Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — Q1 2025 Earnings Presentation
27 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, May 2025
Slide 1: Motor Oil Performance Review
Motor Oil Performance Review Q1 2025 financial results www.moh.gr | May 2025
Slide 2: Disclaimer
The material contained in this presentation is intended to be general performance information on MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. and its activities. The information is provided in summary form and is therefore not necessarily complete. The information contained is not an invitation to inv
Slide 3: Contents
Contents 1. Q1-2025 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials Q1-2025 www.moh.gr | May 2025
Slide 4: Q1-2025 Financial Results Highlights
Q1-2025 Financial Results Highlights www.moh.gr | May 2025
Slide 5: First Quarter 2025 Highlights – Motor Oil Group
First Quarter 2025 Highlights – Motor Oil Group Turnover EBITDA Net Income € 2.7bn € 202m € 85m -10% y/y -43% y/y -56% y/y Investments Adj. EBITDA Adj. Net Income € 152m € 216m € 96m vs. 181m in 1Q24 -35% y/y -45% y/y Net Debt Free Cash Flow Invested Capital € 2.1bn € -286m € 5.0bn vs. 1.7bn in FY24
Slide 6: Group Financial Performance Q1 2025
Group Financial Performance Q1 2025 (EUR m) Q1 2024 Q4 2024 Q1 2025 Revenues 2,979 2,819 2,679 EBITDA 354 198 202 Earnings before tax 248 102 113 Earnings after tax & minorities 191 63 85 EPS (EUR) 1.76 0.58 0.78 Adj. EBITDA 334 173 216 Refining 263 105 152 Fuels Marketing 22 28 31 Power & Gas 49 34
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | May 2025
Slide 8: Refining Macro Indicators (period avg.)
Refining Macro Indicators (period avg.) Brent DTD (USD/bbl) & EUR-USD Light, Mid-distillates Cracks (USD/bbl) 95 1.20 26.6 90 85 83 1.15 18.8 85 80 23.9 18.4 16.1 17.2 15.7 80 75 76 1.10 14.5 16.2 16.2 13.3 75 1.098 13.6 1.086 1.077 11.8 70 1.068 1.05 9.8 10.2 1.052 65 1.00 1Q24 2Q24 3Q24 4Q24 1Q25
Slide 9: Fuels Marketing Domestic Consumption Greece (k MT)
Fuels Marketing Domestic Consumption Greece (k MT) LPG 1Q25: -4.0% y/y Gasoline 1Q25: +0.6% y/y Auto Diesel 1Q25: +3.2% y/y 560 566 2,132 2,183 143 147 2,777 2,884 514 527 146 147 693 711 619 636 777 805 134 131 549 541 751 717 137 140 134 458 472 475 590 617 636 2023 2024 2025 2023 2024 2025 2023 2
Slide 10: Power & Gas Macro indicators
Power & Gas Macro indicators Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix 70 10.2 9.8 13.5 11.1 11.8 12.4 14.5 13.3 13.6 60 100% 15 50 90% 13 80% 51% 51% 45% 47% 50% 51% 45% 47% 43% 11 40 70% 60% 9 30 9% 8% 4% 5% 50% 8% 8% 11% 8% 7% 7 20 40% 5 30% 27% 37% 31% 33% 42% 42%
Slide 11: Segments Review
Segments Review www.moh.gr | May 2025
Slide 12: Group Financial Performance Per Segment
Group Financial Performance Per Segment Q1-2025 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 1,894 1,200 187 41 -644 2,679 EBITDA 141 28 28 5 -1 202 Earnings Before Tax 116 3 -7 1 0 113 Capex 42 8 23 4 -2 76 Net Debt 830 607 723 -78 -20 2,063 Simpl. Cas
Slide 13: Refining Segment Performance Q1 2025
Refining Segment Performance Q1 2025 Q1 2024 Q4 2024 Q1 2025 Brent DTD (USD/bbl, avg) 83 75 76 USD (avg) 1.086 1.068 1.052 Benchmark margin (USD/MT) 111 56 60 MOH ref. margin (USD/MT) 118 72 61 MOH adj. ref. margin (USD/MT) 112 63 65 Processed Volume (MT k) 3,173 2,373 2,847 Production (MT k) 2,988
Slide 14: Refining Segment Processed Volume & Crude Mix
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,262 13,179 12,700 12,703 11,951 12,004 Libya, 15% 5,105 36% 3,252 26% 3,725 28% 3,894 31% 3,305 28% 3,244 27% Q1-2025 9,449 74% 9,454 72% 9,158 64% 8,809 69% 8,646 72% 8,759 73% 3,173 2,847 515 16% 1,81
Slide 15: Refining Segment Production & Yields
Refining Segment Production & Yields (k MT) 3,979 3,615 2,568 2,509 1,944 1,929 1,501 1,453 1,603 1,033 281 191 87 333 230 35 2% 2% 1% 21% 13% 33% 12% 16% 3% 2% 0% 23% 14% 32% 9% 17% 2023 Total 12,004 2024 Total 11,288 873 819 657 593 584 455 536 312 241 315 85 67 2 76 63 4 3% 2% 0% 22% 15% 29% 11%
Slide 16: Refining Segment Sales per Market, Country & Product
Refining Segment Sales per Market, Country & Product Revenue Mix by Country Sales Volume per Market (k MT) Other, 15% Greece - Civil, 36% 14,458 14,319 USA, 3% 13,993 780 13,412 13,243 Morocco, 3% 1,685 12,703 1,210 1,289 1,371 Italy, 4% 1Q25 737 Netherlands, 4% Lebanon, 6% Greece - Gibraltar, 11% S
Slide 17: Refining Segment Margins
Refining Segment Margins (USD/MT) 145 134 140 118 128 107 105 112 112 111 102 88 86 72 83 69 65 76 63 55 52 61 46 45 56 60 47 50 48 28 26 22 20 2019 2020 2021 2022 2023 2024 1Q24 2Q24 3Q24 4Q24 1Q25 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to the b
Slide 18: Fuels Marketing Segment Performance Q1 2025
Fuels Marketing Segment Performance Q1 2025 Q1 2024 Q4 2024 Q1 2025 # of service stations (eop) c.1,530 c.1,540 c.1,530 Sales volume (MT k) 906 1,248 1,057 of which in Greece 848 1,184 998 Sales (EUR m) 1,135 1,209 1,200 EBITDA (EUR m) 22 28 28 Adj. EBITDA (EUR m) 22 28 31 Capex (EUR m) 8 28 8 Net D
Slide 19: Power & Gas Segment Performance Q1 2025
Power & Gas Segment Performance Q1 2025 (EUR m) Q1 2024 Q4 2024 Q1 2025 Sales 184 200 187 EBITDA 49 34 28 Capex 8 30 23 Net Debt 765 792 723 RES operating capacity (MW, eop) 839 839 839 RES power production (MWh) 522,739 475,984 400,399 Electricity retail market share (eop) 5.5% 4.8% 4.4% # of publi
Slide 20: Key Financials Q1-2025
Key Financials Q1-2025 www.moh.gr | May 2025
Slide 21: Group Profit & Loss Q1 2025
Group Profit & Loss Q1 2025 Profit & Loss (EUR m) Q1 2024 Q4 2024 Q1 2025 SALES 2,979 2,819 2,679 Cost of Sales -2,559 -2,558 -2,450 GROSS PROFIT 420 261 229 Admin. & Distr. Expenses -96 -127 -99 Other Income/Gain (incl. fire insurance compensation) 30 65 71 EBITDA 354 198 202 Depreciation/Amortisat
Slide 22: Group Balance Sheet & Cash Flow Q1 2025
Group Balance Sheet & Cash Flow Q1 2025 Balance Sheet (EUR m) FY 2024 Q1 2025 Cash Flow (EUR m) Q1 2024 Q1 2025 Net Tangible & Intangible Assets 3,702 3,765 EBITDA 354 202 Participations & Other LT Assets 573 550 Net interest paid -17 -22 Current Assets 3,003 2,995 Income taxes paid -179 -312 TOTAL
Slide 23: Company Profit & Loss Q1 2025
Company Profit & Loss Q1 2025 Profit & Loss (EUR m) Q1 2024 Q4 2024 Q1 2025 SALES 2,103 1,827 1,797 Cost of Sales -1,831 -1,712 -1,704 GROSS PROFIT 272 115 92 Admin. & Distr. Expenses -22 -47 -23 Other Income/Gain (incl. fire insurance compensation) 23 53 64 EBITDA 273 122 133 Depreciation/Amortisat
Slide 24: Company Balance Sheet & Cash Flow Q1 2025
Company Balance Sheet & Cash Flow Q1 2025 Balance Sheet (EUR m) FY 2024 Q1 2025 Cash Flow (EUR m) Q1 2024 Q1 2025 Net Tangible & Intangible Assets 1,287 1,304 EBITDA 273 133 Participations & Other LT Assets 1,306 1,363 Net interest paid -6 -10 Current Assets 1,901 1,763 Income taxes paid -168 -304 T
Slide 25: Capex Evolution
Capex Evolution (m EUR) Company Group 500 243 322 318 315 208 282 196 190 258 175 163 159 101 1Q25 1Q25 40 76 2019 2020 2021 2022 2023 2024 2025f 2019 2020 2021 2022 2023 2024 2025 Note: Group capex includes our stake in Unagi solar projects, i.e. ~38% (MORE owns 75% of Unagi, which controls 51% of
Slide 26: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 839 454 531 485 309 309 308 459 839 400 200 400 293 200 309 308 180 459 123 50 52 59 285 293 109 180 131 123 50 54 52 59 2025 2026 2027 2028 2029 2030 2031- 2025 2026 2027 2028 2029 2030 2031- 2035 2038 Bank Loans Bonds Total Note: Profile as of 31 March 2
Slide 27: Investor Relations Contact
MOTOR OIL GROUP 12A Irodou Attikou Str. 15124 Maroussi Athens, Greece Tel: +30 210 809 4000 Website: www.moh.gr Investor Relations Contact Mary A. Psyllaki, IRO Tel: +30 210 809 3305 Email: mpsyllaki@moh.gr www.moh.gr | May 2025
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