MOL Magyar Olaj (MOL) investor relations material

Executive summary

• Q3 Clean CCS EBITDA reached USD 1.76 billion, up 81% YoY, supported by exceptional refining conditions and USD 233 million in one-off items; weak petrochemicals and Consumer Services weighed on results.

• Strong cash generation left net debt/EBITDA at 0.3x after dividend payments; Q3 profit before tax was USD 1.25 billion.

Financial highlights

• Q3 net income after minorities was USD 802 million; 9M net income attributable to parent equity holders reached USD 1.71 billion.

• 9M operating cash flow before working capital was USD 3.712 billion; after working capital it was USD 2.748 billion, up 26% YoY.

• 9M simplified free cash flow was USD 1.366 billion; net debt decreased by close to USD 200 million despite working-capital needs and dividends.

• 9M organic CapEx rose 17% YoY to USD 982 million, with USD 612 million directed to growth and efficiency investment.

• Net working capital used USD 963 million YTD, largely reflecting commodity price changes; Q3 released USD 172 million as seasonal inventories fell.

Outlook and guidance

• AV3 returned to full capacity in October; further insurance compensation remains under negotiation, with timing uncertain between Q4 2026 and Q1 2027.

• A USD 406 million Hungarian CO2-tax settlement is expected to be received and booked in Q4; USD 130 million was received in October, with the balance expected in November or December subject to the agreement.

• Alternative-crude projects target completion by end-2027; crude supply testing is under discussion with JANAF, with 11 of roughly two dozen projects due next year.

• The board is expected to consider the next dividend after FY results, with a decision typically communicated in March; a waste-to-energy project FID is expected in coming quarters.

• Petchem conditions may remain pressured in Q4; operating run rates and sales are levers to mitigate high gas prices and weak demand.