HELLENiQ ENERGY profit jumps to €808m in Q3, interim dividend doubled to €0.40

Profit surge on refining margins

On Thursday, 12 November, HELLENiQ ENERGY published third-quarter 2026 results showing adjusted EBITDA of €1,162m, against €365m a year earlier. Adjusted net income climbed to €808m from €186m. The company credited historically high international refining margins, flexible refinery operations and a bigger contribution from exports. Sales rose 54% to €5.11bn in the quarter, from €3.31bn, and exports now make up 46% of total sales. Chief executive Andreas Shiamishis opened the analyst call by calling it an exceptionally good quarter for refiners, and for his company in particular.

Q3 2025 adjusted EBITDA365

Q3 2026 adjusted EBITDA1,162

Q3 2025 adjusted net income186

Q3 2026 adjusted net income808

Q3 2025 adjusted EBITDA

365 €m

Q3 2026 adjusted EBITDA

1162 €m

Q3 2025 adjusted net income

186 €m

Q3 2026 adjusted net income

808 €m

Data from the article text

For the first nine months, adjusted EBITDA reached €1,896m, compared with €766m, while net income stood at €1,201m against €313m in 2025. Shiamishis said refining margins had reached levels the group had never seen before, at least not for such a long stretch.

9M 2025 adjusted EBITDA766

9M 2026 adjusted EBITDA1,896

9M 2025 adjusted net income313

9M 2026 adjusted net income1,201

9M 2025 adjusted EBITDA

766 €m

9M 2026 adjusted EBITDA

1896 €m

9M 2025 adjusted net income

313 €m

9M 2026 adjusted net income

1201 €m

Data from the article text

Supply strains and Greek demand

The company's written statement described a quarter shaped by ongoing shifts in geopolitics and energy markets.

“The third quarter was characterised by continuous geopolitical and energy market upheaval, with significant challenges to fuel supplies in our region and increasingly pronounced product shortages.”

The refineries kept running without interruption at high availability, helped by the ability to switch between crude grades, and output of automotive diesel and jet fuel, both in short supply, stayed high. Exports rose to neighbouring countries with supply needs, while demand in Greece was fully met. Shiamishis added that export contributions would have been larger had the group not been obliged to secure supply in its home markets. Domestic demand eased only marginally, with state subsidies and special refinery discounts softening the effect of higher prices. The group said it allocated more than €50m to discounts on road fuels in Greece, extended the scheme to heating oil, and expects the total programme to exceed €100m in Greece and abroad.

Dividend, investment and balance sheet

The interim dividend doubled to €0.40 per share from €0.20 and is payable in January 2027. Management left open the possibility of a higher total distribution for the 2026 financial year. The group's target of a dividend yield between 6% and 8% remains in place. Investments totalled €565m over nine months, with about half going to development projects, mainly renewable energy in Southeast Europe, and €158m in the third quarter alone. The Greek-language statements give €565m for nine months, while the English release refers to almost €600m. Net debt fell to €1.5bn.

Southeast Europe and outlook

Two more network acquisitions in Cyprus are under review, following the purchase of the Stratoil network. Asked about Russian assets in the Balkans, Shiamishis did not rule out a deal and named three or four such assets in the region: Lukoil in Bulgaria, NIS in Serbia, a refinery in Romania and possibly some smaller networks. He stressed the uncertainty over any sale and the company's reservations.

“I would not rush to say that we are moving to buy any significant asset there.”

The new strategic plan will be presented in January and will cover hydrocarbons, renewables and electricity, with possible acquisitions in Southeast Europe under review. Shiamishis said he was optimistic about the fourth quarter, since limited refining capacity, firm demand and geopolitical turbulence continue to support refining margins. Greek consumption fell only marginally despite higher prices, according to figures presented on the call.