Year 2024 Financial Performance and Results

Closing a year marked by challenges and geopolitical turbulence, elin once again demonstrated the strength and resilience of its strategic planning, reflected in its strong financial and growth performance in 2024.

Group consolidated turnover for 2024 stood at € 2,757 million compared to € 2,483 million in 2023, reflecting an 11% rise. For the same period, the Group's gross profits stood at € 81.5 million compared to € 65.36 million in 2023 and earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at € 38.1 million compared to € 26.1 million last year, up some 46%. Likewise, the Group's consolidated earnings before tax (EBT) stood at €11.6 million compared to €8.8 million in 2023, while consolidated earnings after tax and minority interests (EATAM) stood at €9.8 million compared to € 6.5 million in 2023.

As far as the parent company ELINOIL S.A. is concerned, in 2024 turnover stood at €2,735 million compared to €2,463 million in 2023, EBITDA stood at €35.8 million compared to € 25.2 million, EBT at ¤ 11.6 million compared to €10 million in 2023 and EATAM at €9.7 million compared to €7.6 million.

At Group level, elin Techniki Single Member S.A. delivered improved results in 2024, driven by an expanded client base, higher gross profit, and tighter control over construction costs. elin Shipping Company S.A. returned to profitability in 2024 driven by the adjustment of freight rates. Lastly, elin Stathmoi S.A.'s results came under additional pressure in 2024, due to the continued cap on fuel gross margins and increased investments in new sales points.

For yet another year, 2024 was marked by intense uncertainty in the international economic environment due to the ongoing crisis in Ukraine, the EUΆs continued sanctions on Russia, and the destabilisation of the Middle East. These developments also impacted international sales, leading to a more moderate growth trajectory. At the same time, the latest developments in the Red Sea in the second half of the year, with the blockades of key maritime routes for merchant shipping, negatively affected the market, leading to a drop in sales of marine lubricants.

A key driver behind the GroupΆs improved financial performance was the new investment in facilities in Spain, which boosted fuel oil sales and international trade, more than offsetting losses caused by unfair competition from products of Russian origin.  On the Greek market, the expansion of the network of petrol stations, increased sales at marinas, boats and islands driven by the strong tourism season, and significantly increased sales of high-specification Crystal fuels all contributed to stronger profitability, despite ongoing pressure from the fuel price cap that remains in place. elin also performed well in the electricity and natural gas sectors. More specifically, in 2024 elin launched highly competitive electricity plans, significantly expanding its customer base in a market facing major challenges, primarily due to retroactive charges imposed on providers over a period of more than two years, which are limiting growth prospects in the near term.