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Motor Oil (Hellas) Corinth Refineries (MOH) investor relations material
Motor Oil (Hellas) Corinth Refineries Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 rose 43% year-over-year to €7.52 billion, with EBITDA surging 170% to €1.05 billion and net profit after tax increasing to €689.3 million, driven by high refining margins, robust demand, and strong international sales.
Operational flexibility was demonstrated by processing 13 crude grades and shifting to an export-oriented sales mix as European supply tightened.
Export and bunkering sales accounted for over 78% of total sales volume, highlighting a strong international orientation.
Free cash flow improved to €683 million, and net debt was reduced to €814 million from €1.96 billion at FY25.
Return on Equity (ROE) for the Group was 29.99% (TTM), up from 3.08% a year earlier.
Financial highlights
Revenues for H1 2026 were €7,524 million, up from €5,266 million in H1 2025; Q2 2026 revenues were €4,166 million.
EBITDA for H1 2026 was €1,047 million, and earnings after tax & minorities reached €689.3 million; EPS was €6.33.
Adjusted EBITDA for H1 2026 was €967 million, and adjusted net income was €623 million, both excluding inventory valuation impacts.
Net debt at H1 2026 was €814 million, a significant reduction from €1,959 million in H1 2025; net debt to EBITDA ratio at Group level was 0.47.
Operating cash flow reached €816 million; free cash flow was €683 million in H1.
Outlook and guidance
Refining margins remain strong in Q3, supported by tight product balances and ongoing supply disruptions.
Planned maintenance of hydrocracker and FCC units in September-October will affect output mix but not total sales volumes.
CapEx guidance for 2026 revised down to €420 million from €650 million, reflecting renewables divestments and project timing.
Long-term renewables EBITDA target of €250 million and 2 GW capacity by 2030 remains, with more back-loaded investment.
Subsidiaries in retail fuel, renewables, and lubricants are projected to deliver higher EBITDA in H2 2026 compared to H1.
- Q1 2026 delivered record profit growth, strong margins, and sharply reduced net debt.MOH
Q1 2026 - EBITDA rose 10% and net income more than doubled, with a €1.75/share dividend proposed.MOH
Q4 2025 - Net profit more than doubled year-over-year, with strong liquidity and new acquisitions.MOH
Q3 2025 - H1 2025 saw sharp profit and sales declines, but recovery is expected as refinery operations normalize.MOH
Q2 2025 - Net profit fell 69% to €220.3m, impacted by a refinery fire and higher taxes.MOH
Q3 2024 - Net income up 31% in H1 2024, with strong output and investments but negative free cash flow.MOH
Q2 2024 - Net profit fell 64% to €283m as refining margins and a refinery fire hit results.MOH
Q4 2024 - Profit and revenue dropped sharply in Q1 2025, but acquisitions and investments advanced.MOH
Q1 2025
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