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. However, it was also a year during which a continuously changing and unpredictable international geopolitical landscape and the scheduled turnaround of the Aspropyrgos refinery,
02.
Message to Shareholders
Consistently strong
profitability and earnings resilience
bil.
Adj. EBITDA
mil.
Adj. Net Income
Diversified business model
with strong international contribution
of profitability from international activities
Exports at
of refining sales
Strong cash generation
and shareholder returns
operating cash flow of
bil.
Dividend* of
per share
Vision 2025 successfully
completed ahead of schedule
Measurable performance improvement
Strengthened Downstream
Dividend* of
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
Sustainable Development is fully embedded in the HELLENiQ ENERGY Group's strategic planning, shaping business decisions, strengthening resilience, and driving long-term value creation for society, the economy, and the environment.
The year 2025 marks the second consecutive year in which HELLENiQ ENERGY publishes its Sustainability Statement in accordance with the European Union’s Corporate Sustainability Reporting Directive (CSRD). The Statement contributes significantly to enhancing transparency and actively supports more meaningful dialogue with stakeholders by providing comprehensive qualitative information and quantitative data on all material sustainability topics.
Investors' Information
In 2025, HELLENiQ ENERGY Holdings' share price recorded an increase of 10.6% and the total shareholder return (TSR) amounted to 21.5%.
HELLENiQ ENERGY Holdings’ S.A. shares are traded on the Main Market of Euronext Athens (Symbol: ΕLPΕ) and on the London Stock Exchange (Ticker: HLPD) through Global Depositary Receipts (GDRs), while the bond issued by its subsidiary HELLENiQ ENERGY Finance Plc (HEF) (4.25% coupon, due July 24, 2029), is listed on the Euro MTF platform of the Luxembourg Stock Exchange.
04.
Chapters
