Slides
Page 1
Q3 2025 Results Conference Call Alfred Stern Chairman of the Executive Board and CEO October 29, 2025
Page 2
This presentation contains forward-looking statements. Forward-looking statements may be identified by the use of terms such as “outlook”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “target”, “objective”, “estimate”, “goal”, “may”, “will”, and similar terms, or by their context. These forward-looking statements are based on beliefs, estimates, and assumptions currently held by and information currently available to OMV. By their nature, forward-looking statements are subject to risks and uncertainties, both known and unknown, because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of OMV. Consequently, the actual results may differ materially from those expressed or implied by the forward-looking statements. Therefore, recipients of this presentation are cautioned not to place undue reliance on these forward-looking statements. Neither OMV nor any other person assumes responsibility for the accuracy and completeness of any of the forward-looking statements contained in this presentation. OMV disclaims any obligation and does not intend to update these forward-looking statements to reflect actual results, revised assumptions and expectations, and future developments and events. This presentation does not contain any recommendation or invitation to buy or sell securities in OMV. © 2025 OMV Aktiengesellschaft, all rights reserved, no reproduction without our explicit consent. Disclaimer Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025
Page 3
Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 Macro environment Olefin and polyolefin indicator margins Europe EUR/t Oil prices USD/bbl Gas prices EUR/MWh 80 75 76 68 6978 72 73 Q3/24 Q4/24 Q1/25 66 Q2/25 Q3/25 66 25 31 38 29 27 35 44 48 36 33 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Trading Hub Europe (THE) Realized gas priceAverage Brent price Average realized crude price 464 447 464 528 509 427 421 414 434 417 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Average ethylene and propylene Average PE and PP 5.0 5.9 6.7 8.1 11.5 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Refining indicator margin Europe USD/bbl Brent oil –14% THE gas price -5% Europe refining indicator margin +131% Europe olefin indicator margin +10% Europe PE/PP indicator margin -2% Q3 2025 vs. Q3 2024 3
Page 4
Overview Q3 2025 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 702 588 622 204 242 413 135 200 222 Q3/24 Q2/25 Q3/25 1,051 1,031 1,262 +20% 1.06 1.18 1.82 Q3/24 Q2/25 Q3/25 +72% 1,421 1,083 1,094 Q3/24 Q2/25 Q3/25 -23% Clean CCS Operating Result EUR mn Clean CCS EPS EUR Cash flow from operating activities EUR mn Fuels Energy Consolidation and Others Chemicals Hydrocarbon production –8% Fuel sales volumes +1% Polyolefin sales volumes incl. JVs –8% Operational performance Q3 2025 vs. Q3 2024 4
Page 5
Energy – lower oil prices and impact of OMV Sapura divestment partially offset by higher sales volumes 1 Market effects defined as oil and gas prices, foreign exchange impact and price effect on royalties Clean Operating Result EUR mn • Market environment • Lower realized crude oil price (–15%), higher realized natural gas price (+10%) • Negative impact of EUR/USD FX development of EUR (70) mn • Oil and gas production of 304 kboe/d (–28 kboe/d) − Divestment of Malaysia (–33 kboe/d) − New Zealand (–6 kboe/d) − Norway (–5 kboe/d) − Libya (+ 20 kboe/d) • Sales volumes of 306 kboe/d (+6 kboe/d) primarily due to substantially higher liftings in Libya and increased sales in Norway and UAE • Production cost increased to USD 11/boe (+4%), mainly because of lower production and FX rate, partially offset by a lower absolute cost • Lower Gas Marketing & Power contribution • Gas West decreased by EUR 37 mn, driven by weaker supply result and a lower sales result, partially offset by improved LNG contribution • Gas & Power East improved by EUR 12 mn, mostly due to better power business, supported by power market deregulation effective from July 2025 639 584 63 277 222 Q3/24 Market effects1 E&P operational performance 25 Gas Marketing & Power 38 Q3/25 702 622 –80 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 Gas Marketing & Power 5
Page 6
204 413 163 43 Q3/24 Market effects 2 Operational performance ADNOC Refining & Global Trading JV Q3/25 Fuels – substantially stronger refining margins and a significantly higher ADNOC Refining & Trading result Clean CCS Operating Result EUR mn • Refining indicator margin more than doubled to USD 11.5/bbl driven by stronger middle distillate and gasoline cracks amid tight supply conditions in the region • Higher utilization rate Europe (91% vs. 84%) reflecting recovery from last year’s Burghausen outage • Retail contribution slightly decreased, driven by lower fuel margins and partially offset by slightly higher sales volumes (+1%) • Lower Commercial result driven by decreased margins due to slow economic development • ADNOC Refining & Global Trading JV performance increased by EUR 43 mn, mainly attributable to a better market environment and stronger operational performance +208 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 1 Market effects based on refining indicator margin Europe 1 6
Page 7
Chemicals – challenging market environment more than offset by positive effect of Borealis reclassification 1 Based on externally published sensitivities for OMV base chemicals and Borealis excl. JVs; not adjusted to account for effect of intercompany profit elimination 2 Includes the contribution from OMV base chemicals, Borealis excl. JVs, the effect of intercompany profit elimination, and elimination of Borealis excl JVs depreciation Clean Operating Result EUR mn 135 222 35 50 Q3/24 Market effects 8 Inventory effects Operational effects & others 10 Borealis JVs Q3/251 2 • Market environment − Higher olefin indicator margins (ethylene +9%, propylene +10%) − Higher PE indicator margin, lower PP indicator margin (PE +6%, PP –11%) • Operational effects & others − Slightly higher cracker utilization rate (84% vs. 83% in Q3/24) − Improved OMV base chemicals contribution driven by higher utilization rates − Lower Borealis base chemicals contribution driven by lower light feedstock advantage, phenol margin and utilization rate − Decreased polyolefins contribution impacted by lower sales volumes − Following the reclassification of Borealis as “asset held for sale,” depreciation for Borealis (EUR ~140 mn per quarter) is no longer recorded in the clean Operating Result • Borealis JVs − Decreased Borouge contribution, due to lower sales volumes, and weaker market environment in Asia − Positive impact from exclusion of negative contribution of Baystar in Q3/24 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 +87 7
Page 8
Cash flow from operations of EUR 3.5 bn in 1-9/25 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 EUR bn Cash flow from operating activities Free cash flow before dividends 4.4 3.5 1.6 1.6 -20% -5% 1-9/2024 1-9/2025 • Cash flow from operating activities of EUR 3.5 bn in 9m/25 − Dividends from at-equity accounted companies of EUR 505 mn (9m/24: EUR 717 mn), mainly from Borouge and ADNOC Refining & Global Trading − Net working capital effects of EUR -138 mn (9m/24: EUR 286 mn) • Organic cash flow from investing activities1 of EUR -2.8 bn (9m/24: EUR -2.5 bn) • Organic free cash flow before dividends of EUR 0.8 bn (9m/24: EUR 2.0 bn) • Dividends paid: EUR 2.2 bn in 9m/25, thereof: • OMV stockholders regular and additional variable dividends for the 2024 fiscal year: EUR 1.6 bn (9m/24: EUR 1.7 bn) • OMV Petrom minority shareholders regular dividends for the 2024 fiscal year: EUR 263 mn (9m/24: EUR 430 mn) • Borealis minority shareholders for the 2024 fiscal year: EUR 272 mn (9m/24: EUR 39 mn) • Inorganic cash flow from investing activities of EUR +800 mn, mainly from the Ghasha divestment and Bayport loan repayment1 Organic cash flow from investing activities is cash flow from investing activities excluding divestments and material inorganic cash flow components (e.g., acquisitions). 8
Page 9
Strong balance sheet – continued low leverage ratio and high cash position Note: Leverage ratio is defined as net debt including leases to capital employed. EUR 4.6 bn1 EUR 4.2 bn End of September 2025 OMV cash position End of September 2025 OMV undrawn committed credit facilities 9.3 6.0 2.2 2.1 3.2 4.2 2020 2021 2022 2023 2024 1–9/25 32% 21% 8% 8% 12% 16% Leverage ratio Net debt in EUR bn EUR bn, % Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 1 Includes cash from assets held for sale 9
Page 10
Updated outlook 2025 1 HD BM FD EU Domestic EOM (ICIS low) – Ethylene CP WE (ICIS) 2 PP Homo FD EU Domestic EOM (ICIS low) – Propylene CP WE (ICIS) 2023 2024 1-9/25 FY 2025 Brent oil price (USD/bbl) 83 81 71 ~70 THE (Trading Hub Europe) gas price (EUR/MWh) 41 35 39 Slightly <40 (previously ~40) OMV average realized gas price (EUR/MWh) 29 25 32 30–35 OMV refining indicator margin Europe (USD/bbl) 11.7 7.1 8.8 >9 (previously >7) Ethylene indicator margin Europe (EUR/t) 507 505 562 ~560 (previously >520) Propylene indicator margin Europe (EUR/t) 389 384 438 ~440 (previously >385) Polyethylene indicator margin Europe (EUR/t)1 322 432 470 ≫400 Polypropylene indicator margin Europe (EUR/t)2 355 402 373 <400 (previously ~400) Hydrocarbon production (kboe/d) 364 340 306 Slightly >300 (previously ~300) Utilization rate European refineries (%) 85 87 89 85–90 Fuel sales volumes (mn t) 16.3 16.2 12.1 >16.2 Utilization rate steam crackers Europe (%) 80 84 86 ~85 (previously ~90) Borealis polyolefin sales volumes excl. JVs (mn t) 3.5 3.9 3.0 ~4.1 (previously ~4.3) Organic CAPEX (EUR bn) 3.7 3.7 2.6 ~3.6 MARKETOPERATIONS Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 10
Page 11
Appendix
Page 12
Energy – higher contribution from Gas Marketing & Power partially offset by lower gas price Clean Operating Result EUR mn 1 Market effects defined as oil and gas prices, foreign exchange impact and price effect on royalties 593 584 43 38 -5 Q2/25 36 Market effects 27 Operational performance Gas Marketing & Power Q3/25 588 622 1 +34 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 • Market environment • Flat realized oil price, but lower natural gas price (-6%) • Negative impact of EUR/USD FX development • Stable oil and gas production at 304 kboe/d • Norway (–8 kboe/d) • Libya (+4 kboe/d) • Romania (+3 kboe/d) • Higher sales volumes of 306 kboe/d (+30 kboe/d), supported by increased sales in Norway and UAE • Production cost almost flat at USD 11/boe • Support from a net positive litigation outcome in Romania in Q2/25 • Gas Marketing & Power contribution higher by EUR 43 mn • Gas West contribution increased by EUR 21 mn • Gas & Power East contribution increased by EUR 22 mn, following power market deregulation effective from July 2025 and market developments Gas Marketing & Power 12
Page 13
Fuels – higher margins and higher sales volumes Clean CCS Operating Result EUR mn 242 413 84 35 51 Q2/25 Market effects Operational performance ADNOC Refining & Trading JV Q3/25 +171 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 • Higher refining indicator margin by USD 3/bbl • Higher refinery utilization rate Europe at 91% (+8 pp) • Higher fuel sales volumes (+5%) • Higher retail performance due to seasonally higher sales volumes • Stable contribution from the commercial business • Significantly higher contribution of ADNOC Refining & Global Trading by EUR 51 mn driven by better market environment and stronger operational performance 1 Market effects based on refining indicator margin Europe 1 13
Page 14
Chemicals – weaker market, compensated for by less negative inventory effect and stronger Borouge result 1 Based on externally published sensitivities for OMV base chemicals and Borealis excl. JVs; includes inventory effects of Borealis excl. JVs; not adjusted to account for effect of intercompany profit elimination 2 Includes the contribution from OMV base chemicals, Borealis excl. JVs, the effect of intercompany profit elimination, and other effects Clean Operating Result EUR mn 200 222 27 61 44 32 Q2/25 Market effects Inventory effects Operational effects Borealis JVs Q3/251 2 +22 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 • Market environment − Lower olefin indicator margins (ethylene -3%, propylene -4%) − Lower PE indicator margin, lower PP indicator margin (PE -4%, PP – 4%) • Operational performance − Slightly higher utilization rate at 84% (+2 pp) − Increased OMV base chemicals due to higher utilization rates − Higher Borealis base chemicals due positive inventory effects, lower fixed costs and higher light feedstock advantage − Slightly higher Borealis polyolefin contribution due to less negative inventory effect and lower fixed costs, partially offset by lower sales volumes • Stronger contribution of Borealis JVs − Stronger Borouge contribution mainly due to higher sales volumes on the back of a planned turnaround in Q2 2025 − Baystar JV contribution is excluded starting March 2025 14
Page 15
Strong balance sheet Balance sheet Sep. 30, 2025, vs. June 30, 2025 EUR bn 16.3 2.4 5.2 2.1 1.9 5.3 10.5 2.3 Jun 30, 2025 16.7 2.5 5.1 2.3 2.0 4.4 10.2 2.1 Sep 30, 2025 Tangible & intangible assets Other non-current assets Equity accounted investments Inventories Trade receivables Cash Assets held for sale Other current assets 46.0 45.5 16.2 6.3 2.9 7.0 6.1 3.7 0.9 2.3 Sep 30, 2025 16.5 6.4 2.7 7.5 5.9 3.5 1.0 2.4 Jun 30, 2025 Stockholders’ equity and hybrid capital Non-controlling interests Trade payables Bonds and other interest-bearing debts Provisions Liabilities associated with assets held for sale Other non-current liabilities Other current liabilities 45.5 46.0 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 • Property, plant & equipment: in addition to investments (mostly Neptun Deep as well as UpHy Large) this position was impacted by the reassessment of decommissioning costs • Equity-accounted investments: dividend distribution of Borouge PLC, that outweighed the positive result contribution of Borouge PLC, ADNOC Trading and ADNOC Refining. • Equity: EUR 276 mn dividend distributions, thereof EUR 33 mn hybrid coupons and EUR 240 mn dividend distributions of Borealis; Equity reduction of EUR 785 mn related to hybrid bond redemption (repaid in Sept 25) • Additionally, repayment of EUR 500 mn (regular) bond in Q3/25 15
Page 16
Sensitivities of OMV Group results in 2025 Q3 2025 CONFERENCE CALL, OCTOBER 29, 2025 Note: Materially different Brent and FX levels (vs. current levels) would lead to different sensitivity results. Operating cash flow excludes net working capital effects Annual impact excl. hedging EUR mn Clean CCS Operating Result Operating cash flow Brent oil price (USD +1/bbl) +50 +35 Realized gas price (EUR +1/MWh) +45 +30 OMV refining indicator margin Europe (USD +1/bbl) +110 +100 Ethylene indicator margin Europe (EUR +10/t) +20 +15 Propylene indicator margin Europe (EUR +10/t) +20 +15 Polyethylene indicator margin Europe (EUR +10/t) +10 +10 Polypropylene indicator margin Europe (EUR +10/t) +10 +10 EUR/USD (USD changes by +0.01) +45 +30 16