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HELLENiQ ENERGY Holdings S.A.

Half-Yearly Financial Report 2026

HELLENiQ ENERGY Holdings S.A.

Half-Yearly Financial Report

2026

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 2026

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

Contents

1.Statements of Members of the Board of Directors		5
2.Board of Directors Report		7
	2.1Introduction	9
	2.2Information Required as per par. 6, Article 5 of Law No. 3556/2007	10
	2.3Additional Information of the Board of Directors’ Report	37
3.Interim Condensed Consolidated and Company Financial Statements		53
4.          Independent Certified Auditor -Accountant's Audit Report		117

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

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 01.01.2026 - 30.06.2026, 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, 5 August 2026

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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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

BoD Report Contents

2.1Introduction			9
2.2Information Required as per par. 6, Article 5 of Law No. 3556/2007			10
	2.2.1Significant Events during the First Half of 2026 and their Impact on the Interim Financial Statements		10
	a)Business Environment		10
	b)Geopolitical Events		19
	c)Company’s Corporate Events in the First Half of 2026		19
	d)Subsequent Events after First Half of 2026		20
	2.2.2First Half of 2026 Review per Segment – Major Risks, Uncertainties and Prospects in Second Half of 2026		21
	a)Financial Highlights		21
	b)Business Activities Review		23
	c)Major Risks and Uncertainties of Second Half of 2026		32
	2.2.3Significant Related Party Transactions and Borrowings		34
2.3Additional Information of the Board of Directors’ Half Yearly Financial Report			37
	2.3.1Other Financial Information		37
	2.3.2Selected Alternative Performance Measures		39
	2.3.3Sustainability Information		42
	Environment		43
	Society		44
	Governance		49

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

2.1 Introduction

The present Board of Directors Interim Management Report pertains to the first half of 2026. 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 2026 / July 2026

² Bank of Greece, Note on the Greek Economy, July 2026

³ IEA, Oil Market Report, July 2026

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

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 2026 and their

Impact on the Interim Financial Statements

a) Business Environment ^1,2,3

Economic Environment

Global Economy

The global economy was significantly affected during the first half of 2026 by the geopolitical crisis in the Middle

East, which increased uncertainty, disrupted energy markets and contributed to higher inflationary pressures.

According to the International Monetary Fund (IMF), global GDP growth is projected at 3.0% in 2026 and 3.4% in

2027, below both the average growth rate recorded during 2024–2025 and the historical medium-term trend.

Headline inflation is expected to remain elevated, with forecasts revised upwards to 4.7% in 2026 and 3.9% in

2027.

Growth prospects vary across economies. Advanced economies are projected to expand by 1.7% in 2026 and 1.8%

in 2027, while GDP growth in the Euro Area is expected at 0.9% and 1.2%, respectively. Emerging Market and

Developing Economies are forecast to grow by 3.8% in 2026 and 4.5% in 2027, supported by stronger domestic

demand, while China's economy is expected to expand by 4.6% in 2026 and 4.1% in 2027.

Despite the resilient global outlook, downside risks remain elevated. According to the IMF, a prolonged geopolitical

crisis could further disrupt global trade and energy markets, intensify inflationary pressures and weigh on global

economic activity.

Greek Economy

The Greek economy continued to demonstrate resilience during the first quarter of 2026, outperforming the Euro

Area despite heightened geopolitical uncertainty. Economic activity remained supported by private consumption,

investment and exports, while inflation accelerated during the first six months of the year, averaging 3.8%,

primarily reflecting higher energy prices.

According to the latest projections by the Bank of Greece, GDP is expected to grow by 2.0% in 2026 and by 2.1%

annually in both 2027 and 2028, maintaining a stronger growth trajectory compared with the Euro Area.

Looking ahead, economic activity is expected to continue to be supported by private consumption, investment,

tourism and the implementation of structural reforms. However, the outlook remains subject to heightened

uncertainty, as the duration of the Middle East crisis, energy price developments, inflationary pressures, global

trade conditions and climate-related risks continue to represent the principal downside factors.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

Industry Environment

Main Developments

The global oil and refining industry was significantly affected during the first half of 2026 by the geopolitical crisis

in the Middle East, which increased volatility across energy markets and disrupted global crude oil and petroleum

product trade flows. Heightened geopolitical risk, together with reduced exports from Gulf producers, constraints

on shipping through the Strait of Hormuz, and higher freight and insurance costs, resulted in a sharp increase in

crude oil prices and a further tightening of refined product markets.

Brent crude prices increased significantly during the second quarter, exceeding $100/bbl, while refining margins

strengthened considerably compared with the corresponding period of 2025. Tighter product balances,

particularly for diesel and jet fuel, combined with lower inventories and reduced refining capacity in the region,

contributed to the strengthening of refining margins.

Natural gas markets also remained highly volatile, reflecting disruptions to LNG supply chains and transportation

routes, while increased renewable generation helped contain electricity prices in several European markets.

According to the International Energy Agency (IEA), global oil demand is expected to decline by 1.0 mbpd in 2026

to 103.4 mbpd, reflecting higher fuel prices and temporary disruptions in product availability. Global oil supply is

projected to decrease by 3.7 mbpd to 102.6 mbpd, resulting in a tighter market balance and lower inventories.

The IEA expects both demand and supply to recover in 2027, supported by the normalization of trade flows, lower

oil prices and an improving macroeconomic environment. Nevertheless, ongoing geopolitical tensions and

continued uncertainty regarding key transit routes in the Middle East remain the principal downside risks to the

global energy market outlook.

Domestic Energy Market

In 1H26, domestic fuel demand amounted to 3.2m MT, down 3.7% compared with the corresponding period of the

previous year. The decline is primarily attributed to lower heating gasoil consumption due to milder weather

conditions, while transportation fuels demand remained broadly resilient, close to 1H25 levels, despite the

increase in fuel prices following the escalation of the Middle East crisis.

More specifically, transportation fuels demand remained broadly in line with 1H25 levels (-0.6%), while heating

gasoil consumption declined by 18%. In contrast, aviation fuels demand increased by 5.3%, reflecting continued

growth in tourism activity, while marine fuels demand decreased by 4.9% compared with the first half of the

previous year.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

Crude Oil Prices

Crude oil and commodity markets experienced significant volatility during the first half of 2026, driven by

escalating geopolitical tensions in the Middle East and the ongoing conflict between Russia and Ukraine. These

developments disrupted energy infrastructure and key global trade routes, particularly following the prolonged

closure of the Strait of Hormuz.

Brent averaged $92.9/bbl in 1H26, compared with $71.7/bbl in the corresponding period of 2025, representing an

increase of 30% y-o-y.

Prices rose sharply from $62.6/bbl at the beginning of the year following the outbreak of the US-Iran conflict in

late February, reaching an average of $122.4/bbl in April as concerns over global supply availability intensified.

From May onwards, crude prices followed a downward trend, reflecting weaker demand, expectations of a de-

escalation in geopolitical tensions, increased exports from Gulf producers and the coordinated release of strategic

petroleum reserves. Following the signing of a Memorandum of Understanding (MoU) between the US and Iran on

17 June, Brent prices continued to decline, averaging $85.5/bbl in June.

Looking ahead, crude oil prices are expected to remain highly sensitive to geopolitical developments in the Middle

East, the restoration of regional energy infrastructure and trade routes, and the pace of global inventory

replenishment. Over the medium term, price developments are expected to continue to be influenced by global

economic activity, oil market supply-demand fundamentals, international trade policies and OPEC+ production

strategy.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

Regarding crude oil differentials, the average Brent-WTI spread widened to $10.6/bbl during 1H26, compared with 

$4.1/bbl in 1H25, more than doubling y-o-y.

Refining Margins and Oil Products' Cracks

The benchmark refining margins for Med refineries strengthened significantly in 1H26 compared with the

corresponding period of 2025, reflecting the tightening of global product balances following the escalation of the

conflict in the Middle East in late February 2026. Disruptions to critical energy and refining infrastructure in the

Gulf region, coupled with lower inventories, logistical bottlenecks and higher freight and insurance costs,

supported a substantial improvement in refining economics, particularly for middle distillates.

According to LSEG, the FCC (Fluid Catalytic Cracking) benchmark refining margin averaged $16.4/bbl in 1H26,

compared with $3.5/bbl in 1H25, while the Hydroskimming benchmark refining margin averaged breakeven levels,

versus $-0.3/bbl in the corresponding period of 2025. Refining margins remained highly volatile throughout the

period, approaching near-record levels in March before gradually easing as market conditions stabilized.

Product crack spreads followed a similar pattern. Diesel recorded the strongest improvement, supported by

tighter supply conditions, while gasoline crack spreads also strengthened. In contrast, fuel oil and naphtha crack

spreads weakened further during the period.

Specifically, the diesel crack spread averaged $42/bbl in 1H26, compared with $17/bbl in 1H25, while the gasoline

crack spread increased to $16/bbl from $12/bbl a year earlier. Conversely, the high-sulfur fuel oil (HSFO) crack

spread declined to $-16/bbl from $-5/bbl, while the naphtha crack spread weakened to $-16/bbl from $-9/bbl in

the corresponding period of the previous year.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

International Product Cracks ($/bbl)

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report

Electricity, Natgas and EUA Prices

The European natural gas market remained highly volatile during 1H26, reflecting heightened geopolitical

uncertainty and disruptions to critical natural gas infrastructure and maritime trade routes in the Gulf region. The

TTF natural gas benchmark averaged €43/MWh in 1H26, compared with €41/MWh in the corresponding period

of 2025.

Carbon prices also moved higher, with EU Allowances (EUAs) averaging €76/t in 1H26, compared with €71/t in

1H25, representing a 6% year-on-year increase.

In contrast, wholesale electricity prices in Greece declined compared with 1H25 despite the more challenging

energy environment. The Day-Ahead Market Clearing Price (DAM MCP) averaged €93/MWh, down from €109/

MWh in the corresponding period of the previous year.

The decline was primarily driven by higher renewable energy generation, improved cross-border electricity flows

through interconnections with neighboring markets, and increased availability of domestic generation capacity,

factors that more than offset the upward pressure from higher natural gas and CO₂ prices.

In the page below:

*Monthly averages. Electricity prices are based on the Day-Ahead Market Clearing Price (DAM MCP).

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report