Hellenic Petrol Company Research (0K9U)

HELLENiQ reported strong Q126 results, with adjusted EBITDA of €293m up 63% y-o-y despite the planned turnaround at the Aspropyrgos refinery. The quarter benefited from exceptionally strong refining conditions, continued realised margin outperformance and a growing contribution from the Power and Renewables business. Reported net income was €284m, versus €11m in Q125, although on an adjusted basis, stripping out inventory effects and other one-offs, adjusted net income rose to €140m from €55m in Q125. The Refining business was the largest absolute contributor to the increase in EBITDA, although all businesses delivered stronger year-on-year performances, except for Petrochemicals, which delivered adjusted EBITDA of €1m versus €8m in Q125, although HELLENiQ expects this to recover in coming quarters.