Helleniq Energy Holdings SA on Thursday announced “good operating results, despite weak benchmark refining margins” as well as an acceleration of RES investments, in presenting its H1 2023 results.

The Greece-based and ATHEX-listed petro-chemical concern announced adjusted EBITDA of 164 million euros and adjusted net income of 26 million euros.

Accordingly, adjusted EBITDA in the first half of the year reached 568 million euros and adjusted net income 277 million euros, recording a strong performance.

Operating results (EBITDA do not include results of its partially owned subsidiaries, the retail power provider El.pe Edison and retail natgas provider DEPA, which are consolidated under the equity method.

Conversely, the group said second quarter results reflect a weaker benchmark margin environment, especially when compared to the “historic highs” of the corresponding trimester in 2022, limiting thus the benefits of improved operations and increased availability of its three refineries.