06 Aug HELLENiQ Energy Announces Second Quarter / First Half 2026 Interim Results
(Oilandgaspress) 06/08/26, – HELLENiQ ENERGY announced its consolidated financial results for 2Q26, against a backdrop of increased geopolitical uncertainty in international energy markets, driven by the escalation of the Middle East crisis and the ongoing conflict between Ukraine and Russia. In this challenging operating environment, the Group remained focused on strengthening its operational resilience, proactively managing market risks, and ensuring the seamless energy supply to the markets in which it operates. At the same time, it capitalized on opportunities in international markets, and, supported by its new structure in its supply and trading business, delivered higher profitability from international trading activities.
2Q26 Adjusted EBITDA amounted to €442m, while Adjusted Net Income reached €253m, materially higher y-o-y, mainly due to improved performance in the Refining, Petrochemicals and Marketing businesses, as well as the increased contribution from Power.
The sharp increase in crude oil prices resulted in Reported EBITDA of €849m, primarily reflecting positive inventory valuation effects, which represent accounting rather than cash earnings. It should be noted that these inventory gains more than offset the corresponding losses recorded in 2025 and were mainly driven by the higher strategic and operational inventory levels maintained in response to the exceptional market conditions.
At operational level, the Group leveraged its refining flexibility and production base, promptly adjusting its feedstock mix while ensuring the normal operation of its facilities. Production remained focused on middle distillates, with diesel and aviation fuels accounting for 56% of total output. Our refineries supplied more than 60% of domestic fuel demand, while exports at 1.7m MT represented 48% of total product sales volume.
In Exploration and Production, HELLENiQ ENERGY signed an agreement with Chevron for its 70% participation in the offshore Block 10 concession in the Southern Ionian Sea, further expanding the strategic partnership between the two companies to five offshore exploration blocks in Greece.
In Renewables, Power and Gas, Adjusted EBITDA amounted to €22m, compared with €11m in the corresponding period last year, due to the consolidation of Enerwave in the Group’s financial statements from 15 July 2025. Total RES and thermal installed capacity amounted to 1.4 GW, while the corresponding electricity production stood at 0.8 TWh. Good progress was made on the construction of renewable energy projects outside Greece, while we also continued to advance the development of energy storage projects.
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