Goldman Sachs sees strong profitability for the two Greek refiners in the third quarter of 2025, with results boosted by rising international margins and rising fuel volumes following the completion of maintenance at Korinthos and Elefsina. However, the international house stresses that the positive momentum is unlikely to continue with the same intensity in the coming years, as large investments in renewables are expected to limit free cash flow and dividend distribution margins.

The report highlights that the European fuel market was positively impacted by strong demand for diesel and jet fuel, as well as extensive maintenance work at refineries in Europe and Russia. Average refining margin prices averaged around $10 per barrel, a level considered high by historical standards.