HelleniQ Energy reported solid first-quarter results despite a dip in production and sales caused by a two-month shutdown of its Aspropyrgos refinery for maintenance. The company posted EBITDA of €293 million and net profit of €130 million. Management expects stronger performance in the second quarter, as the refinery resumes operations at higher capacity.
Refinery Back Online Ahead of Regional Tensions
During yesterday’s investor briefing (May 14, 2026), international analysts focused on HelleniQ Energy’s supply chain resilience amid the ongoing energy crisis. The company supplies significant volumes of refined fuels not only domestically but also to international markets — making sourcing strategy especially critical.
CEO Andreas Siampis highlighted growing global disruptions across major oil-producing regions — including both Russia and the Middle East. He noted it was fortunate that the Aspropyrgos maintenance was completed just before the recent escalation in the Middle East, allowing the group to operate at full capacity during an exceptionally volatile period.
“For the rest of the year, much will depend on developments in the Strait of Hormuz,” Siampis said. “We expect better numbers than last year, but volatility is so high that we’re cautious about sending the wrong signal.” Still, second-quarter EBITDA is projected between €400 million and €450 million.
Diversified Crude Sourcing Strategy
In response to geopolitical uncertainty, HelleniQ Energy has replaced Iraqi crude oil with supplies from Norway, Latin America, and North America. Procurement lead times remain typical — one to two months ahead — as clarified during the call.
Regarding refining margins, management confirmed they remain well-supported, backed by healthy demand. Looking further ahead, however, margins will hinge on two key factors: the normalization of shipping flows through the Persian Gulf and the evolving impact of sanctions on Russian oil exports.
Siampis added with characteristic wit: “This is how things stand — until we discover oil in Greece and no longer need to import. But that’s still a long way off.”