HELLENiQ ENERGY Holdings (HLPD), one of Southeastern Europe's largest integrated energy groups, has reported Adjusted EBITDA of €1,162m for the third quarter of 2026, sharply higher than the €365m recorded in the same period a year earlier. The Athens-headquartered group, which operates refineries, renewables assets and fuel marketing networks across eight countries, attributed the performance to record-high benchmark refining margins, crude sourcing flexibility and strong export volumes. The Board has approved an interim dividend of €0.40 per share, double the prior year's interim payment of €0.20, with payment commencing 25 January 2027.

Key Points

  • HELLENiQ ENERGY Holdings (HLPD), listed on Euronext Athens and the London Stock Exchange via GDRs
  • Adjusted EBITDA of €1,162m and Adjusted Net Income of €808m recorded in third quarter 2026
  • Interim dividend of €0.40 per share payable from 25 January 2027; ex-dividend date 18 January 2027
  • Investors should monitor the full-year 2026 results announcement scheduled for 25 February 2027

Record Refining Margins and Diesel Exports Drive Third Quarter 2026 Profitability

The Group's Refining, Supply and Trading segment generated Adjusted EBITDA of €1,051m in the third quarter, underpinned by a realised refining margin of approximately $49/bbl — described in the announcement as a historically high level — compared with the Group's benchmark average of $30.1/bbl for the quarter versus $8.5/bbl in the same period of 2025. Production reached 4.1 million metric tonnes, with exports accounting for 46% of total sales volumes. Diesel and jet fuel exports amounted to 0.9 million metric tonnes, addressing supply shortages across European markets exacerbated by disruptions to crude flows through the Strait of Hormuz.

Nine-Month 2026 Free Cash Flow of €1bn Cuts Net Debt to €1.5bn

For the nine months ended 30 September 2026, HELLENiQ ENERGY reported Adjusted EBITDA of €1,896m and Adjusted Net Income of €1,201m. Strong free cash flow of €1bn over the period reduced Net Debt by €0.6bn from the year-end 2025 position to €1.5bn, with gearing falling from 47% to 26%. Total investments of €565m in the nine-month period were directed approximately half towards growth projects, primarily renewable energy projects in Southeastern Europe. The group noted that Net Debt includes approximately €0.4bn of project finance linked to renewables investment.

Renewables Capacity Reaches 615 MW With Battery Storage Milestone in Thessaloniki

Operating renewable energy capacity stood at 615 MW at end-September 2026 and was further expanded by an additional 160 MW in October, including a 100 MW / 200 MWh battery energy storage project in Thessaloniki. The group has 0.3 GW under construction and 0.4 GW at an advanced development stage, targeting 1.1 GW by 2027 and 1.5 GW by 2028. The Renewables, Power and Gas segment contributed Adjusted EBITDA of €29m in the third quarter, with the increased renewables contribution partly offsetting scheduled maintenance at natural gas-fired power plants.

HELLENiQ ENERGY Commits Close to €100m to Consumer Discounts and Community Support

Alongside its financial results, the group disclosed close to €100m committed to consumer and community support programmes. During the third quarter, approximately €50m in extraordinary auto fuel discounts covered around 860 million litres, with reductions of €0.10/litre on gasoline and €0.05/litre on diesel. From 15 October, a €0.20/litre heating oil discount was introduced. Social contribution initiatives of approximately €30m focused on wildfire-affected communities, hospital donations and education. The group also recently agreed to acquire the Staroil fuels station network in Cyprus, expanding EKO Cyprus's footprint in the region.