HELLENiQ ENERGY

Overview
Price performance
Financials
Research
Sector insights
Thematics

HELLENiQ ENERGY (ELPE) operates three refineries in Greece with a total capacity of 344kbod. It has sizeable marketing (domestic and international) and petrochemicals divisions.

The current driver of earnings is refining margins, which will normalise after the exceptional performance over the last two years, caused by the Russian invasion of Ukraine. May’s refining margins were below the year-to-date average for 2024. Growth in the renewables business will be the main focus for the market as the HELLENiQ looks to rapidly expand into this area.

Latest Insights

Oil & Gas |
Flash note

21.05.24

HELLENiQ ENERGY — Solid Q1, with a strong operational performance

Oil & Gas |
Flash note

05.03.24

HELLENiQ ENERGY — Dividend shows confidence in future

Oil & Gas |
Flash note

01.02.24

HELLENiQ ENERGY — Shareholders reduce holding

Oil & Gas |
Initiation

20.11.23

HELLENiQ ENERGY — Shaping up for the future

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Sector

Energy & Resources

Equity Analyst

Nick Paton

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

Andreas Shiamishis

CEO
Ioannis Papathanasiou

Chairman
Nikos Katsenos

Head of IR
Vasilis Tsaitas

CFO

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(7.5)	(7.4)	(3.4)
Relative	(2.8)	(6.3)	(15.3)
52 week high/low	€8.8/€6.7

Financials

HELLENiQ ENERGY has been successfully executing on its Vision 2025 strategy, having incorporated a new fit-for-purpose corporate structure, improved corporate governance and new corporate identity that reflects its capital allocation and ESG strategy. It plans to expand its Renewable Energy Sources portfolio from 0.38GW currently to 2GW by 2030. HELLENiQ reported Q124 results on 16 May, with net income up 16% y-o-y to €179m and adjusted net income down 35% y-o-y to €164m. The company made progress on debt restructuring, refinancing €1bn of facilities at a notable margin reduction, extending the average maturity profile by one year.