HELLENiQ ENERGY — Record volumes and recovering margins

HELLENiQ ENERGY (ASE: ELPE)

Last close As at 18/11/2025

EUR8.09

−0.03 (−0.37%)

Market capitalisation

EUR2,482m

More on this equity

Research: Energy & Resources

HELLENiQ ENERGY — Record volumes and recovering margins

HELLENiQ ENERGY delivered record sales volumes in the Refining business of 4.3Mt and a strong year-on-year and sequential improvement in Refining adjusted EBITDA to €264m in Q3. Realised refining margins improved to $17.2/bbl, from $13.8/bbl in Q225, and up from $10.9/bbl during Q324. Q325 group adjusted EBITDA doubled year-on-year to €365m, driven by improved uptime post the Elefsina turnaround, the stronger refining margins and robust international sales. The Marketing business reported record quarterly adjusted EBITDA of €68m, supported by volume growth in both domestic and regional markets, continued network footprint optimisation and improved operational efficiency. This was also the first quarter of full consolidation of Enerwave (formerly ELPEDISON). Group adjusted net income reached €186m and an interim dividend of €0.20 per share was declared.

Written by

Andrew Keen

Managing director, head of content, energy and resources, industrials

Oil & gas

Q325 results

19 November 2025

Price €8.20
Market cap €2,482m

Shares in issue

305.6m
Code ELPE
Primary exchange ATHENS
Secondary exchange LSE
Price Performance

Business description

HELLENiQ ENERGY operates three refineries in Greece with a total capacity of 342kbd. It has sizeable domestic and international marketing and petrochemicals businesses, and a fast-growing renewables business that has current capacity of 0.5GW and a target to reach 2GW by 2030.

Analysts

Andrew Keen
+44 (0)20 3077 5700
Nick Paton
+44 (0)20 3077 5700

HELLENiQ ENERGY is a research client of Edison Investment Research Limited

Note: PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Year end Revenue (€m) PBT (€m) EPS (€) DPS (€) P/E (x) Yield (%)
12/22 14,508.0 1,421.0 2.91 1.15 2.8 14.0
12/23 12,803.0 604.0 1.56 0.90 5.3 11.0
12/24 12,768.0 326.0 0.20 0.75 41.0 9.1

Refining, Supply & Trading adjusted EBITDA rose to €264m in Q3, underpinned by high utilisation and supportive product cracks. Benchmark refining margins averaged $8.5/bbl, up from $3.1/bbl in Q324 and improving on sequential quarters (Q2: $5.7/bbl; Q1: $5.1/bbl) as unplanned outages and low inventories lifted diesel and gasoline spreads. Group sales volumes reached a quarterly record 4.3Mt, with exports contributing 47% of the total. Increased availability following the June Elefsina turnaround supported output. Management remains cautiously optimistic on the back of regional demand and supply constraints.

The acquisition of ELPEDISON was completed on 15 July 2025. The business has been rebranded as Enerwave and is targeting greater cross-group integration through product innovation, customer platform upgrades and collaboration across renewables platform (RES), trading and retail units. Combined thermal and RES capacity reached 1,346MW in Q3, with segment adjusted EBITDA rising to €32m, up from €13m in Q324. Long-term cost and commercial synergies are expected to be €30m by 2030.

HELLENiQ announced an agreement with ExxonMobil and Energean on the Block 2 farm in the Ionian Sea, with ExxonMobil acquiring a majority stake and HELLENiQ retaining 10%. Concurrently, the HELLENiQ-Chevron joint venture has been declared the preferred bidder in four offshore blocks in Southern and Western Greece. Separately, HELLENiQ’s RES contributed €15m in EBITDA during Q3. Total installed RES capacity reached 506MW, with 616MW in Southeast Europe and 350MW in Greece under development in the pipeline. The company reiterated its 2028 target of 1.5GW installed capacity.

General disclaimer and copyright

This report has been commissioned by HELLENiQ ENERGY and prepared and issued by Edison, in consideration of a fee payable by HELLENiQ ENERGY. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright 2025 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on HELLENiQ ENERGY

View All

Latest from the Energy & Resources sector

View All Energy & Resources content

Energy & Resources

HELLENiQ ENERGY — Record volumes and recovering margins

Energy & Resources

Rubis — Positive Q3 trading update

Energy & Resources

bp — Solid Q325 results, portfolio progress

Energy & Resources

bp — bp updates Bumerangue

Research: Financials

Halyk Bank — Majority owner eyes the sale of a minority stake

Halyk Bank today announced the launch of a fully marketed offering and bookbuilding process for international and domestic investors for at least 12m global depository receipts (GDRs), representing c 4% of Halyk’s outstanding common shares. The GDRs are offered for sale by Halyk’s majority shareholder (ALMEX Holding Group), which currently holds a 69.5% stake (the remaining 30.5% is considered free float). Therefore, Halyk will not issue any new shares nor raise fresh capital in the process. The announcement follows an earlier declaration by ALMEX that, following feedback received from the investment community, it is evaluating ways to improve the liquidity of Halyk’s shares and GDRs, including a potential partial sale of its stake. The offering should also help diversify Halyk’s shareholder base. ALMEX will retain a majority stake in Halyk and remain fully committed to the bank’s long-term success.

Continue Reading