Slides
Page 1
OMV Petrom Q2/26 Results Christina Verchere, CEO July 31, 2026 Picture: Neptun Deep offshore production platform has been installed
Page 2
OMV Petrom Q2/26 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
Page 3
OMV Petrom Q2/26 Results Strong performance in challenging market and geopolitical context Key messages Q2/26 Operating Cash Flow RON 1.2 bn -38% yoy Clean CCS Op. result RON 1.5 bn +27% yoy Clean CCS ROACE 13.9% +1.1 pp yoy Q2/26 highlights Strategic execution continues ● Neptun Deep project: progressing according to plan; offshore production platform installed in the Black Sea ● Bulgaria offshore: Han Tervel block: OMV Petrom farm-in for 25% completed in July 2026 (Shell operator) ● Renewable power: >1.5 GW1 of PV and wind FIDed and ~70 MW1 in production; in Q2/26, FID: 415 MW solar and 600 MWh battery storage for Gabare (Bulgaria); ● Biofuels: construction of the SAF/HVO plant progressing as scheduled; all modules for the 20 MW green H2 plant delivered; contracting commenced for biofuels production starting 2028 ● New aromatics unit in Petrobrazi commissioned ● EVs: project to expand EVs network along a key European road transport corridor finalized 1 Including partnerships; 2 Total Recordable Injury Rate, July 2025 – June 2026; 3 Greenhouse gases intensity 2025 vs. 2019 TRIR2: 0.45 GHG intensity3: -19% HSSE ● Good hydrocarbon production performance: flat total production, supported by gas production up by 6% yoy ● Refinery utilization rate: 97%; refined product sales: +11% yoy ● Gas sales up 5% 3
Page 4
OMV Petrom Q2/26 Results Neptun Deep reaches key milestones for first gas in 2027 Project update 4 ● Successfully installed the 16,500-ton “Neptun Alpha” offshore production platform in the Black Sea ● Completed installation of the pipeline to shore ● Drilled and completed 6 of the 10 planned development wells ● Project on track for first gas in 2027 ● Completion of production wells ● Installation and integration of subsea infrastructure ● Connection of offshore facilities to the transport pipeline ● Implementation of a comprehensive testing program Recent milestones Next major milestones
Page 5
OMV Petrom Q2/26 Results 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 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 10.3 14.0 16.8 14.3 22.7 Gas prices1 EUR/MWh 39 34 32 39 46 39 36 33 42 47 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Romanian centralized market 1,2 CEGH 3 68 69 64 81 104 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 4.4 5.0 4.3 5.1 4.4 5.1 4.4 5.1 4.5 5.2 Avg USD/RON Avg EUR/RON Avg Brent price Power prices in Romania1 EUR/MWh CO2 prices EUR/t 86 93 120 118 109 60 77 132 122 74 69 Q2/25 70 Q3/25 81 Q4/25 76 Q1/26 75 Q2/26 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 5
Page 6
OMV Petrom Q2/26 Results Weak economic context Romanian environment Demand Q2/26 yoy 6m/26 yoy 2025 yoy Fuels5 +3% +2% -1% Gas6 -7% +2% +1% Power7 -6% -2% -1% GDP 0.7% 20251 Inflation (CPI) 10.4% Jun 26/Jun 253 9.7% 20253 Romania at investment grade by major rating agencies 4 1 Romanian National Institute of Statistics (unadjusted figures, July 2026 report; seasonally adjusted figures: Q1/26 -1.1% yoy and flat qoq); 2 European Commission, May 2026; 3 National Bank of Romania (www.bnr.ro, as retrieved on 23 July 2026) end of period figures; 2026 CPI forecasts as per May 2026 inflation report; 4 S&P (May 2026), Moody’s (March 2026), Fitch (February 2026); currently under review; 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 -1.2% Q1/261 0.1% 2026e2 5.5% 2026e3 6
Page 7
OMV Petrom Q2/26 Results Measures introduced in 2026 Romanian regulatory framework Applicable regulations 1 Q2/26 28% 10% 63% 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) Q1/26 Q2/25 75% 13% 12% ● Regulatory measures in the context of crisis situation on the oil and fuels markets: ● Q2/26: limited the R&M margins for gasoline and diesel; solidarity contribution; reduced excise for standard diesel ● New legislative initiatives underway ● Gas sector remains regulated until end Q1/27 with reduced scope (only households and heat producers for households) ● 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 ● Power sector deregulated since July 1, 2025, with state support provided to vulnerable consumers 7 67% 21% 12% Free market Brazi power plant (unregulated) Regulated sales to 3rd parties Gas regulations extended, with reduced scope
Page 8
OMV Petrom Q2/26 Results E&P – strong performance supported by commodity prices Divisional performance Production cost USD/boe 54 57 57 58 57 48 48 47 46 45 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 102 105 104 104 102 0% Hydrocarbon production kboe/d Gas Oil and NGL Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 18.5 18.2 17.7 18.7 18.1 0% -2% 657 888632 Q2/25 Market effects1 -400 Operational effects Q2/26 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 crude and gas prices ● Higher gas sales volumes ● Lower oil and NGL sales volume -6% ● Higher E&P taxation ● High base effect from one-off positive result of litigation in Q2/25 ● Higher exploration expenses Main drivers for Q2/26 results Outlook 2026 ● Brent oil price: USD 85-95/bbl (2025: USD 69/bbl) ● Production2: >100 kboe/d (2025: 104.5 kboe/d) ● Production cost: similar to 2025 (2025: USD 17.8/boe) ● CAPEX: RON ~5.6 bn (2025: RON 5.6 bn) Clean Operating Result RON mn 8
Page 9
OMV Petrom Q2/26 Results R&M – margin cap limited upside potential Divisional performance ● Higher refining margin, yet capped at 2025 average ● Strong refinery utilization rate: 97% ● Total refined product sales +11% ● Margin cap affecting both refining and sales channels Outlook 2026 ● Refining margin: USD >15/bbl (prev.: USD >10 /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: higher yoy (prev.: stable) Main drivers for Q2/26 results 550 747 154 Q2/25 43 Market and regulatory effects1 Operational effects Q2/26 Refinery utilization rate % 76 96 100 98 97 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Retail sales volumes mn t Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0.81 0.89 0.81 0.73 0.86 Clean Operating Result RON mn +6% 1 Market effects based on adjusted refining indicator margin 20 pp 9
Page 10
OMV Petrom Q2/26 Results G&P – performance affected by extended regulatory interventions Divisional performance Gas sales volumes TWh Brazi net electrical output TWh Q2/25 Q3/25 Q4/25 Q1/26 Q/26 9.5 11.7 14.0 16.1 10.0 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0.61 1.27 1.56 1.63 0.47 +5% -23% ● Gas regulation prolonged; higher prices for 3rd party gas; higher logistic costs ● Planned shutdown of Brazi power plant ● Higher gas sales volumes, +5% ● Deregulation of the power market ● Improved margin from 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: broadly similar yoy (prev.: higher) Main drivers for Q2/26 results -7 -22 -13 Q2/25 -1 Gas deviation Power deviation Q2/26 Clean Operating Result RON mn Outlook 2026 10
Page 11
OMV Petrom Q2/26 Results Alina Popa, CFO July 31, 2026
Page 12
OMV Petrom Q2/26 Results Resilient results; strong cash generation Financials Cash Flow from Operating Activities RON bn Free Cash Flow 2 RON bn Clean CCS Operating Result RON bn Clean CCS Net Income1 RON bn 1 Attributable to stockholders of the parent; 2 before dividends 12 0.00.0 Q2/25 -0.10.0 Q2/26 1.2 1.5 0.6 0.7 0.7 0.9 +27% Co&O and Cons G&P R&M E&P -0.1 0.1 6m/25 0.3 -0.1 6m/26 2.5 3.0 0.9 1.5 1.3 1.5 +21% Q2/25 Q2/26 2.0 1.2 1.4 0.6 1.9 -0.6 -38% 6m/25 6m/26 4.7 3.9 3.7 1.0 4.9 -1.0 -17% Cash generated from operating activities before NWC movements Net Working Capital Q2/25 Q2/26 1.2 1.1 -12% 6m/25 6m/26 2.3 2.2 -4% 0.1 Q2/25 0.1 Q2/26 2.0 -2.0 1.2 -2.2 -0.8 Cash flow from operating activities Other cash flows from investing activities Cash outflows for capital expenditure 0.1 0.4 6m/25 0.2 6m/26 4.7 -3.8 3.9 -4.2 -0.11.2
Page 13
OMV Petrom Q2/26 Results Strong progress 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 and PECs; 3 SAF/HVO: sustainable aviation fuel (bio jet) and hydrotreated vegetable oil 6m/26 2026E ● RON 3.7 bn: ● Neptun Deep project in execution phase ● 162 new wells and sidetracks; >250 workovers ● New aromatic unit ● SAF/HVO3 unit in Petrobrazi ● Renewable power projects ● RON <9.4 bn: ● Neptun Deep project ● Wells and sidetracks: ~352; ~550 workovers ● SAF/HVO3 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 13
Page 14
OMV Petrom Q2/26 Results Guidance for 2026-2028 Outlook Indicators Actual 6m/26 Assumptions / Targets 2026 Assumptions / Targets 2027-2028 averages 1 Brent oil price USD 92/bbl USD 85-95/bbl USD 70-75/bbl Production 2 103.2 kboe/d >100 kboe/d >130 kboe/d Refining margin USD 18.4/bbl 3 USD >15/bbl (prev.: USD >10/bbl) USD ~8/bbl CAPEX RON 3.7 bn RON <9.4 bn RON ~6 bn FCF before dividends RON -0.1 bn Negative Positive 1 Under review; 2 Considering no divestments; 3 Market indicator margin, not adjusted for OUG 19/2026 provisions 14
Page 15
Q&A July 31, 2026
Page 16
Back-up July 31, 2026
Page 17
OMV Petrom Q2/26 Results 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 17 In the context of the ongoing crisis in the Middle East, the associated market disruptions and increased government interventions have materially affected the usual correlations and trends, thus the sensitivities of OMV Petrom operating result to crude oil prices and indicator refining margins have only limited relevance.