North Atlantic Energies: Adjusted EBITDA of €178 million in the first half, but a net loss of €30 million
North Atlantic Energies published its first-half 2026 accounts on September 28, 2026, marked by an improvement in its operational performance and a significantly more favorable refining margin environment.
The group nonetheless posted a net loss of €30 million, due to financial charges linked to its independent refiner model and the financing of its inventories in a tight oil market.
Adjusted EBITDA of €178 million despite a decline in volumes
Over the first six months of 2026, the group's adjusted EBITDA stood at €178 million, compared to €82 million in the first half of 2025, an increase of €96 million. Operating profit came in at €214 million after positive inventory effects of €148 million, whereas it posted a loss of €158 million a year earlier.
This improvement reflects a more favorable refining environment: the gross refining margin indicator published by the Directorate General for Energy and Climate averaged €104 per tonne in the first half of 2026, compared to €41 per tonne a year earlier. The average price of Brent crude rose from $71.9 to $91.7 over the same comparison period.
Revenue reached €5.9 billion, up 0.7% compared to the first half of 2025, with the increase in prices offsetting the decline in volumes. Sales of refined products fell 6% to 7.2 million cubic meters, and sales in France declined 21.4%, in a domestic market that contracted 5.3% in the first five months of the year according to the Professional Committee for Oil.
Financing charges penalizing net results
The group's net loss came in at €30 million, compared to a loss of €85 million in the first half of 2025. This loss is explained by a negative financial result of €267 million, whereas it was positive by €39 million a year earlier.
As a non-integrated independent refiner, the group bears costs related to financing and hedging its inventories through an inventory financing contract. This financial result includes €119 million in financing fees linked to inventory financing and a charge of €181 million for fair value revaluation of the financing contract, reflecting the rise in prices between December 31, 2025 and June 30, 2026. The company notes that this €181 million charge should be considered alongside the positive inventory effect of €148 million observed over the half-year.
The group also proceeded with an asset impairment of €77 million in accordance with IAS 36 standard, primarily linked to an upward revision of long-term crude oil price assumptions, set at 75 dollars. As of June 30, 2026, shareholders' equity stood at €724 million (€746 million as of December 31, 2025) and net financial debt reached €690 million (€623 million as of December 31, 2025).
Increased production authorization and simplified public takeover bid project
The group processed 4.8 million tonnes of crude oil at its Gravenchon refinery, up 28% compared to the first half of 2025, despite a major scheduled maintenance shutdown with unit shutdowns beginning March 3 and gradual restart from April 11, 2026. The company indicates that it obtained authorization from the authorities to increase diesel and kerosene production at the refinery by 10% in order to contribute to the security of supply of the domestic market.
On the capital front, North Atlantic France, which acquired 82.89% of the capital and voting rights from ExxonMobil France Holding SAS in 2025, has indicated that it intends to file a simplified public takeover bid for the remaining shares, without seeking the implementation of a mandatory withdrawal. The board of directors appointed Ledouble SAS as the independent expert responsible for issuing an opinion on the fairness of the financial terms of the offer; its work is still ongoing.
