HELLENiQ ENERGY Holdings (ELPE) Q4 2024 earnings summary

Executive summary

• Clean/Adjusted EBITDA exceeded €1 billion for the third consecutive year, supported by insurance compensation and strong operational performance despite weaker refining margins.

• Record refinery production surpassed 17 million tons, with 5% sales growth year-over-year and exports comprising 54% of total sales.

• Renewables portfolio grew to 494 MW, with a clear path to 1 GW in 2025 and 2 GW by 2030.

• Completed sale of 35% in DEPA Commercial and agreed to acquire the remaining 50% of Elpedison, with acquisition closing expected in 3Q25.

• Vision 2025 targets achieved ahead of schedule, with significant progress in renewables, power, and digital transformation delivering over €45 million in annualized benefits.

Financial highlights

• FY24 Adjusted EBITDA: €1,026 million (down 17%-25% year-over-year); Adjusted Net Income: €401 million.

• Reported Net Income: €60 million, impacted by €128 million inventory loss and €173 million solidarity contribution.

• Dividend proposed at €0.75 per share, including €0.30 from DEPA Commercial proceeds, with a yield exceeding 10%.

• FY24 sales: €12,768 million (flat year-over-year); Reported EBITDA: €811 million (down 23%).

• Cash flow from operations: €700 million; net debt increased to €1,792 million.

Outlook and guidance

• Renewables portfolio expected to reach 1 GW in 2025 and 2 GW by 2030, with a diversified 5.2 GW pipeline and expansion in new markets and technologies.

• Elpedison acquisition to be completed in Q2/Q3 2025, with full consolidation from Q3.

• Gas and power business streamlined for green utility growth, targeting €0.3 billion EBITDA by 2030.

• Expecting a better refining margin environment in 2025, though two major refinery turnarounds will impact profitability.