Motor Oil (Hellas) Corinth Refineries (MOH) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 revenue was €8.48 billion, down 10% year-over-year, reflecting lower sales volumes and prices, but net profit after tax surged to €453.2 million, more than doubling year-over-year, aided by insurance compensation and operational recovery.

• Adjusted EBITDA rose 3% to €843 million, while group EBITDA was €764 million, nearly flat year-over-year.

• Strategic transformation continues, with investments in refining, power, renewables, and the circular economy, positioning for resilience and long-term value.

• Earnings per share increased to €4.16 from €2.04 year-over-year.

• Comprehensive income for the period reached €536.5 million, up from €245.7 million year-over-year.

Financial highlights

• Revenues for nine months were €8.5 billion, down from €9.37 billion year-over-year.

• Adjusted net income rose 11% to €512 million; net income surged 105% to €451 million.

• Operating cash flow was €492 million and free cash flow turned positive at €30 million.

• Net debt increased to €1.89 billion from €1.73 billion at FY24; net debt to equity ratio improved to 0.59.

• Interim dividend of €0.35 per share for 2025 was approved, to be paid in January 2026.

Outlook and guidance

• Q4 refining performance expected to surpass Q3, supported by full utilization, strong demand, and robust margins.

• Management highlights ongoing investments in environmental upgrades and renewables to support sustainability and energy transition.

• CAPEX guidance for 2025 unchanged at €500 million for the group, with company guidance slightly increased to €200 million.

• Forward-looking statements highlight risks and uncertainties, with no obligation to update projections.