HELLENiQ ENERGY Holdings SA: 1Q26 First Take & Off The Call: Top & Bottom-line Beat Driven By Refining

Research evidence excerpt

HELLENiQ ENERGY Holdings SA: 1Q26 First Take & Off The Call: Top & Bottom-line Beat Driven By Refining

Update

May 14, 2026 08:27 PM GMT

Morgan Stanley & Co. International plc+MHELLENiQ ENERGY Holdings SA | Europe Ricardo Rezende, CFA

Equity Analyst

1Q26 First Take & Off The Call: Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

Sylvia.Richards@morganstanley.com +44 20 7677-3354

Top & Bottom-line Beat Driven Giulia Faro

Giulia.Faro@morganstanley.com +44 20 7425-7581

By Refining

HELLENiQ ENERGY Holdings SA (HEPr.AT, ELPE GA)

EEMEA - Oil & Gas | Greece

Reaction to earnings

Stock Rating Equal-weight

Unchanged Modest upside Largely unchanged Industry View No Rating

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target €9.00

consensus EPS Shr price, close (May 13, 2026) €10.00

52-Week Range €10.40-7.34

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €3,056

Net debt (12/25e) (mn)* €2,525

EV, curr (mn)* €5,823

Key Takeaways

* = GAAP or approximated based on GAAP

Adj. EBITDA/net income beat company-compiled consensus by +3%/+16%, led by

strong performance in refining (ex-Aspropyrgos).

Domestic refining/S&T adj. EBITDA was +46% above our estimates, offsetting

lower volumes from the major Aspropyrgos turnaround.

EBITDA would have reached~€400m vs €293m if Aspropyrgos had captured

elevated cracks at full utilisation.

Fuels marketing also beat our estimates by +25% despite retail price caps;

petchems remained weak in Q1 but PP margin recovery should lift Q2.

Mgmt expects FY26 to exceed FY25 but cautioned low visibility; renewables

returns/capacity target remain intact.

Bottom line: positive. HELLENiQ posted a solid set of results for 1Q26, with adj.

EBITDA and adj.