Orlen (PKN) investor relations material

Executive summary

• Q3 revenue was PLN 80.1bn and EBITDA LIFO before impairments was PLN 14.8bn; 9M revenue was PLN 232.4bn and EBITDA LIFO before impairments was PLN 42.8bn.

• Stronger refining and upstream results, elevated commodity prices and diversified operations supported earnings, while PLN 4.9bn of 9M impairment losses weighed on results.

• 9M operating cash flow was PLN 36.4bn; capital expenditure was PLN 22.5bn, with a PLN 9.3bn dividend paid in June.

Financial highlights

• Q3 operating cash flow was PLN 12.7bn; 9M cash generated was PLN 36.4bn after working-capital use of PLN 6.4bn and tax paid of PLN 5.1bn.

• Q3 reported EBITDA LIFO was PLN 13.0bn, or PLN 14.8bn before PLN 1.8bn of impairments; 9M EBITDA LIFO before impairments was PLN 42.8bn.

• Q3 net profit was PLN 5.6bn; 9M net profit was PLN 21.5bn, versus PLN 2.2bn and PLN 7.8bn in the prior-year periods.

• 9M operating profit was PLN 32.0bn versus PLN 13.6bn; profit before tax was PLN 30.9bn versus PLN 12.8bn.

• A PLN 2.4bn Polish windfall tax for March–September was due in November and expected to affect Q4 profit or loss and cash flow.

Outlook and guidance

• Q4 upstream production is expected to recover part of Q3’s decline; full-year CapEx may be up to 10% below the PLN 36bn plan, with some spending shifting to 2027.

• Organic CapEx guidance remains PLN 30–40bn annually over the strategy period; investment is expected to peak around 2028 and ease after major chemical and CCGT projects conclude.

• Ongoing projects remain on schedule, and the CapEx carryover is not expected to make 2027 spending highly elevated.

• Revised Nowa Chemia budget is PLN 35.8bn, including PLN 4.6bn financing costs; full operations are expected in 2030.