Slides
Page 1
SECOND QUARTER 2026 RESULTS 7 AUGUST 2026 MOLGROUP FRESH CORNER
Page 2
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 ."
Page 3
HIGHLIGHTS OF THE QUARTER
Page 4
4 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: Shareholders’ 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
Page 5
5 TRIR: MEETING GUIDANCE IN 1H 2026 TRIR at 1.28 lower year-on-year and slightly above guidance Continuous effort to improve safety-consciousness TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 H1 2025 H1 2026 1.27 1.40 1.31 1.04 1.40 1.31 1.28 2026 Public Guidance threshold (1.25) TISZAÚJVÁROS PETROCHEMICALS PLANT EXPLOSION Serious process safety incident during SC1/Olefin 1 start-up on 22 May 2026 resulted in one fatality, nine injuries and major equipment damage Preliminary results from ongoing investigation indicate abnormal low-temperature exposure of hot-section piping, leading to loss of integrity, release, explosion and fire Corrective actions are being prioritized to strengthen preventive safeguards and the governance of start-up activities
Page 6
KEY GROUP QUARTERLY FINANCIALS
Page 7
7 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.
Page 8
8 ORGANIC CAPEX ~33% HIGHER IN H1 Organic spending neared USD 600 million in H1 due to a pick-up in strategic projects Main Downstream projects (metathesis, crude diversity, maleic anhydride, product pipeline between Bratislava and Százhalombatta) Upstream CAPEX also higher due to offshore development program in Croatia TOTAL GROUP CAPEX BY SEGMENT (USD mn) COMMENTS 190 396 814 6 2 8 21 12 21135 117 164 80 99 96 Q1 2025 3 1031 Q2 2025 Q3 2025 Q4 2025 246 518 Q1 2026 1041 Q2 2026 287 499 340 +18% -32% Inorganic Organic US Organic DS Organic CS Organic CES Organic GM Organic C&O TOTAL GROUP CAPEX BY TYPE (USD mn) 111 167 189 442 180 202 116 207 370 72 137 50 29 Q1 2025 3 Q2 2025 0 Q3 2025 1 Q4 2025 246 Q1 2026 Q2 2026 190 287 396 814 499 340 +18% -32% Growth & Efficiency CAPEX Sustain CAPEX Inorganic ORGANIC CAPEX (USD mn) 5813 10 190 281 143 195 30 24 43 H1 2025 33 14 H1 2026 444 592 +33% Organic US Organic DS Organic CS Organic CES Organic GM Organic C&O KEY STRATEGIC DOWNSTREAM AND UPSTREAM PROJECTS CONTRIBUTED TO THE INCREASE
Page 9
9 H1 2026 NET INCOME GENERATION AT USD 908 MN 721 974 908 367 224 889 103 238 749 86 Clean CCS EBITDA CCS modifications EBITDA excl. special items 0 Special items (EBITDA) CS US Other Profit for the period to equity holders of the parent Non-controlling interests 66 Profit for the period Income tax expense Profit before tax Income from associates 57 Total finance expense/gain, net Profit from operation DD&A and impairments 1,923 2,147 1,258 1,212 DS H1 2026 EARNINGS (USD mn) – BELOW THE EBITDA LINE ITEMS
Page 10
10 NET FINANCIAL EXPENSE MODERATE AS HUF STRENGTHENS Clean CCS effect, gain / loss (USD mn) 177 -74 Q2 2025 47 Q1 2026 Q2 2026 Clean CCS effect marked a gain of USD 177 mn due gains on commodity derivatives 413 417 472 Q2 2025 Q1 2026 Q2 2026 DD&A (USD mn) Total Financial expense (+) / gain (-) (USD mn) 79 -33 Q2 2025 Q1 2026 24 Q2 2026 Income from associates (USD mn) 35 22 5 Q2 2025 Q1 2026 Q2 2026 127 84 154 Q2 2025 Q1 2026 Q2 2026 Income tax expenses (USD mn) -2 -15 -23 Comments Net financial expense decreased quarter-on- quarter to USD 24 mn, backed by HUF appreciation Income from associates at USD 22 mn in line with historical average Income tax at USD 154 mn with effective tax rate at 15% DD&A slightly higher than usual due to asset impairment of fleet management company Deferred tax >
Page 11
11 H1 2026 OPERATING CASH FLOW BEFORE NWC AROUND USD 1.9 BN NET WORKING CAPITAL BUILD CONSTRAINS STRONG CASH FLOW GENERATION COMMENTS OPERATING CASH FLOW FOR TOTAL OPERATION IN H1 2026 (USD mn) 763 889 270 Profit before tax DD&A Income tax paid 67 Other Operating CF before WC Change in WC Operating CF 1,212 1,898 1,135 Operating cash flow before working capital at USD 1,898 mn in H1 2026, ~91% higher year-on-year Net Working Capital reversed to a release in Q2 but still marks a build of USD 1,135 mn reflecting commodity price inflation and seasonal factors Operating Cash Flow after working capital at USD 763 mn
Page 12
12 LEVERAGE IMPROVES QOQ WITH HIGHER CASH FLOW 1.0 1.5 2.0 0.5 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026Q2 2026 0.74 0.97 0.65 0.41 0.82 1.61 0.65 0.30 0.59 0.74 0.47 0.96 0.49 1.31 0 5 10 15 20 25 30 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 20.6 25.2 17.5 12.0 18.6 27.3 18.1 11.4 14.0 14.9 10.0 17.0 11.8 NET DEBT TO EBITDA (x) GEARING (%) COMMENTSCHANGES IN NET DEBT IN H1 2026 (USD mn) 246 270 Net Debt 31 Dec 2025 Simplified FCF Change in WC Acquisitions 0 Dividend payout Income tax paid 54 Other Net Debt 30 Jun 2026 1,541 1,331 1,135 1,915 NET DEBT TO EBITDA IMPROVES TO 0.49X Net debt increased in H1 2026 by USD 374 mn Net debt to EBITDA at 0.49x and gearing ratio 12% Available liquidity at around USD 5.0 bn on 30 June AGM approved dividend of HUF 241.2 bn (~USD 758 mn)
Page 13
DOWNSTREAM Q2 2026 RESULTS
Page 14
14 Q2 DOWNSTREAM CLEAN CCS EBITDA AT USD 679 MN FAVORABLE REFINING AND PETCHEM PRICE ENVIRONMENT SUPPORTED Q2 SEGMENT RESULTS KEY FINANCIALS (USD mn) COMMENTS Second quarter Downstream Clean CCS EBITDA increased 122% YoY on higher refining and petrochemicals margins Processed volumes increased compared to Q1 but utilization remained under pressure: AV3 unit at the Danube Refinery remained offline throughout the quarter Petrochemicals processing was affected by demand factors as well as the incident at the Hungarian site in May (1) Processed crude in Danube and Bratislava refineries Q1 2026 Q2 2026 Q2 2025 YoY % EBITDA 112 852 227 275 EBITDA excl. spec. items 112 852 227 275 Clean CCS EBITDA 69 679 307 122 o/w Petchem (63) 62 (52) n.a. EBIT (48) 688 70 883 EBIT excl. spec. items (48) 688 70 883 Clean CCS EBIT (91) 515 149 246 QUARTERLY CLEAN CCS EBITDA (USD mn) 300 359 452 394 132 62 -52 -63 617 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 307 69 679 +122% CRUDE PROCESSED (kt)1 1,470 3,697 Q2 2025 282 1,664 3,623 Q3 2025 261 1,595 3,050 Q4 2025 263 1,669 308 Q1 2026 222 1,808 2,808 Q2 2026 1,218 3,288 Q1 2025 3304,815 5,497 5,568 4,906 4,408 4,838 2,476 -12% +10% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2,982 3,256 2,736 2,436 1,965 2,424 -26% +23% TOTAL PRODUCT SALES (kt) R&M Petchem Petrochemicals products 3rd party sales Own production
Page 15
15 DOWNSTREAM MARGIN ENVIRONMENT IMPROVES IN Q2 REFINING MARGIN (USD/bbl) COMMENTS 10.3 6.8 5.6 9.5 11.7 11.0 38.2 10.6 7.2 4.0 3.8 4.0 6.0 10.0 12.1 39.8 0 5 10 15 20 25 30 35 40 Q1 2024 Q2 2024 11.2 Q4 2025 Q1 2026 20.8 21.7 Q2 2026Q3 2025 JulyQ1 2025 3.6 Q4 2024 3.6 Q3 2024 3.7 Q2 2025 Brent-based MOL Group refinery margin (USD/bbl) Brent-based Complex refinery margin (MOL+Slovnaft) (USD/bbl) BRENT - URAL DIFFERENTIAL(2) (USD/bbl) -3.7 -3.5 -3.4 -3.7 -3.0 -2.4 -2.2 -4.4 3.9 -8.0 -8 -6 -4 -2 0 2 4 6 8 10 12 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -6.2 Q1 2026 Q2 2026 July INTERNATIONAL FACTORS CONTRIBUTED TO A SURGE IN MARGINS BOTH ON THE REFINING AND PETROCHEMICALS SIDE VARIABLE PETCHEM MARGIN (EUR/t) Brent-based refining margins more than tripled YoY and nearly doubled QoQ due to tightening supply bottlenecks in Europe as a result of the ongoing Middle East and Russia-Ukraine conflicts Petrochemicals margin increased substantially due to the Strait of Hormuz issue easing import pressure in Europe Preliminary July data suggest Refining margins widened further on surging diesel quotations and because of the increased pressure on Russian refining infrastructure The favorable margin effects on Petrochemicals was short-lived and demand volumes adjusted quickly to surging prices and rising naphtha quotations (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) 209 214 219 159 151 234 166 139 548 0 50 100 150 200 250 300 350 400 450 500 550 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 162 Q1 2026 Q2 2026 119 July MOL Group Variable Petrochemicals margin (1)
Page 16
16 YOY EBITDA INCREASE DRIVEN BY POSITIVE MARGIN DEVELOPMENTS VOLUME IMPACT NEGATIVE DUE TO LOWER PRODUCTION IN BOTH REFINING AND PETCHEM DOWNSTREAM CLEAN CCS EBITDA YoY, Q2 2025 VS. Q2 2026 (USD mn) COMMENTS 359 62 852 -52 399 156 617 172 Clean CCS EBITDA Q2 2025 R&M price & margin Petchem price & margin -205 Volumes 23 Other Clean CCS EBITDA Q2 2026 Clean CCS modification EBITDA Q2 2026 R&M Petchem 307 679 Notes: Price & margin includes FX impact R&M price & margin supported YoY EBITDA by USD 399 mn driven by significant increase in both diesel (+176%) and gasoline (+42%) cracks Petrochemicals margin effect adds USD 156 mn to results YoY Volume impact negative YoY due to processing remaining limited at the Danube Refinery and petchem also facing production constraints and demand reacting quickly to surging prices
Page 17
CONSUMER SERVICES Q2 2026 RESULTS
Page 18
18 CONSUMER SERVICES EBITDA AFFECTED BY PRICE CONTROLS RESULTS DRIVEN BY FUEL MARGIN DECLINE PARTIALLY OFFSET BY NON-FUEL MARGIN KEY FINANCIALS (USD mn) QUARTERLY EBITDA (USD mn) 158 246 317 205 177 190 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -23% EBITDA down by 23% YoY to USD 1 90 mn Fuel margin declined due to negative effect of price and margin cap application in almost all the countries in the segment Higher non-fuel margin accounted for positive USD 10 mn contribution to Q2 2026 EBITDA Opex deterioration due to higher wage and energy related expenses EBITDA YoY, Q2 2025 VS. Q2 2026 (USD mn) COMMENTS 246 190 EBITDA Q2 2025 -57 Fuel volume & margin 10 Non-fuel margin -16 OPEX -2 One-offs 9 FX EBITDA Q2 2026 -23% Q2 2026 Q2 2025 YoY % H1 2026 H1 2025 YoY % EBITDA excl. special items 190 246 (23) 367 404 (9) EBIT excl. special items 94 169 (44) 218 266 (18) Organic CAPEX 21 21 3 36 31 16 Simplified FCF 169 226 (26) 331 374 (26)
Page 19
19 VOLUMES AND THROUGHPUT UP BY 4% TOTAL VOLUMES SOLD (mn litres) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1 778 2 069 2 223 1 997 1 910 2 151 +4% FUEL THROUGHPUT/SITE(1) (mn litres) COMMENTS COMMENTS Fuel sales improved YoY by 4% Price controls contributed to the YoY increase in consumption but led to significant losses in unit margins especially in Hungary and Romania Unit fuel throughput in line with growth in total volumes Network slightly higher QoQ to 2,317 sites at end-June (vs. 2,310 sites at end- March) 0.91 0.92 0.96 0.96 1.00 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026 4% 4Y CAGR: +2.5% PRICE CONTROLS CONTINUED TO DRIVE INCREASE IN VOLUMES BUT LIMIT MARGINS (1) Company owned stations
Page 20
20 NON-FUEL MARGIN KEEPS POSITIVE TRACTION Non-fuel turnover grew by 5% YoY Fresh Corner unit count reached 1,421 units at the end of Q2 2026, flat QoQ and up ~5% YoY NON-FUEL MARGIN SHARE RISES ABOVE 40% DUE TO PRICE AND MARGIN CAPS LIMITING MARGINS ON FUEL SALES COMMENTS NON-FUEL MARGIN (USD MN) (1) 131 166 190 157 138 177 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +6% TOTAL NON-FUEL TURNOVER (USD MN) (1) Non-fuel margin share of total (%) (1) 41.8%34.4% 35.5% 35.5% 36.0% COMMENTS Non-fuel margin up by ~6% YoY Non-fuel margin represents 41.8% of the total margin in Q2 2026 475 560 611 522 498 586 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +5% (1) Constant FX 36.4%
Page 21
UPSTREAM Q2 2026 RESULTS
Page 22
22 SURGING OIL PRICES PUSH Q2 UPSTREAM EBITDA NEAR USD 400 MN KEY FINANCIALS (USD mn) (1) Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX SIMPLIFIED FREE CASH GENERATED IN H1 2026 CLOSE TO USD 550 MILLION COMMENTS Q2 2026 EBITDA at USD 375 mn, 8% higher QoQ due to favorable oil and gas price moves partly offset by one-off factors Realized HC price averages above 93 USD for the quarter Simplified Free Cash Flow(1) increased to USD 279 mn in Q2 2026 22 QUARTERLY EBITDA (excl. special items) (USD mn) QUARTERLY SIMPLIFIED FCF (1) (USD mn) GAS PRICES OIL PRICES 317 276 285 247 346 375 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +36% +8% 75.1 61.361.7 63.3 62.3 65.4 75.4 92.483.2 85.0 80.3 74.7 75.7 67.9 69.1 63.7 81.1 103.8 50 60 70 80 90 100 110 Q1 2024 75.4 Q2 2024 68.6 Q3 2024 67.7 Q4 2024 64.769.9 Q1 2025 59.662.4 Q2 2025 61.9 Q3 2025 59.257.9 Q4 2025 77.7 Q1 2026 101.2 Q2 2026 50.9 58.0 71.5 78.5 83.5 68.7 65.6 59.4 79.6 90.1 0 50 100 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 55.8 Q4 2025 72.0 Q1 2026 81.0 Q2 2026 254 195 196 94 247 279 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +43% +13% 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) Q1 2026 Q2 2026 Q2 2025 YoY % H1 2026 H1 2025 YoY % EBITDA 346 375 276 36 721 593 22 EBITDA excl. spec. items 346 375 276 36 721 593 22 EBIT 210 241 156 54 450 376 20 EBIT excl. spec. items 210 241 156 54 450 376 20
Page 23
23 UNIT EBITDA AT 50 USD/BOE IN Q2 QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) ANNUAL PRICE REALIZATION, EBITDA, SFCF (USD/boe) Note: Including JVs and associates. (1) Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX UNIT SIMPLIFIED FREE CASH FLOW RISES TO 38 USD 31 23 23 12 31 38 0 10 20 30 40 50 60 70 80 90 100 110 62 58 75 44 Q1 2026 30 Q4 2025Q2 2025 35 62 Q1 2025 40 36 70 92 50 Q2 2026 76 68 69 64 81 104 Q3 2025 Brent Realised HC price Unit EBITDA Unit SFCF(1) 27 57 20 25 22 35 69 0 20 40 60 80 100 120 140 2022 63 102 70 32 20232021 39 60 84 46 63 H1 2026 71 110 2024 81 69 92 3435 2025 83 Brent Realised HC price Unit EBITDA Unit SFCF(1)
Page 24
24 RESULTS DRIVEN UP QOQ BY HIGHER OIL AND GAS PRICES UPSTREAM EBITDA QoQ, Q1 2026 VS. Q2 2026 (USD mn) COMMENTS Notes: consolidated figures, unless otherwise indicated UPSTREAM EBITDA YoY, Q2 2025 VS. Q2 2026 (USD mn) COMMENTS Higher oil (Brent +28%) and gas prices (TTF +13%) compared to base period Volume: Outage in Iraq Shaikan and lower cargo volume in ACG was only partly offset by higher production in CEE Other (USD -34 mn): Mainly driven by lower oil field services engagement due to differently timed work program, and royalty claim related receivable impairment in Hungary Prices contributing positively due to supportive oil (Brent +53% YoY) and gas price (TTF +26% YoY) environment Volumes: YoY lower production in Hungary and Shaikan production outage and lower cargo volume in ACG was partly offset by higher production in Pakistan and Croatia Other (USD -35 mn): Mainly driven by lower OFS engagement in line with the plan, and royalty claim related receivable impairment in Hungary STRONG PRICE IMPACT PARTLY OFFSET BY LOWER VOLUMES AND OTHER ITEMS 407 396 407 396 346 337 96 EBITDA excl. spec. Q1 2026 -9 ACG PSA- related adj. EBITDA excl. spec. Q1 2026 and ex-ACG PSA Prices & FX -12 Volumes -2 Exploration Expenses 1 Lifting cost -34 Other 386 EBITDA excl. spec. Q2 2026 and ex-ACG PSA -11 ACG PSA- related adj. 375 EBITDA excl. spec. Q2 2026 276 285 149 Other 386 EBITDA excl. spec. Q2 2025 -11 ACG PSA- related adj. 9 375 EBITDA excl. spec. Q2 2026 ACG PSA- related adj. EBITDA excl. spec. Q2 2025 and ex-ACG PSA Prices & FX -10 Volumes -4 Exploration Expenses 1 Lifting cost -35 EBITDA excl. spec. Q2 2026 and ex-ACG PSA
Page 25
25 Q2 PRODUCTION FLAT ABOVE 95 MBOEPD LOST IRAQ SHAIKAN BARRELS MADE UP FOR BY HIGHER PRODUCTION IN HUNGARY, AZERBAIJAN 36.8 37.9 36.4 37.1 35.7 36.4 92.9 19.8 19.5 19.5 20.0 20.0 20.1 12.4 12.8 13.2 15.2 13.1 14.2 4.5 3.6 4.1 4.9 5.3 5.74.6 4.1 3.4 4.3 13.7 Q3 2025 1.9 16.1 Q4 2025 2.7 1.91.71.6 16.8 Q1 2026 0.21.9 14.3 Q1 2025 13.9 17.0 Q2 2026 July Hungary Croatia Q2 2025 Pakistan KRI Other 1.9 Associated companies (1) Azerbaijan 93.5 92.1 99.4 95.4 95.694.0 ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS (1) Associated companies include Baitex (Russia), Pearl (Iraq), UOG (KZ), and Tura (HU) Production at 95.6 mboepd in Q2 2026: CEE: +0.8 mboepd QoQ Hungary: +0.7 mboepd due to successful WWO program and contribution from intermittent production Croatia: flat with robust performance in countering natural decline International: -1.0 mboepd Iraq Shaikan: -2.5 mboepd as production remained shut until end of June AZE: +1.1 mboepd due to positive PSA effect and base effects of shutdown of terminal in January Pakistan: +0.4 mboepd due the end of curtailment July: Iraqi assets re-entered shutdown in mid-July, Pearl resumed production on 28 July
Page 26
26 UPSTREAM CAPEX NEARS USD 200 MILLION IN H1 UNIT OPEX (USD/boe) COMMENTSORGANIC CAPEX (1) (USD mn) UNIT OPEX (USD/boe) GROUP (INCL. JVS/ASSOC., PRO FORMA2) FULLY CONSOLIDATED SUBS. (PRO FORMA2) OPEX UP 10% YEAR-ON-YEAR TO 7.5 USD/BOE IN Q2 MAINLY DUE TO FX EFFECTS Group Unit OPEX rose mainly due to FX effects and Iraq Shaikan outage CAPEX higher due to ACG offshore operation and new Croatian offshore drillings Expansion in Croatian and Hungarian onshore portfolio (signed PSA-s with government in Croatia, SPA signed with O&GD for new acquisition) PSA signed with partners for offshore exploration in Libya (1) Fully consolidated assets.. (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. 5.8 5.9 7.3 6.5 7.1 6.2 7.9 7.1 7.3 7.7 6.7 6.6 6.6 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 6.16.2 Q3 2024 6.1 Q4 2024 6.46.8 Q1 2025 6.8 5.8 7.1 Q2 2025 7.1 7.7 Q3 2025 7.4 8.0 Q4 2025 7.2 6.2 Q1 2026 7.5 8.2 Q2 2026 6.4 5.8 Q1 2024 Q2 2024 7.9 6.6 7.3 H1 2025 H1 2026 +11% 7.2 8.1 H1 2025 H1 2026 +13% 24 20 90 143 30 31 H1 2025 H1 2026 143 195 +36% Group (incl. JVs/associates) Fully consolidated subs. Group (pro forma)2 Fully consolidated subs. (pro forma)2 Other Development Exploration
Page 27
27 APHRODITE TO BECOME A KEY PILLAR FOR MOL E&P IN 2030S LAST WEEK’S 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
Page 28
CIRCULAR ECONOMY SERVICES Q2 2026 RESULTS
Page 29
29 CES DELIVERS USD 16 MN EBITDA IN Q2 2026 -48 12 -64 28 21 16 Q4 2024 Q1 2025 -10 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 QUARTERLY EBITDA (USD mn) KEY FINANCIALS (USD mn) SFCF (USD mn) QUARTERLY RESULT SUPPORTED BY COST OPTIMIZATION EFFORTS Q2 2026 Q1 2026 YoY% H1 2026 H1 2025 YoY% EBITDA 16 21 (22) 37 2 2 353 EBIT (2) 8 (126) 6 (20) (131) Organic CAPEX 10 5 116 14 24 (42) 24 14 H1 2025 H1 2026 ORG. CAPEX (USD mn) -22 23 H1 2025 H1 2026 COMMENTS Q2 EBITDA reached USD 16 mn as a combination of seasonal factors and efficiency-enhancing measures Favorable changes in regulatory environment since start of the year Execution of efficiency program on track and delivering visible results in Q2 Seasonal effects support EBITDA in first half of the year DRS system utilization remains high, program continues with optimization phase, with CAPEX aimed at business-as-usual network adjustments The waste-to-energy project reached an important milestone with the selection of a preferred partner, while preparation and contracting activities are ongoing before final investment decision OPERATIONAL AND CAPEX UPDATE
Page 30
SUPPORTING SLIDES
Page 31
31 H1 2026 SFCF AT USD 958 MN SIMPLIFIED FCF1 (USD mn) 672 578 65 91 225 171 164 169 196 247 516 -48 279 -205 -97 -40 Q1 2025 -20 33 Q2 2025 Q3 2025 Q4 2025 16 Q1 2026 29 Q2 2026 401 373 958 6 +139% +156% US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total organic CAPEX
Page 32
32 WORKING INTEREST-BASED PRODUCTION SLIGHTLY BELOW 120 MBOEPD Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.4 Q2 2026 Hungary Croatia Azerbaijan Pakistan KRI Other Associated companies* 124.7 122.9 121.3 127.9 122.7 118.0 36.8 19.7 31.6 4.5 8.6 3.4 20.1 37.9 19.5 30.9 3.6 7.7 3.6 19.7 36.4 19.5 31.5 4.1 6.4 3.8 19.6 37.1 20.0 32.3 4.9 8.0 3.8 Q1 2025 35.7 20.0 31.0 5.3 5.0 3.9 21.8 36.4 20.1 30.8 5.7 3.9 20.7 21.8 QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY(1) (mboepd) (1) Associated companies include Baitex (Russia), Pearl (Iraq), UOG (KZ), and Tura (HU)
Page 33
33 EXPLORATION Blocks Sava-10/1 and Drava-02/02: Signed Production Sharing Agreement proposals with the government. Tenders for new 3D seismic launched FIELD DEVELOPMENT AND PRODUCTION Ana Offshore platform (Ana-4 Dir infill well drilling) drilling activities started in Jun and ongoing PRODUCTION OPTIMIZATION 10 well workovers have been performed on onshore fields GEOTHERMAL Leščan GT1 well: Well test design preparation ongoing Međimurje targets identification and subsurface analysis is ongoing UPSTREAM: OPERATIONAL UPDATE (1) EXPLORATION Pécel-É-1 well drilling was completed; confirmed as a dry well. Plug and abandonment activities are ongoing FIELD DEVELOPMENT Her-14 Field development well was drilled, completed and successfully tested. Well test interpretation is ongoing PRODUCTION OPTIMIZATION 5 well workovers have been completed OTHER MOL Group signed an agreement in Apr to acquire from O&GD Central Kft. remaining 51% of 3 concessions in Central Hungary and other assets in Eastern Hungary Hungary Croatia INA received payments fully settling all outstanding receivables from Egypt Well workover activities have been performed on North Bahariya (2) and Ras Qattara (4) 3 wells were drilled on North Bahariya Egypt ACG production affected by Sangachal Terminal Plant unplanned trip and the oil price impact on the entitlement Drilling activities are ongoing Non-Associated Gas (NAG) First gas was achieved in Jun Azerbaijan
Page 34
34 SHAIKAN: Production resumed on Jun 24th after being shut in since Feb 28th due to the Middle East regional conflict PEARL: Production levels limited by lower seasonal market demand Execution of the well workover program: 10 perforation & acidizing works have been completed Production temporarily shut in from Jun 19th to Jul 1st due to refinery shutdowns and Transneft (export pipeline operator) export restrictions, caused by June drone attacks Production affected by U-12 well flowline constraints and the 15-day ZKM Turnaround; partially mitigated through active choke management Kazakhstan Kurdistan Region of Iraq Russia EXPLORATION Bilitang-1: Wellhead Surface Facilities construction was completed, Flow Line activities are ongoing FIELD DEVELOPMENT Makori East-7: Location construction was completed and drilling is ongoing since Jun PRODUCTION TAL block operating without production curtailment Pakistan WHSF & FL – Wellhead Surface Facilities and Flow Line UPSTREAM: OPERATIONAL UPDATE (2) MOL Group signed production sharing agreement with Joint Venture partners (Repsol and TPAO) for an offshore exploration area in the Mediterranean Sea in Jun Libya
Page 35
35 UPSTREAM CAPEX BY REGION AND BY TYPE IN H1 2026 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) (1) Excl. equity consolidated assets. HUN CRO IRAQ PAK AZE OTHER Total - H1 2026 Total - H1 2025 Exploration 15.5 0.4 0.0 0.9 3.4 0.2 20.4 23.6 Development 29.8 39.8 1.0 0.5 64.5 7.8 143.3 89.8 Other 10.0 8.0 4.2 0.3 2.3 6.7 31.5 29.7 Total - H1 2026 55.2 48.2 5.2 1.7 70.1 14.7 195.1 Total - H1 2025 39.0 36.1 3.6 3.5 53.4 7.3 143.0
Page 36
36 GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items(1) (USD mn) CAPEX(1) (USD mn) EBITDA decreased by 7% on YoY to USD 37mn in Q2 2026 as favourable FX changes could only mitigate the negative effect of weakened regional demand for transmission services Total transmission volumes decreased by 4% YoY, domestic flows increased by 18% in line with more intensive stockpiling in storage facilities, export to neighbouring countries fell by 43% due to as there were no transmission demands to UA Regulated income dropped by 16% as cross-border capacity demands weakened in line with changes in regional demand for transmission services and slightly lower regulated tariffs Gas consumption costs were higher as elevated gas price pushed purchase prices, while other OPEX lowered due to seasonal effects KEY FINANCIALS (USD mn) COMMENTS 67 39 51 50 93 37 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -7% 7 6 20 19 2 8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 +30% Q2 2026 Q2 2025 YoY % H1 2026 H1 2025 YoY % EBITDA 36.5 39.1 (7) 129.1 105.9 22 EBITDA excl. spec. items 36.5 39.1 (7) 129.1 105.9 22 Operating profit/(loss) 22.0 27.2 (19) 101.2 83.5 21 Operating profit excl. spec. items 22.0 27.2 (19) 101.2 83.5 21 CAPEX and investments 7.8 6.0 30 9.9 12.9 (23) (1) Gas Midstream’s financial performance and CAPEX include both FGSZ Ltd. and CEEGEX Ltd.
Page 37
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* 0.5 1.0 1.5 2.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1.46 1.32 1.69 1.36 1.28 *Number of misconducts closed during the given period 22 12 184 6 9 0 50 100 150 200 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 10,000 20,000 30,000 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 25,370 25,370 25,201 24,744 24,674 0 1,000 2,000 3,000 4,000 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2,888 3,014 3,123 3,208 3,201 0 2 4 6 8 10 12 14 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 11.4 11.9 12.4 13.0 13.0 21 14 36 39 35 0 20 40 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 11 7 9 7 3 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2 1 1 2 0.0 0.5 1.0 1.5 2.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0
Page 38
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 80 100 120 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 5 10 15 20 25 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 CRACK SPREADS (USD/t) 0 50 100 150 200 250 300 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -6 -4 -2 0 2 4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 100 200 300 400 500 600 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 200 250 300 350 400 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 250 300 350 400 450 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 50 100 150 200 250 300 350 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -250 -200 -150 -100 -50 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 * Brent-based new margin ** Variable petrochemical margin contains an energy price component Brent-based MOL Group Brent-based Complex (MOL + Slovnaft)
Page 39
39 CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q1 2026 Q2 2026 Q2 2025 YoY Ch % Income Statement (HUF million) H1 2026 H1 2025 2,017,128 2,909,571 2,198,746 32 Net sales 4,926,699 4,369,990 7,168 16,092 26,393 (39) Other operating income 23,260 49,220 2,024,296 2,925,663 2,225,139 31 Total operating income 4,949,959 4,419,210 1,530,459 2,466,769 1,700,440 45 Raw material and consumables used 3,997,228 3,386,832 119,547 125,543 127,093 (1) Employee benefits expense 245,090 244,207 136,902 146,228 146,683 0 Depreciation, depletion, amortisation and impairment 283,130 276,187 (29,971) (187,216) 37,978 n.a. Change in inventory of finished goods & work in progress (217,187) 11,980 (23,568) (25,479) (24,112) 6 Work performed by the enterprise and capitalized (49,047) (44,386) 207,687 89,218 165,184 (46) Other operating expenses 296,905 286,668 1,941,056 2,615,063 2,153,266 21 Total operating expenses 4,556,119 4,161,488 83,240 310,600 71,873 332 Profit / (loss) from operation 393,840 257,722 24,731 32,492 37,331 (13) Finance income 57,223 69,044 51,147 39,662 25,772 54 Finance expense 90,809 48,903 (26,416) (7,170) 11,559 n.a. Total finance gain / (expense), net (33,586) 20,141 11,460 7,112 1,342 430 Share of after-tax results of associates and joint ventures 18,572 17,320 68,284 310,542 84,774 266 Profit / (loss) before tax 378,826 295,183 27,672 47,497 44,591 7 Income tax expense 75,169 95,045 40,612 263,045 40,183 555 Profit for the period from continuing operations 303,657 200,138 0 0 0 n.a. Profit / (Loss) for the period from discontinued operations 0 0 40,612 263,045 40,183 555 PROFIT / (LOSS) FOR THE PERIOD 303,657 200,138 Attributable to: 38,841 244,625 38,076 542 Owners of parent 283,466 190,419 1,771 18,420 2,107 774 Non-controlling interests 20,191 9,719
Page 40
40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 30 Jun 2026 31 Dec 2025 Ch % Balance Sheet (HUF million) 30 Jun 2026 31 Dec 2025 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,257,774 4,361,592 (2) Share capital 79,863 79,650 0 Investment property 16,291 17,872 (9) Retained earnings and other reserves 3,720,357 3,772,480 (1) Intangible assets 417,727 486,175 (14) Profit / (loss) for the year attr. to owners of the parent 283,466 298,053 (5) Investments in associated companies and joint ventures 214,990 215,559 0 Equity attributable to owners of the parent 4,083,686 4,150,183 (2) Other non-current financial assets 313,807 311,575 1 Non-controlling interest 373,853 412,210 (9) Deferred tax asset 154,527 154,949 0 Total equity 4,457,539 4,562,393 (2) Other non-current assets 71,361 76,576 (7) Total non-current assets 5,446,477 5,624,298 (3) Non-current liabilities Long-term debt 756,535 654,194 16 Current assets Other non-current financial liabilities 36,327 26,078 39 Inventories 997,013 780,213 28 Non-current provisions 686,626 693,046 (1) Trade and other receivables 1,222,029 894,131 37 Deferred tax liabilities 156,291 161,701 (3) Securities 42,181 168,758 (75) Other non-current liabilities 45,490 45,881 (1) Other current financial assets 146,357 37,264 293 Total non-current liabilities 1,681,269 1,580,900 6 Income tax receivable 31,816 9,926 221 Cash and cash equivalents 429,602 360,767 19 Current liabilities Other current assets 214,946 156,242 38 Short-term debt 311,980 381,397 (18) Assets classified as held for sale 165,495 161,839 2 Trade and other payables 973,413 805,499 21 Total current assets 3,249,439 2,569,140 26 Other current financial liabilities 289,077 259,141 12 Current provisions 84,887 141,352 (40) Total assets 8,695,916 8,193,438 6 Income tax payable 44,115 21,605 104 Liabilities classified as held for sale 120,750 116,516 4 Other current liabilities 732,886 324,635 126 Total current liabilities 2,557,108 2,050,145 25 Total equity and liabilities 8,695,916 8,193,438 6
Page 41
41 CONSOLIDATED STATEMENT OF CASH FLOW Q1 2026 Q2 2026 Q2 2025 YoY Ch % Cash Flow (HUF million) H1 2026 H1 2025 68,284 310,542 84,774 266 Profit / (loss) before tax for continuing operation 378,826 295,183 0 0 0 n.a. Profit / (loss) before tax for discontinued operation 0 0 68,284 310,542 84,774 266 Profit / (loss) before tax 378,826 295,183 136,902 146,228 146,683 0 Depreciation, depletion, amortisation and impairment 283,130 276,187 (939) (57,637) (43,451) 33 Increase / (decrease) in provisions (58,576) (40,318) (370) (666) 1,329 n.a. Net (gain) / loss on asset disposal and divestments (1,036) 179 11,829 16,329 13,164 24 Net interest expense / (income) 28,158 24,235 14,587 (9,159) (24,724) (63) Other finance expense / (income) 5,428 (44,377) (11,460) (7,112) (1,342) 430 Share of net profit of associates and joint venture (18,572) (17,320) 95,438 (20,315) (7,387) 175 Other adjustment item 75,123 6,846 (40,034) (45,998) (72,293) (36) Income taxes paid (86,032) (131,612) 274,237 332,212 96,753 243 Operating cash flow before changes in working capital 606,449 369,003 (463,501) 67,658 137,526 (51) Total change in working capital o/w: (395,843) 43,013 (309,728) 23,478 53,388 (56) (Increase) / decrease in inventories (286,250) 21,452 (176,067) (137,117) (44,430) 209 (Increase) / decrease in trade and other receivables (313,184) (160,179) 195,400 (32,053) 83,371 n.a. Increase / (decrease) in trade and other payables 163,347 58,819 (173,106) 213,350 45,197 372 Increase / decrease in other assets and liabilities 40,244 122,921 (189,264) 399,870 234,279 71 Net cash provided by / (used in) operating activities 210,606 412,016 (135,352) (96,422) (90,540) 6 Capital expenditures (231,774) (206,009) 754 1,301 2,547 (49) Proceeds from disposal of fixed assets 2,055 4,069 (41,578) (17,794) (2,182) 715 Acquisition of businesses (net of cash) (59,372) (11,940) 0 0 (57) (100) Proceeds from disposal of businesses (net of cash) 0 16,529 158,239 (81,509) (7,715) 957 Increase / decrease in other financial assets 76,730 (613) 6,639 5,979 5,932 1 Interest received and other financial income 12,618 11,255 4,366 4,352 3,385 29 Dividends received 8,718 8,129 (6,932) (184,093) (88,630) 108 Net cash (used in) / provided by investing activities (191,025) (178,580) 0 0 0 n.a. Issuance of long-term notes 0 0 0 (2,628) 0 n.a. Repayment of long-term notes (2,628) 0 393,065 319,034 251,133 27 Proceeds from loans and borrowings received 712,099 675,599 (222,764) (413,376) (148,362) 179 Repayments of loans and borrowings (636,140) (721,143) (8,498) 7,580 12,362 (39) Interest paid and other financial costs (918) 3,401 (40) (101) (213,173) (100) Dividends paid to owners of parent (141) (213,165) (241) (602) (310) 94 Dividends paid to non-controlling interest (843) (310) 0 0 0 n.a. Transactions with non-controlling interest 0 0 0 0 0 n.a. Net issue / repurchase of treasury shares 0 0 0 0 0 n.a. Other changes in equity 0 0 161,522 (90,093) (98,350) (8) Net cash (used in) / provided by financing activities 71,429 (255,618) 6,292 (18,915) (26,482) (29) Currency translation differences relating to cash and cash equivalents (12,623) (43,780) (28,382) 106,769 20,817 413 Increase/(decrease) in cash and cash equivalents 78,387 (65,962) 360,767 323,162 342,886 (6) Cash and cash equivalents at the beginning of the period 360,767 433,610 323,162 429,602 347,600 24 Cash and cash equivalents at the end of the period 429,602 347,600
Page 42
42 Q1 2026 Q2 2026 Q2 2025 YoY Ch % Macro figures (average) H1 2026 H1 2025 Ch % 81.1 103.8 67.9 53 Brent dated (USD/bbl) 92.3 71.9 28 (6.2) 3.9 (2.4) n.a. Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11) (1.3) (2.7) (52) 40.0 45.6 35.5 28 TTF gas price (EUR/MWh) 42.8 41.1 4 755.9 1,039.4 692.7 50 Premium unleaded gasoline 10 ppm (USD/t) (12) 895.4 697.4 28 870.8 1,130.7 638.7 77 Gas oil – ULSD 10 ppm (USD/t) (12) 998.7 670.5 49 596.9 763.0 521.2 46 Naphtha (USD/t) (13) 678.6 563.3 20 428.1 538.9 403.4 34 Fuel oil 3.5 (USD/t) (13) 482.6 422.3 14 142.2 253.8 179.2 42 Crack spread – premium unleaded (USD/t) (12) 197.1 153.7 28 257.0 345.1 125.1 176 Crack spread – gas oil (USD/t) (12) 300.4 126.8 137 (16.9) (22.6) 7.7 n.a. Crack spread – naphtha (USD/t) (13) (19.7) 19.6 n.a. (185.7) (246.8) (110.2) 124 Crack spread – fuel oil 3.5 (USD/t) (13) (215.7) (121.4) 78 9.6 20.9 15.3 37 Crack spread – premium unleaded (USD/bbl) (12) 15.2 11.8 29 35.8 47.9 17.8 169 Crack spread – gas oil (USD/bbl) (12) 41.7 18.1 130 (14.1) (18.1) (9.3) 95 Crack spread – naphtha (USD/bbl) (13) (16.1) (8.6) 87 (13.5) (18.7) (4.2) 345 Crack spread – fuel oil 3.5 (USD/bbl) (13) (16.1) (5.2) 210 11.0 20.8 5.6 271 Brent-based MOL Group refinery margin (USD/bbl) (14) 15.9 4.6 246 11.2 21.7 6.0 262 Brent-based Complex refinery margin (MOL + Slovnaft) (USD/bbl) (14) 16.5 5.0 230 1,107 1,645 1,158 42 Ethylene (EUR/t) 1,376 1,200 15 231 636 514 24 Butadiene-naphtha spread (EUR/t) 433 480 (10) 162 548 234 134 MOL Group Variable petrochemicals margin (EUR/t) (15) 355 193 84 328.3 309.8 356.6 (13) HUF/USD average 319.2 371.2 (14) 384.1 360.3 404.2 (11) HUF/EUR average 372.3 404.7 (8) 3.7 3.6 4.3 (16) O/N USD SOFR (%) 3.6 4.3 (16) 2.1 2.2 2.1 5 3m EURIBOR (%) 2.1 2.3 (9) 6.3 6.1 6.5 (6) 3m BUBOR (%) 6.2 6.5 (5) Q1 2026 Q2 2026 Q2 2025 YoY Ch % Macro figures (closing) H1 2026 H1 2025 Ch % 127.2 71.5 68.2 5 Brent dated closing (USD/bbl) 71.5 68.2 5 336.5 311.6 340.4 (8) HUF/USD closing 311.6 340.4 (8) 385.9 355.1 399.3 (11) HUF/EUR closing 355.1 399.3 (11) 3,956 3,700 2,954 25 MOL share price closing (HUF) 3,700 2,954 25 EXTERNAL PARAMETERS Note: footnotes are included in the Data Library for the quarter, accessible via molgroup.info.