Helleniq Energy’s financial results for the first quarter of 2025 were notably impacted by a significant drop in international margins and reduced petroleum product sales. Despite this, the overall outlook remains positive.
During a conference call to discuss the quarterly results, CEO Andreas Shiamisis highlighted the Group’s “resilience.” He mentioned the encouraging signs of price recovery and improving economic conditions in the refining sector, which provide a solid foundation for future growth.
The effective utilization of equipment has proven to be a strong “defense” against market fluctuations, a strategy set to be reinforced by the upcoming full operation of the Group’s three refineries after the current shutdown at the Elefsis unit, expected to conclude in the coming weeks. “Our transformation program and ongoing operational enhancements lay a strong groundwork for profitability,” the management stressed, noting that the implementation of their strategic plan is progressing well and is on track to achieve key milestones in the near future.
Renewable Energy Sector Insights
Positive indicators emerge from the Renewable Energy Sources (RES) sector, where, despite lower wind farm performance and significant reductions in green electricity generation, the green contribution to EBITDA rose by 12% in the first quarter compared to the previous year. Deputy CEO George Alexopoulos emphasized that the Group’s strategy aims to establish a portfolio of 1 GW of operational projects by the end of 2026, with significant geographic and technological diversity.
HELLENiQ RENEWABLES currently has 494 MW in operation and is developing photovoltaic parks totaling 211 MW in Romania and storage projects of 150 MW in Greece. The overall capacity of projects under development reaches 5.1 GW in Greece and Southeastern Europe.
In response to recent developments in the Iberian Peninsula, Alexopoulos noted that these should serve as a “wake-up call” for Europe, highlighting the need for essential investments in grid infrastructure and protection methods for electrical systems. “We must all learn from this and take the necessary actions,” he emphasized.
Exploratory Drilling in Crete: Awaiting Decisions
In response to an analyst’s question about Exxon Mobil’s plans for the “Southwest Crete” block, which is deemed more “mature” for upcoming exploratory drilling, Alexopoulos stated that Helleniq Energy is in discussions with the US company. However, the timeline for the decision regarding exploratory drilling remains uncertain, which would initiate the third phase of the concession development. “We are assessing the data to determine our next steps,” he said, leaving the drilling timeline open. Recent communications from Exxon Mobil and Helleniq Energy management suggest drilling could take place around late 2025. Legally, the second phase can last up to three years, which may eliminate the possibility of drilling within this year.
Elpedison Acquisition Progress
Progress is being made regarding the ELPEDISON acquisition, with the latest report indicating that the transaction for Helleniq Energy to acquire EDISON’s stake is on track for completion within two months. The integration of Elpedison will not only introduce a new revenue stream for the Group but also advance their strategic objectives in the electricity supply sector, as Helleniq Energy aims to increase its market share from the current 5-6% to 10%.
