Operationally excellent, offset by crude prices

HELLENiQ ENERGY delivered a resilient Q225 performance despite lower oil prices and the planned maintenance at the Elefsina refinery. Group sales fell 25.7% y-o-y to €2,433m, with reported EBITDA down 38.5% to €112m and adjusted EBITDA 4.7% lower at €221m. The relatively modest decline in adjusted EBITDA reflected higher output from the Aspropyrgos and Thessaloniki plants, stronger realised refining margins, improved domestic demand and a record international performance, offsetting the impact of the turnaround and a weaker petrochemicals performance. Adjusted net income was broadly flat at €72m (-1.4% y-o-y), while reported net income turned negative due to a significant decline in crude prices.