HELLENiQ ENERGY Holdings reported strong financial results for 2024, achieving comparable EBITDA of €1.026 billion and comparable net profits of €401 million. The company’s robust operational performance, including record-high refinery production, along with improvements in petrochemicals, trading, and renewable energy, helped offset the impact of declining international refining margins compared to the previous year.
Total refinery production reached a historic high of 17.2 million tons, reflecting a 6% increase, while total sales rose to 16.3 million tons, up by 5%. Exports now account for 54% of total sales, as HELLENiQ ENERGY continues to expand its presence in international markets. The company’s financial results also included €102 million in insurance compensations, primarily related to revenue losses from past operational disruptions due to damage at the Elefsina refinery.
Based on its financial performance in 2024, the Board of Directors has proposed a final dividend of €0.55 per share, which includes a special dividend of €0.30 per share from the proceeds of its stake sale in DEPA Commercial. This brings the total dividend for the year to €0.75 per share, including the interim dividend of €0.20 per share already distributed. This corresponds to a total dividend yield of approximately 10%, based on the company’s stock price at the end of 2024.
Reported profitability was affected by inventory valuation adjustments, with a €128 million loss due to declining oil and product prices, reducing published EBITDA to €811 million. Additionally, a temporary solidarity contribution of €173.5 million (post-tax), imposed in 2024 based on 2023 tax profits, resulted in reported net profits of €60 million.
The year marked the completion of the first phase of HELLENiQ ENERGY’s strategic transformation, focusing on operational efficiency, core business expansion, and strengthening its renewable energy division. Key strategic moves included acquiring the remaining 50% of Elpedison and divesting from DEPA Commercial to streamline its presence in the electricity and natural gas markets.
In December 2024, the company signed an agreement with Edison International Shareholdings S.p.A. to acquire the remaining 50% stake in Elpedison B.V. for €164 million, with additional adjustments of up to €31 million. The transaction, subject to regulatory approval, is expected to be completed by the third quarter of 2025. This move grants HELLENiQ ENERGY full control over Elpedison, projected to contribute €1.5 billion in sales and €60-70 million in EBITDA to the group’s consolidated financial results.
Additionally, the company transferred its 35% stake in DEPA Commercial to the Hellenic Corporation of Assets and Participations (HCAP) for €208 million, with a price adjustment provision. This divestment aligns with its strategy to restructure its energy sector holdings and strengthen its position as a comprehensive energy solutions provider.
HELLENiQ ENERGY continues to invest in energy autonomy, efficiency, and production capacity expansion within its refining and petrochemicals sector, with a focus on reducing its carbon footprint. The company is also reshaping its supply and trading operations by strengthening its workforce and increasing exports. In the retail sector, the company is optimizing its fuel station network in Greece by expanding company-operated sites and selectively growing its international presence. Efforts are concentrated on product diversification, increasing non-fuel sales, and enhancing its loyalty program.
In renewable energy, HELLENiQ Renewables added 110 MW in Greece and 26 MW in Cyprus, closing 2024 with a total of 494 MW in operation. The company is advancing 5.2 GW of projects across Greece and Southeast Europe, with 0.5 GW set for completion in the next two years. The goal is to exceed 1 GW of operational projects by 2026 and reach 2 GW by 2030.
The company completed geophysical surveys in five offshore areas, with drilling decisions expected in 2025. Meanwhile, its digital transformation initiatives continue, projected to generate over €45 million in benefits in 2024.
HELLENiQ ENERGY CEO Andreas Siamisis highlighted the company’s sustained growth trajectory, emphasizing improvements across all key operational metrics, including production, market share, and commercial performance. He noted that despite a challenging market environment and a €400 million profit reduction due to adverse conditions and extraordinary contributions, operational efficiencies, international expansion, and successful insurance claims helped offset these impacts.
Siamisis reaffirmed the company’s commitment to sustainable growth, stating, «HELLENiQ ENERGY has systematically built the ability to achieve high returns through operational improvements, international expansion, and portfolio diversification. The successful completion of the first phase of our strategic transformation, Vision 2025, marks a significant milestone in our energy transition journey».
Looking ahead, he emphasized the company’s preparedness for the next phase of strategic planning, leveraging its experience and capabilities to create further value while strengthening its social impact through environmental and community-focused initiatives.
Beyond financial success, 2024 was also marked by HELLENiQ ENERGY’s commitment to corporate social responsibility, with initiatives positively impacting over one million people through environmental and social programs. Siamisis concluded by expressing gratitude to the company’s employees and stakeholders for their contributions to its success, underscoring HELLENiQ ENERGY’s strong positioning for continued growth and long-term value creation.
