Slides
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THIRD QUARTER 2025 RESULTS 7 NOVEMBER 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 2025 CLEAN CCS EBITDA SEEN AROUND USD 3BN Q1-Q3 2024 RESULTS 93.5 MBOEPD 8.25 MT USD 1,086 MN 0.65X 1.25 2025 GUIDANCE ~92-94 MBOEPD ~11.5 MT 0.45X Q1-Q3 2025 RESULTS GROUP CAPEX (ORGANIC) CRUDE PROCESSING2 NET DEBT/EBITDA HSE – TRIR3 OIL & GAS PRODUCTION1 ~1.5 BN <1.0X ~1.3 1.44 USD 840 MN 8.98 MT 93.3 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 2,391 MN ~USD 3.0 BN GROUP CLEAN CCS EBITDA USD 2,491 MN USD 1,419 MN USD 1,285 MN FIRE INCIDENT IN DANUBE REFINERY EXPECTED TO RESULT IN 500 KT LOWER CRUDE PROCESSING IN 2025; MORE CAUTION WITH CAPEX MODIFIED MODIFIED MODIFIED
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5 CLEAN CCS EBITDA RISES IN Q3 ON THE BACK OF REFINING MARGINS FINANCIALS OPERATIONAL AND OTHER DEVELOPMENTS Profit before tax in the third quarter of 2025 reached USD 503 mn, flat year-on-year Third quarter Clean CCS EBITDA rose by 15% YoY to USD 974 mn; first nine months’ operating cash flow before working capital above USD 1.8 bn Upstream EBITDA delivered stable results with 3% QoQ growth amidst a relatively stable external environment Downstream Clean CCS EBITDA marked a 51% increase YoY and reached USD 452 mn in the third quarter, mainly due to refining margins widening by close to 6 dollars Third quarter YoY EBITDA growth in Consumer Services amounted to 28% reaching USD 317 mn, supported by a strong driving season with better pricing environment in Romania and Croatia Seasonal factors weighed on Circular Economy Services EBITDA, amounting to USD -64 mn in the third quarter Favorable developments in Kurdistan interests: (i) export line to Turkey reopened; (ii) KM250 facility completed on the Khor Mor gas field The Group’s legal structure is to change to a holding structure, extraordinary general meeting is scheduled for 27 November 2025 Incident in Danube Refinery in October Damage assessment is ongoing after fire incident on 20 October One of the three atmospheric vacuum distillation units of the Danube Refinery, AV3, was severely damaged in the fire, with other parts of the refinery unaffected As units not affected in the fire have been successfully restarted, the Danube refinery is expected to run at ca. 50-55% capacity until the AV3 unit is repaired, equivalent to ca. 250-300 thousand tons of lost processing capacity per month CONSUMER SERVICES REMAINS ON HIGH-GROWTH PATH, UPSTREAM DELIVERS STABLE RESULTS
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6 TRIR ROSE TO 1.44 IN Q1-Q3 2025 TRIR increased to 1.44 YTD, above 2025 public guidance The deterioration in TRIR was partly due to a single incident in Pakistan No injuries in Danube Refinery fire TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS 1.13 1.27 1.40 1.31 1.04 1.25 1.44 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Q1-Q3 2024 Q1-Q3 2025 2025 Public Guidance threshold (1.3)
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KEY GROUP QUARTERLY FINANCIALS
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8 STRONG DRIVING SEASON LIFTS Q3 EBITDA UP 15% YOY REFINING STRENGTH AND FUEL RETAIL GROWTH RESULT IN BEST EBITDA PERFORMANCE SINCE 2023 COMMENTS 825 57 682 833 51 246 318249 307 452 300 276 285 279 -64-53 -173 -68 Q2 2024 16 Q3 2024 Q4 2024 Q1 2025 -10 Q2 2025 Q3 2025 847 685 974 39 +15% +42% US DS CS CES GM C&O (2) SEGMENT CLEAN CCS EBITDA (USD mn) Upstream (1) Slightly better EBITDA performance QoQ in stable production and price environment Downstream Downstream performance improved due to favorable refining environment Consumer Services EBITDA driven up by higher fuel margin in Croatia and Romania Gas Midstream EBITDA down YoY on lower regulated tariff levels Circular Economy Services EBITDA contribution negative due to seasonal factors Corporate and Other and Intersegment (1) Clean Corporate and Other EBITDA at USD -47 mn, in line with seasonal average Intersegment eliminations contribute negatively by USD 22 mn (1) Internal service companies active in various oilfield services (OFS) have been re-segmented from the Corporate and Other segment to the Upstream segment Please refer to footnote (1) on page 2 3 for further details on the effects on financials. (2) C&O includes Corporate and Other segment and Inter -segment items.
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9 ORGANIC CAPEX LOWER YOY DUE TO LESS SUSTAIN-TYPE EXPENSES Savings in sustain-type Downstream investments drive YTD organic CAPEX 23% lower Higher Growth & Efficiency CAPEX in Q3 driven by key ongoing projects Rijeka DCU and crude diversity investments TOTAL GROUP CAPEX BY SEGMENT (USD mn) COMMENTS 370 603 190 556 2010 21 222 135 187 81 80 89 Q2 2024 12 39 35 Q3 2024 Q4 2024 Q1 2025 3 1031 Q2 2025 0 19 Q3 2025 413 287 396 15 27 -4% +38% Inorganic Organic US Organic DS Organic CS Organic CES Organic GM Organic C&O TOTAL GROUP CAPEX BY TYPE (USD mn) 155 168 229 111 167 189 214 234 322 50 116 207 1 Q2 2024 12 Q3 2024 52 Q4 2024 29 Q1 2025 3 Q2 2025 370 413 603 190 287 Q3 2025 396 0 -4% +38% Growth & Efficiency CAPEX Sustain CAPEX Inorganic ORGANIC CAPEX (USD mn) 98 3253 102 597 377 229 232 2283 Q1-Q3 2024 5743 Q1-Q3 2025 1,086 840 -23% Organic US Organic DS Organic CS Organic CES Organic GM Organic C&O INVESTMENTS IN ORGANIC STRATEGIC PROJECTS PICK UP IN THE THIRD QUARTER
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10 FIRST NINE MONTHS’ NET INCOME REACHED USD 775 MN 878 860 775 722 176 425 Income from associates Profit before tax Profit for the period 85 Non-controlling interests Profit for the period to equity holders of the parent EBITDA excl. special items DS CS US 167Other Clean CCS EBITDA CCS modifications 2,315 0 Special items (EBITDA) DD&A and impairments Profit from operation 62 Total finance expense/gain, net 62 Income tax expense 1,059 1,154 1,161 1,285 2,491 Q1-Q3 2025 EARNINGS (USD mn) (1) – BELOW THE EBITDA LINE ITEMS (1) Continuing operations unless otherwise noted
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11 NET FINANCIALS CONTRIBUTE TO RESULTS AS HUF APPRECIATES Clean CCS effect, gain / loss (USD mn) -74 -90 -18 Q3 2024 Q2 2025 Q3 2025 Clean CCS adjustment negative with slightly lower effective oil prices and CO2 adjustment 341 413 404 Q3 2024 Q2 2025 Q3 2025 DD&A (USD mn) Total Financial expense (+) / gain (-) (USD mn) -33 0 Q3 2024 Q2 2025 -6 Q3 2025 Income from associates (USD mn) 15 5 17 Q3 2024 Q2 2025 Q3 2025 120 127 164 Q3 2024 Q2 2025 Q3 2025 Income tax expenses (USD mn) 16 -2 18 Comments Net financials showed a gain of USD 6 mn as HUF continued strengthening in Q3 2025 Income from associates at USD 17 mn in Q3, driven by Pearl Tax expense rises QoQ driven by higher PBT and industry taxes DD&A around USD 400 million, in line with larger asset base for the Group and FX Deferred tax >
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12 YTD OPERATING CASH FLOW ROSE ABOVE USD 2.1 BN OPERATING CASH FLOW COVERS 2.5X CAPEX IN FIRST 9 MONTHS OF 2025 COMMENTS OPERATING CASH FLOW IN Q1-Q3 2025 (USD mn) (1) 840 487 141 366 Profit before tax Cont. Operation DD&A Income tax paid Other Operating CF before WC Change in WC Operating CF Organic CAPEX 2,177 1,285 1,154 1,811 First 9 months OpCF excluding WC above USD 1.8bn, marking USD 100 mn improvement year-on-year Over USD 200 mn NWC release in Q3 (USD 366 release YTD) supported OpCF Operating Cash Flow after working capital at USD 2.1 bn, well above YTD organic CAPEX (1) Continuing operations unless otherwise noted
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13 NET DEBT FALLS UNDER 0.5X EBITDA 1.31 0.74 0.97 0.65 0.41 0.82 1.61 0.65 0.30 0.59 0.74 0.64 0.69 0.450.5 1.0 1.5 2.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025Q3 2025Q1 2025 19.6 20.6 25.2 17.5 12.0 18.6 27.3 18.1 11.4 14.0 14.9 13.4 13.9 9.5 0 5 10 15 20 25 30 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Q3 2025 Q1 2025 NET DEBT TO EBITDA (x) GEARING (%) COMMENTSCHANGES IN NET DEBT IN Q1-Q3 2025 (USD mn) 366 616 487 255 Net debt 31 Dec 2024 1,651 Simplified FCF Change in WC 32 Acquisitions Dividend payout Income tax paid Other Net debt 30 Sep 2025 2,065 1,439 HIGH FREE CASH FLOW GENERATION STRENGTHENS BALANCE SHEET EVEN FURTHER Net debt fell by over USD 600 mn with strong operating cash flows in the third quarter Net debt to EBITDA and gearing ratios improved YTD to 0.45x and 9.5 percent, respectively
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DOWNSTREAM Q3 2025 RESULTS
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15 STRONG REFINING MARGIN PULLS Q3 DS EBITDA ABOVE USD 450 MN SALES VOLUMES IMPROVE; PETCHEM STILL BELOW BREAKEVEN KEY FINANCIALS (USD mn) COMMENTS Widening fuel crack spreads in Q3, especially diesel, was the main factor in Downstream Clean CCS EBITDA’s 51% YoY increase R&M processed volumes seasonally low due to regular annual maintenance scheduled for Q3 No improvement in petrochemicals environment, keeping EBITDA in the red CEE fuel demand remains flat YoY (1) Processed crude in Danube and Bratislava refineries Q2 2025 Q3 2025 Q3 2024 YoY % Q1-Q3 2025Q1-Q3 2024 YoY % EBITDA 227 359 279 29 870 997 (13) EBITDA excl. spec. items 227 359 279 29 870 997 (13) Clean CCS EBITDA 307 452 300 51 1059 1001 6 o/w Petchem (52) (58) (21) 177 (154) (42) 266 EBIT 70 196 162 21 424 660 (36) EBIT excl. spec. items 70 196 162 21 424 660 (36) Clean CCS EBIT 149 290 184 58 613 664 (8) QUARTERLY CLEAN CCS EBITDA (USD mn) 408 321 267 300 359 510 -52 -58 Q2 2024 -21 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 300 307 452 +51% +47% CRUDE PROCESSED (kt)1 1,739 3,331 Q3 2024 265 1,388 3,538 Q4 2024 308 1,213 3,327 Q1 2025 330 1,469308 Q2 2025 282 1,666 3,663 Q3 2025 1,844 2,853 Q2 2024 2525,005 5,322 5,191 4,848 5,523 5,611 3,724 +5% +2% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2,623 2,808 3,095 2,982 3,256 2,736 -3% -16% TOTAL PRODUCT SALES (kt) R&M Petchem Petrochemicals products 3rd party sales Own production
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16 FAVORABLE EXTERNAL CONDITIONS FOR REFINING REFINING MARGIN (USD/bbl) COMMENTS 5.5 8.3 6.8 3.7 3.6 3.6 5.6 9.5 10.7 13.2 10.6 7.2 4.0 3.8 4.0 6.0 10.0 11.1 0 2 4 6 8 10 12 14 6.0 Q2 2023 12.9 Q3 2023 8.9 Q4 2023 10.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 October Brent-based MOL Group refinery margin (USD/bbl) Brent-based Complex refinery margin (MOL+Slovnaft) (USD/bbl) BRENT - URAL DIFFERENTIAL(2) (USD/bbl) -3.5 -3.4 -3.7 -3.0 -2.4 -2.2 -2.1 -4.0 -3.5 -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 October PETCHEM MARGIN REFLECTS CONTINUING CHALLENGING ENVIRONMENT VARIABLE PETCHEM MARGIN (EUR/t) Brent-based refining margins increased YoY due to global supply bottlenecks especially on the diesel side Brent-Ural spread(2) continued to narrow in Q3 due to stable Asian demand Petrochemicals margin deteriorates in Q3 in continued low demand environment (1) Variable MOL Group Petrochemicals margin contains an energy cost component and is the only petrochemicals margin MOL reports starting in Q1 2024. (2) Based on DAP India Ural quotations. Brent-Ural spread (DAP West Coast India) 224 209 214 219 159 234 130 0 50 100 150 200 250 Q2 2023 69 Q3 2023 132 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 151 Q1 2025 Q2 2025 166 Q3 2025 October MOL Group Variable Petrochemicals margin (1)
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17 YOY EBITDA GROWTH DRIVEN BY EXCELLENT REFINING MARGIN PETROCHEMICALS’ CONTRIBUTION REMAINS NEGATIVE DOWNSTREAM CLEAN CCS EBITDA YoY, Q3 2025 VS. Q3 2024 (USD mn) COMMENTS 321 510 359 -21 152 84 Clean CCS EBITDA Q3 2024 R&M price & margin -38 Petchem price & margin Volumes -47 Other -58 Clean CCS EBITDA Q3 2025 -93 Clean CCS modification EBITDA Q3 2025 R&M Petchem 300 452 Notes: Price & margin includes FX impact R&M price & margin component adds USD 152 mn to EBITDA YoY Petchem contributes negatively, reflecting YoY drop in margin Volume impact positive year-on-year due to better sales Contribution from Other items in negative territory, driven by higher personnel and maintenance expenses
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CONSUMER SERVICES Q3 2025 RESULTS
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19 CONSUMER SERVICES KEEPS UPWARD TREND: EBITDA +28% YOY RESULTS PULLED UP BY STRONG FUEL SALES, IN SOLID DRIVING SEASON KEY FINANCIALS (USD mn) QUARTERLY EBITDA (USD mn) 194 249 156 158 246 317 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +28% EBITDA up by 28% YoY to USD 317 mn Fuel margins strengthened overall with strong performance in Croatia and Romania Non-fuel margin accounted for positive USD 9 mn contribution to Q3 2025 EBITDA OPEX growth weighed on results by USD 11 mn YoY, amid wage and inflationary pressure Positive one-off effect year-on-year, due to the merger in fleet services EBITDA YoY, Q3 2025 VS. Q3 2024 (USD mn) COMMENTS 249 317 32 21 18 EBITDA Q3 2024 Fuel volume & margin 9 Non-fuel margin -11 OPEX One-offs FX EBITDA Q3 2025 +28% Q3 2025 Q3 2024 YoY % Q1-Q3 2025 Q1-Q3 2024 YoY % EBITDA excl. special items 317 249 28 722 587 23 EBIT excl. special items 264 198 34 530 436 22 Organic CAPEX 27 41 (34) 57 105 (45) Simplified FCF 290 208 61 664 482 68
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20 VOLUMES AND THROUGHPUT FLAT YOY TOTAL VOLUMES SOLD (mn litres) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2 057 2 243 1 980 1 778 2 069 2 223 -1% FUEL THROUGHPUT/SITE(1) (mn litres) COMMENTS COMMENTS Fuel sales relatively flat YoY at -1% Drop in volume sold in core markets (Hungary, Slovakia and Romania), mostly offset by Czech Republic and SEE countries Margins rise due to better market conditions in Croatia and Romania and continued trend of shifting to premium fuel Unit fuel -1% QoQ reflecting lower demand Network stable QoQ and YoY at 2,318 sites at end-September 0.93 1.01 1.03 1.05 1.03 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 -1% 4Y CAGR: +5.0% VOLUME SHIFT TO NON-CORE COUNTRIES, MARGINS RISING IN SELECT MARKETS (1) Company owned stations
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21 NON-FUEL EXPANSION DYNAMICS HOLDS UP Non-fuel turnover grew by ~6% Fresh Corner unit count reached 1,372 units at the end of Q3 2025, up 1% QoQ and 6% YoY NORMALIZATION CONTINUES WITH MARGIN GROWTH RATE BELOW THAT OF SALES COMMENTS NON-FUEL MARGIN (USD MN) (1) 147 171 141 124 158 181 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +5% TOTAL NON-FUEL TURNOVER (USD MN) (1) Non-fuel margin share of total (%) (1) 37.4% 36.5% 35.8% 34.3% 35.4% 35.4% COMMENTS Non-fuel margin up by 5% YoY Non-fuel margin represents 35.4% of the total margin in Q3 2025 493 550 471 452 533 582 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +6% (1) Constant FX
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UPSTREAM Q3 2025 RESULTS
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23 IMPROVED Q3 EBITDA PERFORMANCE WHILE CASH GENERATION FLAT KEY FINANCIALS (USD mn) (1) Internal service companies active in various oilfield services (OFS) have hitherto been part of the Corporate and Other segment. As of 1 January 2025, these service companies have been re-segmented and are included in the Upstream segment. The USD impact on Upstream P&L and CAPEX figures: (i) EBITDA: Q1 2025 +7mn, Q2 2025 +6mn, Q3 2025 +10mn; (ii) EBIT: Q1 2025 +6mn, Q2 2025 +4mn, Q3 2025 +7mn; (iii) CAPEX: Q1 2025 +1mn, Q2 2025 +1mn, Q3 2025 +3mn. (2) Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX WITH STABLE PRICE ENVIRONMENT AND SLIGHTLY LOWER PRODUCTION COMMENTS Q3 2025 EBITDA at USD 285 mn, 3% higher quarter-on-quarter as realized hydrocarbon price were little changed QoQ Q3 Simplified Free Cash Flow(2) delivery remains solid at USD 196 mn 23 QUARTERLY EBITDA(1) (excl. special items) (USD mn) QUARTERLY SIMPLIFIED FCF (1)(2) (USD mn) GAS PRICES OIL PRICES 283 279 275 317 276 285 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +2% +3% 74.4 75.4 68.6 67.7 59.6 61.3 66.8 67.2 68.2 61.7 61.9 78.1 86.8 84.3 83.2 85.0 80.3 74.7 75.7 67.9 69.1 50 60 70 80 90 Q2 2023 81.4 Q3 2023 76.3 Q4 2023 75.1 Q1 2024 63.3 Q2 2024 62.3 Q3 2024 65.4 Q4 2024 64.7 69.9 Q1 2025 62.4 Q2 2025 Q3 2025 64.7 62.1 78.6 50.9 58.0 71.5 78.5 83.5 68.7 65.6 0 50 100 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 2024 76.9 Q1 2025 66.6 Q2 2025 62.9 Q3 2025 57.1 208 198 196 254 196 196 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -1% 0% Realized crude and condensate price (USD/bbl) Total realized hydrocarbon price (USD/boe) Brent dated (USD/bbl) Average realized gas price (USD/boe)) TTF month-ahead gas price (USD/boe) Q2 2025(1) Q3 2025(1) Q3 2024 YoY % Q1-Q3 2025(1) Q1-Q3 2024 YoY % EBITDA 276 285 279 2 878 824 7 EBITDA excl. spec. items 276 285 279 2 878 824 7 EBIT 156 157 165 -5 533 523 2 EBIT excl. spec. items 156 157 165 -5 533 523 2
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24 UNIT FREE CASH FLOW FLAT STABLE AT 23 USD/BOE QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 9 27 57 20 25 26 0 20 40 60 80 100 120 140 39 60 70 32 20232020 2022 35 69 102 2021 65 2024 Q1-Q3 2025 42 71 110 83 81 71 63 3317 36 ANNUAL PRICE REALIZATION, EBITDA, SFCF (USD/boe) Note: Including JVs and associates. Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX STILL HOLDS ABOVE STRATEGIC THRESHOLD OF 20 USD/BOE Brent Realised HC price Unit EBITDA Unit SFCF* 27 24 24 31 23 23 0 10 20 30 40 50 60 70 80 90 Q1 2025 63 62 35 Q2 2025 35 65 Q3 2024 35 62 70 40 Q4 2024Q2 2024 62 35 Q3 2025 85 80 75 76 68 69 37 Brent Realised HC price Unit EBITDA Unit SFCF*
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25 SOLID RESULTS DELIVERY IN THE THIRD QUARTER UPSTREAM EBITDA QoQ, Q3 2025 VS. Q2 2025 (USD mn) COMMENTS Notes: consolidated figures, unless otherwise indicated (1) As of 1 January 2025, OFS companies have been resegmented to Upstream (further details on slide 23) UPSTREAM EBITDA YoY, Q3 2025 VS. Q3 2024 (USD mn) COMMENTS Price impact neutral overall, with offsetting effects in oil (Brent +2% QoQ) and natural gas (USD TTF -5% QoQ) Volumes: lower production in Hungary and Shaikan Other: Impacted by revaluation of technical items Positive price impact supported by USD weakening and removal of regulated gas price despite having lower benchmark prices YoY (Brent -14%; USD TTF -8% YoY) Volumes: effect negative due to lower production in Croatia, Shaikan and Pakistan Other: Impacted by revaluation of technical items WITH MACRO FACTORS BROADLY NEUTRAL, UPSTREAM EBITDA CONTINUES TO SHOW STABILITY 276 285 272 EBITDA excl. spec. Q2 2025 9 ACG PSA- related adj. EBITDA excl. spec. Q2 2025 and ex-ACG PSA 1 Prices & FX -5 Volumes -4 Exploration Expenses -1 Lifting cost -5 Other EBITDA excl. spec. Q3 2025 and ex-ACG PSA 12 ACG PSA- related adj. 285 EBITDA excl. spec. Q3 2025 274 272 -8 Other 9 Re- segmentation effect1 EBITDA excl. spec. Q3 2024 12 ACG PSA- related adj. 285 EBITDA excl. spec. Q3 2025 -4 ACG PSA- related adj. EBITDA excl. spec. Q3 2024 and ex-ACG PSA 7 Prices & FX -6 Volumes 2 Exploration Expenses -6 Lifting cost 279 EBITDA excl. spec. Q3 2025 and ex-ACG PSA
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26 Q3 PRODUCTION REMAINS WITHIN GUIDANCE BAND WITH IMPROVEMENT EXPECTED FOR Q4, DELIVERY OF FULL YEAR GUIDANCE LOOKS SECURED 35.1 36.5 36.7 36.9 37.9 36.5 98.4 21.7 21.1 20.6 19.8 19.5 19.5 12.3 12.5 13.1 12.4 12.8 13.2 5.1 5.3 4.6 4.5 3.6 4.1 4.3 4.8 3.6 4.6 4.1 3.4 14.4 Q4 2024 1.6 14.2 Q1 2025 1.71.92.0 13.9 Q2 2025 1.9 11.6 Q2 2024 14.1 13.7 Q3 2025 October Hungary Croatia Q3 2024 Pakistan KRI Other 1.8 Associated companies (1) Azerbaijan 96.2 94.8 94.0 93.5 92.392.1 ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS (1) Associated companies include Baitex (Russia), Pearl (KRI), UOG (KZ), and Tura (HU) Production at 92.3 mboepd in Q3 2025: CEE: -1.4 mboepd QoQ due to temporary outages in HU International: +0.4 mboepd KRI Shaikan: Drone attacks led to shutdown in July AZE: +0.4 mboepd entitlement production despite unplanned shutdowns during the quarter Pakistan: +0.5 mboepd but TSO constraint still in place in TAL field Associated companies: -0.2 mboepd mainly due to maintenance works in Kazakhstan Updates from KRI: Shaikan: export pipeline reopened Khor Mor: capacity increase of ~50% after ramp-up Annual guidance maintained at 92-94 mboepd October figure suggests a positive rebound led by the international portfolio: higher entitlement share in ACG, eased curtailment in Pakistan and improving Kurdish production
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27 DISCIPLINED ORGANIC CAPEX SPENDING UNIT OPEX (USD/boe) COMMENTSORGANIC CAPEX 1 (USD mn) UNIT OPEX (USD/boe) GROUP (INCL. JVS/ASSOC., PRO FORMA2) FULLY CONSOLIDATED SUBS. (PRO FORMA2) UNIT OPEX SLIGHTLY INCREASED DUE TO SEASONAL PLANNED MAINTENANCE Higher Unit OPEX driven by HUF strengthening and more scheduled maintenance works in Q3 CAPEX flat and in line with work program plans (1) Fully consolidated assets. As of 1 January 2025, OFS companies have been resegmented to Upstream (further details on page 23). (2) Pro forma figures denote unit OPEX figures of Q4 2024 and Q1 2025 revision impact distributed across the year at the time when expenses incurred. 6.5 6.0 5.8 5.8 5.9 7.3 6.4 7.17.2 6.6 6.2 7.9 7.1 7.7 6.0 6.2 6.6 6.7 6.6 6.6 5.0 5.5 6.0 6.5 7.0 7.5 8.0 5.9 6.4 Q2 2023 Q3 2023 Q4 2023 Q1 2024 6.1 Q2 2024 6.1 Q3 2024 6.4 6.8 Q4 2024 6.4 7.0 Q1 2025 Q3 2025Q2 2025 6.8 7.3 6.3 +16% 6.2 6.7 Q1-Q3 2024 Q1-Q3 2025 +9% 6.7 7.3 Q1-Q3 2024 Q1-Q3 2025 +10% 38 30 149 147 42 55 Q1-Q3 2024 Q1-Q3 2025 229 232 +1% Group (incl. JVs/associates) Fully consolidated subs. Group (pro forma)2 Fully consolidated subs. (pro forma)2 Other Development Exploration
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CIRCULAR ECONOMY SERVICES Q3 2025 RESULTS
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29 CES EBITDA SHOWS USD 64 MN LOSS IN Q3 2025 16 -48 12 -64 -10 Q2 2024 Q3 2024 Q4 2024 Q1 2025 -10 Q2 2025 Q3 2025 QUARTERLY EBITDA (USD mn) KEY FINANCIALS (USD mn) SFCF (USD mn) SEASONALLY LOWER REVENUES, EXTENSIVE DRS REDEMPTION ACTIVITY BEHIND QOQ RESULTS Q2 2025 Q3 2025 Q3 2024 YoY% Q1-Q3 2025 Q1-Q3 2024 YoY% EBITDA (10) (64) 16 n.a. (62) (4) n.a. EBIT (21) (75) 4 n.a. (95) (30) 221 Organic CAPEX 10 19 10 87 43 53 (18) 53 43 Q1-Q3 2024 Q1-Q3 2025 ORG. CAPEX (USD mn) -57 -105 Q1-Q3 2024 Q1-Q3 2025 COMMENTS Q3 EBITDA at a loss of USD 64 mn affected by strong seasonality: High DRS redemption activity, owing to packaging returns trailing behind marketed volumes in time – peak marketed volumes in Q2 being returned in Q3 Lower secondary raw material sales QoQ FX effect, as HUF-denominated revenue and cost streams dominate segment finances almost entirely Impact of positive regulatory change of EPR fee increase, and of efficiency improvement measures to gain traction in coming quarters YTD organic capex on moderate level of USD 43 mn DRS set-up mostly completed Redemption is available at nearly 5,200 locations, including more than 1,700 contracted manual takeback points Beverage packaging return rate up 16% QoQ at ~10.1 mn/d, YTD 2.3 bn containers have already been collected Progress of other key investment projects 32 waste collection vehicles acquired in Q3, total 123 delivered to date Selective waste collection infrastructure development continues, contract for new containers signed, delivery has already started Preparations for waste incinerator ongoing, decision possibly in 2026 OPERATIONAL AND CAPEX UPDATE
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SUPPORTING SLIDES
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31 H1 2025 SFCF AT USD 1,073 MN SIMPLIFIED FCF1 (USD mn) 457 42 131 672 33 31 225 291 210 171 265 78 196 196 198 -83-89 -205 -123 Q2 2024 Q3 2024 Q4 2024 Q1 2025 -20 Q2 2025 Q3 2025 446 401 578 6 +29% +44% US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total organic CAPEX
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32 WORKING INTEREST BASED PRODUCTION HOLDS ABOVE 120 MBOEPD 35.1 36.5 36.7 36.9 37.9 36.5 21.7 21.0 20.6 19.7 19.5 19.5 31.7 33.2 33.4 31.6 30.9 31.5 5.1 5.3 4.6 4.5 3.6 4.1 8.1 8.9 6.7 8.6 7.7 6.4 4.0 3.9 3.7 3.4 3.6 3.8 17.2 20.3 20.3 20.1 19.7 19.6 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Hungary Croatia Azerbaijan Pakistan KRI Other Associated companies* 122.9 129.1 126.0 124.8 122.9 121.4 QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY1 (mboepd) (1) Associated companies include Baitex (Russia), Pearl (KRI), UOG (KZ), and Tura (HU)
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33 UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia Egypt Azerbaijan EXPLORATION Galga-4 - successful oil discovery in partnership with O&GD (1.0 mboepd gross, MOL share ~50%) Nagykörű-É-1: spud in on Sep 8th, poor reservoir quality, well was P&A FIELD DEVELOPMENT Vecsés gathering station construction started PRODUCTION OPTIMIZATION 14 well workovers have been completed GEOTHERMAL Geothermal: Murakeresztúr - Őrtilos license relinquished; application for new exploration license in Szeged area submitted FIELD DEVELOPMENT AND PRODUCTION Jamarice-183 tie-in: production started on July Gola-4 re-entry: spud-in on Jul 13th; unsuccessful WWO activity of extracting production equipment, well P&A finished Zalata-Dravica: permitting ongoing PRODUCTION OPTIMIZATION 10 well workovers performed on onshore fields GEOTHERMAL Leščan: drilling finished, evaluation on project continuation ongoing OFFSHORE CAMPAIGN Ika A: drilling activities started on Aug 22nd ACG production affected by natural base production decline, ACG Plant unplanned trips and the oil price impact on the entitlement Drilling activities are ongoing Gobustan, onshore operated exploration asset: EDPSA signing expected in Q4 2025 Well workover activities have been performed on North Bahariya (4), Ras Qattara (1) and West Abu Gharadig (1). 2 wells were drilled on North Bahariya, and drilling of 1 well started on Ras Quattara.
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34 SHAIKAN: two-week field shutdown in July due to safety reasons; after 2.5 years of closure, export pipeline reopened on Sept 26th PEARL: commercial gas sales from gas expansion project (“KM250”) commenced on October 15th (adding an additional 48 mboepd (gross) of processing capacity) UPSTREAM: OPERATIONAL UPDATE (2) 1 horizontal well drilled and completed; production started on Jul 19th Execution of the well workover program: 5 perforation & acidizing and 2 large-volume acidizing completed One-week production shutdown in August due to restriction on oil delivery to Transneft (shutdown of Druzhba pipeline) 8-day full field shutdown in September due to Intergaz Central Asia (ICA) pipeline maintenance All 5 wells were in production as of Oct 8th, after several outages in H1 2025 EPCC: temporary equipment at the gathering station replaced with permanent design equipment; replacement at the transfer station in progress Kazakhstan Kurdistan Region of Iraq Russia EXPLORATION Bilitang-1: drilling started on August 10th Razgir-1 : production started on Oct 12th FIELD DEVELOPMENT Makori Deep-3: production started on Aug 25th PRODUCTION TAL block production curtailment ended on Sept 18th; however, it resumed on Oct 10th Pakistan
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35 UPSTREAM CAPEX BY REGION AND BY TYPE IN Q1-Q3 2025 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) HUN CRO KRI PAK AZE OTHER Total - Q1-Q3 2025 Total - Q1-Q3 2024 Exploration 18.6 2.8 0.0 0.4 7.1 1.1 30.0 38.2 Development 29.2 28.9 0.0 3.6 76.9 7.9 146.5 148.7 Other 9.7 31.4 5.4 0.6 3.2 5.2 55.4 41.8 Total - Q1-Q3 2025 57.5 63.1 5.4 4.5 87.2 14.2 231.9 Total - Q1-Q3 2024 58.4 63.8 2.8 4.7 92.6 6.4 228.7 (1) Excl. equity consolidated assets. As of 1 January 2025, OFS companies have been resegmented to Upstream (further details on slide 24). OFS Capex is included under “Other” / “Other” category).
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36 GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items(1) (USD mn) CAPEX(1) (USD mn) EBITDA decreased by 10% on YoY basis to USD 51 mn in Q3 2025 as a result of shifting macroeconomic factors despite strong regional transmission demand Total transmission volumes exceeded previous year by 15%, regional demand strengthened further (+30% export), while intensive stockpiling in storage facilities resulted higher domestic transmission by 7% Regulated income dropped by 7% compared to prior year’s figure, in spite of cross-border capacity demand in 2025Q3; the effect of decreasing volume related tariff (effective from October 2024 in line with lowered gas prices and tariffication methodology) was significant Higher gas market price and higher gas consumption due to changing flow patterns impacted gas costs negatively YoY, while inflation put pressure other OPEX compared to prior year Increase of CAPEX is mainly due to difference in timing, spending is in relation with mainly sustain-type projects and the completion of domestic production entry point KEY FINANCIALS (USD mn) COMMENTS 55 57 52 67 39 51 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -10% 6 15 25 7 6 20 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +30% Q3 2025 Q3 2024 YoY % Q1-Q3 2025 Q1-Q3 2024 YoY % EBITDA 51.3 57.3 (10) 157.2 192.1 (18) EBITDA excl. spec. items 51.3 57.3 (10) 157.2 192.1 (18) Operating profit/(loss) 38.7 46.4 (17) 122.2 157.3 (22) Operating profit excl. spec. items 38.7 46.4 (17) 122.2 157.3 (22) CAPEX and investments 19.5 15.0 30 32.4 22.2 46 (1) Gas Midstream’s financial performance and CAPEX include both FGSZ Ltd. and CEEGEX Ltd.
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37 Turnover rate (%, 12M rolling) 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* 1.32 1.61 1.57 1.49 1.32 0.5 1.0 1.5 2.0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 *Number of misconducts closed during the given period 5 499 3 23 13 0 200 400 600 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 10,000 20,000 30,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 25,480 25,528 25,311 25,370 25,370 0 1,000 2,000 3,000 4,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 3,391 2,806 2,844 2,888 3,014 13.3 9.8 11.2 11.4 11.9 0 2 4 6 8 10 12 14 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 20 20 29 46 30 0 20 40 60 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 8 7 9 1 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 Q3 2025 3 4 2 2 0 1 2 3 4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0
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38 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 (DAP India, USD/bbl) GAS OILPREMIUM UNLEADED GASOLINE 20 40 60 80 100 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 5 10 15 20 25 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 CRACK SPREADS (USD/t) 0 50 100 150 200 250 300 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -4 -3 -2 -1 0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 100 200 300 400 500 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 200 250 300 350 400 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 250 300 350 400 450 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 50 100 150 200 250 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -250 -200 -150 -100 -50 0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 * Brent-based new margin ** Variable petrochemical margin contains an energy price component Brent-based MOL Group Brent-based Complex (MOL + Slovnaft)
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39 CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q2 2025 Q3 2025 Q3 2024 YoY Ch % Income Statement (HUF million) Q1-Q3 2025 Q1-Q3 2024 Ch % 2,198,746 2,267,569 2,464,123 (8) Net sales 6,637,559 6,882,973 (4) 26,393 5,950 11,240 (47) Other operating income 55,170 51,155 8 2,225,139 2,273,519 2,475,363 (8) Total operating income 6,692,729 6,934,128 (3) 1,700,440 1,734,122 2,025,482 (14) Raw material and consumables used 5,120,954 5,558,119 (8) 127,093 122,472 111,856 9 Employee benefits expense 366,679 320,564 14 146,683 137,037 122,370 12 Depreciation, depletion, amortisation and impairment 413,225 341,361 21 37,978 16,627 (24,305) n.a. Change in inventory of finished goods & work in progress 28,607 (108,385) n.a. (24,112) (42,461) (44,124) (4) Work performed by the enterprise and capitalized (86,847) (106,814) (19) 165,184 142,750 108,322 32 Other operating expenses 429,418 405,219 6 2,153,266 2,110,547 2,299,601 (8) Total operating expenses 6,272,035 6,410,064 (2) 71,873 162,972 175,762 (7) Profit / (loss) from operation 420,694 524,064 (20) 37,331 31,296 28,034 12 Finance income 100,340 71,169 41 25,772 29,536 27,966 6 Finance expense 78,439 97,912 (20) 11,559 1,760 68 n.a. Total finance gain / (expense), net 21,901 (26,743) n.a. 1,342 5,775 4,908 18 Share of after-tax results of associates and joint ventures 23,095 15,253 51 84,774 170,507 180,738 (6) Profit / (loss) before tax 465,690 512,574 (9) 44,591 55,180 42,772 29 Income tax expense 150,225 106,858 41 40,183 115,327 137,966 (16) Profit for the period from continuing operations 315,465 405,716 (22) 0 0 0 n.a. Profit / (Loss) for the period from discontinued operations 0 (40,893) (100) 40,183 115,327 137,966 (16) PROFIT / (LOSS) FOR THE PERIOD 315,465 364,823 (14) Attributable to: 38,076 94,800 115,464 (18) Owners of parent 285,219 335,750 (15) 2,107 20,527 22,502 (9) Non-controlling interests 30,246 29,073 4
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40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 30 Sep 2025 31 Dec 2024 Ch % Balance Sheet (HUF million) 30 Sep 2025 31 Dec 2024 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,309,918 4,632,771 (7) Share capital 79,650 79,443 0 Investment property 17,324 18,612 (7) Retained earnings and other reserves 3,794,269 3,836,873 (1) Intangible assets 473,191 517,440 (9) Profit / (loss) for the year attr. to owners of the parent 285,218 327,265 (13) Investments in associated companies and joint ventures 216,336 244,754 (12) Equity attributable to owners of the parent 4,159,137 4,243,581 (2) Other non-current financial assets 301,033 289,653 4 Non-controlling interest 406,366 415,527 (2) Deferred tax asset 129,138 135,262 (5) Total equity 4,565,503 4,659,108 (2) Other non-current assets 86,191 74,943 15 Total non-current assets 5,533,131 5,913,435 (6) Non-current liabilities Long-term debt 728,787 962,758 (24) Current assets Other non-current financial liabilities 38,630 7,175 438 Inventories 805,667 880,527 (9) Non-current provisions 706,841 707,255 0 Trade and other receivables 1,000,218 953,910 5 Deferred tax liabilities 170,439 177,556 (4) Securities 4,169 6,711 (38) Other non-current liabilities 56,236 46,571 21 Other current financial assets 36,942 71,263 (48) Total non-current liabilities 1,700,933 1,901,315 (11) Income tax receivable 40,992 72,157 (43) Cash and cash equivalents 471,818 433,610 9 Current liabilities Other current assets 158,806 140,864 13 Short-term debt 225,811 290,246 (22) Assets classified as held for sale 158,212 1,524 n.a. Trade and other payables 864,226 901,377 (4) Total current assets 2,676,824 2,560,566 5 Other current financial liabilities 244,693 239,574 2 Current provisions 88,356 117,599 (25) Total assets 8,209,955 8,474,001 (3) Income tax payable 44,505 35,210 26 Liabilities classified as held for sale 120,011 0 n.a. Other current liabilities 355,917 329,572 8 Total current liabilities 1,943,519 1,913,578 2 Total equity and liabilities 8,209,955 8,474,001 (3)
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41 CONSOLIDATED STATEMENT OF CASH FLOW Q2 2025 Q3 2025 Q3 2024 YoY Ch % Cash Flow (HUF million) Q1-Q3 2025 Q1-Q3 2024 Ch % 84,774 170,507 180,738 (6) Profit / (loss) before tax for continuing operation 465,690 512,574 (9) 0 0 0 n.a. Profit / (loss) before tax for discontinued operation 0 (40,893) (100) 84,774 170,507 180,738 (6) Profit / (loss) before tax 465,690 471,681 (1) 0 0 0 n.a. Adjustments to reconcile profit before tax to net cash provided by operating activities 0 0 n.a. 146,683 137,037 122,370 12 Depreciation, depletion, amortisation and impairment 413,224 341,361 21 (43,451) 9,840 14,194 (31) Increase / (decrease) in provisions (30,478) (73,628) (59) 1,329 (703) (1,575) (55) Net (gain) / loss on asset disposal and divestments (524) (27,850) (98) 13,164 7,252 10,947 (34) Net interest expense / (income) 31,487 22,858 38 (24,724) (9,011) (11,014) (18) Other finance expense / (income) (53,388) 5,473 n.a. (1,342) (5,775) (4,908) 18 Share of net profit of associates and joint venture (23,095) (15,253) 51 (7,387) 17,157 (13,269) n.a. Other adjustment item 24,003 63,421 (62) (72,293) 19,284 (45,249) n.a. Income taxes paid (112,328) (177,427) (37) 96,753 345,588 252,234 37 Operating cash flow before changes in working capital 714,591 610,636 17 137,526 2,884 13,050 (78) Total change in working capital o/w: 45,897 (81,029) n.a. 53,388 16,238 25,553 (36) (Increase) / decrease in inventories 37,690 (13,483) n.a. (44,430) 44,458 13,284 235 (Increase) / decrease in trade and other receivables (115,721) (80,890) 43 83,371 5,020 (3,319) n.a. Increase / (decrease) in trade and other payables 63,839 (111,223) n.a. 45,197 (62,832) (22,468) 180 Increase / decrease in other assets and liabilities 60,089 124,567 (52) 234,279 348,472 265,284 31 Net cash provided by / (used in) operating activities 760,488 529,607 44 (90,540) (125,786) (140,978) (11) Capital expenditures (331,795) (387,685) (14) 2,547 1,717 4,097 (58) Proceeds from disposal of fixed assets 5,786 39,772 (85) (2,182) (427) (1) n.a. Acquisition of businesses (net of cash) (12,367) (10,990) 13 (57) 63 65 (3) Proceeds from disposal of businesses (net of cash) 16,592 280 n.a. (7,715) 39,035 (8,953) n.a. Increase / decrease in other financial assets 38,422 (13,761) n.a. 5,932 6,701 4,206 59 Interest received and other financial income 17,956 18,727 (4) 3,385 5,007 8,484 (41) Dividends received 13,136 18,179 (28) (88,630) (73,690) (133,080) (45) Net cash (used in) / provided by investing activities (252,270) (335,478) (25) 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 0 n.a. 251,133 272,813 762,285 (64) Proceeds from loans and borrowings received 948,412 1,411,557 (33) (148,362) (366,343) (842,405) (57) Repayments of loans and borrowings (1,087,486) (1,499,951) (27) 12,362 (19,261) (14,611) 32 Interest paid and other financial costs (15,860) (13,875) 14 (213,173) (1,875) 221 n.a. Dividends paid to owners of parent (215,040) (194,961) 10 (310) (24,324) (47,998) (49) Dividends paid to non-controlling interest (24,634) (48,173) (49) 0 104 0 n.a. Transactions with non-controlling interest 104 18 478 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. (98,350) (138,886) (142,508) (3) Net cash (used in) / provided by financing activities (394,504) (345,385) 14 (26,482) (8,984) (11,380) (21) Currency translation differences relating to cash and cash equivalents (52,764) 10,080 n.a. 20,817 126,912 (21,684) n.a. Increase/(decrease) in cash and cash equivalents 60,950 (141,176) n.a. 342,886 347,600 291,718 19 Cash and cash equivalents at the beginning of the period 433,610 412,977 5 347,600 471,818 267,823 76 Cash and cash equivalents at the end of the period 471,818 267,823 76
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42 EXTERNAL PARAMETERS Note: footnotes are included in the Data Library for the quarter, accessible via molgroup.info. Q2 2025 Q3 2025 Q3 2024 YoY Ch % Macro figures (average) Q1-Q3 2025 Q1-Q3 2024 Ch % 67.9 69.1 80.3 (14) Brent dated (USD/bbl) 70.9 82.8 (14) (2.4) (2.2) (3.4) (35) Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11) (2.5) (3.4) (26) 35.5 33.0 35.7 (8) TTF gas price (EUR/MWh) 36.2 31.7 14 692.7 731.2 766.3 (5) Premium unleaded gasoline 10 ppm (USD/t) (12) 709.0 820.9 (14) 638.7 704.1 713.4 (1) Gas oil – ULSD 10 ppm (USD/t) (12) 682.0 772.2 (12) 521.2 531.3 630.5 (16) Naphtha (USD/t) (13) 552.3 629.0 (12) 403.4 398.2 440.2 (10) Fuel oil 3.5 (USD/t) (13) 414.0 446.4 (7) 179.2 208.3 158.5 31 Crack spread – premium unleaded (USD/t) (12) 172.4 194.6 (11) 125.1 181.1 105.6 71 Crack spread – gas oil (USD/t) (12) 145.5 145.9 0 7.7 8.4 22.7 (63) Crack spread – naphtha (USD/t) (12) 15.7 2.7 481 (110.2) (124.8) (167.6) (26) Crack spread – fuel oil 3.5 (USD/t) (12) (122.5) (179.9) (32) 15.3 18.7 11.6 61 Crack spread – premium unleaded (USD/bbl) (12) 14.2 15.8 (10) 17.8 25.4 15.4 65 Crack spread – gas oil (USD/bbl) (12) 20.6 20.9 (1) (9.3) (9.4) (9.5) (1) Crack spread – naphtha (USD/bbl) (13) (8.9) (12.1) (26) (4.2) (6.2) (10.8) (43) Crack spread – fuel oil 3.5 (USD/bbl) (13) (5.5) (12.3) (55) 5.6 9.5 3.7 157 Brent-based MOL Group refinery margin (USD/bbl) (14) 6.2 6.9 (10) 6.0 10.0 4.0 150 Brent-based Complex refinery margin (MOL + Slovnaft) (USD/bbl) (14) 6.7 7.3 (8) 1,158 1,130 1,225 (8) Ethylene (EUR/t) 1,176 1,222 (4) 514 397 453 (12) Butadiene-naphtha spread (EUR/t) 453 360 26 234 166 219 (24) MOL Group Variable petrochemicals margin (EUR/t) (15) 184 214 (14) 356.6 338.8 359.0 (6) HUF/USD average 360.0 360.1 0 404.2 395.9 394.2 0 HUF/EUR average 401.6 391.3 3 4.3 4.3 5.3 (19) O/N USD SOFR (%) 4.3 5.3 (19) 2.1 2.0 3.6 (44) 3m EURIBOR (%) 2.2 3.8 (42) 6.5 6.5 6.6 (2) 3m BUBOR (%) 6.5 7.6 (14) Q2 2025 Q3 2025 Q3 2024 YoY Ch % Macro figures (closing) Q1-Q3 2025 Q1-Q3 2024 Ch % 68.2 67.9 72.9 (7) Brent dated closing (USD/bbl) 67.9 72.9 (7) 340.4 332.7 354.8 (6) HUF/USD closing 332.7 354.8 (6) 399.3 391.1 397.6 (2) HUF/EUR closing 391.1 397.6 (2) 2,954 2,698 2,668 1 MOL share price closing (HUF) 2,698 2,668 1