Slides
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Q4 2025 Results Conference Call Alfred Stern Chairman of the Executive Board and CEO February 4, 2026
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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. © 2026 OMV Aktiengesellschaft, all rights reserved, no reproduction without our explicit consent. Disclaimer Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026
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Key messages 2025 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Operations • Oil and gas production volumes (excluding divestment of Malaysia) –2% • Fuel sales volumes +1% • Polyolefin sales volumes incl. JVs +3% Financials • Clean CCS Operating Result of EUR 4.6 bn (–10%) • Strong CFFO only slightly below 2024 (–4%), despite the challenging environment • >70% of Efficiency Program 2027 target achieved in 20251 • Disciplined investments; Organic cash CAPEX in line with guidance • Strong balance sheet with a leverage ratio of 14% Shareholder distributions • Regular DPS of 3.15 EUR, +10 cents in line with progressive policy • Additional DPS of EUR 1.25 • Total DPS for full-year 2025 of EUR 4.40, 28% of CFFO • Dividend yield of 9.3% Comparisons are versus full-year 2024 1 Cash flow from operations vs 2023; achieved EUR ~400 mn
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Delivering the Strategy 2030 – Major milestones in 2025 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Energy Fuels Chemicals • Agreed to form Borouge Group International, a global leading polyolefin company • Successful start-up of the chemical recycling plant ReOil® • Successful start-up of Borealis’ new compounding line in Belgium • Progressing Kallo and Borouge 4 growth projects • Co-processing plant in operation • Petrobrazi SAF/HVO plant construction on track • ~200 MW electrolyzer capacity in Romania and Austria under construction (captive refinery demand); 10 MW electrolyzer in operation in Austria • Nearly doubled the EV network • Rebranded retail stations • Neptun Deep development on track • Progress in the exploration activities for Han Asparuh block • Successful diversification of gas supply • OMV Petrom advancing towards renewables leadership in SEE • Advanced the geothermal energy project in Vienna to production testing • Oil discovery in the Sirte basin, Libya, with estimated recoverable volumes between 15 and 42 mn boe
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Borouge Group International - Closing in Q1 2026 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Status • Received all FDI approvals and vast majority of clearances • Obtained loan of USD 15.4 bn to finance the acquisition of NOVA and ensure appropriate levels of liquidity Next steps until closing • Receive outstanding clearances • Start-up of Borouge 4 first PE plant in Q1; production is expected to ramp up through 2026 • Announce Supervisory Board and Executive Board Q1/26 Estimated closing
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Overview Q4 2025 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 586 112 622 346 81 413 236 222 1,241 Q4/24 Q3/25 Q4/25 1,375 1,262 1,153 -16% 1.7 1.8 1.7 Q4/24 Q3/25 Q4/25 -1% 1,030 1,094 1,681 Q4/24 Q3/25 Q4/25 +63% Clean CCS Operating Result EUR mn Clean CCS EPS EUR Cash flow from operating activities EUR mn Chemicals Fuels Energy Consolidation and Others Hydrocarbon production –4%1 Fuel sales volumes +4% Polyolefin sales volumes incl. JVs +7% Operational performance Q4 2025 vs. Q4 2024 6 1 Excluding Malaysia divestment
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Energy – lower prices and one-off effects, partially offset by stronger Gas Marketing & Power 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 (–13%) and realized natural gas price (-14%) • Negative impact of EUR/USD FX development of EUR (81) mn • Oil and gas production of 300 kboe/d (–38 kboe/d) − Divestment of OMV Sapura in Malaysia (–24 kboe/d) − Norway (–4 kboe/d) − Romania (–4 kboe/d) • Sales volumes of 289 kboe/d (–65 kboe/d) due to Malaysia divestment, lifting schedule Norway and Libya and natural decline • Production cost increased to USD 10.6/boe (+9%), mainly because of lower production and FX rate, partially offset by a lower absolute cost • Higher Gas Marketing & Power contribution excluding the arbitration award by EUR 58 mn • Gas West decreased by EUR 25 mn mainly due to lower release of transport provision • Gas & Power East improved by EUR 83 mn, mostly due to better power business, supported by power market deregulation effective from July 2025 973 919 471 268 210 312 136 116 Q4/24 54 Malaysia divestment Gas arbitration award 58 Q4/24 excl. one-off effects Market effects1 E&P operational performance 58 Gas Marketing & Power excl. arbitration award Q4/25 1,241 977 586 –391 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Gas Marketing & Power 7
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112 346 199 20 54 Q4/24 Market effects Operational performance ADNOC Refining & Global Trading JV Q4/25 Fuels – substantially stronger refining margins and a higher ADNOC Refining & Trading result Clean CCS Operating Result EUR mn • Refining indicator margin more than doubled to USD 14.0/bbl driven by stronger middle distillate and gasoline cracks amid tight supply conditions in the region • Stable utilization rate Europe (89%) • Higher Retail contribution, driven by improved fuel margins, better non-fuel business and slightly higher sales volumes • Better Commercial performance due to higher aviation business contribution and increased sales volumes • ADNOC Refining & Global Trading JV performance increased by EUR 54 mn, mainly attributable to a better market environment +234 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 1 Market effects based on refining indicator margin Europe 1 8
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Chemicals – improved olefin indicator margins and 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 81 236 58 66 41 Q4/24 Market effects 9 Inventory effects Operational effects & others Borealis JVs Q4/251 2 • Market environment − Higher olefin indicator margins (ethylene +16%, propylene +21%) − Stable PE indicator margin, lower PP indicator margin (PE -1%, PP –19%) • Operational effects & others − Lower cracker utilization rate (-12 pp) − Improved OMV base chemicals contribution driven by higher olefin indicator margins, partially offset by lower utilization rate and weaker benzene and butadiene margins − Lower Borealis base chemicals contribution driven by decreased utilization rate, lower inventory effects, a lower light feedstock advantage and phenol margins − Decreased polyolefins contribution impacted by lower margins, partially compensated for by lower fixed costs − 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 − Stable Borouge contribution; substantially higher sales volumes were offset by weaker market environment in Asia − Positive impact from exclusion of negative contribution of Baystar in Q4/24 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 +156 9
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Q4 2025 Results Conference Call Reinhard Florey Chief Financial Officer February 4, 2026
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Group-wide efficiency measures of EUR >350 mn delivered in 2025 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Impact on cash flow from operating activities1 EUR bn 1 Compared to 2023 Main initiativesin 2025 • Additional oil volumes via technical improvements and optimization of gas flows • Reduction of E&P cost base via maintenance optimization, shared logistics and active non operator role in technical studies and renegotiations • Various margin improvement measures and refining optimization related to utilities, crude supply and energy efficiency as well as growth in aviation business ≥0.5 2024 2025 2026 2027 0.18 >0.35
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Very strong cash flow from operations of EUR 5.2 bn Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 EUR bn Cash flow from operating activities Free cash flow before dividends 5.5 5.2 2.3 2.5 -4% +7% 1-12/2024 1-12/2025 • Cash flow from operating activities of EUR 5.2 bn in 2025 − Dividends from at-equity accounted companies of EUR 542 mn (2024: EUR 784 mn), thereof Borouge EUR 413 mn − Net working capital effects of EUR 721 mn (2024: EUR 148 mn) • Organic cash flow from investing activities1 of EUR –3.7 bn (2024: EUR – 3.5 bn) • Organic free cash flow before dividends of EUR 1.5 bn (2024: EUR 2.0 bn) • Dividends paid: EUR 2.3 bn in 2025, thereof: • OMV stockholders regular and additional variable dividends for the 2025 fiscal year: EUR 1.6 bn (2024: EUR 1.7 bn) • OMV Petrom minority shareholders regular and special dividends for the 2025 fiscal year: EUR 369 mn (2024: EUR 430 mn) • Borealis minority shareholders for the 2025 fiscal year: EUR 275 mn (2024: EUR 286 mn) • Hybrid bond holders: EUR 81 mn (2024: EUR 91 mn) • Inorganic cash flow from investing activities of EUR 962 mn, mainly from the Ghasha divestment and Bayport loan repayment 1 Organic cash flow from investing activities is cash flow from investing activities excluding divestments and material inorganic cash flow components (e.g., acquisitions). 12
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A3 Outlook stable July 23, 2025 Very strong balance sheet Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Healthy balance sheet EUR bn, % Headroom to 30% leverage ratio 1 Determined as of the reference date Jan 1, 2025, to be reduced by dividends paid out until completion of the transaction Note: Leverage ratio = Net Debt / (Equity + Net Debt) 9.3 6.0 2.2 2.1 3.2 3.6 32% 21% 8% 8% 12% 14% 2020 2021 2022 2023 2024 2025 End 2026 (post BGI) A- Outlook stable July 15, 2025 2026 leverage ratio to reflect the deconsolidation of Borealis’ equity and net debt, as well as the EUR 1.6 bn1 cash injection into BGI LeverageNet debt in EUR bn 13 Low 20s
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Attractive shareholder distributions through growing regular dividend plus additional variable dividend Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 1 Based on share price as of Dec 31, 2025 1.00 1.20 1.50 1.75 1.75 1.85 2.30 2.80 2.95 3.05 3.15 2.25 2.10 1.70 1.25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.00 1.20 1.50 1.75 1.75 1.85 2.30 5.05 5.05 4.75 4.40 Additional variable dividend Progressive regular dividend Attractive dividend yield 9.3 %1 % of CFFO 21 29 28 28 Dividend yield % 10.5 12.7 12.7 9.3 14
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Dividend policy starting 2026: clear benefits for OMV shareholders from BGI transaction Principle of progressive regular plus additional variable dividends maintained → → Starting with the fiscal year 2026, OMV will distribute 50% of BGI dividends attributable to OMV plus 20-30% of cash flow from operating activities excluding BGI dividends (to be paid in 2027) Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 15 Additional variable dividends will be awarded provided that the leverage ratio is <30% → OMV aims to increase regular dividends every year or at least to maintain the level of the respective previous year →
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Lower organic investments with a focus on growth Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 1.6 0.9 1.2 2022-2024 avg 1.9 0.9 1.0 2025 1.9 1.1 0.1 2026 Outlook 1.5 1.1 0.1 2026-2030 avg Strategy 2030 3.7 3.7 3.2 2.8 Energy Fuels Chemicals Consolidation and Others Organic CAPEX EUR bn Main organic growth projects in 2026 • Energy • Neptun Deep, Romania (2027) • Developments in Norway, Austria and UAE • Renewable power in Romania • Fuels • SAF/HVO plant in Romania (2028) • 140 MW hydrogen plant in Austria (2027) • Chemicals • Reflects organic investments only for OMV chemicals business (steam crackers, Walldürn recycling plant) • Excludes entirely Borealis Capex 70% of Organic Capex in 2026 dedicated to growth 16 Note. The year indicates the estimated project start-up.
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Outlook 2026 2024 2025 FY 2026 Brent oil price (USD/bbl) 81 69 ~65 THE (Trading Hub Europe) gas price (EUR/MWh) 35 37 >30 OMV average realized gas price (EUR/MWh) 25 30 <30 OMV refining indicator margin Europe (USD/bbl) 7.1 10.1 ~8 Ethylene indicator margin Europe (EUR/t) 505 569 ~550 Propylene indicator margin Europe (EUR/t) 384 445 ~420 Hydrocarbon production (kboe/d) 340 305 slightly <300 Production cost (USD/boe) 10.0 10.6 <11 Utilization rate European refineries (%) 87 89 >90 Fuel sales volumes (mn t) 16.2 16.4 >16.4 Utilization rate steam crackers (%)1 84 82 ~90 E&A expenditures (EUR mn) 229 148 <200 Organic CAPEX (EUR bn)1 3.7 3.7 ~3.2 MARKETOPERATIONS Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 1 2026 figures exclude Borealis 17
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Appendix
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Sensitivities of OMV Group results in 2026 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 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/propylene indicator margin Europe (EUR +10/t) +10 +5 EUR/USD (USD changes by +0.01) +45 +35 19
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Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 Macro environment Olefin and polyolefin indicator margins Europe EUR/t Oil prices USD/bbl Gas prices EUR/MWh 75 76 68 69 6472 73 62 Q4/24 Q1/25 66 Q2/25 66 Q3/25 Q4/25 31 38 29 27 26 44 48 36 33 31 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Trading Hub Europe (THE) Realized gas priceAverage Brent price Average realized crude price 447 464 528 509 527 421 414 434 417 380 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Average ethylene and propylene Average PE and PP 5.9 6.7 8.1 11.5 14.0 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Refining indicator margin Europe USD/bbl Brent oil –15% THE gas price -28% Europe refining indicator margin +137% Europe olefin indicator margin +18% Europe PE/PP indicator margin -10% Q4 2025 vs. Q4 2024 20
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Energy – lower prices and volumes partially offset by higher contribution from Gas Marketing & Power Clean Operating Result EUR mn 1 Market effects defined as oil and gas prices, foreign exchange impact and price effect on royalties 584 471 38 72 41 77 116 Q3/25 Market effects Operational performance Gas Marketing & Power Q4/25 622 586 1 –36 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 • Market environment • Lower realized oil price (-6%) and lower realized natural gas price (-3%) • Slightly lower oil and gas production at 300 kboe/d • Libya (–6 kboe/d) • Lower sales volumes of 289 kboe/d (–17 kboe/d), as Q3/25 benefitted from overliftings • Production cost slightly lower at USD 10.6/boe (–3%) • Gas Marketing & Power contribution higher by EUR 77 mn • Gas West contribution increased by EUR 30 mn mainly due to a reversal of a provision related to booked transport capacities • Gas & Power East contribution increased by EUR 47 mn, benefitting from seasonality in both power and gas markets Gas Marketing & Power 21
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Fuels – higher refining margins more than offset by operational constraints and seasonality Clean CCS Operating Result EUR mn 413 346 66 132 Q3/25 Market effects Operational performance ADNOC Refining & Trading JV Q4/25 1 –67 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 • Higher refining indicator margin by USD 2.4/bbl • Slightly lower refinery utilization rate Europe at 89% (-2 pp), due to the coker repair shutdown at Burghausen • Negative result impact from secondary unit outages at Schwechat refinery • Slightly lower fuel sales volumes (-3%) due to seasonality • Lower retail performance due to seasonally lower sales volumes (-7%) and product quotation developments • Slightly higher contribution from the commercial business • Stable ADNOC Refining & Global Trading contribution; Q4 benefit from stronger refining environment, but Q3 profited from a positive one-off impact 1 Market effects based on refining indicator margin Europe 1 22
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Chemicals – increased sales volumes partly offset by lower utilization rates 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, and elimination of Borealis excl JVs depreciation Clean Operating Result EUR mn 222 236 16 20 16 Q3/25 1 Market effects Inventory effects Operational effects Borealis JVs Q4/251 2 +15 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 • Market environment − Slightly higher olefin indicator margins (ethylene +3%, propylene +4%) − Lower PE and PP indicator margins (PE -8%, PP –10%) • Operational performance − Lower utilization rate at 72% (-12 pp) reflecting ongoing weak demand in a challenging environment and net working capital optimization at OMV and customers − Slightly higher OMV base chemicals supported by higher indicator margins, partially offset by lower utilization − Decreased Borealis base chemicals due lower utilization rate and light feedstock advantage, as well as negative inventory effects, partially offset by higher indicator margins − Lower Borealis polyolefin contribution due to lower realized margins, seasonally higher fixed costs, partly compensated for by higher sales volumes • Stronger contribution of Borealis JVs − Increased Borouge contribution despite challenging market environment 23
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Strong balance sheet Balance sheet Dec. 31, 2025, vs. Sep. 30, 2025 EUR bn 16.7 2.5 5.1 2.3 2.0 4.4 10.2 2.1 Sep 30, 2025 16.8 2.5 5.3 2.0 1.9 5.1 10.6 2.3 Dec 31, 2025 Tangible & intangible assets Other non-current assets Equity accounted investments Inventories Trade receivables Cash Assets held for sale Other current assets 45.5 46.3 16.3 6.2 2.6 8.0 6.3 3.5 1.0 2.3 Dec 31, 2025 16.2 6.3 2.9 7.0 6.1 3.7 0.9 2.3 Sep 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 46.3 45.5 Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 • 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 24