OMV Petrom (SNP) investor relations material

Executive summary

• Q1 2026 delivered robust operational and financial performance, with resilience amid volatile energy markets and geopolitical disruptions, notably the Middle East war impacting global supply and prices.

• Integrated business model enabled coverage of a third of national fuel and gas needs and 10% of power generation; gas production increased 2% year-over-year, refinery utilization reached 98%, and refined product sales rose 11%.

• Strategic progress included Neptun Deep project advancement, renewable power investments, and green hydrogen milestones.

• Highest gas sales since Q1 2020 and second-highest power production at Brazi power plant.

• Dividend of RON 0.0578/share approved, payable from June 8.

Financial highlights

• Clean CCS Operating Result rose 16% year-over-year to RON 1.5 billion, driven by Gas & Power and R&M segments.

• Clean CCS net income attributable to stockholders increased 5% to RON 1.1 billion year-over-year.

• Operating cash flow remained flat year-on-year at RON 2.7 billion; CAPEX increased 14% to RON 1.6 billion.

• Inventory holding gains of RON 378 million due to rising crude prices; net special charges of RON 499 million, mainly from derivatives losses.

• Net cash position decreased to RON 5.8 billion from RON 8.1 billion year-on-year.

Outlook and guidance

• Brent oil price expected between $85–$95/bbl for 2026; refining margin above $10/bbl.

• Production forecast above 100,000 BOE/d, with cost management targeting stable production costs despite inflation and FX pressures.

• Full-year CapEx planned at RON 9 billion (organic), with up to RON 0.4 billion inorganic; group CAPEX for 2026 targeted below RON 9.4 billion.

• Free cash flow before dividends expected to be negative in 2026 due to higher investments.

• 2027–2028 targets unchanged, pending further market developments.