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Equity Bottom-Up

<p>Following a 25% EBITDA decline year-on-year in H119, we expect a 55% recovery in refinery margins in Q3 to support a significant recovery in H2 (+9% y-o-y). We expect investor focus to be on the impact of the forthcoming IMO 2020 regulations and continue to believe that Hellenic Petroleum is well placed given its high middle distillate yield, above average complexity and crude slate flexibility.</p>

Following a 25% EBITDA decline year-on-year in H119, we expect a 55% recovery in refinery margins in Q3 to support a significant recovery in H2 (+9% y-o-y). We expect investor focus to be on the impact of the forthcoming IMO 2020 regulations and continue to believe that Hellenic Petroleum is well placed given its high middle distillate yield, above average complexity and crude slate flexibility.

Hellenic Petroleum - Support from Q3 refinery margin rise and IMO 2020

Hellenic Petroleum Sa

Hellenic Petroleum - Support from Q3 refinery margin rise and IMO 2020