Earnings release
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IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS THAT HAVE BEEN ADOPTED BY THE EUROPEAN UNION FOR THE PERIOD 1 JANUARY - 31 MARCH 2025 FOR THE GROUP AND THE COMPANY “MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.” MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. G.E.MI. 272801000 Headquarters: Irodou Attikou 12Α, 151 24 Maroussi Attica INTERIM CONDENSED FINANCIAL STATEMENTS
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It all started in 1972, and for over 50 years we have supported the Greek economy by ex- porting to more than 75 countries worldwide. We have aided community growth by employing thousands of people. We have invested in new projects and forms of energy, paving the way towards a sustainable future. We are moving forward, creating value for the generations to come. WHILE THE ENERGY SECTOR IS CONSTANTLY CHANGING, OUR VISION REMAINS THE SAME OUR PURPOSE Driving economic growth, securing the nation’s energy needs, and standing by society, Motor Oil Group is dedicated to shaping the future of energy. We are committed to playing a significant role in meeting Greece’s energy demands, leading the development of new energy forms, and demonstrating lasting environmental and social responsibility. moh.gr | 2
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moh.gr | 3 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March 2025 __________________________________________________________________________ 5 Interim Condensed Statement of Financial Position as at 31st March 2025 ________________________________________ 7 Interim Condensed Statement of Changes in Equity for the period ended 31st March 2025 ________________________ 9 Interim Condensed Statement of Cash Flows for the period ended 31st March 2025 ______________________________ 11 Notes to the Financial Statements _____________________________________________________________________________ 13 1. General Information _____________________________________________________________________________________ 13 2. Basis of Financial Statements Preparation & Adoption of New and Revised International Financial Reporting Standards (IFRS)__________________________________________________________ 13 3. Revenue ________________________________________________________________________________________________ 16 4. Operating Segments _____________________________________________________________________________________ 17 5. Finance Income _________________________________________________________________________________________ 20 6. Finance Cost ____________________________________________________________________________________________ 21 7. Income Tax Expenses ____________________________________________________________________________________ 21 8. Dividends _______________________________________________________________________________________________ 22 9. Earnings per Share _______________________________________________________________________________________ 22 10. Goodwill ________________________________________________________________________________________________ 23 11. Other Intangible Assets ___________________________________________________________________________________ 24 12. Property, Plant and Equipment ___________________________________________________________________________ 26 13. Investments in Subsidiaries, Associates and Joint Operations ________________________________________________ 28 14. Other Financial Assets ____________________________________________________________________________________ 36 15. Inventories ______________________________________________________________________________________________ 37 16. Borrowings ______________________________________________________________________________________________ 37 17. Fair Value of Financial Instruments ________________________________________________________________________ 44 18. Leases __________________________________________________________________________________________________ 48 19. Share Capital ____________________________________________________________________________________________ 49 20. Reserves ________________________________________________________________________________________________ 50 21. Retained Earnings _______________________________________________________________________________________ 52 22. Establishment/Acquisition of Subsidiaries/Associates _______________________________________________________ 53 23. Contingent Liabilities/Commitments ______________________________________________________________________ 55 24. Related Party Transactions _______________________________________________________________________________ 56 25. Share-based Payments___________________________________________________________________________________ 57 26. Financial risk management _______________________________________________________________________________ 58 27. Alternative Performance Measures _______________________________________________________________________ 62 28. Events after the Reporting Period _________________________________________________________________________ 62 The interim condensed financial statements of the Group and the Company, set out on pages 1 to 62, were approved at the Board of Directors’ Meeting dated on Friday 23 of May, 2025.
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moh.gr | 4 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CEO THE DEPUTY CEO THE CHIEF ACCOUNTANT IOANNIS V. VARDINOYANNIS PETROS T. TZANNETAKIS VASSILIOS N. CHANAS
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moh.gr | 5 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March 2025 GROUP COMPANY In 000’s Euros (except for “earnings per share”) Note 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Operating results Revenue 3 2,678,807 2,979,095 1,796,523 2,102,876 Cost of Sales (2,492,220) (2,600,845) (1,726,714) (1,852,103) Gross Profit/(loss) 186,587 378,250 69,809 250,773 Distribution expenses (84,152) (81,594) (8,062) (6,659) Administrative expenses (40,058) (35,023) (16,598) (16,997) Other income 8,284 28,306 5,326 21,459 Other Gain/(loss) 62,682 1,971 58,656 1,457 Profit from operations 133,343 291,910 109,131 250,033 Finance income 5 38,447 28,749 35,634 34,883 Finance cost 6 (68,274) (74,641) (44,039) (43,579) Share of profit/(loss) in associates 450 1,961 0 0 Gain/(loss) on fixed assets from significant incident 9,448 0 9,448 0 Profit before tax 113,414 247,979 110,174 241,337 Income taxes 7 (28,394) (55,836) (24,874) (51,556) Profit after tax 85,020 192,143 85,300 189,781 Attributable to Company Shareholders 9,21 84,631 190,690 85,300 189,781 Non-controlling interest 389 1,453 0 0 Basic earnings per share (in €) From continued operations 9 0.78 1.76 0.79 1.75 Diluted earnings per share (in €) From continued operations 9 0.78 1.76 0.79 1.75 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 6 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 GROUP COMPANY In 000’s Euros Note 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Other Comprehensive income Items that will not be reclassified subsequently to profit or loss: Subsidiary Share Capital increase expenses (119) 0 0 0 Share of Other Comprehensive Income of associates accounted for using the equity method 785 (3,327) 0 0 Fair value Gain arising on financial assets 20 17,174 545 0 0 17,840 (2,782) 0 0 Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations 20 (1,174) 520 0 0 Net fair value gain/(loss) arising on hedging instruments during the year on cash flow hedges 20 3,803 1,187 (729) (1,290) 2,629 1,707 (729) (1,290) Net Other Comprehensive income 20,469 (1,075) (729) (1,290) Total comprehensive income 105,489 191,068 84,571 188,491 Attributable to Company Shareholders 105,105 189,612 84,571 188,491 Non-controlling interest 384 1,456 0 0 Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March 2025 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 7 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 Interim Condensed Statement of Financial Position as at 31st March 2025 GROUP COMPANY In 000’s Euros Note 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Non-current Assets Goodwill 10 196,103 183,039 0 0 Other intangible assets 11 679,438 686,003 15,024 15,500 Property, Plant and Equipment 12 2,640,811 2,590,426 1,266,513 1,248,651 Right of use assets 18 248,667 242,350 22,537 22,751 Investments in subsidiaries and associates 13 285,279 350,405 1,287,682 1,184,549 Other financial assets 14 128,956 110,331 2,251 1,622 Deferred tax assets 16,980 14,441 0 0 Derivative Financial instruments 17 7,698 7,447 4,659 4,805 Other non-current assets 111,536 90,734 68,326 114,969 Total Non-current Assets 4,315,468 4,275,176 2,666,992 2,592,847 Current Assets Income Taxes 91,199 3,346 84,705 0 Inventories 15 862,303 955,615 610,892 720,197 Trade and other receivables 908,428 881,649 350,366 392,188 Derivative Financial instruments 17 53,094 33,756 37,481 17,221 Cash and cash equivalents 1,080,207 1,128,453 679,628 771,705 Total Current Assets 2,995,231 3,002,819 1,763,072 1,901,311 Total Assets 7,310,699 7,277,995 4,430,064 4,494,158 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 8 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 GROUP COMPANY In 000’s Euros Note 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Non-current Liabilities Borrowings 16 2,693,277 2,405,635 1,468,219 1,231,599 Lease liabilities 18 217,533 211,948 17,523 17,965 Provision for retirement benefit obligation 22,575 22,776 15,602 16,198 Deferred tax liabilities 232,905 226,436 15,582 14,383 Other non-current liabilities 54,096 55,092 431 332 Derivative Financial instruments 17 10,783 18,121 1,105 130 Other non-current provisions 8,687 8,967 0 0 Deferred income 70,988 68,478 7,564 6,773 Total Non-current Liabilities 3,310,844 3,017,453 1,526,026 1,287,380 Current Liabilities Trade and other payables 795,262 1,022,567 432,827 665,873 Derivative Financial instruments 17 47,070 21,970 43,509 18,459 Provision for retirement benefit obligation 4,023 3,163 3,729 2,847 Income Tax Liabilities 16,454 210,133 0 196,059 Borrowings 16 201,537 210,564 62,828 64,516 Lease liabilities 18 30,387 29,219 5,284 5,149 Deferred income 4,911 4,139 334 260 Total Current Liabilities 1,099,644 1,501,755 548,511 953,163 Total Liabilities 4,410,488 4,519,208 2,074,537 2,240,543 Equity Share capital 19 83,088 83,088 83,088 83,088 Reserves 20 199,529 163,700 73,987 58,654 Retained earnings 21 2,563,359 2,476,741 2,198,452 2,111,873 Equity attributable to Company Shareholders 2,845,976 2,723,529 2,355,527 2,253,615 Non-Controlling Interest 54,235 35,258 0 0 Total Equity 2,900,211 2,758,787 2,355,527 2,253,615 Total Equity and Liabilities 7,310,699 7,277,995 4,430,064 4,494,158 Interim Condensed Statement of Financial Position as at 31st March 2025 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 9 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 Interim Condensed Statement of Changes in Equity for the period ended 31st March 2025 GROUP (In 000’s Euros) Share Capital Reserves Retained Earnings Total Non-controlling interest Total Balance as at 01/01/2024 83,088 98,356 2,482,707 2,664,151 107,177 2,771,328 Profit for the period 0 0 190,690 190,690 1,453 192,143 Other Comprehensive Income for the period 0 2,249 (3,327) (1,078) 3 (1,075) Total Comprehensive Income for the period 0 2,249 187,363 189,612 1,456 191,068 Treasury Shares 0 (3,962) 0 (3,962) 0 (3,962) Acquisition of Subsidi- ary’s Minority 0 (1,324) (43,942) (45,266) (78,252) (123,518) Transfer to Reserves 0 2,017 (5,308) (3,291) 3,291 0 Balance as at 31/03/2024 83,088 97,336 2,620,820 2,801,244 33,672 2,834,916 Balance as at 01/01/2025 83,088 163,700 2,476,741 2,723,529 35,258 2,758,787 Profit for the period 0 0 84,631 84,631 389 85,020 Other Comprehensive Income for the period 0 19,689 785 20,474 (5) 20,469 Total Comprehensive Income for the period 0 19,689 85,416 105,105 384 105,489 Addition from Estab- lishment/Acquisition of Subsidiary 0 0 0 0 18,593 18,593 Treasury Shares 0 16,063 1,279 17,342 0 17,342 Transfer to Reserves 0 77 (77) 0 0 0 Balance as at 31/03/2025 83,088 199,529 2,563,359 2,845,976 54,235 2,900,211 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 10 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 COMPANY (In 000’s Euros) Share Capital Reserves Retained Earnings Total Balance as at 01/01/2024 83,088 25,239 2,081,447 2,189,774 Profit for the period 0 0 189,781 189,781 Other Comprehensive Income for the period 0 (1,290) 0 (1,290) Total Comprehensive Income for the period 0 (1,290) 189,781 188,491 Treasury Shares 0 (3,962) 0 (3,962) Balance as at 31/03/2024 83,088 19,987 2,271,228 2,374,303 Balance as at 01/01/2025 83,088 58,654 2,111,873 2,253,615 Profit for the period 0 0 85,300 85,300 Other Comprehensive Income for the period 0 (729) 0 (729) Total Comprehensive Income for the period 0 (729) 85,300 84,571 Treasury Shares 0 16,062 1,279 17,341 Balance as at 31/03/2025 83,088 73,987 2,198,452 2,355,527 Interim Condensed Statement of Changes in Equity for the period ended 31st March 2025 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 11 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 Interim Condensed Statement of Cash Flows for the period ended 31st March 2025 GROUP COMPANY In 000’s Euros Note 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Operating activities Profit before tax 113,414 247,979 110,174 241,337 Adjustments for: Depreciation and amortization of non- current assets 11,12 59,270 53,710 22,927 21,401 Depreciation of right of use assets 18 9,017 8,571 1,418 1,286 Provisions/ Impairments 6,138 4,841 1,278 1,097 Share of profits of associates (450) (1,961) 0 0 Exchange differences (862) 8,382 (858) 7,974 Finance income and other income, expense, gain, loss (108,313) (29,130) (104,371) (34,358) Finance cost 6 68,274 74,641 44,039 43,579 Movements in working capital: Decrease/(increase) in inventories 93,466 (82,543) 109,305 (54,955) Decrease/(increase) in receivables 99,926 (155,747) 135,739 (154,421) (Decrease)/increase in payables (excluding borrowings) (220,702) (191,652) (195,252) (129,888) Less: Finance cost paid (26,918) (26,445) (14,599) (13,207) Taxes paid (312,357) (179,368) (304,010) (168,422) Plus/(Minus): Cash settlements of derivative instruments 1,233 (6,818) 1,033 (1,813) Proceeds from insurance compensation due to significant incident 6,979 0 6,979 0 Net cash (used in)/from operating activities (a) (211,885) (275,540) (186,198) (240,390) The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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moh.gr | 12 INTERIM CONDENSED FINANCIAL STATEMENTS for the period 01/01-31/03/2025 GROUP COMPANY In 000’s Euros Note 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Investing activities Acquisition of subsidiaries, affiliates, joint ventures and other investments (91,637) (134,782) (174,644) (110,773) Reduction of Share Capital 70,882 0 70,882 0 Disposal of subsidiaries, affiliates, joint- ventures and other investments 13,000 0 13,000 0 Purchase of tangible and intangible assets 11,12 (75,680) (47,041) (40,332) (29,687) Grants received for tangible assets 2,119 0 2,119 0 Proceeds on disposal of tangible and intangible assets 622 953 0 0 Interest received 5,119 9,135 4,953 7,495 Dividends received 3,290 3,215 840 765 Net cash (used in)/from investing activities (b) (72,285) (168,520) (123,182) (132,200) Financing activities Repurchase of treasury shares 0 (4,576) 0 (4,576) Proceeds from sale of treasury shares 16,707 0 16,707 0 Proceeds from borrowings 349,276 455,479 250,000 299,100 Repayments of borrowings (85,791) (440,812) (14,658) (324,658) Repayments of leases (8,779) (7,967) (1,511) (1,306) Dividends Paid (33,670) 0 (33,235) 0 Net cash (used in)/from financing activities (c) 237,743 2,124 217,303 (31,440) Effect of exchange rate changes deriving from foreign operations (d) (1,819) 2,595 0 0 Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)+(d) (48,246) (439,341) (92,077) (404,030) Cash and cash equivalents at the beginning of the period 1,128,453 1,322,256 771,705 901,828 Cash and cash equivalents at the end of the period 1,080,207 882,915 679,628 497,798 Interim Condensed Statement of Cash Flows for the period ended 31st March 2025 The notes on pages 13 - 62 are an integral part of these Financial Statements of the Company and the Group.
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I nterim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 13 Notes to the Financial Statements 1. General Information T he parent company of the MOTOR OIL Group (the Group) , under the trade name “Motor Oil (Hellas) Corinth Refineries S.A.” (the Company), is registered in Greece as a public company (Societe Anonyme ) according to the provisions of Company Law 2190/1920 (as replaced by Law 4548/2018) . The Company has its headquarters in Greece - Maroussi of Attica, 12A Irodou Attikou street, 151 24. The Group operates, mainly, in the energy sector. I ts main activities are oil refining and oil products marketing, natural gas trading and electricity generation and trading. As at 31 March 2025, “Petroventure Holdings Limited” was holding 40% of the Company. The length of life for the Company is until 2070. These financial statements are presented in Euro which is the currency of the primary economic environment in which the Group operates. Amounts in these financial statements are expressed in € 000’s unless otherwise indicated. Any difference up to € 1,000 is due to roundings. As at 3 1 March 2025, the number of employees, for the Group and the Company, was 4,090 and 1,527 respectively (31/03/2024: Group: 3,129 employees, Company: 1,453 employees). 2. Basis of Financial Statements Preparation & Adoption of New and Revised I nternational Financial Reporting Standards (IFRS) 2. 1 Basis of preparation The interim condensed financial statements for the period ended 31 March 2025 have been prepared in accordance with International Accounting Standard (IAS) 34, ‘Interim financial reporting’ and as such do not include all the information and disclosures required in the annual financial statements. In this context, these interim condensed financial statements should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 202 4. Furthermore, the interim condensed financial statements have been prepared on a going concern basis. The accounting policies adopted in the preparation of these interim condensed financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2024. The preparation of the financial statements presumes that various estimations and assumptions concerning the future are made by the Group’s management which may affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized . The application of sufficient information and various judgments made by the Group’s management may significantly impact the valuation and presentation of assets and liabilities. The areas requiring the most significant judgments, estimates and assumptions in the preparation of the financial statements are: accounting for interests in subsidiaries, joint operations and associates, fair values of assets acquired and liabilities assumed on acquisition , recoverability of asset carrying amounts , determining right of use assets and lease liabilities , taxation, provisions, retirement benefit obligations , impairment of receivables , and valuation of financial instruments . T he Group’s M anagement reviewed these estimations and concluded that no revision of the accounting policies is required. New and revised accounting standards and interpretations, amendments to standards and interpretations that apply to either current or future fiscal years, including their potential impact on the interim condensed financial statements, are set out in Note 2.2.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 14 2.2 New standards, Interpretations and amendments New standards, amendment s to existing standards and interpretations have been issued, which are obligatory for accounting periods beginning during the present fiscal period or at a future time and are presented below. 2.2.1 Standards, Amendments and Interpretations mandatory for Fiscal Year 2025 The Group has adopted the amendments mentioned below which are effective from January 1st, 2025. These amendments did not have a significant impact on the the interim condensed consolidated and separate financial statements for the three-month period ended 31 March 2025. IAS 21: The effects of Changes in Foreign Exchange Rates: Lack of Exchangeability – Amendments In August 2023, IASB published amendments to IAS 21 which require companies to provide more useful information in their financial statements when a currency is not exchangeable to another currency. The amendments introduce a definition of the “exchangeability” of a currency and provide guidance on how an en tity should estimate a spot exchange rate in cases where a currency is not exchangeable. Also, additional disclosures are required in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability. The amendments are effective for annual periods beginning on or after January 1st, 2025 and have been endorsed by the European Union. 2.2.2 New standards, interpretations and amendments effective for periods beginning on or after January 1st, 2026 The following new standards, amendments and interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting January 1st, 2025. The Group is in the process of evaluating their impact on both the consolidated and the Company’s financial statements. IFRS 7: Financial Instruments: Disclosures (Amendments) and IFRS 9: Financial Instruments (Amendments) The amendments clarify that a financial liability is derecognized on the “settlement date” and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date, if certain conditions are met . An entity that elects to apply the derecognition option would be required to apply it to all settlements made through the same electronic payment system. Other clarifications include the classification of financial assets with ESG linked fe atures via additional guidance on the assessment of contingent features. Clarifications have been made to non-recourse assets and contractually linked instruments. The amendments require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI). The amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Early application is permitted. IFRS 18: Presentation and Disclosures in Financial Statements IFRS 18 was issued in April 2024 and will replace IAS 1 “Presentation of Financial Statements”. The primary objective of the Standard is to improve the assessment of a company's performance by increasing comparability in presentation in an entity’s financial statements, particularly in the statement of profit or loss and in its notes to the financial statements. Specifically, the Standard will improve the quality of financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the requirement to disclose certain ‘non-GAAP’ measures – management performance measures (MPMs) and c) the new principles for aggregation and disaggregation of information. The new standard has retrospective application and is effective for annual periods beginning on or after January 1st, 2027 while it is not yet endorsed by the European Union. Annual Improvements to IFRS Standards – Volume 11 The improvements have been issued in July 2024 by the IASB and provide minor amendments that include clarifications, simplifications, corrections and changes in the following to the following accounting
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 15 standards: IFRS 1 “First -time Adoption of International Financial Reporting Standards”, IFRS 7 "Financial Instruments: Disclosures”, IFRS 9 “Financial Instruments", IFRS 10 “Consolidated Financial Statements” and IAS 7 “Statement of Cash Flows”. The above amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity On 18 December 2024, the IASB published “Contracts Referencing Nature -dependent Electricity – Amendments to IFRS 9 and IFRS 7 ”. The objective of the amendments is to better reflect the effects of physical and virtual nature -dependent electricity contracts in the financial statements. More specifically, the amendments clarify the application of the ‘own-use’ requirements, permit hedge accounting if these contracts are used as hedging instruments and add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows . The amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Early application is permitted.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 16 3. Revenue Sales revenue is analyzed below: GROUP COMPANY (In 000's Euros) 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Sales 2,678,807 2,979,095 1,796,523 2,102,876 The following table s provide an analysis of the sales by geographical market (domestic – bunkering – export) and by category of goods sold (products - merchandise - services): GROUP (In 000's Euros) 01/01-31/03/25 01/01-31/03/24 SALES: DOMESTIC BUNKERING EXPORT TOTAL DOMESTIC BUNKERING EXPORT TOTAL Products 401,815 88,543 1,092,286 1,582,644 465,927 145,330 1,445,067 2,056,324 Merchandise 692,780 50,231 103,341 846,352 568,276 49,784 98,449 716,509 Services 220,834 1,462 27,515 249,811 196,283 648 9,331 206,262 Total 1,315,429 140,236 1,223,142 2,678,807 1,230,486 195,762 1,552,847 2,979,095 COMPANY (In 000's Euros) 01/01-31/03/25 01/01-31/03/24 SALES: DOMESTIC BUNKERING EXPORT TOTAL DOMESTIC BUNKERING EXPORT TOTAL Products 393,699 84,090 1,081,337 1,559,126 465,015 142,406 1,429,513 2,036,934 Merchandise 205,358 14,499 4,128 223,985 27,184 13,094 14,691 54,969 Services 7,974 580 4,858 13,412 6,175 520 4,278 10,973 Total 607,031 99,169 1,090,323 1,796,523 498,374 156,020 1,448,482 2,102,876 Based on historical information of the Company and the Group, the percentage of quarterly sales volume varies from 23% to 28% on annual sales volume and thus there is no material seasonality on the total sales volume. The Sales Breakdown by product category for the Company is as follows: (In 000s) 01/01-31/03/25 01/01-31/03/24 Sales /Product Metric Tons Amount € Metric Tons Amount € Asphalt 293 118,964 277 106,898 Fuel Oil 496 216,216 620 264,026 Diesel (Automotive - Heating) 950 661,320 884 704,646 Jet Fuel 261 185,348 488 402,636 Gasoline 561 425,874 590 499,222 LPG 43 32,195 62 38,231 Lubricants 50 45,132 66 52,010 Other 143 93,068 76 23,203 Total (Products) 2,797 1,778,117 3,063 2,090,872 Other Sales 4 4,994 0 1,031 Services 13,412 10,973 Total 2,801 1,796,523 3,063 2,102,876
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 17 4. Operating Segments The Group is mainly operating in Greece, given that most Group companies included in the consolidation are based in Greece. Group management regularly reviews internal financial reports in order to allocate resources to the segments and assess their performance. Operating segments have been determined based on certain criteria of aggregation, as set by management. Sections aggregated into a single operating segment have similar economic characteristics (more specifically, similar nature of products and services, similar nature of the production process and similar type of customers). Information provided for management purposes is measured in a manner consistent with that of the financial statements. The Group is active in four main operating business segments: a) Refining Activity , b) Fuel s’ Marketing Activity, c) Power and Gas and d) Other. “Other” segment relates mainly to Group entities which provide services and holding companies. Inter-segment sales primarily relate to sales from the refining segment to other operating segments. Segment information is presented in the following tables.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 18 STATEMENT OF COMPEHENSIVE INCOME 01/01-31/03/25 (In 000's Euros) Business Operations Refining Fuels Marketing Power and Gas Other Eliminations/ Adjustments Total Sales to third parties 1,287,159 1,171,243 183,662 36,743 0 2,678,807 Inter-segment sales 607,270 28,776 3,604 4,732 (644,382) 0 Total revenue 1,894,429 1,200,019 187,266 41,475 (644,382) 2,678,807 Cost of Sales (1,813,260) (1,111,982) (170,491) (34,711) 638,224 (2,492,220) Gross profit 81,169 88,037 16,775 6,764 (6,158) 186,587 Distribution expenses (10,900) (67,408) (10,089) (1,568) 5,813 (84,152) Administrative expenses (18,359) (8,060) (9,404) (4,137) (98) (40,058) Other Income 5,500 1,278 1,660 183 (337) 8,284 Other Gain/(loss) 58,214 (1,612) 3,745 2,173 162 62,682 Segment result from operations 115,624 12,235 2,687 3,415 (618) 133,343 Finance income 36,655 452 1,770 831 (1,261) 38,447 Finance cost (45,698) (9,568) (13,047) (615) 654 (68,274) Share of profit/(loss) in associates 0 (118) 2,011 (2,358) 915 450 Gain/(loss) on fixed assets from significant incident 9,448 0 0 0 0 9,448 Profit/(loss) before tax 116,029 3,001 (6,579) 1,273 (310) 113,414 Other information Additions attributable to acquisition of subsidiaries 0 2,691 0 31,269 0 33,960 Capital additions 43,500 12,372 28,089 4,319 (2,907) 85,373 Depreciation/amortization and other impair. for the period 25,212 16,144 25,338 1,980 (366) 68,308 FINANCIAL POSITION Assets Segment assets (excluding investments) 3,316,458 1,205,229 2,067,781 406,882 (99,886) 6,896,464 Investments in subsidiaries and associates 1,275,266 30,296 105,548 70,828 (1,196,659) 285,279 Other financial assets 2,558 25 845 125,528 0 128,956 Total assets 4,594,282 1,235,550 2,174,174 603,238 (1,296,545) 7,310,699 Liabilities Total liabilities 2,146,559 887,959 1,373,944 118,598 (116,572) 4,410,488 Total liabilities 2,146,559 887,959 1,373,944 118,598 (116,572) 4,410,488
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 Page | 19 STATEMENT OF COMPEHENSIVE INCOME 01/01-31/03/24 (In 000's Euros) Business Operations Refining Fuels Marketing Power and Gas Other Eliminations/ Adjustments Total Sales to third parties 1,656,188 1,127,178 179,086 16,643 0 2,979,095 Inter-segment sales 624,185 7,911 4,944 2,731 (639,771) 0 Total revenue 2,280,373 1,135,089 184,030 19,374 (639,771) 2,979,095 Cost of Sales (2,015,078) (1,062,614) (146,158) (17,962) 640,967 (2,600,845) Gross profit 265,295 72,475 37,872 1,412 1,196 378,250 Distribution expenses (9,868) (60,852) (9,281) (830) (763) (81,594) Administrative expenses (18,466) (6,022) (8,294) (2,622) 381 (35,023) Other Income 21,630 1,618 5,324 22 (288) 28,306 Other Gain/(loss) 933 (243) (46) 1,783 (456) 1,971 Segment result from operations 259,524 6,976 25,575 (235) 70 291,910 Finance income 27,203 406 2,294 442 (1,596) 28,749 Finance cost (48,172) (10,295) (16,863) (233) 922 (74,641) Share of profit/(loss) in associates 0 (119) 920 (3,963) 5,123 1,961 Profit/(loss) before tax 238,555 (3,032) 11,926 (3,989) 4,519 247,979 Other information Capital additions 31,161 10,855 9,605 3,374 0 54,995 Depreciation/amortization and other impair. for the period 23,490 15,191 23,022 883 (305) 62,281 FINANCIAL POSITION Assets Segment assets (excluding investments) 3,580,179 1,246,909 2,071,907 174,078 (191,139) 6,881,934 Investments in subsidiaries and associates 1,218,664 13,849 91,801 40,289 (934,771) 429,832 Other financial assets 1,430 345 0 74,210 0 75,985 Total assets 4,800,273 1,261,103 2,163,708 288,577 (1,125,910) 7,387,751 Liabilities Total liabilities 2,346,764 936,669 1,417,458 51,378 (199,434) 4,552,835 Total liabilities 2,346,764 936,669 1,417,458 51,378 (199,434) 4,552,835
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 20 Business Operations 01/01-31/03/25 (In 000's Euros) Refining Fuels Marketing Power and Gas Other Total At a point in time 1,287,159 1,171,243 0 0 2,458,402 Over time 0 0 183,662 36,743 220,405 Total Revenue 1,287,159 1,171,243 183,662 36,743 2,678,807 Business Operations 01/01-31/03/24 (In 000's Euros) Refining Fuels Marketing Power and Gas Other Total At a point in time 1,656,188 1,127,178 0 0 2,783,366 Over time 0 0 179,086 16,643 195,729 Total Revenue 1,656,188 1,127,178 179,086 16,643 2,979,095 For the first trimester of 2025 and the respective one of 2024, no Group customer exceeded the 10% sales benchmark. For the first trimester of 2025, Company’s customer and subsidiary Coral S.A. exceeded the 10% sales benchmark (1 8.01%). For the first trimester of 2024, Coral S.A. also exceeded the 10% sales benchmark (10.87%). Group revenue per country is depicted in the following table: 01/01-31/03/25 01/01-31/03/24 Country Revenue % Revenue % Greece 54.3% 47.9% Libya 8.4% 4.8% Gibraltar 7.6% 6.0% Lebanon* 4.3% 2.3% Netherlands* 3.1% 1.5% Italy 2.7% 3.6% U.S.A. 2.3% 3.6% Cyprus 2.1% 3.4% Egypt 1.5% 5.4% Turkiye 1.2% 4.2% Slovenia 0.8% 2.6% Other Countries* 11.7% 14.7% *The specific countries’ percentage was included for prior year’s period 01/01-31/12/24 in “Other Countries”. 5. Finance Income Finance income is analyzed as follows: (In 000's Euros) GROUP COMPANY 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Interest income 8,695 12,008 7,035 9,162 Dividend income 0 0 840 10,005 Realised gains of derivatives accounted at FVTPL 3,944 1,524 2,718 776 Gains from valuation of derivatives accounted at FVTPL 25,808 15,217 25,041 14,940 Total Finance Income 38,447 28,749 35,634 34,883
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 21 6. Finance Cost Finance cost is analyzed as follows: (In 000's Euros) GROUP COMPANY 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Interest on borrowings* 26,655 31,347 11,103 11,508 Interest on leases 2,498 1,909 216 102 Realised losses from derivatives accounted at FVTPL 7,108 8,342 6,082 2,589 Losses from valuation of derivatives accounted at FVTPL 27,722 29,714 26,209 29,230 Bank commissions 3,632 3,058 252 124 Commitment fees 263 143 177 26 Other interest expenses 396 128 0 0 Total Finance Cost 68,274 74,641 44,039 43,579 *It includes fees arising from revolving credit facilities that are amortized and recognized in profit or loss over the period of the facility using the straight-line method. 7. Income Tax Expenses (In 000's Euros) GROUP COMPANY 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Current corporate tax for the period 28,263 58,177 23,469 52,014 Tax audit differences from prior years 610 231 0 0 Total 28,873 58,408 23,469 52,014 Deferred Tax on Comprehensive Income (479) (2,572) 1,405 (458) Deferred Tax (479) (2,572) 1,405 (458) Total 28,394 55,836 24,874 51,556 Income tax, on a Company level, is calculated at 22% on the taxable profits, for the period 1/1-31/3/2025 and for the comparative period 1/1-31/3/2024. Additionally, the Council Directive (EU) 2022/2523, known as Pillar II -Global Tax, set a 15% minimum tax for multinational and large domestic business groups earning over 750 million Euros annually. For the f iscal years beginning on or after January 1, 2024, an additional tax is applicable if the effective tax rate is below 15%. Additional tax is calculated based on the detailed rules, as described in Pillar II legislation (L. 5100/2024). In Greece, where the Company’s headquarters reside, this law was passed on April 5, 2024, while other countries where the Group operates , have either adopted or are in various stages of adopting corresponding laws. At Group level, Pillar II rules have no material impact. Furthermore, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the amendments of IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 22 8. Dividends Dividends to shareholders are proposed by the management , at the end of each financial year and are subject to the approval of the Annual General Meeting. The Management of the Company will propose to the coming Annual General Assembly Meeting, held in June 2025, the distribution of total gross dividend for 2024 of Euro 155,096,172 (Euro 1.40 per share). It is noted that a gross interim dividend of Euro 33,234,894 (Euro 0.30 per share) for 2024 has been accounted for in October 2024 and paid in January 2025, while the remaining amount ( Euro 1.10 per share ) will be paid and accounted for in 2025. It is noted, that based on L. 4646/2019 profits distributed by legal entities, from fiscal year 2020 onwards, are subject to withholding tax at a tax rate of 5%. 9. Earnings per Share GROUP COMPANY 01/01-31/03/25 01/01-31/03/24 01/01-31/03/25 01/01-31/03/24 Earnings attributable to Company Shareholders from continued operations (In 000's Euros) 84,631 190,690 85,300 189,781 Earnings attributable to Company Shareholders from continued and discontinued operations (In 000's Euros) 84,631 190,690 85,300 189,781 Weighted average number of ordinary shares for the purposes of basic earnings per share 108,283,974 108,169,042 108,283,974 108,169,042 Basic earnings per share in € from continued operations 0.78 1.76 0.79 1.75 Basic earnings per share in € from continued and discontinued operations 0.78 1.76 0.79 1.75 Weighted average number of ordinary shares for the purposes of diluted earnings per share 108,504,960 108,293,800 108,504,960 108,293,800 Diluted earnings per share in € from continued operations 0.78 1.76 0.79 1.75 Diluted earnings per share in € from continued and discontinued operations 0.78 1.76 0.79 1.75
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 23 10. Goodwill The carrying amount of Goodwill for the Group as at 31 March 2025 is € 196,103 thousand and is allocated to the Cash Generating Units as follows: (In 000's Euros) Goodwill as at 31/12/2024 Additions Impairment Goodwill as at 31/03/2025 GROUP AVIN OIL SINGLE MEMBER S.A. 16,200 0 0 16,200 CORAL GAS A.E.V.E.Y. 3,105 0 0 3,105 GROUP NRG 1,919 0 0 1,919 L.P.C. S.A. 467 0 0 467 VERD SINGLE-MEMBER S.A. 1,905 0 0 1,905 THALIS ES SINGLE MEMBER S.A. 3,870 0 0 3,870 GROUP MORE 155,573 0 0 155,573 GROUP HELECTOR 0 3,449 0 3,449 ZENROW LTD 0 9,615 0 9,615 Total 183,039 13,064 0 196,103 The amount of € 9,615 thousand, shown in the above table as addition in “ZENROW LTD” , relates to the provisional measurement of the value arising from the acquisition of the 24 SHOPEN retail stores in January 2025. Goodwill is allocated to cash-generating units and is tested annually for impairment. As at 31 March 2025, there has been no indication of impairment.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 24 11. Other Intangible Assets Other intangible assets include the Group’s software and rights, which concern mainly the exploitation rights of the subsidiaries “AVIN OIL SINGLE MEMBER S.A.”, “CORAL S.A.” and “CORAL GAS A.E.V.E.Y. ”, the service concession rights for the subsidiary “OFC A VIATION FUEL SERVICES S.A.”, and the clientele , sales commissions and brand name of the subsidiar ies “NRG SUPPLY AND TRADING SINGLE MEMBER S.A.” and "TARESSO I.K.E". They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub -group MORE and the clientele of subsidiaries “ VERD SINGLE MEMBER S.A.” and “THALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.”. At the Group level, during the current period, additions attributed to the acquisition of subsidiaries mainly concern rights, and more specifically fully amortized concession rights of Helector group. GROUP (In 000's Euros) Software Rights Other Assets under construction Total COST As at 1 January 2024 57,721 753,318 29,935 4,790 845,764 Additions attributable to acquisition of subsidiaries 2 15,679 542 0 16,223 Additions 5,090 17,599 123 10,883 33,695 Disposals/Write-off (34) (1,156) (15) 0 (1,205) Transfers 6,322 2,742 (2,061) (6,388) 615 As at 31 December 2024 69,101 788,182 28,524 9,285 895,092 Additions attributable to acquisition of subsidiaries 463 24,236 93 0 24,792 Additions 1,320 4,945 1 3,351 9,617 Disposals/Write-off 0 (18) (2) (2) (22) Transfers 103 837 0 (942) (2) As at 31 March 2025 70,987 818,182 28,616 11,692 929,477 AMORTIZATION As at 1 January 2024 35,352 98,609 12,892 0 146,853 Amortization charge for the period 6,992 52,359 2,905 0 62,256 Transfers (16) 1,833 (1,805) 0 12 Disposals/Write-off (15) (17) 0 0 (32) As at 31 December 2024 42,313 152,784 13,992 0 209,089 Additions attributable to acquisition of subsidiaries 295 24,236 30 0 24,561 Amortization charge for the period 2,044 13,604 741 0 16,389 As at 31 March 2025 44,652 190,624 14,763 0 250,039 CARRYING AMOUNT As at 31 December 2024 26,788 635,398 14,532 9,285 686,003 As at 31 March 2025 26,335 627,558 13,853 11,692 679,438
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 25 COMPANY (In 000's Euros) Software Assets under construction Total COST As at 1 January 2024 19,701 3,756 23,457 Additions 692 5,611 6,303 Transfers 5,323 (4,890) 433 As at 31 December 2024 25,716 4,477 30,193 Additions 19 544 563 Transfers 75 (75) 0 As at 31 March 2025 25,810 4,946 30,756 AMORTIZATION As at 1 January 2024 11,035 0 11,035 Amortization charge for the period 3,658 0 3,658 As at 31 December 2024 14,693 0 14,693 Amortization charge for the period 1,039 0 1,039 As at 31 March 2025 15,732 0 15,732 CARRYING AMOUNT As at 31 December 2024 11,023 4,477 15,500 As at 31 March 2025 10,078 4,946 15,024
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 26 12. Property, Plant and Equipment The movement in the fixed assets for the Group and the Company during the year 01/01–31/12/2024 and the period 01/01–31/03/2025 is presented in the tables below: GROUP Land and buildings Plant and machinery / Transportation means Fixtures and equipment Assets under construction Total (In 000's Euros) COST As at 1 January 2024 917,609 2,994,636 150,113 347,880 4,410,238 Additions attributable to acquisition of subsidiaries 5 1,624 251 563 2,443 Additions 10,375 27,065 9,823 234,063 281,326 Disposals/Write-off (758) (24,026) (1,534) (1,768) (28,086) Transfers 43,544 212,701 11,251 (268,111) (615) As at 31 December 2024 970,775 3,212,000 169,904 312,627 4,665,306 Additions attributable to acquisition of subsidiaries 16,164 69,087 4,190 998 90,439 Additions 1,720 1,531 2,861 59,951 66,063 Disposals/Write-off (138) (1,017) (304) (8) (1,467) Transfers 2,298 7,464 (1,488) (8,272) 2 As at 31 March 2025 990,819 3,289,065 175,163 365,296 4,820,343 DEPRECIATION As at 1 January 2024 273,535 1,558,817 95,797 0 1,928,149 Additions attributable to acquisition of subsidiaries 0 638 192 0 830 Additions 21,671 130,949 9,874 0 162,494 Disposals/Write-off (459) (14,814) (1,308) 0 (16,581) Transfers 840 (794) (58) 0 (12) As at 31 December 2024 295,587 1,674,796 104,497 0 2,074,880 Additions attributable to acquisition of subsidiaries 9,948 49,521 3,131 0 62,600 Additions 5,812 34,535 2,534 0 42,881 Disposals/Write-off (10) (562) (257) 0 (829) Transfers 0 80 (80) 0 0 As at 31 March 2025 311,337 1,758,370 109,825 0 2,179,532 CARRYING AMOUNT As at 31 December 2024 675,188 1,537,204 65,407 312,627 2,590,426 As at 31 March 2025 679,482 1,530,695 65,338 365,296 2,640,811
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 27 COMPANY Land and buildings Plant and machinery / Transportation means Fixtures and equipment Assets under construction Total (In 000's Euros) COST As at 1 January 2024 340,535 1,922,618 40,099 219,065 2,522,317 Additions 1,701 1,499 4,121 182,407 189,728 Disposals/Write-off (7,782) (52,782) (349) 0 (60,913) Transfers 15,366 153,267 2,769 (171,835) (433) As at 31 December 2024 349,820 2,024,602 46,640 229,637 2,650,699 Additions 980 133 1,170 37,486 39,769 Disposals/Write-off 0 0 (201) 0 (201) Transfers 1,231 5,042 0 (6,273) 0 As at 31 March 2025 352,031 2,029,777 47,609 260,850 2,690,267 DEPRECIATION As at 1 January 2024 75,605 1,245,890 31,504 0 1,352,999 Additions 7,400 77,643 2,835 0 87,878 Disposals/Write-off (1,273) (37,208) (348) 0 (38,829) As at 31 December 2024 81,732 1,286,325 33,991 0 1,402,048 Additions 1,865 19,448 575 0 21,888 Disposals/Write-off 0 0 (182) 0 (182) As at 31 March 2025 83,597 1,305,773 34,384 0 1,423,754 CARRYING AMOUNT As at 31 December 2024 268,088 738,277 12,649 229,637 1,248,651 As at 31 March 2025 268,434 724,004 13,225 260,850 1,266,513 The additions to the assets under construction for the Group during the current period mainly refer to the construction of a new P ropylene splitter complex at the Refinery , the restoration of the units that were damaged in September 2024 as well as infrastructure improvement projects at the Refinery, gas stations’ additions and the construction of wind and photovoltaic parks. At Group level, the additions in the category of p lant, machinery and transportation means, attributed to the acquisition of subsidiaries, are due to the takeover of the Helector Group. The tangible assets included in the Statement of Financial Position, both of the parent company and its subsidiaries, are in full productive operation. There are no events of natural disaster, abandonment, or indications of technological obsolescence or other impairment indicators as defined by IAS 36. Some of the above Property, Plant and Equipment has been pledged as security for liabilities of the Group (as referred to Note 16).
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 28 13. Investments in Subsidiaries, Associates and Joint Operations The Investments in Subsidiaries of the Group that are consolidated with the full consolidation method are the following: Name Place of incorporation and operation % of ownership interest Principal Activity OFC AVIATION FUEL SERVICES S.A. Greece, Spata of Attica 97.07 Aviation Fueling Systems AUTOMOTIVE SOLUTIONS S.A. Greece, Metamorfosi of Attica 60 Motor/ Electric Vehicle Trading BUILDING FACILITY SERVICES SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Facilities Management Services NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A. Greece, Maroussi of Attica 100 Trading of Electricity and Natural Gas IREON AKINITA SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Real Estate MOTOR OIL VEGAS UPSTREAM LTD Cyprus, Nicosia 65 Crude oil research, exploration and trading (upstream) MVU BRAZOS CORP. USA, Delaware 65 Crude oil research, exploration and trading (upstream) VEGAS WEST OBAYED LTD Cyprus, Nicosia 65 Crude oil research, exploration and trading (upstream) CORINTHIAN OIL LTD United Kingdom, London 100 Petroleum Products MOTOR OIL FINANCE PLC United Kingdom, London 100 Financial Services IREON INVESTMENTS LTD Cyprus, Nicosia 100 Investments and Commerce MOTOR OIL MIDDLE EAST DMCC United Arab Emirates, Dubai 100 Petroleum Products DIORIGA GAS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Natural Gas IREON VENTURES LTD Cyprus, Nicosia 100 Holding Company MOTOR OIL TRADING S.A. Greece, Maroussi of Attica 100 Petroleum Products ELETAKO LTD Cyprus, Nicosia 100 Investments MANETIAL LTD Cyprus, Nicosia 100 Investments OFC TECHNICAL S.A. Greece, Maroussi of Attica 97.8 Airport Technical Consulting Services CORE INNOVATIONS SINGLE MEMBER S.A. Greece, Nea Ionia of Attica 100 Trading and Services MEDIAMAX HOLDINGS LTD Cyprus, Nicosia 100 Holding Company VERD SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy PRASINO LADI S.A. Greece, Kifissia of Attica 96.67 Collection and Trading of used frying oil IREON REALTY I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Real Estate IREON REALTY II SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Real Estate IREON REALTY III SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 R eal Estate HELLENIC HYDROGEN S.A. Greece, Maroussi of Attica 51 Production and storage of Hydrogen THALIS PERIVALLONTIKES YPIRESIES S.A. Greece, Athens of Attica 100 Enviromental Services PHARMON SINGLE MEMBER PRIVATE COMPANY Greece, Maroussi of Attica 100 Holding Company CIPHARMA ONE PRIVATE COMPANY Greece, Maroussi of Attica 99 Pharmacy TARESSO Ι.Κ.Ε. Greece, Corinth 60 Wholesale and Retail of Cofffee
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 29 AVIN OIL SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Petroleum Products MAKREON SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Petroleum Products CORAL S.A. Greece, Maroussi of Attica 100 Petroleum Products MYRTEA S.A. Greece, Maroussi of Attica 100 Petroleum Products ERMIS A.E.M.E.E. Greece, Maroussi of Attica 100 Petroleum Products CORAL PRODUCTS AND TRADING S.A. Greece, Maroussi of Attica 100 Petroleum Products MEDSYMPAN LTD Cyprus, Nicosia 100 Holding Company CORAL ALBANIA SH.A. Albania, Tirana 100 Petroleum Products CORAL SRB DOO BEOGRAD Serbia, Beograd 100 Petroleum Products CORAL-FUELS DOOEL SKOPJE North Macedonia, Skopje 100 Petroleum Products CORAL MONTENEGRO DOO PODGORICA Montenegro, Podgorica 100 Petroleum Products MEDPROFILE LTD Cyprus, Nicosia 75 Holding Company CORAL ENERGY PRODUCTS (CYPRUS) LTD Cyprus, Nicosia 75 Petroleum Products CORAL CROATIA D.O.O. Croatia, Zagreb 75 Petroleum Products CORAL DVA D.O.O. Croatia, Zagreb 75 Petroleum Products L.P.C. S.A. Greece, Aspropyrgos Attica 100 Processing and trading of lubricants and petroleum products KEPED S.A. Greece, Aspropyrgos of Attica 100 Management of Waste Lubricants Packaging EN.DI.A.L.E. S.A. Greece, Aspropyrgos of Attica 100 Alternative Waste Lubricant Oils Treatment CYTOP S.A. Greece, Aspropyrgos of Attica 100 Collection and Trading of used Lubricants AL DERAA AL AFRIQUE JV FOR ENVIRONMENTAL SERVICES Libya, Tripoli 60 Collection and Trading of used Lubricating Oils ARCELIA HOLDINGS LTD Cyprus, Nicosia 100 Holding Company CYCLON LUBRICANTS DOO BEOGRAD Serbia, Belgrade 100 Marketing of Lubricants CYROM PETROTRADING COMPANY Romania, Ilfov-Glina 100 Marketing of Lubricants BULVARIA AUTOMOTIVE PRODUCTS LTD Bulgaria, Sofia 100 Marketing of Lubricants CORAL GAS A.E.V.E.Y. Greece, Aspropyrgos of Attica 100 Liquefied Petroleum Gas CORAL GAS CYPRUS LTD Cyprus, Nicosia 100 Liquefied Petroleum Gas MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy TEFORTO HOLDING LTD Cyprus, Nicosia 100 Holding Company STEFANER ENERGY S.A. Greece, Maroussi of Attica 85 Energy SELEFKOS ENERGEIAKI S.M.S.A. Greece, Maroussi of Attica 100 Energy WIRED RES S.A. Greece, Maroussi of Attica 99.65 Energy KELLAS WIND PARK S.A. Greece, Maroussi of Attica 100 Energy OPOUNTIA ECO WIND PARK SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy STRATEGIC ENERGY TRADING ENERGIAKI S.A. Greece, Neo Psychiko of Attica 100 Energy SENTRADE RS DOO BEOGRAD Serbia, Belgrade 100 Energy MORE DOOEL SKOPJE (ex SENTRADE DOOEL SKOPJE) North Macedonia, Skopje 100 Energy MS FLORINA I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy MS FOKIDA I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy MS ILEIA I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy MS VIOTIA I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy MS KASTORIA I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy MS KORINTHOS I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy MS KOMOTINI I SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 30 AIOLIKA PARKA VOREIODYTIKIS ELLADAS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy ARGOLIKOS ANEMOS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy UNAGI S.A. Greece, Maroussi of Attica 75 Energy BALIAGA S.A. Greece, Maroussi of Attica 38.25 Energy TEICHIO S.A. Greece, Maroussi of Attica 38.25 Energy PIVOT SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy AIOLIKI THRAKIS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy AIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy VERD SOLAR PARKS S.M.P.C. Greece, Maroussi of Attica 100 Energy DMX AIOLIKI MARMARIOU - AGKATHI MEPE Greece, Maroussi of Attica 100 Energy DMX AIOLIKI MARMARIOU - RIGANI MEPE Greece, Maroussi of Attica 100 Energy MAGOULA SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy EVRYNOMI SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy PTOLEMAIOS SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy PTELEOS SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy SPILAIO SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy ALYSTRATI SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy ARSINOI SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy ATLAS SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy FOIVOS SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy THERMES SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy KORMISTA SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy MESAIO SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy NIKOPOLI SOLAR S.A. Greece, Maroussi of Attica 38.25 Energy MORE ROMANIA S.R.L. Romania, Bucharest 100 Energy SOLAR ENERGY PRODUCTION S.R.L. Romania, Buzau 80 Energy AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy GR AIOLIKO PARKO FLORINA 10 LP Greece, Maroussi of Attica 100 Energy GR AIOLIKO PARKO PREVEZA 1 LP Greece, Maroussi of Attica 100 Energy AIOLIKO PARKO PORTSIDE WIND ENERGY LTD THRAKI 1 LP Greece, Maroussi of Attica 100 Energy DMX AIOLIKI MARMARIOU - AGIOI APOSTOLOI MEPE Greece, Maroussi of Attica 100 Energy DMX AIOLIKI MARMARIOU RIZA MEPE Greece, Maroussi of Attica 100 Energy DYLOX WIND PARK LTD Cyprus, Nicosia 100 Holding Company FOXWIND FARM LTD Cyprus, Nicosia 100 Holding Company LAGIMITE LTD Cyprus, Nicosia 100 Holding Company PORTSIDE WIND ENERGY LTD Cyprus, Nicosia 100 Holding Company
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 31 ANEMOS RES SINGLE-MEMBER S.A. Greece, Maroussi of Attica 100 Energy MYIS SMIXIOTIKOU S.A. Greece, Maroussi of Attica 51 Energy EOLIKI KARPASTONIOU S.A. Greece, Maroussi of Attica 51 Energy MORE ANALYTICS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy HELLENIC ENERGY AND DEVELOPMENT - RENEWABLES SINGLE MEMBER S.A. Greece, Nea Kifissia of Attica 100 Energy AEOLIKI KANDILIOU SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy EOLIKI OLYMPOU EVIAS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy ANEMOS ATALANTIS SINGLE MEMBER S.A. Greece, Maroussi of Attica 100 Energy ROBOLA LTD Cyprus, Nicosia 100 Holding Company NEILMAN LTD Cyprus, Nicosia 100 Holding Company KRASDON ENTERPRISES LTD Cyprus, Nicosia 100 Holding Company BRENDENA HOLDINGS LTD Cyprus, Nicosia 100 Holding Company NAVAPLEX TRADING LTD Cyprus, Nicosia 100 Holding Company RE-BESS IFAISTOS S.A. Greece, Maroussi of Attica 100 Energy ZENROW LTD Cyprus, Nicosia 100 Holding Company TWENTY 4 SHOPEN S.M.S.A. Greece, Maroussi of Attica 100 Trading and Services HELECTOR S.A.* Greece, Kifissia of Attica 94.44 Enviromental Services ASA RECYCLE S.A.* Greece, Aspropyrgos of Attica 70.84 Enviromental Services EPALTHEA S.A.* Greece, Kifissia of Attica 56.66 Enviromental Services EPADYM S.M.S.A.* Greece, Kozani of Macedonia 94.44 Enviromental Services EDADYM S.M.S.A.* Greece, Kifissia of Attica 94.44 Enviromental Services APOTEFROTIRAS S.A.* Greece, Kifissia of Attica 61.39 Enviromental Services AEIFORIKI DODECANISOU S.M.S.A.* Greece, Kifissia of Attica 94.44 Enviromental Services APOSTEIROSI S.A.* Greece, Kifissia of Attica 56.67 Enviromental Services GEOENERGY AEGEAN S.M.S.A.* Greece, Kifissia of Attica 94.44 Enviromental Services BIOGAS ENERGY ANO LIOSIA S.A.* Greece, Kifissia of Attica 47.22 Enviromental Services HELECTOR S.A. - AEIFORIKI DODECANISOU S.A. O.E* Greece, Kifissia of Attica 94.44 Enviromental Services HELECTOR CYPRUS LTD* Cyprus, Larnaca 94.44 Enviromental Services HERHOF GMBH* Germany, Solms 94.44 Enviromental Services HERHOF RECYCLING OSNABURG* Germany, Osnabrück 94.44 Enviromental Services HERHOF VERWALTUNGS GMBH* Germany, Solms 94.44 Enviromental Services J/V HELECTOR S.A. - ELLAKTOR - CYBARCO* Cyprus, Larnaca 94.44 Enviromental Services J/V HELECTOR S.A. - WATT S.A. (EPEIGOUSON ANAGKON)* Greece, Kifissia of Attica 94.44 Enviromental Services J/V TOMI - BILFINGER BERGER (CYPRUS - PAPHOS LANDFILL)* Cyprus, Larnaca 94.44 Enviromental Services J/V HELECTOR S.A. - BILFINGER BERGER (MARATHOUNTAS LANDFILL)* Cyprus, Larnaca 94.44 Enviromental Services
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 32 *In January 2025, the acquisition through the subsidiary “MANETIAL LTD” of the 94.44% of the share capital of “HELECTOR S.A.” from “ELLAKTOR S.A.” was completed. Helector group operates in the circular economy sector. Also, within the same month, the company “ELETAKO LTD” acquired 100% of the share capital of “ZENROW LTD”, which in turn holds 100% of the share capital of “TWENTY 4 SHOPEN S.M.S.A.”, a holding company that owns the 24 SHOPEN network of 25 retail convenience stores. Additionally, in January 2025, the companies “AIOLIKO PARKO FOXWIND FARM LTD-EVROS 1 LP”, “AIOLIKO PARKO DYLOX WIND - RODOPI 4 LP” and “AIOLIKO PARKO PORTSIDE WIND ENERGY LTD RODOPI 5 LP” were liquidated. In February 2025, the companies “ROBOLA LTD”, “NEILMAN LTD”, “KRASDON ENTERPRISES LTD”, “BRENDENA HOLDINGS LTD” and “NAVAPLEX TRADING LTD” were established. The newly established entities are holding companies active in Cyprus. Also, within the same month, the company “RE-BESS IFAISTOS S.A.” was established by “MS FLORINA I SINGLE MEMBER S.A.”, “MS FOKIDA I SINGLE MEMBER S.A.” and “MS VIOTIA I SINGLE MEMBER S.A.”, subsidiaries of the subgroup MORE, holding each one equal ownership stake. The newly established company is active in the field of electrical energy storage. Furthermore, in February 2025, the companies “GUSTAFF LTD” and “POTRYLA LTD” were liquidated. The aforesaid companies are consolidated with the Full consolidation method from that date of acquisition/establishment. The Group companies that are consolidated using the Equity method are the following: Name Place of incorporation and operation % of ownership interest Principal Activity KORINTHOS POWER S.A. Greece, Maroussi of Attica 35 Energy GROUP SHELL AND MOH AVIATION FUELS Greece, Maroussi of Attica 49 Aviation Fuels RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A. Greece, Maroussi of Attica 37.49 Aviation Fuels TALLON COMMODITIES LTD United Kingdom, London 30 Risk management and Commodities Hedging THERMOILEKTRIKI KOMOTINIS S.A. Greece, Maroussi of Attica 50 Energy TALLON PTE LTD Singapore 30 Risk management and Commodities Hedging NEVINE HOLDINGS LTD Cyprus, Nicosia 50 Holding Company ALPHA SATELITE TELEVISION S.A. Greece, Pallini of Attica 50 TV channel GROUP ELLAKTOR Greece, Kifissia of Attica 23.89 Construction EVOIKOS BOREAS S.A. Greece, Nea Kifissia of Attica 49 Energy HELLENIC FAST CHARGING SERVICES S.A. Greece, Maroussi of Attica 50 Energy SOFRANO S.A. Greece, Nea Kifissia of Attica 49 Energy INDICE S.A. Greece, Athens of Attica 24.9 IT Services AIOLIKI PROVATA TRAIANOUPOLEOS S.A. Greece, Athens of Attica 50 Energy ENERMEL S.A.* Greece, Kifissia of Attica 47.22 Enviromental Services DYNEKAT Ο.E.* Greece, Thessaloniki 30.52 Construction GEOTHERMAL TARGET TWO (II) S.M.S.A.* Greece, Agia Paraskevi of Attica 48.17 Energy ELLAKTOR VENTURES* Cyprus, Nicosia 23.61 Concessions *In January 2025, the acquisition through the subsidiary “MANETIAL LTD” of the 94.44% of the share capital of “HELECTOR S.A.” from “ELLAKTOR S.A.” was completed. Helector group operates in the circular economy sector.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 33 In addition, within the same month, the subsidiary “MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.” acquired 50% of the share capital of the company “ AIOLIKI PROVATA TRAIANOUPOLEOS S.A. ”, which operates in the energy sector. In February 2025, the acquisition of 24.9% of the share capital of “INDICE S.A.” was completed. The company is active in the IT sector. The Joint Operations, of which the Group consolidates proportionally the assets, liabilities, revenues and expenses, are the following: Name Place of incorporation and operation % of ownership interest Principal Activity J/V THALIS ES SA - ΝΑΟUΜ ATE Greece, Athens of Attica 30 Environmental Projects J/V THALIS E.S. S.A. - KARTAS GEORGIOS TOU STAUROU Greece, Athens of Attica 51.97 Environmental Projects J/V THALIS PERIVALLONTIKES YPIRESIES A.E. - AAGIS A.E. Greece, Dafni of Attica 70 Environmental Projects J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. Greece, Thessaloniki 50 Environmental Projects J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E. EEL POLYGYROU Greece, Thessaloniki 50 Environmental Projects J/V THALIS E.S S.A. - NAOUM S.Th. A.T.E. 2 Greece, Athens of Attica 50 Environmental Projects J/V ZIORIS SA - THALIS ES SA Greece, Arta of Epiros 50 Environmental Projects J/V EKMETALEUSIS VIOAERIOU DYTIKIS MAKEDONIAS ILEKTOR A.E - THALIS E.S S.A** Greece, Athens of Attica 96.67 Environmental Projects J/V THALIS ES SA - MICHANIKI PERIVALLONTOS SA - MESOGEOS SA Greece, Athens of Attica 31 Environmental Projects J/V MESOGEIOS A.E.- THALIS E.S. S.A. (EEL METAGGITSI) Greece, Athens of Attica 70 Environmental Projects J/V THALIS E.S S.A- MESOGEIOS A.E. (LYMATA N. PLAGION) Greece, Athens of Attica 70 Environmental Projects J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E. Greece, Athens of Attica 66.44 Environmental Projects J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. Greece, Thessaloniki 15.74 Environmental Projects J/V THALIS E.S. S.A. – TALOS ATE Greece, Athens of Attica 65.42 Environmental Projects J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. Greece, Thessaloniki 50 Environmental Projects J/V NAOUM ATE - THALIS ES SA Greece, Chania of Crete 4.68 Environmental Projects J/V NAOUM S.Th. ATE – THALIS E.S. S.A. DIKTYA GEORGIOUPOLIS Greece, Athens of Attica 50 Environmental Projects J/V THALIS E.S. S.A. – MICHANIKI PERIVALLONTOS A.E. MELIKI Greece, Athens of Attica 50 Environmental Projects J/V THALIS E.S. S.A. - GKOLIOPOULOS A.T.E. Greece, Athens of Attica 50 Environmental Projects J/V NRG SUPPLY AND TRADING S.A.-GLOBILED LTD- GLOBITEL S.A. Greece, Ag. Dimitrios of Attica 50 Pr ovision of energy saving and energy upgrading services J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. - DIKTYO YDREUSIS Greece, Thessaloniki 50 Environmental Projects J/V ILECTOR S.A. - THALIS E.S. S.A.** Greece, Kifissia of Attica 97.22 Environmental Projects J/V THALIS E.S. S.A. - DIALYNAS A.E. - ANAVATHMISI YFISTAMENIS EEL CHIOU Greece, Athens of Attica 70 Environmental Projects J/V ILEKTOR A.E. – THALIS E.S. S.A. XIRANSI ILYOS EEL CHANION** Greece, Kifissia of Attica 96.11 Environmental Projects J/V THALIS E.S. S.A.-ILEKTOR A.E. EPEXERGASIA ILYON E.E.L. FODISA V. PEDIADAS** Greece, Athens of Attica 97.22 Environmental Projects J/V THALIS E.S. S.A. – ENVIN S.A. - GOUMENISSA Greece, Athens of Attica 50 Environmental Projects J/V THALIS ES SA – TERNA A.E. – KONSTANTINIDIS A.E. Greece, Athens of Attica 50 Environmental Projects ELTEPE JOINT VENTURE Greece, Aspropyrgos of Attica 100 Collection and Trading of used Lubricants
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 34 J/V MEA VOLOU MESOGEIOS A.E.-THALIS ES SA Greece, Athens of Attica 50 Environmental Projects J/V POLYZOIS NIKOS A.E. - THALIS E.S S.A. - BEN NAOUSAS Greece, Thessaloniki 50 Environmental Projects J/V DETEALA - HELECTOR - EDL SM LTD (EXPLOITATION OF BIOGAS, ANO LIOSION LANDFILL) * Greece, Kifissia of Attica 28.33 Environmental Projects J/V BILFIGER BERGER - MESOGEIOS - HELECTOR SA (TAGARADES LANDFILL)* Greece, Kifissia of Attica 27.39 Environmental Projects J/V TOMI SA - HELECTOR SA (FYLI LANDFILL PHASE A)* Greece, Kifissia of Attica 20.54 Environmental Projects J/V TOMI SA - HELECTOR SA - KONSTANTINIDIS (FYLI LANDFILL PHASE A)* Greece, Kifissia of Attica 14.38 Environmental Projects J/V HELECTOR - ENVITEC (SUPPORT - OPERATION - MAINTENANCE OF MECHANICAL RECYCLING FACTORY)* Greece, Kifissia of Attica 47.22 Environmental Projects J/V HELECTOR SA - TH. G. LOLOS - CH. TSOBANIDIS - ARSI SA (SUPPORT - OPERATION - MAINTENANCE OF MECHANICAL RECYCLING FACTORY)* Greece, Kifissia of Attica 66.11 Environmental Projects J/V HELECTOR SA - TH. G. LOLOS - CH. TSOBANIDIS - ARSI SA - ENVITEC (MECHANICAL RECYCLING FACTORY SERVICES)* Greece, Kifissia of Attica 47.08 Environmental Projects J/V KONSTANTINIDIS - HELECTOR SA (JORDAN PROJECT)* Greece, Maroussi of Attica 46.28 Environmental Projects CONSORTIUM AKTOR SA - HELECTOR SA* Bulgaria, Plovdiv 71.78 Environmental Projects J/V AKTOR - HELECTOR (OLYMPIADA)* Greece, Paiania of Attica 18.89 Environmental Projects J/V ΗELECTOR SA - ARSI SA (MISTHOSI APOTEFROTIRA)* Greece, Kifissia of Attica 66.11 Environmental Projects J/V HELECTOR - MICHANIKI PERIVALLONTOS (POLYGYROS-ANTHEMOUNTA LANDFILL)* Greece, Kifissia of Attica 47.22 Environmental Projects J/V HELECTOR - MICHANIKI PERIVALLONTOS (PARAMYTHIA LANDFILL)* Greece, Kifissia of Attica 47.22 Environmental Projects J/V MICHANIKI PERIVALLONTOS SA - HELECTOR SA (ELLINIKO LANDFILL)* Greece, Thessaloniki 47.22 Environmental Projects J/V HELECTOR SA - AKTOR FM SA* Greece, Kifissia of Attica 56.67 Environmental Projects J/V HELECTOR SA - TOMI SA (SERRES LANDFILL)* Greece, Kifissia of Attica 75.56 Environmental Projects J/V HELECTOR SA - WATT SA (PHASE A OF RESTORATION OF WEST ATTICA OEDA)* Greece, Kifissia of Attica 78.39 Environmental Projects J/V PRASINOU EMA* Greece, Kifissia of Attica 51.94 Environmental Projects J/V HELECTOR - MICHANIKI PERIVALLONTOS (ARNAIA)* Greece, Thessaloniki 47.22 Environmental Projects J/V METAVATIKIS DIACHEIRISIS ORG. APOVL. PKM HELECTOR SA - MESOGEIOS SA* Greece, Kifissia of Attica 47.22 Environmental Projects J/V HELECTOR - TOMI (EDESSA)* Greece, Kifissia of Attica 83.28 Environmental Projects J/V AKTOR ATE - HELECTOR SA (CONSTRUCTION EENTH - PHASE A2)* Greece, Paiania of Attica 21.87 Environmental Projects J/V AKTOR ATE - HELECTOR SA (ΕΕL AINEIA 18/2021)* Greece, Paiania of Attica 28.33 Environmental Projects J/V HELECTOR - WATT (MES OEDA D. ATTIKIS)* Greece, Kifissia of Attica 47.22 Environmental Projects J/V CHERSONISOU HELECTOR SA - LIMENIKI SA* Greece, Kifissia of Attica 75.56 Environmental Projects J/V HELECTOR SA - WATT SA (TEMPLONI LANDFILL)* Greece, Kifissia of Attica 49.11 Environmental Projects HELECTOR SA - AKTOR SA (SITHYA AIS KARDIAS J/V)* Greece, Kifissia of Attica 47.22 Environmental Projects J/V AKTOR ATE - HELECTOR S.A. - MESOGEIOS S.A. (GRAMMATIKO LANDFILL)* Greece, Kifissia of Attica 18.03 Environmental Projects *In January 2025, the acquisition through the subsidiary “MANETIAL LTD” of the 94.44% of the share capital of “HELECTOR S.A.” from “ELLAKTOR S.A.” was completed. Helector group operates in the circular economy sector.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 35 **The ownership stake of these companies changed due to the acquisition of the 94.44% of “HELECTOR S.A.”. The amounts of the Investments in Subsidiaries and Associates of the Group are the following: Name GROUP COMPANY (In 000's Euros) 31/03/2025 31/12/2024 31/03/2025 31/12/2024 AVIN OIL SINGLE MEMBER S.A. 0 0 53,013 53,013 CORAL S.A. 0 0 63,141 63,141 CORAL GAS A.E.V.E.Y. 0 0 26,585 26,585 L.P.C. S.A. 0 0 11,827 11,827 IREON INVESTMENTS LTD 0 0 114,350 114,350 BUILDING FACILITY SERVICES SINGLE MEMBER S.A. 0 0 600 600 MOTOR OIL FINANCE PLC 0 0 62 61 CORINTHIAN OIL LTD 0 0 100 100 MOTOR OIL VEGAS UPSTREAM LTD 0 0 2,125 2,125 NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A. 0 0 122,500 66,500 OFC AVIATION FUEL SERVICES S.A. 0 0 7,196 7,196 MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. 0 0 598,201 598,201 KORINTHOS POWER S.A. 86,610 82,107 0 0 GROUP SHELL AND MOH AVIATION FUELS 8,644 11,073 0 0 RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A. 1,245 1,279 0 0 MEDIAMAX HOLDINGS LTD 0 0 32,453 32,454 MANETIAL LTD 0 0 167,010 51,010 ELETAKO LTD 0 0 0 0 TALLON COMMODITIES LTD 976 1,544 632 632 TALLON PTE LTD 130 130 9 9 THERMOILEKTRIKI KOMOTINIS S.A. 10,493 12,368 22,813 22,813 ELLAKTOR GROUP 106,899 176,958 33,118 104,000 DIORYGA GAS SINGLE MEMBER S.A. 0 0 7,800 7,800 VERD SINGLE-MEMBER S.A. 0 0 15,400 15,400 ALPHA SATELITE TELEVISION S.A. 16,286 17,457 0 0 NEVINE HOLDINGS LTD 16,193 17,373 0 0 SOFRANO S.A. 18,589 18,612 0 0 EVOIKOS BOREAS S.A. 10,182 10,248 0 0 HELLENIC FAST CHARGING SERVICES S.A. 1,230 1,256 0 0 HELLENIC HYDROGEN S.A. 0 0 6,732 6,732 KRASDON ENTERPRISES LTD 0 0 1 0 BRENDENA HOLDINGS LTD 0 0 1 0 NAVAPLEX TRADING LTD 0 0 1 0 ROBOLA LTD 0 0 10 0 NEILMAN LTD 0 0 10 0 INDICE S.A. 1,994 0 1,992 0 AIOLIKI PROVATA TRAIANOUPOLEOS S.A. 1,258 0 0 0 ENERMEL S.A. 4,231 0 0 0 GEOTHERMAL TARGET TWO (II) S.M.S.A. 319 0 0 0 Total 285,279 350,405 1,287,682 1,184,549 The Company increased its investment in “MANETIAL LTD” and “NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.” by € 116 million and € 56 million respectively, following the participation in the share capital increases held in January 2025 for both companies. In addition, the Company has reduced its investment in Ellaktor Group due to a share capital return amount of € 70.9 million that was completed in March 2025.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 36 14. Other Financial Assets Name Place of incorporation Cost as at Cost as at Principal Activity (In 000's Euros) 31/03/2025 31/12/2024 ATHENS AIRPORT FUEL PIPELINE CO. S.A. Athens 927 927 Aviation Fueling Systems HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES Athens 10 10 Promotion of Electric Power Issues VIPANOT Aspropyrgos 293 293 Establishment of Industrial Park ENVIROMENTAL TECHNOLOGIES FUND London 6,311 5,272 Investment Company EMERALD INDUSTRIAL INNOVATION FUND Guernsey 3,143 2,915 Investment Company PHASE CHANGE ENERGY SOLUTIONS Inc. Delaware 1,546 1,546 Energy-saving materials ACTNANO INC Delaware 2,122 2,122 Waterproof coatings OPTIMA BANK S.A. Athens 101,409 85,432 Bank KS INVESTMENT VEHICLE LLC Delaware 616 616 Investment Company HUMA THERAPEUTICS S.A. London 1,440 1,440 Innovation and Technology REAL CONSULTING S.A Athens 880 700 Consulting Services ENERGY COMPETENCE CENTER P.C. Athens 186 186 Innovation and Technology Services in the Energy and Environment Sectors SKION WATER UK LTD London 2,267 2,284 Global water and waste water technology solution provider ENVIROMENTAL TECHNOLOGIES FUND 4 LP London 1,985 1,999 Investment in sustainable innovative companies BIO-BASED ENERGY TECHNOLOGIES P.C. Thessaloniki 15 0 Bio-based Energy Technologies ZEELO LTD London 681 681 Smart bus platform for organisations COOPERATIVE BANK OF CHANIA Chania 10 10 Bank BLUE BEAR CAPITAL PARTNERS III,LP Delaware 981 1,016 Investment Company OPEN COSMOS LTD Harwell 1,518 1,518 Space Technology SUSTAINABLE FORWARD CAPITAL FUND 1 A.K.E.S. Kifissia 1,129 500 Investment Company DEVELOPMENT POWER SOLAR ENERGY S.R.L. Buzau 845 845 Renewable Energy Power Generation BANK OF CYPRUS HOLDINGS P.L.C. Nicosia 642 19 Investment Company 128,956 110,331 The increase in the cost of investment in OPTIMA BANK S.A., as indicated in the above table, is attributed to the share price change from € 12.94 as at 31 December 2024 to € 15.36 as at 31 March 2025. The participation stake on the above investments is below 20% and they are measured at their fair value through other comprehensive income (level 1 and 3 in fair value hierarchy).
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 37 15. Inventories (In 000's Euros) GROUP COMPANY 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Raw materials 346,060 547,322 326,359 526,824 Merchandise 222,276 197,941 9,775 5,395 Products 291,945 209,402 272,736 187,028 CO2 Emission Allowances 2,022 950 2,022 950 Total Inventories 862,303 955,615 610,892 720,197 Inventories are measured at the lower of cost and net realizable value (NRV). The cost of inventories may not be recoverable if their selling prices have decreased, if these inventories have been damaged, or if they have become completely or partially obsolete. For the current and prior year period, certain inventories were measured at their net realizable value, resulting in charges of the Statement of Profit or Loss and Other Comprehensive Income (“Cost of Sales”) for the Group, amounting to € 17,970 thousand for the per iod 01/01-31/03/2025 and € 3,827 thousand for the prior year’s period (Company: 01/01- 31/03/2025: € 17,926 thousand, 01/01-31/03/2024: € 3,809 thousand). During the current and the prior year’s period, there was no reversal of the amount resulting from the write down to net realizable value charged on Group and Company level. The charge per inventory category is as follows: (In 000's Euros) GROUP COMPANY 31/03/2025 31/03/2024 31/03/2025 31/03/2024 Raw materials 2,796 0 2,796 0 Merchandise 342 116 298 98 Products 14,832 301 14,832 301 CO2 Emission Allowances 0 3,410 0 3,410 Total 17,970 3,827 17,926 3,809 The total cost of inventories recognized as an expense in the “Cost of Sales” for the Group was € 2,405,686 thousand and € 2,555,525 thousand for the period 01/01-31/03/2025 and 01/01-31/03/2024, respectively (Company: 01/01-31/03/2025: € 1,686,526 thousand, 01/01-31/03/2024: € 1,827,460 thousand). 16. Borrowings (In 000's Euros) GROUP COMPANY 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Borrowings 2,925,623 2,647,603 1,540,881 1,305,539 Unamortized balance of capitalized profits from loan agreements modifications* (13,642) (12,942) (1,892) (581) Unamortized balance of capitalized loan expenses (17,167) (18,462) (7,942) (8,843) Total Borrowings 2,894,814 2,616,199 1,531,047 1,296,115 *The loans that were modified during the year and the period concern mainly MORE subgroup. The borrowings are repayable as follows: (In 000's Euros) GROUP COMPANY 31/03/2025 31/12/2024 31/03/2025 31/12/2024 On demand or within one year 201,537 210,564 62,828 64,516 In the second year 607,033 620,741 453,766 453,766 From the third to fifth year inclusive 1,491,632 1,332,690 827,423 720,081 After five years 625,421 483,608 196,864 67,176
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 38 Unamortized balance of capitalized profits from loan agreements modifications (13,642) (12,942) (1,892) (581) Unamortized balance of capitalized loan expenses (17,167) (18,462) (7,942) (8,843) Total Borrowings 2,894,814 2,616,199 1,531,047 1,296,115 Less: Amount payable within 12 months (shown under current liabilities) 201,537 210,564 62,828 64,516 Amount payable after 12 months 2,693,277 2,405,635 1,468,219 1,231,599 Analysis of borrowings by currency on 31/03/2025 and 31/12/2024 is: (In 000's Euros ) GROUP COMPANY 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Loans' currency EURO 2,894,734 2,616,199 1,531,047 1,296,115 U.S. DOLLARS 0 0 0 0 ROMANIAN LEU 80 0 0 0 Total Borrowings 2,894,814 2,616,199 1,531,047 1,296,115 The Group has the following borrowings: i. “MOTOR OIL” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €400,000 (traded at Euronext Dublin Stock Exchange) July 2026 € 400,000 € 400,000 Bond Loan €200,000 (traded at Athens Stock Exchange) March 2028 € 200,000 € 200,000 Bond Loan €200,000 July 2031 € 180,000 € 50,000 Bond Loan €100,000 July 2028 € 100,000 € 100,000 Bond Loan €20,000 September 2025 € 6,000 € 8,000 Bond Loan €10,000 September 2025 € 4,000 € 4,000 Bond Loan €200,000 November 2027 € 110,000 € 120,000 Bond Loan €10,584 January 2027 € 5,292 € 6,615 Bond Loan €10,680 January 2027 € 5,340 € 6,675 Bond Loan €90,000 July 2030 € 43,200 € 43,200 Bond Loan €300,000 February 2029 € 300.000 € 300.000 Bond Loan €32,612 December 2035 € 7,049 € 7,049
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 39 Bank Loan €40,000 June 2034 € 10,000 € 10,000 Bond Loan €300,000 June 2027 (4-year extension) € 120,000 € 50,000 Bond Loan €100,000 April 2027 (3-year extension) € 50,000 € 0 The total short -term loans (including short -term portion of long -term loans) with duration up to one -year amount to € 62,828 thousand. ii. “AVIN OIL SINGLE MEMBER S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €17,500 March 2028 € 4,000 € 4,000 Bond Loan €873 August 2033 € 149 € 158 Bond Loan €140,000 September 2028 € 125,000 € 125,000 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 6,018 thousand. iii. “CORAL” subgroup has been granted the following loans as analyzed in the below table (in thousands €/$): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €35,000 Μay 2028 € 35,000 € 35,000 Bond Loan €80,000 December 2029 € 80,000 € 80,000 Bond Loan €100,000 November 2029 € 100,000 € 100,000 Bond Loan €35,000 February 2028 € 20,000 € 35 Bond Loan $17,000* February 2028 $ 0 $ 0 Bond Loan $17,000* February 2028 € 0 € 17 Bank Loan €2,307** October 2029 € 0 € 1,268 Bank Loan €1,530** October 2028 € 0 € 663 Bank Loan €1,350** February 2030 € 0 € 753 Bank Loan €987** April 2029 € 0 € 491 Bank Loan €1,125 August 2030 € 628 € 655 Bank Loan €918** June 2031 € 0 € 585
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 40 Bank Loan €4,000 March 2031 € 3,475 € 0 Bank Loan €271 November 2025 € 23 € 31 Bank Loan €800 February 2027 € 192 € 217 *This particular loan can be withdrawn in both currencies. **The specific loans were fully repaid earlier than the original maturity date. Total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to € 38,043 thousand. iv. “L.P.C. S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €5,000 June 2029 € 3,000 € 5,000 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 0 thousand. v. “CORAL GAS A.E.V.E.Y. ” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €15,000 July 2028 € 8,000 € 8,500 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 886 thousand. vi. “NRG” subgroup has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €100,000 October 2026 € 83,000 € 100,000 Bond Loan €30,000 January 2028 € 22,000 € 0 Bank Loan €200 September 2025 € 0 € 34 Bank Loan €250 June 2025 € 15 € 30 Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to € 2,860 thousand.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 41 vii. “MOTOR OIL RENEWABLE ENERGY” subgroup has been granted the following loans as analyzed in the below tables (in thousands €): “MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.” Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €100,000 December 2029 € 100,000 € 100,000 Bond Loan €25,000 December 2034 € 25,000 € 25,000 Bond Loan €10,800 December 2034 € 10,800 € 0 “SELEFKOS ENERGEIAKI S.M.S.A.” Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bank Loan €28,800 June 2035 € 20,864 € 20,864 “STEFANER ENERGY S.A.” Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan Series A €12,300 December 2032 € 8,393 € 8,097 “WIRED RES S.A.” Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bank Loan €16,000 March 2025 € 16,000 € 13,500 “VERD SOLAR PARKS S.M.P.C.” Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bank Loan €500 February 2033 € 333 € 344 “AIOLIKI HELLAS SINGLE MEMBER S.A.” The companies “AIOLIKI HELLAS SINGLE MEMBER S.A.”, “AIOLOS ANAPTYXIAKI AND SIA FTHIOTIDAS SINGLE MEMBER S.A.”, “ANEMOS MAKEDONIAS SINGLE MEMBER S.A.” and “AIOLIKO PARKO KATO LAKOMATA M.A.E.E.” have been granted loans as analyzed in the below table (in thousands €): Company Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Loan €13,225 Anemos Makedonias Single Member S.A.* December 2034 € 10,355 € 10,355 Loan €204,000 Aioliki Ellas Energeiaki Single Member S.A. December 2036 € 166,977 € 166,977 *In December 2022, the merger through absorption of the entities “AIOLIKI HELLAS SINGLE MEMBER S.A.”, “AIOLOS ANAPTYKSIAKI AND SIA FTHIOTIDA SINGLE MEMBER S.A.”, “ANEMOS MAKEDONIAS SINGLE MEMBER S.A.” and “AIOLIKO PARKO KATO LAKOMATA Μ.Α.Ε.Ε.”, by “AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.” was completed. Thus, the company liable for the above borrowing is “AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.”. There are pledges on the company’s stocks and on the machinery to secure the above loans.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 42 The company “ANEMOS RES SINGLE-MEMBER S.A.” has been granted loans as analyzed in the below table (in thousands €): Company Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €520,000* ANEMOS RES SINGLE- MEMBER S.A. June 2038 € 440,750 € 440,750 *The specific loan consists of Series A €310,000, Series B €190,000 and Series C €20,000, all with the same expiration date. There are pledges on the company’s stocks and on the machinery to secure the above loan. Total short -term loans (including the short -term part of long -term loans) with duration up to one year amount to € 72,919 thousand for the MORE sub-group. viii. “VERD” subgroup has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €10,200 December 2028 € 10,200 € 10,200 Bond Loan €500 June 2025 € 60 € 60 Total short -term loans (including the short -term part of long -term loans) with duration up to one year amount to € 3,857 thousand for the VERD sub-group. ix. “THALIS ENVIRONMENTAL SERVICES S.A” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bank Loan €500 July 2025 € 50 € 103 Bank Loan €1,350 November 2028 € 788 € 870 Total short -term loans (including the short -term part of long -term loans) with duration up to one year amount to € 260 thousand. x. “OFC AVIATION FUEL SERVICES S.A.” has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €3,000 April 2033 € 2,684 € 2,684 Bond Loan €5,000 September 2034 € 5,000 € 0 Total short -term loans (including the short -term part of long -term loans) with duration up to one year amount to € 842 thousand.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 43 xi. “HELECTOR S.A.” subgroup has been granted the following loans as analyzed in the below table (in thousands €): Expiration Date Balance as at 31.03.2025 Balance as at 31.12.2024 Bond Loan €2,000 April 2025 € 250 € 0 Bank Loan €25,437 December 2028 € 8,654 € 0 Bond Loan €978 August 2035 € 901 € 0 Total short -term loans (including the short -term part of long -term loans) with duration up to one year amount to € 5,630 thousand. Changes in liabilities arising from financing activities The tables below detail changes in the Group’s and Company’s liabilities arising from financing activities, including both cash and non-cash changes: GROUP 31/12/2024 Additions attributable to acquisition of subsidiaries Financing Cash Flows Foreign Exchange Movement Additions Other 31/03/2025 (In 000's Euros) Borrowings 2,616,199 14,421 263,485 0 0 709 2,894,814 Lease Liabilities 241,167 6,027 (8,779) (25) 9,694 (164) 247,920 Total 2,857,366 20,448 254,706 (25) 9,694 545 3,142,734 COMPANY 31/12/2024 Financing Cash Flows Additions Other 31/03/2025 (In 000's Euros) Borrowings 1,296,115 235,342 0 (410) 1,531,047 Lease Liabilities 23,114 (1,511) 1,227 (23) 22,807 Total 1,319,229 233,831 1,227 (433) 1,553,854 The Group classifies interest paid as cash flows from operating activities.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 44 17. Fair Value of Financial Instruments Financial instruments measured at fair value The tables below present the fair values of those financial assets and liabilities presented on the Group’s and the Company's Statement of Financial Position measured at fair value . These items are classified by fair value measurement hierarchy level at 31 March 2025 and 31 December 2024. Fair value hierarchy levels are based on the degree to which the fair value is observable and are the following: Level 1 are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 inputs provide the most reliable indication of fair value and are used without adjustments. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs need some degree of adjustment to determine fair value. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are based on unobservable inputs . An entity develops unobservable inputs using the best information available in each case and can be based on internal data. (Amounts in 000's Euros) GROUP 31/03/2025 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 6,711 0 6,711 Commodity Futures 81 0 0 81 Derivatives that are not designated in hedging relationships Interest Rate Swaps 0 3,246 0 3,246 Commodity Futures 11,128 0 0 11,128 Commodity Options 24,882 0 0 24,882 Power Purchase Agreements (PPA) 0 0 14,744 14,744 Total 36,091 9,957 14,744 60,792 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 (7,426) 0 (7,426) Commodity Futures (699) 0 0 (699) Derivatives that are not designated in hedging relationships Commodity Futures (16,060) 0 0 (16,060) Commodity Options (23,668) 0 0 (23,668) Commodity Swaps 0 (5) 0 (5) Stock Options 0 (5,714) 0 (5,714) Power Purchase Agreements (PPA) 0 0 (4,281) (4,281) Total (40,427) (13,145) (4,281) (57,853)
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 45 (Amounts in 000's Euros) GROUP 31/12/2024 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 7,806 0 7,806 Commodity Futures 239 0 0 239 Derivatives that are not designated in hedging relationships Interest Rate Swaps 0 3,474 0 3,474 Commodity Futures 1,785 0 0 1,785 Commodity Options 13,262 0 0 13,262 Commodity Swaps 0 9 0 9 Power Purchase Agreements (PPA) 0 0 14,628 14,628 Total 15,286 11,289 14,628 41,203 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 (13,554) 0 (13,554) Commodity Futures (1,387) 0 0 (1,387) Derivatives that are not designated in hedging relationships Commodity Futures (6,692) 0 0 (6,692) Commodity Options (6,529) 0 0 (6,529) Commodity Swaps 0 (12) 0 (12) Stock Options 0 (5,149) 0 (5,149) Power Purchase Agreements (PPA) 0 0 (6,768) (6,768) Total (14,608) (18,715) (6,768) (40,091) (Amounts in 000's Euros) COMPANY 31/03/2025 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 6,711 0 6,711 Derivatives that are not designated in hedging relationships Commodity Futures 10,779 0 0 10,779 Commodity Options 24,650 0 0 24,650 Total 35,429 6,711 0 42,140 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Commodity Futures (441) 0 0 (441) Derivatives that are not designated in hedging relationships Commodity Futures (14,924) 0 0 (14,924) Commodity Options (23,535) 0 0 (23,535) Stock Options 0 (5,714) 0 (5,714) Total (38,900) (5,714) 0 (44,614)
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 46 (Amounts in 000's Euros) COMPANY 31/12/2024 Financial instruments measured at fair value Level 1 Level 2 Level 3 Total Derivative Financial Assets Derivatives that are designated and effective as hedging instruments Interest Rate Swaps 0 7,806 0 7,806 Commodity Futures 80 0 0 80 Derivatives that are not designated in hedging relationships Commodity Futures 1,098 0 0 1,098 Commodity Options 13,042 0 0 13,042 Total 14,220 7,806 0 22,026 Derivative Financial Liabilities Derivatives that are designated and effective as hedging instruments Commodity Futures (1,333) 0 0 (1,333) Derivatives that are not designated in hedging relationships Commodity Futures (5,703) 0 0 (5,703) Commodity Options (6,404) 0 0 (6,404) Stock Options 0 (5,149) 0 (5,149) Total (13,440) (5,149) 0 (18,589) There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements during the current and prior period. The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over- the-counter, including interest rate swaps, foreign exchange forwards and stock options. Accordingly, their fair value is derived either from option valuation models (Cox -Ross Rubinstein binomial methodology) or from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve. Where the fair value derives from a combination of different levels of inputs, in order to determine the level at which the fair value measurement should be categorized, the Company aggregates the inputs to the measurement by level and determines the lowes t level of inputs that are significant for the fair value measurement as a whole. In particular, fair value measurements of financial instruments which include inputs that have a significant effect derived from different levels of inputs, are classified in their entirety at the lowest level of input with a significant effect. Regarding this assessment, with respect to stock options, no significant impact was derived from the use of a Level 3 input in the valuation model (historical volatility) on their overall measurement, therefore these are classified at Level 2. The above stock options (Call and Put) have originated from the framework agreement between MOH and REGGEBORGH INVEST B.V., originally expiring in May 2025, which was agreed to be extended to November 2025, following the signing of an amendment of the initial framework agreement. In particular, the Company has a put option to ask REGGEBORGH INVEST B.V. to buy the 26,000,000 issued shares of ELLAKTOR S .A. at the pre-agreed price of Euro 1.75 and REGGEBORGH INVEST B.V. has a call option to request from the Company the sale of the above 26,000,000 shares issued by ELLAKTOR S .A. at the pre -agreed price of Euro 1.75. In June 2024, REGGEBORGH INVEST B.V. partially exercise d the option (Call Option) it own s and purchased 10,400,000 shares issued by ELLAKTOR S.A. In addition, in July 2024, due to the return of capital that took place, based on the decision of the General Assembly of the company ELLAKTOR S.A., the pre -agreed purchase/sale price of the Share Options (Strike Price of Call/Put Options) was reduced to E uro 1.25 following what was defined in the original framework agreement. In December 2024, the Company received from REGGEBORGH INVEST B.V. official letter for the partial exercise of the option (Call Option) it owns, which led to sell additional 10,400,000 shares issued by ELLAKTOR S.A. and held fr om the Company. Due to the
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 47 capital return, which took place in March 2025, following a decision of the General Meeting of ELLAKTOR S.A., the pre-agreed purchase/sale price of the Stock Options (Strike Price Call/Put Options) was reduced to Euro 0.398, according to the provisions of the initial framework agreement. During the current period, there are active vPPAs (Virtual Power Purchase Agreements). One of them was signed between the subsidiary company MORE and the associate company Thermoilektriki SA. The duration of this agreement is 10 years. For the derivative in consideration, a gain of € 2,593 thousand has been recognized in the current period in " Other gain/(loss)" with an equal amount recognized as a gain, in "Share of profit/ (loss) in associates ". The rest are between Group Companies and third parties with an average duration of 5- 7 years. These vPPAs are considered as financial instrument s similar to a CFD (Contract for Difference s), as there is an exchange of a fixed -price cashflow for a variable -priced cash flow, based on the difference between an agreed Fixed rate and Floating rates of Energy Markets. By entering these type of contracts, risk arising from price volatility in Energy Markets is being hedged. Regarding Fair Value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of Energy market indices (such as Natural Gas, CO2, Electricity Price indices) as defined by the contract. The discounting of future cash flows is based on the use of an Interest Rate Curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to Market Risk. Therefore, we have classified them at Level 3 in Fair Value hierarchy. All transfers between Fair value hierarchy levels are assumed to take place at the end of the reporting period, upon occurrence.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 48 18. Leases The Group leases several types of assets including land and building s, transportation means and machinery. The Group leases land and building s for the purposes of constructing and operating its own network of gas stations, fuel storage facilities (oil depots), warehouses and retail stores , as well as for its office space. Meanwhile, it leases land and buildings for the purpose of the construction and operation of wind and photovoltaic parks, the installation and exploitation of electricity storage and production units and the use of these as warehouses. Furthermore, the Group leases trucks and vessels for distribution of its oil and gas products as well as cars for management and other operational needs. Lease contracts are negotiated on an individual basis and contain a wide range of different terms and conditions. The Group subleases some of its right -of-use assets that concern premises suitable to operate gas stations and other interrelated activities including office space under operating lease. Additionally, the Group leases out part of its own fuel storage facilities to third parties under operating lease. Right of Use Assets Set out below are the carrying amounts of right -of-use assets recognized and their movements during the year 01/01– 31/12/2024 and the period 01/01–31/03/2025: GROUP COMPANY (In 000's Euros) Land and buildings Plant and machinery/ Transportation means Total Land and buildings Plant and machinery/ Transportation means Total Balance as at 1 January 2024 213,302 13,410 226,712 14,221 2,941 17,162 Depreciation charge for the period (28,866) (6,620) (35,486) (3,812) (1,387) (5,199) Additions to right-of-use assets 52,639 5,795 58,434 10,994 2,425 13,419 Additions attributable to acquisition of subsidiaries 104 6 110 0 0 0 Derecognition of right-of-use assets (6,998) (425) (7,423) (2,563) (68) (2,631) Other (24) 27 3 0 0 0 Balance as at 31 December 2024 230,157 12,193 242,350 18,840 3,911 22,751 Depreciation charge for the period (7,340) (1,677) (9,017) (1,027) (391) (1,418) Additions to right-of-use assets 8,769 925 9,694 650 577 1,227 Additions attributable to acquisition of subsidiaries 4,741 1,149 5,890 0 0 0 Derecognition of right-of-use assets (143) (95) (238) (9) (14) (23) Other (12) 0 (12) 0 0 0 Balance as at 31 March 2025 236,172 12,495 248,667 18,454 4,083 22,537 The derecognition of right-of-use assets for the Group and the Company during the year 01/01 – 31/12/2024 mainly refers to termination of lease contracts for office spaces. At the Group level, during the current period, additions attributable to the acquisition of subsidiaries mainly concern buildings and cars of Helector group.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 49 Lease Liabilities Set out below are the carrying amounts of lease liabilities and their movements for the Group and the Company during the year 01/01- 31/12/2024 and the period 01/01- 31/03/2025: (In 000's Euros) GROUP COMPANY As at 1st January 2024 222,693 17,374 Additions attributable to acquisition of subsidiaries 113 0 Additions 58,434 13,412 Accretion of Interest 8,825 742 Payments (41,529) (5,777) Foreign Exchange Differences 65 0 Other (7,434) (2,637) Balance as at 31 December 2024 241,167 23,114 Additions attributable to acquisition of subsidiaries 6,027 0 Additions 9,694 1,227 Accretion of Interest 2,498 216 Payments (11,277) (1,727) Foreign Exchange Differences (25) 0 Other (164) (23) Balance as at 31 March 2025 247,920 22,807 Current Lease Liabilities 30,387 5,284 Non-Current Lease Liabilities 217,533 17,523 Lease liabilities as of 31 March 2025 for the Group and the Company are repayable as follows: (In 000's Euros) GROUP COMPANY Not Later than one year 30,387 5,284 In the Second year 28,581 4,368 From the third to fifth year 60,263 6,166 After five years 128,689 6,989 Total Lease Liabilities 247,920 22,807 The Company and the Group do not face any significant liquidity risk with regards to its lease liabilities. Lease liabilities are monitored by the Group’s treasury function. There are no significant lease commitments for leases not commenced at the end of the reporting period. 19. Share Capital Share capital as at 3 1/03/2025 was € 83,088 thousand (31/12/2024: € 83,088 thousand) and consists of 110,782,980 registered shares of par value € 0.75 each (31/12/2024: € 0.75 each).
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 50 20. Reserves Reserves of the Group and the Company as at 31/03/2025 are € 199,529 thousand and € 73,987 thousand respectively (31/12/2024: € 163,700 thousand and € 58,654 thousand respectively) and were so formed as follows: GROUP (In 000's Euros) Balance as at 01/01/2025 Movement Balance as at 31/03/2025 Statutory 46,681 28 46,709 Special 65,732 0 65,732 Tax-free 58,348 49 58,397 Foreign currency, translation reserve 972 (1,163) (191) Treasury shares (60,968) 15,428 (45,540) Equity settled share-based payments 2,723 635 3,358 Cash flow hedge reserve (4,651) 4,229 (422) Cost of hedging reserve (1,277) (426) (1,703) Fair value Reserve on other financial assets 56,988 17,168 74,156 Other (848) (119) (967) Total 163,700 35,829 199,529 COMPANY (In 000's Euros) Balance as at 01/01/2025 Movement Balance as at 31/03/2025 Statutory 30,942 0 30,942 Special 25,218 0 25,218 Tax-free 56,807 0 56,807 Treasury shares (60,968) 15,428 (45,540) Equity settled share-based payments 2,724 634 3,358 Cash flow hedge reserve 6,154 (677) 5,477 Cost of hedging reserve (2,223) (52) (2,275) Total 58,654 15,333 73,987 Statutory Reserve According to Law 4548/2018, 5% of profits after tax must be transferred to a statutory reserve until this amounts to 1/3 of the Company’s share capital. This reserve cannot be distributed but may be used to offset losses. Special Reserves These are reserves of various types and according to various laws such as tax accounting differences, differences on revaluation of share capital expressed in Euros and other special cases with different treatment. Tax-free Reserves These are tax reserves created based on qualifying capital expenditures. All tax -free reserves, with the exception of those formed in accordance with L.1828/82, may be capitalized if taxed at 5% for the parent company and 10% for the subsidiaries or be distributed subject to income tax at the prevailing rate. There is no time restriction for their distribution. Tax free reserve formed in accordance with L .1828/82 can be capitalized to Company’s share capital within a period of three years from its creation without any tax obligation. Foreign currency, translation reserve The specific reserves mainly consist of exchange differences arising from currency translation during the consolidation of foreign companies, with the largest part of them mainly coming from the foreign subsidiaries of CORAL and LPC sub -groups, MVU sub -group, “CORINTHIAN OIL LIMITED ” and “MOTOR OIL
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 51 MIDDLE EAST DMCC ”. They are recognized in other comprehensive income and accumulated in the specific category of reserves. Repurchase of Treasury Shares Within the first quarter of 2025, the Company, following the decisions of its Board of Directors dated 3.1.2025 and 15.1.2025, sold through the Athens Exchange 800,000 treasury shares with an average selling price of €20.884/share. These shares had been ac quired during the share buyback programs approved by the Annual Ordinary General Assemblies of 2020 and 2022. Following the above transactions, on March 31, 2025, the Company held 2,361,417 treasury shares with a nominal value of € 0.75 each. These 2,361,417 treasury shares correspond to 2.13% of the Company’s share capital. Reserve of Equity settled share-based payments The specific reserve of “Equity settled share-based payments” is created by two long-term plans granting Company’s treasury shares and shares in the form of stock options. Specifically, the long-term plan granting Company’s treasury shares is directed to executive members of BoD, to top and upper management of the Company and/or affiliated with the Company entities, while the long -term plan granting Company ’s treasury shares in the form of stock options is directed to executive members of BoD and to personn el of the Company and/or affiliated with the Company entities. Cash flow Hedge Reserve The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments that are designated and meet the effectiveness requirements in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or carrying amount of the hedged non-financial items (basis adjustment). Cost of hedging reserve The cost of hedging reserve reflects the gain or loss on the portion of the hedging instrument (derivative) that is excluded from the designated hedging relationship and relates to the time value of the option contracts and the forward element of the forward contracts. The changes in the fair value of the time value of an option, in relation to a time -period related hedged item, are accumulated in the cost of hedging reserve and is amortized to profit or loss on a linear basis over the term of the hedging relationship. The changes in the fair value of the forward component of forward contracts or the time value of an option that hedges a transaction- related hedged item are recognized in other comprehensive income to the extent they are related to the hedged item, are then accumulated in the cost of hedging reserve hedge and are reclassified to profit or loss when the hedged item affects profit or loss (e.g. when the forecasted sale occurs). For the period ended 31 March 2025, the balance in the cost of hedging reserve involves only transaction- related hedged items. Fair value Reserve on other financial assets The specific category of reserves includes changes in the fair value of investments that have been classified as other financial assets of the Group.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 52 21. Retained Earnings (In 000's Euros) GROUP COMPANY Balance as at 1 January 2024 2,482,707 2,081,447 Profit for the period 283,401 277,146 Other Comprehensive Income for the period (2,133) (3,983) Dividends payable (188,331) (188,331) Minority movement (43,769) 0 Transfer from/(to) Reserves (55,576) (54,848) Share options exercised 434 434 Distribution of treasury shares 8 8 Balance as at 31 December 2024 2,476,741 2,111,873 Profit for the period 84,631 85,300 Other Comprehensive Income for the period 785 0 Transfer from/(to) Reserves (77) 0 Distribution of treasury shares 1,279 1,279 Balance as at 31 March 2025 2,563,359 2,198,452
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 53 22. Establishment/Acquisition of Subsidiaries/Associates 22.1 “HELECTOR S.A.” In January 2025, the subsidiary “MANETIAL LTD” acquired 94.44% of the company “HELECTOR S.A.”. HELECTOR and its companies are active in environmental services in the field of the circular economy. The provisional book values of the HELECTOR group at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below: (In 000's Euros) Fair value recognized on acquisition Carrying value on acquisition Assets Non-current assets 67,502 67,502 Inventories 334 334 Trade and other receivables 83,055 83,055 Cash and cash equivalents 38,520 38,520 Total assets 189,411 189,411 Liabilities Non-current liabilities 45,234 45,234 Current Liabilities 9,626 9,626 Total Liabilities 54,860 54,860 Fair value of assets acquired 134,551 Cash Paid 113,843 Non-controlling interest 11,766 Bargain purchase 8,942 Cash flows for the acquisition: Cash Paid 113,843 Cash and cash equivalent acquired (38,520) Net cash outflow from the acquisition 75,323 22.2 “TWENTY 4 SHOPEN S.M.S.A.” In January 2025, the subsidiary “ELETAKO LTD” acquired 100% of the company “TWENTY 4 SHOPEN S.M.S.A.” through the acquisition of 100% of the company “ZENROW LTD”. As a result, the Group expanded into retail stores through the 24 SHOPEN store network. The provisional book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below: (In 000's Euros) Fair value recognized on acquisition Carrying value on acquisition Assets Non-current assets 2,797 2,797 Inventories 989 989 Trade and other receivables 1,839 1,839 Cash and cash equivalents 70 70 Total assets 5,695 5,695
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 54 Liabilities Non-current liabilities 2,132 2,131 Current Liabilities 1,601 1,601 Total Liabilities 3,733 3,732 Fair value of assets acquired 1,962 Cash Paid 12,215 Contingent consideration (638) Goodwill 9,615 Cash flows for the acquisition: Cash Paid 12,215 Cash and cash equivalent acquired (70) Net cash outflow from the acquisition 12,145 22.3 “AIOLIKI PROVATA TRAIANOUPOLEOS S.A.” In January 2025, the subsidiary “MOTOR OIL RENEWABLE ENERGY S.A.” acquired a 50% stake in “AIOLIKI PROVATA TRAIANOUPOLEOS S.A.” for 1.3 million euros . The company has the right to develop a pilot offshore wind farm with a capacity of 400 MW, in the sea area south of Alexandroupolis and north of Samothrace. 22.4 “ ROBOLA LTD ”, “ NEILMAN LTD ”, “KRASDON ENTERPRISES LTD ”, “BRENDENA HOLDINGS LTD ” και “NAVAPLEX TRADING LTD” In February 2025, the Company established the entities “ROBOLA LTD”, “NEILMAN LTD”, “KRASDON ENTERPRISES LTD”, “BRENDENA HOLDINGS LTD”, and “NAVAPLEX TRADING LTD”, all based in Cyprus. Their activity is related to the holding of participations. 22.5 “RE-BESS IFAISTOS S.A.” In February 2025, “MS FLORINA I SINGLE MEMBER S.A.”, “MS FOKIDA I SINGLE MEMBER S.A.” and “MS VIOTIA I SINGLE MEMBER S.A.”, subsidiaries of the subgroup MORE, established “RE-BESS IFAISTOS S.A.”, a company that is active in the energy storage sector. 22.6 “INDICE S.A.” In February 2025, the Company acquired 24.9% of the share capital of “INDICE S.A.” for 2 million euros, a company that is active in the IT sector.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 55 23. Contingent Liabilities/Commitments There are legal claims by third parties against the Group amounting to approximately € 20.1 million (approximately € 16.5 million relate to the Company). Out of the above, the most significant amount of approximately € 11.4 million relate to a group of similar cases concerning disputes between the Company and the “Independent Power Transmission Operator” (and its successor, the “Hellenic Electricity Distribution Network Operator”) for charges of emission reduction special fees and other utility charges which were attributed to the Company. The Company, by decision of the Plenary Session of the Council of State in its dispute with the Regulatory Authority for Energy, Waste and Water (RAAEY-ex RAE), has been recognized as a self -generator of High Efficiency Electricity -Heat Cogeneration, with the right to be exempted from charges of emission reduction special fees. For all the above cases no provision has been made as it is not considered probable that the outcome of the above cases will be to the detriment of the Company and/or the amount of the contingent liability cannot be estimated reliably. There are also legal claims of the Group against third parties amounting to approximately € 12.3 million (none of which related to the Company). The Company and, consequently, the Group to complete its investments and its construction commitments, has entered new contracts and purchase orders with construction companies, the non - executed part of which, as at 31/03/2025, amounts to € 14.7 million. The Group companies have entered into contracts for transactions with their suppliers and customers, in which it is stipulated the purchase or sale price of crude oil and fuel will be in accordance with the respective current prices of the international market at the time of the transaction. The total amount of letters of guarantee given as security for Group companies’ liabilities as at 31/03/2025, amounted to € 736,898 thousand. The respective amount as at 31/12/2024 was € 750,036 thousand. The total amount of letters of guarantee given as security for the Company’s liabilities as at 3 1/03/2025, amounted to € 258,463 thousand. The respective amount as at 31/12/2024 was € 266,511 thousand. Companies with Un-audited Fiscal Years There are on-going tax audits of the company NRG SUPPLY AND TRADING SINGLE MEMBER S.A. for the fiscal year 2019, of the company ERMIS A.E.M.E.E. for the fiscal years 2020 and 2021 and of the company CORAL PRODUCTS AND TRADING S.A. for the fiscal years 2020 and 2021. It is not expected that material liabilities will arise from these tax audits. For the fiscal years 20 20, 2021, 2022, 2023 and 2024, Group companies that selected tο undergo a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with the articles 82 of L.2238/1994 and 65A of L.4174/13 and the relevant Tax Compliance Certificates have been issued. In any case and according to Circ.1006/05.01.2016 these companies, for which a Tax Compliance Certificate has been issued, are not excluded from a further tax audit, if requested by the relevant tax authorities. Therefore, the tax authorities may carry out their tax audit as well within the period dictated by the law. However, the Group’s management believes that the outcome of such future audits, should these be performed, will not have a material impact on the financial position of the Group or the Company. Up to the date of approval of these financial statements, the Group’s significant companies’ tax audits, by the statutory auditors, for the fiscal year 2024 is in progress. However, it is not expected that material liabilities will arise from this tax audit.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 56 24. Related Party Transactions The transactions between the Company and its subsidiaries have been eliminated on consolidation. The transactions between the Company, its subsidiaries, its associates and other related parties are set below: (In 000's Euros) GROUP 01/01-31/03/25 01/01-31/03/24 Income Expenses Income Expenses Associates and Other Related 56,189 970 50,266 393 (In 000's Euros) COMPANY 01/01-31/03/25 01/01-31/03/24 Income Expenses Income Expenses Subsidiaries 573,828 283,200 525,122 230,217 Associates and Other Related 47,888 326 45,785 155 Total 621,716 283,526 570,907 230,372 (In 000's Euros) GROUP 31/03/2025 31/12/2024 Receivables Payables Receivables Payables Associates and Other Related 224,797 44,451 262,588 25,021 (In 000's Euros) COMPANY 31/03/2025 31/12/2024 Receivables Payables Receivables Payables Subsidiaries 98,355 53,081 129,968 32,636 Associates and Other Related 198,739 39,291 228,010 17,489 Total 297,094 92,372 357,978 50,125 Sales to related parties were made on an arm’s length basis. No provision has been made for doubtful debts in respect of the amounts due from related parties. Compensation of key management personnel The remuneration of key management personnel, who are also BoD members of companies of the Group (including share-based payments) for the periods 01/01–31/03/2025 and 01/01–31/03/2024 amounted to € 1,928 thousand and € 1,890 thousand respectively. ( Company: 01/01–31/03/2025: € 932 thousand, 01/01– 31/03/2024: € 778 thousand) The remuneration of the BoD members of the Company, is approved by the General Assembly of Company shareholders. Other short -term benefits granted to key management personnel of the Group for the periods 01/01– 31/03/2025 and 01/01–31/03/2024 amounted to € 131 thousand and € 116 thousand respectively. (Company: 01/01–31/03/2025: € 19 thousand, 01/01–31/03/2024: € 16 thousand) Leaving indemnities were paid to key management personnel of the Group amounted to € 74 thousand for the period 01/01-31/03/2025. No such payments were made for the Company during the same period, nor were any paid by the Company or the Group for the comparative period 01/01-31/03/2024. Directors’ Transactions There are receivable balances between the companies of the Group and the executives amounted to € 114 thousand (Company: € 114 thousand) but there are no payable balances (Company: € 0 thousand). For the comparative period, there were receivable balance s outstanding between the companies of the Group and the executives amounted to € 143 thousand (Company : € 119 thousand) and payable balances amounted to € 535 thousand (Company: € 535 thousand).
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 57 25. Share-based Payments The Company in March 2023 approved at the Extraordinary General Meeting, the establishment of a long- term plan granting treasury shares held by the Company to the executive Board members of the Company, to members belonging to the top and higher managerial level of the Company or/and of the affiliated with the Company corporat ions and the establishment of a long -term plan granting treasury shares held by the Company , in the form of stock options to acquire shares, to the executive Board members of the Compa ny and to Company employees as well as employees of the affiliated with the Company corporations. The specific stock options are Bermudan style options, which means that allow the recipient to exercise his option on any of several specified dates before the option expires . Moreover, no amount was paid or payable by the recipients on issuance of the options. Consequently, € 635 thousand was expensed in the current period, while for the comparative prior year period, € 613 thousand was expensed for share-based payments.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 58 26. Financial risk management The Group’s strong risk management strategy, combined with its inherent flexibility, enables it to respond effectively to the continuous and rapid changes in the business environment. This ensures both operational stability and a sustainable growth path, with a focus on sustainability and responsible corporate operations. The period of intense uncertainty continued during the first quarter of 2025. The continuation of geopolitical tensions, primarily in Eastern Europe and the Middle East, as well as the imposition of tariffs by the U.S., are negatively impacting growth and collaboration in international markets. Global economic conditions have been further strained by fluctuations in energy prices, high interest rate volatility, and inflationary pressures. Despite the adverse macroeconomic environment, the Group’s management applies a continuous framework for risk assessment and management. As discussed in the following section, this approach allows for the timely prediction and handling of potential risks, ensuring both operational continuity and the uninterrupted functioning of both the Group and the Company. Additionally, the transition to clean energy and the active response to geopolitical and climate challenges remain fundamental pillars of the Group's strategy in the energy sector. Risk Management Framework – Three Lines of Defense Model The Company operates in a complex environment, where geopolitical instability, the interdependence of international markets, rapid technological changes, the demands of the energy transition, and the effects of climate change create an array of increasing risks and uncertainties. At the same time, the heightened oversight requirements from regulatory authorities, investors, and other stakeholders intensify the need for a strong and effective internal control and risk management framework. The Company implements the three lines of defense model, integrated within a broader corporate governance framework, with clearly defined roles and responsibilities for the timely identification, assessment, and handling of risks. First Line of Defense: Operational Units Operational units bear primary responsibility for identifying and managing risks related to their daily activities. Through modern tools and methodologies, they ensure alignment of actions with the Company’s strategic, operational, and regulatory goals, adhere to compliance policies, and strengthen the resilience of their operations. Second Line of Defense: Risk Management and Regulatory Compliance Unit s These units provide guidance, oversee, and support the first lines, ensuring that risks are addressed with professionalism and consistency, aligning with the Company’s policies and strategy. Their independence from the operational units is safeguarded through supervision by the Board of Directors, thereby reducing potential conflicts of interest and enhancing transparency. Third Line of Defense: Internal Audit Unit The Internal Audit Unit operates independently, providing objective assurance regarding the effectiveness of the overall risk management and internal control framework. Regular meetings between the Internal Audit Unit and the second -line units promote collaboration and ensure coordinated monitoring of the corporate governance system and the tracking of related action plans. Derivative financial Instruments and Hedging Activities The Group is exposed to certain risks relating to its primary activities, mainly commodity risk, foreign exchange risk and interest rate risk, which are managed to some extent by using derivative financial instruments for hedging purposes. The Group designates under hedge accounting relationships certain commodity, interest rate and foreign exchange derivative contracts.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 59 Capital risk management The Group manages its capital to ensure that Group companies will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings, ca sh and cash equivalents and equity attributable to equity holders of the parent, comprising of issued capital, reserves and retained earnings which are re-invested. The Group’s management monitors the capital structure and the return on equity on a continuous basis. As a part of this monitoring, the management reviews the cost of capital and the risks associated with each class of capital. The Group’s intention is to balance its overall capital structure through the payment of dividends, as well as the issuance of new debt or the redemption of existing debt. The Group has already issued, since 2014, bond loans through the offering of Senior Notes bearing a fixed rate coupon. The Group also has access to the local and international money markets broadening materially its financing alternatives. Gearing ratio The Group’s management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed. The gearing ratio at the period-end was as follows: GROUP COMPANY (In 000's Euros) 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Bank loans 2,894,814 2,616,199 1,531,047 1,296,115 Lease liabilities 247,920 241,167 22,807 23,114 Cash and cash equivalents (1,080,207) (1,128,453) (679,628) (771,705) Net debt 2,062,527 1,728,913 874,226 547,524 Equity 2,900,211 2,758,787 2,355,527 2,253,615 Net debt to equity ratio 0.71 0.63 0.37 0.24 Financial risk management The Group’s Treasury department provides services to the Group by granting access to domestic and international financial markets, monitoring and managing the financial risks relating to the operation of the Group. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. The Group enters into derivative financial instruments to manage its exposure to the risks of the market in which it operates and does not engage in significant transactions in financial derivatives for speculative purposes. The Treasury department reports on a frequent basis to the Group’s management which in turn weighs the risks and policies applied in order to mitigate the potential risk exposure. 1. Market risk a. Commodity risk Due to the nature of its activities, the Group is exposed primarily to the financial risks of changes in foreign currency exchange rates (see (c ) below), interest rates (see ( d) below) and to the volatility of oil prices mainly due to its obligation to maintain certain level of inventories. The Company, in order to avoid significant fluctuations in the inventories valuation is trying, as a policy, to keep the inventories at the lowest possible levels. Furthermore, any change in the pertaining refinery margin, denominated in USD, affects the Company’s gross margin. Commodity derivatives are presented as above, including mainly oil and related alternative fuel derivatives as well as derivatives of emissions allowances EUAs, relating to the Group’s primary activities and obligations. The Group designates certain derivatives in hedge accounting relationships in cash flow hedges.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 60 At the end of the current period, the Group’s cash flow hedge reserve amounts to € 402 thousands loss, net of tax (December 31, 2024: € 421 thousands loss, net of tax). Company’s cash flow hedge reserve amounts to € 343 thousands loss, net of tax (December 31, 202 4: € 540 thousands loss, net of tax). The balance of the cost of hedging reserve amounts to € 55 thousands loss, net of tax (December 31, 2024: € 13 thousands gain, net of tax) and balance of the cost of hedging reserve amounts to € 1 thousands loss, net of tax (December 31, 2024: € 24 thousands gain, net of tax) for the Group and the Company, respectively. For the period ended 31 March 2025, the amounts that were transferred to Condensed Statement of Profit or Loss and Other Comprehensive Income from the cash flow hedge reserve, relating to derivative contracts settlements during the year amounted to € 375 thousands loss, net of tax (December 31, 2024: € 238 thousands gain, net of tax) and to € 823 thousands loss, net of tax (December 31, 2024: € 1,673 thousands loss, net of tax) for the Group and the Company, respectively. Furthermore, for the period ended 31 March 2025, the amounts that were transferred to Condensed Statement of Profit or Loss and Other Comprehensive Income from the cost of hedging reserve, relating to derivative contracts settlements during the year ended amounted to € 219 thousands loss, n et of tax (December 31, 2024: € 1,366 thousands loss, net of tax) and to € 77 thousands gain, net of tax (December 31, 2024: € 182 thousands gain, net of tax) for the Group and the Company, respectively. The change in the fair value of the hedging instruments designated to the extent that deemed effective for the period ended March 31, 2025 , amounted to € 356 thousands loss, net of tax (December 31, 2024: € 187 thousands loss, net of tax) and to € 626 thousands loss, net of tax (December 31, 2024: € 2,216 thousands loss, net of tax), for the Group and the Company respectively, affecting the cash flow hedge reserve (see Note 20). Taking into consideration the conditions in the oil refining and trading sector, as well as the local economic environment in general, the course of the Group and the Company is considered satisfactory. The Group through its subsidiaries in the Middle East, Great Britain, Cyprus and the Balkans, also aims to expand its endeavors at an international level and to strengthen its already solid exporting orientation. b. Geopolitical risk The presence of sociopolitical tensions and trade restrictions can significantly impact an organization’s operations and its ability to respond to market demands. The Group remains vigilant, systematically monitoring geopolitical developments at both regio nal and global levels, in order to assess the potential impacts on its activities in a timely manner. The ongoing effects of the war in Ukraine and instability in the Middle East are being thoroughly analyzed by the relevant teams within the Group, with no significant adverse impact expected on its operations. The primary identified risks are related mainly to price instability and potential disruption in raw material availability. The Company’s refinery has considerable flexibility in selecting its raw material mix, providing a competitive advantage during periods of significant price fluctuations. Additionally, it utilizes a broad range of alternative fuels, such as fuel oil, napht ha, and LPG, maintaining high adaptability to changing market conditions. Furthermore, the supplier diversification strategy —through sourcing raw materials from various geographical regions and maintaining long-term relationships with reliable international providers—further strengthens supply security. As a result, the Group is positioned to respond effectively even to adverse scenarios that may arise, with no significant expected impacts on its operational continuity. c. Foreign currency risk Due to the use of the international Platt’s prices in USD for oil purchases/sales, there is a risk of exchange rate fluctuations that may arise for the Group’s profit margins. The Group’s management minimises foreign currency risks through physical hedging, mostly by matching assets and liabilities in foreign currencies. As of March 31, 2025, the Group had Assets in foreign currency of 505.92 million USD and Liabilities of 314.11 million USD.
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 61 d. Interest rate risk The Group is exposed to interest rate risk mainly through its interest -bearing net debt. The Group borrows both with fixed and floating interest rates as a way of maintaining an appropriate mix between fixed and floating rate borrowings and managing interest rate risk. The objective of the interest rate risk management is to limit the volatility of interest expenses in the income statement. In addition, the interest rate risk of the Group is managed with the use of interest rate derivatives, mainly interest rate swaps. Hedging act ivities are reviewed and evaluated on a regular basis to be aligned with the defined risk appetite and Group’s risk management strategy. The interest rate derivatives that the Group uses to hedge its floating -rate debt concern floored interest rate swap contracts under which the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. The particular contracts enable the Group to mitigate the variability of the cash flows stemming from the floating interest payments of issued variable debt against unfavorable movements in the benchmark interest rates. During the current period, the Group has designated interest rate swaps in cash flow hedging relationships. For the outstanding hedged designations, the balance in the cash flow hedge reserve for the period ended amounts to € 19 thousands loss, net of tax (December 31, 2024: € 4,229 thousands loss, net of tax) and to € 5,820 thousands gain, net of tax (December 31, 2024: € 6,695 thousands gain, net of tax) for the Group and the Company, respectively. For the period ended 31 March 2025 the carrying amount in the cost of hedging reserve amounts to € 1,648 thousands loss, net of tax (December 31, 2024: € 1,290 thousands loss, net of tax) and to € 2,274 thousands loss, net of tax (December 31, 2024: € 2,247 thousands loss, net of tax) for the Group and the Company, respectively (see Note 20). The above balances included for the year 2024 an amount of € 1,713 thousand, loss in the cash flow hedge reserve and an amount of € 389 thousand, profit in the cost of hedging reserve, due to the acquisition of the minority interest in the subsidiary ANEMOS RES S.A., in January 2024. 2. Credit risk The Group’s credit risk is primarily attributable to its trade and other receivables. The Group’s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Mo st of the customers are international well- known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 31/03/2025 amounted to € 87.0 million. As far as receivables of the subsidiaries “AVIN OIL SINGLE MEMBER S.A.”, “CORAL S.A.”, “CORAL GAS A.E.B.E.Y.”, “L.P.C. S.A.” and “NRG SUPPLY AND TRADING SINGLE MEMBER S.A.” are concerned, these are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk. 3. Liquidity risk Liquidity risk is managed through the proper combination of cash and cash equivalents and available bank overdrafts and loan facilities. In order to address such risks, the Group’s management monitors the balance of cash and cash equivalents and ensures available bank loans facilities, maintaining also increased cash balances. Moreover, the major part of the Group’s borrowings is long term borrowings which facilitates liquidity management. As of today, the Company has available total credit facilities of approximately € 2.10 billion and total available bank Letter of Credit facilities up to approximately $ 1.49 billion .
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Interim Condensed Financial Statements for the period 01/01-31/03/2025 moh.gr | 62 Going Concern The Group’s management considers that the Company and the Group have adequate resources that ensure the smooth operation as a “Going Concern” in the foreseeable future. 27. Alternative Performance Measures The basic alternative performance measures of the Group and the Company are presented hereunder: GROUP COMPANY 31/03/2025 31/12/2024 31/03/2025 31/12/2024 Debt to Capital Ratio 49.95% 48.67% 39.39% 36.51% Total Borrowings Total Borrowings + Shareholders' Equity Debt to Equity Ratio 1.00 0.95 0.65 0.58 Total Borrowings Shareholders' Equity GROUP COMPANY 31/03/2025 31/03/2024 31/03/2025 31/03/2024 Earnings before interest, taxes, depreciation, and amortization (EBITDA) (Amounts in thousand Euros) 201,651 354,192 133,495 272,719 is a metric used to measure and better understand the operational performance of the Company and the Group. For the calculation of EBITDA, the expenses for the repayment of the loans are not taken into account, increasing in this way the profits with the amount of interest, income tax, depreciation and impairment of fixed assets. The above size should be considered in conjunction with the financial results prepared in accordance with IFRS and in no case replaces them. 28. Events after the Reporting Period Τhere are no events that could have a material impact on the Group’s and Company’s financial structure or operations that have occurred since 1/4/2025 up to the date of issue of these financial statements.
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