North Atlantic Energies: EBITDA Triples but a Net Loss of €93M Overshadows the Financial Statement
North Atlantic Energies released a mixed financial statement for 2025 on Wednesday, characterized by a tension between strong operational fundamentals and the burden of accounting adjustments. The newly independent refinery, following its change of control from ExxonMobil last year, managed to significantly improve its operating profitability. However, this improvement is largely overshadowed by the asset impairment recorded at the end of the fiscal year and the consequences of the group's partial disengagement, including the sale of the Fos-sur-Mer refinery in November 2024.
Operational Performance and Revenue Decline
The group's adjusted EBITDA climbed to €179 million from €58 million in 2024, signaling a substantial improvement in operational performance. According to the group, this progress reflects 'good operational performance' and the ability to 'capture market opportunities in an already volatile environment'. Concurrently, revenue amounted to €11.4 billion, down 37% from 2024. This contraction is primarily due to the sale of the Fos-sur-Mer refinery on November 1, 2024. Processed volumes decreased by 27% to 9.2 million tonnes of crude oil compared to 12.6 million tonnes in 2024. Sales of refined products were reduced by 28% to 16.1 million cubic meters.
Operational Loss and Asset Impairment
The operating result showed a loss of €209 million in 2025 compared to a gain of €74 million in 2024. This loss includes an asset impairment of €206 million, recorded in accordance with IAS 36 standard. The group justifies this impairment by 'an increase in its cost of capital', partially offset by 'assumptions of long-term cash flow improvement related to the optimization plans of the Gravenchon refinery'. Inventory effects also contributed to the deterioration of the result with a negative impact of €107 million in 2025, compared to a positive effect of €11 million in 2024. After accounting for financial and tax elements, the group's net result amounted to a loss of €93 million, compared to a profit of €107 million in the previous year.
Reversed Financial Position and Dividend Decision
The net financial position reversed, moving from a positive €1,493 million in 2024 to a negative €623 million as of December 31, 2025. This deterioration resulted from distributions to shareholders totaling €1,455 million in 2025 and an increase in working capital requirements. The group's equity declined to €746 million from €2,251 million the previous year. Consequently, the Board of Directors decided not to propose the payment of a dividend for the fiscal year 2025. A simplified public tender offer is being prepared at €28.93 per share, with a filing expected 'at the end of the second quarter of 2026'.
