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Esso SAF (ES) investor relations material

Esso SAF H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary17 Sep, 2025

Executive summary

  • Revenue for H1 2025 was €5.8bn, down 35% year-over-year, mainly due to lower sales volumes and declining petroleum product prices.

  • Net loss reached €85m versus a profit of €116m in H1 2024, impacted by negative inventory effects, refinery sale, and major shutdowns.

  • Adjusted EBITDA was €82m, up from €34m in H1 2024, despite a 30% drop in refining margins and benefiting from positive FX effects.

  • Adjusted operating income was €46m, up from a €6m loss in H1 2024, reflecting improved refining margins late in the period.

  • Operational performance was impacted by the sale of a major refinery and planned maintenance shutdowns.

Financial highlights

  • Sales volumes of refined products fell 27% year-over-year to 7.6 million m³, mainly due to the sale of the Fos-sur-Mer refinery and a planned maintenance shutdown.

  • Negative inventory effects totaled €123m, compared to a positive €118m in H1 2024, due to falling oil prices.

  • Operating expenses decreased by €90m, driven by lower external and personnel costs and reduced taxes.

  • Operating loss of €158m, compared to a €112m gain in H1 2024.

  • Financial result positive at €39m, unchanged year-over-year, including €22m in dividends.

Outlook and guidance

  • Persistent international uncertainties, geopolitical tensions, and energy transition are expected to maintain market volatility.

  • The group is preparing for a potential acquisition by North Atlantic and separation from ExxonMobil, with completion targeted for Q4 2025.

  • Strategic focus remains on operational excellence, industrial competitiveness, and a low-carbon future.

  • Ongoing adaptation to market changes and focus on industrial asset optimization.

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Frequently asked questions

Esso SAF is an energy company primarily engaged in the refining and distribution of petroleum products. Operating as a subsidiary of ExxonMobil, the company manages refining facilities and fuel distribution networks, supplying products such as gasoline, diesel, jet fuel, and lubricants to both commercial and consumer markets across France. Esso SAF’s activities also include logistics and storage operations to ensure a consistent supply across its service stations and partner networks. The company is headquartered in Nanterre, France, and its shares are listed on Euronext Paris.

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