14 May HELLENiQ ENERGY delivers strong earnings
(Oilandgaspress) -–HELLENiQ ENERGY has published its Q1 2026 results, posting a strong set of earnings against a backdrop of acute geopolitical disruption in global energy markets.
Financial highlights:
• Adjusted EBITDA for the quarter reached €293m, up sharply year on year, driven by stronger refining performance, increased trading contribution and the full consolidation of Enerwave.
• Adjusted net income came in at €140m, reflecting improved underlying profitability despite continued market volatility.
Beyond the numbers, these results are the first that the company has released since the crisis in the Persian Gulf began, which has disrupted crude, product and LNG flows, driven sharp increases in refining margins and freight rates, and tightened availability of middle distillates across Europe. During the quarter, the company moved rapidly to replace crude volumes previously sourced via the Gulf, leveraging a diversified international supply network and the flexibility of its refining system.
With 16mt of annual refining capacity and exports accounting for close to 50% of total sales, the Group maintained uninterrupted supply while increasing production of diesel and jet fuel, both of which remain in structural deficit across Europe, reinforcing its role as a key regional supplier at a time of heightened geopolitical uncertainty.
Commenting on the results, CEO Andreas Shiamishis said: “Since the end of February, the international energy market has faced a new and severe crisis in the Middle East, which has significantly affected the global supply of crude oil, petroleum products, and natural gas, driving both uncertainty and prices to exceptionally high levels. This development came on top of the already stretched conditions in Eastern Europe resulting from previous sanctions, creating additional pressure on global supply chains.”
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