HELLENiQ ENERGY Holdings (ELPE) Q4 2025 earnings summary

Executive summary

• Achieved a fourth consecutive year of strong performance, with adjusted EBITDA of €1,132m (up 10% year-over-year) and net income of €503m (up 25% year-over-year), supported by robust refining margins, record production, and favorable operational conditions.

• Proposed a total dividend of €0.60 per share, up 20% year-over-year, with a 7% yield and a 33% increase in normal dividend payment.

• Expanded power and renewables portfolio, with Enerwave fully consolidated and a clear path to 1.5 GW installed capacity by 2027/2028.

• Enhanced operational resilience and diversified earnings base, with significant contributions from marketing, supply & trading, and international expansion.

• Group transformation and Vision 2025 initiatives advanced, including the Enerwave acquisition and digitalization efforts.

Financial highlights

• Adjusted EBITDA exceeded €1.1 billion, up 10% year-over-year, driven by strong refining and marketing performance.

• Net debt rose to €2,139m, with leverage at 1.9x, including the Enerwave acquisition.

• Finance costs reduced to €110 million, benefiting from lower rates and improved spreads.

• Total investments reached €757m, with €250m allocated to growth and €180m to the Enerwave acquisition.

• Return on average capital employed (ROACE) improved by 190 bps to 14%.

Outlook and guidance

• Expectation of slightly lower refinery production in 2026 due to scheduled shutdowns at Aspropyrgos and Thessaloniki.

• Targeting €0.3bn EBITDA from Power by 2030 and 1.5 GW RES capacity by 2027/2028.

• Additional EBITDA contributions anticipated from energy efficiency projects and the Thessaloniki-Skopje pipeline reopening.

• No special dividends projected for 2026 unless exceptional transactions occur.

• Continued focus on international growth, digital transformation, and operational excellence.