Q1 2026 Motor Oil Hellas Corinth Refineries SA Earnings Call Transcript
Key Points
- Motor Oil (Hellas) Corinth Refineries SA (MOHCY) reported a stellar financial performance in Q1 2026, with revenues up by 25% to $3.4 billion.
- EBITDA more than doubled year on year to $546 million, and net profit surged to $332 million from $85 million a year ago.
- The company successfully adjusted its crude sourcing strategy, reducing reliance on Iraqi crude and testing 8 to 10 different types of crude.
- The refining margins have sustained or exceeded historic levels, driven by tight product balances and resilient demand.
- Net debt declined by $317 million, standing at below $1.3 billion at the end of the quarter, showcasing strong cash flow generation.
- The scarcity of oil products from the Persian Gulf drove middle distillate cracks to multi-year highs, impacting supply dynamics.
- Fuel consumption in Greece fell by 1% in the first quarter, with civil market down 1.4%.
- The dollar depreciated materially compared to Q1 2025, weighing on the company's results.
- Net financial costs increased due to a EUR29 million derivative loss from hedging arrangements.
- The circular economy segment's EBITDA remained flat year on year, reflecting inherent seasonality and limited growth in the short term.
Ladies and gentlemen, thank you for standing by. I am [Konstantinos], your chorus call operator. Welcome and thank you for joining the Motor Oil conference call and live webcast to present and discuss the first quarter 2026 financial results. All participants will be in listen-only mode and the conference is being recorded. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Petros Tzannetakis, Deputy Chief Executive Officer and Ms. Mary Psyllaki, Investor Relations Officer. Mr. Tzannetakis, you may now proceed.
Hello to all of you. Good evening, good afternoon, good morning to some of you. We are here for the Q1 results. We have some new faces in the room, new as far as attending the conference call physically because they attended through Teams. So we have our new General Manager of Supply and Trading, Spiros Svoronos, and we have Mike Sachpazoglou, who is
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