OMV (OMV) Q1 2026 TU earnings summary

Executive summary

• Q1/26 production volumes in Energy were impacted by the Middle East conflict and unfavorable lifting schedules, but higher oil and gas prices are expected to offset these effects in clean Operating Result compared to Q4/25.

• Fuels segment faced substantial negative impact from the Middle East conflict, with one-off hedging losses of about EUR 100 mn and additional negative factors totaling EUR 150 mn compared to Q4/25.

• Formation of Borouge International on March 31, 2026, led to significant changes in Chemicals segment reporting and capital structure.

Financial highlights

• Average Brent price rose to $81.13/bbl in Q1/26 from $63.73/bbl in Q4/25.

• Total hydrocarbon production decreased to 288 kboe/d in Q1/26 from 300 kboe/d in Q4/25.

• Average realized crude oil price increased to $73.8/bbl in Q1/26 from $62.4/bbl in Q4/25.

• Average realized natural gas price rose to €31.1/MWh in Q1/26 from €26.4/MWh in Q4/25.

• Net working capital build of around EUR 1 bn expected in Q1/26 due to higher inventories and receivables from commodity price increases.

Outlook and guidance

• Clean Operating Result in Energy expected to improve due to higher oil and gas prices despite lower volumes.

• Gas Marketing Western Europe to contribute significantly less to clean Operating Result in Q1/26 versus Q4/25.

• Yearly Group CAPEX guidance of EUR 3.2 bn excludes Borealis CAPEX.

• Consensus estimates for Q1/26 results will be published on April 23, 2026.