HELLENiQ ENERGY Holdings (ELPE) investor relations material

Executive summary

• Achieved strong Q1 2026 profitability, with adjusted EBITDA at €293 million, supported by robust refining margins, power segment contributions, and successful crisis management amid geopolitical tensions and major refinery turnarounds.

• Aspropyrgos Refinery completed its largest-ever maintenance safely, on time, and on budget, restoring full operational capacity and delivering operational benefits.

• Net debt increased due to turnaround and supply chain needs, but liquidity remains robust with over €1.3 billion in cash and committed credit lines.

• Consolidation of Enerwave enhanced power production capabilities and integrated renewables, with 58 MW PV added in Romania and further capacity expected.

• Retail and E&P segments showed positive developments, including new joint ventures, portfolio rebalancing, and drilling commitments.

Financial highlights

• Adjusted EBITDA for Q1 2026 was €293 million, up 63% year-over-year; reported EBITDA at €476 million, with net income at €284 million and EPS at €0.93.

• Sales revenue was €2,718 million, down 1% year-over-year; gross profit increased to €589 million.

• Operating profit surged to €405 million from €43 million in Q1 2025.

• Net debt increased 8% year-over-year to €2,676 million; capital expenditure for the quarter at €186 million, with €64 million allocated to renewables.

• Cash and cash equivalents at period end were €505 million, down from €858 million at year-end.

Outlook and guidance

• Q2 EBITDA expected to be similar to Q1, with strong system performance and no major supply issues anticipated; strong refining and petrochemicals margins continue.

• Renewables operating capacity expected to exceed 1 GW in 18 months, targeting 1.5 GW by 2028, with 45% outside Greece.

• Profitability for 2026 is expected to surpass 2025, barring unforeseen geopolitical events.

• Lower maintenance CapEx in 2026 will support higher cash generation.

• No significant post-reporting period events affecting outlook.