Helleniq Energy reported 2Q Adjusted EBITDA of €442M, up sharply on higher refining margins and export demand amid supply disruptions from the Ukraine and Gulf conflicts.
Helleniq Energy Holdings posted a sharp rise in second-quarter earnings, with the refiner and energy group reporting Adjusted EBITDA of €442 million for the three months ended June 30, up significantly from the year-ago period. Adjusted net income reached €253 million.
The state-controlled group, Greece's largest industrial company, said the results reflected higher refining margins, a stronger contribution from petrochemicals and marketing, and increased income from its power business. The earnings came against the backdrop of Brent crude averaging $105 a barrel in the quarter, compared with $68 in the same period of 2025.
CEO Andreas Shiamishis framed the quarter as a period of disruption management. The conflicts in Ukraine and the Gulf created supply shortages that the group was able to exploit. “A significant share of our production, including jet fuel, was directed to international markets, where conditions supported stronger margins,” Shiamishis said in the earnings statement. He added that the trend has extended into the third quarter, driven by sustained export demand.
Helleniq's refining, supply and trading segment posted Adjusted EBITDA of €318 million, up 95% from a year earlier. The company ran its refineries at high utilization, processing 3.5 million metric tons of crude. Middle distillates – diesel and aviation fuel – made up 56% of output. Exports totaled 1.7 million metric tons, or 48% of total product sales, as the company prioritized meeting domestic demand from the Aspropyrgos refinery, which was undergoing maintenance.
The petrochemicals unit reported Adjusted EBITDA of €24 million, more than double the €11 million recorded in 2Q25, as polypropylene margins recovered partly due to limited exports from the Persian Gulf.
Marketing operations also improved. Domestic marketing delivered €21 million in Adjusted EBITDA, up year-on-year on higher sales volumes and an improved product mix, despite a regulated margin cap on key transportation fuels. International marketing posted a record €38 million, helped by the reopening of the Thessaloniki-Skopje products pipeline.
Renewables, power and gas contributed €22 million in Adjusted EBITDA, compared with €11 million a year earlier, reflecting the consolidation of Enerwave – the group's merged power and gas platform – from mid-July 2025. Total installed capacity across renewables and thermal generation stood at 1.4 gigawatts.
Inventory effects and cash flow
Reported EBITDA came in at €849 million, well above the adjusted figure, due to positive inventory valuation effects from the sharp rise in crude prices. The company noted these are accounting gains, not cash earnings, and that they offset losses booked in 2025. The inventory gains were larger because the group maintained higher strategic and operational stock levels in response to market conditions.
Total investment in the first half reached €407 million, the highest ever for a six-month period, directed at refinery maintenance and upgrades at Aspropyrgos and expansion of the renewable energy portfolio. Net debt stood at just under €2 billion at the end of June, down about €700 million quarter-on-quarter, driven by strong operating cash flow and partial normalization of working capital. That figure includes roughly €400 million in project finance tied to renewable energy investments.
Domestic market support
Shiamishis said the group allocated part of its profitability to support Greek consumers during a period of rising fuel prices. The company offered a temporary discount that reduced pump prices by €0.10 per liter for gasoline and €0.05 per liter for diesel. “Given a stronger than expected demand, the total cost of this initiative is expected to exceed the initially announced estimate of €20 million,” he said.
The board also approved a special donation of €25 million to support areas affected by wildfires in Greece this summer. Helleniq expanded its fuel donation program to provide free fuel to vehicles supporting firefighting operations.
Strategic developments
In exploration and production, Helleniq signed an agreement with Chevron for a 70% participation in the offshore Block 10 concession in the Southern Ionian Sea, expanding the partnership between the two companies to five offshore exploration blocks in Greece.
On the renewables side, the group signed financing agreements under the Recovery and Resilience Facility for a 200-megawatt solar photovoltaic project in Alexandroupoli and the 173 MW Green Hub North project, which will supply renewable electricity to the Thessaloniki refinery through a direct high-voltage line. Within the third quarter, new PV and battery storage projects with a combined capacity of 250 MW are expected to become operational, pushing Helleniq's installed RES capacity above 800 MW.
Shiamishis said the current environment provides the opportunity to fund a faster and more ambitious growth plan, with a stronger regional footprint, further enhancement of the Greek production base and accelerated energy transition projects. The group is preparing an updated long-term strategy.
Helleniq Energy is listed on Euronext Athens under the ticker ELPE and has a secondary listing on the London Stock Exchange through Global Depositary Receipts.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.