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Orlen (PKN) investor relations material
Orlen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record-breaking results with market capitalization doubling year-to-date, making the group the fastest-growing energy company in Europe and second globally.
Delivered solid operational results and maintained financial stability in 3Q25 despite lower oil and gas prices and market pressure in petrochemicals.
Revenue for the first nine months of 2025 was PLN 195.2bn, down PLN 24.6bn year-over-year due to lower energy, oil, and gas prices, and reduced volumes in key segments.
EBITDA rose to PLN 24.3bn, up PLN 6.5bn year-over-year, with adjusted EBITDA (excluding impairment charges) at PLN 28.9bn, up PLN 6.4bn.
Major investments reached unprecedented levels, supporting both company growth and the Polish economy.
Financial highlights
EBITDA/LIFO for Q3 2025 was nearly PLN 9bn, with cumulative LIFO EBITDA for the first nine months at almost PLN 30bn.
Revenue for Q3 was PLN 61bn, with nearly PLN 200bn for the first nine months, reflecting lower oil and gas prices.
Net income for 3Q25 was PLN 2.2bn, up from PLN 0.2bn in 3Q24; 9M25 net income totaled PLN 8.1bn.
Operating cash flow for the first nine months reached PLN 34.4bn.
Free cash flow for 9M25 was PLN 21.1bn, with operating cash flow strengthened by lower working capital needs.
Outlook and guidance
Expecting a strong Q4 in upstream, supply, and energy segments, with caution in downstream and customer products due to seasonality and planned maintenance.
4Q25 expected to see higher hydrocarbon production and gas prices, but lower oil prices and refinery throughput.
Model refinery margins remain high, but petrochemical margins are under pressure.
CAPEX for 2025 may be slightly below the PLN 35bn target, with some investments shifted to next year.
No formal earnings guidance published.
SMRs: Detail next steps after Synthos agreement
How will low net debt to EBITDA be utilized?
What is the status of Venture Global arbitration?
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Frequently asked questions
Polski Koncern Naftowy ORLEN Spolka Akcyjna, together with its subsidiaries, engages in the extraction, processing, refining, storage, and wholesale of crude oil in Poland, Germany, the Czech Republic, Lithuania, Malta, Sweden, Slovakia, Hungary, Estonia, Latvia, Canada, and China. It operates through three segments: Downstream Operation in Poland; Downstream Operation Abroad; and Midstream Operation in Poland. The company provides petroleum products to customers. The company was founded in 1999 and is headquartered in Plock, Poland.
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