Financial results for the fourth quarter and full year 2025 were announced by HelleniQ Energy for fiscal 2025. The company recorded comparable EBITDA of €1.13 billion for 2025 and comparable net profits of €0.5 billion, as a result of strategic transformation and a positive environment.
As announced, it will distribute a total dividend of €0.60 per share.
Specifically, HelleniQ Energy announced the following:
– Comparable EBITDA earnings of €1.132 billion and
– Comparable net profits of €503 million.
– The results of strategic transformation, improvement in the international refining environment, combined with strong operational performance across all activities, as well as increased profitability in foreign markets, led to strengthened financial results.
– Regarding Downstream activities, despite the general shutdown of the Elefsina Refinery, petroleum product production and sales reached high levels – 15 million tons and 15.6 million tons respectively – with increased refining margins and improved sales in international markets, following the launch of HELLENiQ PETROLEUM Trading in Geneva. At the same time, the contribution of Domestic and International Trading was significant, with new historic highs in profitability. Overall, international activities represent a significant percentage of our profitability (approximately 40%).
– In the Renewable Energy and Electricity & Natural Gas sector, after the consolidation of Enerwave, which contributed to results from July 2025, the new integrated electricity and natural gas platform forms a significant new pillar of profitability, with adjusted Comparable EBITDA Earnings, on a pro forma basis for 2025, of €100 million.
– Published Net Profits for 2025 reached €173 million (2024: €60 million), mainly due to the decline in international crude oil prices and the corresponding loss in inventory valuation.
– Taking into account the 2025 financial results, the Board of Directors of HELLENiQ ENERGY Holdings decided to propose to the General Assembly the distribution of a final dividend of €0.40 per share. Thus, the total dividend amounts to €0.60 per share (2024: €0.45 per share), also considering the interim dividend of €0.20 per share, distributed in January 2026. This distribution leads to a total dividend yield above 7%, based on the share price at the end of 2025.
HelleniQ Energy: Key developments and strategy implementation
The Vision 2025 strategic plan was completed with complete success and ahead of the planned schedule. Its implementation delivered substantial and measurable results across the full spectrum of our activities, leading to significant improvement in our performance. Particular emphasis was placed on strengthening our core activities, alongside the strategic creation of a new pillar in the renewable energy, electricity and natural gas sectors, further strengthening our position in the energy market.
The central axis of our strategy remains enhancing the value created by the Group for shareholders, with key levers being the development and continuous improvement of competitiveness in downstream activities, expanding presence in international markets, as well as the evolution of the renewable energy, electricity and natural gas sector into an autonomous, integrated platform, while leveraging synergies at the Group level.
In the Refining, Supply and Trading sector, our strategic initiatives include implementing projects that increase energy autonomy and energy savings, further promoting digital transformation and strengthening international presence, leveraging the international trading platform through HELLENiQ PETROLEUM Trading. At the same time, development investments in refinery facilities are being considered, as well as sustainable fuel production projects and carbon capture technologies, expected to contribute to reducing environmental footprint.
The investments and operational transformation of recent years in the Trading sector are now delivering consistently high results, both in Greece and internationally. Our strategy focuses on optimizing customer experience, strengthening the network of company-operated stations in Greece and targeted expansion in Southeast Europe. A pivotal point is the resumption of operations of the Thessaloniki-Skopje pipeline after 13 years; a development that improves competitive access to Southeast European markets, increasing opportunities for even greater development in these markets and strengthens Greece’s role as an energy hub in the region.
The renewable energy sector is expanding with a target of 1.5 GW of installed capacity within the next three years. Strategic diversification is strengthened both geographically, through our presence in 5 countries, and technologically, through a balanced mix of wind, solar and storage projects. A milestone for the Group was the integration of Enerwave (formerly ELPEDISON), which is redefining its commercial policy and services, following its new corporate identity. The synergies of renewables with Enerwave, as well as with Downstream activities, create a strong integrated pillar in electricity and natural gas, with significant contribution to financial results and Group development. Additionally, the acquisition during the year of ABO Energy Hellas’ portfolio and personnel gives the Company the ability to increase and better control the pace of development and implementation of new projects.
In the Hydrocarbon Exploration and Production sector, management of an expanded portfolio is achieved through HELLENiQ Upstream Holdings, with smaller participation percentages, but in cooperation with larger and more experienced international groups. The recent signing, together with Chevron, of lease agreements with the Greek State for hydrocarbon exploration and production in four new offshore areas in Greece, as well as the partnership with ExxonMobil and Energean in Block 2 in the northwest Ionian, significantly strengthen the Group’s portfolio. The consortium’s planned exploratory drilling within 2027 is expected to provide a clear picture of the area’s hydrocarbon potential.
HelleniQ Energy: Lower oil prices and improved international refining margins
In 2025, crude oil prices declined, with Brent averaging $69/barrel, 15% lower compared to 2024, while the Euro exchange rate against the Dollar strengthened and averaged 1.13 versus 1.08.
At the same time, natural gas prices in 2025 were at slightly higher levels on average, increased by 3% compared to 2024. Correspondingly, electricity prices in Greece averaged €104/MWh, increased by 3%, although the fourth quarter declined by 8%. Finally, CO2 emission allowance prices averaged €74 per ton, 12% higher compared to last year.
During 2025, the global refining environment improved, reflecting tightness in the supply and demand balance, resulting from strong growth in petroleum product demand and continued supply disruptions. As a result, refining margins increased significantly, with the international reference margin system of our refineries averaging $7.5/barrel in 2025 (2024: $5.3/barrel).
Increased fuel demand in all markets
Demand in the domestic market reached 6.9 million tons in 2025, 2% higher annually, with motor fuel consumption improving by 1.5%. Demand for aviation fuels increased by 6%, while for marine fuels by 1%, with significant improvement in demand for marine diesel, due to new sulfur content specifications that came into effect from May 1, 2025 in the Mediterranean. It is evident that economic development contributes to increased demand and the fact of relatively low pre-tax prices in Euros helps consumers.
Balance sheet and capital expenditures
Operating cash flows in 2025 reached €0.67 billion, mainly due to high profitability. Total investments, including the Enerwave acquisition, reached €757 million, which represents a historic high. Net debt stood at €2.1 billion, while excluding non-recourse debt (project finance), it stood at €1.8 billion. At the same time, total debt servicing costs declined by 8% annually, due to the reduction in base rates and margins.
Commenting on the results, CEO of HELLENiQ ENERGY Holdings S.A., Andreas Siamishis, noted: “For the fourth consecutive year, Comparable EBITDA Earnings exceeded €1 billion, while correspondingly Comparable Net Earnings for 2025 exceeded €0.5 billion, significantly higher compared to 2024. The 2025 results, in a favorable refining environment, reflect the Group’s improved dynamics, especially in sectors with lower dependence on external factors. Indicatively, retail trading recorded strong performance, with EKO becoming a protagonist in the markets where we operate in Greece and abroad, while simultaneously our commercial transactions abroad were strengthened and development of new activities accelerated, such as renewables and electricity. At the same time, we created for the first time in our history a controlled development platform for electricity and natural gas activities.
The financial results are indicative of the successful completion of the first cycle of VISION 2025 strategic transformation, which led to portfolio expansion, operational improvement, culture change and adoption of more appropriate governance. Recent years have been successful, with targeted initiatives that strengthen and transform the Group. Specifically, HELLENiQ PETROLEUM Trading began operations in Switzerland, strengthening the Group’s international presence and extroversion, while the acquisition and integration of Enerwave was completed in 2025, now creating a strong platform in the renewable energy, electricity and natural gas sector, with ambitions for further development. In hydrocarbon exploration and production, cooperation with international energy groups was expanded, such as ExxonMobil and Chevron, doubling the exploration portfolio in Western and Southern Greece. Finally, the resumption of operations of the Thessaloniki-Skopje pipeline for diesel transport opens new opportunities for the Group’s regional position and improves not only service costs, but also safety and environmental footprint.
Alongside business performance, it is worth highlighting the substantial expansion of the Group’s social contribution. Through targeted initiatives for society and environmental protection during 2025, we improve the daily lives of more than 2 million citizens.
In closing, I would like to express my warm thanks to all HELLENiQ ENERGY employees for their contribution to the Company’s consistently upward trajectory, as well as to shareholders for their continuous support and trust.”
