Esso SAF (ES) H2 2025 earnings summary

Executive summary

• 2025 marked a foundational year with a change in majority shareholder and rebranding, alongside major operational and organizational transitions.

• Successfully completed a major planned maintenance shutdown at the Gravenchon refinery and implemented significant organizational changes.

• Faced a highly volatile market environment, but improved adjusted EBITDA reflects operational resilience.

Financial highlights

• Adjusted EBITDA rose to €179M in 2025 from €58M in 2024, reflecting strong operational performance.

• Reported a net loss of €93M in 2025, compared to a net profit of €107M in 2024.

• Operating loss of €209M in 2025, versus an operating profit of €74M in 2024.

• Revenue declined 37% year-over-year to €11.4B, mainly due to the sale of the Fos-sur-Mer refinery.

• Significant non-recurring asset impairment of €206M recognized under IAS 36.

Outlook and guidance

• Anticipates continued challenging crude supply conditions for independent refiners in 2026 due to geopolitical instability.

• Focused on adapting to its new status as an independent refiner, optimizing assets, and extending its operating permit by 10%.

• Ongoing projects to improve energy efficiency and reduce emissions.