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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.
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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