Motor Oil (MORr) reported a 428% increase in net profit to €666 million in the first half of 2026, up from €126 million a year earlier, as refining margins hit record levels amid tight global balances and geopolitical disruptions.
Revenue rose 43% year-over-year to €7.5 billion, while adjusted net income reached €623 million. EBITDA more than doubled to €1.047 billion, with adjusted EBITDA at €967 million. Operating cash flow totaled €816 million, and free cash flow turned positive at €683 million, compared with an outflow in the prior-year period. Net debt declined by €765 million over six months to €814 million as of June 30, with a net debt to EBITDA ratio of 0.5 times on a trailing 12-month basis.
Refining adjusted EBITDA surged to €782 million in H1 2026, up from €330 million a year earlier, with Q2 alone reaching €466 million. Adjusted refining margins hit $192 per metric ton in Q2, up from $138 in Q1 and $68 in Q2 2025, surpassing the previous record of $137 set in 2022. Benchmark refining margins reached $175 per metric ton in Q2, compared with $124 in Q1. Total crude processed rose 22% year-over-year in Q2 to 6.6 million metric tons, with feedstock throughput averaging 262,000 barrels per day in H1.
Crude utilization averaged 204,000 barrels per day in Q2 and 210,000 barrels per day in H1, with Iraq accounting for 46% of the crude mix. Production volumes increased 22% in Q2 and 20% in H1 to 6.2 million metric tons, while middle distillate yield rose to 52% from 41% previously. Brent crude prices averaged $104 per barrel in H1, compared with $81 in Q1 and $68 a year earlier.
The company reduced its full-year 2026 capital expenditure guidance to €420 million from €650 million due to timing adjustments in renewables following a transaction with PPC Renewables. Motor Oil maintained its long-term targets of 2 gigawatts of renewable capacity and €250 million of EBITDA by 2030, with spending back-loaded toward 2028–2030. A joint venture with GEK Terna is expected to close within a month after the holiday period.
Shares traded 0.93% lower at €58.80, near the top of their 52-week range of €23.70 to €61.00. The stock offers a 3% dividend yield and has maintained dividend payments for 25 years.
