Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — H1 2025 Earnings Presentation
27 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, August 2025
Slide 1: Motor Oil Performance Review H1 2025 financial results
Motor Oil Performance Review H1 2025 financial results www.moh.gr | August 2025
Slide 2: The material contained in this presentation is intended to be general performance information on
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. H1-2025 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials H1-2025 www.moh.gr | August 2025
Slide 4: H1-2025 Financial Results Highlights
H1-2025 Financial Results Highlights www.moh.gr | August 2025
Slide 5: First Half 2025 Highlights – Motor Oil Group
First Half 2025 Highlights – Motor Oil Group Turnover EBITDA Net Income € 5.3bn € 387m € 162m -16% y/y -39% y/y -55% y/y Investments Adj. EBITDA Adj. Net Income € 263m € 452m € 213m vs. 254m in 1H24 -27% y/y -39% y/y Net Debt Free Cash Flow Invested Capital € 1.96bn € -164m € 4.8bn vs. 1.73bn in FY2
Slide 6: Group Financial Performance Q2 & H1 2025
Group Financial Performance Q2 & H1 2025 (EUR m) Q2 2024 Q2 2025 H1 2024 H1 2025 Revenues 3,259 2,587 6,238 5,266 EBITDA 284 186 639 387 Earnings before tax 221 104 469 218 Earnings after tax & minorities 168 77 359 162 EPS (EUR) 1.55 0.72 3.31 1.50 Adj. EBITDA 289 237 624 452 Refining 231 185 494 3
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | August 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 90 18.8 85 18.4 17.2 17.0 16.1 85 1.15 15.7 80 15.9 80 76 1.134 16.2 75 1.10 13.3 14.5 13.6 14.0 75 1.098 1.077 11.8 70 1.068 68 1.05 9.8 10.2 1.052 65 1.00 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 9: Fuels Marketing Domestic Consumption Greece (k MT)
Fuels Marketing Domestic Consumption Greece (k MT) LPG 2Q25: -3.9% y/y Gasoline 2Q25: +2.4% y/y Auto Diesel 2Q25: +3.4% y/y 560 566 2,132 2,183 143 147 2,777 2,884 514 527 693 711 146 147 261 619 636 1,036 805 1,413 777 134 131 126 549 562 541 751 776 717 137 140 134 458 472 475 590 617 636 2023 202
Slide 10: Power & Gas Macro indicators
20 40 60 80 0 100 10 20 30 40 50 60 70 0 Jan-23 Jan-23 Feb-23 Feb-23 Mar-23 Mar-23 Apr-23 Apr-23 May-23 May-23 Jun-23 Jun-23 Jul-23 Jul-23 Aug-23 Aug-23 Sep-23 Sep-23 Oct-23 Oct-23 Nov-23 Nov-23 Dec-23 Dec-23 Jan-24 Jan-24 Feb-24 Feb-24 Mar-24 Mar-24 Apr-24 Apr-24 May-24 May-24 Jun-24 Jun-24 Jul-24
Slide 11: Segments Review
Segments Review www.moh.gr | August 2025
Slide 12: Group Financial Performance Per Segment
Group Financial Performance Per Segment H1-2025 Refining Fuels Power Other Eliminations/ Total (EUR m) Marketing & Gas Adjustments Revenues 3,664 2,320 346 109 -1,173 5,266 EBITDA 281 52 42 16 -3 387 Earnings Before Tax 243 2 -26 15 -17 218 Capex 104 25 67 11 -5 203 Net Debt 803 530 764 -104 -34 1,9
Slide 13: Refining Segment Performance Q2 & H1 2025
Refining Segment Performance Q2 & H1 2025 Q2 2024 Q2 2025 H1 2024 H1 2025 Brent DTD (USD/bbl, avg) 85 68 84 72 USD (avg) 1.077 1,134 1.081 1,093 Benchmark margin (USD/MT) 83 68 97 64 MOH ref. margin (USD/MT) 105 55 112 58 MOH adj. ref. margin (USD/MT) 107 72 109 69 Processed Volume (MT k) 3,326 2,68
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 Libya, 11,951 12,004 14% 5,105 36% 3,252 26% 3,725 28% 3,894 31% 3,305 28% 3,244 27% 6,499 H1-2025 5,532 1,242 19% 9,449 74% 9,454 72% 9,158 64% 8,809 69% 8,646 72% 8,759 73% 3,
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 1,977 1,672 1,291 983 1,126 933 965 639 689 485 173 125 147 127 9 5 3% 2% 0% 21%
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, 21% Greece - Civil, 34% 14,458 14,319 13,993 Egypt, 2% 780 13,412 13,243 1,685 12,703 1,210 Croatia, 2% 1,289 1,371 1H25 737 Netherlands, 3% USA, 5% Libya, 6% Greece - Shipping/ Lebanon,
Slide 17: Refining Segment Margins
Refining Segment Margins (USD/MT) 145 134 140 128 107 112 105 102 88 86 69 69 72 65 72 83 61 76 64 63 55 50 68 46 45 60 58 55 52 57 48 47 28 26 22 20 2019 2020 2021 2022 2023 2024 1H25 2Q24 3Q24 4Q24 1Q25 2Q25 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refe
Slide 18: Fuels Marketing Segment Performance Q2 & H1 2025
Fuels Marketing Segment Performance Q2 & H1 2025 Q2 2024 Q2 2025 H1 2024 H1 2025 # of service stations (eop) c.1.530 c.1.530 c.1.530 c.1.530 Sales volume (MT k) 1,023 880 1,929 1,937 of which in Greece 962 810 1,810 1,808 Sales (EUR m) 1,243 1,120 2,378 2,320 EBITDA (EUR m) 30 23 52 52 Adj. EBITDA (
Slide 19: Power & Gas Segment Performance Q2 & H1 2025
Power & Gas Segment Performance Q2 & H1 2025 (EUR m) Q2 2024 Q2 2025 H1 2024 H1 2025 Sales 181 158 365 346 EBITDA 27 14 75 42 Capex 9 44 18 67 Net Debt 750 764 750 764 RES operating capacity (MW, eop) 839 839 839 839 RES power production (MWh) 388,271 311,253 911,009 712,234 Capacity factor 21.2% 17
Slide 20: Key Financials H1-2025
Key Financials H1-2025 www.moh.gr | August 2025
Slide 21: Group Profit & Loss Q2 & H1 2025
Group Profit & Loss Q2 & H1 2025 Profit & Loss (EUR m) Q2 2024 Q2 2025 H1 2024 H1 2025 SALES 3,259 2,587 6,238 5,266 Cost of Sales -2,887 -2,386 -5,446 -4,835 GROSS PROFIT 372 201 792 431 Admin. & Distr. Expenses -91 -111 -187 -210 Other Income/Gain (incl. fire insurance compensation) 3 96 34 167 EB
Slide 22: Group Balance Sheet & Cash Flow H1 2025
Group Balance Sheet & Cash Flow H1 2025 Balance Sheet (EUR m) FY 2024 H1 2025 Cash Flow (EUR m) H1 2024 H1 2025 Net Tangible & Intangible Assets 3,702 3,839 EBITDA 639 387 Participations & Other LT Assets 573 583 Net interest paid -45 -52 Current Assets 3,003 3,051 Income taxes paid -180 -311 TOTAL
Slide 23: Company Profit & Loss Q2 & H1 2025
Company Profit & Loss Q2 & H1 2025 Profit & Loss (EUR m) Q2 2024 Q2 2025 H1 2024 H1 2025 SALES 2,335 1,701 4,438 3,498 Cost of Sales -2,094 -1,635 -3,925 -3,339 GROSS PROFIT 241 66 513 158 Admin. & Distr. Expenses -25 -27 -47 -49 Other Income/Gain (incl. fire insurance compensation) 4 90 27 154 EBIT
Slide 24: Company Balance Sheet & Cash Flow H1 2025
Company Balance Sheet & Cash Flow H1 2025 Balance Sheet (EUR m) FY 2024 H1 2025 Cash Flow (EUR m) H1 2024 H1 2025 Net Tangible & Intangible Assets 1,287 1,342 EBITDA 493 263 Participations & Other LT Assets 1,306 1,381 Net interest paid -6 -14 Current Assets 1,901 1,897 Income taxes paid -168 -304 T
Slide 25: Capex Evolution
Capex Evolution (m EUR) Company Group 500 €13m insurance compensation collected in 1H25 for property damage 243 322 318 315 208 282 196 190 258 175 163 159 101 1H25 1H25 101 203 2019 2020 2021 2022 2023 2024 2025f 2019 2020 2021 2022 2023 2024 2025 Note: Group capex includes our stake in Unagi solar
Slide 26: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 782 454 531 310 310 482 458 400 219 200 782 200 400 280 310 458 90 119 137 219 52 282 280 39 110 90 131 137 54 52 119 39 2025 2026 2027 2028 2029 2030 2031- 2025 2026 2027 2028 2029 2030 2031- 2035 2038 Bank Loans Bonds Total Note: Profile as of 30 June 20
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 | August 2025
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