Intel stock extends gains after report of possible U.S. government stake
MAROUSSI, Greece - HELLENiQ ENERGY Holdings S.A., a prominent energy company, disclosed its first-quarter financial results for 2025, with an Adjusted EBITDA of €180 million and an Adjusted Net Income of €55 million. The company’s performance was largely influenced by weaker refining margins and reduced oil product sales due to the ongoing full turnaround at its Elefsina refinery, which is on track for completion by mid-June.
The company’s Fuels Marketing sector, both domestically and internationally, saw improved results, achieving a record high for the quarter. The Power business, including Elpedison and the Renewable Energy Sources (RES) division, also reported better performance, with a combined EBITDA of €40 million.
HELLENiQ ENERGY’s refineries produced 3.7 million metric tons (MT) and sold 3.5 million MT in the first quarter, a decrease of 11% year-over-year, in anticipation of the Elefsina refinery’s maintenance period. Despite this, exports maintained a high level, representing 54% of total sales.
The comprehensive maintenance program at the Elefsina refinery, which began in late March, includes equipment upgrades and projects aimed at enhancing operational performance and reducing carbon emissions by approximately 10,000 tons of CO2.
Reported EBITDA for the first quarter stood at €122 million, with Reported Net Income at €11 million, primarily impacted by the substantial decline in international prices at the beginning of the second quarter, affecting inventory valuation.
In line with its strategic program, HELLENiQ ENERGY is updating its strategy with a view towards 2030, focusing on a balanced approach to the energy transition. This includes the acquisition of the remaining 50% of Elpedison’s share capital and initiatives in Refining and Petrochemicals to achieve energy autonomy and improve the carbon footprint.
The company’s Marketing division is optimizing its retail network in Greece, reducing the total number of stations while expanding company-managed stations and market shares. The RES business is managing a portfolio with a total operational capacity of 494 MW and developing projects in Romania and Greece, with a total capacity of 5.1 GW under development.
The financial results reflect a challenging quarter with lower crude oil prices and refining margins, but increased natural gas, electricity, and CO2 prices. Domestic market demand for fuels increased by 4% year-over-year, with notable growth in aviation fuels and a decrease in marine fuel consumption.
The company’s balance sheet and capital expenditure were affected by the payment of the Solidarity Contribution on 2023 profits and a temporary increase in working capital requirements due to the Elefsina refinery’s turnaround. Capital expenditures reached €66 million, and net debt increased to €2.5 billion. However, the Group maintains sufficient capacity to support strategic initiatives and manage market volatility.
Andreas Shiamishis, Group CEO, commented on the results, emphasizing the company’s commitment to a pragmatic energy transition and highlighting the anticipated benefits from the full consolidation of Elpedison and the maintenance program at the Elefsina refinery.
The financial information provided is based on a press release statement from HELLENiQ ENERGY Holdings S.A.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.