Motor Oil Group reported a record first half in 2026, with net profit surging 323% year-over-year to €686 million on the back of exceptional refining margins and robust fuel demand. Revenue climbed 43% to €7.52 billion, while adjusted EBITDA nearly doubled to €967 million, according to a presentation delivered on August 26.
Refining margins were the primary driver, with the company’s adjusted refining margin reaching $165 per metric ton in the first half, more than double the $65 per metric ton recorded in H1 2025. The second quarter alone saw margins hit $192 per metric ton, surpassing the previous record of $137 per metric ton set in 2022. Benchmark margins in the Mediterranean averaged $176 per metric ton, up from $64 in the prior-year period.
Crude prices averaged $92 per barrel in H1 2026, compared with $72 in H1 2025, while product-specific cracks strengthened significantly. Ultra-low sulfur diesel cracks reached $34.6 per barrel in Q1, and jet fuel cracks surged to $51.8 per barrel in Q2. The fuels segment, which accounted for the bulk of revenue at €5.83 billion, posted adjusted EBITDA of €782 million, up from €330 million a year earlier.
Processed volumes rose 20% to 6.6 million metric tons, while sales volumes increased 20% to 7.1 million metric tons. Crude oil represented 80% of processed volume, a shift from 38% in H1 2025, with Iraq and Libya supplying 46% and 25% of crude runs, respectively. The production slate was dominated by diesels and gas oils at 35%, followed by gasolines at 20% and jet fuels at 17%. Greece accounted for 36% of total revenue, with civil sales making up 25% and shipping-aviation contributing 11%.
Net debt fell by €765 million in six months to €814 million as of June 30, 2026, from €1.58 billion at year-end 2025. The fuels segment turned net cash positive at €290 million, compared with net debt of €789 million a year earlier. Total assets grew to €8.74 billion, while equity increased to €3.92 billion.
The company’s electrification segment expanded its renewable energy capacity to 1.02 gigawatts, with power production rising 37% to 973,337 MWh. Public EV charging points increased to 2,112 from 1,756, and segment EBITDA more than doubled to €94 million. The circular economy segment reported sales of €241 million and EBITDA of €32 million, up from €183 million and €18 million, respectively.
Capital expenditure for H1 2026 totaled €191 million, generating free cash flow of €683 million. Full-year CapEx guidance was reduced to €420 million from €650 million, reflecting timing adjustments in renewable energy investments following a transaction with PPC Renewables. Long-term targets for 2030 remain unchanged, with a goal of 2 gigawatts of renewable capacity and €250 million in EBITDA, though investment is expected to be back-loaded toward 2028–2030.
Petros Tzannetakis, Deputy CEO, said the group’s performance was supported by strength across its portfolio, following a strong Q1. The company maintained its dividend policy of consistent payouts aligned with profit growth, marking 25 consecutive years of dividend payments.
