Q2 2026 HELLENiQ ENERGY Holdings SA Earnings Call Transcript
Key Points
- Record half-year financial performance with adjusted EBITDA of $442 million in Q2 and over $100 million for the half-year, driven by strong refining margins and operational excellence.
- Successful completion of the Aspropyrgos refinery turnaround with excellent safety records, leading to improved performance and higher production volumes.
- Strong margin capture and overperformance due to effective crude supply management, trading agility, and maximization of middle distillate production amid supply disruptions.
- Positive outlook for refining margins in 2027 and beyond, supported by supply-demand imbalances, underinvestment in European refining, and geopolitical factors.
- Renewables portfolio expanding as planned, with over half a gigawatt under construction and targets of 1-1.5 GW by 2028 and 2 GW by 2030, enhancing diversification.
- High crude supply costs and volatility due to geopolitical tensions, particularly in the Gulf, impacting procurement and adding operational complexity.
- Domestic fuel demand declined by 6% in Q2, driven by high prices affecting gasoline and LPG consumption, though diesel and jet demand remained stable.
- The company faces potential windfall tax risks, as seen in Portugal, which could impact profitability if governments impose additional levies on refining profits.
- Inventory losses are expected in Q3 if oil prices remain low, partially offsetting the gains recorded in the first half of the year.
- The petrol station network is undergoing a reduction, with a trend of closing underperforming stations, which may impact long-term market presence.
(Operator Instructions). Welcome and thank you for joining the Hellenic Energy Holdings conference call and live webcast to present and discuss the second quarter and first half 2026 financial results. At this time, I would like to turn the conference over to the Hellenic Energy Holdings management team. Gentlemen, you may now proceed.
Thank you very much. And I would like to thank everybody who is spending today's afternoon to be with us in order to discuss the second quarter and the first half of '26 results and any issues that may arise as a result of this presentation. So I would like to start, first of all, with something which is not results related.
And it is something that was decided by our board of directors earlier today. And it has to do with our support to areas which have been affected by the wildfires over the last few days in Greece.
Over and above the usual local community support programs that we have and they are quite extensive.
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