Facing a less favorable external environment compared to the previous year, Motor Oil Hellas reported a decline in key financial metrics for the first quarter of 2025. Revenue came in at €2.68 billion, down 10% year-over-year.
EBITDA dropped 43% to €202 million, while net profit fell to €85 million, marking a 56% decline. On an adjusted basis, EBITDA stood at €216 million (-35%) and adjusted net profit at €96 million (-45%).
The drop in performance was mainly attributed to a significantly weaker refining environment. The company’s adjusted refining margin (MOH adj. ref. margin) fell to $65/mt, compared to $112/mt in Q1 2024. Higher energy costs also weighed on results.
The Power & Gas division posted EBITDA of €28 million, down from €49 million in the same period last year. Renewable energy production also declined, reaching 400 GWh versus 523 GWh in Q1 2024.
Despite negative free cash flow and a rise in net debt to €2.06 billion (from €1.73 billion at end-2024), Motor Oil pursued its investment plan. Capital expenditure (Capex) for the quarter reached €152 million, primarily allocated to the energy and refining segments.
A positive contributor to Q1 performance was a €69 million insurance payout, linked to the 2024 fire incident at the company’s Corinth refinery. This inflow helped bolster profitability.