2025 was another year of strong performance and advancement of our strategic objectives for HELLENiQ ENERGY. However, it was also a year during which a continuously changing and unpredictable international geopolitical landscape and the scheduled turnaround of the Aspropyrgos refinery, redefined our priorities for operational safety and business continuity, calling for additional effort to maintain uninterrupted supply to our retail companies and our core markets in which we operate.

Completion of Vision 2025 – A milestone for the transition

This year marked the successful completion of our Vision 2025 strategic plan, even ahead of the original timeline. Vision 2025 was designed in 2020 to fundamentally transform the Group, starting from long-term business strategy, organizational structure and governance, human capital and technology and AI use. The aim was to establish HELLENiQ ENERGY as a leading energy company in the region, following almost a 10-year period of financial and social crisis in Greece. Following the COVID pandemic, we implemented an extensive growth agenda with investments of approximately €2.5 billion, reshaping and repositioning the Group. We opted for a balanced growth profile, realizing the need for a continuously strong core hydrocarbons value chain, while building a new pillar in renewable energy, electricity, and natural gas, looking into creating an additional material footprint for future energy markets. These transformative investments were carried out through well planned and executed financial strategy and selected portfolio transactions either through own development or M&As, without impacting our dividend policy or requiring additional capital from our shareholders.

An international group headquartered in Greece

Our expansion into international markets was further strengthened through the establishment of HELLENiQ Petroleum Trading in Geneva, the reopening of the Thessaloniki-Skopje pipeline and growth of our international retail networks and supply terminals. At the same time, the renewal of our partnership with bp and strategic collaborations with global leaders such as ExxonMobil and Chevron underline the good standing of our Group at a global level. The upgrading of international trading and the development of relationships in new markets have been critical to effectively navigate ongoing geopolitical crises and ensure uninterrupted supply across our markets. Building on this position, we intend to further leverage this expansion into additional international markets.

In the power business, a key milestone was the full acquisition of ELPEDISON – now Enerwave – which, combined with our substantial investments in renewables in recent years, created a vertically integrated platform in power and natural gas. This has now become a new material pillar for the Group which, although not directly related to our core hydrocarbons business, creates synergies and future energy markets’ convergence offerings to our customers. This is a relatively new market for us, with a lower baseline and strong prospects and aspirations.

Strong results – High dividend yield

Our strong operational and financial performance in 2025 confirms our strategic direction. For the fourth consecutive year, Adjusted EBITDA exceeded €1 billion, while Adjusted Net Income reached €0.5 billion, almost doubling the value generation capacity of the Group in a short period of time. Our objective is to sustain this level of performance and further build towards an even higher profitability level.

Key drivers included the strong results from Refining business, the all-time high performance of the Marketing business, and growth supported by investments in renewables, electricity, and natural gas. At the same time, efficiency improvement and transformation initiatives across the Group continue to enhance our operational excellence drive and competitiveness, positioning HELLENiQ ENERGY as one of the most advanced, well-structured, and reliable business partners.

The Group’s financial position is even stronger, providing the capacity for further self-funded growth without impacting shareholder returns. In this context, the Board of Directors proposes the distribution of a total dividend of €183 million, or €0.60 per share, corresponding to a dividend yield of over 7%. Over the past five years, we have delivered an average annual dividend yield of approximately 10%.

Sustainability and social responsibility

Sustainable development goes further than compliance or a communication claim. It is an integrated part of how we design and run our business. Our approach is built around three core pillars which have thus far achieved measurable benefits: (a) improved carbon and environmental footprint, (b) targeted local community and social support impact through initiatives with benefits accruing to more than 2 million people, and (c) a strong focus on our people, prioritizing safety, proper training and skills development, and fair compensation. At the same time, being a Greek company, we actively support national initiatives with long-term benefits for the economy and society.

Outlook

With the completion of Vision 2025, we are preparing the next steps in our strategy. Having specific, measurable targets helps communication and alignment of the Company behind these targets and maximizes the chances of success. Our focus remains on further expanding and diversifying our portfolio, while strengthening long-term profitability.

Recent developments emphasized the importance of a strong local petroleum industry, both from a business and a broader energy security perspective. This, however, requires continuous support – not only from shareholders but also from EU and national frameworks. References to the need for a strong industry base in Europe in times of crisis are welcome, but they need to be combined with lifting of excessive constraints and disincentives to invest, without which our competitiveness and growth capacity will be affected.

Concluding the message, 2025 was another positive year, with achievements across all key areas: safe operations, strong financial performance, effective crisis management, enhancement of the portfolio with new businesses, and solid returns for our shareholders. While financial results are influenced by external factors beyond our control, such as international refining margins, a big part of what we achieved, and especially the consistency of our performance in recent years, stems from systematic effort and businesses built on strong principles and values, and the contribution of all our employees. Their commitment and professionalism is the foundation of our success and will ensure that we keep on growing in the future.