Good evening, good afternoon, good morning to all of you who are listening in for the Q2 and half 2026 results, half-year. I'll start straight with the comments and with the presentation so that we will have some time for questions and discussion at the end because clearly we are living in a rather peculiar, difficult, but exciting at the same time period, particularly for refineries.

Slide 5. Following the stellar performance reported in Q1, we are pleased to announce another strong quarter in Q2 underpinned by strength throughout our portfolio.

We demonstrated once more our ability to quickly adjust to challenging conditions, overcome difficulties, and capture opportunities to maximize our financial performance. Global refining balances continued to tighten in the second quarter amid ongoing conflict in the Middle East and drone strikes on Russia's refining infrastructure driving refining margins to historic highs.

Combined with high utilization rates and a healthy demand for our refined products, these market conditions resulted in a compelling performance for our refining business. In short, the numbers that you can see on this slide: revenues increased by 43% to €7.5 billion, EBITDA more than doubled year-on-year reaching €1 billion, net profit surged to €666 million from €126 million a year ago.

Excluding inventory gains of €80 million, adjusted EBITDA and net income stood at €967 million and €623 million, respectively. Net debt declined further by €765 million standing at €814 million at the end of June.

Another quarter where the cash flow was particularly good and pleases us particularly having completed the bond in the middle of this quarter where people still had no visibility of these numbers. Moving to the next slide and looking at the different segments, adjusted EBITDA climbed to €782 million in half-one from €330 million a year ago on the back of higher sales and strong margins.

Consumer services adjusted EBITDA at €69 million from €62 million a year ago. Electrification EBITDA reached €94 million, more than doubled year-on-year on the back of improved performance in both MORE and NRG.

Circular economy EBITDA increased to €32 million from €18 million a year ago. Always keep in mind that in the circular economy, EBITDA is more backloaded than frontloaded.

Slide 8. Brent price continued to rise amid continuing geopolitical tensions.

Average price climbed to $104 per barrel from $81 in Q1, $68 a year ago, driven by the continued conflict in Iran. Of course, keep in mind that there was a lot of volatility because all this conflict passed so many stages that, not only weekly, sometimes it was even daily that we had a lot of movements.

The dollar changed marginally on a Q-on-Q basis, but it depreciated materially compared to Q2, weighing on our results, of course, since the margin is dollar-denominated translated into euros. Middle distillate cracks reached new multiyear highs in the second quarter: diesel at $49 per barrel, jet at $52 per barrel, driven by the continued scarcity of oil products from the Persian Gulf amid tensions in the Straits of Hormuz as well as from Russia following damage to refining capacity and infrastructure caused by Ukrainian drone strikes.

Slide 9, fuels marketing. Domestic consumption in Greece fell by 4.3% in the second quarter, with the civil market down by 5.5% and shipping aviation market down by 2.2%.

Sales volumes of automotive fuels were mixed, with gasoline being down by 3.1% in the second quarter and diesel up 1.2% year-on-year, while jet fuel maintained strong momentum with sales increasing 5.6% year-on-year. Meanwhile, LPG, bunker fuel, and bunk diesel remained weak in the second quarter, with sales declining by 5.7% and 7.5%, respectively.

Slide 10, power and gas. Natural gas prices rose Q-on-Q, driven by the continued conflict in the Middle East.

The average TTF price stood at €46 per megawatt hour in the second quarter compared to €40 per megawatt hour in the first quarter and €36 in the second quarter of 2025. This reflects tight market fundamentals.

European gas storage levels fell to 49% at the end of June, well below the 5-year average of 64% for the period. EUA prices were broadly flat quarter-on-quarter in the second quarter, but remain significantly higher than a year ago, adversely affecting our results.

The average price stood at €77 per metric ton in the second quarter from €78 in the first quarter and €70 per metric ton in the second quarter of 2025. Electricity production declined by 16% Q-on-Q, but rose by 16% reaching 13.8 in the second quarter, terawatt hours.

Contribution from renewable sources remained robust year-on-year at 55% of total production. Greek wholesale market price fell by 5% Q-on-Q, increased by 6% year-on-year to an average of €92 per megawatt hour for the first half of the year.

Strong renewable generation coupled with a higher contribution from hydro output helped contain power prices. Moving to slide 12, looking at the different segments.

We see here the improved performance across all our business segments as well as year-on-year improvement in cash flow generation and financial position. Going specifically to slide 14 with the fuels segment—13, yes.

Adjusted EBITDA amounted to €466 million in the second quarter compared to €182 million in the prior-year period. Always when we are comparing to the prior-year period, don't forget that we had the shutdown and renovation, actually rebuilding of the crude unit and income from the insurance payments.

Strictly speaking, they are not that comparable, the numbers, but still. Reported EBITDA was lower at €381 million reflecting the inventory loss of €85 million driven by the decline in oil and refined products prices during the quarter.

Keep in mind that even during this quarter, the prices, there was a lot of volatility in the prices, they were going up and down and very difficult to predict. Even within the same month, sometimes we saw prices going up and then collapsing.

The whole calculation of the inventory gains or losses was a bit of a nightmare during this period. This, however, outstanding performance in the fuel segment was driven by higher operating availability, higher volumes, and of course record-high refining margins.

Slide 14, we see the processed volume in the crude mix. The process volume increased by 22% year-on-year in the second quarter and 21% in half 1.

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Apologies. Hello.

There was a drop in the internet system in the area, simply we were cut off. I continued, I think, for about two or three slides.

I was talking to the people gathered here. I'll go back then.

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Back again. Really sorry.

Slide 14, total process volume increased by 22% quarter-on-quarter sorry, year-on-year in the second quarter and 21% in the first half reaching 6.6. As was also the case in the first quarter, the crude and other feedstock mix returned to normalized 80/20 ratio compared with the first half of last year when operations were running at a reduced capacity.

This was further supported by the expansion of our crude refining capacity from 200 to 220,000 barrels per day. Crude utilization averaged 204,000 barrels in the second quarter, 210 in the first half, slightly constrained by the lighter crude slate processed during the quarter.

Total feedstock throughput reached 262,000 barrels per day in the first half, up from 218 a year earlier. Crude availability remained uninterrupted in the second quarter, demonstrating our high degree of flexibility, which clearly we had highlighted at the previous conference call when suddenly the Straits of Hormuz closed and we could not access the Basrah Medium crude, which was our main diet up to up to March.

We successfully procured and processed 13 different crude grades during the first half of the year, particularly during the second half. As shown in the pie chart, the crude mix processed consisted of 46% from Iraq, 25% from Libya, 9% from US, 7% Kazakhstan, 5% from Saudi Arabia, and and 5% from the sorry, 5% from Saudi Arabia, 5% from the North Sea, and 3% from North America.

Notably compared with an average of 75% in previous years, our exposure to Iraqi crude declined to 32% in the second quarter, mainly with Kirkuk. Slide 15, production yields.

Clearly what you can see here, on the bottom right, in line with the processed volumes, production increased by 22% year-on year-on-year in the quarter and 20% in the first half, reaching 6.2 million metric tons. Middle distillate yield rose to 52% in the first half from 41% a year earlier.

If we add gasoline to that, which accounted 20% of output products benefiting from the record-high cracks, represented 72% of our production mix in the first half. Slide 16, clearly, sorry, staying a bit more here, look at the bottom right and the top left because really that's your comparison, half '26 compared to 2024, which was a normal year, what is the percent of the different products.

Moving to slide 16, sales volumes increased by 22% to up to 7.1 from 5.9, once again reflecting the high refinery utilization rates and healthy demand. Exports accounted for 67% of total sales, shipping aviation for 10%, domestic market for 23%.

In revenue terms, you can see it at the bottom. Again, very important adjustment, I would say, and as last year, looking at the small in the middle of the page, 1.7 million was the domestic market, it was a much higher percent out of the total of 5.9.

In the second half, it was only 1.6 out of a total of 7.1, clearly showing the the, exports orientation and export profile of Motor Oil and its ability to move very quickly to whatever mode of production is the most effective. Slide 17.

Of course, slide 17 is the result of the slides we spoke before, we saw before, driven by exceptionally strong middle distillate cracks and tight product inventories. The benchmark refining margin continued to trend upwards in the second quarter reaching $175 per metric ton on your right-hand side compared to $124 in Q1.

Outperforming the market, our adjusted refining margin increased to $192 per metric ton in the second quarter from $138 per metric ton in the first quarter and $68 in Q2 2025. Clearly, Q2 2025 was again not that representative because of the of the reparation works, etc., it was a different mix.

Still, if you look at the whole slide and, and the previous years' margins, it clearly shows you the strength of this period. Outperforming the market, our adjusted refining margin no, increased.

For the first half of the year, our adjusted refining margin rose to 165, surpassing the previous record high of 137, which was achieved in 2022. Page 18, consumer services.

Sales volume declined by 30% the year 13% year-on-year. As communicated during our first-quarter conference call, this trend does not accurately reflect our underlying operational performance.

Last year, our fuel marketing subsidiaries engaged in opportunistic product imports that were sold directly to third parties in the wholesale market, an activity that did not recur this year. Adjusting for this effect, our fuel marketing business delivered a solid performance and achieved market share gains during the period under review.

Clearly, you can see this in the results in the reported EBITDA, increasing to €79 million for the first half from €53 million a year ago. Even if one excludes the inventory gains of €10 million, the adjusted EBITDA stood at €69 million compared to €62 million a year ago.

Performance remained solid during the second quarter despite the challenging operating environment with somewhat softer demand resulting from the higher prices and the continued impact of margin caps in the domestic market. Slide 19, electrification.

EBITDA increased from 42 in the first half of last year to 94 in the first half of this year, with 86 contributed from our renewables business, MORE, and the remaining 8 from our power supply business, NRG. Capacity factors remained higher year-on-year for MORE, reaching 20.7% in Q2 and 25.9% in half 1.

At the end of June 2026, operational installed capacity stood at 1 GW, up from 839 MW in the prior year. Against this backdrop, MORE delivered a strong EBITDA performance of €86 million.

Note that the EBITDA includes a non-recurring gain of €15 million arising from the sale of Unagi-related solar SPVs to PPC Renewables, something that we announced at the end of the quarter, of the previous quarter. The transaction was completed at the end of June and that this resulted in the recognition of this gain.

As a reminder, on the 30th of June 2026, Unagi completed the sale to PPC Renewables of its 51% participation in the share capital of 12 SPVs holding a portfolio of renewable energy projects under development for a for a total consideration of €60 million. NRG, the performance also advanced supported by stronger margins that more than offset a lower year-on-year market share.

As a result, the company returned to profitability reporting EBITDA of 8 compared with a loss of €6 million in the first half. Circular economy, at the bottom of the slide, EBITDA increased to 32 in half-1 from €18 million a year ago, quarterly performance improving sequentially in line with our previous communication.

In early August, we announced the signing of a share purchase agreement for the sale of 75% in Thalis and HELECTOR to AKTOR based on an agreed enterprise value of €300 million on a 100% basis. Completion of this transaction is subject to the receipt of all necessary approvals and customary closing conditions.

Slide 20, 21, group P&L. As said earlier, it rose to €1 billion €47 million compared to €387 million a year ago, driven by record refining performance and complemented by enhanced profitability across all other business segments.

Net income after tax and minorities stood at 686, up from €162 million a year ago. Below EBITDA, we highlight net financial income of 28 in the second quarter reflecting gains on derivatives that more than offset the loss recorded in Q1.

As previously communicated during our Q1 conference call, the loss was related to hedging arrangements for the two cargoes that were stranded in the Persian Gulf following the outbreak of the conflict, something that we had discussed in the previous conference call. The loss was fully reversed in Q2, while the vessels were released in June and arrived at the refinery in July and, of course, have already been processed.

Slide 22, balance sheet and cash flow. Cash flow performance remained exceptionally strong due to strong profitability.

Operating cash flow reached €816 million, while free cash flow amounted to €683 million marking a significant turnaround from the substantial outflows recorded in the prior-year period. Over the last 12 months, the group generated €1.2 billion of free cash flow.

Net debt, as a result, decreased by €765 million during the first half to 814 as of June 30 from €1.58 billion at the end of 2025. Slide 23, company P&L.

As discussed earlier, the refining business delivered a very strong performance. Below the EBITDA line, we highlight the non-recurring gain of 59 arising from the sale of the 12% stake in Ellaktor and the remeasurement of the remaining 10.4% interest to fair value.

In the group level, this transaction led to a loss of €7 million recorded in the P&L as a result of the difference between carrying the amount of the investment as determined under the equity method and the value recognized upon disposal. Slide 24, company balance sheet and cash flow.

The company's financial position improved further in the second quarter, shifting from a net debt position to net cash of 239. We see the CapEx on slide 25.

Something obviously you have been expecting that first of all it I'm sorry, have a sip of water. The CapEx amounted in the first half to €79 million for the company and 191 for the group.

Based on improved visibility into project execution and following the recent sale of the solar SPVs we just mentioned, we reassessed our capital expenditure program for the year. As a result, we revised our CapEx guidance to 420 from 650 previously in the group, primarily reflecting this adjustment in the renewables plan as well as further optimization and timing refine refinings across the rest of our business.

Slide 26, the debt maturity profile. Company and group bank debt, you can see it stood at 1.1 and €2.4 billion, respectively, at the end of June, slightly lower Q-on-Q.

Amid challenging market conditions, we successfully refinanced our outstanding Eurobond on the 10th of June through the issuance of a new 5-year €400 million bond carrying an annual coupon of 3.75% and issued at 99.437% of par. Reflecting our strong cash flow generation, balance sheet deleveraging, the group's last 12-month net debt to EBITDA ratio declined further to a very low of 0.5% in the first half.

Outlook. One can say can what, we have observed up to now, refining margins increased in the third quarter as the global refined product markets tightened further.

The diesel export ban imposed by Russia in early July following continued drone attacks on its energy infrastructure added to existing supply constraints. We continue to benefit from a supportive refining environment with margins underpinned by tight product balances, resilient demand, and ongoing disruptions to global supply.

As highlighted in our previous call, even once current geopolitical disruptions subside, the normalization of global supply chains is expected to take time. In addition, affected energy infrastructure assets are likely to require a prolonged period before returning to full operational capacity.

One What one must also keep in mind, having seen on the breakdown of our sales with the priority going to exports and the domestic market sales being much smaller than what they used to be, reflecting the situation of of deficit in the supply of refined products in Europe, particularly in the in the South of Europe where Motor Oil in a way has been vindicated with investing over the years, continuing to invest, and and effectively even increasing the capacity after the accident that had happened, which put us in this let's say position to be able to be the supplier of refined energy products to the to the south of Europe where other countries' refineries closed during this period and to North Africa. This is what we have been experiencing and it's something that we feel will stay here for for for a while.

A piece of news for the next quarter is that we are having a planned maintenance of our hydrocracker and FCC during September and October, roughly 30 days, it's, middle of the one month to the middle of the other month roughly. It will affect a little bit the third quarter and a little bit the last quarter.

As far as the consumer services, the performance has remained solid. The summer driving season and the very strong tourist inflows supported it.

Maybe remind you that in July, the two refineries of Greece, Motor Oil and Hellenic, agreed with the government to provide a discount on fuels sold to retail companies of €0.10 per liter for gasoline and €0.05 a liter euro per liter for diesel through the end of August. We estimate the negative impact of this initiative on our refining operations at slightly over €20 million.

As far as the renewables, performance is still in line with our budgeted expectations so far in Q3, we expect no surprises. Apologies for the way the call went.

I hope you heard everything even though I tried to speed it up so that I leave some time for your questions. Here I am, open for your questions.

Thank you, anyway, for putting up with that.

Good day. Thank you for taking my questions.

Thank you for the presentation, and congratulations on the results. My first question would be around your plans for the renewables.

You sold the slice and the number of projects. You cut the CapEx.

Do you still reiterate the long-term plans for the projects? What then we should expect for the CapEx and investments in the following years?

Maybe if you can provide the CapEx guidance for the next year, or at least some color on that, that would be very helpful. My second question would be around the planned utilization rates.

As you mentioned that there will be a maintenance at the hydrocracking unit, could you maybe give an estimate for crude utilization in third quarter in that regard? My third question would be around JV with GEK TERNA, if there are any updates you can share with us.

Thank you.

[unclear]

I will try to answer all the questions, whatever difficulties appear in the system of the region of Northern Athens. Anyway, Anna, renewable plans, CapEx.

Repeating once more, I hope you hear us this time. The plan of €250 million EBITDA and 2 GW by 2030 remains intact.

Its sequence is changing. It's becoming more backloaded, while previously with the solar projects, it was frontloaded.

We cannot give you an exact breakdown because this is something that is going to be prepared and presented during the strategy call at the end of November, and it is going to be more biased in wind and batteries compared to solar what it used to be before. Utilization rates.

I cannot give you a specific number because it's not something we have prepared at this point of time. What one feels generally with all our maintenance is because we manage to stock products that the market needs, it is more something that is affecting the mix of the output because of these two units being stopped rather than something that is affecting the total volumes being sold.

It's more qualitative, I would say, change for these 30 days rather than something else, and obviously it affects a little bit the margin. The market will not feel shortage in products because you can stock some products or you can buy them ready, etc.

GEK TERNA, we are progressing. We are closer to an end.

Again, I don't think I can give you a date because this date is going to be, I believe, finalized within the next month, I think when everybody's back from the holidays, they are going to gather and put the final dates. The merger is moving ahead as planned.

Thank you very much.

Yes. Hello.

Hello from my side. Just one question about dividend.

Considering that expect a very, very strong profitability this year, leverage is already down to 0.5 times and also CapEx is lower than previously expected, do you consider a possibility for an extra dividend this year? Thank you.

The word extra is not something in our, let's say, practice or past behavior. It is what we are doing with the dividend.

It's something that, looking at the past of 10 or 15 years, is when the profits are bigger, the dividend is also bigger. It is not in the form of an extraordinary dividend.

One should expect a slightly higher interim dividend and a higher final dividend. We cannot give you any other number because clearly what matters to us is long term.

It's a long-term pattern rather than a temporary or haphazard pattern. I know I didn't fully satisfy with my answer, but it's more look at historical behavior, and it's the one that is going to be replicated in the future.

Okay. Also, do you have any thoughts on extending the special discount in diesel, in retail in Greece?

Thank you. It expires this August, as you said.

Yes. With the special discount, we see what you see by reading the papers and the different news things.

Hellenic announced that they are going to extend it for September. We have obviously not announced anything at this point of time.

It is something that has to be decided by next week in a way. I'm not in a position to tell you now what's going to happen.

It's something that we'll soon find out.

Thank you.

Good afternoon, everyone. Thanks for taking my question.

If we assume maybe a still strong second semester for refining margins, would you expect windfall taxes to be introduced?

Good. This is a very interesting question.

I noted a little bit while I was talking about the situation in Europe and the special position that Greece has in this situation. We have a paradox in Europe that Europe is losing its refining ability.

Europe has lost, and I have the numbers here, 167 million metric tons capacity between 2009 and 2025. It has been a policy of most countries or combination of countries and international companies to leave Europe.

Germany shuts refineries, Spain shuts refineries, France the same, the UK the same. If you look at the numbers, Fuel Europe has all these statistics, you see some ridiculous situation that has happened in Europe.

In a way, Europe is punishing itself. In Greece, we have a different situation.

We have two companies, two refining companies, effectively four refineries, which have a total capacity of about 25 million metric tons. We are close because I look at my numbers, we are half of France when France has a much, much higher population than Greece.

What does this mean? That Greek refineries mainly are export refineries.

In the other countries, it's the trading companies that are the ones that cover the domestic market or the exports from Greece. The question: will someone charge a windfall tax on the income from the exports of Motor Oil and Hellenic?

It's crazy, particularly when we both, the refiners, have been investing. If you look at the statistics, and particularly you, Morgan Stanley and UBS and all the big houses, if you look at the statistics of the CapEx spent in the refining industry in Europe over the past decade, it's nothing.

If you look what has been happening in Motor Oil and Hellenic for that matter, it is huge. If there is a windfall tax, it is practically to punish our business model of not closing a refinery and trading?

We feel quite strongly about it. I hope that sometime Europe will wake up and understand that it shouldn't be shooting its own industry.

Thank you very much. Maybe another question on supply.

Did you get any Basrah oil in Q2, or is all the Iraqi oil that you're getting from the pipeline?

No, we are getting also from the Straits of Hormuz in Q3. We got the two cargoes which were our own cargo, but also we get from traders.

Did you hear me?

Yes. Thank you.

Thank you very much for taking my follow-up. As you mentioned, this two cargoes which were delivered, I think, in July, can you please elaborate on what do you expect on the working capital side?

There was build in first half. Do you expect the reversal in second half?

With the maintenance, how should we expect it to look? Thank you.

Very strong. No reversal.

Continues being very strong.

Understood. Thank you.

Hello. Congratulations for the results.

One question from me. You partially answered this regarding the RES.

Regarding the recent transactions with PPC and AKTOR, how do you intend to deploy the expected cash proceeds? Do these transactions signal any change in the group's strategy for its non-refining activities?

This is the question.

Yeah. [Foreign language] Good evening.

The transaction with PPC, renewables, I more or less replied to it by saying that we are continuing with the plan and it's simply a cash flow timing change, it isn't anything else. Since we're having the same target for megawatts, it's just the timing element of not having the CapEx now and having a little bit more CapEx for the renewables business in the period 2028-2030.

For the deal with AKTOR, it is still at an early stage because we're still waiting for the different permissions and approvals and everything. It's still needs some time to be completed.

No, we are not changing the strategy as far as the sectorial sort of distribution is concerned. I would say to a certain extent I wouldn't say to the contrary, but with some businesses, for example, like LPC, and you have seen LPC, the lube regeneration business is doing particularly well and we are sort of trying to expand it because we see there is a lot of demand in this regenerated lubricants.

We are looking at opportunities. If you remember, we announced something in June about buying the majority in a company called N-ACT, which is in waste management collection, which is quite active.

We are looking at other business opportunities in that field. It's a more a matter of optimizing rather than in leaving a certain sector.

Thank you very much.

To say thank you, goodbye, thank you for being patient with this back and forth, and wishing you all nice rest of the day, a nice week. Seeing you soon because we are going to be in Milan next week for the Euronext Athens Stock Exchange conference on Thursday.

In two weeks from now, we are going to be in the Kepler Cheuvreux conference in Paris, which last year was particularly let's say what's the word? effective for the upgrade of Motor Oil and the new realization of what has been happening with the company, we are looking forward to it.

Thank you very much, and goodbye from all of us here.