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OMV Petrom Q4/25 Results Christina Verchere, CEO February 4, 2026 Picture: OMV Petrom’s Brazi power plant
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OMV Petrom Q4/25 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 Q4/25 Results3 Black Sea Low and zero carbon Neptun Deep • Progressing as planned • 4 wells drilled in Pelican South • Continued gas marketing E&A • Han Asparuh: exploration drilling started in Q4/25; BEH1 entered the license in January 2026 • License extension in Romania • Preparing for the next deep water well in the Romanian Black Sea Renewable power • Acquisition of 50% interest in Gabare project (400 MW, PV) (Bulgaria) • >900 MW2 under construction, ~70 MW2 in production Biofuels & E-mobility • Construction of the SAF/HVO unit progressing as planned • Secured feedstock for SAF production • E-mobility: ~1,350 CP3 installed at end-2025 Delivering on our Strategy 2030 Strategy 2030 in action Traditional business E&P • Managing production decline • RRR 2025: 140% • E&A: onshore licenses extension • Agreed principles for 15-year production licenses extension R&M • New aromatic complex finalized • Throughput per FS: 5.9 mn liters G&P • Consolidated regional footprint • Gas sales up 12% yoy Attractive dividends • Yield4 of total dividend paid in 2025 of 9.1% • Base DPS proposal5: RON 0.0466, up 5% yoy • Total dividend5 (base + special): RON 0.0578/share, 40% of 2025 OCF 1 Bulgarian Energy Holding; 2 Including partnerships; 3 Charging points; 4 Using the share price on December 31, 2024; 5 Executive Board’s proposal subject to approvals of the Supervisory Board and Annual General Meeting of Shareholders
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OMV Petrom Q4/25 Results4 Strong results supported by our integrated business Key messages Q4/25 ● Challenging market environment, with weaker demand and regulated gas market ● Strong operational performance ● High downstream asset utilization ● Further implemented cost reduction measures Operating Cash Flow RON 2.1 bn +337% yoy Clean CCS Op. result RON 1.4 bn +41% yoy Clean CCS ROACE 13.9% -1 pp yoy TRIR1: 0.57 GHG absolute emissions2: -19% HSSE 1 Total Recordable Injury Rate, 2025; 2 Scope 1-2 greenhouse gases absolute 2025 vs. 2019 (preliminary); Scope 1-2 GHG intensity 2025 vs. 2019: -12% (preliminary)
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OMV Petrom Q4/25 Results5 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 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 7.4 8.2 10.3 14.0 16.8 Gas prices1 EUR/MWh 40 51 39 34 32 44 49 39 36 33 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Romanian centralized market 1,2 CEGH 3 75 76 68 69 64 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 4.7 5.0 4.7 5.0 4.4 5.0 4.3 5.1 4.4 5.1 Avg USD/RON Avg EUR/RON Avg Brent price Power prices in Romania1 EUR/MWh CO2 prices EUR/t 133 134 86 93 120 158 140 60 77 132 66 Q4/24 73 Q1/25 69 Q2/25 70 Q3/25 81 Q4/25 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 Q4/25 Results6 Demand starting to reflect the lower economic growth Romanian environment Demand Q4/25 yoy 2025 yoy 2025 vs 2019 Fuels5 -1.5% -0.8% +19% Gas6 -2% +1% -12% Power7 -2% -1% -11% GDP 0.9% 20241 0.7% 2025e2 Inflation (CPI) 9.7% Dec 25/Dec 243 5.1% Dec 24/Dec 23 9.7% 2025e3 Romania at investment grade by major rating agencies4 1 Romanian National Institute of Statistics (unadjusted figures, January 2026 report; seasonally adjusted figures: 2024: 0.9%; Q3/25 +1.5% yoy: -0.2% qoq. 9m/25: 1.5%); 2 European Commission, Autumn 2025 Economic Forecast (November 2025); 3 National Bank of Romania (www.bnr.ro, as retrieved on 3 February 2026) end of period figures; 2026 CPI forecasts as per Nov 2025 inflation report; 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 0.9% 9m/251 1.7% Q3/251 1.1% 2026e2 3.7% 2026e3
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OMV Petrom Q4/25 Results7 New fiscal package applicable in 2026 Romanian regulatory framework Applicable regulations Highly regulated gas sales portfolio 1 Q4/25 61% 22% 16% 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) Q3/25 Q4/24 62%21% 17% ● 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; to be eliminated as of January 1, 2027 ● Oil & gas revenues tax: at 0.5%, extended until end-2026; to be eliminated as of January 1, 2027 ● New fiscal package applicable starting Aug 2025: impacting demand for our products 69% 22% 8% Regulated sales to 3rd parties Brazi power plant (unregulated) Free market
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OMV Petrom Q4/25 Results8 E&P – impacted by lower realized prices Divisional performance Production cost USD/boe 57 57 54 57 57 50 50 48 48 47 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 107 108 102 105 104 -3% Hydrocarbon production kboe/d Gas Oil and NGL Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 16.9 17.0 18.5 18.2 17.7 -3% +4%533 253 Q4/24 -322 Market effects1 42 Operational effects Q4/25 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 ● Realized crude price -16%; lower realized gas price ● Lower oil and NGL sales -8% ● Negative FX effect ● Lower E&P taxation ● Lower total production cost ● Lower depreciation and exploration expenses Main drivers for Q4/25 results Outlook 2026 ● Brent oil price: USD ~65/bbl (2025: 69/bbl) ● Production2: >100 kboe/d (2025: 104.5 kboe/d) ● Production cost: USD >16/boe (2025: USD 17.8/boe) ● CAPEX: RON ~5.6 bn (2025: RON 5.6 bn) Clean Operational Result RON mn
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OMV Petrom Q4/25 Results9 R&M – maximized refinery utilization to capture strong margin Divisional performance ● Refining margin +127% ● Refinery utilization rate: 100% ● Strong retail sales ● Improved non-fuel business contribution ● Higher depreciation Outlook 2026 ● Refining margin: USD ~9/bbl (2025: USD 12.4/bbl) ● Refinery utilization: >95% (2025: 93%) ● Retail fuels demand in Romania: stable yoy ● Total refined product sales: higher yoy ● Retail fuel sales: broadly flat yoy Main drivers for Q4/25 results 430 673 324 Q4/24 Market effects1 -82 Operational effects Q4/25 Refinery utilization rate % 98 98 76 96 100 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Retail sales volumes mn t Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0.80 0.70 0.81 0.89 0.81 Clean Operational Result RON mn +1% 1 Market effects based on refining indicator margin +2 pp
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OMV Petrom Q4/25 Results10 G&P – performance supported by power market deregulation Divisional performance Gas sales volumes TWh Brazi net electrical output TWh Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 12.7 13.1 9.5 11.7 14.0 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 1.34 1.23 0.61 1.27 1.56 +10% +17% ● Deregulation of the power market ● Higher power production ● Higher margins on power bought from 3rd parties ● Strong results of power balancing and ancillary services ● Higher gas sales volumes ● Higher gas margins ● Demand for gas in Romania: slightly higher yoy ● Demand for power in Romania: stable yoy ● Total gas sales volumes: lower yoy ● Net electrical output: higher yoy Main drivers for Q4/25 results -76 344 334 Q4/24 86 Gas deviation Power deviation Q4/25 Clean Operational Result RON mn Outlook 2026
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OMV Petrom Q4/25 Results11 Paced transformation for a lower carbon future Resilient Strategy 2030 1 Neptun Deep, SAF/HVO and renewables projects; 2 on average by 2030 Highly competitive dividend distributions of ~50% of OCF 2 All key strategic projects in execution 1 Entering the next chapter of Romania’s energy security Adjust strategic and climate targets to market dynamic
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OMV Petrom Q4/25 Results| 12 Strategy 2030 update: robust opportunity portfolio Strategy 2030 business targets 1 Vs. Capital Markets Day 2024; 2 Target includes Category 11 for Scope 3 emissions: Use of sold products for energy supply; 3 Target refers to Carbon Intensity of Energy Supply for 2030 in gCO2eq/MJ 2030 strategic projections revised1: • Reallocation of CAPEX from still maturing new technologies to E&P opportunities: • EUR ~1 bn reallocated; LCB CAPEX weight to decrease from 35% to 25% • CAPEX 2022-2030 maintained at EUR ~11 bn • E&P production target increased: • 2030: ~170 kboe/d1 (prev.: >160 kboe/d) • enabled by agreed principles for 15-year production license extension and extension of exploration licenses • Adjusting carbon targets: • Scope 1-3 carbon intensity of energy supply2,3: -10% (prev.: -20%), in line with market demand Energy transition leader for Romania and SEE Transition to low and zero carbon Optimize traditional business Grow regional gas
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OMV Petrom Q4/25 Results Alina Popa, CFO February 4, 2026
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OMV Petrom Q4/25 Results14 0.7 Resilient results; strong cash generation Financials Cash Flow from Operating Activities RON bn Free Cash Flow 3 RON bn Q4/24 Q4/25 0.5 2.1 1.2 -0.7 1.8 0.4 0.50.0 Q4/24 Q4/25 -2.1 2.1 0.8 -1.9 1.1 +337% 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 0.1 -0.1 Q4/24 0.1 Q4/25 1.0 1.4 0.4 0.5 0.3 0.7 0.3 Q4/24 Q4/25 0.8 1.3 +41% +58% Co&O and Cons G&P R&M E&P -1.7 0.4 0.0 2024 0.4 0.2 2025 5.7 5.2 2.4 3.0 2.5 2.2 -10% 2024 2025 4.9 5.1 +3% -0.7 2024 0.8 2025 6.5 9.0 8.4 -1.2 8.2 +39% 0.5 2024 -0.8 2025 6.5 -6.3 9.0 -5.6 2.6 2Cash generated from operating activities before NWC movements Net Working Capital Solidarity contribution
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OMV Petrom Q4/25 Results15 Progressing in the most intensive investment period in our history CAPEX Group CAPEX1 RON bn 1 CAPEX including E&A; 2 excluding Neptun Deep development wells; 3 SAF/HVO: sustainable aviation fuel (bio jet) and hydrotreated vegetable oil 2025 2026E ● RON 7.8 bn: ● Neptun Deep project in execution phase ● 31 2 new wells and sidetracks; >540 workovers ● New aromatic unit ● SAF/HVO 3 unit in Petrobrazi ● RON < 9.4 bn: ● Neptun Deep project ● Wells and sidetracks: ~35 2; ~550 workovers ● SAF/HVO 3 unit in Petrobrazi ● Renewable power projects ● Potential inorganic CAPEX: <RON 0.4 bn per business segment and strategic pillar 2022 2023 2024 2025 2026E 3.6 4.7 7.2 7.8 <9.4 <9.4 2022 2023 2024 2025 2026E 3.6 4.7 7.2 7.8 C&O G&P R&M E&P Low and zero carbon Grow regional gas Traditional business
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OMV Petrom Capital Market Story – February 2026 40% of 2025 OCF proposed to be distributed to dividends Attractive payout ratios and dividend yields Dividend evolution RON bn 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.8 1.1 1.5 1.8 1.8 4.5 5.1 4.4 4.0 3.6 0.8 1.1 1.5 1.8 1.8 1.9 2.8 2.3 1.9 2.5 1.2 2.8 0.7 2.92.6 +324% Progressive base dividend 2025 dividend proposal (RON/share)2: Total of RON 0.0578, -10% yoy, of which: - base of RON 0.0466, +5% yoy - special of RON 0.0112, -44% yoy 40% of 2025 OCF proposed to be distributed to dividends Special dividend 16 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 2025 base and special dividend proposals subject to approval by the Supervisory Board and the General Meeting of Shareholders 5.8%
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OMV Petrom Q4/25 Results17 Guidance for 2026-2028 Outlook Indicators Actual 2025 Assumptions / Targets 2026 Assumptions / Targets 2027-2028 averages Brent oil price USD 69/bbl USD ~65/bbl USD 70-75/bbl Production 1 104.5 kboe/d >100 kboe/d >130 kboe/d Refining margin USD 12.4/bbl USD ~9/bbl USD ~8/bbl CAPEX RON 7.8 bn RON <9.4 bn RON ~6 bn FCF before dividends RON 2.6 bn Negative Positive 1 Considering no divestments
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Q&A February 4, 2026
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Back-up February 4, 2026
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OMV Petrom Q4/25 Results20 EBIT impact in 2026 Sensitivities 2026 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 +70 mn