HELLENiQ ENERGY Holdings (ELPE) investor relations material

Executive summary

• Achieved a fourth consecutive year of strong performance, with adjusted EBITDA of €1,132m (up 10% year-over-year) and adjusted net income of €503m (up 25%), supported by robust refining margins, record production, and favorable market conditions despite refinery turnarounds and a challenging macroeconomic environment.

• Distributed a total dividend of €0.60 per share for 2025, reflecting a 20% increase year-over-year and a 7% yield, maintaining a strong capital return policy.

• Expanded power and renewables portfolio, including the full acquisition and integration of Enerwave (formerly Elpedison), with a clear path to 1.5 GW installed capacity by 2027 and targets of 2 GW RES by 2030.

• Enhanced operational resilience and diversified earnings base through marketing, supply & trading, and digital transformation initiatives.

• Continued group transformation and international expansion, highlighted by Vision 2025 initiatives and new hydrocarbon exploration agreements.

Financial highlights

• Adjusted EBITDA exceeded €1,132m, up 10% year-over-year, driven by strong refining and marketing performance; reported EBITDA was €736m, impacted by €329m inventory losses.

• Net debt increased to €2.14bn, with leverage at 1.9x and gearing ratio of 44%, including the Enerwave acquisition.

• Total investments reached €757m, focused on refinery maintenance, renewables, and the Enerwave acquisition.

• Finance costs reduced to €110m, benefiting from lower rates and improved spreads.

• Return on average capital employed (ROACE) improved by 190 bps to 14%.

Outlook and guidance

• Targeting 2 GW of RES capacity and a 30% reduction in Scope 1 and 2 emissions by 2030, with continued growth in power and renewables and further expansion in Southeast Europe.

• Expectation of slightly lower refinery production in 2026 due to scheduled shutdowns at Aspropyrgos and Thessaloniki.

• Additional EBITDA contributions anticipated from energy efficiency projects and the Thessaloniki-Skopje pipeline reopening.

• No special dividends projected for 2026 unless exceptional transactions occur.

• Benchmark refining margins currently attractive, between $9 and $11 per barrel.