HELLENiQ ENERGY — Elefsina upgrades to drive margins higher

HELLENiQ’s Q125 saw both weak refining margins and suppressed oil products sales due to inventory build ahead of a turnaround at its Elefsina refinery. The company reported adjusted EBITDA of €180m (down 47% y-o-y), and adjusted net income of €55m (down 66% y-o-y). Refining sales volumes reached 3.532m tonnes, an 11% decrease year-on-year, although production was down only 3%, the difference being inventory build ahead of the Elefsina shutdown for maintenance and upgrade. The benchmark refining margin was stable quarter-on-quarter at $5.1/bbl, but down materially from $8.0/bbl in Q124.