# HELLENiQ ENERGY Q1 2026 Adjusted EBITDA €293 million amid Middle East

**Published:** 2026-05-15T17:04:00.000Z  
**Topic:** Stock To Flow  
**Sentiment:** bearish  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/f7b23f31-7f55-40fe-ad3f-3de6864e5ae0

HELLENiQ ENERGY posted €293 m Adjusted EBITDA in Q1 2026, driven by refining margins and Enerwave integration as the Strait of Hormuz crisis tightened supply.

Adjusted EBITDA jumped to €293 million in the first quarter of 2026, a sharp rise from the prior year’s modest figures, as the company’s refining arm benefitted from higher benchmark margins while its newly consolidated Power platform added €38 million [2].

| At a glance | |
|---|---|
| Adjusted EBITDA | €293 million |
| Adjusted Net Income | €140 million |
| Reported Net Income | €284 million (vs. €11 million in Q1 2025) |
| Key catalyst | Middle East crisis disrupting oil flows, full Aspropyrgos refinery turnaround, Enerwave consolidation |

## Refining performance lifts earnings  
The Aspropyrgos refinery completed a scheduled full turnaround safely and on time, allowing HELLENiQ to capture improved refining margins that surged after the February 2026 Strait of Hormuz disruption tightened global oil and LNG supplies. The company’s 16 million‑tonne annual refining capacity now supplies about 60 % of Greece’s domestic market, with roughly half of output exported to the Mediterranean and Black Sea, cushioning the impact of diesel and jet‑fuel shortages [1]. Inventory revaluation from rising crude prices also boosted reported net income to €284 million, a dramatic increase from €11 million a year earlier [2].

## Power business adds €38 million after Enerwave integration  
Following the July 2025 consolidation of Enerwave, HELLENiQ’s electricity and gas platform contributed €38 million to Adjusted EBITDA, aligning with its strategic push to make Power the group’s second pillar [2]. The Power segment’s contribution helped offset volatility in natural‑gas markets and kept electricity prices relatively contained despite broader market pressures [1].

## Supply security and market share gains  
To mitigate the supply shock from the Persian Gulf, HELLENiQ swiftly redirected crude sourcing through its diversified network and flexible production units [1]. The firm also expanded its presence in the Balkans, reopening the Thessaloniki‑Skopje pipeline and increasing sales volumes and market share in North Macedonia and neighboring countries. These actions reinforced its role as a reliable fuel exporter in a region where few European nations maintain surplus refining capacity [1].

## What to watch  
- **Export share**: Monitor whether the roughly 50 % export ratio holds as regional demand evolves.  
- **Power expansion**: Track the rollout of the 800 MW renewable portfolio, especially the 58 MW solar PV start‑up in Romania.  
- **Geopolitical developments**: Any de‑escalation in the Strait of Hormuz could reverse the current price premium on crude, affecting future margins.

The Q1 2026 results underscore HELLENiQ’s ability to turn a geopolitical shock into a profit driver, but the sustainability of its earnings hinges on the duration of supply disruptions and the successful scaling of its Power assets.

## Sources
1. The Greenville News — [HELLENiQ ENERGY Holdings S.A. Announces First Quarter 2026 Financial Results](https://www.greenvilleonline.com/press-release/story/148035/helleniq-energy-holdings-sa-announces-first-quarter-2026-financial-results/)
2. Energydigital — [HELLENiQ ENERGY Holdings S.A.: First Quarter 2026 Financial ...](https://energydigital.com/globenewswire/3296064)

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Cite as: TrendWatcher, "HELLENiQ ENERGY Q1 2026 Adjusted EBITDA €293 million amid Middle East", https://www.trendwatcher.in/article/f7b23f31-7f55-40fe-ad3f-3de6864e5ae0