OMV (OMV) Q3 2026 earnings summary

Executive summary

• Q3 Clean CCS Operating Result rose 68% to EUR 2,117 mn; Clean CCS net income attributable to parent stockholders reached EUR 1,153 mn and EPS was EUR 3.54.

• Strong Fuels and Energy results, supported by higher commodity prices and refining margins, outweighed weaker Chemicals results; Middle East conflict constrained regional sales.

• Q3 operating cash flow was ~EUR 2.2bn; cash flow excluding net working capital effects reached EUR 2,334 mn. Solidarity contributions of ~EUR 200m were special items outside Clean results.

Financial highlights

• Q3 revenue from continuing operations increased 43% YoY to EUR 8,959 mn; net income was EUR 1,252 mn versus EUR 726 mn a year earlier.

• Q3 Clean CCS Operating Result rose to EUR 2,117 mn from EUR 1,262 mn; Clean CCS EPS increased to EUR 3.54 from EUR 1.80.

• 9M operating cash flow was EUR 4.3bn despite an >EUR 800m working capital build; organic free cash flow before dividends reached EUR 2.0bn.

• Q3 organic free cash flow before dividends was EUR 1,508 mn; operating cash flow excluding net working capital effects was EUR 2,334 mn.

Outlook and guidance

• 2026 Brent forecast rose to >USD 95/bbl, THE gas price to >EUR 55/MWh and realized gas price to ~EUR 45/MWh.

• 2026 production forecast is ~290 kboe/d; production cost ~USD 11/boe, European refinery utilization >90% and cracker utilization >80%.

• 2026 European refining indicator margin forecast increased to ~USD 25/bbl; European ethylene margin is forecast above EUR 600/t and propylene above EUR 500/t.

• 2026 organic CAPEX is projected at ~EUR 3.5bn; Borouge International is expected to improve notably in Q4, with Neptun Deep first gas targeted for H1 2027.

• Full-year 2026 Clean tax rate is forecast at 35%-40%; Neptun Deep plateau production is targeted by end-Q3 2027.