Last close As at 05/08/2026
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Market capitalisation
EUR3,986m
Research: Energy & Resources
HELLENiQ ENERGY delivered solid Q124 results, with group sales of €3,278m up 5.3% y-o-y, IFRS EBITDA of €350m up 25.4% y-o-y and adjusted EBITDA (mainly stripping out inventory effects) of €338m down 16% compared with Q123. The decrease in adjusted EBITDA was primarily due to the y-o-y decline in refining margins. Net income was up 16% y-o-y to €179m, while adjusted net income fell 35% y o y to €164m, for the same reason. HELLENIQ’s refining business had a good quarter, with volumes increasing 8.1% to 3.987m tonnes and sales increasing 5.5% to €2,963m. The company made progress on its debt restructuring, refinancing €1bn of facilities at a notable margin reduction, extending the average maturity profile by one year.
HELLENiQ ENERGY |
Solid Q1, with a strong operational performance |
Q124 results |
Oil and gas |
21 May 2024 |
Share price performance
Business description
Analysts
HELLENiQ ENERGY is a research client of Edison Investment Research Limited |
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HELLENiQ ENERGY delivered solid Q124 results, with group sales of €3,278m up 5.3% y-o-y, IFRS EBITDA of €350m up 25.4% y-o-y and adjusted EBITDA (mainly stripping out inventory effects) of €338m down 16% compared with Q123. The decrease in adjusted EBITDA was primarily due to the y-o-y decline in refining margins. Net income was up 16% y-o-y to €179m, while adjusted net income fell 35% yoy to €164m, for the same reason. HELLENIQ’s refining business had a good quarter, with volumes increasing 8.1% to 3.987m tonnes and sales increasing 5.5% to €2,963m. The company made progress on its debt restructuring, refinancing €1bn of facilities at a notable margin reduction, extending the average maturity profile by one year.
Year end |
Revenue (€bn) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
9.2 |
407 |
1.1 |
0.1 |
7.9 |
1.1 |
12/22 |
14.5 |
1,420 |
2.9 |
1.2 |
3.0 |
13.8 |
12/23 |
12.8 |
604 |
1.6 |
0.9 |
5.4 |
10.3 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The Q124 results were supported by the somewhat favourable refining environment and an excellent operational performance from HELLENiQ, against declining benchmark margins both year-on-year and since Q1. Q124 refining volumes increased by 8.1% y-o-y to 3.987m tonnes, while average price/mix declined 2.4% yoy. Capacity utilisation rose from 102% in Q123 to 109% in Q124. Group net production was up 5.3% y-o-y and gross production was up 7.1% with all three refineries reporting higher volumes. HELLENiQ commented that the April benchmark refining margins were at lower levels compared to the average for Q1, but still at a good absolute level compared to history. In the petrochemicals business, volumes increased 5.4% y-o-y and adjusted EBITDA was up 56% due to a 9pp rise in margins from 17% to 25%, helped by higher polypropylene prices and Red Sea end product supply disruptions into Europe.
The renewable business continued to improve its contribution to the group, although still moderate at 3.3% of group adjusted EBITDA. In Q1, installed capacity rose 11.7% to 381MW, sales rose 11.0% to €13m and EBITDA rose 6.0% to €11m, with sales and EBITDA held back somewhat by weather and curtailment issues, according to the company. This business remains firmly in growth mode, with installed capacity set to rise from 381MW at end-Q1 to close to 600MW by end-2024 and 1GW by the end of 2025. Q124 capex for solar was €40m, above the FY23 investment of €32m. The company’s objective remains to increase capacity to 2GW by 2030.
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Research: Real Estate
Triple Point Social Housing REIT’s (SOHO’s) Q124 update confirms a continuing improvement in rent collection. The newly set FY24 DPS target is unchanged compared to FY23 at 5.46p as the board considers the impact of asset sales and transfers. This represents a yield of 9.0%. Strong indexed rental income continues to support income and capital values.