On paper, 2025 was a year of recovery for fuel retailers. Net profit after tax almost quadrupled to €43.3 million from €11.9 million in 2024, despite a 6.5% fall in turnover. But the picture changes dramatically when aviation fuel and international sales are excluded: fuel retailing in the domestic market ended the year with pre-tax losses of €8.8 million.
That is according to the annual report by the Foundation for Economic and Industrial Research (IOBE), which compiles data and ratios for the sector in 2025. The study covers 12 member companies of the Hellenic Petroleum Marketing Companies Association (SEEPE): Aegean Oil, Avin Oil, BP Hellenic, Coral, Coral Gas, EKO, Elinoil, ETEKA, LPC, Melco Oil, Revoil and Shell & MOH Aviation.
Lower turnover, higher profits
Sales value fell to €13.9 billion from €14.9 billion, while volumes edged down 0.4% to 14.1 million metric tonnes. The cost of goods sold, however, fell faster, declining 6.8%, largely because the cost of importing products (CIF) dropped 10.3%. As a result, gross profit rose 3.4% to €545 million, approaching 2010-11 levels, according to IOBE.
Operating profit (before interest and tax) increased 11.9% to €106.5 million. IOBE notes, however, that all operating profit came from “other operating income” (€127.3 million, up 19%). The core business of selling fuel barely covers operating expenses, which rose 5% to €565.9 million.
The sharp rise in the bottom line was largely due to interest costs. Net finance costs fell 27.1% to €54.7 million, as the sector’s short-term bank borrowing was halved to €150.8 million from €302.6 million. Pre-tax profit more than doubled to €51.8 million.
Key sector figures| (€ million) | 2024 | 2025 | Change |
|---|
| Sales (thousand metric tonnes) | 14,155 | 14,096 | -0.4% |
| Sales value | 14,880.2 | 13,915.9 | -6.5% |
| Gross profit | 526.8 | 545.0 | +3.4% |
| Operating expenses | 538.7 | 565.9 | +5.0% |
| Profit before interest and tax | 95.2 | 106.5 | +11.9% |
| Interest (net) | 75.0 | 54.7 | -27.1% |
| Profit before tax | 20.1 | 51.8 | +157.4% |
| Net profit after tax | 11.9 | 43.3 | +263.5% |
Source: IOBE, data from 12 SEEPE member companies
The domestic market “trap”
The report’s most revealing finding is the divide between the domestic market and aviation fuel and international trading activities. Domestic fuel retailing accounts for 60% of volume and 76% of turnover, but ended 2025 with pre-tax losses of €8.8 million and after-tax losses of €4.6 million. By contrast, aviation fuel and trading generated pre-tax profit of €60.6 million, effectively shouldering the entire sector’s profitability.
Where the profits come from (2025)| (€ million) | Domestic market | Aviation fuel and international trading | Total |
|---|
| Sales (thousand metric tonnes) | 8,475 | 5,622 | 14,096 |
| Sales value | 10,601.5 | 3,314.4 | 13,915.9 |
| Of which: duties and taxes | 3,918.9 | 8.7 | 3,927.6 |
| Gross profit | 404.3 | 140.7 | 545.0 |
| Profit (loss) before tax | -8.8 | 60.6 | 51.8 |
| Net profit (loss) | -4.6 | 47.9 | 43.3 |
Source: IOBE
The pattern is not new. The domestic market has been loss-making for a third consecutive year. Pre-tax losses reached €52.7 million in 2024 and €22.4 million in 2023. Over the past decade, domestic operations recorded profits of more than €10 million only three times—in 2018, 2019 and 2021.
Pre-tax profit, 2016-2025 (€ million)| Year | Sector total | Excluding aviation fuel and international trading | Aviation fuel and international trading |
|---|
| 2016 | 23.1 | -25.4 | 48.5 |
| 2017 | 46.7 | -6.8 | 53.5 |
| 2018 | 72.8 | 12.2 | 60.7 |
| 2019 | 78.9 | 21.1 | 57.8 |
| 2020 | -45.1 | -46.4 | 1.3 |
| 2021 | 55.5 | 22.1 | 33.4 |
| 2022 | 82.2 | 0.7 | 81.5 |
| 2023 | 33.6 | -22.4 | 56.1 |
| 2024 | 20.1 | -52.7 | 72.8 |
| 2025 | 51.8 | -8.8 | 60.6 |
Source: IOBE
Margins remain wafer-thin, with wide variation
The sector’s gross profit margin improved to 3.9% from 3.5%, but remained below the 2016-25 decade average of 4.1% and well below the roughly 8% recorded in 2000-09. The pre-tax profit margin was just 0.4%, up from 0.1%. In other words, companies retain 40 cents before tax for every €100 of sales. Return on equity after tax rose to 6.3% from 1.7%.
At company level, the highest margins were recorded by those active in lubricants and aviation fuel. Melco stood out, with a gross margin of 26.2% and a pre-tax margin of 11.5%, followed by LPC at 16.4% and 5.1%, and Shell & MOH Aviation at 7.8% and 2.9%. At the other end of the scale, Elinoil, Avinoil and Aegean Oil reported a zero pre-tax margin, while EKO recorded a negative margin of 0.4% and ETEKA one of 0.7%.
95% of the sector’s “social product” goes to the state
The sector’s social product—the value distributed to the state, employees, banks and shareholders—totalled €4.15 billion, up 2.7%. The lion’s share went to the state: €3.94 billion in duties, taxes and contributions, or 95% of the total. Employees received €109.9 million (2.6%), banks €54.7 million (1.3%) and shareholders €43.3 million (1%).
Investment tops €100 million as filling station numbers fall
- Investment: rose 16.7% to €105.5 million, lifting investment as a share of gross profit to 19.4%. Spending on safety and the environment, however, fell to €12.9 million, down 13.4%. Avinoil (43.8%), Coral Gas (29%), Coral (28.8%) and EKO (25.5%) made the largest investments relative to their gross profit.
- Filling stations: the network shrank to 4,701 from 4,777, a 1.6% decline. Sales through filling stations, however, rose 16% to 5.49 million metric tonnes.
- Employment: 1,755 employees, up from 1,743 in 2024.
- Customers: 38,609, up 4.4%.
- Accidents: 12, down from 17, with no fatalities.
Clouds ahead: ETS2 and falling demand
IOBE sees significant pressures in the years ahead. The current environment (2026-27) is characterised by very high fuel prices due to geopolitical instability, weaker demand for motor and heating fuels, and regulatory interventions such as the cap on profit margins.
- ETS2: from 2028, following a one-year postponement, companies will have to buy CO₂ emission allowances for the petrol, diesel and heating oil they sell. IOBE says this cost is unlikely to be absorbed by companies and will gradually be passed on to consumers, accelerating the decline in demand.
- Energy efficiency: fuel retailers are responsible for about 56% of the national energy-saving obligation. Meeting it will require them to implement technical measures that entail significant investment.
- Market contraction: under the national energy and climate plan, consumption of petroleum products will fall 21.6% by 2030 compared with 2022, with an even steeper decline in 2031-50.
IOBE concludes that the pressure will be greater for companies that rely mainly on the domestic petrol and diesel market. Smaller companies in particular will have limited scope to fund the necessary transformation investments, including electric vehicle infrastructure.