Helleniq Energy Holdings S.a. · ATHEX:ELPE
Helleniq Energy — Q1 2025 Earnings Presentation
45 slides from Helleniq Energy's earnings presentation, May 15, 2025
Slide 1: Results Presentation 1Q 25
To be updated Results Presentation 1Q 25 Athens, 15 May 2025
Slide 2: Contents
Contents 1. Highlights 2. Market Background 3. Group Performance 4. Business Segments 5. Financial Statements Summary 6. Appendix 2
Slide 3: 1. Highlights
1. Highlights
Slide 4: 1Q25 Highlights
1Q25 Highlights Adj. EBITDA at €180m amid normalized refining environment and despite refineries maintenance slow-downs; Elpedison consolidation expected from 3Q25 Market Operations Financials Outlook and Strategy • Lower crude oil prices at $76/bbl • Elefsina slow-down ahead of • 1Q25 Adjusted EBIT
Slide 5: 2. Market Background
2. Market Background
Slide 6: Industry environment – Crude oil, FX, energy prices, EUAs
Industry environment – Crude oil, FX, energy prices, EUAs Crude oil prices and EUR/USD at the lowest level since 3Q21 and 1Q23 respectively; however, crude spreads for key grades in the region up $1/bbl on average; Natural gas and electricity prices at a 2-yr high, while EUA prices also recovered fr
Slide 7: Industry environment – Benchmark margins, product cracks
Industry environment – Benchmark margins, product cracks 1Q25 benchmark margin significantly lower y-o-y, driven by gasoline and middle distillates, with volatility during the quarter, reflecting macro backdrop Product Cracks* ($/bbl) HELPE system benchmark margin** ($/bbl) 35 10.7 30 25 8.7 20 ULSD
Slide 8: Domestic market environment – 1Q25
Domestic market environment – 1Q25 Improved ground fuels demand driven by heating gasoil and sustained autofuels growth Domestic Market Sales* (MT ‘000) Aviation Sales (MT ‘000) Bunkers Sales (MT ‘000) +4% +9% Δ% vs -9% 1Q24 1,718 147 634 1,647 196 -4% 136 574 203 155 413 +16% 153 356 635 +3% 615 47
Slide 9: 3. Group Performance
3. Group Performance
Slide 10: 1Q25 Group key financials
1Q25 Group key financials FY LTM IFRS 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% Income Statement 16,281 15,825 Sales Volume (MT'000) - Refining 3,987 3,532 (11%) 6,028 6,083 Sales Volume (MT'000) - Marketing 1,212 1,267 5% 695 708 Power Generation (GWh) 160 173 8% 12,768 12,222 Sales Revenue 3,278 2,733
Slide 11: 1Q25 Group key financials (pro forma for 100% Elpedison consolidation)
1Q25 Group key financials (pro forma for 100% Elpedison consolidation) Sales Revenue (€m) Adj. EBITDA (€m) Adj. Net Income (€m) 3,278 3,199 338 164 466 +17% 208 28 +16% 61 2,733 6 +11% 180 55 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 Power Generation (GWh) Capital Employed (€m) Net Debt (€m) 1,093 5,579 2,792 3
Slide 12: Causal track and segmental results overview – 1Q25
Causal track and segmental results overview – 1Q25 Weaker refining backdrop (benchmark margins, crude spreads), as well as planned units downtime for maintenance and end-of-run performance, led profitability lower, partially offset by improved marketing and RES contribution Adjusted EBITDA causal tr
Slide 13: Balance sheet and debt structure / profile
Balance sheet and debt structure / profile Solidarity contribution payment and temporary WC increase due to Elefsina T/A drove 1Q25 gross debt higher; on the other hand, proactive cash management and better funding result in lower financing costs; sufficient debt capacity to implement investment pla
Slide 14: 4. Business Segments
4. Business Segments
Slide 15: Refining, Supply & Trading 1Q25
Refining, Supply & Trading 1Q25 15 Business Units Performance
Slide 16: Domestic Refining, Supply & Trading – Overview
Domestic Refining, Supply & Trading – Overview Lower benchmark margins and end-of-run Elefsina refinery’s performance ahead of T/A affect profitability; Elefsina T/A is already in process, with substantial benefits expected in asset reliability and operational performance uplift FY LTM IFRS 1Q 1Q 20
Slide 17: Domestic Refining, Supply & Trading – Elefsina Turnaround
Domestic Refining, Supply & Trading – Elefsina Turnaround Elefsina full turnaround progressing safely and in line with schedule, with substantial benefits expected from 3Q25 when units are fully back in operation Largest ever Elefsina maintenance Increased focus on safety ✓ Extended scope including
Slide 18: Domestic Refining, Supply & Trading – Operations and sales
Domestic Refining, Supply & Trading – Operations and sales Utilization sustained at high levels ahead of Elefsina turnaround, with increased domestic market sales Gross production by refinery (MT’000) Sales mix** by market (MT’000) -5% -11% 4,257 3,987 4,056 3,532 1,004 829 62% 2,465 54% 1,362 1,921
Slide 19: Domestic Refining, Supply & Trading – Margins
Domestic Refining, Supply & Trading – Margins Amid a weaker refining environment, sustained overperformance resulted in improved realized margin q-o-q HELPE realised vs benchmark margin ($/bbl)* Adj. EBITDA1 (€m) 177 155 1,388 1,043 289 179 95 232 795 134 21.2 17.4 17.7 10.5 13.2 13.3 13.2 8.6 9.7 1
Slide 20: Petrochemicals 1Q25
Petrochemicals 1Q25 20 Business Units Performance
Slide 21: Petrochemicals
Petrochemicals Lower PP benchmark margins and sales volumes vs a particularly strong 1Q24, lead profitability lower; 1Q sales volume revert to normal quarterly trend FY LTM IFRS 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% KEY FINANCIALS* 262 250 Volume (MT '000) 78 67 (15%) 300 285 Sales Revenue 91 76 (17%
Slide 22: Fuels Marketing 1Q25
Fuels Marketing 1Q25 22 Business Units Performance
Slide 23: Domestic Marketing
Domestic Marketing Despite a traditionally low-profitability quarter, higher sales volume and increased NFR contribution help to report improved results; Strong market share gains and increased penetration of premium products; Regulatory cap on retail gross margin extended to June 2025 FY LTM IFRS 1
Slide 24: International Marketing
International Marketing Increased profitability across all countries on improved margins and higher NFR contribution; International networks growth strategy continues to improve performance FY LTM IFRS 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% KEY FINANCIALS - INTERNATIONAL 1,992 1,971 Volume (MT '000) 4
Slide 25: Renewables 1Q25
Renewables 1Q25 25 Business Units Performance
Slide 26: Renewables
Renewables Improved profitability due to higher installed capacity, despite lower wind load factors and increased PV curtailments in 1Q25 FY LTM IFRS 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% KEY FINANCIALS 494 494 Installed Capacity (MW) * 381 494 30% 695 708 Power Generation (GWh) 160 173 8% 60 63 Sale
Slide 27: Power 1Q25
Power 1Q25 27 Business Units Performance
Slide 28: Power Generation: 50% stake in ELPEDISON – Full consolidation expected in 3Q25
Power Generation: 50% stake in ELPEDISON – Full consolidation expected to take place in 3Q25 Increased power plants utilization and balancing services amid volatile RES production result in improved 1Q25 profitability FY LTM IFRS 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% KEY FINANCIALS 2,699 3,162 Power
Slide 29: 5. Financial Statements Summary
5. Financial Statements Summary
Slide 30: 1Q25 Group Profit & Loss Account
1Q25 Group Profit & Loss Account FY LTM IFRS 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% 12,768 12,222 Sales Revenue 3,278 2,733 (17%) (11,694) (11,354) Cost of sales (2,870) (2,530) 12% 1,074 869 Gross profit 409 203 (50%) (671) (683) Selling, distribution, administrative & exploration expenses (146) (158
Slide 31: 1Q25 Reported vs Adjusted EBITDA
1Q25 Reported vs Adjusted EBITDA FY LTM 1Q 1Q 2024 1Q € MILLION 2024 2025 Δ% 811 583 Reported EBITDA 350 122 (65%) 128 189 Inventory effect - Loss/(Gain) 14 75 - 88 98 One-offs / Special items - Loss / (Gain) (3) 8 - - (3) Accrual of CO2 emission deficit* (24) (26) (11%) 1,026 868 Adjusted EBITDA 1
Slide 32: 1Q25 Group Balance Sheet
1Q25 Group Balance Sheet IFRS FY 1Q IFRS FY 1Q € MILLION 2024 2025 € MILLION 2024 2025 Non-current assets Shareholders equity 2,707 2,716 Tangible and Intangible assets 4,100 4,129 Minority interest 55 56 Right of use assets 239 238 Total equity 2,762 2,771 Investments in affiliated companies 202 21
Slide 33: 1Q25 Group Cash Flow
1Q25 Group Cash Flow FY IFRS 1Q 1Q 2024 € MILLION 2024 2025 Cash flows from operating activities 1,009 Cash generated from operations 197 (293) (310) Income and other taxes paid (114) (228) 700 Net cash (used in) / generated from operating activities 83 (521) Cash flows from investing activities (43
Slide 34: 1Q25 Segmental Analysis I
1Q25 Segmental Analysis I FY LTM € MILLION, IFRS 1Q 1Q 2024 1Q Reported EBITDA 2024 2025 Δ% 602 381 Refining, Supply & Trading 301 80 (73%) 52 35 Petrochemicals 23 6 (72%) 109 117 Marketing 17 24 48% 46 46 RES 10 11 6% 809 580 Core Business 351 122 (65%) 2 3 Other (incl. E&P) (1) 0 - 811 583 Total 3
Slide 35: 1Q25 Segmental Analysis II
1Q25 Segmental Analysis ΙI FY LTM € MILLION, IFRS 1Q 1Q 2024 1Q Volume (M/T'000) 2024 2025 Δ% 16,281 15,825 Refining, Supply & Trading 3,987 3,532 (11%) 262 250 Petrochemicals 78 67 (15%) 6,028 6,083 Marketing 1,212 1,267 5% 695 708 Power Generation (GWh) 160 173 8% Sales Revenue 11,348 10,792 Refin
Slide 36: Q&A
+ Q&A
Slide 37: 6. Appendix
6. Appendix
Slide 38: 2023 Annual and Sustainability Reports
2023 Annual and Sustainability Reports 2 GW By 2030 To be updated 2023 Annual Report 2023 Digital Annual Report HELLENiQ ENERGY has participated with the 2023 Annual Report in international competitions and has been awarded 2023 Sustainability Report with a total of 7 Gold Awards, 2 Silver Awards an
Slide 39: ESG Ratings
ESG Ratings Rating Scale ESG Rating Agency ESG Score Latest Report Comments High Low B A D- 2024 Climate - Management band 52* 100 0 2024 Percentile (70)* Oil & Gas Refining & Marketing 28.4** 0 100 2024 ESG Risk Rating: Medium (2024) BBB*** AAA CCC 2025 ESG Controversies: no controversies, Lowest F
Slide 40: Notes
Notes 1. Calculated as Reported less the Inventory effect and other non-operating items, as well as the impact of quarterly accrual for estimated CO2 net deficit* 2. Includes 35% share of operating profit of DEPA Companies and other associates adjusted for one-off / special items 3. Does not include
Slide 41: Alternative performance measures (not defined under IFRS)
Alternative performance measures (not defined under IFRS) • Reported EBITDA Reported EBITDA is defined as earnings/(loss) before interest, taxes, depreciation and amortisation, and is calculated by adding back depreciation and amortization to operating profit. • Adjusted EBITDA Adjusted EBITDA is de
Slide 42: Glossary (1/2)
Glossary (1/2) AGM Annual General Meeting ETBE Ethyl Tertiary Butyl Ether BBL Barrel EUA European Union Allowance BCM Billion Cubic Meters FCC Fluid Catalytic Cracking BOPP Biaxially Oriented Polypropylene FO Fuel Oil BPD Barrels per day FXK Flexicoker BU Business Units FY Full Year C&I Commercial &
Slide 43: Glossary (2/2)
Glossary (2/2) MARPOL International Convention for the Prevention of Pollution from Ships RNM Republic of North Macedonia MD Middle Distillates ROACE Return on Average Capital Employed MGO Marine Gasoil ROW Rest of the World MOGAS Motor Gasoline RST Refining, Supply & Trading MS Middle Sulfur SMP Sy
Slide 44: Disclaimer
Disclaimer HELLENiQ ENERGY does not in general publish forecasts regarding future financial results. The financial forecasts contained in this document are based on a series of assumptions, which are subject to the occurrence of events that can neither be reasonably foreseen by HELLENiQ ENERGY, nor
Slide 45: Investor Relations Contacts
Investor Relations Contacts ir@helleniq.gr 8A Chimaras str., 151 25 Maroussi, Greece Find more information on: www.helleniqenergy.gr 45