HELLENiQ ENERGY today (May 14, 2026) announced its consolidated financial results for the first quarter of 2026—a period marked by the escalation of the Middle East crisis and its broad ripple effects across global energy markets and economic activity.
Resilient Performance Amid Geopolitical Volatility
In this challenging environment, HELLENiQ ENERGY prioritized managing the crisis’s impact while ensuring uninterrupted supply to the markets it serves. Comparable EBITDA for the quarter reached €293 million, with comparable net profit at €140 million.
The Refining segment drove much of the quarter’s performance, delivering improved results. The newly integrated Power segment—following the acquisition of Enerwave—also contributed significantly, adding €38 million to comparable EBITDA as part of HELLENiQ ENERGY’s broader strategy to diversify its business portfolio.
Petroleum Operations and Strategic Flexibility
In petroleum activities, focus centered on the scheduled turnaround at the Aspropyrgos Refinery, which was completed successfully and on time. The company also actively managed uncertainty stemming from developments in the Persian Gulf—including disruptions following the crisis in the Strait of Hormuz since late February 2026. That event triggered major volatility in global oil and LNG flows, along with sharp increases in crude prices, freight rates, and refining margins.
Facing these pressures, HELLENiQ ENERGY swiftly adjusted its crude procurement strategy—leveraging its diversified supply network and the operational flexibility of its refineries. The Group’s refineries, with a combined annual capacity of 16 million tonnes, supply around 60% of Greece’s domestic fuel market, while a significant portion of output is exported—primarily to Mediterranean and Black Sea countries. Exports remained steady at approximately 50% of total sales, reinforcing the company’s role as a reliable regional supplier amid heightened geopolitical and energy-related challenges.
Greece’s Energy Position
Greece ranks among the largest fuel producers and exporters in the region—and one of very few European countries with surplus refining capacity and product output.
Strategic focus remains firmly anchored on strengthening its two core pillars: hydrocarbons and power. While the Greek text cuts off mid-sentence at “υδρο” (likely “υδρογονάνθρακες”, i.e., hydrocarbons), no further detail on that strategic pillar is provided in the source material.
Reported net profit for Q1 2026 stood at €284 million—up sharply from €11 million in Q1 2025—largely driven by higher international crude oil prices and related inventory valuation gains, which partially offset losses recorded the previous year.