Its comparable EBITDA profits reached 365 million euros Helleniq Energy for the 3rd quarter of 2025, while for the 9th month they amounted to 766 million euros, due to the very good operation of the refineries and sales abroad.
In addition to earnings, Helleniq Energy’s sales of refined products during Q3 2025 were at historically high levels. The significant improvement in international refining margins, to the highest in the last two years, combined with good operational performance, led to a strengthening of financial results.
At the same time, the improved performance of Emporia, both domestically and internationally, boosted the sector’s contribution to an all-time high. As a result, nine-month profitability exceeded that of the corresponding period in 2024, with Comparable EBITDA Profits at €766m, despite a weaker H1.
Published Net Profits in Q3 2025 were €149m, mainly due to the decline in international crude oil prices and the corresponding loss in inventory valuation. Based on the nine-month results and the outlook for the entire year 2025, the Board of Directors of the Company decided to distribute an interim dividend of €0.20 per share to the shareholders.
Main developments – Implementation of Strategy
The central axis of the strategy remains the evolution and development of the Group in the two pillars described in Vision 2025, but also the continuous improvement of the operation of our business units. With a realistic and balanced energy transition in mind, the emphasis is, on the one hand, on the continuous development of Downstream activities and the strengthening of the presence abroad and, on the other hand, on the efficient development in the fields of Renewable Energy Sources (RES), electricity and natural gas. At the same time, we are strengthening the portfolio of concessions in the exploration and production of hydrocarbons in Western and Southern Greece.
In the Refining, Supply and Trading sector, the Group focuses on the implementation of projects that enhance energy autonomy and energy savings, while considering high-performance investments in production units. It recently proceeded with the restructuring of the model of international activities of Supply and Trading of petroleum products, looking forward to the further utilization of the strong presence in the Mediterranean and international markets, especially in a period of intense developments, mainly due to geopolitics and changes in European policy issues.
In the Trade sector, the investments and operational and commercial transformation actions of the previous years are bearing fruit, leading to consistently high performances, both in Domestic and International Trade. The strategy focuses on optimal service and upgrading the customer experience, with an improvement of the product mix, on the development and strengthening of the self-operated gas stations in Greece, as well as on the targeted expansion in Southeast Europe. In this context, the reopening of the Thessaloniki-Skopje pipeline for the transport of petroleum products after 13 years, will provide increased accessibility to the country of North Macedonia and the surrounding markets, making even more essential the importance of Greece as a regional point of reference in energy events.
In the RES sector, projects with a total capacity of 506 MW are in operation, while a portfolio of mature projects of 616 MW in Southeast Europe and 350 MW in Greece is being developed. The goal is to achieve a total installed capacity of 1.5 GW by 2028. The strategic plan enhances the diversification of the portfolio both geographically, with a presence in 5 countries, and technologically, with a balanced development between wind and solar parks, as well as energy storage projects.
On July 15, 2025, the acquisition of the former Elpedison was completed, while on Wednesday, November 12, the company’s new corporate identity as Enerwave was officially presented, marking an important milestone in its strategic transformation path. In the context of its new strategy, Enerwave will proceed to redesign its commercial policy with new products, to improve communication with customers, but also in cooperation with the rest of the Group’s activities in Greece and abroad.
Combined with our presence in RES, a fully vertical production and distribution scheme of electricity and natural gas is created, with a total employed capital of €1 billion and a substantial contribution to the financial results of the Group.
In the Hydrocarbon Exploration and Production sector, Helleniq Upstream Holdings is expanding its activity, strengthening the portfolio of exploration concessions, with a presence in all the explored marine areas of Southern and Western Greece. In October, Helleniq Upstream Holdings’ joint venture with Chevron was named as the chosen business arrangement for the granting of hydrocarbon exploration and production rights in four new offshore areas in Greece. At the same time, an agreement was reached between Helleniq Energy, Energean and ExxonMobil, for the latter to enter with a majority stake in the Block 2 concession, located in the northwestern Ionian Sea. Helleniq Energy will retain a 10% stake. The consortium plans to conduct exploratory drilling within 2027, marking the next major step in the evaluation of hydrocarbon potential in the area.
Strong International Refining Margins as Crude Oil Prices Fall – Lower Electricity Prices and Higher CO 2 Emission Allowance Prices
Crude oil (Brent) prices in Q3 2025 continued their downward trend for another quarter and settled at $69/barrel, 14% lower on average compared to Q3 2024, while the Euro/Dollar exchange rate strengthened to 1.17 versus 1.10.
At the same time, natural gas and electricity prices were lower on average by 7% and 30% respectively, compared to Q3 2024. In contrast, CO 2 emission rights prices averaged €73 per ton, 7% higher than last year.
During the 3rd quarter of 2025, the relatively low inventories of petroleum products, combined with unforeseen shutdowns in refining units, contributed to the strengthening of diesel and gasoline margins, which are the main products of the Group’s units. As a result, refining margins increased significantly, with our refineries’ international benchmark system margin averaging $8.5/bbl in Q3 2025 (Q3 2024: $3.1/bbl).
Increased fuel demand in all markets
Domestic market demand reached 1.7 million tonnes in Q3 2025, up 0.5% year-on-year, with motor fuel consumption improving by 1.1% compared to Q3 2024. Demand for aviation fuel increased by 7%, while marine fuel increased by 5%, with a significant increase in marine diesel demand due to new of sulfur content specifications that applied from 1 May 2025 in the Mediterranean.
Balance sheet and investment costs
Operating cash flows in Q3 2025 amounted to €479 million, mainly due to profitability and reduced working capital needs. Total investments, including the acquisition of Enerwave, amounted to €300 million, while in the whole of the Nine Months to €523 million, significantly increased compared to the corresponding period last year. Net borrowing remained almost unchanged compared to the previous quarter, at €2.5 billion, while excluding non-recourse borrowing (project finance), it stood at €2.1 billion. At the same time, the total cost of servicing borrowing fell by 10% year-on-year, due to the reduction in base rates and margins.
Commenting on the results, the CEO of Helleniq Energy Holdings AE, Andreas Siamisii, pointed out: “A very good Q3 that brings the profitability for the 9 months to Comparable EBITDA Profits at €766 million, a result that primarily reflects the good refining environment, the ongoing improvement effort and extroversion. In this quarter, for the first time since 2007, the activity of electricity and PV is fully integrated, after the acquisition of 100% of Elpedison, which yesterday also presented its new corporate identity.
By making it an important goal to increase our activities abroad, we improve not only the financial performance of the Company, but also the utilization of our potential in Greece in terms of facilities and human capital, creating other additional benefits in the economy.
Our investments are made with vision, but also with the necessary realism and prudence, in order to avoid exposure to risks of technology change or market trends, with VISION 2025 as a reference point. These performances combined with the outlook for the entire year allow the distribution of an interim dividend of €0.20 per share to shareholders.
In addition to the above activities, we also had important developments in the field of exploration and production of hydrocarbons: the recent agreement with ExxonMobil and Energean for the acceleration of exploration work in Block 2, as well as the announcement of the Chevron-Helleniq Energy consortium as the contractor for the new concessions in four offshore areas south of the Peloponnese and Crete.
The above is the result of the work of many colleagues who are focused on a vision that brings the Company even further ahead in the emerging new energy market”.