FY 2025 financial results
https://www.moh.gr | March 2026
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March 2026 | 2
ContentsFY-2025 Financial Results Highlights
Industry Indicators
Segments' Review
Key Financials FY-2025
https://www.moh.gr | March 2026
FY-2025 Financial Results
Highlights
https://www.moh.gr | March 2026
Full-Year 2025 Highlights - Motor Oil Group
Turnover € 11.5bn | EBITDA € 1.1bn | Net Income € 648m |
-6% y/y | +10% y/y | +128% y/y |
Investments € 612m | Adj. EBITDA € 1.2bn | Adj. Net Income € 757m |
vs. 433m in FY24 | +21% y/y | +50% y/y |
Net Debt € 1.58bn | Free Cash Flow € 347m | DPS € 1.75 |
vs. 1.73bn in FY24 | vs. 7m in FY24 | vs. 1.40 in FY24 |
Notes: Net Income is calculated after minorities. Adjusted figures exclude the period's inventory valuation impact & net solidarity contribution in 2024. Net Debt includes IFRS 16.
Group Financial Performance Q4 & FY 2025
(EUR m) | Q4 2024 | Q4 2025 | FY 2024 | FY 2025 |
Revenues | 2,819 | 3,006 | 12,188 | 11,482 |
EBITDA | 198 | 296 | 967 | 1,059 |
Earnings before tax | 102 | 243 | 641 | 827 |
Earnings after tax & minorities | 63 | 197 | 283 | 648 |
EPS (EUR) | 0.58 | 1.82 | 2.62 | 5.98 |
Adj. EBITDA | 173 | 357 | 995 | 1,199 |
Refining | 105 | 280 | 725 | 913 |
Fuels Marketing | 28 | 21 | 125 | 131 |
Power & Gas | 34 | 35 | 131 | 111 |
Other | 6 | 24 | 16 | 59 |
Elimin./Adjust. | 1 | -4 | -2 | -14 |
Adj. Earnings after tax & minorities | 44 | 244 | 504 | 757 |
Adj. EPS (EUR) | 0.40 | 2.26 | 4.67 | 6.99 |
Capex | 128 | 176 | 315 | 580 |
Net Debt | 1,729 | 1,579 | 1,729 | 1,579 |
Simpl. Cash Flow | 70 | 119 | 652 | 480 |
Notes: Adjusted figures exclude the period's inventory valuation impact & €199m net solidarity tax in 2024. Net Debt includes IFRS 16. Simplified Cash Flow = EBITDA less Capex.
IndustryIndicators
https://www.moh.gr | March 2026
Refining Macro Indicators (period avg.)
EUR-USD
Brent
4Q25
3Q25
2Q25
1Q25
4Q24
64
1.052
1.068
69
68
1.163
1.168
1.134
76
75
Brent DTD (USD/bbl) & EUR-USD
Jet
ULSD
Gasoline
4Q25
3Q25
2Q25
16.5
14.0
14.5
10.2
1Q25
17.7
13.3
9.8
4Q24
15.9
25.7
17.0
25.1
20.1
17.2
16.1
28.2
Light, Mid-distillates Cracks (USD/bbl)
4Q25
3Q25
2Q25
1Q25
4Q24
-4.8
-3.6
-2.5
-2.2
-1.3
Crude Differentials (USD/bbl)
Basrah Medium vs. Brent
HSFO
LSFO
-8.5
4Q25
3Q25
2Q25
1Q25
4Q24
-6.4
-6.3
-5.8
-4.3
-4.9
-3.5
-2.5
-0.8
0.1
Fuel Oil Cracks (USD/bbl)
560
566
538
143
147
146
147
134
137
131
140
2023
2024
2025
2025: -4.9% y/y
LPG
2,132
2,183
2,217
2023
2024
2025
2025: +1.5% y/y
Gasoline
2023
2024
2025
2025: +2.2% y/y
Auto Diesel
Fuels Marketing Domestic Consumption Greece (k MT)139 | 514 | 527 | 530 | |||
138 | 619 | 636 | 651 | |||
126 | 541 | 549 | 562 | |||
134 | 458 | 472 | 475 |
2,777 | 2,884 | 2,948 | ||
693 | 711 | 720 | ||
777 | 805 | 814 | ||
717 | 751 | 776 | ||
590 | 617 | 636 |
786
805
881
374
415
2023
2024
2025
2025: +9.4% y/y
Heating Diesel
413
34
356
46
366
74
394
1,443
1,619
1,714
114
2023
135
2024
147
2025
2025: +5.9% y/y
Jet
415
505
487
649
713
761
265
283
301
2,721
2,762
2,791
2023
2024
2025
2025: +1.1% y/y
Bunker FO & Diesel
575
634
582
751
707
725
849
753
804
616
618
661
1Q | 2Q | 3Q | 4Q | FY |
Note: data excluding PPC and army.
180
150
120
90
60
30
0
Greek Electricity Wholesale Prices (EUR/MWh, avg.)
60
50
40
30
20
10
0
Natural Gas TTF (EUR/MWh, avg.)
100
80
60
40
20
0
EUAs (EUR/MT, avg.)
Oct-23
Oct-23
Dec-23
Dec-23
Feb-24
Feb-24
Apr-24
Apr-24
Jun-24
Jun-24
Aug-24
Aug-24
Oct-24
Oct-24
Dec-24
Dec-24
Feb-25
Feb-25
Apr-25
Apr-25
Jun-25
Jun-25
Aug-25
Aug-25
Oct-25
Oct-25
Dec-25
Dec-25
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Apr-25
Jun-25
Aug-25
Oct-25
Dec-25
Power & Gas Macro indicatorsGreek Electricity Production (TWh) & Mix | ||||
10.2 9.8 13.5 11.1 11.8 12.4 14.5 13.3 13.6 11.9 15.6 13.3 51% 51% 45% 47% 50% 51% 45% 47% 43% 55% 52% 43% 8% 8% 9% 11% 8% 7% 8% 4% 5% 7% 7% 7% 27% 34% 37% 31% 33% 38% 42% 42% 44% 36% 38% 44% 14% 7% 9% 11% 9% 4% 6% 7% 8% 2% 3% 6% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 | ||||
Lignite | Natgas | Hydro | RES | |
Review
https://www.moh.gr | March 2026
Group Financial Performance Per Segment
FY-2025 (EUR m) | Refining | Fuels Marketing | Power & Gas | Other | Eliminations/ Adjustments | Total |
Revenues | 8,054 | 4,755 | 708 | 288 | -2,322 | 11,482 |
EBITDA | 782 | 122 | 111 | 59 | -14 | 1,059 |
Earnings Before Tax | 795 | 26 | -17 | 56 | -32 | 827 |
Capex | 229 | 77 | 253 | 24 | -4 | 580 |
Net Debt | 239 | 546 | 914 | -80 | -39 | 1,579 |
Simpl. Cash Flow | 552 | 45 | -143 | 35 | -10 | 480 |
FY-2024 (EUR m) | Refining | Fuels Marketing | Power & Gas | Other | Eliminations/ Adjustments | Total |
Revenues | 8,936 | 4,802 | 795 | 131 | -2,476 | 12,188 |
EBITDA | 705 | 117 | 131 | 16 | -2 | 967 |
Earnings Before Tax | 620 | 19 | 22 | 14 | -34 | 641 |
Capex | 201 | 62 | 62 | 28 | -38 | 315 |
Net Debt | 513 | 552 | 792 | -71 | -58 | 1,729 |
Simpl. Cash Flow | 504 | 55 | 69 | -13 | 36 | 652 |
Notes: Simplified Cash Flow = EBITDA less Capex. Net Debt includes IFRS 16. | ||||||
Refining Segment Performance Q4 & FY 2025
Q4 2024 | Q4 2025 | FY 2024 | FY 2025 | |
Brent DTD (USD/bbl, avg) | 75 | 64 | 81 | 69 |
USD (avg) | 1.068 | 1.163 | 1.082 | 1.130 |
Benchmark margin (USD/MT) | 57 | 116 | 76 | 87 |
MOH ref. margin (USD/MT) | 72 | 101 | 86 | 81 |
MOH adj. ref. margin (USD/MT) | 63 | 119 | 88 | 92 |
Processed Volume (MT k) | 2,373 | 3,494 | 12,004 | 12,344 |
Production (MT k) | 2,196 | 3,317 | 11,288 | 11,636 |
Sales Volume (MT k) | 3,178 | 3,842 | 13,243 | 13,638 |
Production | 2,221 | 3,222 | 11,410 | 11,373 |
Trading | 958 | 620 | 1,833 | 2,265 |
Sales (EUR m) | 1,960 | 2,133 | 8,936 | 8,054 |
EBITDA (EUR m) | 130 | 219 | 705 | 782 |
Adj. EBITDA (EUR m) | 105 | 280 | 725 | 913 |
Capex (EUR m) | 73 | 66 | 201 | 229 |
Net Debt (EUR m) | 513 | 239 | 513 | 239 |
Notes: MOH refining margin refers to the blended margin (production & trading) of the refining segment. Adjusted figures exclude the period's inventory valuation effect. FY25 EBITDA includes insurance compensation EUR238m for business interruption (FY24 EUR40m) after the Sept. 2024 incident at Corinth refinery. Net debt includes IFRS 16.
Refining Segment Processed Volume & Crude Mix Refining Processed Volume (k MT) Crude Runs' Mix
12,700
3,252
11,951
13,179
14,262
6,927
5,417
8,809
3,894
3,244
12,703 12,004 12,344
Libya, 22%
Kazakhstan, 4%
9,158
5,105
3,305
3,725
31%
27%
44%
FY-2025
69% 8,759
9,454
8,646
9,449
73%
56%
2,373
3,494
696 20%
1,334
56% 2,798
1,039 44%
80%
Iraq, 74%
2019 2020 2021 2022 2023 2024 2025 Q4-2024 Q4-2025
Crude | Other Feedstock | Total |
Refining Segment Production & Yields
(k MT)
2,568
1,501
1,453
1,944
281
191
87
Total 12,004
2023
12% 16%
33%
13%
21%
1%
2%
2%
3,979
3,615
2,520
1,603
1,929
1,033
333
220
3%
2024
2%
35
0%
23%
14% 32%
9% 17%
Total 11,288
2,426
1,373
1,586
1,766
313
204
3%
2025
2%
46
0%
21%
12% 34%
13% 15%
Total 11,636
3,922
1,125
640
491
487
404
86 | 51 | 34 | |||||
3% | 2% | 0% | 19% | 15% | 34% | 15% | 12% |
Q4-2025 Total 3,317 | |||||||
Lubricants | Liquid Gases | Naphtha | Gasolines | Jet Fuels | Diesels/Gas Oils | Special Products | Fuel Oils |
Refining Segment Sales per Market, Country & Product
Sales Volume per Market (k MT)
Revenue Mix by Country
14,458
1,685
12,703
737
14,319
780
13,993
1,210
13,412
1,289
13,243
1,371
13,638
1,452
10,225
11,465
9,735
10,672
9,623
8,851
8,388
3,178
220
2,074
884
3,842
300
2,449
1,092
Other, 22%
Turkey, 2%
Egypt, 2%
Croatia, 3%
Lebanon, 5%
USA, 7%
Libya, 7%
FY25
Gibraltar, 8%
Greece - Civil, 32%
Greece - Shipping/ Aviation, 12%
2,547 | 2,231 | 2,074 | 2,111 | 2,500 | 3,020 | 3,798 | ||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Revenue Mix by Product
Note: Revenue mix by country refers to country of shipment.
Q4-2024 Q4-2025
Asphalt 6%
Fuel Oil 8%
Jet 16%
Lubes 3%
Other 9%
Domestic | Exports | Shipping-Aviation | Total |
FY25
Gasoil 37%
Gasoline 21%
Refining Segment Margins
(USD/MT)
145
134
140
128
112
92
102
88
86
76
81
46
48
45
55
28
47
119
26 22 20
87
104 101
116
101
72
96
65
72
68
63
55
61
57 60
2019 2020 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25
MOH Reported | MOH Adjusted | Benchmark Mild Hydrocracking MED |
Notes: MOH refining margin refers to the blended margin (production & trading) of the refining segment.
Adjusted margin excludes the period's inventory valuation effect. Benchmark margin is based on S&P Global data.
Fuels Marketing Segment Performance Q4 & FY 2025
Q4 2024 | Q4 2025 | FY 2024 | FY 2025 | |
# of service stations (eop) | c.1,540 | c.1,540 | c.1,540 | c.1,540 |
Sales volume (MT k) | 1,021 | 1,034 | 3,780 | 3,947 |
of which in Greece | 958 | 968 | 3,525 | 3,670 |
Sales (EUR m) | 1,209 | 1,204 | 4,802 | 4,755 |
EBITDA (EUR m) | 28 | 21 | 117 | 122 |
Adj. EBITDA (EUR m) | 28 | 21 | 125 | 131 |
Capex (EUR m) | 28 | 38 | 62 | 77 |
Net Debt (EUR m) | 552 | 546 | 552 | 546 |
Notes: Adjusted EBITDA excludes inventory valuation effect. Net debt includes IFRS 16.
6%
Stations
94%
9%
Turnover
91%
21%
EBITDA
79%
Greece
International
Power & Gas Segment Performance Q4 & FY 2025
(EUR m) | Q4 2024 | Q4 2025 | FY 2024 | FY 2025 |
Sales | 200 | 172 | 795 | 708 |
EBITDA | 34 | 35 | 131 | 111 |
Capex | 30 | 63 | 62 | 253 |
Net Debt | 792 | 914 | 792 | 914 |
RES operating capacity (MW, eop) | 839 | 847 | 839 | 847 |
RES power production (MWh) | 475,984 | 411,257 | 1,721,996 | 1,497,125 |
Capacity factor | 25.7% | 22.0% | 23.4% | 20.3% |
Electricity retail market share (eop) | 4.8% | 4.0% | 4.8% | 4.0% |
# of public EV charging points (eop) | 1,629 | 1,937 | 1,629 | 1,937 |
Notes: Net debt includes IFRS 16. |
FY-2025
https://www.moh.gr | March 2026
March 2026