Hello to all of you. Good evening, good afternoon, good morning to some of you.

We are here for the Q1 results. We have some new faces in the room, new as far as attending the conference call physically, because they attend it through Teams.

We have our new general manager of supply and trading, Spyros Voronos, and we have Mike Sakpasoglou, the head of risk, as well, amongst the other culprits who are here in most of the calls. Before starting talking about numbers and what happened, life never lets us stand still in Motor Oil.

That's how it feels. After the accident we had in 2024 and most of 2025 and the end of '24 were full with trying to come back on track and manage to come back with a new and larger crude unit.

The world changed again on us, and since early March, we are all experiencing this situation. We must say that we are pleased with the reaction of the company and its people.

I would say very pleased. We had a stellar financial performance in the first quarter of 2026 driven by strong results across all our business activities.

January and February delivered robust growth, supported by an improved year-on-year refining margin environment and full operational capacity. Note, we are talking now about the 220,000 barrels per day capacity.

Then we came into March. It turned out to be an exceptional month driven by favorable conditions in the refining market and considerable opportunities for refiners like Motor Oil due to our location, our configuration, our trading capabilities, and, of course, the proven track record in adjusting to challenging conditions in order to capture market opportunities.

I'll come into it a bit later, but keep in mind from running 75% Iraqi crude up until the end of February, suddenly, Iraqi crude, with the exception of a couple of cargoes that were arriving at the refinery at the beginning of March, went down to zero, particularly the one through the Strait of Hormuz. We had to adjust, which we did.

Turning to slide five, we see revenues are up by 25% to 3.4 billion, EBITDA more than doubled year-on-year, 546 million, and net profit surged to 332 million from 85 million a year ago. Of course, the comparison is not so, let's say, meaningful, because a year ago, the first quarter was obviously affected by the accident.

Even if we compare with Q4, the numbers are particularly impressive. Excluding a substantial inventory gain of 165 at the end of Q1, adjusted EBITDA and net income stood at 381 and 203 million euros, up 77% and 113% year-on-year.

Net debt, and we'll analyze it a bit more later on, declined by 317 million, standing at below 1.3 billion at the end of the quarter for the group. Again, a very impressive performance.

Slide six, performance by segment. As previously communicated, we have revised our operating segment structure to reflect our evolving strategy.

It's something that we had announced, we had discussed it with you in the different conferences. What we had said is from January 2026, the new segments, the way they sort of developed and evolved, would be presented.

The main change is introduction of the new Circular Economy segment. The other adjustments are minor reclassification of companies between the segments.

Fuels, which you can see you have the colors of the blue box in the page, adjusted EBITDA went up to 315 million, up from 148 a year ago and 277 in the last quarter. Higher sales, stronger margins.

Consumer Services, which really is our retail business, adjusted EBITDA stood at 28, slightly lower from the same period last year, but definitely much better Q-on-Q. Electrification, which is the same segment as before, reached 46 million, up 70% year-on-year on the back of improved performance in both MORE and NRG.

Circular Economy, EBITDA stood at 10 million, unchanged year-on-year, lower than the end of the year, but clearly there is a time element there, and there is a backlog in the results, and they always come up higher at the end of the year. Page eight, the main indicators.

Average Brent price rose by 7% year-on-year and 27% Q-on-Q driven by the recent conflict in Iran. While prices increased only marginally during January and February relative to Q4 2025, they surged in March.

This sharp increase was fueled by concerns regarding oil and product supply disruptions from the Middle East following the effective closure of the Strait of Hormuz. The dollar changed marginally on a Q-on-Q basis, but it depreciated materially compared to Q1 2025, weighing on our results.

The scarcity of oil products from the Persian Gulf drove middle distillate cracks to multiyear highs, reaching levels not experienced since the energy crisis of 2022. The crude differential for Basrah Medium, which represents a significant portion of our refinery's feedstock mix, widened Q-on-Q in Q1.

However, this trend does not reflect real market dynamics given that Basrah was effectively unavailable following the outbreak of the conflict. Slide nine, Fuels Marketing.

Domestic consumption, Greece. Fuel consumption in Greece fell by 1% in the first quarter, civil market down 1.4%, while shipping/aviation was up 2.8%.

Sales volumes for automotive fuels were stable, whereas jet fuel sustained its strong growth momentum, with LPG, bunker fuel, and diesel recording minor growth during the first quarter. Slide 10, Power and Gas.

Natural gas prices rose driven by the recent conflict, though they remained lower year-over-year. The average TTF price stood at 40 euros per megawatt-hour in the first quarter compared to 30 in Q4 and 47 in Q1 of 2025.

Reflecting tighter supply, European gas storage levels dropped to 28%, below the 5-year average, 41%, with current levels at 34 at 37 relative to a 52% historical average. EUA prices fell from the high levels seen in Q4 amid EU discussions around a more lenient EUA policy.

However, they remained above Q1 '25 levels, weighing on our results. Average price stood at 78 euros per metric ton in the first quarter, down from 82 in Q4 2025, but up from 75.

Greece electricity production surged by over 20% both sequentially and year-over-year, reaching 16.4 terawatt-hours in Q1 2026. Last, the Greek wholesale electricity price fell by 28% year-on-year and 14% Q-on-Q to an average of 95 euros per megawatt-hour.

Increased generation from renewables alongside a record-high contribution from hydro production helped contain prices. Let's go to slide 12.

Performance per segment. As mentioned earlier, our new segment structure directly reflects our evolving strategy.

Fuel segment incorporates the refining business and alternative fuels like hydrogen, while Consumer Services include gas stations and related retail activities. Additionally, the Electrification segment comprises the businesses of MORE and NRG, whereas the newly introduced Circular Economy segment includes Thalis, Electra, LPC, and Verd.

On slide 13, we see a little bit more analytical performance. In the first quarter, adjusted EBITDA stood at 315 for the fuel segment, up from 148 a year ago.

Reported EBITDA is significantly higher at 470, reflecting a substantial inventory gain of 155 million driven by the surge in prices during March and by the fact that both us and Hellenic were keeping large inventories as per our obligation with the 90-day storage requirements. Large inventories, high prices, large inventory gain.

Brent prices increased from 84% in March compared to February by 84% in March compared to February, while gasoline rose by 52%, diesel by 86, and jet fuel by 105%. Sorry.

Operating at full capacity compared to restricted utilization last year combined with solid revenues and exceptional margins versus a very weak refining margin environment in Q1 of 2025 drove the stellar performance in the fuel segment. Sorry, I have a cough.

Slide 14, a slide which we like a lot because it really shows you how we operate and what the mix between crude and other feedstock is. Clearly, here you see in this little part of the graph how we moved between Q1 '25 and Q1 2026 in the mix between other feedstock and crude.

We are back into a very normal operation of 80% of our feedstock being crude and only 20% being other feedstock, a complete reversal to what we had a year ago. Total process volume increased by 19% to 3.4 compared to Q1 last year when operations ran at a very reduced capacity.

Also this reflects the 220,000 barrels per day compared to the 200,000. Crude utilization averaged 216,000 barrels in the first quarter.

Now, the crude mix, which is the very important point that now you see, if you remember, it was one of the main questions asked in the results of the full year, what are we doing with the lack of crude coming out of the Strait of Hormuz. Really what we did is the picture you see in this graph.

It consisted of 60% from Iraq, but, of course, this means two months of the old pattern, January, February, one month, March, the new pattern, even though in the beginning of March, we had a couple of cargoes which had arrived from the Strait of Hormuz. Clearly, if you do a weighted average of how it was, this is the weighted average, but if you separated two months with 75% and one month with very little, clearly, you can understand how we operated in March and since March.

We can say here that something like 8 to 10 different kinds of crude were tested and run during this period. That's why in the next quarters, clearly, this graph will show a much lower percentage of the Iraqi crude.

Moving to page 15, to slide 15, production and yields. Similar to process volumes, production increased by 19% year-on-year, with middle distillates yields rising to 50% in the first quarter compared to 40% a year ago and 49% in Q4 '25.

As a reminder, the low jet yield last year is explained by the mode of operation of the refinery during the repair works of the CDU. Slide 16, sales volumes increased by 24% in Q1, once again reflecting higher refinery utilization and healthy demand levels.

Greece accounted for 32% of refining revenues, on the top right, with civil at 25 and shipping/aviation at 7%, approaching the historical averages following last year's anomalies. Slide 17, driven obviously by the extraordinary middle distillate cracks and tight product inventories, the benchmark refining margin more than doubled year-over-year, $224 per metric ton in the first quarter.

Outperforming the market once more, our margin reached $188 per metric ton, representing a threefold increase year-over-year and nearly doubling on a sequential basis. Excluding the material inventory gain of 155, our operational margins stood at $138 per ton, more than doubling year-on-year and increasing by 20% sequentially.

Slide 18, Consumer Services. Sales volumes are reported to be down by 20%.

However, this is not indicative of the real performance, because last year and also in past years, our fuels marketing companies materialized imports that were sold to third parties, like wholesale, which was not the case in the current year. In the current year, really, what was sold was sold to our own network.

As mentioned previously, demand was flattish in Greece, and we did expand our market share during the first quarter. The EBITDA stood at 38 from 29 in Q1 '25.

Excluding, of course, the inventory gain of about 10 million, adjusted EBITDA softened slightly year-on-year, but recorded a substantial improvement compared to Q4 of 2025. Slide 19, Electrification on the top, Circular Economy at the bottom.

EBITDA reached 46 million, substantially ahead of the 27 million reported in Q1 '25. Following a period of lower wind resource in last year, favorable wind conditions in the current quarter drove capacity factors to 31%, up from 22%.

Against this backdrop, current quarter MORE delivered a strong EBITDA of 42 compared to 30 million a year ago. At the end of March, our operational installed capacity reached 847, up from 839 in the prior year.

Currently, we are already operating at a higher level, which I will visit a bit later. NRG's performance also advanced on the back of improved margins, offsetting a lower market share year-on-year.

The company turned around its profitability to post an EBITDA of 4.5 million compared to 2.8 million loss in Q1 2025. Circular Economy, for the first time, as we said before, EBITDA reached 10 million, remaining flat year-on-year, reflecting the inherent seasonality of this business, and revenues and profitability are skewed towards the second half of the year.

Furthermore, the segment maintains a robust financial footing, with net cash standing at 18 at the end of the quarter. Group P&L, on slide 21, EBITDA rose to 546 compared to 202 in the first quarter of last year, driven by elevated production, revenue growth, stronger refining margin environment, particularly during March.

Net income after tax and minorities stood at 332, up from 85 a year ago, having been marginally impacted by higher net financing costs. This increase was primarily due to 29 million euros derivative loss versus 5 million a year ago, arising from hedging arrangements for the two cargoes currently blocked in the Persian Gulf.

Excluding the impact of derivatives, net financial costs would have been 5 million lower year-on-year. We note, however, that the negative derivatives results have been fully reversed as of today.

Slide 22, balance sheet. Here we come to the good news of net debt.

Cash flow was exceptional, driven by strong profitability, absence of extraordinary taxes paid last year, efficiency of management of our working capital during a challenging period of supply uncertainty and rising prices. Operating cash flow reached 435 million, free cash flow stood at 378, representing a significant turnaround from the substantial outflows recorded in the prior year.

Consequently, as a result of strong cash flow generation, net debt fell by 317 million during the quarter, standing at 1.3, just under 1.3 billion as of end of March '26 compared to 1.6 at the end of 2025. Slide 24, I don't want to linger much on it, but I like the numbers, I want to mention it.

Net debt at the company level from 237 down to 18 with a significant change in the cash position. CapEx, on slide 25, stood at 42 and 70 respectively for the company and the group.

Although our current guidance remains high, it reflects the seasonal phasing of our spending, which is usually back-loaded towards the second half of the year. Moving forward, we intend to reevaluate our investment program over the coming months and provide an updated guidance as appropriate.

We thought it was a bit early to do this at this point of time. Slide 26, debt maturity profile.

Company and group bank debt reached 1.2 billion and 2.5 billion respectively at the end of March. Last 12 months net-to-EBITDA ratio was down to a very low of 0.02 times at the company and under 1, 0.9 times, for the group.

To come to an end so that you can have time for questions, the outlook: crude availability remains uncompromised. We are running by securing the crude roughly for the month ahead, 4 to 5 weeks, roughly 4 weeks these days.

Demonstrating our operational flexibility, as we said before, we have procured and received 8 to 10 different crudes during the second quarter. Although feedstock procurement costs have clearly risen, the positive impact of elevated product cracks continues to outpace these costs, driving sustained outperformance in our refining margins.

We reaffirm our previous guidance from late March, noting that since March, our refining margins have, on average, sustained or exceeded the historic levels of 2022. We enjoy a constructive refining backdrop, with margins underpinned by tight product balances amid resilient demand and ongoing supply disruptions.

We also note that even following an agreement to reopen the Strait of Hormuz, supply chain normalization will be a gradual process, and refining as well as gas infrastructures will take time to resume full operations. In the renewables, during Q2, we added 72 million 72 megawatts of battery storage and 22.5 megawatts of wind capacity, bringing our total operating capacity to 941 megawatts.

Performance continues to be positive Q-on-Q. I think I will stop here so that I will give you time to ask questions.

Thank you for listening, and sorry excuse me for coughing.

Hi, hello, and thank you for taking my questions. A couple of questions on my end if I may.

How would you see working capital evolution in the second quarter given the blockages in the Strait of Hormuz and potentially how would you see demand for refined products evolving in the second and third quarter? Two other questions which I can proceed with later.

Thank you.

Hello, Fani. Good to hear you.

We are pretty comfortable with the working capital. We don't see any particular significant change, even though don't forget that we paid for the two cargoes that are in the Straits of Hormuz at the beginning of April, the very beginning of April, while we do not have them and probably we will not have them before the end of June, in the second quarter.

This theoretical dent of $200 million roughly, which is crude paid, not sitting in payables, but the crude not being refined, moving to receivables or profits. Because we are running both May and hopefully June will be strong.

We believe the cash flow will be good and the working capital will be healthy. Sorry, what was the second part of your question?

How would you see demand, yeah, for refined products in the second and third quarter? I have two others later.

Thank you.

Yes. Demand, up to now, we see it being good, strong.

There is no reduction in our monthly sales. We are also optimistic about the demand in Greece with the driving season coming into effect.

We also believe the tourist season should be good, talking to hoteliers and to people in the tourist industry in general. Maybe there have been delays in the bookings, but the rumor says that the bookings are there, and you've already started seeing a lot of tourists in Athens.

Plus jet fuel demand is there. We feel it's good.

What we can save is for the second quarter and a little bit the third quarter. I don't think we can go any further and guess anything further than that.

Regarding renewables, we saw some healthy margins in the first quarter in terms of load factors. Is it something that we should expect also in the second quarter?

Potentially would we see any further renewables capacity additions within the year, apart from the batteries as we saw already? Thank you.

As far as the wind situation and the performance, yes, April was good and May. Not as strong as January, but it was definitely better than last year.

The year is running higher than last year. As far as new capacity, I'll ask Mrs.

Psyllaki. There isn't anything new.

No, there isn't any new capacity being added to our operating capacity for this year. Yes, I think Romania will be added, but I'm not sure, I can always come back to you on that.

Oh,

of course. Just a small one, and sorry to keep you.

In terms of just a few words on the Circular Economy, now that there is a new segmental reporting, maybe a few words on the Q-on-Q performance. Understand there is some seasonality on the fourth quarter if we consider Q-on-Q performance, as I said, with Q4 of '25 and 1Q '26, although it was flat on year-on-year basis.

That's all on my end. Thank you so much.

Yes, the seasonality is more with the way income flows and EBITDA is created because of the nature of the projects with municipalities and local authorities and the way the projects progress. Otherwise, both companies, which soon are going to be one, are performing well, and there is a gradual growth in their profitability year-on-year.

Brilliant. Thank you.

Thank you, Fani.

That's all on my end.

Hello. Thanks for taking my question.

Petros, I have one question on the crude sourcing. You've been very fast to reduce your exposure to the Iraqi crude, and as you mentioned, you're trying 8 to 10 different types of crude since this whole geopolitical tension has started.

If we imagine there might be some resolution or if the Strait reopens, would you consider going back to how you were operating before, or should we expect Motor Oil to run with a more diversified crude slate going forward? Then just on your second point about the demand in Greece, and you're talking about the driving season and the summer season as well, when you think about the ongoing or current price environment and how strong demand is, do you think we might continue to see very strong demand pace, or when would you expect some sort of normalization on the demand front?

Thank you.

Difficult questions, Ricardo. [laughter] So, I have Mr.

Voronos here. [laughter] Sorry.

There is It's more of a feeling, and it's an evolving strategy rather than, we just press the button to change. This this, let's say, problem, this global problem that's happened forced us to test things that we didn't even know we are being called to test them.

Suddenly running, I think three or four cargoes from the US, which we have already bought and refined, running, okay, North Sea oil, we have done tried before, running Egyptian oil, running the mix of all these, running new new new kinds, new types of Libyan crude, this started being interesting. I think that we will probably shift a little bit, but we are not in a position to tell you by how much, because it depends on the on the end result.

We really run the crudes to have the most profitable operation. This is going to also be a function of the cracks on the products.

The the run that we currently have is lighter than it used to be before and gives a higher percentage of jet and diesel. If the cracks on these products continue being high, not as high as they are now, but higher than they were before, yes, then we will shift to a slightly different diet of crudes.

The answer is yes, probably we will change a little bit and we will shift to a slightly different diet. To what extent, we don't know.

That's that's the the first question. The second, we didn't see any demand destruction.

We saw and nor nor a demand drop. What we saw is a drop in the in the demand or in the sales for the high-octane products, the V-Power gasoline and the Action diesel, the V-Power diesel, because clearly with such high prices, even if, a Greek consumer who like like Greeks love their cars as and Italians the same, they like putting in in their car the, the V-Power diesel or the V-Power gasoline.

Maybe this time because it look the prices are higher than two euros, they will fill half of the tank and put the the cheaper the cheaper fuel, the normal fuel, for the remaining. If prices stay as high, I think they will, this pattern of less of the V-Power products and more of the normal products will be what we will see.

As far as the demand per se, as long as, the tourist season is strong and and people drive their cars, we we see a normalization. Plus don't forget that this has to do with the with the nature of our network, the network of Shell and Avin, which have been doing relatively well.

Avin has been growing, Shell has been optimizing its network station network. They have been expanding on islands and they've been expanding in areas where they are not particularly strong.

Keep in mind that we never stopped optimizing our network. We never put our pencil down and said, we'll stop.

We continued optimizing. In a way, we reap the benefits of that.

Sorry, long answer, but, but difficult questions, so.

No, that was very clear. Thank you, and looking forward to see you soon.

Yes, soon. Yes.

Mary just slipped a little note about Romania that I mentioned before. The 48 There is 48 megawatts of solar in Romania co-located with a battery of 10 megawatts, and we expect them to be electrified in June, July.

Good day, congratulation with strong results, and thank you for taking my questions. A couple from my side.

First follow-up regarding the crude basket, and can you comment around the premium that you pay on actual physical markets? Because currently very hard to understand with all the quotations that we see on the screens, what does actual physical market look at, and what is your blended premium or discount that you currently operate at?

Second question would be around JV with GEK TERNA. Is there any updates that you would want to share regarding the timing of the completion, when should we expect that?

Final follow-up regarding the Circular Economy, thank you very much for separating this segment, what is your outlook for the growth and EBITDA performance maybe this or in the medium term, if you can comment on the segment specifically? Thank you.

Now,

the premia had risen significantly at the beginning of the crisis, but they have gradually started falling, and now they are considerably lower. I don't have off the top of my head, because it's a moving thing.

Clearly, they are lower than the crazy numbers we were reading in the press a month ago. Now, don't forget that the premia, at the end of the day, the level of the premia also influences the final price of the product.

The margin number, the number that you have in the margin is the delta between the price of the jet or the diesel or the gasoline and the landed price of the crude. They've started falling.

Now, on GEK TERNA, we are moving ahead. I don't have a specific date to give.

I'm just saying we're moving ahead. I think we had said until the end of the year, we should be completed more or less.

Let's say, hopefully, we are moving with that target. With the Circular Economy, we don't give guidance, you know that, not even on this one, but it is gradually growing, because it's a growing business in Greece.

We expect a smooth increase in the EBITDA generation, not something phenomenal, but a steady, let's say, increase.

Thank you very much.

Thank you very much for listening in. There were not a lot of questions, but it was phew.

Hello, can you hear me? Thank you for taking my question.

I guess the clarification I'm looking for is regarding your capital allocation plans, right? If you look at your net debt at the end of Q1 based on the report, and it will be less than one times by the end of 2026, right?

Just trying to get a clarification on what you intend to do with all the cash that you will be generating.

Yes, good question, difficult answer. Timing is important in the answer to this question, because when we did the business plan at the end of the year, we were more conservative, much more conservative, because we always like being conservative for the projected near future.

I'm not in a position at this point of time to give you a full answer, because we haven't changed the business plan or the way we look going forward. I guess we will have to see how the first six months go and start building the plan towards the third quarter, third to fourth quarter.

There isn't any change, there isn't anything new. I can't enlighten you at this point of time.

Much

Good afternoon, everyone. Good afternoon, Petros.

Hello, Luca.

Hello. I just have one question, it's again on your debt.

Do you plan to issue more bonds, or do you think that you can finance yourself better in a different way?

Luca, that's a very good, not difficult question, but a question that has taken a lot of our brainpower. Because of regulations, I'm not allowed to give a concrete answer to your question.