North Atlantic Energies: EBITDA Up by 209%, Yet a Net Loss of €93M
North Atlantic Energies released its 2025 results on Wednesday, showing a stark contrast. Adjusted EBITDA significantly increased to €179 million from €58 million in 2024, reflecting an improvement in operational performance. However, the group recorded a net loss of €93 million, impacted by an industrial asset impairment of €206 million and a major reduction in operational scope following the divestment of the Fos-sur-Mer refinery in November 2024.
Operational Performance and Market Opportunities
The adjusted EBITDA, a key indicator of operational performance excluding non-recurring items and stock effects, reached €179 million in 2025, up 209% from €58 million in 2024. According to the group, this increase reflects improved operational performance and the ability to capitalize on market opportunities in a volatile environment. However, this operational upturn must be viewed in the context of a significant reduction in activity. The group processed 9.2 million tonnes of crude oil in 2025, a decline of 27% compared to 12.6 million tonnes in 2024. Sales of refined products amounted to 16.1 million m³, down 28% from 2024. Revenue declined by 37%, from €17.9 billion in 2024 to €11.4 billion in 2025. These decreases in activity are mainly related to the divestment of the Fos-sur-Mer refinery on November 1, 2024.
Financial Results and Asset Impairment
Beyond operational figures, the income statement presents less favorable elements. The operating result stood at -€209 million in 2025, compared to +€74 million in 2024. This reversal is notably due to negative stock effects amounting to €107 million in 2025, whereas they were positive at €11 million in 2024. The net result of the group was -€93 million, turning the profit of €107 million recorded in 2024 into a loss. This deterioration includes an industrial asset impairment of €206 million, accounted for under IAS 36, primarily due to an increase in the cost of capital and partially offset by assumptions of long-term cash flow improvement related to optimization plans at the Gravenchon refinery. Financially, the net position shifted from +€1,493 million to -€623 million, a change explained by shareholder distributions amounting to €1,455 million in 2025 and by an increase in working capital needs. Equity decreased from €2,251 million to €746 million.
Outlook for 2026 and Strategic Adjustments
For 2026, North Atlantic Energies anticipates maintaining more constrained crude oil supply conditions for independent refiners, potentially leading to adverse economic consequences. In the first quarter of 2026, the group carried out scheduled maintenance shutdowns of certain units at the Gravenchon refinery and implemented energy efficiency projects to reduce emissions. The group continues to adapt to its new status as an independent refiner and aims to extend its operating license by 10% to locally produce more energy products. On the shareholder front, the board of directors decided not to propose the payment of a dividend for the fiscal year 2025. North Atlantic France has indicated its intention to file a simplified public takeover offer at €28.93 per share with the Financial Markets Authority, with the filing expected by the end of June 2026 after the completion of independent expert assessments.
