HELLENiQ ENERGY Holdings (ELPE) investor relations material

Executive summary

• 3Q26 adjusted EBITDA reached a record €1,162m and adjusted net income €808m, driven by record refining margins, strong operations and exports.

• 9M26 adjusted EBITDA was €1,896m and adjusted net income €1,201m; free cash flow of €1bn helped reduce net debt to €1.5bn.

• High refinery availability, flexible crude sourcing and export premiums supported fuel supply across markets amid regional shortages.

Financial highlights

• 3Q26 revenue was €5,113m, up 54% YoY; adjusted EBITDA was €1,162m and adjusted net income €808m.

• 9M26 revenue was €12,120m, up 43% YoY; adjusted EBITDA was €1,896m, up 148%, and adjusted net income was €1,201m.

• 9M26 reported EBITDA was €2,446m and reported net income €1,632m, including a €562m inventory gain.

• 9M26 net operating cash flow was €1,545m and free cash flow €1bn, including €565m of investments.

• 3Q26 refining sales volume was 4.176m MT, down 2% YoY; marketing volume was 2.020m MT, up 4%.

Outlook and guidance

• Q4 refining conditions remained volatile; margins were strong but lower QoQ, and management expected a strong quarter, though below Q3.

• Renewables targets are 1.1 GW by 2027 and 1.5 GW by 2028; 0.3 GW was under construction and the pipeline exceeded 6 GW.

• First Block 2 exploration drilling is planned for H1 2027; seismic acquisition with Chevron continues in remaining areas.

• A strategy update covering medium- and long-term plans and investment was scheduled for January in London.

• FY26 interim dividend was €0.40/share; full-year payout will reflect market conditions, with an enhanced dividend announcement expected in February 2027.