HELLENiQ ENERGY Holdings (ELPE) Q4 2023 earnings summary

Executive summary

• FY23 Adjusted EBITDA was €1.237bn and Adjusted Net Income €606m; reported net income was €478m, including inventory losses.

• Higher refinery availability, exports and renewable generation supported operations, partly offsetting normalized refining margins and weaker petrochemicals.

• The energy-transition plan advanced across downstream efficiency, renewables and mobility, alongside shareholder returns and stronger market liquidity after the December share offering.

Financial highlights

• FY23 sales were €12.803bn, down 12% YoY; reported EBITDA was €1.053bn, down 39%, and Adjusted EBITDA was €1.237bn, down 23%.

• FY23 Adjusted EBIT including associates was €938m, down 33%; Adjusted Net Income was €606m, down 40%, versus IFRS net income of €478m, down 46%.

• Q4 Adjusted EBITDA was €269m, down 42% YoY; Adjusted Net Income was €111m, down 57%, while IFRS net income was €15m versus a €232m loss.

• FY23 refining sales volumes rose 8% to 15.438m tonnes; marketing volumes edged down 1% to 5.889m tonnes, while RES generation grew 39% to 658 GWh.

Outlook and guidance

• Strategic targets include more than 2 GW of RES capacity by 2030 and 1 GW secured for operation by 2025; a 4.3 GW renewables pipeline is under development.

• Planned downstream initiatives include raising polypropylene capacity from 235 ktpa to 300 ktpa by 2025 and a 45 ktpa HVO co-processing unit in Thessaloniki.

• Renewables projects operating, under construction or ready-to-build total about 700 MW, with target EBITDA above €100m; the broader portfolio target exceeds €200m.

• Digital transformation generated €44m of annualized benefits in FY23; further digital, operational-excellence and organizational initiatives are planned.