Helleniq Energy Holdings S.a. · ATHEX:ELPE
Helleniq Energy — Q2 2026 Earnings Presentation
39 slides from Helleniq Energy's earnings presentation, Aug 5, 2026
Slide 1: Results Presentation 2Q 26
To be updated Results Presentation 2Q 26 Athens, 5 August 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: 2Q26 Highlights
2Q26 Highlights 1H26 Adj. EBITDA at >€0.7bn, driven by a strong refining backdrop, product shortage in international markets and improvement across all businesses; Oil price spike leads to high inventory gains and reported results Market Operations Financials Outlook and Strategy • Crude oil prices
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 Volatile industry backdrop due to geopolitical tensions; crude oil prices at a 4-year high, correcting in June. Auto product cracks high, with diesel at record levels, driving benchmark margin up y-o-y Brent ($/bbl), EUR/USD P
Slide 7: Domestic market and non-ground fuel sales – 2Q/1H26
Domestic market and non-ground fuel sales – 2Q/1H26 Auto diesel and gasoline consumption remains resilient in 1H26, with higher prices having limited impact; aviation demand grows by 5% Domestic Market Sales1 (MT ‘000) Aviation Sales (MT ‘000) Bunkers Sales (MT ‘000) +5% -5% -4% Δ% vs 1H25 3,364 697
Slide 8: Industry environment – Natural gas, electricity and EUA prices
Industry environment – Natural gas, electricity and EUA prices Natural gas prices significantly higher y-o-y; Higher RES helped contain the impact on Greek electricity prices, albeit with increased flexibility cost; Net electricity exports remain strong, at 14% of generation Natural Gas (€/MWh)* Ele
Slide 9: 3. Group Performance
3. Group Performance
Slide 10: 2Q26 Group key financials
2Q26 Group key financials FY LTM IFRS 2Q 2Q 1H 1H 2025 2Q € MILLION 2025 2026 Δ% 2025 2026 Δ% Income Statement 15,617 15,417 Sales Volume (MT'000) - Refining 3,533 3,848 9% 7,064 6,864 (3%) 6,346 6,506 Sales Volume (MT'000) - Marketing 1,622 1,672 3% 2,889 3,048 6% 1,993 3,385 Power Production (GWh)
Slide 11: Causal track and segmental results overview – 2Q26
Causal track and segmental results overview – 2Q26 Strong benchmark margins, crude selection, higher product export netbacks and improved operations in refining and marketing drive 2Q26 result Adjusted EBITDA causal track, 2Q25 to 2Q26 (€m) Environment Operations +157 +53 442 -26 13 22 -19 47 18 24
Slide 12: Debt profile
Debt profile Net debt reduction results in deleveraging, further improving balance sheet and providing capacity to fund growth Net Debt (€m) LT / Committed Facilities Maturity1,2 (€m) Gearing 44% 36% (Group) • 97% of gross debt in committed facilities with Leverage (Group) 1.9x 1.3x current headroom
Slide 13: 4. Business Segments
4. Business Segments
Slide 14: Refining, Supply & Trading 2Q26
Refining, Supply & Trading 2Q26 14 Business Units Performance
Slide 15: Domestic Refining, Supply & Trading – Overview
Domestic Refining, Supply & Trading – Overview Strong profitability, driven by benchmark margins and record-high system overperformance, capturing increased export premia and supply optimisation FY LTM IFRS 2Q 2Q 1H 1H 2025 2Q € MILLION 2025 2026 Δ% 2025 2026 Δ% KEY FINANCIALS - GREECE 14,957 14,415
Slide 16: Refining, Supply & Trading – Operations and sales
Refining, Supply & Trading – Operations and sales Normal Elefsina operations (full T/A in 2Q25) drives production growth and increased middle distillates’ yield Gross production by refinery (MT’000) Sales mix** by market (MT’000) +16% +9% 4,031 3,848 3,533 271 3,466 1,045 1,055 45% 1,583 1,733 48% 1
Slide 17: Refining, Supply & Trading – Margins
Refining, Supply & Trading – Margins 2Q26 realized gross margin of >$22/bbl, highest since 4Q22, driven by strong benchmark margins, crude optimization and exports contribution HELPE realised vs benchmark margin ($/bbl)* Adj. EBITDA1 318 155 1,388 1,043 795 134 163 264 330 891 220 (€m) 22.5 21.2 20.
Slide 18: Petrochemicals 2Q26
Petrochemicals 2Q26 18 Business Units Performance
Slide 19: Petrochemicals
Petrochemicals Improved profitability on benchmark margins recovery mainly due to disruption of flows from the Strait of Hormuz, outweighing a soft demand environment FY LTM IFRS 2Q 2Q 1H 1H 2025 2Q € MILLION 2025 2026 Δ% 2025 2026 Δ% KEY FINANCIALS* 279 257 Volume (MT '000) 76 56 (27%) 143 121 (16%
Slide 20: Fuels Marketing 2Q26
Fuels Marketing 2Q26 20 Business Units Performance
Slide 21: Domestic Marketing
Domestic Marketing Retail network continues to improve performance while Aviation and Bunkering segments reflect increased tourism flows FY LTM IFRS 2Q 2Q 1H 1H 2025 2Q € MILLION 2025 2026 Δ% 2025 2026 Δ% KEY FINANCIALS - GREECE 4,288 4,245 Volume (MT '000) 1,104 1,059 (4%) 1,945 1,901 (2%) 3,114 3,
Slide 22: International Marketing
International Marketing Network growth and maturity as well as the reopening of the Thessaloniki-Skopje pipeline support even faster growth in the Balkan markets FY LTM IFRS 2Q 2Q 1H 1H 2025 2Q € MILLION 2025 2026 Δ% 2025 2026 Δ% KEY FINANCIALS - INTERNATIONAL 2,058 2,262 Volume (MT '000) 517 613 19
Slide 23: Power (Enerwave & RES) 2Q26
Power (Enerwave & RES) 2Q26 23 Business Units Performance
Slide 24: Power
Power Continued recovery in electricity supply and stronger balancing market opportunities, outweighing weak RES market conditions; 250 MW PV/BESS to be added in 3Q26 Operating Capacity (MW) Adj. EBITDA (€m) +4% +202% 1,346 1,404 22 494 552 11 11 7 494 852 852 11 11 2Q25 2Q25 2Q26 -4 as reported pro
Slide 25: Power
Power Enerwave structural change and performance improvement initiatives offset weak RES market conditions; Market share gains in retail and improved supply business performance IFRS 2Q 2Q 2Q 1H 1H 1H € MILLION 2025 2025PF 2026 Δ% 2025 2025PF 2026 Δ% Installed Capacity (MW)* 494 1,346 1,404 - 494 1,
Slide 26: Renewables Development Plan
Renewables Development Plan Additions of 250 MW PV and BESS projects in 3Q to increase RES operating capacity to 800 MW; Targeting 1.5 GW by 2028 through expansion across diverse technologies and geographies RES capacity evolution (MW) RES mature portfolio1 (MW) Total: 1.5 GW 803 493 123 41 122 ~70%
Slide 27: 5. Financial Statements Summary
5. Financial Statements Summary
Slide 28: 2Q26 Group Profit & Loss Account
2Q26 Group Profit & Loss Account FY LTM IFRS 2Q 2Q 1H 1H 2025 2Q € MILLION 2025 2026 Δ% 2025 2026 Δ% 11,615 13,456 Sales Revenue 2,433 4,288 76% 5,166 7,007 36% (10,471) (11,190) Cost of sales (2,227) (3,346) (50%) (4,757) (5,475) (15%) 1,143 2,266 Gross profit 205 943 - 409 1,531 - (750) (801) Sell
Slide 29: 2Q26 Group Balance Sheet
2Q26 Group Balance Sheet IFRS FY 1H IFRS FY 1H € MILLION 2025 2026 € MILLION 2025 2026 Non-current assets Shareholders equity 2,672 3,402 Tangible and Intangible assets 4,680 5,102 Minority interest 56 58 Right of use assets 281 304 Total equity 2,728 3,460 Investments in affiliated companies 38 41
Slide 30: 1H26 Group Cash Flow
1H26 Group Cash Flow FY IFRS 1H 1H 2025 € MILLION 2025 2026 Cash flows from operating activities 910 Cash generated from operations 39 737 (242) Income and other taxes paid (229) (6) 668 Net cash (used in) / generated from operating activities (190) 732 Cash flows from investing activities (574) Pur
Slide 31: 2Q26 Segmental Analysis I
2Q26 Segmental Analysis I FY LTM € MILLION, IFRS 2Q 2Q 1H 1H 2025 2Q Reported EBITDA 2025 2026 Δ% 2025 2026 Δ% 530 1,520 Refining, Supply & Trading 63 745 - 143 1,133 - 15 23 Petrochemicals 10 24 - 16 25 50% 135 180 Marketing 34 56 65% 59 104 78% 64 95 Power 13 18 44% 24 55 - 743 1,818 Core Business
Slide 32: 2Q26 Segmental Analysis II
2Q26 Segmental Analysis II FY LTM € MILLION, IFRS 2Q 2Q 1H 1H 2025 2Q Volume (M/T'000) 2025 2026 Δ% 2025 2026 Δ% 15,617 15,417 Refining, Supply & Trading 3,533 3,848 9% 7,064 6,864 (3%) 279 257 Petrochemicals 76 56 (27%) 143 121 (16%) 6,346 6,506 Marketing 1,622 1,672 3% 2,889 3,048 6% 1,993 3,385 P
Slide 33: Q&A
+ Q&A
Slide 34: 6. Appendix
6. Appendix
Slide 35: 2025 Annual Report (pdf) 2025 Digital Annual Report
2025 Annual Report (pdf) 2025 Digital Annual Report We invite you to explore the Group’s Annual Report website, presenting HELLENiQ ENERGY’s key highlights for 2025. Under the theme “Empowering Tomorrow”, the Report reflects a defining moment, marking the completion of Vision 2025 and the transition
Slide 36: 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 share of profit from Associates adjusted for one-off/special items 3. Does not include IFRS 16 lease impact 4. Adjusted Net I
Slide 37: 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 38: 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 39: Investor Relations Contacts
Investor Relations Contacts ir@helleniq.gr 8A Chimarras str., 151 25 Maroussi, Greece 39
HELLENiQ ENERGY Holdings — Q2 2026 Earnings Presentation on 6ix