08
Selected financial information of HELLENiQ ENERGY Holdings
Financial Information
Selected Financial Data
Group
(in € million)
Key Financial Metrics | 2025 | 2024 | 2023 | 2022 | 2021 |
Sales | 11,614 | 12,768 | 12,803 | 14,508 | 9,222 |
Adjusted EBITDA | 1,132 | 1,026 | 1,237 | 1,601 | 401 |
Operating profit | 395 | 475 | 736 | 1,413 | 400 |
Profit before income tax | 255 | 326 | 604 | 1,421 | 407 |
Minority Interest | 4 | 2 | 3 | 5 | 4 |
Profit for the year (attributable to owners of the parent) | 173 | 60 | 478 | 890 | 337 |
Adjusted net income (attributable to owners of the parent) | 503 | 401 | 606 | 1,006 | 140 |
EPS | 0.57 | 0.20 | 1.56 | 2.91 | 1.10 |
Adjusted EPS | 1.64 | 1.31 | 1.98 | 3.29 | 0.46 |
Statement of Cash Flows | 2025 | 2024 | 2023 | 2022 | 2021 |
Net cash generated from operating activities | 668 | 700 | 965 | 624 | 270 |
Net cash used in investing activities | (487) | (405) | (239) | (227) | (376) |
Net cash generated from financing activities | 71 | (596) | (702) | (552) | (61) |
Net increase/(decrease) in cash & cash equivalents | 252 | (301) | 25 | (155) | (167) |
Statement of Financial Position | 2025 | 2024 | 2023 | 2022 | 2021 |
Total assets | 8,567 | 7,754 | 8,108 | 8,562 | 7,832 |
Non-current assets | 5,202 | 4,800 | 4,768 | 4,950 | 4,406 |
Cash and cash equivalents | 858 | 618 | 919 | 900 | 1,053 |
Non-current liabilities | 3,448 | 2,776 | 1,981 | 2,048 | 2,045 |
Long term borrowings | 2,777 | 2,169 | 1,388 | 1,433 | 1,517 |
Short term borrowings | 221 | 241 | 1,158 | 1,409 | 1,474 |
Non-controling interest | 56 | 55 | 67 | 68 | 64 |
Total equity | 2,728 | 2,762 | 2,946 | 2,727 | 2,129 |
Consolidated Financial Statements
Statement of Financial Position
(Amounts in € Thousands)
Αssets | 31.12.2025 | 31.12.2024 |
Non-current assets | ||
Property, plant and equipment | 4,155,354 | 3,742,339 |
Right-of-use assets | 281,253 | 238,753 |
Intangible assets | 524,203 | 357,905 |
Investments in associates and joint ventures | 38,156 | 202,251 |
Deferred income tax assets | 107,755 | 101,802 |
Investment in equity instruments | 925 | 646 |
Derivative financial instruments | 32,564 | - |
Loans, advances and long term assets | 62,274 | 156,496 |
5,202,484 | 4,800,192 | |
Current assets | ||
Inventories | 1,306,759 | 1,311,169 |
Trade and other receivables | 1,144,370 | 935,932 |
Income tax receivable | 45,650 | 80,810 |
Derivative financial instruments | 9,216 | 8,196 |
Cash and cash equivalents | 858,251 | 618,055 |
3,364,246 | 2,954,162 | |
Total assets | 8,566,730 | 7,754,354 |
Equity | 31.12.2025 | 31.12.2024 |
Share capital and share premium | 1,020,081 | 1,020,081 |
Reserves | 361,352 | 326,690 |
Retained earnings | 1,290,459 | 1,360,168 |
Equity attributable to the owners of the parent | 2,671,892 | 2,706,939 |
Non-controlling interests | 56,016 | 55,283 |
Total equity | 2,727,908 | 2,762,222 |
Liabilities | 31.12.2025 | 31.12.2024 |
Non-current liabilities | ||
Interest bearing loans and borrowings | 2,777,046 | 2,169,486 |
Lease liabilities | 234,110 | 191,832 |
Deferred income tax liabilities | 180,386 | 164,716 |
Retirement benefit obligations | 157,834 | 168,784 |
Derivative financial instruments | 842 | 1,940 |
Provisions | 32,336 | 36,247 |
Other non-current liabilities | 65,356 | 43,099 |
3,447,910 | 2,776,104 | |
Current liabilities | ||
Trade and other payables | 1,978,079 | 1,602,981 |
Derivative financial instruments | 8,190 | — |
Income tax payable | 81,234 | 276,388 |
Interest bearing loans and borrowings | 221,101 | 240,893 |
Lease liabilities | 40,580 | 33,482 |
Dividends payable | 61,728 | 62,284 |
2,390,912 | 2,216,028 | |
Total liabilities | 5,838,822 | 4,992,132 |
Total equity and liabilities | 8,566,730 | 7,754,354 |
Statement of Comprehensive Income for the period
(Amounts in € Thousands)
For the year ended | ||
31.12.2025 | 31.12.2024 | |
Revenue from contracts with customers | 11,614,643 | 12,767,894 |
Cost of sales | (10,471,455) | (11,693,626) |
Gross profit / (loss) | 1,143,188 | 1,074,268 |
Selling and distribution expenses | (487,569) | (456,454) |
Administrative expenses | (257,126) | (203,788) |
Exploration and development expenses | (5,643) | (10,674) |
Other operating income and other gains | 59,107 | 153,216 |
Other operating expense and other losses | (57,107) | (81,731) |
Operating profit / (loss) | 394,850 | 474,837 |
Finance income | 18,580 | 13,327 |
Finance expense | (128,131) | (132,245) |
Lease finance cost | (10,179) | (9,810) |
Currency exchange gains / (losses) | (11,913) | 3,952 |
Share of profit / (loss) of investments in associates and joint ventures | (8,365) | (23,956) |
Profit / (loss) before income tax | 254,842 | 326,105 |
Income tax (expense) / credit | (77,869) | (263,841) |
Profit / (loss) for the period | 176,973 | 62,264 |
Profit / (loss) attributable to: | ||
Owners of the parent | 173,354 | 59,789 |
Non-controlling interests | 3,619 | 2,475 |
176,973 | 62,264 | |
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 | (1,194) | (2,783) |
Changes in the fair value of equity instruments | 276 | 131 |
(918) | (2,652) | |
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax): | ||
Share of other comprehensive income / (loss) of associates | — | 825 |
Fair value gains / (losses) on cash flow hedges | 12,802 | 11,265 |
Amounts reclassified to profit or loss | 6,251 | 4,525 |
Currency translation differences and other movements | (844) | 49 |
18,209 | 16,664 | |
Other comprehensive income / (loss) for the period, net of tax | 17,291 | 14,012 |
Total comprehensive income / (loss) for the period | 194,264 | 76,276 |
Total comprehensive income / (loss) attributable to: | ||
Owners of the parent | 190,645 | 73,857 |
Non-controlling interests | 3,619 | 2,419 |
194,264 | 76,276 | |
Εarnings / (losses) per share (expressed in Euro per share) | 0.57 | 0.20 |
Statement of Changes in Equity
(Amounts in € Thousands)
31.12.2025 | 31.12.2024 | |
Total equity at beginning of the year 01.01.2025 & 01.01.2024 | 2,762,222 | 2,946,391 |
Total comprehensive (loss) / income for the year -after tax- | 194,264 | 76,276 |
Dividends to shareholders of the parent | (229,229) | (244,508) |
Dividends to non-controlling interests | (2,886) | (2,741) |
Share of acquisition of non-controlling interest in subsidiary | — | (11,311) |
Other movements | (826) | (1,885) |
Total equity at the end of the year | 2,727,908 | 2,762,222 |
Statement of Cash Flows
(Amounts in € Thousands)
31.12.2025 | 31.12.2024 | |
Cash flows from operating activities | ||
Cash generated from operations | 910,300 | 1,009,436 |
Income tax (paid) / received | (241,817) | (309,839) |
Net cash generated from/ (used in) operating activities | 668,483 | 699,597 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment & intangible assets | (574,250) | (434,424) |
Acquisition of subsidiary | (183,014) | — |
Proceeds from disposal of property, plant and equipment & intangible assets | 6,011 | — |
Acquisition of share of associates and joint ventures | (77) | (11,506) |
Cash and cash equivalents of acquired subsidiaries | 44,025 | 6,930 |
Disposal of associate | 193,892 | — |
Grants received | 5,406 | 19,423 |
Interest received | 18,580 | 13,327 |
Prepayments for right-of-use assets | — | (65) |
Dividends received | 2,272 | 1,742 |
Proceeds from disposal of investments in equity instruments | 220 | — |
Net cash generated from/ (used in) investing activities | (486,935) | (404,573) |
Cash flows from financing activities | ||
Interest paid on borrowings | (124,563) | (126,989) |
Dividends paid to shareholders of the Company | (229,798) | (274,748) |
Dividends paid to non-controlling interests | (2,871) | (2,741) |
Proceeds from borrowings | 1,183,292 | 2,809,832 |
Repayments of borrowings | (706,535) | (2,952,700) |
Payment of lease liabilities - principal | (38,785) | (39,310) |
Payment of lease liabilities - interest | (10,179) | (9,810) |
Net cash generated from/ (used in) financing activities | 70,561 | (596,466) |
Net increase/ (decrease) in cash and cash equivalents | 252,109 | (301,442) |
Cash and cash equivalents at the beginning of the year | 618,055 | 919,457 |
Exchange (losses) / gains on cash and cash equivalents | (11,913) | 40 |
Net increase / (decrease) in cash and cash equivalents | 252,109 | (301,442) |
Cash and cash equivalents at end of the period | 858,251 | 618,055 |
Segmental Information
Group
(in € million)
Refining, Supply & Trading | 2025 | 2024 | 2023 | 2022 | 2021 |
Sales | 9,584 | 11,348 | 11,442 | 13,087 | 8,047 |
Adjusted EBITDA | 891 | 795 | 1,043 | 1,388 | 153 |
Operating profit | 346 | 406 | 703 | 1,257 | 254 |
Purchase of property, plant and equipment & intangible assets | 252 | 163 | 182 | 192 | 110 |
Depreciation & amortisation of property, plant and equipment & intangible assets | 179 | 191 | 180 | 187 | 163 |
Refinery production (MT million) | 15.0 | 15.4 | 14.6 | 13.0 | 14.4 |
Refinery sales volume (MT million) | 15.6 | 16.3 | 15.4 | 14.3 | 15.2 |
Average Brent price ($/bbl) | 69 | 81 | 83 | 101 | 71 |
HELPE system’s benchmark refining margin ($/bbl) | 7.5 | 5.3 | 8.7 | 10.7 | 2.0 |
Average exchange rate (€/$) | 1.13 | 1.08 | 1.08 | 1.05 | 1.18 |
Marketing | 2025 | 2024 | 2023 | 2022 | 2021 |
Sales | 4,935 | 5,130 | 5,206 | 6,296 | 3,341 |
Adjusted EBITDA | 160 | 124 | 111 | 135 | 128 |
Operating profit | 48 | 23 | 15 | 34 | 41 |
Purchase of property, plant and equipment & intangible assets | 74 | 66 | 52 | 42 | 44 |
Depreciation & amortisation of property, plant and equipment & intangible assets | 49 | 51 | 50 | 47 | 45 |
Sales (k MT) | 6,346 | 6,028 | 5,889 | 5,933 | 5,046 |
Fuel stations | 1,893 | 1,912 | 1,954 | 1,972 | 1,996 |
Petrochemicals | 2025 | 2024 | 2023 | 2022 | 2021 |
Sales | 284 | 300 | 302 | 380 | 379 |
Adjusted EBITDA | 18 | 54 | 43 | 74 | 131 |
Operating profit | 3 | 40 | 28 | 60 | 122 |
Purchase of property, plant and equipment & intangible assets | 22 | 20 | 3 | 7 | 9 |
Depreciation & amortisation of property, plant and equipment & intangible assets | 7 | 8 | 9 | 6 | 5 |
Sales (k MT) | 279 | 262 | 276 | 262 | 275 |
Power (RES, Electricity, Natural Gas) -Including Enerwave from July 2025- | 2025 | 2024 | 2023 | 2022 | 2021 |
Sales | 764 | 60 | 53 | 37 | 5 |
Adjusted EBITDA | 71 | 46 | 42 | 29 | 3 |
Operating profit | 22 | 23 | 21 | 13 | (2) |
Purchase of property, plant and equipment & intangible assets | 193 | 146 | 32 | 188 | 236 |
Depreciation & amortisation of property, plant and equipment & intangible assets | 39 | 22 | 20 | 14 | 2 |
Installed capacity (MW) | 1,346 | 494 | 356 | 341 | 65 |
Power generated (GWh) | 1,993 | 695 | 658 | 472 | 56 |
(Amounts in € Thousands)
31.12.2025 | 31.12.2024 | |
Total Assets | ||
Refining | 4,951,584 | 4,870,002 |
Marketing | 1,543,521 | 1,537,485 |
Exploration & Production | 15,323 | 11,067 |
Petrochemicals | 226,147 | 223,049 |
Power (RES, electricity, natural gas) | 1,557,487 | 927,768 |
Other segments & inter-segment | 272,668 | 184,984 |
Total | 8,566,730 | 7,754,354 |
31.12.2025 | 31.12.2024 | |
Total Liabilities | ||
Refining | 3,844,912 | 3,710,618 |
Marketing | 885,206 | 886,998 |
Exploration & Production | 3,349 | 4,816 |
Petrochemicals | 116,501 | 105,282 |
Power (RES, electricity, natural gas) | 1,200,591 | 577,128 |
Other segments & inter-segment | (211,737) | (292,710) |
Total | 5,838,822 | 4,992,132 |
31.12.2025 | 31.12.2024 | |
Net Sales | ||
Domestic | 4,349,066 | 3,933,695 |
Aviation & Bunkering | 2,482,746 | 2,089,597 |
Exports | 3,280,740 | 4,910,958 |
International activities | 1,502,091 | 1,833,644 |
Total | 11,614,643 | 12,767,894 |
08
Financial Information
