Slide 1: Results Presentation 4Q / FY 24
To be updated Results Presentation 4Q / FY 24 Athens, 27 February 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: 4Q / FY 2024 Highlights
4Q / FY 2024 Highlights Strong operating performance across all businesses partly offsets weaker margins environment; FY24 Adj. EBITDA >€1bn and total dividend proposed at €0.75/share Market Operations Financials • Crude oil lower y-o-y, with EUR / USD at • Record high refineries production in • FY2
Slide 5: 2024 key milestones
2024 key milestones Vision 2025 first wave targets successfully completed ahead of schedule while maintaining at the same time focus on operational performance Gas and Power streamlining: Developing a green utility targeting €0.3bn EBITDA by 2030 ✓ • Agreed (Dec 2024) with Edison to acquire the rema
Slide 6: 2. Market Background
2. Market Background
Slide 7: Industry environment – Crude oil, FX, energy prices, EUAs
Industry environment – Crude oil, FX, energy prices, EUAs Crude oil prices lower y-o-y, with broadly unchanged EUR / USD; natgas and electricity prices in 4Q24 reached their highest levels since 1Q23 Platts Dated Brent ($/bbl)* Natural Gas / Electricity Price** (€/MWh)* 120 600 Electricity price 110
Slide 8: Industry environment – Benchmark margins, product cracks
Industry environment – Benchmark margins, product cracks Weaker benchmark margins in 4Q24, driven by declining gasoline and diesel cracks; rest of the barrel improved y-o-y Product Cracks* ($/bbl) HELPE system benchmark margin** ($/bbl) 50 10.7 40 8.7 30 5.6 20 ULSD 10 2.9 Gasoline 2.0 0 0.8 HSFO -1
Slide 9: Domestic market environment – 4Q / FY 24
Domestic market environment – 4Q / FY 24 Economic growth and increased transportation fuels drives FY24 domestic demand +2%; autofuels 3% higher, with aviation setting a new historical high Domestic Market Sales* (MT ‘000) Aviation Sales (MT ‘000) Bunkers Sales (MT ‘000) ex-HGO +7% +2% -7% 4Q Δ% vs
Slide 10: 3. Group Performance
3. Group Performance
Slide 11: 4Q / FY 2024 Group key financials
4Q / FY 2024 Group key financials IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% Income Statement Sales Volume (MT'000) - Refining 3,956 4,128 4% 15,438 16,281 5% Sales Volume (MT'000) - Marketing 1,441 1,451 1% 5,889 6,028 2% RES Power Generation (GWh) 151 169 12% 658 695 6% Sales 3,304 3,024
Slide 12: Causal track and segmental results overview – FY24
Causal track and segmental results overview – FY24 Notably weaker benchmark refining margins and fewer crude sourcing opportunities outweigh improved performance across all businesses Adjusted EBITDA causal track, FY23 to FY24 (€m) Environment Operations -390 +179 1,237 42 43 111 1,026 -403 13 3 -4
Slide 13: Balance sheet and debt structure/profile
Balance sheet and debt structure/profile Improvement in balance sheet and funding profile over the last 4 years; current headroom at €0.9bn ex PF facility; Interest cost lower y-o-y, despite higher base rates, on reduced spreads and improved cash utilization; average maturity more than doubled in la
Slide 14: Group portfolio and solid performance consistently delivers attractive TSR
Group portfolio and solid performance consistently delivers attractive TSR within a relatively volatile environment 3.29 in Euros €0.40 from DESFA Target DPS €0.30 35-50% of adj. EPS 1.98 from DEPA Com. Adj. EPS Interim Final 1.31 Special 1.15 0.90 50% of market cap 0.40 0.75 distributed to sharehol
Slide 15: 4. Business Segments
4. Business Segments
Slide 16: Refining, Supply & Trading 4Q / FY 24
Refining, Supply & Trading 4Q / FY 24 16 Business Units Performance
Slide 17: Domestic Refining, Supply & Trading - Overview
Domestic Refining, Supply & Trading - Overview Refineries’ production at record levels on higher utilization, driving 5% sales increase and above-cycle performance, despite weaker benchmark refining margins vs 2023; Run-rate stay-in-business capex at €150-200m IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ%
Slide 18: Domestic Refining, Supply & Trading – Operations and sales
Domestic Refining, Supply & Trading – Operations and sales Refineries delivered an all-time high production in 4Q24, despite end-of-cycle pre turnaround run; Consistently strong output throughout FY24 drove exports at 8.8m MT (+7%) supporting our plans for increased international trading Gross produ
Slide 19: Domestic Refining, Supply & Trading – Margins
Domestic Refining, Supply & Trading – Margins Against a weaker benchmark margin environment and a normalized exports market, overperformance continues to support strong realised netbacks HELPE realised vs benchmark margin ($/bbl)* Adj. EBITDA1 236 1,043 289 177 155 1,388 366 114 327 179 95 232 795 (
Slide 20: Petrochemicals 4Q / FY 24
Petrochemicals 4Q / FY 24 20 Business Units Performance
Slide 21: Petrochemicals
Petrochemicals Adjusted EBITDA at +25% vs FY23, with PP margin in 4Q close to all-time lows IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS* Volume (MT '000) 66 62 (6%) 276 262 (5%) Sales 70 61 (13%) 302 300 (0%) 1 Adjusted EBITDA 8 2 (72%) 43 54 25% KEY INDICATORS EBITDA (€/MT)
Slide 22: Fuels Marketing 4Q / FY 24
Fuels Marketing 4Q / FY 24 22 Business Units Performance
Slide 23: Domestic Marketing
Domestic Marketing A strong performance on all accounts partly mitigates market structural issues and margin control; sales are up with market share gains while premium products and improved operations drive results improvement, with network rationalization allowing better service delivery IFRS 4Q 4
Slide 24: International Marketing
International Marketing Network expansion, improved gross margins across markets and NFR contribution led to record high profitability in FY24 IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS - INTERNATIONAL Volume (MT '000) 514 479 (7%) 2,024 1,992 (2%) of which: Retail Volume (M
Slide 25: Renewables 4Q / FY 24
Renewables 4Q / FY 24 25 Business Units Performance
Slide 26: Renewables
Renewables 110 MW Kozani (2) PV commenced operations in Dec 2024 taking installed capacity to 494 MW, although this will be a 2025 results event; Increased curtailments limit the positive impact on profitability IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS Installed Capacity (
Slide 27: Renewables
Renewables Strategy evolves around growth capacity with storage optionality to improve €/MW yield Delivery of growth plan to achieve a material RES position in SEE Diversified across technology, geography and revenue model ✓ Young asset base (long average lifetime profile) RES development funded thr
Slide 28: Power 4Q / FY 24
Power 4Q / FY 24 28 Business Units Performance
Slide 29: Power Generation: 50% stake in Elpedison
Power Generation: 50% stake in Elpedison – Full consolidation expected to take place in 3Q25 Fewer opportunities in natural gas wholesale and weak supply contribution outweigh improved energy management performance IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS Net production (G
Slide 30: 5. Financial Statements Summary
5. Financial Statements Summary
Slide 31: 4Q / FY 24 Group Profit & Loss Account
4Q / FY 24 Group Profit & Loss Account IFRS 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% Sales 3,304 3,024 (8%) 12,803 12,768 (0%) Cost of sales (3,067) (2,855) 7% (11,475) (11,694) (2%) Gross profit 237 169 (29%) 1,328 1,074 (19%) Selling, distribution, administrative & exploration expenses (168
Slide 32: 4Q / FY 24 Reported vs Adjusted EBITDA
4Q / FY 24 Reported vs Adjusted EBITDA 4Q 4Q FY FY € MILLION 2023 2024 Δ% 2023 2024 Δ% Reported EBITDA 147 189 28% 1,053 811 (23%) Inventory effect - Loss/(Gain) 66 32 (52%) 148 128 (14%) One-offs / Special items - Loss / (Gain) 7 13 73% 36 88 - Accrual of CO2 emission deficit* 48 40 (18%) - - - Adj
Slide 33: FY 24 Group Balance Sheet
FY 24 Group Balance Sheet IFRS FY FY IFRS FY FY € MILLION 2023 2024 € MILLION 2023 2024 Non-current assets Shareholders equity 2,879 2,707 Tangible and Intangible assets 3,977 4,100 Minority interest 67 55 Right of use assets 232 239 Total equity 2,946 2,762 Investments in affiliated companies 405 2
Slide 34: FY 24 Group Cash Flow
FY 24 Group Cash Flow IFRS FY FY € MILLION 2023 2024 Cash flows from operating activities Cash generated from operations 1,315 1,009 Income and other taxes paid (351) (310) Net cash (used in) / generated from operating activities 965 700 Cash flows from investing activities Purchase of property, pla
Slide 35: 4Q / FY 24 Segmental Analysis I
4Q / FY 24 Segmental Analysis I € MILLION, IFRS 4Q 4Q FY FY Reported EBITDA 2023 2024 Δ% 2023 2024 Δ% Refining, Supply & Trading 131 150 14% 887 602 (32%) Petrochemicals 7 2 (68%) 41 52 27% Marketing 4 18 - 98 109 11% RES 8 10 23% 41 46 11% Core Business 150 180 20% 1,067 809 (24%) Other (incl. E&P)
Slide 36: 4Q / FY 24 Segmental Analysis II
4Q / FY 24 Segmental Analysis ΙI € MILLION, IFRS 4Q 4Q FY FY Volume (M/T'000) 2023 2024 Δ% 2023 2024 Δ% Refining, Supply & Trading 3,956 4,128 4% 15,438 16,281 5% Petrochemicals 66 62 (6%) 276 262 (5%) Marketing 1,441 1,451 1% 5,889 6,028 2% RES (GWh) 151 169 12% 658 695 6% Sales Refining, Supply &
Slide 37: Q&A
+ Q&A
Slide 38: 6. Appendix
6. Appendix
Slide 39: Causal track and segmental results overview – 4Q24
Causal track and segmental results overview – 4Q24 Lower benchmark refining margins in 4Q24 offset by improved operations Adjusted EBITDA causal track, 4Q23 to 4Q24 (€m) Environment Operations -100 +104 269 273 1 3 -1 8 2 11 8 14 13 -95 100 -5 -4 1 3 232 236 4 15 4Q23 Med Benchmark Crude Electricity
Slide 40: 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, until 2023 Sustainability Report the end of September 2024, with a total of
Slide 41: ESG Ratings
ESG Ratings Rating Scale ESG Rating Agency ESG Score Latest Report Date 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, Low
Slide 42: 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 43: 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 def
Slide 44: 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 45: 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 46: 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 47: Investor Relations Contacts
Investor Relations Contacts ir@helleniq.gr 8A Chimaras str., 151 25 Maroussi, Greece HELLENiQ ENERGY is the new corporate name of HELLENIC PETROLEUM Holdings. Find more information on: www.helleniqenergy.gr 47