Slides
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MOL GROUP INVESTOR PRESENTATION AUGUST 2026
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2 MOL GROUP IN BRIEF INTEGRATED CENTRAL EUROPEAN MID-CAP OIL & GAS COMPANY 927 CORE ACTIVITIES Market cap. USD 9.7 bn INVESTMENT GRADE Credit rating Available Liquidity USD 5 bn KEY FIGURES Countries 30+ Employees ~25,200 Production (mboepd) ~95 Reserves (Mmboe) 309 Refinery capacity (kbpd) 380 Service stations 2,300+ Retail transactions per day 1,000,000+ CLEAN CCS EBITDA BY SEGMENTS IN 2025 (USD MN)1 UPSTREAM 1,125 DOWNSTREAM 1,453 GAS 208 CONSUMER CAPITAL MARKETS BUSINESS / ASSETS 890 Steam cracker capacity (ktpa) 46% Free float UPSTREAM GAS MIDSTREAM DOWNSTREAM Refining Petrochemicals CONSUMER SERVICES Retail Mobility Exploration Production WASTE MANAGEMENT (1) “Corporate and other” (USD -339mn), ”Circular Economy Services” (USD -34mn) segments and intersegment eliminations (USD 45mn) omitted.
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3 MOL IS THE DOMINANT O&G PLAYER OF THE CEE REGION CZECHIA SLOVAKIA SLOVENIA HUNGARY SERBIACROATIA MONTENEGRO BiH POLAND EGYPT IRAQ PAKISTAN AZERBAIJAN KAZAKHSTAN RUSSIA ROMANIA 1 Countries with a refinery unit and at least 30% market share in Downstream and Consumer Services. 2 Countries with at least 10% market share in Consumer Services or fuel wholesale. 3 Company estimates HQ #3 #1 FLAGSHIP COUNTRIES 1 CORE COUNTRIES 2 INTERNATIONAL UPSTREAM # FUEL WHOLESALE MARKET POSITION 3 # FUEL RETAIL MARKET POSITION 3 #1 #1#1 #1#1 #3#3 #2#2 #3 #1#1 #2#2 #2#3#1-#3POSITIONINALLFLAGSHIP AND CORE COUNTRIES #1INDUSTRIALFIRMIN ALL CORE COUNTRIES
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4 INDEXES AND RATINGS TOP POSITIONS ACROSS LEADING ESG RATINGS ESG: SECTOR-LEADING RATINGS AND DISCLOSURE DISCLOSURE ESRS-compliant Sustainability Report EcoVadis Bronze Medal Top 35% of all disclosers Climate Change: Water Security: “AA” rating 7th year in a row, staying at the top ~30% among integrated O&G peers ESG Risk Rating: 32.9 High risk ESG Risk Management: 66.4 Strong High Risk category paired with Strong ESG Risk Management in 2025 MSCI ACWI Index constituents Integrated Oil & Gas, n=22 2025 Sustainability Report compliant & audited under ESRS complemented by continued reference to other internationally recognised frameworks: European Sustainability Reporting Standards B CDP ESG rating score improved from C to B in both Climate change and Water stewardship categories, in-line with best- performing O&G peers. B
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AGENDA CONSUMER SERVICES 32 GROUP STRATEGY AND SUSTAINABILITY 6 SUPPORTING SLIDES 56 DOWNSTREAM 12 WASTE MANAGEMENT 25 FINANCIALS 47 THE MOL GROUP EQUITY STORY EXPLORATION AND PRODUCTION 40 Q2 2026 RECAP 65
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INSERT HEADLINE HERE THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY
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7 NAVIGATING THE COMPLEXITIES OF THE ENERGY TRANSITION CHALLENGES AND OPPORTUNITIES IN A SHIFTING LANDSCAPE SUSTAINABILITY AFFORDABILITY SUPPLY SECURITY The energy transition poses both challenges and opportunities, requiring a nuanced approach to balance sustainability, energy security, and economic competitiveness.! Sustainability regulations: ambitious goals, but high uncertainty regarding markets & technologies Geopolitical tensions: need for supply diversification & improved European competitiveness Customer expectations: predictable & affordable energy supply
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8 TRANSITION PATH BASED ON RESILIENT MOL GROWTH MODEL DIVERSIFICATIONFROM FOSSILS UPSTREAM CEE Partly satisfies the HC need for Downstream and/or generates stable cash flow for the Group REFINING AND MARKETING Significant value added with highly efficient units securing the fuel supply of CEE CONSUMER SERVICES Mobility provider with 2,400 service stations across CEE to capture the consumer end of the O&G value chain GAS MIDSTREAM Regulated business (asset base and return) generating cash for high- return investments in other segments OPERATIONAL MODEL SECURES TRANSITION WITH GROWTH AND RESILIENCE GEOGRAPHIC DIVERSIFICATION COREACTIVITIES:CEEOIL&GAS DIGITISED RETAILER Expansion in alternative fuel, car-sharing, non-fuel and highly digitised services allow for tackling transition PETROCHEMICALS Skewing downstream production towards petrochemicals also serves as a diversification from fossil fuels LOW CARBON CIRCULAR Already started low-carbon circular projects to enter into waste management, biogas production, green hydrogen, solar and other means of energy production. Continued expansion brings efficiency, self-reliance, and compliance with EU sustainability-related regulations INTERNATIONAL UPSTREAM Continued presence in Int’l upstream projects to generate cash and provide hedge for the other segments of the Group HIGH-GROWTH AND PROFITABLE CEE CORE OPERATIONS AND INTERNATIONAL E&P ENABLE SMOOTH DIVERSIFICATION AWAY FROM FOSSIL FUELS E&P DS CS ESG DS E&P CS ESG E&P DS GM
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9 HIGHER INVESTMENT TO SHAPE A SUSTAINABLE TOMORROW 72% Sustain Strategic 56% 44% USD ~1.8 bn USD ~1.9 bn • 2025 -2030 Organic CAPEX spend to increase by 5%+ on average in real terms to accelerate transition • Keep sustain CAPEX low (close to previous year’s average level) thanks to efficiency gains resulting from past and ongoing projects • Increase share of transformational CAPEX with low-carbon share of total CAPEX targeted at 30-40% • Investments continue to be deployed selectively depending on risk -return profile 2018-23 Organic CAPEX distribution (Since Shape Tomorrow Strategy) (yearly avg., real 2024) 2025-30 Organic CAPEX distribution (yearly avg., real 2024) USD ~1.3 bn USD ~0.5 bn USD ~1.1 bn USD ~0.8 bn LOW-CARBON CAPEX TO ACCELERATE AND MOVE BETWEEN 30-40% OF TOTAL CAPEX TO REALISE TRANSITION IN NEXT DECADES 28% Low- carbon <10% 30-40%
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10 SCOPE 1&2 GHG EMISSION (Mt) CLIMATE CHANGE TARGETS 25% reduction in Scope 1 & 2 GHG emissions by 2030 (vs. 2019) MOL Group’s initiatives delivered cca. 500 kt emission reduction, offsetting organic growth in Upstream and Downstream segments Inorganic growth, esp. in CES segment, contributed significantly to the changing emission profile of the Group 30% reduction in Scope 3 GHG emissions from non-hydrocarbon produced products by 2030 (vs. 2019) 5% reduction in Scope 3 GHG emissions from sold products by 2030 (vs. 2022) Net Zero emissions on all Scopes by 2050 7.37 7.21 5.53 0.34 0.50 2019 Organic growth GHG reduction projects 2025 2030 2050 CLIMATE CHANGE TARGETS TRANSFORMATION DELIVERING EMISSION REDUCTION Net Zero 1 (1) Figure does not include newly established and acquired companies since base year (MOHU, Fonte Viva, ITK, ASEB, Aurora, INA-Crna Gora) as well as sustainability reporting scope extension covering FGSZ since 2024. Unadjusted figure of Scope 1&2 GHG emission of fully consolidated companies in 2025 is 7.74 Mt CO2eq . -25%
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11 MOL Group is further committed to: Spend 50% of social investment on local communities by 2030 Focus on supplier engagement by Group Procurement: achieve 30% reduction of the Scope 3 emissions entailed by our non- hydrocarbon inbound supply chain (from 2019 base) MOL GROUP’S ESG TARGETS Target Timeframe 2025 result People & Integrity 30% women in management By 2030 29.1% Sustainable employee engagement level at min. 75% Ongoing 83%2 Annual ethics training for 100% of employees Ongoing 95% Health & Safety Zero fatality Ongoing 5 TRIR below 1.1 for core activities By 2030 1.4 Zero significant API Tier 1 process safety events1 By 2030 1 Climate & Environment Increase renewable electricity consumption to 2,500 GWh By 2030 516 GWh Allocate 30-40% of total CAPEX to low-carbon and sustainable business projects 2025-2030 27% Reduce SOx emissions below the 2021-22 average By 2040 -13.1% Reduce NOx emissions below the 2021-22 average By 2040 +33.4% 10% reduction in freshwater withdrawal By 2040 +11% (1) With explosion or environmental spill intermitting operations (2) Tracked biennially, latest result is from 2024
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THE MOL GROUP EQUITY STORY DOWNSTREAM
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13 INTEGRATED DOWNSTREAM MODEL IN CEE GROUP REFINERY YIELD (%)FUELS MARKET SHARE (%) (1) DOWNSTREAM IN NUMBERS <10% 10-20% 20-40% 40+% REFINERY NELSON COMPLEXITY OF PEERS(2) 6.1 Mtpa 8.1 Mtpa 4.5 Mtpa 51% 33% 7% 9% Middle distillates Light-products Other products Heavy-products (1) 2025 H1 (2) Peer group consists of OMV, PKN, Lotos, Neste, Tupras, Galp, Motor Oil, Hellenic Petroleum, NIS 11 COUNTRIES SALES OF 19.6 mtpa REFINED PRODUCTS AND 1.2 mtpa PETROCHEMICALS ~9,350 EMPLOYEES 5 0 2 4 6 8 10 12 14 #1 Bratislava #3 Danube #7 #8 #9 Rijeka #13 11.5 10.5 9.1 #4 #6 #10 #12 #14
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14 KEY PILLARS OF OUR STRATEGY UNTIL 2030 BALANCED FOCUS ON SUPPLY SECURITY AND DIVERSIFICATION FROM FOSSIL • Keep up market share & profitability • Scale up alternative fuels , ensure compliance • Extend our captive markets via improved fuel card offerings • Focus on commercial ramp -ups for Polyol & PG • Value chain extension with mid -scale investments • Continue transformation towards circular chemicals • Speed -up biogas and H2 value -chain development • Expand recycling & compounding • Drive GHG emission reduction on Group level • Prioritize sustainability projects with favourable return profile (1) In mid cycle macro with the efficient combination of supply security, chemical & sustainability related transformational investments, GHG emission decrease and further operational efficiency improvement initiatives (2) In line with the Tomorrow Downstream program. 260 821481 668 2023 1 357 -89 2024 1 676 -223 2025 2026 2027 2028 2029 20302020 Petchem 2021 2 112 128 2022 1 482 -155 740 1 489 2 240 1 328 1 267 1 453 1 200 1 200 1 400 1 400 1 400 R&M DOWNSTREAM CLEAN CCS EBITDA (USD MN) Profitability: keep EBITDA above USD 1.2 bn per annum (USD 1.4 bn beyond 2027) (1,2) • Efficient and sustainable assets in focus • Keep the 1 st quartile position (top 25%) of the Duna Refinery and Slovnaft in Net Cash Margin within Europe • Target 2 nd quartile in Solomon Energy Intensity Index • Tomorrow Downstream program to improve resilience • Downstream -wide resilience program introduced in 2025 aiming to achieve USD 500 mn EBITDA improvement in annual savings and reach USD 1.4 bn EBITDA beyond 2027 • Beyond the assumptions laid out in the Shape Tomorrow strategy by USD ~200mn
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15 2050 VISION: HIGHLY EFFICIENT, SUSTAINABLE, CHEMICAL-FOCUSED SUSTAINABLE CHEMICALS POWERING MOBILITY WE ARE THE (CENTRAL) EUROPEAN CHAMPION IN… WE HAVE A LONG-TERM VISION TO BECOME A SUSTAINABLE CHEMICALS COMPANY AND POWERING MOBILITY WITH AN AMBITION TO REDUCE CARBON FOOTPRINT AND STRIVING TO REACH NET ZERO EMISSION
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16 MAXIMISING SYNERGIES WITH WASTE MANAGEMENT DOWNSTREAM INCREASINGLY RELIES ON CIRCULAR SOLUTIONS FOCUSING ON TANGIBLE VALUE GENERATION PRODUCTS BASE CHEMICAL PRODUCER WASTE/ MOHU POLYOLEFIN PRODUCER REFINERY ENERGY RECOVERY CHEMICAL RECYCLING ENERGY USED COOKING OIL External feedstock MOL Group feedstock Crude Copro feed Green H2 Bio- methane MECHANICAL RECYCLING Biofuel Waste oil recovery Recycled carbon fuel
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17 INSTALLATION OF A DELAYED COKER UNIT (DCU) ENABLING FULL CONVERSION AND UTILIZATION COMPLETION OF THE RIJEKA REFINERY UPGRADE PROJCT Rijeka Refinery Upgrade Project is the largest single investment project in INA’s history (total capex of USD ~700mn) Port and related logistics enabling sale of new product (petroleum coke) On 10th March 2026 construction phase was completed AS-IS AFTER Gases & LPG Gasoline Jet Diesel Heavy fuel oil OCL(1) Gases & LPG Gasoline Jet Diesel OCL (1) Coke +14% -14% (1) Own consumption and loss IMPROVED REFINERY MARGIN up to 30% higher diesel production + 14% more valuable product portfolio
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18 18 THE POLYOL PROJECT REPRESENTS AN IMPORTANT MILESTONE FOR STEPPING FORWARD IN THE PROPYLENE VALUE CHAIN LARGEST ORGANIC INVESTMENT IN MOL GROUP HISTORY TECHNICAL COMMERCIAL TIMELINE Commercial ramp up: 2026 - 2027 POLYOL COMPLEX RAMP UPKEY FACTS DRIVER Creating a new propylene value pillar and expanding product diversification Gradual production start-up, first-stage quality finalization, stabilization of operations, and active product testing within MOL and with selected customers. TARGET SEGMENTS Flexible and rigid foams Unsaturated polyester resin (UPR), functional fluids, personal care products Global economic instability shifted excess capacities to Europe, where domestic producers face high production and environmental costs However, in the CEE region, demand in still higher than available capacity PROGRESS Reached on-spec quality for first grades and delivered to customers at the end of 2025
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19 Tupa Százhalombatta Ref. capacity: 8 mtpa Tiszaújváros Bucany Virje Sisak Omisalj Budkovce Csurgó Rijeka Hungary Croatia Adriatic Sea Slovakia Ukraine Czechia BIH Romania Poland Serbia Druzhba pipeline system Adria pipeline system MOL Group refinery site MOL Group petrochemicals site Critical junctions Bratislava Ref. capacity: 6 mtpa Slovenia Austria CRUDE SUPPLY STRATEGY BASED ON DIVERSIFIED APPROACH SUPPLY SECURITY FOR THE REGION GUARANTEED BEST BY RELYING ON BOTH DRUZHBA AND ADRIA PIPELINES MAINTAINING TWO ALTERNATIVE ROUTES: A STRATEGIC INTEREST Landlocked refineries in Hungary and Slovakia historically supplied by crude oil via Druzhba pipeline via Ukraine MOL recognized the risk of overreliance on a single crude source already in 2014 and started to invest in enabling the Adriatic route to amend, or if necessary take over the supply of the Százhalombatta (Danube) and Bratislava (Slovnaft) refineries MOL’s strategic ambition is to have a diversified crude supply portfolio and to keep at least two routes open and accessible to ensure uninterrupted fuel supply for the CEE region and allow for the Group to flexibly select the most competitive means pf crude sourcing The special events in H1 2026 highlighted the viability of the strategy as Druzhba flows were suspended for nearly 3 months and Strait of Hormuz disrupted the seaborne crude market
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20 COMPLEX SET OF INVESTMENTS TO UNLOCK THE FULL POTENTIAL IN THE ADRIA PIPELINE CRUDE DIVERSIFICATION PROGRAM IN PROGRESS TO EASE THE PRESSURE ON SUPPLY SECURITY AND ENABLE FULL OPERATIONAL FLEXIBILITY IN UTILIZING EITHER THE DRUZHBA OR ADRIA PIPELINES The Hungarian section of the Adria pipeline was reinforced A reliable connection was established between the two landlocked refineries 2014 2022-2025 2026-2027 Renovation of the Adria pumping station Product pipeline between the two landlocked refineries Raise the level of corrosion protection in AV2 and AV3 units in (DR) Improve biological wastewater treatment and corrosion monitoring (DR) Construction of a new desalting unit at the AV2 plant (DR) Elimination of bottlenecks in the gas fractionation unit to enhance processing of alternative crude oil grades (DR) Renovation of the Csurgó pumping station Modernization program of blending containers Installation of new pumps for blending alternative petroleum products Renovation of the sulfur recovery plant and the pipeline connecting the flare system (SN) Installation of a system for feeding anti-deposit additives (SN) Upgrade of the online pH measurement system (SN) Enhancing logistics capacity Enhancing blending capacity Enhancing processing efficiency CAPEX spent (*estimate) USD ~200 MN USD ~170 MN USD ~130-150 MN*
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21 USD 2.8 bn (1) Lifetime extension (2) Partnerships and subsidies can further increase the headroom for sustainability related investments ORGANIC CAPEX ALLOCATION 2025-2030 Waste & chemicals • Waste and recycling • Chemicals mid -scale projects/scale -ups Supply security & flexibility • Crude diversity projects to replace Russian crude • Logistic investments Decarbonization(2) • Energy efficiency, electrification • Biomethane and green H2 value -chain developments • Further decarbonization, coprocessing projects to drive sustainability Low-carbon CAPEX TOTAL ORGANIC CAPEX OF USD 5.3 BN INCLUDING USD 2.5 BN (~ 400 MMUSD/Y) SUSTAIN & LTE(1) IN ADDITION TO STRATEGIC CAPEX OF USD 2.8 BN MAXIMISE PROFITABILITY WITH CAREFUL PROJECT SELECTION AND PRIORITIZATION
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22 Electricity capacity (MWp) Delivered Fehérgyarmat 6 Tiszaújváros 54(1)(2) in 2026 Mezőcsát 304 Tiszaszőlős 7 Füzesgyarmat 5 Százhalombatta 7 Algyő 37(2) in 2026 Ballószög 66 Virje 10 Sisak 3 Rijeka 13 in 2026 512 MOL GROUP’S SOLAR CAPACITY REPRESENTS AN IMPORTANT MILESTONE IN OUR AMBITION TO GROW OUR FOOTPRINT IN RENEWABLES Directly connected asset Operating asset - market Operating asset – feed-in-tariff system MOL GROUP PHOTOVOLTAIC ELECTRICITY AND STORAGE CAPACITY HU CR Adriactic Sea • Mainly solar capacities to be added to renewable portfolio. • Besides solar capacities, significant wind capacities are planned to be implemented by 2030. • Roll -out of renewable portfolio contributing to strategic ambitions and compliance of EU regulations. But financial return remains key factor. RENEWABLES PRODUCTION PORTFOLIO MAKES THE STRATEGIC AMBITIONS FEASIBLE (1) Out of which 6 MWp already implemented. (2) 40 MWp battery storage capacity each are also to be built out in Tiszaújváros and Algyő sites by end-2026. COMMENTS BY 2030 MOL GROUP EXPECTED TO CONSUME UP TO ~2 500 GWH RENEWABLE ELECTRICITY
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23 MOL GROUP HAS MADE FIRST STEPS IN THE HYDROGEN DEVELOPMENT ROADMAP MOL GROUP HYDROGEN PRODUCTION HAS A SIGNIFICANT POTENTIAL TO CONTRIBUTE TO DS CO2 TARGETS BY USING CLEAN ENERGY SOURCES IN REFINERIES First 10 MW electrolyzer at the Danube Refinery Production started in 2024 with 1,600 tpa production Installing further green H2 capacities in Slovakia and Croatia A 10 MW electrolyzer capacity extension in INA and 20 MW in Slovnaft are expected to be in operation in the upcoming 3 years If mobility market demand grows MOL Group will establish its presence in the whole renewable hydrogen value chain From RE generation and storage, via green H2 production and distribution till serving H2 mobility 2024 2026 2030
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24 USD 500 MN RESILIENCY PROGRAM INTRODUCED IN DOWNSTREAM COMMENTS Downstream reviewed its operations and outlook and identified USD ~500 mn worth of EBITDA improvement opportunities The chief aim of the Tomorrow Downstream („TODO”) is to improve operational and financial resiliency in a more volatile external environment The program focuses on (i) improving refining availability, (ii) optimising margins, and (iii) cost savings TODO will be implemented in the next 2 years with full effects applicable beyond 2027 The effect of the initiatives goes beyond the assumptions laid out in the Shape Tomorrow strategy by USD ~200mn No material extra CAPEX need expected BEYOND 2027, „TOMORROW DOWNSTREAM” PROGRAM DELIVERS AN ADDITIONAL USD 200 MN TO USD 1.2 BN P.A. DOWNSTREAM STRATEGIC TARGET Shape Tomorrow 2025- 2030 strategic target ~300 Measures already included in Shape Tomorrow & effect of worse macro ~500 2027+ strategic target ~1,200 ~1,400 MOL Group Downstream to deliver USD 1.4 bn EBITDA 2027+ Notes: All EBITDA figures on this slide are Clean CCS EBITDA figures based on company-defined adjustments detailed in Annex I of the Company’s Annual Reports. Apart from the general provisions of the Disclaimer statement included on slide 68 of this presentation, forward-looking statements on this slide are also subject to the assumption that there is no material change in the legal and operating environment of the Group and the Downstream segmen t. EFFECTS ON DOWNSTREAM STRATEGIC EBITDA TARGET (USD MN)
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THE MOL GROUP EQUITY STORY WASTE MANAGEMENT
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26 THE CONCESSION TO COVER ~5 MN TONNES OF WASTE AND THE WHOLE TERRITORY OF HUNGARY COMPOSITION OF WASTE BY SOURCE OPERATION WITH REDUCED NUMBER OF REGIONS 35% 18% 13% 4% 27% 3% Total waste: 20 mn tons Construction and demolition waste Industrial waste Municipal solid waste (MSW) Municipal liquid waste Hazardous waste Agricultural and food waste MOL’S SCOPE : 4.7 mn tons (mainly municipal solid waste) From 26 service providers operating independently MOHU decreased to 6 regions for more efficient operation Starting utilization of synergies on country level as a result of optimization
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27 INTEGRATED WASTE MANAGEMENT CONCESSION Pre- concession public service Industrial - production Construction and Demolishon Other solid waste PET AluGlass Packaging WEEE Auto battery ELT Battery Managing and execution: Concessor Managing and execution: Market players Managing and execution: Concessor Managing and execution: Concessor Managing and execution: Market players Managing by regulated price Execution: Market players Extended Public Service Waste falls under product fee (public and industrial origins) Deposit Refund System EPR OPERATOR COLLECTION PRE- TREATMENT RECYCLING ENERGY RECOVERY LANDFILLING EXTENDED SERVICE SCOPE WITH MANAGING ROLE IN THE WHOLE VALUE CHAIN
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28 EFFICIENCY GAINS AND MINIMIZING LANDFILL PROVIDE SIGNIFICANT IMPROVEMENT POTENTIAL CONCESSION TO IMPROVE EFFICIENCY MUNICIPAL WASTE HANDLING IN THE EU 45-65% 55-35% <1% Developed EU countries (e.g. Sweden, Germany) 33% 13% 54% Hungary >60% EU Target for 2030 >65% <10% EU Target for 2035 Recycling, Composting Waste-to-Energy Landfill Making waste collection and transportation tasks more efficient Optimizing the utilization of tasks of national waste treatment Introduction of the extended producer responsibility system Introduction of the deposit refund system Development of new separate collection of household waste streams Creation of new waste-to-energy plant of at least 100 kt capacity Implementation of investments in a minimum amount of USD ~0.5bn by 2033 Creating a waste tracking IT system Promoting the improvement of consumer attitude and the increase of their participation Organizing waste recycling
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29 UP TO 1.5 MN TONS OF FEEDSTOCK FOR ENERGY INDUSTRY BY 2030 Waste Utilization & Integration Feedstock to produce energy from the utilization of mixed waste Plastic Recycling Rubber Bitumen Bio & Alternative Fuels Used Cooking Oil Collection WASTE MANAGEMENT TO BECOME AN ENABLER OF FUTURE GROWTH Petchem feedstock from plastic recycling Rubber compound feedstock from end- of-life tire utilization Bio & alternative fuel feedstock from the utilization of biodegradable waste UCOME feedstock to produce biodiesel from used cooking oil recycling
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30 MAIN SUCCESS AND DEVELOPMENT AREAS OF WASTE MANAGEMENT SETUP SUCCESSFUL CHALLENGES AHEAD CONCESSION REGULATORY ENVIRONMENT Stabilizing supply chain operation Starting to implement efficiency and cost reduction programs Increasing the yield of recovered material Implementing Deposit Refund System Ensuring smooth public invoicing Building brand awareness The transition to the new system was successfully completed, and it is operating as intended The collection and treatment of waste is stable and continuous All relevant legislative acts and methodology were published The brand-new price regulation has been completed and EPR fees were announced FOCUSING ON THE START OF THE CONCESSION AND THE MILESTONES AHEAD OPERATION Seamless transition for the end-customers Deposit Refund System was launched on 1 January 2024 with ramp-up ongoing successfully
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31 MAIN DEVELOPMENT PROJECTS OF WASTE MANAGEMENT ORGANIC INVESTMENTS BETWEEN 2025-2030 USD 0.9 BN Deposit Refund System Waste yards, transfer stations, sorting plants Waste to Energy plant Selective waste bins, containers & RFID system, mobile waste yards Waste collection renewal Low-carbon CAPEX 80+%
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THE MOL GROUP EQUITY STORY CONSUMER SERVICES
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33 REFINERY CZECH R. MARKET POSITION: 3 MARKET SHARE: 17% SLOVAKIA MARKET POSITION: 1 MARKET SHARE: 46% SLOVENIA MARKET POSITION: 2 MARKET SHARE: 32% HUNGARY MARKET POSITION: 1 MARKET SHARE: 45% ROMANIA MARKET POSITION: 3 MARKET SHARE: 12% SERBIA MARKET POSITION: 2 MARKET SHARE: 9% CROATIA MARKET POSITION: 1 MARKET SHARE: 60% MONTENEGRO MARKET POSITION: 3 MARKET SHARE: 13% BiH MARKET POSITION: 1 MARKET SHARE: 12% POLAND MARKET POSITION: 3 MARKET SHARE: 6% Market position is 2025 YE data, including DODO and DOFO stations. A LEADING REGIONAL NETWORK TOP 3 IN 100 % OF THE NETWORK 2,300+ WELL ESTABLISHED BRANDS COUNTRIES MOSTLY COCO / COCA SERVICE STATIONS 6 10 CORE 6 COUNTRIES Source of the market share data is local, internal estimation and represent FY 2025 averages. For Slovenia, MOL SLO and MOL&INA sold volume is taken into consideration compared to Statistical Office data
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34 BECOME A DIGITALLY-DRIVEN CONSUMER GOODS RETAILER AND INTEGRATED, COMPLEX MOBILITY SERVICE PROVIDER BY 2030 Expansion and optimization of the network in existing and entry into potential new markets in CEE Increase premium fuel penetration and maintain market share as appropriate for each market. Serve the emerging alternative fuel demand Broaden and strengthen the gastro and convenience offerings by building on our FMCG capabilities and differentiating offer Strong standardization and digitalization of processes backed up by operational discipline Optimization of OPEX, supply chain and stock management Data-driven daily sales management and digitally enhanced operation execution Customer activation and retention via new digital loyalty rewards program Focus on exploiting synergies by bringing retail and mobility customers onto the same platform Leverage the scale of our digital loyalty platform to build a digital ecosystem Roll-out of standalone Fresh Corner Café concept and develop a franchise concept for market expansion CONTINUOUS INTEGRATION OF SUSTAINABILITY OBJECTIVES Diversification of sales channels Continuous improvement of operational efficiency Regional leader in fuel and convenience retailing
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35 CEE MARKET LEADER IN FUEL & CONVENIENCE RETAILING 2025 goals 2025 performance 2030 goals mn EBITDA USD ~730 USD 927 USD 1,000 mn FCF IN 5 YEARS USD~2,000 USD~2,500 USD~2,900 CONVENIENCE SALES INCREASE 92% 87%1 183% FUEL VOLUME INCREASE 40% 37%1 43% INCREASE IN ACTIVE LOYALTY CUSTOMERS 50% 43% 100% All % increase data are vs 2021A Convenience sales category covers Gastro, Grocery and Forecourt non-fuel categories 1Percentage growth is calculated without the expected inorganic effect EBITDA OF USD 1,000 MN TO BE DELIVERED BY 2030 ✓ ~ ? × Largely on track Feasibility is questionableOn track In delay ✓ ✓ ~ ~ ~
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36 ORGANIC CAPEX ALLOCATION 2025-2030 Expansion in EV-chargers, fleet and car-sharing services in line with market growth ALTERNATIVE FUEL & MOBILITY CONTINUE PROFITABLE TRANSFORMATION TO BECOME A DIGITALLY DRIVEN CONSUMER RETAILER AND INTEGRATED MOBILITY PROVIDER Develop network further to keep and improve competitive position Integrate SeSs acquired in 2022-2023 Continue rollout of Fresh Corner concept Further innovate with industry leading digital solutions Further standardize systems, operation processes RETAIL USD ~1.4 BN
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37 DIVERSIFICATION OF SALES CHANNELS THROUGH DIGITAL TRANSFORMATION AND FRANCHISE OPERATION 2016-2020 Digital and data-driven operation Supporting traditional loyalty programs with data analytics, improved campaign management and new digital channels (e.g. MOL Go app) Establishment of a new digital loyalty rewards program (already introduced in Croatia, Slovenia and Hungary) Strengthening digital execution with online, gamified learning and sales manager tool to boost sales Start personalizing retail customers’ journeys through the new Digital Loyalty program Focus on exploiting additional MOL Group synergies (e.g.: retail network and customers) New digital payment solutions to improve on-site customer experience Integrate retail and mobility to sell km instead of liters E-Commerce: new, convenient online sales channel & marketplace Roll-out of standalone Fresh Corner Café concept in a franchise model Become a multi-brand franchisor by entering different segments 2021-2025 Synergies & platform building Beyond 2025 Step change
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38 SERVING THE EMERGING ALTERNATIVE FUEL NEED TO COMPENSATE SHRINKING OPPORTUNITIES IN FOSSIL FUELS BEYOND 2030 2017-2024 Foundations in EV- charging Capability and knowledge building in the e-mobility sector Above 200 EV-chargers were installed in the region MOL Plugee brand and application were introduced for seamless customer experience Improve services and business model, offer additional value-adding services Further grow customer base Reach new market and customer segments, test new concepts Significant investments in EV- chargers and connected services Pilot projects in advanced technologies (e.g: improved charger station layouts, hydrogen fuel-cell based transport) Expected uptake in hydrogen fuel- cell vehicles, mainly in public transport and long-haul freight 2025-2030 Tailored growth and service developments Beyond 2030 Step change
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39 2017-2022 Start and capability building Building synergies between existing mobility capabilities and introducing new services Lay the foundation of a digital ecosystem in which MOL Group’s mobility services and additional solutions are interconnected Offering seamless, digitally integrated platform-based solutions for multimodal transportation Active tracking of potential businesses related to autonomous vehicles and transportation methods 2023-2025 Synergies & platform building Beyond 2025 Step change Capabilities built in B2C and B2B customer brands Focus on increasing synergies among mobility businesses: 600 mn+ already sold kilometers ~6.000 fleet cars ~100.000 car sharing users ~2500+ shared bikes MOBILITY SERVICES TO GROW FURTHER AND EXPLOIT SYNERGIES THROUGH DIGITAL PLATFORMS
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THE MOL GROUP EQUITY STORY EXPLORATION AND PRODUCTION
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41 2P RESERVES AT 309 MMBOE WITH ~95 MBOEPD PRODUCTION HUNGARY Reserves: 61.2 MMboe Production: 37.3 mboepd CROATIA Reserves: 56.7 MMboe Production: 19.7 mboepd o/w offshore Reserves: 50.3 MMboe Production: 17.4 mboepd CEE Reserves: 118.0 MMboe Production: 57.0 mboepd CIS Reserves: 1 22.8 MMboe Production: 20. 6 mboepd MEA Reserves: 68. 6 MMboe Production: 16. 3 mboepd INTERNATIONAL Reserves: 191.3 MMboe Production: 36.9 mboepd Notes: Group production figures include consolidated assets, JVs and associates and are of the latest quarter. Reserves data as of 31 December 202 5. PRODUCTION BY COUNTRIES AND PRODUCTS (MBOEPD; FY 2025) RESERVES BREAKDOWN BY COUNTRIES AND PRODUCTS (MMBOE; YE 2025) 9% 47% 44% 21% 17% 40% 22% Hungary Croatia CIS MEA 94 Oil Gas Condensate 94 40% 20% 18% 22% Hungary Croatia CIS MEA 309 10% 37% 53% Oil Gas Condensate 309
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42 CEE OPTIMIZATION & SYNERGIES INTERNATIONAL LOW CARBON THREE KEY PILLARS OF REVISED 2030 STRATEGY E&P to support energy supply security in the CEE region by optimization and smartly using synergies: ▪ Enhance the cross -border cooperation between MOL and INA ▪ Optimizing Infrastructure ▪ Energy efficiency improvement ▪ Wells and operation cost optimization E&P to contribute to MOL Group decarbonization strategy: ▪ Geothermal : utilizing E&P competence ▪ Lithium : launched pilot project in Hungary, looking for further targets ▪ Complying with methane EU regulation and Carbon Capture and Storage (CCS) E&P to strengthen its international portfolio: ▪ Sustain & develop our international portfolio ▪ Establish strategic partnerships ▪ Provide the optimal resource and production level & offset production decline ▪ Utilize specific internal capabilities (mature field management, production optimization, cost efficient onshore drilling) 1 2 3
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43 CEE OPTIMIZATION & SYNERGIES INTERNATIONAL LOW CARBON THREE KEY PILLARS OF REVISED 2030 STRATEGY – ACHIEVEMENTS SO FAR Full offset of CEE production decline in 2025 driven by: Exploration and development wells in Hungary Initiated INA P4P (Plan for production) project in Croatia to stabilize production New acquisition in Hungary - Endrőd successfully integrated; MOL was awarded with 4 new exploration blocks in Hungary (2 standalone, 2 with TPAO), and 2 new exploraton blocks were awarded to INA in Croatia Farm -in Vermilion's remaining 60% of share in Sava -07 license area in Croatia (INA holds 100%) Oilfield Service companies integrated to Upstream as of December 2024 and transformation started Geothermal Croatia : Leščan geothermal well drilled; evaluation is ongoing Geothermal Hungary: 2 new geothermal licences awarded (Kálócfa, Százhalombatta), focus is on heat projects Lithium project – Technically successful on -site pilot test in Pusztaföldvár with LiLac (US Company) Methane regulation : Leak Detection and Repair activity on track Project delivery: Kazakh stan : First gas achieved in 2023; production from 5 wells ongoing despite several technical issues Azerbaijan : production stabilized by ACE platform start up in 2024; gas production expected in 2026 by Non-associated gas project Iraq -Pearl: KM250 project completed ahead of schedule in 2025, Pakistan : exploration discoveries - Razgir -1 and Bilitang Azerbaijan : signed onshore PSA for Shamakhi -Gobustan region (MOL 65% operator; SOCAR partner) Libya: entered offshore Mediterranean block with 20% stake (JV with Repsol 40%, operator; TPAO 40%) 1 2 3
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44 ≥ 90 MBOEPD Production guidance ~6-8 USD/BOE Unit direct production cost USD 2bn Organic CAPEX(1,2) ≥ 20 USD/BOE Unit Simplified Free Cash Flow(1,2) Low Carbon Launching new projects (1) Excluding equity consolidated assets (2) Excluding inorganic investments necessary for maintaining 90 MBOEPD production level GUIDANCE FOR 2025-2030 2025 ACTUAL 94.7 MBOEPD 6.9 USD/BOE USD 385 mn 22 USD/BOE Geothermal, Lithium and Methane regulation projects launched ✓ ~ ? × Largely on track Feasibility is questionableOn track In delay ✓ ✓ ✓ ✓ ✓ COMPETITIVE OPERATION IN LINE WITH GUIDANCE
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45 E&P CAPEX(1) ALLOCATION FOR 2025-2030 USD 2 BN Maximize the value in operating mature fields Focus on Production Optimization and Enhanced Oil/Gas Recovery programs Cost efficiency and realize synergies in CEE CEE OPTIMIZATION & SYNERGIES PORTFOLIO DIVERSIFICATION AND HIGHGRADING Contribute to MOL Group decarbonization strategy Create partnerships/JVs to de-risk execution LOW CARBON Maximize the value of existing fields with stable profitability and production as long as economically rationale INTERNATIONAL (1) Excluding equity consolidated assets
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46 APHRODITE TO BECOME A KEY PILLAR FOR MOL E&P IN 2030S ACQUISITION PRESENTS A UNIQUE OPPORTUNITY TO FURTHER MOL’S STRATEGIC AMBITIONS (1) Reserves: MOL Group 2P reserves as of 31 December 2025. Production: Group level entitlement production including JVs and associates in H1 2026. (2) Reserves: 35% share of Aphrodite total contingent resources estimated at 640 Mmboe. Production: MOL’s estimated average share of production from first gas until end of 2030s. MOL to enter a material, long-life gas asset in pre-FID phase with competent partners in offshore development Strategic fit: a large step in reserve replacement and in line with MOL’s strategic ambition to maintain group production in the long run SUPPORTING STRATEGIC AMBITIONS USD ~1.5 bn<720 mnAcquisition consideration and organic CAPEX ~2027-2032 ~ USD 5 bnFinancial headroom 30 June 2026 ~USD 2.2 bn Total purchase price (~2027-2031) Est. Total organic CAPEX (~2027-2032) Clear monetization route with most of the USD 720 mn purchase price contingent on key milestones strengthening de-risked profile Financial headroom allows for acquisition & investment program comfortably RIGHT SIZED PROJECT FOR MOL 309 224Reserves (MMboe) Aphrodite (2)Mol Group current (1) 95 20-30Production (mboepd) KEY FACTS MOL Group signed an agreement to acquire BG Cyprus Ltd. from Shell, gaining a 35% non-operated stake in Cyprus Offshore Block 12 (Aphrodite gas field), partnering Chevron (Operator, 35%) and NewMed (30%) This represents the biggest growth opportunity for Upstream since the ACG acquisition in Azerbaijan in 2019 Aphrodite contains ~104 bcm (632 MMboe) of contingent gas resources and 8 MMbbl of condensate The Final Investment Decision is expected to be reached in 2027, with first gas anticipated in 2031 The transaction is expected to complete in early 2027, subject to regulatory approvals and closing conditions
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FINANCIALS
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48 TOTAL ORGANIC CAPEX TO RISE TO USD ~12BN IN 2025-2030 HIGH SHARE OF STRATEGIC INVESTMENTS WITHIN THE TOTAL BUDGET ORGANIC CAPEX (2025-30) Sustain CAPEX roughly in line with 2018-2023 period as the effect of a growing asset base is offset by better sustain efficiency Strategic investments include supply security, petchemisation and low carbon initiatives facilitating MOL's green transition ORGANIC CAPEX DISTRIBUTION (2025-30) 5.1 6.5 Annual distribution of this CAPEX pool may fluctuate along with project timelines, approvals Additional CAPEX pool may be available to fund the low- carbon transition and/or M&A if 1) excess cash is generated due to a stronger-than-assumed macro environment and 2) financially attractive projects reach FID phase USD 11.6 bn 2.0 5.3 1.4 0.7 0.9 1.4 USD 11.6 bn Sustain Strategic Consumer Services Downstream Renewables Waste Other1 E&P (1) Other includes Midstream, Oil Field Services and Management & Services
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49 FULLY FUNDED TRANSFORMATION AND BASE DIVIDENDS IN 2025-30 EVEN AT CONSERVATIVE MACRO ASSUMPTIONS (1) Excluding M&A, changes in working capital (2) Excluding the impact of price caps and changes in the windfall taxation and regulatory environment Viable path towards full execution of organic investment plan on strategic horizon EBITDA to cover must-pay capex, tax, and interest Full strategic CAPEX to be met from discretionary FCF without an increase in leverage 2023 Base DPS of HUF 152 comfortably met until 2030 More favourable macro conditions would leave financial headroom for special dividends and acquisitions 16.9 10.4 5.3 6.5 5.1 3.1 Clean CCS EBITDA Sustain CAPEX Discretionary FCF Strategic CAPEX Simplified FCF Funding cost/tax/FX 2.1 Base dividend FINANCIAL FRAMEWORK ASSUMING CASH FLOW BREAKEVEN (2025-30, USD BN)(1,2) COMMENTS Assumptions for breakeven: 40 USD/bbl Brent 15 EUR/MWh TTF 3 USD/bbl refinery margin 300 EUR/t integrated petchem margin
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50 DIVIDEND REFLECTING OPERATIONAL PERFORMANCE 9% HIGHER DIVIDEND PROPOSED IN 2026 VS 2025 (1) Restated to reflect post share split values (2) Calculated with publication date share prices (3) Preliminary Dividend per Share figure based on AGM decision. Actual per share dividend to be determined based on number of Treasury shares at record date. Dividend yield(2) Cash dividend remains the primary distribution channel Base dividend is expected to grow gradually Special dividend payments may continue if excess cash is generated, and transition-related capex need is covered Dividend proposal continues to be determined at the discretion of the Board DIVIDEND PER SHARE (1) (HUF) 71 78 85 95 95 100 152 150 165 18043 48 202 202 100 110 120 2016 2017 2018 2019 0 2020 2021 2022 2023 2024 2025 2026(3) Special dividend Regular dividend 3.5% 3.0% 3.0% +1.5% 2.9% +1.5% 4.6% 3.8% +7.7% 5.5% +7.3% 5.0% +3.3% 5.6% +3.7% 4.7% +3.2%
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51 STRONG PERFORMANCE DESPITE MACRO HEADWINDS UPSTREAM, DOWNSTREAM, AND CONSUMER SERVICES ALL CONTRIBUTE SIGNIFICANTLY CLEAN CCS EBITDA (USD BN) -0.2 2018 1.1 0.9 0.2-0.1 2019 0.7 0.7 0.5 0.2-0.1 2020 1.6 1.5 0.6 0.1 -0.3 2021* 2.2 2.2 0.3 0.2 -0.2 2022 1.0 1.3 0.7 0.3 -0.1 0.5 1.1 1.3 0.7 0.2 -0.1-0.2 2024 1.1 1.5 0.9 0.2 0.0 -0.4 2025 0.7 0.8 0.4 0.1 1.3 0.0-0.1 H1 2026 2.7 2.4 2.0 3.5 2023 3.1 3.1 3.4 1.9 1.0 0.4 0.2 4.7 US DS CS GM CES C&O (incl. intersegment) *2021 results include discontinued operation
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52 CONSISTENT SIMPLIFIED FCF GENERATION FUNDING SUSTAIN AND TRANSFORMATIONAL PROJECTS SIMPLIFIED FCF (USD BN) (1) (1) Simplified Free Cash Flow = Clean CCS EBITDA – Organic CAPEX (2) 2021 results include discontinued operation -0.3 2018 0.7 -0.5 0.3 0.1 -0.3 2019 0.4 0.0 0.4 0.2 -0.3 2020 1.2 0.8 0.5 0.1 -0.5 2021(2) 1.8 1.5 0.20.1 -0.5 2022 0.6 0.6 0.5 0.2 -0.4 2023 0.8 0.4 0.6 0.2-0.1 -0.4 2024 0.7 0.7 0.8 0.2 -0.6 2025 0.5 0.5 0.3 0.1 H1 2026 1.4 0.4 0.6 2.0 3.2 1.6 1.4 1.7 1.3 1.0 0.4 0.2 0.2 -0.1 US DS CS GM CES C&O (incl. intersegment)
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53 EBITDA SENSITIVITIES VS 10-YEAR MACRO HISTORY Sensitivity Est. Clean CCS EBITDA impact (USD mn) % of Group EBITDA 2025 3.0% 2022 2023 2024 2025 10Y AVG Brent crude (USD/bbl) 101 83 81 69 68 Natgas price (TTF 1M, EUR/MWh) 131 41 35 35 37 MOL Group refinery margin (Brent based, USD/bbl) 8.4 9.0 6.1 7.6 5.1 MOL Group petchem margin (EUR/t) 248 139 200 173 286* ETS carbon price (EUR/t) 82 86 67 75 44 MACRO CONDITIONS Notes: - Sensitivity calculation; ceteris paribus for current assets assuming full re-pricing of the portfolio; all other premises and volumes remain unchanged - Based on 2025 data and asset base - E&P: gas price sensitivity refers to directly spot gas linked portfolio - DS : Refinery margin refers to original methodology, CO2 sensitivity assumes unchanged ETS quota allocation -*MOL Group variable petchem margin 8Y average CCS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS (37) (171) 117 130 139 148 + 10 USD/bbl Brent price + 10 EUR/MWh Gas price (TTF) + 1 USD/bbl MOL Group refinery margin + EUR 100/t MOL Group petchem margin (26)+ 10 EUR/t ETS CO2 price (0.7%) 3.5% 3.9% (0.8%) Downstream Upstream
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54 60% 5% 26% 9% Syndicated / club loans undrawn Syndicated / club loans drawn Senior unsecured bonds Other bilateral loans AVERAGE MATURITY OF 3 YEARS AMPLE FINANCIAL HEADROOM FROM DIVERSIFIED FUNDING SOURCES MID- AND LONG-TERM COMMITTED FUNDING PORTFOLIO DRAWN VERSUS UNDRAWN FACILITIES (30 JUNE 2026) 2.8 3.6 1.4 0.8 0 1 2 3 4 5 6 7 Existing debt 3.5 Undrawn credit facilities 0.5 Total credit facilities and bonds 6.3 Outstanding short term loans Senior Unsecured Bonds Long term loan Medium term loan USD bn 302 741 10 266 70 460 0 500 1,000 1,500 2,000 2,500 USD mn 1,379 Reported cash&cash equivalents 26 2026 53 23 2027 172 196 1,294 2028 102 2029 45 1,737 2030+ Senior Unsecured Bonds Medium term loan Long term loan Undrawn facilities
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55 FULL INVESTMENT GRADE RATING MAINTAINED Note: S&P has been rating MOL since 2005, Fitch since 2010 HISTORICAL FOREIGN LONG-TERM RATINGS COMMENTS NET DEBT TO EBITDA (X) COMMENTS 1.31 0.74 0.97 0.65 0.41 0.82 1.61 0.65 0.30 0.59 0.74 0.47 0.96 0.490.5 1.0 1.5 2.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 2025 max. guidanceUpper end of indebtedness comfort zone Credit metrics shall remain commensurate with investment grade credit rating Following a temporary jump in 2020 leverage fell below pre- ACG acquisition levels on the back of strong CF generation Balance sheet flexibility may in the future again be used to grab new business opportunities (including funding M&A in all businesses) In February 2026 Fitch Ratings affirmed MOL’s 'BBB-' long- term investment grade credit rating, keeping the ‘stable’ outlook unchanged In November 2025, S&P Global Ratings performed annual review and made no changes to MOL’s investment grade rating of BBB- with stable outlook In November 2025 Scope Ratings affirmed MOL’s BBB- investment grade credit rating and changed the outlook from positive to stable
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SUPPORTING SLIDES
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57 2011 2014 2015 2021 2012 2026 2013 2013 2018 2022 2024 2013 2014 2016 2022 2026 INA & MOL HISTORY AND CURRENT STATUS OWNERSHIP AND MANAGEMENT RIGHTS MOL HOLDS A 49.1% STAKE IN CROATIAN OIL COMPANY INA D.D. MOL EXERCISES MANAGEMENT RIGHTS OVER INA PURSUANT TO THE 2003 AND 20 09 SHAREHOLDERS’ AGREEMENTS WITH THE REPUBLIC OF CROATIA . FOLLOWING AN INVESTIGATION INITIATED AT CROATIA’S REQUEST ON SUSPICION OF BRIBERY, THE HUNGARIAN PROSECUTION CONCLUDED THAT THERE WAS NO EVIDENCE THAT MR HERNADI OR MOL HAD BEEN INVOLVED IN ANY AGREEMENT TO BRIBE MR SANADER. THE CONSTITUTIONAL COURT OF CROATIA QUASHED THE FIRST- AND SECOND-INSTANCE JUDGMENTS AND ORDERED A RETRIAL. CROATIA LAUNCHED AN INVESTIGATION INTO FORMER PRIME MINISTER MR IVO SANADER FOR ALLEGEDLY ACCEPTING A EUR 10 MILLION BRIBE IN CONNECTION WITH MOL’S ACQUISITION OF MANAGEMENT RIGHTS IN INA. THE INVESTIGATION ALSO TARGETED MOL CHAIRMAN-CEO MR ZSOLT HERNADI. CROATIAN FIRST- AND SECOND-INSTANCE COURTS FOUND MR SANADER GUILTY OF ACCEPTING THE ALLEGED BRIBE. IN ITS FINAL RULING, THE BUDAPEST METROPOLITAN COURT DECIDED THAT HUNGARY WOULD NOT RECOGNIZE OR GIVE EFFECT TO THE FINAL CROATIAN CRIMINAL CONVICTIONS AGAINST MR HERNADI. MOL INITIATED ICSID ARBITRATION AGAINST CROATIA FOR BREACH OF CONTRACTUAL OBLIGATIONS, PRIMARILY RELATED TO INA’S GAS BUSINESS. CROATIA COMMENCED AN UNCITRAL ARBITRATION SEEKING TO ANNUL THE SHAREHOLDERS’ AGREEMENTS, ALLEGING THAT MOL HAD OBTAINED MANAGEMENT CONTROL OVER INA THROUGH THE BRIBERY OF MR SANADER. THE UNCITRAL TRIBUNAL DISMISSED ALL CROATIAN CLAIMS IN ITS FINAL AWARD. WITH RESPECT TO THE BRIBERY ALLEGATIONS, THE TRIBUNAL EXPRESSLY CONCLUDED THAT THEY WERE NOT PROVEN.. CRIMINAL PROCEEDINGS IN CROATIA INTERNATIONAL ARBITRATIONS RIGHT TO FREE MOVEMENT CRIMINAL PROCEEDINGS IN HUNGARY THE BUDAPEST METROPOLITAN COURT DECLINED THE CROATIAN EXTRADITION REQUEST. CROATIA ISSUED A PRE-TRIAL DETENTION ORDER AGAINST MR HERNADI, FOLLOWED BY A EUROPEAN ARREST WARRANT AND AN INTERPOL RED NOTICE. IN THE REPEATED PROCEEDINGS, THE CROATIAN SUPREME COURT ISSUED A FINAL JUDGMENT FINDING MR HERNADI AND MR SANADER GUILTY OF BRIBERY AND SENTENCED MR HERNADI TO TWO YEARS’ IMPRISONMENT. THE BUDAPEST METROPOLITAN COURT AGAIN REFUSED THE EXTRADITION OF MR HERNADI. THE ZAGREB COUNTY COURT ISSUED A NEW EUROPEAN ARREST WARRANT FOR THE ENFORCEMENT OF THE SENTENCE. FOLLOWING A REVIEW, INTERPOL DELETED ALL DATA RELATING TO MR HERNADI FROM ITS RECORDS. IN ITS FINAL AWARD, THE ICSID TRIBUNAL ALSO CLEARLY HELD THAT CROATIA’S BRIBERY ALLEGATIONS WERE UNFOUNDED AND FOUND THAT CROATIA HAD CAUSED SUBSTANTIAL DAMAGE TO INA. AS A RESULT, MOL WAS AWARDED A TOTAL OF USD 236 MILLION IN DAMAGES. PURSUANT TO THE FIRST-INSTANCE JUDGMENT OF A U.S. DISTRICT COURT, THE ICSID ARBITRAL AWARD HAS BEEN DECLARED ENFORCEABLE IN THE US. TOGETHER WITH ACCRUED INTEREST, MOL IS ENTITLED TO USD 286 MILLION.
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58 MOL-CROATIA ARBITRATIONS ICSID ARBITRATION (MOL VS. CROATIA) WHEN UNCITRAL ARBITRATION (CROATIA VS. MOL) INITIATED BY FORUM THE CLAIM VERDICT GOVERNMENT OF CROATIA 17 JANUARY 2014 PCA (PERMANENT COURT OF ARBITRATION), GENEVA UNDER UNCITRAL (UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW) RULES (1) 2009 Agreements refers to FASHA (First Amendment to the Shareholders Agreement), GMA (Gas Master Agreement) and FAGMA (First Amendment to the Gas Master Agreement) (2) The Government of Croatia REMEDY FOR SUBSTIANTIAL LOSSES INA SUFFERED IN THE GAS BUSINESS AS A CONSEQUENCE OF THE BREACH OF THE 2009 AGREEMENTS1 BY THE GoC2. THE PROCEEDING IS ALSO ABOUT ABUSE OF REGULATORY POWER AT THE EXPENSE OF A SINGLE ACTOR, INA, AND INDIRECTLY, MOL. THE MAIN ALLEGATION OF THE GoC2 WAS THAT CHAIRMAN OF MOL HAD BRIBED CRO'S FORMER PM DR. IVO SANADER TO GAIN MANAGEMENT CONTROL OVER INA THROUGH AMENDING THE 2003 SHAREHOLDERS AGREEMENT AND SIGNING AN OTHER AGREEMENT RELATING TO INA'S GAS BUSINESS IN 2009. THEREFORE IT REQUESTED NULIFICATION OF THESE AGREEMENTS ON VARIOUS BASIS. MOL 26 NOVEMBER 2013 ICSID (INTERNATIONAL SETTLEMENT OF INVESTMENT DISPUTES), WASHINGTON FINAL AWARD (IN MOL’S FAVOUR) ON 23 DECEMBER 2016, THE UNCITRAL TRIBUNAL REJECTED ALL OF CROATIA’S CLAIMS BASED ON BRIBERY, CORPORATE GOVERNANCE AND MOL’S ALLEGED BREACHES OF THE 2003 SHAREHOLDERS AGREEMENT. THE ICSID COURT OF ARBITRATION DELIVERED ITS VERDICT IN THE CASE BETWEEN CROATIA AND MOL. THE COURT UNANIMOUSLY REJECTED CROATIA’S OBJECTION THAT THE AGREEMENTS CONCLUDED IN 2009 ARE A RESULTS OF CRIMINAL CONDUCT AND DELIVERED A RULING THAT CROATIA CAUSED SUBSTANTIAL DAMAGES TO INA, THEREFORE MOL WAS AWARDED A TOTAL OF USD 236MN IN DAMAGES.
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59 27% 27% 44% TOP MANAGEMENT INCENTIVE SCHEMES FOR EXECUTIVE MEMBERS(1), AROUND 2/3 OF TOTAL REMUNERATION IS VARIABLE AND PERFORMANCE DRIVEN, WITH NON-FINANCIAL KPIS INCLUDING GHG GOAL ALSO INCLUDED REMUNERATION MIX Base Salary Short Term Incentives Long Term Incentives SHORT-TERM INCENTIVES Bonus opportunity between 0.70x and 1x of annual base salary, depending on the job level (Hay grades) Payout linked to yearly performance based on financial, operational and individual measures: Financial measures: MOL Group level EBITDA and other relevant financial indicators such as efficiency, investment and cost-related indicators to achieve the 2030 strategic targets of MOL Group for Chief Executives’ Committee members, on operative and financial measures reflecting annual priorities and the strategic direction of each business division within the framework of the Group’s long-term strategy Non-financial measures: Safety included as a number one Group priority (TRIR), GHG emission target is included as of 2025 In MOL Hungary, managers can enter a voluntary short-term share ownership program instead of the regular performance management system (bonus scheme) to further strengthen the alignment between the interest of our shareholders LONG-TERM INCENTIVE As of 1 January, 2021 a new, simple long-term incentive program, the Restricted Share Plan was launched replacing the former Absolute Share Value Based and Relative Market Index Based Plans It’s a 3-year long plan, payment is in the 4th year, starts each year Base entitlement is defined MOL shares in line with management level The program is performance driven: base entitlement is multiplied by company performance (MOL Clean CCS EBITDA without threshold) and individual performance up to 150%) of the 1st year of the program Dividend equivalent is also incorporated into the final remuneration taking closer the executives to the shareholders interests Generally, in MOL Hungary, payout of the incentive is due in MOL shares in order to further strengthen the alignment between the interest of our shareholders and MOL management. 48% 26% 26% C-CEO (1) We refer to the members of the Chief Executives’ Committee and Management Committee as Executive Members. In case of long-term incentive the ratio of this remuneration element is calculated with the average MOL share price of year 2025 30% 30% 40% 35% 35% 30% 30% 26% 44%G-CEO D-CEO G-CFO 31% 27% 42% Other executives
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60 SHAREHOLDER STRUCTURE (1) 29.1% 11.3% 6.0% 10.5% 10.0% 10.0% 7.9% 4.9% 3.8% 3.8% Foreign investors (mainly institutional) Domestic institutional Domestic private investors MOL New Europe Foundation Maecenas Universitatis Corvini Foundation Mathias Corvinus Collegium Foundation MOL Plc. SESOP Organizations OTP Bank Plc. ING Bank N.V. UniCredit Bank AG 0.8% Commerzbank AG 2.2% Treasury shares (1) Shareholder structure based on the share register as of 30 June 2026, and the shareholders notifications about changes in voting rights Free-float 46.4%
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61 MOL GROUP REFINERY AND PETCHEM MARGINS IMPLIED YIELDS (1) Based on weighted Solomon refinery yields, contains cost of purchased energy (2) Variable MOL Group Petrochemical Margin which incorporates energy costs and CO2 quotas IMPLIED YIELDS AND FEEDSTOCK 8.3% 16.0% 25.5% 37.3% 7.6%5.3% Output 100.0% Polypropylene HDPE LDPE Ethylene Benzene Butadiene 12.0% 117.5% Input 129.5% Naphtha Propylene 18.3% 9.8% 46.3% 11.5% 8.9% 5.2% 17.6% 11.3% 46.8% 10.6% 8.6% 5.1% MOL Group refinery margin Complex refinery margin (MOL+SN) Gas and chemicals Motor gasoline Naphtha Middle distillate Black product+VGO Own consumption and loss PETROCHEMICALS MARGIN (EUR/t)(2)BRENT-BASED MOL GROUP REFINERY MARGIN(1) (USD/bbl) IMPLIED YIELDS IMPLIED YIELDS AND FEEDSTOCK PETROCHEMICALS MARGIN (EUR/t)(2)BRENT-BASED MOL GROUP REFINERY MARGIN(1) (USD/bbl) 0 100 200 300 400 500 600 700 800 900 1 000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 2025 2026 -5 0 5 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 2025 2026
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62 PRODUCTION1 (MBOEPD) UNIT DIRECT PRODUCTION COST (1) (USD/BOE) CAPEX (2) (USD MN) COMMENT COMMENT COMMENT ON TRACK TO DELIVER, 96 MBOEPD IN LINE WITH GUIDANCE H1 2026 production is ~96 mboepd, guidance 95-97 mboepd for FY 2026 CEE Production stable due to successful management of mature assets including intensified production optimization Contribution from International assets improved, driven by higher entitlement production of ACG, increased production capacity in Iraq Pearl and the absence of production curtailment in Pakistan, partially offset by production shutdown in Iraq Shaikan due to Middle east regional conflict Group Unit OPEX is higher in H1 2026 YoY driven by FX effect effect and Iraq Shaikan outage Costs on an underlying level remains under control thanks to synergy and simplification projects H1 2026 CAPEX focus on ACG offshore operation and new Croatian offshore drillings CAPEX spending with balanced distribution between CEE, International and Low Carbon projects (1) Figures include consolidated assets, JVs and associates (Baitex, Pearl, BTC, UOG, OGD) (2) Pro forma figures adjusting for CAPEX -OPEX reclassification 57 56 56 57 57 56 40 36 34 36 38 39 2021A 2022A 2023A 2024A 2025A H1 2026 97 92 90 94 95 96 E&P International CEE 4.9 5.1 6.0 6.2 6.9 7.3 2021A 2022A 2023A 2024A 2025A (2) H1 2026 422 414 413 309 385 195 2021A 2022A 2023A 2024A 2025A H1 2026
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63 UNIT FREE CASH FLOW AT 35 USD/BBL IN H1 2026 PRICE REALIZATION, EBITDA, SIMPLIFIED FCF (1),(2) (USD/BOE) SFCF (USD mn)645 740 Brent price Realized HC price Unit EBITDA Unit Simplified FCF 27 57 20 25 22 2021A 2022A 2023A 2024A 2025A H1 2026 71 110 83 81 69 92 35 790 5261,905971 (1) Simplified free cash flow = EBITDA less Organic CAPEX; Norway tax refund effect excluded; Entitlement production basis; f igu res include equity assets and ACG/BTC contribution from 16 th April 2020 (2) Breakdown of price realization and SFCF figures exclude results of discontinued operations, as of 01.01.2021.
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64 GAS MIDSTREAM: STABLE CASH FLOW NATURAL GAS TRANSMISSIONWITH CAPACITY NUMBERS (BCM/Y) Domestic natural gas transmission system operator in Hungary Regulated business (asset base and return) with continuous regulatory scrutiny Nearly 6,000km pipeline system Interconnectors to Croatia, Romania, Slovakia, Ukraine, Serbia and Austria FACTS & FIGURES 61 50 54 62 41 61 94 89 74 223 136 0 50 100 150 200 250 300 0 10 20 30 40 50 60 70 80 90 100 2017 189 2018 187 2019 201 2020 2021 162 2022 265 2023 244 2024 208 2025 HUF bn USD mn (rhs) GAS MIDSTREAM EBITDA (HUF BN, USD MN) Austria Hungary 5.2 Hungary Croatia 2.6 Croatia Hungary 1.75 Hungary Romania 2.7 Romania Hungary 2.7 Hungary Serbia 4.8 Serbia Hungary 8.4 Hungary Ukrain 7.0 Ukrain Hungary 17.5 Hungary Slovakia 4.4 Slovakia Hungary 4.4
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Q2 2026 RECAP
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66 CLEAN CCS EBITDA NEAR USD 1.3 BN IN Q2 2026 FINANCIALS OPERATIONAL AND OTHER DEVELOPMENTS Group Clean CCS EBITDA increased to USD 1,297 mn in Q2 2026; operating cash flow before working capital near USD 1.9 bn in the first half of 2026 Financials weighed USD 24 mn on Q2 results and Profit before tax reached USD 1 ,000 mn and Profit after tax amounted to USD 786 mn Upstream EBITDA rose to USD 375 mn due to supportive crude oil and natural gas price environment Downstream Clean CCS EBITDA increased to USD 679 mn with refining margins and petrochemicals margins lifted by macro effects Consumer Services EBITDA decreased by 23% year-on-year to USD 190 mn in Q2, as price controls weighed on results Circular Economy Services EBITDA reached USD 16 mn supported by seasonality and cost efficiency measures NIS transaction: Shareholder Agreement signed with Serbia on 16 June, negotiations progressing to final stages with Seller and authorities Issuance of PLN 850 mn senior unsecured notes in MOL’s first step to tap credit markets in Poland Revolving credit facility agreements extended in Hungary (EUR 740 mn), and Croatia (EUR 500 mn) USD 100 mn first instalment of insurance compensation due to AV3 fire received, repairs expected to finish in September MOL New Europe Foundation to be dissolved and 5.2% of MOL shares to return to treasury Upstream’s largest acquisition since 2020 struck with Shell to acquire 35% stake in Aphrodite field offshore Cyprus for up to USD 720 mn including deferred consideration HIGHLY VOLATILE BUT OVERALL FAVORABLE MACRO EFFECTS LIFTED BOTH UPSTREAM AND DOWNSTREAM RESULTS WHILE CONSUMER SERVICES EBITDA FELL BY 23% DUE TO PRICE CONTROLS IN REGIONAL FUEL RETAIL MARKETS
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67 Q2 CLEAN CCS EBITDA JUMPS 89% YOY ON DOWNSTREAM STRENGTH MACRO FACTORS SUPPORTED RESULTS WITH RETAIL FUEL PRICE CONTROLS LIMITING GAINS COMMENTS 833 974 877 93 246 307 177 276 69 190 346 679 -173 -79 375 Q1 2025 -10 39 Q2 2025 Q3 2025 Q4 2025 21 Q1 2026 37 0 Q2 2026 685 626 1,297 16 +89% +107% US DS CS CES GM C&O (1) SEGMENT CLEAN CCS EBITDA (USD mn) Upstream Favorable oil and gas price environment supported Q2 results Downstream EBITDA up significantly with favorable macro environment in both R&M and petchem Consumer Services EBITDA down due to price and margin caps in effect in most markets Gas Midstream Slightly lower EBITDA year-on-year due to lower cross-border demand Circular Economy Services EBITDA contribution positive as efficiency projects start to kick in Corporate and Other and Intersegment Clean Corporate and Other EBITDA at USD -40 mn Intersegment eliminations supported EBITDA by USD 41 mn in Q2 (1) C&O includes Corporate and Other segment and Inter -segment items.
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68 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, earnings, efficiency, gearing, growth, improvements, investments, margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the 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 risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, crude oil and gas prices, crack spreads, political stability, economic growth and the completion of ongoing 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 reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable securities laws. 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." MORE INFO AT www.molgroup.info CONTACT: Phone: +36 1 464 1395 E-mail: investorrelations@mol.hu