Motor Oil Group announced a major increase in its financial performance for the first half of 2026. The explosive rise in sales and profitability is attributed on the one hand to the limited supply of petroleum products due to the war in the Middle East, and on the other to Motor Oil's expanded business portfolio.
Turnover growth for Motor Oil
The turnover of Motor Oil Group in the first half of 2026 reached €7.524 billion compared to €5.265 billion in the corresponding period of 2025, recording an increase of 42.89%. According to the interim financial statements, this development was driven by an 18.06% increase in sales volume (from 6,260,917 MT to 7,391,384 MT) combined with a roughly 43% increase in average crude oil product prices (in US Dollars) compared to the same period in 2025. Part of this increase was offset by a 6.8% weakening of the US Dollar against the Euro compared to 2025, as the majority of the Parent company's sales consist of exports invoiced in US Dollars.
In H1 2026, the Group generated revenue from services, the majority of which pertained to activities of NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A., the MORE subgroup, THALIS ENVIRONMENTAL SERVICES S.A., and the ELEKTOR subgroup. The analysis of consolidated sales volume figures confirms the Group's strong export orientation, with foreign and shipping sales reaching 78.10% of total sales volume in H1 2026, compared to 71.62% in the corresponding period of 2025, while the contribution of industrial activity stood at 85.73% compared to 81.82% in H1 2025.
Explosion in profitability
The Group's net profits after taxes reached €689.3 million in H1 2026, compared to profits of €163.4 million in H1 2025. Motor Oil Group's operating profitability, namely EBITDA, was 170% higher than last year, closing the first half of the year at €1.047 billion. Adjusted EBITDA stood at €967 million, up 114% from last year. During the first half of 2026, Brent crude oil prices exhibited sharp volatility. Specifically, the average price stood at $92.31/bbl, reaching a peak of $144.42/bbl and a low of $60.98/bbl. In contrast, during the same period in 2025, volatility was significantly milder, with the average price at $71.87/bbl, and maximum and minimum prices at $83.06/bbl and $61.09/bbl respectively. Regarding international refining margins, they moved to significantly higher levels in H1 2026 compared to the corresponding period last year, primarily impacted by geopolitical tensions in the Middle East and the blockade of shipping in the Strait of Hormuz, which disrupted the global crude oil supply chain.
Investments
Motor Oil Group is expected to end the year with €420 million in capital expenditure. For the first half, related spending amounted to €191 million. The company's total investment expenditure in H1 2026 reached €79.3 million, of which approximately €76.9 million (97%) was allocated to projects at Motor Oil's refinery facility as follows:
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€48.2 million was allocated to projects for the production and supply of alternative fuels, with the largest share (€36.5 million) spent on the construction project for the new Electrolysis unit producing green hydrogen, the construction of a new power distribution substation (€11.5 million), and additional hydrogen compression and transport projects (the total aggregate budget for these projects amounts to approximately €150 million).
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€18.7 million was allocated to routine maintenance, upgrades, and modifications of individual refinery units, infrastructure maintenance for existing port facilities, as well as operational safety and expansion projects.
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€7.3 million concerns a series of smaller-scale projects aimed at strengthening health and safety conditions, as well as improving the refinery's environmental terms.
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€2.7 million concerns environmental projects. Total investments by the Company are expected to reach €200 million in 2026.
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