Motor Oil (Hellas) Corinth Refineries (MOH) Q4 2025 earnings summary

Executive summary

• Revenues declined 6% year-over-year to €11.5 billion, mainly due to restricted refining capacity, lower oil prices, and USD devaluation, but saw a strong rebound in the second half as capacity and margins improved.

• EBITDA rose 10% to €1.1 billion, or 21% to €1.2 billion excluding inventory loss; net income increased to €648 million, more than doubling year-over-year, driven by insurance compensation and operational recovery.

• Adjusted net income reached €757 million, up 50% year-over-year, reflecting strong operational performance excluding inventory and one-off tax impacts.

• Net debt decreased to €1.58 billion, and a higher dividend of €1.75 per share is proposed.

• Free cash flow improved significantly to €347 million, and EPS for FY 2025 was €5.98.

Financial highlights

• Group EBITDA increased from €967 million in 2024 to €1,059 million in 2025, with adjusted EBITDA at €1,199 million (+21% y/y).

• Net income after minorities for FY 2025 was €648 million (+128% y/y); adjusted net income was €757 million (+50% y/y).

• Operating cash flow approached €1 billion; free cash flow was €347 million despite over €600 million in investments and extraordinary tax payments.

• Insurance compensation of €238 million for business interruption and €74 million for property damage recognized in EBITDA.

• Capex increased to €580 million in FY 2025 from €315 million in FY24.

Outlook and guidance

• CapEx guidance for 2026: €220 million for the parent, €650 million for the group, focused on refinery upgrades, renewables (Unagi Solar project), and hydrogen.

• Refining margins and profitability were strong in early 2026, but March saw volatility due to market disruptions.

• Ongoing development of renewables and battery storage projects, with 72 MW of batteries ready for electrification.

• EBITDA from non-fossil activities targeted to exceed 40% of Group total by 2030.

• Sustainability targets include a 30% reduction in Scope 1 & 2 emissions and 25% in Scope 3 by 2030.