Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — FY2025 Earnings Presentation
27 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, March 2026
Slide 1: Motor Oil Performance Review FY 2025 financial results
Motor Oil Performance Review FY 2025 financial results www.moh.gr | March 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. FY-2025 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials FY-2025 www.moh.gr | March 2026
Slide 4: FY-2025 Financial Results Highlights
FY-2025 Financial Results Highlights www.moh.gr | March 2026
Slide 5: Full-Year 2025 Highlights – Motor Oil Group
Full-Year 2025 Highlights – Motor Oil Group Turnover EBITDA Net Income € 11.5bn € 1.1bn € 648m -6% y/y +10% y/y +128% y/y Investments Adj. EBITDA Adj. Net Income € 612m € 1.2bn € 757m vs. 433m in FY24 +21% y/y +50% y/y Net Debt Free Cash Flow DPS € 1.58bn € 347m € 1.75 vs. 1.73bn in FY24 vs. 7m in F
Slide 6: Group Financial Performance Q4 & FY 2025
Group Financial Performance Q4 & FY 2025 (EUR m) Q4 2024 Q4 2025 FY 2024 FY 2025 Revenues 2,819 3,006 12,188 11,482 EBITDA 198 296 967 1,059 Earnings before tax 102 243 641 827 Earnings after tax & minorities 63 197 283 648 EPS (EUR) 0.58 1.82 2.62 5.98 Adj. EBITDA 173 357 995 1,199 Refining 105 280
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | March 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 1.20 28.2 90 85 25.1 76 1.134 80 75 1.15 20.1 25.7 1.168 1.163 75 16.1 17.2 17.0 70 1.10 15.9 17.7 65 68 69 13.3 14.5 16.5 60 1.068 64 1.05 14.0 55 1.052 9.8 10.2 50 1.00 4Q24 1Q25 2Q25 3
Slide 9: Fuels Marketing Domestic Consumption Greece (k MT)
Fuels Marketing Domestic Consumption Greece (k MT) LPG 2025: -4.9% y/y Gasoline 2025: +1.5% y/y Auto Diesel 2025: +2.2% y/y 560 566 538 2,217 2,132 2,183 2,777 2,884 2,948 143 147 139 527 530 514 693 711 720 146 147 138 619 636 651 777 805 814 134 131 126 549 562 541 717 751 776 137 140 134 458 472
Slide 10: Power & Gas Macro indicators
Power & Gas Macro indicators Natural Gas TTF (EUR/MWh, avg.) Greek Electricity Production (TWh) & Mix 60 10.2 9.8 13.5 11.1 11.8 12.4 14.5 13.3 13.6 11.9 15.6 13.3 100% 16 50 90% 14 40 80% 51% 51% 45% 47% 50% 51% 45% 47% 43% 43% 70% 55% 52% 12 10 30 60% 8% 4% 5% 7% 50% 9% 11% 8 8% 8% 8% 7% 7% 7% 20
Slide 11: Segments Review
Segments Review www.moh.gr | March 2026
Slide 12: Group Financial Performance Per Segment
Group Financial Performance Per Segment FY-2025 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 8,054 4,755 708 288 -2,322 11,482 EBITDA 782 122 111 59 -14 1,059 Earnings Before Tax 795 26 -17 56 -32 827 Capex 229 77 253 24 -4 580 Net Debt 239 546 914 -80
Slide 13: Refining Segment Performance Q4 & FY 2025
Refining Segment Performance Q4 & FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Brent DTD (USD/bbl, avg) 75 64 81 69 USD (avg) 1.068 1.163 1.082 1.130 Benchmark margin (USD/MT) 57 116 76 87 MOH ref. margin (USD/MT) 72 101 86 81 MOH adj. ref. margin (USD/MT) 63 119 88 92 Processed Volume (MT k) 2,373 3,494
Slide 14: Refining Segment Processed Volume & Crude Mix
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,262 Kazakhstan, 13,179 12,700 12,703 12,344 4% 11,951 12,004 Libya, 5,105 22% 3,252 3,725 3,894 31% 3,305 3,244 27% 5,417 44% FY-2025 9,449 9,454 9,158 8,646 8,809 69% 8,759 73% 3,494 6,927 56% 2,373 69
Slide 15: Refining Segment Production & Yields
Refining Segment Production & Yields (k MT) 3,979 3,615 2,568 2,520 1,944 1,929 1,501 1,453 1,603 1,033 281 191 87 333 220 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 3,922 1,125 2,426 640 1,373 1,586 1,766 491 487 404 313 204 86 51 34 46 3% 2% 0%
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, 22% Greece - Civil, 32% 14,458 14,319 13,993 780 13,412 13,243 13,638 Turkey, 2% 1,685 12,703 1,210 Egypt, 2% 1,289 1,452 FY25 737 1,371 Croatia, 3% Lebanon, 5% USA, 7% Greece - Shipping
Slide 17: Refining Segment Margins
Refining Segment Margins (USD/MT) 145 134 140 119 128 104 101 116 112 92 102 88 101 87 96 86 72 72 81 65 76 63 68 55 46 45 61 57 55 47 60 48 28 26 22 20 2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin r
Slide 18: Fuels Marketing Segment Performance Q4 & FY 2025
Fuels Marketing Segment Performance Q4 & FY 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 # of service stations (eop) c.1,540 c.1,540 c.1,540 c.1,540 Sales volume (MT k) 1,021 1,034 3,780 3,947 of which in Greece 958 968 3,525 3,670 Sales (EUR m) 1,209 1,204 4,802 4,755 EBITDA (EUR m) 28 21 117 122 Adj. EBIT
Slide 19: Power & Gas Segment Performance Q4 & FY 2025
Power & Gas Segment Performance Q4 & FY 2025 (EUR m) Q4 2024 Q4 2025 FY 2024 FY 2025 Sales 200 172 795 708 EBITDA 34 35 131 111 Capex 30 63 62 253 Net Debt 792 914 792 914 RES operating capacity (MW, eop) 839 847 839 847 RES power production (MWh) 475,984 411,257 1,721,996 1,497,125 Capacity factor
Slide 20: Key Financials FY-2025
Key Financials FY-2025 www.moh.gr | March 2026
Slide 21: Group Profit & Loss Q4 & FY 2025
Group Profit & Loss Q4 & FY 2025 Profit & Loss (EUR m) Q4 2024 Q4 2025 FY 2024 FY 2025 SALES 2,819 3,006 12,188 11,482 Cost of Sales -2,558 -2,614 -10,920 -10,248 GROSS PROFIT 261 393 1,268 1,235 Admin. & Distr. Expenses -127 -143 -424 -465 Other Income/Gain (incl. insurance compensation) 65 46 123
Slide 22: Group Balance Sheet & Cash Flow FY 2025
Group Balance Sheet & Cash Flow FY 2025 Balance Sheet (EUR m) FY 2024 FY 2025 Cash Flow (EUR m) FY 2024 FY 2025 Net Tangible & Intangible Assets 3,702 4,093 EBITDA 967 1,059 Participations & Other LT Assets 573 631 Net interest paid -96 -92 Current Assets 3,003 3,316 Income taxes paid -370 -289 TOTA
Slide 23: Company Profit & Loss Q4 & FY 2025
Company Profit & Loss Q4 & FY 2025 Profit & Loss (EUR m) Q4 2024 Q4 2025 FY 2024 FY 2025 SALES 1,827 2,037 8,413 7,698 Cost of Sales -1,712 -1,811 -7,730 -7,087 GROSS PROFIT 115 226 683 611 Admin. & Distr. Expenses -47 -48 -116 -125 Other Income/Gain (incl. insurance compensation) 53 31 105 260 EBIT
Slide 24: Company Balance Sheet & Cash Flow FY 2025
Company Balance Sheet & Cash Flow FY 2025 Balance Sheet (EUR m) FY 2024 FY 2025 Cash Flow (EUR m) FY 2024 FY 2025 Net Tangible & Intangible Assets 1,287 1,410 EBITDA 672 746 Participations & Other LT Assets 1,306 1,394 Net interest paid -14 -22 Current Assets 1,901 2,168 Income taxes paid -354 -257
Slide 25: Capex Evolution
Capex Evolution (m EUR) Company Group 650 580 322 318 315 282 258 243 223 220 208 196 175 163 159 101 2019 2020 2021 2022 2023 2024 2025 2026f 2019 2020 2021 2022 2023 2024 2025 2026f March 2026 | 25
Slide 26: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 682 508 464 428 400 413 200 314 314 237 244 400 200 464 413 139 314 282 308 83 237 244 49 44 114 139 6 83 28 49 44 6 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 December 2025. Ba
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 | March 2026
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