HELLENiQ ENERGY Posts €1.162 Billion in Q3 Adjusted EBITDA

HELLENiQ ENERGY Holdings S.A. posted adjusted EBITDA of €1.162 billion in the third quarter of 2026, more than tripling its year-earlier result as higher benchmark refining margins and stronger export netbacks supported earnings.

Adjusted net income climbed to €808 million from €186 million in the same period of 2025. Group sales rose 54% to €5.113 billion from €3.312 billion. The company’s adjusted measures account for inventory valuation effects, nonoperational or extraordinary items and the accounting treatment of a CO₂ allowance deficit.

The Refining, Supply and Trading division generated €1.051 billion in adjusted EBITDA. Its benchmark refining margin averaged $30.1 per barrel, compared with $8.5 a year earlier, while its realized margin was about $49 per barrel. The division produced 4.1 million metric tons and sold 4.2 million metric tons of products.

Exports made up 46% of the division’s sales volume. Diesel and jet-fuel exports totaled 0.9 million metric tons. The results also included positive contributions from the company’s petrochemicals, marketing and power businesses.

“The biggest achievement was the uninterrupted availability and high production runs of our refineries,” CEO Andreas Shiamishis said.

For the first nine months of 2026, adjusted EBITDA reached €1.896 billion and adjusted net income was €1.201 billion. Free cash flow totaled €1 billion, and investments were €565 million during the period.

Net debt stood at €1.506 billion as of Sept. 30, down about €600 million from year-end 2025. The company’s gearing was 26% and leverage was 0.7 times at the end of the nine-month period.

Its portfolio includes refining, product trading, petrochemicals, fuel marketing, power, gas and renewable energy. The company has operations in eight countries, with shares listed in Athens and global depositary receipts listed in London.

The board approved an interim dividend of €0.40 per share. Payments are scheduled to begin Jan. 25, 2027.