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HELLENiQ ENERGY Holdings S.A.
Half-Yearly Financial Report 2025
HELLENiQ ENERGY Holdings S.A.
Half-Yearly Financial Report
2025
This half-yearly report has been prepared in accordance with the provisions of article
5, Law 3556/2007 and the Capital Market Commission's decision as referred to by
the relevant law
General Commercial Register Number 296601000
Maroussi, August 2025
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Contents
4.          Independent Certified Auditor -Accountant's Audit Report
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Pursuant to the provisions of article 5, par. 2 (c), of Law No. 3556/2007, we
Spilios Livanos, Chairman, non-executive member,
Andreas Shiamishis, Chief Executive Officer, executive member and
Georgios Alexopoulos, Deputy Chief Executive Officer, executive member
of the Board of Directors,
state that to the best of our knowledge: 
a. The half-yearly interim condensed financial  statements of the HELLENiQ ENERGY Group (the “Group”) and
"HELLENiQ ENERGY Holdings S.A." (the "Company"), which were prepared in accordance with the applicable
International Financial Reporting Standards (IFRS), as they have been endorsed by the European Union and
applied to interim financial reporting (International Accounting Standard “IAS 34”), accurately reflect the
Company's assets and liabilities, equity and financial results of the period 01.01.2025 - 30.06.2025, as well as of
the subsidiaries that are included in the interim consolidated financial statements of the Group as a whole. 
b. The half-yearly report of the Board of Directors  accurately represents the information required under
paragraph 6, article 5, Law No. 3556/2007 and the relevant decisions of the Capital Market Commission.
Maroussi, 07 August 2025
By authority of the Board of Directors
Spilios Livanos
Andreas Shiamishis
Georgios Alexopoulos
Chairman
Chief Executive Officer
Deputy Chief Executive Officer
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BoD Report Contents
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2.1 Introduction
The present Board of Directors Interim Management Report pertains to the first half of 2025. The report has been
prepared so as to ensure compliance with Law 4548/2018, article 5 of Law 3556/2007 and the relevant decisions
of the Board of Directors of the Hellenic Capital Market Commission. The Consolidated Interim Condensed
Financial Statements have been prepared in accordance with the International Financial Reporting Standards
(IFRS), as they have been endorsed by the European Union and applied to interim financial reporting (International
Accounting Standard “IAS 34”).
This report includes selected financial information and results of the Group and the Company, description of
significant events that took place during the first half of the financial year and their effect on the half-yearly
financial statements. It also describes significant risks and uncertainties anticipated in the second half of the
financial year, disclosure of material transactions that took place between the Company and its related parties, as
well as a presentation of qualitative information and estimates in relation to the development of operations of the
Company and the Group for the second half of the financial year.
1 IMF, World economic Outlook, April 2025 / July 2025
2 OPEC, Monthly Oil Market Report, July 2025
3 Bank of Greece, Note on the Greek Economy, July 2025
4 EIA, Short-Term Energy Outlook, July 2025
5 IEA, Oil 2025, Analysis and forecast to 2030, June 2025
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2.2 Information Required as per par. 6,
Article 5 of Law No. 3556/2007 
2.2.1 Significant Events during the First Half of 2025 and their
Impact on the Interim Financial Statements
a) Business Environment 1,2,3,4,5
Economic Environment
Global Economic Review & Outlook
The global economy in 1Q25 was driven by international trade and investment. According to recent data from IMF
(July 2025), real GDP in the US contracted by 0.5% y-o-y while in the euro area and China GDP increased by 2.5%
and 6.0% respectively. Headline and core inflation continued to decline during the first quarter of 2025, along with
a decrease in medium and long-term inflation expectations. However, uncertainty over the global economy has
remained elevated throughout the first six months of 2025, with trade protectionism taking center stage as the
US announced the imposition of tariffs on its trading partners.
With regards to the outlook for the next two years, according to IMF, global growth is anticipated to decelerate to
3.0% in 2025 and 3.1% in 2026, down from 3.3% in 2024, and significantly below the pre-pandemic historical
average of 3.7%, reflecting the impact on global economic activity from trade protectionism and heightened levels
of policy uncertainty.
Advanced economies are anticipated to expand by 1.5% and 1.6% in 2025 and 2026 respectively. In the Euro Area,
GDP is anticipated to expand by 1.0% and 1.2% in 2025 and 2026. For emerging markets and developing
economies, GDP growth is expected to reach 4.1% in 2025 and 4.0% in 2026. Regarding China, GDP growth is
expected to reach 4.8% in 2025 and 4.2% in 2026.
It is anticipated that global headline inflation will decline to 4.2% in 2025 and further to 3.6% in 2026, with tariffs
expected to pass through US consumer prices gradually and affecting inflation in 2H25, while elsewhere tariffs are
anticipated to lower inflationary pressures, acting as a negative demand shock.
According to IMF, risks to the outlook remain tilted to the downside given uncertainty on the trade protectionism
measures, geopolitical tensions and fiscal vulnerabilities across several economies.
Greece's Economic Review & Outlook
Despite ongoing uncertainty in the international economic environment, economic activity in Greece
demonstrated continued expansion during the first quarter of 2025, outpacing the Euro’s area growth rate. The
country’s Gross Domestic Product (GDP) experienced a y-o-y increase of 2.2% in 1Q25, primarily driven by private
consumption and, to a lesser extent, by goods exports. Conversely, the contribution of gross fixed capital
formation and net exports to GDP was negative, as the growth rate of service exports remained stagnant, while
imports continued to increase. Data available for the initial five months of 2025 indicate an inflation rate of 3.1%
year-on-year.
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According to the latest forecasts from the Bank of Greece, the Greek economy is anticipated to expand by 2.3%,
2.0% and 2.1% in 2025, 2026 and 2027 respectively. The main drivers of economic activity in the upcoming years
are anticipated to remain private consumption, investments and exports. It is projected that the Greek economy
will maintain its growth trajectory in the coming years, notwithstanding the uncertain international economic
environment. Inflation is expected to further decelerate in 2025. Projections concerning economic growth are
subject to various risks, which include uncertainties pertaining to geopolitical dynamics, global trade policies, and
climate change.
Developments in the Oil Market
Oil Demand
According to estimates provided by the Organization of the Petroleum Exporting Countries (OPEC), the global oil
demand is anticipated to increase by an average of 1.3 mbpd in 2025, reaching a total of 105.1 mbpd, driven by
strong air travel demand, healthy road mobility and petrochemical feedstock demand, primarily due to new
capacity additions in non-OECD countries. In the non-OECD countries, oil demand in 2025 is expected to expand
by 1.2 mbpd y-o-y, predominantly driven by India, China and other Asian countries. In contrast, OECD regions are
expected to see limited  demand growth, driven by a marginal increase in the OECD Americas and stable demand 
in OECD Europe and Asia Pacific. In 2026, global oil demand is anticipated to demonstrate robust growth of 1.3
mbpd y-o-y. The OECD is expected to experience a slight increase of 0.1 mbpd, whereas the non-OECD is
projected to expand by 1.2 mbpd.
According to the International Energy Agency (IEA), global oil demand growth is anticipated to reach
approximately 0.8m bpd and 0.7m bpd in 2025 and 2026 respectively, primarily driven by non-OECD countries,
with anticipated increases of  0.8m bpd and 1m bpd into 2025 and 2026 respectively. In contrast, OECD countries
are forecasted to experience a slight decline in oil demand with reductions of 0.1m bpd in 2025 and 0.3m bpd in
2026.
Oil Supply
According to the International Energy Agency the aggregate global oil supply is projected to increase by1.8m bpd
in 2025 and by 1.1m bpd in 2026, respectively, driven mainly by the United States and Saudi Arabia.
Domestic Energy Market
In 1H25, the demand for domestic ground fuels amounted to 3.4m MT, an increase of 5% in comparison to the
respective period of the prior year. This increase was driven by a 2.5% rise in the demand for autofuels, as a result
of improved economic activity and an upsurge in tourism. At the same time, demand for heating gasoil
experienced a significant increase of 25% relative to the previous year. Furthermore, the demand for aviation fuels
rose by 4.8%, whereas the demand for marine fuels experienced a decline of 1.2% compared to the first half of the
prior year.
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Crude Oil Prices
Since the beginning of 2025, escalating trade tensions and geopolitical conflicts -particularly notable in June
2025-, have contributed to increased uncertainty in the global economic outlook and the oil demand growth, while
at the same time resulting in heightened volatility in crude oil prices during the first six months of the year.
Loosened supply/demand balances, following the decision by OPEC+ to reverse a substantial portion of its
previously voluntary production cuts, has resulted in a more sufficient supplied market. Consequently, crude oil
prices have experienced a y-o-y decline. In specific, Brent (Platts Dated) averaged $71.7/bbl in 1H25, compared to
$84.0/bbl in 1H24, recording a 15% decrease.
Crude oil prices are expected to be shaped by the dynamics of supply/demand balances, which are driven by
global economic activity trends, geopolitical tensions and fluctuations in oil supply. While the geopolitical risk
premium is anticipated to be incorporated into the crude oil price, trade policy implications on the global economic
outlook, together with OPEC+’s strategic decisions regarding oil supply, are expected to increasingly influence the
outlook of crude oil prices.
According to its July 2025 outlook, the Energy Information Administration (EIA) anticipates that Brent prices will
average $69/bbl in 2025 and $58/bbl in 2026.