Motor Oil (Hellas) Corinth Refineries (MOH) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered stellar financial performance, with revenue up 25% year-over-year to €3.36 billion and net profit surging to €332 million, driven by robust growth, favorable refining market conditions, and operational flexibility amid geopolitical disruptions.

• EBITDA more than doubled to €546 million, with adjusted EBITDA at €381 million (+77% YoY), and net income at €203 million (+113% YoY) when excluding inventory gains.

• Free cash flow turned positive at €378 million, and net debt declined to just under €1.3 billion from €1.58 billion at FY25.

• Full operational capacity was restored after a prior-year accident, with a new crude unit running at 220,000 barrels per day.

• The Group maintained operational flexibility and supply chain resilience amid market volatility.

Financial highlights

• Revenues rose 25% year-over-year to €3.36 billion, with gross profit increasing to €658 million from €229 million in Q1 2025.

• EBITDA reached €546 million, up from €201.7 million in Q1 2025; net profit surged to €332 million from €85 million a year ago.

• EPS rose to €3.07 from €0.78 in Q1 2025.

• Operating cash flow reached €435 million; free cash flow was €378 million, a significant turnaround from prior year outflows.

• Investments were €57 million, down from €152 million in Q1 2025.

Outlook and guidance

• Refining margins remain strong, sustained or exceeding historic 2022 levels since March.

• Demand for refined products is expected to remain robust in Q2 and Q3, supported by the driving and tourist season in Greece.

• Renewables capacity increased by 72 MW battery storage and 22.5 MW wind in Q2, with further additions expected in Romania.

• Investment program to be reevaluated in coming months; updated guidance to be provided later.

• Management remains focused on operational stability, cost control, and capitalizing on export opportunities.