Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — Q1 2026 Earnings Presentation
27 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, May 2026
Slide 1: Motor Oil Performance Review Q1 2026 Financial Results
Motor Oil Performance Review Q1 2026 financial results www.moh.gr | May 2026
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. Q1-2026 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials Q1-2026 www.moh.gr | May 2026
Slide 4: Q1-2026 Financial Results Highlights
Q1-2026 Financial Results Highlights www.moh.gr | May 2026
Slide 5: First Quarter 2026 Highlights – Motor Oil Group
First Quarter 2026 Highlights – Motor Oil Group Turnover EBITDA Net Income € 3.36bn € 546m € 332m +25% y/y +171% y/y +293% y/y Investments Adj. EBITDA Adj. Net Income € 57m € 381m € 203m vs. 152m in 1Q25 +77% y/y +113% y/y Net Debt Free Cash Flow Invested Capital € 1.26bn € 378m € 4.97bn vs. 1.58bn
Slide 6: Group Financial Performance Q1 2026
Group Financial Performance Q1 2026 (EUR m) Q1 2025 Q4 2025 Q1 2026 Revenues 2,679 3,006 3,359 EBITDA 202 296 546 Earnings before tax 113 243 428 Earnings after tax & minorities 85 197 332 EPS (EUR) 0.78 1.82 3.07 Adj. EBITDA 216 357 381 Fuels 148 277 315 Consumer Services 32 22 28 Electrification 2
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | May 2026
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 90 1.20 1.170 44.0 85 76 1.134 1.15 80 1.168 1.163 25.1 28.2 34.6 75 81 17.0 20.1 70 64 1.10 17.2 15.9 25.7 1.052 65 68 69 60 1.05 14.5 17.7 14.0 16.5 55 10.2 11.5 50 1.00 1Q25 2Q25 3Q25
Slide 9: Fuels Marketing Domestic Consumption Greece (k MT)
Fuels Marketing Domestic Consumption Greece (k MT) LPG 1Q26: +2.9% y/y Gasoline 1Q26: +0.7% y/y Auto Diesel 1Q26: -1.1% y/y 566 2,183 2,217 2,948 538 2,884 147 527 530 720 139 711 147 138 636 651 805 814 131 126 549 562 751 776 140 134 138 472 475 478 617 636 629 2024 2025 2026 2024 2025 2026 2024 2
Slide 10: Power & Gas Macro indicators
Power & Gas Macro indicators Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix 60 11.8 12.4 14.5 13.3 13.6 11.9 15.6 13.3 16.4 100% 50 90% 16 14 40 80% 50% 51% 45% 47% 43% 43% 45% 70% 55% 52% 12 30 60% 10 8% 4% 5% 7% 50% 8% 7% 7% 15% 8 20 40% 7% 6 30% 42% 42% 44% 44% 10 33% 38
Slide 11: Segments Review
Segments Review www.moh.gr | May 2026
Slide 12: Group Financial Performance Per Segment
Group Financial Performance Per Segment Q1-2026 Fuels Consumer Electrification Circular Other Eliminations/ Total (EUR m) Services Economy Adjustments Revenues 2,525 1,122 168 98 8 -563 3,359 EBITDA 470 38 46 10 1 -19 546 Earnings Before Tax 408 12 22 6 -3 -18 428 Capex 42 12 15 2 0 0 70 Net Debt -3
Slide 13: Fuels Segment Performance Q1 2026
Fuels Segment Performance Q1 2026 Q1 2025 Q4 2025 Q1 2026 Brent DTD (USD/bbl, avg) 76 64 81 USD (avg) 1.052 1.163 1.170 Benchmark margin (USD/MT) 60 116 124 MOH ref. margin (USD/MT) 57 98 188 MOH adj. ref. margin (USD/MT) 61 116 138 Processed Volume (MT k) 2,819 3,464 3,362 Production (MT k) 2,668 3
Slide 14: Fuels Segment Processed Volume & Crude Mix
Fuels Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,242 13,146 Kazakhstan 12,664 North Sea 11,917 11,889 12,224 5% 2% 5,085 Saudi Arabia 3,692 3,855 30% 7% 3,271 3,130 26% 5,297 43% Libya 26% Q1-2026 9,454 9,158 8,809 70% 8,759 74% 8,646 3,362 6,927 57% 2,8
Slide 15: Fuels Segment Production & Yields
Fuels Segment Production & Yields (k MT) 3,922 3,615 2,520 2,426 1,929 1,766 1,603 1,632 1,373 1,068 225 220 198 204 2% 2% 23% 14% 32% 17% 10% 2% 2% 21% 12% 34% 15% 14% 2024 Total 11,179 2025 Total 11,521 1,072 819 608 584 646 518 473 320 339 241 49 48 65 57 2% 2% 22% 9% 31% 22% 12% 2% 2% 20% 16% 34
Slide 16: Fuels Segment Sales per Market, Country & Product
Fuels Segment Sales per Market, Country & Product Revenue Mix by Country Sales Volume per Market (k MT) Greece - Civil, 25% Other, 28% 14,272 13,955 13,348 13,566 762 13,183 12,650 1,195 1,270 1,432 1Q26 720 1,353 Greece - Ukraine, 4% Shipping/ Aviation, 7% Slovenia, 4% Gibraltar, 8% USA, 6% Spain,
Slide 17: Fuels Segment Margins
Fuels Segment Margins (USD/MT) 188 142 138 130 137 116 104 116 124 98 124 84 88 112 83 102 98 87 93 68 68 76 77 57 52 61 43 60 45 51 25 22 20 2020 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to the ble
Slide 18: Consumer Services Segment Performance Q1 2026
Consumer Services Segment Performance Q1 2026 Q1 2025 Q4 2025 Q1 2026 # of service stations (eop) c.1,530 c.1,540 c.1,540 Sales volume (MT k) 1,014 1,034 808 of which in Greece 955 968 740 Sales (EUR m) 1,205 1,213 1,122 EBITDA (EUR m) 29 22 38 Adj. EBITDA (EUR m) 32 22 28 Capex (EUR m) 10 45 12 Net
Slide 19: Electrification & Circular Economy Performance Q1 2026
Electrification & Circular Economy Performance Q1 2026 Electrification Q1 2025 Q4 2025 Q1 2026 Sales (EUR m) 184 166 168 EBITDA (EUR m) 27 34 46 Capex (EUR m) 23 63 15 Net Debt (EUR m) 722 910 861 RES operating capacity (MW, eop) 839 847 847 RES power production (MWh) 400,951 411,257 568,124 Capacit
Slide 20: Key Financials Q1-2026
Key Financials Q1-2026 www.moh.gr | May 2026
Slide 21: Group Profit & Loss Q1 2026
Group Profit & Loss Q1 2026 Profit & Loss (EUR m) Q1 2025 Q4 2025 Q1 2026 SALES 2,679 3,006 3,359 Cost of Sales -2,449 -2,614 -2,701 GROSS PROFIT 229 393 658 Admin. & Distr. Expenses -99 -143 -117 Other Income/Gain (incl. insurance compensation) -71 46 5 EBITDA 202 296 546 Depreciation/Amortisation
Slide 22: Group Balance Sheet & Cash Flow Q1 2026
Group Balance Sheet & Cash Flow Q1 2026 Balance Sheet (EUR m) FY 2025 Q1 2026 Cash Flow (EUR m) Q1 2025 Q1 2026 Net Tangible & Intangible Assets 4,093 4,110 EBITDA 202 546 Participations & Other LT Assets 631 667 Net interest paid -22 -15 Current Assets 3,316 4,144 Income taxes paid -312 -6 TOTAL AS
Slide 23: Company Profit & Loss Q1 2026
Company Profit & Loss Q1 2026 Profit & Loss (EUR m) Q1 2025 Q4 2025 Q1 2026 SALES 1,797 2,037 2,500 Cost of Sales -1,704 -1,811 -2,012 GROSS PROFIT 92 226 488 Admin. & Distr. Expenses -23 -48 -36 Other Income/Gain (incl. insurance compensation) 64 31 7 EBITDA 133 210 459 Depreciation/Amortisation -2
Slide 24: Company Balance Sheet & Cash Flow Q1 2026
Company Balance Sheet & Cash Flow Q1 2026 Balance Sheet (EUR m) FY 2025 Q1 2026 Cash Flow (EUR m) Q1 2025 Q1 2026 Net Tangible & Intangible Assets 1,410 1,436 EBITDA 133 459 Participations & Other LT Assets 1,394 1,418 Net interest paid -10 -6 Current Assets 2,168 2,940 Income taxes paid -304 0 TOTA
Slide 25: Capex Evolution
Capex Evolution (m EUR) Company Group 650 580 322 318 315 282 258 243 223 220 208 196 175 163 1Q26 1Q26 42 70 2020 2021 2022 2023 2024 2025 2026f 2020 2021 2022 2023 2024 2025 2026f May 2026 | 25
Slide 26: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 689 499 470 400 408 200 357 314 314 216 470 400 200 150 357 314 289 96 299 216 14 23 150 9 114 6 96 8 9 14 6 23 2026 2027 2028 2029 2030 2031 2032-35 2026 2027 2028 2029 2030 2031 2032-40 Bank Loans Bonds Total Note: Profile as of 31 March 2026. Balance sh
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 2026
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