Interim report
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ORLEN GROUP CONSOLIDATED HALF - YEAR REPORT FOR THE FIRST HALF OF 2026
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ORLEN GROUP ORLEN GROUP – SELECTED FINANCIAL DATA PLN million PLN million EUR million EUR million 6 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 6 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 152,240 134,441 35,803 31,852 Operating profit before depreciation and amortisation (EBITDA) 28,726 16,685 6,756 3,953 EBITDA before net impairment losses 31,829 19,578 7,485 4,638 Operating profit (EBIT) 22,180 9,847 5,216 2,333 Profit before tax 21,500 9,381 5,056 2,223 Net profit before net impairment losses 18,973 8,564 4,462 2,029 Net profit 15,870 5,671 3,732 1,344 Total comprehensive income 13,749 5,776 3,233 1,368 Net profit attributable to owners of the parent 15,759 5,587 3,706 1,324 Total comprehensive income attributable to owners of the parent 13,640 5,701 3,208 1,351 Net cash from operating activities 23,680 26,092 5,569 6,182 Net cash from/(used in) investing activities (18,947) (13,116) (4,456) (3,107) Net cash from/(used in) financing activities (8,627) 1,657 (2,029) 392 Net increase/(decrease) in cash (3,894) 14,633 (916) 3,467 Basic and diluted earnings per share attributable to owners of the parent (PLN/EUR per share) 13.57 4.81 3.19 1.14 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Non-current assets 190,314 184,707 44,297 43,700 Current assets 90,331 80,341 21,025 19,008 Total assets 280,645 265,048 65,322 62,708 Share capital 1,974 1,974 459 467 Equity attributable to owners of the parent 148,002 143,617 34,449 33,979 Total equity 148,973 144,543 34,674 34,198 Non-current liabilities 64,857 60,333 15,096 14,274 Current liabilities 66,815 60,172 15,552 14,236 Number of shares 1,160,942,049 1,160,942,049 1,160,942,049 1,160,942,049 Book value per share and diluted book value per share attributable to owners of the parent (PLN/EUR per share) 127.48 123.71 29.67 29.27
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ORLEN GROUP ORLEN – SELECTED FINANCIAL DATA PLN million PLN million EUR million EUR million 6 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 6 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 100,862 87,411 23,720 20,710 Operating profit before depreciation and amortisation (EBITDA) 9,452 4,842 2,223 1,147 EBITDA before net impairment losses 11,985 6,942 2,819 1,645 Operating profit (EBIT) 7,203 2,636 1,694 625 Profit before tax 9,245 2,457 2,174 582 Net profit before net impairment losses 10,334 4,288 2,430 1,016 Net profit 7,801 1,501 1,835 356 Total comprehensive income 5,068 1,680 1,192 398 Net cash from operating activities 8,595 9,655 2,021 2,287 Net cash from/(used in) investing activities (8,244) 2,114 (1,938) 501 Net cash from/(used in) financing activities (4,136) 7,562 (973) 1,792 Net increase/(decrease) in cash (3,785) 19,331 (890) 4,580 Basic and diluted earnings per share (PLN/EUR per share) 6.72 1.29 1.58 0.31 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Non-current assets 134,916 136,389 31,403 32,268 Current assets 68,777 57,676 16,008 13,646 Total assets 203,693 194,065 47,411 45,914 Share capital 1,974 1,974 459 467 Total equity 121,197 125,417 28,210 29,673 Non-current liabilities 28,039 25,383 6,526 6,005 Current liabilities 54,457 43,265 12,675 10,236 Number of shares 1,160,942,049 1,160,942,049 1,160,942,049 1,160,942,049 Book value per share and diluted book value per share (PLN/EUR per share) 104.40 108.03 24.30 25.56 The above financial data for the six months of 2026 and 2025 have been translated into EUR based on the following principles: − items of the statement of profit or loss and other comprehensive income and the statement of cash flows – at the exchange rate being the arithmetic mean of the average exchange rates quoted by the National Bank of Poland on the last day of each month of the repo rting period: from 1 January to 30 June 2026 – 4.2522 EUR/PLN and from 1 January to 30 June 2025 – 4.2208 EUR/PLN; − Asset, equity and liability items – at the average exchange rate quoted by the National Bank of Poland as at 30 June 2026 – 4.2963 EUR/PLN and as at 31 December 2025 – 4.2267 EUR/PLN.
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ORLEN GROUP TABLE OF CONTENTS A. HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION ........................................................... 7 Consolidated statement of profit or loss and other comprehensive income ................................ .............................. 7 Consolidated statement of financial position ................................ ................................ ................................ .............. 8 Consolidated statement of changes in equity ................................ ................................ ................................ .............. 9 Consolidated statement of cash flows ................................ ................................ ................................ ....................... 10 NOTES TO THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ............................................................................... 11 1. Principal business of the ORLEN Group ................................ ................................ ................................ .......... 11 2. Policies applied in the preparation of the half -year condensed consolidated financial statements .............. 11 2.1. Statement of compliance and general basis of preparation ................................ ................................ ................ 11 2.2. Accounting policies and amendments to International Financial Reporting Standards (IFRS) ............................. 12 2.3. Functional currency and presentation currency of the financial statements and the policies adopted for translating the financial statements of foreign operations ................................ ................................ ................................ ... 18 2.4. Seasonality or cyclicality of the ORLEN Group's operations in the presented period ................................ .......... 18 3. Financial position and description of the organisation of the ORLEN Group ................................ ................. 18 3.1. Impact of the geopolitical situation, including in Iran and neighbouring countries, on the Group's operating and financial activities ................................ ................................ ................................ ................................ ............ 18 3.2. Factors with a material effect on the half -year condensed consolidated financial statements .............................. 19 3.3. Organisation of the ORLEN Group and changes in its structure ................................ ................................ ........ 21 4. Segment information ................................ ................................ ................................ ................................ ........ 27 5. Other notes ................................ ................................ ................................ ................................ ....................... 32 5.1. Revenue ................................ ................................ ................................ ................................ .......................... 32 5.2. Disaggregation of revenue by geographical area – presented by the country of the customer's registered office . 36 5.3. Operating costs ................................ ................................ ................................ ................................ ............... 37 5.4. Impairment of property, plant and equipment, intangible assets, goodwill and right -of-use assets ...................... 38 5.5. Other operating income and expenses ................................ ................................ ................................ ............. 40 5.6. Finance income and finance costs ................................ ................................ ................................ .................... 41 5.7. Effective tax rate ................................ ................................ ................................ ................................ .............. 42 5.8. Goodwill ................................ ................................ ................................ ................................ .......................... 42 5.9. Investments in joint arrangements and associates ................................ ................................ ............................ 43 5.10. Borrowings and bonds ................................ ................................ ................................ ................................ ..... 47 5.11. Other financial assets and liabilities ................................ ................................ ................................ .................. 48 5.12. Fair value measurement ................................ ................................ ................................ ................................ ... 49 5.13. Other assets and liabilities ................................ ................................ ................................ ............................... 50 5.14. Provisions ................................ ................................ ................................ ................................ ....................... 51 5.15. Capital expenditure commitments under signed contracts ................................ ................................ ................. 51 5.16. Issuance and redemption of debt securities ................................ ................................ ................................ ...... 51 5.17. Derivatives ................................ ................................ ................................ ................................ ...................... 51 5.18. Dividend for 2025 ................................ ................................ ................................ ................................ ............ 55 5.19. Claims, litigation and other contingent assets and contingent liabilities ................................ .............................. 56 5.20. Related -party transactions ................................ ................................ ................................ ............................... 58 5.21. Excise duty guarantees ................................ ................................ ................................ ................................ .... 60 5.22. Sureties for loans or guarantees provided by the Parent Company or its subsidiaries to a single entity or a subsidiary of that entity, where the total value of the existing sureties or guarantees is material ......................... 60 5.23. Events after the reporting period ................................ ................................ ................................ ...................... 60 B. HALF-YEAR CONDENSED SEPARATE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION .......................................................................................... 63 Separate statement of profit or loss and other comprehensive income ................................ ................................ ... 63 Separate statement of financial position ................................ ................................ ................................ ................... 64 Separate statement of changes in equity ................................ ................................ ................................ ................... 65 Separate statement of cash flows ................................ ................................ ................................ .............................. 66 NOTES TO THE HALF-YEAR CONDENSED SEPARATE FINANCIAL STATEMENTS .......................................................................................... 67 1. Principal business of ORLEN ................................ ................................ ................................ ........................... 67 2. Policies applied in the preparation of the half -year condensed separate financial statements ..................... 67 2.1. Statement of compliance and general basis of preparation ................................ ................................ ................ 67 2.2. Accounting policies and amendments to International Financial Reporting Standards (IFRS) ............................. 67 2.3. Functional currency and presentation currency of the financial statements ................................ ........................ 73 2.4. Seasonality or cyclicality of the Company's operations in the presented period ................................ .................. 73 3. ORLEN’s financial position ................................ ................................ ................................ .............................. 74 3.1. Impact of the geopolitical situation, including in Iran and neighbouring countries, on the Company's operating and financial activities ................................ ................................ ................................ ................................ ............ 74 3.2. Factors with a material effect on the half -year condensed separate financial statements ................................ .... 74 4. Segment information ................................ ................................ ................................ ................................ ........ 77 5. Other notes ................................ ................................ ................................ ................................ ....................... 81
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ORLEN GROUP 5.1. Revenue ................................ ................................ ................................ ................................ .......................... 81 5.2. Disaggregation of revenue by geographical area – presented by the country of the customer's registered office . 83 5.3. Operating costs ................................ ................................ ................................ ................................ ............... 85 5.4. Impairment of property, plant and equipment and intangible assets, right -of-use assets and shares in subsidiaries and joint arrangements ................................ ................................ ................................ ................................ .... 85 5.5. Other operating income and expenses ................................ ................................ ................................ ............. 86 5.6. Finance income and finance costs ................................ ................................ ................................ .................... 87 5.7. Effective tax rate ................................ ................................ ................................ ................................ .............. 88 5.8. Borrowings and bonds ................................ ................................ ................................ ................................ ..... 88 5.9. Other financial assets and liabilities ................................ ................................ ................................ .................. 89 5.10. Fair value measurement ................................ ................................ ................................ ................................ ... 90 5.11. Other assets and liabilities ................................ ................................ ................................ ............................... 91 5.12. Provisions ................................ ................................ ................................ ................................ ....................... 92 5.13. Capital expenditure commitments under signed contracts ................................ ................................ ................. 92 5.14. Issuance and redemption of debt securities ................................ ................................ ................................ ...... 92 5.15. Derivatives ................................ ................................ ................................ ................................ ...................... 92 5.16. Dividend for 2025 ................................ ................................ ................................ ................................ ............ 93 5.17. Claims, litigation and other contingent liabilities ................................ ................................ ................................ 94 5.18. Related -party transactions ................................ ................................ ................................ ............................... 95 5.19. Excise duty guarantees ................................ ................................ ................................ ................................ .... 97 5.20. Sureties for loans or guarantees provided by ORLEN or its subsidiaries to a single entity or a subsidiary of that entity, where the total value of the existing sureties or guarantees is material ................................ .................... 97 5.21. Events after the reporting period ................................ ................................ ................................ ...................... 97 C. MANAGEMENT REPORT ON THE GROUP’S ACTIVITIES ........................................................................................................................... 100 1. Financial position ................................ ................................ ................................ ................................ ........... 100 1.1. Key drivers of LIFO EBITDA (EBITDA with inventories measured using the LIFO method) ............................... 100 1.2. Share of revenue and EBITDA from coal assets ................................ ................................ ............................. 101 1.3. Significant events between 1 January 2026 and the date of this report ................................ ............................ 102 1.4. Material risk factors affecting current and future financial performance ................................ ............................ 104 2. Projected growth of the ORLEN Group ................................ ................................ ................................ .......... 105 3. Other information ................................ ................................ ................................ ................................ ........... 106 3.1. Composition of the Management Board and Supervisory Board ................................ ................................ ...... 106 3.2. Shareholders holding directly or indirectly through subsidiaries at least 5% of the total voting rights at the Parent's General Meeting as at the date of this report ................................ ................................ ................................ .. 106 3.3. Changes in holdings of ORLEN shares by members of the Management Board and the Supervisory Board ..... 107 3.4. Position of the Management Board on the feasibility of achieving previously published financial forecasts for the year ................................ ................................ ................................ ................................ ............................... 107 D. STATEMENTS BY THE MANAGEMENT BOARD ........................................................................................................................................... 108
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HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE 6- AND 3-MONTH PERIODS ENDED 30 JUNE PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION 2026
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 7 / 108 Translation from the original Polish version A. HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION Consolidated statement of profit or loss and other comprehensive income NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 5.1 152,240 76,471 134,441 60,791 Cost of sales 5.3 (115,449) (57,988) (111,833) (51,148) Gross profit 36,791 18,483 22,608 9,643 Selling expenses (7,955) (4,039) (7,143) (3,679) General and administrative expenses (3,446) (1,694) (3,160) (1,532) Other operating income 5.5 5,759 1,092 3,583 2,182 Other operating expenses 5.5 (8,863) (3,263) (5,926) (3,410) (Impairment loss)/reversal of impairment loss on trade and other receivables (106) (66) (115) (30) Operating profit 22,180 10,513 9,847 3,174 Share of profit or loss of entities accounted for using the equity method 72 50 251 (36) Finance income 5.6 1,091 456 811 387 Finance costs 5.6 (1,843) (694) (1,528) (615) Net finance income/(costs) (752) (238) (717) (228) Profit before tax 21,500 10,325 9,381 2,910 Income tax 11.8 (5,630) (2,609) (3,710) (1,445) Net profit 15,870 7,716 5,671 1,465 Other comprehensive income: that will not be reclassified subsequently to profit or loss 4 22 (292) (33) actuarial gains and losses 1 27 (106) (32) gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income 4 - (253) (8) deferred tax (1) (5) 67 7 that may be reclassified subsequently to profit or loss (2,125) 1,600 397 486 derivatives in cash flow hedges (3,289) 1,862 (26) 299 costs of hedging (98) (14) 660 111 exchange differences on translation of foreign operations 679 130 (117) 154 income tax 583 (378) (120) (78) (2,121) 1,622 105 453 Total comprehensive income 13,749 9,338 5,776 1,918 Net profit attributable to 15,870 7,716 5,671 1,465 owners of the parent 15,759 7,680 5,587 1,428 non-controlling interests 111 36 84 37 Total comprehensive income attributable to 13,749 9,338 5,776 1,918 owners of the parent 13,640 9,301 5,701 1,882 non-controlling interests 109 37 75 36 Earnings per share attributable to owners of the parent (PLN per share) basic 13.57 6.62 4.81 1.23 diluted 13.57 6.62 4.81 1.23 *Comparative information has been restated; for details, see Note 2.2.3 The notes on pages 11–61 form an integral part of these half-year condensed consolidated financial statements.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 8 / 108 Translation from the original Polish version Consolidated statement of financial position NOTE 30/06/2026 (unaudited) 31/12/2025 ASSETS Non-current assets Property, plant and equipment 12.1 146,522 142,380 Investment property 12.2 769 768 Intangible assets 12.3 4,010 4,526 Goodwill 5.8 3,893 3,812 Right-of-use assets 15.2.1 15,861 14,824 Investments accounted for using the equity method 5.9 2,563 2,465 Deferred tax assets 11.8.2 3,086 1,903 Other financial assets 5.11 3,512 4,148 Mandatory stocks 12.7.1 9,511 9,180 Other assets 5.13 587 701 190,314 184,707 Current assets Inventories 12.7.1 24,709 19,126 Trade receivables 12.7.2 24,156 24,060 Income tax receivables 355 399 Cash 12.8 22,693 26,445 Other financial assets 5.11 11,566 4,738 Other assets 5.13 6,807 4,148 Assets classified as held for sale 45 1,425 90,331 80,341 Total assets 280,645 265,048 EQUITY AND LIABILITIES EQUITY Share capital 12.11.1 1,974 1,974 Share premium 12.11.2 46,405 46,405 Other components of equity 12.11.3 520 2,641 Retained earnings 12.11.4 99,103 92,597 Equity attributable to owners of the parent 148,002 143,617 Equity attributable to non-controlling interests 12.11.5 971 926 Total equity 148,973 144,543 LIABILITIES Non-current liabilities Borrowings and bonds 5.10 25,032 23,657 Lease liabilities 5.9 11,848 10,867 Provisions 5.14 11,156 12,051 Deferred tax liabilities 11.8.2 12,514 10,975 Other financial liabilities 5.11 1,594 950 Other liabilities 5.13 2,713 1,833 64,857 60,333 Current liabilities Trade payables 12.7.3 22,111 18,552 Lease liabilities 15.2.1 1,706 1,694 Contract liabilities 12.13.1 2,157 2,084 Borrowings and bonds 5.10 2,156 1,507 Provisions 5.14 13,166 12,127 Current tax liabilities 4,474 3,326 Other financial liabilities 5.11 9,236 9,277 Other liabilities 5.13 11,809 11,605 66,815 60,172 Total liabilities 131,672 120,505 Total equity and liabilities 280,645 265,048 The notes on pages 11–61 form an integral part of these half-year condensed consolidated financial statements.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 9 / 108 Translation from the original Polish version Consolidated statement of changes in equity Share capital Share premium Other components of equity hedging reserve costs of hedging fair value reserve exchange differences on translation of foreign operations Retained earnings Equity attributable to owners of the parent Equity attributable to non-controlling interests Total equity 01/01/2026 1,974 46,405 2,641 2,734 1,328 (157) (1,264) 92,597 143,617 926 144,543 Net profit - - - - - - - 15,759 15,759 111 15,870 Components of other comprehensive income - - (2,121) (2,703) (101) 4 679 2 (2,119) (2) (2,121) Total comprehensive income - - (2,121) (2,703) (101) 4 679 15,761 13,640 109 13,749 Change in ownership structure - - - - - - - 33 33 (64) (31) Dividends - - - - - - - (9,288) (9,288) - (9,288) Transactions with owners - - - - - - - (9,255) (9,255) (64) (9,319) 30/06/2026 1,974 46,405 520 31 1,227 (153) (585) 99,103 148,002 971 148,973 (unaudited) 01/01/2025 1,974 46,405 303 976 533 (7) (1,199) 97,089 145,771 979 146,750 Net profit - - - - - - - 5,587 5,587 84 5,671 Components of other comprehensive income - - 193 (20) 534 (204) (117) (79) 114 (9) 105 Total comprehensive income - - 193 (20) 534 (204) (117) 5,508 5,701 75 5,776 Dividends - - - - - - - (6,966) (6,966) - (6,966) Transactions with owners - - - - - - - (6,966) (6,966) - (6,966) 30/06/2025 1,974 46,405 496 956 1,067 (211) (1,316) 95,631 144,506 1,054 145,560 (unaudited) (restated) *Comparative information has been restated; for details, see Note 2.2.3 The notes on pages 11–61 form an integral part of these half-year condensed consolidated financial statements.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 10 / 108 Translation from the original Polish version Consolidated statement of cash flows NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Cash flows from operating activities Profit before tax 21,500 10,325 9,381 2,910 Adjustments for: Share of profit or loss of entities accounted for using the equity method 5.9 (72) (50) (251) 36 Depreciation and amortisation 6,546 3,356 6,838 3,491 Foreign exchange (gains)/losses 372 116 (384) (107) Net interest 537 243 338 140 Loss on investing activities 3,151 2,062 3,282 1,569 Change in provisions 2,773 1,163 4,133 1,751 Change in working capital (2,055) 865 6,972 2,704 inventories (5,517) (5,066) 2,927 (1,350) trade receivables 171 4,104 3,774 3,465 trade payables 3,291 1,827 271 589 Other adjustments, including: (4,997) (1,410) (598) (231) release of a government grant related to energy rights to profit or loss (1,375) (829) (1,242) (653) margin deposits (1,320) 2,596 (247) (269) derivatives (682) (1,169) 947 763 change in liabilities for taxes, duties, social security and other charges (1,167) (2,127) (325) (386) purchase of energy rights (467) (57) (140) (73) Income tax (paid) (4,075) (1,458) (3,619) (1,846) Net cash from operating activities 23,680 15,212 26,092 10,417 Cash flows from investing activities Acquisition of property, plant and equipment, intangible assets and right-of-use assets (13,823) (6,955) (12,991) (6,255) Funds paid in to subscribe for new shares issued by Energa S.A. (5,080) (5,080) - - Other (44) (174) (125) (142) Net cash (used in) investing activities (18,947) (12,209) (13,116) (6,397) Cash flows from financing activities Proceeds from borrowings 2,466 1,730 3,977 2,397 Repayment of borrowings (1,982) (1,042) (6,748) (812) Issue of bonds 967 - 4,982 - Interest paid on borrowings and bonds (422) (188) (260) (150) Interest paid on lease liabilities (303) (122) (271) (114) Dividends paid (9,288) (9,288) - - Payment of lease liabilities (976) (382) (923) (345) Government grants received 976 922 996 975 Other (65) (31) (96) (61) Net cash from/(used in) financing activities (8,627) (8,401) 1,657 1,890 Net increase/(decrease) in cash (3,894) (5,398) 14,633 5,910 Effect of exchange rate changes on cash 142 (15) (106) 24 Cash at beginning of period 26,445 28,106 11,042 19,635 Cash at end of period 22,693 22,693 25,569 25,569 including restricted cash 720 720 824 824 *Comparative information has been restated; for details, see Note 2.2.3 The notes on pages 11–61 form an integral part of these half-year condensed consolidated financial statements.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 11 / 108 Translation from the original Polish version NOTES TO THE HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Principal business of the ORLEN Group The Parent of the ORLEN Group (the 'Group', 'ORLEN Group') is ORLEN S.A. ('ORLEN', the 'Company', the 'Parent'), with its registered office in Płock, ul. Chemików 7. The ORLEN Group is a modern multi-energy group whose operations focus primarily on: • exploration and production of hydrocarbons, • wholesale trading in crude oil and natural gas; • refining and petrochemical production, with increasing use of renewable feedstocks and recycling, and wholesale trading in refined and petrochemical products; • generation of electricity and heat, with continuous development of modern, low -emission power generation assets and investment in gas-fired power generation and renewable energy sources such as wind farms and photovoltaic farms; • distribution of electricity and natural gas, and electricity trading; • retail sales of fuels, electricity, and natural gas, and the provision of other services for retail customers and households, prioritising the development of modern retail solutions, including e -mobility infrastructure, the digitalisation of services, and the VITAY loyalty programme. The ORLEN Group has consistently strengthened its position as a leader in the innovation -driven energy transition, combining business growth with environmental responsibility and stable growth in shareholder value. 2. Policies applied in the preparation of the half-year condensed consolidated financial statements 2.1. Statement of compliance and general basis of preparation These half-year condensed consolidated financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and the Regulation of the Minister of Finance on current and periodic information to be provided by issuers of securities and on the conditions for recognising as equivalent information required by the laws of a non -member state, and present the financial position of the ORLEN Group as at 30 June 2026 and 31 December 2025 , its results and cash flows for the six- and three-month periods ended 30 June 2026 and 30 June 2025. These half-year condensed consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern for at least twelve months from the end of the reporting period. In assessing the Group's ability to continue as a going concern, the Management Board analysed financial and operating risks, considering their potential effect on the Group's operations over at least twelve months from the reporting date. The analysis covered, in particular, the Group's financial position and key financial indicators, including liquidity, debt ratio s, profitability, and turnover ratios, none of which indicated any risk to the Group's financial stability. The Group identifies and actively manages liquidity risk, i.e. the risk that it may be unable, in whole or in part, to meet i ts current and future financial obligations, by maintaining an appropriate level of cash and access to diversified sources of funding. The Group is able to meet its obligations as they fall due, in particular through positive cash flows from operating activities and access to external financing. To mitigate liquidity gap risk, the Group diversifies its funding sources and us es a variety of instruments to manage liquidity effectively. As part of its going concern assessment, the Management Board also considered risks arising from the macroeconomic and geopolitical environment and from climate change, analysing their potential impact on the Group's operating and financial activities. Based on the analyses performed, as at the date of signing these half-year condensed consolidated financial statements, the Parent's Management Board has not identified any facts or circumstances indicating a threat to the Group's ability to continue as a going concern in the foreseeable future, i.e. for a period of not less than 12 months from the reporting date. The Parent and the entities forming part of the ORLEN Group have been established for an indefinite period. The consolidated financial statements have been prepared on a historical cost basis, except for derivatives, investment property measured at fair value, and financial assets measured at fair value. These half-year condensed consolidated financial statements , except for the consolidated statement of cash flows, have been prepared on the accrual basis of accounting.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 12 / 108 Translation from the original Polish version 2.2. Accounting policies and amendments to International Financial Reporting Standards (IFRS) 2.2.1. Amendments to International Financial Reporting Standards (IFRS) Applying the amendments to IFRS effective from 1 January 2026 had no material effect on the Group’s interim condensed consolidated financial statements. Of the standards issued but not yet effective, the Group expects the following to have the greatest impact on its future financial statements: • IFRS 18 ‘Presentation and Disclosure in Financial Statements’, endorsed for use in the European Union on 13 February 2026 (effective for annual periods beginning on or after 1 January 2027) and • IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’, issued by the International Accounting Standards Board on 27 May 2026, pending endorsement by the European Union (effective for annual periods beginning on or after 1 January 2029). The application of IFRS 18 will affect the Group’s consolidated financial statements, in particular the structure of the consolidated statement of profit or loss and other comprehensive income and the classification and presentation of individual categories o f income and expenses. The standard requires all items of income and expense to be classified into five defined categories (operating, investing, financing, income taxes and discontinued operations) and introduces new mandatory subtotals. Consequently, certain items currently presented as revenue, operating expenses or finance costs may need to be reclassified to other categories, depending on the nature of the transaction and the Group’s principal business activities. IFRS 18 also introduces new disclosure requirements for management -defined performance measures (MPMs) used in the Group’s external communications. As at the date of preparation of these half-year consolidated financial statements, the Group is analysing its performance measures to determine which of them meets the definition of a management -defined performance measure under IFRS 18 and complies with ESMA’s Guidelines on Alternative Performance Measures (APMs). As at the date on which these half-year consolidated financial statements were authorised for issue, the Group is carrying out a detailed analysis of the classification of income and expenses into the respective profit or loss categories, including the identification of items that may require reclassification. The work also includes a review of the subtotals currently used, the new aggregation and disaggregation requirements and the presentation of management-defined performance measures. The Group is also analysing the effect of the consequential amendments to other standards arising from IFRS 18. As part of this work, the Group has identified the effect of the amendments to IAS 7 on the presentation of the statement of cash flows. Under the amended IAS 7, operating profit or loss, rather than profit or loss before tax, will be the starting point for presenting cash flows from operating activities using the indirect method. Consequently, the adjustments made in arriving at cash flows from operating activities under the indirect method will change. The amended IAS 7 also clarifies the classification of cash flows arising f rom interest and dividends and eliminates the existing classification alternatives for those cash flows. The Group is determining the detailed scope of the presentational changes resulting from these requirements, including their effect on the comparative information. IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’ applies to entities carrying on rate -regulated activities and sets out requirements for the recognition, measurement, presentation and disclosure of regulatory assets and regulatory liabilities and the related regulatory income and regulatory expenses arising from differences in timing between the provision of regulated services and the inclusion of the related amounts in the rates charged to customers. The standard is intended to help investors better understand how rate regulation affects the financial performance and financial position of rate-regulated entities. The International Accounting Standards Board has set the effective date for annual periods beginning on or after 1 January 2029, with earlier application permitted. As at the date on which these half -year condensed consolidated financial statements were authorised for issue, IFRS 20 had not been endorsed for use in the European Union. Consequently, the date from which the Group will be required to apply it may depend on the outcome of the EU endorsement process. The Group expects IFRS 20 to affect the ORLEN Group’s consolidated financial statements because it operates in areas subject to rate regulation, principally the sale and distribution of electricity, heat and gaseous fuel, where customer tariffs require approval by the President of the Energy Regulatory Office. The Group is assessing the potential effect of IFRS 20 on its future consolidated financial statements. Its work includes identifying contracts, regulatory decisions and other settlement mechanisms that may meet the standard’s criteria; assessing whether timing differences require the recognition of regulatory assets, regulatory liabil ities, regulatory income and regulatory expenses; and determining the disclosures required. 2.2.2. Accounting policies The material accounting policy information, significant judgements and estimates applied by the Group in these half -year condensed consolidated financial statements are the same as those described in the relevant notes to the Consolidated Financial Statements for 2025, except for the change in accounting policy described below concerning the presentation of cash flows related to the purchase of energy rights. With effect from 1 January 2026, the Group changed the classification of expenditure on the purchase of energy rights, including CO₂ emission allowances. Before the change, such expenditure was presented within cash flows from investing activities. It is now presented within cash flows from operating activities, under ‘Other’, as the purchase of energy rights. The change affects only presentation in the statement of cash flows and does not affect the Group's recognition or measurement of energy rights, including CO₂ emission allowances. In particular, the change has no effect on profit or loss, total net cash flows or the balance of cash and cash equivalents. The purchase of energy rights, including CO₂ emission allowances, forms part of the Group's core operating activities and is made to meet obligations imposed by the regulations applicable to the Group. Presenting such expenditure within operating activities
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 13 / 108 Translation from the original Polish version therefore provides better alignment between the statement of profit or loss and the statement of cash flows and improves the transparency of the financial information. It also removes the previous inconsistency between the operating nature of emission costs and the classification of the related cash flows as investing activities. The effect of the changes on the comparative information is set out in Note 2.2.3. 2.2.3. Restatement of comparative information The Group restated the comparative information to reflect the changes in accounting policies described in Note 2.2.2 to these half-year condensed conso lidated financial statements and in Note 4.1 to the Consolidated Financial Statements for 2025, together with corrections of departures from IFRS requirements and prior -period errors described in the notes to the Consolidated Financial Statements for 2025. The changes related in particular to: • a change in accounting policy, including: − the reclassification introduced in 2025 within cash flows from operating activities, from “Change in working capital” to “Other adjustments”, of all non -financial receivables and liabilities and all receivables and liabilities constituting financial assets and financial liabilities that do not arise from the entity’s principal operating activities – the sale or purchase of goods or services; and − the change in the classification of expenditure on the purchase of energy rights described in Note 2.2.2. • the accounting for forward contracts for the purchase and sale of natural gas entered into in the over -the-counter market as financial instruments measured at fair value (Note 4.2 to the Consolidated Financial Statements for 2025); • other adjustments, including: - the recalculation of provisions for onerous contracts relating to electricity sales contracts entered into by Energa -Obrót S.A. (ENERGA Group; Note 4.2 to the Consolidated Financial Statements for 2025); - the accounting treatment of events arising under Germany’s national CO ₂ emissions trading scheme at ORLEN Deutschland (Note 4.2 to the Consolidated Financial Statements for 2025); - the presentation of selected transactions affecting revenue, cost of sales and selling expenses, with no effect on operating profit, including changes arising from a revision of the previous principal -versus-agent assessment in respect of sales of non -fuel goods by ORLEN Deutschland to the customer network, resulting in revenue and the related costs being presented separately, and from a change in the presentation of a tax on fuel sales in Austria, under which the tax is recognised as a deduction from revenue; Note 4.2 to the Consolidated Financial Statements for 2025); - the presentation of changes in the fair value of derivatives used to hedge foreign exchange risk, following the previous incorrect allocation of those changes between the line item ‘Derivatives in cash flow hedges’ and the line item ‘Costs of hedging’ (Note 6 to the Consolidated Financial Statements for 2025). Detailed information on the impact of the above adjustments on the consolidated statement of profit or loss and other comprehensive income and the consolidated statement of cash flows is set out in the following tables.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 14 / 108 Translation from the original Polish version 6 MONTHS ENDED 30/06/2025 (unaudited) (as published) Recognition of forward contracts Other adjustments 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 134,194 - 247 134,441 Cost of sales (111,964) - 131 (111,833) Gross profit 22,230 - 378 22,608 Selling expenses (6,736) - (407) (7,143) General and administrative expenses (3,160) - - (3,160) Other operating income 3,501 82 - 3,583 Other operating expenses (5,550) (376) - (5,926) (Impairment loss)/reversal of impairment loss on trade and other receivables (115) - - (115) Operating profit 10,170 (294) (29) 9,847 Share of profit or loss of entities accounted for using the equity method 251 - - 251 Finance income 811 - - 811 Finance costs (1,528) - - (1,528) Net finance income/(costs) (717) - - (717) Profit before tax 9,704 (294) (29) 9,381 Income tax (3,772) 56 6 (3,710) Net profit 5,932 (238) (23) 5,671 Other comprehensive income: that will not be reclassified subsequently to profit or loss (292) - - (292) actuarial gains and losses (106) - - (106) gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income (253) - - (253) deferred tax 67 - - 67 that may be reclassified subsequently to profit or loss 397 - - 397 derivatives in cash flow hedges 797 - (823) (26) costs of hedging (163) - 823 660 exchange differences on translation of foreign operations (117) - - (117) income tax (120) - - (120) 105 - - 105 Total comprehensive income 6,037 (238) (23) 5,776 Net profit attributable to 5,932 (238) (23) 5,671 owners of the parent 5,846 (238) (21) 5,587 non-controlling interests 86 - (2) 84 Total comprehensive income attributable to 6,037 (238) (23) 5,776 owners of the parent 5,960 (238) (21) 5,701 non-controlling interests 77 - (2) 75 Basic and diluted earnings per share attributable to owners of the parent (PLN per share) 5.04 (0.21) (0.02) 4.81
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 15 / 108 Translation from the original Polish version 3 MONTHS ENDED 30/06/2025 (unaudited) (as published) Recognition of forward contracts Other adjustments 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 60,659 - 132 60,791 Cost of sales (51,160) - 12 (51,148) Gross profit 9,499 - 144 9,643 Selling expenses (3,472) - (207) (3,679) General and administrative expenses (1,532) - - (1,532) Other operating income 2,235 (53) - 2,182 Other operating expenses (3,350) (60) - (3,410) (Impairment loss)/reversal of impairment loss on trade and other receivables (30) - - (30) Operating profit 3,350 (113) (63) 3,174 Share of profit or loss of entities accounted for using the equity method (36) - - (36) Finance income 387 - - 387 Finance costs (615) - - (615) Net finance income/(costs) (228) - - (228) Profit before tax 3,086 (113) (63) 2,910 Income tax (1,478) 21 12 (1,445) Net profit 1,608 (92) (51) 1,465 Other comprehensive income: that will not be reclassified subsequently to profit or loss (33) - - (33) actuarial gains and losses (32) - - (32) gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income (8) - - (8) deferred tax 7 - - 7 that may be reclassified subsequently to profit or loss 486 - - 486 derivatives in cash flow hedges 343 - (44) 299 costs of hedging 67 - 44 111 exchange differences on translation of foreign operations 154 - - 154 income tax (78) - - (78) 453 - - 453 Total comprehensive income 2,061 (92) (51) 1,918 Net profit attributable to 1,608 (92) (51) 1,465 owners of the parent 1,567 (92) (47) 1,428 non-controlling interests 41 - (4) 37 Total comprehensive income attributable to 2,061 (92) (51) 1,918 owners of the parent 2,021 (92) (47) 1,882 non-controlling interests 40 - (4) 36 Basic and diluted earnings per share attributable to owners of the parent (PLN per share) 1.35 (0.08) (0.04) 1.23
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 16 / 108 Translation from the original Polish version 6 MONTHS ENDED 30/06/2025 (unaudited) (as published) Changes in accounting policies Recognition of forward contracts Other adjustments 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) Cash flows from operating activities Profit before tax 9,704 - (294) (29) 9,381 Adjustments for: Share of profit or loss of entities accounted for using the equity method (251) - - - (251) Depreciation and amortisation 6,838 - - - 6,838 Foreign exchange (gains) (384) - - - (384) Net interest and dividends 338 - - - 338 Loss on investing activities 3,282 - - - 3,282 Change in provisions 3,701 - - 432 4,133 Change in working capital 6,760 615 - (403) 6,972 inventories 3,330 - - (403) 2,927 trade receivables 4,156 (382) - - 3,774 trade payables (726) 997 - - 271 Other adjustments (138) (754) 294 - (598) Income tax (paid) (3,619) - - - (3,619) Net cash from operating activities 26,231 (139) - - 26,092 Cash flows from investing activities Acquisition of property, plant and equipment, intangible assets, and right-of-use assets (13,130) 140 - (1) (12,991) Other (125) - - - (125) Net cash (used) in investing activities (13,255) 140 - (1) (13,116) Cash flows from financing activities Proceeds from borrowings 3,977 - - - 3,977 Repayment of borrowings (6,748) - - - (6,748) Issue of bonds 4,982 - - - 4,982 Interest paid on borrowings and bonds (260) - - - (260) Interest paid on lease liabilities (271) - - - (271) Payment of lease liabilities (923) - - - (923) Government grants received 996 - - - 996 Other (96) - - - (96) Net cash from financing activities 1,657 - - - 1,657 Net increase in cash 14,633 1 - (1) 14,633 Effect of exchange rate changes on cash (106) - - - (106) Cash at beginning of period 11,042 - - - 11,042 Cash at end of period 25,569 1 - (1) 25,569 including restricted cash 824 - - - 824
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 17 / 108 Translation from the original Polish version 3 MONTHS ENDED 30/06/2025 (unaudited) (as published) Changes in accounting policies Recognition of forward contracts Other adjustments 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Cash flows from operating activities Profit before tax 3,086 - (113) (63) 2,910 Adjustments for: Share of profit or loss of entities accounted for using the equity method 36 - - - 36 Depreciation and amortisation 3,491 - - - 3,491 Foreign exchange (gains) (107) - - - (107) Net interest and dividends 140 - - - 140 Loss on investing activities 1,569 - - - 1,569 Change in provisions 1,474 - - 277 1,751 Change in working capital 2,414 504 - (214) 2,704 inventories (1,136) - - (214) (1,350) trade receivables 4,469 (1,004) - - 3,465 trade payables (919) 1,508 - - 589 Other adjustments 232 (576) 113 - (231) Income tax (paid) (1,846) - - - (1,846) Net cash from operating activities 10,489 (72) - - 10,417 0 Cash flows from investing activities Acquisition of property, plant and equipment, intangible assets, and right-of-use assets (6,329) 73 - 1 (6,255) Other (140) - - (2) (142) Net cash (used) in investing activities (6,469) 73 - (1) (6,397) Cash flows from financing activities Proceeds from borrowings 2,397 - - - 2,397 Repayment of borrowings (812) - - - (812) Issue of bonds - - - - - Interest paid on borrowings and bonds (150) - - - (150) Interest paid on lease liabilities (114) - - - (114) Payment of lease liabilities (345) - - - (345) Government grants received 975 - - - 975 Other (61) - - - (61) Net cash from financing activities 1,890 - - - 1,890 Net increase in cash 5,910 1 - (1) 5,910 Effect of exchange rate changes on cash 24 - - - 24 Cash at beginning of period 19,635 - - - 19,635 Cash at end of period 25,569 1 - (1) 25,569 including restricted cash 824 - - - 824
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 18 / 108 Translation from the original Polish version 2.3. Functional currency and presentation currency of the financial statements and the policies adopted for translating the financial statements of foreign operations 2.3.1. Functional currency and presentation currency The functional currency of the Parent and the presentation currency of these half-year condensed consolidated financial statements is the Polish zloty (PLN). Any rounding differences of PLN 1 million in the totals of items presented in the notes to the financial statements arise from the rounding applied. All amounts in these consolidated financial statements are expressed in PLN million unless otherwise indicated. 2.3.2. Policies applied in translating financial statements For consolidation purposes, the financial statements of foreign operations are translated into PLN as follows: • Assets and liabilities – at the exchange rate prevailing at the reporting date, • Items of the statement of profit or loss and other comprehensive income and of the statement of cash flows – translated at the average exchange rate for the reporting period (being the arithmetic mean of the average daily exchange rates quoted by the National Bank of Poland ('NBP') in that period). Exchange differences arising from these translations are recognised in equity under ‘Translation reserve’. On disposal of a foreign operation, the accumulated exchange differences relating to that foreign operation and recognised in equity are reclassified to profit or loss as part of the gain or loss on disposal. CURRENCY Average exchange rate for the reporting period Exchange rate at the end of the reporting period 6 MONTHS ENDED 30/06/2026 3 MONTHS ENDED 30/06/2026 6 MONTHS ENDED 30/06/2025 3 MONTHS ENDED 30/06/2025 30/06/2026 31/12/2025 EUR/PLN 4.2432 4.2510 4.2313 4.2614 4.2963 4.2267 USD/PLN 3.6381 3.6560 3.8763 3.7585 3.7708 3.6016 CAD/PLN 2.6405 2.6414 2.7487 2.7146 2.6493 2.6288 CZK/PLN 0.1745 0.1749 0.1692 0.1710 0.1772 0.1746 NOK/PLN 0.3800 0.3878 0.3628 0.3652 0.3801 0.3577 2.4. Seasonality or cyclicality of the ORLEN Group's operations in the presented period The sale and distribution of natural gas, as well as the generation, sale and distribution of electricity and heat, are subje ct to seasonal or cyclical fluctuations during the year. Volumes of natural gas and energy sold and distributed – and consequently related revenue – rise in the winter months and fall in the summer months. This depends on ambient temperatures and daylight hours. These fluctuations are driven by low temperatures and shorter days in winter and higher temperatures and longer days in summer. Seasonality in revenue from these activities affects individual customers to a significantly greater extent than customers in the manufacturing and industrial sectors. Furthermore, the level of electricity generation from renewable energy sources may be subject to seasonal fluctuations and variations resulting from weather conditions. In the six- and three-month periods ended 30 June 2026 and 30 June 2025, there was no significant seasonality or cyclicality of operations in the ORLEN Group's other segments. 3. Financial position and description of the organisation of the ORLEN Group 3.1. Impact of the geopolitical situation, including in Iran and neighbouring countries, on the Group's operating and financial activities The Group has for some time been operating amid heightened geopolitical uncertainty arising, among other factors, from the ongoing war in Ukraine and the conflict in the Middle East, which has disrupted key transport routes for energy commodities . As a result, political and macroeconomic risk has increased significantly at both regional and global levels. The Group continuously assesses the impact of ongoing armed conflicts around the world on its operations . The effects include both market impacts already observed and potential further consequences, and will depend in particular on the scale and duration of the conflict, possible scenarios for its development and measures taken by other governments and international organisations, particularly regarding the continuation of trade restrictions. Impact of the geopolitical situation on the ORLEN Group’s operating performance The conflict in the Middle East, ongoing since the end of February 2026, had a material effect on the financial performance of individual operating segments through movements in crude oil and natural gas prices, margins on refined and petrochemical products and foreign exchange rates.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 19 / 108 Translation from the original Polish version Brent crude prices were highly volatile and, at their peak, exceeded USD 140/bbl. In the first half of 2026, the average crud e oil price rose by USD 20.4/bbl (y/y) to USD 92.3/bbl. Higher crude oil prices translated directly into increased revenue from hydrocarbon sales in the Upstream & Supply segment and therefore had a positive effect on the segment’s operating profit. In the Downstream segment, higher operating costs resulting from increased crude oil prices were offset by stronger refining margins, raising the CEE refining margin by USD 5.4/bbl (y/y) to USD 14.9/bbl. A similar pattern was seen in petrochemicals, where petrochemical product prices rose faster than the cost of petrochemical feedstocks – naphtha and natural gas – raising the CEE petrochemical margin by EUR 80/t (y/y) to EUR 248/t. The improved macroeconomic environment had a positive effect on the Downstream segment’s operating performance. In the first half of 2026, European gas prices, including the TTF benchmark, remained sensitive to developments affecting the security of LNG supplies, the situation in the Middle East and the capacity of key export and transport infrastructure. Escalating tensions – including risks surrounding transit capacity through the Strait of Hormuz and the availability of LNG infrastructure in the Persian Gulf region – periodically drove gas prices higher. The effect on the European market was mitigated by increased LNG supplies from the United States and forward contracts covering part of demand. As a result, the average price of gas in the first half of 2026 rose by PLN 10/MWh to PLN 203/MWh. The effect of gas prices on the ORLEN Group’s performance differs across segments. Higher gas prices increase revenue in Upstream & Supply, but raise the cost of producing fuels, electricity and heat in the Downstream and Energy segments. However, a significant proportion of the gas required for energy generation in 2026 had already been secured under contracts, limiting the adverse effect of higher market gas prices on operating performance for the period. The Group continues to monitor developments in the Strait of Hormuz region. Although supplies from that region are currently suspended, this has not disrupted gas supplies to Poland. The Group can diversify its sources of LNG supply through, among other things, spot -market purchases and the use of its own logistics and trading capabilities. If the current situation persists, the conflict may exert further upward pressure on European gas prices. Some of the affected volumes could, however, be replaced by supplies sourced from North America or other regions at prevailing market prices. The ORLEN Group also consistently applies procedures designed to ensure business continuity and uninterrupted fuel supplies. Accordingly, the Group does not currently identify a risk of fuel shortages in any of the markets in which it opera tes. Crude oil and liquid fuel stocks comprise mandatory stocks and operating stocks. Operating stocks (also referred to as commercial stocks) are used to meet current demand for fuels, whereas mandatory stocks are maintained to ensure national energy security. The Group maintains mandatory stocks of crude oil and fuels at the levels required under applicable law. Impact of the geopolitical situation on significant estimates and assumptions: In Note 16.5 to the Consolidated Financial Statements for 2025, the Group identified significant Management Board estimates and assumptions that, in ORLEN’s opinion, may be affected in subsequent periods by the geopolitical situation, including the wars in the Middle East and neighbouring countries. Given the relatively short period between the outbreak of the conflict in the Middle East and the date of preparation of thes e interim condensed financial statements, estimating its potential further macroeconomic and market consequences remains difficult and subject to uncertainty. As at the date of preparation of these consolidated financial statements, the Group concluded that the escalation of the conflict in the Middle East does not affect its going concern assessment. The ORLEN Group continues to monitor geopolitical developments and will reflect any events affecting its financial reporting in the relevant reporting period. Given the high level of uncertainty and significant price volatility in the hydrocarbon market, the Group regards the current situation as temporary. As part of its analysis, the Group assesses whether the short-term trends observed, particularly in commodity prices, could develop into longer-term trends. Any such trends will be reflected in the future cash-flow projections used for impairment testing. 3.2. Factors with a material effect on the half-year condensed consolidated financial statements In the first six months of 2026, the ORLEN Group generated revenue of PLN 152,240 million, up by PLN 17,799 million (y/y). Revenue in the Upstream & Supply segment fell by PLN (877) million (y/y), mainly in Supply, as forward contra cts on the Polish Power Exchange (POLPX) were settled at lower prices year on year. In Upstream, revenue increased as hydrocarbon production and sales volumes rose by 1,092 kboe (y/y), while crude oil and natural gas prices increased by 28% (y/y) and 5% (y/y), respectively. Downstream and Consumers & Products revenue increased by PLN 16,181 million (y/y) and PLN 5,457 million (y/y), respectively. A key factor driving revenue growth in both segments was the rise in prices of key refined and petrochemical products following the escalation of hostilities in the Middle East. In the first six months of 2026, prices increased by 27% (y/y) for petrol, 49% (y/y) for diesel, 62% (y/y) for jet fuel, 47% (y/y) for light fuel oil, 18% (y/y) for propylene, 16% (y/y) for ethylene, 26% (y/y) for benzene and 16% (y/y) for paraxylene. Revenue growth was also supported by higher petrochemical -product sales volumes, principally in the Czech market, as the turnaround at the Litvínov Refinery’s petrochemical complex and the shutdowns of ANWIL units in 2025 did not recur. Retail fuel sales increased by 2%, with growth in Poland and the Czech Republic partly offset by lower sales in Germany and
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 20 / 108 Translation from the original Polish version Austria. Wholesale sales volumes of refined products fell by (435) thousand tonnes (y/y). The decline was concentrated in low-margin products, principally brine and heavy refinery fractions, sales of which decreased by a combined (467) thousand tonnes (y/y). Middle-distillate sales volumes, however, increased by 167 thousand tonnes (y/y), supporting segment revenue growth. Energy segment revenue increased by PLN 839 million (y/y), driven mainly by a 10% increase in energy prices on the Polish Power Exchange (POLPX) (y/y) and a 1.0 TWh increase in energy sales volumes (y/y). Operating expenses increased by PLN (4,714) million (y/y) to PLN (126,850) million. The cost of raw materials, consumables and energy used, including crude oil, increased by PLN (4,921) million (y/y), mainly due to higher crude oil market prices following the outbreak of the conflict in the Middle East. Consequently, operating profit before depreciation and amortisation (EBITDA) for the first half of 2026 increased by PLN 12,041 million (y/y) to PLN 28,726 million. Excluding net impairment losses on non -current assets, EBITDA was PLN 31,829 million, an increase of PLN 12,251 million (y/y). The net result on other operating activities was PLN (3,104) million, down by PLN (761) million (y/y). Further commentary on the main drivers of the year-on-year change in EBITDA is provided in section C1. After tax expense of PLN (5,630) million, the ORLEN Group posted a net profit of PLN 15,870 million, up by PLN 10,199 million (y/y). In the first half of 2026, the Group generated positive cash flows from operating activities of PLN 23,680 million and received additional proceeds from a bond issue of PLN 967 million. These funds were used in part to finance capital expenditure incurred in the period in line with the plan set out in the strategy of PLN (13,823) million and to subscribe for newly issued ENERGA shares for PLN (5,080) million. Net cash flows from financing activities were PLN (8,627) million, reflecting primarily the PLN (9,288) million dividend paid to ORLEN shareholders. Statement of financial position The ORLEN Group's total assets amounted to PLN 280,645 million as at 30 June 2026, an increase of PLN 15,597 million compared with 31 December 2025. As at 30 June 2026, non-current assets amounted to PLN 190,314 million, up by PLN 5,607 million from 31 December 2025. The key movements were in the following items: • property, plant and equipment and intangible assets, which increased by PLN 3,626 million from 31 December 2025 to PLN 150,532 million. This change was driven mainly by continued delivery of capital projects focused on strategic growth areas and the modernisation of property, plant and equipment. Capital expenditure cover ed a broad range of projects across the Group’s operating segments, including: − Upstream & Supply: development of the Fenris, Yggdrasil and Ørn fields in Norway, production projects in Canada, expansion of domestic production and new lease agreements for the charter of two LNG carriers; − Downstream: projects included the construction of: the Hydrocracking Unit in Lithuania, the Rapeseed Oil Pressing Plant in Kętrzyn, the Hydrocracked Base Oil (HBO) Unit in Gdańsk, the second -generation Bioethanol Plant in Jedlicze, the marine cargo terminal on the Martwa Wisła in Gdańsk, and a new monomer production unit under the Nowa Chemia project; − Energy: expansion and modernisation of power and gas networks, construction of photovoltaic farms in Poland and Lithuania, and construction of CCGT units in Ostrołęka, Grudziądz and Gdańsk; − Consumers & Products: key capital projects related to the modernisation and rebranding of the fuel -station network and the development of the alternative-fuels network. In the first half of 2026, the ORLEN Group's total capital expenditure amounted to PLN 14,651 million. The increase resulting from capital expenditure was partly offset by depreciation and amortisation of PLN (6,546) million, net impairment losses on non-current assets of PLN (3,103) million, recognised mainly in the Downstream segment, and the net effect of energy rights redeemed and purchased totalling PLN (1,913) million; • deferred tax assets increased by PLN 1,183 million. The increase in deferred tax assets was driven mainly by impairment losses recognised on assets, negative exchange differences and the measurement of derivatives used to hedge natural gas price volatility and CO2 emission allowance price volatility. Current assets totalled PLN 90,331 million as at 30 June 2026, an increase of PLN 9,990 million from 31 December 2025. The key movements were in the following items: • inventories, which increased by PLN 5,583 million, driven mainly by a significant increase in the average prices of crude oil, petrol and diesel held in inventory. • other financial assets, the carrying amount of which increased by PLN 6,828 million to PLN 11,566 million, mainly due to the recognition of PLN 5,080 million of cash deposited with the National Depository for Securities S.A. (“KDPW”) in connection with ENERGA S.A.’s issue of series CC shares, and an increase of PLN 1,184 million in margin deposits. That increase resulted mainly from changes in the value of derivatives traded on ICE following a fall in the prices of CO 2 emission allowances and a rise in crude oil prices and the refining margin, which the Group has resumed hedging;
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 21 / 108 Translation from the original Polish version • cash, which decreased by PLN (3,752) million, mainly reflecting the payment of the dividend for 2025, capital expenditure and cash deposited with KDPW to subscribe for newly issued ENERGA shares. Following registration of ENERGA S.A.’s share capital increase in early July 2026, the funds were returned to the Group’s accounts. As at 30 June 2026, equity was PLN 148,973 million, up PLN 4,430 million f rom 31 December 2025. The movement primarily reflected net profit for the first half of 2026 of PLN 15,870 million, partly offset by a dividend of PLN (9,288) million paid to ORLEN shareholders out of retained earnings and by the movement in the hedging reserve of PLN (2,804) million, which resulted mainly from changes in the measurement of the portfolio of instruments hedging natural gas and CO 2 emission allowance price volatility. As at 30 June 2026, liabilities amounted to PLN 131,672 million and were higher by PLN 11,167 million. The key movements were in the following items: • borrowings and bonds, which increased by PLN 2,024 million, mainly due to the issue of bonds and the receipt of a PLN 900 million loan funded under the National Recovery and Resilience Plan (KPO), pursuant to an agreement with Bank Gospodarstwa Krajowego for the refinancing of expenditure incurred on the construction of the Baltic Power offshore wind farm (for details, see Note 5.8); • trade payables, which increased by PLN 3,559 million, mainly reflecting higher crude oil purchase prices; • current tax liabilities, which increased by PLN 1,148 million; • deferred tax liabilities increased by PLN 1,539 million. • other liabilities, which increased by PLN 1,084 million, mainly due to recognition of the grant due in respect of energy rights; • lease liabilities, which increased by PLN 993 million, mainly as a result of new leases entered into and modifications to existing leases since 31 December 2025; Provisions were broadly unchanged from 31 December 2025. During the period, provisions for decommissioning and environmental costs fell by PLN (771) million, mainly as a result of a revision to the discount rate. At the same time, provisions for CO₂ emissions increased by PLN 1,964 million following the recognition of emission costs for the first half of 2026. Other provisions decreased by PLN (1,009) million, mainly as a result of the ENERGA Group’s utilisation of a PLN (551) million provision for a payment to the Price Difference Payment Fund account and the release of PLN (387) million of the provision for the onerous contract relating to the entrustment agreement between System Gazociągów Tranzytowych EuRoPol Gaz S.A. (“EuRoPol Gaz”) and Operator Gazociągów Przesyłowych Gaz-System S.A. (“OGP”). The partial release of the provision resulted mainly from revised estimates of the future costs of fulfilling the obligations under the agreement. The estimates were revised following the approval in early June 2026 by the President of the Energy Regulatory Office (URE) of a new transmission tariff for the integrated natural gas transmission system in Poland, comprising OGP’s own network as well as the EuRoPol Gaz transmission network. 3.3. Organisation of the ORLEN Group and changes in its structure As at 30 June 2026, the ORLEN Group comprised ORLEN as the Parent and entities located mainly in the Polish, Lithuanian, Czech, Slovak, Hungarian, German, Austrian, Canadian and Norwegian markets. ORLEN, as the Group's Parent, operates across multiple segments and is allocated to all operating segments and Corporate Functions.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 22 / 108 Translation from the original Polish version
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 23 / 108 Translation from the original Polish version Entities included within lower-tier subsidiary groups presented in the consolidation diagram. Group/Company Group's percentage ownership interest Segment as at 30/06/2026 as at 31/12/2025 ORLEN Lietuva Group AB ORLEN Lietuva 100% 100% Downstream, Energy, Corporate Functions ORLEN Eesti OÜ 100% 100% Downstream ORLEN Latvija SIA 100% 100% Downstream AB ORLEN Mockavos terminalas 100% 100% Downstream ORLEN Asfalt Group ORLEN Asfalt Sp. z o.o. 100% 100% Downstream ORLEN Asfalt Ceska Republika s.r.o. 100% 100% Downstream ORLEN Eko Group ORLEN Eko Sp. z o.o. 100% 100% Downstream ORLEN EkoUtylizacja Sp. z o.o. 100% 100% Downstream ORLEN Projekt Group ORLEN Projekt S.A. 100% 100% Downstream ORLEN Projekt Česká republika s.r.o. 59.91% 59.91% Downstream ENERGOP Sp. z o.o. 74.11% 74.11% Downstream ORLEN Południe Group ORLEN Południe S.A. 100% 100% Downstream, Energy Konsorcjum Olejów Przepracowanych - Organizacja Odzysku Opakowań i Olejów S.A. 96% 96% Downstream ORLEN Unipetrol Group ORLEN Unipetrol a.s. 100% 100% Corporate Functions ORLEN UNIPETROL RPA s.r.o. 100% 100% Downstream, Energy, Consumers & Products, Corporate Functions ORLEN UNIPETROL Hungary Kft. 100% 100% Downstream ORLEN UNIPETROL Deutschland GmbH 100% 100% Downstream ORLEN UNIPETROL Slovakia s.r.o. 100% 100% Downstream, Consumers & Products Spolana s.r.o. 100% 100% Downstream ORLEN HUNGARY Kft. 100% 100% Consumers & Products REMAQ s.r.o. 100% 100% Downstream HC Verva Litvinov a.s. – 70.95% Corporate Functions Paramo a.s. 100% 100% Downstream ORLEN Kolej Group ORLEN Kolej Sp. z o.o. 100% 100% Downstream ORLEN UNIPETROL Doprava s.r.o. 100% 100% Downstream ORLEN Transport Group ORLEN Transport Sp. z o.o. 100% 100% Downstream PETROTRANS s.r.o. 100% 100% Downstream ORLEN Serwis Group ORLEN Serwis S.A. 100% 100% Downstream ORLEN Service Česká Republika s.r.o. 100% 100% Downstream UAB ORLEN Service Lietuva 100% 100% Downstream ORLEN Upstream Polska Group ORLEN Upstream Polska Sp. z o.o. 100% 100% Upstream & Supply ORLEN Upstream Canada Ltd. 100% 100% Upstream & Supply KCK Atlantic Holdings Ltd. 100% 100% Upstream & Supply LOTOS Upstream Group LOTOS Upstream Sp. z o.o. 100% 100% Upstream & Supply AB LOTOS Geonafta 100% 100% Upstream & Supply UAB Genciu Nafta 100% 100% Upstream & Supply UAB Manifoldas 100% 100% Upstream & Supply Baltic Gas Sp. z o.o. 100% 100% Upstream & Supply Baltic Gas sp. z o.o. i wspólnicy sp. k. 100% 100% Upstream & Supply ORLEN Petrobaltic Group ORLEN Petrobaltic S.A. 99.99% 99.99% Upstream & Supply Energobaltic Sp. z o.o. 100% 100% Upstream & Supply Miliana Shipholding Company Ltd. 100% 100% Upstream & Supply Bazalt Navigation Company Ltd. 100% 100% Upstream & Supply Granit Navigation Company Ltd. 100% 100% Upstream & Supply Kambr Navigation Company Ltd. 100% 100% Upstream & Supply Miliana Shipmanagement Ltd. 100% 100% Upstream & Supply Petro Aphrodite Company Ltd. 100% 100% Upstream & Supply Petro Icarus Company Ltd. 100% 100% Upstream & Supply St. Barbara Navigation Company Ltd. 100% 100% Upstream & Supply Technical Ship Management Sp. z o.o. 100% 100% Upstream & Supply
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 24 / 108 Translation from the original Polish version SPV Baltic Sp. z o.o. 100% 100% Upstream & Supply SPV Petro Sp. z o.o. 100% 100% Upstream & Supply ORLEN Energy Trading Group (formerly: PGNiG Supply & Trading Group) ORLEN Energy Trading GmbH (formerly: PGNiG Supply & Trading GmbH) 100% 100% Upstream & Supply ORLEN LNG SHIPPING LIMITED 100% 100% Upstream & Supply ORLEN LNG TRADING LIMITED 100% 100% Upstream & Supply Exalo Drilling Group Exalo Drilling S.A. 100% 100% Upstream & Supply Exalo Diament Sp. z o.o. 100% 100% Upstream & Supply EXALO DRILLING UKRAINE LLC 100% 100% Upstream & Supply Zakład Gospodarki Mieszkaniowej sp. z o.o. w Pile 100% 100% Upstream & Supply GAS - TRADING Group GAS - TRADING S.A. 79.58% 79.58% Upstream & Supply Gas-Trading Podkarpacie Sp. z o.o. 99.04% 99.04% Upstream & Supply ORLEN Upstream Norway Group ORLEN Upstream Norway AS 100% 100% Upstream & Supply LOTOS Exploration and Production Norge AS – 100% Upstream & Supply ORLEN New Power Group (formerly: ORLEN Wind 3 Group) ORLEN New Power Sp. z o.o. (formerly: ORLEN Wind 3 Sp. z o.o.) 100% 100% Energy Livingstone Sp. z o.o. 100% 100% Energy Nowotna Farma Wiatrowa Sp. z o.o. 100% 100% Energy Forthewind Sp. z o.o. 100% 100% Energy Copernicus Windpark Sp. z o.o. 100% 100% Energy Ujazd Sp. z o.o. 100% 100% Energy EW Dobrzyca Sp. z o.o. 100% 100% Energy Wind Field Wielkopolska Sp. z o.o. 100% 100% Energy PV WAŁCZ 01 Sp. z o.o. 100% 100% Energy Neo Solar Chotków Sp. z o.o. 100% 100% Energy Neo Solar Farms Sp. z o.o. 100% 100% Energy "FW WARTA" Sp. z o.o. 100% 100% Energy ORLEN Neptun Group ORLEN Neptun Sp. z o.o. 100% 100% Energy Świnoujście Offshore Terminal Sp. z o.o. 100% 100% Energy ORLEN Neptun III Sp. z o.o. 100% 100% Energy ORLEN Neptun IV Sp. z o.o. 100% 100% Energy ORLEN Neptun V Sp. z o.o. 100% 100% Energy ORLEN Neptun VII Sp. z o.o. 100% 100% Energy Baltic East sp. z o.o. (formerly: ORLEN Neptun VIII Sp. z o.o.) 100% 100% Energy ORLEN Neptun X Sp. z o.o. 100% 100% Energy ORLEN Neptūnas, UAB 100% 100% Energy ORLEN TERMIKA Group (formerly: PGNiG TERMIKA Group) ORLEN TERMIKA S.A. (formerly: PGNiG TERMIKA S.A.) 100% 100% Energy ORLEN TERMIKA Silesia S.A. (formerly: PGNiG TERMIKA Energetyka Przemysłowa S.A.) 100% 100% Energy ORLEN Termika TechSerwis sp. z o.o. (formerly: PGNiG TERMIKA Energetyka Przemysłowa - Technika Sp. z o.o.) 100% 100% Energy ORLEN TERMIKA Przemyśl sp. z o.o. (formerly: PGNiG TERMIKA Energetyka Przemyśl sp. z o.o.) 100% 100% Energy ORLEN TERMIKA Rozproszona sp. z o.o. (formerly: PGNiG TERMIKA Energetyka Rozproszona sp. z o.o.) 100% 100% Energy Polska Spółka Gazownictwa Group Polska Spółka Gazownictwa Sp. z o.o. 100% 100% Energy Gaz Sp. z o.o. 100% 100% Energy PSG Inwestycje Sp. z o.o. 100% 100% Energy ORLEN Biometan Group (formerly: PGNiG Bioevolution Group) ORLEN Biometan sp. z o.o. (formerly: PGNiG Bioevolution sp. z o.o.) 100% 100% Energy Bioenergy Project Sp. z o.o. 100% 100% Energy CHP Energia Sp. z o.o. 100% 100% Energy Bioutil Sp. z o.o. 100% 100% Energy BioEvolution Głąbowo SP. z o.o. 100% 100% Energy BIOENERGIA JAZY Sp. z o.o. 100% - Energy ENERGA Group Energa S.A. 92.46% 92.03% Energy, Consumers & Products, Corporate Functions CCGT Gdańsk Sp. z o.o. 100% 100% Energy CCGT Grudziądz Sp. z o.o. 100% 100% Energy CCGT Ostrołęka Sp. z o.o. 100% 100% Energy Centrum Badawczo-Rozwojowe im Faradaya Sp. z o.o. - 100% Energy Energa Finance AB 100% 100% Corporate Functions Energa Green Development Sp. z o.o. 100% 100% Energy Farma Wiatrowa Szybowice Sp. z o.o. - 100% Energy Helios Polska Energia Sp. z o.o. - 100% Energy Solar Serby Sp. z o.o. - 100% Energy Energa Informatyka i Technologie Sp. z o.o. 100% 100% Energy Energa Logistyka Sp. z o.o. 100% 100% Energy Energa Prowis Sp. z o.o. 100% 100% Energy Energa Oświetlenie Sp. z o.o. 100% 100% Energy Energa-Obrót S.A. 100% 100% Consumers & Products
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 25 / 108 Translation from the original Polish version Enspirion Sp. z o.o. 100% 100% Energy Energa Kogeneracja Sp. z o.o. 100% 100% Energy Energa Ciepło Kaliskie Sp. z o.o. 91.24% 91.24% Energy Energa Ciepło Ostrołęka Sp. z o.o. 100% 100% Energy Centrum Badawczo-Rozwojowe im Faradaya Sp. z o.o. 100% - Energy Energa-Operator S.A. 100% 100% Energy Energa Operator Wykonawstwo Elektroenergetyczne Sp. z o.o. 100% 100% Energy Energa Wytwarzanie S.A. 100% 100% Energy Energa Elektrownie Ostrołęka S.A. 89.64% 89.64% Energy ECARB Sp. z o.o. 100% 100% Energy Energa Serwis Sp. z o.o. 100% 100% Energy ENERGA MFW 1 Sp. z o.o. 100% 100% Energy ENERGA MFW 2 Sp. z o.o. 100% 100% Energy Energa Wind Service Sp. z o.o. 100% 100% Energy E&G sp. z o.o. 100% 100% Energy VRW 11 Sp. z o.o. 100% 100% Energy Farma Wiatrowa Szybowice Sp. z o.o. 100% - Energy Helios Polska Energia Sp. z o.o. 100% - Energy Solar Serby Sp. z o.o. 100% - Energy Energa Storage Sp. z o.o. 100% 100% Energy ORLEN Deutschland Group ORLEN Deutschland GmbH 100% 100% Consumers & Products ORLEN Deutschland Betriebsgesellschaft GmbH 100% 100% Consumers & Products ORLEN Deutschland Süd Betriebsgesellschaft mbH 100% 100% Consumers & Products Usługi Logistyczne Group in liquidation (formerly: 'RUCH' Group) Usługi Logistyczne S.A. in liquidation (formerly: 'RUCH' S.A.) 65% 65% Consumers & Products Fincores Business Solutions Sp. z o.o. in liquidation (formerly: Fincores Business Solutions Sp. z o.o.) - 100% Consumers & Products ORLEN Austria Group ORLEN Austria GmbH 100% 100% Consumers & Products Austrocard GmbH 100% 100% Consumers & Products Turmöl GmbH (formerly: Tulpen Tankstellenbetriebs GmbH) 100% 100% Consumers & Products ORLEN Holding Malta Group ORLEN Holding Malta Ltd. 100% 100% Corporate Functions Orlen Insurance Ltd. 100% 100% Corporate Functions Polska Press Group Polska Press Sp. z o.o. 100% 100% Corporate Functions Pro Media Sp. z o.o. 53% 53% Corporate Functions ORLEN Ochrona Group ORLEN Ochrona Sp. z o.o. 100% 100% Corporate Functions UAB ORLEN Apsauga 100% 100% Corporate Functions Polskie Centrum Brokerskie Sp. z o.o. 100% 100% Corporate Functions Changes in the ORLEN Group's structure from 1 January 2026 to the date of preparation of this report ACQUISITION/DISPOSAL OF SHARES • In the first half of 2026, ORLEN acquired a total of 1,792,910 shares in ENERGA S.A. As at 30 June 2026, ORLEN held a 92.46% interest in ENERGA S.A.’s share capital, representing 94.42% of the voting rights at the General Meeting. Furthermore, on 1 July 2026, an increase in the share capital of ENERGA S.A. from PLN 4,521,612,884.88 to PLN 7,536,021,467.52 was registered with the National Court Register; as part of the increase, ORLEN S.A. took up 274,381,311 shares in ENERGA S.A. with a nominal value of PLN 10.92 each and a total nominal value of PLN 2,996,243,916.12; Consequently, as at 1 July 2026, the Company’s interest in ENERGA S.A.’s share capital increased to 95.24%, representing 96.06% of the voting rights at the General Meeting; • On 17 June 2026, ORLEN Unipetrol RPA s.r.o., a member of the ORLEN Unipetrol Group, sold its entire interest in HC Verva Litvinov, a.s. ORLEN Unipetrol RPA s.r.o. held a 70.95% equity interest in HC Verva Litvinov, a.s. The disposal of HC Verva Litvinov formed part of the ORLEN Group’s ongoing optimisation programme. • On 5 August 2026, ORLEN New Power Sp. z o.o. acquired from the Polish developers ONDE and Neo Energy Group 100% e quity interests in two special -purpose vehicles: Solar Kazimierz Biskupi sp. z o.o. and KWE sp. z o.o. The companies hold the rights to develop a 180 MW solar farm and a 36 MW wind farm. For further information, see Note 5.23. ACQUISITION/DISPOSAL OF SHARES WITHIN THE GROUP • On 5 February 2026, ENERGA S.A. (the seller) and Energa Kogeneracja sp. z o.o. (the buyer) entered into an agreement to sell 100% of shares in Centrum Badawczo-Rozwojowe im. M. Faradaya sp. z o.o.; • On 28 May 2026, Energa Wytwarzanie S.A. acquired from Energa Green Development sp. z o.o. 100% of the shares in the following companies: Solar Serby Sp. z o.o., Helios Polska Energia Sp. z o.o. and Farma Wiatrowa Szybowice Sp. z o.o., each with its registered office in Gdańsk. The transaction was an internal reorganisation intended to streamline the Energa Group’s corporate structure in line with its business-area allocation.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 26 / 108 Translation from the original Polish version FORMATION OF A COMPANY • On 16 July 2026, ORLEN Unipetrol RPA s.r.o. and ORLEN Unipetrol a.s . (ORLEN Unipetrol Group) established ORLEN Slovakia Trade s. r. o. The company was registered on 28 July 2026 . Its share capital is EUR 10,000, of which ORLEN Unipetrol RPA s.r.o. holds 86.96% and ORLEN Unipetrol a.s. holds 13.04%. MERGERS OF COMPANIES • On 26 March 2026, LOTOS Exploration and Production Norge AS was struck off the Norwegian register (liquidation by merger with its existing sole shareholder, ORLEN Upstream Norway AS, on the basis of the approved merger plan) and finally ceased to exist as a legal entity. WINDING UP/REMOVAL FROM THE NATIONAL COURT REGISTER (KRS) • On 21 May 2026, Fincores Business Solutions Sp. z o.o. (in liquidation) was removed from the National Court Register; • On 1 July 2026, the Extraordinary Meeting of Shareholders of PGNiG SPV 10 sp. z o.o. resolved to dissolve the company and commence liquidation. Consequently, with effect from 1 July 2026, PGNiG SPV 10 sp. z o.o. was placed in liquidation. These structural changes form part of the delivery of the ORLEN Group 2035 Strategy, which is underpinned by corporate governance principles focused on building a commercially integrated, cohesive and digitally enabled organisation. The initiatives seek to allocate the Group's capital to the most promising areas of activity and strengthen its position as an integrated multi-energy group.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 27 / 108 Translation from the original Polish version 4. Segment information Revenue, expenses, profit or loss, additions to non-current assets for the 6 months ended 30 June 2026 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenue from external customers 5.1 27,499 58,334 15,161 51,065 181 - 152,240 Inter-segment revenue 6,573 18,516 9,472 1,209 610 (36,380) - Revenue 34,072 76,850 24,633 52,274 791 (36,380) 152,240 Total operating expenses (26,979) (65,365) (19,278) (49,462) (2,136) 36,370 (126,850) Other operating income 5.5 3,087 2,053 387 170 62 - 5,759 Other operating expenses 5.5 (3,014) (5,255) (259) (78) (257) - (8,863) impairment losses on property, plant and equipment, intangible assets and other assets, net 5.5 (16) (2,971) (106) (8) (2) - (3,103) (Impairment loss)/reversal of impairment loss on trade and other receivables (116) 30 (7) (11) (2) - (106) Operating profit/(loss) (A) 7,050 8,313 5,476 2,893 (1,542) (10) 22,180 Share of profit or loss of entities accounted for using the equity method 72 Net finance income/(costs) 5.6 (752) Profit before tax 21,500 Income tax (5,630) Net profit 15,870 Depreciation and amortisation (B) 5.3 2,277 1,117 2,215 685 256 (4) 6,546 EBITDA (A+B) 9,327 9,430 7,691 3,578 (1,286) (14) 28,726 LIFO 451 3,392 - - - - 3,843 LIFO-based EBITDA 8,876 6,038 7,691 3,578 (1,286) (14) 24,883 LIFO-based EBITDA (excluding impairment losses) 8,892 9,009 7,797 3,586 (1,284) (14) 27,986 Additions to non-current assets (CAPEX) 4,946 5,009 3,682 678 342 (6) 14,651
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 28 / 108 Translation from the original Polish version for the 6 months ended 30 June 2025 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (restated)*** (unaudited) (restated)*** (unaudited) (restated)**** (unaudited) (restated)**** (unaudited) (unaudited) (restated) (unaudited) (restated) Revenue from external customers 5.1 27,754 46,743 14,329 45,435 180 - 134,441 Inter-segment revenue 7,195 13,926 9,465 1,382 517 (32,485) - Revenue 34,949 60,669 23,794 46,817 697 (32,485) 134,441 Total operating expenses (28,536) (60,549) (19,446) (44,180) (1,913) 32,488 (122,136) Other operating income 5.5 1,705 1,619 148 145 (29)* (5) 3,583 Other operating expenses 5.5 (2,166) (3,371) (197) (111) (82) 1 (5,926) impairment losses on property, plant and equipment, intangible assets and other assets, net 5.5 (513) (2,250) (95) (33) (2) - (2,893) (Impairment loss)/reversal of impairment loss on trade and other receivables (41) 7 8 (105) 16 - (115) Operating profit/(loss) (A) 5,911 (1,625) 4,307 2,566 (1,311) (1) 9,847 Share of profit or loss of entities accounted for using the equity method 251 Net finance income/(costs) 5.6 (717) Profit before tax 9,381 Income tax (3,710) Net profit 5,671 Depreciation and amortisation (B) 5.3 2,584 1,285 2,129 637 208 (5) 6,838 EBITDA (A+B) 8,495 (340) 6,436 3,203 (1,103) (6) 16,685 LIFO - (908) - - - - (908) LIFO-based EBITDA 8,495 568 6,436 3,203 (1,103) (6) 17,593 LIFO-based EBITDA (excluding impairment losses) 9,008 2,818 6,531 3,236 (1,101) (6) 20,486 Additions to non-current assets (CAPEX) 4,603 4,254 3,585 746 580 (2) 13,766 Additions to non-current assets due to acquisition of a business - - 297 - - - 297 *net foreign exchange losses at segment level
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 29 / 108 Translation from the original Polish version for the 3 months ended 30 June 2026 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenue from external customers 5.1 10,749 33,986 6,215 25,432 89 - 76,471 Inter-segment revenue 2,724 11,033 3,955 300 321 (18,333) - Revenue 13,473 45,019 10,170 25,732 410 (18,333) 76,471 Total operating expenses (10,597) (37,736) (8,011) (24,564) (1,135) 18,322 (63,721) Other operating income 5.5 (420)** 1,122 289 60 41 - 1,092 Other operating expenses 5.5 158** (2,948) (157) (48) (268) - (3,263) impairment losses on property, plant and equipment, intangible assets and other assets, net 5.5 (92) (1,842) (61) (2) 1 - (1,996) (Impairment loss)/reversal of impairment loss on trade and other receivables (96) 32 3 14 (19) - (66) Operating profit/(loss) (A) 2,518 5,489 2,294 1,194 (971) (11) 10,513 Share of profit or loss of entities accounted for using the equity method 50 Net finance income/(costs) 5.6 (238) Profit before tax 10,325 Income tax (2,609) Net profit 7,716 Depreciation and amortisation (B) 5.3 1,213 571 1,092 346 136 (2) 3,356 EBITDA (A+B) 3,731 6,060 3,386 1,540 (835) (13) 13,869 LIFO (26) 1,976 - - - - 1,950 LIFO-based EBITDA 3,757 4,084 3,386 1,540 (835) (13) 11,919 LIFO-based EBITDA (excluding impairment losses) 3,849 5,926 3,447 1,542 (836) (13) 13,915 Additions to non-current assets (CAPEX) 3,186 3,183 2,287 367 248 (4) 9,267 ** other operating income – the impact of negative measurement and settlement of financial instruments other operating expenses – the impact of positive measurement and settlement of financial instruments and net foreign exchange gains
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 30 / 108 Translation from the original Polish version for the 3 months ended 30 June 2025 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (restated)*** (unaudited) (restated)*** (unaudited) (restated)**** (unaudited) (restated)**** (unaudited) (unaudited) (restated) (unaudited) (restated) Revenue from external customers 5.1 10,964 23,290 5,860 20,583 94 - 60,791 Inter-segment revenue 3,112 6,968 4,303 461 248 (15,092) - Revenue 14,076 30,258 10,163 21,044 342 (15,092) 60,791 Total operating expenses (11,762) (30,262) (8,717) (19,744) (968) 15,094 (56,359) Other operating income 5.5 1,033 1,060 67 70 (43)* (5) 2,182 Other operating expenses 5.5 (1,452) (1,725) (125) (67) (42) 1 (3,410) impairment losses on property, plant and equipment, intangible assets and other assets, net 5.5 (376) (995) (77) (39) (2) - (1,489) (Impairment loss)/reversal of impairment loss on trade and other receivables (28) - 6 (17) 9 - (30) Operating profit/(loss) (A) 1,867 (669) 1,394 1,286 (702) (2) 3,174 Share of profit or loss of entities accounted for using the equity method (36) Net finance income/(costs) 5.6 (228) Profit before tax 2,910 Income tax (1,445) Net (loss) 1,465 Depreciation and amortisation (B) 5.3 1,299 688 1,066 329 111 (2) 3,491 EBITDA (A+B) 3,166 19 2,460 1,615 (591) (4) 6,665 LIFO - (874) - - - - (874) LIFO-based EBITDA 3,166 893 2,460 1,615 (591) (4) 7,539 LIFO-based EBITDA (excluding impairment losses) 3,542 1,888 2,537 1,654 (589) (4) 9,028 Additions to non-current assets (CAPEX) 2,480 2,235 2,112 438 328 (1) 7,592 Additions to non-current assets due to acquisition of a business - - 297 - - - 297 *net foreign exchange losses at segment level Total operating expenses include mainly cost of sales. Selling, general and administrative expenses represent less than 10%. LIFO – reflects the difference between operating profit/(loss) measured using the weighted -average cost of production or acquisition (as reported in the consolidated financial statements) and operating profit/(loss) measured using the LIFO (Last In, First Out) inventory valuation method. LIFO is an inventory cost formula under which the cost of the inventory items most recently received into stock is charged t o cost first. The LIFO-based operating profit or loss applies mainly to production companies, including ORLEN S.A., the ORLEN Unipetrol Group, the ORLEN Lietuva Group, the ORLEN Południe Group, and the ORLEN OIL Group. Under IFRS, the use of the LIFO cost formula is not permitted. Accordingly, the Group does not apply LIFO in its accounting policies or financial statements. LIFO-based EBITDA – operating profit/(loss) measured using the LIFO inventory valuation method, increased by depreciation and amortisation. Capital expenditure (CAPEX) comprises additions to property, plant and equipment, intangible assets, investment property, and right -of-use assets, together with the capitalisation of borrowing costs, less penalties received or receivable for defective contract performance. This item does not include energy rights purchased and received free of charge . Additions to non-current assets arising from the acquisition of a business include additions to property, plant and equipment, intangible assets, investment property and right -of-use assets resulting from business combinations and acquisitions of groups of assets.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 31 / 108 Translation from the original Polish version Assets by operating segment 30/06/2026 (unaudited) 31/12/2025 (restated)*** Upstream & Supply 246,771 226,277 Downstream 74,410 62,424 Energy 86,709 87,447 Consumers & Products 22,771 24,438 Segment assets 430,661 400,586 Corporate Functions 47,490 43,691 Eliminations (197,506) (179,229) 280,645 265,048 *** With effect from 1 January 2026, the Group reassigned the business line responsible for procuring crude oil for production fr om the Upstream & Supply segment to the Downstream segment. The change reflects the nature of the business line, which focuses on securing crude oil supplies for the Group's refining an d petrochemical operations. The business line is functionally more closely aligned with crude oil processing and the production of refined an d petrochemical products than with upstream or trading activities. In the Group's view, the change better reflects the nature of the Downstre am segment's operations, which comprise feedstock processing and the production of refined and petrochemical products. The change is presentational and results in the reclassification of revenue, costs and operating profit/(loss) between the Up stream & Supply and Downstream segments. The change also entails corresponding reclassifications of segment assets and capital expenditure (CAPEX). The comparative information has been restated accordingly. Consequently, operating profit/(loss) of PLN (662) million and PLN (440) million was reclassified from Upstream & Supply to Downstream for the six - and three-month periods of 2025, respectively. Segment assets of PLN 9,662 million were also reclassified as at 31 December 2025. **** Compared with the information presented in the Consolidated Half -Year Report for the first half of 2025, revenue from distribution services of PLN (3,951) million and PLN (1,559) million was reclassified between the Consumers & Products and Energy segments for the six- and three- month periods of 2025, respectively. The comparative information has also been restated to reflect the effects of settlements relating to gaseous fuel balancing i n the distribution system between Group companies assigned to different operating segments. Consequently, the Energy segment’s operating profit/ (loss) for the six- and three-month periods of 2025 was adjusted by PLN (33) million and PLN 282 million, respectively, with corresponding adjustments to the Consumers & Products segment’s operating profit/(loss). Segment assets comprise all assets except for assets attributed to the Corporate Functions segment, which relate to financial assets, tax assets, cash, and immaterial items.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 32 / 108 Translation from the original Polish version 5. Other notes 5.1. Revenue for the 6 months ended 30 June 2026 UPSTREAM & SUPPLY (unaudited) DOWNSTREAM (unaudited) ENERGY (unaudited) CONSUMERS & PRODUCTS (unaudited) CORPORATE FUNCTIONS (unaudited) Total (unaudited) Revenue from contracts with customers (IFRS 15) Sale of crude oil 1,510 - - - - 1,510 Sale of gas, including: 24,753 - - 12,161 - 36,914 Sale of natural gas 23,559 - - 12,064 - 35,623 CNG***** - - - 65 - 65 LNG**** 1,056 - - 32 - 1,088 NGL*** 138 - - - - 138 Sale of light distillates, including: 46 10,288 - 12,521 - 22,855 Gasoline - 9,506 - 11,637 - 21,143 LPG****** 46 782 - 884 - 1,712 Sale of middle distillates, including: - 33,579 - 16,846 - 50,425 Diesel oil - 28,716 - 16,573 - 45,289 Light fuel oil - 426 - 266 - 692 Jet A-1 - 4,437 - 7 - 4,444 Sale of heavy fractions - 4,372 - - - 4,372 Sale of electricity 126 3 2,499 4,832 - 7,460 Sale of petrochemical products, including: - 6,034 - - - 6,034 Monomers - 1,438 - - - 1,438 Polymers - 1,891 - - - 1,891 Aromatics - 584 - - - 584 Fertilisers - 764 - - - 764 Plastics - 499 - - - 499 PTA - 858 - - - 858 Distribution services, including: - - 8,300 - - 8,300 gas - - 4,615 - - 4,615 heat transmission - - 80 - - 80 electricity - - 3,605 - - 3,605 Heat sold under approved tariffs - - 2,806 - - 2,806 Helium 66 - - - - 66 Other 557 4,041* 1,411 4,621** 166 10,796 Revenue from contracts with customers (IFRS 15) 27,058 58,317 15,016 50,981 166 151,538 Compensation for electricity prices - - - 9 - 9 27,058 58,317 15,016 50,990 166 151,547 Revenue outside the scope of IFRS 15 441 17 145 75 15 693 Total 27,499 58,334 15,161 51,065 181 152,240
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 33 / 108 Translation from the original Polish version for the 6 months ended 30 June 2025 UPSTREAM & SUPPLY (unaudited) (restated) DOWNSTREAM (unaudited) (restated) ENERGY (unaudited) (restated) CONSUMERS & PRODUCTS (unaudited) (restated) CORPORATE FUNCTIONS (unaudited) Total (unaudited) (restated) Revenue from contracts with customers (IFRS 15) Sale of crude oil 974 - - - - 974 Sale of gas, including: 25,377 - - 12,753 - 38,130 Sale of natural gas 24,719 - - 12,668 - 37,387 CNG***** - - - 65 - 65 LNG**** 505 - - 20 - 525 NGL*** 153 - - - - 153 Sale of light distillates, including: 38 8,867 - 10,275 - 19,180 Gasoline - 8,238 - 9,410 - 17,648 LPG****** 38 629 - 865 - 1,532 Sale of middle distillates, including: - 24,247 - 13,220 - 37,467 Diesel oil - 21,058 - 12,950 - 34,008 Light fuel oil - 358 - 262 - 620 Jet A-1 - 2,831 - 8 - 2,839 Sale of heavy fractions - 4,079 - - - 4,079 Sale of electricity 274 2 2,211 4,631 - 7,118 Sale of petrochemical products, including: - 5,043 - - - 5,043 Monomers - 1,537 - - - 1,537 Polymers - 1,494 - - - 1,494 Aromatics - 499 - - - 499 Fertilisers - 626 - - - 626 Plastics - 342 - - - 342 PTA - 545 - - - 545 Distribution services, including: - - 8,082 - - 8,082 gas - - 4,583 - - 4,583 heat transmission - - 75 - - 75 electricity - - 3,424 - - 3,424 Heat sold under approved tariffs - - 2,639 - - 2,639 Helium 138 - - - - 138 Other 538 4,492* 1,337 4,157** 165 10,689 Revenue from contracts with customers (IFRS 15) 27,339 46,730 14,269 45,036 165 133,539 Compensation for electricity prices - - 15 300 - 315 Compensation for gaseous fuel prices - - 1 - - 1 27,339 46,730 14,285 45,336 165 133,855 Revenue outside the scope of IFRS 15 415 13 44 99 15 586 Total 27,754 46,743 14,329 45,435 180 134,441
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 34 / 108 Translation from the original Polish version for the 3 months ended 30 June 2026 UPSTREAM & SUPPLY (unaudited) DOWNSTREAM (unaudited) ENERGY (unaudited) CONSUMERS & PRODUCTS (unaudited) CORPORATE FUNCTIONS (unaudited) Total (unaudited) Revenue from contracts with customers (IFRS 15) Sale of crude oil 820 - - - - 820 Sale of gas, including: 9,263 - - 3,871 - 13,134 Sale of natural gas 8,583 - - 3,820 - 12,403 CNG***** - - - 34 - 34 LNG**** 606 - - 17 - 623 NGL*** 74 - - - - 74 Sale of light distillates, including: 23 5,967 - 7,381 - 13,371 Gasoline - 5,562 - 6,869 - 12,431 LPG 23 405 - 512 - 940 Sale of middle distillates, including: - 19,714 - 9,665 - 29,379 Diesel oil - 16,657 - 9,553 - 26,210 Light fuel oil - 146 - 107 - 253 Jet A-1 - 2,911 - 5 - 2,916 Sale of heavy fractions - 2,458 - - - 2,458 Sale of electricity 65 2 1,261 1,943 - 3,271 Sale of petrochemical products, including: - 3,285 - - - 3,285 Monomers - 766 - - - 766 Polymers - 1,116 - - - 1,116 Aromatics - 275 - - - 275 Fertilisers - 366 - - - 366 Plastics - 261 - - - 261 PTA - 501 - - - 501 Distribution services, including: - - 3,393 - - 3,393 gas - - 1,740 - - 1,740 heat transmission - - 25 - - 25 electricity - - 1,628 - - 1,628 Heat sold under approved tariffs - - 760 - - 760 Helium 34 - - - - 34 Other 302 2,552* 729 2,525** 81 6,189 Revenue from contracts with customers (IFRS 15) 10,507 33,978 6,143 25,385 81 76,094 Compensation for electricity prices - - - 9 - 9 10,507 33,978 6,143 25,394 81 76,103 Revenue outside the scope of IFRS 15 242 8 72 38 8 368 Total 10,749 33,986 6,215 25,432 89 76,471
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 35 / 108 Translation from the original Polish version for the 3 months ended 30 June 2025 UPSTREAM & SUPPLY (unaudited) (restated) DOWNSTREAM (unaudited) (restated) ENERGY (unaudited) (restated) CONSUMERS & PRODUCTS (unaudited) (restated) CORPORATE FUNCTIONS (unaudited) Total (unaudited) (restated) Revenue from contracts with customers (IFRS 15) Sale of crude oil 627 - - - - 627 Sale of gas, including: 9,671 - - 4,066 - 13,737 Sale of natural gas 9,450 - - 4,024 - 13,474 CNG***** - - - 33 - 33 LNG**** 146 - - 9 - 155 NGL*** 75 - - - - 75 Sale of light distillates, including: 19 4,366 - 5,367 - 9,752 Gasoline - 4,047 - 4,927 - 8,974 LPG 19 319 - 440 - 778 Sale of middle distillates, including: - 12,176 - 6,650 - 18,826 Diesel oil - 10,552 - 6,511 - 17,063 Light fuel oil - 121 - 134 - 255 Jet A-1 - 1,503 - 5 - 1,508 Sale of heavy fractions - 2,111 - - - 2,111 Sale of electricity 102 1 930 2,004 - 3,037 Sale of petrochemical products, including: - 2,310 - - - 2,310 Monomers - 729 - - - 729 Polymers - 740 - - - 740 Aromatics - 136 - - - 136 Fertilisers - 295 - - - 295 Plastics - 149 - - - 149 PTA - 261 - - - 261 Distribution services, including: - - 3,430 - - 3,430 gas - - 1,831 - - 1,831 heat transmission - - 24 - - 24 electricity - - 1,575 - - 1,575 Heat sold under approved tariffs - - 786 - - 786 Helium 63 - - - - 63 Other 273 2,319* 690 2,302** 86 5,670 Revenue from contracts with customers (IFRS 15) 10,755 23,283 5,836 20,389 86 60,349 Compensation for electricity prices - - 2 144 - 146 10,755 23,283 5,838 20,533 86 60,495 Revenue outside the scope of IFRS 15 209 7 22 50 8 296 Total 10,964 23,290 5,860 20,583 94 60,791 * Other mainly comprises brine, residual salt, acetone, phenol and industrial gases, along with sulphur, ammonia, lubricants, isomerates, paraffins, glycols, ethylene oxide, pyrolysis gasoline, extracts, and slack wax. Also included is revenue from the sale of services and materials. ** Other mainly comprises non-fuel goods. *** NGL (Natural Gas Liquids): gas consisting of molecules heavier than methane, including ethane, propane, butane, and isobu tane. **** LNG – Liquefied natural gas. ***** CNG – Compressed natural gas. ****** LPG – Liquefied petroleum gas.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 36 / 108 Translation from the original Polish version 5.2. Disaggregation of revenue by geographical area – presented by the country of the customer's registered office 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue from contracts with customers Poland 97,478 45,880 88,650 37,983 Germany 12,314 7,136 10,873 5,052 Czech Republic 10,479 6,103 8,120 4,128 Lithuania, Latvia, Estonia 7,083 4,282 6,226 3,125 Austria 2,515 1,403 2,080 1,132 Other countries, including: 21,678 11,299 17,906 9,075 Netherlands 4,654 2,093 4,283 2,025 Ukraine 4,355 2,207 2,405 1,391 United Kingdom 2,183 1,205 1,522 706 Switzerland 1,771 1,042 2,134 1,078 Hungary 1,793 1,006 1,319 662 Slovakia 1,071 604 # 881 451 Ireland 824 503 512 278 151,547 76,103 133,855 60,495 3 months ended 31/12/2020 outside the scope of IFRS 15 693 368 586 296 152,240 76,471 134,441 60,791 In the six- and three-month periods ended 30 June 2026 and 30 June 2025, the Group did not identify any major customers with whom it generated revenue individually exceeding 10% of the ORLEN Group's total revenue. In the six- and three-month periods ended 30 June 2026, more than 10% of the Group's total revenue was generated under transactions executed on Towarowa Giełda Energii S.A. (Polish Power Exchange; POLPX) and cleared by Izba Rozliczeniowa Giełd Towarowych S.A. (IRGiT). Performance obligations Under its contractual arrangements, the Group undertakes to supply customers principally with refined and petrochemical products and goods, electricity and heat, crude oil, natural gas, e lectricity distribution and gas transmission services, geophysical and geological services, and connection services. Under these arrangements, the Group acts as principal. The transaction prices specified in contracts with customers are not subject to restrictions, except for prices charged under tariffs requiring approval by the President of the Energy Regulatory Office. These restrictions apply mainly in the Energy an d Consumers & Products segments and relate primarily to the sale and provision of distribution services for electricity and heat, and to the sale and provision of distribution services for gaseous fuel. Furthermore, temporary regulatory measures affecting liquid fuel sales in the Consumers & Products segment were introduced in Poland on 31 March 2026 under the government’s ‘Lower Fuel Prices’ (CPN) package. These included a mechanism under which the Minister of Energy announced maximum retail fuel prices, together with temporary reductions in VAT and excise duty rates . The measures introduced under the CPN package were phased out in June 2026. There are no contracts providing for material refunds of consideration or other similar obligations. Warranties provided under the contracts serve to assure the customer that the relevant product complies with the agreed specifications. They do not represent a distinct service. The Group's sales are predominantly made on deferred payment terms. Payment terms in contracts with customers are generally 30 days or less; however, for petrochemical products in the Downstream segment and for sales in the Upstream & Supply segment, payment terms generally do not exceed 60 days. For significant customers, the Group accepts longer payment terms in justified cases. Additionally, in the Consumers & Products segment, cash sales are made at fuel stations. Payments are generally due upon the transfer of control of goods or completion of services. Revenue from the supply of electricity, heat and gaseous fuel, and from electricity distribution, heat transmission and distribution, and gas transmission and distribution, is recognised in ten -day cycles or one - and two-month periods based on invoiced volumes and prices, plus estimation adjustments. Revenue estimates for electricity are determined on the basis of billing-system reports, forecasts of customer demand for electricity, prices for estimated consumption days and electricity balance reconciliations. Revenue from gaseous fuel supplied to retail customers but not yet invoiced is estimated based on historical consumption profiles in comparable reporting periods. The estimated revenue from sale of gas is calculated as the product of volumes allocated to specific tariff groups and the rates set out in the applicable tariff. Macroeconomic environment The Group operates in a volatile macroeconomic environment. Economic conditions, the labour market and macroeconomic trends materially influence the consumption of fuels, electricity and gas, and petrochemical products, which in turn affects their sales volumes and prices. Margins in the Downstream, Upstream & Supply and Energy segments are driven primarily by market quotations for refined and petrochemical products and by prices of crude oil, natural gas, electricity and CO2 emission allowances. The prices of crude oil and natural gas are shaped by factors such as demand fluctuations, production levels, global crude oi l inventories, and fuel price quotations. Recently, geopolitical tensions and market tensions associated with the energy transition have re-emerged among the factors affecting crude oil and natural gas prices.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 37 / 108 Translation from the original Polish version Gross Domestic Product (GDP) is the primary indicator reflecting economic conditions. Driven by consumption, capital expenditure and exports, GDP provides a basis for assessing where the economy stands in the cycle. Changes in GDP typically correlate with movements in unemployment rates and consumption of fuels, electricity and gas. The overall condition of the economy, measured by GDP among other indicators, influences both current and future consumer behaviour. Disaggregation of revenue into categories reflecting significant economic factors affecting its recognition In addition to the breakdown of revenue by product range and geographical region presented in Notes 5.1 and 5.2, the Group analyses revenue based on: • Types of contracts The majority of the Group's contracts with customers for the supply of goods or services are based on fixed prices; therefore , revenue already recognised will remain unchanged. The Group classifies revenue arising from contracts as variable -price revenue where the consideration takes the form of a variable turnover -based fee, customers are entitled to discounts and bonuses, part of the revenue relates to penalties charged, or the price of services is determined by reference to costs incurred. • Timing of transfer Where control of goods transfers at a point in time, revenue is recognised and customer settlements are made after each delivery. Most point -in-time revenue is generated in the Consumers & Products segment from sales of goods and services at fuel stations, where the performance obligation is satisfied and settlement with the customer occurs when the goods are handed over, except for goods sold under the Flota Programme, where settlement is generally on a two-weekly basis. Revenue recognised at a point in time includes gas sales on commodity exchanges and network connection fees, recognised upon completion of connection works. In the Group, supplies of goods and services where the customer simultaneously receives and consumes the benefits and no sales documents are issued, revenue is recognised over time. The Group applies the output method for over -time revenue recognition, principally for electricity, heat and gas sales and distribution services, petrochemical products, and f uel sales through the Flota Programme. In the Downstream and Upstream & Supply segments, for continuous deliveries of goods transported through pipelines, legal title to the transferred goods passes to the customer at a designated point within the plant. This moment is considered the date of sale. • Contract duration Most of the Group's contracts have a short-term duration. • Sales channels The Group primarily generates revenue from direct sales to customers through its own, leased, or franchised sales channels. The Group manages a network of 3,550 fuel stations: 2,944 Group -owned stations and 606 stations operated under franchise agreements. In addition, the Group's direct sales to customers are delivered through a complementary network of fuel terminals, inland transhipment terminals, pipeline networks, rail transport, and road tankers. Sales and distribution of electricity and gas to customers are conducted primarily through the Company's own distribution infrastructure. 5.3. Operating costs Costs by nature of expense 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Raw materials, consumables and energy used (46,999) (27,510) (42,078) (20,836) Cost of gas (28,247) (9,071) (30,220) (10,151) Cost of goods for resale and materials sold (24,100) (13,965) (20,166) (10,417) Services (9,067) (4,355) (9,009) (4,556) Employee benefits expense (7,395) (3,670) (6,974) (3,476) Depreciation and amortisation (6,546) (3,356) (6,838) (3,491) Taxes and charges (6,369) (2,826) (5,789) (2,608) Other* 1,873 1,032 (1,062) (824) Operating expenses (126,850) (63,721) (122,136) (56,359) Cost of sales (115,449) (57,988) (111,833) (51,148) Selling expenses (7,955) (4,039) (7,143) (3,679) General and administrative expenses (3,446) (1,694) (3,160) (1,532) * Other includes changes in inventories, own work capitalised and other items
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 38 / 108 Translation from the original Polish version 5.4. Impairment of property, plant and equipment, intangible assets, goodwill and right -of-use assets As at 30 June 2026, the Group considers the impairment indicators for selected CGUs in the Downstream segment to remain current. These related to: ORLEN and S54 – Petrochemicals CGU, ORLEN Unipetrol – Petrochemicals CGU, ORLEN Lietuva – Refining CGU and ANWIL – Plastics CGU, identified and disclosed in the Consolidated Financial Statements for 2025. The valuations of these assets, expressed as value in use, remain negative. Accordingly, an impairment loss was recognised in respect of expenditure incurred in the first half of 2026. For its remaining assets, the Group identified neither impairment indicators nor indications that previously recognised impairment losses should be reversed, in accordance with IAS 36 ‘Impairment of Assets’. The valuations as at 31 December 2025 remain valid. The market environment in which the Group operates remains volatile, mainly due to ongoing geopolitical risks and uncertainty regarding the economic outlook. In the first half of 2026, crude oil and natural gas prices were particularly volatile, reflecting changing expectations for the global supply -demand balance and growing concerns about the security of energy supplies. In the European gas market, prices were also affected by the pace of inventory replenishment after the winter season, the availability of LNG supplies and expectations for the supply-demand balance. The Group continues to monitor market developments and assess the effect of changing macroeconomic conditions on its operations. In the Group’s assessment, movements in hydrocarbon prices and observed developments in the market environment did not give rise to any impairment indicators or indications that previously recognised impairment losses should be reversed. As at 30 June 2026, the Group retained the macroeconomic assumptions used in the impairment assessments performed as at 31 December 2025. Net impairment losses on property, plant and equipment, intangible assets, goodwill and right-of-use assets by segment: Segment 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Upstream & Supply (16) (92) (513) (376) Downstream (2,971) (1,842) (2,250) (995) Energy (106) (61) (95) (77) Consumers & Products (8) (2) (33) (39) Corporate Functions (2) 1 (2) (2) Total (3,103) (1,996) (2,893) (1,489) Net impairment losses on property, plant and equipment, intangible assets, goodwill and right-of-use assets by company: Company 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) ORLEN S.A. (2,533) (1,645) (2,100) (1,134) ANWIL (126) (107) - - ORLEN Unipetrol Group (141) (88) (70) (37) ORLEN Lietuva Group (120) (57) (451) (190) S54 (97) (47) - - ORLEN Upstream Norway (49) (33) (208) (74) ENERGA Group (17) (7) (25) (14) Polska Spółka Gazownictwa Group (17) (5) (17) (12) ORLEN Upstream Polska Group (3) (3) (25) (24) Other - (4) 3 (4) Total (3,103) (1,996) (2,893) (1,489) Reversals and recognition of impairment losses on property, plant and equipment, intangible assets and right -of-use assets were recognised in other operating income and other operating expenses, respectively (Note 5.5). Net impairment losses on Downstream segment assets As at 30 June 2026, the Group considers that the impairment indicators identified and disclosed in previous reporting periods remain valid for the following CGUs: ORLEN and S54 – Petrochemicals CGU; ORLEN Unipetrol – Petrochemicals CGU; ORLEN Lietuva – Refining CGU; and ANWIL – Plastics CGU. To reflect the uncertainty in the Group’s operating environment, scenario -based valuation estimates were retained for selected CGUs, consistently with the approach adopted as at 31 December 2025.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 39 / 108 Translation from the original Polish version As a result of these analyses and the impairment tests performed, the following net impairment losses on non -current assets were recognised: 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Net impairment loss Net impairment loss Net impairment loss Net impairment loss ORLEN and S54 Petrochemicals CGU (2,636) (1,627) (1,818) (856) ORLEN Unipetrol Petrochemicals CGU*, including: (141) (87) - - Downstream segment assets (84) (48) - - Energy segment assets (57) (39) - - ORLEN Lietuva Refining CGU**, including: (119) (58) (451) (191) Downstream segment assets (104) (50) (398) (138) Energy segment assets (12) (7) (52) (52) Corporate Functions assets (3) (1) (1) (1) ANWIL Plastics CGU (126) (107) - - Total (3,022) (1,879) (2,269) (1,047) Downstream segment (2,950) (1,832) (2,216) (994) Energy segment (69) (46) (52) (52) Corporate Functions (3) (1) (1) (1) Value in use of the CGUs tested as at 30 June 2026 and 31 December 2025: Scenario used to measure value in use 30 June 2026 31 December 2025 Value in use Value in use ORLEN and S54 Petrochemicals CGU weighted (12,700) (13,660) ORLEN Unipetrol Petrochemicals CGU* weighted (2,707) (3,666) ORLEN Lietuva Refining CGU** weighted (644) (2,003) ANWIL Plastics CGU basic (1,122) (1,218) * ORLEN Unipetrol Petrochemicals CGU – comprises petrochemical assets attributed to the Downstream segment and energy assets attributed to the Energy segment. ** ORLEN Lietuva Refining CGU – includes refining assets attributed to the Downstream segment, energy assets attributed to the Energy segment and Corporate Functions assets The values in use presented in the table above were calculated using appropriate discount rates as at 30 June 2026 and 31 December 2025, respectively. Discount rates as at 30 June 2026 Country Activity 2026 2027 2028 2029 2030+ Unlevered Beta D/E Poland Petrochemicals 7.51% 7.95% 8.37% 8.77% 9.11% 85.64% 48.42% Czech Republic Petrochemicals 7.25% 7.56% 7.65% 7.79% 8.03% 85.64% 48.42% Lithuania Refining 6.96% 7.09% 7.02% 7.11% 7.23% 46.61% 75.59% Discount rates as at 31 December 2025 Country Activity 2026 2027 2028 2029 2030+ Unlevered Beta D/E Poland Petrochemicals 7.18% 7.84% 8.37% 8.78% 9.09% 85.64% 48.42% Czech Republic Petrochemicals 7.06% 7.38% 7.62% 7.94% 8.23% 85.64% 48.42% Lithuania Refining 6.35% 6.29% 6.50% 6.74% 6.97% 46.61% 75.59% Sensitivity analyses of the value in use of the CGUs referred to above, assuming changes of +/ - 1 pp in discount rates and +/- 5% in EBITDA, showed no effect on the amount of the impairment loss recognised. Net impairment losses recognised in the Downstream segment related predominantly to capital expenditure incurred on capital projects in the first half of 2026, particularly the Nowa Chemia project. Other net impairment losses in the Downstream segment for the six - and three -month periods ended 30 June 2026 amounted to PLN (21) million and PLN (10) million, respectively, and arose from other operating activities, including abandoned capital projects, damage and asset retirements. Similarly, other net impairment losses in the Downstream segment for the six - and three-month periods ended 30 June 2025 amounted to PLN (34) million and PLN (1) million, respectively.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 40 / 108 Translation from the original Polish version 5.5. Other operating income and expenses Other operating income NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Gain on disposal of non-current non-financial assets 65 56 44 23 Reversal of impairment losses on property, plant and equipment, intangible assets, and other assets 10, 12.6.3 379 65 729 712 Reversal of provisions 443 14 66 27 Interest income 114 73 125 63 Net foreign exchange gains on trade receivables and payables - - 976 516 Penalties and compensation 151 85 178 37 Government grants 73 40 38 22 Gains on settlement and/or measurement of derivatives, including: 4,387 670 1,282 690 not designated into hedging relationships – settlement and measurement 3,869 438 1,131 618 derivatives in cash flow hedges – ineffective portion related to measurement and settlement 257 56 123 65 Other 147 89 145 92 5,759 1,092 3,583 2,182 In the six months ended 30 June 2026, reversals of provisions related mainly to the PLN 418 million reversal of the provision for decommissioning and environmental costs, resulting from an update to the discount rate used to measure the provision, to the extent that the decrease in the provision exceeded the carrying amount of the related asset. When calculating the provision for decommissioning costs and environmental liabilities, the Group applied variable discount rates taking into account expected changes in yields on 10 -year government bonds for each country. For the first five years, a variable risk - free rate estimated from the yield curve for 10 -year bonds was adopted; for periods beyond five years, the fifth -year rate was applied. Other operating expenses NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Recognition of impairment losses on property, plant and equipment, intangible assets, goodwill, and other assets 10, 12.6.3 (3,482) (2,061) (3,622) (2,201) Recognition of provisions (224) (184) (344) (268) Net foreign exchange losses on trade receivables and payables (426) (146) - - Penalties, damages and compensation (68) (44) (57) (31) (Losses) on settlement and/or measurement of derivatives, including: (4,251) (517) (1,685) (774) not designated into hedging relationships – settlement and measurement (3,916) (403) (1,496) (676) derivatives in cash flow hedges – ineffective portion related to measurement and settlement (329) (133) (82) (47) Other, including: (412) (311) (218) (136) benefits provided free of charge (204) (196) (33) (16) (8,863) (3,263) (5,926) (3,410) In the six- and three-month periods ended 30 June 2026 and 30 June 2025, the line item 'Recognition of impairment losses on property, plant and equipment, intangible assets, goodwill and other assets' related mainly to impairment losses recognised in the Downstream segment. During the six - and three-month periods ended 30 June 2026, the item ‘Recognition of provisions’ mainly comprised a PLN 159 million provision for decommissioning and environmental costs . However, in the six- and three-month periods ended 30 June 2025, this related to the recognition of a provision of PLN 217 million in connection with the partial award received in the arbitration proceedings between ORLEN S.A. and Gazprom PJSC and Gazprom Export LLC regarding a change to the pricing terms under the Yamal Contract for the period from January 2018 to January 2021.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 41 / 108 Translation from the original Polish version Gains/(losses) on settlement and/or measurement of derivatives In the six - and three-month periods ended 30 June 2026 and 30 June 2025, net measurement and settlement of financial derivatives not designated into hedging relationships and presented in other operating activities related mainly to hedges of natural gas purchase and sale prices and of electricity sale prices (commodity swaps and commodity futures and forwards) and to refining margin hedges (commodity swaps). The net ineffective portion reported related mainly to hedge accounting for timing mismatches on purchases of crude oil and petroleum products. The Group also recognised in other operating activities the effect of measuring and settling currency forwards used to hedge foreign exchange risk arising from its operating activities, mainly in USD. 5.6. Finance income and finance costs Finance income 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Interest income from financial assets measured at amortised cost 512 271 471 280 Net foreign exchange gains - - 127 10 Gain on settlement and/or measurement of derivatives not designated into hedging relationships 431 93 117 57 Reversal of impairment loss on loans 12 12 - - Other 136 80 96 40 1,091 456 811 387 Finance costs NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Interest expense on financial liabilities measured at amortised cost (238) (83) (100) (20) Other interest (80) (54) (100) (69) Other interest expense (including interest on lease liabilities) (357) (188) (338) (171) Net foreign exchange losses (353) (102) (3) (3) (Loss) on settlement and/or measurement of derivatives not designated into hedging relationships (416) - (350) (178) Unwind of discount (152) (80) (159) (81) (Impairment loss) on loans 11.6 - - (388) (59) Other (247) (187) (90) (34) (1,843) (694) (1,528) (615) Capitalised borrowing costs for the six- and three-month periods ended 30 June 2026 and 30 June 2025 amounted to PLN (328) million and PLN (222) million, and PLN (311) million and PLN (201) million, respectively. Gains/(losses) on settlement and/or measurement of derivatives not designated into hedging relationships In the six- and three-month periods ended 30 June 2026 and 30 June 2025, net effects of measurement and settlement of financial derivatives not designated into hedging relationships were primarily related to currency hedges for liquidity transactions (currency forwards) and currency and interest rate hedges (cross -currency interest rate swaps). The measurement and settlement of financial derivatives were driven mainly by movements in the PLN/EUR and PLN/USD exchange rates and by the level of EURIBOR interest rates.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 42 / 108 Translation from the original Polish version 5.7. Effective tax rate NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Profit before tax 21,500 10,325 9,381 2,910 Income tax computed at Poland's statutory tax rate of 19% (4,085) (1,962) (1,782) (554) Differences between statutory tax rates (2,118) (994) (1,613) (511) Norway (78%) (2,090) (979) (1,498) (428) Other countries (28) (15) (115) (83) Tax losses 428 291 (29) (75) Tax relief 274 133 16 (1) Other (129) (77) (302) (304) Income tax 11.8 (5,630) (2,609) (3,710) (1,445) Effective tax rate 26% 25% 40% 50% 5.8. Goodwill NOTE Business segment 30/06/2026 (unaudited) 31/12/2025 At beginning of period 3,812 4,372 Obtaining control/Loss of control - 85 ENERGA Group (VRW 11) Energy - 85 Impairment losses 12.6.3 Upstream & Supply, Consumers & Products - (663) Exchange differences 81 18 3,893 3,812
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 43 / 108 Translation from the original Polish version 5.9. Investments in joint arrangements and associates Place of business Principal activity % ownership interest as at 30 June 2026 % ownership interest as at 31 December 2025 Valuation method Joint ventures Basell ORLEN Polyolefins Group (BOP) (ORLEN) Płock, Poland production, distribution and sale of polyolefins 50.00% 50.00% equity method Płocki Park Przemysłowo- Technologiczny Group (PPPT) (ORLEN) Płock, Poland construction and rental of property 50.00% 50.00% equity method Pieridae Production GP Ltd (ORLEN Upstream Canada Group) Calgary, Canada exploration and production of minerals, storage, transport and logistics 50.00% 50.00% equity method Baltic Power (ORLEN) Warsaw, Poland construction and operation of offshore wind farms 51.00% 51.00% equity method ORLEN Synthos Green Energy Group (ORLEN) Warsaw, Poland commercialisation of micro and small nuclear reactor technology 50.00% 50.00% equity method UAB Minijos Nafta (AB LOTOS Geonafta) Gargždai, Lithuania exploration and production of crude oil 50.00% 50.00% equity method Elektrociepłownia Stalowa Wola S.A. (ORLEN Termika S.A.) Stalowa Wola, Poland generation of electricity and heat 50.00% 50.00% equity method Ash Separation Plant Siekierki S.A. (ORLEN Termika S.A.) Warsaw, Poland fly ash treatment company 70.00% 70.00% equity method Baltic Offshore Service Solution (ENERGA) Gdańsk, Poland maintenance services for the offshore wind power sector 50.00% 50.00% equity method Atlas EXL 011 ANS (ORLEN Upstream Norway) Bærum, Norway carbon dioxide capture and storage 20.00% 20.00% equity method Associates Polimex Mostostal S.A. (ENERGA and ORLEN Technologie S.A.) * Warsaw, Poland engineering and construction company, general contractor for industrial construction, manufacturer and exporter of steel structures 31.70% 32.08% equity method Zakład Wytwórczy Urządzeń Gazowniczych "Intergaz" Sp z o.o. (ORLEN) Tarnowskie Góry, Poland manufacture of gas meters and gas pressure regulators 38.30% 38.30% equity method UAB Naftelf (ORLEN Lietuva) Vilnius, Lithuania aviation fuel trading and construction of storage facilities 34.00% 34.00% equity method Naftoport Sp. z o.o. (ORLEN) Gdańsk, Poland transhipment of crude oil and petroleum products and their transit 26.92% 26.92% equity method PFK GASKON S.A. (ORLEN) Warsaw, Poland financial advisory services for the energy sector and property management 45.94% 45.94% equity method DEWON S.A. (ORLEN) Kyiv, Ukraine provision of services related to natural gas production, well workovers and the development and production of fields in Ukraine. 36.38% 36.38% equity method Kościańska Oficyna Wydawnicza Sp. z o.o. (Polska Press) Kościan, Poland newspaper publishing 50.00% 50.00% equity method Południowa Oficyna Wydawnicza Sp. z o.o. (Polska Press) Jarocin, Poland publishing of magazines and other periodicals 40.11% 40.11% equity method Joint operations conducted through a separate vehicle Rafineria Gdańska S.A. (ORLEN) Gdańsk, Poland crude oil refining, production of fuels and oils 70.00% 70.00% share in assets and liabilities Butadien Kralupy (ORLEN Unipetrol) Kralupy nad Vltavou, Czech Republic butadiene production 51.00% 51.00% share in assets and liabilities * The Group holds 81 million shares in Polimex Mostostal with a nominal value of PLN 2 each, representing an approximately 31.7% interest in that company. Polimex Mostostal shares are listed on the Warsaw Stock Exchange. The fair value of the investment as at 30 June 2026 was PLN 623 million. Carrying amount of investments accounted for using the equity method 30/06/2026 (unaudited) 31/12/2025 Joint ventures 2,265 2,187 Basell ORLEN Polyolefins Group 461 391 Baltic Power 1,418 1,416 ORLEN Synthos Green Energy Group 312 324 Other 74 56 Associates 298 278 Polimex Mostostal 179 168 Naftoport 99 92 Other 20 18 2,563 2,465
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 44 / 108 Translation from the original Polish version Share of profit/(loss) of entities accounted for using the equity method 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Joint ventures 51 33 250 (57) Basell ORLEN Polyolefins Group 70 77 (24) (15) ORLEN Synthos Green Energy Group (13) (9) (8) (5) Baltic Power (19) (47) 280 (37) Other 13 12 2 - Associates 21 17 1 21 Naftoport 7 3 11 7 Polimex Mostostal 12 13 (11) 13 Other 2 1 1 1 72 50 251 (36) Summarised financial information of the joint venture Basell ORLEN Polyolefins Group 30/06/2026 (unaudited) 31/12/2025 Non-current assets 628 613 Current assets, including: 1,010 993 cash 348 292 other current assets 662 701 Total assets 1,638 1,606 Total equity 1,123 984 Non-current and current liabilities, including: 515 622 trade payables 369 500 Total liabilities 515 622 Total equity and liabilities 1,638 1,606 Net debt (348) (292) Net assets 1,123 984 Group's share in the joint venture (50%) 562 492 Elimination of gains or losses from transactions with the joint venture (101) (101) Investments in joint venture accounted for using the equity method 461 391 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Revenue 1,471 811 1,460 727 Cost of sales, including: (1,260) (625) (1,445) (731) depreciation and amortisation (35) (15) (40) (20) Gross profit/(loss) on sales 211 186 15 (4) Selling expenses (56) (27) (57) (28) General and administrative expenses (17) (8) (16) (8) Other operating income and expenses, net 1 3 (4) (2) Operating profit/(loss) 139 154 (62) (42) Net finance income/(costs) 2 1 4 6 Profit/(loss) before tax 141 155 (58) (36) Income tax (2) (2) 11 7 Net profit/(loss) 139 153 (47) (29) Net profit/(loss) 139 153 (47) (29) Group's share in the joint venture (50%) 70 77 (24) (15) Group's share of profit or loss of the joint venture accounted for using the equity method 70 77 (24) (15)
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 45 / 108 Translation from the original Polish version Summarised financial information of the joint venture Baltic Power 30/06/2026 (unaudited) 31/12/2025 Non-current assets 17,139 14,733 Current assets, including: 484 696 cash 242 213 Total assets 17,623 15,429 Total equity 2,645 2,642 Non-current liabilities, including: 14,110 11,491 borrowings 13,119 10,911 Current liabilities, including: 868 1,296 trade payables 277 734 borrowings 507 402 Total liabilities 14,978 12,787 Total equity and liabilities 17,623 15,429 Net debt 13,384 11,100 Net assets 2,645 2,642 Group’s share in the joint venture (51%) 1,349 1,347 Goodwill 69 69 Investments in joint venture accounted for using the equity method 1,418 1,416 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Operating (loss) (11) (6) (10) (8) Net finance income/(costs), including: 23 (98) 558 (64) measurement and settlement of derivatives 104 (20) 562 (61) interest (79) (78) (1) - Profit/(loss) before tax 12 (104) 548 (72) Income tax (50) 12 - - Net profit/(loss) (38) (92) 548 (72) Net profit/(loss) (38) (92) 548 (72) Group’s share in the joint venture (51%) (19) (47) 280 (37) Group's share of profit or loss of the joint venture accounted for using the equity method (19) (47) 280 (37) Summarised financial information of the joint venture ORLEN Synthos Green Energy Group 30/06/2026 (unaudited) 31/12/2025 Current assets, including: 366 309 cash 55 269 other current assets 311 40 Total assets 647 553 Total equity 488 514 Current liabilities, including: 145 11 trade payables 140 7 Total liabilities 159 39 Total equity and liabilities 647 553 Net debt (55) (269) Net assets 488 514 Group's share in the joint venture (50%) 244 257 Adjustments 68 67 Investments in joint venture accounted for using the equity method 312 324
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 46 / 108 Translation from the original Polish version 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Cost of sales (25) (14) (25) (14) Gross (loss) on sales (25) (14) (25) (14) Operating (loss) (26) (14) (24) (12) Net finance income/(costs) - (3) 8 3 (Loss) before tax (26) (17) (16) (9) Net (loss) (26) (17) (16) (9) Net (loss) (26) (17) (16) (9) Group's share in the joint venture (50%) (13) (9) (8) (5) Group's share of profit or loss of the joint venture accounted for using the equity method (13) (9) (8) (5) Summarised financial information of the associate Polimex-Mostostal 30/06/2026 (unaudited) 31/12/2025 Non-current assets 825 822 Current assets, including: 2,235 2,309 cash 703 923 other current assets 1,532 1,386 Total assets 3,060 3,131 Total equity 688 645 Non-current liabilities, including: 160 183 borrowings 42 64 provisions 118 119 Current liabilities, including: 2,212 2,303 trade payables 2,136 2,242 borrowings 76 61 Total liabilities 2,372 2,486 Total equity and liabilities 3,060 3,131 Net assets 688 645 Group's share of net assets of the associate (31.7%) 218 207 Adjustments (39) (39) Investments in the associate 179 168 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Revenue 1,873 1,014 1,760 1,011 Total costs, including: (1,825) (963) (1,801) (963) depreciation and amortisation (32) (15) (26) (13) Operating profit/(loss) 48 51 (41) 48 Net finance income/(costs) 4 2 2 1 Profit/(loss) before tax 52 53 (39) 49 Income tax (12) (11) 4 (9) Net profit/(loss) 40 42 (35) 40 Net profit/(loss) 40 42 (35) 40 Group's interest in the associate (31.7%) 12 13 (11) 13 Group's share in the result of an associate 12 13 (11) 13
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 47 / 108 Translation from the original Polish version 5.10. Borrowings and bonds Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Bank borrowings* 7,236 7,162 459 1,197 7,695 8,359 Non-bank borrowings 1,848 620 48 41 1,896 661 Bonds 15,948 15,875 1,649 269 17,597 16,144 25,032 23,657 2,156 1,507 27,188 25,164 * As at 30 June 2026 and 31 December 2025, the item included project finance loans (financing obtained by special purpose vehicles for capital projects), respectively: PLN 1,060 million and PLN 986 million in the non -current portion, and PLN 60 million and PLN 694 million in the current portion. In the first half of 2026, as part of cash flows from financing activities, the Group made drawdowns and repayments of borrowings under available credit facilities in a total amount of PLN 2,466 million and PLN (1,982) million, respectively. The increase in the Group’s borrowings under loan agreements as at 30 June 2026 was driven mainly by further drawdowns under the National Recovery and Resilience Plan (KPO), pursuant to agreements with Bank Gospodarstwa Krajowego: • ORLEN’s drawdown of PLN 900 million to refinance expenditure incurred on the Baltic Power offshore wind farm; and • Energa-Operator S.A.’s drawdown of PLN 824 million to refinance expenditure on the development of smart electricity grids. Given the concessional nature of the financing, the tranche of the borrowing received was measured at fair value on initial recognition. The difference between the cash received and the initial carrying amount of the liability was accounted for under IAS 20 ‘Government Grants’. The corresponding amount was recognised within other non -financial liabilities as a grant related to assets. On initial recognition, the Group therefore recognised a liability in respect of the borrowing of PL N 286 million and a PLN 538 million grant. The increase in the Group's bond indebtedness as at 30 June 2026 was mainly attributable to the proceeds of a further issue, completed by ORLEN on 17 March 2026, of the second tranche of Series C bonds with an aggregate nominal value of USD 250 million, equivalent to PLN 943 million at the exchange rate as at 30 June 2026. The financing bears interest at a fixed rate and has a nine -year tenor, maturing on 30 January 2035. The interest rate and currency risks associated with the bond issue were hedged using the derivatives described in Note 5.6. The further bonds were consolidated with, and form a single series with, the Series C bonds with a nominal value of USD 1.25 billion issued on 30 January 2025. The proceeds will be used to finance ORLEN’s operations, including the implementation of investment plans under the ORLEN 2035 Strategy . Cash flows from the further Series C issue were increased by the discount. The bonds have been admitted to trading on the regulated market operated by Euronext Dublin. In addition, the liability in respect of ENERGA Finance Eurobonds with a nominal value of EUR 300 million was reclassified from non-current to current because it falls due in March 2027 . Further details of the Group's outstanding bond issues are provided in Note 5.16. As at 30 June 2026 and 31 December 2025, the maximum amounts available under the credit facility and loan agreements were PLN 49,196 million and PLN 49,481 million, respectively. As at those dates, PLN 37,897 million and PLN 39,247 million, respectively, remained available for drawdown. In addition, on 4 March 2026, ORLEN Termika entered into a loan agreement with Bank Gospodarstwa Krajowego for financing from KPO funds to construct flue -gas condensation systems incorporating heat pumps at the Żerań CHP plant. The agreement provides for a long-term loan of up to PLN 762.5 million to refinance expenditure incurred on the project. Amounts drawn under the agreement will bear interest at a fixed rate. The loan will be repaid between November 20 30 and August 2040 . As at 30 June 2026, the conditions precedent under the agreement had not yet been satisfied and no amounts had been drawn. During the period covered by these half-year condensed consolidated financial statements and after the reporting date, there were no defaults in the payment of principal or interest . Apart from the event described below, the Group identified no other breaches of the terms of its credit facility agreements. During the period covered by these half-year condensed consolidated financial statements and after the reporting date, there were no defaults in the payment of principal or interest . Apart from the event described below, the Group identified no other breaches of the terms of its credit facility agreements. In the second quarter of 2026, CCGT Ostrołęka, a subsidiary of the ENERGA Group, entered into a waiver agreement with the financial institutions in respect of a breach of the terms of its credit facility. The breach, identified as at 31 Decemb er 2025, related to the capital project delivery schedule. Following an extension of that agreement, CCGT Ostrołęka obtained consent to develop and implement a long -term solution by the end of August 2026. Consequently, as at 30 June 2026, the Group classified the relevant PLN 626 million portion of the borrowings under the credit facility as a non-current liability.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 48 / 108 Translation from the original Polish version 5.11. Other financial assets and liabilities Other financial assets Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Hedging instruments Derivatives in cash flow hedges 1,553 2,327 2,135 1,675 3,688 4,002 1,553 2,327 2,135 1,675 3,688 4,002 Financial assets measured at fair value through profit or loss, including: Derivative instruments not designated for the purposes of hedge accounting 78 50 1,027 1,415 1,105 1,465 Derivatives in fair value hedges 10 - 8 - 18 - Corporate fund investments 254 203 13 12 267 215 1,895 2,580 3,183 3,102 5,078 5,682 Financial assets measured at fair value through other comprehensive income Shares of entities measured at fair value through other comprehensive income 75 70 - - 75 70 75 70 - - 75 70 Financial assets measured at amortised cost receivables from settled derivatives - - 1,006 222 1,006 222 margin deposits - - 1,738 554 1,738 554 bank deposits over 3 months 6 6 34 130 40 136 loans 812 799 63 63 875 862 acquired securities 308 303 8 8 316 311 restricted cash 364 337 54 53 418 390 funds paid in to subscribe for new shares issued by Energa S.A. - - 5,080 - 5,080 - other 52 53 400 606 452 659 1,542 1,498 8,383 1,636 9,925 3,134 Other financial assets 3,512 4,148 11,566 4,738 15,078 8,886 As at 30 June 2026 and 31 December 2025, the Group held margin deposits that did not qualify as cash equivalents and related to the settlement of commodity transactions and transactions hedging commodity risk entered into on commodity exchanges, principally ICE and the Polish Power Exchange (POLPX) . The amount of margin deposits depends on the mark - to-market value of the portfolio of unsettled transactions, including the market prices of the underlying products, and is adjusted on an ongoing basis . The increase in margin deposits as at 30 June 2026 compared with 31 December 2025 was mainly attributable to a change in the value of derivatives traded on ICE resulting from lower CO₂ emission allowance prices, higher crude oil prices and a higher refining margin, which the Group resumed hedging. As at 30 June 2026 and 31 December 2025, loans advanced by the Group, principally to Baltic Power, an entity accounted for using the equity method, amounted to PLN 710 million and PLN 679 million, respectively. As at 30 June 2026, ‘Financial assets measured at amortised cost’ included cash deposited with Krajowy Depozyt Papierów Wartościowych S.A. in connection with ENERGA S.A.’s issue of Series CC shares through a closed subscription under which existing shareholders retained their pre-emptive rights. The increase in ENERGA S.A.’s share capital was registered on 1 July 2026 (for details, see Note 3.3). Other financial liabilities Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Hedging instruments Derivatives in cash flow hedges 913 97 2,454 319 3,367 416 913 97 2,454 319 3,367 416 Financial liabilities measured at fair value through profit or loss, including: Derivative instruments not designated for the purposes of hedge accounting 300 424 1,073 1,076 1,373 1,500 Derivatives in fair value hedges - 6 5 16 5 22 1,213 527 3,532 1,411 4,745 1,938 Financial liabilities measured at amortised cost Other financial liabilities liabilities from settled derivative instruments - - 77 98 77 98 capital expenditure liabilities 57 71 4,274 6,314 4,331 6,385 obligation to return consideration received - - 46 40 46 40 margin deposits - - 86 229 86 229 outstanding liability to Gazprom - - 787 787 787 787 other 324 352 434 398 758 750 381 423 5,704 7,866 6,085 8,289 Other financial liabilities 1,594 950 9,236 9,277 10,830 10,227
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 49 / 108 Translation from the original Polish version Further information on movements in derivatives not designated into hedging relationships is presented in Notes 5.5 and 5.6. Receivables and liabilities from settled derivative instruments relate to derivative instruments that matured on or before th e end of the reporting period but were payable after the reporting date. As at 30 June 2026, these included matured commodity swaps used principally to hedge timing mismatches relating to crude oil purchases, surplus inventories and natural gas. 5.12. Fair value measurement There were no transfers between levels of the fair value hierarchy within the Group during the reporting period or the comparative period. Fair value hierarchy 30/06/2026 (unaudited) Fair value hierarchy Carrying amount (unaudited) Fair value (unaudited) Level 1* Level 2** Level 3*** Financial assets Investments in equity instruments measured at fair value through other comprehensive income 75 75 60 - 15 Corporate fund investments 267 267 - - 267 Loans 875 927 - 927 - Derivatives 4,811 4,811 1,416 3,395 - Acquired securities 316 394 - 394 - 6,344 6,474 1,476 4,716 282 Financial liabilities Bank borrowings 7,695 7,725 - 7,725 - Non-bank borrowings 1,896 1,898 - 1,898 - Bonds 17,597 17,575 16,011 1,564 - Derivatives 4,745 4,745 1,223 3,522 - 31,933 31,943 17,234 14,709 - 31/12/2025 Fair value hierarchy Carrying amount Fair value Level 1* Level 2** Level 3*** Financial assets Investments in equity instruments measured at fair value through other comprehensive income 70 70 55 - 15 Corporate fund investments 215 215 - - 215 Loans 862 923 - 923 - Derivatives 5,467 5,467 1,144 4,323 - Acquired securities 311 399 - 399 - 6,925 7,074 1,199 5,645 230 Financial liabilities Bank borrowings 8,359 8,394 - 8,394 - Non-bank borrowings 661 664 - 664 - Bonds 16,144 16,331 12,786 3,545 - Derivatives 1,938 1,938 249 1,689 - 27,102 27,327 13,035 14,292 - * Fair value determined by reference to quoted prices for identical assets in active markets. ** The fair value of liabilities under bank borrowings and bonds and of loan receivables and liabilities is determined using the discounted cash flow method. Discount rates are determined based on market rates derived from 1 -month, 3-month and 6 -month quoted benchmark interest rates plus margins specific to the individual financial instruments. *** Fair value determined primarily on the basis of expected discounted cash flows or valuation methods based on market multi ples for which observable inputs are not available.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 50 / 108 Translation from the original Polish version 5.13. Other assets and liabilities Other assets Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Excise duty and fuel charge - - 122 140 122 140 Other taxes, duties, social security and other charges - - 694 1,103 694 1,103 Prepayments for non-current non-financial assets 413 552 1,250 971 1,663 1,523 Energy rights receivable - - 2,826 37 2,826 37 Advance payments to suppliers and prepayments for current assets 30 30 213 340 243 370 Prepaid expenses - - 1,045 707 1,045 707 Excess of hydrocarbon production volume over sales volume (underlift) - - 198 291 198 291 Compensation receivable for indirect costs for energy- intensive consumers - - 186 234 186 234 Settlements with joint ventures - - 79 135 79 135 Adjustment to hedged item - 6 5 16 5 22 Other 144 113 189 174 333 287 587 701 6,807 4,148 7,394 4,849 Other liabilities Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Salaries and wages - - 1,628 1,779 1,628 1,779 Excise duty and fuel charge - - 3,963 4,089 3,963 4,089 Value added tax - - 2,084 3,425 2,084 3,425 Other taxes, duties, social security and other charges - - 1,334 1,131 1,334 1,131 Accrued expenses for unused employee holiday entitlements - - 493 398 493 398 Fee for implementation of the National Reduction Target (NCR) and the National Indicative Target (NCW) - - 224 284 224 284 Non-current contract liabilities 98 92 - - 98 92 Government grants 2,600 1,737 1,596 167 4,196 1,904 Liabilities directly associated with assets classified as held for sale - - 20 20 20 20 Adjustment to hedged item 10 - 8 - 18 - Other 5 4 459 312 464 316 2,713 1,833 11,809 11,605 14,522 13,438 As at 30 June 2026, the balance of government grants comprised mainly unreleased grants relating to energy rights of PLN 1,420 million and grants relating to property, plant and equipment of PLN 2,749 million. Compared with the end of 2025, the balance increased by PLN 2,292 million. The movement in this item of the statement of financial position was mainly attributable to: • recognition of a PLN 2,792 million grant receivable relating to energy rights for 2026, • receipt of grants relating to property, plant and equipment of PLN 976 million, • partially offset by the release of government grants relating to energy rights of PLN (1,375) million. The increase in government grants relating to property, plant and equipment was mainly attributable to: • recognition of a PLN 538 million grant corresponding to the economic benefit arising from concessional financing . This amount represents the estimated benefit arising from the application of a below -market interest rate to the third tranche, amounting to PLN 824 million, of the concessional loan funded under the National Recovery and Resilience Plan (KPO) and received by Energa-Operator S.A. (for details, see Note 5.10), • receipt by Polska Spółka Gazownictwa sp. z o.o. of a PLN 302 million grant under the European Funds for Infrastructure, Climate and Environment Programme 2021–2027 and the National Recovery and Resilience Plan. Government grants related to assets are released systematically to other operating income over the useful lives of the related depreciable assets.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 51 / 108 Translation from the original Polish version 5.14. Provisions Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Decommissioning and environmental costs 7,142 7,758 132 287 7,274 8,045 Long-service awards and post-employment benefits 2,150 2,186 305 309 2,455 2,495 CO₂ emission allowances, energy certificates - - 11,175 9,211 11,175 9,211 Other 1,864 2,107 1,554 2,320 3,418 4,427 11,156 12,051 13,166 12,127 24,322 24,178 For further details, see Note 3.2. 5.15. Capital expenditure commitments under signed contracts As at 30 June 2026 and 31 December 2025 , future commitments arising from capital expenditure contracts signed by those dates amounted to PLN 25,838 million and PLN 28,251 million, respectively. 5.16. Issuance and redemption of debt securities Liabilities under debt securities as at 30 June 2026: a) ORLEN: • Under the non -public domestic bond programme: Series D and Series E bonds remained outstanding, with a total nominal value of PLN 3,000 million; • Under the global Medium -Term Note programme: Series A, Series B and Series D bonds remained outstanding, with a total nominal value of EUR 1,600 million, as well as the Series C bonds, consolidated into a single series, with a total nominal value of USD 1,500 million; b) ENERGA Group: • Under the Eurobond programme: one bond series remained outstanding, with a nominal value of EUR 300 million; • Under the subscription agreement and project agreement with the European Investment Bank, one series of subordinated bonds with a nominal value of EUR 125 million remained outstanding. The year -on-year increase in liabilities under debt securities as at 30 June 2026 was attributable to the further issue by ORLEN of a second tranche of Series C bonds with a nominal value of USD 250 million. ORLEN's Series D corporate bonds, with a nominal value of PLN 1,000 million, were issued as sustainability bonds incorporating an ESG rating. ESG ratings are assigned by independent agencies and assess a company's or industry's capacity for long -term sustainable development by reference to three main non -financial factors: environmental, social and governance matters. In environmental matters, key considerations include the emissions intensity and carbon footprint, environmental pollution, the use of natural resources, and the deployment of green technologies. The most recent ESG rating review conducted by MSCI ESG Research Limited in the first quarter of 2026 maintained ORLEN's ESG rating at A. ORLEN's Series A Eurobonds, with a nominal value of EUR 500 million, and ORLEN's Series D Eurobonds, with a nominal value of EUR 600 million, were issued with green bond certification to finance projects supporting environmental and climate protection. ORLEN has developed a Green Finance Framework for green and sustainable financing, which sets out the planned capital projects aimed at supporting the energy transition that are eligible for financing under this framework. It a lso defines key performance indicators for assessing their implementation and measuring their environmental impact. The Green Finance Framework has been published on the ORLEN website ( https://www.orlen.pl/pl/zrownowazony-rozwoj/zielone- finansowanie). The framework received a very good Sustainability Quality Score of SQS2 from Moody's Ratings. 5.17. Derivatives The Group’s approach to identifying and managing market risk is described in Note 14 to the Consolidated Financial Statements for 2025. The table below presents the principal categories of market risk to which the ORLEN Group is exposed, together with the derivatives used, the main sources of risk exposure, the risk management strategies applied and the typical hedging horizons.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 52 / 108 Translation from the original Polish version Risk category Main sources of exposure Risk management strategy Derivatives used Potential hedging horizon Commodity risk Natural gas price risk • Mismatches between purchase and sales pricing formulae arising from differences in the reference markets and products used for gas purchases and sales, price averaging over different periods and the use of different data sources. This applies particularly to gas purchase contracts indexed to crude oil or the US Henry Hub benchmark, where correlation with European gas benchmarks is insufficient. • The inability to hedge pricing formulae linked to markets operated by the Polish Power Exchange (POLPX), owing to the absence of dedicated products in the financial instruments market. In such cases, proxy hedging is undertaken using the European TTF benchmark. • Potential changes in the forecast volumes of import contracts, production or sales. Hedging identified open positions in individual market benchmarks arising from the Group’s own production and from purchase and sales contracts, taking into account any offsetting or netting effect of opposing positions. Swaps Futures Up to 60 months Refining margin risk The difference between revenue from the sale of refined products and the cost of crude oil purchased to produce those products over the same pricing period. Hedging all crack spreads included in the ORLEN Group refinery model basket (the “complex margin”), based on a defined model basket that is updated regularly. Swaps Futures Up to 36 months Timing mismatch risk relating to crude oil purchases A mismatch between the period used to determine the purchase price of crude oil and the period in which the crude oil is processed and, consequently, the products manufactured from it are sold. Changing the risk profile arising from the contractual pricing formula for purchased crude oil to a formula reflecting the actual processing period. This is intended to achieve the desired refining margin risk profile, under which crude oil and the products manufactured from it are priced over corresponding periods. Hedges are entered into only for cargoes already contracted. Swaps Up to 3 months, corresponding to the planned period for processing the crude oil and selling the resulting products. Timing mismatch risk relating to non- standard operating inventories of feedstock and/or products Planned or unforeseen temporary material deviations of actual operating inventory levels – comprising crude oil, semi-finished products or finished goods – from optimal levels, particularly as a result of: • planned or unplanned interruptions to the production process; • unexpected changes in demand; • logistical constraints. Entering into derivative hedging transactions covering the period between the accumulation of above-normal inventories and their planned reduction to optimal levels. Swaps Futures Up to 12 months Commodity price risk relating to firm commitments or receivables The ORLEN Group’s activities include: • sales, for example of products, under pricing formulae based on fixed prices; • purchases of commodities under pricing formulae based on fixed prices. These activities may result in a negative margin where feedstock is purchased at a variable price and the products manufactured from it are sold at a fixed price, or where commodities purchased at a fixed price are resold at a variable price. Entering into derivative hedging transactions. Swaps Up to the expected expiry of the identified risk, but no longer than 36 months. CO₂ emission allowance price risk The obligation, arising from participation in the EU ETS and governed by EU and national legislation, to acquire and surrender emission allowances. The level of exposure is determined by reference to, among other factors, the current balance of allowances held, forward purchases of allowances already entered into, forecasts of free allowance allocations, and the actual and forecast emissions of individual installations in future periods, particularly those arising from production processes and the generation of electricity and heat. ORLEN S.A. purchases, for its own account, the required volume of allowances for both its own needs and those of ORLEN Group companies, using forward-market or spot transactions. Futures No longer than the duration of the current fourth phase of the EU ETS, i.e. until 2030.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 53 / 108 Translation from the original Polish version Risk category Main sources of exposure Risk management strategy Derivatives used Potential hedging horizon Foreign exchange risk • Operating cash inflows and outflows indexed to or denominated in currencies other than the functional currency; • Capital expenditure or firm commitments and receivables indexed to or denominated in foreign currencies; • Assets and liabilities denominated in foreign currencies, including foreign -currency financial debt, for example debt raised under established bond issuance programmes. Hedging identified net open positions in individual currencies, taking into account any offsetting or netting effects of opposing positions. Natural hedging through the incurrence of debt denominated in foreign currencies, particularly EUR. Forwards (deliverable and non-deliverable) Up to 12 months (up to 60 months for EUR exposures) INTEREST RATE RISK Assets and liabilities held by the ORLEN Group, particularly debt liabilities, for which interest income and expense are linked to variable interest rates. Hedging identified risk exposures, taking into account: • the proportion of fixed-rate debt in total debt (the “fixed-to-total” ratio); and • the requirements of institutions financing capital projects under project finance arrangements. Interest rate swaps (IRS) Cross-currency interest rate swaps (CIRS) For a period corresponding to the maturity of the related financial liabilities, subject to a maximum of 10 years. The ORLEN Group does not hedge the risk of volatility in natural gas, crude oil and refined-product prices associated with the obligation to maintain mandatory stocks, because those stocks cannot be liquidated and used to offset potential settlements under financial instruments, which could adversely affect the Group’s liquidity. Market risk management operating model in the ORLEN Group Depending on the business profile of the relevant company, the ORLEN Group generally manages market risk under one of two operating models: • Centralised model – under which ORLEN assumes responsibility for managing the market risk of Group companies pursuant to executed agreements and the relevant corporate documents agreed with and approved by those companies. Under the centralised market risk management model, ORLEN enters into hedging transactions for its own account in respect of the commodity, foreign exchange and interest rate risk categories described above. The economic effects of those hedges are then allocated to the relevant Group companies through corresponding intra-group transactions. • Coordinated model – under which ORLEN Group companies identify and manage market risk in a manner agreed with and supervised by ORLEN, while retaining responsibility for managing their own market risk under relevant corporate documents prepared by them and agreed with ORLEN. Under the coordinated model, Group companies may enter into hedging transactions independently, although, as a general rule, only after first determining whether a corresponding intra - group transaction can be entered into with ORLEN. Irrespective of the operating model applied, the Group follows consistent market risk management principles governed by dedicated process documentation, including the Policy, Procedure and Strategies, and overseen by the Market Risk Committee, the ORLEN Management Board and the ORLEN Supervisory Board.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 54 / 108 Translation from the original Polish version Derivatives within other financial assets Hedged exposure Type of instrument Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Derivatives in cash flow hedges crude oil commodity swap - - 372 19 372 19 natural gas 284 665 822 154 1,106 819 commodity swap 235 665 433 154 668 819 commodity forward 49 - 389 - 438 - CO2 allowances commodity futures 220 234 215 659 435 893 other commodities commodity swap - - - 4 - 4 exchange rate currency forward 1,049 1,428 726 839 1,775 2,267 1,553 2,327 2,135 1,675 3,688 4,002 Derivatives not designated into hedging relationships natural gas 60 50 764 1,329 824 1,379 commodity swap - - 385 1,173 385 1,173 commodity futures 24 24 157 58 181 82 commodity forward 36 26 222 98 258 124 refining margin commodity swap - - 168 - 168 - other commodities 2 - 77 30 79 30 commodity swap - - 55 15 55 15 commodity futures 1 - 16 7 17 7 commodity forward 1 - 6 8 7 8 exchange rate currency forward - - 8 36 8 36 exchange rate and interest rate cross-currency interest rate swap 16 - 1 - 17 - other other - - 9 20 9 20 78 50 1,027 1,415 1,105 1,465 Derivatives in fair value hedges crude oil commodity swap 10 - 8 - 18 - 10 - 8 - 18 - 1,641 2,377 3,170 3,090 4,811 5,467 Derivatives within other financial liabilities Hedged exposure Type of instrument Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Derivatives in cash flow hedges crude oil commodity swap - - 96 27 96 27 natural gas 842 91 2,090 281 2,932 372 commodity swap 842 91 2,090 281 2,932 372 CO2 allowances commodity futures 65 1 263 - 328 1 exchange rate currency forward 6 5 5 11 11 16 913 97 2,454 319 3,367 416 Derivatives not designated into hedging relationships crude oil commodity swap - - 9 - 9 - natural gas 54 110 548 1,047 602 1,157 commodity swap - - 239 651 239 651 commodity futures 22 35 108 111 130 146 commodity forward 32 75 201 285 233 360 refining margin commodity swap - - 463 - 463 - other commodities 2 - 30 18 32 18 commodity swap - - 8 - 8 - commodity futures 1 - 6 8 7 8 commodity forward 1 - 16 10 17 10 exchange rate currency forwards - - 16 2 16 2 exchange rate and interest rate cross-currency interest rate swap 244 314 7 9 251 323 other other - - - - - - 300 424 1,073 1,076 1,373 1,500 Derivatives in fair value hedges crude oil commodity swap - 6 5 16 5 22 - 6 5 16 5 22 1,213 527 3,532 1,411 4,745 1,938
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 55 / 108 Translation from the original Polish version The material volumes of open financial instruments used to hedge price risk relating to refined and petrochemical products and commodities as at 30 June 2026 and 31 December 2025. Type of hedged Buy (B) / Unit of measure 30/06/2026 (unaudited) 31/12/2025 commodity/product Sell (S) Crude oil K BBL 3,673,490 2,765,260 S BBL 10,727,250 8,053,408 HH natural gas K mmBtu 410,896,550 264,453,798 TTF natural gas K MWh 23,768,086 48,952,001 S MWh 117,401,724 83,698,909 Natural gas THE K MWh 20,989,128 17,459,881 S MWh 13,920,820 - Natural gas AECO S GJ 6,882,500 7,071,500 Refining margin K BBL 5,400,000 - S BBL 25,560,000 - S MT 2,052,000 - CO2 emission allowances K T 31,759,000 29,375,000 5.18. Dividend for 2025 On 9 June 2026, ORLEN’s Annual General Meeting resolved to allocate PLN 9.3 billion to the payment of dividends (PLN 8.00 per share). 18 June 2026 was the dividend record date, and the dividend was paid on 25 June 2026.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 56 / 108 Translation from the original Polish version 5.19. Claims, litigation and other contingent assets and contingent liabilities Parties to the proceedings Nature of claim Date of commencement of proceedings Amount claimed Stage of proceedings and the Company's position 30.06.2026 31.12.2025 Veolia Energia Warszawa v ORLEN Termika S.A. Settlement under a service contract for the development of the Warsaw district heating market 21.02.2018 93.6 93.6 First-instance proceedings – the General Counsel to the Republic of Poland (Prokuratoria Generalna RP) and the President of the Office of Competition and Consumer Protection (UOKiK) each filed important written observations on the case. Two court hearings have so far been held in 2025. The Court has yet to schedule the next hearing. The provision recognised in respect of these proceedings is PLN 145 million (principal claim plus interest). ORLEN Upstream Norway AS v Tax Authority Disputes with the tax authority: a) dispute concerning historical thin capitalisation at LEPN, and b) dispute concerning the deductibility of gas sales costs 20.10.2015- 12.09.2023 131 (NOK 343 million) 112 (NOK 314 million) Cases at the administrative stage; The aggregate provision recognised in respect of these proceedings is approximately PLN 131 million (equivalent to NOK 343 million). ORLEN Upstream Norway AS v Tax Authority Dispute with the Tax Authority over historical thin capitalisation at OUN 07.06.2022 - 49 (NOK 138 million) The amount in dispute of PLN 86 million (NOK 225 million) was paid by ORLEN Upstream Norway AS (OUN), and the company appealed the decision. OUN prevailed at both first instance and on appeal. The Tax Authority appealed parts of the Court of Appeal's May 2025 judgment to the Supreme Court. On 26 March 2026, the Supreme Court delivered a final and binding judgment in favour of OUN, dismissing the Tax Authority's cassation appeal in its entirety. On the basis of the judgment and recent estimates, the Company recognised an asset of PLN 60 million (NOK 157 million). ORLEN Group v Landowners of land Unauthorised use of land (the companies do not hold legal title to certain plots occupied inter alia by their energy and gas infrastructure). Proceedings initiated in 2013–2025 378 471 The Group regularly assesses the merits and quantum of claims asserted, including whether provisioning is required. Provisions are recognised for notified claims subject to litigation. No provisions are recognised for potential unasserted claims by landowners. Where the validity of a claim or title to the land is uncertain, the Group discloses contingent liabilities, having regard to its experience of claims relating to non -contractual land use and the associated costs incurred in prior years , and having co nsidered the Constitutional Tribunal's judgment on acquisitive prescription of a land easement corresponding to a transmission easement (case P 10/16, delivered on 2 December 2025), the Group considers that, as at the date of these half - year condensed consolidated financial statements, the risk of incurring material costs in this respect in the near term is low. The aggregate provision recognised in respect of these proceedings is PLN 155 million Węglokoks Energia ZCP Sp. z o.o. v ORLEN, myORLEN Sp. z o.o. (formerly: PGNiG Obrót Detaliczny Sp. z o.o.) The case concerns compensation claims brought by Węglokoks Energia ZCP Sp. z o.o. for abuse of a dominant position by ORLEN and myORLEN Sp. z o.o. on the gas market through the unilateral imposition of unfavourable and non-transparent commercial terms for purchases of high-methane gas from 13 May 2022 onwards. 20.03.2026 63 63 On 20 March 2026, the Company was served with the statement of claim. ORLEN has filed its statement of defence. Based on its legal analysis of the claims, the Group has not recognised a provision because it considers the risk of an adverse outcome to be low. UNIMOT Terminale sp. z o.o. v ORLEN S.A. Arbitration between ORLEN and UNIMOT Terminale concerning settlement of the final sale price for 100% of the shares in LOTOS Terminale. 16.02.2026 84 84 On 19 December 2025, ORLEN commenced arbitration proceedings before the Polish Chamber of Commerce seeking payment of PLN 0.3 million from UNIMOT in final settlement of the share sale price for LOTOS Terminale. On 16 February 2026, UNIMOT Terminale filed a counterclaim for payment by ORLEN of PLN 84 million as an adjustment to the share sale price. Based on its legal analysis of the claims, the Group has not recognised a provision because it considers the risk of an adverse outcome to be low. ANWIM S.A. v ORLEN and ORLEN Paliwa sp. z o.o. The case concerns damages claimed by ANWIM S.A. for alleged abuse of a dominant position by ORLEN through the purported lowering of spot fuel prices ahead of the 2023 elections. 17.11.2025 176 176 On 26 February 2026, the Company was served with the statement of claim. ORLEN has filed its statement of defence. The case is ongoing. Based on its legal analysis of the claims, the Group has not recognised a provision because it considers the risk of an adverse outcome to be low.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 57 / 108 Translation from the original Polish version Parties to the proceedings Nature of claim Date of commencement of proceedings Amount claimed Stage of proceedings and the Company's position 30.06.2026 31.12.2025 Qemetica Silicates S.A. v ORLEN and myORLEN sp. z o.o. (formerly: PGNiG Obrót Detaliczny Sp. z o.o.) The case concerns damages claimed by Qemetica Silicates S.A. for the alleged abuse of a dominant position by ORLEN and myORLEN Sp. z o.o. 26.08.2025 323 323 ORLEN is preparing its response to the claimant's reply. The case is ongoing. The first hearings in the case have been scheduled. Based on its legal analysis of the claims, the Group has not recognised a provision because it considers the risk of an adverse outcome to be low. President of the Energy Regulatory Office v Energa Obrót S.A. Administrative proceedings before the President of URE concerning a decision requiring Energa Obrót S.A. to pay into the Price Difference Payment Fund the shortfall between the Fund contributions as calculated by URE and those reported by the subsidiary for the twelve months from December 2022 to December 2023. 5.02.2026 551 551 On 26 March 2026, Energa Obrót transferred PLN 553 million to the Price Difference Payment Fund (the "Fund"), as specified in the decision of the President of the Energy Regulatory Office ("URE") dated 6 March 2026. That decision determined the shortfall between the Fund contributions as calculated by URE and those reported by Energa Obrót. On the same date, Energa Obrót filed an appeal against the URE decision of 6 March 2026 with the Regional Court in Warsaw (17th Division, Competition and Consumer Protec tion). The Group considers that the calculation methodology applied by Energa Obrót complies with the applicable legislation. The Group disputes URE's calculation of the basis for the Fund contribution and has accordingly lodged an appeal. President of the Energy Regulatory Office v Energa Obrót S.A. The case concerns a PLN 61 million fine imposed on Energa - Obrót S.A. by decision of the President of the Energy Regulatory Office in proceedings concerning breaches of the obligations arising under Articles 5(1) and 5(1a), 6(1) and 6(2), and 6a of the Act of 28 December 2018 Amending the Excise Duty Act and Certain Other Acts. 29.12.2022 61 - Energa-Obrót S.A. appealed against the decision to the Court of Competition and Consumer Protection. On 29 October 2025, the Court of Competition and Consumer Protection in Warsaw delivered its judgment at first instance, setting aside the decision insofar as it found that Energa -Obrót S.A. had breached the Act and imposed a fine of PLN 61 million plus interest. The Court also awarded Energa -Obrót S.A. its legal representation costs . Following a reassessment of the provision and the conclusion that an adver se judgment was less likely than a favourable judgment, the Company reversed the provision and disclosed the matter as a contingent liability. LyondellBasell Industries Holding B.V. (LYB) v ORLEN S.A. Application to English court for interim relief 10.06.2026 - - On 19 June 2026, LYB commenced ad hoc arbitration proceedings seated in London under the UNCITRAL Arbitration Rules . In those proceedings, LYB asserts claims relating to a potential breach by ORLEN of its obligations under the joint venture agreement between the parties in connection with the acquisition of shares in GAP . Earlier, on 10 June 2026, LYB had applied to the English court for interim measures pending the constitution of the arbitral tribunal and its determination of the dispute . On 16 July 2026, however, the court held that matters relating to interim measures should be determined by the arbitral tribunal and directed the parties to use their best endeavours to ensure that the tribunal determined them by 31 August 2026 . The arbitral tribunal was subsequently constituted on 23 July 2026. The parties will continue the proceedings before the tribunal, including in relation to the application for interim measures. Further details of the dispute have not been disclosed due to the confidential nature of the proceedings. As at 30 June 2026, the Group had not identified any circumstances indicating the existence of a present obligation requiring the recognition of a provision. The Group continues to monitor developments in the proceedings and reassesses the effect of any new circumstances. Gazprom v ORLEN Settlement of natural gas deliveries under the Yamal Contract and Gazprom's suspension of supplies 14.01.2022 Arbitration proceedings are pending. A detailed description of the proceedings is provided below.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 58 / 108 Translation from the original Polish version Settlement of natural gas deliveries under the Yamal Contract and Gazprom's suspension of supplies In the first half of 2026, the arbitration proceedings between ORLEN and Gazprom concerning settlements for natural gas supplied under the Yamal Contract continued. The background to the dispute and the course of the proceedings are described in detail in Note 15.4.1 to the Consolidated Financial Statements for 2025. In the ongoing arbitration, the matters that fall to be determined include the question of price revision under the 2021 pric e review notices (in respect of which ORLEN and Gazprom have asserted counterclaims seeking, respectively, a reduction and an increase in the contract price) and, in a subsequent phase, the suspension of deliveries under the Yamal Contract with effect from 27 April 2022 and related claims (the parties have provisionally notified counterclaims, which will be final ly formulated and determined at a later stage of the arbitration). The above disputes between ORLEN and Gazprom remain pending and involve amounts potentially material to the ORLEN Group. However, given the complex and precedent -setting nature of the matter – including the fact that the existence and/or amount of individual claims depends on the outcome of the earlier phase of the arbitration proceedings – it is not currently possible to determine precisely the value of the subject matter of the dispute. The effects of settlements arising from completed stages of the proceedings and of the set -off of mutual receivables and liabilities effected in 2025 were recognised and described in the Consolidated Financial Statements for 2025 and remain current. As at 30 June 2026, the Group maintained a provision for the remaining amount of the potential liability to Gazprom arising from the retrospective settlement of the Yamal Contract price for the period from January 2018 to January 2021. The provision was estimated on the basis of the assumptions and methodology described in the Consolidated Financial Statements for 2025. The estimated provision, taking into account developments in the dispute, recognised in these half-year condensed consolidated financial statements for the first half of 2026 amounted to PLN 394 million (USD 105 million) . Given the uncertainty as to the timing and possibility of future cash outflows, the amount of the provision may change materially i n subsequent reporting periods. In the Group’s assessment, changes in geopolitical factors affecting the sanctions policies of the European Union and Poland towards Russia will be particularly significant in this regard. 15.8.1. Suspension of the Olefins III project in its current scope In the first half of 2026, the Group continued work on the Nowa Chemia project, which represents a continuation of the Olefins III project in a revised form. Details of the decisions taken and the project assumptions are presented in Note 15.4. 2 to the Consolidated Financial Statements for 2025. The Nowa Chemia project is expected to achieve full start -up of the units in 2030. In recent months, ORLEN has focused on recasting the Project into a new configuration, including the addition of elements necessary to secure its economic viability . On 15 April 2026, an updated budget for the Nowa Chemia project of PLN 35.8 billion was approved, including PLN 4.6 billion of financing costs. The Group is currently focusing work on the Nowa Chemia project to ensure delivery in line with the planned schedule. Estimated cash flows based on the revised assumptions for the Olefins project and its continued implementation under the Nowa Chemia project were reflected in the impairment tests for the Downstream segment (see Note 5.4 for details). On the basis of facts and circumstances existing as at 30 June 2026, the Group has concluded that there are no grounds for recognising additional liabilities, including provisions, in connection with the decision to suspend the Olefins III project in its original form and its continuation as the Nowa Chemia project. Apart from the proceedings described above, the Group has not identified any other material claims, litigation or contingent liabilities. 5.20. Related-party transactions 5.20.1. Transactions between key management personnel (and their close family members) and ORLEN Group related parties Based on declarations received, as at 30 June 2026 and 31 December 2025 and during the six - and three-month periods ended 30 June 2026 and 30 June 2025, there were no material transactions between members of the key management personnel of the Parent and ORLEN Group companies, or their close family members, and ORLEN Group related parties.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 59 / 108 Translation from the original Polish version 5.20.2. Remuneration of key management personnel of the Parent and ORLEN Group companies 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Parent Short-term employee benefits 58.4 27.8 48.2 22.1 Post-employment benefits - - 0.1 - Termination benefits 5.0 1.9 3.1 1.3 Subsidiaries Short-term employee benefits 240.5 125.4 228.7 115.5 Post-employment benefits 1.9 0.5 1.4 0.7 Other long-term employee benefits 0.5 0.4 0.7 0.4 Termination benefits 7.4 2.6 10.5 5.8 313.7 158.6 292.7 145.8 The table above presents the remuneration paid, due or potentially due to the key management personnel of the Parent and its subsidiaries in the reporting period. 5.20.3. ORLEN Group companies' transactions and settlement balances with related parties Sales Purchases 6 MONTHS ENDED 30/06/2026 3 MONTHS ENDED 30/06/2026 6 MONTHS ENDED 30/06/2025 3 MONTHS ENDED 30/06/2025 6 MONTHS ENDED 30/06/2026 3 MONTHS ENDED 30/06/2026 6 MONTHS ENDED 30/06/2025 3 MONTHS ENDED 30/06/2025 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Joint ventures 1,620 771 1,670 781 (404) (224) (244) (112) Other related parties 13 5 11 4 (281) (111) (78) (41) 1,633 776 1,681 785 (685) (335) (322) (153) Trade receivables and loans Trade and other payables 30/06/2026 31/12/2025 30/06/2026 31/12/2025 (unaudited) (unaudited) Joint ventures 1,208 1,558 78 114 Other related parties 29 46 90 186 1,237 1,604 168 300 The related -party transactions referred to above consist primarily of sales and purchases of refined and petrochemical products and services. During the six- and three-month periods ended 30 June 2026 and 30 June 2025, the Group did not enter into any related - party transactions that were not conducted on arm's length terms. 5.20.4. Transactions with State Treasury-related entities The ultimate parent preparing consolidated financial statements is ORLEN S.A., whose largest shareholder as at 30 June 2026 and 31 December 2025 was the State Treasury, holding 49.9% of the shares. The Group has identified transactions with related parties that are also entities related to the State Treasury, based on the 'List of companies with State Treasury ownership' published by the Chancellery of the Prime Minister. During the six- and three-month periods ended 30 June 2026 and 30 June 2025, and as at 30 June 2026 and 31 December 2025, the Group identified the following transactions: 6 MONTHS ENDED 30/06/2026 3 MONTHS ENDED 30/06/2026 6 MONTHS ENDED 30/06/2025 3 MONTHS ENDED 30/06/2025 (unaudited) (unaudited) (unaudited) (unaudited) Sales 4,307 2,143 5,382 2,301 Purchases (6,373) (3,257) (4,746) (2,310) 30/06/2026 (unaudited) 31/12/2025 Trade receivables 1,088 1,312 Trade payables 866 992 The above transactions were conducted on an arm’s -length basis and related mainly to the ORLEN Group’s ordinary operating activities, principally the sale of fuels, the purchase and sale of natural gas and energy, and transport and stora ge services. The Group also entered into financial transactions with Bank Gospodarstwa Krajowego, including borrowings, bank charges and commissions, and incurred transaction fees payable to the Polish Power Exchange.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 60 / 108 Translation from the original Polish version 5.21. Excise duty guarantees Excise duty guarantees and excise duty on products and goods held under duty -suspension arrangements form part of off - balance-sheet liabilities and amounted to PLN 4,038 million and PLN 3,904 million as at 30 June 2026 and 31 December 2025, respectively. As at 30 June 2026, the Group assesses the risk that these liabilities will crystallise as very low. 5.22. Sureties for loans or guarantees provided by the Parent Company or its subsidiaries to a single entity or a subsidiary of that entity, where the total value of the existing sureties or guarantees is material Sureties and guarantees provided for Group subsidiaries in favour of entities outside the Group amounted to PLN million as at 30 June 2026 and 31 December 2025, respectively. As at 30 June 2026, these mainly secured: • future obligations under bonds issued by Energa Finance, amounting to PLN 5,370 million, Nominal value Amount of the guarantee PLN Subscription date Maturity date Rating PLN Eurobonds EUR 300 1,289 7.03.2017 7.03.2027 BBB+, Baa2 EUR 1,250 5,370 The nominal value of the bonds and guarantees provided was translated at the exchange rate quoted on 30 June 2026. • liabilities arising from the operating activities of ORLEN Upstream Norway AS, ORLEN Trading Switzerland GmbH and the ORLEN Energy Trading Group, amounting in total to PLN 9,723 million, • financial liabilities under credit facility and loan agreements of the Group subsidiaries, amounting to PLN 3,903 million, • the implementation of capital projects by the subsidiaries CCGT Ostrołęka, CCGT Grudziądz, CCGT Gdańsk, totalling PLN 208 million, as well as the timely payment of liabilities by subsidiaries. As at 30 June 2026, an unconditional and irrevocable guarantee issued by ORLEN in favour of the Norwegian government was also in effect. The guarantee covers the exploration and production activities of ORLEN Upstream Norway AS on the Norwegian Continental Shelf. The guarantee is of indefinite duration and has no specified amount. Under the guarantee, ORLEN assumes full financial responsibility for any liabilities that may arise in connection with the activities of ORLEN Upstream Norway AS involving the exploration and production of natural resources beneath the seabed on the Norwegian Continental Shelf, including their storage and transport by means other than vessels. In addition, guarantees covering liabilities to third parties issued in the ordinary course of business as at 30 June 2026 and 31 December 2025 amounted to PLN 5,322 million and PLN 4,845 million, respectively. These guarantees related mainly to civil-law guarantees securing the proper performance of contracts and public -law guarantees, required by generally applicable laws and regulations, securing the proper conduct of licensed activities in the liquid fuels sector and the result ing tax and customs liabilities. 5.23. Events after the reporting period Material non-bank financing On 7 July 2026, ORLEN issued Series E bonds with an aggregate nominal value of EUR 750 million under its Global Medium-Term Note Programme (GMTN), updated on 26 June 2026 . The bonds, ORLEN’s third green bond issue, were issued under a green bond certification framework to finance projects supporting environmental and climate protection . The bonds have a seven -year tenor and mature on 7 July 2033. They have been admitted to trading on the regulated markets operated by Euronext Dublin and the Warsaw Stock Exchange. The proceeds from the issue will be used to finance projects in three categories: renewable energy, energy efficiency and clean transport. The scope and manner of use of the proceeds from the issue are described on the Company’s website in the Green Finance Framework (https://www.orlen.pl/pl/zrownowazony-rozwoj/zielone-finansowanie). Agreement to acquire all shares in Grupa Azoty Polyolefins (GAP) – transaction status Further milestones have been reached in the process of completing the acquisition of the shares in GAP. On 9 July 2026, the 12th Commercial Division of the Szczecin-Centrum District Court in Szczecin accepted GAP’s Restructuring Plan following its formal and fiscal review. Subsequently, the transaction was cleared by the Competition Authority of the Republic of Serbia on 24 July 2026 and by the President of the Office of Competition and Consumer Protection in Poland on 30 July 2026. Together with the clearance obtained from the Ukrainian antimonopoly authority on 4 June 2026, the Company has obtained all regulatory clearances required to complete the transaction. As at the date of preparation of this report, the remaining conditions precedent set out in the transaction documentation are being satisfied. The Company is also awaiting final approval of the Restructuring Plan by the Szczecin -Centrum District Court in Szczecin. Completion of the acquisition of a hybrid renewable energy project On 5 August 2026, ORLEN New Power, a member of the ORLEN Group, completed the acquisition from the Polish developers ONDE and Neo Energy Group of two special-purpose vehicles – Solar Kazimierz Biskupi sp. z o.o. and KWE sp. z o.o. – holding the rights to develop a 180 MW solar farm and a 36 MW wind farm in the municipality of Kazimierz Biskupi in the Poznań Province. The installations will operate under a cable -pooling model, enabling the solar and wind generation sources to share grid -
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 61 / 108 Translation from the original Polish version connection infrastructure. Construction is scheduled to begin in the third quarter of 2026, with completion of the two farms and commencement of full commercial operations planned for 2028. Through the transaction, the ORLEN Group expanded its renewable energy project portfolio by 216 MW, supporting the implementation of the Group’s energy-transition strategy. By combining solar and wind generation, the hybrid project will enable more efficient use of the available grid infrastructure, improve the stability of energy production and generate operational synergies. The aggregate base price for the shares, including the subrogation of loans granted to the companies by their existing shareholders, is approximately PLN 62.1 million. The agreement also provides for additional contingent consideration of up to PLN 18 million net, depending on revenue generated during the technological commissioning period. Based on its preliminary analysis, the Group expects to account for the transaction as an asset acquisition because the acquired companies do not constitute a business as defined in IFRS 3 Business Combinations . Accordingly, the purchase price will be allocated to the acquired assets and liabilities in accordance with the principles applicable to asset acquisitions. Other than the events disclosed in these half-year condensed consolidated financial statements, no events occurred after the reporting period that required recognition or disclosure.
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HALF-YEAR CONDENSED SEPARATE FINANCIAL STATEMENTS FOR THE 6- AND 3-MONTH PERIODS ENDED 30 JUNE 2026 SPORZĄDZONE ZGODNIE Z MIĘDZYNARODOWYMI STANDARDAMI SPRAWOZDAWCZOŚCI FINANSOWEJ ZATWIERDZONYMI PRZEZ UNIĘ EUROPEJSKĄ PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 63 / 108 Translation from the original Polish version B. HALF-YEAR CONDENSED SEPARATE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION Separate statement of profit or loss and other comprehensive income NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 5.1 100,862 53,926 87,411 40,141 Cost of sales 5.3 (84,773) (45,520) (77,831) (35,561) Gross profit 16,089 8,406 9,580 4,580 Selling expenses (4,073) (2,102) (3,725) (1,922) General and administrative expenses (1,597) (789) (1,388) (635) Other operating income 5.5 7,594 2,131 3,629 2,108 Other operating expenses 5.5 (10,679) (4,019) (5,418) (3,073) (Impairment loss)/reversal of impairment loss on trade and other receivables (131) (122) (42) (38) Operating profit 7,203 3,505 2,636 1,020 Finance income 5.6 4,585 3,644 3,342 2,397 Finance costs 5.6 (2,543) (1,428) (3,521) (2,688) Net finance income/(costs) 2,042 2,216 (179) (291) Profit before tax 9,245 5,721 2,457 729 Income tax (1,444) (750) (956) (572) Net profit 7,801 4,971 1,501 157 Other comprehensive income: that will not be reclassified subsequently to profit or loss 9 9 (210) (6) actuarial gains and losses 12 12 (6) (5) gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income (1) (1) (254) (3) deferred tax (2) (2) 50 2 that may be reclassified subsequently to profit or loss (2,742) 1,095 389 190 hedging instruments (3,410) 1,294 (45) 186 costs of hedging 26 59 525 49 income tax 642 (258) (91) (45) (2,733) 1,104 179 184 Total comprehensive income 5,068 6,075 1,680 341 Basic and diluted earnings per share (PLN per share) 6.72 4.28 1.29 0.14 *Comparative information has been restated; for details, see Note 2.2.3 The notes on pages 67–98 form an integral part of these half-year condensed separate financial statements.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 64 / 108 Translation from the original Polish version Separate statement of financial position NOTE 30/06/2026 (unaudited) 31/12/2025 ASSETS Non-current assets Property, plant and equipment 45,488 45,409 Investment property 263 266 Intangible assets 2,097 2,027 Right-of-use assets 4,729 4,757 Investments in subsidiaries, associates and joint arrangements 54,350 54,052 Deferred tax assets 1,678 268 Other financial assets 5.9 17,658 21,130 Mandatory stocks 8,626 8,470 Other assets 5.11 27 10 134,916 136,389 Current assets Inventories 13,190 10,727 Trade receivables 14,603 12,651 Income tax receivables 34 22 Cash 16,392 20,129 Other financial assets 5.9 21,357 11,010 Other assets 5.11 3,188 1,736 Non-current assets classified as held for sale 13 1,401 68,777 57,676 Total assets 203,693 194,065 EQUITY AND LIABILITIES EQUITY Share capital 1,974 1,974 Share premium 46,405 46,405 Other components of equity 447 3,190 Retained earnings 72,371 73,848 Total equity 121,197 125,417 LIABILITIES Non-current liabilities Borrowings and bonds 5.8 20,617 18,370 Provisions 5.12 2,976 3,233 Lease liabilities 2,909 2,900 Other financial liabilities 5.9 1,428 774 Other liabilities 5.11 109 106 28,039 25,383 Current liabilities Trade payables 16,795 12,913 Lease liabilities 526 536 Borrowings and bonds 5.8 528 1,103 Provisions 5.12 5,689 4,223 Current tax liabilities 1,583 1,611 Other financial liabilities 5.9 23,780 17,040 Other liabilities 5.11 5,556 5,839 54,457 43,265 Total liabilities 82,496 68,648 Total equity and liabilities 203,693 194,065 The notes on pages 67–98 form an integral part of these half-year condensed separate financial statements.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 65 / 108 Translation from the original Polish version Separate statement of changes in equity Share capital Share premium Other components of equity Hedging reserve Costs of hedging Fair value reserve Retained earnings Total equity 01/01/2026 1,974 46,405 3,190 2,481 895 (186) 73,848 125,417 Net profit - - - - - - 7,801 7,801 Components of other comprehensive income - - (2,743) (2,763) 21 (1) 10 (2,733) Total comprehensive income - - (2,743) (2,763) 21 (1) 7,811 5,068 Equity arising from business combinations - - - - - - - - Dividends - - - - - - (9,288) (9,288) Transactions with owners - - - - - - (9,288) (9,288) 30/06/2026 1,974 46,405 447 (282) 916 (187) 72,371 121,197 (unaudited) 01/01/2025 1,974 46,405 972 714 245 13 88,766 138,117 Net profit - - - - - - 1,501 1,501 Components of other comprehensive income - - 183 (36) 425 (206) (4) 179 Total comprehensive income - - 183 (36) 425 (206) 1,497 1,680 Dividends - - - - - - (6,966) (6,966) Transactions with owners - - - - - - (6,966) (6,966) 30/06/2025 1,974 46,405 1,155 678 670 (193) 83,297 132,831 (unaudited) (restated) *Comparative information has been restated; for details, see Note 2.2.3 The notes on pages 67–98 form an integral part of these half-year condensed separate financial statements.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 66 / 108 Translation from the original Polish version Separate statement of cash flows 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Cash flows from operating activities Profit before tax 9,245 5,721 2,457 729 Adjustments for: Depreciation and amortisation 2,249 1,141 2,206 1,141 Foreign exchange (gains)/losses 415 152 (364) (141) Net interest (467) (206) (854) (424) Dividends (2,888) (2,888) (1,415) (1,415) Loss on investing activities 3,693 2,650 4,925 3,459 Change in provisions 1,358 550 1,402 759 Change in working capital (535) (762) 1,991 (953) inventories (2,466) (2,666) 2,500 (972) trade receivables (1,951) (359) (262) (363) trade payables 3,882 2,263 (247) 382 Other adjustments, including: (2,221) 581 152 (319) release of a government grant related to energy rights to profit or loss (787) (519) (689) (394) margin deposits (1,441) 2,435 (185) (178) derivatives (467) (533) 617 418 mandatory stocks (156) 78 611 647 purchase of energy rights (396) (25) (16) (10) disposal of energy rights 1,972 400 297 2 Income tax (paid) (2,254) (483) (845) (255) Net cash from operating activities 8,595 6,456 9,655 2,581 Cash flows from investing activities Acquisition of property, plant and equipment, intangible assets and right-of-use assets (4,795) (2,492) (4,810) (2,212) Proceeds from sale of property, plant and equipment, intangible assets and right-of-use assets 14 6 38 9 Acquisition of shares in subsidiaries (72) (50) (94) (93) Additional capital contributions to subsidiaries (360) (60) (25) (25) Interest received 693 360 1,041 565 Dividends received 687 687 498 498 Outflows on loans granted (3,150) (1,840) (1,244) (778) Inflows from repayment of loans granted 2,830 687 2,375 933 Net cash flows within the cash pooling arrangement 943 609 4,313 1,828 Funds paid in to subscribe for new shares issued by Energa S.A. (5,080) (5,080) - - Other 46 29 22 (30) Net cash from/(used in) investing activities (8,244) (7,144) 2,114 695 Cash flows from financing activities Proceeds from borrowings 949 949 1,882 912 Repayment of borrowings (744) (564) (5,738) (82) Issue of bonds 967 - 4,982 - Interest paid on borrowings, bonds, and cash pool arrangements (520) (256) (427) (264) Interest paid on lease liabilities (102) (24) (104) (29) Dividends paid to shareholders of the parent (9,288) (9,288) - - Net cash flows within the cash pooling arrangement 4,841 4,070 7,298 3,770 Payment of lease liabilities (259) (123) (262) (121) Other 20 42 (69) (47) Net cash from/(used in) financing activities (4,136) (5,194) 7,562 4,139 Net increase/(decrease) in cash (3,785) (5,882) 19,331 7,415 Effect of exchange rate changes on cash 48 (22) (21) (6) Cash at beginning of period 20,129 22,296 1,368 13,269 Cash at end of period 16,392 16,392 20,678 20,678 including restricted cash 151 151 154 154 *Comparative information has been restated; for details, see Note 2.2.3 The notes on pages 67–98 form an integral part of these half-year condensed separate financial statements.
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 67 / 108 NOTES TO THE HALF-YEAR CONDENSED SEPARATE FINANCIAL STATEMENTS 1. Principal business of ORLEN ORLEN Spółka Akcyjna, with its registered office in Płock, ul. Chemików 7 (the “Company”, the “Issuer”, the “Parent”, “ORLEN”), was formed on 7 September 1999 through the merger of Petrochemia Płock S.A. and Centrala Produktów Naftowych S.A. The Company’s principal business activities are: • processing of crude oil, • production of fuels, petrochemical products, and chemicals • retail and wholesale of fuel products, • generation, distribution, and trading of electricity and heat, • exploration for and production of natural gas, • gas imports, trading in gaseous fuels, • other services, including those relating to storage. Since 26 November 1999, ORLEN shares have been listed on the main market of the Warsaw Stock Exchange in the continuous trading system. 2. Policies applied in the preparation of the half-year condensed separate financial statements 2.1. Statement of compliance and general basis of preparation These half-year condensed separate financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and the Regulation of the Minister of Finance on current and periodic information to be provided by issuers of securities and on the conditions for recognising as equivalent information required by the laws of a non -member state, and present the financial position of ORLEN as at 30 June 2026 and 31 December 2025, the results of its operations and its cash flows for the six- and three-month periods ended 30 June 2026 and 30 June 2025. These half-year condensed consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern for at least twelve months from the end of the reporting period. In assessing the Company's ability to continue as a going concern, the Management Board analysed financial and operating risks, considering their potential effect on the Company's operations over at least twelve months from the reporting date. Th e analysis covered, in particular, the Company's financial position and key financial indicators, including liquidity, debt rat ios, profitability, and turnover ratios, none of which indicated any risk to the Company's financial stability. The Company identifies and actively manages liquidity risk, i.e. the risk that it may be unable, in whole or in part, to meet its current and future financial obligations, by maintaining an appropriate level of cash and access to diversified sources of funding. The Company is able to meet its obligations as they fall due, in particular through positive cash flows from operati ng activities and access to external financing. To mitigate liquidity gap risk, the Company diversifies its funding sources and uses a variety of instruments to manage liquidity effectively. As part of its going concern assessment, the Management Board also considered risks arising from the macroeconomic and geopolitical environment and from climate change, analysing their potential impact on the Company's operating and financial activities. Based on the analyses performed, as at the date of signing these half-year condensed separate financial statements , the Company's Management Board has not identified any facts or circumstances indicating a threat to the Company’s ability to continue as a going concern in the foreseeable future, i.e. for at least twelve months from the reporting date. The Company has been established for an indefinite period. The separate financial statements have been prepared on a historical cost basis, except for financial derivatives and investment property measured at fair value, and financial assets measured at fair value. These half-year condensed separate financial statements, except for the separate statement of cash flows, have been prepared on the accrual basis of accounting. 2.2. Accounting policies and amendments to International Financial Reporting Standards (IFRS) 2.2.1. Amendments to International Financial Reporting Standards (IFRS) Applying the amendments to IFRS effective from 1 January 2026 had no material effect on the Company’s half-year condensed separate financial statements. Of the standards issued but not yet effective, the Company expects the following to have the greatest impact on its future financial statements: • IFRS 18 ‘Presentation and Disclosure in Financial Statements’, endorsed for use in the European Union on 13 February 2026 (effective for annual periods beginning on or after 1 January 2027) and • IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’, issued by the International Accounting Standards Board on 27 May 2026, pending endorsement by the European Union (effective for annual periods beginning on or after 1 January 2029).
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 68 / 108 Applying IFRS 18 will affect the Company’s separate financial statements, particularly the structure of the separate statement of profit or loss and other comprehensive income and the classification and presentation of individual categories of income and expenses. The standard requires all items of income and expense to be classified into five defined categories (operating, investing, financing, income taxes and discontinued operations) and introduces new mandatory subtotals. Consequently, certain items currently presented as revenue, operating expenses or finance costs may need to be reclassified to other categories, depending on the nature of the transaction and the Company’s principal business activities. IFRS 18 also introduces new disclosure requirements for management -defined performance measures (MPMs) used in the Company’s external communications. As at the date of preparation of these half-year separate financial statements, the Company is analysing its performance measures to determine which of them meets the definition of a management-defined performance measure under IFRS 18 and complies with ESMA’s Guidelines on Alternative Performance Measures (APMs). As at the date on which these half -year condensed separate financial statements were authorised for issue, the Company is carrying out a detailed analysis of the classification of income and expenses into the respective profit or loss categories, including items that may require reclassification. The work also includes a review of the subtotals currently used, the new aggregation and disaggregation requirements and the presentation of management-defined performance measures. The Company is also analysing the effect of the consequential amendments to other standards arising from IFRS 18. As part of this work, the Company has identified the effect of the amendments to IAS 7 on the presentation of the statement of cash flows. Under the amended IAS 7, operating profit or loss, rather than profit or loss before tax, will be the starting point f or presenting cash flows from operating activities using the indirect method. Consequently, the adjustments made in arriving at cash flows from operating activities under the indirect method will change. The amended IAS 7 also clarifies the classificati on of cash flows arising from interest and dividends and eliminates the existing classification alternatives for those cash flow s. The Company is determining the detailed scope of the presentational changes resulting from these requirements, including their effect on the comparative information. IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’ applies to entities carrying on rate -regulated activities and sets out requirements for the recognition, measurement, presentation and disclosure of regulatory assets and regulatory liabilities and the related regulatory income and regulatory expenses arising from differences in timing between the provision of regulated services and the inclusion of the related amounts in the rates charged to customers. The standard is intended to help investors better understand how rate regulation affects the financial performance and financial position of rate-regulated entities. The International Accounting Standards Board has set the effective date for annual periods beginning on or after 1 January 2029, with earlier application permitted. As at the date on which these half -year condensed separate financial statements were authorised for issue, IFRS 20 had not been endorsed for use in the European Union. Consequently, the date from which the Company will be required to apply it may depend on the outcome of the EU endorsement process. The Company assesses that IFRS 20 may affect ORLEN’s separate financial statements because it operates in areas subject to rate regulation, principally the sale and distribution of electricity, heat and gaseous fuel, where customer tariffs require approval by the President of the Energy Regulatory Office. The Company is assessing the potential effect of IFRS 20 on its future separate financial statements. Its work includes identifying contracts, regulatory decisions and other settlement mechanisms that may meet the standard’s criteria; assessing whether identified timing differences require the recognition of regulatory assets, regula tory liabilities, regulatory income and regulatory expenses; and determining the disclosures required. 2.2.2. Accounting policies The material accounting policy information, significant judgements and estimates applied by the Company in these half -year condensed separate financial statements are the same as those described in the notes to the Separate Financial Statements for 2025, except for the accounting policy change described below regarding the p resentation of cash flows related to the purchase of energy rights. With effect from 1 January 2026, the Company changed the classification of expenditure on the purchase of energy rights, including CO ₂ emission allowances. Before the change, such expendit ure was presented within cash flows from investing activities; it is now presented within cash flows from operating activities, under 'Other', as expenditure on the purchase of energy rights. The change affects only presentation in the statement of cash flows and does not affect the Company's recognition or measurement of energy rights, including CO ₂ emission allowances. In particular, the change has no effect on profit or loss, total net cash flows or the balance of cash and cash equivalents. The purchase of energy rights, including CO ₂ emission allowances, forms part of the Company's core operating activities and is made to meet obligations imposed by the regulations applicable to the Company. Presenting such expenditure within operating activities therefore provides better alignment between the statement of profit or loss and the statement of cash flows and improves the transparency of the financial information. It also removes the previous inconsistency between the operating nature of emission costs and the classification of the related cash flows as investing activities. The effect of the changes on the comparative information is set out in Note 2.2.3.
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 69 / 108 2.2.3. Restatement of comparative information The Company restated the comparative information following the changes in accounting policies described in Note 2.2.2 to these half-year condensed separate financial statements and the changes presented in Note 4.1 to the Separate Financial Statements for 2025 as well as corrections of departures from IFRS requirements and prior period errors, as set out in the notes to the Separate Financial Statements for 2025. The changes concerned: • a change in accounting policy, including: − the reclassification introduced in 2025 within cash flows from operating activities, from “Change in working capital” to “Other adjustments”, of all non -financial receivables and liabilities and all receivables and liabilities constituting financial assets and financial liabilities that do not arise from the entity’s principal operating activities – the sale or purchase of goods or services; and − the change in the classification of expenditure on the purchase of energy rights described in Note 2.2.2. • recognition of forward contracts related to the purchase and sale of natural gas concluded on the over -the-counter market as financial instruments measured at fair value (Note 4.2 to the Separate Financial Statements for 2025); • the presentation of changes in the fair value of derivatives used to hedge foreign exchange risk, following the previous incorrect allocation of those changes between the line item ‘Derivatives in cash flow hedges’ and the line item ‘Costs of hedging’ (Note 6 to the Separate Financial Statements for 2025); Detailed information on the impact of the above adjustments on the separate statement of profit or loss and other comprehensive income and the separate statement of cash flows is set out in the tables below:
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 70 / 108 6 MONTHS ENDED 30/06/2025 (unaudited) (as published) Recognition of forward contracts Other adjustments 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 87,411 - - 87,411 Cost of sales (77,831) - - (77,831) Gross profit 9,580 - - 9,580 Selling expenses (3,725) - - (3,725) General and administrative expenses (1,388) - - (1,388) Other operating income 3,547 82 - 3,629 Other operating expenses (5,042) (376) - (5,418) (Impairment loss)/reversal of impairment loss on trade receivables (including interest on trade receivables) (42) - - (42) Operating profit 2,930 (294) - 2,636 Finance income 3,342 - - 3,342 Finance costs (3,521) - - (3,521) Net finance income/(costs) (179) - - (179) Profit before tax 2,751 (294) - 2,457 Income tax (1,012) 56 - (956) Net profit 1,739 (238) - 1,501 Other comprehensive income: - - - - that will not be reclassified subsequently to profit or loss (210) - - (210) actuarial gains and losses (6) - - (6) gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income (254) - - (254) deferred tax 50 - - 50 that may be reclassified subsequently to profit or loss 389 - - 389 hedging instruments 657 - (702) (45) costs of hedging (177) - 702 525 income tax (91) - - (91) 179 - - 179 Total comprehensive income 1,918 (238) - 1,680 Basic and diluted earnings per share (PLN per share) 1.50 (0.21) - 1.29
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 71 / 108 3 MONTHS ENDED 30/06/2025 (unaudited) (as published) Recognition of forward contracts Other adjustments 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Revenue 40,141 - - 40,141 Cost of sales (35,561) - - (35,561) Gross profit 4,580 - - 4,580 Selling expenses (1,922) - - (1,922) General and administrative expenses (635) - - (635) Other operating income 2,161 (53) - 2,108 Other operating expenses (3,013) (60) - (3,073) (Impairment loss)/reversal of impairment loss on trade receivables (including interest on trade receivables) (38) - - (38) Operating profit 1,133 (113) - 1,020 Finance income 2,397 - - 2,397 Finance costs (2,688) - - (2,688) Net finance income/(costs) (291) - - (291) Profit before tax 842 (113) - 729 Income tax (593) 21 - (572) Net profit 249 (92) - 157 Other comprehensive income: - - - - that will not be reclassified subsequently to profit or loss (6) - - (6) actuarial gains and losses (5) - - (5) gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income (3) - - (3) deferred tax 2 - - 2 that may be reclassified subsequently to profit or loss 190 - - 190 hedging instruments 168 - 18 186 costs of hedging 67 - (18) 49 income tax (45) - - (45) 184 - - 184 Total comprehensive income 433 (92) - 341 Basic and diluted earnings per share (PLN per share) 0.21 (0.07) - 0.14
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 72 / 108 6 MONTHS ENDED 30/06/2025 (unaudited) (as published) Changes in accounting policies Recognition of forward contracts 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) Cash flows from operating activities Profit before tax 2,751 - (294) 2,457 Adjustments for: - Depreciation and amortisation 2,206 - - 2,206 Foreign exchange (gains) (364) - - (364) Net interest (854) - - (854) Dividends (1,415) - - (1,415) Loss on investing activities 4,925 - - 4,925 Change in provisions 1,402 - - 1,402 Change in working capital 1,318 673 - 1,991 inventories 2,500 - - 2,500 trade receivables (48) (214) - (262) trade payables (1,134) 887 - (247) Other adjustments 250 (392) 294 152 Income tax (paid) (845) - - (845) Net cash from operating activities 9,374 281 - 9,655 Cash flows from investing activities - Acquisition of property, plant and equipment, intangible assets and right-of-use assets (4,826) 16 - (4,810) Proceeds from sale of property, plant and equipment, intangible assets and right-of-use assets 335 (297) - 38 Acquisition of shares in subsidiaries (94) - - (94) Additional capital contributions to subsidiaries (25) - - (25) Interest received 1,041 - - 1,041 Dividends received 498 - - 498 Outflows on loans granted (1,244) - - (1,244) Inflows from repayment of loans granted 2,375 - - 2,375 Net cash flows within the cash pooling arrangement 4,313 - 4,313 Other 22 - - 22 Net cash from investing activities 2,395 (281) - 2,114 Cash flows from financing activities Proceeds from borrowings 1,882 - - 1,882 Repayment of borrowings (5,738) - - (5,738) Issue of bonds 4,982 - - 4,982 Interest paid on borrowings, bonds, and cash pool arrangements (427) - - (427) Interest paid on lease liabilities (104) - - (104) Net cash flows within the cash pooling arrangement 7,298 - - 7,298 Payment of lease liabilities (262) - - (262) Other (69) - - (69) Net cash from financing activities 7,562 - - 7,562 Net increase in cash 19,331 - - 19,331 Effect of exchange rate changes on cash (21) - - (21) Cash at beginning of period 1,368 - - 1,368 Cash at end of period 20,678 - - 20,678 including restricted cash 154 - - 154
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 73 / 108 3 MONTHS ENDED 30/06/2025 (unaudited) (as published) Changes in accounting policies Recognition of forward contracts 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Cash flows from operating activities Profit before tax 842 - (113) 729 Adjustments for: - Depreciation and amortisation 1,141 - - 1,141 Foreign exchange (gains) (141) - - (141) Net interest (424) - - (424) Dividends (1,415) - - (1,415) Loss on investing activities 3,459 - - 3,459 Change in provisions 759 - - 759 Change in working capital (1,482) 529 - (953) inventories (972) - - (972) trade receivables (188) (175) - (363) trade payables (322) 704 - 382 Other adjustments 105 (537) 113 (319) Income tax (paid) (255) - - (255) Net cash from operating activities 2,589 (8) - 2,581 Cash flows from investing activities Acquisition of property, plant and equipment, intangible assets and right-of-use assets (2,222) 10 - (2,212) Proceeds from sale of property, plant and equipment, intangible assets and right-of-use assets 11 (2) - 9 Acquisition of shares in subsidiaries (93) - - (93) Additional capital contributions to subsidiaries (25) - - (25) Interest received 565 - - 565 Dividends received 498 - - 498 Outflows on loans granted (778) - - (778) Inflows from repayment of loans granted 933 - - 933 Net cash flows within the cash pooling arrangement 1,828 - 1,828 Other (30) - - (30) Net cash from investing activities 687 8 - 695 Cash flows from financing activities Proceeds from borrowings 912 - - 912 Repayment of borrowings (82) - - (82) Interest paid on borrowings, bonds, and cash pool arrangements (264) - - (264) Interest paid on lease liabilities (29) - - (29) Net cash flows within the cash pooling arrangement 3,770 - - 3,770 Payment of lease liabilities (121) - - (121) Other (47) - - (47) Net cash from financing activities 4,139 - - 4,139 Net increase in cash 7,415 - - 7,415 Effect of exchange rate changes on cash (6) - - (6) Cash at beginning of period 13,269 - - 13,269 Cash at end of period 20,678 - - 20,678 including restricted cash 154 - - 154 2.3. Functional currency and presentation currency of the financial statements The functional and presentation currency of these half-year condensed separate financial statements is the Polish zloty (PLN). Any rounding differences of PLN 1 million in the totals of items presented in the notes to the financial statements arise from the rounding applied. All amounts in these half -year condensed separate financial statements are expressed in PLN million unless otherwise indicated. 2.4. Seasonality or cyclicality of the Company's operations in the presented period Sales of natural gas and the generation and sale of electricity and heat, reported under the Energy and Consumers & Products operating segments, are subject to seasonal fluctuations throughout the year. Volumes of natural gas and energy sold – and consequently revenue – rise in the winter months and fall in the summer months. This depends on ambient temperatures and daylight hours. These fluctuations are driven by low temperatures and shorter days in winter and higher temperatures and longer days in summer. Seasonality in revenue from these activities affects individual customers to a significantly greater extent than customers in the manufacturing and industrial sectors. In the six- and three-month periods ended 30 June 2026 and 30 June 2025, there was no significant seasonality or cyclicality in ORLEN's other segments.
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 74 / 108 3. ORLEN’s financial position 3.1. Impact of the geopolitical situation, including in Iran and neighbouring countries, on the Company's operating and financial activities The Company has for some time been operating amid heightened geopolitical uncertainty arising, among other factors, from the ongoing war in Ukraine and the conflict in the Middle East, which has disrupted key transport routes for energy commodities. As a result, political and macroeconomic risk has increased significantly at both regional and global levels. The Company continuously assesses the impact of ongoing armed conflicts around the world on its operations . The effects include both market impacts already observed and potential further consequences, and will depend in particular on the scale and duration of the conflict, possible scenarios for its development and measures taken by other governments and international organisations, particularly regarding the continuation of trade restrictions. Impact of the geopolitical situation on the Company's operating performance The armed conflict in the Middle East, ongoing since the end of February 2026, had a material effect on the financial performance of individual operating segments through movements in crude oil and natural gas prices, margins on refined and petrochemical products and foreign exchange rates. A description of the factors with a material effect on the half -year condensed separate financial statements is set out in Note 3.2 The Company continues to monitor developments in the Strait of Hormuz region. Although supplies from that region are currently suspended, this has not disrupted gas supplies to Poland. The Company can diversify its sources of LNG supply through, among other things, spot -market purchases and the use of its own logistics and trading capabilities. If the current situation persists, the conflict may exert further upward pressure on European gas prices. Some of the affected volumes could, however, be replaced by supplies sourced from North America or other regions at prevailing market prices. ORLEN also consistently applies procedures designed to ensure business continuity and uninterrupted fuel supplies. Accordingly, ORLEN does not currently identify a risk of fuel shortages in any of the markets in which it operates. Crude oil and liquid fuel stocks comprise mandatory stocks and operating stocks. Operating stocks (also referred to as commercial stocks) are used to meet current demand for fuels, whereas mandatory stocks are maintained to ensure national energy security. The Company maintains mandatory stocks of crude oil and fuels at the levels required under applicable law. Impact of the geopolitical situation on significant estimates and assumptions: In Note 14.2 to the separate financial statements for 2025, the Company identified significant estimates and assumptions made by the Management Board which, in ORLEN's opinion, may be affected in subsequent periods by the geopolitical situation, including the wars in the Middle East and neighbouring countries. Given the relatively short duration of the conflict in the Middle East up to the date of these half -year condensed separate financial statements, estimating its potential further macroeconomic and market consequences remains difficult and subject to uncertainty. As at the date of preparation of these half-year condensed separate financial statements , the Company assessed that the escalation of the conflict in the Middle East does not affect its going concern assessment. ORLEN monitors geopolitical developments on an ongoing basis, and any events that may affect financial reporting will be appropriately reflected in subsequent reporting periods. Given the high level of uncertainty and significant price volatility in the hydrocarbon market, the Company regards the curre nt situation as temporary. As part of its analysis, the Company assesses whether the short -term trends observed, particularly in commodity prices, could develop into longer-term trends. Any such trends will be reflected in the future cash -flow projections used for impairment testing. 3.2. Factors with a material effect on the half-year condensed separate financial statements Statement of profit or loss for the six months ended 30 June 2026 ORLEN S.A.’s revenue for the first half of 2026 increased by PLN 13,451 million (y/y) to PLN 100,862 million. Upstream & Supply revenue decreased by PLN (2,115) million (y/y). The decline reflected lower crude oil and gas production in Upstream, down (32) kboe and (1.4) TWh, respectively, and th e settlement of Supply forward contracts on the Polish Power Exchange (POLPX) at lower prices year on year. Downstream and Consumers & Products revenue increased by PLN 15,224 million (y/y) and PLN 3,893 million (y/y), respectively. Revenue growth in both segments was driven mainly by higher prices for key refined and petrochemical products following the escalation of hostilities in the Middle East. In the first half of 2026, prices increased by 27% (y/y) for petrol, 49% (y/y) for diesel, 62% (y/y) for jet fuel, 47% (y/y) for light fuel oil, 18% (y/y) for propylene, 16% (y/y) for et hylene, 26% (y/y) for benzene and 16% (y/y) for paraxylene. Lower sales volumes adversely affected revenue. In Downstream, refined -product sales volumes decreased, including reductions of (21) thousand tonnes (y/y) in petrol, (96) thousand tonnes (y/y) in bitumen and (209) thousand tonnes (y/y) in heavy fuel oil. Sales of middle distillates, however, increased by 135 thousand tonnes (y/y).
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 75 / 108 In petrochemicals, olefin and polyolefin sales volumes decreased by (56) thousand tonnes (y/y) and (12) thousand tonnes (y/y), respectively, due to the maintenance shutdown of the Olefin II unit. By contrast, benzene sales increased by 11 thousand tonnes (y/y) and PTA sales by 75 thousand tonnes (y/y), reflecting improved plant availability in 2026. Sales of motor fuels in the Consumers & Products segment increased by 164 thousand tonnes (y/y), including diesel oil by 75 thousand tonnes (y/y) and gasoline by 100 thousand tonnes (y/y). Energy segment revenue increased by PLN 663 million (y/y), driven mainly by a 10% increase in energy prices on the Polish Power Exchange (POLPX) (y/y) and a 0.5 TWh increase in energy sales volumes (y/y). Operating costs increased by PLN (7,499) million (y/y) to PLN (90,443) million. The cost of raw materials, consumables and energy used, including crude oil, increased by PLN (2,778) million (y/y), driven mainly by higher commodity prices. Consequently, operating profit before depreciation and amortisation (EBITDA) for the first half of 2026 increased by PLN 4,610 million (y/y) to PLN 9,452 million. Excluding net impairment losses on non -current assets, EBITDA was PLN 11,985 million, an increase of PLN 5,043 million (y/y). The result on other operating activities was PLN (3,085) million and was lower by PLN (1,296) million (y/y). This change was driven mainly by net foreign exchange losses of PLN (1,343) million, reflecting different exchange -rate movements in the comparative period, principally the appreciation of the euro and US dollar against the Polish złoty. Consequently, operating profit for the first half of 2026 was PLN 7,203 million, up PLN 4,567 million (y/y). Net finance income was PLN 2,042 million, dr iven mainly by dividend income of PLN 2,888 million received from related parties. After tax expense of PLN (1,444) million, ORLEN’s net profit for the first half o f 2026 was PLN 7,801 million, up PLN 6,300 million (y/y). In the first half of 2026, the Group generated positive cash flows from operating activities of PLN 8,595 million and received additional proceeds from a bond issue of PLN 967 million. These funds were used in part to finance capital expenditure incurred in the period in line with the plan set out in the strategy of PLN (4,795) million and to subscribe for newly issued ENERGA shares for PLN (5,080) million. Net cash flows from financing activities were PLN (4,136) million, reflecting primarily the PLN (9,288) million dividend paid to ORLEN shareholders, partly offset by net cash-pool inflows of PLN 4,841 million. Statement of financial position As at 30 June 2026, ORLEN’s total assets were PLN 203,693 million, up PLN 9,628 million from 31 December 2025. As at 30 June 2026, non -current assets amounted to PLN 134,916 million, down by PLN (1,473) million compared with the end of the previous year. The key movements were in the following items: • other financial assets, which decreased by PLN (3,472) million, mainly reflecting the reclassification of PLN (2,655) million of loans to the current portion; • deferred tax assets increased by PLN 1,410 million. The increase in deferred tax assets was driven mainly by impairment losses recognised on assets, negative exchange differences and the measurement of derivatives used to hedge natural gas price volatility and CO2 emission allowance price volatility. As at 30 June 2026, current assets increased by PLN 11,101 million to PLN 68,777 million. The key movements were in the following items: • inventories, which increased by PLN 2,463 million, driven mainly by a significant increase in the average prices of crude oil, petrol and diesel held in inventory. • other financial assets, the carrying amount of which increased by PLN 10,347 million and amounted to PLN 21,357 million, mainly due to the recognition of cash deposited with the National Depository for Securities S.A. (“KDPW”) in connection with the issue of series CC shares by ENERGA S.A. amounting to PLN 5,080 million, an increase in receivables arising from dividends by PLN 2,204 million, an increase of PLN 1,214 million in margin deposits, which resulted mainly from a change in the value of derivatives traded on ICE caused by a fall in the prices of CO 2 emission allowances and a rise in crude oil prices and the refining margin, which the Company has resumed hedging, and an increase of PLN 1,886 million in loans granted; • cash, which decreased by PLN (3,737) million, reflecting capital expenditure, cash deposited with KDPW in connection with the subscription for newly issued ENERGA shares and the payment of the dividend for 2025, partly offset by positive operating cash flows. As at 30 June 2026, equity was PLN 121,197 million, down PLN (4,220) million compared with the end of 2025. The movement primarily reflected a dividend of PLN (9,288) million paid out of retained earnings and a PLN (2,742) million change in equity arising from hedge accounting, driven mainly by changes in the measurement of the portfolio of instruments hedging natural gas price volatility and CO 2 emission allowance price volatility, partly offset by net profit of PLN 7,801 million for the first half of 2026.
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ORLEN (PLN million) SKONSOLIDOWANY RAPORT PÓŁROCZNY ZA I PÓŁROCZE 2026 ROKU 76 / 108 As at 30 June 2026, liabilities amounted to PLN 82,496 million and were higher by PLN 13,848 million. The key movements were in the following items: • trade payables increased by PLN 3,882 million compared with the end of 2025, mainly reflecting higher crude oil purchase prices; and • provisions increased by PLN 1,209 million compared with the end of 2025, mainly due to a PLN 1,480 million increase in provisions for CO ₂ emission allowances and energy certificates following the recognition of emission costs for the first half of 2026. • other financial liabilities, the carrying amount of which increased by PLN 7,394 million, mainly due to an increase in positive balances on the bank accounts of ORLEN Group companies included in the cash pool system amounting to PLN 4,958 million, and a positive measurement of cash flow hedging instruments of PLN 2,749 million.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 77 / 108 Translation from the original Polish version 4. Segment information Revenue, expenses, profit or loss, additions to non-current assets for the 6 months ended 30 June 2026 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenue from external customers 5.1 24,376 55,023 2,232 19,128 103 - 100,862 Inter-segment revenue 2,363 14,914 1,719 11 152 (19,159) - Revenue 26,739 69,937 3,951 19,139 255 (19,159) 100,862 Total operating expenses (23,776) (62,582) (3,393) (18,381) (1,470) 19,159 (90,443) Other operating income 5.5 2,614 4,595 288 71 26 - 7,594 Other operating expenses 5.5 (2,675) (7,721) (3) (43) (237) - (10,679) impairment losses on property, plant and equipment, intangible assets and other assets, net 5.5 36 (2,562) (2) (7) 2 - (2,533) (Impairment loss)/reversal of impairment loss on trade receivables (122) - - (1) (8) - (131) Operating profit/(loss) (A) 2,780 4,229 843 785 (1,434) - 7,203 Net finance income/(costs) 5.6 2,042 Profit before tax 9,245 Income tax (1,444) Net profit 7,801 Depreciation and amortisation (B) 5.3 739 841 174 294 201 - 2,249 EBITDA (A+B) 3,519 5,070 1,017 1,079 (1,233) - 9,452 LIFO 451 2,223 - - - - 2,674 LIFO-based EBITDA 3,068 2,847 1,017 1,079 (1,233) - 6,778 LIFO-based EBITDA (excluding impairment losses) 3,032 5,409 1,019 1,086 (1,235) - 9,311 Additions to non-current assets (CAPEX) 814 3,907 89 320 303 - 5,433
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 78 / 108 Translation from the original Polish version for the 6 months ended 30 June 2025 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (restated)** (unaudited) (restated)** (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenue from external customers 5.1 26,854 43,637 1,600 15,237 83 - 87,411 Inter-segment revenue 2,000 11,076 1,688 9 111 (14,884) - Revenue 28,854 54,713 3,288 15,246 194 (14,884) 87,411 Total operating expenses (25,420) (53,942) (2,887) (14,324) (1,255) 14,884 (82,944) Other operating income 5.5 1,490 2,080 14 24 21 - 3,629 Other operating expenses 5.5 (1,733) (3,586) (23) (18) (58) - (5,418) impairment losses on property, plant and equipment, intangible assets and other assets, net (284) (1,814) (1) (1) - - (2,100) (Impairment loss)/reversal of impairment loss on trade receivables (48) 1 - - 5 - (42) Operating profit/(loss) (A) 3,143 (734) 392 928 (1,093) - 2,636 Net finance income/(costs) 5.6 (179) Profit before tax 2,457 Income tax (956) Net profit 1,501 Depreciation and amortisation (B) 5.3 867 713 166 308 152 - 2,206 EBITDA (A+B) 4,010 (21) 558 1,236 (941) - 4,842 LIFO - (565) - - - - (565) LIFO-based EBITDA 4,010 544 558 1,236 (941) - 5,407 LIFO-based EBITDA (excluding impairment losses) 4,294 2,358 559 1,237 (941) 7,507 Additions to non-current assets (CAPEX) 810 2,790 193 390 465 - 4,648
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 79 / 108 Translation from the original Polish version for the 3 months ended 30 June 2026 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenue from external customers 5.1 8,267 33,091 1,207 11,312 49 - 53,926 Inter-segment revenue 1,208 8,946 737 6 88 (10,985) - Revenue 9,475 42,037 1,944 11,318 137 (10,985) 53,926 Total operating expenses (8,749) (37,291) (1,639) (10,914) (803) 10,985 (48,411) Other operating income 5.5 (397) 2,307 196 10 15 - 2,131 Other operating expenses 5.5 203 (3,933) (3) (33) (253) - (4,019) impairment losses on property, plant and equipment, intangible assets and other assets, net 5.5 (55) (1,589) (2) (1) 2 - (1,645) (Impairment loss)/reversal of impairment loss on trade receivables (104) 2 - - (20) - (122) Operating profit/(loss) (A) 428 3,122 498 381 (924) - 3,505 Net finance income/(costs) 5.6 2,216 Profit before tax 5,721 Income tax (750) Net profit 4,971 Depreciation and amortisation (B) 5.3 383 415 88 147 108 - 1,141 EBITDA (A+B) 811 3,537 586 528 (816) - 4,646 LIFO (26) 1,046 - - - - 1,020 LIFO-based EBITDA 837 2,491 586 528 (816) - 3,626 LIFO-based EBITDA (excluding impairment losses) 892 4,080 588 529 (818) - 5,271 Additions to non-current assets (CAPEX) 506 2,389 65 161 228 - 3,349
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 80 / 108 Translation from the original Polish version for the 3 months ended 30 June 2025 NOTE Upstream & Supply Downstream Energy Consumers & Products Corporate Functions Eliminations Total (unaudited) (restated)** (unaudited) (restated)** (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Revenue from external customers 5.1 10,324 21,242 707 7,824 44 - 40,141 Inter-segment revenue 884 5,538 820 4 60 (7,306) - Revenue 11,208 26,780 1,527 7,828 104 (7,306) 40,141 Total operating expenses (9,845) (26,363) (1,328) (7,255) (633) 7,306 (38,118) Other operating income 5.5 909 1,188 7 8 (4) - 2,108 Other operating expenses 5.5 (1,293) (1,749) (1) (6) (24) - (3,073) impairment losses on property, plant and equipment, intangible assets and other assets, net (281) (852) - (1) - - (1,134) (Impairment loss)/reversal of impairment loss on trade receivables (34) - - - (4) - (38) Operating profit/(loss) (A) 945 (144) 205 575 (561) - 1,020 Net finance income/(costs) 5.6 (291) Profit before tax 729 Income tax (572) Net profit 157 Depreciation and amortisation (B) 5.3 447 386 82 145 81 - 1,141 EBITDA (A+B) 1,392 242 287 720 (480) - 2,161 LIFO - (496) - - - - (496) LIFO-based EBITDA 1,392 738 287 720 (480) - 2,657 LIFO-based EBITDA (excluding impairment losses) 1,673 1,590 287 721 (480) 3,791 Additions to non-current assets (CAPEX) 450 1,372 101 199 244 - 2,366 Total operating expenses include mainly cost of sales. Selling, general and administrative expenses represent less than 10%. LIFO – reflects the difference between operating profit/(loss) measured using the weighted-average cost of production or acquisition (as reported in the consolidated financial statements) and operating profit/(loss) measured using the LIFO (Last In, First Out) inventory valuation method. LIFO is an inventory cost formula under which the cost of the inventory items most recently received into stock is charged to cost first. Under IFRS, the use of the LIFO cost formula is not permitted. Accordingly, ORLEN does not apply LIFO in its accounting policies or financial statements. LIFO-based EBITDA – operating profit/(loss) measured using the LIFO inventory valuation method, increased by depreciation and amortisation. Capital expenditure (CAPEX) comprises additions to property, plant and equipment, intangible assets, investment property, and right -of-use assets, together with the capitalisation of borrowing costs, less penalties received or receivable for defective contract performance. This item does not cover CO2 emission allowances purchased and received free of charge.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 81 / 108 Translation from the original Polish version Assets by operating segment 30/06/2026 (unaudited) 31/12/2025 (restated)** Upstream & Supply 215,645 199,050 Downstream 54,614 47,744 Energy 6,367 6,976 Consumers & Products 7,636 7,242 Segment assets 284,262 261,012 Corporate Functions 114,376 109,484 Eliminations (194,945) (176,431) 203,693 194,065 ** With effect from 1 January 2026, the Company reassigned the business line responsible for procuring crude oil for producti on from the Upstream & Supply segment to the Downstream segment. The change reflects the nature of the business line, which focuses on securing crude oil supplies for the Company's refining and petrochemical operations. The business line is functionally more closely aligned with crude oil processing and the production of refined an d petrochemical products than with upstream or trading activities. In the Company's view, the change better reflects the nature of the Downst ream segment's operations, which comprise feedstock processing and the production of refined and petrochemical products. The change is presentational and results in the reclassification of revenue, costs and operating profit/(loss) between the Upstream & Supply and Downstream segments. The change also entails corresponding reclassifications of segment assets and capital expenditure (CAPEX). The comparative information has been restated accordingly. Consequently, operating profit/(loss) of PLN (662) million and PLN (440) million was reclassified from Upstream & Supply to Downstream for the six - and three-month periods of 2025, respectively. Segment assets of PLN 9,662 million were also reclassified as at 31 December 2025. Segment assets comprise all assets except for assets attributed to the Corporate Functions segment, which relate to financial assets, tax assets, cash, and immaterial items. 5. Other notes 5.1. Revenue for the 6 months ended 30 June 2026 Upstream & Supply (unaudited) DOWNSTREAM (unaudited) ENERGY (unaudited) CONSUMERS & PRODUCTS (unaudited) CORPORATE FUNCTIONS (unaudited) TOTAL (unaudited) Revenue from contracts with customers (IFRS 15) Sale of crude oil 383 20,993 - - - 21,376 Sale of gas, including: 22,242 - - - - 22,242 Sale of natural gas 21,825 - - - - 21,825 LNG*** 417 - - - - 417 Sale of light distillates, including: - 5,079 - 7,107 - 12,186 Gasoline - 4,537 - 6,245 - 10,782 LPG - 542 - 862 - 1,404 Sale of middle distillates, including: - 21,977 - 9,502 - 31,479 Diesel oil - 17,854 - 9,502 - 27,356 Light fuel oil - 372 - - - 372 Jet A-1 - 3,751 - - - 3,751 Sale of heavy fractions - 2,116 - - - 2,116 Sale of electricity 1,083 - 1,872 - - 2,955 Sale of petrochemical products, including: - 2,714 - - - 2,714 Monomers - 1,305 - - - 1,305 Polymers - 176 - - - 176 Aromatics - 375 - - - 375 PTA - 858 - - - 858 Helium 66 - - - - 66 Other 261 2,121* 358 2,494** 91 5,325 Revenue from contracts with customers (IFRS 15) 24,035 55,000 2,230 19,103 91 100,459 Revenue outside the scope of IFRS 15 341 23 2 25 12 403 Total 24,376 55,023 2,232 19,128 103 100,862
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 82 / 108 Translation from the original Polish version for the 6 months ended 30 June 2025 Upstream & Supply (unaudited) (restated) DOWNSTREAM (unaudited) (restated) ENERGY (unaudited) CONSUMERS & PRODUCTS (unaudited) CORPORATE FUNCTIONS (unaudited) TOTAL (unaudited) Revenue from contracts with customers (IFRS 15) Sale of crude oil 389 16,498 - - - 16,887 Sale of gas, including: 23,660 - - - - 23,660 Sale of natural gas 23,258 - - - - 23,258 LNG*** 402 - - - - 402 Sale of light distillates, including: - 4,241 - 5,725 - 9,966 Gasoline - 3,850 - 4,879 - 8,729 LPG - 391 - 846 - 1,237 Sale of middle distillates, including: - 16,045 - 7,086 - 23,131 Diesel oil - 13,397 - 7,086 - 20,483 Light fuel oil - 322 - - - 322 Jet A-1 - 2,326 - - - 2,326 Sale of heavy fractions - 2,407 - - - 2,407 Sale of electricity 2,091 - 1,347 - - 3,438 Sale of petrochemical products, including: - 2,434 - - - 2,434 Monomers - 1,400 - - - 1,400 Polymers - 198 - - - 198 Aromatics - 291 - - - 291 PTA - 545 - - - 545 Helium 138 - - - - 138 Other 250 1,993* 252 2,379** 72 4,946 Revenue from contracts with customers (IFRS 15) 26,528 43,618 1,599 15,190 72 87,007 Revenue outside the scope of IFRS 15 326 19 1 47 11 404 Total 26,854 43,637 1,600 15,237 83 87,411 for the 3 months ended 30 June 2026 Upstream & Supply (unaudited) DOWNSTREAM (unaudited) ENERGY (unaudited) CONSUMERS & PRODUCTS (unaudited) CORPORATE FUNCTIONS (unaudited) TOTAL (unaudited) Revenue from contracts with customers (IFRS 15) Sale of crude oil 208 13,539 - - - 13,747 Sale of gas, including: 7,479 - - - - 7,479 Sale of natural gas 7,263 - - - - 7,263 LNG*** 216 - - - - 216 Sale of light distillates, including: - 2,988 - 4,302 - 7,290 Gasoline - 2,676 - 3,803 - 6,479 LPG - 312 - 499 - 811 Sale of middle distillates, including: - 12,797 - 5,626 - 18,423 Diesel oil - 10,211 - 5,626 - 15,837 Light fuel oil - 122 - - - 122 Jet A-1 - 2,464 - - - 2,464 Sale of heavy fractions - 1,237 - - - 1,237 Sale of electricity 249 - 1,038 - - 1,287 Sale of petrochemical products, including: - 1,453 - - - 1,453 Monomers - 651 - - - 651 Polymers - 103 - - - 103 Aromatics - 197 - - - 197 PTA - 502 - - - 502 Helium 34 - - - - 34 Other 127 1,067* 168 1,372** 42 2,776 Revenue from contracts with customers (IFRS 15) 8,097 33,081 1,206 11,300 42 53,726 Revenue outside the scope of IFRS 15 170 10 1 12 7 200 Total 8,267 33,091 1,207 11,312 49 53,926
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 83 / 108 Translation from the original Polish version for the 3 months ended 30 June 2025 Upstream & Supply (unaudited) (restated) DOWNSTREAM (unaudited) (restated) ENERGY (unaudited) CONSUMERS & PRODUCTS (unaudited) CORPORATE FUNCTIONS (unaudited) TOTAL (unaudited) Revenue from contracts with customers (IFRS 15) Sale of crude oil 183 7,936 - - - 8,119 Sale of gas, including: 8,855 - - - - 8,855 Sale of natural gas 8,687 - - - - 8,687 LNG*** 168 - - - - 168 Sale of light distillates, including: - 2,145 - 2,959 - 5,104 Gasoline - 1,946 - 2,529 - 4,475 LPG - 199 - 430 - 629 Sale of middle distillates, including: - 7,711 - 3,536 - 11,247 Diesel oil - 6,381 - 3,536 - 9,917 Light fuel oil - 104 - - - 104 Jet A-1 - 1,226 - - - 1,226 Sale of heavy fractions - 1,259 - - - 1,259 Sale of electricity 941 - 607 - - 1,548 Sale of petrochemical products, including: - 1,153 - - - 1,153 Monomers - 680 - - - 680 Polymers - 107 - - - 107 Aromatics - 105 - - - 105 PTA - 261 - - - 261 Helium 63 - - - - 63 Other 119 1,026* 99 1,315** 39 2,598 Revenue from contracts with customers (IFRS 15) 10,161 21,230 706 7,810 39 39,946 Revenue outside the scope of IFRS 15 163 12 1 14 5 195 Total 10,324 21,242 707 7,824 44 40,141 * Other comprises mainly sulphur, butadiene, isomerates, slack wax, extracts, glycols and ethylene oxide. Also included is reve nue from the sale of services and materials. ** Other mainly comprises non-fuel goods. *** LNG – Liquefied natural gas. 5.2. Disaggregation of revenue by geographical area – presented by the country of the customer's registered office 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Revenue from contracts with customers Poland 70,133 35,203 61,932 28,019 Lithuania, Latvia, Estonia 12,163 7,826 9,601 4,497 Czech Republic 9,404 6,170 7,294 3,625 Germany 1,450 831 1,773 681 Other countries, including: 7,309 3,696 6,407 3,124 Ukraine 2,526 1,183 1,419 859 Switzerland 1,391 628 2,059 776 Ireland 763 477 439 237 Finland 434 224 282 102 United Kingdom 27 16 473 233 Singapore 2 - - - 100,459 53,726 87,007 39,946 outside the scope of IFRS 15 – Poland 403 200 404 195 100,862 53,926 87,411 40,141 During the six- and three-month periods ended 30 June 2026 and 30 June 2025, revenue from sales of products and goods to two customers, each accounting for more than 10% of the Company’s total revenue, was attributable principally to the Upstream & Supply and Downstream segments. Revenue from those customers totalled PLN 25,442 million and PLN 19,146 million, respectively, in 2026, and PLN 21,552 million and PLN 10,475 million, respectively, in 2025. The cus tomers were ORLEN’s subsidiaries. In the six- and three-month periods ended 30 June 2026 and 30 June 2025, more than 10% of the Company's total revenue was generated under transactions executed on Towarowa Giełda Energii S.A. (Polish Power Exchange; POLPX) and cleared by Izba Rozliczeniowa Giełd Towarowych S.A. (IRGiT). Performance obligations Under the contracts it enters into, the Company undertakes to supply customers mainly with refined and petrochemical products and goods for resale, electricity and h eat, crude oil and natural gas. Under these arrangements, the Company acts as principal.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 84 / 108 Translation from the original Polish version Transaction prices in existing customer contracts are not subject to any restrictions. Furthermore, temporary regulatory measures affecting liquid fuel sales in the Consumers & Products segment were introduced in Poland on 31 March 2026 under the government’s ‘Lower Fuel Prices’ (CPN) package. These included a mechanism under which the Minister of Energy announced maximum retail fuel prices, together with temporary reductions in VAT and excise duty rates . The measures introduced under the CPN package were phased out in June 2026. There are no contracts providing for material refunds of consideration or other similar obligations. The Company does not identify any conditional rights to consideration and therefore does not present contract assets. Warranties provided under the contracts serve to assure the customer that the relevant product complies with the agreed specifications. They do not represent a distinct service. The Company's sales are predominantly made on deferred payment terms. Payment terms in contracts with customers are generally 30 days or less; however, for petrochemical products in the Downstream segment and for sales in the Upstream & Supply segment, payment terms generally do not exceed 60 days. For significant customers, the Company accepts longer payment terms in justified cases. Additionally, in the Consumers & Products segment, cash sales are made at fuel stations. Payments are generally due upon the transfer of control of goods or completion of services. Revenue from the supply of electricity, heat and gaseous fuel, and from heat transmission and distribution, is recognised in ten-day cycles or one- and two-month periods based on invoiced volumes and prices. Macroeconomic environment The Company operates in a volatile macroeconomic environment. Economic conditions, the labour market and macroeconomic trends materially influence the consumption of fuels, electricity and gas, and petrochemical products, which in turn affects their sales volumes and prices. Margins in the Downstream, Upstream & Supply and Energy segments are driven primarily by market quotations for refined and petrochemical products and by prices of crude oil, natural gas, electricity and CO 2 emission allowances. The prices of crude oil and natural gas are shaped by factors such as demand fluctuations, production levels, global crude oil inventories, and fuel price quotations. Recently, geopolitical tensions and market tensions associated with the energy transition have re -emerged among the factors affecting crude oil and natural gas prices. Gross Domestic Product (GDP) is the primary indicator reflecting economic conditions. Driven by consumption, capital expenditure and exports, GDP provides a basis for assessing where the economy stands in the cycle. Changes in GDP typically correlate with movements in unemployment rates and consumption of fuels, electricity and gas. The overall condition of the economy, measured by GDP among other indicators, influences both current and future consumer behaviour. Disaggregation of revenue into categories reflecting significant economic factors affecting its recognition In addition to the breakdown of revenue by product range and by geographical region presented in Notes 5.1 and 5.2, the Company analyses its revenue on the basis of: • Types of contracts The majority of the Company's contracts with customers for the supply of goods or services are based on fixed prices; therefore, revenue already recognised will remain unchanged. The Company classifies revenue arising from contracts as variable-price revenue where the consideration takes the form of a variable turnover -based fee, customers are entitled to discounts and bonuses, part of the revenue relates to penalties charged, or the price of services is determined by reference to costs incurred. • Timing of transfer Where control of goods transfers at a point in time, revenue is recognised and customer settlements are made after each delivery. Most point -in-time revenue is generated in the Consumers & Products segment from sales of goods and services at fuel stations, where the performance obligation is satisfied and settlement with the customer occurs when the goods are handed over, except for goods sold under the Flota Programme, where settlement is generally on a two-weekly basis. The Company also classifies revenue from gas sold on exchanges as revenue from performance obligations satisfied at a point in time. For supplies of goods and services where the customer simultaneously receives and consumes the benefits and no sales documents are issued, revenue is recognised over time. The Company applies the output method for over -time revenue recognition, principally for electricity, heat and gas sales and distribution services, petrochemical products, and fuel sale s through the Flota Programme. In the Downstream and Upstream & Supply segments, for continuous deliveries of goods transported through pipelines, legal title to the transferred goods passes to the customer at a designated point within the plant. This moment is considered the date of sale. • Contract duration Most of the Company's contracts have a short-term duration. • Sales channels The Company primarily generates revenue from direct sales to customers through its own, leased, or franchised sales channels. The Group manages the network of 1,966 fuel stations: 1,524 Company-owned stations and 442 stations operated under franchise agreements.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 85 / 108 Translation from the original Polish version In addition, the Company's direct sales to customers are delivered through a complementary network of fuel terminals, inland transhipment terminals, pipeline networks, rail transport, and road tankers. Sales and distribution of electricity and gas to customers are conducted primarily through the Company's own distribution infrastructure. 5.3. Operating costs Costs by nature of expense 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Raw materials, consumables and energy used (33,086) (18,592) (30,308) (14,892) Cost of gas (19,259) (6,834) (20,025) (7,276) Cost of goods for resale and materials sold (26,239) (16,713) (20,853) (10,045) Services (5,026) (2,557) (4,518) (2,297) Employee benefits expense (1,926) (946) (1,763) (843) Depreciation and amortisation (2,249) (1,141) (2,206) (1,141) Taxes and charges (2,807) (1,222) (2,504) (1,189) Other* 149 (406) (767) (435) Operating expenses (90,443) (48,411) (82,944) (38,118) Cost of sales (84,773) (45,520) (77,831) (35,561) Selling expenses (4,073) (2,102) (3,725) (1,922) General and administrative expenses (1,597) (789) (1,388) (635) * Other includes changes in inventories, own work capitalised and other items 5.4. Impairment of property, plant and equipment and intangible assets, right -of-use assets and shares in subsidiaries and joint arrangements As at 30 June 2026, ORLEN considers that the impairment indicators for the assets of the Downstream segment’s Petrochemicals CGU, identified during its analyses and disclosed in the Separate Financial Statements for 2025, remain valid. The value in use determined for those assets remains negative. Total net impairment losses on property, plant and equipment, intangible assets and right-of-use assets by segment: Segment 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Upstream & Supply 36 (55) (284) (281) Downstream (2,562) (1,589) (1,814) (852) Other (7) (1) (2) (1) Total (2,533) (1,645) (2,100) (1,134) Reversals and recognition of impairment losses on property, plant and equipment, intangible assets and right -of-use assets were recognised in other operating income and other operating expenses, respectively (Note 5.5). The market environment in which the Company operates remains volatile, mainly due to ongoing geopolitical risks and uncertainty regarding the economic outlook. In the first half of 2026, crude oil and natural gas prices were particularly volatile, reflecting changing expectations for the global supply -demand balance and growing concerns about the security of energy supplies. In the European gas market, prices were also affected by the pace of inventory replenishment after the winter season, the availability of LNG supplies and expectations for the supply-demand balance. The Company continues to monitor market developments and assess the effect of changing macroeconomic conditions on its operations. In the Company’s assessment, movements in hydrocarbon prices and observed developments in the market environment did not give rise to any impairment indicators or indications that previously recognised impairment losses should be reversed. As at 30 June 2026, the Company retained the macroeconomic assumptions used in the impairment assessments performed as at 31 December 2025. During the six - and three-month periods ended 30 June 2026, the Downstream segment recognised impairment losses of PLN (2,539) million and PLN (1,580) million, respectively, in the ORLEN Petrochemicals CGU, principally in respect of expenditure on the Nowa Chemia project. The values in use as at 30 June 2026 and 31 December 2025 were PLN (12,700) million and PLN (13,660) million, respectively, based on the discount rates for the Poland/Petrochemicals segment presented below. The movement in value in use was attributable primarily to the write-off of expenditure incurred in the first half of 2026.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 86 / 108 Translation from the original Polish version Discount rates as at 30 June 2026 Poland / Petrochemicals 2026 2027 2028 2029 2030+ 2026-06-30 7.51% 7.95% 8.37% 8.77% 9.11% 2025-12-31 7.18% 7.84% 8.37% 8.78% 9.09% The sensitivity analysis for the value in use of the Petrochemicals CGU, assuming a +/ - 1 pp change in discount rates and a +/- 5% change in EBITDA, showed no effect on the amount of the impairment loss recognised. 5.4.1. Recognition and reversal of impairment losses on shares in subsidiaries and joint arrangements As at 30 June 2026, no impairment indicators had been identified and no impairment tests had been performed on investments in subsidiaries and joint arrangements. As at 30 June 2025, ORLEN recognised an impairment loss of PLN (687) million on its investment in LOTOS Upstream . The impairment loss resulted from a reduction in LOTOS Upstream’s operating resources and a reassessment of the Baltic Gas project. Impairment losses on investments in subsidiaries and jointly controlled entities were recognised in finance costs (Note 5.6). 5.5. Other operating income and expenses Other operating income NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Gain on disposal of non-current non-financial assets 109 21 11 1 Reversal of provisions 135 1 16 10 Interest income 42 26 68 33 Net foreign exchange gains on trade receivables and payables - - 955 483 Reversal of impairment losses on property, plant and equipment, intangible assets, and other assets 5.4 355 59 720 711 Gains on settlement and/or measurement of derivatives, including: 6,867 1,974 1,759 807 not designated into hedging relationships – settlement and measurement 6,811 1,935 1,741 801 cash flow hedges – the ineffective portion relating to measurement and settlement 2 - 2 1 Other 86 50 100 63 7,594 2,131 3,629 2,108 In the six months ended 30 June 2026, reversals of provisions related mainly to the PLN 134 million reversal of the provision for decommissioning and environmental costs, resulting from an update to the discount rate used to measure the provision, to the extent that the decrease in the provision exceeded the carrying amount of the related asset. When calculating the provision for decommissioning costs and environmental liabilities, the Company applied variable discount rates taking into account expected changes in yields on 10 -year government bonds for each country. For the first five years, a variable risk - free rate estimated from the yield curve for 10 -year bonds was adopted; for periods beyond five years, the fifth -year rate was applied. Other operating expenses NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Recognition of provisions (67) (46) (253) (241) Net foreign exchange losses on trade receivables and payables (388) (163) - - Recognition of impairment losses on property, plant and equipment, intangible assets, and other assets 5.4 (2,888) (1,704) (2,820) (1,845) (Losses) on settlement and/or measurement of derivatives, including: (7,037) (1,871) (2,198) (913) not designated into hedging relationships – settlement and measurement (7,019) (1,889) (2,178) (909) Other, including: (299) (235) (147) (74) benefits provided free of charge (191) (185) (12) - (10,679) (4,019) (5,418) (3,073)
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 87 / 108 Translation from the original Polish version In the six - and three -month periods ended 30 June 2026 and 30 June 2025, the line item comprising impairment losses recognised on property, plant and equipment, intangible assets and other assets related mainly to impairment losses recognised in the Downstream segment. Gains/(losses) on settlement and/or measurement of derivatives During the six - and three -month periods ended 30 June 2026 and 30 June 2025, the net measurement and settlement results on derivatives not designated in hedge relationships and presented in other operating activities related mainly to hedges of natural gas purchase and sale prices (commodity swaps and forwards), timing mismatches on crude oil purchases (commodity swaps) and the refining margin (commodity swaps). The Group also recognised in other operating activities the effect of measuring and settling currency forwards used to hedge foreign exchange risk arising from its operating activities, mainly in USD. 5.6. Finance income and finance costs Finance income 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Interest income from financial assets measured at amortised cost 1,179 593 1,442 750 Net foreign exchange gains - - 230 123 Dividends 2,888 2,888 1,415 1,415 Gain on settlement and/or measurement of derivatives not designated into hedging relationships 420 106 112 47 Other 98 57 143 62 4,585 3,644 3,342 2,397 Finance costs NOTE 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Interest expense on financial liabilities measured at amortised cost (212) (126) (189) (70) Other interest expense (including interest on lease liabilities) (121) (63) (139) (89) Net foreign exchange losses (383) (118) - - (Loss) on settlement and/or measurement of derivatives not designated into hedging relationships (405) - (299) (178) (Impairment loss) on other financial assets (1,076) (823) (2,115) (1,615) Recognition of impairment losses on shares in subsidiaries, associates and joint arrangements 5.4.1 - - (687) (687) Other (346) (298) (92) (49) (2,543) (1,428) (3,521) (2,688) Capitalised borrowing costs for the six- and three-month periods ended 30 June 2026 and 30 June 2025 amounted to PLN (436) million and PLN (221) million, and PLN (398) million and PLN (251) million, respectively. Gains/(losses) on settlement and/or measurement of derivatives not designated into hedging relationships In the six- and three-month periods ended 30 June 2026 and 30 June 2025, net effects of measurement and settlement of financial derivatives (instruments not designated into hedging relationships) were primarily related to currency hedges for liquidity transactions (currency forwards) and hedges of foreign exchange rates and interest rates (cross -currency interest rate swap). The measurement and settlement of financial derivatives were driven mainly by movements in the PLN/EUR and PLN/USD exchange rates and by the level of EURIBOR interest rates.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 88 / 108 Translation from the original Polish version 5.7. Effective tax rate 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) (restated) 3 MONTHS ENDED 30/06/2025 (unaudited) (restated) Profit before tax 9,245 5,721 2,457 729 Income tax computed at statutory tax rate (19%) (1,757) (1,087) (467) (139) Differences between statutory tax rates 21 20 (113) (80) Foreign Branches 21 20 (113) (80) Impairment loss on shares in subsidiaries - - (131) (131) Dividends received 548 548 269 269 Energy rights received free of charge 115 76 (115) (142) (Impairment loss)/reversal of impairment loss on other financial assets (255) (201) (385) (304) Other (116) (106) (14) (45) Income tax (1,444) (750) (956) (572) Effective tax rate 16% 13% 39% 78% 5.8. Borrowings and bonds Non-current Current Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Bank borrowings 4,276 4,235 28 195 4,304 4,430 Non-bank borrowings 908 9 152 679 1,060 688 Bonds 15,433 14,126 348 229 15,781 14,355 20,617 18,370 528 1,103 21,145 19,473 In the six months ended 30 June 2026, as part of cash flows from financing activities, ORLEN drew down and repaid borrowings under available credit facilities in aggregate amounts of PLN 949 million and PLN (744) million, respectively. The increase in the Company’s borrowings as at 30 June 2026 was driven mainly by ORLEN’s drawdown of a PLN 900 million loan unde r the National Recovery and Resilience Plan (KPO), pursuant to an agreement with Bank Gospodarstwa Krajowego to refinance expenditure on the Baltic Power offshore wind farm, and was partly offset by the repayment of an intra-group loan from ORLEN Capital with a nominal amount of EUR 133 million, equivalent to PLN 563 million. The increase in bond indebtedness as at 30 June 2026 was mainly attributable to the proceeds of a further issue, completed on 17 March 2026, of the second tranche of Series C bonds with an aggregate nominal value of USD 250 million, equivalent to PLN 943 million at the exchange rate as at 30 June 2026. The financing bears interest at a fixed rate and has a nine -year tenor, maturing on 30 January 2035. The interest rate and currency risks associated with the bond issue were hedged using the derivatives described in Note 5.6. The further bonds were consolidated with, and form a single series with, the Series C bonds with a nominal value of USD 1.25 billion issued on 30 January 2025. The proceeds will be used to finance ORLEN’s operations, including the implementation of investment plans under the ORLEN 2035 Strategy . Cash flows from the further Series C issue were increased by the discount. The bonds have been admitted to trading on the regulated market operated by Euronext Dublin. As at 30 June 2026 and 31 December 2025, the maximum amounts available under the credit facility and loan agreements were PLN 30,198 million and PLN 30,838 million, respectively. As at those dates, PLN 24,852 million and PLN 25,717 million, respectively, remained available for drawdown. During the period covered by these half -year condensed separate financial statements and after the reporting date, there were no defaults in the repayment of principal or interest, or breaches of other terms of the credit facility agreements.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 89 / 108 Translation from the original Polish version 5.9. Other financial assets and liabilities Other financial assets Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Hedging instruments Derivatives in cash flow hedges 1,418 2,168 1,451 1,196 2,869 3,364 1,418 2,168 1,451 1,196 2,869 3,364 Financial assets measured at fair value through profit or loss, including: Derivatives not designated into hedging relationships 152 158 1,483 1,689 1,635 1,847 Derivatives in fair value hedges 10 - 8 - 18 - Other 3 3 - - 3 3 1,583 2,329 2,942 2,885 4,525 5,214 Financial assets measured at fair value through other comprehensive income Shares of entities measured at fair value through other comprehensive income 26 27 - - 26 27 26 27 - - 26 27 Financial assets measured at amortised cost Sale of non-current non-financial assets 8 68 203 185 211 253 Receivables from settled derivatives - - 1,135 224 1,135 224 Dividends receivable - - 2,204 - 2,204 - Cash pool - - 2,478 3,558 2,478 3,558 Margin deposits - - 1,374 160 1,374 160 Loans 15,110 17,765 5,697 3,811 20,807 21,576 Acquired securities 308 303 8 8 316 311 Restricted cash 205 185 23 23 228 208 Financing assets 402 434 80 81 482 515 Funds paid in to subscribe for new shares issued by Energa S.A. - - 5,080 - 5,080 - Other 16 19 133 75 149 94 16,049 18,774 18,415 8,125 34,464 26,899 Other financial assets 17,658 21,130 21,357 11,010 39,015 32,140 As at 30 June 2026 and 31 December 2025, the Company held margin deposits that did not qualify as cash equivalents and related to the settlement of commodity transactions and transactions hedging commodity risk entered into on commodity exchanges, principally ICE and the Polish Power Exchange (POLPX). The amount of margin deposits depends on the mark - to-market value of the portfolio of unsettled transactions, including the market prices of the underlying products, and is adjusted on an ongoing basis . The increase in the margin deposit as at 30 June 2026 compared with 31 December 2025 was mainly attributable to a change in the value of derivatives traded on ICE resulting from lower CO ₂ emission allowance prices, higher crude oil prices and a higher refining margin, which the Company has resumed hedging. As at 30 June 2026 and 31 December 2025, loans amounted to PLN 20,807 million and PLN 21,576 million respectively, comprising mainly intra -group loans to ORLEN Group companies consolidated using the full consolidation method, of PLN 19,935 million and PLN 20,720 million respectively, and loans to other companies, principally Baltic Power, accounted for using the equity method, of PLN 710 million and PLN 679 million respectively . The loans were granted for general corporate and investment purposes. As at 30 June 2026, ‘Financial assets measured at amortised cost’ included cash deposited with Krajowy Depozyt Papierów Wartościowych S.A. in connection with ENERGA S.A.’s issue of Series CC shares through a closed subscription under which existing shareholders retained their pre-emptive rights. The increase in ENERGA S.A.’s share capital was registered on 1 July 2026 (for details, see Note 5.21).
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 90 / 108 Translation from the original Polish version Other financial liabilities Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Hedging instruments Derivatives in cash flow hedges 911 98 2,228 292 3,139 390 911 98 2,228 292 3,139 390 Financial liabilities measured at fair value through profit or loss, including: Derivatives not designated into hedging relationships 370 501 1,387 1,386 1,757 1,887 Derivatives in fair value hedges - 6 5 16 5 22 1,281 605 3,620 1,694 4,901 2,299 Financial liabilities measured at amortised cost Other financial liabilities liabilities from settled derivative instruments - - 627 131 627 131 capital expenditure liabilities 51 50 2,447 2,994 2,498 3,044 cash pool - - 16,780 11,822 16,780 11,822 other 96 119 306 399 402 518 147 169 20,160 15,346 20,307 15,515 Other financial liabilities 1,428 774 23,780 17,040 25,208 17,814 Further information on movements in derivatives not designated into hedging relationships is presented in Notes 5.5 and 5.6. The item of receivables/liabilities from settled derivative instruments relates to derivative instruments whose maturity date falls on or before the end of the rep orting period, but whose payment date falls after the reporting date. As at 30 June 2026, these included matured commodity swaps used principally to hedge timing mismatches relating to crude oil purchases, surplus inventories and natural gas. 5.10. Fair value measurement There were no transfers between levels of the fair value hierarchy within the Company during the reporting period or the comparative period. Fair value hierarchy NOTE 30/06/2026 (unaudited) Fair value hierarchy Carrying amount (unaudited) Fair value (unaudited) Level 1* Level 2** Level 3*** Financial assets Listed shares 25 25 25 - - Shares of entities not listed on an active market measured at fair value through other comprehensive income 1 1 - - 1 Other financial assets measured at fair value through profit or loss 3 3 - - 3 Loans 20,807 23,351 - 23,351 - Acquired securities 316 395 - 395 - Derivatives 4,522 4,522 978 3,544 - 25,674 28,297 1,003 27,290 4 Financial liabilities Bank borrowings 4,304 4,306 - 4,306 - Non-bank borrowings 1,060 1,067 - 1,067 - Bonds 15,781 15,734 14,726 1,008 - Derivatives 4,901 4,901 837 4,064 - 26,046 26,008 15,563 10,445 -
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 91 / 108 Translation from the original Polish version 31/12/2025 Fair value hierarchy Carrying amount Fair value Level 1* Level 2** Level 3*** Financial assets Listed shares 26 26 26 - - Shares of entities not listed on an active market measured at fair value through other comprehensive income 1 1 - - 1 Other financial assets measured at fair value through profit or loss 3 3 - - 3 Loans 21,576 23,179 - 23,179 - Acquired securities 311 399 - 399 - Derivatives 5,211 5,211 909 4,302 - 27,128 28,819 935 27,880 4 Financial liabilities Bank borrowings 4,430 4,435 - 4,435 - Non-bank borrowings 688 689 - 689 - Bonds 14,355 14,536 11,526 3,010 - Derivatives 2,299 2,299 18 2,281 - 21,772 21,959 11,544 10,415 - * Fair value determined by reference to quoted prices for identical assets in active markets. ** The fair value of liabilities under bank borrowings and bonds and of loan receivables and liabilities is determined using the discounted cash flow method. Discount rates are determined based on market rates derived from 1 -month, 3-month and 6 -month quoted benchmark interest rates plus margins specific to the individual financial instruments. *** Fair value determined on the basis of expected discounted cash flows for which no observable inputs are available. 5.11. Other assets and liabilities Other assets Non-current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Excise duty and fuel charge - - 123 140 123 140 Other taxes, duties, social security and other charges - - 89 132 89 132 Prepayments for non-current non-financial assets 3 - 852 642 855 642 Energy rights receivable - - 1,608 21 1,608 21 Advance payments to suppliers - - 55 184 55 184 Prepaid expenses 24 4 317 174 341 178 Compensation for indirect costs for energy-intensive customers - - 138 198 138 198 Other - 6 6 245 6 251 27 10 3,188 1,736 3,215 1,746 Other liabilities Non-current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Salaries and wages - - 353 488 353 488 Excise duty and fuel charge - - 2,021 2,067 2,021 2,067 Value added tax - - 587 1,658 587 1,658 Other taxes, duties, social security and other charges - - 583 498 583 498 Accrued expenses for unused employee holiday entitlements - - 157 155 157 155 Fee for implementation of the National Reduction Target (NCR) and the National Indicative Target (NCW) - - 222 283 222 283 Contract liabilities 26 28 501 470 527 498 Government grants 73 77 818 10 891 87 Other 10 1 314 210 324 211 109 106 5,556 5,839 5,665 5,945 As at 30 June 2026, the balance of government grants comprised mainly PLN 803 million of unreleased grants relating to energy rights, following the recognition of a grant receivable for energy rights for 2026.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 92 / 108 Translation from the original Polish version 5.12. Provisions Non-current Current Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Decommissioning and environmental costs 2,459 2,680 45 47 2,504 2,727 Long-service awards and post-employment benefits 517 553 87 92 604 645 CO₂ emission allowances, energy certificates - - 4,814 3,334 4,814 3,334 Other - - 743 750 743 750 2,976 3,233 5,689 4,223 8,665 7,456 A detailed description of the changes to provisions is set out in Note 3.2. 5.13. Capital expenditure commitments under signed contracts As at 30 June 2026 and 31 December 2025 , future commitments arising from capital expenditure contracts signed by that date amounted to PLN 10,509 million and PLN 9,670 million, respectively. 5.14. Issuance and redemption of debt securities Liabilities under debt securities as at 30 June 2026: • Under the non-public domestic bond programme: Series D and Series E bonds remained outstanding, with a total nominal value of PLN 3,000 million; • Under the global Medium -Term Note programme: Series A, Series B and Series D bonds remained outstanding, with a total nominal value of EUR 1,600 million, as well as the Series C bonds, consolidated into a single series, with a total nominal value of USD 1,500 million; The year-on-year increase in liabilities under debt securities as at 30 June 2026 was attributable to the further issue of a second tranche of Series C bonds with a nominal value of USD 250 million. ORLEN's Series D corporate bonds, with a nominal value of PLN 1,000 million, were issued as sustainability bonds incorporating an ESG rating. ESG ratings are assigned by independent agencies and assess a company's or industry's capacity for long -term sustainable development by reference to three main non -financial factors: environmental, social and governance matters. In environmental matters, key considerations include the emissions intensity and carbon footprint, environmental pollution, the use of natural resources, and the deployment of green technologies. The most recent ESG rating review conducted by MSCI ESG Research Limited in the first quarter of 2026 maintained ORLEN's ESG rating at A. ORLEN's Series A Eurobonds, with a nominal value of EUR 500 million, and ORLEN's Series D Eurobonds, with a nominal value of EUR 600 million, were issued with green bond certification to finance projects supporting environmental and climate protection. ORLEN has developed a Green Finance Framework for green and sustainable financing, which sets out the planned capital projects aimed at supporting the energy transition that are eligible for financing under this framework. It a lso defines key performance indicators for assessing their implementation and measuring their environmental impact. The Green Finance Framework has been published on the ORLEN website (https://www.orlen.pl/pl/zrownowazony-rozwoj/zielone- finansowanie). The framework received a very good Sustainability Quality Score of SQS2 from Moody's Ratings. 5.15. Derivatives The measures undertaken by ORLEN to identify and manage market risk are described in Note 12 to the Separate Financial Statements for 2025. The table below presents derivatives recognised within other financial assets and other financial liabilities, analysed by hedge type and instrument type.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 93 / 108 Translation from the original Polish version Derivatives within other financial assets Hedged exposure Type of instrument Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Derivatives in cash flow hedges natural gas 284 665 694 151 978 816 commodity swap 235 665 305 151 540 816 commodity forward 49 389 438 - CO2 allowances commodity futures 220 234 215 659 435 893 other commodities commodity swap - - - 4 - 4 exchange rate currency forward 914 1,269 542 382 1,456 1,651 1,418 2,168 1,451 1,196 2,869 3,364 Derivatives not designated into hedging relationships crude oil commodity swap - - 481 26 481 26 natural gas - - 444 1,168 444 1,168 commodity swap - - 372 1,167 372 1,167 commodity forward - - 72 1 72 1 refining margin commodity swap - 362 - 362 - other commodities - - 10 - 10 - commodity swap - - 10 - 10 - commodity futures exchange rate currency forward 136 158 185 495 321 653 exchange rate and interest rate cross-currency interest rate swap 16 - - - 16 - 152 158 1,483 1,689 1,635 1,847 Derivatives in fair value hedges crude oil commodity swap 10 - 8 - 18 - 1,580 2,326 2,942 2,885 4,522 5,211 Derivatives within other financial liabilities Hedged exposure Type of instrument Non-current Non-current Current Current Total Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Derivatives in cash flow hedges natural gas 841 91 1,960 281 2,801 372 commodity swap 841 91 1,960 281 2,801 372 CO2 allowances commodity futures 65 1 263 - 328 1 other commodities commodity swap - - - - exchange rate currency forward 5 6 5 11 10 17 911 98 2,228 292 3,139 390 Derivatives not designated into hedging relationships crude oil commodity swap - - 403 37 403 37 natural gas - 57 239 892 239 949 commodity swap - - 239 659 239 659 commodity forward - 57 - 233 - 290 refining margin commodity swap - - 537 - 537 - other commodities commodity swap - - 10 - 10 - exchange rate currency forwards 134 146 198 457 332 603 exchange rate and interest rate cross-currency interest rate swap 236 298 - - 236 298 370 501 1,387 1,386 1,757 1,887 Derivatives in fair value hedges crude oil commodity swap - 6 5 16 5 22 - 6 5 16 5 22 1,281 605 3,620 1,694 4,901 2,299 5.16. Dividend for 2025 On 9 June 2026, ORLEN’s Annual General Meeting resolved to allocate PLN 9.3 billion to the payment of dividends (PLN 8.00 per share). 18 June 2026 was the dividend record date, and the dividend was paid on 25 June 2026.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 94 / 108 Translation from the original Polish version 5.17. Claims, litigation and other contingent liabilities Parties to the proceedings Nature of claim Date of commencement of proceedings Amount claimed Stage of the proceedings 30.06.2026 31.12.2025 UNIMOT Terminale sp. z o.o. v ORLEN S.A. Arbitration between ORLEN and UNIMOT Terminale concerning settlement of the final sale price for 100% of the shares in LOTOS Terminale. 16.02.2026 84 84 On 19 December 2025, ORLEN commenced arbitration proceedings before the Polish Chamber of Commerce seeking payment of PLN 0.3 million from UNIMOT in final settlement of the share sale price for LOTOS Terminale. On 16 February 2026, UNIMOT Terminale filed a counterclaim for payment by ORLEN of PLN 84 million as an adjustment to the share sale price. Based on its legal analysis of the claims, the Company has not recognised a provision because it considers the risk of an adverse outcome to be low. ANWIM S.A. v ORLEN and ORLEN Paliwa sp. z o.o. The case concerns damages claimed by ANWIM S.A. for alleged abuse of a dominant position by ORLEN through the purported lowering of spot fuel prices ahead of the 2023 elections. 17.11.2025 176 176 On 26 February 2026, the Company was served with the statement of claim. ORLEN has filed its statement of defence. The case is ongoing. Based on its legal analysis of the claims, the Company has not recognised a provision because it considers the risk of an adverse outcome to be low. Węglokoks Energia ZCP Sp. z o.o. v ORLEN, myORLEN Sp. z o.o. (formerly: PGNiG Obrót Detaliczny Sp. z o.o.) The case concerns compensation claims brought by Węglokoks Energia ZCP Sp. z o.o. for abuse of a dominant position by ORLEN and myORLEN Sp. z o.o. on the gas market through the unilateral imposition of unfavourable and non-transparent commercial terms for purchases of high - methane gas from 13 May 2022 onwards. 20.03.2026 63 63 On 20 March 2026, the Company was served with the statement of claim. ORLEN has filed its statement of defence. Based on its legal analysis of the claims, the Company has not recognised a provision because it considers the risk of an adverse outcome to be low. Qemetica Silicates S.A. v ORLEN and myORLEN sp. z o.o. (formerly: PGNiG Obrót Detaliczny Sp. z o.o.) The case concerns damages claimed by Qemetica Silicates S.A. for the alleged abuse of a dominant position by ORLEN and myORLEN Sp. z o.o. 26.08.2025 323 323 ORLEN is preparing its response to the claimant's reply. The case is ongoing. The first hearings in the case have been scheduled. Based on its legal analysis of the claims, the Company has not recognised a provision because it considers the risk of an adverse outcome to be low. LyondellBasell Industries Holding B.V. (LYB) v ORLEN S.A. The arbitration dispute between LYB and ORLEN concerning ORLEN’s potential breach of the provisions of the joint venture agreement in connection with the acquisition of shares in Grupa Azoty Polyolefins S.A. (GAP) 19.06.2026 - - On 19 June 2026, LYB commenced ad hoc arbitration proceedings seated in London under the UNCITRAL Arbitration Rules . In those proceedings, LYB asserts claims relating to a potential breach by ORLEN of its obligations under the joint venture agreement between the parties in connection with the acquisition of shares in GAP . Earlier, on 10 June 2026, LYB had applied to the English court for interim measures pending the constitution of the arbitral tribunal and its determination of the dispute . On 16 July 2026, however, the court held that matters relating to interim measures should be determined by the arbitral tribunal and directed the parties to use their best endeavours to ensure that the tribunal determined them by 31 August 2026 . The arbitral tribunal was subsequently constituted on 23 July 2026. The parties will continue the proceedings before the tribunal, including in relation to the application for interim measures. Further details of the dispute have not been disclosed due to the confidential nature of the proceedings. As at 30 June 2026, the Company had not identified any circumstances indicating the existence of a present obligation requiring the recognition of a provision. The Group continues to monitor developments in the proceedings and reassesses the effect of any new circumstances. Gazprom v ORLEN Settlement of natural gas deliveries under the Yamal Contract and Gazprom's suspension of supplies 14.01.2022 Arbitration proceedings are pending. A detailed description of the proceedings is provided below.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 95 / 108 Translation from the original Polish version Settlement of natural gas deliveries under the Yamal Contract and Gazprom's suspension of supplies In the first half of 2026, the arbitration proceedings between ORLEN and Gazprom concerning settlements for natural gas supplied under the Yamal Contract continued. The background to the dispute and the course of the proceedings are described in detail in Note 13.5.1 to the Separate Financial Statements for 2025. In the ongoing arbitration, the matters that fall to be determined include the question of price revision under the 2021 pric e review notices (in respect of which ORLEN and Gazprom have asserted counterclaims seeking, respectively, a reduction and an increase in the contract price) and, in a subsequent phase, the suspension of deliveries under the Yamal Contract with effect from 27 April 2022 and related claims (the parties have provisionally notified counterclaims, which will be final ly formulated and determined at a later stage of the arbitration). The disputes between ORLEN and Gazprom remain pending and involve amounts potentially material to ORLEN. However, given the complexity and precedent -setting nature of these proceedings – including the dependence of certain claims on the outcome of earlier phases – it is not currently possible to quantify the aggregate amount in dispute with precision. The effects of settlements arising from completed stages of the proceedings and of the set -off of mutual receivables and liabilities effected in 2025 were recognised and described in the Separate Financial Statements for 2025 and remain unchanged. As at 30 June 2026, the Company maintained a provision for the remaining amount of the potential liability to Gazprom arising from the retrospective settlement of the Yamal Contract price for the period from January 2018 to January 2021. The provision was estimated on the basis of the assumptions and methodology described in the Consolidated Financial Statements for 2025. The estimated provision, taking into account developments in the dispute, recognised in these half-year condensed separate financial statements for the first half of 2026 amounted to PLN 394 million (USD 105 million) . Given the uncertainty as to the timing and possibility of future cash outflows, the amount of the provision may change materially in subsequent reporting periods. In the Company’s assessment, changes in geopolitical factors affecting the sanctions policies of the European Union and Poland towards Russia will be particularly significant in this regard. 5.17.1. Suspension of the Olefins III project in its current scope In the first half of 2026, the Company continued work on the Nowa Chemia project, which represents a continuation of the Olefins III project in a revised form. Details of the decisions taken and the project assumptions are set out in Note 15.4.2 to the Separate Financial Statements for 2025. The Nowa Chemia project is expected to achieve full start -up of the units in 2030. In recent months, ORLEN has focused on recasting the Project into a new configuration, including the addition of elements necessary to secure its economic viability . On 15 April 2026, an updated budget for the Nowa Chemia project of PLN 35.8 billion was approved, including PLN 4.6 billion of financing costs. The Company is currently focusing work on the Nowa Chemia project to ensure delivery in line with the planned schedule. Estimated cash flows based on the revised assumptions for the Olefins project and its continued implementation under the Nowa Chemia project were reflected in the impairment tests for the Downstream segment (see Note 5.4 for details). On the basis of facts and circumstances existing as at 30 June 2026, the Company has concluded that there are no grounds for recognising additional liabilities, including provisions, in connectio n with the decision to suspend the Olefins III project in its original form and its continuation as the Nowa Chemia project. Apart from the matters described above, the Company has not identified any other material contingent liabilities. 5.18. Related-party transactions 5.18.1. Transactions with ORLEN Group related parties Based on declarations submitted, as at 30 June 2026 and 31 December 2025 and during the six- and three-month periods ended 30 June 2026 and 30 June 2025, there were no material transactions with ORLEN Group related parties involving members of the Company’s Management Board or Supervisory Board, other key management personnel of the Company or their close family members. 5.18.2. Remuneration of the Company’s key management personnel 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Short-term employee benefits 58.4 27.8 48.2 22.1 Post-employment benefits - - 0.1 - Termination benefits 5.0 1.9 3.1 1.3 63.4 29.7 51.4 23.4 The above table presents remuneration paid, due or potentially due to ORLEN's key management personnel in the reporting period.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 96 / 108 Translation from the original Polish version 5.18.3. Transactions and settlement balances with related parties Subsidiaries Joint arrangements and associates Total 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) 6 MONTHS ENDED 30/06/2026 (unaudited) 3 MONTHS ENDED 30/06/2026 (unaudited) Sales 41,870 23,283 1,161 563 43,031 23,846 Revenue from centralisation of financial derivatives 3,633 1,627 - - 3,633 1,627 Purchases 25,865 12,132 89 44 25,954 12,176 Costs associated with centralisation of financial derivatives 3,253 1,937 - - 3,253 1,937 Finance income, including: 3,699 3,308 - - 3,699 3,308 Dividends 2,888 2,888 - - 2,888 2,888 Finance costs (mainly interest) 208 113 - - 208 113 Subsidiaries Joint arrangements and associates Total 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) 6 MONTHS ENDED 30/06/2025 (unaudited) 3 MONTHS ENDED 30/06/2025 (unaudited) Sales 35,257 16,839 1,305 646 36,562 17,485 Revenue from centralisation of financial derivatives 2,043 354 - - 2,043 354 Purchases 22,681 10,420 87 47 22,768 10,467 Costs associated with centralisation of financial derivatives 2,063 424 - - 2,063 424 Finance income, including: 2,573 1,969 - - 2,573 1,969 Dividends 1,415 1,415 - - 1,415 1,415 Finance costs (mainly interest) 110 51 - - 110 51 Subsidiaries Joint arrangements and associates Total 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 30/06/2026 (unaudited) 31/12/2025 Trade receivables 5,580 4,966 275 455 5,855 5,421 Other financial assets, including: 26,287 25,410 - - 26,287 25,410 Loans 20,807 21,576 - - 20,807 21,576 Cash pool 2,478 3,558 - - 2,478 3,558 Receivables from settled derivatives 441 21 - - 441 21 Other assets 107 312 - 1 107 313 Trade payables 2,989 2,589 - 8 2,989 2,597 Non-bank borrowings 151 679 - - 151 679 Other financial liabilities, including: 17,591 13,087 - - 17,591 13,087 Cash pool 16,776 11,819 - - 16,776 11,819 Liabilities from settled derivatives 493 630 - - 493 630 Other liabilities 1 1 - - 1 1 Lease liabilities 117 135 - - 117 135 The related -party transactions referred to above consist primarily of sales and purchases of refined and petrochemical products and services. During the six- and three-month periods ended 30 June 2026 and 30 June 2025, the Company did not enter into any related- party transactions that were not conducted on arm's length terms. 5.18.4. Transactions with State Treasury-related entities The Company’s largest shareholder as at 30 June 2026 and 31 December 2025 was the State Treasury, which held 49.9% of the shares. The Company has identified transactions with related parties that are also entities related to the State Treasury, based on the 'List of companies with State Treasury ownership' published by the Chancellery of the Prime Minister.
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 97 / 108 Translation from the original Polish version In the six- and three-month periods ended 30 June 2026 and 30 June 2025, the Company identified the following transactions: 6 MONTHS ENDED 30/06/2026 3 MONTHS ENDED 30/06/2026 6 MONTHS ENDED 30/06/2025 3 MONTHS ENDED 30/06/2025 (unaudited) (unaudited) (unaudited) (unaudited) Sales 2,078 1,164 3,262 1,319 Purchases (2,214) (914) (1,765) (855) 30/06/2026 (unaudited) 31/12/2025 Trade receivables 221 633 Trade payables 337 492 The above transactions, which were carried out on an arm's -length basis, principally related to the ordinary course of the Company's business activities, and predominantly comprised fuel sales, purchases and sales of natural gas and energy, as well as transport and storage services. The Company also entered into financial transactions with Bank Gospodarstwa Krajowego, including borrowings, bank charges and commissions, and incurred transaction fees payable to the Polish Power Exchange. 5.19. Excise duty guarantees Excise duty guarantees and excise duty on products and goods held under duty -suspension arrangements form part of off - balance-sheet liabilities and amounted to PLN 3,517 million and PLN 3,446 million as at 30 June 2026 and 31 December 2025, respectively. As at 30 June 2026, the Company assesses the risk that these liabilities will crystallise as very low. 5.20. Sureties for loans or guarantees provided by ORLEN or its subsidiaries to a single entity or a subsidiary of that entity, where the total value of the existing sureties or guarantees is material Sureties and guarantees provided for subsidiaries in favour of entities outside the Group , as at 30 June 2026 and 31 December 2025, amounted to PLN 13,119 million and PLN 13,314 million, respectively. As at 30 June 2026, these mainly secured: • liabilities arising from the operating activities of ORLEN Upstream Norway AS, ORLEN Trading Switzerland GmbH and the ORLEN Energy Trading Group, amounting in total to PLN 9,723 million, • financial liabilities under credit facility agreements of the Group subsidiaries, amounting to PLN 1,033 million, • the implementation of capital projects by the subsidiaries CCGT Ostrołęka, CCGT Grudziądz, CCGT Gdańsk, totalling PLN 163 million, as well as the timely payment of liabilities by subsidiaries. As at 30 June 2026, an unconditional and irrevocable guarantee issued by ORLEN in favour of t he Norwegian government was also in effect. The guarantee covers the exploration and production activities of ORLEN Upstream Norway AS on the Norwegian Continental Shelf. The guarantee is of indefinite duration and has no specified amount. Under the guarantee, ORLEN assumes full financial responsibility for any liabilities that may arise in connection with the activities of ORLEN Upstream Norway AS involving the exploration and production of natural resources beneath the seabed on the Norwegian Continental Shelf, including their storage and transport by means other than vessels. In addition, the amount of guarantees for liabilities to third parties issued in the ordinary course of business as at 30 Jun e 2026 and 31 December 2025 totalled PLN 4,411 million and PLN 3,908 million, respectively. These guarantees related mainly to civil-law guarantees securing the proper performance of contracts and public-law guarantees, required by generally applicable laws and regulations, securing the proper conduct of licensed activities in the liquid fuels sector and the result ing tax and customs liabilities. 5.21. Events after the reporting period Capital increase at ENERGA S.A. On 1 July 2026, ENERGA S.A.’s share capital increase from PLN 4,521,612,884.88 to PLN 7,536,021,467.52 was registered in the National Court Register. As part of the increase, ORLEN S.A. took up 274,381,311 ENERGA S.A. shares with a nominal value of PLN 10.92 each and an aggregate nominal value of PLN 2,996,243,916.12; Consequently, as at 1 July 2026, the Company’s interest in ENERGA S.A.’s share capital increased to 95.24%, representing 96.06% of the voting rights at the General Meeting; Material non-bank financing On 7 July 2026, ORLEN issued Series E bonds with an aggregate nominal value of EUR 750 million under its Global Medium-Term Note Programme (GMTN), updated on 26 June 2026 . The bonds, ORLEN’s third green bond issue, were issued under a green bond certification framework to finance projects supporting environmental and climate protection . The bonds have a seven -year tenor and mature on 7 July 2033. They have been admitted to trading on the regulated markets operated by Euronext Dublin and the Warsaw Stock Exchange. The proceeds from the issue will be used to finance projects in three categories: renewable energy, energy efficiency and clean transport. The scope and manner of use of the proceeds from the issue are described on the Company’s website in the Green Finance Framework (https://www.orlen.pl/pl/zrownowazony-rozwoj/zielone-finansowanie).
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ORLEN (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 98 / 108 Translation from the original Polish version Agreement to acquire all shares in Grupa Azoty Polyolefins (GAP) – transaction status Further milestones have been reached in the process of completing the acquisition of the shares in GAP. On 9 July 2026, the 12th Commercial Division of the Szczecin-Centrum District Court in Szczecin accepted GAP’s Restructuring Plan following its formal and fiscal review. Subsequently, the transaction was cleared by the Competition Authority of the Republic of Serbia on 24 July 2026 and by the President of the Office of Competition and Consumer Protection in Poland on 30 July 2026. Together with the clearance obtained from the Ukrainian antimonopoly authority on 4 June 2026, the Company has obtained all regulatory clearances required to complete the transaction. As at the date of preparation of this report, the remaining conditions precedent set out in the transaction documentation are being satisfied. The Company is also awaiting final approval of the Restructuring Plan by the Szczecin -Centrum District Court in Szczecin. Other than the events disclosed in these half -year condensed separate financial statements, no events occurred after the reporting period that required recognition or disclosure.
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MANAGEMENT REPORT ON THE GROUP’S ACTIVITIES FOR THE FIRST HALF OF THE YEAR 2026
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 100 / 108 Translation from the original Polish version C. MANAGEMENT REPORT ON THE GROUP’S ACTIVITIES 1. Financial position 1.1. Key drivers of LIFO EBITDA (EBITDA with inventories measured using the LIFO method) Statement of profit or loss for the six months ended 30 June 2026 EBITDA for the first half of 2026 was PLN 28,726 million, compared with PLN 16,685 million in the first half of 2025. The effect of crude oil price movements on inventory valuation included in EBITDA was PLN 3,843 million for the six months ended 30 June 2026, compared with PLN (908) million for the six months ended 30 June 2025. LIFO-based EBITDA, excluding net impairment losses on non -current assets*, totalled PLN 27,986 million , an increase of PLN 7,500 million (y/y). 6 months ended 30 June 2026 6 months ended 30 June 2025 year-on-year change EBITDA 28,726 16,685 12,041 LIFO 3,843 (908) 4,751 LIFO-based EBITDA 24,883 17,593 7,290 Net impairment losses on non-current assets * (3,103) (2,893) (210) LIFO-based EBITDA (excluding impairment losses*) 27,986 20,486 7,500 Factors affecting financial results: 7,500 Macroeconomic (1) 5,660 Volume (2) 1,492 Other (3) 348 * Net impairment losses on non -current assets are described in Note 5.4. Impairment of property, plant and equipment, intangible assets, goodwill and right-of-use assets (1) The aggregate impact of macroeconomic factors was PLN 5,660 million (y/y). In the Upstream & Supply segment, changes in macroeconomic factors had a positive effect of PLN 575 million (y/y). In Upstream, the positive effect of PLN 492 million (y/y) was driven mainly by a year -on-year increase in average gas, crude oil and NGL prices, partly offset by the adverse effect of the Norwegian krone’s appreciation against the US dollar and the euro. In Supply, macroeconomic factors had a positive effect of PLN 83 million (y/y), reflecting transactions executed under the hedging policy, partly offset by lower margins on gas sales . The lower gas sales margins resulted from higher purchase prices following the escalation of hostilities in the Middle East, combined with lower average prices realised under contracts on the Polish Power Exchange (POLPX), as domestic price movements lagged those in international markets. In the Downstream segment, the effect of changes in macroeconomic factors was PLN 4,677 million (y/y). In refining, the positive macroeconomic effect of PLN 3,849 million (y/y) was driven mainly by higher crack spreads realised on refined-product sales and the reversal of inventory write -downs to net realisable value (NRV). These positive effects were partly offset by an adverse crude differential, reflecting higher Official Sell ing Price (OSP) premiums for Arab Light crude, the appreciation of the Polish złoty against the US dollar and hedging transactions. In petrochemicals, the positive macroeconomic effect of PLN 827 million (y/y) reflected higher product margins, changes in inventory write-downs to net realisable value (NRV), exchange-rate movements and hedging transactions. In the Energy segment, changes in macroeconomic factors had a positive effect of PLN 385 million (y/y) , driven mainly by hedging transactions and lower coal and other fuel prices in conventional power generation and district heating. In the Consumers & Products segment, changes in macroeconomic factors had a positive effect of PLN 23 million (y/y) , driven mainly by favourable margins on electricity sales to business customers, partly offset by lower margins on gas sold to tariff customers.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 101 / 108 Translation from the original Polish version (2) The aggregate impact of sales volume changes amounted to PLN 1,492 million (y/y). In the Upstream & Supply segment, the volume effect amounted to PLN 383 million (y/y). In Supply, the effect amounted to PLN 244 million (y/y), driven primarily by a 12.5 TWh (y/y) increase in gas sales to 147 TWh. Higher sales in Poland were driven by exchange trading, principally reflecting stronger gas demand due to colder weather – particularly in January and February 2026 – and reduced supply from alternative suppliers. In Upstream, the positive volume effect of PLN 140 million (y/y) was driven mainly by higher production from international assets in Norway and Canada, partly offset by lower production in Poland due to maintenance and the natural decline of the fields. In the Downstream segment, the volume effect was PLN 216 million. In petrochemicals, the positive effect of a 90 thousand tonne increase in sales volumes (y/y) was PLN 257 million (y/y). It was driven mainly by the non -recurrence of the cyclical maintenance shutdown of the petrochemical complex at the Litvínov Refinery in the second quarter of 2025, resulting in higher sales year on year in the Czech market and eliminating the need to purchase external feedstocks for polyolefin production . In Poland, the positive effect of higher year-on-year sales at ANWIL, including the non -recurrence of technical issues experienced at its plants in 2025, was partly offset by lower monomer production at ORLEN S.A. due to the planned maintenance shutdown of the Olefin II unit in 2026. In refined products, the volume effect was PLN (41) million (y/y), driven primarily by changes in the crude slate and other feedstocks at ORLEN Lietuva . A further adverse effect in 2026 arose from higher internal energy consumption at ORLEN S.A., reflecting increased production -unit availability following the commissioning of the new Visbreaking and HOG units in 2025 and the adverse effect of lower temperatures year on year . These adverse effects were offset by a 167 thousand tonne increase in middle -distillate sales (y/y) and lower sales volumes of heavy refinery fractions, which are sold at a negative margin. In the Energy segment, the positive volume effect was PLN 593 million (y/y) and reflected mainly increases of 6.8 TWh (y/y) in gas distribution volumes and 0.7 TWh (y/y) in electricity distribution volumes, together with a 2.3 PJ increase in heat sales due to lower average temperatures. In the Consumers & Products segment, the volume effect amounted to PLN 300 million (y/y). Higher natural gas sales, up 4.2 TWh mainly due to temperature -related factors, and higher electricity sales, up 0.8 TWh due to increased contracting by business customers, increased the segment’s result by PLN 188 million (y/y). A 125 thousand tonne increase in fuel sales volumes (y/y) in Poland increased the segment’s result by PLN 112 million (y/y). (3) The effect of other factors was PLN 348 million (y/y) and mainly included: • PLN (1,074) million (y/y) in the Upstream & Supply segment, reflecting higher transmission -capacity costs and lower gas trading margins as customers exercised options to switch from index -linked to fixed prices. In addition, the balance of other operating activities had an adverse effect, driven mainly by foreign exchange losses on trade receivables and payables and partly offset by the non -recurrence of the provision recognised in 2025 for liabilities to Gazprom. • PLN 1,298 million (y/y) in the Downstream segment, driven mainly by the use of historical inventory layers, partly offset by foreign exchange losses on trade receivables and payables. • PLN 288 million (y/y) in the Energy segment, driven mainly by the partial release of Europol Gaz’s provision relating to its contract with Gaz System and higher year-on-year electricity trading margins. • PLN 27 million (y/y) in the Consumers & Products segment, primarily as a result of higher non -fuel margins in the Polish and Czech markets and higher fuel margins in the German and Austrian markets, alongside lower margins in Poland and the Czech Republic, and higher station operating costs. 1.2. Share of revenue and EBITDA from coal assets Revenue and EBITDA from coal assets comprise the results of energy generation activities – principally electricity and heat – attributable to ORLEN Group assets whose primary fuel is hard coal or lignite. The percentage share is calculated as the ratio of EBITDA from those assets to the ORLEN Group’s EBITDA, with both measures calculated on a consistent basis before the recognition of net impairment losses. ORLEN GROUP 2024 2025 6 MONTHS ENDED 30/06/2025 (unaudited) 6 MONTHS ENDED 30/06/2026 (unaudited) Share of revenue from coal assets 2.20% 2.40% 2.20% 1.80% Share of EBITDA* from coal assets 3.20% 4.00% 4.40% 2.20% *EBITDA before net impairment losses The share of revenue from coal assets is the ratio of revenue generated by those assets to the Group’s total revenue. The share of EBITDA* from coal assets is the ratio of EBITDA generated by those assets to the Group’s total EBITDA..
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 102 / 108 Translation from the original Polish version 1.3. Significant events between 1 January 2026 and the date of this report JANUARY 2026 ENERGA rating On 22 January 2026, Moody's Ratings confirmed ENERGA's Baa1 long -term rating with a stable outlook and other issuer-related ratings of ENERGA. The decision was substantiated by a low business risk profile based on the vast majority of revenue from regulated electricity distribution activities. At the same time, the agency notes that ENERGA’s ratings are constrained, among other factors, by the higher business risk profile of its generation and sales businesses and the implementation of a substantial investm ent programme over the coming years, including expenditure on CCGT units. FEBRUARY 2026 Withdrawal from the agreement with Poczta Polska S.A. ORLEN reported that on 2 February 2026 the Company and Poczta Polska S.A. jointly decided to withdraw from the agreement dated 26 September 2025 whereby Poczta Polska was to acquire up to 100% of the shares in ORLEN Paczka. Changes in the composition of the Management Board ORLEN announced that on 25 February 2026 the Supervisory Board appointed Paweł Wojtunik as Member of the Management Board for Security and Risk for a joint term of office beginning on the day following the expiry date of the current joint term of office of the Company's Management Board, i.e. after the date of the Annual General Meeting approving the Company's financial statements for 2025. MARCH 2026 Dismissal of action seeking declaration of invalidity of a resolution of the ORLEN S.A. Annual General Meeting ORLEN announced that the Regional Court in Łódź, 10th Commercial Division, dismissed in its entirety a shareholder lawsuit seeking to declare invalid or annul Resolution No. 13 adopted by the Annual General Meeting on 25 June 2024 concerning the discharge of Mr Adam Burak for the performance of his duties as a member of the Company's Management Board in 2023. The judgment is not final. Changes in the composition of the Management Board On 5 March 2026, the Minister of State Assets, acting on behalf of the State Treasury shareholder pursuant to § 9(1)(3) of the Company's Articles of Association, appointed Mr Paweł Wojtunik as a Member of the Management Board for the current term of office, effective 16 March 2026. Agreement to acquire all shares in Grupa Azoty Polyolefins On 12 March 2026, ORLEN submitted to the other shareholders of Grupa Azoty Polyolefins S.A. ('GAP') and to the financing institutions an updated non -binding offer to purchase (the 'Offer') all GAP shares. ORLEN currently holds 17.3% of the shares in GAP. The Offer contemplated the acquisition of all GAP shares, including GAP's assets, free of all encumbrances, on a cash-free, debt-free basis. The offer was non-binding and was subject to fulfilment of the conditions precedent contained therein. Following submission of the offer, further arrangements with the parties involved and the creditors' acceptance of arrangement proposals in the partial -arrangement approval procedure, on 31 March 2026 ORLEN signed a preliminary sale agreement with GAP's other shareholders, under which the Company will acquire all remaining GAP shares (the 'Transaction'). The Transaction comprises the acquisition of all remaining GAP shares and the provision by ORLEN of financing to GAP, in the form of loans, necessary to complete the company's restructuring, with a total value of PLN 1.35 billion. Closing of the Transaction is planned for the third quarter of 2026, following: • GAP conducting a procedure for the approval of a partial arrangement and other non -arrangement agreements leading to the repayment of all claims and receivables in accordance with the reduction resulting from that procedure and the final settlement of the EPC contract; • obtaining the required administrative approvals. In addition, the terms of the Transaction provide for earn -out payments to key creditors involved in GAP's restructuring, payable after ORLEN has recovered the funds committed to GAP and accruing over a maximum period of 12 years. The Transaction is consistent with the implementation of the ORLEN 2035 Strategy for selective investments in the value chain of polymers and petrochemical products. Further issue of Series C bonds under the Medium-Term Note Programme ORLEN issued a further second tranche of Series C bonds with an aggregate nominal value of USD 250 million under its medium -term note programme established on 13 May 2021 and updated on 20 January 2025. The proceeds will be used for ongoing operations, including capital projects under the ORLEN 2035 Strategy. The issue comprised 1,250 unsecured bonds bearing a fixed interest rate of 6% per annum and maturing on 30 January 2035. The nominal value of one bond was USD 200 thousand, and the issue price was 103.718%. The issue value, defined as the product of the number of bonds covered by the offering and the issue price, amounted to USD 259,295,000. On 17 March 2026, the bonds were admitted to trading on the regulated market of Euronext Dublin. Subscriptions for the bonds were accepted on 10 March 2026 and the subscription was closed on the same day. The offering was structured as a single tranche. The bonds were allotted on 10 March 2026 and the
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 103 / 108 Translation from the original Polish version issue was settled on 17 March 2026. During the subscription period, 29 investors expressed interest in the bonds. The final order book included subscriptions for over USD 562.8 million, meaning that the bonds were approximately 2.3 times oversubscribed. ORLEN allocated the Bonds to 28 investors from 9 countries. The costs of issuing the Bonds are estimated at approximately PLN 1,442 thousand and represented approximately 0.16% of the aggregate nominal value of the further issue of Series C Bonds. The above amount comprises: • costs of preparing and conducting the Bond offering – PLN 1,442 thousand, • costs of preparing/updating the prospectus, including advisory costs – PLN 0, • costs of promoting the Bond offering – PLN 0. The average cost of conducting the offerings per Bond offered will be calculated and disclosed after completion of the GMTN Programme. The Company did not incur any underwriters' fees because it did not enter into underwriting agreements in connection with the Bond offering. Costs related to the issue of the Bonds were recognised as prepayments and will be charged to profit or loss on a systematic basis. For tax purposes, transaction costs qualify as tax -deductible costs and are deductible when recognised in the accounting records. APRIL 2026 Updated budget of the Nowa Chemia project ORLEN announced that on 15 April 2026 the Company's Supervisory Board approved the updated budget for the Nowa Chemia Project (the 'Project') of PLN 35.8 billion, including PLN 4.6 billion of financing costs. The decision provides for the completion of the construction of an olefin unit with an ethylene production capacity of 740 kt per year in 2029. The Project provides for full start-up of the unit in 2030 and the gradual shutdown of the existing Olefin II unit, enabling a smooth replacement of the existing capacity and an increase in the production capacity of the Płock Production Plant. Based on the ad opted macroeconomic assumptions, the Company's incremental EBITDA resulting from the Project, taking into account the replacement of the existing Olefin II unit, will be PLN 0.6 billion in 2035. On 8 April 2026, the updated Project budget was approved by the Company's Management Board. The decision was classified as inside information, publication of which the Company delayed until approval by the Supervisory Board, in accordance with Article 17(4) of Regulation (EU) No 596/2014 of the European Parliament and of the Council. ORLEN rating On 29 April 2026, Moody's Ratings confirmed the long -term rating of ORLEN and all rated ORLEN debt instruments at A3 with a stable outlook. The rationale for the decision cited the resilience of ORLEN's business model to commodity-price volatility and the Group's very strong financial position. MAY 2026 Dismissal of action seeking declaration of invalidity of a resolution of the ORLEN S.A. Annual General Meeting ORLEN announced that the Regional Court in Łódź, 10th Commercial Division, dismissed in its entirety the action brought by a shareholder of the Company seeking a declaration of invalidity or annulment of Resolution No. 26 adopted by the Annual General Meeting on 25 June 2024 concerning the discharge of Mr Andrzej Szumański, Deputy Chairman of the Company's Supervisory Board, for the performance of his duties in 2023. The judgment is not final. Changes in the composition of the Supervisory Board ORLEN announced that on 26 May 2026, Mr Przemysław Baszak tendered his resignation from his position as a Member of the Company’s Supervisory Board, with effect from the end of 28 May 2026, JUNE 2026 Changes in the composition of the Supervisory Board ORLEN announced that the Annual General Meeting of the Company on 9 June 2026 appointed the following members to the Company’s Supervisory Board: • Mr Remigiusz Paszkiewicz, with effect from 1 July 2026, • Mr Marcin Siudy, with effect from 9 June 2026. JULY 2026 Issue of Series E bonds under the Medium-Term Note Programme ORLEN issued Series E bonds with an aggregate nominal value of EUR 750 million under its medium -term note programme established on 13 May 2021 and updated on 26 June 2026. The proceeds from the bond issue will be used to finance projects in three defined categories: renewable energy, energy efficiency and clean transport. The issue comprised 7,500 unsecured bonds bearing a fixed interest rate of 3.75% per annum and maturing on 7 July 2033. The nominal value of one bond was EUR 100 thousand, and the issue price was 99.102%. The issue value, defined as the product of the number of bonds covered by the offering and the issue price, amounted to EUR 743,265,000. On 7 July 2026, the bonds were admitted to trading on the regulated market of Euronext Dublin. Subscriptions for the bonds were accepted on 30 June 2026 and the subscription was closed on the same day. The offering was structured as a single tranche. The bonds were allotted on 30 June 2026 and the issue was settled on 7 July 2026. During the subscription period, 134 investors expressed interest in the bonds. The final order book included
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 104 / 108 Translation from the original Polish version subscriptions of over EUR 1.6 billion, meaning the bonds were more than twice oversubscribed. ORLEN allocated the bonds to 107 investors from 27 countries. As the final amount of the issuance costs had not been determined by the date of publication of these half - year condensed financial statements, ORLEN will prepare and publish a current report detailing those costs, including a breakdown by category, once it has received and approved all invoices from the entities involved in preparing and conducting the offering, and in any event no later than the applicable disclosure deadline. Changes in the composition of the Management Board ORLEN announced that on 13 July 2026 the Minister of State Assets, acting on behalf of the State Treasury pursuant to § 9(1)(3) of the Company's Articles of Association, appointed Ms Diana Batko as a Member of the Management Board for the current term of office, effective 13 July 2026. Dismissal of action seeking declaration of invalidity of a resolution of the ORLEN S.A. Extraordinary General Meeting ORLEN announced that, on 20 July 2026, the Court of Appeal in Łódź had issued a partial judgment varying the judgment of the 10th Commercial Division of the Regional Court in Łódź dated 27 May 2025. The Court of Appeal dismissed the action brought by a sha reholder of the Company insofar as it sought a declaration that Resolution No. 5 of ORLEN’s Extraordinary General Meeting, adopted on 2 December 2024, concerning claims for compensation for damage caused in the performance of management duties (the “Resolution”), was invalid. As regards the remaining claim seeking to set aside the Resolution, the Court of Appeal remitted the case to the Regional Court for determination. The judgment concerning the claim for a declaration of invalidity of the Resolution is final and binding. 1.4. Material risk factors affecting current and future financial performance Factors that may affect the ORLEN Group's future financial performance: Policy and geopolitics: • The course and outcome of negotiations concerning the timing and conditions for transit through the Strait of Hormuz; • Administrative interventions on international and domestic oil, fuel and gas markets (OPEC+ interventions, strategic reserves policy of the IEA, the US and China, limits on increases in fuel and gas prices, status of sanctions on imports from Russia); • Impact of the situation in the Middle East on scenarios for ending the war in Ukraine; and • Market uncertainty arising from changes in US administration policy, particularly regarding international relations, customs duties and tariffs, and climate protection. Economy and markets: • The scale of physical destruction of energy assets in the Persian Gulf; • The pace of demand destruction for crude oil, liquid fuels and natural gas in regions south and east of the Persian Gulf; • Pace of commissioning new refining capacity in Africa, South America and Asia; • Scale of supply shortage on physical oil, liquid fuels and LNG markets; • Effect of the blockade of the Strait of Hormuz on the prices of petrochemical products on the ORLEN Group's home markets; • Pace of expansion of US LNG-export infrastructure; • Inflation trajectories and central-bank interest-rate paths; • Prices of energy rights, including the cost of CO₂ emission allowances. Investment and infrastructure: • Implementation schedules for ORLEN Group development projects. Climate regulations: • Amendments to applicable legislation; • National measures transposing the RED III Directive and the EU ETS Directive as regards the establishment of a new greenhouse gas emissions trading system (ETS 2) for the residential and municipal sector, the road transport sector and additional sectors. In the course of its business, the ORLEN Group continuously monitors and assesses the above factors affecting its risk exposure and takes measures to mitigate their impact on its financial position. The ORLEN Group applies consistent financial -risk hedging principles under the relevant internal policies, subject to oversight by the respective committees, the Management Board and the Supervisory Board. The principal types of financial risk to which the ORLEN Group is exposed in the course of its business are: • market risk, comprising commodity risk, foreign exchange risk and interest rate risk; and • liquidity risk and credit risk. Details of these risks and how they are mitigated are disclosed in Note 5.17 to the Half-Year Condensed Consolidated Financial Statements for 2026 and Note 14.1 to the Consolidated Financial Statements for 2025.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 105 / 108 Translation from the original Polish version 2. Projected growth of the ORLEN Group Strategic directions for development The ORLEN Group is implementing its long -term strategy to 2035, centred on integrating its business segments and building an organisation that will become more resilient to volatility in the business environment over the coming decade. The strategy is centred on a pragmatic transformation tailored to the needs and characteristics of the region and designed to address key regulatory and business challenges and opportunities. The transformation envisages higher gas production and imports to strengthen energy security, alongside investment in renewables, combined -cycle gas turbine capacity, modern refining and petrochemicals. The energy segment will be the fastest-growing segment of the ORLEN Group, with a significant share of regulated activities and of total EBITDA (approximately 20%), as well as complementary renewable energy assets and combined cycle gas turbine (CCGT) power plants. Furthermore, the development of the Energy sector will support and facilitate the decarbonisation of refining and petrochemical production. The integration of the Group’s operations will be reflected in the Consumers and Products division, through which end users will be able to benefit from lower -emission energy sources, fuels and services. The strategy is intended to create a more sustainable organisation capable of adapting to changing market conditions. The strategy’s overarching objective is to reduce CO 2 emissions, including by building capabilities in sustainable feedstocks, hydrogen, biofuels and small -scale nuclear power. Investment in projects within the innovative and sustainable product portfolio pillar will not only increase low - and zero -emission energy generation capacity, but also provide sustainable feedstocks for modern products and create new business areas complementary to the Group’s traditional businesses. Key capital projects under the ORLEN Group Strategy to 2035 Upstream & Supply In the Upstream & Supply segment, the Group is pursuing exploration and production projects in Norway, Poland and Canada. These activities are intended to strengthen the security of commodity supplies, increase the Group’s own hydrocarbon production and further diversify its sources of crude oil and natural gas. Downstream In the Downstream segment, construction of the HVO unit in Płock has been completed. The unit can produce approximately 300 thousand tonnes of hydrotreated vegetable oil annually . The project supports the Group’s energy -transition objectives and will increase the share of low-emission products in its portfolio. Work is continuing on the Nowa Chemia project in Płock, which includes the construction of a modern monomer unit with an annual production capacity of approximately 740 thousand tonnes of ethylene . The project is intended to strengthen the competitiveness of the petrochemical segment and adapt it to changing market conditions. A hydrocracking project is under way at the Mažeikiai refinery and is expected to increase fuel yields by approximately 10 percentage points. The project will further improve crude oil processing efficiency and optimise the production mix. The Hydrocracked Base Oil Unit project is being developed in Gdańsk. Once completed, the unit will be capable of producing approximately 400 th ousand tonnes of Group II base oils annually. The project will increase the share of high - margin products in the refining segment’s sales mix. A rapeseed oil pressing plant with an annual production capacity of approximately 200 thousand tonnes of oil is being constructed in Kętrzyn . The resulting feedstock will be used to produce biofuels, supporting the Group’s transport decarbonisation objectives. Energy In the Energy segment, the Group is developing offshore wind projects in the Baltic Sea, including Baltic Power, with planned capacity of 1.2 GW, and Baltic East, with capacity of approximately 1.0 GW . These projects are a key element in the expansion of renewable energy within the Group’s portfolio. In parallel, the Group is expanding and modernising its power and gas infrastructure to strengthen the security of energy and gas supplies and improve network reliability. Another important area of development is the construction of modern combined-cycle gas turbine (CCGT) units. The projects comprise a 745 MWe unit in Ostrołęka, a 560 MWe unit and a second 560 MWe unit in Grudziądz, and a 560 MWe unit in Gdańsk. The units will increase the Group’s generation capacity and support the stability of Poland’s power system. The Group is also continuing to develop solar farms in Poland and Lithuania, steadily increasing its renewable energy generation capacity.
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 106 / 108 Translation from the original Polish version Consumers & Products In the Consumers & Products segment, the Group is expanding and modernising its service -station network to make the offering more widely available and improve customer service. At the same time, the non -fuel retail network is being developed by broadening the range of products and services available at fuel stations, supporting revenue growth and strengthening customer relationships. The Group is also continuing to invest in alternative -fuel infrastructure, including e-mobility solutions. These activities include expanding the electric-vehicle charging network and support the transition towards low-emission transport. 3. Other information 3.1. Composition of the Management Board and Supervisory Board As at the date of preparation of this Consolidated Half -Year Report, the composition of ORLEN's management and supervisory bodies is as follows: Management Board Ireneusz Fąfara – President of the Management Board, Chief Executive Officer Marek Balawejder – Vice President of the Management Board, Consumers and Products Diana Batko – Vice President of the Management Board, Logistics and Procurement Sławomir Jędrzejczyk – Vice President of the Management Board, Finance Wiesław Prugar – Vice President of the Management Board, Upstream Ireneusz Sitarski – Vice President of the Management Board, Downstream Robert Soszyński – Vice President of the Management Board, Chief Operating Officer Sławomir Staszak – Vice President of the Management Board, Energy Marcin Wasilewski – Vice President of the Management Board, Development and Investments Paweł Wojtunik – Vice President of the Management Board, Security and Risk Supervisory Board Przemysław Ciszak – Chair of the Supervisory Board Aleksander Kappes – Deputy Chair of the Supervisory Board, Independent Member of the Supervisory Board Katarzyna Łobos – Secretary of the Supervisory Board, Independent Member of the Supervisory Board Ewa Gąsiorek – Independent Member of the Supervisory Board Remigiusz Paszkiewicz – Member of the Supervisory Board Marian Sewerski – Independent Member of the Supervisory Board Marcin Siudy – Independent Member of the Supervisory Board Ewa Sowińska – Independent Member of the Supervisory Board Piotr Wielowieyski – Independent Member of the Supervisory Board Tomasz Zieliński – Member of the Supervisory Board 3.2. Shareholders holding directly or indirectly through subsidiaries at least 5% of the total voting rights at the Parent's General Meeting as at the date of this report % of total voting rights at the General Meeting as at the date of issue of Number of shares as at the date of issue of Shareholder this quarterly report* change pp previous quarterly report** this quarterly report* change previous quarterly report** State Treasury* 49.90% 0.00% 49.90% 579,310,079 - 579,310,079 Nationale-Nederlanden OFE* 5.26% 0.09% 5.17% 61,070,000 1,066,000 60,004,000 Other 44.84% -0.09% 44.93% 520,561,970 (1,066,000) 521,627,970 100.00% - 100.00% 1,160,942,049 - 1,160,942,049 * in accordance with information from ORLEN’s Annual General Meeting of 9 June 2026 ** in accordance with information from the Extraordinary General Meeting of ORLEN S.A. of 13 November 2025, continued after the adjournment announced on 28 October 2025
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ORLEN GROUP (PLN million) HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 107 / 108 Translation from the original Polish version 3.3. Changes in holdings of ORLEN shares by members of the Management Board and the Supervisory Board Changes in holdings of ORLEN shares by members of the Management Board Number of shares and options at the date of issue of this quarterly report* Management Board 8,250 Marek Balawejder 1,900 Ireneusz Fąfara 1,743 Marcin Wasilewski 4,607 * Based on confirmations received as at 30 July 2026 As at the date of preparation of these half -year consolidated financial statements, the members of the Supervisory Board did not hold any ORLEN shares. During the period covered by these half -year consolidated financial statements, there were no changes in the holdings of ORLEN shares by members of the Supervisory Board. 3.4. Position of the Management Board on the feasibility of achieving previously published financial forecasts for the year The ORLEN Group has not previously published any financial forecasts for the year.
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ORLEN GROUP HALF-YEAR CONSOLIDATED REPORT FOR THE FIRST HALF OF 2026 108 / 108 Translation from the original Polish version D. STATEMENTS BY THE MANAGEMENT BOARD Statement on the fair presentation of the half-year condensed consolidated and separate financial statements The Management Board of ORLEN represents that, to the best of its knowledge, these half -year condensed consolidated financial statements and the comparative data have been prepared in accordance with the accounting policies applied within the ORLEN Group and ORLEN S.A. and give a true and fair view of the ORLEN Group's and ORLEN’s assets and financial position and of their financial performance. Statement on the half-year Management Report on the ORLEN Group’s activities The Management Board of ORLEN represents that this half -year Management Report on the ORLEN Group’s activities presents a true view of the ORLEN Group’s development, performance and position, including a description of its principal threats and risks. This half-year consolidated report was authorised for issue by the Management Board of the Parent on 6 August 2026. signed digitally on the Polish original ………………………..………….. Ireneusz Fąfara President of the Management Board signed digitally on the Polish original ………………………..………….. Marek Balawejder Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Diana Batko Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Sławomir Jędrzejczyk Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Wiesław Prugar Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Ireneusz Sitarski Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Robert Soszyński Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Sławomir Staszak Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Marcin Wasilewski Vice President of the Management Board signed digitally on the Polish original ………………………..………….. Paweł Wojtunik Vice President of the Management Board