HELLENIQ ENERGY Q3 2026 slides: record refining margins drive results
HELLENIQ ENERGY reported its third quarter and nine-month results for 2026 on November 12, 2026. The Greek energy company highlighted record refining margins as the driving force behind its exceptional performance. Adjusted EBITDA reached €1,896 million, a 148% increase compared to the previous year, while adjusted net income surged 284% to €1,201 million.
The company's stock traded flat at $16.95, near the upper end of its 52-week range. Key factors behind the results included geopolitical tensions and refining capacity constraints that drove benchmark margins to unprecedented levels. The refining segment saw margins spike to an extraordinary $30.1 per barrel, a 253% increase from the prior year.
Product cracks expanded across the barrel, with ULSD cracks surging 224% and jet fuel cracks rising 245%. The company's realized refining margin outperformed the benchmark by $19.0 per barrel. Sales revenue for the nine-month period increased 43% to €12,120 million, with third-quarter sales reaching €5,113 million, a 54% year-over-year growth.
The company's balance sheet showed a 39% decline in net debt to €1,506 million and an improved gearing ratio of 26%.
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