Q1 2026 HELLENiQ ENERGY Holdings SA Earnings Call Transcript
Key Points
- HELLENiQ ENERGY Holdings SA completed the Aspropyrgos refinery major turnaround safely, on time, and on budget, marking the largest maintenance turnaround in over 35 years.
- The company successfully adapted its supply chain to address the crisis in the Hormuz Strait, ensuring continued supply to Greece and other markets.
- The first quarter saw a positive financial performance with nearly EUR300 million of clean EBITDA, driven by the Refining, Supply & Trading business and the consolidation of Enerwave.
- The company has made significant progress in its E&P activities, including the completion of the Chevron-HELLENiQ joint venture process and plans for drilling in North Ionian.
- HELLENiQ ENERGY Holdings SA is expanding its power business, with the consolidation of Enerwave enhancing capabilities in gas power production and renewables, and plans to reach 1.5 gigawatts of renewable capacity by 2028.
- The Aspropyrgos turnaround temporarily affected refining volumes and increased working capital and net debt due to supply chain disruptions and commodity price environment.
- There is a cautious outlook for the rest of the year due to geopolitical uncertainties, particularly regarding the Strait of Hormuz and Russian hydrocarbons.
- Gasoline cracks came under significant pressure in April, affecting refining margins.
- The petrochemical business faced challenges with low margins and the need to import propylene due to the Aspropyrgos turnaround.
- HELLENiQ ENERGY Holdings SA faces increased competition in the renewables sector, which could impact potential returns as they progress toward their 2 gigawatt target by 2030.
Ladies and gentlemen, thank you for standing by. I'm Vassilios, your chorus call operator. Welcome, and thank you for joining the HELLENiQ ENERGY Holdings conference call and live webcast to present and discuss the first quarter 2026 financial results.
At this time, I would like to turn the conference over to HELLENiQ ENERGY Holdings management team. Gentlemen, you may now proceed.
Thank you very much, and we appreciate the time to sit through the results presentation for the first quarter of '26. Overall, a very good quarter for us on a number of fronts as a company. First of all, we've managed to complete the Aspropyrgos refinery major turnaround safely, on time, on budget. And the refinery is back in operation with, hopefully, all of the expected benefits from this extensive -- I would say it's probably the largest turnaround -- maintenance turnaround since the start of the new refinery, so over 35 years actually. So
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