Helleniq Energy – 2025 Annual Report

EMPOWERING THE FUTURE

Empowering
Tomorrow

Empowering tomorrow

Message to
Shareholders

2025 marked a pivotal year for HELLENiQ ENERGY, demonstrating strong performance, the completion of the Vision 2025 strategic plan, and significant progress in the energy transition, delivering sustainable value for shareholders and contributing positively to society.

Spilios Livanos

Chairman of the board

Dear shareholders,

I am pleased to communicate with you through the 2025 Annual Report, in order to reflect upon a year during which HELLENiQ ENERGY successfully transformed its vision into concrete achievements, strengthening its strategic position within the international energy sector.

Andreas Shiamishis

Chief Executive Officer

Dear shareholders,

2025 was another year of strong performance and advancement of our strategic objectives for HELLENiQ ENERGY.

02. Message to Shareholders

Consistently strong
profitability and earnings resilience

€ 0

bil.

Adj. EBITDA

€ 0

mil.

Adj. Net Income

Diversified business model
with strong international contribution

~ 0 %

of profitability from international activities

Exports at

0 %

of refining sales

Strong cash generation
and shareholder returns

operating cash flow of

€ 0

bil.

Dividend* of

€ 0

per share

Vision 2025 successfully
completed ahead of schedule

Measurable performance improvement

Strengthened Downstream

Dividend* of

>€ 0

mil.

Full Enerwave integration

03. Highlights

Our Strategy

Our strategy focuses on expanding and diversifying our business portfolio, strengthening profitability and creating long-term value for shareholders.

HELLENiQ ENERGY’s strategic plan VISION 2025has successfully delivered on its objectives,validating our initial strategic choices for a balancedtransition: future-proofing and optimizing ourrefinery operations through decarbonization,expanding our international presence in thedownstream business, and establishing a verticallyintegrated Power business (RES, electricity andnatural gas) as a second growth pillar, while evolvingour governance and operating model.

Business Review

Consistently strong operating performance and a fourth consecutive year of high profitability, driven by strategic initiatives enhancing the Group’s international presence and accelerating its transformation.

Strong operational performance across the refineries, combined with an improved international refining environment and increased contribution from international operations, as well as enhanced performance in Marketing, Renewable Energy Sources (RES), Electricity and Natural Gas, supported the Group’s improved financial results in 2025, despite lower international crude oil prices and the impact of the scheduled maintenance turnaround at the Elefsina refinery.

ESG

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Investors' Information