HELLENiQ ENERGY Holdings (ELPE) Q2 2026 earnings summary

Executive summary

• Exceptional financial and operational performance in Q2 and H1 2026, with record profitability, strong cash flow, and significant increases in revenue, EBITDA, and net income year-over-year, driven by robust refining margins and improved marketing results.

• Successful completion of the Aspropyrgos Refinery turnaround and strategic progress in renewables and upstream, including new offshore exploration blocks and expanded RES capacity in Romania.

• Board approved a special EUR 25 million contribution for wildfire relief in Greece, aligning with CSR strategy.

• Oil price spike led to inventory gains of €408m, reversing prior year losses and boosting reported results.

• Continued digital transformation and AI-driven optimization enhanced refinery yields and profitability.

Financial highlights

• Adjusted EBITDA reached €442 million for Q2 and €734 million for H1 2026, up 83% year-over-year; reported EBITDA was €1,325 million.

• Net sales rose to €7,007 million in H1 2026, up 36% year-over-year.

• Net debt reduced by €0.7bn to €1,967 million, with gearing ratio improved to 36%.

• CapEx and investments exceeded €400 million in H1, mainly for refinery maintenance and renewables expansion.

• 2Q26 Reported Net Income was €571m; 1H26 Adjusted Net Income reached €393m; EPS at €2.80.

Outlook and guidance

• Performance for the remainder of 2026 expected to be at least as strong as H1, with high refining margins and continued focus on energy transition and renewables growth.

• Refinery shutdown at Thessaloniki postponed to 2027, supporting continued strong operational results.

• 250 MW of PV and BESS projects to be added in 3Q, increasing RES operating capacity to 800 MW.

• Dividend payout expected to increase, with policy set at 35%-50% of adjusted net income.

• Ongoing investments in RES and digital transformation to support long-term growth.