Earnings release
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1 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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CONTENTS I. Company Information 3 II. General Information 4 III. Interim Condensed Consolidated Statement of Financial Position 5 IV. Interim Condensed Statement of Financial Position of the Company 6 V. Interim Condensed Consolidated Statement of Comprehensive Income 7 VI. Interim Condensed Statement of Comprehensive Income of the Company 8 VII. Interim Condensed Consolidated Statement of Changes in Equity 9 VIII. Interim Condensed Statement of Changes in Equity of the Company 10 IX. Interim Condensed Consolidated Statement of Cash Flows 11 X. Interim Condensed Statement of Cash Flows of the Company 12 XI. Notes to the Summary Consolidated and Company Financial Statements 13 2 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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I. Company Information Directors Spilios Livanos, Chairman - non-executive member Andreas Shiamishis, Chief Executive Officer - executive member Georgios Alexopoulos, Deputy Chief Executive Officer - executive member Iordanis Aivazis, Senior Independent Director - independent non-executive member Stavroula Kampouridou - Independent non-executive member Constantinos Mitropoulos - Independent non executive member Panagiotis Tridimas - Independent non-executive member Nikolaos Vrettos - Independent non-executive member Alkiviadis-Konstantinos Psarras - Non-executive member Anna Rokofyllou - Non executive member Theodoros-Achilleas Vardas - Non-executive member Registered Office 8A Chimarras Str GR 151 25 - Marousi General Commercial Registry 000296601000 The Summary of Financial Statements for the three month period ended 31 March 2025 for Group and Company from page 4 to page 20 are presented in €'000, unless otherwise stated, and have been approved by the Board of Directors of HELLENiQ ENERGY Holdings S.A. on 15 May 2025. 3 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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II. General Information HELLENiQ ENERGY Holdings S.A. (the "Company") is the parent company of HELLENiQ ENERGY Group (the “Group”). The Company acts as a holding company and is providing administrative and financial services to its subsidiaries. The Group operates in the energy sector predominantly in Greece, as well as in the wider South Eastern Europe / East Mediterranean region. The Group’s activities include refining and marketing of oil products, production and marketing of petrochemical products and electricity generation through renewable energy sources. The Group is also active in exploration for hydrocarbons and provides engineering services. Through its investments in Elpedison B.V. and DEPA International Projects, the Group also operates in the natural gas sector and in electricity generation (through gas-fired units) and trading. The parent company is incorporated in Greece with an indefinite corporate life and the address of its registered office is 8A Chimarras Str., Marousi, 151 25. The shares of the Company are listed on the Athens Stock Exchange and the London Stock Exchange through Global Depositary Receipts (GDRs). The summary of financial statements presented is not intended to meet the criteria of IAS 34 and does not constitute Interim Financial Reporting as defined by IAS 34. Nevertheless, the accounting policies applied in the preparation of the summary of financial statements are the same with the ones applied for the Annual Financial statements of the HELLENiQ ENERGY Group, for the year ended 31 December 2024 and can be found in the Company’s website helleniqenergy.gr. 4 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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III. Interim Condensed Consolidated Statement of Financial Position As at Note 31 March 2025 31 December 2024 Αssets Non-current assets Property, plant and equipment 3,744,052 3,742,339 Right-of-use assets 238,154 238,753 Intangible assets 384,527 357,905 Investments in associates and joint ventures 210,961 202,251 Deferred income tax assets 102,322 101,802 Investment in equity instruments 689 646 Derivative financial instruments 70 — Loans, advances and long term assets 153,721 156,496 4,834,496 4,800,192 Current assets Inventories 1,661,677 1,311,169 Trade and other receivables 857,687 935,932 Income tax receivable 78,193 80,810 Derivative financial instruments 5,154 8,196 Cash and cash equivalents 513,191 618,055 3,115,902 2,954,162 Total assets 7,950,398 7,754,354 Equity Share capital and share premium 1,020,081 1,020,081 Reserves 325,127 326,690 Retained Earnings 1,370,292 1,360,168 Equity attributable to the owners of the parent 2,715,500 2,706,939 Non-controlling interests 55,678 55,283 Total equity 2,771,178 2,762,222 Liabilities Non- current liabilities Interest bearing loans and borrowings 2 2,799,120 2,169,486 Lease liabilities 191,638 191,832 Deferred income tax liabilities 165,870 164,716 Retirement benefit obligations 165,164 168,784 Derivative financial instruments 1,491 1,940 Provisions 36,308 36,247 Other non-current liabilities 42,870 43,099 3,402,461 2,776,104 Current liabilities Trade and other payables 1,485,584 1,602,981 Income tax payable 56,517 276,388 Interest bearing loans and borrowings 2 200,413 240,893 Lease liabilities 32,258 33,482 Dividends payable 1,987 62,284 1,776,759 2,216,028 Total liabilities 5,179,220 4,992,132 Total equity and liabilities 7,950,398 7,754,354 5 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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IV. Interim Condensed Statement of Financial Position of the Company As at Note 31 March 2025 31 December 2024 Assets Non-current assets Property, plant and equipment 1,091 1,121 Right-of-use assets 6,487 7,165 Intangible assets — 1 Investments in subsidiaries, associates and joint ventures 1,782,945 1,780,538 Deferred income tax assets 8,512 8,623 Loans, advances and long term assets 419,198 152,852 2,218,233 1,950,300 Current assets Trade and other receivables 277,367 426,176 Income tax receivables 324 3,502 Cash and cash equivalents 4,669 3,714 282,360 433,392 Total assets 2,500,593 2,383,692 Equity Share capital and share premium 1,020,081 1,020,081 Reserves 313,411 313,411 Retained Earnings 1,128,416 950,276 Total equity 2,461,908 2,283,768 Liabilities Non-current liabilities Lease liabilities 4,137 4,839 Other Long Term Liabilities 1,335 890 5,472 5,729 Current liabilities Trade and other payables 25,958 27,231 Income tax payable 2,584 2,021 Lease liabilities 2,680 2,659 Dividends payable 1,991 62,284 33,213 94,195 Total liabilities 38,685 99,924 Total equity and liabilities 2,500,593 2,383,692 6 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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V. Interim Condensed Consolidated Statement of Comprehensive Income For the period ended Note 31 March 2025 31 March 2024 Revenue from contracts with customers 1 2,732,822 3,278,481 Cost of sales (2,529,738) (2,869,817) Gross profit / (loss) 203,084 408,664 Selling and distribution expenses (104,988) (100,756) Administrative expenses (52,124) (43,784) Exploration and development expenses (518) (1,387) Other operating income and other gains 7,854 8,504 Other operating expense and other losses (10,496) (3,436) Operating profit / (loss) 42,812 267,805 Finance income 2,288 3,439 Finance expense (31,137) (33,444) Lease finance cost (2,576) (2,436) Currency exchange gains / (losses) (2,518) 5,824 Share of profit / (loss) of investments in associates and joint ventures 8,480 (3,650) Profit / (loss) before income tax 17,349 237,538 Income tax (expense) / credit (6,373) (58,270) Profit / (loss) for the period 10,976 179,268 Profit / (loss) attributable to: Owners of the parent 10,571 179,172 Non-controlling interests 405 96 10,976 179,268 Other comprehensive income / (loss): Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax): Changes in the fair value of equity instruments 42 (34) 42 (34) Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax): Share of other comprehensive income / (loss) of associates — 570 Fair value gains / (losses) on cash flow hedges (1,381) 12,709 Currency translation differences and other movements (234) 17 (1,615) 13,296 Other comprehensive income / (loss) for the period, net of tax (1,573) 13,262 Total comprehensive income / (loss) for the period 9,403 192,530 Total comprehensive income / (loss) attributable to: Owners of the parent 9,019 192,455 Non-controlling interests 384 75 9,403 192,530 Εarnings / (losses) per share (expressed in Euro per share) 0.03 0.59 7 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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VI. Interim Condensed Statement of Comprehensive Income of the Company For the period ended Note 31 March 2025 31 March 2024 Revenue from contracts with customers 9,881 8,660 Cost of sales (8,983) (7,873) Gross profit / (loss) 898 787 Administrative expenses (1,604) (1,443) Other operating income and other gains 6,323 4,664 Other operating expense and other losses (6,435) (4,547) Operating profit /(loss) (818) (539) Finance income 3,337 4,060 Finance expense (9) (4) Lease finance cost (65) (84) Currency exchange gain / (loss) 5 (2) Dividend income 176,364 — Profit / (loss) before income tax 178,814 3,431 Income tax (expense) / credit (674) (761) Profit / (loss) for the period 178,140 2,670 Other comprehensive income / (loss) for the year, net of tax — — Total comprehensive income / (loss) for the period 178,140 2,670 8 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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VII. Interim Condensed Consolidated Statement of Changes in Equity Attributable to owners of the Parent Note Share Capital & Share premium Reserves Retained Earnings Total Non- controlling Interest Total Equity Balance at 1 January 2024 1,020,081 291,010 1,568,384 2,879,475 66,916 2,946,391 Other comprehensive income / (loss) — 13,283 — 13,283 (21) 13,262 Profit / (loss) for the period — — 179,172 179,172 96 179,268 Total comprehensive income / (loss) for the period — 13,283 179,172 192,455 75 192,530 Other equity movements — — (1,117) (1,117) — (1,117) Balance as at 31 March 2024 1,020,081 304,293 1,746,439 3,070,813 66,991 3,137,804 Balance at 1 January 2025 1,020,081 326,690 1,360,168 2,706,939 55,283 2,762,222 Other comprehensive income / (loss) — (1,563) — (1,563) (10) (1,573) Profit / (loss) for the period — — 10,571 10,571 405 10,976 Total comprehensive income / (loss) for the period — (1,563) 10,571 9,008 395 9,403 Other equity movements — — (447) (447) — (447) Balance as at 31 March 2025 1,020,081 325,127 1,370,292 2,715,500 55,678 2,771,178 9 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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VIII. Interim Condensed Statement of Changes in Equity of the Company Note Share Capital & Share premium Reserves Retained Earnings Total Balance at 1 January 2024 1,020,081 292,638 784,155 2,096,874 Profit / (loss) for the period — — 2,670 2,670 Total comprehensive income / (loss) for the period — — 2,670 2,670 Balance as at 31 March 2024 1,020,081 292,638 786,825 2,099,544 Balance at 1 January 2025 1,020,081 313,411 950,276 2,283,768 Profit / (loss) for the period — — 178,140 178,140 Total comprehensive income / (loss) for the period — — 178,140 178,140 Balance as at 31 March 2025 1,020,081 313,411 1,128,416 2,461,908 10 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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IX. Interim Condensed Consolidated Statement of Cash Flows For the period ended Note 31 March 2025 31 March 2024 Cash flows from operating activities Cash generated from operations 3 (292,900) 197,298 Income tax (paid) / received (228,479) (114,148) Net cash generated from/ (used in) operating activities (521,380) 83,150 Cash flows from investing activities Purchase of property, plant and equipment & intangible assets (65,978) (93,124) Proceeds from disposal of property, plant and equipment & intangible assets — 326 Acquisition of share of associates and joint ventures (75) 1 Cash and cash equivalents of acquired subsidiaries — 1,639 Grants received 118 10,000 Interest received 2,288 3,439 Prepayments for right-of-use assets (182) — Net cash generated from/ (used in) investing activities (63,829) (77,719) Cash flows from financing activities Interest paid on borrowings (32,141) (27,595) Dividends paid to shareholders of the Company (60,293) (90,425) Proceeds from borrowings 2 690,001 205,000 Repayments of borrowings 2 (102,343) (525,397) Payment of lease liabilities - principal (12,062) (10,634) Payment of lease liabilities - interest (2,576) (2,436) Net cash generated from/ (used in) financing activities 480,586 (451,487) Net increase/ (decrease) in cash and cash equivalents (104,623) (446,056) Cash and cash equivalents at the beginning of the year 618,055 919,457 Exchange (losses) / gains on cash and cash equivalents (241) 5,901 Net increase / (decrease) in cash and cash equivalents (104,623) (446,056) Cash and cash equivalents at end of the period 513,191 479,302 11 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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X. Interim Condensed Statement of Cash Flows of the Company For the period ended Note 31 March 2025 31 March 2024 Cash flows from operating activities Cash generated from / (used in) operations 3 10,874 (3,025) Income tax (paid) / received 3,178 (1,599) Net cash generated from / (used in) operating activities 14,052 (4,624) Cash flows from investing activities Purchase of property, plant and equipment & intangible assets (27) — Participation in share capital increase of subsidiaries, associates and joint ventures (2,400) (52,500) Loans and advances to Group Companies (55,730) (2,500) Interest received 6,864 6,229 Dividends received 99,205 — Net cash generated from / (used in) investing activities 47,912 (48,771) Cash flows from financing activities Dividends paid to shareholders of the Company (60,293) (90,425) Payment of lease liabilities - principal, net (652) (608) Payment of lease liabilities - interest (65) (84) Net cash generated from / (used in) financing activities (61,010) (91,117) Net increase / (decrease) in cash and cash equivalents 955 (144,512) Cash and cash equivalents at the beginning of the period 3,714 150,528 Net increase / (decrease) in cash and cash equivalents 955 (144,512) Cash and cash equivalents at end of the period 4,669 6,016 12 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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XI. Notes to the Summary Consolidated and Company Financial Statements 1. Segment Information Group’s Executive Committee reviews the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The committee assesses performance taking into account a number of measures which may vary depending on the nature and evolution of a business segment by taking into account the risk profile, cash flow, product and market considerations. Financial information regarding the Group’s operating segments for the three month period ended 31 March 2025 and 31 March 2024 is presented below: For the period ended 31 March 2025 Group Refining Marketing Exploration & Production Petro- chemicals RES, Gas & Power Other Total Gross Sales 2,407,316 1,056,749 — 76,043 16,518 28,434 3,585,060 Inter-segmental Sales (820,944) (3,203) — — (533) (27,558) (852,238) Revenue from contracts with customers 1,586,372 1,053,546 — 76,043 15,985 876 2,732,822 EBITDA 79,938 24,492 (1,936) 6,486 11,097 2,324 122,401 Depreciation & Amortisation (PPE & Intangibles) (42,935) (12,416) (45) (1,885) (6,223) (5,080) (68,584) Depreciation of Right-of- Use assets (1,070) (8,788) (48) (1,075) (252) 228 (11,005) Operating profit / (loss) 35,933 3,288 (2,029) 3,526 4,622 (2,528) 42,812 Currency exchange gains / (losses) (2,252) (258) — (3) (4) (1) (2,518) Share of profit / (loss) of investments in associates & joint ventures (37) 597 — — 7,920 — 8,480 Finance (expense) / income - net (20,737) (2,069) — (1,156) (5,545) 658 (28,849) Lease finance cost (90) (2,254) (2) (19) (244) 33 (2,576) Profit / (loss) before income tax 12,817 (696) (2,031) 2,348 6,749 (1,838) 17,349 Income tax expense (6,373) Profit / (loss) for the period 10,976 Profit / (loss) attributable to non-controlling interests (405) Profit / (loss) for the period attributable to the owners of the parent 10,571 13 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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For the period ended 31 March 2024 Group Refining Marketing Exploration & Production Petro- chemicals RES, Gas & Power Other Total Gross Sales 2,963,032 1,080,152 — 91,400 13,318 25,698 4,173,600 Inter-segmental Sales (868,202) (3,347) — — (11) (23,560) (895,119) Revenue from contracts with customers 2,094,830 1,076,805 — 91,400 13,307 2,138 3,278,481 EBITDA 300,672 16,528 (2,962) 23,206 10,480 1,723 349,647 Depreciation & Amortisation (PPE & Intangibles) (46,865) (12,832) (59) (2,094) (5,095) (4,647) (71,592) Depreciation of Right-of- Use assets (971) (8,299) (47) (990) (160) 217 (10,250) Operating profit / (loss) 252,836 (4,603) (3,068) 20,122 5,225 (2,707) 267,805 Currency exchange gains / (losses) 5,689 176 — — — (41) 5,824 Share of profit of investments in associates & joint ventures 2,488 530 — — (6,668) — (3,650) Finance (expense) / income - net (24,567) (3,050) — (75) (4,809) 2,496 (30,005) Lease finance cost (125) (2,196) (4) (38) (90) 17 (2,436) Profit / (loss) before income tax 236,321 (9,143) (3,072) 20,009 (6,342) (235) 237,538 Income tax expense (58,270) Profit / (loss) for the period 179,268 Profit / (loss) attributable to non-controlling interests (96) Profit / (loss) for the period attributable to the owners of the parent 179,172 - Inter-segment sales primarily relate to sales from the refining segment to other operating segments. - EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income adding back depreciation and amortisation charges. - Other segment relates to Group entities, which provide treasury, consulting and engineering services and includes inter-segment eliminations for depreciation of right of use assets, lease finance cost and finance (expenses) / income - net. There has been no material change in the definition of segments or the segmental analysis of total assets or total liabilities from the amounts disclosed in the consolidated annual financial statements for the year ended 31 December 2024. 14 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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An analysis of the Group’s revenue from contracts with external customers by type of market (domestic, aviation & bunkering, exports and international activities) and business unit is presented below: Group For the period ended 31 March 2025 Revenue from contracts with customers Refining Marketing Petro- chemicals RES, Gas & Power Other Total Domestic 402,006 556,619 29,079 15,985 873 1,004,563 Aviation & Bunkering 277,755 149,805 — — — 427,560 Exports 906,611 — 46,963 — — 953,574 International activities — 347,122 — — 3 347,125 Total 1,586,372 1,053,546 76,043 15,985 876 2,732,822 Group For the period ended 31 March 2024 Revenue from contracts with customers Refining Marketing Petro- chemicals RES, Gas & Power Other Total Domestic 414,014 510,994 29,533 11,543 1,924 968,008 Aviation & Bunkering 139,002 132,846 — — — 271,848 Exports 1,541,815 — 61,867 — — 1,603,682 International activities — 432,965 — 1,764 214 434,943 Total 2,094,830 1,076,805 91,400 13,307 2,138 3,278,481 15 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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2. Interest Bearing Loans and Borrowings Group As at 31 March 2025 31 December 2024 Non-current interest bearing loans and borrowings Committed Credit facilities 1,649,419 1,075,726 Committed Term Loans 397,683 397,543 Eurobonds 443,311 442,964 2,490,413 1,916,233 Committed term loans (Project Finance) 308,707 253,253 Total non-current interest bearing loans and borrowings 2,799,120 2,169,486 Current interest bearing loans and borrowings Committed Credit Facilities 60,151 862 Uncommitted Revolving credit facilities 121,476 166,050 181,627 166,912 Committed term loans (Project Finance) 18,785 73,981 Total current interest bearing loans and borrowings 200,413 240,893 Total interest bearing loans and borrowings 2,999,532 2,410,379 The Group has centralized treasury operations for the monitoring and management of the funding and liquidity needs of all group companies. Within this framework, HELLENiQ ENERGY Finance Plc ( "HEF") was established in November 2005 in the U.K. as a wholly-owned subsidiary of HELLENiQ ENERGY Holdings S.A. to act as the Group's financing vehicle. 16 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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Borrowings of the Group by maturity as at 31 March 2025 and 31 December 2024 are summarised in the table below (amounts in € million): Balance as at Company Maturity 31 March 2025 31 December 2024 €400 million Syndicated RCF Dec 2025 HELLENiQ PETROLEUM S.A. December 2025 59 — €30 million RCF Dec 2026 EKO Bulgaria December 2026 10 8 €200 million RCF Jun 2027 HELLENiQ PETROLEUM S.A. June 2027 199 199 €400 million Syndicated RCF Jun 2028 HELLENiQ PETROLEUM S.A. June 2028 397 — €400 million RCF Jun 2028 HELLENiQ PETROLEUM S.A. June 2028 399 324 €50 million RCF Jul 2028 EKO ABEE July 2028 50 50 €400 million May 2029 HELLENiQ PETROLEUM S.A. May 2029 398 398 €40 million RCF Jul 2029 EKO ABEE July 2029 40 40 €450 million Eurobond HELLENIQ ENERGY FINANCE PLC July 2029 443 443 €400 million RCF Nov 2030 HELLENiQ PETROLEUM S.A. November 2030 397 397 €85 million RCF Mar 2031 HELLENiQ PETROLEUM S.A. March 2031 85 — €30 million Syndicated RRF Dec 2037 HELLENiQ ENERGY DIGITAL SINGLE MEMBER S.A. December 2037 23 11 €80 million PF Mani- Framework Agreement HELLENiQ RENEWABLES WIND FARMS OF MANI SINGLE MEMBER S.A. December 2040 79 79 €80 million PF Evia - Framework Agreement HELLENiQ RENEWABLES WIND FARMS OF EVIA SINGLE MEMBER S.A. December 2039 69 69 €50 million Dec 2039 HELLENiQ ENERGY REAL ESTATE S.A. December 2039 50 50 €133 million PF Kozilio 1 - Framework Agreement KOZILIO ENA SINGLE MEMBER S.A. June 2042 120 120 €75 million PF Kozilio New Projects KOZILIO NEW PROJECTS SINGLE- MEMBER S.A. June 2042 59 59 Uncommitted revolving credit facilities Various Various 122 168 Unamortised fees of undrawn loans Various Various — (4) Total 3,000 2,410 No loans were in default as at 31 March 2025 (none as at 31 December 2024). 17 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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The table below presents the changes in Borrowings arising from financing activities: Group 01 January 2025 Cash flows - borrowings (inflows) Cash flows - borrowings (outflows) Cash flows - fees Current Portion of Long term debt Reclassification between Current & Non- current Non cash movements 31 March 2025 Current interest- bearing loans and borrowings 240,893 66,400 (52,343) — — (55,479) 943 200,413 Non-current interest-bearing loans and borrowings 2,169,487 623,601 (50,000) — — 55,479 553 2,799,120 Total 2,410,380 690,001 (102,343) — — — 1,496 2,999,532 Group 01 January 2024 Cash flows - borrowings (inflows) Cash flows - borrowings (outflows) Cash flows - fees Current Portion of Long term debt Reclassificati on between Current & Non-current Non cash movements 31 December 2024 Current interest- bearing loans and borrowings 1,158,495 133,833 (1,231,693) — (7,618) 184,698 3,178 240,893 Non-current interest-bearing loans and borrowings 1,388,011 2,675,999 (1,705,821) (15,186) 7,618 (184,698) 3,563 2,169,486 Total 2,546,506 2,809,832 (2,937,514) (15,186) — — 6,741 2,410,379 “Cash flows –fees” column includes the finance fees paid and deferred against loans proceeds. “Non-cash movements” column includes the amortization of deferred borrowing costs. Structured Finance Transactions In accordance with the market practice, three Group companies (HELLENiQ RENEWABLES WIND FARMS OF MANI S.A., HELLENiQ RENEWABLES WIND FARMS OF EVIA S.A. AND KOZILIO ENA SINGLE MEMBER S.A. ), financed under the Framework Agreement with non-recourse Project Finance Facilities amounting to €268 million as of 31 March 2025 (€268 million as of 31 December 2024) have to meet a limited number of financial covenants (applicable only to the respective entities), typical for such type of structured financing transactions. The same also applies to the credit facility granted to HELLENiQ ENERGY REAL ESTATE. Management monitors the operation and performance of these subsidiaries to ensure compliance with the above covenants. Furthermore, these subsidiaries have provided as collateral to the financing banks a standard security package, which is typical for this type of transactions. Significant movements in borrowings for the period ended 31 March 2025 are as follows: HELLENiQ PETROLEUM S.A. €85 million New Revolving Credit Facility maturing in March 2031 In March 2025, HELLENiQ PETROLEUM S.A. signed a new €85 million revolving credit facility with six years tenor maturing in March 2031. The outstanding amount of the facility as at 31 March 2025 was €85 million. 18 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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Bilateral facilities Group companies maintain committed and uncommitted credit facilities with various banks to finance general corporate needs which are renewed in accordance with the Group's finance needs. 3. Cash Generated from / (used in) Operations Group For the period ended Note 31 March 2025 31 March 2024 Profit/ (loss) before tax 17,349 237,538 Adjustments for: Depreciation and impairment of property, plant and equipment and right-of-use assets 72,362 76,026 Amortisation and impairment of intangible assets 7,054 6,150 Amortisation of grants (408) (191) Finance costs - net 31,425 32,441 Share of operating profit of associates (8,480) 3,650 Provisions for expenses and valuation charges 2,861 12,271 Foreign exchange (gains) / losses 2,518 (5,824) (Gains)/ Losses from discounting of long-term receivables and liabilities (193) (390) (Gains) / losses on sales of property, plant and equipment 50 (14) 124,539 361,657 Changes in working capital (Increase) / decrease in inventories (350,957) (234,231) (Ιncrease) / decrease in trade and other receivables 84,465 (28,532) Increase / (decrease) in trade and other payables (150,947) 98,403 (417,439) (164,359) Net cash generated from operating activities (292,900) 197,298 19 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025
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Company For the period ended Note 31 March 2025 31 March 2024 Profit/ (Loss) before tax 178,814 3,431 Adjustments for: Depreciation and impairment of property, plant and equipment and right-of-use assets 705 640 Amortisation and impairment of intangible assets 3 15 Finance costs / (income) - net (3,262) (3,972) Provisions for expenses and valuation charges 246 233 Dividend Income (176,364) — 141 347 Changes in working capital (Ιncrease) / decrease in trade and other receivables 11,533 1,626 Increase / (decrease) in trade and other payables (799) (4,998) 10,733 (3,372) Cash generated from / (used in) operating activities 10,874 (3,025) 4. Events Occurring after the Reporting Period Νo events took place after the end of the reporting period and up to the date of the publication of the Summary of Financial Statements for Group and Company. 20 HELLENiQ ENERGY Summary of Financial Statements for the three-month period ended 31 March 2025