Helleniq Energy Holdings S.a. · ATHEX:ELPE
Helleniq Energy — Debt Investor Presentation (March 2026)
44 slides from Helleniq Energy's debt investor presentation, March 2026
Slide 1: Empowering Tomorrow
Empowering Tomorrow March 2026
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT: YOU SHOULD READ THE FOLLOWING CAREFULLY BEFORE READING, ACCESSING OR MAKING ANY OTHER USE OF THE MATERIALS THAT FOLLOW. This presentation (the “Presentation”) has been prepared by HELLENiQ ENERGY Holdings S.A.’s (the “Company”) management for information and illustration
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) These non-IFRS measures have been presented in this Presentation because the Group considers them to be important supplemental measures of the Group’s performance and believes that they are widely used by investors comparing performance between companies. Since not all companies com
Slide 4: Agenda
Agenda Topics 1 Group Current Position and Strategy Overview 2 Key Credit Highlights 3 FY25 Financial Performance 4
Slide 5: 1. Group Current Position and Strategy Overview
1. Group Current Position and Strategy Overview
Slide 6: Southeast Europe's leading downstream Group with presence along the energy value chain
Southeast Europe’s leading downstream Group with presence along the energy value chain Downstream Upstream Domestic International Refining, Supply &Trading Petrochemicals E&P Marketing Marketing 17.4mtpa / 342kbpd 240kt capacity (PP) 1,557 fuel stations 336 fuel stations across 5 SE 6 offshore early
Slide 7: Group diversification with RES expansion in SEE and integration in power & gas through Enerwave
Group diversification with RES expansion in SEE and integration in power & gas through Enerwave Power RES Enerwave On track for >1.5 GW installed capacity by 2028 100% in Enerwave >6 GW development pipeline across SE Europe 852 MW CCGT capacity Front-runner in BESS development >6% retail mkt. share
Slide 8: Strategy Update
Strategy Update Key Synergies Downstream Refinery Own Power Energy needs Refining Petrochemicals Thermal Generation RES / BESS Trading Marketing Portfolio Management Energy Management Cross Selling Sustainable Fuels Commercial Energy Services Strategic Objectives Strategic Objectives • Decarbonize o
Slide 9: 2. Key Credit Highlights
2. Key Credit Highlights
Slide 10: Key Credit Highlights
Key Credit Highlights 1 Oil relevance c. 500 kbpd structurally short Continued downstream relevance, favorable regional product demand in 2040 expected to remain middle distillates in Med on average balances and positive macro trends in Greece until 2030 at current levels 2 17.4 mtpa / 342 kbpd #1 f
Slide 11: Energy demand growing and expected to remain strong for fuels; regional market balances to continue tightening
1 Energy demand growing and expected to remain strong for fuels; regional market balances to continue tightening Oil Remains Relevant for Longer, Plateauing After 2040; Refined Products Expected to … With the Mediterranean Region Expected to Remain Structurally Short in Remain the Predominant Energy
Slide 12: HELLENiQ, the leading fuel supplier in Greece uniquely placed to benefit from macroeconomic momentum
1 HELLENiQ, the leading fuel supplier in Greece uniquely placed to benefit from the country’s strong macroeconomic momentum Greece’s economy growing amongst the fastest in Europe … One of only few EU countries with a primary fiscal surplus… Real GDP Growth (%) Greece Euro Area Primary fiscal balance
Slide 13: Complex Refining, Supply & Trading system complemented by strong Fuels Marketing platform
2 Complex Refining, Supply & Trading system complemented by strong Fuels Marketing platform, achieving high returns on the back of asset quality, logistics infrastructure and route-to-market integration Average Adj. EBITDA3 ~€500m ~€400m ~€130m Complex integrated refinery system in advantaged locati
Slide 14: Retail and Distribution Business provides further complementarity to refining and own route to market
2 Retail and Distribution Business provides further complementarity to refining and own route to market with important geographical diversification Market leader in fuels with > 1,500 fuels stations in Greece, complemented by an Highly profitable retail business with high international network with
Slide 15: Resilient Commercial & Logistics as well as refineries complexity drives consistent overperformance
3 Resilient Commercial & Logistics as well as refineries complexity and location drives consistent overperformance throughout the cycle Realized margin analysis ($/bbl)1 System Benchmark Margin Overperformance - Commercial and Logistics • Flexible refining system with synergies in processing and Ove
Slide 16: Integrating renewables, gas-fired generation and retail in our Power Business
4 Integrating renewables, gas-fired generation and retail in our Power Business to capture synergies, complement the existing portfolio and increase value Generation Energy Management & Trading Supply Provision of electricity and gas supply services as Portfolio of solar, wind and storage renewable
Slide 17: Renewables opportunity in the SEE region represents a green growth pillar
4 Renewables opportunity in the SEE region represents a green growth pillar for HELLENiQ ENERGY’s business model RES capacity evolution (MW) RES mature portfolio1 (MW) Total: 1.5 GW ~70% of 2030 target Total pipeline Mature portfolio1 : 1.5 GW 803 493 123 41 122 > 6 GW 2,000 96 MW Wind - Romania 186
Slide 18: Strong and resilient cashflow in a mid-cycle providing ample room for deleveraging
5 Strong and resilient cashflow in a mid-cycle providing ample room for deleveraging and facilitating growth Pro-forma Cash-flow1 Profile (€bn) Strong Organic cashflow covering stay-in-business capex, interest and 0.9 – 1.2 tax providing sufficient headroom for ~0.25 growth plan and managing leverag
Slide 19: Rebase EBITDA from €0.7bn before COVID to >€1bn currently, while strengthening balance sheet
6 Rebase EBITDA from €0.7bn before COVID to >€1bn currently, while strengthening balance sheet Adjusted EBITDA (€m) COVID 1,601 1,237 • Sustained, long-term EBITDA growth 1,132 through periods of macroeconomic stress 1,026 and exogenous shocks 725 375 367 • Growth driven by focus on operational exce
Slide 20: ESG strategy anchored on the most widely adopted standards and frameworks
7 ESG strategy anchored on the most widely adopted standards and frameworks Voluntary reporting ESG data providers and standards and frameworks rating agencies HELLENiQ ENERGY Group has been adopting the most widely followed standards and reporting frameworks and rated by leading ESG rating agencies
Slide 21: ESG Ratings Detailed Overview
7 ESG Ratings Detailed Overview Rating Scale ESG Rating Agency ESG Score Reference Year Comments High Low B A D- 2022 Climate Change 2023 - Management band Up from 50 in 2021 521 100 0 2022 Top percentile (85)1 Oil & Gas Refining & Marketing ESG Risk Rating: Medium (1Q24) / Qualitative 27.372 0 100
Slide 22: 3. FY25 Financial Performance
3. FY25 Financial Performance
Slide 23: FY25 Group financial highlights
FY25 Group financial highlights Adj. EBITDA Adj. Net Income DPS €1,132m €503m €0.60 +10% y-o-y +25% y-o-y 7% yield Investments Net Debt ROACE €0.76bn €2.14bn, 14%, • €0.33bn Stay-in-Business and LT Maintenance 1.9x FY25 leverage • • €0.25bn Growth €0.18bn Enerwave acquisition (incl. €0.3bn of Enerwa
Slide 24: 4Q / FY 2025 Group key financials
4Q / FY 2025 Group key financials IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% Income Statement Sales Volume (MT'000) - Refining 4,133 4,272 3% 16,286 15,617 (4%) Sales Volume (MT'000) - Marketing 1,451 1,522 5% 6,028 6,346 5% Power Power Generation (GWh) 169 799 - 695 1,993 - Sales Revenue
Slide 25: Causal track and segmental results overview – FY25
Causal track and segmental results overview – FY25 Favorable refining backdrop, improved operations and Power contribution drive Group results Adjusted EBITDA causal track, FY24 to FY25 (€m) Downstream Power 1,132 1,026 15 -9 31 71 18 102 171 160 46 54 124 891 693 7 -7 FY24 Environment Operations En
Slide 26: FY25 investments and cash flows
FY25 investments and cash flows Strong cash flow generation allows for capital providers remuneration and funding of strategic growth investments despite windfall tax and supply chain disruption impact on working capital Capital Expenditure (€m) Expansion Power 183 185 80 757 59 250 Run-rate Stay- L
Slide 27: FY25 capital structure
FY25 capital structure Strong capitalization for both Group segments; Downstream business cash generation and capacity remain strong; Committed facilities in place for both Downstream and RES PF (total at ~€1bn), enable strategy implementation for growth and risk management Capitalization by busines
Slide 28: FY25 leverage and interest cost
FY25 leverage and interest cost Downstream leverage contained at low levels; Power business metrics improve as business grows; Strong performance of Eurobond since July 2024 issue, with yield tighter by >100 bps Leverage (Net Debt / Adj. EBITDA) Interest Cost (€m) 3.9x 122 119 105 110 96 2021 2022 2
Slide 29: 4. Appendix
4. Appendix
Slide 30: FY 25 Group Cash Flow
FY 25 Group Cash Flow IFRS FY FY € MILLION 2024 2025 Cash flows from operating activities Cash generated from operations 1,009 909 Income and other taxes paid (310) (242) Net cash (used in) / generated from operating activities 700 667 Cash flows from investing activities Purchase of property, plant
Slide 31: Refining, Supply & Trading - Overview
Refining, Supply & Trading - Overview Strong refining fundamentals and improved system operations lead to the highest quarterly profitability since 1Q23; Aspropyrgos full T/A in process IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% KEY FINANCIALS - GREECE Net Production (MT '000) 4,019 4,115
Slide 32: Refining, Supply & Trading – Operations and sales
Refining, Supply & Trading – Operations and sales Record-high quarterly production on high units availability, with increased exports share Gross production by refinery (MT’000) Sales mix** by market (MT’000) +3% -3% +3% -4% 4,451 4,563 17,208 16,622 4,133 4,272 16,286 15,617 1,012 1,081 4,032 4,055
Slide 33: Petrochemicals
Petrochemicals Historically lowest margins reflected in 4Q25 profitability; Petchems cycle remains soft on weak demand growth and significant oversupply following last few years’ capacity additions IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% KEY FINANCIALS* Volume (MT '000) 62 65 5% 262 279
Slide 34: Domestic Marketing
Domestic Marketing Improved EKO performance on all fronts reflected in FY25 results IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% KEY FINANCIALS - GREECE Volume (MT '000) 972 980 1% 4,037 4,288 6% Sales Revenue 722 691 (4%) 3,219 3,114 (3%) Adjusted EBITDA* (2) 8 - 49 71 46% KEY INDICATORS Pe
Slide 35: International Marketing
International Marketing Expansion and ongoing improvements lead to record performance IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% KEY FINANCIALS - INTERNATIONAL Volume (MT '000) 479 542 13% 1,992 2,058 3% of which: Retail Volume (MT '000) 196 228 16% 771 813 5% Sales Revenue 437 468 7% 1,91
Slide 36: Power
Power Improved performance driven by Enerwave on energy management contribution and commercial turnaround, while RES suffer increased curtailments and weather conditions Operating Capacity (MW) Adj. EBITDA* (€m) 0% +11% 1,346 1,346 99 89 494 494 52 53 852 852 43 54 RES -7 -8 FY24 FY25 FY24 FY25 Ener
Slide 37: Renewables
Renewables Adverse weather conditions in both wind and PV and curtailments, as well as acceleration of development plan led to reduced 4Q profitability IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% KEY FINANCIALS Installed Capacity (MW) * 494 494 0% 494 494 0% Power Generation (GWh) 169 160 (
Slide 38: Enerwave
Enerwave Improved supply performance in 4Q25 post rebranding and energy management lead to improved FY25 performance IFRS 4Q 4Q FY FY € MILLION 2024 2025 Δ% 2024 2025 Δ% KEY FINANCIALS Net Production (GWh) 628 639 2% 2,699 2,933 9% Sales Revenue 323 433 34% 1,261 1,560 24% Adjusted EBITDA** (2) 8 -
Slide 39: 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 40: 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 41: 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 42: 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 43: Investor Relations contacts
Investor Relations contacts ir@helleniq.gr 8A Chimarras str., 151 25 Maroussi, Greece Find more information on: www.helleniqenergy.gr
Slide 44: Empowering Tomorrow
ete + . Empowering Tomorrow
HELLENiQ ENERGY Holdings — Debt Investor Presentation (March 2026) on 6ix