Q1 2025 Motor Oil Hellas Corinth Refineries SA Earnings Call Transcript
Key Points
- Motor Oil (Hellas) Corinth Refineries SA (FRA:MHZ) reported a solid quarter with results slightly above consensus despite a weak refining environment.
- Refinery throughput improved compared to the last quarter of 2024, showing resilience in operations.
- Fuels marketing segment showed improvement with an adjusted EBITDA of EUR31 million, reflecting strong domestic market performance.
- The company managed to substitute a large part of crude input with other feedstocks, maintaining a high capacity utilization of around 90%.
- Insurance compensation for business interruption and property damage has been progressing well, with significant amounts already approved and received.
- Adjusted EBITDA decreased by 35% year-on-year to EUR216 million due to reduced capacity utilization and normalization of refining margins.
- Net income fell by 45% to EUR96 million, reflecting the impact of reduced production capacity and increased costs.
- Net debt increased to EUR2.1 billion from EUR1.7 billion, primarily due to a solidarity tax payment.
- The power and gas segment experienced weak performance, with EBITDA affected by squeezed margins and intense market competition.
- Sales volumes fell by 11% in the first quarter, and the company faced challenges in maintaining production levels due to the September 2024 incident.
Ladies and gentlemen, thank you for standing by. I'm Konstantino, 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 2025 financial results.
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 morning, good afternoon. From a sunny Athens is my usual motto, but today I can say from a sunny, until yesterday, a very rainy happened so that we see changes in the weather, but still it's very nice.
So good to be here again. Q1 '25 results review. We had a solid quarter despite the weak refining environment and the impact from the refinery incident back in September '24. Operational challenges
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