Slides
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OMV Petrom Q3/25 Results Christina Verchere, CEO October 29, 2025 Picture: Grid connection at OMV Petrom’s Brazi power plant
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OMV Petrom Q3/25 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 Q3/25 Results3 Good performance supported by our integrated business Key messages Q3/25 Operating Cash Flow RON 2.2 bn +13% yoy Clean CCS Op. result RON 1.4 bn -16% yoy Clean CCS ROACE 12.8% -8 pp yoy Q3/25 highlights Strategic focus continued ● Neptun Deep project in Romania: progressing according to plan; development drilling and construction works continued ● Han Asparuh block in Bulgaria: contracted drilling rig; first exploration well to be spud in Q4/25 ● Renewable power: closed acquisition of 50% interest in Gabare project (400 MW, PV) (Bulgaria); >800 MW1 under construction, ~70 MW1 in production ● Special dividend of RON 0.0200/share to be paid in December 1 Including partnerships; 2 Total Recordable Injury Rate, October 2024 – September 2025; 3 Greenhouse gases intensity 2024 vs. 2019 TRIR2: 0.57 GHG intensity3: -13% HSSE ● Good financial performance in the context of lower commodity prices ● High availability of our downstream assets ● Power business supported by market deregulation starting July ● Strong cost focus
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OMV Petrom Q3/25 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 7.1 7.4 8.2 10.3 14.0 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Gas prices1 EUR/MWh 31 40 51 39 3437 44 49 39 36 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Romanian centralized market 1,2 CEGH 3 80 75 76 68 69 4.5 4.7 4.7 4.4 4.3 5.0 5.0 5.0 5.0 5.1 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Avg USD/RON Avg EUR/RON Avg Brent price Power prices in Romania1 EUR/MWh CO2 prices EUR/t 127 133 134 86 93 119 158 140 60 77 67 Q3/24 66 Q4/24 73 Q1/25 69 Q2/25 70 Q3/25 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 Q3/25 Results5 Demand starting to reflect the lower economic growth Romanian environment Demand Q3/25 yoy 9m/25 yoy 2024 vs 2019 Fuels5 0% -1% +17% Gas6 -2% +2% -12% Power7 -4% -1% -10% GDP 0.9% 20241 1.0% 2025e2 Inflation (CPI) 9.9% Sep 25/Sep 243 5.1% Dec 24/Dec 23 8.8% 2025e3 Romania at investment grade by major rating agencies4 1 Romanian National Institute of Statistics (unadjusted figures, October 2025 report; seasonally adjusted figures: 2024: 0.9%; Q2/25: 2.3%, H1/25: 1.2%); 2 IMF, World Economic Outlook (October 2025); 3 National Bank of Romania (www.bnr.ro, as retrieved on 28 October 2025); 4 Moody’s (September 2025), Fitch (August 2025), S&P (July 2025); 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 0.3% H1/251 0.3% Q2/251
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OMV Petrom Q3/25 Results6 Electricity market deregulated as of 1st of July Romanian regulatory framework Applicable regulations Highly regulated gas sales portfolio 1 Q3/25 69% 22% 8% 1 Includes sales quantities subject to GEO 27/2022 and GEO 119/2022 (households, heat producers for households, cost plus, trading, supplier of last resort) Q2/25 Q3/24 57% 29% 14% ● Power sector deregulation: starting July 1st, with state support provided to vulnerable consumers ● Gas sector remains regulated: until end Q1/26 ● Construction tax: introduced starting 2025 at 0.5% of the net value of constructions ● Oil & gas revenues tax: at 0.5%, applicable until end-2025 ● New fiscal package applicable starting Aug 2025: demand for our products gradually affected 75% 13% 12% Regulated sales to 3rd parties Brazi power plant (unregulated) Free market
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OMV Petrom Q3/25 Results7 E&P – mainly impacted by lower realized prices Divisional performance Production cost USD/boe 55 57 57 54 57 52 50 50 48 48 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 107 107 108 102 105 -2% Hydrocarbon production kboe/d Gas Oil and NGL 16.8 16.9 17.0 18.5 18.2 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 -2% +8%876 437 Q3/24 -332 Market effects1 Operational effects Q3/25 -108 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 ● Realized crude price -16%; lower realized gas price ● Lower oil and NGL sales -8% ● Negative FX effect ● Higher production cost ● Higher gas sales volumes +4% ● Lower E&P taxation Main drivers for Q3/25 results Outlook 2025 ● Brent oil price: USD ~70/bbl (2024: 81/bbl) ● Production2: ~104 kboe/d (2024: 109 kboe/d) ● Production cost: USD >17/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 Q3/25 Results8 R&M – strong result on almost double refining margin Divisional performance ● Refining margin +98% ● Slightly higher retail sales ● Broadly stable non-fuel business contribution ● Slightly lower refinery utilization rate, still above European average ● Refined products sales -3% Outlook 2025 ● Refining margin: USD >9/bbl (prev.: ~8; 2024: USD 9/bbl) ● Refinery utilization: 90-95% (2024: 97%) ● Retail fuels demand in Romania: stable yoy ● Total refined product sales: lower yoy ● Retail fuel sales: broadly flat yoy Main drivers for Q3/25 results 792 836228 Q3/24 Market effects1 -184 Operational effects Q3/25 Refinery utilization rate % 99 98 98 76 96 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Retail sales volumes mn t 0.88 0.80 0.70 0.81 0.89 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Clean Operational Result RON mn +1% 1 Market effects based on refining indicator margin -4 pp
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OMV Petrom Q3/25 Results9 G&P – performance supported by power market deregulation Divisional performance Gas sales volumes TWh Brazi net electrical output TWh 10.2 12.7 13.1 9.5 11.7 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 1.46 1.34 1.23 0.61 1.27 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 +14% -12% ● Deregulation of the power market ● Higher margins on power bought from 3rd parties ● Better results of power balancing and ancillary services ● Higher gas sales volumes ● Lower power production ● Demand for gas in Romania: stable yoy ● Demand for power in Romania: stable yoy ● Total gas sales volumes: slightly higher yoy ● Net electrical output: broadly stable yoy Main drivers for Q3/25 results 45 56 106 Q3/24 5 Gas deviation Power deviation Q3/25 Clean Operational Result RON mn Outlook 2025
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OMV Petrom Q3/25 Results Alina Popa, CFO October 29, 2025
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OMV Petrom Q3/25 Results11 2.4 Resilient results; strong cash generation Financials Cash Flow from Operating Activities RON bn Free Cash Flow 3 RON bn 2.4 2.8 -0.4 -0.6 Q3/24 Q3/25 1.9 2.2 1.9 2.2 -1.7 -1.7 -0.1 Q3/24 -0.2 Q3/25 0.3 +13% Cash flow from operating activities Other cash flows from investing activities Cash outflows for capital expenditure 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 0.9 0.4 0.8 0.8 -0.1 0.0 Q3/24 0.0 0.1 Q3/25 1.6 1.4 1.4 1.5 Q3/24 Q3/25 -16% +11% Co&O and Cons G&P R&M E&P 0.1 2.4 2.0 1.9 1.8 0.4 -0.1 9m/24 0.0 0.1 9m/25 4.8 3.8 -20% 4.1 3.8 9m/24 9m/25 -7% 7.2 6.5 -1.2 0.1 9m/24 0.4 9m/25 6.0 6.9 +15% 6.96.0 -4.2 -5.0 0.6 9m/24 -0.4 9m/25 1.5 2 Net Working Capital Cash generated from operating activities before NWC movements Solidarity contribution
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OMV Petrom Q3/25 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 9m/25 2025E ● RON 5.2 bn: ● Neptun Deep project in execution phase ● >20 new wells and sidetracks; >410 workovers ● New aromatic unit ● SAF/HVO2 unit in Petrobrazi ● RON < 8.2 bn: ● Neptun Deep project ● Wells and sidetracks: <40; >500 workovers ● SAF/HVO2 unit in Petrobrazi ● Renewable power projects ● Potential inorganic CAPEX: <RON 0.2 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 <8.2 <8.2
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OMV Petrom Capital Market Story – October 2025 OMV Petrom Capital Market Story – October 2025 4th special dividend since Strategy 2030 announcement Attractive payout ratios Dividend evolution RON bn 2016 2017 2018 2019 2020 2.5 1.9 2021 2.8 2.3 2022 1.9 2.6 2023 1.2 2.8 2024 0.8 1.1 1.5 1.8 1.8 4.5 5.1 4.4 4.0 329% Progressive base dividend 2024 special dividend: RON 0.0200/share 2024 base dividend: RON 0.0444 per share, +7.5% yoy, paid in June Special dividend 13 5.7%Total DY 1 7.0% 9.0% 6.9% 8.5% 15.9% 19.6% 12.4% 9.1% 1 Dividend yield calculated based on the closing share price as of the last trading day of the respective year 2
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OMV Petrom Q3/25 Results14 Guidance for 2025-2027 Outlook Indicators Actual 9m/25 Assumptions / Targets 2025 Assumptions / Targets 2026-2027 averages1 Brent oil price USD 71/bbl USD ~70/bbl USD ~75/bbl Production 2 105 kboe/d ~104 kboe/d <130 kboe/d Refining margin USD 10.9/bbl USD >9/bbl (prev. ~8/bbl) USD ~8/bbl CAPEX RON 5.2 bn RON <8.2 bn (prev. RON <8.6 bn) RON ~8 bn FCF before dividends RON 1.5 bn Broadly neutral Marginally positive 1 Under review; 2 Excluding divestments
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Q&A October 29, 2025
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Back-up October 29, 2025
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OMV Petrom Q3/25 Results17 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