
The geopolitical crisis in the Middle East, which broke out in late February
2026, had a significant impact on international energy markets, increasing
volatility and driving higher geopolitical risk premia across the entire
energy value chain.
In the oil market, tensions in the Strait of Hormuz -through which
approximately 20% of global oil trade flows- combined with reduced exports
from Gulf countries, higher insurance and transportation costs, and escalating
geopolitical risk, led to a sharp increase in international oil prices. Brent
rose from approximately $69/bbl on average in the first two months of 2026 to
$104/bbl in March, while at times approaching $120/bbl.
Refining margins also strengthened considerably, primarily due to tighter
supply-demand balances for key products such as diesel and jet fuel. Reduced
exports from the Persian Gulf, combined with operational and logistical
disruptions affecting Middle Eastern refining capacity and shipping
constraints through the Strait of Hormuz, resulted in product shortages and
lower global inventories. As a result, our refineries system's benchmark
margin averaged $11.4/bbl in 1Q26 vs $5.1/bbl in the same period last year.
In the natural gas market, although average prices during 1Q26 remained 15%
lower vs 1Q25, March saw a significant increase in both volatility and prices
due to supply disruptions related to LNG infrastructure, as well as
transportation issues through the Strait of Hormuz.
The impact on electricity prices varied across European markets. In Greece,
the increased participation of RES in the energy mix helped contain
electricity prices, which averaged €95/MWh, down 27% vs 1Q25.
Stable demand for automotive fuels - Strong growth in jet fuel demand -
Increased power generation and exports in Greece
Domestic fuel demand reached 1.7m MT in 1Q26, 2% lower y-o-y, with automotive
fuels consumption remaining broadly unchanged. Demand for aviation fuels
increased by 10%, while marine fuel demand declined by 4%; still, demand for
marine diesel improved significantly, supported by the new sulfur content
regulations implemented in the Med from 1 May 2025.
In the electricity sector, total power generation in Greece increased by 20%
y-o-y in 1Q26, reaching 16.3 TWh. The share of RES and hydropower rose to 45%
and 15%, respectively, compared with 43% and 5% during the same period last
year, while the share of natural gas declined to 34% from 44%.
The increased output led to renewable energy curtailments of 0.4 TWh,
corresponding to approximately 5% of total renewable production. At the same
time, the number of hours with zero or negative electricity prices rose to
240, more than 11% of total and significantly higher vs 1Q25. Finally, net
electricity exports recorded a substantial increase, reaching 3.4 TWh vs 0.9
TWh in the corresponding period last year.
Balance sheet and capital expenditure
Total investments in 1Q26 increased to €186m, mainly directed toward the
turnaround and upgrade projects at the Aspropyrgos Refinery, as well as the
expansion of installed RES capacity.
Net debt stood at €2.7bn, mainly due to temporarily increased working
capital requirements related to the Aspropyrgos Refinery shutdown. This
includes more than €0.4bn in project finance debt associated with RES
projects. The Group's strong financial position is reflected in the 8%
reduction in total financing costs, as well as in the substantial availability
of credit headroom exceeding €1bn.
Andreas Shiamishis, Group CEO, commented on the results:
"Since the end of February, the international energy market has faced a new
and severe crisis in the Middle East, which has significantly affected the
global supply of crude oil, petroleum products, and natural gas, driving both
uncertainty and prices to exceptionally high levels. This development came on
top of the already stretched conditions in Eastern Europe resulting from
previous sanctions, creating additional pressure on global supply chains.
In this environment, our priority was clear: to ensure the seamless supply of
fuel markets across the countries we operate.
Thanks to HELLENiQ ENERGY's production capacity and operational flexibility,
our extensive supply and distribution networks, our strong export orientation,
and, above all, the decisive contribution of our people, we were able to
respond effectively and achieve our objective.
An additional challenge arose from the temporary reduction in production due
to the scheduled full turnaround at the Aspropyrgos Refinery, which was
completed successfully, safely, and within the planned timeframe. The refinery
is now fully operational in 2Q, with significant expected benefits in terms of
unit availability, energy efficiency, and overall operational performance.
The Group's refineries have fully secured the crude oil supply for 2Q,
maintain inventories above the mandatory 90-day minimum stock levels, and
continuously adjust production in order to maximize middle distillates output,
particularly diesel and jet fuel, which remain in deficit across Europe.
Beyond addressing the needs of the domestic market, HELLENiQ ENERGY plays a
key role in strengthening the region's energy security as one of the largest
producers in the Eastern Mediterranean, with total exports exceeding 8m MT
annually. In this context, the reopening of the Thessaloniki-Skopje fuel
pipeline is also of particular importance, enabling us to serve neighboring
Balkan markets more effectively.
The remainder of the year is expected to remain equally challenging, both in
terms of supply security and the management of economic impact. Our objective
is to continue improving financial performance through growth investments and
operational excellence, an approach that has delivered strong results in
recent years. Strategically, we are adapting our next growth cycle to reflect
the latest market developments. While fully recognizing the seriousness of the
current crisis, we believe that Greek companies, owing both to their structure
and their extensive experience in crisis management, are better prepared to
navigate such conditions effectively."
Key highlights and contribution for each of the main business units in 1Q26
were:
Refining, Supply & Trading
- Refining, Supply & Trading Adjusted EBITDA came in at
€220m in 1Q26, higher y-o-y, primarily due to higher refining margins
($20.5/bbl vs 13.2/bbl in 1Q25).
- Refineries' production amounted to 3.2m MT, lower y-o-y, due to
the scheduled turnaround at the Aspropyrgos refinery, while sales volume
reached 3m MT, with exports accounting for 48% of total sales.
- Production was primarily focused on middle distillates, such as
diesel and jet fuel, which accounted for 59% of total production, aiming at
capturing the increased product cracks due to the crisis in the Middle East.
Petrochemicals
- International polypropylene (PP) margins remained weak during
1Q26 due to oversupply, negatively affecting the profitability of the
Petrochemicals business. Exports remained particularly high, accounting for
65% of total sales. Since the start of 2Q26, the global petrochemicals market
has tightened, with benchmark PP margins rising significantly, largely driven
by lower exports from the Persian Gulf.
Marketing
- Domestic Marketing's Adjusted EBITDA in 1Q26 reached €14m, higher
y-o-y. In addition, a cap on retail margins for key auto fuels was introduced
as of 11 March 2026.
- International Marketing's Adjusted EBITDA amounted to €18m,
primarily supported by higher sales volumes. The reopening of the
Thessaloniki-Skopje products pipeline is expected to enhance supply security
in the Southern Balkans and enable the realization of market opportunities.
Power (RES, Electricity & Gas)
- In 1Q26, Power contributed €38m in Adjusted EBITDA vs €12m in
the corresponding period last year, reflecting the consolidation of Enerwave
in the Group's financial statements (from 15 July 2025). Total installed
capacity in RES and thermal generation amounted to 1.4 GW while total power
production reached 0.9 TWh.
HELLENiQ ENERGY Holdings S.A.
Group key financials for 1Q 2026
(prepared in accordance with IFRS)
€m 1Q25 1Q26 % Δ
P&L figures
Refining Sales Volumes ('000 ΜΤ) 3,532 3,016 -15%
Sales 2,733 2,718 -
EBITDA 122 476 -
Adjusted EBITDA (1) 180 293 63%
Operating Profit 43 405 -
Net Income 11 284 -
Adjusted Net Income (1) 55 140 -
Balance Sheet Items
Capital Employed 5,257 5,717 9%
Net Debt 2,486 2,676 8%
Gearing (ND/ND+E) 47% 47% +0 pps(2)
(1) Adjusted for inventory effects and other non-operating/one-off items, as
well as the IFRS accounting treatment of the EUAs deficit.
(2) pps stands for percentage points
Further information:
Investor Relations
8A Chimarras str., 151 25 Maroussi, Greece
Tel: 210-6302526, 210-6302305
Email: ir@helleniq.gr (mailto:ir@helleniq.gr)
Group Consolidated statement of financial position
As at
Note 31 March 2026 31 December 2025
Αssets
Non-current assets
Property, plant and equipment 4,281,186 4,155,354
Right-of-use assets 293,384 281,253
Intangible assets 617,166 524,203
Investments in associates and joint ventures 38,847 38,156
Deferred income tax assets 120,421 107,755
Investment in equity instruments 919 925
Derivative financial instruments 33,368 32,564
Loans, advances and long-term assets 51,362 62,274
5,436,653 5,202,484
Current assets
Inventories 1,559,304 1,306,759
Trade and other receivables 1,333,673 1,144,370
Income tax receivable 54,428 45,650
Derivative financial instruments 51,026 9,216
Cash and cash equivalents 504,518 858,251
3,502,949 3,364,246
Total assets 8,939,602 8,566,730
Equity
Share capital and share premium 1,020,081 1,020,081
Reserves 391,749 361,352
Retained Earnings 1,572,922 1,290,459
Equity attributable to the owners of the parent 2,984,752 2,671,892
Non-controlling interests 56,870 56,016
Total equity 3,041,622 2,727,908
Liabilities
Non- current liabilities
Interest bearing loans and borrowings 2 3,031,274 2,777,046
Lease liabilities 246,741 234,110
Deferred income tax liabilities 187,231 180,386
Retirement benefit obligations 157,892 157,834
Derivative financial instruments 383 842
Provisions 30,048 32,336
Other non-current liabilities 66,109 65,356
3,719,678 3,447,910
Current liabilities
Trade and other payables 1,787,873 1,978,079
Derivative financial instruments 22,337 8,190
Income tax payable 177,847 81,234
Interest bearing loans and borrowings 2 150,040 221,101
Lease liabilities 38,767 40,580
Dividends payable 1,438 61,728
2,178,302 2,390,912
Total liabilities 5,897,980 5,838,822
Total equity and liabilities 8,939,602 8,566,730
Group Consolidated statement of comprehensive income
For the three-month period ended
Note 31 March 2026 31 March 2025
Revenue from contracts with customers 2,718,262 2,732,822
Cost of sales (2,129,663) (2,529,738)
Gross profit / (loss) 588,599 203,084
Selling and distribution expenses (127,046) (104,988)
Administrative expenses (60,814) (52,124)
Exploration and development expenses (2,713) (518)
Other operating income and other gains 12,188 7,854
Other operating expense and other losses (5,514) (10,496)
Operating profit / (loss) 404,700 42,812
Finance income 4,503 2,288
Finance expense (30,876) (31,137)
Lease finance cost (2,620) (2,576)
Currency exchange gains / (losses) (4,890) (2,518)
Share of profit / (loss) of investments in associates and joint ventures 694 8,480
Profit / (loss) before income tax 371,511 17,349
Income tax (expense) / credit (86,837) (6,373)
Profit / (loss) for the period 284,674 10,976
Profit / (loss) attributable to:
Owners of the parent 283,577 10,571
Non-controlling interests 1,097 405
284,674 10,976
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 - -
Changes in the fair value of equity instruments (5) 42
(5) 42
Other comprehensive income / (loss) that may be reclassified subsequently to
profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates - -
Fair value gains / (losses) on cash flow hedges 29,392 (1,381)
Amounts reclassified to profit or loss - -
Currency translation differences and other movements 221 (234)
29,613 (1,615)
Other comprehensive income / (loss) for the period, net of tax 29,608 (1,573)
Total comprehensive income / (loss) for the period 314,282 9,403
Total comprehensive income / (loss) attributable to:
Owners of the parent 313,428 9,019
Non-controlling interests 854 384
314,282 9,403
Εarnings / (losses) per share (expressed in Euro per share) 0.93 0.03
Group Consolidated statement of cash flows
For the three-month period ended
Note 31 March 2026 31 March 2025
Cash flows from operating activities
Cash generated from operations (225,117) (292,900)
Income tax (paid) / received (4,818) (228,479)
Net cash generated from/ (used in) operating activities (229,935) (521,380)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets (151,426) (65,978)
Acquisition of subsidiary (29,927) -
Proceeds from disposal of property, plant and equipment & intangible 5,842 -
assets
Acquisition of share of associates and joint ventures - (75)
Cash and cash equivalents of acquired subsidiaries 1,775 -
Disposal of Associate - -
Grants received - 118
Interest received 2,853 2,288
Prepayments for right-of-use assets - (182)
Dividends received - -
Proceeds from disposal of investments in debt instruments 10,912 -
Net cash generated from/ (used in) investing activities (159,971) (63,829)
Cash flows from financing activities
Interest paid on borrowings (26,089) (32,141)
Dividends paid to shareholders of the Company (61,038) (60,293)
Dividends paid to non-controlling interests - -
Proceeds from borrowings 575,455 690,001
Repayments of borrowings (437,217) (102,343)
Payment of lease liabilities - principal (13,083) (12,062)
Payment of lease liabilities - interest (2,620) (2,576)
Net cash generated from/ (used in) financing activities 35,408 480,586
Net increase/ (decrease) in cash and cash equivalents (354,498) (104,623)
Cash and cash equivalents at the beginning of the period 858,251 618,055
Exchange (losses) / gains on cash and cash equivalents 765 (241)
Net increase / (decrease) in cash and cash equivalents (354,498) (104,623)
Cash and cash equivalents at end of the period 504,518 513,191
Parent Company Statement of Financial Position
As at
Note 31 March 2026 31 December 2025
Assets
Non-current assets
Property, plant and equipment 917 977
Right-of-use assets 5,935 6,620
Intangible assets 12 13
Investments in subsidiaries, associates and joint ventures 2,117,896 2,110,996
Deferred income tax assets 8,684 8,968
Loans, advances and long-term assets 180,524 167,174
2,313,968 2,294,748
Current assets
Trade and other receivables 169,296 129,728
Income tax receivables 2,407 2,407
Cash and cash equivalents 1,732 6,483
173,435 138,618
Total assets 2,487,403 2,433,365
Equity
Share capital and share premium 1,020,081 1,020,081
Reserves 327,992 327,446
Retained Earnings 1,092,953 968,247
Total equity 2,441,026 2,315,774
Liabilities
Non-current liabilities
Lease liabilities 2,444 3,238
Other Long Term Liabilities - -
2,444 3,238
Current liabilities
Trade and other payables 38,810 47,789
Income tax payable 85 1,279
Lease liabilities 3,599 3,557
Dividends payable 1,439 61,728
43,933 114,353
Total liabilities 46,377 117,591
Total equity and liabilities 2,487,403 2,433,365
Parent Company Statement of Comprehensive Income
For the three-month period ended
Note 31 March 2026 31 March 2025
Revenue from contracts with customers 11,804 9,881
Cost of sales (10,731) (8,983)
Gross profit / (loss) 1,073 898
Administrative expenses (1,605) (1,604)
Other operating income and other gains 6,349 6,323
Other operating expense and other losses (6,239) (6,435)
Operating profit /(loss) (422) (818)
Finance income 1,473 3,337
Finance expense (10) (9)
Lease finance cost (58) (65)
Currency exchange gain / (loss) - 5
Dividend income 124,006 176,364
Profit / (loss) before income tax 124,989 178,814
Income tax (expense) / credit (284) (674)
Profit / (loss) for the period 124,705 178,140
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 124,705 178,140
Parent Company Statement of Cash flows
For the three-month period ended
Note 31 March 2026 31 March 2025
Cash flows from operating activities
Cash generated from / (used in) operations 32 14,685 10,874
Income tax (paid) / received (1,194) 3,178
Net cash generated from / (used in) operating activities 13,492 14,052
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets - (27)
Acquisition of subsidiary - -
Disposal of Associate - -
Participation in share capital increase of subsidiaries, associates and joint (22,050) (2,400)
ventures
Loans and advances to Group Companies (6,000) (55,730)
Interest received 2,923 6,864
Dividends received 68,892 99,205
Net cash generated from / (used in) investing activities 43,765 47,912
Cash flows from financing activities
Dividends paid to shareholders of the Company 31 (61,038) (60,293)
Payment of lease liabilities - principal (901) (652)
Payment of lease liabilities - interest (68) (65)
Net cash generated from / (used in) financing activities (62,007) (61,010)
Net increase / (decrease) in cash and cash equivalents (4,751) 955
Cash and cash equivalents at the beginning of the period 6,483 3,714
Net increase / (decrease) in cash and cash equivalents (4,751) 955
Cash and cash equivalents at end of the period 1,732 4,669
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