Comparable EBITDA of €1,162m and comparable net profit of €808m in Q3 2026, driven mainly by high international refining margins, flexibility in sourcing alternative crude grades and strong exports
- Marginal decline in domestic demand, with subsidies and special refinery discounts mitigating the impact of higher prices
- Interim dividend of €0.40 per share, payable in January 2027
- Strong profitability used to fund investments of almost €600m in the nine months, with a focus on renewables and projects to improve refinery safety, environmental performance and operations
- Significant balance-sheet improvement, with net debt falling to €1.5bn
- An extensive social contribution programme worth almost €100m to support consumers and society, through initiatives for fire-hit areas, the provision of medical equipment to public hospitals and special discounts in the domestic market.
CEO statement
Commenting on the results, Andreas Siamisiis, CEO of HELLENiQ ENERGY Holdings (“HELLENiQ ENERGY”), said:
“The quarter was marked by constant upheaval in geopolitics and energy markets, with significant challenges to fuel supply in our region and increasingly acute product shortages.
A major achievement for us was the uninterrupted operation of our refineries at high availability, thanks in part to our flexibility in adapting to different crude grades available on the market, and the high output of products in short supply, such as road diesel and jet fuel. We increased exports to neighbouring countries facing shortages while ensuring that Greece’s needs were fully met, helping to safeguard supply in the region.
At the same time, some of the value created was returned to customers and society through special discounts and promotional offers, as well as expanded social support programmes. We allocated more than €50m to discounts on road fuels in Greece and extended the initiative to heating oil, in a programme expected to exceed €100m in Greece and abroad.
Together with government measures, these initiatives supported consumers and the market. We also significantly strengthened our social contribution through initiatives worth a total of €30m, including support for people affected by fires, as well as donations to public hospitals and universities.
While securing attractive returns for our shareholders remains a key priority, we consider disciplined reinvestment in growth, in line with our strategy, equally important in building an even stronger Group for the future.
The strong performance in the nine months enabled the Board to double the interim dividend from €0.20 to €0.40 per share, paving the way for a higher total dividend for the year, to be announced in February 2027.
At the same time, strong profitability enabled us to accelerate investment in renewables and further strengthen our refineries, as well as our supply and marketing activities, laying the foundations for the Group’s future growth.
A strong, modern domestic refining system makes a substantial contribution to energy security and helps keep fuel prices more competitive in the domestic market, with an estimated benefit of €0.15-0.20 per litre compared with imports.
As the year draws to a close, we have developed a new strategic plan, building on the success of Vision 2025 and setting our direction for the next decade. Our ambition is to create an even stronger, greener Group with a broader regional role and presence, while continuing to create value for the Greek economy and society.”
Supporting consumers through fuel discounts
HELLENiQ ENERGY continued to provide practical support to consumers in Greece and south-eastern Europe. In the domestic market, during Q3 2026, it allocated around €50m to special discounts on road fuels, covering approximately 860m litres.
The discounts reduced the price by €0.10 per litre for unleaded petrol and €0.05 per litre for diesel, including VAT. From 15 October, the initiative was expanded to include a €0.20 per litre discount on heating oil, while the €0.05 per litre discount on diesel continued.
The measures in Greece are in addition to any government subsidies, helping to provide immediate relief from energy costs for consumers. Consumer support initiatives in the Republic of North Macedonia and Cyprus, totalling around €7m in the first half of 2026, continued in the fourth quarter, covering road and heating fuels.
In addition, during Q3 the Group carried out extensive social contribution initiatives worth around €30m, focusing on the recovery of fire-hit areas, support for hospitals and backing for young people and education. In Cyprus, EKO announced a three-year programme worth more than €3m to support local communities, with more than 7,000 people expected to benefit.
Operational and financial performance
HELLENiQ ENERGY reported consolidated financial results for Q3 2026 amid limited availability of raw materials and mounting fuel shortages. In these conditions, the Group maintained high output and operational availability, ensured adequate supply to its markets and capitalised on export opportunities.
Comparable EBITDA was €1,162m in Q3 2026, compared with €365m in the same period of 2025, while comparable net profit was €808m, up from €186m.
The sharp increase in profitability was mainly driven by higher international refining margins, optimisation of crude sourcing and a greater contribution from exports. Strong performances in Petrochemicals, Marketing and Power also contributed positively. In the first nine months of 2026, comparable EBITDA was €1,896m and comparable net profit was €1,201m.
Total investment was €158m in Q3 and €565m in the first nine months of 2026, with around half allocated to growth projects, primarily renewable energy projects in south-eastern Europe.
Strong free cash flow of €1bn in the nine months enabled net debt to be reduced by €0.6bn from the end of 2025 to €1.5bn, alongside payment to shareholders of the final dividend for 2025.
Net debt includes around €0.4bn of project finance for renewable energy projects. The gearing ratio was 26%, while net debt to comparable EBITDA stood at 0.7x.
Downstream
In Refining, Supply and Marketing, comparable EBITDA was €1,051m in Q3 2026, reflecting high international refining margins, optimised crude sourcing, high operational availability and strong export returns. Production was 4.1m tonnes, while sales totalled 4.2m tonnes, with exports accounting for 46% of total sales.
Diesel and jet fuel exports totalled 0.9m tonnes, helping to meet shortages in European markets. The refining margin also reached a record high of around $49 per barrel.
In Petrochemicals, indicative polypropylene margins strengthened in Q3 2026 compared with the same period in 2025, partly supported by limited exports from the Persian Gulf, although they fell from the previous quarter. As a result, comparable EBITDA rose to €13m, from €3m in Q3 2025.
In Marketing, comparable EBITDA was €69m in Q3 2026, unchanged from a year earlier. The result was supported by market share gains and a stronger contribution from the domestic aviation fuel business, offsetting the impact of higher prices and increased supply chain costs.
International Marketing also recorded improved performance, capitalising on network expansion, the operation of the Thessaloniki-Skopje pipeline and opportunities created by regional supply disruptions. As part of our efforts to further strengthen our presence in the region, we recently agreed to acquire Staroil’s service station network in Cyprus, strategically complementing EKO Cyprus’s existing network.
Power
In Renewables, Electricity and Natural Gas, comparable EBITDA was €29m in Q3 2026. The increased contribution from renewables, following the addition of 120MW since the start of 2026, partly offset the impact of scheduled maintenance at the gas-fired units and market conditions.
Installed capacity of operational renewable energy projects rose to 615MW at the end of September and increased further by 160MW in October, including the 100MW/200MWh battery storage project in Thessaloniki. A further 0.3GW is under construction and 0.4GW is at an advanced stage of development, supporting the targets of 1.1GW in 2027 and 1.5GW in 2028.
Market environment
In Q3 2026, international energy markets were heavily affected by geopolitical developments in the Middle East, as well as disruptions to crude oil flows and exports of oil products. Difficulties in transit through the Strait of Hormuz limited crude oil availability, while the impact on the availability of oil products from the Middle East and Russia was even greater, particularly for diesel and jet fuel.
Brent averaged $97 per barrel in Q3 2026, up 40% year on year. Prices peaked in September, when Brent reached as high as $129 per barrel. International refining margins also rose significantly, reflecting limited oil product supply, particularly of middle distillates, as well as lower inventories and constraints on refining capacity in the Middle East and Russia.
The Group’s refineries’ international benchmark margin averaged $30.1 per barrel, compared with $8.5 per barrel in the same period a year earlier.
Domestic demand for road fuels remained resilient in Q3 2026 despite higher prices, supported by tourism. Sales of jet fuel increased by 3%, while total domestic market sales fell by 2%.
In the European natural gas market, lower storage levels, concerns about the adequacy and security of LNG supplies, and disruptions to LNG exports from the Middle East were key factors keeping market uncertainty and volatility high.
As a result, prices rose significantly, with TTF at €64/MWh in Q3, its highest quarterly level since Q4 2022.
In the electricity market, higher natural gas and CO₂ emissions allowance prices, combined with stronger summer demand, put upward pressure on European electricity prices. High temperatures boosted demand while also limiting the availability of nuclear and hydroelectric generation in some European markets.
In Greece, the high penetration of renewables remained a defining feature of the energy mix, while increasing the need for flexibility, storage and management of generation curtailments. Total electricity generation in Q3 2026 rose by around 7% year on year to 16.7TWh.
Renewables, excluding large hydro, accounted for 54% of generation, while natural gas had a 34% share. Greece remained a net exporter of electricity during the period.
Greece’s average wholesale electricity price was €132/MWh in Q3 2026, up 49% year on year, as higher natural gas and CO₂ emissions allowance prices were partly offset by greater renewable energy penetration.
* Helleniq Energy’s detailed nine-month results are published in the “Related Material” column on the right.