North Atlantic Energies (NAE) H1 2026 earnings summary

Executive summary

• Achieved strong operational performance in H1 2026, with a 28% increase in crude processed despite a major planned maintenance shutdown.

• Adjusted EBITDA rose to €178M, up €96M year-over-year, reflecting improved margins but offset by higher energy costs.

• Net loss narrowed to €30M from €85M in H1 2025, impacted by exceptional financial charges linked to inventory financing and revaluation.

• Authorized to increase diesel and kerosene output by 10% to support national supply security.

Financial highlights

• Revenue increased 1% year-over-year to €5.9B, driven by higher oil prices despite lower sales volumes.

• Adjusted EBITDA reached €178M, up from €82M in H1 2025.

• Operating profit was €214M, reversing a €158M loss in H1 2025, aided by €148M positive inventory effects.

• Net financial result was a €267M loss, including €119M in inventory financing costs and €181M from fair value revaluation.

• Net loss improved to €30M from €85M year-over-year.

Outlook and guidance

• Continues to adapt operations to market volatility and energy transition, focusing on asset optimization and competitiveness.

• Emphasizes need for stable economic, fiscal, and regulatory conditions to support ongoing transformation.