Motor Oil (hellas) Corinth Refineries S.a. · ATHEX:MOH
Motor Oil (hellas) Corinth Refineries — H1 2026 Earnings Presentation
27 slides from Motor Oil (hellas) Corinth Refineries's earnings presentation, August 2026
Slide 1: Motor Oil Performance review H1 2026 financial results
Motor Oil Performance review H1 2026 financial results www.moh.gr | August 2026
Slide 2: Disclaimer
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. H1-2026 Financial Results Highlights 2. Industry Indicators 3. Segments’ Review 4. Key Financials H1-2026 www.moh.gr | August 2026
Slide 4: H1-2026 Financial Results Highlights
H1-2026 Financial Results Highlights www.moh.gr | August 2026
Slide 5: First Half 2026 Highlights – Motor Oil Group
First Half 2026 Highlights – Motor Oil Group Turnover EBITDA Net Income € 7.52bn € 1,047m € 686m +43% y/y +170% y/y vs. 162m in 1H25 Investments Adj. EBITDA Adj. Net Income € 133m € 967m € 623m vs. 262m in 1H25 +114% y/y vs. 213m in 1H25 Net Debt Free Cash Flow Invested Capital € 814m € 683m € 4.74b
Slide 6: Group Financial Performance Q2 & H1 2026
Group Financial Performance Q2 & H1 2026 (EUR m) Q2 2025 Q2 2026 H1 2025 H1 2026 Revenues 2,587 4,166 5,266 7,524 EBITDA 186 501 387 1,047 Earnings before tax 104 464 218 892 Earnings after tax & minorities 77 354 162 686 EPS (EUR) 0.72 3.26 1.50 6.33 Adj. EBITDA 237 586 452 967 Fuels 182 466 330 78
Slide 7: Industry Indicators
Industry Indicators www.moh.gr | August 2026
Slide 8: Refining Macro Indicators (period avg.)
Refining Macro Indicators (period avg.) Brent DTD (USD/bbl) Light, Mid-distillates Cracks (USD/bbl) 51.8 104 44.0 49.2 25.1 28.2 17.0 20.1 81 34.6 15.9 68 69 25.7 64 21.1 16.5 17.7 14.0 11.5 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Brent Gasoline ULSD Jet EUR-USD Fuel Oil Cracks (USD/bbl) -
Slide 9: Fuels Marketing Domestic Consumption Greece (k MT)
Fuels Marketing Domestic Consumption Greece (k MT) LPG 2Q26: -5.7% y/y Gasoline 2Q26: -3.1% y/y Auto Diesel 2Q26: +1.2% y/y 566 2,183 2,217 2,948 538 2,884 147 527 530 720 139 711 147 138 257 636 651 1,022 805 814 1,415 131 126 119 549 562 544 751 776 786 140 134 138 472 475 478 617 636 629 2024 202
Slide 10: Power & Gas Macro indicators
20 40 60 80 0 100 10 20 30 40 50 60 0 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 Jul-24 Aug-24 Aug-24 Sep-24 Sep-24 Oct-24 Oct-24 Nov-24 Nov-24 Dec-24 Dec-24 Jan-25 Jan-25 Feb-25 Feb-25 Mar-25 Mar-25 Apr-25 Apr-25 May-25 May-25 Jun-25 Jun-25 Jul-25 Jul
Slide 11: Segments Review
Segments Review www.moh.gr | August 2026
Slide 12: Group Financial Performance Per Segment
Group Financial Performance Per Segment H1-2026 Fuels Consumer Electrification Circular Other Eliminations/ Total (EUR m) Services Economy Adjustments Revenues 5,830 2,530 311 241 22 -1,411 7,524 EBITDA 852 79 94 32 3 -13 1,047 Earnings Before Tax 807 30 38 24 7 -15 892 Capex 79 53 56 4 4 -4 191 Net
Slide 13: Fuels Segment Performance Q2 & H1 2026
Fuels Segment Performance Q2 & H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Brent DTD (USD/bbl, avg) 68 104 72 92 USD (avg) 1.134 1.163 1.093 1.167 Benchmark margin (USD/MT) 68 175 64 149 MOH ref. margin (USD/MT) 51 164 54 176 MOH adj. ref. margin (USD/MT) 68 192 65 165 Processed Volume (MT k) 2,655 3,23
Slide 14: Fuels Segment Processed Volume & Crude Mix
Fuels Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs’ Mix 14,242 13,146 North Sea North Africa 12,664 11,917 11,889 12,224 5% 3% Saudi Arabia 5,085 5% 3,692 3,855 30% 3,271 3,130 26% 5,297 43% Kazakhstan 7% 6,596 USA 5,474 H1-2026 1,320 20% 9% 9,454 9,158 8,809 70%
Slide 15: Fuels Segment Production & Yields
Fuels Segment Production & Yields (k MT) 3,922 3,615 2,520 2,426 1,929 1,766 1,603 1,632 1,373 1,068 225 220 198 204 2% 2% 23% 14% 32% 17% 10% 2% 2% 21% 12% 34% 15% 14% 2024 Total 11,179 2025 Total 11,521 2,198 1,672 1,126 1,250 965 1,070 694 803 647 485 91 127 132 100 2% 3% 22% 9% 32% 19% 13% 2% 2%
Slide 16: Fuels Segment Sales per Market, Country & Product
Fuels Segment Sales per Market, Country & Product Revenue Mix by Country Sales Volume per Market (k MT) Greece - Civil, 25% Other, 26% 14,272 13,955 13,348 13,566 762 13,183 12,650 1,195 1,270 1,432 1H26 720 1,353 Libya, 3% Greece - Lebanon, 4% Shipping/ Aviation, 11% Spain, 4% Gibraltar, 10% Sloven
Slide 17: Fuels Segment Margins
Fuels Segment Margins (USD/MT) 188 192 176 175 165 142 138 164 130 149 137 116 104 116 124 98 124 84 83 88 87 112 102 98 68 93 68 76 77 52 45 51 20 2021 2022 2023 2024 2025 1H26 2Q25 3Q25 4Q25 1Q26 2Q26 MOH Reported MOH Adjusted Benchmark Mild Hydrocracking MED Notes: MOH refining margin refers to t
Slide 18: Consumer Services Segment Performance Q2 & H1 2026
Consumer Services Segment Performance Q2 & H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 # of service stations (eop) c.1,530 c.1,540 c.1,530 c.1,540 Sales volume (MT k) 923 876 1,937 1,684 of which in Greece 853 808 1,808 1,548 Sales (EUR m) 1,127 1,408 2,332 2,530 EBITDA (EUR m) 25 40 53 79 Adj. EBITDA (
Slide 19: Electrification & Circular Economy Performance Q2 & H1 2026
Electrification & Circular Economy Performance Q2 & H1 2026 Electrification Q2 2025 Q2 2026 H1 2025 H1 2026 Sales (EUR m) 156 143 341 311 EBITDA (EUR m) 14 48 42 94 Capex (EUR m) 43 41 66 56 Net Debt (EUR m) 763 690 763 690 RES operating capacity (MW, eop) 839 1,020 839 1,020 RES power production (M
Slide 20: Key Financials H1-2026
Key Financials H1-2026 www.moh.gr | August 2026
Slide 21: Group Profit & Loss Q2 & H1 2026
Group Profit & Loss Q2 & H1 2026 Profit & Loss (EUR m) Q2 2025 Q2 2026 H1 2025 H1 2026 SALES 2,587 4,166 5,266 7,524 Cost of Sales -2,386 -3,571 -4,835 -6,272 GROSS PROFIT 201 594 431 1,252 Admin. & Distr. Expenses -111 -116 -210 -233 Other Income/Gain (incl. insurance compensation) 96 22 167 28 EBI
Slide 22: Group Balance Sheet & Cash Flow H1 2026
Group Balance Sheet & Cash Flow H1 2026 Balance Sheet (EUR m) FY 2025 H1 2026 Cash Flow (EUR m) H1 2025 H1 2026 Net Tangible & Intangible Assets 4,093 3,997 EBITDA 387 1,047 Participations & Other LT Assets 631 673 Net interest paid -52 -42 Current Assets 3,316 4,066 Income taxes paid -311 -11 TOTAL
Slide 23: Company Profit & Loss Q2 & H1 2026
Company Profit & Loss Q2 & H1 2026 Profit & Loss (EUR m) Q2 2025 Q2 2026 H1 2025 H1 2026 SALES 1,701 3,238 3,498 5,738 Cost of Sales -1,635 -2,846 -3,339 -4,858 GROSS PROFIT 66 392 158 880 Admin. & Distr. Expenses -27 -27 -49 -63 Other Income/Gain (incl. insurance compensation) 90 7 154 14 EBITDA 13
Slide 24: Company Balance Sheet & Cash Flow H1 2026
Company Balance Sheet & Cash Flow H1 2026 Balance Sheet (EUR m) FY 2025 H1 2026 Cash Flow (EUR m) H1 2025 H1 2026 Net Tangible & Intangible Assets 1,410 1,450 EBITDA 263 831 Participations & Other LT Assets 1,394 1,498 Net interest paid -14 -9 Current Assets 2,168 2,769 Income taxes paid -304 0 TOTA
Slide 25: Capex Evolution
Capex Evolution (m EUR) Company Group 580 420 322 318 315 282 258 243 223 208 200 196 175 163 1H26 1H26 79 191 2020 2021 2022 2023 2024 2025 2026f 2020 2021 2022 2023 2024 2025 2026f August 2026 | 25
Slide 26: Debt Maturity Profile
Debt Maturity Profile (m EUR) Company Group 562 499 477 407 395 200 400 314 314 222 477 200 400 395 314 132 299 95 222 162 114 24 24 132 8 9 95 8 9 24 7 24 2026 2027 2028 2029 2030 2031 2032-35 2026 2027 2028 2029 2030 2031 2032-45 Bank Loans Bonds Total Note: Profile as of 30 June 2026. Balance she
Slide 27: Motor Oil Group 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 2026 Executive Team Survey Mary A. Psyllaki, IRO Tel: +30 210 809 3305 Motor Oil #1 Most Honoured Company Emerging EMEA - Oil & Gas (SMID-Cap) Email: mpsyllaki@m
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