Orlen (PKN) investor relations material

Executive summary

• Eliminated Russian crude from the supply chain, diversified energy sources, and enhanced regional energy security.

• Installed Poland's first offshore wind turbines in the Baltic Sea and advanced clean energy initiatives.

• Achieved record profits, with EBITDA LIFO rising to PLN 9.2bn in 2Q25 and company capitalization exceeding PLN 100 billion.

• Net debt turned negative, reaching a net cash position of PLN 5.5bn at the end of 2Q25.

• Announced a record dividend of 6 PLN per share, to be paid in September.

Financial highlights

• Q2 2025 revenue was PLN 60.7 billion, down 13% year-over-year, mainly due to lower refining and petrochemical prices.

• EBITDA LIFO more than doubled year-over-year, exceeding PLN 9 billion.

• Net profit for 2Q25 was PLN 1,608 million, up from PLN 26 million in 2Q24.

• Operating cash flow exceeded PLN 10 billion in 2Q25, supporting capital expenditure and debt reduction.

• Net cash position at period end was PLN 25,569 million.

Outlook and guidance

• Confident in meeting LIFO-based EBITDA targets for the year, with higher EBITDA LIFO expected in 2025.

• Focus on strategic investments in energy transition, renewables, and infrastructure modernization.

• The 2035 strategy targets significant decarbonization, with over PLN 60 billion allocated to regulated infrastructure.

• Management expects continued volatility due to geopolitical and macroeconomic factors but maintains a strong financial position.

• Downstream margins stable but petrochemicals face continued challenges.