OMV Petrom (SNP) investor relations material

Executive summary

• Q2 2026 sales revenues rose 45% year-on-year, driven by higher sales volumes and commodity prices; Refining and Marketing contributed 74% of sales, Gas and Power 26%.

• Clean CCS operating result increased 27% to RON 1.5 billion, mainly from Exploration & Production and Refining & Marketing, despite a challenging geopolitical and regulatory environment.

• Operating cash flow ranged from RON 1.2 billion to RON 1.5 billion, with year-on-year changes reflecting higher inventories, lower liabilities, and regulatory impacts.

• Major progress was made on strategic projects, including Neptun Deep offshore platform installation, renewables, and biofuels, supporting the 2030 strategy.

• Free cash flow after dividends was negative RON 4.1 billion, reflecting significant dividend payments and high investment.

Financial highlights

• Clean CCS operating result: RON 1.5 billion (+27% yoy); Clean CCS net income: RON 1.1 billion (-12% yoy).

• Net income attributable to stockholders: RON 0.8 billion for Q2 2026.

• Operating cash flow: RON 1.2–1.5 billion, down 38% or up 27% year-on-year depending on source.

• Total CapEx for H1 2026: RON 3.7 billion, up 13% year-on-year, with 70% in E&P.

• Net cash position at end-June 2026: RON 1.6 billion, down from RON 5.5 billion a year earlier.

Outlook and guidance

• Brent oil price expected between USD 85–95/bbl for full year 2026; refining margin above USD 15/bbl.

• Total net CapEx planned at RON 9.4 billion, focused on Neptun Deep and low/zero carbon projects.

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

• Production expected above 100 kboe/d in 2026, rising to above 130 kboe/d for 2027–2028.

• Neptun Deep on track for first gas in 2027; ramp-up expected to be fast if on schedule.