Helleniq Energy Holdings S.a. · ATHEX:ELPE
Helleniq Energy — Q1 2026 Earnings Presentation
42 slides from Helleniq Energy's earnings presentation, May 14, 2026
Slide 1: Results Presentation 1Q 26
To be updated Results Presentation 1Q 26 Athens, 14 May 2026
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: 1Q26 Highlights
1Q26 Highlights Adj. EBITDA at €293m amid a favorable refining backdrop and Power contribution; Aspropyrgos full turnaround completed successfully; Emphasis on managing Hormuz crisis Market Operations Financials Outlook and Strategy • Increased commodity prices • Aspropyrgos full T/A, the • 1Q26 Adj
Slide 5: 2. Market Background
2. Market Background
Slide 6: Industry environment – Crude oil, FX, product cracks and benchmark margin
Industry environment – Crude oil, FX, product cracks and benchmark margin Crude oil prices surge due to Middle East tensions, with EUR/USD at last quarter’s levels; middle distillate cracks drive benchmark margin to the highest level since 3Q23, while other products are weaker Brent1 ($/bbl), EUR/US
Slide 7: Industry environment – Natural gas, electricity and EUA prices
Industry environment – Natural gas, electricity and EUA prices Lower electricity prices on renewables-tilted system mix and seasonality, while natgas prices are sharply up in March and q-o-q, remaining lower y-o-y; increased domestic power production enables higher exports Natural Gas (€/MWh)* Elect
Slide 8: Domestic fuels market environment – 1Q26
Domestic fuels market environment – 1Q26 Autofuels demand flat y-o-y, while aviation consumption improves; Ongoing shift to bunkers gasoil post May 2025 transition to new Med SECA mandate Domestic Market Sales* (MT ‘000) Aviation Sales (MT ‘000) Bunkers Sales (MT ‘000) Δ% vs +10% -2% 1Q25 -4% 1,718
Slide 9: 3. Group Performance
3. Group Performance
Slide 10: 1Q26 Group key financials
1Q26 Group key financials FY LTM IFRS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% Income Statement 15,617 15,102 Sales Volume (MT'000) - Refining 3,532 3,016 (15%) 6,346 6,455 Sales Volume (MT'000) - Marketing 1,267 1,376 9% 1,993 2,755 Power Production (GWh) 173 935 - 11,615 11,600 Sales Revenue excl. tax
Slide 11: Causal track and segmental results overview – 1Q26
Causal track and segmental results overview – 1Q26 Benchmark refining margins, improved operations and Enerwave contribution drive performance, offsetting impact from Aspropyrgos turnaround and FX Adjusted EBITDA causal track, 1Q25 to 1Q26 (€m) Environment Operations +143 -57 -8 -39 39 -104 191 293
Slide 12: Debt profile and liquidity
Debt profile and liquidity Balance sheet supports investment plans and increased WC needs; Refi of fixed lines based on market conditions, aiming to further lower cost and increase fit-for-purpose capital structure • Sufficient liquidity in place to support our • Average cost of debt at 3.4%, down 6
Slide 13: 4. Business Segments
4. Business Segments
Slide 14: Refining, Supply & Trading
Refining, Supply & Trading 1Q26 14 Business Units Performance
Slide 15: Refining, Supply & Trading – Overview
Refining, Supply & Trading – Overview Aspropyrgos T/A drives production, sales and capex in 1Q26; impact on financials outweighed by strong realised margins FY LTM IFRS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% KEY FINANCIALS - GREECE 14,957 13,981 Net Production (MT '000) 3,692 2,716 (26%) 300 221 Net P
Slide 16: Refining, Supply & Trading – Aspropyrgos Turnaround
Refining, Supply & Trading – Aspropyrgos Turnaround Aspropyrgos full turnaround completed safely and in line with schedule, with substantial post-completion operational benefits Largest ever Aspropyrgos maintenance ✓ Extended scope including LT special works ✓ 2 months, >2,000 contractors on site ✓
Slide 17: Refining, Supply & Trading – Operations and sales
Refining, Supply & Trading – Operations and sales Despite Aspropyrgos’ turnaround, Thessaloniki and Elefsina output remained high, with the system product yield shifting toward middle distillates Gross production by refinery (MT’000) Sales mix** by market (MT’000) -22% -15% 4,056 3,532 829 3,016 3,1
Slide 18: Refining, Supply & Trading – Margins
Refining, Supply & Trading – Margins 1Q26 realized gross margin of >$20/bbl due to strong benchmark margins, crude differentials and exports contribution HELPE realised vs benchmark margin ($/bbl)* Adj. EBITDA1 155 1,388 1,043 795 134 163 264 330 891 220 (€m) 21.2 20.7 20.5 17.4 17.2 16.4 10.5 9.8 9
Slide 19: Petrochemicals
Petrochemicals 1Q26 19 Business Units Performance
Slide 20: Petrochemicals
Petrochemicals Weaker PP benchmark margins lead profitability lower; 2Q26-to-date margins recover strongly due to disruption of product flows from Strait of Hormuz FY LTM IFRS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% KEY FINANCIALS* 279 277 Volume (MT '000) 67 65 (3%) 284 272 Sales Revenue 76 64 (16%) 1
Slide 21: Fuels Marketing
Fuels Marketing 1Q26 21 Business Units Performance
Slide 22: Domestic Marketing
Domestic Marketing Performance increased y-o-y, driven by own network and inventory gains; Temporary re-imposition of retail gross margin cap from mid-April to June 2026 FY LTM IFRS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% KEY FINANCIALS - GREECE 4,288 4,289 Volume (MT '000) 841 842 0% 3,114 3,119 Sales
Slide 23: International Marketing
International Marketing Profitability affected by market pricing environment and customer discounts; Vardax pipeline re-opening an enabler to increase south Balkan supply envelope and capture opportunities FY LTM IFRS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% KEY FINANCIALS - INTERNATIONAL 2,058 2,166 Vo
Slide 24: Power (Enerwave & RES)
Power (Enerwave & RES) 1Q26 24 Business Units Performance
Slide 25: Power
Power Enerwave consolidation of strong 1Q26 performance accounts for significant part of Group profitability; Thisvi maintenance and weaker supply due to crisis vs 1Q25; Romania PV capacity added at the end of March and will support numbers from 2Q26 Operating Capacity (MW) Adj. EBITDA (€m) +4% -7%
Slide 26: Power
Power Increased PV curtailments in 1Q26 outweigh improved wind load factors; Commercial policy revamp for Enewave drives lower churn and increased customer base FY LTM IFRS FINANCIAL STATEMENTS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% 1,346 1,404 Installed Capacity (MW)* 494 1,404 - 1,993 2,755 Power Pr
Slide 27: Renewables Development Plan
Renewables Development Plan Operating capacity expected to exceed 1 GW in the next 18 months and 1.5 GW in 2028, with technological diversification and ~45% of capacity outside Greece RES capacity evolution (MW) RES mature portfolio1 (MW) Total: 1.5 GW 803 490 123 41 122 ~70% of 2030 target Total pi
Slide 28: 5. Financial Statements Summary
5. Financial Statements Summary
Slide 29: 1Q26 Group Profit & Loss Account and Reconciliation to Adjusted EBITDA
1Q26 Group Profit & Loss Account and Reconciliation to Adjusted EBITDA FY LTM IFRS 1Q 1Q 2025 1Q € MILLION 2025 2026 Δ% 11,615 11,600 Sales Revenue 2,733 2,718 (1%) (10,471) (10,071) Cost of sales (2,530) (2,130) 16% 1,143 1,529 Gross profit 203 589 - (750) (783) Selling, distribution, administrativ
Slide 30: 1Q26 Group Balance Sheet
1Q26 Group Balance Sheet IFRS FY 1Q IFRS FY 1Q € MILLION 2025 2026 € MILLION 2025 2026 Non-current assets Shareholders equity 2,672 2,985 Tangible and Intangible assets 4,680 4,898 Minority interest 56 57 Right of use assets 281 293 Total equity 2,728 3,042 Investments in affiliated companies 38 39
Slide 31: 1Q26 Group Cash Flow
1Q26 Group Cash Flow FY IFRS 1Q 1Q 2025 € MILLION 2025 2026 Cash flows from operating activities 910 Cash generated from operations (293) (225) (242) Income and other taxes paid (228) (5) 668 Net cash (used in) / generated from operating activities (521) (230) Cash flows from investing activities (5
Slide 32: 1Q26 Segmental Analysis
1Q26 Segmental Analysis FY LTM € MILLION, IFRS 1Q 1Q FY LTM € MILLION, IFRS 1Q 1Q 2025 1Q Reported EBITDA 2025 2026 Δ% 2025 1Q Volume (M/T'000) 2025 2026 Δ% 530 838 Refining, Supply & Trading 80 388 - 15,617 15,102 Refining, Supply & Trading 3,532 3,016 (15%) 15 9 Petrochemicals 6 0 (94%) 279 277 Pe
Slide 33: Q&A
+ Q&A
Slide 34: 6. Appendix
6. Appendix
Slide 35: 2024 Annual Report
A book cover with a child in a hat AI-generated content may be incorrect. 2024 Annual Report (pdf) 2024 Digital Annual Report 2 GW By 2030 The 2024 Annual Report has been awarded by participating in international competitions with a total of 1 Platinum, 6 Gold, 4 Silver Awards and 8 Distinctions. We
Slide 36: ESG Ratings
ESG Ratings Rating Scale ESG Rating Agency ESG Score Latest Report Date Comments High Low B A D- 2024 Climate - Management band Percentile 85* 60* 100 0 2025 Oil & Gas Refining & Marketing 30.2** 0 100 2025 ESG Risk Management: Strong (2025) ESG Controversies: no controversies BBB*** AAA CCC 2025 Lo
Slide 37: 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 38: 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 39: 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 40: 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 41: 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 42: Investor Relations Contacts
Investor Relations Contacts ir@helleniq.gr 8A Chimaras str., 151 25 Maroussi, Greece Find more information on: www.helleniqenergy.gr 42