Q3 2025 HELLENiQ ENERGY Holdings SA Earnings Call Transcript
Key Points
- HELLENiQ ENERGY Holdings SA reported a record refining sales volume of 4.3 million tonnes, driven by high production levels.
- The company achieved an adjusted EBITDA of EUR365 million for the quarter, doubling the figure from the same period last year.
- The marketing segment delivered record results both in Greece and internationally, contributing significantly to the overall performance.
- The integration of EnerWave has been successful, contributing to the company's green utility segment and enhancing overall profitability.
- The company is on track to exceed its internal benchmark of EUR1 billion in adjusted EBITDA for the year, supported by strong operating cash flows.
- The petrochemicals business is facing a difficult cycle due to overcapacity, resulting in much lower returns than the mid-cycle levels.
- There is limited room for increasing production further in the refineries, as they are already operating at high utilization rates.
- The company faces challenges in the gasoline market due to ongoing issues with the RFCC and disruptions from Russia.
- The Suez situation remains uncertain, affecting the company's logistics and working capital requirements.
- The green utility segment experienced lower adjusted EBITDA due to weaker market conditions and grid unavailability at one of the sites.
Ladies and gentlemen, thank you for standing by. I'm Vassilios, your call operator. Welcome and thank you for joining the Hellenic Energy Holdings conference call and live webcast to present and discuss the third quarter and nine months of 2025 Financial Results.
Thank you very much. Good afternoon to everybody. We're going to be talking a little bit about our third quarter performance over the next half an hour to an hour. And at the end, try and see if there are any questions that we can answer and maybe give you a bit of an insight into how we see the rest of the year closing. The backdrop, first of all, we have a market which is positive for the downstream business, a relatively low level of absolute prices, low levels both in terms of the commodity price, but also in terms of the Euro-Dollar exchange rate, because that effectively translates into lower Euro prices in the domestic market.
That, combined with a regional, mostly supply-led shortage of products, especially limited
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