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OMV Petrom Q1/25 Results Christina Verchere, CEO April 30, 2025 Picture: Transocean Barents rig started development drilling in the Neptun Deep block
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OMV Petrom Q1/25 Results Legal Disclaimer This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, constituting or forming part of, any actual offer to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares issued by the Company or any of its subsidiaries in any jurisdiction or any inducement to enter into investment activity; nor shall this document or any part of it, or the fact of it being made available, form the basis of, or be relied on in any way whatsoever. No part of this presentation, nor the fact of its distribution, shall form part of or be relied on in connection with any contract or investment decision relating thereto; nor does it constitute a recommendation regarding the securities issued by the Company. The information and opinions contained in this presentation and any other information discussed in this presentation are provided as at the date of this presentation, have not been independently verified and may be subject to updating, revision, amendment or change without notice. Where this presentation quotes any information or statistics from any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being accurate. No reliance may be placed for any purpose whatsoever on the information contained in this presentation, or any other material discussed verbally. No representation or warranty, express or implied, is given as to the accuracy, fairness or correctness of the information or the opinions contained in this document or on its completeness and no liability is accepted for any such information, for any loss howsoever arising, directly or indirectly, from any use of this presentation or any of its content or otherwise arising in connection therewith. This presentation may contain forward-looking statements. These statements reflect the Company’s current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as “anticipate,” “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “target”, “may”, “will”, “would”, “could” or “should” or similar terminology. None of the future projections, expectations, estimates or prospects in this presentation, including (without being limited to) net zero emission from operations target, EBIT target, dividend, production evolution, price assumptions should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared or the information and statements contained herein are accurate or complete. By their nature, forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, including (without being limited to): (a) price fluctuations and changes in demand for Company’s products; (b) currency fluctuations; (c) drilling and production results; (d) reserves estimates; (e) loss of market share and industry competition; (f) environmental risks; (g) changes in legislative, fiscal and regulatory framework; (h) economic and financial market conditions in countries of operation; (i) political risks; (j) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus); and (k) changes in trading conditions, that could cause the Company’s actual results and performance to differ materially from any expected future results or performance expressed or implied by any forward-looking statements. As a result of these risks, uncertainties and assumptions, you should in particular not place reliance on these forward-looking statements as a prediction of actual results or otherwise. This presentation does not purport to contain all information that may be necessary in respect of the Company or its shares and in any event each person receiving this presentation needs to make an independent assessment. The Company undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this presentation that may occur due to any change in its expectations or to reflect events or circumstances after the date of this presentation. This presentation and its contents are proprietary to the Company and neither this document nor any part of it may be reproduced or redistributed to any other person. 2
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OMV Petrom Q1/25 Results3 Resilient performance supported by our integrated business Key messages Q1/25 Operating Cash Flow RON 2.7 bn -11% yoy Clean CCS Op. result RON 1.3 bn -29% yoy Clean CCS ROACE 13.3% -12 pp yoy Q1/25 highlights ● Good financial performance in the context of volatile and highly regulated market ● Lowest hydrocarbon production decline for a first quarter in 5 years ● High availability of our downstream assets ● Strong cost focus Strategic focus continued ● Neptun Deep: progressing according to plan; drilling started in March; marketing activities continued ● Han Asparuh block in Bulgaria: transferred a 50% interest to NewMed Energy; aiming to start drilling an exploration well in 2025 ● Start of construction of the SAF/HVO unit ● Awarded the EPCC contracts for the PV projects in partnership with CE Oltenia ● EB proposal for base dividends approved by the GMS 1Total Recordable Injury Rate, April 2024 – March 2025; 2Greenhouse gases intensity 2024 vs. 2019 TRIR1: 0.47 GHG intensity2: -13% HSSE
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OMV Petrom Q1/25 Results4 Volatile market environment Commodity prices 1 Prices translated at NBR average RON/EUR rate; 2 Day-ahead price, un-weighted average computed based on daily trades published on BRM platform; 3 Day-ahead market Central European Gas Hub, un-weighted average 12.6 9.7 7.1 7.4 8.2 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Gas prices1 EUR/MWh 27 26 31 40 51 28 32 37 44 49 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Romanian centralized market 1,2 CEGH 3 83 85 80 75 76 4.6 4.6 4.5 4.7 4.7 5.0 5.0 5.0 5.0 5.0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Avg USD/RON Avg EUR/RON Avg Brent price Power prices in Romania1 EUR/MWh CO2 prices EUR/t 74 80 127 133 134 77 65 119 158 140 59 Q1/24 68 Q2/24 67 Q3/24 66 Q4/24 Q1/25 73 CO2 OPCOM spot base load OPCOM spot peak load Oil prices USD/bbl FX RON/USD, RON/EUR OMV Petrom indicator refining margin USD/bbl
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OMV Petrom Q1/25 Results5 Slightly increasing demand for our products Romanian environment Demand Q1/25 yoy 2024 yoy 2024 vs 2019 Fuels5 +1% +4% +17% Gas6 +2% +4% -12% Power7 +1% +2% -10% GDP Growth expected 0.7% Q4/241 2.1% 20231 1.6% 2025e2 Inflation (CPI) On a downward trend 4.9% Mar 25/Mar 243 5.1% Dec 23/Dec 22 3.8% 2025e3 Romania at investment grade by major rating agencies, still with recent negative outlook revisions4 1 Romanian National Institute of Statistics (seasonally adjusted, March 2025 report); 2 IMF (April 2025); 3 National Bank of Romania (April 2025 report); 4 Moody’s (March 2025); S&P (January 2025); Fitch (December 2024); 5 Fuels refer only to retail diesel and gasoline; OMV Petrom estimates; 6 According to company estimates; 7 As per Transelectrica data, gross figures computed based on real time published system data 0.9% 20241
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OMV Petrom Q1/25 Results6 Fiscal and regulatory burden continues Romanian regulatory framework Applicable regulations Highly regulated gas sales portfolio 2 Q1/25 60% 20% 20% 1 Energy Transition Fund; 2 Includes sales quantities subject to GEO 27/2022 and GEO 119/2022 (households, heat producers for households, cost plus, trading, supplier of last resort); 3 Brazi power plant was subject to GEO 119/2022 between September 2022 and March 2024 3 Q4/24 3 Q1/24 61% 25% 14% 62% 21% 17% Regulated sales to 3rd parties Brazi power plant (regulated) Brazi power plant (unregulated) Free market ● Construction tax: introduced starting 2025 at 0.5% of the net value of constructions; lower than initially announced, 1% of the gross book value ● Oil & gas revenues tax: at 0.5%, applicable until end-2025 ● Gas & power sector remains highly regulated: ● GEO 32/2024 applicability extended via GEO 6/2025 until end Q2/25 for electricity and until end Q1/26 for gas ● Other changes: ● contribution to ETF1 decreased from 100% to 80% ● trading profit margin increased from 10% to 20%
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OMV Petrom Q1/25 Results7 E&P – lowest production decline for a first quarter in 5 years Divisional performance Production cost USD/boe 58 58 55 57 57 54 53 52 50 50 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 112 110 107 107 108 -4% Hydrocarbon production kboe/d Gas Oil and NGL 15.9 15.6 16.8 16.9 17.0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 -4% +7% 728 827 101 Q1/24 Market effects1 -2 Operational effects Q1/25 1 Market effects defined as oil and gas prices, foreign exchange impact on revenues, price effect on royalties (including gas over-taxation); 2 Considering no divestments ● Higher realized gas price ● Lower depreciation ● Realized crude price -10% ● Hydrocarbon sales -5% ● Higher E&P gas taxation Main drivers for Q1/25 results Outlook 2025 ● Brent oil price: USD ~70/bbl (2024: 81/bbl) ● Production2: ~104 kboe/d (2024: 109 kboe/d) ● Production cost: USD ~16/boe (2024: USD 16.3/boe) ● CAPEX: RON ~5.8 bn (2024: RON 4.5 bn) Clean Operational Result RON mn
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OMV Petrom Q1/25 Results8 R&M – record high refinery utilization rate for a first quarter Divisional performance ● Refined products sales -7% ● Refining margin -35% ● Higher utilization rate ● Higher sales channels’ margins ● Strong non-fuel business contribution Outlook 2025 ● Refining margin: USD 7-8/bbl (2024: USD 9/bbl) ● Refinery utilization: 90-95% (2024: 97%) ● Retail fuels demand in Romania: slightly higher yoy ● Total refined product sales: slightly lower yoy ● Retail fuel sales: slightly higher yoy Main drivers for Q1/25 results 484 395 64 Q1/24 -153 Market effects1 Operational effects Q1/25 Refinery utilization rate % 93 98 99 98 98 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 +5 pp Retail sales volumes mn t 0.70 0.80 0.88 0.80 0.70 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 0% Clean Operational Result RON mn 0% 1 Market effects based on refining indicator margin
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OMV Petrom Q1/25 Results9 G&P – negative impact from regulatory framework Divisional performance Gas sales volumes TWh Brazi net electrical output TWh 12.6 7.8 10.2 12.7 13.1 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 +4% 1.60 0.53 1.46 1.34 1.23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 +4% -23% ● Lower gas margins ● Significantly lower power margins due to regulations ● Lower power production ● Higher gas sales volumes ● Good results of power balancing and ancillary services ● Demand for gas in Romania: stable yoy ● Demand for power in Romania: stable yoy ● Total gas sales volumes: lower yoy ● Net electrical output: stable yoy Main drivers for Q1/25 results 433 -86 Q1/24 -71 Gas deviation -449 Power deviation Q1/25 Clean Operational Result RON mn Outlook 2025
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OMV Petrom Q1/25 Results Alina Popa, CFO April 30, 2025
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OMV Petrom Q1/25 Results11 Robust results; strong cash generation Financials Cash Flow from Operating Activities RON bn Free Cash Flow 3 RON bn 1.2 0.4 2.9 -0.7 2.2 0.1 Q1/24 Q4/24 Q1/25 3.0 0.5 2.7 0.1 2.73.0 0.0-1.2 -2.1 -1.4 Q1/24 Q4/24 Q1/25 0.5 -0.2 -1.7 -11% Cash flow from operating activities Other cash flows from investing activities Cash outflows for capital expenditure 1.1 Clean CCS Operating Result RON bn Clean CCS Net Income1 RON bn 1 Attributable to stockholders of the parent; 2 before solidarity contribution; 3 before dividends 0.7 0.5 0.8 0.5 0.4 0.4 0.4 0.1 Q1/24 0.1 -0.1 Q4/24 0.1 -0.1 Q1/25 1.8 1.0 1.3 1.5 0.8 1.1 Q1/24 Q4/24 Q1/25 -29% -30% Co&O and Cons G&P R&M E&P Cash generated from operating activities before NWC movements Net Working Capital 1.9
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OMV Petrom Q1/25 Results12 Progressing in the most investment intensive period in our history CAPEX Group CAPEX1 RON bn 1 CAPEX including E&A; 2 SAF/HVO: sustainable aviation fuel (bio jet) and hydrotreated vegetable oil Q1/25 2025E ● RON 1.4 bn: ● Neptun Deep project in execution phase ● 6 new wells and sidetracks; 115 workovers ● New aromatic unit ● SAF/HVO2 unit in Petrobrazi ● RON up to 8.6 bn: ● Neptun Deep project ● Wells and sidetracks: ~40; up to 500 workovers ● SAF/HVO2 unit in Petrobrazi ● Renewable power projects ● Potential inorganic CAPEX: RON 0.6 bn per business segment 2021 2022 2023 2024 2024 2025E 2025E 2.8 3.6 4.7 7.2 7.2 Traditional business Grow regional gas Low and zero carbon M&A E&P R&M G&P C&O <8.6 <8.6
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OMV Petrom Q1/25 Results13 Guidance for 2025-2027 Outlook Indicators Actual Q1/25 Assumptions / Targets 2025 Assumptions / Targets 2026-2027 averages Brent oil price USD 76/bbl USD ~70/bbl (prev. USD ~75/bbl) USD ~75/bbl Production1 108 kboe/d ~104 kboe/d <130 kboe/d Refining margin USD 8.2/bbl USD 7-8/bbl USD ~8/bbl CAPEX RON 1.4 bn RON <8.6 bn RON ~8 bn FCF before dividends RON 1.1 bn Negative Marginally positive 1 Excluding divestments
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Q&A April 30, 2025
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Back-up April 30, 2025
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OMV Petrom Q1/25 Results16 EBIT impact in 2025 Sensitivities 2025 sensitivities Change EBIT impact Brent oil price USD +1/bbl ~EUR +15 mn OMV Petrom indicator refining margin USD +1/bbl ~EUR +30 mn Exchange rates EUR/USD USD appreciation by 10 USD cents ~EUR +90 mn