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Motor Oil (Hellas) Corinth Refineries (MOH) investor relations material

Motor Oil (Hellas) Corinth Refineries Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Aug, 2025

Executive summary

  • Revenue for H1 2025 declined 16% year-over-year to €5.3 billion, with EBITDA down 39% to €387 million and net income falling 55% to €162 million, mainly due to lower refining margins, reduced sales volume, and a fire incident at the crude distillation unit.

  • Insurance compensation for business interruption and property damage, totaling €145 million and €10 million respectively, partially offset operational losses from the refinery fire.

  • Free cash flow was negative at €-164 million, compared to €-26 million in H1 2024, while investments increased to €263 million.

  • The crude distillation unit was fully restored in August 2025, with production levels exceeding 80% of normal capacity during repairs.

  • Interim dividend of €1.40 per share for 2024 was approved and paid in 2025.

Financial highlights

  • Revenues for H1 2025 were €5,266 million, down from €6,238 million in H1 2024, with adjusted EBITDA at €452 million and adjusted net income at €213 million.

  • Group gross profit decreased 45.6% to €430.5 million; company gross profit fell 69.1% to €158.2 million year-over-year.

  • Net debt increased to €1.96 billion, mainly due to a €255 million solidarity tax payment related to 2023 profits.

  • EPS for H1 2025 was €1.50, down from €3.31 in H1 2024.

  • Free cash flow was positive at €122 million in Q2 but negative €164 million for H1 due to tax payment.

Outlook and guidance

  • Full CDU operation and improved refining margins are expected to drive results in H2 2025, with optimism for higher utilization and EBITDA.

  • Group capex for 2025 is forecast at €500 million, with major renewables and battery storage projects anticipated to complete by year-end.

  • Subsidiaries in retail, renewables, and circular economy are expected to maintain or improve EBITDA contributions.

  • Brent crude prices are expected to average $60–70/bbl in H2 2025, with potential volatility.

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Frequently asked questions

Motor Oil (Hellas) Corinth Refineries S.A is a Greek energy company engaged in oil refining and distribution. The company operates one of the largest refineries in Southeastern Europe, producing fuels, lubricants, and petrochemical products. It supplies domestic and international markets and is also active in retail fuel stations, power generation, and renewable energy. The company is headquartered in Maroussi, Greece, and its shares are listed on the ATHEX.

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