OR HELLENiQ ENERGY Holdings announced today (7.8.2025) the consolidated financial results of the second quarter of 2025, with comparable EBITDA profits standing at 221 million euros and comparable net profits of € 72 million.
The general maintenance of the Elefsina refinery, which began in late March, was successfully and securely completed in late June. Despite the reduced production, the strengthening of international margins coupled with increased performance in marketing companies, both in Greece and abroad, has led to a substantial improvement in the results of Helleniq Energy over the first quarter, keeping profitability very close to last year.
Both production and sales of refining products for the second quarter of 2025 stood at 3.5 million tonnes, lower than last year, due to the planned general maintenance of the Elefsina refinery. The percentage of exports was kept high (45% of total), while sales in the internal market were increased at the same time.
EBITDA’s published profits were € 112 million, mainly due to the reduction of international crude oil prices during the second quarter of 2025 and the corresponding effect on stock valuation.
Main developments – implementation of a strategy
During the last few months, progress has been accelerated in all the strategic priorities of the Group, with enhancing extroversion.
In the refining and petrochemical industrythe group has evolved into the business model of petroleum supply and marketing activities, with the launch of Helleniq Petroleum Trading, based in Switzerland.
The new company is staffed by experienced executives of the group’s office, as well as young, specialized traders coming from the international market. The team operates closely with the refineries and planning teams, and conducts the transactions on behalf of its parent company Helleniq Petroleum, aiming to optimally utilize the important position of the Group in the Petroleum Market and expanding the presence of Helleniq Energy in the international market.
In the RES branchthe Group, through Helleniq Renewables, has acquired projects ready to build a total power of 405 MW in Romania and Bulgaria. Specifically, 96 MW of wind farms and 186 MW of hybrid projects (wind and energy storage) were acquired in East Romania, as well as 123 MW of hybrid projects (photovoltaics and energy storage) in southeast Bulgaria, which will be constructed and put into operation in the next three years.
At the same time, with the acquisition of Abo Energy Hellas, a portfolio was acquired under the development of projects totaling 1.5 GW in Greece, as well as a comprehensive RES development and construction platform, while the starting of 2 new 50 MW Battery (200 MW) batteries (200 MW) is expected.
These moves accelerate the implementation of the strategic plan, which aims to create a total portfolio in 1.5 GW by 2028, enhancing geographical and technological differentiation, market resistance, upgrading the potential of project development and construction, as well as investment yields.
On July 15, 2025 Completed the acquisition of Elpedison For a total price of € 164 million, now € 19 million adjustments. Therefore, from the 3rd quarter 2025 the results of Elpedison will be consolidated in the group’s financial statements. This development creates a fully integrated form of production and electricity and natural gas production, through the combined utilization of Helleniq Renewables and Elpedison.
Higher indicative refinement margins amid crude oil slide – increased power rates and CO2 emissions
The prices of crude oil (Brent type) in the second quarter of 2025 stood at $ 68/barrel, 20% lower on average than in the second quarter of 2024, while the euro exchange rate against the dollar was reinforced and stood at 1.13 against 1.08.
At the same time, gas and electricity prices increased by 14% and 6% respectively, compared to the second quarter 2024. CO2 emissions rates have increased an average annual increase of 1% compared to the corresponding period last year.
The refining margins increased compared to the second quarter of 2024, with the international refinery system reporting in the second quarter of 2025 on average of $ 5.7/barrel, compared to $ 4.9/barrel in the second quarter 2024.
Increased fuel demand in all purchases
Demand on the internal market amounted to 1.6 million tonnes in the second quarter of 2025, higher by 6% per year, with fuel consumption of fuel being improved by 3% compared to the second quarter of 2024. Demand for air fuel increased by 4%, while 6% of the fuel is increased by 6%, while for 6% of the 6%, They were in the Mediterranean on May 1, 2025.
Balance Sheet and Investment Expenditure
Operating cash flows in the second quarter of 2025 amounted to € 331 million, mainly due to profitability and reduced movement capital needs. Investment spending was € 157 million, with an emphasis on the General Maintenance Program of the Elefsina Refinery. Consequently, net lending was reduced to € 2.4 billion, with the exception of lending without a borrowing finance, it was € 2 billion. At the same time, the total borrowing costs fell by 13% per year due to the reduction of base interest rates.
Commenting on the results, HELLENIQ ENERGY HOLDINGS SA, Andreas Siamisi, pointed out: “In the second quarter of 2025, maintenance work in the Elefsina refinery was completed and securely completed, enabling us to take advantage of improved market conditions in the third quarter. The financial results, with comparable EBITDA € 221 million profits, are restoring the company’s performance on a positive orbit, and with the start of Eleusis, we will have even better results. The improved returns of our commercial companies also played an important role in both Greece and abroad. Looking forward to increased extroversion, we started the operation of our office in Switzerland, with the aim of international crude oil and products. The aim is to use commercial opportunities and to better exploit the company’s position in the Eastern Mediterranean.
In the RISE sector, we boosted the portfolio with projects ready to build in Romania and Bulgaria, two growing markets, ensuring the 1.5 GW target, with improved financial returns. Finally, the completion of the acquisition of ELPEDISON in July 2025 marks the beginning of a period of autonomous presence in the electricity and gas sector, which allows us to make substantial changes in our commercial strategy and the achievement of synergies with our significant investments in RES and traditional activities.