Despite – as reported – the reduced production, due to the scheduled full turnaround at the Elefsina refinery, HELLENiQ ENERGY announced an improvement in the second quarter compared to the first quarter, maintaining profitability very close to last year’s figures.
Adjusted EBITDA amounted to 221 million euros and Adjusted Net Profit to 72 million euros, while reported EBITDA amounted to 112 million euros, mainly due to the decrease in international crude oil prices during the second quarter of 2025 and the corresponding effect on the valuation of reserves.
In the second quarter, HELLENiQ Petroleum Trading, which is based in Switzerland and conducts transactions on behalf of its parent company HELLENiQ Petroleum, began operations, aiming, as noted, to optimally utilize the group’s significant position in the petroleum products market and to expand HELLENiQ ENERGY’s presence in the international market.
Acquisition of ready-to-build projects with a total capacity of 405 MW
Earlier, the acquisition of ready-to-build projects with a total capacity of 405 MW in Romania and Bulgaria was announced, while on July 15, 2025, the acquisition of ELPEDISON was completed for a total consideration of 164 million euros, plus adjustments of 19 million euros. This development creates a fully vertically integrated electricity and natural gas production and distribution scheme, through the combined use of HELLENiQ Renewables and ELPEDISON.
Domestic demand up 6%
Domestic market demand reached 1.6 million tonnes in the second quarter of 2025, up 6% year-on-year, with automotive fuel consumption improving by 3% compared to the same period last year. Demand for aviation fuel increased by 4%, while for marine fuel by 6%, supported by the introduction of new specifications regarding sulfur content in the Med, which became effective on 1 May 2025.
Andreas Shiamishis, Group CEO, commented on the results:
“In 2Q25, we successfully and safely completed the scheduled maintenance at the Elefsina refinery, enabling the materialization of improved market conditions during 3Q25. Our financial performance, with Adjusted EBITDA of €221 million, marks a return to a positive trajectory. With Elefsina back in operation, we anticipate even stronger results ahead. The improved performance of our Marketing subsidiaries, both in Greece and internationally, contributed substantially to this positive result.
As part of our strategic focus on international expansion, we launched our new office in Switzerland, dedicated to international crude oil and products trading. Our goal is to capture commercial opportunities and further leverage our strategic position in the Eastern Mediterranean.
In the renewable energy sector, we expanded our portfolio with ready-to-build projects in Romania and Bulgaria – two growing markets – securing the achievement of our interim target of 1.5 GW of capacity, with improved economic returns.
Finally, the completion of the ELPEDISON acquisition in July 2025 marks the commencement of a period of autonomous presence in the electricity and natural gas sector. We are now able to implement substantial changes to our commercial strategy and realize synergies with our significant investments in both RES and our core operations.”
