Greek energy group Motor Oil (ATSE: MOH) reported a net profit of €686 million in the first half of 2026, more than quadrupling from €162 million a year earlier, as refining margins surged to record levels amid elevated crude prices.
Turnover rose 43% to €7.52 billion, while adjusted EBITDA increased 114% to €967 million. Earnings per share climbed to €6.33 from €1.50 in H1 2025. The company’s net debt fell to €814 million as of June 30, down €765 million from year-end 2025.
Refining margins reached an adjusted €165 per metric ton in H1 2026, more than doubling from €65 in the prior-year period and surpassing the previous record of €137 per metric ton set in 2022. Brent crude averaged $92 per barrel in the first half, up from $72 in H1 2025. Ultra-low sulfur diesel cracks hit $34.6 per barrel in Q1, while jet fuel cracks surged to $51.8 per barrel in Q2.
Motor Oil processed 6.6 million metric tons of crude and feedstock in H1 2026, up from 5.5 million metric tons a year earlier. Crude oil accounted for 80% of processed volumes, with Iraq and Libya supplying 46% and 25% of crude runs, respectively. The fuels segment’s adjusted EBITDA rose to €782 million from €330 million, while its net debt position turned into a €290 million cash surplus.
The company’s consumer services segment, operating 1,540 service stations, reported sales of €2.53 billion and adjusted EBITDA of €69 million. Its electrification segment expanded renewable energy capacity to 1,020 megawatts and increased public EV charging points to 2,112. The circular economy segment posted sales of €241 million and EBITDA of €32 million.
Full-year group capex guidance was reduced to €420 million from €650 million, reflecting timing adjustments in renewable energy investments following the transaction with PPC Renewables. Motor Oil maintained long-term targets of 2 gigawatts of renewable capacity and €250 million of EBITDA by 2030. The company has paid dividends for 25 consecutive years.
