04
Consistently strong operating performance and a fourth consecutive year of high profitability, driven by strategic initiatives which strengthen the Group’s international presence and accelerate its transformation.
Business Review
2025 Financial Review
Strong operational performance across the refineries, combined with an improved international refining environment and increased contribution from international operations, as well as enhanced performance in Marketing, Renewable Energy Sources (RES), Electricity and Natural Gas, supported the Group’s improved financial results in 2025, despite lower international crude oil prices and the impact of the scheduled maintenance turnaround at the Elefsina refinery.
HELLENiQ ENERGY Group’s Adjusted EBITDA for FY25 amounted to €1,132m (FY24: €1,026m). Adjusted Net Income reached €503m (FY24: €401m), while Reported Net Income amounted to €173m (FY24: €60m).
Total refinery production for FY25 amounted to 15.0m MT, lower compared with FY24, due to the three-month scheduled turnaround at the Elefsina refinery. Sales volumes reached 15.6m MT. Exports continued to play a leading role in product placement, accounting for 54% of total sales, supported by the launch of the Group’s international trading platform, HELLENiQ Petroleum Trading, in Geneva.
Performance in the Petrochemicals segment was adversely impacted by particularly weak polypropylene margins, due to oversupply, with Adjusted EBITDA declining y-o-y despite increased sales volumes. The segment maintained its strong export orientation, with exports accounting for the majority of total sales.
The Domestic Marketing segment recorded a strong increase in profitability in FY25, driven by higher sales volumes, improved contribution from premium fuels, and higher sales of non-fuel products and services. Retail network optimization and qualitative upgrades continued, with a further increase in company-operated fuel stations. At the same time, International Marketing achieved new record-high profitability, supported by network expansion, improved margins and enhanced utilization of opportunities in international markets.
In Power (RES, Electricity, Natural Gas), FY25 marked a milestone year with the consolidation of Enerwave from July onwards, materially contributing to the Group’s financial performance and establishing a new vertically integrated profitability pillar. Total installed capacity across RES and thermal units reached 1,346 MW, while power generation amounted to 3.7 TWh on a pro forma basis. The Group continues to pursue the systematic development of a diversified RES portfolio, targeting 1.5 GW of installed capacity within the next three years.
In Exploration & Production, the Group further strengthened its portfolio through HELLENiQ Upstream Holdings, in partnership with major international energy companies. During FY25, lease agreements were signed with the Hellenic Republic for new offshore exploration areas, while the Group expanded its participation in existing blocks, enhancing long-term growth prospects.
Key figures for 2025:
€ million | 2025 | 2024 |
Turnover | 11,615 | 12,768 |
Adjusted EBITDA | 1,132 | 1,026 |
Inventory effect* | 329 | 128 |
Special items* | 67 | 88 |
Reported EBITDA | 736 | 811 |
Adjusted Net Income | 503 | 401 |
Reported Net Income | 173 | 60 |
Capital Employed | 4,867 | 4,554 |
Net Debt | 2,139 | 1,792 |
Gearing ratio – Net Debt / Capital Employed | 44% | 39% |
*gains are recorded with a negative sign and losses with a positive sign
Liquidity & Cash Flows
Strong operating profitability in FY25 generated operating cash flows of €0.67bn. Capital expenditure amounted to €757m, including the acquisition of Enerwave, representing a historic high for the Group, with a significant portion directed to strategic growth initiatives and the energy transition.
Net debt stood at €2.1bn, while, excluding non-recourse project finance, it amounted to €1.8bn. At the same time, total financing costs declined y-o-y, reflecting lower base rates and spreads, as well as the Group’s continued efforts to strengthen its financial profile.
Strong operational performance across all businesses, with FY25 Adjusted EBITDA exceeding €1.1 billion.
Business Activities
Petroleum Products
In Greece, through its subsidiary HELLENiQ PETROLEUM S.A., the Group owns and operates three refineries in Aspropyrgos, Elefsina and Thessaloniki, which account for approximately 61% of the country’s total refining capacity and operate storage facilities for crude oil and petroleum products of a total capacity of 6.9 million m³.
The technical characteristics of the three refineries are presented in the table below:
Refinery | Daily Refining Capacity (Kbpd) | Annual Refining Capacity (million MT) | Refining Configuration | Storage capacity (million m³) | Nelson Complexity Index |
Aspropyrgos | 146 | 7.6 | Cracking (FCC) | 2.3 | 9.7 |
Elefsina | 106 | 5.3 | Hydrocracking | 3.2 | 12.0 |
Thessaloniki | 90 | 4.5 | Hydroskimming | 1.4 | 5.8 |
The Group’s three coastal refineries operate as an integrated system. Crude oil procurement, production scheduling and sales planning are coordinated centrally for the refining system, with the objective of optimizing profitability, taking into account regional crude oil and product prices, as well as domestic and international demand. The refineries’ ability to process intermediate products (SRAR, VGO) and adjust the crude mix and processing levels according to prevailing economic conditions constitutes a key competitive advantage, enabling higher profitability compared to indicative margins across all phases of the economic cycle.
The Group’s system benchmark margin in 2025 averaged $7.5/bbl (2024: $5.3/bbl).
HELLENiQ ENERGY Refineries’ Benchmark Margins ($/bbl)10
Refineries
| Series | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 |
| FCC | 1,10 | 1,60 | 3,89 | 2,52 | 3,59 | 21,44 | 8,85 | 12,03 | 10,73 | 4,43 | 13,02 | 6,35 | 8,28 | 5,98 | 3,27 | 5,09 | 5,54 | 5,90 | 9,39 | 11,13 |
| Hydrocracking | 1,03 | 0,83 | 3,41 | 3,84 | 6,72 | 18,23 | 11,89 | 15,78 | 14,11 | 3,63 | 11,67 | 10,21 | 9,04 | 3,34 | 3,13 | 4,75 | 4,34 | 3,20 | 7,84 | 11,24 |
10 Benchmark pricing formula changed from 1Q25 to incorporate a more representative crude mix end of use of natural gas for internal consumption;
applied retroactively from 1Q24 for comparability purposes.
International crude oil prices declined materially in 2025, ranging between $63 and $79 per barrel, with the lowest monthly average recorded in December at $63/bbl. Average Brent crude price amounted to $69/bbl, down 14.7% y-o-y. Natural gas prices followed a mild downward trend from February onwards, reaching their lowest level in December 2025. Electricity prices declined after the first two months of the year until the end of the third quarter, followed by a partial recovery in the final quarter. At the same time, CO₂ prices (EUAs) increased by 13% y-o-y on average in 2025.
Within this environment, refinery production amounted to 15.0 million MT in 2025, lower compared with 2024 (15.4 million MT), due to the scheduled general maintenance shutdown of the Elefsina refinery during the second quarter. Excluding the maintenance period, refinery availability remained at high levels.
Production (k ΜΤ)
Production
| Year | Net Production |
| 2021 | 14352 |
| 2022 | 12955 |
| 2023 | 14635 |
| 2024 | 15420 |
| 2025 | 14957 |
Middle distillates (jet fuel, gasoil and diesel) production yield amounted to approximately 52% of total output in 2025, while gasoline yield reached 23%. Overall, the yield of high value-added products reached 87%, among the highest in the European refining industry, reflecting the optimized and efficient operation of all refineries. Fuel oil yield was limited to 8%, reflecting the operational optimization of the Aspropyrgos refinery.
Furthermore, the proportion of intra refinery transfers of intermediate products and feedstocks among the three refineries reached 15%, contributing to further operational optimization across production, logistics and trading.
Energy efficiency remains a core pillar of the Group’s refining strategy, with continuous efforts to improve relevant performance indicators.
During 2025, the scheduled maintenance program at the Elefsina refinery was successfully completed.
Financial and key operational metrics:
Financial Results (€ million) | 2025 | 2024 |
Sales | 9,584 | 11,348 |
Adjusted EBITDA | 891 | 795 |
Performance Indicators | ||
HELPE system's benchmark refining margin | $7.5/bbl | $5.3/bbl |
Sales Volume (k MT) | 15,617 | 16,281 |
Crude Oil Supply
Since mid-2025, the procurement of crude oil has been executed through HELLENiQ Petroleum Trading, which is headquartered in Geneva. Supply requirements are covered through a combination of term contracts and spot purchases.
Due to Russia’s invasion of Ukraine and the disruption of global crude oil flows, the Group has fully ceased imports of Russian crude, increasing sourcing from other regions. In 2025, the primary crude oil and other feedstock supply countries were Kazakhstan, Iraq, Libya, Saudi Arabia, Norway and Egypt, collectively accounting for approximately 80% of total crude and feedstock supply.
The access to, and flexibility of, the Group’s refineries to process a wide range of crude oil grades and other feedstocks constitutes a key competitive advantage, proving particularly important both for profitability and for the Group’s ability to respond effectively to sudden supply disruptions, thus ensuring uninterrupted supply to the markets it serves.
Crude oil and other feedstocks supply mix (%)
2024
Crude oil & other feedstocks supply mix 2024
| 2024 | Percentage |
| Low sulphur | 24,3% |
| Medium sulphur | 39,7% |
| High sulphur | 26,1% |
| Other crude & feedstock | 9,9% |
2025
Crude oil & other feedstocks supply mix
| 2025 | Percentage |
| Low sulphur | 21,6% |
| Medium sulphur | 39,5% |
| High sulphur | 26,9% |
| Other crude & feedstock | 12,0% |
The proportion of intra refinery transfers of intermediate products and feedstocks among the three refineries reached 15%, contributing to operational optimization in production, logistics and trading.
Wholesale Trading (Refined Products Sales)
Sales of fuels to the domestic market, marine and aviation fuels, as well as sales to international marketing subsidiaries, are carried out by HELLENiQ PETROLEUM S.A., while excess production is exported, primarily through HELLENiQ Petroleum Trading in Geneva. All refined products comply with European standards (Euro VI).
In 2025, domestic market sales increased by 3.8% y-o-y, reaching 4.7 million MT, mainly driven by higher consumption of auto diesel and heating gasoil.
Aviation fuel sales amounted to 1,090 thousand MT, increasing by 2%, while marine fuel sales improved by 2.2%, reaching 1,895 thousand MT.
Exports declined by 10%, to 7.9 million MT, reflecting lower production due to the Elefsina refinery shutdown and higher sales in the aforementioned distribution channels. Nevertheless, exports accounted for 54% of total sales in 2025, maintaining the Group’s position as one of the most export-oriented players in the region.
As a result, total refinery product and merchandise sales in 2025 amounted to 15.6 million MT, representing a 4% decrease y-o-y.
Sales per trade channel (k ΜΤ)
Sales per trade
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
| Exports | 8969 | 6984 | 8301 | 8848 | 7949 |
| Domestic (Ground Fuels) | 4106 | 4661 | 4405 | 4513 | 4682 |
| Aviation & Bunkering | 2109 | 2628 | 2732 | 2925 | 2985 |
International refining environment
The international refining and trading environment in 2025 continued to exhibit heightened volatility. Demand for petroleum products strengthened, supported by the positive performance of economic activity in key markets, while crude oil production and global supply demand balances were affected by ongoing geopolitical developments in Ukraine and the Middle East, as well as by policy decisions of major crude oil producing countries. At the same time, the expansion of global refining capacity, driven by the commissioning of new units, continued to affect competitive conditions at the international level.
The Group seeks to continuously enhance the competitiveness of the Refining, Supply & Trading business through systematic operational optimization, flexibility in crude oil sourcing and the implementation of initiatives aimed at improving energy efficiency and reducing the carbon footprint of its processes.
Key strategic initiatives include:
- Prioritizing safety through comprehensive training programs, the implementation of stringent standards, enhanced controls and the continuous improvement of operational procedures.
- Digital transformation, with a focus on optimizing the supply chain through mass balance monitoring systems, as well as the implementation of load optimization, predictive maintenance and process safety management systems.
- Consolidating and further expanding the activities of HELLENiQ Petroleum Trading, both in crude oil and feedstock supply for the refining system, and in refined product trading.
- Advancing decarbonization, through the implementation of energy efficiency and energy autonomy projects across all refineries, the development of a carbon capture and storage (CCS) project, and the increased use of green electricity in the production process.
- Exploring opportunities in hydrogen, recycling and synthetic fuels.
Production and Trading of Petrochemicals
Financial and key operational metrics:
Financial Results (€ million) | 2025 | 2024 |
Sales | 284 | 300 |
Adjusted EBITDA | 18 | 54 |
Performance Indicators | ||
Sales Volume (k MT) | 279 | 262 |
International Polypropylene Margin (€/MT) | 154 | 333 |
Petrochemical activities mainly focus on the production and marketing of polypropylene, BOPP/Cast films and solvents, while the segment also includes the trading of chemical products. Based on its financial contribution, the propylene‑polypropylene‑BOPP/Cast value chain represents the main activity for Petrochemicals. The polypropylene plant located in Thessaloniki is primarily supplied with propylene produced at the Group’s refinery in Aspropyrgos. Part of the polypropylene output is used as feedstock for the DIAXON production unit in Komotini, which produces BOPP and Cast films.
Export activity is particularly important, as in 2025, 65% of sales volume was directed towards the markets of Italy, the Balkans, the Iberian Peninsula, Central Europe and Turkey, where they are used as raw materials in a range of manufacturing applications.
The global petrochemicals business environment remained challenging in 2025, as excess production capacity in Asia, weak global demand, and higher energy and production costs for European producers continued to weigh on global supply–demand balances and international benchmark margins. Polypropylene production amounted to 252k MT, while propylene production at the Aspropyrgos refinery reached 192k MT, maintaining high levels of integration between the units, which supported the Petrochemicals business’ profitability despite continued pressure on international margins and adverse market conditions.
In a highly competitive, demanding and volatile environment, Comparable EBITDA of the Petrochemicals sector amounted to €18 million.
Petrochemicals Sales (k MT)
Petrochemicals sales
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
| BOPP Film | 26 | 26 | 28 | 28 | 29 |
| PP | 205 | 213 | 218 | 191 | 222 |
| Other | 44 | 23 | 30 | 43 | 28,08 |
Polypropylene margin, 2024-2025 (€/ΜΤ)
Polypropelene
| Quarter | Value |
| 1Q24 | 399,92 |
| 2Q24 | 398,244 |
| 3Q24 | 360,1664 |
| 4Q24 | 271,8988 |
| 1Q25 | 281,0853 |
| 2Q25 | 296,0127 |
| 3Q25 | 80,2444 |
| 4Q25 | 18,5758 |
Marketing
HELLENiQ ENERGY Group is active in the marketing and distribution of petroleum products, both in Greece, through its subsidiary EKO (commercial brands EKO and bp), and internationally, through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro and the Republic of North Macedonia. The Group benefits from significant synergies across its networks in Greece and SE Europe, particularly in the areas of marketing and commercial policy, through the sharing of best practices and the common launch of successful products.
Financial and key operational metrics:
Financial Results (€ million) | 2025 | 2024 |
Sales | 4,935 | 5,130 |
Adjusted EBITDA | 160 | 124 |
Performance Indicators | ||
Sales Volume (k MT) – Total | 6,346 | 6,028 |
Sales Volume (k MT) – Greece | 4,288 | 4,036 |
Fuel stations – Greece | 1,557 | 1,583 |
Fuel stations – International (incl. OKTA) | 336 | 329 |
Domestic Marketing
In Greece, the Group’s business comprises a network of 1,557 fuel stations operating under the EKO and bp brands, 237 of which are company-operated, as well as 16 bulk storage and supply terminals, 23 aircraft refueling stations located at the country’s main airports, 2 liquefied petroleum gas bottling plants and 1 lubricant production and packaging unit.
The domestic fuel market in 2025 exhibited expansion, primarily driven by improved economic activity, stronger tourism, and a marked rise in new vehicle registrations. Total gasoline consumption rose by 1.3%, while diesel consumption increased by 1.7%. In addition, total consumption of heating oil rose by 9.0%. The aviation fuel market strengthened due to higher tourist traffic, resulting in a 5.9% increase in consumption compared to 2024. Moreover, the aggregate market for marine fuels recorded modest growth of 0.7%.
The market share of the EKO and bp brands increased notably in 2025 across all product categories, with particularly strong performance in premium fuels. Furthermore, EKO successfully maintained its leading position in both aviation and marine fuels.
Key points for the Domestic Marketing activities in 2025:
- Notable expansion in market shares for gasoline, auto diesel and heating gasoil.
- Substantial increase in both market share and penetration of differentiated auto fuels (98 & 100 octane gasoline, premium auto diesel).
- The company maintained a leading position in aviation and marine fuels.
- All key performance indicators (market share, sales and profitability) within the company-operated fuel station network exhibited growth, driven by increased productivity, with sales growth rates exceeding those recorded in the broader market.
- Significant growth in non-fuel retail (NFR) sales of products and services, with a substantial contribution to profitability.
- Continuous development and enhancement of the EKO Smile and BPme loyalty programs, offering customer-centric and competitive products and services.
- Ongoing strengthening and upgrading of the EKO and bp brands through new sponsorships.
The Group extended its agreement with bp plc for the exclusive use of bp’s commercial brands for ground fuels in Greece until the end of 2035.
Our strategy for Domestic Marketing includes a set of actions aimed at enhancing competitiveness in the Greek market through the expansion of self-operated fuel stations, differentiated auto fuels, non-fuel retail (NFR) products and services, high-quality services, and a customer-centric approach tailored to modern customer requirements.
At the same time, digital evolution and the continuous enhancement of the EKO customer experience across all service points constitute key pillars of EKO’s strategy, encompassing all retail and commercial activities.
Focus will be placed on the following areas:
- Further strengthening of EKO’s market share, with the objective of establishing EKO as the leading player in the Greek market.
- Sustaining a leading position in aviation and marine fuels.
- Further strengthening of EKO’s market shares in differentiated fuels.
- Further growth of NFR products and service sales, supported by targeted interventions across the supply chain.
- Continuous enhancement of customer experience and service quality across all service points.
- Development of new services at fuel stations that promote a digital experience aligned with customers’ needs and expectations.
- Enrichment of loyalty reward programs (EKO‑bp) to facilitate interaction with consumers, with particular emphasis on personalized services, communication, and the implementation of a multi‑brand loyalty strategy.
- Development of e‑mobility through comprehensive coverage of modern motorists’ needs and the expansion of an electric vehicle charging network.
Domestic Marketing sales (k MT)
Domestic Marketing Sales
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
| Retail | 1590 | 1675 | 1639 | 1706 | 1812 |
| Commercial & Industrial | 588 | 756 | 681 | 745 | 807 |
| Aviation & Bunkering | 1081 | 1409 | 1428 | 1463 | 1543 |
| Other | 107 | 118 | 117 | 122 | 126 |
International Marketing
The Group’s international business operates through its subsidiaries in Cyprus, Bulgaria, Serbia, Montenegro, and the Republic of North Macedonia, supported by a total network of over 330 fuel stations.
In Cyprus and Montenegro, the local subsidiaries maintain leading positions in both the retail and wholesale markets. OKTA is the leading fuel importer in the Republic of North Macedonia and holds a substantial share of the wholesale market in Kosovo. By contrast, the subsidiaries in Bulgaria and Serbia have relatively smaller market shares and primarily focus on the retail sector.
Profitability in 2025 improved compared to 2024, primarily driven by favorable market conditions that positively supported unit margins. Furthermore, the expansion of the network and the revamping of the stations’ image enhanced fuel demand in the retail segment. However, this improvement was partially offset by increased operating expenses linked to inflationary pressures.
- In Cyprus, the strong performance of the retail segment, in terms of both sales volumes and unit margins, contributed to increased profitability. This was further supported by the strong performance of the Commercial & Industrial (C&I) segment, despite a notable increase in operating expenses. In 2025, EKO Energy Cyprus Ltd successfully entered the open energy market. In addition, the photovoltaic (PV) installation at the Vassiliko terminal was completed and is fully operational.
- In Montenegro, profitability exceeded 2024 levels, primarily driven by growth in non‑fuel revenue, increased demand for fuel products across the retail, aviation, and bunkering segments, as well as improved unit margins in the retail sector. This improvement was achieved despite higher operating expenses, largely attributable to increased transaction volumes.
- In the Republic of North Macedonia, profitability improved compared to 2024, driven by higher unit margins and the commissioning of the 12 MW photovoltaic park at the end of 2024.
- In Bulgaria, profitability increased relative to 2024, primarily due to higher retail unit margins and volumes resulting from local market dynamics. This improvement was further supported by growth in non-fuel retail, despite increased operating expenses.
- In Serbia, profitability improved compared to 2024, mainly due to higher retail unit margins and increased sales volumes, with non-fuel retail also contributing to this performance. This improvement was achieved despite higher operating expenses, which rose in line with labor market developments.
The strategic objective of expanding in Southeast European markets remains a top priority. This includes maintaining the Group’s leading positions in Cyprus, Montenegro, and the Republic of North Macedonia, as well as penetrating the Bulgarian and Serbian markets through targeted network expansion and supply chain optimization.
Furthermore, the strategic focus encompasses the integration of green energy solutions, particularly photovoltaics, which will enable energy generation for trading purposes or the optimization of energy expenditures.
International Marketing sales (k ΜΤ)*
* From 2022 onwards, OKTA, a subsidiary in the Republic of North Macedonia, is included in International Marketing sales.
International Marketing Sales
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
| Cyprus | 332 | 374 | 408 | 417 | 450 |
| Bulgaria | 233 | 227 | 231 | 219 | 245 |
| Serbia | 128 | 116 | 117 | 123 | 123 |
| Montenegro | 223 | 259 | 253 | 269 | 288 |
| R.N.M. | 0 | 998 | 1016 | 964 | 953 |
International Marketing EBITDA contribution (€ million)**
** From 2022 onwards, OKTA, a subsidiary in the Republic of North Macedonia, is included in the contribution of the International Marketing EBITDA.
International Marketing EBITDA
| Category | 2021 | 2022 | 2023 | 2024 | 2025 |
| Cyprus | 30,099 | 30,621 | 33,002 | 37,716 | 42,927 |
| Bulgaria | 12,556 | 11,85 | 10,66 | 11,995 | 13,98 |
| Serbia | 9,197 | 5,582 | 6,217 | 6,301 | 7,651 |
| Montenegro | 10,077 | 17,745 | 12,039 | 12,854 | 14,936 |
| R.N.M. | 0 | 8,691 | 8,723 | 6,685 | 9,218 |
Electromobility Services
ElpeFuture, a wholly owned subsidiary of HELLENiQ ENERGY, is actively engaged in the rapidly developing e-mobility sector, providing integrated solutions across the value chain as an E-Mobility Service Provider, a Charging Infrastructure Operator, and a Transaction Processing Agent.
ElpeFuture has continued its strong growth in the fast-charging segment, with a total of one hundred and sixty (160) operational fast chargers ranging from 50 to 360 kW (totaling 320 charging points) installed at fuel stations nationwide. In parallel, the ElpeFuture/EKO Charge&Go mobile application offers comprehensive services to both ad hoc and registered users, including 24/7 support for charging point operators and end users. Additionally, the company has introduced OEM-branded RFID cards through collaborations with automotive dealers in Greece.
The company’s primary objective is to strengthen its position in the electric vehicle charging market and further expand its fast and ultra-fast charging network at fuel stations, as well as AC charging units at points of interest. At the same time, ElpeFuture has already implemented AC charging facilities for corporate fleets within its B2B client base and aims to further expand its network through additional partnerships.
- A total of one hundred and sixty (160) fast chargers of 50–360 kW are in operation at EKO and bp fuel stations (totaling 320 charging points), as well as at motorway and urban fuel stations. In addition, five hundred and forty-four (544) charging points of 22–180 kW are located in large shopping malls, public parking areas, and private parking facilities within the Group’s infrastructure and B2B partner sites.
- The licensing process for the installation of additional fast chargers of up to 360 kW at EKO and bp fuel stations, as well as at points of interest across the country, is currently ongoing.
International Electromobility Operations
As of 2025, the Group’s international subsidiaries—EKO Cyprus, EKO Bulgaria, EKO Serbia, Jugopetrol in Montenegro, and OKTA in Skopje—have collectively installed a total of forty-five (45) electric vehicle (EV) charging stations at their respective fuel stations. Of these, thirty-seven (37) are currently operational (101 charging points). In particular, seventeen (17) chargers were installed during 2025, highlighting the rapid expansion of the Group’s EV charging infrastructure.
These installations strengthen the Group’s presence in the electromobility sector and contribute to the development of critical infrastructure supporting the increasing adoption of electric vehicles across the region. Looking forward, the Group plans to further expand its EV charging network by 2026, with the installation of an additional twenty-eight (28) charging stations in these markets.
Power (RES, Electricity, Natural Gas)
01. Renewable Energy Sources (RES)
HELLENiQ Renewables Single Member S.A. (HELLENiQ Renewables), established in 2006, operates as a wholly owned subsidiary of HELLENiQ ENERGY. The company plans to develop a substantial renewable assets portfolio in the forthcoming years, with the objective of achieving more than 2 GW of operating capacity by 2030. This strategic expansion is expected to contribute to enhance the geographical diversification of HELLENiQ ENERGY’s renewables portfolio across Greece, Cyprus, Romania, and Bulgaria, while facilitating the Group’s entry into additional markets and supporting the mitigation of environmental impact through the offsetting of greenhouse gas emissions.
Financial Results (€ million) | 2025 | 2024 |
Sales | 64 | 60 |
Adjusted EBITDA | 45 | 46 |
Operational Metrics | ||
Volume Generated (GWh) | 762 | 695 |
Installed Capacity (MW) | 494 | 494 |
As of the end of 2025, HELLENiQ RENEWABLES’ total installed capacity amounted to 494 MW, comprising 354 MW of photovoltaic parks (PVs) and 99 MW of wind farms in Greece, as well as 41 MW of PVs in Cyprus. In addition, approximately 6 GW of projects—mainly PVs, wind farms, and energy storage projects—are currently at various stages of development.
The operating portfolio at the end of 2025 generated approximately 762 GWh during the year, delivering an annual emissions-avoidance benefit of more than 255,000 tons of CO₂.
Key points for RES in 2025
Greece
In 2024 and 2025, the Company participated in the first Competitive Bidding Procedures organized by RAAEY for energy storage projects, securing support for five (5) BESS units with total capacity of 150 MW / 400 MWh. In November 2024, HELLENiQ Renewables was granted the first RAAEY License of Ownership and Direct Line Management, authorizing the electrical interconnection of a photovoltaic plant integrated with a BESS to the facilities of the Thessaloniki refinery, with the aim of supplying the refinery with green energy. Furthermore, construction of a 200 MW photovoltaic plant in the Alexandroupolis region is scheduled to commence in 1H26, with commercial operations expected by the end of 2027.
In June 2025, the acquisition of ABO Energy Hellas was completed, adding a 1.5 GW portfolio and a RES development platform.
Romania
In 2025, the implementation of the binding agreement for four (4) PV parks with a total capacity of 211 MW continued, of which 58 MW commenced operations in the first quarter of 2026. In June 2025, an agreement was signed for the acquisition of a 186 MW wind farm (with BESS capability of 186 MW/186 MWh) in Vaslui, eastern Romania. In addition, in July 2025, the acquisition of a 96 MW wind farm in Galati was completed, with commercial operations expected to commence in 4Q27.
Bulgaria
In July 2025, the acquisition of a ready-to-build 123 MW PV park, including BESS capability (90 MW/180 MWh), was completed.
In addition to the PV plants developed and operated by HELLENiQ RENEWABLES, the Group further strengthened its RES portfolio through the operation of a 12 MW PV plant at the facilities of OKTA AD Skopje, in the Republic of North Macedonia.
The project was commissioned at the end of 2024, with approximately 7% of energy generated used for self-consumption and the remainder fed into the grid.
As a result, the Group’s total installed RES capacity reached 506 MW at the end of 2025.
HELLENiQ RENEWABLES adheres to the Group-wide Safety and Environment (S&E) procedures governing compliance, reporting, risk management, and the prevention of risks and accidents, applicable throughout both the construction and operational phases of its projects. For each new project, a dedicated S&E engineer is appointed to monitor relevant issues, supervise site activities, manage the S&E permitting process, and oversee the validity of the associated permits, ensuring their timely review and renewal where necessary.
02. Enerwave
The Group operates across the electricity and natural gas value chain, encompassing power generation, wholesale trading and retail supply of electricity, as well as the trading and supply of natural gas.
As part of strengthening its market position, the Group completed the transaction with Edison International Shareholdings S.p.A., originally signed in December 2024, which resulted in the acquisition of 100% of ELPEDISON S.A. on 15 July 2025. Following completion of the acquisition and within the framework of the Group’s corporate reorganization, ELPEDISON was rebranded during 2025 as Enerwave, marking a new phase for the Group’s electricity and natural gas activities.
Enerwave is currently one of the largest independent power producers in Greece, with total installed capacity of 851.6 MW from natural gas-fired combined cycle units (a 430 MW plant in Thessaloniki, in operation since 2005, and a 421.6 MW plant in Thisvi, Boeotia, in operation since 2010). The company is active in the electricity markets of Greece and Southeast Europe through renewable asset aggregation, power trading and other exchange-traded products. In parallel, it maintains a strong presence in the natural gas market in Greece and across Europe through portfolio management and gas trading activities.
Enerwave is among the most reliable suppliers of electricity and natural gas in Greece and has expanded its retail energy offering by promoting energy efficiency solutions through its retail network. In parallel, it has launched large-scale Energy Efficiency Services, targeting industrial facilities, major hotel complexes, and clusters of office buildings.
In 2025, the energy sector in Greece and Central and Eastern Europe experienced significant developments. Both electricity and natural gas markets underwent major shifts, driven by a strategic focus on diversifying natural gas supply sources, strengthening energy infrastructure, and increasing the penetration of renewables. These developments underscored the need for greater system flexibility, expanded storage capacity, and network upgrades.
At EU level, policy initiatives aimed at reducing dependence on Russian natural gas progressed significantly, with a detailed roadmap established for the full phase-out of LNG imports by 2026 and pipeline gas imports by 2027. At the same time, efforts to enhance energy security, stabilize energy costs, and promote industrial competitiveness intensified, facilitating meaningful progress towards the green transition. Overall, the operating environment became increasingly dynamic and demanding, presenting both new opportunities and heightened challenges for energy market participants.
Electricity Sector
Power Generation and Energy Management
Domestic electricity demand in Greece reached 50.5 TWh in 2025, declining by 1.2% year-on-year, mainly due to milder weather conditions. The share of natural gas-fired generation increased significantly, accounting for 45% of the country’s energy mix (2024: 39%), primarily reflecting reduced lignite and hydroelectric production, as well as exceptionally strong electricity exports to Southeast Europe.
Electricity Supply
In the retail electricity market, Enerwave increased its total market share to 6.3% (2024: 5.9%) amid intense competition. The number of end customers rose by 2% to 309,000, while total electricity sales reached 3 TWh. No major regulatory changes were recorded during 2025, with suppliers continuing to offer tariff schemes based on the established color-coded pricing framework. Consumer preferences increasingly shifted towards fixed-price (“blue”) tariffs, which recorded significant uptake during the year.
Natural Gas
In the natural gas segment, Enerwave managed a portfolio exceeding 13 TWh in 2025, serving the requirements of its power generation plants, retail supply operations, exports, trading activities, and bilateral contracts with third-party and industrial customers. Market share exceeded 10%, with approximately 32,000 retail gas customers served.
Commercial performance benefited from increased LNG imports, which supported portfolio optimization and contributed to greater price stability. At the same time, elevated withdrawals from European storage facilities and ample global LNG availability enhanced market liquidity and improved overall supply conditions.
EU-level strategic initiatives aimed at reducing dependence on Russian natural gas further strengthened supply diversification across the region, opening opportunities for more stable and competitive sourcing models. Nevertheless, certain challenges persisted. Weather-driven price volatility created periods of uncertainty in wholesale markets, while rapid storage drawdowns at specific points in time exerted upward pressure on supply costs. Moreover, although the long-term impact of reduced reliance on Russian gas is expected to be positive, it introduced short-term uncertainty regarding future availability and price formation.
Greek Energy Mix
Greek Energy Mix
| Category | 2024 | 2025 |
| Lignite | 4 | 5 |
| Natural Gas | 39 | 41 |
| Hydroelectric | 8 | 7 |
| RES | 49 | 48 |
Other Activities
Research & innovation
Enerwave participates in the EU-funded HiRECORD and COREu projects under the Horizon Europe program, as well as in the SUNBrewed project financed by the Innovation Fund.
Within the HiRECORD project, a pilot unit is scheduled to be installed and operated at the Thisvi power plant in 2026, testing an innovative carbon capture (CO₂) technology in an industrial environment. Under the COREu project, captured CO₂ will be compressed and temporarily stored in tanks before being transported and injected into the underground CO₂ storage reservoir in Prinos.
Finally, through the SUNBrewed project, the construction of an innovative solar thermal steam generation system which will be subsidized at a rate of 60%. The generated steam will be supplied to an industrial brewery under a Thermal Energy Purchase Agreement, achieving annual emissions reductions of approximately 2,192 tonnes of CO₂.
Financial Results
Enerwave’s FY2025 Adjusted EBITDA increased by 27% y-o-y, reaching €54 million. The contribution to the HELLENiQ ENERGY Group’s Adjusted EBITDA amounted to €26 million, reflecting consolidation of Enerwave from 15 July 2025 onwards.
Exploration and Production of Hydrocarbons
The exploration and production (E&P) business activities focus on offshore areas in Greece and are outlined below:
- “Block 10” (Kyparissiakos Gulf)
The Group, as Operator (100%), holds exploration and production rights in the offshore area of “Block 10” in the Kyparissiakos Gulf. The Lease is currently in its second Exploration Phase, with a duration of three (3) years, concluding on 9 July 2026. To date, the Lessee has completed a 2D seismic acquisition program (1,200 km) and processing, as well as a 3D seismic acquisition survey covering an area of 2,420 km² and its processing. Further geological and geophysical studies are currently underway, including WEB AVO analysis and specialized reprocessing. - “Ionian Block” (Western Greece)
The Group holds exploration and production rights, as Operator (100%), in the offshore “Ionian Block” in Western Greece. A 2D seismic acquisition survey and processing covering 1,600 km has been completed, along with a 3D seismic acquisition survey covering an area of 1,150 km² and its processing. The Lease is currently in the second Exploration Phase, with a duration of three (3) years, concluding on 9 July 2026. Further geological studies are ongoing, including WEB AVO analysis. - “Block 2” (West of Corfu)
At the end of 2025, the Group held a 25% interest in the offshore area of “Block 2”, located west of Corfu Island, through a joint venture with Energean Hellas Ltd. (75%, Operator). The Lessee has completed a 3D seismic acquisition program (2,244 km²), including processing and interpretation. In 2025, following a request by the Lessee, the Lessor granted a 12-month extension of the first Exploration Phase, until 14 March 2026. In November 2025, a farm-in agreement was signed for the transfer of part of HELLENiQ ENERGY’s and Energean’s participating interests to ExxonMobil. Upon completion of the transaction and receipt of the required approvals, the joint venture is expected to be structured as follows: HELLENiQ ENERGY 10%, Energean 30% (Operator), ExxonMobil 60%.
- “West Crete” and “Southwest Crete” Blocks
As of the end of 2025, the Group held a 30% interest in two offshore blocks in Crete—”West Crete” and “Southwest Crete”—through a joint venture with ExxonMobil Exploration & Production Greece (Crete) B.V. (70%, Operator). During the period November 2022 – February 2023, a 2D seismic acquisition program of 12,278 km was conducted across both lease areas. Processing of the seismic data was completed in December 2023. With respect to the “West Crete” area, the joint venture decided not to proceed to the next phase. In March 2024, the Lessee completed the acquisition of 900 km² of 3D multiclient seismic data in the “Southwest Crete Block”, followed by an extensive environmental sampling program conducted in both blocks during April and May 2024. The 3D seismic reprocessing was completed in January 2025, with interpretation currently ongoing. - Sea of Thrace Concession
The Group participates with a 25% interest in a consortium with Calfrac Well Services Ltd (75%) in the Sea of Thrace concession, located in the North Aegean Sea and covering a total area of approximately 1,600 km². - New Offshore Tender Areas
In the context of the international tender for the award of exclusive rights for the exploration and exploitation of hydrocarbons in the offshore areas “Block A2”, “South of Peloponnese”, “South of Crete 1” and “South of Crete 2”, the joint venture of Chevron / HELLENiQ ENERGY submitted bids for all four areas. On 24 October 2025, the joint venture was designated as the Selected Applicant by the Minister of Energy. The signing of the Lease Agreements was completed in the first quarter of 2026. - “Block 1” (Ionian Sea)
With regard to “Block 1” in the Ionian Sea, north of Corfu, the Group has submitted an offer as Operator (100%) and is currently awaiting a decision by the competent authority.
Engineering
ASPROFOS, a Group subsidiary, is the largest Greek engineering firm and provider of energy consulting services in South-Eastern Europe. It operates in accordance with internationally accepted standards and practices and is certified under ISO 9001, ELOT 1429, ISO 14001 and ISO 45001.
ASPROFOS supports investments in the fields of refining and natural gas by providing a broad range of technical, project management, and related advisory services, while continuously seeking to expand its service offering and broaden its client portfolio, with a particular focus on international clients.
In 2025, ASPROFOS employed 205 highly qualified professionals, and its turnover amounted to €12.2 million. During the year, ASPROFOS provided services in connection with over 180 projects, both within and outside the HELLENiQ ENERGY Group.
ASPROFOS, is the largest Greek engineering firm and provider of energy consulting services in Southeast Europe.
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Business Review
