Nine-month adjusted EBITDA reached 1.896 billion euros, while adjusted net income amounted to 1.201 billion euros. The strong performance enabled the group’s board to double the interim dividend to 0.40 euros per share, from 0.20 euros, payable in January 2027.

Chief Executive Andreas Siamisis said the results also created the conditions for an increased total dividend for the 2026 financial year, to be announced in February 2027.

The refining, supply and trading segment generated adjusted EBITDA of 1.051 billion euros in the third quarter, supported by refining margins of approximately $49 per barrel. Production reached 4.1 million metric tons and sales totaled 4.2 million tons, with exports accounting for 46% of volumes. Exports of diesel and aviation fuel reached 900,000 tons, helping address shortages in European markets.

Adjusted EBITDA in petrochemicals rose to 13 million euros, from three million euros a year earlier, while marketing contributed 69 million euros. The renewables, electricity and natural gas segment generated 29 million euros.

Strong cash generation and renewable energy investments

Total investments reached 565 million euros in the first nine months, up 8% year-on-year, with approximately half allocated to growth projects, mainly renewable energy developments in southeastern Europe.

Free cash flow amounted to one billion euros, allowing the group to reduce net debt by approximately 600 million euros from the end of 2025, to 1.5 billion euros. The gearing ratio stood at 26%, while net debt to adjusted EBITDA was 0.7.

Operating renewable energy capacity reached 615 megawatts at the end of September, with another 160 megawatts added in October, including a 100-megawatt battery storage facility in Thessaloniki. A further 300 megawatts are under construction and 400 megawatts at an advanced development stage. The group targets 1.1 gigawatts of installed capacity by 2027 and 1.5 gigawatts by 2028.

Fuel discounts and regional expansion

HELLENiQ ENERGY allocated approximately 50 million euros to fuel discounts in Greece during the third quarter, covering around 860 million liters. The initiative was extended in October to heating oil, with a discount of 0.20 euros per liter, while a 0.05-euro discount on diesel continued.

Social contribution initiatives amounted to approximately 30 million euros, focusing on wildfire-affected communities, public hospitals and education.

The group also agreed to acquire the Staroil service station network in Cyprus, strengthening its regional presence.

Siamisis said a new strategic plan, building on the group’s Vision 2025 strategy, would guide its development over the coming decade, with an emphasis on a stronger, greener group and an expanded regional role.