OMV (OMV) Q1 2026 earnings summary

Executive summary

• Clean CCS Operating Result fell 12% year-over-year to EUR 1,025 million, with strong cash flow from operations (excluding net working capital) of over EUR 1.6 billion, despite significant market volatility and geopolitical disruptions.

• Net income surged to over EUR 1.6 billion, driven by a one-time EUR 886 million gain from the deconsolidation of Borealis following the Borouge International transaction.

• Hydrocarbon production dropped 7% year-over-year, while fuel sales volumes rose 8%; operational resilience was maintained despite Middle East conflict.

• The Borouge International JV was finalized, creating the fourth-largest global polyolefin player, with OMV and XRG each holding a 50% stake.

• Sales revenues from continuing operations declined 6% to EUR 5,855 million, impacted by lower natural gas prices and volumes.

Financial highlights

• Clean CCS Operating Result: EUR 1,025 million, down 12% year-over-year; Clean CCS EPS: EUR 1.0, down 21% year-over-year.

• Cash flow from operating activities was EUR 776–800 million, impacted by a net working capital outflow of EUR -848 million.

• Clean CCS net income attributable to stockholders was EUR 323 million; Clean CCS net income overall was EUR 495 million.

• Reported net income surged to over EUR 1.6 billion, driven by the Borealis deconsolidation gain.

• Organic free cash flow before dividends was minus EUR 125 million in Q1 2026.

Outlook and guidance

• Brent crude oil price for 2026 forecast at $85–$95/bbl; realized gas price at EUR 35–40/MWh.

• Hydrocarbon production expected at 280,000–290,000 boe/d; unit production cost around $11/bbl.

• Refining indicator margin projected at $10–$15/bbl; European refinery utilization above 90%.

• Organic CAPEX guidance for 2026 is EUR 3.4 billion.

• Polyolefin and olefin margins expected to remain strong, with cracker utilization at 90%.