Interim report
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FOURTH QUARTER 2024 RESULTS 21 FEBRUARY 2025
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2 DISCLAIMER "THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSION CONTAIN FORWARD -LOOKING STATEMENTS. THESE STATEMENTS ARE NATURALLY SUBJECT TO UNCERTAINTY AND CHANGES IN CIRCUMSTANCES. THOSE FORWARD -LOOKING STATEMENTS MAY INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING CAPITAL EMPLOYED, CAPITAL EXPENDITURE, CASH FLOWS, COSTS, SAVINGS, DEBT, DEMAND, DEPRECIATION, DISPOSALS, DIVIDENDS , E ARNINGS, EFFICIENCY, GEARING, GROWTH, IMPROVEMENTS, INVESTMENTS, MARGINS, PERFORMANCE, PRICES, PRODUCTION, PRODUCTIVITY, PROFITS, RESE RVE S, RETURNS, SALES, SHARE BUY BACKS, SPECIAL AND EXCEPTIONAL ITEMS, STRATEGY, SYNERGIES, TAX RATES, TRENDS, VALUE, VOLUMES, AND T HE EFFECTS OF MOL MERGER AND ACQUISITION ACTIVITIES. THESE FORWARD -LOOKING STATEMENTS ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THESE FORWARD -LOOKING STATEMENTS. THESE RISK S, UNCERTAINTIES AND OTHER FACTORS INCLUDE, BUT ARE NOT LIMITED TO DEVELOPMENTS IN GOVERNMENT REGULATIONS, FOREIGN EXCHANGE RATE S, CRUDE OIL AND GAS PRICES, CRACK SPREADS, POLITICAL STABILITY, ECONOMIC GROWTH AND THE COMPLETION OF ON -GOING TRANSACTIONS. MANY OF THESE FACTORS ARE BEYOND THE COMPANY'S ABILITY TO CONTROL OR PREDICT. GIVEN THESE AND OTHER UNCERTAINTIES, YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON ANY OF THE FORWARD -LOOKING STATEMENTS CONTAINED HEREIN OR OTHERWISE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO RELEASE PUBLICLY ANY REVISIONS TO THESE FORWARD -LOOKING STATEMENTS (WHICH SPEAK ONLY AS OF THE DATE HEREOF) TO REF LECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS, EXCEPT AS MAYBE REQUIRED UND ER APPLICABLE SECURITIES LAWS. PLEASE NOTE THAT THE ONLINE MEETING WILL BE RECORDED. IF YOU DO NOT WANT TO APPEAR ON THE RECORDED VIDEO, PLEASE SWITCH OFF YOUR CAMERA AND MICROPHONE. PRIVACY NOTICE: HTTPS://PRIVACY.MICROSOFT .COM/HUHU/PRIVACYSTATEMENT#MAINNOTICETOENDUSERSMODULE STATEMENTS AND DATA CONTAINED IN THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSIONS, WHICH RELATE TO THE PERFORMANCE OF MOL IN THIS AND FUTURE YEARS, REPRESENT PLANS, TARGETS OR PROJECTIONS ."
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HIGHLIGHTS OF THE QUARTER
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4 2024 GUIDANCE DELIVERED ON ALL FRONTS FY 2023 RESULTS 90.4 MBOEPD 11.8 MT USD 1,415 MN 0.59X 1.31 2024 GUIDANCE ~92-94 MBOEPD ~11.5 MT 0.74X FY 2024 RESULTS GROUP CAPEX (ORGANIC) CRUDE PROCESSING2 NET DEBT/EBITDA HSE – TRIR3 OIL & GAS PRODUCTION1 ~1.7 BN <1.0X ~1.3 1.04 USD 1,636 MN 11.3 MT 93.8 MBOEPD ~USD 1.6 BN GROUP PROFIT BEFORE TAX 1 (1) Continuing operations. i.e. excluding UK (2) MOL Danube Refinery + Slovnaft refinery (3) Total Recordable In jury Rate USD 3,093 MN ~USD 3.0 BN GROUP CLEAN CCS EBITDA USD 3,073 MN USD 1,936 MN USD 1,500 MN OPERATIONAL AND EBITDA EXPECTATIONS FULLY- OR OVERACHIEVED; PBT GUIDANCE IN SLIGHT UNDER- PERFORMANCE
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5 HEALTHY OPERATIONS IN Q4 2024 DESPITE INDUSTRY HEADWINDS FINANCIALS OPERATIONAL AND OTHER DEVELOPMENTS Full year 2024 Profit before tax at USD 1,500 mn, down by 23% year-on-year on lower reported EBITDA and FX effect Clean CCS EBITDA down by 31% YoY to USD 682 mn in Q4 2024 but reaching USD 3,073 in the full year; operating CF after WC of USD 2,218 mn in FY 2024 Upstream EBITDA at USD 275 mn, 2% lower QoQ as volumes remained at high levels and prices remained supportive overall Downstream Clean CCS EBITDA came in at USD 267 mn as margins came increasingly under pressure amidst slowing demand environment Consumer Services EBITDA marked USD 156 mn EBITDA in Q4 2024, an increase of 8% mainly due to organic expansion in non-fuel margin Circular Economy Services EBITDA amounted to a loss of USD 48 mn due continued volatility in P&L in a startup environment 66 MWp photovoltaic plant acquired in Central Hungary to contribute to an increasing share of renewables in MOL’s energy mix E&P: Portfolio in Hungary continued gradual expansion both organically with Vecsés-3 oil well and via acquisitions with assets to be taken over near Endrőd 49% stake in synthetic rubber plant divested to joint venture partner ENEOS CONSUMER SERVICES ORGANIC GROWTH CONTINUES WHILE MACRO PRESSURE REMAINS IN DOWNSTREAM
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6 1.13 1.27 1.40 1.31 1.24 0.43 1.31 1.04 TRIR CLEARLY BEATS GUIDANCE IN 2024 TRIR well below the tolerable limit of 1.3 set for 2024 Significant improvement achieved compared to 2023 both in Q4 (-65%) and in the full year (-21%) as safety projects more focused on activity-specific safety risks 2025 TRIR expected to be around 1.3 TOTAL RECORDABLE INJURY RATE (TRIR) TRIR RESULTS WITH IMPROVEMENT ON YOY RESULTS 0.3 0.1 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.2 1.3 1.1 1.4 0.2 2021 2022 2023 2023 Q42020 -65% Guidance for 2024 (1.3) 2024 Q4 FY 2023 FY 2024 -21%
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7 2025 GUIDANCE FY 2023 RESULTS 90.4 MBOEPD 11.8 MT USD 1,415 MN 0.59X 1.31 2025 GUIDANCE ~92-94 MBOEPD ~12 MT 0.74X FY 2024 RESULTS GROUP CAPEX (ORGANIC) CRUDE PROCESSING2 NET DEBT/EBITDA HSE – TRIR3 OIL & GAS PRODUCTION1 ~1.7 BN <1.0X ~1.3 1.04 USD 1,636 MN 11.3 MT 93.8 MBOEPD ~USD 1.6 BN GROUP PROFIT BEFORE TAX 1 (1) Continuing operations. i.e. excluding UK (2) MOL Danube Refinery + Slovnaft refinery (3) Total Recordable In jury Rate USD 3,093 MN >USD 3.0 BN GROUP CLEAN CCS EBITDA USD 3,073 MN USD 1,936 MN USD 1,500 MN
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KEY GROUP QUARTERLY FINANCIALS
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9 EBITDA AT USD 682 MN IN Q4 2024 DOWNSTREAM AND CES UNDERPERFORMANCE WEIGH ON RESULTS COMMENTS 976 52 718 825 57 52 144 156 456 249 267 375 300 275 279 -48-54 Q3 2023 -36 Q4 2023 Q1 2024 Q2 2024 16 Q3 2024 -20 Q4 2024 992 847 682 -31% -20% US DS CS CES GM C & O1 SEGMENT CLEAN CCS EBITDA (USD mn) Upstream Stable QoQ EBITDA delivery with further success in combating natural decline Downstream Challenging margin environment continues to put pressure on results Consumer Services EBITDA expansion of 8% YoY supported by organic growth Gas Midstream EBITDA flat YoY on higher transmission demand ofsset by FX effects Circular Economy Services EBITDA contribution in red as a result of negative accounting one-offs in startup mode Corporate and Other1 Corporate costs at USD 42 mn, broadly flat YoY due to CES contributing positively to segment results in base period Intersegment contributed positively to EBITDA by USD 21 mn (1) C&O includes Corporate and Other segment, Inter-segment items as well as Circular Economy Services (CES) until Q4 2023.
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10 Q4 2024 CAPEX FLAT YOY 2024 organic investments close to USD 1.7 bn target Transformation CAPEX driven by key petchem projects and Rijeka Delayed Coker investment Inorganic CAPEX driven by photovoltaic park acquisition in Ballószög closed and paid in Q4 2024 led to USD 52mn 2025 organic investment plan dominated by key Downstream projects TOTAL GROUP CAPEX (USD mn) COMMENTS 350 108 320 370 86 82 10 282 67 113 222 26281 80 Q3 2023 19 Q4 2023 Q1 2024 Q2 2024 12 39 1535 Q3 2024 52 3025 Q4 2024 605 413 603 0% +46% Inorganic Organic US Organic DS Organic CS Organic CES Organic GM Organic C&O TOTAL GROUP CAPEX (USD mn) 70 119 84 60 76 266 486 233 335 341 47414 Q3 2023 Q4 2023 3 Q1 2024 33 1 Q2 2024 12 Q3 2024 52 Q4 2024 350 605 320 370 413 603 0% +46% Transformational CAPEX Sustain CAPEX Inorganic ORGANIC CAPEX YTD (USD mn) 206 168 188 620 169 366 859 309 35 FY 2023 83 47 FY 2024 2024 FY guidance 1,415 1,636 ~1,700 +16% -4% Organic US Organic DS Organic CS Organic CES Organic GM Organic C&O 2024 Guidance FULL YEAR 2024 ORGANIC INVESTMENTS UP BY 16% DUE TO SUSTAIN-TYPE CAPEX HIGHER IN TURNAROUND-HEAVY YEAR
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11 FULL YEAR ENDED WITH OVER USD 1BN NET INCOME 743 181 397 Profit before tax Income tax expense Profit for the period 80 Profit for the period to equity holders of the parent Other DS EBITDA excl. special items US 36 Clean CCS EBITDA 81 CS CCS modifications 0 Special items (EBITDA) DD&A and impairments Profit from operation Total finance expense/gain, net 66 Income from associates 3,073 1,267 1,099 2,992 Non-controlling interests 1,615 1,500 1,103 1,023 1,377 FY 2024 EARNINGS (USD mn) 1 – BELOW THE EBITDA LINE ITEMS (1) Continuing operations unless otherwise noted
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12 NET FINANCIAL EXPENSE ABOVE USD 100 MN DUE TO HUF WEAKENING CCS effect, gain / loss (USD mn) -100 -89 Q4 2023 -18 Q3 2024 Q4 2024 CCS modification negative in Q4 due to higher CO2 adjustment 499 341 429 Q4 2023 Q3 2024 Q4 2024 -14% +26% DD&A (USD mn) Total Financial expense (+) / gain (-) (USD mn) 106 -40 Q4 2023 0 Q3 2024 Q4 2024 Income from associates (USD mn) -40 Q4 2023 15 Q3 2024 23 Q4 2024 53% 136 120 100 Q4 2023 Q3 2024 Q4 2024 -26% -17% Income tax expenses (USD mn) 27 16 31 Comments Net financial expense deeply in negative territory as FX losses rose in HUF weakening environment Income from associates at USD 23 mn with Pearl and a strong dollar contributing to results Income tax lower as a result of lower profit before tax DD&A lower YoY due to lower net impairment Deferred tax >
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13 OPERATING CASH FLOW ABOVE USD 2.2 BN IN 2024 NET WORKING CAPITAL BUILD POSITION IN THE FULL YEAR COMMENTS OPERATING CASH FLOW FOR TOTAL OPERATION IN FY 2024 (USD mn) 540 263 270 Profit before tax Cont. Operation 112 Profit before tax Disc. Operation Profit before tax DD&A Income tax paid Other Operating CF before WC Change in WC Operating CF Organic CAPEX 1,500 1,388 1,377 2,488 2,218 1,636 Operating cash flow before working capital close to USD 2.5 bn in FY 2024 FY 2024 net working capital build of USD 270 mn Operating Cash Flow at USD 2.2 bn over USD 0.5bn above organic CAPEX in FY 2024
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14 BALANCE SHEET STRENGTH UPHELD THROUGHOUT 2024 1.0 1.5 2.0 0.5 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0.74 0.97 0.65 0.41 0.82 1.61 0.65 0.30 0.59 0.64 0.82 0.65 0.74 1.31 0 5 10 15 20 25 30 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 19.6 20.6 25.2 17.5 12.0 18.6 27.3 18.1 11.4 14.0 14.2 19.4 15.0 14.9 NET DEBT TO EBITDA (x) GEARING (%) COMMENTSCHANGES IN NET DEBT IN FY 2024 (USD mn) 270 532 540 Net debt 31 Dec 2023 Simplified FCF Change in WC 69 Acquisitions Dividend payout Income tax paid 122 Other Net debt 31 Dec 2024 1,968 1,437 2,065 INDEBTEDNESS SAFELY BELOW TOLERANCE THRESHOLD OF 1X EBITDA Net debt to EBITDA increased to 0.74x as seasonality effects weighed on both EBITDA and CAPEX Nominal debt level higher by USD 100 mn compared to end-2023
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DOWNSTREAM Q4 2024 RESULTS
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16 DOWNSTREAM EBITDA AT USD 267 MN IN Q4 2024 FY 2024 CLEAN CCS EBITDA KEPT ABOVE USD 1.2 BN, IN LINE WITH STRATEGIC GOAL KEY FINANCIALS (USD mn) COMMENTS Clean CCS EBITDA down by 42% YoY in Q4 2024 to USD 267 mn R&M volume growth was strong with no major turnarounds in Q4, but lower refining margins weighed on EBITDA Petrochemicals EBITDA in the red with lower output as turnarounds in Bratislava lowered output while margins remain under pressure from both feedstock and demand side Total product sales increased by 9% YoY in Q4 despite downbeat macro demand across CEE (1) Processed crude in Danube and Bratislava refineries; (2) Q1-Q3 2024 data for own production and 3rd party sales are restated due to end of year revision. Q4 2024 Q4 2023 YoY % FY 2024 FY 2023 YoY % EBITDA 174 351 (50) 1,171 1375 (15) EBITDA excl. SI 174 351 (50) 1,172 1375 (15) Clean CCS EBITDA 267 456 (42) 1,267 1328 (5) o/w Petchem (47) (16) 190 (89) (155) (42) EBIT 21 227 (91) 681 919 (26) EBIT excl. SI 21 227 (91) 681 919 (26) Clean CCS EBIT 113 333 (66) 777 871 (11) QUARTERLY CLEAN CCS EBITDA (USD mn) 469 473 293 408 321 314 -47 Q3 2023 -16 Q4 2023 Q1 2024 Q2 2024 -21 Q3 2024 Q4 2024 456 300 267 -42% -11% R&M Petchem CRUDE PROCESSED (kt)1 3,843 1,253 Q4 2023 277 1,560 2,349 Q1 2024 308 1,844 2,853 Q2 2024 252 1,739 3,331 288 265 1,388 3,538 Q4 2024Q3 2023 277 1,252 3,233 5,384 4,762 4,186 5,005 5,322 5,191 Q3 2024 +9% -2% Petrochemicals products 3rd party sales Own production 3,148 3,009 2,819 2,623 2,809 3,095 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 +3% +10% TOTAL PRODUCT SALES (kt)2
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17 REFINING MARGIN CONTINUES DOWNTREND REFINING MARGIN (USD/bbl) COMMENTS 6.7 9.5 9.2 5.5 8.3 6.8 3.7 3.6 2.5 10.1 9.7 13.2 10.6 7.2 4.0 3.8 2.8 0 2 4 6 8 10 12 14 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 January 7.3 6.0 12.9 8.9 10.3 153 138 224 209 214 226 167 85 0 50 100 150 200 250 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 January 149 69 132 Brent-based MOL Group refinery margin (USD/bbl) Brent-based Complex refinery margin (MOL+Slovnaft) (USD/bbl) BRENT - URAL DIFFERENTIAL (USD/bbl) -4.3 -3.7 -3.5 -3.4 -3.7 -3.4 -6.0 -5.5 -5.0 -4.5 -4.0 -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 January -5.9 INTEGRATED PETCHEM MARGIN DOWN 35% QOQ VARIABLE PETCHEM MARGIN (EUR/t) MOL Group Variable Petrochemicals margin1 Brent-based refining margins continued to trend downwards in Q4 to below 4 USD/bbl Brent-Ural spread remained stable QoQ with 95% of the differential above 5 USD/bbl payable as extra tax in Hungary Petrochemicals margin trending down again with gas prices affecting results unfavourably January data suggests margins remain under pressure in both refining and petchem (1) Variable MOL Group Petrochemicals margin contains an energy cost component and is the only petrochemicals margin MOL reports starting in Q1 2024. (2) The previously reported Brent-Ural differential based on European Ural quotations are discontinued due to the illiquidity of European markets for the Ural blend. Although DAP India quotations reflect a more liquid market for the Ural blend, logistics costs are significantly different from European deliveries. Brent-Ural spread (DAP West Coast India)
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18 VOLUME EFFECT POSITIVE DESPITE PETCHEM TURNAROUNDS MARGIN WEAKNESS THE MAIN DRAG ON PROFITS IN Q4 DOWNSTREAM CLEAN CCS EBITDA YoY, Q4 2024 VS. Q4 2023 (USD mn) COMMENTS 473 174 136 63 128 92 16 Clean CCS EBITDA Q4 2023 R&M price & margin 11 Petchem price & margin Volumes Other 314 47 Clean CCS EBITDA Q4 2024 Clean CCS modification EBITDA Q4 2024 R&M Petchem 456 267 Notes: Price & margin includes FX impact R&M price & margin contribution significantly negative due to normalization in refining margins Petchem price & margin effect slightly positive in year- over-year perspective with margin improvement Volume impact positive, driven by full steam production in refining “Other” component has negative contribution led by higher maintanance and CO2 costs DOWNSTREAM CLEAN CCS EBITDA YTD, FY 2024 VS. FY 2023 (USD mn) 1,482 1,171177 156 149 110 96 155 Clean CCS EBITDA FY 2023 R&M price & margin Petchem price & margin Volumes Other 1,357 89 Clean CCS EBITDA FY 2024 Clean CCS modification EBITDA FY 2024 R&M Petchem 1,328 1,267 Includes: Revenue-based tax (USD +125 mn) COMMENTS Full year results reflect normalisation in margin environment Negative volume contribution driven by turnaround-heavy year ”Other” component mostly driven by lower revenue-based extra tax in Hungary
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CONSUMER SERVICES Q4 2024 RESULTS
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20 Q4 EBITDA DRIVEN BY NON-FUEL EXPANSION ORGANIC EXPANSION CONTINUES DESPITE FEWER FUEL STATIONS KEY FINANCIALS (USD mn) QUARTERLY EBITDA (USD mn) 250 144 144 194 249 156 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 +8% -37% Q4 2024 Q4 2023 YoY % FY 2024 FY 2023 YoY % EBITDA excl. special items 156 144 8 743 695 7 EBIT excl. special items 97 87 12 532 522 2 Organic CAPEX 69 83 (16) 174 188 (8) Simplified FCF 87 61 25 569 507 14 EBITDA in Q4 2024 increased 8% YoY to USD 156 mn Fuel sales had a small positive contribution to results with macro effects weighing on growth Non-fuel margin continues to be the major contributor to growth EBITDA YoY, Q4 2024 VS. Q4 2023 (USD mn) COMMENTS 144 156 14 EBITDA Q4 2023 2 Fuel volume & margin Non-fuel margin 2 OPEX 2 One-offs 4 FX EBITDA Q4 2024 +8%
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21 FUEL SALES DRIVEN BY SEASONALITY AND NETWORK SIZE TOTAL VOLUMES SOLD (mn litres) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 1 991 1 817 2 057 2 243 1 980 -1% -12% FUEL THROUGHPUT/SITE1 (mn litres) COMMENTS COMMENTS Q4 2024 fuel sales volume down by 1% YoY due to less fuel stations, partly compensated for by higher throughput Fuel margins remain under pressure by macro slowdown, partly compensated for by increasing consumer preference for premium fuel products Rising unit fuel throughput reflects positive network effects and quality uplift after fuel station acquisitions and remedy sales Network size slightly lower QoQ at 2,330 sites at end-2024 and down by 4% YoY due to remedy fuel station sales after Polish and Slovenian transactions 0.72 0.78 0.91 0.89 0.92 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 3% 4Y CAGR: +6.6% STRONGER NETWORK DRIVES THROUGHPUT UPWARDS (1) Company owned stations
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22 36.1 36.4 37.5 37.0 33.8 35.8 NON-FUEL MARGIN CONTINUES TO TREND UPWARDS Non-fuel turnover grew by 4% (2% in reported currency terms) on the back of 6% larger non-fuel basket size2 Fresh Corner rollout continued with 1,329 units at the end of 2024, up 3% QoQ and 6% YoY FRESH CORNER ROLLOUT SUPPORTED NON-FUEL RESULTS COMMENTS NON-FUEL MARGIN (USD MN) 1 159 128 119 149 173 143 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 +11% -17% TOTAL NON-FUEL TURNOVER (USD MN) 1 Non-fuel margin share of total (%) 1 COMMENTS Non-fuel margin up by 11% YoY despite 4% smaller network Non-fuel margin represents 36.1% of the total margin in Q4 2024, up 2.3 percentage points YoY 546 456 445 496 554 475 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 +4% -14% (1) Constant FX (2) Without services
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UPSTREAM Q4 2024 RESULTS
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24 E&P CONTRIBUTION TO GROUP EBITDA ABOVE USD 1BN IN 2024 KEY FINANCIALS (USD mn) Notes: consolidated figures unless otherwise indicated. Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX Q4 RESULTS SUPPORTED BY BOTH PRICE ENVIRONMENT AND VOLUMES COMMENTS Q4 EBITDA excl. special items was close to Q3 level driven by mainly by strong production and improving gas prices 2024 production quotas set in contract with authority were met in Hungary, no extra royalty charge expected Oil prices retreated by ca. 7% QoQ but volatility in European natural gas markets and ACG cargo effect resulted in overall positive price contribution Simplified Free Cash Flow increased on yearly basis (+35%) and neared USD 800 mn in 2024 24 Q4 2024 Q4 2023 YoY % FY 2024 FY 2023 YoY % EBITDA 276 448 (38) 1,099 1026 7 EBITDA excl. spec. 276 375 (27) 1,099 953 15 EBIT 115 347 (67) 638 667 (4) EBIT excl. spec 163 284 (43) 686 605 13 Average realized gas price (USD/boe) QUARTERLY EBITDA (excl. special items) (USD mn) QUARTERLY SIMPLIFIED FCF (USD mn) GAS PRICES OIL PRICES Realized crude and condensate price (USD/bbl) Total realized hydrocarbon price (USD/boe) Brent dated (USD/bbl) TTF month-ahead gas price (USD/boe) 195 375 262 283 279 275 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -27% -1% 97.1 81.8 75.0 74.4 81.4 134.0 67.2 68.2 61.7 63.3 62.3 65.4 100.8 81.2 78.1 84.3 83.2 85.0 80.3 74.7 20 40 60 80 100 120 140 Q3 2022 102.488.9 Q4 2022 77.8 Q1 2023 66.8 Q2 2023 86.8 Q3 2023 76.3 Q4 2023 75.1 Q1 2024 75.4 Q2 2024 68.6 Q3 2024 67.7 Q4 2024 184.5 347.2 214.6 96.7 64.7 62.1 78.6 50.9 58.0 71.5 78.5 0 100 200 300 400 Q3 2022 129.7 Q4 2022 81.6 Q1 2023 57.1 Q2 2023 48.1 Q3 2023 57.6 Q4 2023 44.0 Q1 2024 46.3 Q2 2024 54.5 Q3 2024 61.5 Q4 2024108 262 190 208 198 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 195 -25% -1%
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25 UNIT FREE CASH FLOW STABLE AT 24 USD/BBL IN LINE WITH THE STRATEGIC GUIDANCE QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 18 9 27 57 20 25 0 20 40 60 80 100 120 140 2023 17 33 2022 69 60 39 2021 46 28 63 2019 102 FY 2024 64 42 71 110 2020 70 32 83 81 35 ANNUAL PRICE REALIZATION, EBITDA, SFCF (USD/boe) Note: Including JVs and associates. * Based on: Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX SIMPLIFIED FCF REALIZATION CLOSE TO USD 200 MN Brent Realised HC price Unit EBITDA Unit FCF* 15 42 24 27 24 24 0 10 20 30 40 50 60 70 80 90 Q2 2024 78 62 35 Q3 2024 34 67 Q4 2023 49 67 63 37 Q1 2024Q3 2023 65 35 Q4 2024 87 84 83 85 80 75 28 Brent Realised HC price Unit EBITDA Unit FCF*
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26 STABLE EBITDA DELIVERY COMPARED TO THE PREVIOUS QUARTER UPSTREAM EBITDA QoQ, Q3 2024 VS. Q4 2024 (USD mn) COMMENTS Notes: consolidated figures, unless otherwise indicated UPSTREAM EBITDA YoY, Q4 2023 VS. Q4 2024 (USD mn) COMMENTS Higher gas prices compared to base period (TTF +12%), while Brent prices stabilized in the 70-80 USD/boe range. Volumes: Entitlement production slightly lower but contribution positive due to more ACG cargoes than usual (3 ACG cargos in Q4 vs 1 in Q3 and 2 as a long run average) Lifting cost: USD 13 mn OPEX-CAPEX reclassification for FY 2024 fully impacting Q4 Other costs: year-end revision of field abandonment provision Lower macro prices compared to base period: TTF -3%, Brent -11% Other costs: year-end revision of field abandonment provision and no Shaikan receivables impairment posted in Q4 2024 All other components driven by similar factors as QoQ 279 274 280 +36 EBITDA excl. spec. 2024 Q3 -4 ACG PSA- related adj. EBITDA excl. spec. 2024 Q3 and ex- ACG PSA +7 Prices & FX Volumes -3 Exploration Expenses -16 Lifting cost -19 Other EBITDA excl. spec. 2024 Q4 and ex- ACG PSA -5 ACG PSA- related adj. EBITDA excl. spec. 2024 Q4 275 375 378 29 EBITDA excl. spec. 2023 Q4 3 ACG PSA- related adj. EBITDA excl. spec. 2023 Q4 and ex- ACG PSA -100 Prices & FX Volumes -8 Exploration Expenses -15 Lifting cost -5 Other 280 EBITDA excl. spec. 2024 Q4 and ex- ACG PSA -5 ACG PSA- related adj. 275 EBITDA excl. spec. 2024 Q4 Q4 2023 Extra Royalty reversal (USD -63mn)
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27 2024 PRODUCTION OF 93.8 MBOEPD AT THE TOP OF GUIDANCE INTERVAL EFFECTIVE COMBAT AGAINST NATURAL DECLINE AND KAZAKHSTAN RAMP-UP CONTRIBUTED SIGNIFICANTLY 33.1 35.0 35.0 35.1 36.5 36.7 92.8 33.9 35.8 21.3 22.2 21.6 21.7 21.1 20.6 22.4 21.2 12.8 14.1 12.8 12.3 12.5 13.1 13.9 12.7 5.9 6.0 6.1 5.1 5.3 4.6 6.0 5.31.5 3.5 4.3 4.8 3.6 4.0 2.0 1.9 2.0 1.8 2.0 1.9 January 14.1 1.7 10.5 Q3 2023 2.6 10.0 FY 2023 9.6 Q4 2023 2.2 11.4 12.9 FY 2024 2024 guidance 2025 guidance Hungary Croatia Azerbaijan Pakistan Q1 2024 11.6 Q2 2024 Other 1.9 Associated companies* 86.8 91.5 92.3 92.1 KRI 94.8 90.4 93.8 92-94 92-94 Q3 2024 14.4 Q4 2024 96.2 ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS * Associated companies include Baitex (Russia), Pearl (KRI), UOG (KZ), and Tura (HU) Production totalling 94.8 mboepd in Q4 2024, down 1.4 mboepd QoQ: CEE: -0.3 mboepd HU: +0.2 mboepd as production was retained at high levels due to effective measures to combat natural decline CRO: -0.5 mboepd due to onshore decline International: -1.4 mboepd KRI Shaikan: -1.2 mboepd due to annual maintenance shutdown in PF-1 ACG entitlement : +0.6 mboepd Pakistan: -0.7 mboepd QoQ due to TSO side constraint in TAL field Associated companies: +0.3 mboepd entirely due to Kazakhstan ramp-up Recent CEE discoveries present solid base to offset natural decline
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28 CAPEX DISCIPLINE REMAINS STRONG UNIT OPEX (USD/boe) COMMENTSORGANIC CAPEX 1 (USD mn) UNIT OPEX YTD (USD/boe) GROUP (INCL. JVS/ASSOC.) FULLY CONSOLIDATED SUBS. SLIGHT INCREASE IN GROUP UNIT OPEX DUE TO EOY OPEX-CAPEX RECLASSIFICATION OPEX impacted in Q4 2024 by end-of-year reclassification of USD 13 mn Certain expenses were booked as CAPEX but have been reclassified as OPEX in Q4 for the full year If reclassification impact in Q4 is distributed along Q1-Q4, pro forma unit OPEX remains below 7 USD/boe across 2024 Annual unit OPEX evolution more reliable indicator of cost inflation trends in 2024 Organic CAPEX decreased by 16% YoY in FY 2024 (12% excl. Reclassification effect) Investment schedule optimization affects mainly HU, CR, ACG Projects other than safety-critical and maintenance activities are still on hold at Shaikan in KRI (1) Fully consolidated assets 5.7 5.9 6.5 6.05.9 6.3 6.4 7.2 6.6 6.2 7.9 6.4 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 Q4 2023 5.8 4.9 5.8 5.3 6.2 Q3 2022 Q2 2024 5.9 5.5 6.3 Q4 2022 Q3 2024 7.3 Q1 2023 Q2 2023 6.8 Q3 2023 Q4 2024Q1 2024 6.0 6.2 FY 2023 FY 2024 +3% 6.6 6.7 FY 2023 FY 2024 +2% 33 47 268 206 65 56 FY 2023 FY 2024 366 309 -16% Other Development Exploration Group (incl. JVs/associates) Fully consolidated subs. Group (pro forma) Fully consolidated subs. (pro forma) Note: pro forma figures denote unit opex figures of Q4 2024 revision impact distributed across the year at the time when expenses incurred.
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CIRCULAR ECONOMY SERVICES Q4 2024 RESULTS
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30 CES EBITDA SHOWS USD 48 MN LOSS IN Q4 20 18 -10 -10 16 -48 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 QUARTERLY EBITDA (USD mn) KEY FINANCIALS (USD mn) Note: In 2023 quarterly, half year, and annual reports, CES was not reported as a separate business segment but was part of the Corporate and Other segment. SFCF (USD mn) DRS’ HIGHER OPERATING COSTS PUT PRESSURE ON RESULTS Q4 2024 Q3 2024 QoQ % FY 2024 EBITDA (48) 16 n.a. (52) EBIT (58) 4 n.a. (88) Organic CAPEX 30 10 200 83 63 83 H2 2023 FY 2024 ORG. CAPEX (USD mn) -25 -135 H2 2023 FY 2024 COMMENTS Q4 EBITDA at a loss of USD 48 mn, due to cost pressure in Deposit Return System (DRS) ramp-up phase, a receivables impairment, and seasonally low secondary raw material sales DRS ramp-up continued in Q4, 1 bn bottles returned by January 2025 ~3,700 Reverse Vending Machine units installed and available at retail networks, along with 1,500 contracted manual takeback points Penetration of the system stabilized with ~6 million beverage packaging returned per day in the fourth quarter Through charity reverse payment option, USD 0.3 mn donated to children’s hospitals Progress of other key investment projects: The rollout of bio kitchen waste collection system continued - all of the 200,000 containers ordered were delivered by the end of the year Development of the textile waste collection infrastructure continued, with a total of ~1,100 containers installed After launch of first own wasteyard in Esztergom in May, further 9 facilities are progressing in preparation phase Purchase of first own 100 waste collection vehicles contracted, first batch of 41 already ordered OPERATIONAL AND CAPEX UPDATE
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SUPPORTING SLIDES
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32 FY 2024 SFCF ABOVE USD 1.4 BN SIMPLIFIED FCF1 (USD mn) 639 33 402 457 42 27 8962 210 174 78 195 262 198 -78 -144 -89 -105 Q3 2023 0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 386 446 131 6 4 -66% -71% US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total organic CAPEX
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33 WORKING INTEREST BASED PRODUCTION FIRMLY ABOVE 120 MBOEPD Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Hungary Croatia Azerbaijan Pakistan KRI Other Associated companies* 117.5 121.8 122.8 122.9 129.1 126.0 33.1 21.3 33.6 5.9 3.8 17.0 35.0 22.1 33.6 6.0 4.8 4.3 16.0 35.0 21.5 32.4 6.1 6.4 4.1 17.3 35.1 21.7 31.7 5.1 8.1 4.0 17.2 2.8 21.0 33.2 5.3 8.9 3.9 20.3 36.5 20.6 33.4 4.6 6.7 3.7 20.3 36.7 QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY1 (mboepd) (1) Associated companies include Baitex (Russia), Pearl (KRI), UOG (KZ), and Tura (HU)
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34 UPSTREAM: OPERATIONAL UPDATE (1) EXPLORATION Block DR-03: Obradovci-5 exploration well test operations were finished, gas discovery is confirmed. Block SA-07: Well notice of commercial discovery was submitted to the Croatian Hydrocarbon Agency for 3 wells (Zbjegovača-1I, Međurić-1I and Gojlo-1J); for 4th well, Piljenice-1, well test analysis is ongoing. FIELD DEVELOPMENT Zalata-Dravica: Settlement of property legal relations on gas pipeline route is ongoing. PRODUCTION OPTIMIZATION 21 onshore and 1 offshore well workovers were performed. EXPLORATION Görgeteg-Babócsa-33 shallow gas well: drilling was finished, well test in 2025 Q1. Somogysámson-8 well: Drilling was finished, the well test is in progress. FIELD DEVELOPMENT Vecsés: Permitting has started for pipeline route and gathering station location. GBF-8 shallow gas well tie-in was completed in November. PRODUCTION OPTIMIZATION Program continued with 8 well workovers. Hungary Croatia East Damanhur: Process of transferring Cheiron’s 40% of participating interest to Wintershall Dea / Harbour Energy is ongoing. North Bahariya: 3 wells were drilled. Ras Qattara: Regular production maintenance activities were ongoing. Egypt ACG production affected by natural base production decline and the oil price impact on entitlement. Third Azeri Central East (ACE) well has started production in December. Azerbaijan
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35 SHAIKAN: Production for domestic sales only; imposed export restrictions are still in force. PEARL: Yearly production is higher due to increased customer demands after nameplate change on the facility. UPSTREAM: OPERATIONAL UPDATE (2) 24 well workovers (WWOs) were performed YTD, 8 WWOs in Q4. Construction work program fully delivered: pipelines construction and reconstruction, powerline construction, partial modernization of oil treatment plant. In Q4 two new wells (U-23, U-26) have started production. Unplanned shutdowns on U-10 and U-12 wells due to Transfer Station failures, planned shutdowns on U-21 and U-12 due to ZKM request, and from December U-26 well is out of production due to pipeline rupture (no personal injury, investigation and remedial actions are ongoing). Kazakhstan Kurdistan Region of Iraq Russia EXPLORATION TAL block (Operated): Razgir-1 well post-drill volumetric estimates have been finalized. FIELD DEVELOPMENT Makori East Secondary Compression: Critical civil works and FAT (factory acceptance test) for compressor packages have been completed in December. Makori Deep-3: Drilling has started. PRODUCTION OPTIMIZATION Performed activities on 5 wells Pakistan
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36 UPSTREAM CAPEX BY REGION AND BY TYPE IN FY 2024 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) HUN CRO KRI PAK AZE OTHER Total – 2024 Total – 2023 EXP 25.3 14.3 0.0 1.9 5.2 0.1 46.8 32.5 DEV 38.7 38.4 (0.1) 3.7 114.7 10.6 206.0 268.4 Other 16.8 30.2 4.3 0.7 3.9 (0.2) 55.7 64.9 Total – 2024 80.8 82.9 4.2 6.3 123.8 10.5 308.5 Total – 2023 97.9 93.4 17.9 (1.7) 143.1 15.2 365.8 Excl. equity consolitated assets
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37 GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items (USD mn) CAPEX (USD mn) EBITDA remained stable on YoY basis and totalled USD 52mn in Q4 2024 due to the combined effect of higher transmission activities and deteriorating FX Total transmission volumes in Q4 were higher than prior year by almost 29%, further growing export volumes to neighbouring countries (more than doubled flows to SK and UA) had positive effect, domestic transmitted volumes increased by 5% as well due to harsher winter weather conditions Regulated income was somewhat lower YoY, demand for transmission activities and cross-border capacities remained strong while volume- driven tariff decreased in line with easing macroeconomic conditions Gas price and gas consumption cost were lower in Q4 on YoY, while other OPEX elements were pushed by inflation and FX CAPEX spending reached 30% higher level in line with the completion of reconstruction projects KEY FINANCIALS (USD mn) COMMENTS 74 52 79 55 57 52 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -1% -9% 7 19 1 6 15 25 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 Q4 2023 YoY % FY 2024 FY 2023 YoY % EBITDA 52.0 52.3 (1) 244.1 264.8 (8) EBITDA excl. spec. items 52.0 52.3 (1) 244.1 264.8 (8) Operating profit/(loss) 41.3 39.4 5 198.6 215.6 (8) Operating profit excl. spec. items 41.3 39.4 5 198.6 215.6 (8) CAPEX and investments 25.1 19.4 30 47.4 35.3 34
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38 Turnover rate (%) Tier1 PSE Leavers (12M rolling)Total workforce Number of ethical reports HC Spill above 1bbl (m3)CO2 under ETS (mn t) SUSTAINABILITY INDICATORS Ethical misconducts* 1.52 1.40 1.33 1.32 1.61 0.5 1.0 1.5 2.0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 +6% *Number of misconducts closed during the given period 23 16 17 5 499 0 200 400 600 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 3 3 3 4 0 1 2 3 4 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 0 10,000 20,000 30,000 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 24,912 25,132 25,226 25,480 25,528 +2% 802 881 852 841 704 0 200 400 600 800 1,000 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -12% 3.2 3.5 3.4 3.3 2.8 0.0 1.5 3.0 4.5 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -14% 23 39 25 20 20 0 20 40 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -13% 5 9 10 8 7 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 6 +40%
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39 MACRO INDICATORS HUF/USD (Q avg.) HUF/EUR (Q avg.) FUEL OIL BRENT (USD/bbl) MOL REFINERY MARGIN* (USD/bbl) MOL PETCHEM MARGIN** (EUR/t)URALS-BRENT SPREAD (USD/bbl) GAS OILPREMIUM UNLEADED GASOLINE 20 40 60 80 100 120 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 5 10 15 20 25 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 CRACK SPREADS (USD/t) 0 50 100 150 200 250 300 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -6 -5 -4 -3 -2 -1 0 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 100 200 300 400 500 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 200 250 300 350 400 450 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 250 300 350 400 450 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 100 200 300 400 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -400 -300 -200 -100 0 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 * Brent-based new margin ** Variable petrochemical margin contains an energy price component Brent-based MOL Group Brent-based Complex (MOL + Slovnaft) Brent Ural spread (DAP India) MOL Group Variable petrochemical margin
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40 CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q3 2024 Q4 2024 Q4 2023 YoY Ch % Income Statement (HUF million) FY 2024 FY 2023 Ch % 2,464,123 2,295,704 2,333,273 (2) Net sales 9,178,677 8,908,499 3 11,240 18,682 18,914 (1) Other operating income 69,837 57,537 21 2,475,363 2,314,386 2,352,187 (2) Total operating income 9,248,514 8,966,036 3 2,025,482 1,802,467 1,792,360 1 Raw material and consumables used 7,360,586 6,761,197 9 111,856 123,822 109,188 13 Employee benefits expense 444,386 384,356 16 122,370 165,081 175,873 (6) Depreciation, depletion, amortisation and impairment 506,442 471,684 7 (24,305) (10,116) 60,413 n.a. Change in inventory of finished goods & work in progress (118,501) 101,601 n.a. (44,124) (50,445) (38,459) 31 Work performed by the enterprise and capitalized (157,259) (102,924) 53 108,322 222,769 83,724 166 Other operating expenses 627,988 672,547 (7) 2,299,601 2,253,578 2,183,099 3 Total operating expenses 8,663,642 8,288,461 5 175,762 60,808 169,088 (64) Profit / (loss) from operation 584,872 677,575 (14) 28,034 17,631 50,423 (65) Finance income 88,800 195,177 (55) 27,966 57,804 36,142 60 Finance expense 155,716 182,651 (15) 68 (40,173) 14,281 n.a. Total finance gain / (expense), net (66,916) 12,526 n.a. 4,908 9,094 (13,419) n.a. Share of after-tax results of associates and joint ventures 24,347 1,317 n.a. 180,738 29,729 169,950 (83) Profit / (loss) before tax 542,303 691,418 (22) 42,772 38,742 48,754 (21) Income tax expense 145,600 123,514 18 137,966 (9,013) 121,196 n.a. Profit for the period from continuing operations 396,703 567,904 (30) 0 0 (2,740) (100) Profit / (Loss) for the period from discontinued operations (40,893) (449) n.a. 137,966 (9,013) 118,456 n.a. PROFIT / (LOSS) FOR THE PERIOD 355,810 567,455 (37) Attributable to: 115,464 (8,485) 107,040 n.a. Owners of parent 327,265 529,918 (38) 22,502 (528) 11,416 n.a. Non-controlling interests 28,545 37,537 (24)
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41 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 31 Dec 2024 31 Dec 2023 Ch % Balance Sheet (HUF million) 31 Dec 2024 31 Dec 2023 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,632,771 3,997,801 16 Share capital 79,443 79,192 0 Investment property 18,612 15,959 17 Retained earnings and other reserves 3,836,873 3,227,876 19 Intangible assets 517,440 525,569 (2) Profit / (loss) for the year attr. to owners of the parent 327,265 529,918 (38) Investments in associated companies and joint ventures 244,754 204,187 20 Equity attributable to owners of the parent 4,243,581 3,836,986 11 Other non-current financial assets 289,653 312,084 (7) Non-controlling interest 415,527 360,326 15 Deferred tax asset 135,262 135,123 0 Total equity 4,659,108 4,197,312 11 Other non-current assets 74,943 71,995 4 Total non-current assets 5,913,435 5,262,718 12 Non-current liabilities Long-term debt 962,758 913,181 5 Current assets Other non-current financial liabilities 7,175 5,142 40 Inventories 880,527 830,573 6 Non-current provisions 707,255 557,215 27 Trade and other receivables 953,910 959,082 (1) Deferred tax liabilities 177,556 147,067 21 Securities 6,711 3,763 78 Other non-current liabilities 46,571 40,290 16 Other current financial assets 71,263 64,643 10 Total non-current liabilities 1,901,315 1,662,895 14 Income tax receivable 72,157 25,197 186 Cash and cash equivalents 433,610 412,977 5 Current liabilities Other current assets 140,864 134,400 5 Short-term debt 290,246 185,401 57 Assets classified as held for sale 1,524 9,772 (84) Trade and other payables 901,377 961,965 (6) Total current assets 2,560,566 2,440,407 5 Other current financial liabilities 239,574 204,916 17 Current provisions 117,599 114,748 2 Total assets 8,474,001 7,703,125 10 Income tax payable 35,210 60,832 (42) Liabilities classified as held for sale 0 0 n.a. Other current liabilities 329,572 315,056 5 Total current liabilities 1,913,578 1,842,918 4 Total equity and liabilities 8,474,001 7,703,125 10
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42 CONSOLIDATED STATEMENT OF CASH FLOW Q3 2024 Q4 2024 Q4 2023 YoY Ch % Cash Flow (HUF million) FY 2024 FY 2023 Ch % 180,738 29,729 169,950 (83) Profit / (loss) before tax for continuing operation 542,303 691,418 (22) 0 0 (2,740) (100) Profit / (loss) before tax for discontinued operation (40,893) (449) n.a. 180,738 29,729 167,210 (82) Profit / (loss) before tax 501,410 690,969 (27) 0 0 0 n.a. Adjustments to reconcile profit before tax to net cash provided by operating activities 0 0 n.a. 122,370 165,081 175,873 (6) Depreciation, depletion, amortisation and impairment 506,442 471,684 7 14,194 71,782 13,574 429 Increase / (decrease) in provisions (1,846) (22,331) (92) (1,575) (824) 9,994 n.a. Net (gain) / loss on asset disposal and divestments (28,674) (9,135) 214 10,947 11,582 10,345 12 Net interest expense / (income) 34,440 (2,233) n.a. (11,014) 28,590 (26,600) n.a. Other finance expense / (income) 34,063 (12,315) n.a. (4,908) (9,094) 13,419 n.a. Share of net profit of associates and joint venture (24,347) (1,317) n.a. (13,269) 25,319 (57,309) n.a. Other adjustment item 88,740 7,516 n.a. (45,249) (18,212) (82,860) (78) Income taxes paid (195,639) (455,505) (57) 252,234 303,953 223,646 36 Operating cash flow before changes in working capital 914,589 667,333 37 13,050 (13,060) 30,150 n.a. Total change in working capital o/w: (94,089) 86,683 n.a. 25,553 (18,687) 79,325 n.a. (Increase) / decrease in inventories (32,170) 160,853 n.a. 13,284 115,752 112,032 3 (Increase) / decrease in trade and other receivables 34,862 (62,968) n.a. (3,319) (47,465) (37,621) 26 Increase / (decrease) in trade and other payables (158,688) 64,449 n.a. (22,468) (62,660) (123,586) (49) Increase / decrease in other assets and liabilities 61,907 (75,651) n.a. 265,284 290,893 253,796 15 Net cash provided by / (used in) operating activities 820,500 754,016 9 (140,978) (211,332) (204,965) 3 Capital expenditures (599,017) (503,118) 19 4,097 2,828 4,716 (40) Proceeds from disposal of fixed assets 42,600 35,975 18 (1) 8,806 (4,967) n.a. Acquisition of businesses (net of cash) (2,184) (124,817) (98) 65 (12) 0 n.a. Proceeds from disposal of businesses (net of cash) 268 46,228 (99) (8,953) 9,300 35,384 (74) Increase / decrease in other financial assets (4,461) 19,230 n.a. 4,206 8,505 8,919 (5) Interest received and other financial income 27,232 36,347 (25) 8,484 4,957 (434) n.a. Dividends received 23,136 6,212 272 (133,080) (176,948) (161,347) 10 Net cash (used in) / provided by investing activities (512,426) (483,943) 6 0 0 0 n.a. Issuance of long-term notes 0 0 n.a. 0 0 0 n.a. Repayment of long-term notes 0 (279,735) (100) 762,285 593,149 131,017 353 Proceeds from loans and borrowings received 2,004,706 1,020,713 96 (842,405) (562,012) (129,492) 334 Repayments of loans and borrowings (2,061,963) (805,764) 156 (14,611) (16,040) (22,863) (30) Interest paid and other financial costs (29,915) (61,371) (51) 221 (21) (10) 110 Dividends paid to owners of parent (194,982) (229,485) (15) (47,998) 0 (1) (100) Dividends paid to non-controlling interest (48,173) (38,894) 24 0 0 0 n.a. Transactions with non-controlling interest 18 0 n.a. 0 0 0 n.a. Net issue / repurchase of treasury shares 0 0 n.a. 0 0 0 n.a. Other changes in equity 0 0 n.a. (142,508) 15,076 (21,349) n.a. Net cash (used in) / provided by financing activities (330,309) (394,536) (16) (11,380) 29,971 (27,656) n.a. Currency translation differences relating to cash and cash equivalents 40,051 (66,256) n.a. (21,684) 158,992 43,444 266 Increase/(decrease) in cash and cash equivalents 17,816 (190,719) n.a. 291,718 267,823 364,373 (26) Cash and cash equivalents at the beginning of the period 412,977 595,244 (31) 267,823 433,610 412,977 5 Cash and cash equivalents at the end of the period 433,610 412,977 5
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43 EXTERNAL PARAMETERS Q3 2024 Q4 2024 Q4 2023 YoY Ch % Macro figures (average) FY 2024 FY 2023 Ch % 80.3 74.7 84.3 (11) Brent dated (USD/bbl) 80.8 82.6 (2) (3.4) (3.7) (4.3) (14) Urals-Brent spread (USD/bbl, DAP India Urals quotation)(11) (3.6) (9.6) (63) 35.7 43.3 43.0 1 TTF gas price (EUR/MWh) 34.6 41.3 (16) 766.3 694.2 804.6 (14) Premium unleaded gasoline 10 ppm (USD/t)(12) 789.0 856.4 (8) 713.4 677.7 853.9 (21) Gas oil – ULSD 10 ppm (USD/t)(12) 748.4 828.9 (10) 630.5 602.3 592.7 2 Naphtha (USD/t)(13) 622.3 602.9 3 440.2 437.3 426.4 3 Fuel oil 3.5 (USD/t)(13) 444.1 427.4 4 158.5 128.9 166.6 (23) Crack spread – premium unleaded (USD/t)(12) 178.1 231.2 (23) 105.6 112.4 215.9 (48) Crack spread – gas oil (USD/t)(12) 137.5 203.7 (32) 22.7 37.0 (45.3) n.a. Crack spread – naphtha (USD/t)(12) 11.3 (22.3) n.a. (167.6) (128.1) (211.6) (39) Crack spread – fuel oil 3.5 (USD/t)(12) (166.8) (197.7) (16) 11.6 8.6 12.2 (30) Crack spread – premium unleaded (USD/bbl)(12) 14.0 20.2 (31) 15.4 16.2 30.3 (47) Crack spread – gas oil (USD/bbl)(12) 19.7 28.6 (31) (9.5) (7.1) (17.7) (60) Crack spread – naphtha (USD/bbl)(13) (10.8) (14.9) (28) (10.8) (5.6) (17.0) (67) Crack spread – fuel oil 3.5 (USD/bbl)(13) (10.6) (15.1) (30) 3.7 3.6 8.3 (57) Brent-based MOL Group refinery margin (USD/bbl)(14) 6.1 9.0 (32) 4.0 3.8 8.8 (57) Brent-based Complex refinery margin (MOL + Slovnaft) (USD/bbl)(14) 6.4 9.3 (31) 1,225.0 1,200.0 1,220.0 (2) Ethylene (EUR/t) 1,216.7 1,205.8 1 453.2 455.0 220.9 106 Butadiene-naphtha spread (EUR/t) 383.8 291.8 32 226 166.5 132 26 MOL Group Variable petrochemicals margin (EUR/t)(15) 206 144 44 359.0 381.5 355.3 7 HUF/USD average 365.2 353.3 3 394.2 407.4 382.1 7 HUF/EUR average 395.2 382.0 3 5.3 4.7 5.3 (11) O/N USD SOFR (%) 5.1 5.0 2 3.6 3.0 4.0 (25) 3m EURIBOR (%) 3.6 3.4 6 6.6 6.5 11.1 (41) 3m BUBOR (%) 7.3 14.3 (49) Q3 2024 Q4 2024 Q4 2023 YoY Ch % Macro figures (closing) FY 2024 FY 2023 Ch % 72.9 74.6 77.6 (4) Brent dated closing (USD/bbl) 74.6 77.6 (4) 354.8 393.6 346.4 14 HUF/USD closing 393.6 346.4 14 397.6 410.1 382.8 7 HUF/EUR closing 410.1 382.8 7 2,668 2,730 2,826.0 (3) MOL share price closing (HUF) 2,730 2,826 (3) Note: footnotes are included in the Data Library for the quarter, accessible via molgroup.info.