Hello and welcome to Virtual Investor Conferences. On behalf of OTC Markets, we are very pleased you have joined us for our Oil and Gas Conference. Our first presentation of the day is from OMV. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for a one-on-one meeting by clicking "Book a Meeting" in the top toolbar. At this point, I'm very pleased to welcome Oana Goje, Deputy Head of Investor Relations, and Oliver Rosenthal, Investor Relations Manager of OMV, which trades on the OTCQX Best Market under the symbol OMVJF and OMVKY, and on the Vienna Stock Exchange under the symbol OMV. Welcome back, Oana and Oliver. Thank you very much. And good morning, everybody. Thank you very much for joining us today. We have half an hour. We'll try to be brief. The presentation is scheduled for around 20 minutes. After that, I'll be happy to have your questions. If we are running out of time, we will also have one-on-one time scheduled. Happy to meet you there. Very shortly, maybe an introduction for who is OMV. Maybe some of you are familiar, maybe not. We are an integrated company with three important pillars. One is energy. Then we have fuels, and then we have chemicals. In energy, basically, the energy segment holds the assets of the, so to say, traditional exploration and production, and gas marketing and power. Fuel division holds the assets of refining and marketing, and chemicals. Here we are into base chemicals and polyolefins. What is important to understand for our three segments is that we have growth plans for each of them. We are planning to grow in energy as well as in fuels and chemicals. You see here on the lower part of the chart the growth areas. I'll talk more about them a bit more in detail later. Energy, we plan to grow in gas. We have an important project in Romania coming up in 2027. Renewable power also in Romania and geothermal energy. This is something quite unique, let's say, for oil and gas companies. In fuels, we have a very strong retail footprint, and we plan to leverage on that. We also have a very strong footprint in aviation, with our refineries being connected directly to important aviation hubs in Europe, commercial road transportation, as well as sustainable aviation fuels. In chemicals, here we have signed this year in March a very important agreement with ADNOC, the Abu Dhabi National Oil Company, to form a joint venture between OMV and ADNOC in the chemicals area. I will give you details of that a bit later. We have the strategy that we have in place, Strategy 2030. We laid it out in 2022. Of course, a lot of things have happened to a certain extent. The world has changed since 2022. We have done quite a bit on executing on the strategy. I will not go on the achievements, but I would like to talk more about what lays ahead of us. Maybe shortly before going into the future, just to understand a bit about the company. You see on the left side, we have the cash flow from operating activities, an average of 2021 to 2024. You see energy is around 50%, and then we have chemicals 30%, and 20% is fuels. We have a very strong generation with an average of EUR 6.5 billion. On the right side, you will see that we are happy to share that cash flow with our shareholders. In the last three years, we have a dividend yield based on the end of the year share price ranging from 10.5% to almost 30%. Starting with 2022, we introduced what we call an additional variable dividend. That is on top of our regular dividend. We do not do buybacks because of the, let's say, structure of the company, but we are rewarding our shareholders with additional variable dividend with very attractive dividend yields, I think I would say among the top in the industry. We also have quite some achievements also in delivering on the emission targets. You see here quite some decrease versus 2019. Of course, we also have 2030, 2040, and 2015 targets. As I mentioned earlier, the world has changed since we had our strategy in 2022. Therefore, with a lot of trends, I will not go into that. I think all of us, we are aware of them. Therefore, we also felt the need to adapt a bit our strategy. I think it's important to understand that we want to have a responsible demand-led transformation. We invest in future technologies, but at pace. If we see demand there, we will not just let it go. Therefore, we adjusted our CapEx so it better reflects the new realities of the world. In the chemical sector, we do see currently the market is pretty down, but we see a rising demand because of oversupply. That's why we have, let's say, I would say a trough in the chemical market. We see a rising demand in sectors such as packaging, automotive, construction, renewable energy. Therefore, there is definitely long-term growth in the sector. Gas is an important one for us. We consider it a key driver of the energy transition, and we see significant opportunities. We have a continued focus on cost and CapEx discipline. What is our strategy for 2030? We have basically three main strategic directions. One is to grow gas. I already mentioned it a few times by now, and to selectively advance renewables. We will do some that make sense for OMV and where we think we have a competitive advantage. We want to strengthen the fuels business, which is a very profitable business currently, while we are looking into opportunities for sustainable mobility, and we execute whenever we think we have a competitive advantage, and to accelerate chemical growth through the new joint venture that we created with ADNOC, Borouge Group International, and to look into driving circular innovation. Our strategic priorities for each of the divisions. In the energy division, we have the Romanian project Neptune Deep, which is a gas project. Gas is definitely a strategic growth engine for us. We will deliver this project scheduled by 2027. We are also increased investments in exploration and production, and we aim to increase our production from around 300,000 barrels per day currently to somewhere around 320,000-330,000 barrels per day by 2030. We are also looking into potential inorganic opportunities. We are also adjusting the pace of renewable investment. We had more ambitious plans earlier, but yeah, we feel the need to adapt them and to kind of slow the pace. In fuels, we want to optimize across the value chain and to deepen the chemical integration to deliver cost and margin efficiencies. This is a very important one for fuels for the entire company, actually, but for fuels in particular, grow retail, and to capture opportunities in renewable fuels, chemicals, stock, and EV. In chemicals, I will talk about Borouge Group International later, and we want to basically maximize the utilization of our crackers. How did we change? You have here a picture of the cumulative organic CapEx that we are planning for 2026 for 2030. You see that if last year when we presented our update of the strategy in June, we were seeing around EUR 19 billion in CapEx for our business until 2030. Now we have a certain impact from the creation of the joint venture Borouge Group International because this joint venture will be at equity. Therefore, we will not consolidate CapEx, but we are also doing some adjustments to our CapEx. Therefore, our CapEx has decreased to around EUR 4 billion cumulative until 2030. That basically reflects the pacing of the investments of sustainable projects, but also we are now placing a higher emphasis on traditional business with focus on strengthening the exploration and production project pipeline. Gas, I mentioned earlier why we believe it makes sense. I mean, first of all, it is a bridging fuel in the energy transition. Also, what's important is that looking at various scenarios, we chose here a step scenario from the International Energy Agency. Until 2040, we see a robust European demand and a supply deficit estimated at around 3 BCM per annum. This means that US LNG will be a marginal price setter for Europe. We believe that the prices in Europe will remain high compared to the pre-COVID period and also disconnected from oil prices. Here we had the very important project, the Neptune Deep, set to be online in 2027, basically two years from now on. That will bring around EUR 500,000,000 in clean operating result contribution. We are also looking in organic growth. Okay, what sort of inorganic growth? First of all, it has to be cash flow creative. It has to fit with our portfolio. You see here basically where we are currently present. It's, I would say in a nutshell, in and around Europe. We are looking for projects in this area, mostly with gas that would fit into our strategic and have a good fit with our current portfolio. I mentioned earlier that we are currently around 300,000 barrels per day in production. That's the estimate for 2025. With organic growth, it will grow somewhere around 320,000-330,000. We have up to 400,000. We have aspiration for inorganic growth. We plan to be somewhere around 400,000 barrels per day by the end of 2030. Fuels, I think here the name of the game is cash generation. We want to leverage the assets as much as possible because they are really cash generative, especially if we are looking at the refining margins currently in Europe. I think they are really our cash machine given the, let's say, international situation and so on, all sorts of sanctions. Here we are planning on increasing our cash flow growth, cash flow from operations with more than 50% versus 2024. Now coming to chemicals, I think that's a very interesting joint venture that we have created, and we are very close to closing. We signed in March, and we are about to close in the first quarter of 2026. Closing is just around the corner. What are we doing here? We are basically merging Borealis and Borouge. Then these companies are buying Nova Chemicals. Who are these companies? Borealis is a European polyolefin producer, very innovative and very strong in specialty polyolefins. What are polyolefins? Maybe for those who are not so familiar, polyethylene, polypropylene. These are basically building blocks that are used for consumer goods, for infrastructure, for pipelines, for mobile, for cars. There is a wide range of applications for these chemical molecules. That is, first of all, Borealis, European footprint, very strong in technology and in specialty products. Then we have Borouge. These are the assets in the Middle East. Here they are very strong. They currently work on Borealis technology. There is already cooperation between the two companies. They have a very strong, of course, feedstock cost. I think they are one of the, it is even more competitive than the US. They are the world's largest single polyolefin complex in the world. The third one is Nova Chemicals. That is a Canada-based company. They are also, of course, feedstock advantage because both Borouge and Nova, they produce from gas, from ethane, having proprietary technologies. By basically merging and combining these three companies together, we will form Borouge Group International, which will be a polyolefin exclusive company, will be the unique, let's say, in its industry with a global scale and, importantly, also with global customer reach, with a very advantageous position. As you see, both Middle East and North American position are very advantaged. Of course, having the technology part coming from Europe. It's a growth platform with a very strong financial strength. You will see here some figures about the average EBITDA of the company, of the three companies. I think what's important is that there are significant growth projects for the three companies that will come online in the next two years. Then well-positioned for sustainability. Okay, here I will not go into a lot of details, but I think what's important is that this deal delivers substantial synergies. I mentioned the attractive growth project and this free cash flow and clean CCS accretive for OMV. Our leverage ratio will be well below 30%. Why is this important? Because this is related to the dividend policy. I will update you later. We have strengthening the shareholder distribution policy. Okay, I will maybe now jump very shortly to the financial part. I think that's, yes, the financial framework. Here we go. Here, I mean, you will see basically our leverage ratio profile. As I mentioned, we are currently somewhere around 16%. Expected after the closing of the transaction to be somewhere around 22%. You have there, we have a significant headroom. As I was talking also about executing potential inorganic projects in the energy area. Here, yeah, you see here you have all the details of the transaction. The company is coming together. The company is planned to be stocklisted. I think important from this, we will, yeah, I think that it's very important to mention that, okay, for that, we will inject EUR 1.6 billion. And we will get equal shareholding. You see here the percentages with ADNOC. Let me jump over it. I would like to mention before we come to the Q&A, I think we already have some. Basically, what is happening with CapEx? I mentioned we cut. What does it mean for an annual CapEx? It means from EUR 3.8 billion what we had before, we are going to go down to EUR 2.8 billion. You see here the split, 70% will be traditional business and sustainable, 30% will be sustainable projects. Very important, we will have quite an increase in the organic free cash flow from around EUR 2 billion in 2024. We plan to go above EUR 3 billion. Where is this increase coming from? We have a CapEx decrease. As I mentioned, we have major organic growth projects coming operationally in the next one to three years. This basically leads to the cash flow increase. Our capital allocation priorities. First is the organic CapEx. The other one, the attractive and reliable shareholder return. Here I would like to talk about it. Currently, let me have a look at what this would be best to explain it in a nutshell. Okay, no, I will do it like that. Basically, currently our dividend policy is 20-30% of the cash flow from operations. Now, because we are deconsolidating the European company, Borealis, and in order to keep attractiveness, we have changed our dividend policy starting from 2026. What does this mean? We will announce dividends for 2025 in February, according to the old policy. We will pay them in June. In February 2027, we will announce dividends based on this new policy. Based on the new policy, we will distribute 50% of the dividends coming from Borouge Group International, plus 20-30% cash flow from operating activities. Which dividends are coming from Borouge Group International? According to the deal that we signed, the company will distribute a dividend floor of $1 billion to OMV. That is the floor, $1 billion. First year, we are going to start 2026. OMV will receive $1 billion of dividends. 50% of that will be distributed to the shareholders. On top of it, we will have 20-30% of the rest of the business. Here we have an illustration of what it would mean. For example, in 2024, we have paid 28% of CFFO. You see Borealis, that's a chemical business, and Core OMV. That led to EUR 4.75 per share. How would that look in case of having the new policy in place? We will have 50% of the $0.9 billion, this is in dollars, so EUR 0.9 billion. There was $1 billion, so this would be around EUR 0.9 billion. 50% of that and the rest of the portfolio, 28% of that. The dividend policy would be EUR 0.30 per share higher with the new dividend policy. The new dividend policy in a nutshell is a critique for our shareholders. We want to share the part of the dividends and the floor dividends, right, that are guaranteed that we receive from the new joint venture, Borouge Group International. I think I will stop here. I see we already have some questions, so I will jump to the questions. Hopefully we have time to answer. Oliver, if you could please be so kind to start. Yeah, sure. I think we had a question on dividends, but I think you explained that already. How does the updated dividend policy benefit OMV shareholders after the Borouge Group International transaction? And what should investors expect in terms of payout consistency and variable dividends? I think you already went through. I think about maybe just a few words here. I explained the new dividend. I explained how does this benefit to the investors. It is important to see, to understand that this is accretive. As I have shown earlier, OMV has been very consistent in rewarding their shareholders. It is a very important part of our investment proposition. Management is aware. I mean, so far, right, for so many years, it has kept its promises. We have a question. Can you discuss OMV's approach to potential inorganic growth and what types of M&A would complement your current portfolio? Sorry, say it again. There was a short. Can you discuss OMV's approach to potential inorganic growth and what types of M&A would complement your current portfolio? Yeah. Basically here, let me go here to the slide. Here is, this is our footprint. We have three core regions, the north, the CE, and the south. In the north is mostly Norway, CE, we have Austria and Romania. In south, we have North Africa. We also have some position in the Middle East. As I mentioned earlier, we want to increase our portfolio inorganically with projects in and around Europe, something that would be complementary to our portfolio, some project that would have synergies. This is where we are looking to, with potentially being more weighted on gas because gas is the fuel that we believe is for the future. We are also having, we see that we are having a competitive advantage on that. We are having very strong marketing, storage, and marketing arm in Austria as well as in Romania. Are we going to do M&A at any cost? No. We are looking into value-accretive opportunities. I think very important here is to mention is whatever potential inorganic growth we will do, we will make sure that we will remain within the 30% leverage ratio target. Why is this important? Because we say that we pay additional variable dividends if the company stays below the 30%. Even if we M&A, we plan to have the additional variable dividends because the financial balance sheet and the headroom allows, as I showed earlier. We had one question on Neptune Deep. What milestones are set for the Neptune Deep project and how should investors track progress and risk for this offshore gas development? Yeah. We are very often giving updates on Neptune because it's an important project and a lot of people are interested in it. Also, it's a very important project for us. Everything is on track, is fully on track and within budget. So far, we started the drill. We have there, so I mean, we can, now can I make it in a nutshell? Very often we give updates and there is absolutely no delay so far for the first gas in 2027. All the participants, both OMV Petrom is the operator as well as Romgaz, everybody, as well as the Romanian state has the interest that the project comes online in time because, yeah, gas, I mean, as even more than before became a very important resource for Romania, for the region, and for Europe. We have a question here, which is saying that with OMV's large-scale integration in chemicals and fuels, what are the competitive advantages over regional peers and how will these be maintained if the market environment remains volatile? If I understand correctly, the competitive advantage is chemicals, right? And fuels, yeah. Yeah. And fuels. Yeah. If we start with chemicals, with the new Borouge Group International, I think, and having an equal partnership and equal rights without knocking the company, OMV has a significant advantage in the chemicals business. First of all, we have a partner, let's say a very strong financial partner that can support the growth, can support the company as a growth platform together with OMV. It's a unique polyolefin company focused especially on polyolefins. As compared to other competitors, we will have global exposure. This company will become the fourth largest polyolefin company. If we take the chemical ones, it's even higher in the ranking. Sorry, the Chinese chemical companies, which are only focused on China, it's even higher in the ranking. That is definitely, we see significant synergies. We announced around $500 million of synergies expected of the deal, but we see more because there is a lot of potential for net pack optimization and sending volumes and producing them, right, producing them in low-cost areas and sending them in the higher price area. We believe here OMV is really, really advantaged having such partnership. I mean, it builds on many years, on 20 plus years of partnership with ADNOC. They are also a shareholder in OMV, so it is a long, long tradition. That is why, let's say, the merger is expected to really be a success because Borealis has been a partnership between OMV and ADNOC and Borouge and has been a success. When it comes to fuels, in fuels, we have maybe I can share shortly. Sorry, I have to press push. I think that's a better one. Basically, here you see this is the footprint. I mentioned in the beginning we have a very, very strong retail footprint and we are taking advantage of that. We have a very strong aviation footprint. Also, we have the two refineries, one in Germany and one in Austria, which are integrated with the chemicals business, which in this case will be most of it Borouge Group International. The refineries usually that have this integration with chemicals have a notch in their refining margin because there is an outlet secured for if you do not do gasoline, you do naphtha, and then you do chemicals. Also, we are very strong in net cash margin and cost for our refineries, both of them, Austria and Germany, as well as the one from Romania. On top of it, we also have direct customer. Of course, we have lots of direct customer relationship, but we are planning to increase that. We have just bought a chain of stations in commercial road transport, so basically securing our refinery product. Last but not least, the refineries are inland. They are inland. We have integration with the markets. It is different if you have a refinery, let's say coastal refinery, and you are only doing exports, wholesale exports, so to say. Maybe one last question. How is OMV de-risking its supply chain, especially regarding critical feedstocks and LNG in light of current geopolitical volatility? Even in the past, we were not really having crude from Russia. Already since some years, since 2022, we stopped having that. We are having crude at the sea in Italy, and from there it comes via pipeline in Austria and in Germany. It is international seaborne. Romania the same. I mean, 80% roughly is supplied domestically, and the rest is supplied via the port in Constanza. It is international seaborne crude. We see no problem at all. We are not connected to the crude pipeline, and we have never been connected to the crude pipeline from Russia. I would say that would be, I would call, critical in the sense of the OMV setup. For gas, we are having equity production. We produce gas in Norway. We produce gas already in Romania. We also have some LNG imported, but we also have a share in an LNG terminal in Rotterdam. We used to receive Russian gas. This has stopped since the end of last year. Since then, we have diversified significantly the sources of gas. We were able to deliver to all the customers safely. This we are also doing currently without any Russian gas at all. I think that's it from the time. I think we're over the limit. Yeah, over the limit. We will receive the rest of the questions, and we will definitely be in touch. I will share the answers with you. I'm also very happy to have you on a one-on-one on November 18. We can continue the discussions there. Thank you very much. Yeah, looking forward to hear from you. Thank you for having the interest in our company.