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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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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 01.01.2026 - 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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BoD Report Contents
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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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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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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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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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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 $-9/bbl in
the corresponding period of the previous year.
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International Product Cracks ($/bbl)
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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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Exchange Rates
The EUR/USD exchange rate remained relatively resilient during 1H26, averaging 1.17 and remaining broadly in
line with levels recorded at the end of 2025.
However, the EUR weakened during the latter part of the period, with the exchange rate falling to around 1.14 by
the end of June, reflecting shifting monetary policy expectations, divergent economic performance between the
Euro Area and the US, and changes in investor sentiment driven by geopolitical developments.
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b) Geopolitical Events
The first half of 2026 was marked by the escalation of the geopolitical crisis in the Middle East, which caused
significant disruption across global energy markets. Restrictions on shipping through the Strait of Hormuz and
disruptions to crude oil and LNG flows resulted in higher international energy prices, increased freight costs and
stronger international benchmark refining margins, while also affecting natural gas and electricity markets.
HELLENiQ ENERGY Holdings responded swiftly by leveraging its diversified crude oil sourcing network, ensuring
the uninterrupted operation of its refineries and the continuous supply of the markets it serves. The increase in
feedstock prices, however, led to higher working capital requirements.
The situation in the Strait of Hormuz remained highly volatile throughout 2Q26 and into late July, constituting a
key source of uncertainty for global energy markets. Although recent diplomatic initiatives and the temporary de-
escalation of military operations have reduced the immediate risk of a widespread disruption to maritime traffic,
market conditions continue to be characterized by elevated volatility. Alternating periods of de-escalation and
renewed tensions, combined with ongoing concerns over shipping security, have resulted in significant
fluctuations in crude oil and refined product prices, as well as higher freight and insurance costs. Despite the
gradual normalization of vessel transits through the Strait, traffic remains below typical levels, while market
participants continue to price in a significant geopolitical risk premium, reflecting the possibility of a renewed
deterioration in the security environment. The Group continues to monitor developments closely.
c) Company’s Corporate Events in the First Half of 2026
During 1Q26, HELLENiQ ENERGY Holdings advanced several strategic initiatives that further strengthened both
its Exploration & Production portfolio and its Renewable Energy Sources (RES) business.
In the Exploration & Production business, Lease Agreements were signed with the Hellenic Republic for four new
offshore exploration blocks located south of Crete and the Peloponnese, in partnership with Chevron, which holds
a 70% participating interest and acts as Operator, while HELLENiQ ENERGY Holdings retains a 30% participating
interest. In addition, the strategic partnership between the two companies was further expanded through
Chevron's acquisition of a 70% participating interest and operatorship in Block 10, offshore the Southern Ionian
Sea, with HELLENiQ ENERGY Holdings retaining 30% interest. As a result, the number of joint hydrocarbon
exploration concessions held by the two companies in Greece increased to five.
In the RES business, two photovoltaic parks (PVs) with a combined installed capacity of 58 MW in southern
Romania commenced commercial operation, as part of the previously announced 211 MW PV portfolio
development project. Following this milestone, the Group's operational RES capacity increased to 564 MW, while
its total RES portfolio in Romania now exceeds 850 MW, further supporting the implementation of the Group's
international growth strategy.
Implementation of the Share Buyback Program
As of 31 December 2025, HELLENiQ ENERGY Holdings did not hold any treasury shares. Under the share buyback
program approved by the Annual General Meeting of 27 June 2024, the Company acquired 300,000 treasury
shares during 1H26. As of 30 June 2026, following these transactions, the Company held 300,000 treasury shares
at an average acquisition cost of €10.2743 per share, representing 0.098% of its issued share capital.
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d) Subsequent Events after First Half of 2026
Against the backdrop of elevated international petroleum product prices, driven by strong seasonal demand and a
tight global supply-demand balance, particularly in the Mediterranean region, HELLENiQ PETROLEUM, a
subsidiary of HELLENiQ ENERGY, allocated €20 million during 3Q26 to fund a temporary commercial discount on
the main transportation fuels (95 RON unleaded gasoline and automotive diesel) supplied to the domestic market.
The discount was granted to all fuel marketing companies exclusively for sales in the Greek market and amounted
to €0.0795 per litre (before VAT) for 95 RON unleaded gasoline and €0.0405 per litre (before VAT) for automotive
diesel. The measure applies for the period from 14 July to 31 August 2026.
4  The selective alternative performance indicators are listed in Section 2.3.2
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2.2.2 First Half of 2026 Review per Segment – Major Risks,
Uncertainties and Prospects in Second Half of 2026
a) Financial Highlights 4
Tables below present the Group's main financial and operational indicators for 1H26:
Operational Data
1H26
1H25
Refinery sales
(in million metric tons)
6.9
7.1
Marketing sales
(in million metric tons)
3.0
2.9
Refinery production
(in million metric tons)
6.2
6.8
Group employees (FTEs)
4,268
3,802
Financial Data (in million €)
1H26
1H25
Net sales
7,007
5,166
Reported EBITDA4
1,325
235
  Inventory effect – Loss (gain)4
-580
172
  Accrual of CO2 emission deficit4
-42
-38
  Other special items4
31
32
Adjusted EBITDA4
734
401
Reported net income4
854
-19
Adjusted net income4
393
128
1H26 was marked by the escalation of the geopolitical crisis in the Middle East, which affected international
energy markets and increased uncertainty across the global economic environment. Against this backdrop, the
Group focused on managing the impact of the crisis, ensuring the uninterrupted operation of its activities and the
secure supply of the markets in which it operates.
Adjusted EBITDA amounted to €734 million (1H25: €401 million), while Adjusted Net Income reached €393
million (1H25: €128 million). Results increased significantly compared with1H25, mainly reflecting the
substantially stronger contribution from the Refining business, the improved performance of the Fuels Marketing
business, as well as the full consolidation of Enerwave.
In the Hydrocarbons business, improved profitability was primarily driven by significantly stronger benchmark
refining margins, robust operational performance of the Group's refineries - despite lower production resulting
from the scheduled full turnaround at the Aspropyrgos refinery - and the improved performance of the Fuels
Marketing business in both Greece and international markets.
1H26 Reported EBITDA increased significantly compared with the corresponding period of 2025, mainly reflecting
the positive inventory valuation effect resulting from the increase in crude oil and petroleum product prices during
the period. Reported EBITDA amounted to €1,325 million (1H25: €235 million), while Reported Net Income
reached €854 million (1H25: loss of €19 million).
Capital expenditure increased during 1H26 to €407 million, primarily reflecting investments related to the
scheduled maintenance turnaround at the Aspropyrgos refinery, as well as growth investments, mainly
supporting the implementation of the Group's energy transition strategy through the expansion of its renewable
energy portfolio.
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Balance Sheet / Cash Flow (in million €)
30.06.26
30.06.25
Total Assets
10,093
8,117
Total Equity
3,460
2,584
Capital Employed (Total Equity + Net Debt)
5,427
4,944
Net Debt
1,967
2,360
Net Cash Flows (Operating & investing cash flows)
375
-406
Total Investments
407
223
Gearing ratio – Net Debt / Capital Employed
36%
48%
The Group continues to execute its Vision 2030 strategy, pursuing a balanced and pragmatic energy transition
while further strengthening its position as one of the leading integrated energy groups in Southeast Europe.
In this context, the Group continues to strengthen its core businesses in Hydrocarbons, expand its electricity and
natural gas portfolio, accelerate investments in renewable energy sources (RES), and capture the synergies arising
from the full integration of Enerwave into the Group.
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b) Business Activities Review
The main segments of business activities within the HELLENiQ ENERGY Group include:
a)Hydrocarbons
1. Refining, Supply and Trading
2. Petrochemicals
3. Marketing
4. Oil & Gas Exploration and Production
b)Power
1. Renewable Energy Sources (RES)
2. Electricity and Natural Gas
The Group’s activities during the first half of 2026 (1H26) and the outlook for the second half of 2026
(2H26) are analyzed below.
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HELLENiQ ENERGY
Hydrocarbons
a) Refining, Supply and Trading
The Group’s refining, supply and petroleum products trading activities are carried out through its subsidiary,
HELLENiQ PETROLEUM S.A., which operates three refineries in Greece: the FCC refinery in Aspropyrgos, the
hydrocracking refinery in Elefsina and the hydroskimming refinery in Thessaloniki.
In 1H26 the Group’s refining activity is summarized below:
Refinery
Annual Nominal Capacity
(Κbpd)
Crude & Intermediate
Products Processed         
(k ΜΤ)
Final & Intermediate
Products Output
(k MT)
Αspropyrgos
146
2,502
2,323
Thessaloniki
90
2,189
2,134
Εlefsina
106
3,044
2,743
Inter-refinery
-970
-970
Total
342
6,765
6,230
Refinery operations ran smoothly during the first half of 2026. The scheduled maintenance turnaround at the
Aspropyrgos refinery was completed safely and successfully within the planned timeframe.
In 1H26, HELLENiQ PETROLEUM’s benchmark refining margin averaged $12.0/bbl, increasing by $6.1/bbl
compared with the corresponding period of 2025.
Petroleum product consumption in Greece declined y-o-y in 1H26. HELLENiQ PETROLEUM’s domestic sales
reached 2.1m MT, reflecting lower market demand. International sales amounted to 1.3m MT, while exports
declined to 3.2m MT, primarily due to the scheduled shutdown of the Aspropyrgos refinery.
Sales
1H26
(k MΤ)
1H25
(k MΤ)
Domestic Market
2,135
2,223
International Sales
1,262
1,338
Εxports
3,196
3,503
Crude oil
271
—
Total
6,864
7,064
Refining, supply and trading performance is mainly affected by external market factors, including:
• Changes in crude oil and refined product prices, which affect both benchmark and realized refining margins.
• EUR/USD exchange rate fluctuations, as refining margins are denominated in USD.
• Changes in European CO₂ emission allowance prices, which affect operating costs.
• Natural gas and electricity price movements, which materially affect production costs.
The international refining environment remains volatile, reflecting continued shifts in global supply and demand.
Key drivers include geopolitical developments, economic activity, consumer behavior, environmental regulation,
crude oil producers’ output policies, and changes in regional and global refining capacity and production.
Against this backdrop, the Group continues to advance its strategic initiatives, maintaining a strong focus on
safety and operational excellence. Key initiatives include improving energy efficiency, increasing energy self-
sufficiency, reducing CO₂ emissions and enhancing operational performance through targeted refinery
investments. At the same time, the digital transformation program continued to support the optimization of
crude oil and feedstock selection, product blending, preventive maintenance and overall refinery performance.
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b) Petrochemicals
The Group operates in the Petrochemicals sector through a propylene production unit located at the Aspropyrgos
refinery, as well as polypropylene (PP) and solvents production plants in Thessaloniki. Furthermore, the Group
owns a BOPP and Cast film production unit through its subsidiary “DIAXON” located in Komotini.
In 1H26, total Petrochemical sales volume amounted to 121 thousand tonnes, lower compared with the
corresponding period of 2025.
Petrochemical sales per product are shown below:
Product
1H26
(k ΜΤ)
1H25
(k ΜΤ)
Polypropylene
93
114
Solvents
12
13
BΟΡΡ film
16
16
Traded goods / Others
—
—
Total sales volume
121
143
The global petrochemical industry is characterized by cyclical market conditions and capital-intensive
investments. Petrochemicals margins, which are a key driver of the sector's profitability, are subject to significant
volatility and largely depend on supply and demand fundamentals, as well as the prevailing macroeconomic
environment. 
In 1H26, the key performance drivers were as follows:
• During the first half of 2026, the global petrochemicals industry continued to operate in a highly challenging
environment, impacted by the geopolitical tensions between Israel/the United States and Iran, as well as the
disruption of maritime traffic through the Strait of Hormuz. These developments caused significant supply
chain disruptions, resulting in a sharp increase in product prices and margins. At the same time, the planned
general turnaround of the Aspropyrgos Refinery and the resulting suspension of propylene production led to
a 20% reduction in polypropylene (PP) production.
• Benchmark polypropylene margins were higher compared with the first half of 2025. In particular, during
the second quarter, polypropylene exports from the Persian Gulf declined due to disruptions to shipping
through the Strait of Hormuz. The reduced availability of export volumes tightened the supply-demand
balance, supporting polypropylene margins, with the benchmark margin more than doubling in 2Q26
compared with the corresponding quarter of 2025. Despite these challenges, HELLENiQ ENERGY marketed
its polypropylene production without disruption, ensuring uninterrupted supply to its customers.
• Polypropylene products continue to be high value-added products with a strong export orientation.
Approximately 74% of total sales were directed to export markets in the Mediterranean region and the
Balkans.
• BOPP polypropylene film margins declined by 19% compared with the corresponding period of 2025. This
decrease was primarily attributable to the heightened volatility in the feedstock and polypropylene markets,
despite satisfactory demand from the flexible food packaging sector.
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c) Marketing
The Group operates in the Fuels Marketing sector through its domestic activities, carried out by its Greek
subsidiary EKO ABEE, and its international marketing activities.
In 1H26, marketing sales were as follows:
1H26
(k MT)
1H25
(k MT)
Domestic Market
1,190
1,261
Bunkering and Aviation, Exports
711
683
Domestic Marketing Sales
1,901
1,945
International Marketing Sales
1,147
944
Total
3,048
2,889
Marketing activities in Greece
In Greece, total fuel sales reached 1,901 thousand MT in the first half of 2026, representing a 2.2% decrease
compared to the corresponding period of the prior year. The number of fuel stations stood at 1,545 compared with
1,569 in 1H25.
Domestic sales decreased by 5.7%, mainly due to lower sales of heating oil and automotive diesel to PPC relative
to 1H25. More specifically, heating oil sales decreased by 12.8%, driven by mild weather conditions, while auto
diesel sales to PPC decreased by 41.2%.
Aviation fuel sales increased by 4.0% compared to 1H25, primarily due to the expansion of the customer base
through new commercial agreements and increased tourism activity. Additionally, bunkering fuel sales increased
by 4.7% compared to the corresponding period of 2025.
EKO maintains its commitment to the execution of its corporate strategy, with particular focus on the expansion
of market share and the improvement of operational profitability. At the same time, priority will continue to be
given on enhancing the value delivered to consumers through innovative products and high-quality services at
competitive prices.
International Marketing activities
The number of fuel stations across Cyprus, Montenegro, Serbia, Bulgaria and the Republic of North Macedonia
reached 340, compared with 330 in 1H25.
During 1H26, International Marketing’s total sales volume amounted to 1,147K tonnes, compared with 944K
tonnes in the corresponding period of the previous year. The increase in total sales volumes was positively
affected by the conditions that developed in the market as a result of international sanctions.
Profitability recorded a significant increase, with Adjusted EBITDA growing by 39% y-o-y, driven improved sales
volume and margins, as well as improved sales of non-fuel (NFR) products and services. These positive factors
were partially offset by higher operating costs.
5 Seismic operations were successful, with zero environmental footprint and full respect for the local communities, taking all the essential
protection measures, based on the EU and national legislation, as well as good industry practices. Processing and interpretation of the new 3D
seismic data were completed in June 2024, while further geological studies are in progress.
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HELLENiQ ENERGY
d) Oil & Gas Exploration and Production
HELLENiQ ENERGY Group is engaged in hydrocarbons exploration and production (upstream), with its main
activities focused on Greece:
• Participation with a 25% interest in a consortium with Calfrac Well Services Ltd (75%) in the Sea of Thrace
Concession, North Aegean Sea, covering a total area of approximately 1,600 km2.
• The Group has E&P rights in the offshore ‘Block 10’ in the Kyparissiakos Gulf. In January 2022, a 2D seismic
acquisition program of 1,200 km was performed, as part of the minimum work program of the 1st Exploration
Phase. In December 2022, in the context of the acceleration of the exploration activities, a 3D seismic
acquisition survey of a total area of 2,420 km2 was conducted as part of the commitments of the 2nd
Exploration Phase 5. The Lessor, following a request by the Lessee, granted its consent to an extension of the
Second Exploration Phase until 9 October 2027. Effective 1 July 2026, Chevron farmed into 'Block 10',
acquiring 70% interest and assuming Operatorship, while HELLENiQ ENERGY retained the remaining 30%
interest.
• The Group also holds E&P rights, as Operator (100%), in the offshore “Ionian” block, in Western Greece. In
February 2022, a 2D seismic acquisition of 1,600 km was performed, as part of the minimum work program
of the 1st Exploration Phase. In the context of the acceleration of the exploration activities, in December
2022, an additional 3D seismic acquisition of 1,150 km2 was performed as part of the commitments of the
2nd Exploration Phase6. The Lessor, following a request by the Lessee, granted its consent to an extension of
the Second Exploration Phase until 9 October 2027.
• Participation in the offshore "Block 2" area, west of Corfu, together with Energean Hellas Ltd. (Operator) and
ExxonMobil. As of 13 March 2026, the participating interests are: ExxonMobil 60%, Energean Hellas Ltd.
(Operator) 30%, and HELLENiQ ENERGY 10%. In November 2022, a 2,212 km2 3D seismic survey was
acquired, and the processing and interpretation of the data have been completed. On 15 March 2026, the
license entered the 2nd Exploration Phase, with the commitment to drill one exploration well. During the first
half of the year, the joint venture advanced well preparation activities and carried out the environmental
studies required for the drilling campaign.
• The Group also holds E&P rights, with 30% interest, in two (2) offshore blocks in Crete, ‘West Crete’ and
‘Southwest Crete’, in a JV with ExxonMobil Exploration & Production Greece (Crete) B.V. (70%, Operator).
During the period from November 2022 to February 2023, a 2D seismic acquisition of 12,278 km was
performed in the two (2) Cretan lease areas. Processing and interpretation of the newly acquired seismic
data have been completed. In March 2024, the Lessee proceeded in the acquisition of 900 km2 3D
multiclient seismic data in the “Southwest Crete” block and during April and May the Lessee completed an
extensive environmental sampling program in both blocks. The Lessor, pursuant to the respective
Application submitted by the Lessee, granted consent for a 12-month extension of the 1st Exploration Phase
until 9 April 2026 with respect to the "West Crete" lease area, while the "Southwest Crete" block advanced
into the 2nd Exploration Phase, carrying a duration of three (3) years, expiring on 9 October 2027. With
regard to the "West Crete" lease area, the Lessee elected, on 9 April 2026, not to proceed into the 2nd
Exploration Phase.
• Further to the International Tender for granting exploration and exploitation rights in the offshore areas of
“A2”, “South of Peloponnese”, “South of Crete 1” and “South of Crete 2”, HELLENiQ ENERGY was awarded a
30% participating interest in all four offshore areas in a joint venture with Chevron (70%, Operator). The
Lease Agreements were ratified by the Hellenic Parliament and became effective on 16 March 2026. The
Basic Exploration Stage extends over seven (7) years, and the First Exploration Phase, with a duration of
three (3) years, includes the acquisition of 2D seismic data in the areas “South of Peloponnese,” “South of
29
HELLENiQ ENERGY
Crete 1,” and “South of Crete 2,” as well as 3D seismic surveys in the “A2” area. These surveys are expected to
be carried out during the winter season 2026–2027.
• In relation to offshore ‘Block 1’ of the Ionian Sea, north of Corfu, the Group (100%, Operator) has submitted a
bid and is awaiting the decision of the Competent Authority.
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HELLENiQ ENERGY
Power (RES, Electricity and Natural Gas)
a) Renewable Energy Sources (RES)
The Group operates in the Renewable Energy Sources (RES) sector through its subsidiary, HELLENiQ Renewables,
in addition to other subsidiaries in Greece and internationally.
The Group is actively developing a material pillar of RES capacity, aiming to achieve an operating capacity of >1
GW by 2027 and >2 GW by 2030, that would diversify the Group's energy portfolio and contribute to the reduction
of its carbon footprint.
1H26
1H25
Installed Capacity (MW)
552
494
Power Generated (GWh)
418
361
In 1H26, HELLENiQ Renewables' total installed capacity amounted to 552 MW, following the addition of
photovoltaic parks with a total capacity of 58 MW in March 2026.
Projects with a total capacity of more than 6 GW, mainly in photovoltaic, wind and energy storage technologies,
are currently at various stages of development. In addition, the Group continues to assess the development and
construction of self-generation/self-consumption projects at its facilities.
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HELLENiQ ENERGY
b) Enerwave
Electricity 
During the first half of 2026, electricity demand in Greece reached 24.7 TWh, up 1.8% compared with the
corresponding period of 2025. In terms of actual consumption, demand was slightly lower, declining by 0.7%.
Although the overall change was small, significant changes were observed in the composition of the energy mix.
More specifically, hydroelectric generation rose sharply to 3.73 TWh (+155%), from 1.46 TWh in the first half of
2025, while generation from renewable energy sources (RES) increased by 21% to 14.89 TWh. On the contrary,
natural gas-fired generation declined by 2.7% y-o-y to 10.01 TWh.
Cross-border electricity flows also had a notable impact on the generation mix. Net exports increased
substantially, with the net cross-border balance reaching -5.17 TWh compared with -0.78 TWh in the first half of
2025. In addition, energy storage systems made their first contribution to the Greek power system, generating
approximately 11 GWh during the period.
European natural gas prices averaged €42.6/MWhg during the first half of 2026, 4% above the corresponding
period of 2025. After softer prices in January and February, prices rose sharply from March onwards following the
escalation of the conflict in Iran, reflecting heightened geopolitical uncertainty and concerns over security of
supply.
Despite higher gas prices, wholesale electricity prices declined, supported by increased RES penetration, stronger
hydroelectric output, generation availability and cross-border flows. As a result, the average day-ahead market
clearing price fell to €92/MWh, compared with €108/MWh in the first half of 2025.
Against this market backdrop, Enerwave's power plants generated 1.33 TWh during the first half of 2026,
compared with 1.54 TWh in the corresponding period of 2025. The reduction primarily reflected planned
maintenance at the Thisvi power plant, while the Company's generation fleet continued to play an important role
in supporting security of supply and system stability. During the period, Enerwave also further expanded its
electricity trading activities.
In the retail electricity market, Enerwave continued to strengthen its position, increasing its market share to
6.34%, from 5.89% in the first half of 2025 (Source: Hellenic Energy Exchange). Growth was driven by the low-
voltage segment, where market share increased to 5.64% from 4.51%. At the end of the first half of 2026,
Enerwave's electricity customer base reached approximately 340,000, representing annual growth of 13%.
Natural Gas
During the first half of 2026, total natural gas demand in Greece increased by 15.1% to 43.09 TWh, compared with
37.45 TWh in the corresponding period of 2025 (Source: DESFA). The increase was primarily driven by exports,
which more than tripled to 8.72 TWh from 2.86 TWh a year earlier. Domestic consumption remained broadly
stable at 34.37 TWh (-0.6%), as slightly lower demand from power generation was offset by higher consumption
in distribution networks and industry/CNG. The United States remained the largest LNG supplier to Greece,
accounting for 12.67 TWh, or around 70% of total LNG imports, followed by Nigeria with 4.16 TWh.
Enerwave maintained its position as one of Greece's leading natural gas importers, supplying power generation,
industrial customers and the domestic retail market, while also expanding exports to neighbouring countries
through its diversified portfolio. During the first half of 2026, the Company further expanded its natural gas
trading activities, with its trading portfolio reaching 3.8 TWh.
In the retail natural gas market, Enerwave further strengthened its presence, increasing its market share to 5.43%,
from 4.66% in the corresponding period of 2025 (Source: Enaon & HENGAS). This performance was supported by
continued growth in both commercial and residential customers. At the end of the first half of 2026, Enerwave's
retail natural gas customer base approached 40,000, representing annual growth of approximately 30%.
32
HELLENiQ ENERGY
c) Major Risks and Uncertainties of Second Half of 2026
The Group’s activities are focused on hydrocarbons and power and gas. In the hydrocarbons pillar, HELLENiQ
ENERGY Holdings operates in refining, supply and trading, petrochemicals, fuels marketing, and hydrocarbons
exploration and production. In the Power pillar, the Group operates in Renewable Energy sources (RES), thermal
power generation and electricity and supply, as well as natural gas wholesale business and supply.
The most significant risks that could affect the Group's operations in 2H26 are as follows:
Supply chain and feedstock availability - Global crude oil and feedstock supply chains continue to be exposed to
geopolitical instability, shipping disruptions, sanctions and logistical constraints. Ongoing tensions affecting key
maritime routes, including the Middle East and the Red Sea region, may affect freight rates, insurance costs and
delivery times or limit access to preferred crude grades.
Market risk - Demand for transportation fuels and other refined petroleum products remains closely linked to
economic activity. Continued weakness in European industrial production, slower economic growth, changing
consumer behavior or accelerated fuel substitution may reduce demand for gasoline, diesel, jet fuel and
petrochemical products. Lower demand could result in reduced refinery throughput, lower product margins and
increased competitive pressure across European markets. In the Power business, increased RES penetration,
particularly PVs, may result in higher production curtailments, lower wholesale electricity prices and reduced
capture prices during peak generation periods, adversely impacting revenues.
Energy and CO2 costs - Refining operations are energy intensive and therefore remain sensitive to fluctuations in
natural gas, electricity and CO2 costs.
Regulatory and environmental risk - The Group operates within an evolving regulatory framework designed to
support the European Union's climate and energy transition objectives. Further implementation of environmental
legislation, including changes to the EU Emissions Trading System (EU ETS), renewable fuel mandates, fuel quality
specifications and other decarbonization measures, may affect compliance costs.
Operational risk - Refining operations are subject to operational risks including equipment failures, unplanned
shutdowns, industrial accidents, cyber security incidents and delays in major maintenance activities. The Group
has recently completed two major refinery turnarounds – at the Elefsina refinery in June 2025 and at the
Aspropyrgos refinery in April 2026 – and continues to invest in asset optimization, preventive maintenance,
digitalization and process safety to mitigate these risks. In the Power business, climate and physical risks including
prolonged heatwaves and wildfires may disrupt operations, damage assets, reduce generation efficiency and
increase maintenance costs.
Financial risk - The Group is exposed to foreign exchange risk as crude oil purchases are primarily denominated in
U.S. dollars while a significant proportion of revenues and operating costs are denominated in euros. In addition,
higher commodity prices may increase working capital requirements. Changes in interest rates may also affect
financing costs.
Credit and counterparty risk - Volatile market conditions may adversely affect the financial position of customers,
suppliers and trading counterparties. A deterioration in counterparty credit quality could result in delayed
payments, contract defaults or supply interruptions, potentially impacting liquidity and profitability. The Group
manages these risks through established credit controls, counterparty limits and ongoing monitoring of customer
exposures.
Geopolitical risk - The Group's operations and financial performance continue to be affected by geopolitical
developments, which may impact global energy markets, commodity prices and supply chains.
The crisis in the Middle East and the heightened tensions in the Strait of Hormuz during the second quarter of
2026 highlighted the significance of geopolitical risks for international energy markets, affecting maritime
transportation, increasing freight and insurance costs, and contributing to higher volatility in crude oil, refined
products and petrochemical prices. Although tensions eased temporarily towards the end of July, the situation
remains fragile, and the risk of renewed escalation or further disruptions to global trade flows cannot be ruled out.
33
HELLENiQ ENERGY
For the second half of 2026, the Group expects geopolitical uncertainty to remain a key risk factor, with potential
implications for the availability of crude oil and feedstocks, procurement costs and refining margins. In addition,
geopolitical developments may further increase volatility in commodity prices and foreign exchange rates, while
also potentially leading to regulatory or policy measures that could affect the Group's operating environment.
The Company continues to closely monitor developments and seeks to mitigate the associated risks through a
diversified crude oil sourcing strategy, supply chain flexibility, active commodity risk management, and the
maintenance of adequate liquidity and strategic inventories.
6 The numbers int the tables are presented in €'000, unless otherwise stated
34
HELLENiQ ENERGY
2.2.3 Significant Related Party Transactions (Article 3, Decision No.
1/434 - 03.07.2007) 6 and Borrowings
The interim condensed consolidated and Company statement of comprehensive income includes transactions
between the Group, the Company and related parties. Such transactions are mainly comprised of sales and
purchases of goods and services in the ordinary course of business.
Where required, comparative amounts have been amended to better reflect the nature of the transactions.
Transactions have been carried out with the following related parties:
a) Associates and joint ventures of the Group which are consolidated under the equity method:
• Athens Airport Fuel Pipeline Company S.A. (EAKAA)
• DEPA International Projects S.A.
• Elpedison B.V., up to 14/07/2025 (Note 9)
• Spata Aviation Fuel Company S.A. (SAFCO)
• D.M.E.P. HOLDCO
• VLPG Plant LTD
Group
For the period ended
30 June 2026
30 June 2025
Sales of goods and services to related parties
Associates
24,719
138,375
Joint ventures
—
7,021
Total
24,719
145,396
Purchases of goods and services from related parties
Associates
160,017
135,065
Joint ventures
—
104,813
Total
160,017
239,878
Group
30 June 2026
31 December 2025
Balances due to related parties                                                                     
Associates
18,300
16,290
Joint ventures
—
—
Total
18,300
16,290
Balances due from related parties                                                   
Associates
13,068
24,883
Joint ventures
—
—
Total
13,068
24,883
35
HELLENiQ ENERGY
Following  Elpedison B.V.'s acquisition by the Group during 2025, the former ceased to be classified as a related
party. The Company had provided guarantees in favor of third parties and banks as security for loans granted by
them to Elpedison B.V., with an outstanding amount of €54 million as at 30 June 2025. As at 31 December 2025,
no amount remained outstanding under these guarantees.
b) Government-related entities which are under common control with the Group due to the shareholding and
control rights of the Hellenic State and with which the Group has material transactions. 
• Hellenic Armed Forces
• Road Transport S.A.
• Public Power Corporation Hellas S.A.
• Hellenic Electricity Distribution Network Operator S.A. (HEDNO)
• Hellenic Gas Transmission System Operator
• Independent Power Transmission Operator (IPTO)
• Hellenic Energy Exchange S.A. (HEnEx)
• EnΕx Clearing House Single Member S.A. (EnExClear)
• Renewable Energy Sources Operator & Guarantees of Origin S.A.
During the period ended on 30 June 2026, transactions and balances for the Group with the above
government-related entities are as follows:
• Sales of goods and services amounted to €322 million (30 June 2025: €191 million)
• Purchases of goods and services amounted to €350 million (30 June 2025: €8 million)
• Receivable balances of €26 million (31 December 2025: €86 million)
• Payable balances of €145 million (31 December 2025: €18 million).
c) Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ
ENERGY Holdings S.A.) and General Managers. Where required, comparative amounts have been amended to
better reflect the nature of the compensation earned.
The compensation paid or payable for the period ended on 30 June 2026 to the key management is as follows:
Group
30 June 2026
30 June 2025
Employee benefits
6,855
6,453
Post-employment benefits
450
433
Total
7,305
6,886
d) The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece:
• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West Crete)
• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block 2)
• Energean Hellas LTD (Greece, Block 2)
36
HELLENiQ ENERGY
• Chevron Greece Holdings (A2) B.V.
• Chevron Greece Holdings (S Peloponnese) B.V.
• Chevron Greece Holdings (S Crete 1) B.V.
• Chevron Greece Holdings (S Crete 2) B.V.
• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
Borrowings
The Group has centralized treasury operations which coordinate and control the funding and cash
management activities of all Group companies.
Analysis of the Group's borrowings can be found at Note 18 of the Half-Year reviewed Financial Statements.
37
HELLENiQ ENERGY
2.3 Additional Information of the Board of
Directors’ Report (article 4, Decision
No.7/448/2007)
2.3.1 Other Financial Information
Share Price 
On 30 June 2026, the Company’s share price closed at €11.05, representing a 32% increase compared to 31
December 2025. The share price averaged €9.58 in 1H26 (based on the average daily closing prices), a 25%
increase compared to the corresponding period in 2025. The highest closing price was €11.05 and was recorded on
30 June 2026, while the lowest closing price (€8.41) was recorded on 12 January 2026.
The average daily trading volume in 1H26 amounted to 349,861 shares, an increase of 55% compared to the
respective period in 2025, while the average daily turnover increased by 94% to €3,344,925.
The following table and chart present the average monthly closing share price of the Company’s share and the
average daily trading volume per month in 1H26, as well as the respective period in 2025.
 
Average Closing Price
Average Trading Volume
 
(€)
(# shares)
 
2026
2025
2026
2025
January
8.71
7.57
378,078
171,354
February
9.14
7.79
259,021
260,914
March
9.43
7.77
564,236
262,986
April
9.66
7.45
299,766
220,132
May
9.97
7.68
265,535
194,399
June
10.53
7.87
314,053
246,464
38
HELLENiQ ENERGY
Share Price Chart for HELLENiQ ENERGY Holdings S.A.
The following chart presents the Company’s month-end share price and average daily trading volume during the
first 6 months of 2026:
39
HELLENiQ ENERGY
2.3.2 Selected Alternative Performance Measures
This Report includes certain financial measures of historical financial performance, financial position, or cash
flows, which are not defined or specified under IFRS (“Alternative Performance Measures”). The Group considers
that these measures are relevant and reliable in assessing the Group’s financial performance and position,
however such measures are not a substitute for financial measures under IFRS and should be read in conjunction
with Group published financial statements.
Presentation and Explanation of Use of Alternative Performance Measures
Reported EBITDA
Reported EBITDA is defined as earnings/(loss) before interest, taxes, depreciation and amortization and is
calculated by adding back depreciation and amortization to operating profit. 
Adjusted EBITDA
Adjusted EBITDA is defined as Reported EBITDA adjusted for: 
a) Inventory Effect (defined as the effect of the price fluctuation of crude oil and oil product inventories on gross
margin and is calculated as the difference between cost of sales at current prices and cost of sales at cost) in the
Refining, Supply & Trading segment,
b) the accrual of the expense for the net deficit of the projected CO2 emissions throughout the year (which is
calculated by deducting the proportion of allowances received for the full year from the estimated proportion of
emission of the refineries for the full year corresponding to the period, multiplied by the EUA price of the period
end) vs allowances received compared to the accounting treatment under IFRS according to which a provision is
raised when realized cumulative emissions exceed the level of allowances received by the company and,
c) special items in line with the refining industry practice. Adjusted EBITDA is intended to provide an
approximation of the operating cash flow projection (before any Capex) in an environment with stable oil and
products prices.
Reported EBITDA and Adjusted EBITDA are indicators of the Group’s underlying cash flow generation capability.
The Group’s management uses the above alternative performance measures as a significant indicator in
determining the Group’s earnings performance and operational cash flow generation both for planning purposes
as well as past performance appraisal.
Adjusted Net Income
Adjusted Net Income is defined as the Reported Net Income as derived from the Group’s financial statements
under IFRS, adjusted for post-tax inventory effect calculated as Inventory Effect times (1- statutory tax rate in
Greece) and other post-tax special items, as well as the adjustment for the period of the net CO2 emission deficit,
at the consolidated  financial statements. 
Adjusted Net Income is presented in this report because it is considered by the Group and the Group’s industry as
one of the key measures of its financial performance.
Net Debt
Net Debt is calculated as total borrowings (including “current and non-current borrowings” as shown in the
consolidated statement of financial position of the Group financial statements) less “Cash & cash equivalents” and
“Investment in Equity Instruments”, as reflected in the Group’s financial statements under IFRS. It is noted that
finance lease obligations are not included in the calculation.
40
HELLENiQ ENERGY
Capital Employed
Capital Employed is calculated as “Total Equity” as shown in the consolidated statement of financial position of
the relevant financial statements plus Net Debt. 
Gearing Ratio
Gearing ratio is calculated as “Net Debt” divided by “Capital Employed”, each as set out above. The Group
monitors capital structure and indebtedness levels on the basis of the gearing ratio.
41
HELLENiQ ENERGY
Reconciliation of Alternative Performance Measures to the Group’s Financial
Statements
The tables below illustrate how the selected alternative performance measures presented in this financial report
are reconciled to their most directly reconcilable line item in the financial statements for the corresponding period.
Calculation of Reported EBITDA, Adjusted EBITDA, Adjusted Profit after tax
million €
1H26
1H25
Operating Profit/(Loss) -IFRS-
1,175.1
73.7
Depreciation & Amortization -IFRS-
150.1
160.9
Reported EBITDA
1,325.2
234.6
Inventory effect
-579.9
172.2
Other special items*
31.0
31.6
Accrual of CO2 emission deficit**
-42.0
-37.9
Adjusted EBITDA
734.2
400.5
Profit/(Loss)  for the period attributable to owners of the parent -IFRS-
854.5
-19.3
Taxed Inventory effect
-453.3
134.4
Taxed other special items***
24.2
24.6
Taxed accrual of CO2 emission deficit
-32.8
-29.6
Special items below EBITDA****
0.4
17.4
Adjusted Net Income
392.9
127.6
Calculation of Net Debt, Capital Employed and Gearing ratio
million €
1H26
1H25
Borrowings LT -IFRS-
2,356.9
2,789.7
Borrowings ST -IFRS-
424.9
336.9
Cash & Cash equivalents -IFRS-
814.3
766.2
Investment in equity instruments -IFRS-
0.9
0.7
Net Debt
1,966.5
2,359.7
Equity -IFRS-
3,460.0
2,583.8
Capital Employed
5,426.5
4,943.5
Gearing ratio (Net Debt/Capital Employed)
36%
48%
* Main items include:
a) for 1H26: --€14.3m expenses associated with one-off bonus to employees, -€4.3m one-off expenses in refining
industrial complexes, -€6.4m for litigation provisions, -€6m for other special items.
b) for 1H25: -€11.7m expenses associated with one-off bonus to employees, -€8.0m for expenses associated with
voluntary retirement schemes, -€4.0m valuation adjustments on balance sheet items, -€7.9m for other special
items.
** the accrual of the expense for the net deficit of the projected CO2 emissions throughout the year vs allowances
received, compared to the accounting treatment under IFRS according to which a provision is raised when realized
cumulative emissions exceed the level of allowances held by the company received.
*** Includes all special items post effect of applicable tax rate.
**** a) for 1H26: €0.4m (after tax) mainly consists of associates' special items,  b) for 1H25: €17.4m (after tax),
mainly consists of associates' special items.
42
HELLENiQ ENERGY
2.3.3 Sustainability Information
The HELLENiQ ENERGY Group has integrated sustainable development into its strategic planning, as reflected in
its Sustainable Development Policy. This strategic choice reflects the Group’s commitment to safe, accident-free
and economically sustainable operations, while respecting the environment and society.
At the same time, the Group has incorporated ESG indicators and targets—covering the environment, society, and
corporate governance—in accordance with international standards and reporting frameworks, with the aim of
providing detailed and targeted information regarding the implementation of its strategy and its performance.
To further enhance transparency and monitor its performance on sustainable development issues, the Group
participates in internationally recognized ESG assessments and frameworks. Depending on each organization’s
methodology, these assessments cover specific aspects related to the Environment, Society, and Corporate
Governance, and complement the Group’s internal monitoring, management, and reporting systems.
In this context, the Group received a B rating (“Management Level”) in the two CDP assessments covering Climate
Change and Water Security, improved its score in S&P Global’s Corporate Sustainability Assessment (CSA) (ESG
Score 60, 85th percentile), and, for the first time, was assessed by EcoVadis, receiving an overall score of 66/100,
ranking in the 75th percentile among assessed companies. The EcoVadis assessment covers broader ESG topics,
such as the environment, labor and human rights, business ethics, and sustainable procurement.
At the same time, the Group monitors its performance through other ESG assessments, which access, according to each
organization’s methodology, the Group’s ESG risk profile, transparency, and overall approach to sustainable development.
Furthermore, the Group is included in the list of “The Most Sustainable Companies in Greece 2026,” a distinction based on the
evaluation of corporate performance in sustainable development and recognizes its participation in a national framework that
highlights companies monitoring the impacts of their business activities based on ESG criteria.
In February 2026, the Group published its second Sustainability Statement, which was prepared in accordance
with the European Union’s Corporate Sustainability Reporting Directive (CSRD). At the same time, the Group
published the full set of ESG indicators in accordance with the GRI Standards, which, following verification by an
external independent auditor, was posted on the company’s website.
43
HELLENiQ ENERGY
Environment
Environment and Climate Change
As part of the implementation of the Group’s transformation strategy and its plan to reduce its carbon footprint
by 2030, further progress has been made on the energy transformation projects both at the Group’s refineries
and in its renewable energy activities. Notably, this includes an increase in installed RES capacity (over 0.56 GW in
operation) and progress in the implementation of electricity storage projects. Furthermore, with the aim of
improving performance in environmental management (air emissions, liquid and solid waste), all planned work at
the Group’s industrial facilities was successfully completed in the first half of 2026.
The HELLENiQ ENERGY Group adopts circular economy practices, prioritizing the reduction of liquid and solid
waste generation at the source, maximizing recycling, and reusing reusing waste materials within the production
process where feasible. At the same time, it promotes the utilization of waste by third parties for other purposes,
such as energy production and its use as alternative raw materials. In 2026, the “Zero Waste to Landfill”
certification process was launched across the entire Group, with the aim of certifying the good waste
management practices in place, as well as identifying areas for improvement that will contribute to further
increasing the quantities of waste diverted from final disposal.
With regard to the operation of refineries and their participation in the Emissions Trading System (ETS), the
required reports (verification of activity levels and emissions) for the year 2025 were successfully submitted
during the first half of 2026. At the same time, significant progress was made in the process of determining the
free allocation of emission allowances for the 2026–2030 period, as the European Union’s Climate Change
Committee approved the new benchmarks to be applied during the second allocation period of Phase IV of the EU
ETS. This development provides greater clarity regarding the initial quantities of free allowances expected to be
allocated to facilities for the year 2026. According to the relevant announcements by the European Commission,
the allocation of free allowances is expected to begin during the second half of July 2026.
CO₂ emissions from the Group’s three refineries (Aspropyrgos, Elefsina, and Thessaloniki) totaled 1.76 million tons
in the first half of 2026, compared to 1.62 million tons in the corresponding period of 2025. This increase was
primarily attributable to the lower comparative base in 2025, due to the extensive maintenance activities carried
out at the Elefsina refinery during the first half of 2025, despite the scheduled shutdown of the Aspropyrgos
refinery for maintenance activities during the first half of 2026.
Finally, the Group continued to contribute, through the Hellenic Federation of Enterprises (SEV) and the SEV
Council for Sustainable Development, to consultations on critical issues such as the revision of the EU Emissions
Trading System (EU ETS) in conjunction with the Carbon Border Adjustment Mechanism (CBAM), the Circular
Economy Act initiative, as well as Sustainable Finance matters and the Omnibus package regarding the
simplification of sustainability reporting requirements (CSRD) at the European level.
44
HELLENiQ ENERGY
Society
Human Resources
The Group's long-term success and sustainable growth are fundamentally driven by its people. Operating in a
highly specialized and technically demanding industry requires a skilled workforce with extensive expertise,
continuous professional development, and significant operational experience. Attracting, developing, and
retaining qualified employees is therefore essential to maintaining operational excellence and supporting the
Group's strategic objectives.
The availability of experienced professionals, particularly for middle and senior management positions as well as
highly specialized technical roles, remains a key factor in ensuring business continuity and future growth.
Recognizing this, the Group is committed to providing a safe, inclusive, and engaging working environment that
promotes employee well-being, motivation, and high performance.
The Group's employment practices are founded on the principles of equal opportunity, meritocracy, and respect.
Employees are evaluated based on their qualifications, performance, competencies, and potential, without
discrimination. Recruitment, development, performance management, and career progression are conducted
through transparent processes that encourage continuous learning, innovation, and professional growth.
Work Policies and Regulations
The Group's operations are supported by a comprehensive framework of policies, regulations, and procedures
designed to ensure consistency, accountability, and effective corporate governance. The Code of Conduct defines
the ethical principles, standards of behavior, and professional practices expected throughout the organization,
while the Internal Labour Regulations establish a clear framework governing employees' rights, responsibilities,
and working conditions.
The Group continuously monitors developments in national, European, and international labour legislation and
aligns its practices with internationally recognized labour standards, including those of the International Labour
Organization (ILO). It is committed to respecting human rights, promoting fair working conditions, prohibiting
child and forced labour, and complying with all applicable collective agreements and relevant international
conventions.
Training and Development
The Group considers the continuous development of its people to be a strategic priority. Through ongoing
investment in education, technical training, leadership development, and professional skills enhancement,
employees are equipped with the knowledge and capabilities required to perform effectively and adapt to evolving
business and technological requirements.
Committed to fostering a culture of innovation and continuous improvement, the Group combines operational
excellence with a people-centric approach. By investing in its workforce and supporting lifelong learning, it seeks
to create an environment that encourages creativity, collaboration, and sustainable professional development
while strengthening the organization's long-term competitiveness.
7 The European averages of AIF, LWIF and PSER indices for 2025 and 2026 were not available from CONCAWE on the date of publication of the
2026 Half-Yearly Financial Report.
45
HELLENiQ ENERGY
Health and Safety
Ensuring the health and safety of employees is a fundamental value of the Group. The prevention of occupational
hazards, continuous monitoring of working conditions, and compliance with Greek law, as well as European and
international regulations, contribute to the creation of a safe work environment. Policies and initiatives, such as
periodic medical examinations and systematic risk assessments, contribute to safeguarding the health and well-
being of employees, regardless of age or gender.
All necessary safety measures are taken for employees, contractors, and visitors at all workplaces, in alignment
with the Sustainable Development Goal 3 (Good Health and Well-Being -SDG 3-).
The Group continuously invests in prevention, infrastructure, and training for employees and partners in the area
of health and safety, with the aim of complying with the strictest criteria at the national and European levels. All
Group facilities establish specific targets for monitoring and improving their Health and Safety performance,
which are monitored through regular reporting.
During the first half of 2026, the scheduled maintenance activities at the Aspropyrgos refinery were successfully
completed. At the same time, and where necessary, emergency maintenance activities were carried out on units
at the Elefsina and Thessaloniki refineries. Throughout the maintenance activities, the required preventive
measures were fully implemented, and the work was completed without any significant employee safety
incidents.
The following charts present the evolution of the Lost Workday Injury Frequency (LWIF), All Injuries Frequency
(AIF), Process Safety Event Rate (PSER), compared to the corresponding European average (CONCAWE) 7.
46
HELLENiQ ENERGY
47
HELLENiQ ENERGY
Corporate Responsibility
As part of its Corporate Responsibility strategy, HELLENiQ ENERGY develops and implements initiatives focused
on people and the environment, both at national level and within the local communities where it operates.
Through partnerships with institutions, educational establishments, social and environmental organizations, the
Church, sports bodies and local authorities, the Group contributes to addressing social needs and creating long-
term value. As a responsible corporate citizen, HELLENiQ ENERGY takes into account the needs and expectations
of its stakeholders and actively contributes to the sustainable development of the country.
Operating with exemplary standards, the Group has developed a holistic Corporate Responsibility strategy
focusing on Society, Youth, Health and Environment, Infrastructure, Culture and Sports. Particular emphasis is
placed on employee engagement through volunteering initiatives, as well as on strengthening its relationship with
consumers through sponsorship programs.
During the first half of 2026, HELLENiQ ENERGY implemented significant initiatives to improve the living and
study conditions of students at two of Greece’s largest universities. At the Student Residences of Aristotle
University of Thessaloniki, the Group donated modern equipment for students’ rooms, including accommodation
for students with disabilities, while 22 communal areas were upgraded at the Student Residences of the National
and Kapodistrian University of Athens. The two initiatives improved the living conditions of more than 2,000
students.
HELLENiQ ENERGY launched its Postgraduate Scholarship Program for the 14th consecutive year, offering up to
40 full scholarships for the 2026–2027 academic year in fields including Energy, Engineering, Digital
Transformation, Environmental Sciences, Economics and Business Administration. The Program is now
implemented in six countries where the Group operates, with Serbia participating for the first time in 2026. Since
2013, more than 350 scholarships have been awarded for studies at 50 leading universities in Greece and abroad.
The candidate assessment process was complemented by activities introducing applicants to the Group and its
operations, including virtual tours of its facilities and refineries.
For the 8th consecutive year, HELLENiQ ENERGY supported the postgraduate program “Industrial Systems of Oil and
Natural Gas” at the University of West Attica, providing 12 scholarships. Through the HELLENiQ ENERGY Center for
Sustainability and Energy at Alba Graduate Business School, the Group continues to strengthen the link between
academic research and the needs of the energy transition. A key initiative was the second volunteer action of the
HELLENiQ ENERGY Alumni Community, implemented during its first year of operation in cooperation with “Mazi gia to
Paidi”, supporting 21 children participating in the “Support for Vulnerable Families” program.
Supporting vulnerable social groups and creating equal opportunities remained a key pillar of the Group’s actions. In
Elefsina, HELLENiQ PETROLEUM, in cooperation with “Oloi Emeis Mazi”, supported, as Major Sponsor, the operation of
“POIKILI STOA”, the first social café in the Thriasio Plain employing people with intellectual disabilities, contributing to
their vocational training and integration into the labor market. HELLENiQ ENERGY also expanded its women
empowerment initiatives through the “Athena” Women’s Empowerment Centre, developed in cooperation with Doctors
of the World Greece and other local organizations in Thessaloniki and Komotini, aiming to support approximately 400
beneficiaries, of whom more than 250 women are expected to benefit directly during 2026.
Through the “Wave of Warmth” program, HELLENiQ ENERGY provided free heating oil to approximately 160
public schools for the 17th consecutive year, supporting the educational environment of more than 23,000
students. Through the “Earth 2030 Educational Suitcase” program, the Group also contributed to raising
awareness among 1,139 students in 26 schools about the UN Sustainable Development Goals.
In the field of environmental education, approximately 1,700 preschool and primary school students from 26
schools participated in experiential programs implemented across six municipalities in the Thriasio Plain and
Western Thessaloniki. The programs focused on biodiversity protection, pollinators, water resource management
and marine life conservation.
At the start of the wildfire prevention season, HELLENiQ ENERGY supported volunteer fire protection groups and
local authorities in the Thriasio area by providing fuel and firefighting vehicles. In addition, HELLENiQ
PETROLEUM, in cooperation with EKO, donated fuel to the Ministry of Climate Crisis and Civil Protection in
support of registered volunteer groups.
48
HELLENiQ ENERGY
As part of its commitment to improving quality of life in local communities, HELLENiQ ENERGY continues to
develop and upgrade public recreational spaces. In the Municipality of Ampelokipoi–Menemeni, the Company has
developed three playgrounds, including one accessible to children with disabilities, and undertook their
maintenance during the first half of 2026. It also created the “Park of the Senses”, a new green and recreational
area developed with the participation of employee volunteers and their families. The new planting is expected to
sequester approximately 7.9 tonnes of CO₂ over the next decade.
HELLENiQ ENERGY supports sports at both professional and amateur level through partnerships with the Hellenic
Basketball Federation, the Hellenic Paralympic Committee, the “EKO Acropolis Rally”, the “Davis Cup” and local
sports clubs. The Group also encourages employee participation in volunteer initiatives, with 142 employees
taking part in the 20th Alexander the Great International Marathon in Thessaloniki under the message “Run &
Give”, linking their participation to support for two special schools in the region.
As Gold Sponsor of the Hellenic Paralympic Committee, HELLENiQ ENERGY supported the Greek delegation at
the "Milano Cortina 2026 Winter Paralympic Games” and the 6th “Paralympic Panorama” event, promoting the
values of equality, inclusion and respect for diversity.
EKO continued its partnership with the Hellenic Basketball Federation as Grand Sponsor of all National Basketball
Teams, as well as of the nationwide “Galanolefka Asteria” development program, which provides more than
15,000 children across Greece with opportunities to participate in basketball activities. Four regional “Galanolefka
Asteria Festivals by EKO” were also organized as part of the program.
EKO also supported the “EKO Acropolis Rally” for the 6th consecutive year as Grand Sponsor and Title Sponsor.
The event took place across Attica, the Peloponnese and Central Greece, featuring 17 special stages, including the
EKO Super Special Stage at “The Ellinikon Sports Park”. Through the “EKO Acropolis Rally Road Safety” program,
EKO also promoted road safety awareness, encouraging responsible driving and highlighting that speed belongs
exclusively on the racetrack.
49
HELLENiQ ENERGY
Governance
The institutional framework governing the Company’s operation and obligations is L. 4548/2018 on the reform of
the law of sociétés anonymes and L. 4706/2020 on corporate governance. The Company’s Articles of Association,
are available via the Company’s website at: https://www.helleniqenergy.gr/en/investor-relations/policies-
regulations.
The Company has adopted the Hellenic Corporate Governance Code (June 2021 edition) of the Hellenic Corporate
Governance Council (HCGC) (hereinafter referred to as the “Code”). This Code can be found on the HCGC’s website,
at the following electronic address: https://www.esed.org.gr/web/guest/code-listed.
The composition of the Company’s Board of Directors is:
• Spilios Livanos, Chairman, non-executive member
• Andreas Shiamishis, Chief Executive Officer, executive member
• Georgios Alexopoulos, Deputy Chief Executive Officer, executive member
• Nikolaos Vrettos, Senior Independent Director, independent non-executive member
• Theodoros-Achilleas Vardas, non-executive member
• Maria Ioannidou, independent non-executive member
• Stavroula Kampouridou, independent non-executive member
• Constantinos Mitropoulos, independent non-executive member
• Anna Rokofyllou, non- executive member
• Alkiviades- Constantinos Psarras, non-executive member
• Mary Psylla, independent non-executive member
and its term of office is until 27.06.2027.
Corporate Events during 1H26
Changes to the Composition of the Board of Directors and its Committees
The Company complied in a timely manner (prior to 30 June 2026) with the new requirement introduced by Article
3A of Law 4706/2020, as added by Law 5178/2025, regarding the representation of the underrepresented gender
on the Board of Directors at a minimum of 33%, rounded to the nearest whole number.
More specifically, at its meeting held on 03.06.2026, the Board of Directors, following a recommendation from the
Nomination Committee, elected Ms. Maria Ioannidou and Ms. Maria Psylla as independent non-executive
members to replace the resigned Messrs. Iordanis Aivazis and Panagiotis Tridimas, for the remainder of the term
of the resigning members, i.e. until the expiry of the Board’s term on 27.06.2027.
The election of the new members to replace the resigning members was announced, in accordance with Law
4548/2018 (Article 82(1)), to the Annual General Meeting of Shareholders held on 25.06.2026. By its resolution
under Item 9 of the agenda, the General Meeting appointed Ms. Maria Ioannidou and Ms. Maria Psylla as
independent non-executive members for the remainder of the Board’s term of office.
50
HELLENiQ ENERGY
Furthermore, at the same meeting held on 03.06.2026, following its convening and constitution, the Board
of Directors resolved to reconstitute its committees as follows:
Remuneration and Succession Planning Committee
• Nikolaos Vrettos, Senior Independent Director, Independent Non-Executive Director
• Theodoros Vardas, Non-Executive BoD member
• Maria Psylla, Independent Non-Executive BoD member
Nomination Committee
• Nikolaos Vrettos, Senior Independent Director, Independent Non-Executive Director
• Theodoros Vardas, Non-Executive BoD member
• Maria Psylla, Independent Non-Executive BoD member
Audit Committee
The Board of Directors, by its resolution dated 03.06.2026, elected Mr. Nikolaos Vrettos, Senior Independent
Director, as a member of the Audit Committee (replacing the resigned Mr. Iordanis Aivazis). The Board further
resolved not to replace the resigned Board member Mr. Panagiotis Tridimas on an interim basis and decided that
the Audit Committee would continue to operate with three (3) members until the Annual General Meeting.
Subsequently, the Annual General Meeting held on 25 June 2026, under Item 10 of the agenda and following the
recommendation of the Board of Directors, resolved that the four-member independent mixed Audit Committee
would thereafter consist of two (2) independent non-executive members of the Board of Directors and two (2)
external members. The General Meeting also elected Mr. Panagiotis Tridimas as the second external third-party
member of the Audit Committee.
The nature of the Audit Committee as an independent mixed committee and its term of office (coinciding with the
term of office of the incumbent Board of Directors) remain unchanged.
Accordingly, the composition of the Audit Committee is as follows:
• Nikolaos Vrettos, Senior Independent Director, Independent non-executive BoD member
• Stavroula Kampouridou, Independent non-executive BoD member
• Panayiotis Papazoglou, External Member (non-Board member)
• Panagiotis Tridimas, External Member (non-Board member)
51
HELLENiQ ENERGY
Ethics and Transparency - Code of Conduct
To ensure that the Group's companies consistently apply the values and principles embedded in its business
model, namely compliance with laws and regulations, respect for human rights, environmental responsibility,
transparency and integrity, in their daily operations, the Company has developed and adopted a Code of Conduct,
which has been approved by the Company's Board of Directors.
The Code of Conduct summarizes the principles according to which any individual, whether an employee or a third
party involved in the Group's operations, as well as any collective body, is expected to act within the scope of their
responsibilities and duties.
The Code serves as a practical guide for the daily activities of all Group employees, as well as third parties who
collaborate with the Group.
The Code provides guidance on key ethics and compliance matters, including the prevention of bribery and
corruption, the management of conflicts of interest, the protection of fair and free competition, sanctions
compliance, respect for human rights, personal data protection, confidentiality, fraud prevention and responsible
business conduct.
The Code has been translated into the languages of all countries in which the Group operates, as well as into
English. Since its implementation, education and training on the Code and its practical application have been
systematically provided to executives and employees across Group companies.
The Code of Conduct is subject to periodic review to ensure its continued alignment with applicable legislation,
regulatory developments, international best practices and the Group's evolving risk profile.
The Group has implemented a Whistleblowing Policy for the handling of reports relating to breaches of EU law, as
transposed into the Greek legal framework.
To support the implementation of the Whistleblowing Policy, a dedicated digital reporting platform has been
developed.The platform enables the secure and confidential reporting of potential violations of both the
Whistleblowing Policy and the Code of Conduct, thereby reinforcing the Group's commitment to ethics,
transparency and accountability across all levels of its operations.
x
56
HELLENiQ ENERGY
CONTENTS
57
HELLENiQ ENERGY
I. Company Information
Directors
Spilios Livanos, Chairman - non-executive member
Andreas Shiamishis, Chief Executive Officer - executive member
Georgios Alexopoulos, Deputy Chief Executive Officer - executive member
Nikolaos Vrettos, Senior Independent Director - independent non-executive
member
Theodoros-Achilleas Vardas - Non-executive member
Maria Ioannidou - Independent non-executive member (from 03/06/2026)
Stavroula Kampouridou - Independent non-executive member
Constantinos Mitropoulos - Independent non-executive member
Anna Rokofyllou - Non-executive member
Alkiviadis-Konstantinos Psarras - Non-executive member
Mary Psylla - Independent non-executive member (from 03/06/2026)
Other Board members during the period
Iordanis Aivazis, Senior Independent Director - independent non-executive member
(until 03/06/2026)
Panagiotis Tridimas - Independent non-executive member (until 03/06/2026)
Registered Office
8A Chimarras Str
GR 151 25 - Marousi
General Commercial Registry
000296601000
II. Authorised signatories
The interim condensed consolidated and Company financial statements for the six month period ended 30 June
2026  from page 58 to page 116 are presented in €'000, unless otherwise stated, and have been approved by the
Board of Directors of HELLENiQ ENERGY Holdings S.A. on 5 August 2026.
Andreas Shiamishis
Vasileios Tsaitas
Stefanos Papadimitriou
  Chief Executive Officer
Group CFO
Accounting Director
58
HELLENiQ ENERGY
III. Interim Condensed Consolidated Statement of Financial Position
As at
Note
30 June 2026
31 December 2025
Αssets
Non-current assets
Property, plant and equipment
9
4,441,084
4,155,354
Right-of-use assets
10
304,489
281,253
Intangible assets
11
661,150
524,203
Investments in associates and joint ventures
6
41,004
38,156
Deferred income tax assets
7
110,358
107,755
Investment in equity instruments
929
925
Derivative financial instruments
3
29,554
32,564
Loans, advances and long term assets
12
46,560
62,274
5,635,128
5,202,484
Current assets
Inventories
13
2,189,913
1,306,759
Trade and other receivables
14
1,393,810
1,144,370
Income tax receivable
54,660
45,650
Derivative financial instruments
3
5,051
9,216
Cash and cash equivalents
15
814,295
858,251
4,457,729
3,364,246
Total assets
10,092,857
8,566,730
Equity
Share capital and share premium
16
1,020,081
1,020,081
Treasury shares
16
(3,082)
—
Reserves
17
360,315
361,352
Retained Earnings
2,024,903
1,290,459
Equity attributable to the owners of the parent
3,402,217
2,671,892
Non-controlling interests
57,813
56,016
Total equity
3,460,030
2,727,908
Liabilities
Non- current liabilities
Interest bearing loans and borrowings
18
2,356,876
2,777,046
Lease liabilities
258,358
234,110
Deferred income tax liabilities
182,143
180,386
Retirement benefit obligations
159,917
157,834
Derivative financial instruments
3
1,775
842
Provisions
32,199
32,336
Other non-current liabilities
68,124
65,356
3,059,392
3,447,910
Current liabilities
Trade and other payables
19
2,654,180
1,978,079
Derivative financial instruments
3
8,911
8,190
Income tax payable
324,609
81,234
Interest bearing loans and borrowings
18
424,860
221,101
Lease liabilities
39,014
40,580
Dividends payable
24
121,861
61,728
3,573,435
2,390,912
Total liabilities
6,632,827
5,838,822
Total equity and liabilities
10,092,857
8,566,730
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
59
HELLENiQ ENERGY
IV. Interim Condensed Statement of Financial Position of the
Company
 
As at
Note
30 June 2026
31 December 2025
Assets
Non-current assets
Property, plant and equipment
560
977
Right-of-use assets
10
5,116
6,620
Intangible assets
11
13
Investments in subsidiaries, associates and joint ventures
6
2,127,639
2,110,996
Deferred income tax assets
9,446
8,968
Loans, advances and long term assets
12
179,295
167,174
2,322,067
2,294,748
Current assets
Trade and other receivables
14
151,719
129,728
Income tax receivables
2,407
2,407
Cash and cash equivalents
5,897
6,483
160,023
138,618
Total assets
2,482,090
2,433,365
Equity
Share capital and share premium
16
1,020,081
1,020,081
Treasury Shares
16
(3,082)
—
Reserves
17
329,669
327,446
Retained Earnings
977,429
968,247
Total equity
2,324,097
2,315,774
Liabilities
Non-current liabilities
Lease liabilities
1,685
3,238
1,685
3,238
Current liabilities
Trade and other payables
30,366
47,789
Income tax payable
496
1,279
Lease liabilities
3,584
3,557
Dividends payable
24
121,861
61,728
156,307
114,353
Total liabilities
157,992
117,591
Total equity and liabilities
2,482,090
2,433,365
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
60
HELLENiQ ENERGY
V. Interim Condensed Consolidated Statement of Comprehensive
Income
 
For the period ended
For the three month period
ended
Note
30 June
2026
30 June
2025
30 June
2026
30 June
2025
Revenue from contracts with customers
4
7,006,636
5,165,712
4,288,374
2,432,890
Cost of sales
(5,475,489)
(4,772,986)
(3,337,279)
(2,235,424)
Gross profit / (loss)
1,531,147
392,726
951,095
197,466
Selling and distribution expenses
(250,640)
(206,075)
(132,141)
(108,910)
Administrative expenses
(133,883)
(114,938)
(73,068)
(62,814)
Exploration and development expenses
(4,321)
(1,056)
(1,609)
(537)
Other operating income and other gains
5
43,310
28,370
31,122
20,516
Other operating expense and other losses
5
(10,514)
(25,345)
(5,000)
(14,849)
Operating profit / (loss)
1,175,099
73,682
770,399
30,872
Finance income
7,178
7,000
2,676
4,712
Finance expense
(63,249)
(62,399)
(32,437)
(31,261)
Lease finance cost
(5,415)
(5,005)
(2,796)
(2,429)
Currency exchange gains / (losses)
(10,014)
(9,111)
(5,124)
(6,593)
Share of profit / (loss) of investments in associates and joint ventures
6
2,772
(12,186)
2,078
(20,666)
Profit / (loss) before income tax
1,106,371
(8,019)
734,796
(25,365)
Income tax (expense) / credit
7
(246,688)
(10,468)
(159,851)
(4,096)
Profit / (loss) for the period
859,683
(18,487)
574,945
(29,461)
Profit / (loss) attributable to:
    Owners of the parent
854,459
(19,299)
579,071
(29,054)
    Non-controlling interests
5,224
812
(4,126)
(407)
859,683
(18,487)
574,945
(29,461)
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be reclassified to profit or
loss (net of tax):
Changes in the fair value of equity instruments
17
4
79
10
37
4
79
10
37
Other comprehensive income / (loss) that may be reclassified subsequently
to profit or loss (net of tax):
Fair value gains / (losses) on cash flow hedges
17
43,031
2,543
14,876
3,923
Amounts reclassified to profit or loss
17
(41,660)
10,041
(43,045)
10,041
Currency translation differences and other movements
17
(4,729)
(493)
(4,950)
(269)
(3,358)
12,091
(33,119)
13,695
Other comprehensive income / (loss) for the period, net of tax
(3,354)
12,170
(33,109)
13,732
Total comprehensive income / (loss) for the period
856,329
(6,318)
541,836
(15,729)
Total comprehensive income / (loss) attributable to:
    Owners of the parent
851,201
(7,123)
537,082
(16,160)
    Non-controlling interests
5,128
805
4,754
431
856,329
(6,318)
541,836
(15,729)
Εarnings / (losses) per share (expressed in Euro per share)
8
2.80
(0.06)
1.90
(0.10)
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
61
HELLENiQ ENERGY
VI. Interim Condensed Statement of Comprehensive Income of the
Company
For the period ended
For the three month period
ended
Note
30 June 2026
30 June 2025
30 June 2026
30 June 2025
Revenue from contracts with customers
18,904
16,940
7,100
7,059
Cost of sales
(17,185)
(15,400)
(6,454)
(6,417)
Gross profit / (loss)
1,719
1,540
646
642
Administrative expenses
(3,165)
(3,782)
(1,560)
(2,179)
Other operating income and other gains
5
20,369
13,554
14,021
7,230
Other operating expense and other losses
5
(14,396)
(14,177)
(8,156)
(7,742)
Operating profit /(loss)
4,527
(2,865)
4,951
(2,049)
Finance income
2,985
8,173
1,512
4,836
Finance expense
(37)
(24)
(27)
(16)
Lease finance cost
(111)
(230)
(53)
(164)
Currency exchange gain / (loss)
(1)
15
—
10
Dividend income
24
124,006
181,364
—
5,000
Profit / (loss)  before income tax
131,369
186,433
6,383
7,617
Income tax (expense) / credit
7
68
(1,361)
352
(687)
Profit / (loss) for the period
131,437
185,072
6,735
6,930
Other comprehensive income / (loss) for the year, net of
tax
—
—
—
—
Total comprehensive income / (loss) for the period
131,437
185,072
6,735
6,930
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
62
HELLENiQ ENERGY
VII.  Interim Condensed Consolidated Statement of Changes in
Equity
Attributable to owners of the Parent
Note
Share
Capital &
Share
premium
Treasury
shares
Reserves
  Retained
Earnings
Total
Non-
controlling
Interest
  Total
Equity
Balance at 1 January 2025
1,020,081
—
326,690
1,360,168
2,706,939
55,283
2,762,222
Other comprehensive
income / (loss)
17
—
—
12,177
—
12,177
(7)
12,170
Profit / (loss) for the period
—
—
—
(19,299)
(19,299)
812
(18,487)
Total comprehensive
income / (loss) for the period
—
—
12,177
(19,299)
(7,122)
805
(6,138)
Dividends to non-controlling
interests
—
—
—
—
—
(2,886)
(2,886)
Dividends
24
—
—
—
(168,102)
(168,102)
—
(168,102)
Other equity movements
—
—
—
(1,097)
(1,097)
—
(1,097)
Balance as at 30 June 2025
1,020,081
—
338,867
1,171,670
2,530,618
53,202
2,583,820
Balance at 1 January 2026
1,020,081
—
361,352
1,290,459
2,671,892
56,016
2,727,908
Other comprehensive
income / (loss)
17
—
—
(3,261)
—
(3,261)
(93)
(3,354)
Profit / (loss) for the period
—
—
—
854,459
854,459
5,224
859,683
Total comprehensive
income / (loss) for the period
—
—
(3,261)
854,459
851,198
5,131
856,329
Acquisition of treasury
shares
—
(3,082)
—
—
(3,082)
—
(3,082)
Dividends to non-controlling
interests
—
—
—
—
—
(3,334)
(3,334)
Dividends
24
—
—
—
(122,255)
(122,255)
—
(122,255)
Share based payments
—
—
2,224
—
2,224
—
2,224
Other equity movements
—
—
—
2,240
2,240
—
2,240
Balance as at 30 June 2026
1,020,081
(3,082)
360,315
2,024,903
3,402,217
57,813
3,460,030
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
63
HELLENiQ ENERGY
VIII. Interim Condensed Statement of Changes in Equity of the
Company
Note
Share
Capital & Share
premium
Treasury
Shares
Reserves
Retained 
Earnings
Total
Balance at 1 January 2025
1,020,081
—
313,411
950,276
2,283,768
Profit / (loss) for the period
—
—
—
185,072
185,072
Total comprehensive income / (loss) for the period
—
—
—
185,072
185,072
Dividends
24
—
—
—
(168,102)
(168,102)
Balance as at 30 June 2025
1,020,081
—
313,411
967,246
2,300,738
Balance at 1 January 2026
1,020,081
—
327,446
968,247
2,315,774
Profit / (loss) for the period
—
—
—
131,437
131,437
Total comprehensive income / (loss) for the period
—
—
—
131,437
131,437
Treasury Shares
—
(3,082)
—
—
(3,082)
Dividends
24
—
—
—
(122,255)
(122,255)
Share based payments
—
—
2,224
—
2,224
Balance as at 30 June 2026
1,020,081
(3,082)
329,669
977,429
2,324,097
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
64
HELLENiQ ENERGY
IX. Interim Condensed Consolidated Statement of Cash Flows
For the period ended
Note
30 June  2026
30 June 2025
Cash flows from operating activities
Cash generated from operations
20
737,421
39,300
Income tax (paid) / received
7
(5,581)
(229,115)
Net cash generated from/ (used in) operating activities
731,840
(189,815)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
9.11
(376,891)
(223,219)
Acquisition of subsidiaries
6
(29,968)
—
Proceeds from disposal of property, plant and equipment & intangible
assets
5
31,091
—
Share capital increase of associates and joint ventures
—
(74)
Cash and cash equivalents of acquired subsidiaries
6
1,115
243
Grants received
1,048
118
Interest received
5,528
7,000
Prepayments for right-of-use assets
—
(9)
Proceeds from disposal of investments in debt instruments
10,912
79
Net cash generated from/ (used in) investing activities
(357,165)
(215,862)
Cash flows from financing activities
Interest paid on borrowings
(56,866)
(62,616)
Dividends paid to shareholders of the Company
24
(61,386)
(61,597)
Dividends paid to non-controlling interests
(3,334)
(2,329)
Acquisition of treasury shares
(3,082)
—
Proceeds from borrowings
18
750,079
793,362
Repayments of borrowings
18
(1,018,699)
(79,777)
Payment of lease liabilities - principal
(23,399)
(19,100)
Payment of lease liabilities - interest
(5,415)
(5,005)
Net cash generated from/ (used in) financing activities
(422,102)
562,938
Net increase/ (decrease) in cash and cash equivalents
(47,427)
157,261
Cash and cash equivalents at the beginning of the period
15
858,251
618,055
Exchange (losses) / gains on cash and cash equivalents
3,471
(9,111)
Net increase / (decrease) in cash and cash equivalents
(47,427)
157,261
Cash and cash equivalents at end of the period
15
814,295
766,205
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
65
HELLENiQ ENERGY
X.  Interim Condensed Statement of Cash Flows of the Company
For the period ended
Note
30 June 2026
30 June 2025
Cash flows from operating activities
Cash generated from / (used in) operations
20
20,199
8,005
Income tax (paid) / received
(1,194)
3,178
Net cash generated from / (used in) operating activities
19,006
11,183
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
—
(56)
Participation in share capital increase of subsidiaries, associates and joint
ventures
(28,631)
(8,258)
Loans and advances to Group Companies
12
(5,000)
(56,640)
Interest received
5,440
9,726
Dividends received
24
68,892
106,206
Proceeds from disposal of property, plant and equipment & intangible
assets
6,120
—
Net cash generated from / (used in) investing activities
46,821
50,978
Cash flows from financing activities
Interest paid
(37)
—
Dividends paid to shareholders of the Company
(61,386)
(61,597)
Acquisition of treasury shares
(3,082)
—
Payment of lease liabilities - principal
(1,796)
(1,304)
Payment of lease liabilities - interest
(111)
(230)
Net cash generated from / (used in) financing activities
(66,412)
(63,131)
Net increase / (decrease) in cash and cash equivalents
(586)
(970)
Cash and cash equivalents at the beginning of the period
6,483
3,714
Net increase / (decrease) in cash and cash equivalents
(586)
(970)
Cash and cash equivalents at end of the period
5,897
2,744
The notes on pages 66 to page 116 are an integral part of these interim condensed consolidated and Company
financial statements.
66
HELLENiQ ENERGY
XI. Notes to the Interim Condensed Consolidated and Company
Financial Statements
67
HELLENiQ ENERGY
1.General Information
HELLENiQ ENERGY Holdings S.A. (the "Company") is the parent company of HELLENiQ ENERGY Group (the
“Group”). The Company acts as a holding company and is providing administrative and financial services to its
subsidiaries.
The Group operates in the energy sector predominantly in Greece, as well as in the wider South Eastern Europe /
East Mediterranean region. The Group’s activities include refining and marketing of oil products, production and
marketing of petrochemical products, and electricity generation through both renewable energy sources and natural
gas-fired units, as well as electricity and natural gas trading & supply. The Group is also active in exploration for
hydrocarbons and provides engineering services.
The parent company is incorporated in Greece with an indefinite corporate life and the address of its registered
office is 8A Chimarras Str., Marousi, 151 25. The shares of the Company are listed on the Athens Stock Exchange and
the London Stock Exchange through Global Depositary Receipts (GDRs).
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HELLENiQ ENERGY
2.Basis of Preparation, Accounting Policies and Estimates
Basis of preparation of the unaudited interim condensed consolidated and Company
financial statements  
The interim condensed consolidated and Company financial statements for the six month period ended  30 June
2026  have been prepared in accordance with International Accounting Standard 34 (IAS 34) – Interim Financial
Reporting, and present the financial position, results of operations and cash flows of the Group and the Company
on a going concern basis.
In determining the appropriate basis of preparation of the interim condensed consolidated and Company financial
statements, the Directors are required to consider whether the Group and the Company can continue in
operational existence for the foreseeable future. It is noted that since the activity of the Company is directly
related to the activity of its subsidiaries, the assessment of the going concern principle of the Company is directly
related to the going concern of the Group. 
The Directors, considering the balance sheet position of the Group and the information available at the date of
signing of these interim condensed consolidated financial statements, expect that operations will continue to
generate sufficient cash, be able to refinance its existing borrowings, and to have sufficient current liquidity to
serve all liabilities as they fall due for a period of at least 12 months from the date of issuance of these interim
condensed consolidated financial statements. For this reason, they continue to adopt the going concern basis in
the preparation of these interim condensed consolidated and Company financial statements.
The interim condensed consolidated and Company financial statements have been prepared in accordance with
the historical cost basis, except for the following:
• financial instruments – measured at fair value
• defined benefit pension plans – plan assets measured at fair value
Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the
current period.
These interim condensed consolidated and Company financial statements do not include all information and
disclosures required for the annual consolidated financial statements and should be read in conjunction with the
audited annual consolidated financial statements for the year ended 31 December 2025, which can be found on
the Group’s website www.helleniqenergy.gr.
The interim condensed consolidated and Company financial statements for the six month period ended  30 June
2026 have been authorised for issue by the Board of Directors on 05 August  2026.
Accounting Policies and Use of Estimates   
The preparation of the interim condensed consolidated and Company financial statements, in accordance with
IFRS, requires the use of certain critical accounting estimates and assumptions. It also requires management to
exercise its judgment in the process of applying the Group’s and Company’s accounting policies. The areas
involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to
the interim condensed consolidated and Company financial statements are disclosed where considered
necessary. Estimates and judgements which are discussed in detail in the Group’s annual financial statements for
the year ended 31 December 2025, are continuously evaluated and are based on historical experience and other
factors, including expectations of future events as assessed to be reasonable under the present circumstances. In
addition, the Group continuously monitors the latest government legislation in relation to climate related matters.
In the six month period ended 30 June 2026, no legislation has been passed that would impact the Group.
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HELLENiQ ENERGY
New standards, interpretations and amendments adopted by the Group
The accounting principles and calculations used in the preparation of the interim condensed consolidated and
Company financial statements are consistent with those applied in the preparation of the consolidated financial
statements for the year ended 31 December 2025 and have been consistently applied in all periods presented in
this report except for the following IFRS and IAS amendments, which have been adopted by the Group as of 1
January 2026.
Amendments and interpretations that were applied for the first time in 2026 did not have a significant impact on
the interim condensed consolidated and Company financial statements  for the period  ended 30 June 2026,
unless otherwise disclosed.
• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and
Measurement of Financial Instruments (Amendments):The amendments are effective for annual reporting
periods beginning on or after January 1, 2026. Early adoption of amendments related to the classification of
financial assets and the related disclosures is permitted, with the option to apply the other amendments at a
later date. The amendments clarify that a financial liability is derecognised on the ‘settlement date’, when
the obligation is discharged, cancelled, expired, or otherwise qualifies for derecognition. They introduce an
accounting policy option to derecognise liabilities settled via electronic payment systems before the
settlement date, subject to specific conditions. They also provide guidance on assessing the contractual
cash flow characteristics of financial assets with environmental, social, and governance (ESG)-linked
features or other similar contingent features. Additionally, they clarify the treatment of non-recourse assets
and contractually linked instruments and require additional disclosures under IFRS 7 for financial assets and
liabilities with contingent event references (including ESG-linked) and equity instruments classified at fair
value through other comprehensive income.The standard has been endorsed by the EU.  Management has
assessed that there is no material impact on Interim Condensed Consolidated and Company Financial
Statement.
• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing
Nature-dependent Electricity (Amendments):The amendments are effective for annual reporting periods
beginning on or after January 1, 2026, with earlier application permitted. The amendments include clarifying
the application of the 'own-use' requirements, permitting hedge accounting if contracts in scope of the
amendments are used as hedging instruments, and introduce new disclosure requirements to enable
investors to understand the impact of these contracts on a company's financial performance and cash flows.
The clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guidance
permitting hedge accounting have to be applied prospectively to new hedging relationships designated on
or after the date of initial application.The standard has been endorsed by the EU. The Group has elected to
exercise its right for early adoption of the amendment.
• Annual Improvements to IFRS Accounting Standards – Volume 11: The IASB’s annual improvements
process deals with non-urgent, but necessary, clarifications and amendments to IFRS. In July 2024, the IASB
issued Annual Improvements to IFRS Accounting Standards — Volume 11. An entity shall apply those
amendments for annual reporting periods beginning on or after January 1, 2026. The Annual Improvements
to IFRS Accounting Standards - Volume 11, includes amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7.
These amendments aim to clarify wording, correct minor unintended consequences, oversights, or conflicts
between requirements in the standards.The standard has been endorsed by the EU.Management has
assessed that there is no material impact on Interim Condensed Consolidated and Company Financial
Statement.
Standards issued but not yet effective and not early adopted
The Group has not early adopted any of the following standard, interpretation or amendment that have been
issued but are not yet effective. In addition, the Group is in the process of assessing the impact of all standards,
interpretations and amendments issued but not yet effective, on the interim condensed  consolidated and
Company financial statements.
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HELLENiQ ENERGY
• IFRS 18 Presentation and Disclosure in Financial Statements: IFRS 18 introduces new requirements on
presentation within the statement of profit or loss. It requires an entity to classify all income and expenses
within its statement of profit or loss into one of the five categories: operating; investing; financing; income
taxes; and discontinued operations. These categories are complemented by the requirements to present
subtotals and totals for ‘operating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit
or loss’. It also requires disclosure of management-defined performance measures and includes new
requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of
the primary financial statements and the notes. In addition, there are consequential amendments to other
accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with
earlier application permitted. Retrospective application is required in both annual and interim financial
statements. The standard has been endorsed by the EU. Management is currently assessing the impact of
the new standards on the Condensed Interim Consolidated and Company financial statements for the year
ending 2026.
• IFRS 19 Subsidiaries without Public Accountability- Disclosures (including amendments) :IFRS 19 permits
subsidiaries without public accountability to use reduced disclosure requirements if their parent company
(either ultimate or intermediate) prepares publicly available consolidated financial statements in compliance
with IFRS accounting standards. These subsidiaries must still apply the recognition, measurement and
presentation requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities
that elect to apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting
standards. The amendments issued in August 2025 reduce the disclosure requirements of new IFRS
accounting standards, which had been included in full when IFRS 19 was first issued. IFRS 19 (including the
amendments) is effective for reporting periods beginning on or after January 1, 2027, with early application
permitted. The standard (including the amendments) has not yet been endorsed by the EU. Management
has assessed that the standard is not relevant for the Group's condensed interim consolidated financial
statements and the Company's financial statements.
• IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation
Currency (Amendments): The amendments are effective for annual reporting periods beginning on or after
January 1, 2027, with earlier application permitted. The amendments require translation from a non-
hyperinflationary functional currency into a hyperinflationary presentation currency at the closing rate. If an
entity’s functional currency is the currency of a non-hyperinflationary economy, but its presentation
currency is the currency of a hyperinflationary economy, its results and financial position are translated into
the presentation currency by translating all amounts (i.e., assets, liabilities, equity items, income and
expenses) and all comparatives at the closing rate at the date of the most recent statement of financial
position. An entity whose functional currency and presentation currency are the currency of a
hyperinflationary economy, restates the comparative amounts of a foreign operation, whose functional
currency is that of a non-hyperinflationary economy, by applying the general price index, to the foreign
operation’s comparative figures. The amendments also introduce certain additional disclosure
requirements. The amendments have not yet been endorsed by the EU. Management has assessed that
there is no material impact on Interim Condensed Consolidated and Company financial statement.
• IFRS 20 Regulatory Assets and Regulatory Liabilities: IFRS 20 introduces requirements that will result in
information that supplements the information an entity already provides by applying IFRS accounting
standards, such as IFRS 15. Such information enables users of financial statements to understand the total
allowed compensation for regulatory goods or services supplied in each reporting period and the related
rights and obligations. Narrow-scope amendments have been made to a number of accounting standards,
including IFRS 1, IFRS 3 Business Combinations and IFRS 18 Presentation and Disclosure in Financial
Statements. IFRS 20, and the consequential amendments to the other accounting standards, is effective for
reporting periods beginning on or after 1 January 2029 and is applied either retrospectively in accordance
with IAS 8 or using the modified retrospective approach which includes certain transition reliefs from the
application of IAS 8. Early adoption is permitted and has to be disclosed. The standard has not yet been
endorsed by the EU. Management will assess in future periods whether the entity is in the scope of IFRS 20.
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HELLENiQ ENERGY
• Amendments to the Fair Value Option for Investments in Associates and Joint Ventures in IAS 28: The
amendments allow eligible entities to apply paragraph 18 of IAS 28 to change their election for measuring an
investment in an associate or joint venture from the equity method to fair value through profit or loss in
accordance with IFRS 9, on initial application of IFRS 18. The amendments do not change the requirements
in IFRS 18 for the classification of income and expenses. The classification of income and expenses arising
from investments in associates and joint ventures measured at fair value, is determined by applying
paragraphs 53 and 55 of IFRS 18, including the assessment of whether the reporting entity has a main
business activity of investing in associates, joint ventures and unconsolidated subsidiaries. The
amendments are applied when an entity first applies IFRS 18. The amendments has not yet been endorsed
by the EU. Management has assessed that the amendments are not expected to have a material impact on
the Group's condensed interim consolidated and Company financial statements.
• Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture: The
amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS
28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
The main consequence of the amendments is that a full gain or loss is recognised when a transaction
involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognised when a
transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the
outcome of its research project on the equity method of accounting. The amendments have not yet been
endorsed by the EU. Management has assessed that there is no material impact on Interim Consolidated
and Company financial statement.
72
HELLENiQ ENERGY
3.Financial Risk Management
The nature of operations of the Company on a stand-alone basis does not give rise to significant financial risks.
Consequently, the Financial Risk Management Note covers risks and responses related to the Group.
The Group's activities include refining and marketing of oil products, production and marketing of petrochemical
products and electricity generation through both renewable energy sources and natural gas-fired units, as well as
electricity and natural gas trading & supply.
As such, the Group is exposed to a variety of financial and commodity markets' risks including foreign exchange
and commodity price, credit, liquidity, cash flow and interest-rate risk. In line with international best practices and
within the context of local markets and legislative framework, the Group's overall risk management policies aim at
reducing possible exposure to market volatility and/or mitigating its adverse effects on the financial position of
the Group to the extent possible. In general, the key factors that impact the Group's operations are summarised as
follows:
Currency: The Group’s downstream business is naturally hedged against a functional currency risk at the gross
margin level. All petroleum industry transactions are referenced to international benchmark quotes for crude oil
and oil products in USD. All international purchases and sales of crude oil and products are conducted in USD and
all sales into local markets are either in USD prices or converted to local currency for accounting and settlement
reasons using the USD reference on the date of the transaction. In addition, the Group's majority of operating
expenses transactions are conducted in Euro. As a result, the Group's operations are mainly exposed to the risk of
foreign exchange caused by fluctuating the dollar exchange rate against the Euro. 
The strengthening of the US Dollar against the Euro has a positive effect on the Group’s operating results while in
the opposite event, both the financial results and balance sheet items (net position of inventory, investments,
receivables, trade payables and other liabilities in US dollar) would be valued at lower levels.
Prices: The Group is exposed to the risk of fluctuations in prevailing market prices. Commodity price risk
management is supervised by the Supply and Trading Department. Non-commodity price risk management is
carried out by the Finance Department under policies approved by the Board of Directors. Group Finance identifies
and evaluates financial risks in close co-operation with the Group's operating units.
As a producer and supplier of electricity, the Group is exposed to price risk arising from the purchase, production
and sale of electricity. To manage this exposure, the Group may, where economically viable, enter into Virtual
Power Purchase Agreements (VPPAs) for electricity generated from renewable energy sources, undertake short-
term clean spark spread hedging for thermal power generation, and utilise short-term derivative contracts to fix
electricity procurement costs within its supply activities. These measures help mitigate the impact of electricity
price volatility on the Group’s cash flows and operating results.
As an electricity supplier in Greece, the Group is exposed to fluctuations in wholesale electricity prices. The extent
of this exposure is directly influenced by the tariff structures offered to customers. For fixed-price tariffs, the
Group is exposed in the Greek wholesale electricity market volatility. To mitigate part of this risk, the Group utilises
derivative contracts to hedge future wholesale electricity prices to match the prices offered by fixed price tariffs.
For floating-price tariffs, the Group's exposure is limited, as these products incorporate the volatility of wholesale
electricity prices.
In addition, the Group is exposed to price risk related to the electricity supply market as a result of regulatory
interventions, such as tariff design requirements, market reforms or retrospective cost-recovery mechanisms.
Nevertheless, this exposure is partially mitigated by the Group's substantial electricity consumption, which
provides a natural offset to price fluctuations.
Where possible, the Group aims to hedge part of its exposure associated with price changes of crude oil, products,
refinery margins and electricity prices, depending on the prevailing market conditions.
Continuous crude oil supplies: The process of sourcing crude oil is coordinated by the Supply and Trading
department in line with production and sales planning.  The Group procures crude oil from a number of suppliers,
73
HELLENiQ ENERGY
including national oil companies and international traders primarily in, but not limited to, the Middle East, North
Africa, as well as North Sea,  the American continent and the Black Sea region.
During the first half of 2026, geopolitical tensions in the Persian Gulf region and developments affecting maritime
traffic through the Strait of Hormuz contributed to increased volatility in crude oil prices, refining margins and
global supply chain conditions. Although maritime traffic through the Strait of Hormuz partially resumed during
June 2026 and supply disruptions initially eased, hostilities escalated again in July, resulting in a significant
reduction in shipping activity through the Strait and renewed pressure on energy markets and transportation
costs.
As a result, the Group faced increased uncertainty over the availability, sourcing and transportation cost of crude
oil and other raw materials. These conditions could affect supply chain reliability, procurement costs and,
depending on their duration and severity, operational performance.
In addition, ongoing sanctions on oil producing countries continue to influence global crude and product trade
flows and limit sourcing options within international energy markets. The Group, in full compliance with imposed
sanctions, does not source crude oil or other raw materials from sanctioned suppliers.
Despite this environment, the Group’s operations were not materially affected. The coastal location of its three
refineries, combined with the flexibility of their configurations and technologies, enabled access to a broad range
of alternative feedstocks and supported continuity of supply and production.
Management continues to monitor market and geopolitical developments closely, remains fully compliant with
applicable sanctions, and has taken actions to diversify sourcing, secure substitute crude grades and other raw
materials. Nevertheless, for as long as the tensions persist, there is a risk of further constraints on the availability
and cost of crude oil and other raw materials, as well as potential logistical disruptions.
Environmental risks: The key means of the Group's contribution to addressing the climate change have been and
remains the enhancement of energy efficiency and energy saving. Potential risks and opportunities and
associated financial impacts are thoroughly analysed for the short- and long-term planning of the strategy and
financial implications, both in terms of climate change mitigation and adaptation to its impacts.
Financing of operations: The key priorities of the Group are the management of the ‘Assets and Liabilities’
maturity profile, funding in accordance with its strategic investment plan and the liquidity risk management for its
operational needs. The vast majority of the Group’s borrowings are committed credit facilities with financial
institutions and debt capital markets.
As of 30 June 2026, approximately 97% of total debt (approximately 94% as of 31 December 2025) is financed by
committed credit lines, while the remaining debt is being financed by short term credit facilities (bilateral lines).
Further details of the relevant loans are provided in Note 18 "Interest bearing loans and borrowings".
The Group’s plans with respect to term facilities expiring within the next 12 months are presented below in million
Euros.
Contractual Term Facility Repayments
2H26
1H27
Total
Scheduled
for
repayment
Scheduled
for
refinancing
HELLENiQ RENEWABLES WIND FARMS OF EVIA
2
2
4
4
—
KOZILIO 1
4
3
7
7
—
HELLENiQ RENEWABLES WIND FARMS OF MANI
2
4
5
5
—
KOZILIO PRIME
3
1
4
4
—
HELLENiQ ENERGY REAL ESTATE
—
1
1
1
—
HELLENiQ RENEWABLES
3
107
110
—
110
ENERWAVE
5
5
10
10
—
€200 million RCF Jun 2027
—
200
200
—
200
Total
19
324
342
32
310
74
HELLENiQ ENERGY
The Group’s bilateral lines (refer to Note 18 for the balances used), are uncommitted credit facilities with various
banks to finance general corporate needs, which have been consistently renewed in the last 20 years in
accordance with the Group’s finance needs. The Group expects it will be able to continue to renew these in the
future or will refinance part of them with committed revolving credit facilities.
The interim condensed consolidated and Company financial statements do not include all financial risk
management information and disclosures required in the annual consolidated financial statements and should be
read in conjunction with the Group's annual consolidated and Company financial statements as at 31 December
2025.
There have been no changes in the risk management or in any risk management policies since 31 December 2025.
Capital management: Another key priority of the Group has been the management of its Assets. Overall the Group
has approximately €5.4 billion (excluding leases) of capital employed which is driven from investments  in fixed
assets, working capital. Current assets are mainly funded with current liabilities (incl. short term bank debt) and
the operating working capital position of the Group as of 30 June 2026 was positive. 36% of total capital
employed is financed through net debt ( 11% through project finance) excluding leases, while the remaining 64%
is financed through shareholders equity.
The Group’s objective with respect to capital structure, which includes both equity and debt funding, is to
safeguard its ability to continue as a going concern and to have in place an optimal capital structure from a cost
perspective.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with the industry convention, the Group monitors capital structure and indebtedness levels on the
basis of the gearing ratio. The ratio is calculated as net debt divided by total capital employed. Net debt is
calculated as total borrowings (including “current and non-current borrowings” as shown in the statement of
financial position) less “Cash & cash equivalents” and, “Investment in equity instruments”. Total capital employed
is calculated as “Total Equity” as shown in the statement of financial position plus net debt.
The long-term objective of the Group is to maintain the gearing ratio between 35% and 45%, as significant
fluctuations of crude oil prices may affect total debt respectively.  The completion of the new corporate structure
and the Group's new strategy, which focuses on transitioning to activities with reduced volatility in response to the
business environment, necessitates a periodic review of the capital structure by business sector.
Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole. The different levels
are defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3). 
The following table presents the Group’s assets and liabilities that are measured at fair value at 30 June 2026:
75
HELLENiQ ENERGY
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
Commodity Swaps - Crude
—
5
—
5
Derivatives used for hedging
Commodity futures & Swaps Natural Gas
—
1,300
—
1,300
Commodity futures & forwards  Power
—
408
—
408
Interest rate SWAPs
—
498
—
498
VPPAs
—
—
32,394
32,394
Investment in equity instruments
929
—
—
929
929
2,211
32,394
35,534
Liabilities
Derivatives at fair value through the income statement
Commodity Swaps - Crude
—
6,400
—
6,400
Derivatives used for hedging
Commodity Options & Swaps - Crude & products
—
2,238
—
2,238
VPPAs
—
—
1,390
1,390
Commodity Options - EUAs
—
3
—
3
Commodity futures & swaps Natural Gas
—
271
—
271
Interest rate SWAPs
—
384
—
384
—
9,296
1,390
10,686
76
HELLENiQ ENERGY
The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December
2025:
Group
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
Commodity options - Oil products
—
3,117
—
3,117
Commodity  Forwards - EUAs
—
814
—
814
Contracts for difference - Power
—
2,849
—
2,849
Derivatives used for hedging
Interest rate SWAPs
—
321
—
321
VPPAs
—
—
34,679
34,679
Investment in equity instruments
925
—
—
925
925
7,101
34,679
42,705
Liabilities
Derivatives at fair value through the income statement
Commodity  Swaps - Crude and other oil products
—
12
—
12
Contracts for difference - NG
—
2,625
—
2,625
Derivatives used for hedging
Commodity  Swaps - Crude and other oil products
—
5,554
—
5,554
Interest rate SWAPs
—
841
—
841
—
9,032
—
9,032
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HELLENiQ ENERGY
The following table presents the effect of the Group’s derivatives used for hedging in the statement of other
comprehensive income:
Notional
amount
Unit
('000)
Carrying
amount
Amount
reclassified from
OCI (net of tax)
Line item in the
statement of profit or
loss
VPPAs
366
MWh
31,004
1,113
Revenue
Commodity Options - EUAs
42
MT
(3)
(124)
Cost of sales
Commodity futures & forwards  Power
314
MWh
408
1,667
Revenue/ Cost of sales
Interest rate SWAPs
—
—
114
(178)
Finance expense
Commodity futures & swaps Natural
Gas
866
MWh
1,029
(27)
Cost of sales
Commodity Options & Swaps - Crude &
products
622
bbl
(2,238)
39,209
Cost of sales
As at 30 June 2026
30,314
41,660
VPPAs
307
MWh
34,679
132
Revenue
Commodity  Swaps - Crude and other oil
products
1,621
bbl
(5,554)
(6,080)
Cost of sales
Interest rate SWAPs
—
—
(520)
(303)
Finance expense
As at 31 December 2025
28,605
(6,251)
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. 
Specific valuation techniques used to value financial instruments include:
• Quoted market prices or dealer quotes for similar instruments.
• The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.
• The fair value of VPPAs is determined using valuation techniques that incorporate observable and 
unobservable market data, including estimates of future electricity prices, discount rates and expected
performance of the underlying assets based on the maturity of the electricity market. The fair value
measurement is determined based on projected cash flows (income approach). More specifically, the rate
used to discount future cash flows is determined on the basis of the risk-free Euribor adjusted for
counterparty's credit risk. Unobservable inputs in the valuation model include estimations for future
electricity prices, production volumes and curtailments. All these data are obtained by external third party
experts. Moreover, the valuation of the VPPAs is influenced by current and expected market conditions,
including supply and demand dynamics, technological advancements and economic factors that could
affect the renewable energy sector. Derivatives used for hedging include four separate VPPAs, with the term
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HELLENiQ ENERGY
"pay as produced" which are designated as effective hedging instruments in cash flow hedge relationships,
and their respective fair values are classified as a Level 3 measurement.
There were no changes in valuation techniques during the period.  There were no transfers between levels during
the six month period ended 30 June 2026.
The fair value of Euro denominated Eurobonds as at 30 June 2026 was €460 million (31 December 2025: €467
million), compared to its book value of €445 million (31 December 2025: €444 million). The fair value of the
remaining borrowings, given that are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
• Trade receivables
• Cash and cash equivalents
• Trade and other payables
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HELLENiQ ENERGY
4.Segment Information
Group’s Executive Committee reviews the Group’s internal reporting in order to assess performance and allocate
resources. Management has determined the operating segments based on these reports. The committee
assesses performance taking into account a number of measures which may vary depending on the nature and
evolution of a business segment by taking into account the risk profile, cash flow, product and market
considerations. Information provided to the committee is measured in a manner consistent with that of the
financial statements.
Financial information regarding the Group’s operating segments for the six month period ended 30 June 2026
and 30 June 2025 is presented below:
For the period ended 30 June 2026
Refining
Marketing
Exploration
&
Production
Petro-
chemicals
Power
Other
Total
Gross Sales
5,616,464
3,004,192
—
156,213
784,614
58,528
9,620,012
Inter-segmental Sales
(2,440,356)
(7,924)
—
—
(108,616)
(56,479)
(2,613,375)
Revenue from contracts with
customers
3,176,108
2,996,268
—
156,213
675,998
2,049
7,006,636
EBITDA
1,133,252
104,130
16,975
24,535
54,980
(8,687)
1,325,185
Depreciation & Amortisation (PPE
& Intangibles)
(71,721)
(24,526)
(122)
(2,834)
(19,480)
(6,180)
(124,863)
Depreciation of Right-of-Use
assets
(1,936)
(19,112)
(99)
(1,931)
(2,375)
230
(25,223)
Operating profit / (loss)
1,059,595
60,492
16,754
19,770
33,125
(14,637)
1,175,099
Currency exchange gains / (losses)
(11,090)
986
—
3
99
(12)
(10,014)
Share of profit / (loss) of
investments in associates & joint
ventures
961
1,342
—
—
469
—
2,772
Finance (expense) / income - net
(35,456)
(2,763)
—
(1,956)
(14,243)
(1,653)
(56,071)
Lease finance cost
(258)
(4,892)
(9)
(41)
(315)
100
(5,415)
Profit / (loss) before income tax
1,013,752
55,165
16,745
17,776
19,135
(16,202)
1,106,371
Income tax expense
(246,688)
Profit / (loss) for the period
859,683
(Profit)/ loss attributable to non-
controlling interests
(5,224)
Profit / (loss) for the period
attributable to the owners of the
parent
854,459
80
HELLENiQ ENERGY
For the period ended 30 June 2025
Refining
Marketing
Exploration
&
Production
Petro-
chemicals
Power
Other
Total
Gross Sales
4,492,513
2,270,973
—
156,240
31,769
56,000
7,007,495
Inter-segmental Sales
(1,780,251)
(5,928)
—
—
(1,570)
(54,034)
(1,841,783)
Revenue from contracts with
customers
2,712,262
2,265,045
—
156,240
30,199
1,966
5,165,712
EBITDA
142,873
58,560
(4,286)
16,401
23,644
(2,599)
234,593
Depreciation & Amortisation (PPE
& Intangibles)
(86,943)
(24,867)
(90)
(3,801)
(12,500)
(10,519)
(138,720)
Depreciation of Right-of-Use
assets
(2,202)
(17,911)
(93)
(2,141)
(514)
670
(22,191)
Operating profit / (loss)
53,728
15,782
(4,469)
10,459
10,630
(12,448)
73,682
Currency exchange gains / (losses)
(8,777)
(409)
—
18
(5)
62
(9,111)
Share of profit of investments in
associates & joint ventures
219
1,136
—
—
(13,541)
—
(12,186)
Finance (expense) / income - net
(40,418)
(4,185)
—
(2,607)
(10,928)
2,739
(55,399)
Lease finance cost
(175)
(4,583)
(3)
(32)
(273)
61
(5,005)
Profit / (loss) before income tax
4,577
7,741
(4,472)
7,838
(14,117)
(9,586)
(8,019)
Income tax expense
(10,468)
Profit / (loss) for the period
(18,487)
(Profit) / loss attributable to non-
controlling interests
(812)
Profit / (loss) for the period
attributable to the owners of the
parent
(19,299)
- Other segment relates to Group entities, which provide management, IT, treasury, real estate services and
engineering services. In addition, it  includes inter-segment eliminations.
- Approximately 80% of the Cost of Sales balance relates to HELLENiQ Petroleum S.A..
- EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation
(PPE & RoU assets) and amortisation (Intangible assets).
-  Share of profit of investments in associates & joint ventures within Power for the previous period includes the
share of loss of Enerwave up to the acquisition date.
Inter-segment sales primarily relate to sales from the refining segment to other operating segments.
There has been no material change in the definition of segments or the segmental analysis of total assets or total
liabilities from the amounts disclosed in the consolidated annual financial statements for the year ended 31
December 2025.
81
HELLENiQ ENERGY
An analysis of the Group’s revenue from contracts with external customers by type of market (domestic, aviation
& bunkering, exports and international activities) and business unit is presented below:
Group
For the period ended 30 June 2026
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
Power
Other
Total
Domestic
903,876
1,277,075
57,602
637,678
2,031
2,878,262
Aviation & Bunkering
437,030
662,973
—
—
—
1,100,003
Exports
1,835,202
—
98,611
35,470
—
1,969,284
International activities
—
1,056,220
—
2,850
18
1,059,088
Total
3,176,108
2,996,268
156,213
675,998
2,049
7,006,636
Group
For the period ended 30 June 2025
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
Power
Other
Total
Domestic
713,053
1,104,051
61,008
30,199
1,925
1,910,235
Aviation & Bunkering
420,666
455,669
—
—
—
876,335
Exports
1,578,543
—
95,232
—
—
1,673,775
International activities
—
705,326
—
—
41
705,367
Total
2,712,262
2,265,046
156,240
30,199
1,966
5,165,712
5.Other Operating Income / (Expenses) and Other Gains /
(Losses)
Group
Note
For the period ended
For the three month
period ended
30 June 
2026
30 June 
2025
30 June 
2026
30 June 
2025
Other operating income and other gains
Income from Grants
570
700
280
291
Services to 3rd Parties
1,887
1,807
354
52
Rental income
4,632
4,929
2,241
2,298
Storage Fees
1,851
1,855
912
924
Gain on disposal of non-current assets
29,502
—
24,456
—
Insurance compensation
—
13,408
—
13,408
Other
4,868
5,670
2,878
3,543
Total
43,310
28,370
31,122
20,516
Other operating expenses and other losses
Impairment charge on fixed assets
9
(342)
(4,000)
—
(4,000)
Voluntary retirement scheme cost
—
(8,001)
—
(3,682)
Other
(10,172)
(13,344)
(5,000)
(7,167)
Total
(10,514)
(25,345)
(5,000)
(14,849)
Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to the
principal trading activities of the Group.
Gain on disposal of non-current assets includes mainly the income from the completion of farming out  from
Block 2 & Block 10 which amounts to €5m & €18m respectively.
82
HELLENiQ ENERGY
Storage fees category relates to the maintenance in OKTA premises of fuels strategic reserves for the Republic of
North Macedonia.
The “Other” category within Other Operating Expenses and Other Losses includes  legal provisions (€6,4m)
relating to cases in Serbia.
Rental income relates to long term rental of fuel stations, let to dealers.
Parent Company
Company
For the period ended
For the three month period ended
30 June  2026
30 June  2025
30 June  2026
30 June  2025
Other operating income and other gains
Services to 3rd Parties
93
130
—
65
Recharges to Subsidiaries
13,934
12,854
7,978
6,910
Rental income
254
273
114
137
Gains on disposal of non-current assets
5,715
—
5,715
—
Other
374
296
214
118
Total
20,369
13,554
14,021
7,230
Other operating expenses and other losses
Centralised Group expenses
(13,975)
(12,854)
(7,897)
(6,910)
Other
(421)
(1,322)
(260)
(831)
Total
(14,396)
(14,177)
(8,156)
(7,742)
Recharges to subsidiaries relate to centralized Group expenses and other administrative expenses, such as legal,
finance and procurement expenses, that the Company incurs which are subsequently invoiced at cost.
83
HELLENiQ ENERGY
6.Investments in Subsidiaries, Associates and Joint Ventures
The amounts represent the Group’s share of the net movements  from associated companies and joint ventures
accounted for on an equity accounting basis, which are analysed as follows:
Group
As at
30 June 2026
31 December 2025
Beginning of the period
38,156
202,251
Dividend income
—
(2,848)
Share of profit / (loss) of investments in associates & joint ventures
2,772
(8,365)
Acquisition of  subsidiary
—
(151,080)
Other movements
76
(1,802)
End of the period
41,004
38,156
JRD SOLAR S.R.L. & ENERGY PARTNERS ALPHA SOLAR S.R.L.
On 4 March 2026, the Group completed the acquisition of 100% of the share capital of JRD SOLAR S.R.L. and
ENERGY PARTNERS ALPHA SOLAR S.R.L.. The acquired entities own operational PV parks in Romania with a
nominal capacity of 12.6 MWp and 45.5 MWp each and Virtual Power Purchase Agreements (vPPAs). The
acquisition strengthens the Group’s position in a growing market and accelerates the international diversification
of its renewable power generation  portfolio.
The transaction was accounted for as a business combination in accordance with IFRS 3. The initial consideration
amounted to €30 million.
All identifiable assets acquired and liabilities assumed were recognized at their respective fair values as of the
acquisition date. Based on this allocation, the Group recognized goodwill of €24 million. The identifiable assets
acquired and liabilities assumed are presented in the table below.
Assets
Fair Value Adjusted
Assets/Liabilities -
Note
Fair value of assets and
liabilities at acquisition
Non-current assets
Property, plant and equipment
9
34,397
Intangibles
11
6,641
41,038
Current assets
Trade and other receivables
379
Cash and cash equivalents
1,115
1,494
Total Assets
42,532
Liabilities
Non- current liabilities
Other non-current liabilities
35,568
Deferred income tax liabilities
1,011
36,579
Current liabilities
Trade and other payables
59
59
Total liabilities
36,638
84
HELLENiQ ENERGY
Calculation of Goodwill according to IFRS 3
Fair Value of consideration
29,968
Total identifiable net assets acquired at fair value
5,894
Goodwill
24,074
Enerwave
On 15 July 2025, the Group acquired the remaining 50% stake in Elpedison B.V. becoming the sole shareholder of
the company. The Group as at 30 June 2025 accounted for its participation in  Elpedison B.V.  through the equity
method and as such, the consolidated results of Elpedison B.V.,  were recorded within  “Share of profit of
investments in associates and joint ventures”.
Parent Company
The Company’s movement of investment in subsidiaries, associates and joint ventures is as follows:
Company
As at
30 June 2026
31 December 2025
Beginning of  the year
2,110,996
1,780,538
Increase  /  (Decrease) in share capital of subsidiaries
16,643
161,524
(Impairment) of investments / Reversal of impairment
—
(13,986)
Acquisition of Subsidiary
—
183,014
Other
—
(94)
End of the period
2,127,639
2,110,996
The share capital increase in subsidiaries primarily relates to share capital increase in HELLENiQ E-mobility
S.M.S.A. (€7 million) and HELLENiQ UPSTREAM Holdings S.A. (€5 million).
During the year ended 31 December 2025, the parent company participated in share capital increases, principally
in HELLENiQ RENEWABLES S.A. by €134.3 million, HELLENiQ UPSTREAM HOLDINGS S.A. by €16.2 million and
HELLENiQ E-mobility S.M.S.A. by €12.3 million.
7.Income Tax
The income tax (expense) / credit relating to components of comprehensive income, is as follows:
Group
For the period ended
For the three month period ended
30 June  2026
30 June 2025
30 June  2026
30 June 2025
Current tax
(248,474)
(15,461)
(147,014)
(10,284)
Prior year tax
(155)
(1,198)
—
(1,031)
Deferred tax
1,941
6,191
(12,837)
7,219
Income tax (expense) / credit
(246,688)
(10,468)
(159,851)
(4,096)
The corporate income tax rate of legal entities in Greece for the period ended 30 June 2026 is 22% (30 June 2025:
22%).
As at 30 June 2026, deferred tax asset on tax losses carried forward amounted to €19.7 million (31 December
2025: 25,6 million).
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HELLENiQ ENERGY
In accordance with thin capitalization rules, the net interest expense is deductible up to 30% of tax EBITDA. This
resulted in a deferred tax asset of €9.8 million as of 30 June 2026  (31 December 2025: €9.7 million).
In accordance with the applicable tax provisions, tax audits in Group companies are conducted as follows:
a. Assurance by Certified Auditors - Tax Compliance Report
Effective from fiscal years ending 31 December 2011 onwards, Greek companies meeting certain criteria can
obtain an “Annual Tax Compliance Report” as provided for by  article 78 of L.5104/2024 and Decision of G.S.P.R
1124/2015 , from their statutory auditor with regards to compliance with tax legislation. The issuance of a Tax
Compliance Report under certain conditions, substitutes the full tax audit by the tax authorities, however the tax
authorities reserve the right of future tax audit taking into consideration the statute of limitation provisions.
All Group companies based in Greece have received unqualified Tax Compliance Reports by their respective
statutory auditor for fiscal years up to 2024 inclusive. The work for the tax certificate of 2025 has started and is in
progress, the management expects that the same will also apply for this year as well.
b. Audits by Tax Authorities
The parent company and its most significant subsidiaries are audited by the tax authorities for the following
financial years:
Company name
HELLENiQ ENERGY HOLDINGS S.A. (former HELLENIC
PETROLEUM S.A.)
Financial years up to (and including) 2011 and financial years 2014 &
2019
HELLENiQ PETROLEUM  S.A.
Newly established in 2022 following the hive-down of HELLENIC
PETROLEUM S.A
EKO S.A.
Financial years up to (and including) 2010
HELLENIC FUELS & Lubricants SA (former HELLENIC
FUELS S.A.)
Financial years up to (and including) 2011 and financial year 2019
According to the general provisions, financial years up to (and including) 2019 are time-barred.
It is also noted that EKO S.A. and Hellenic Fuels & Lubricants S.A. (former Hellenic Fuels S.A.) were merged in 2016
(transformation balance sheet as on 31/12/2015).
In January 2022, the demerger of HELLENIC PETROLEUM S.A. (now named HELLENiQ ENERGY Holdings S.A.) was
carried out by way of hive-down of its refining, supply and trading of oil products and petrochemicals sector, and a
new company named HELLENIC PETROLEUM R.S.S.O.P.P. S.A. (now named HELLENiQ PETROLEUM S.A.) as
established.
Notwithstanding the possibility of future tax audits, Group management believes that no additional material
liability will arise as a result of unaudited tax years over and above the tax liabilities and provisions recognised in
the interim condensed consolidated and Company financial statements as of 30 June 2026 (Note 23).
As of 30 June 2026, the income tax receivables include an amount of €26.9 million (31 December 2025: €26.2
million) related to prepayment of income taxes for the current financial year. It also includes an amount of €19
million advanced by the Group, relating to uncertain tax positions (as explained in Note 23)  (31 December 2025:
€11 million). The timing of the finalization of these disputes cannot be estimated and the Group has classified
these amounts as current assets.
c. Pillar II legislation
Following the international tax developments in the context of Base Erosion & Profit Shifting (BEPS), specific
Model Rules were published from O.E.C.D., while at EU level the Council Directive (EU) 2022/2523 was published,
providing the framework of a minimum global tax rate of 15% (Pillar II) applied to entities located in the Union,
being members of multinational groups or large-scale domestic groups that meet the annual threshold of at €750
million of consolidated revenue. Under this new framework, coming into effect as of 2024, a top-up tax, may be
86
HELLENiQ ENERGY
applied calculated in the difference between the effective tax rate per jurisdiction and the 15% minimum provided
rate.
In Greece where the parent entity of the Group is established, the relevant law 5100/2024 was issued in April
2024. Until today, the relevant legislation was enacted in certain jurisdictions in which the Group has presence,
more specifically, Austria, Bulgaria, Cyprus, Netherlands, Republic of North Macedonia, Romania, Switzerland and
UK, while in parallel specific ministerial decisions are expected to be published, for providing analytical guidelines
and relevant templates, which are required for the implementation of the relevant framework, in each Jurisdiction.
The Group applies the amendments of IAS 12 for the exemption in the recognition and disclosure of information
on deferred tax assets and liabilities arising from the provisions of Pillar II, issued in May 2023.
It is pointed out that for jurisdictions in which the framework has not been adopted insofar and/or despite
adoption of the framework the minimum effective tax rate is less than 15%, the relevant obligations are assumed
by the parent company.
The assessment and estimation of the impact in the Group, for the second year of implementation, was
performed taking into account the available 2025 data, in the time of the preparation of the 2025 financial
statements.
The exercise includes the “Transitional CbCR Safe Harbours” calculations, in order to identify whether the Pillar II
framework is applied or not, in the Group’s operations in the relevant jurisdictions, according to certain criteria/
parameters. The jurisdictions of Cyprus, Montenegro and RNM are not eligible for the application of Transitional
CbCR Safe Harbours, therefore top-up tax applies.
For those jurisdictions, as per the initial assessment based on the latest available 2025 data, the relevant top-up
tax was calculated. The resulting tax liability/exposure is considered  immaterial for the Group, amounting to
0.17% of the total pre-tax  Group profits. The process is completed with the submission of the top-up tax Return
which is due 15 months following the relevant year-end, i.e. 31 March 2027. The preparation for the
implementation in the countries above is in progress, taking into account the relevant procedures and the level of
adaptation across the jurisdictions where the Group operates.
Taking into account the available data for the first half of 2026, although it is not a full fiscal year (period), there do
not seem to be any material discrepancies to the conclusions already made. In any event the assessment for the
full fiscal year 2026 will be performed according to the same methodology followed in the  previous years.
Company
For the period ended
For the three month period
ended
30 June  2026
30 June 2025
30 June  2026
30 June 2025
Current tax
(410)
(486)
(410)
77
Prior year tax
—
(1,060)
—
(1,035)
Deferred tax
478
185
762
271
Income Tax (expense) / credit
68
(1,361)
352
(687)
87
HELLENiQ ENERGY
8.Earnings / (Losses) per Share
For the period ended
For the three month period
ended
30 June 2026
30 June 2025
30 June 2026
30 June  2025
Earnings per share / (Loss) attributable to the
Company Shareholders (expressed in Euro per
share)
2.80
(0.06)
1.90
(0.10)
Diluted earning per share /loss attributable to the
company shareholders( expressed in Euro per
share)
2.80
—
1.89
—
Net income/ (Loss) attributable to ordinary shares 
(Euro in thousands)
854,459
(19,299)
579,071
(29,054)
Weighted average number of ordinary shares
305,588,919
305,635,185
305,543,161
305,635,185
Weighted average number of shares adjusted for
the effect of dilutions
305,635,185
—
305,635,185
—
Basic earnings / (losses) per share are calculated by dividing the net profit / (loss) attributable to equity holders of
the Company by the weighted average number of ordinary shares. The weighted average number of ordinary
shares outstanding during the period is the number of ordinary shares outstanding at the beginning of the period,
adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting
factor.
Diluted earnings/(losses) per share incorporate the effect of stocks awards (Note 17) that would have been vested
assuming that 30 June 2026 is the end of the vesting period .
As of 30 June 2026  the Company held  300 thousand treasury shares (Note 16) acquired during the six-month
period.
88
HELLENiQ ENERGY
9.Property, Plant and Equipment
Group
Land
Buildings
Plant &
Machinery
Transportat
ion means
Furniture
and fixtures
Assets
Under
Constructi
on
Total
Cost
As at 1 January 2025
339,635
1,114,416
6,064,354
70,300
261,298
290,036
8,140,039
Additions
960
3,707
16,987
358
3,744
186,739
212,495
Acquisition of a subsidiary
17
—
—
39
—
—
56
Capitalised projects
—
2,005
26,426
1,464
281
(30,177)
—
Disposals
(413)
(1,793)
(2,348)
(296)
(5,868)
(2)
(10,720)
Transfers and other movements
(24)
6,463
(4,735)
(3)
166
(6,188)
(4,321)
As at 30 June 2025
340,175
1,124,798
6,100,683
71,862
259,624
440,408
8,337,550
Accumulated Depreciation
As at 1 January 2025
7,775
636,261
3,496,483
47,681
209,500
—
4,397,700
Charge for the year
—
15,143
101,706
1,490
6,096
—
124,435
Disposals
—
(1,783)
(2,239)
(279)
(5,866)
—
(10,167)
Impairment
—
—
4,000
—
—
—
4,000
Transfers and other movements
—
342
933
(3)
4
—
1,276
As at 30 June 2025
7,775
649,962
3,600,880
48,890
209,736
—
4,517,243
Net Book Value at 1 January 2025
331,860
478,155
2,567,871
22,619
51,798
290,036
3,742,339
Net Book Value at 30 June 2025
332,400
474,836
2,499,803
22,972
49,888
440,408
3,820,308
Cost
As at 1 January 2026
343,625
1,188,866
6,902,414
74,037
274,325
490,690
9,273,957
Additions
309
5,532
205,971
846
7,649
153,452
373,759
Acquisition of a subsidiary
16
10,231
24,607
—
238
—
35,092
Capitalised projects
—
2,401
60,646
908
402
(64,357)
—
Disposals
(499)
(2,057)
(2,675)
(304)
(458)
(689)
(6,682)
Transfers and other movements
2,260
127
(604)
(7)
351
(10,606)
(8,479)
As at 30 June 2026
345,711
1,205,100
7,190,359
75,480
282,507
568,490
9,667,647
Accumulated Depreciation
As at 1 January 2026
7,744
699,939
4,141,244
50,143
219,532
—
5,118,602
Charge for the period
—
14,112
91,902
1,189
5,439
—
112,642
Acquisition of subsidiaries
—
167
526
—
3
—
696
Impairment
—
—
342
—
—
—
342
Disposals
—
(2,028)
(2,560)
(287)
(409)
—
(5,284)
Transfers and other movements
—
(121)
(299)
(3)
(12)
—
(435)
As at 30 June 2026
7,744
712,069
4,231,155
51,042
224,553
—
5,226,563
Net Book Value at 1 January 2026
335,881
488,927
2,761,170
23,894
54,793
490,690
4,155,355
Net Book Value at 30 June 2026
337,967
493,031
2,959,204
24,438
57,954
568,490
4,441,084
89
HELLENiQ ENERGY
1) Additions mainly include:
      Capital expenditure in the refining segment that mainly relate to the below amounts:
• maintenance turnaround works at refineries in Aspropyrgos, long-term maintenance and upgrades of the
refining units (€251 million).
• growth, safety, regulatory and environmental expenditures (€10 million).
        Marketing segment's capital expenditure of €29 million.
        Power capital expenditure of €72 million.
          2)  Capitalised projects relate to completed assets under construction which are reclassified to their
respective  categories. The main items during current period relate to refining segment of €67million.
        3) For the six-month period ended 30 June 2026 an amount of €4,8million (30 June 2025: €5,2 million) in
respect of interest has been capitalised within Assets Under Construction relating to the refining segment, at an
average borrowing rate of 3,38% (30 June 2025: 4,12%).
        4) Transfers and other movements primarily include the transfer of computer software development costs to
intangible assets.
        5) The "Acquisition of Subsidiary" line includes the cost of assets  arising from the acquisition of JRD SOLAR
S.R.L & ENERGY PARTNERS ALPHA SOLAR S.R.L. (see  Note 6).
90
HELLENiQ ENERGY
10.Right of Use Assets
Group
Land
Petrol station
properties
Commercial
Properties
Plant &
Machinery
Motor
Vehicles
Other
Total
Cost
As at 1 January 2025
2,365
328,155
35,319
27,554
54,741
495
448,630
Additions
4,820
7,265
1,779
47
397
21
14,330
Derecognition
—
(768)
45
—
(211)
—
(934)
Modification
—
10,873
509
20
3,533
—
14,935
Other
—
540
(754)
(20)
28
(1)
(208)
As at 30 June 2025
7,185
346,065
36,898
27,601
58,488
515
476,753
Accumulated
Depreciation
As at 1 January 2025
479
153,332
12,724
11,227
32,016
98
209,876
Charge for the period
83
12,592
2,073
1,407
6,004
32
22,191
Derecognition
—
(291)
67
—
(153)
7
(369)
Modification
—
—
1
—
—
—
1
Other
11
46
(28)
2
43
10
84
As at 30 June 2025
573
165,679
14,838
12,636
37,909
146
231,783
Net Book Value at 1
January 2025
1,886
174,823
22,595
16,327
22,725
397
238,754
Net Book Value at 30
June 2025
6,612
180,386
22,060
14,965
20,579
369
244,970
Cost
As at 1 January 2026
16,855
346,315
58,483
32,572
60,654
9,273
524,152
Additions
9,339
14,273
4,091
—
16,310
66
44,079
Derecognition
—
(4,375)
—
—
(739)
—
(5,114)
Modification
—
7,612
116
11
(852)
—
6,887
Other
12
(32)
110
(54)
(24)
2
12
As at 30 June 2026
26,206
363,793
62,800
32,529
75,349
9,341
570,016
Accumulated
Depreciation
As at 1 January 2026
961
160,688
23,089
14,104
41,876
2,181
242,898
Charge for the period
565
13,159
3,504
1,230
6,041
724
25,223
Derecognition
(169)
(2,910)
22
—
(614)
—
(3,671)
Modification
—
—
2
—
—
—
2
Other
1,148
(24)
5
(48)
(7)
—
1,074
As at 30 June 2026
2,505
170,913
26,622
15,286
47,296
2,905
265,526
Net Book Value at 1
January 2026
15,894
185,627
35,394
18,468
18,778
7,092
281,254
Net Book Value at 30
June 2026
23,701
192,880
36,178
17,243
28,053
6,436
304,489
The Group leases a variety of assets in the course of its activities. Through its marketing segment, the Group
enters into lease agreements whereby it leases land on which it constructs fuel stations. Furthermore, the Group
leases operational fuel stations and large complexes which may include other commercial properties such as
highway service stations.
91
HELLENiQ ENERGY
Parent Company
Company
Commercial Properties
Motor Vehicles
Total
Cost
As at 1 January 2025
11,724
1,655
13,379
Additions
—
82
82
Derecognition
—
(119)
(119)
Modification
518
—
518
As at 30 June 2025
12,242
1,618
13,860
Accumulated Depreciation
As at 1 January 2025
5,514
700
6,214
Charge for the period
1,176
169
1,345
Derecognition
—
(60)
(60)
As at 30 June 2025
6,690
809
7,499
Net Book Value at 1 January 2025
6,210
955
7,165
Net Book Value at 30 June 2025
5,552
809
6,361
Cost
As at 1 January 2026
13,662
1,962
15,625
Additions
—
272
272
Derecognition
—
(72)
(72)
Modification
76
—
76
As at 30 June 2026
13,739
2,162
15,901
Accumulated Depreciation
As at 1 January 2026
8,033
972
9,004
Charge for the period
1,587
201
1,788
Derecognition
—
(7)
(7)
As at 30 June 2026
9,620
1,165
10,785
Net Book Value at 1 January 2026
5,629
990
6,619
Net Book Value at 30 June 2026
4,119
997
5,116
92
HELLENiQ ENERGY
11.Intangible Assets
Group
Goodwill
Retail Service
Stations Usage
Rights
Computer
software
Licenses &
Rights
Other
EU
Allowances
Total
Cost
As at 1 January 2025
138,588
11,131
207,503
212,260
75,151
78,612
723,245
Additions
—
971
581
959
—
—
2,511
Acquisition of subsidiaries
—
—
—
8,157
—
—
8,157
Purchase of EUAs
—
—
—
—
—
38,595
38,595
Disposals
—
—
(181)
—
—
—
(181)
Other movements
—
—
5,354
—
(6)
15
5,363
As at 30 June 2025
138,588
12,102
213,259
221,375
75,145
117,222
777,691
Accumulated Amortisation
As at 1 January 2025
71,829
674
171,318
55,479
66,045
—
365,345
Charge for the period
—
—
9,469
4,789
27
—
14,285
Disposals
—
—
(10)
—
—
—
(10)
Other movements
—
—
(248)
11
—
—
(237)
As at 30 June 2025
71,829
674
180,529
60,280
66,072
—
379,384
Net Book Value at 1 January 2025
66,759
10,457
36,185
156,784
9,106
78,612
357,900
Net Book Value at 30 June 2025
66,759
11,428
32,730
161,095
9,073
117,222
398,307
Cost
As at 1 January 2026
158,886
11,847
232,358
310,997
72,970
139,626
926,684
Additions
—
240
1,206
1,369
7
—
2,822
Acquisition of a subsidiary
24,074
—
—
6,642
—
—
30,716
Purchase of EUAs
—
—
—
—
—
109,783
109,783
Disposals
—
—
(208)
(427)
—
—
(635)
Other movements
(680)
—
6,330
432
(4)
—
6,078
As at 30 June 2026
182,280
12,087
239,686
319,013
72,973
249,409
1,075,448
Accumulated Amortisation
As at 1 January 2026
71,829
674
195,085
68,809
66,083
—
402,480
Charge for the period
—
1,031
5,515
5,649
26
—
12,221
Acquisition of a subsidiary
—
—
—
2
—
—
2
Disposals
—
—
(11)
(383)
—
—
(394)
Other movements
—
—
(6)
(7)
1
—
(12)
As at 30 June 2026
71,829
1,705
200,583
74,070
66,110
—
414,297
Net Book Value at 1 January 2026
87,057
11,173
37,273
242,188
6,887
139,626
524,204
Net Book Value at 30 June 2026
110,451
10,382
39,103
244,942
6,863
249,409
661,150
93
HELLENiQ ENERGY
The majority of the remaining balance of goodwill as at 30 June 2026 relates to the unamortised goodwill arising
on the acquisition of EKO Cyprus Ltd (former HELLENIC PETROLEUM Cyprus Ltd) in 2003 which is treated in line
with the accounting policy in Note 2.8 of the consolidated financial statements for 31 December 2025. There are
no circumstances indicating that the carrying value of Goodwill may be impaired in the six month period ended on
30 June 2026.
‘Other movements’ include the foreign exchange impact on goodwill as well as completed IT software projects
capitalised during 2026 and thus transferred from assets under construction (Note 9) .These projects are
monitored within assets-under-construction as implementation of the relevant software takes place over a period
of time. They are transferred to Intangible Assets when the implementation of the software has been completed
and tested as being ready for use.
The "Acquisition of Subsidiary" line includes goodwill of €24 million, cost of assets and the fair value adjustment
of €6,3 million for licenses and rights arising from the acquisition of JRD SOLAR S.R.L and ENERGY  PARTNERS
ALPHA SOLAR S.R.L.. (see also Note 6).
As at 30 June 2026, the balance of EUA allowances comprises 1.4 million metric tons of purchased emission rights
(EUAs) valued at €110 million (31 December 2025: 1.9 million metric tons at €140 million).
As of 30 June 2026, 250 thousand tons of EUAs have been pledged under an unrelated derivative agreement  (31
December 2025: 250 thousand).
        12.    Loans, advances and Long Term Assets
As at
Group
30 June 2026
31 December 2025
Loans and advances
5,988
5,637
Other long term assets
40,572
56,637
Total
46,560
62,274
Other long term assets primarily include trade receivables due in more than one year as a result of settlement
arrangements and merchandise credit extended to third parties as part of the operation of the Group.
As at
Company
30 June 2026
31 December 2025
Loans and advances
174,000
161,500
Other long term assets
5,295
5,674
Total
179,295
167,174
Loans and advances of the Company include long-term loans given to subsidiaries of the Group, amounting to
€174 million (31 December 2025: 162 million). The increase relates to additional drawdowns under existing loan 
agreements (€5 million) and the extension of existing intercompany loans (€7.5 million).
94
HELLENiQ ENERGY
13.Inventories
Group
As at
30 June 2026
31 December 2025
Crude oil
912,163
463,935
Refined products and semi-finished products
1,124,071
679,121
Petrochemicals
35,107
35,036
Consumable materials and other spare parts
217,963
204,047
- Less: Provision for NRV, consumables and spare parts
(99,391)
(75,380)
Total
2,189,913
1,306,759
Under IEA and EU regulations, Greece is obliged to hold crude oil and refined product stocks in order to fulfil the
EU requirement for compulsory stock obligations (90 days stock directive), as legislated by Greek Law 3054/2002.
The responsibility is passed on to all companies, including the HELLENiQ ENERGY  Group, which import and sell in
the domestic market who have the obligation to maintain and finance the appropriate stock levels. Such stocks
are part of the operating stocks and are valued on the same basis. The Group has delegated part of its 90 days
compulsory stock keeping obligations to OTSM, reducing its stock holding by approximately 31,5 kMT (31
December 2025: 264 kMT), at a fee calculated in line with the legal framework. All Group’s transactions with
OTSM are included in Note 21.
The cost of inventories recognised as an expense and included in Cost of sales amounted to €5.0 billion (30 June
2025: €4,3 billion). As at 30 June 2026, the Group wrote down inventories to their net realisable value, recording a
loss of €22.4 million (30 June 2025: loss of €12.2 million included in Cost of Sales in the statement of
comprehensive income).
14.Trade and Other Receivables
As at
Group
30 June 2026
31 December 2025
Trade receivables
773,935
619,503
- Less: Provision for impairment of receivables
(273,490)
(265,752)
Trade receivables net
500,445
353,751
Other receivables
621,808
571,172
- Less: Provision for impairment of other receivables
(39,309)
(39,934)
Other receivables net
582,499
531,238
Accrued Income and other prepaid expenses
310,866
259,381
Total
1,393,810
1,144,370
As part of its working capital management the Group utilises factoring facilities to accelerate the collection of cash
from its customers. Non-recourse factoring, is excluded from balances shown above, since all risks and rewards of
the relevant invoices have been transferred to the factoring institution.
"Other receivables" mainly include amounts paid to obtain the right to challenge imposed fines and duties in
courts as well as VAT and restricted cash. As of 30 June 2026, payments to appeal against the above mentioned
cases amounted to €194 million  (31 December 2025: €173 million), VAT receivable €212 million  (31 December
2025: €177 million) and restricted cash, including cash related to margin call accounts, €41million  (31 December
2025: €40 million).
95
HELLENiQ ENERGY
In addition, as of 30 June 2026, "Other receivables" include €27 million receivable as compensation for indirect
CO2 cost in electricity (31 December 2025: €27 million), advances to suppliers of €23 million (31 December 2025:
€47 million) as well as €23 million  (31 December 2025: €21 million) regarding the amount payable to the Group's
subsidiary ELPET Valkaniki from the Republic of North Macedonia.
Parent Company
The amount included in Trade and other receivables of the Company as at 30 June 2026  primarily includes
dividends receivable from subsidiaries amounting to €124 million (31 December 2025: €68 million), short-term
loan balances of €10.5 million (31 December 2025: €18 million) (Note 12) and trade receivable balances mainly
from Group entities of €10 million (31 December 2025: €39 million).
15.Cash and Cash Equivalents
Group
As at
30 June 2026
31 December 2025
Cash at bank and on hand in other currencies (Euro equivalent)
191,140
371,085
Cash at bank and on hand in Euro
623,155
487,166
Cash and Cash Equivalents
814,295
858,251
The balance of US Dollars included in Cash at bank as at 30 June 2026 was $138 million (euro equivalent €121
million). The respective amount for the period ended 31 December 2025 was $357 million (euro equivalent €305
million).
16.Share Capital, Share Premium & Treasury Shares
Group
Number of
Shares
(authorised
and issued)
Share
Capital
Share
premium
Total
As at 1 January & 31 December 2025
305,635,185
666,285
353,796
1,020,081
As at 30 June 2026
305,635,185
666,285
353,796
1,020,081
Share Capital
All ordinary shares were authorised, issued and fully paid. The nominal value of each ordinary share is €2.18 (31
December 2025: €2.18).
Treasury Shares
Group
Number of
Treasury Shares
Treasury shares
( Amount)
As at 31 December 2025
—
—
Acquisition of treasury shares
300,000
(3,082)
As at 30 June 2026
300,000
(3,082)
In accordance with the resolutions of the Annual General Meeting of Shareholders, the Group proceeded during
the period with the acquisition of treasury shares. The shares were acquired in order to be distributed to eligible
participants under the Group’s long-term incentive plan, in line with its terms and conditions (Note 17).
Treasury shares held by the Group do not carry voting rights and are not entitled to dividends. In addition, they are
excluded from the calculation of basic earnings per share, as they are not considered outstanding ordinary shares
in issue.
96
HELLENiQ ENERGY
As at 30 June 2026, the Company held 300,000 treasury shares, representing 0.098% of its issued share capital.
The total acquisition cost of these treasury shares amounted to €3.1 million and has been recognised as a
deduction from equity.
17.Reserves
Group
Statutory
reserve
Special
reserves
Cash flow
Hedge
Reserve
Tax free &
Incentive Law
Reserves
Share
based
payment
reserve
Οther
reserves
Total
As at 1 January 2025
215,682
86,495
4,360
71,335
—
(51,183)
326,690
Changes in the fair value of equity
instruments
—
—
—
—
—
75
75
Effective portion of changes in
fair value arising from:
    Commodity SWAPs
—
—
(17,937)
—
—
—
(17,937)
    Interest rate SWAPs
—
—
260
—
—
—
260
    Virtual Power Purchase
Agreements (VPPAs)
—
—
20,936
—
—
—
20,936
    Tax effect
—
—
(717)
—
—
—
(717)
Amounts reclassified to profit or
loss
—
—
10,041
—
—
—
10,041
Currency translation differences
and other movements
—
—
—
—
—
(482)
(482)
Share of other comprehensive
profit / (loss) of associates
—
—
—
—
—
—
—
As at 30 June 2025
215,682
86,495
16,943
71,335
—
(51,590)
338,866
As at 1 January 2026
228,690
86,495
23,415
71,335
4,363
(52,947)
361,352
Changes in the fair value of equity
instruments
—
—
—
—
—
4
4
Effective portion of changes in
fair value arising from:
    Commodity Options & SWAPs -
Crude & oil products
—
—
54,375
—
—
—
54,375
    Comodity futures & forwards
EUAs
—
—
(162)
—
—
—
(162)
    Commodity futures & swaps
Natural Gas
—
—
1,063
—
—
—
1,063
    Commodity futures & forwards 
Power
—
—
2,536
—
—
—
2,536
    Interest rate SWAPs
—
—
408
—
—
—
408
    Virtual Power Purchase
Agreements (VPPAs)
—
—
(2,284)
—
—
—
(2,284)
    Tax effect
—
—
(12,905)
—
—
—
(12,905)
Amounts reclassified to profit or
loss
—
—
(41,660)
—
—
—
(41,660)
Share based payments
—
—
—
—
2,224
—
2,224
Currency translation differences
and other movements
—
—
—
—
—
(4,636)
(4,636)
As at 30 June 2026
228,690
86,495
24,786
71,335
6,587
(57,579)
360,315
Statutory reserves
Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in
their statutory books to a statutory reserve until this reserve is equal to one third of the outstanding share capital.
97
HELLENiQ ENERGY
This reserve cannot be distributed during the existence of the corporation, but can be used to offset accumulated
losses.
Special reserves
Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant
legislation in prior years.
Tax free and Incentive Law reserves
These reserves relate to retained earnings that have not been taxed with the prevailing corporate income tax rate
as allowed by Greek law under various statutes and include reserves relating to investments under incentive laws.
These reserves will become liable to tax at the rate prevailing at the time of distribution to shareholders or
conversion to share capital under certain conditions.
Hedging reserve
The hedging reserve is used to account gains or losses on derivatives that are designated and qualify as cash flow
hedges and therefore are recognized in other comprehensive income. Furthermore, the accumulated amount in
equity will be reclassified to profit or loss in the same period during which the associated hedged transaction
impacts profit or loss, and more specifically within "cost of sales" line item of the income statement. As at 30 June
2026 the fair value depicted  in the hedging reserve relates to the transactions described in Note 3 for commodity
price risk management.
Share - based payment reserve
The Annual General Meeting of Shareholders dated 27 June 2024 approved the establishment of a Long-Term 
Incentive Plan in the form of stock award of Parent Company shares.
The Plan includes two evaluation cycles, each lasting three years. Upon the completion of each cycle, the
achievement of Plan's targets is assessed, and based on this assessment, the entitled shares are determined but
they are gradually granted over the following three years (effectively deferred granting). The evaluation and
vesting of the number of shares to be distributed takes place on 31 of December of the last year of each cycle
based on the achievement of specific targets approved by the Remuneration & Succession Planning Committee.
IFRS 2 conditions were met during Q2 2026 for all participants.
The fair value of the awards was determined at the grant date using a Monte Carlo pricing model appropriate to
the characteristics of the plan. The model incorporates various assumptions (market share beta, risk-free interest
rate, expected share price volatility).
The pricing model provided a weighted average fair value of shares at €11,35. Accordingly, a share based payment
reserve is used to recognize the value of equity settled benefits granted. The estimated total number of shares
awarded will be 823.318.
The final number of shares to be allocated and the corresponding benefit amount are determined based on the
achievement of specific targets. The benefit varies depending on the category of beneficiaries, depending on their
hierarchical level and degree of responsibility.
The number of shares as well as the targets of the 2nd cycle of the Program will be determined at a later stage.
Other reserves
Other reserves are almost entirely comprised of actuarial losses.
98
HELLENiQ ENERGY
Other reserves include:
(i) Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects
of differences between the previous actuarial assumptions and what has actually occurred) and b) the
effects of changes in actuarial assumptions, applicable for both the Group and the Company.
(ii) Changes in the fair value of investments that are classified as investments in equity instruments,
applicable for the Group.
(iii) Exchange differences arising on translation of foreign controlled entities, which are recognised in other
comprehensive income. The cumulative amount is reclassified to the profit or loss when the net
investment is disposed of, applicable for the Company
Parent Company
Company
Statutory
reserve
Special
reserves
Share-based
payment
reserve
Other
Reserves
Total
As at 1 January 2025
215,682
157,137
—
(59,408)
313,411
As at 30 June 2025
215,682
157,137
—
(59,408)
313,411
As at 1 January 2026
228,690
157,137
4,363
(62,744)
327,446
Share based payments
—
—
2,224
—
2,224
As at 30 June 2026
228,690
157,137
6,587
(62,744)
329,669
99
HELLENiQ ENERGY
18.Interest Bearing Loans and Borrowings
Group
As at
30 June  2026
31 December  2025
Non-current interest bearing loans and borrowings
Committed Credit facilities
1,040,624
1,453,886
Committed Term Loans
581,691
588,073
Eurobonds
445,060
444,316
2,067,375
2,486,275
Committed term loans (Project Finance)
289,501
290,770
Total non-current interest bearing loans and borrowings
2,356,876
2,777,046
Current interest bearing loans and borrowings
Committed credit facilities
308,744
11,783
Committed term loans
11,188
11,153
Uncommitted Revolving credit facilities
84,197
178,766
404,129
201,702
Committed term loans (Project Finance)
20,732
19,399
Current portion of long-term Committed term loans
424,860
221,101
Total interest bearing loans and borrowings
2,781,737
2,998,146
100
HELLENiQ ENERGY
Borrowings of the Group by maturity as at 30 June 2026 and 31 December 2025 are summarised in the table
below (amounts in € million):
Balance as at
Company
Maturity
30 June
2026
31 December
2025
€200 million RCF Jun 2027
HELLENiQ PETROLEUM S.A.
June 2027
200
200
€30 million RCF Dec 2027
EKO Bulgaria
December 2027
2
9
€400 million Syndicated RCF Jun 2028
HELLENiQ PETROLEUM S.A.
June 2028
113
398
€400 million RCF Jun 2028
HELLENiQ PETROLEUM S.A.
June 2028
338
228
€50 million RCF Jul 2028
EKO ABEE
July 2028
50
50
€40 million RCF Jul 2029
EKO ABEE
July 2029
40
40
€400 million RCF Nov 2030
HELLENiQ PETROLEUM S.A.
November 2030
387
398
€400 million Syndicated RCF Dec 2030
HELLENiQ PETROLEUM S.A.
December 2030
—
—
€85 million RCF Mar 2031
HELLENiQ PETROLEUM S.A.
March 2031
85
85
€400 million May 2029
HELLENiQ PETROLEUM S.A.
May 2029
397
398
€130 million Syndicated Jul 2030
ENERWAVE S.A.
July 2030
124
129
€30 million Syndicated RRF Dec 2037
HELLENiQ ENERGY DIGITAL
SINGLE MEMBER S.A.
December 2037
23
23
€50 million Dec 2039
HELLENiQ ENERGY REAL
ESTATE S.A.
December 2039
48
49
€450 million Eurobond
HELLENIQ ENERGY FINANCE
PLC
July 2029
445
444
€80 million PF Evia -
Framework Agreement
HELLENiQ RENEWABLES
WIND FARMS OF EVIA
SINGLE MEMBER S.A.
December 2039
63
65
€80 million PF Mani-
Framework Agreement
HELLENiQ RENEWABLES
WIND FARMS OF MANI
SINGLE MEMBER S.A.
December 2040
71
75
€133 million PF Kozilio 1 -
Framework Agreement
KOZILIO ENA SINGLE
MEMBER S.A.
June 2042
107
114
€75 million PF KOZILIO PRIME S.A.
KOZILIO PRIME S.A.
June 2042
56
57
€16 million PF HELPE ENERGY FINANCE
CYPRUS LIMITED
HELPE ENERGY FINANCE
CYPRUS LIMITED
December 2043
13
—
€150 million Oct 2030
HELLENiQ RENEWABLES
S.A.
October 2030
109
58
€99 million Dec 2027
HELLENiQ RENEWABLES
S.A.
December 2027
28
4
€255 million Dec 2042
SOLARPPROJECT STAAT
VAST I S.M.S.A
December 2042
—
—
€199 million June 2044
GREEN POWER KILKIS
S.M.S.A
June 2044
—
—
Uncommitted revolving credit
facilities
Various
Various
84
179
Unamortised fees of undrawn loans
Various
Various
(2)
(3)
Total
2,782
2,998
No loans were in default as at 30 June 2026 (none as at 31 December 2025).
Any unamortised finance fees, relating to loans that were refinanced within 2026 and meeting the criteria to be
treated as extinguishments, in accordance with the Group's accounting policy, impacted the Group's statement of
comprehensive income.
As required by IFRS 9, any modification of the terms of a loan agreement is assessed based on specific
quantitative and qualitative criteria. Where the modification is determined to be non-substantial, a modification
gain is recognized in profit or loss and subsequently amortized over the remaining term of the loan.
101
HELLENiQ ENERGY
The table below presents the changes in Borrowings arising from financing activities:
Group
01
January
2026
Cash
flows -
borrowin
gs
(inflows)
Non cash
Movement-
borrowings
through
acquisition
of
subsidiary
Cash flows
-
borrowings
(outflows)
Cash
flows
- fees
Change in
Current
Portion of
Long term
debt
Reclassifi
cation
between
Current &
Non-
current
Non
cash
movem
ents
30 June
2026
Current
interest-
bearing
loans and
borrowings
221,101
64,511
—
(107,741)
—
(2,124)
248,778
335
424,860
Non-
current
interest-
bearing
loans and
borrowings
2,777,046
685,568
35,651
(910,958)
(75)
2,124
(248,778)
16,298
2,356,876
Total
2,998,147
750,079
35,651
(1,018,699)
(75)
—
—
16,633
2,781,736
Group
01
January
2025
Cash
flows -
borrowin
gs
(inflows)
Non cash
Movemen
t-
borrowing
s through
acquisitio
n of
subsidiary
Cash
flows -
borrowing
s
(outflows)
Cash
flows -
fees
Change in
Current
Portion of
Long term
debt
Reclassifi
cation
between
Current &
Non-
current
Non
cash
moveme
nts
30 June
2025
Current
interest-
bearing
loans and
borrowings
240,893
168,534
—
(18,543)
—
(369)
(55,196)
1,583
336,902
Non-
current
interest-
bearing
loans and
borrowings
2,169,487
624,828
—
(61,234)
—
369
55,196
1,072
2,789,717
Total
2,410,380
793,362
—
(79,777)
—
—
—
2,656
3,126,619
“Cash flows –fees” column includes the finance fees paid and deferred against loans proceeds. “Non-cash
movements” column includes the amortization of deferred borrowing costs.
  Structured Finance Transactions
As of 30 June 2026, a total amount of €310 million (€310 million as of 31 December 2025) of non-recourse Project
Finance Facilities is outstanding for five Group companies (HELLENiQ RENEWABLES WIND FARMS OF MANI S.A.,
HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A., KOZILIO ENA SINGLE MEMBER S.A., KOZILIO PRIME S.A.
and HELPE ENERGY FINANCE CYPRUS LIMITED).
Furthermore, as of 30 June 2026, a total amount of €48.6 million (€49.1 million as of 31 December 2025) of a real
estate finance facility was outstanding for HELLENiQ ENERGY REAL ESTATE S.A.
In March 2026 HELPE ENERGY FINANCE CYPRUS LIMITED entered into a new €16 million Project Finance Facility
maturing in December 2043. The outstanding amount of the facility as of 30 June 2026 was €13 million.
102
HELLENiQ ENERGY
In May 2026 SOLARPPROJECT STAAT VAST I S.M. S.A. entered into a new €254.5million Project Finance Facility
maturing in December 2042. There is no outstanding amount as of 30 June 2026.
In May 2026 GREEN POWER KILKIS SINGLE MEMBER S.A. entered into a new €199million Project Finance Facility
maturing in June 2044. There is no outstanding amount as of 30 June 2026.
The above-mentioned Group of  companies have to comply with a limited number of financial covenants
(applicable only to the respective entities), typical for such type of structured financing transactions, under the
relevant Project Finance  agreements. Management monitors closely the performance of these subsidiaries to
ensure compliance with the above covenants.
Moreover, the above-mentioned subsidiaries have provided to the lending banks with a comprehensive market
standard security package, which is typical for this kind of structured financing transactions.
HELLENiQ PETROLEUM S.A.
€400 million Revolving Credit Facility maturing in November 2030
In March 2026, HELLENiQ PETROLEUM S.A. signed a revolving credit facility of $300 million maturing in
November 2030 and amended the existing revolving credit facility of €400 million maturing in November 2030
and treated as extinguishment in accordance IFRS 9, so that the aggregate Nominal Amount outstanding under
the two facilities does not exceed the Aggregate Commitment Limit of the equivalent of €400 million. The
outstanding amount of the facility of 30 June 2026 was €124 million and $263 million, in total € equivalent 387
million.
Bilateral facilities
Group companies maintain committed and uncommitted credit facilities with various banks to finance general
corporate needs which are renewed in accordance with the Group's finance needs.
19.Trade and other Payables
Group
As at
30 June 2026
31 December 2025
Trade payables
1,814,764
1,258,358
Accrued expenses
596,103
444,096
Other payables
243,182
275,625
Total
2,654,049
1,978,079
Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and services.
Trade payables, as at 30 June 2026 and  31 December 2025, include amounts in respect of crude oil imports from
Iran, which were received between December 2011 and March 2012 as part of a long term contract with NIOC.
Despite repeated attempts to settle the payment for these cargoes through the international banking system
between January and June 2012, it was not possible to do so.  In the period from 16 January 2016 up to 8 May
2018, when sanctions were suspended, the Group successfully made several payments against a significant part
of these amounts. Following the re-imposition of relevant sanctions by the United States, no deliveries of Iranian
crude oil or payments have taken place since 8 May 2018.
Accrued expenses as of 30 June 2026, include an amount of €209 million ( 31 December 2025: €179 million)
relating to the estimated cost of the CO2 emission rights, necessary to meet the Group's deficit as of 30 June
2026.
Other payables include amounts in respect of payroll withheld taxes, social security obligations and sundry taxes.
103
HELLENiQ ENERGY
20.Cash Generated from / (used in) Operations
Group
For the period ended
Note
30 June 2026
30 June 2025
Profit/ (loss) before tax
1,106,371
(8,019)
Adjustments for:
Depreciation and impairment of property, plant and equipment and
right-of-use assets
9.10
138,206
150,624
Amortisation and impairment of intangible assets
11
12,221
14,285
Amortisation of grants
(570)
(700)
Finance costs - net
61,486
60,404
Share of operating profit of associates
(2,772)
12,186
Provisions for expenses and valuation charges
26,341
9,493
Foreign exchange (gains) / losses
10,014
9,111
(Gains)/ Losses from discounting of long-term receivables and liabilities
(180)
(324)
(Gains) / losses on sales of property, plant and equipment & intangible
assets
(29,452)
(523)
1,321,665
246,537
Changes in working capital
(Increase) / decrease in inventories
(884,786)
(86,725)
(Ιncrease) / decrease in trade and other receivables
(260,306)
(693)
Increase / (decrease) in trade and other payables
560,848
(119,818)
(584,244)
(207,236)
Net cash generated from operating activities
737,421
39,300
Company
For the six month period ended
Note
30 June 2026
30 June 2025
Profit/ (Loss) before tax
131,369
186,433
Adjustments for:
Depreciation and impairment of property, plant and equipment and
right-of-use assets
1,906
1,463
Amortisation and impairment of intangible assets
2
3
Finance costs / (income) - net
(2,837)
(7,919)
Provisions for expenses and valuation charges
2,873
535
(Gain) / loss on disposal of property, plant and equipment
(5,715)
—
Dividend Income
(124,006)
(181,364)
3,593
(848)
Changes in working capital
(Ιncrease) / decrease in trade and other receivables
23,168
11,694
Increase / (decrease) in trade and other payables
(6,562)
(2,840)
16,606
8,854
Cash generated from / (used in) operating activities
20,199
8,005
104
HELLENiQ ENERGY
21.Related Party Balances and Transactions
The interim condensed consolidated and Company statement of comprehensive income includes transactions
between the Group, the Company and related parties. Such transactions are mainly comprised of sales and
purchases of goods and services in the ordinary course of business.
Where required, comparative amounts have been amended to better reflect the nature of the transactions.
Transactions have been carried out with the following related parties:
a) Associates and joint ventures of the Group which are consolidated under the equity method:
• Athens Airport Fuel Pipeline Company S.A. (EAKAA)
• DEPA International Projects S.A.
• Elpedison B.V., up to 14/07/2025
• Spata Aviation Fuel Company S.A. (SAFCO)
• D.M.E.P. HOLDCO
• VLPG Plant LTD
Group
For the period ended
30 June  2026
30 June  2025
Sales of goods and services to related parties
Associates
24,719
138,375
Joint ventures
—
7,021
Total
24,719
145,396
Purchases of goods and services from related parties
Associates
160,017
135,065
Joint ventures
—
104,813
Total
160,017
239,878
Group
30 June  2026
31 December  2025
Balances due to related parties                                                                     
Associates
18,300
16,290
Joint ventures
—
—
Total
18,300
16,290
Balances due from related parties                                                   
Associates
13,068
24,883
Joint ventures
—
—
Total
13,068
24,883
Following  Elpedison B.V.'s acquisition by the Group during 2025, the former ceased to be classified as a related
party. The Company had provided guarantees in favour of third parties and banks as security for loans granted by
them to Elpedison B.V., with an outstanding amount of €54 million as at 30 June 2025. As at 31 December 2025,
no amount remained outstanding under these guarantees.
105
HELLENiQ ENERGY
b) Government related entities which are under common control with the Group due to the shareholding and
control rights of the Hellenic State and with which the Group has material transactions.
• Hellenic Armed Forces
• Road Transport S.A.
• Public Power Corporation Hellas S.A.
• Hellenic Electricity Distribution Network Operator S.A. (HEDNO)
• Hellenic Gas Transmission System Operator
• Independent Power Transmission Operator (IPTO)
• Hellenic Energy Exchange S.A. (HEnEx)
• EnΕx Clearing House Single Member S.A. (EnExClear)
• Renewable Energy Sources Operator & Guarantees of Origin S.A.
During the period ended on 30 June 2026, transactions and balances for the Group with the above government
related entities are as follows:
• Sales of goods and services amounted to €322 million (30 June 2025: €191 million)
• Purchases of goods and services amounted to €350 million  (30 June 2025: €8 million)
• Receivable balances of €26 million (31 December 2025: €86 million)
• Payable balances of €145 million (31 December 2025: €18 million).
c) Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ
ENERGY Holdings S.A.) and General Managers. Where required, comparative amounts have been amended to
better reflect the nature of the compensation earned.
The compensation paid or payable for the period  ended on 30 June 2026 to the aforementioned key
management is as follows:
Group
30 June 2026
30 June 2025
Employee benefits
6,855
6,453
Post-employment benefits
450
433
Total
7,305
6,886
d) The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece:
• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West Crete)
• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block 2)
• Energean Hellas LTD (Greece, Block 2)
• Chevron Greece Holdings (A2) B.V.
• Chevron Greece Holdings (S Peloponnese) B.V.
• Chevron Greece Holdings (S Crete 1) B.V.
106
HELLENiQ ENERGY
• Chevron Greece Holdings (S Crete 2) B.V.
• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
Parent Company
Transactions and balances with related parties:
Company
For the period ended
30 June  2026
30 June  2025
Sales of goods and services to related parties & other income
Group entities
32,931
29,336
Joint ventures
—
130
Total
32,931
29,466
Purchases of goods and services from related parties & other
expenses
Group entities
13,745
12,304
Joint ventures
—
3
Total
13,745
12,307
As at
30 June  2026
31 December  2025
Balances due to related parties  (Trade and other creditors)
Group entities
10,461
26,282
Joint ventures
—
—
Total
10,461
26,282
Balances due from related parties  (Trade and other debtors)
Group entities
132,841
94,297
Joint ventures
—
—
Total
132,841
94,297
Balances above relate to transactions between the Company and other Group’s companies.
Key management compensation:
Company
For the period ended
30 June  2026
30 June  2025
Employee benefits
5,483
5,068
Post-employment benefits
429
371
Total
5,912
5,439
107
HELLENiQ ENERGY
22.Commitments
(a)  Capital commitments
Significant contractual commitments of the Group amount to:
• €37 million as at 30 June 2026 (31 December 2025: €30 million), which mainly relate to improvements in
refining assets.
• €96 million as at 30 June 2026 (31 December 2025: €210 million), which relate to RES projects under
construction mainly in Romania and Greece.
(b)    Exploration costs
Contractual commitments of the Group for exploration costs amount to €6,4 million as at 30 June 2026 (31
December 2025: nil).
(c)    Letters of Credit
The Group may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and
credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no
additional commitment to be disclosed. In cases where the underlying transaction occurs after the period end, the
Group is not liable to settle the letter of credit and hence no such liability exists as at the period end. As at 30 June
2026, there were open letters of credit relating to purchase orders of total amount € 322 million (31 December
2025: € 194 million).
23.Contingencies and Litigation
The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the
ordinary course of business, the most significant of which are disclosed below:
(a) Business issues
(i) Unresolved legal claims
The Group is involved in a number of legal proceedings and has various unresolved claims pending arising in the
ordinary course of business. Based on currently available information and the opinion of legal counsel,
management believes that the final outcome will not have a significant effect on the Group’s operating results or
financial position and that no additional provisions over and above provisions already reflected in the condensed
interim consolidated and Company Financial Statements are required.
Municipalities
As at 30 June 2026 the total amounts imposed amount to €212,8million (31 December 2025: €126,8 million).  In
order to appeal against these, and in accordance with the legislation, the Group has paid an amount of €100,5
million (31 December 2025: €78 million), which is included in Trade and other Receivables in the interim
consolidated Financial Statements.
During the preceding years, a number of Municipalities proceeded with the imposition of duties and fines relating
to the rights of way occupied by underground pipelines operated by HELLENiQ PETROLEUM S.A. within the
boundaries of each respective municipality. In December 2023, the Municipality of Aspropyrgos, in light of the
Court Decisions rendered, has revoked all acts of imposition of duties and fines for the period 2013 - 2019 and
proceeded to a new assessment for the years 2013 - 2023, resulting in an amount of duties and fines
approximately 77% lower than the revoked one.
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HELLENiQ ENERGY
The Municipality of Perama has also imposed duties and fines to HELLENiQ PETROLEUM S.A.. In light of the
company's appeals, which have been accepted, the Municipality proceeded to revoke all acts of imposition of
duties and fines for the years 2013 - 2017, and issued  new impositions. The total amount of duties and fines
imposed by the Municipality of Perama as at 30 June 2026 amount to €134,2 million.
The Group has exercised all available legal recourse relating to these cases and Group Management have assessed
that it is most probable that the outcome of all appeals will be favorable.
EKO subsidies
HFL S.A. has filed lawsuits before the Athens Administrative First Instance Court (AAFIC) by which it sought
payment by the Greek State of the amounts of €2.6 million and €0.5 million as compensation under Article 105 of
the Introductory Law of the Civil Code, and alternatively as undue enrichment (Articles 104 ff. of the Civil Code), for
the restitution of damages suffered from the illegal omission of state services to pay the rebates, provided by
Article 19 of L. 3054/2002 for the transportation of petroleum products in remote areas during the period from 01
November 2013 until 31 December 2014. The AAFIC rendered its Decisions Nos A16361/2022 and A16359/2022,
rejecting HFL's lawsuits on the basis that some of the relevant petitions for the receipt of the rebates were filed
untimely and others were inadequately substantiated. HFL has appealed the above decisions claiming the
amounts of €1.9 million and €0.1 million respectively, corresponding to the petitions that have been timely filed.
However, given the uncertainty of the outcome of the appeal decisions, the company has raised a provision
amounting to €3.1 million.
HFL has also filed two more lawsuits claiming the amounts of €2.0 million and €0.3 million corresponding to the
rebates of Article 19 of L. 3054/2002 for the time period between 01 January 2015 and 31 August 2015. After the
rendering of Decisions Nos A17827/2022 and A17828/2023 that have rejected the lawsuits on the same
aforementioned grounds, HFL has filed appeals, claiming the amounts of €1.3 million and €0.1 million
respectively, corresponding to the petitions that have been timely filed. However, given the uncertainty of the
outcome of the appeal decisions, the company has raised a provision amounting to €2.3 million.
(ii) Guarantees
The Company has provided guarantees in favour of banks and debt holders as security for loans granted by them
to subsidiaries and associates of the Group. The outstanding amount of these as at 30 June 2026 was the
equivalent of €2.1 billion (31 December 2025: €2,4 billion). These amounts are included  in consolidated
borrowings of the Group and are presented as such in the condensed interim consolidated and Company financial
statements.
Αs at 30 June 2026, the Company has also provided guarantees in favour of banks as security for guarantees
issued by them in favour of subsidiaries and associates of the Group amounting to €23 million (31 December
2025: €27 million) .Also, as at 30 June 2026, the intragroup corporate guarantees provided to the Custom
Authorities for the transportation of energy products within the bonded warehouse regime amounted to €170
million (31 December 2025: €170 million).
(iii) International operations
Τhe Group’s international operations face a number of legal issues related mainly to changes in local permits and
fines imposed by Independent Regulatory Agencies. Such cases include a dispute in connection with the local tank
depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of resources as a result of this case is
assessed as remote. Management believes that no additional material liabilities will arise as a result of the above
case over and above those recognized in the consolidated and Company financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus’ ( CPC) investigation against the
Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on
15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to €5
million against EKO Cyprus Ltd. On 29 April 2021 the competent Court has sustained the appeal of EKO Cyprus
and has annulled the fine. The Commission for the Protection of Competition has appealed the decision. The
appeal Pre-Hearing was held on 27 October2025, while the Commission for the Protection of Competition
submitted their Statement of Arguments on 23 December 2025 in line with the Pre-Hearing deadline. EKO Cyprus
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HELLENiQ ENERGY
Limited has submitted within relevant deadline its  Statement of Arguments before the Supreme Constitutional
Court of Cyprus. Subsequently, by its decision dated 26 May 2026, the Court rejected the Commission's Appeal
and the case is considered as closed.
(b) Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the Group’s main
entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and alternative
interpretation by relevant authorities at different points in time and across different entities. As a result, there
may be types of expenses or treatments for which a company may be assessed on a different basis than the one
adopted during preparation of its tax return and the financial statements. Based on past experience tax audits
were carried out by tax authorities close to the statute of limitation. In addition, where a tax audit results in a
different view to the one adopted by a Group entity, the process for resolving the issue is usually through a court
of law proceeding, which has many stages and can take a considerable number of years to reach its final and
irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the total tax and
surcharges assessed is required. However, in certain cases, upon the notification of the audit report, the full
amount is shown as overdue in taxisnet, therefore the companies proceed in paying it in full.   
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result,
management aims to determine its policy based on specific legislation available at the time of accounting for a
transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits
experience and rulings, including relevant court decisions. This process ensures that the financial statements
reflect Management’s best estimates for any material tax and customs liabilities.
(i) Open tax years – Litigation tax cases
As disclosed in Note 7, tax audits for the Group’s most important Greek legal entities have been completed by the
Tax Authorities as follows:
Financial years up to and including the year ended 31 December 2019 are time-barred. The Tax audit reports for
HELLENiQ ENERGY Holdings S.A. for years ended 31 December 2010 and 31 December 2011 were received in
December 2017 and they are subject to legal dispute by the Company. In summary, the reports assess additional
taxes of €22.5 million and penalties of €23.5 million, for items relating to stamp duty, various non-deductible
expenses and other income tax adjustments. Following a detailed review of the Tax Audit Report, the Company
has disputed the additional taxes imposed (which are over and above the amounts already included in the
Companies’ tax returns) and proceeded with all possible legal means and actions to appeal against these
additional taxes and surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay a
minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the
results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been fully
offset by the Authorities, with tax and other State receivables of the Company, within 2018. These amounts are
included in the Income Tax Receivable balance if they relate to income tax, or in Trade and Other Receivables
balance if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As far as
surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the already
applicable 50%; this is also being legally challenged by the Company.
The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to
which: various non-deductible expenses and additional charges are annulled and the amount of € 18.2 million was
returned to the Company, whereas, with regards to the stamp duty, the relevant appeals are partially accepted and
the amount of €3.8 million is also returned to the Company.
The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that the
final outcome will be in its favor. The hearing date for the income tax differences is set after postponements for
October 21st, 2026 while for the stamp duty cases the hearing date is set after postponements for  September 
23ʳᵈ, 2026.
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HELLENiQ ENERGY
Within March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017. The audit is
related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings.
Moreover, during July 2020, a new notification for full audit was received for the year 2014 regarding all tax
subjects. The audit is finalized and the Tax audit Reports were received in December 2020. The reports assess
additional amounts of €16.2 million, penalties of €8.1 million and surcharges of €9.5 million for alleged stamp
duty, while various non-deductible expenses and other income tax adjustments have no payment impact, since in
2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company disputes the
additional amounts imposed. In January 2021 the Company followed the relevant administrative procedure
against the tax assessment paying the minimum required amount of 50% of the total tax and surcharges,
amounting to €16.9 million while the remaining 50% was offset in April 2021, therefore the full charged amount is
now paid. After the implicit rejection of the administrative appeals, the Company has filed judicial appeals in
November 2021. At the hearing that took place on 19 September 2023 the income tax and stamp duty cases were
discussed before the Athens Administrative Court of Appeals. For the stamp duty case, the respective decision
was issued in favor of the Company and the relevant amount of €33.8 million was refunded to the Company, until
the  2ⁿᵈ quarter closing no cassation recourse was filled by the Authorities,while for the income tax case, the
decision was issued, and the case was brought to the First Instance Court of Athens, where it was heard on
January 28ᵗʰ, 2025, and the decision is expected.
Within April 2025 HELLENiQ ENERGY Holdings received an audit notification for the year 2019. "The final tax
assessment and the tax audit report were received in December 2025. In summary, the additional income tax
imposed is €8.1 mil, including fines and surcharges, related to alleged non-deductible expenses. The company has
assessed the audit report, disputes nearly all the amount imposed and in January 2026, has filed an
administrative appeal, paying 100% of the amounts totaling €8.1 million.Following the relevant rejection decision
of the administrative appeal on 18 May 2026  which was posted on taxis-net on 29 May 2026, the company filed
on 26 June 2026 a judicial appeal before the Administrative Court of Appeal.
Within December 2023, a tax audit report was received by HELLENiQ PETROLEUM S.A. with regards to receivable
VAT of the 2nd quarter of 2023, according to which the claimed amount was reduced by €5 million while the
remaining €11 million was refunded to the company. The company has disputed this reduction and filed an
administrative appeal, within the relevant deadlines. The administrative appeal was rejected on May 1st 2024 and
the company filed judicial appeal on 12 June 2024, the case was heard on the 9th of February 2026, the decision is
expected to be issued.
Within February 2025, a tax audit report was received by HELLENiQ PETROLEUM with regards to receivable VAT
of the 3rd quarter of 2024, according to which the claimed amount was reduced by €1.2 million while the remaining
€19.4 million was refunded to the company. The company has disputed this reduction and filed an administrative
appeal, within the relevant deadlines. The administrative appeal was rejected on 17th July 2025.On  September 18ᵗʰ 
2025 the company filed a judicial appeal before the Administrative Court of Appeal. The hearing date is set for
February 17ᵗʰ 2027.
The company assesses that it will succeed in its appeals and the relevant amounts will be recovered.
The two main retail subsidiaries in Greece, which merged during 2016, have been audited as follows:
• Hellenic Fuels S.A. (currently HFL S.A.) has been audited up to and including the financial year ended 31
December 2011, while notifications for audit have been received for subsequent years up to and including 31
December 2013, which according to the general provisions are time–barred. Within July 2022, notifications
for audit have been received for the years 2019 and 2020 and within March 2025, another notification for
the year 2021.  The audit for the fiscal year 2019 was finalized in November 2025, The Company proceeded
with filing amended income tax and VAT returns, paying the amounts of €1.5 mil. in income tax and €29 K in
VAT, therefore no findings report was issued.
The audit for the fiscal year 2020 begun in January 2026 and is expected to be completed by the end of 2026
while the audit for the year 2021, has started as well.
• The  Tax audit reports for 2010 and 2011 were delivered in December 2017, and assess additional taxes of
€1.6 million and surcharges of €1.9 million for similar reasons as HELLENiQ PETROLEUM S.A.. The process
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HELLENiQ ENERGY
followed is identical to the one described above for HELLENiQ PETROLEUM S.A. and the subsidiary has
already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the third quarter of 2019. With regards to
the Stamp duty cases amounting to €3.4 million, the decisions were in favor of the company and the relevant
amounts were refunded to the company. The Authorities have filed cassation recourses for the stamp duty cases, 
which were in favor of the company. The Stamp Duty case of 2010 was heard in June 2024 and the relevant court
decision was issued, rejecting the Authorities' cassation recourses, amounting to €2.7 million. Accordingly, with
regards to the Stamp Duty case of 2011, the hearing took place in December 2022 and the relevant decision was
issued in favor of the company rejecting the relevant cassation recourses of the Authorities amounting to €0.4
million. For the Real Estate tax dispute of 2010 amounting to €0.1 million, which was not in favor, the subsidiary
has filed cassation recourse which was heard on the 8th of October 2025. The decision 143/2026 of the Supreme
Court of Appeals was issued which the final hearing was postponed and a new( second) hearing of the case is
about to be scheduled for 21ˢᵗ October, 2026.
The Authorities have filed cassation recourses for the stamp duty cases of 2011, which were in favor of the
company. The cases were heard in December 2022 and the new court decision was issued in favor of the
company. With regards to the Income Tax, Real Estate and VAT cases of 2011, the Athens First Instance Court
issued decisions in favor of the company and the relevant amounts of €0.4 million plus the equivalent interest,
which were fully refunded to the company.
With regards to the Stamp Duty cases of 2003 and 2004 of BP Hellas, (before the acquisition from the HELLENiQ
ENERGY Group), the decisions of the Supreme Administrative Court were issued in July 2022 and the relevant
cases were remitted to the Administrative Court of Appeals, where they were heard on the 2nd June 2025.
According to the decisions, the  relevant amounts of € 6,7 million paid in 2010 and of € 5,9 million paid in 2015
were refunded to HFL S.A.. These amounts will be treated in the context of the relevant SPA with BP.
HFL S.A. (prior to the merger) has been audited up to and including 31 December 2010, while notification for audit
has been received for the fiscal year 2012, which according to the general provisions is time-barred. The most
recent Tax audit reports for 2008, 2009 and 2010 were delivered in February 2018 and assess additional stamp
duty of € 4.1 million and surcharges of € 3.5 million. The process followed is identical to the one described above
for HelleniQ Petroleum S.A. and HFL S.A. has already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the first quarter of 2020, the decisions
were in favor of the company and the relevant amounts are refunded to the company. Then the Authorities have
filed cassation recourses which were heard and rejected.
As indicated above, even though the Companies dispute the additional taxes and surcharges imposed, they were
obliged to pay a minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to
appeal the results of the tax audits. These were paid within the applicable deadlines, while the remaining amounts
have been fully offset by the Authorities, with tax and other State receivables of the Companies. The amounts paid
and/or offset are included in the annual consolidated statement of financial position as Income Tax Receivable
balance if they relate to income tax or in the Trade and Other Receivable balance if they relate to other taxes, as
the Group assesses that it will succeed in its appeals.
Management believes that no additional material liability will arise either as a result of open tax years or from the
outcome of current litigation cases over and above the tax liabilities and provisions already recognized in the 
consolidated and Company Financial Statements for the year ended 31 December  2025. The Group has recorded
down payments made for taxes and penalties assessed in previous disputes with the tax authorities in income tax
receivable, to the extent that the Group has assessed that the amounts will be ultimately recoverable.
It is noted that for financial years ended 31 December 2011 up to and including 31 December 2024, the Group’s
Greek legal entities obtained “Annual Tax Compliance Reports” from their Statutory Auditors, as provided for by
article 78 of L.5104/2024 and Decision of G.S.P.R 1124/2015 . The Tax Compliance Reports for all Group entities
are "unqualified". The management expects that the same will also apply for the year ended 31 December 2025.
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HELLENiQ ENERGY
        (ii) Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately €40
million for alleged “stock shortages” during the years 2001-2005. The Group has duly filed contestations before
the Administrative Court of First Instance, and Management believes that this case will have a positive outcome
when the legal procedure will be concluded.
Notwithstanding the filing of the above contestations, the Customs office withheld an amount of €54 million (full
payment plus surcharges) of established VAT refunds, an action against which HELLENiQ PETROLEUM S.A. filed
two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of Athens
ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act No
935/2008 amounting at €3.5 million, was heard at first instance, was dismissed and the Company has appealed
to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 was postponed to
15 December 2021, then postponed again for 26 October 2022 and then postponed again for 1 March 2023 when
the hearing took place and the relevant decision is expected. In November 2020 the hearing of the Customs Act
No 989/2008, amounting at €35.7 million, took place before the Administrative Court of Piraeus, a new hearing
took place on 6 April 2022 and in July 2024 the decision A812/2024 was issued, which qualifies the case as
ordinary customs violation and it upholds the judicial recourse as regards the individuals involved, while it rejects it
as regards the company.
The company retains its position that it has acted in compliance with the relevant legislation and on 14 October
2024 filed cassation recourses before the Supreme Administrative Court for valid reasons. The hearing took place
on 26th of November 2025, the decision was issued in favor of the company and the relevant amount of €37.5
million plus the applicable interest is expected to be refunded to the company through a claim already submitted
to Taxis-net in 10 July 2026.                                           
The Management of HELLENiQ PETROLEUM S.A. considers that the above remaining amounts will be recovered.
24.Dividends
At its meeting held on 14 November 2024, the Board of Directors proposed to distribute an interim dividend of
€0.20 per share for the financial year 2024, which amounts to €61.1 million and was paid on 27 January 2025.
At its meeting held on 27 February 2025, the Board of Directors decided to propose a final dividend of €0.55 per
share for the fiscal year 2024, which amounts to €168.1 million. The total dividend for the fiscal year 2024 is €0.75
per share, amounting to €229.2 million. The final dividend for the financial year 2024 was approved by the AGM
on 19 June 2025 and paid on 9 July 2025.
At its meeting held on 13 November 2025, the Board of Directors proposed to distribute an interim dividend of
€0.20 per share for the financial year 2025, which amounts to €61.1 million and was paid on 26 January 2026.
At its meeting held on 26 February 2026, the Board of Directors decided to propose a final dividend of €0.40 per
share for the fiscal year 2025, which amounts to €122.3 million. The total dividend for the fiscal year 2025 is €0.60
per share, amounting to €183.4 million. The final dividend for the financial year 2025 was approved by the AGM
on 25 June 2026 and paid on 8 July 2026.
The Board did not approve a change in dividend policy overall and will re-evaluate the payment of an additional
dividend  during 2026.
Parent Company
Dividend income (€124 million) relates to the dividend received from group's subsidiary HELLENiQ PETROLEUM
S.A. and was fully paid in July 2026.
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HELLENiQ ENERGY
25.List of Principal Consolidated Subsidiaries and Associates
Included in the Financial Statements
Company Name
Activity
Country Of
Registration
Effective
Participation
Percentage
Method Of
Consolidation
Refining, Supply and Trading & Petrochemicals
HELLENiQ PETROLEUM S.A. (former HELLENIC
PETROLEUM R.S.S.O.P.P. S.A.)
Refining /
Petrochemicals
GREECE
100%
FULL
DIAXON S.A.
Petrochemicals
GREECE
100%
FULL
Ε.Α.Κ.Α.Α S.A.
Pipeline
GREECE
50%
EQUITY
DMEP HOLDCO LTD
Trade of crude/
products
U.K
48%
EQUITY
HELLENiQ PETROLEUM TRADING SA
Trading
SWITZERLAND
100%
FULL
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL
AND COMMERCIAL S.A.
Marketing
GREECE
100%
FULL
KALYPSO K.E.A. A.E. 
Marketing
GREECE
100%
FULL
ΕΚΟΤΑ KO S.A.
Marketing
GREECE
49%
FULL
EKO IRA MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
EKO AFRODITI MARITIME COMPANY
Marketing /
Vessel owning
GREECE
100%
FULL
ELPET BALKANIKI S.A.
Holding
GREECE
100%
FULL
VARDAX S.A.
Pipeline
GREECE
80%
FULL
OKTA A.D. SKOPJE
Marketing
FYROM
95%
FULL
HELLENiQ ENERGY BULGARIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM BULGARIA
(HOLDINGS) LTD)
Holding
CYPRUS
100%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100%
FULL
HELLENiQ ENERGY SERBIA HOLDINGS LIMITED
(former HELLENIC PETROLEUM SERBIA
(HOLDINGS) LTD)
Holding
CYPRUS
100%
FULL
EKO SERBIA AD BEOGRAD
Marketing
SERBIA
100%
FULL
EKO CYPRUS LTD
Marketing
U.K
100%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100%
FULL
EKO LOGISTICS LTD
Marketing
CYPRUS
100%
FULL
HELLENiQ ENERGY CYPRUS HOLDINGS LIMITED
(former HELLENIC PETROLEUM CYPRUS HOLDING
(HPCH) LTD)
Marketing
CYPRUS
100%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100%
FULL
EKO GAS LIMITED (former BLUE CIRCLE
ENGINEERING LIMITED)
Marketing
CYPRUS
100%
FULL
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32%
EQUITY
JUGOPETROL AD
Marketing
ΜONTENEGRO
54%
FULL
GLOBAL ALBANIA S.A.
Marketing
ΑLBANIA
100%
FULL
SAFCO S.A.
Airport Fuelling
GREECE
33%
EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
ENERGIAKI SERVION S.A.
Energy
GREECE
100%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100%
FULL
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HELLENiQ ENERGY
HELLENiQ RENEWABLES WIND FARMS OF EVIA
S.A.
Energy
GREECE
100%
FULL
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
S.AETHER ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES WIND FARMS OF MANI
S.A.
Energy
GREECE
100%
FULL
KOZILIO PRIME S.A.
Energy
GREECE
100%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100%
FULL
FENSOL S.M.
Energy
GREECE
100%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100%
FULL
KOZILIO 1
Energy
GREECE
100%
FULL
WINDSPUR S.A.
Energy
GREECE
100%
FULL
HELPE ENERGY FINANCE CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELPE RENEWABLES CYPRUS LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS
LYTHRODONTAS LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PACHNA
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO
LIMITED
Energy
CYPRUS
100%
FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS
LIMITED
Energy
CYPRUS
100%
FULL
EKO ENERGY CYPRUS
Energy
CYPRUS
100%
FULL
RES ZEUS ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
SOLIGHT ELECTRICITY COMPANY LIMITED
Energy
CYPRUS
100%
FULL
FRONTERA ENERGEIAKI S.A.
Energy
GREECE
100%
FULL
SANTIAM INVESTMENT I LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT II LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT III LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT IV LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT V LTD
Energy
CYPRUS
100%
FULL
SANTIAM INVESTMENT VI LTD
Energy
CYPRUS
100%
FULL
HELLENiQ RES ROMANIA S.R.L.
Energy
ROMANIA
100%
FULL
HELLENiQ RES ROM ALPHA S.R.L.
Energy
ROMANIA
100%
FULL
HELIOS & WIND SRL
Energy
ROMANIA
100%
FULL
DUO GREEN POWER SRL
Energy
ROMANIA
100%
FULL
ANSTALL GREEN ENERGY S.R.L
Energy
ROMANIA
100%
FULL
NEAMT GREEN ENERGY SRL
Energy
ROMANIA
100%
FULL
DUO RENEWABLE ENERGY SRL
Energy
ROMANIA
100%
FULL
AKTINA XIROCHORIOU S.A
Energy
GREECE
100%
FULL
GREEN POWER KILKIS S.A
Energy
GREECE
100%
FULL
SOLARPROJECT  STAAT VAST I
Energy
GREECE
100%
FULL
ABO Energy Hellas S.A.
Energy
GREECE
100%
FULL
DECOPENTRA S.A.
Energy
GREECE
100%
FULL
HELIOPOLIS 1 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
HELIOPOLIS 2 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
HELIOPOLIS 3 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
HELIOPOLIS 7 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
115
HELLENiQ ENERGY
HELIOPOLIS 8 SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
HELLENiQ RENEWABLES BULGARIA EOOD
Energy
BULGARIA
100%
FULL
AGRO NV PROPERTIES EOOD
Energy
BULGARIA
100%
FULL
ENERWAVE S.A.
Energy
GREECE
100%
FULL
HELLENiQ RΕNEWABLES GREVENA PROJECT MAE
Energy
GREECE
100%
FULL
ENERGY STORAGE PC
Energy
GREECE
100%
FULL
DEPA INTERNATIONAL PROJECTS S.A.
Natural Gas
GREECE
35%
EQUITY
ENERGY FLOW SINGLE MEMBER P.C.
Energy
GREECE
100%
FULL
ENERGY PARTNER ALPHA SOLAR S.R.L.
Energy
ROMANIA
100%
FULL
JRD SOLAR S.R.L.
Energy
ROMANIA
100%
FULL
HELLENiQ RENEWABLES ENERGY STORAGE 1 S.M.
SA
Energy
GREECE
100%
FULL
E&P
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF
SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE
MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SINGLE MEMBER S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SOUTH PELOPONNESE S.M.
S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SOUTH CRETE I S.M. S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELLENiQ UPSTREAM SOUTH CRETE II S.M. S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
HELPE PATRAIKOS S.A.
E&P of
hydrocarbons
GREECE
100%
FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH
Holding
AUSTRIA
100%
FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC
PETROLEUM FINANCE PLC)
Treasury services
U.K
100%
FULL
HELLENiQ ENERGY CONSULTING S.A.
Consulting
services
GREECE
100%
FULL
ASPROFOS S.A.
Engineering
GREECE
100%
FULL
HELLENiQ ENERGY DIGITAL S.A.
IT Services
GREECE
100%
FULL
HELLENiQ E-mobility SINGLE MEMBER S.A.
Energy
GREECE
100%
FULL
HELLENiQ ENERGY REAL ESTATE S.A.
Real Estate
GREECE
100%
FULL
HELLENIQ ENERGY (UK) LIMITED
Dormant
UK
100%
FULL
• During the current period, the Group completed the acquisition of a new company  in Romania, “ENERGY
PARTNERS ALPHA SOLAR S.R.L.”, a wholly owned subsidiary of HELLENiQ RES ROM ALPHA S.R.L..
• During the current period, the Group completed the acquisition of a new company  in Romania, “JRD SOLAR
S.R.L.”, a wholly owned subsidiary of HELLENiQ RES ROM ALPHA S.R.L..
116
HELLENiQ ENERGY
• During the current period, the Group established a new company  in  Greece, “HELLENiQ RENEWABLES
ENERGY STORAGE 1 S.M. S.A.”, a wholly owned subsidiary of HELLENiQ RENEWABLES S.M. S.A..
26.Events Occurring after the Reporting Period
Other than the events already disclosed in Note 24, no other significant events took place after the end of the
reporting period and up to the date of the publication of the consolidated and Company financial statements.
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Independent auditor’s review report
To the Board of Directors of “HELLENiQ ENERGY Holdings S.A.”
Report on review of interim financial information
Introduction
We have reviewed the accompanying interim condensed separate and consolidated statement of financial
position of HELLENiQ ENERGY Holdings S.A., as at 30 June 2026, and the related interim condensed separate
 and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month
period then ended, as well as the selected explanatory notes, that comprise the interim condensed financial
information and which form an integral part of the six-month financial report required by Law 3556/2007.
Management is responsible for the preparation and presentation of this interim condensed financial information
in accordance with International Financial Reporting Standards, as they have been endorsed by the European
Union and applied to interim financial reporting (International Accounting Standard “IAS 34”). Our responsibility is
to express a conclusion on this interim condensed financial information based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of
Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing as incorporated in Greek Law and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
condensed financial information is not prepared, in all material respects, in accordance with IAS 34.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Report on other legal and regulatory matters
Our review has not identified any material inconsistency or error in the declarations of the members of the Board
of Directors and the information contained in the six-monthly report of the Board of Directors prepared in
accordance with article 5 and 5a of Law 3556/2007, compared to the accompanying interim condensed separate
and consolidated financial information.
Athens, 05 August 2026
The Certified Auditor Accountant
Andreas Hadjidamianou
S.O.E.L. R.N. 61391
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
Chimarras 8B Maroussi,
151 25, Greece
Company S.O.E.L. R.N. 107
Legal Name: ERNST & YOUNG (HELLAS) Certified Auditors-Accountants S.A.
Distinctive title: ERNST & YOUNG
Legal form: Societe Anonyme
Registered seat: Chimarras 8Β, Maroussi, 15125
General Commercial Registry No: 000710901000
A member firm of Ernst & Young Global Limited