With strong performance, Motor Oil enters 2026, recording high operating profitability, enhanced cash flows, and accelerated strategic transformation, albeit in an environment of increased geopolitical uncertainty.
The Group maintains its leading position in refining with a strong export orientation, while also strengthening its activities in electricity, renewable energy, and the circular economy. The 2025 results, with a 126% jump in net profits, confirm the resilience of the business model, while investments and strategic moves accelerate the transition to a more diversified and sustainable energy portfolio.
However, the environment in which the Group operates remains demanding, with developments in the Middle East – particularly around Iran – directly affecting oil and energy markets. Increased volatility in crude and petroleum product prices, combined with supply chain pressures and challenges in meeting demand, create a particularly demanding and complex business environment.
According to the management of the oil and energy group, as reflected in the annual report for 2025 results, in this environment, maintaining high operational flexibility and strict financial discipline becomes critical for the Group to respond effectively to market fluctuations and ensure the stability of its performance.
From refining to the development of new sectors
Within this framework, Motor Oil continues its strategic repositioning that goes beyond the traditional refining model. With a focus on diversifying its activities, the Group strengthens its position in electricity, renewables, and the circular economy, without abandoning its core pillar.
Refining remains the main source of cash flow, with a capacity approaching 200,000 barrels per day and an export orientation reaching 70–80% of production. At the same time, the company is expanding dynamically into electricity, with approximately 550,000 customers and thermal capacity of 1.5 GW, while the new natural gas unit in Komotini, with a capacity of 877 MW, is expected to further strengthen its production position.
In renewables, installed capacity already amounts to 847 MW of contracted wind power, while the company also has a mature and extensive portfolio of wind and photovoltaic projects with strong financial characteristics and a high degree of readiness for implementation. Existing production from Renewable Energy Sources amounts to approximately 1.7 TWh annually, contributing to the avoidance of over 400,000 tons of CO₂ emissions each year.
Based on the Group’s plan, further development of the portfolio is expected to lead to an additional production of approximately 2.1 TWh of clean energy by 2030, significantly increasing the contribution of renewables to the energy mix and the company’s profitability.
At the same time, the circular economy emerges as a third pillar of growth, with activities managing over 1 million tons of waste annually. This year marks the creation of a unified structure through the merger of the previously separate subsidiaries Hlector and Thalis. The merger of the two companies is expected to create a strong environmental services entity under a single strategy, strengthening Motor Oil’s position in a sector of growing importance. In this context, on March 19, the acquisition of the remaining 5.56% of Hlector from Leonidas Bobolas for €10.5 million was completed, ensuring full control of the company.
New investments
For 2026, the Group plans investments of €220 million. Most of these will go towards completing the electrolyzer unit, as well as constructing a new electricity substation to meet the increased energy needs of the unit. Additionally, the planned general maintenance (turnaround) of key refinery units is included, particularly the hydrocracking complex and the fluid catalytic cracking (FCC) unit.
The Group is also accelerating its circular economy strategy.
Geopolitical risks
In the 2025 Annual Financial Report, the Group notes its exposure to raw material supplies from the Middle East, which in 2025 amounted to approximately $3.5 billion, mainly from Iraqi crude oil supplies. Middle Eastern markets represent 36% of Motor Oil’s total raw material supply. It is also noted that the company has a subsidiary in Dubai, operating as a hub for crude oil and petroleum product trading.
However, Motor Oil emphasizes that it does not expect significant negative impact from related geopolitical risks, due to the Group’s operational flexibility and supply chain adaptability. The company’s refinery, it stresses, has the ability to adjust its raw material mix, enabling it to respond to potential disruptions in the global market.
Dividend €1.75
Within its policy of high shareholder returns, Motor Oil intends to propose at the June 2026 Annual General Meeting the distribution of a total dividend of €193.9 million, corresponding to €1.75 per share for fiscal year 2025.
An interim dividend of €38.8 million (€0.35 per share) has already been paid on January 5, 2026.
Based on these figures, the total dividend yield for 2025 is 5.57% based on the year-end closing share price and 7.20% based on the period’s volume-weighted average price (VWAP).
Strong performance in 2025
For 2025, the company’s adjusted EBITDA reached €1.2 billion, up 21% from 2024, with profitability now supported by a broader range of activities beyond refining. Net profits were €650.8 million, up 126% from 2024.
In contrast, revenue fell to €11.482 billion from €12.187 billion the previous year, a decrease of 5.79%. According to the company, this development is mainly due to the drop in international oil prices and the weakening of the dollar against the euro, while part of the losses was offset by an increase in sales volumes.
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