Message to Shareholders
Chairman's Message
Dear shareholders,
A successful year – New composition of the Board of Directors
It is a particular honor, in my capacity as Chairman of the Board of Directors of HELLENiQ ENERGY, to address you on the occasion of this annual review.
2024 was marked by significant developments and challenges.
Global economic expansion was supported by improvements in trade, a decline in commodity prices, and accommodative monetary policies, leading to increased demand for oil products. Nevertheless, persistent geopolitical tensions and evolving political dynamics affected supply chains and trade flows, intensifying concerns around increased protectionism in international trade, with a significant negative impact on energy markets. Global public debt remained elevated in 2024, with the International Monetary Fund estimating it to exceed $100 trillion or 93% of global GDP. The risk of a protracted trade conflict persists, complicating the formulation of economic policy on a global scale.
Against this backdrop, the Greek economy continued to exhibit a notably positive outlook in 2024, recording a growth rate of 2.3%, considerably higher than the European average. The attainment of investment grade status, achieved since 2023, further bolstered consumer confidence and bank financing. According to the Organization for Economic Co-operation and Development (OECD), the resilience of the Greek economy is anticipated to sustain, with GDP projected to expand by 2% in the current year and 2.1% in 2026, supported by investments linked to the Recovery and Resilience Fund.
For HELLENiQ ENERGY, 2024 was another successful year, with strong profitability exceeding €1 billion in Adjusted EBITDA and improved operational performance across all activities, alongside the successful implementation of the first phase of its strategic plan and the realization of significant business agreements. In light of this positive result, the Board of Directors proposed, for approval by the General Meeting, the distribution of an attractive dividend amounting to €0.75 per share.
These achievements would not have been possible without the unwavering trust and support of all stakeholders, including shareholders, employees, customers, and partners.
I would like to extend my sincere appreciation to all involved, including the members of the Board for their substantial support to the management, offering invaluable guidance and oversight. HELLENiQ ENERGY is strengthening its position and advancing its progress, with the objective of ensuring sustainable and stable growth over the long term.
Key initiatives of the BoD in 2024
The Board of Directors, with the support of its committees, remained focused on applying the highest standards of corporate governance, implementing the strategic agenda, and promoting a corporate culture that emphasizes values and sustainability.
Throughout the year, the Board closely monitored the implementation progress of our strategic plan “Vision 2025”, with particular focus on enhancing the risk management framework and strengthening the strategy for sustainable development. Notably, a new sustainability policy and the operating regulation of the Sustainability Committee were approved, further integrating ESG principles into the Group’s operations.
With sustainable development at the core of strategic decisions, we embarked on a balanced and pragmatic energy transition, with improvements in all key performance indicators, operational excellence in our core business, and substantial growth in Renewable Energy Sources. The safety of personnel and facilities has been and remains an uncompromising priority. At the same time, digital transformation is altering the operational model through targeted initiatives.
Balanced growth with high returns
As we look ahead to 2025 and beyond, we remain confident in the opportunities that lie before us. At the same time, we are fully aware of the challenges related to the energy transition. We remain firmly committed to maintaining a balance aiming at accelerating strategic growth, while continuing to generate high returns for our shareholders.
With a clear sense of responsibility, a shared vision, and the collective dedication of our people, we move forward with the firm ambition of maintaining HELLENiQ ENERGY’s position at the forefront of the energy sector, both in Greece, as well as internationally.
Spilios Livanos
Chairman of the Board
CEO's Message
Dear shareholders,
As we reflect on the past year, we would like to share with you the significant developments and achievements of our Group.
2024 was marked by continued strong operational performance, strategic progress, and sustainable growth for HELLENiQ ENERGY. Amidst a complex and volatile global energy landscape, the Group demonstrated resilience and operational excellence across all business activities, further strengthening its position as one of the leading energy groups in Southeastern Europe.
Accelerated completion of the first phase of the Vision 2025 strategic plan
Four years ago, we launched our strategic transformation plan, centered around a pragmatic and balanced transition toward a more sustainable energy future.
2024 marked the completion of the first phase of Vision 2025 ahead of schedule, with significant progress across all key strategic objectives. In our core activities, we implemented targeted initiatives and investments aimed at operational optimization, carbon footprint reduction, improved customer-centric approach and the expansion of our international presence. At the same time, we accelerated our growth in Renewable Energy Sources (RES), while streamlining our presence in the electricity and natural gas sector through the agreement for the full control of ELPEDISON and the divestment from DEPA Commercial.
Particular emphasis was placed on initiatives that accelerated the achievement of our targets, including the improvement of our operating model and corporate governance, most of which were implemented during 2024. Central to these efforts was the successful implementation of our digital transformation program, organizational restructuring, investment in human capital, and the adoption of best practices in risk management.
Strategic plan update with a long-term outlook
Building upon the progress achieved so far and taking into account emerging trends in the operating and energy environment, we are updating our strategic plan to reflect a longterm perspective. Our primary objective remains the strengthening of the Group through the expansion and diversification of its business portfolio, the enhancement of profitability, and the creation of long-term value, all underpinned by our commitment to sustainable development.
Strong results and attractive dividend yield
In 2024, HELLENiQ ENERGY continued the positive performance of recent years, with improvements in key operational and financial indicators. Adjusted EBITDA exceeded €1 billion for a third consecutive year, while Adjusted Net Income amounted to €0.4 billion.
The strategic investments of recent years, combined with consistent implementation of our strategic transformation agenda have yielded substantial results. In our core operations, specifically Refining, we achieved record-high production driven by improved unit availability. In Fuels Marketing, domestic operations improved, while International Marketing reached record-high profitability. In the RES business, installed capacity increased by 40% reaching 0.5 GW, with a target of 2 GW by 2030 and presence in 4 countries. In accordance with our policy of returning value to shareholders, the Board of Directors is proposing a dividend of €230 million (€0.75 per share) for approval at the Annual General Meeting. This includes €0.30 per share, coming from approximately 50% of the proceeds of our divestment from DEPA Commercial. This distribution represents a dividend yield of 10%, reaffirming our commitment to rewarding shareholders.
Sustainable development – Strategy and action
Sustainable development constitutes a cornerstone of our strategy, aiming to generate value for both HELLENiQ ENERGY and society.
We remain committed to the reduction of our carbon footprint, targeting a 30% decrease in direct and indirect emissions (Scope 1 and Scope 2) by 2030, while also developing solutions to reduce other indirect emissions (Scope 3). In 2024, projects with a positive environmental impact progressed, and the addition of 140 MW of new RES projects brought our total installed RES capacity to 0.5 GW, contributing to the avoidance of 1.1 million tons of CO₂ emissions. Key air pollutants were reduced by up to 43% compared to 2019, while 17% of the water used was recycled and 88% of generated waste was either recovered or reused.
Occupational health and safety remain a priority. In 2024, 69,000 training man-hours were recorded, while Lost Workday Injury Frequency (LWIF) and All Injury Frequency (AIF) rates decreased by 34% and 19% respectively. Process Safety Event Rate (PSER) was reduced by 47%.
Corporate responsibility – Investing in society
Giving back to society is a fundamental pillar of our identity. In 2024, the Group continued to implement extensive corporate responsibility programs, both locally and nationally, focusing on promoting social welfare, environmental stewardship, rapid emergency response, and the recognition of excellence. The total number of beneficiaries exceeded 2 million in our countries of operation.
Our people – The foundation of our success
I wish to express my deepest gratitude to our employees for their dedication, hard work, and commitment to our values. They serve as the driving force behind our achievements and the foundation of our future success.
Looking ahead
As we look to the future, we are committed to addressing emerging challenges and seize new opportunities, while remaining focused on our strategic priorities: enhancing profitability with an emphasis on sustainability and consistently generating value for our shareholders. We sincerely thank you for your trust and continued support. Andreas Shiamishis
Andreas Shiamishis
Chief Executive Officer
