HELLENiQ ENERGY Holdings (ELPE) Q2 2026 earnings summary

Executive summary

• Exceptional financial and operational performance in 1H26, with strong refining margins, improved marketing, and significant progress in renewables and upstream, despite geopolitical and supply chain challenges.

• Board approved a special EUR 25 million contribution for wildfire relief in Greece, reflecting ongoing CSR commitment.

• Strategic focus on digital transformation, operational optimization, and expansion in renewables and international markets.

• Oil price spike led to inventory gains of €408m, reversing prior year losses and boosting reported results.

Financial highlights

• Adjusted EBITDA reached €442 million for Q2 and €734 million for H1 2026, nearly doubling year-over-year, with refining as the main driver.

• Net sales rose to €7,007 million in H1 2026, up 36% year-over-year.

• Net debt reduced to €1,967 million, down €0.7bn from 1Q26, with gearing ratio improved to 36%.

• CapEx and investments exceeded €400 million in H1, mainly for refinery maintenance and renewables expansion.

• 2Q26 Reported Net Income was €571m, with EPS at €1.87; 1H26 reported net income was €854m.

Outlook and guidance

• Performance for the remainder of 2026 expected to be at least as strong as H1, with high refining margins anticipated to persist.

• Renewables capacity rollout continues as planned, with 250 MW of PV and BESS projects to be added in 3Q, increasing RES operating capacity to 800 MW.

• No major refining CapEx expected in H2 as Thessaloniki turnaround is postponed to 2027.

• Dividend payout expected to increase, with specifics to be announced with Q3 results.

• Continued focus on energy transition, digital transformation, and operational excellence.