Motor Oil (Hellas) Corinth Refineries (MOH) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 43% year-over-year to €7.52 billion, with EBITDA surging 170% to €1.05 billion and net profit after tax increasing to €689.3 million, driven by high refining margins, robust demand, and strong international sales.

• Operational flexibility was demonstrated by processing 13 crude grades and shifting to an export-oriented sales mix as European supply tightened.

• Export and bunkering sales accounted for over 78% of total sales volume, highlighting a strong international orientation.

• Free cash flow improved to €683 million, and net debt was reduced to €814 million from €1.96 billion at FY25.

• Return on Equity (ROE) for the Group was 29.99% (TTM), up from 3.08% a year earlier.

Financial highlights

• Revenues for H1 2026 were €7,524 million, up from €5,266 million in H1 2025; Q2 2026 revenues were €4,166 million.

• EBITDA for H1 2026 was €1,047 million, and earnings after tax & minorities reached €689.3 million; EPS was €6.33.

• Adjusted EBITDA for H1 2026 was €967 million, and adjusted net income was €623 million, both excluding inventory valuation impacts.

• Net debt at H1 2026 was €814 million, a significant reduction from €1,959 million in H1 2025; net debt to EBITDA ratio at Group level was 0.47.

• Operating cash flow reached €816 million; free cash flow was €683 million in H1.

Outlook and guidance

• Refining margins remain strong in Q3, supported by tight product balances and ongoing supply disruptions.

• Planned maintenance of hydrocracker and FCC units in September-October will affect output mix but not total sales volumes.

• CapEx guidance for 2026 revised down to €420 million from €650 million, reflecting renewables divestments and project timing.

• Long-term renewables EBITDA target of €250 million and 2 GW capacity by 2030 remains, with more back-loaded investment.

• Subsidiaries in retail fuel, renewables, and lubricants are projected to deliver higher EBITDA in H2 2026 compared to H1.