HELLENiQ ENERGY Holdings S.A.

The company reported more than EUR 1.1 billion of adjusted EBITDA for the full year, with fourth-quarter adjusted EBITDA driving the outcome. Andreas Shiamishis highlighted a clean EBITDA of EUR 1.1 billion and said net income had bridged EUR 0.5 billion. Vasilis Tsaitas said adjusted EBITDA was up 10% year on year, while reported results were hit by inventory losses tied to a 20% to 25% decline in euro-denominated oil and commodity prices. The board proposed EUR 0.60 per share in total dividends, including EUR 0.40 final dividend, and interest cost declined to EUR 110 million. Looking ahead, management said 2026 refinery production volumes should be slightly below 2025 because of shutdowns at Aspropyrgos and Thessaloniki, but benchmark refining margins were currently back at $9 to $11 per barrel. They also said the reopening of the Thessaloniki-Skopje/VARDAX pipeline should add EUR 5 million to EUR 10 million of annualized EBITDA from 2026 onward, and Aspropyrgos efficiency work should add EUR 10 million to EUR 15 million annualized EBITDA.

Andreas Shiamishis framed the year as evidence that HELLENiQ has moved into a “different league,” with a recurring EBITDA base around EUR 1 billion and a more diversified business mix. He emphasized operational execution, safety, and governance, pointing to the safe completion of the Elefsina turnaround, the Geneva trading platform, the extended BP trademark agreement, and the reopening of the Thessaloniki-Skopje pipeline. His tone was upbeat but pragmatic: he said refining margins will remain volatile and likely lower over the next 3 to 4 years, but the company is now better positioned to absorb that volatility.

Vasilis Tsaitas focused on the drivers of earnings and cash flow: a very strong fourth quarter, the benefit of refining margins, and improved marketing profitability. He said the year included record investments, with normal stay-in-business capex of EUR 250 million plus turnaround and maintenance spending, and noted additional EBITDA benefits of around EUR 15 million from Aspropyrgos energy-efficiency projects. He also said more than EUR 300 million of cash flows were generated after capital provider remuneration, net debt for the group was EUR 2.1 million, leverage was flat versus last year, and interest cost fell to EUR 110 million.

Analysts asked about the EUR 29 million of fourth-quarter adjustments, domestic retail strength, 2026 refining volumes, special dividends, and the impact of EU carbon allowances. Management said the adjustments mainly reflected a EUR 12 million legal case at EKO and decontamination expenses at Aspropyrgos, with smaller items making up the rest. On retail, management said performance improved only partly because of cap removals; bigger drivers were enforcement against non-compliant stations, premiumization, stronger NFR contribution, and network changes. On special dividends, management said there is no current asset sale and no projection for one, while on EUAs it said holding free allowances at 2025 levels and current prices would imply about EUR 25 million of EBITDA benefit.