OMV Petrom (SNP) investor relations material

Executive summary

• Strong operational and financial performance in Q3 2025, with sales revenues up 4% year on year, but lower and volatile commodity prices and regulatory factors impacted results, partially offset by integration benefits and power market deregulation.

• Clean CCS operating result was RON 1.4 billion, down 16% year on year; clean CCS net income attributable to stockholders increased 11% to RON 1.53 billion.

• Operating cash flow rose 13% to RON 2.2 billion; free cash flow after dividends turned positive at RON 315 million.

• Special dividend of RON 0.02 per share approved, with total 2025 dividend yield at 9.1% and payout ratio of 62% from 2024 operating cash flow.

• Strategic progress on Neptun Deep, renewables, and Bulgarian exploration; power business benefited from deregulation starting July 2025.

Financial highlights

• Clean CCS operating result: RON 1.4 billion (down 16% year on year); clean CCS net income: RON 1.53 billion (up 11% year on year).

• Operating cash flow: RON 2.2 billion (up 13% year on year); free cash flow for 9M/25: RON 2.2 billion.

• Net income attributable to holders increased 4% year on year to RON 1.3 billion, supported by a one-off litigation gain.

• Net cash position (ex-leases) fell to RON 7.5 billion from RON 10.9 billion year on year.

• Organic CAPEX for the first nine months was RON 5.1 billion, up 28% year on year.

Outlook and guidance

• Brent oil price guidance for 2025 maintained at ~$70/bbl; production expected at ~104,000 boe/day.

• Production costs now seen above $17/boe due to FX, new taxes, and inflation.

• Full-year refining margin expected above $9/bbl; utilization rate guidance 90–95%.

• Organic CAPEX for 2025 planned at ~RON 8 billion, focused on Neptun Deep and renewables.

• Free cash flow before dividends expected to be broadly neutral in 2025 amid higher investments.