Slides
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ORLEN Group Consolidated Financial Results 2Q26 Warsaw , 6 August 2026 41 - R
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Financial Results 2 Q26 2 Key facts Downstream Upstream & Supply Consumers & Products Energy +66 million BOE from Goliat and Cerisa fields in Norway 40 LNG cargoes delivered to Poland in 1H26, including via ORLEN's own LNG carriers New Chemicals: scope, budget and timetable updated and agreed Baltic Power and CCGT Grudziądz : first power delivered to the Polish grid ~300 MW of new RES capacity (1H26) More than 5.6 million active VITAY loyalty programme users ORLEN Charge: first fast - charging hub on Germany's motorway network Grupa Azoty Polyolefins: next milestones in the acquisition process
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Financial Results 2 Q26 3 Financial results Strong results in favourable macro environment PLN bn 2Q26 1Q26 2Q25 6M26 6M25 Revenues 76,5 75,8 60,8 152,2 134,4 EBITDA LIFO 13,9 14,1 9,0 28,0 20,5 Cash flow from operations 15,2 8,5 10,4 23,7 26,1 CAPEX 9,3 5,4 7,6 14,7 13,8 Net debt/EBITDA 0,10x - 0,04x - 0,17x 0,10x - 0,17x
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Financial Results 2 Q26 Share of Natural Gas Production 7 4 % Wholesale Natgas Sales ( external ) 49 , 7 TWh Wholesale Fuel Sales 5,5 mt Petrochemical Sales 1, 0 mt Retail Electricity Sales 3 , 9 TWh + 6 % Retail Natgas Sales 18,4 TWh + 2 % Hydrocarbon Production 1 7 , 9 mm boe Crude Oil Throughput 9, 2 mt Retail Fuels Sales 3 , 6 bn l - 7 % 4 Operating parameters Operating indicators affected by maintenance season in Downstream US LNG D eliveries ( long - term contracts ) 11, 6 TWh S hare of z ero - and l ow - emission in installed capacity 6 5 % + 5 pp Efficiency of F uel S tations (lowering break - even margin) + 4 % Refining Capacity Utilisation 8 6 % + 0,4 % Electricity Production 3,9 TWh + 3 % Heat Production 16,8 PJ Natgas Distribution 29,1 TWh + 3 % Electricity Distribution 6, 2 TWh + 8 % - 4 % 0% - 7 pp - 4% +34% - 9% 0 pp +8% Downstream Upstream & Supply Consumers & Products Energy
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Financial Results 2 Q26 5 PLN bn EBITDA LIFO Diversified operating model resistant to seasonality and variable macro 3,6 3,2 7,8 6,5 9,0 2,8 8,9 9,0 6M26 6M25 Upstream & Supply Downstream Energy Consumers & Products Corporate functions 28,0 20,5 - 1,3 - 1,1 PLN bn 1,5 2,1 1,7 3,4 4,4 2,5 5,9 3,1 1,9 3,8 5,1 3,5 - 0,8 2Q26 1Q26 2Q25 Upstream & Supply Downstream Energy Consumers & Products Corporate functions 13,9 14,1 9,0 - 0,5 - 0,6
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Financial Results 2 Q26 6 PLN bn CAPEX Focus on growth projects and rationalisation of maintenance CAPEX Main growth projects Upstream & Supply • Exploration and production projects in Norway, Poland and Canada Downstream • HVO – Hydrotreated Vegetable Oil in Płock (300 kt / year) - commissioned • New Chemicals monomers installation in Płock (740 kt / year of ethylene) • Hydrocracking unit in Mažeikiai (increase in fuel yield by 10 pp) • Hydrocracking Oil Block in Gdańsk (400 kt / year of base oils group II) • Rapeseed Oil Pressing Plant in Kętrzyn (200 kt /year of oil for biofuel production) Energy • Offshore wind farms on the Baltic Sea: Baltic Power (1,2 GW), Baltic East (0,9 GW) • Expansion and modernisation of energy and gas distribution networks • Construction of CCGT units: Ostrołęka (745 MWe), Grudziądz (560 MWe), Grudziądz#2 (560 MWe), Gdańsk (560 MWe) • Construction of solar farms in Poland and Lithuania Consumers & Products • Expansion and modernisation of fuel station network • Expansion of non - fuel retail network • Expansion of alternative fuels network (E - mobility) 0,2 0,3 3,6 11,1 2,3 3,7 3,2 5,0 3,2 4,9 Realization 2Q26 0,7 Realization 6M26 Upstream & Supply Downstream Energy Consumers & Products Corporate functions 9,3 14,7 Realization 6M26 Growth Maintenance 14,7 0,4
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Financial Results 2 Q26 7 PLN bn Cash flow High cash flow from operations. Record - high dividend. Investment Grade : A3 stable outlook (29.04.2026) BBB+ stable outlook (02.03.2026) 28,0 23,7 - 5,9 3,8 0,1 - 5,1 - 0,1 EBITDA LIFO 6M26 LIFO effect Working capital Valuation of deposits and derivatives Tax paid Others Operating cash flow Investment cash flow incl. leasing Dividend paid for 2025 Interest, grants, FX Net debt increase - 2,1 - 2,0 - 4,1 - 15,1 - 9,3 Deposits for Energa shares
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Financial Results 2 Q26 8 Financing Maintaining a strong balance sheet and diversified funding sources Credit and loans 3 5 % USD Bonds 21% EUR Green Bonds 1 8 % EUR Bonds 13% Corporate Bonds 1 1 % Hybrid Bonds 2% Gross debt structure 2 7,2 PLN bn Net debt : Net debt / EBITDA: Gross debt currency structure : Weighted average debt maturity : Bond issues : PLN 4,5 bn 0,10x EUR: 43% / PLN 31% USD 23% / CZK 3% Feb 2034 USD 250m EUR 750m
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Wyniki finansowe 2Q26 Key initiatives for 2H26 9 Growth projects back on track Excellence in project management Maintaining cash - out discipline Upstream maintenance shutdowns in 3Q and higher LNG imports from the US starting in 4Q Project Finance for CCGT projects and refinancing of Baltic Power Bank syndicated loan Obtaining preferential funds from national and European funds Secured and well - diversified hydrocarbon supply Focus on maximizing utilization of Downstream assets following planned maintenance shutdowns Operation s Growth Financing
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Supporting slides
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Financial Results 2 Q26 11 Upstream & Supply 100% 76% 24% 50% 50% 76% 24% 106,1 +15% 69,9 - 1% 15,5 +17% 4,6 - 23% Total production 196 kboe/d (+8%) gas crude oil Brent DtD Crude Oil 103,8 USD/ bbl + 35,9 USD/bbl TGEgasDA Natural Gas 209 PLN/MWh Henry Hub Natural Gas* 36 PLN/MWh TTF Day - Ahead Natural Gas 194 PLN/MWh Production growth with higher oil and gas quotations. Lower wholesale gas sales. 74% 26% + 40 PLN/MWh - 9 PLN/MWh + 43 PLN/MWh Average production kboe /d EBITDA – business line results PLN m Market environment 4 286 3 849 Upstream Supply EBITDA 2Q26 - 437 Upstream & Supply : PLN 3 , 8 bn [ PLN (+) 0 , 3 bn ] Upstream : PLN 4 , 3 bn [ PLN (+) 1 , 3 bn ] (+) Increase in hydrocarbon quotations (+) Increase in hydrocarbon production volumes Supply : PLN ( - ) 0 , 4 bn [ PLN ( - ) 1 , 0 bn ] ( - ) Lower margins on gas sales ( - ) Increase in costs related to logistics and gas obligatory reserves (+) Positive impact of hedging
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Financial Results 2 Q26 12 Downstream CEE Refining Margin Indicator 14,5 USD/ bbl CEE Petrochemical Margin Indicator 381 EUR/t USD/PLN 3,66 Improved refining and petrochemical market conditions. Lower throughput due to planned maintenance shutdowns. 55 28 Crude oil throughput mt EBITDA – business line results PLN m Market environment Poland Lithuania Czechia ORLEN Group 5 459 5 926 467 Refining Petrochemicals EBITDA LIFO 2Q26 +4,4 USD/ bbl +189 EUR/t - 3% 2Q25 2Q26 5,7 5,1 - 11% 2Q25 2Q26 1,7 1,6 - 6% 2Q25 2Q26 2,3 2,4 +4% 2Q25 2Q26 9,8 9,2 - 7% EUR /PLN 4 , 25 0% Downstream : PLN 5 , 9 bn [ PLN + 4 , 0 bn ] Refining : PLN 5 , 5 bn [ PLN + 3 , 3 bn ] (+) Higher cracks on refining products limited by negative impact of differential, strengthening of PLN vs USD and NRV (+) Higher trading result and positive impact of using historical inventory layers Petrochemicals : PLN 0 , 5 bn [ PLN + 0 , 7 bn ] (+) Higher cracks on petrochemical products and positive impact of hedging ( - ) Lower trading result
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Financial Results 2 Q26 13 Energy Higher production and sales of electricity with lower heat production. Increase in gas and energy distribution volumes. Electricity TGeBase 421 PLN/MWh CO 2 Emission Rights 75 EUR/t +49 PLN/MWh +6 EUR/t Generation Sales Electricity Gas Electricity (TWh) Distribution (TWh) Generation Heat (PJ) EBITDA – business line results PLN m Market environment Operating volumes 1 028 3 447 2 238 181 Conventional Energy Distribution Networks (electricity, gas) RES EBITDA 2Q26 3,8 3,9 2Q25 2Q26 + 3% 2,5 3,2 2Q25 2Q26 +28% 5,7 6,2 2Q25 2Q26 + 8% 28,2 29,1 2Q25 2Q26 +3% 17,5 16,8 2Q25 2Q26 - 4% Energy : PLN 3 , 4 bn [ PLN + 0 , 9 bn ] Conventional Energy : PLN 1 , 0 bn [ PLN + 0 , 4 bn ] (+) Lower costs (gas and coal) and positive impact of hedging (+) Higher trading result on electricity sales ( - ) Lower heat production Distribution Networks : PLN 2 , 2 bn [ PLN + 0 , 5 bn ] (+) Increase in gas and electricity distribution volumes (+) Reversal of provisions RES : PLN 0 , 2 bn [ PLN 0 , 0 bn]
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Financial Results 2 Q26 14 Consumers & Products Lower fuel margins. Higher fuel and non - fuel sales. Higher gas and electricity sales. Gasoline Consumption 7,5 mt Gas Consumption 41,1 TWh Diesel Consumption 17,3 mt Electricity Consumption 40,3 TWh TWh, million l Sales volumes PLN m EBITDA – business line results Market environment – ORLEN’s 7 markets Market environment – Poland 914 1 542 628 Retail (fuel, convenience, EV) Retail (electricity, gas) EBITDA 2Q26 +2% +4% - 1% 0% 3 492 3 659 3 422 3 648 3,7 3,7 4,5 5,0 3,9 18,2 13,0 40,1 18,4 2Q25 3Q25 32,8 4Q25 1Q26 2Q26 3 200 Electricity (TWh) Gas (TWh) Fuels (million l) (+4%) (+2%) (+6%) Consumers & Products : PLN 1 , 5 bn [ PLN ( - ) 0 , 1 bn ] Retail (fuel, convenience, EV) : PLN 0 , 9 bn [ PLN ( - ) 0 , 1 bn ] ( - ) Lower fuel margins on the Polish market partially offset by higher margins on foreign markets (+) Higher non - fuel sales (+) Higher fuel sales Retail (electricity, gas) : PLN 0 , 6 bn [ PLN 0 , 0 bn ] (+) Increase in sales of gas and electricity ( - ) L ower margins on gas sales partially offset by h igher margins on electricity sales
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Financial Results 2 Q26 15 PLNbn Cash flow 2Q26 13,9 15,2 - 6,4 2,0 0,9 1,4 - 5,1 EBITDA LIFO 6M26 LIFO effect Working capital Valuation of deposits and derivatives Tax paid Others Operating cash flow Investment cash flow incl. leasing Dividend paid for 2025 Interest, grants, FX Net debt increase - 1,5 - 1,5 - 7,6 - 9,3 0,4 Deposits for Energa shares High cash flow from operations. Record - high dividend. Investment Grade : A3 stable outlook (29.04.2026) BBB+ stable outlook (02.03.2026)
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Financial Results 2 Q26 Main macro parameters 2 Q25 1 Q2 6 2 Q26 ∆ ( q / q) ∆ (y/y) CEE Refining Margin Indicator (1) USD/ bbl 10,1 12,9 14,5 12% 44% CEE Petrochemical Margin Indicator (2) EUR/t 192 119 381 220% 98% Brent DtD Crude Oil Quotations USD/ bbl 67,9 81,1 103,8 28% 53% Natural Gas TGEgasDA Quotations PLN/MWh 169 196 209 6% 24% Natural Gas TTF DA Quotations PLN/MWh 151 168 194 15% 28% Natural Gas Henry Hub MA Quotations PLN/MWh 45 61 36 - 41% - 20% Electricity TGeBaseDA Quotations PLN/MWh 372 528 421 - 20% 13% CO 2 emission rights EUR/t 69 76 75 - 1% 9% Average USD / PLN PLN 3,76 3,62 3,66 1% - 3% Average EUR / PLN PLN 4,26 4,24 4,25 0% 0% Macro environment 16
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Financial Results 2 Q26 PLN m 1Q25 2Q25 3Q25 4Q25 1Q 2 6 2Q 2 6 ∆ (y/y) 6M26 6M25 ∆ (y/y) Revenues 73 650 60 791 61 006 72 625 75 769 76 471 15 680 152 240 134 441 17 799 EBITDA LIFO (reported) 10 054 7 539 7 169 8 813 12 964 11 919 4 380 24 883 17 593 7 290 Impairments - 1 404 - 1 489 - 1 718 - 3 341 - 1 107 - 1 996 - 507 - 3 103 - 2 893 - 210 EBITDA LIFO (before impairments) 11 458 9 028 8 887 12 154 14 071 13 915 4 887 27 986 20 486 7 500 LIFO effect - 34 - 874 127 - 277 1 893 1 950 2 824 3 843 - 908 4 751 EBITDA (before impairments) 11 424 8 154 9 014 11 877 15 964 15 865 7 711 31 829 19 578 12 251 Depreciation - 3 347 - 3 491 - 3 534 - 3 986 - 3 190 - 3 356 135 - 6 546 - 6 838 292 EBIT LIFO (before impairments) 8 111 5 537 5 353 8 168 10 881 10 559 5 022 21 440 13 648 7 792 EBIT (before impairments) 8 077 4 663 5 480 7 891 12 774 12 509 7 846 25 283 12 740 12 543 Net result 4 206 1 465 2 162 3 154 8 154 7 716 6 251 15 870 5 671 10 199 Results – split by quarter 17
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Financial Results 2 Q26 18 PLN m 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 ∆ (y/y) 6M26 6M25 ∆ (y/y) Upstream & Supply, including: 5 466 3 542 3 618 4 753 5 043 3 849 307 8 892 9 008 - 116 NRV 0 0 0 0 - 4 10 10 6 0 6 Hedging - 260 - 173 - 72 - 422 812 - 20 153 792 - 433 1 225 Usage of historical inventory layers 0 0 - 33 - 114 346 - 3 - 3 343 0 343 Downstream , including : 930 1 888 2 112 3 125 3 083 5 926 4 038 9 009 2 818 6 191 NRV - 29 6 - 176 - 397 753 - 81 - 87 672 - 23 695 Hedging - 68 - 7 91 278 - 808 216 223 - 592 - 75 - 517 Usage of historical inventory layers - 192 - 173 - 103 - 150 705 1 129 1 302 1 834 - 365 2 199 Energy , including : 4 309 2 537 2 240 3 675 4 350 3 447 910 7 797 6 846 951 Hedging - 15 9 0 - 14 - 4 178 169 174 - 6 180 Consumers & Products 1 267 1 654 1 578 1 206 2 044 1 542 - 112 3 586 2 921 665 Corporate Functions - 514 - 593 - 660 - 605 - 449 - 849 - 256 - 1 298 - 1 107 - 191 EBITDA LIFO , including : 11 458 9 028 8 888 12 154 14 071 13 915 4 887 27 986 20 486 7 500 NRV - 29 6 - 176 - 397 749 - 71 - 77 678 - 23 701 Hedging - 343 - 171 19 - 158 0 374 545 374 - 514 888 Usage of historical inventory layers - 192 - 173 - 136 - 264 1 051 1 126 1 299 2 177 - 365 2 542 EBITDA LIFO – split by segments
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Financial Results 2 Q26 ORLEN Group refinery production data ORLEN Group 2Q25 1Q26 2Q26 ∆ (y/y) 6M26 6M25 ∆ (y/y) Crude oil throughput (kt) 9 847 9 369 9 165 - 7% 18 534 19 083 - 3% Utilization 93% 89% 86% ( - ) 7 pp 87% 90% ( - ) 3 pp ORLEN S.A. 1 Crude oil throughput (kt) 5 723 5 322 5 081 - 11% 10 403 10 839 - 4% Utilization 97% 91% 86% ( - ) 11 pp 88% 93% ( - ) 5 pp White products yield 4 82% 85% 84% 2 pp 85% 83% 2 pp ORLEN Unipetrol 2 Crude oil throughput (kt) 1 704 1 637 1 607 - 6% 3 244 3 358 - 3% Utilization 79% 76% 74% ( - ) 5 pp 75% 78% ( - ) 3 pp White products yield 4 83% 81% 84% 1 pp 82% 84% ( - ) 2 pp ORLEN Lietuva 3 Crude oil throughput (kt) 2 330 2 333 2 416 4% 4 750 4 704 1% Utilization 90% 91% 93% 3 pp 92% 91% 1 pp White products yield 4 78% 76% 79% 1 pp 77% 77% 0 pp 19
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Financial Results 2 Q26 It should be also noted that forward - looking statements, including statements relating to expectations regarding the future financial results give no guarantee or assurance that such results will be achieved . The Management Board’s expectations are based on present knowledge, awareness and/or views of ORLEN’s Management Board’s members and are dependent on a number of factors, which may cause that the actual results that will be achieved by ORLEN may differ materially from those discussed in the document . Many such factors are beyond the present knowledge, awareness and/or control of the Company, or cannot be predicted by it . No warranties or representations can be made as to the comprehensiveness or reliability of the information contained in this Presentation . Neither ORLEN nor its directors, managers, advisers or representatives of such persons shall bear any liability that might arise in connection with any use of this Presentation . Furthermore, no information contained herein constitutes an obligation or representation of ORLEN, its managers or directors, its Shareholders, subsidiary undertakings, advisers or representatives of such persons . This Presentation was prepared for information purposes only and is neither a purchase or sale offer, nor a solicitation of an offer to purchase or sell any securities or financial instruments or an invitation to participate in any commercial venture . This Presentation is neither an offer nor an invitation to purchase or subscribe for any securities in any jurisdiction and no statements contained herein may serve as a basis for any agreement, commitment or investment decision, or may be relied upon in connection with any agreement, commitment or investment decision . Disclaimer This presentation (“Presentation”) has been prepared by ORLEN S . A . (“ORLEN” or “Company”) . Neither the Presentation nor any copy hereof may be copied, distributed or delivered directly or indirectly to any person for any purpose without ORLEN’s knowledge and consent . Copying, mailing, distribution or delivery of this Presentation to any person in some jurisdictions may be subject to certain legal restrictions, and persons who may or have received this Presentation should familiarize themselves with any such restrictions and abide by them . Failure to observe such restrictions may be deemed an infringement of applicable laws . This Presentation contains neither a complete nor a comprehensive financial or commercial analysis of ORLEN and of the ORLEN Group, nor does it present its position or prospects in a complete or comprehensive manner . ORLEN has prepared the Presentation with due care, however certain inconsistencies or omissions might have appeared in it . Therefore, it is recommended that any person who intends to undertake any investment decision regarding any security issued by ORLEN or its subsidiaries shall only rely on information released as an official communication by ORLEN in accordance with the legal and regulatory provisions that are binding for ORLEN . The Presentation, as well as the attached slides and descriptions thereof may and do contain forward - looking statements . However, such statements must not be understood as ORLEN’s assurances or projections concerning future expected results of ORLEN or companies of the ORLEN Group . The Presentation is not and shall not be understood as a forecast of future results of ORLEN as well as of the ORLEN Group .