Slide 1: Results Presentation 3Q 24
To be updated Results Presentation 3Q 24 Athens, 14 November 2024
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: 3Q/9M 24 Highlights
3Q/9M 24 Highlights 9M24 Adjusted EBITDA of €0.75bn reflects one of the strongest operational performance across all businesses, albeit affected by a weak margin environment in 3Q24 Market Operations Financials Outlook and Strategy • Lower crude oil and EUAs • Refining: one of the best • 3Q24 Adjust
Slide 5: 2. Market Background
2. Market Background
Slide 6: Industry environment – Crude oil, FX, energy prices, EUAs
Industry environment – Crude oil, FX, energy prices, EUAs Crude oil prices eased q-o-q to $80/bbl; Increased natural gas and electricity prices, while EUAs remained lower y-o-y Platts Dated Brent ($/bbl)* Natural Gas / Electricity Price** (€/MWh)* 120 600 Electricity price 110 500 Natgas TTF price 1
Slide 7: Industry environment – Benchmark margins, product cracks
Industry environment – Benchmark margins, product cracks Gasoline and middle distillates cracks drove benchmark refining margins lower y-o-y (-71%) and q-o-q (-35%) Product Cracks* ($/bbl) HELPE system benchmark margin** ($/bbl) 12.6 40 10.7 10.6 30 8.7 8.8 20 ULSD 7.5 10 Gasoline 0 5.5 Naphtha -10
Slide 8: Domestic market and non-ground fuel sales – 3Q24
Domestic market and non-ground fuel sales – 3Q24 Increased ground fuels demand, driven by diesel and gasoline; Aviation also higher (+10%), at record quarterly high Domestic Market Sales* (MT ‘000) Aviation Sales (MT ‘000) Bunkers Sales (MT ‘000) +2% +10% +6% Δ% vs 1,652 1,687 3Q23 714 800 751 245 -
Slide 9: 3. Group Performance
3. Group Performance
Slide 10: 3Q24 Group key financials
3Q24 Group key financials FY LTM € million, IFRS 3Q 3Q 9M 9M 2023 3Q 2023 2024 Δ% 2023 2024 Δ% Income Statement 15,438 16,109 Sales Volume (MT'000) - Refining 3,844 4,163 8% 11,483 12,153 6% 5,889 6,019 Sales Volume (MT'000) - Marketing 1,759 1,870 6% 4,447 4,577 3% 658 677 RES Power Generation (GWh
Slide 11: Causal track and segmental results overview – 3Q24
Causal track and segmental results overview – 3Q24 3Q24 operating results reflecting a weaker benchmark refining margin environment which is only partly mitigated by improved performance in all other business units and significant overperformance of refineries Adjusted EBITDA causal track, 3Q23 to 3
Slide 12: Debt structure and profile
Debt structure and profile Improvement in BS and funding profile over the last 5 years, following repayment of €300m Oct’ 24 Eurobond; current headroom at €1.1bn ex PF facility Leverage 1 Gross Debt mix 5.0 4.8 46% 53% Committed 2.7 Uncommitted 1.7 28% 5% Capital Markets 1.2 1.3 32% Project Finance
Slide 13: 4. Business Segments
4. Business Segments
Slide 14: Refining, Supply & Trading
Refining, Supply & Trading 3Q24 14 Business Units Performance
Slide 15: Domestic Refining, Supply & Trading - Overview
Domestic Refining, Supply & Trading - Overview Weakest benchmark refining margin in the last 3 years offset strong operating performance with record quarterly and YTD production and sales FY LTM IFRS FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS - GREECE
Slide 16: Domestic Refining, Supply & Trading – Operations and sales
Domestic Refining, Supply & Trading – Operations and sales Increased utilization resulted in the highest quarterly production and sales since 3Q18 and 3Q16 respectively, while aviation and bunkering recorded strongest ever sales in 3Q24 72% sold in exports and Gross production by refinery (MT’000) S
Slide 17: Domestic Refining, Supply & Trading – Margins
Domestic Refining, Supply & Trading – Margins Sustained overperformance on high utilization, crude mix optimization and international premia HELPE realised vs benchmark margin ($/bbl)* Adj. EBITDA1 (€m) 467 432 443 1,388 366 114 327 236 1,043 289 179 95 26.5 25.3 21.8 22.2 8.5 21.2 20.5 12.6 17.4 17
Slide 18: Petrochemicals
Petrochemicals 3Q24 18 Business Units Performance
Slide 19: Petrochemicals
Petrochemicals PP margins recovery drove improved profitability FY LTM IFRS FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS* 276 265 Volume (MT '000) 73 58 -20% 210 200 -5% 302 309 Sales 72 70 -2% 232 239 3% 43 60 Adjusted EBITDA 1 8 12 46% 35 52 47% KEY I
Slide 20: Fuels Marketing
Fuels Marketing 3Q24 20 Business Units Performance
Slide 21: Domestic Marketing
Domestic Marketing Higher volume across all markets, led by aviation on increased air traffic, resulted in improved comparable profitability, while premium products penetration and NFR contribution continue to grow FY LTM IFRS FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024
Slide 22: International Marketing
International Marketing Increased sales on network expansion and unit margins drove improved profitability; Higher share of premium products and NFR contribution FY LTM IFRS FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS - INTERNATIONAL 2,024 2,027 Volume
Slide 23: Renewables
Renewables 3Q24 23 Business Units Performance
Slide 24: Renewables
Renewables Higher production and improved sales/EBITDA mix, on new PV parks’ contribution, led to increased profitability; additional 120 MW PV parks already completed and will be added to our portfolio by year-end FY LTM IFRS FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024
Slide 25: Renewables
Renewables Managing a total portfolio of 5.7 GW of assets and projects in Greece and internationally; strategy remains to achieve 1 GW in operation by 2026 and 2 GW by 2030 Delivery of growth plan to achieve a material RES position in SEE Diversified across technology, geography and revenue model ✓
Slide 26: Power
Power 3Q24 26 Business Units Performance
Slide 27: Power Generation: 50% stake in ELPEDISON
Power Generation: 50% stake in ELPEDISON Higher contribution in 3Q24, as weather conditions, electricity demand and gas-fired plants flexibility supported increased participation in the energy mix FY LTM FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024 Δ% KEY FINANCIALS 2,24
Slide 28: 5. Financial Statements Summary
5. Financial Statements Summary
Slide 29: 3Q24 Group Profit & Loss Account
3Q24 Group Profit & Loss Account FY LTM IFRS FINANCIAL STATEMENTS 3Q 3Q 9M 9M 2023 3Q € MILLION 2023 2024 Δ% 2023 2024 Δ% 12,803 13,048 Sales 3,408 3,192 (6%) 9,499 9,744 3% (11,475) (11,905) Cost of sales (2,837) (3,019) (6%) (8,408) (8,839) (5%) 1,328 1,143 Gross profit 571 173 (70%) 1,091 906 (17
Slide 30: 3Q24 Reported vs Adjusted EBITDA
3Q24 Reported vs Adjusted EBITDA FY LTM (€ million) 3Q 3Q 9M 9M 2023 3Q 2023 2024 2023 2024 1,053 769 Reported EBITDA 505 90 905 622 148 162 Inventory effect - Loss/(Gain) -115 80 82 96 36 82 One-offs / Special items - Loss / (Gain) 5 7 28 75 - 9 Accrual of CO2 emission deficit* 4 6 -48 -40 1,237 1,
Slide 31: 3Q24 Group Balance Sheet
3Q24 Group Balance Sheet IFRS FINANCIAL STATEMENTS FY 9M IFRS FINANCIAL STATEMENTS FY 9M € MILLION 2023 2024 € MILLION 2023 2024 Non-current assets Shareholders equity 2,879 2,704 Tangible and Intangible assets 3,977 3,948 Minority interest 67 56 Right of use assets 232 231 Total equity 2,946 2,760
Slide 32: 3Q24 Group Cash Flow
3Q24 Group Cash Flow FY IFRS FINANCIAL STATEMENTS 9M 9M 2023 € MILLION 2023 2024 Cash flows from operating activities 1,315 Cash generated from operations 1,144 697 -351 Income and other taxes paid -168 -200 965 Net cash (used in) / generated from operating activities 976 497 Cash flows from investi
Slide 33: 3Q24 Segmental Analysis I
3Q24 Segmental Analysis I FY LTM € million, IFRS 3Q 3Q 9M 9M 2023 3Q Reported EBITDA 2023 2024 Δ% 2023 2024 Δ% 887 583 Refining, Supply & Trading 431 2 -99% 756 452 -40% 41 57 Petrochemicals 8 12 43% 34 50 46% 98 96 Marketing 57 59 5% 94 92 -3% 41 44 RES 12 13 8% 33 36 8% 1,067 779 Core Business 508
Slide 34: 3Q24 Segmental Analysis II
3Q24 Segmental Analysis ΙI FY LTM € million, IFRS 3Q 3Q 9M 9M 2023 3Q Volume (M/T'000) 2023 2024 Δ% 2023 2024 Δ% 15,438 16,109 Refining, Supply & Trading 3,844 4,163 8% 11,483 12,153 6% 276 265 Petrochemicals 73 58 -20% 210 200 -5% 5,889 6,019 Marketing 1,759 1,869 6% 4,447 4,577 3% 658 677 RES (GWh
Slide 35: Q&A
+ Q&A
Slide 36: 6. Appendix
6. Appendix
Slide 37: 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 38: ESG Ratings
ESG Ratings 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 52* 100 0 2022 Top percentile (85)* Oil & Gas Refining & Marketing ESG Risk Rating: Medium (May 2024) / Qualitative 28.4** 0 100 2022 Performance
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: 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 44: 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 44