OMV (OMV) Q4 2025 earnings summary

Executive summary

• Clean CCS Operating Result for 2025 was EUR 4.6 billion, down 10% year-over-year, with strong cash flow from operations only 4% below 2024 despite a challenging environment.

• Achieved robust cash flow and operational resilience across energy, fuels, and chemicals segments, with a 14% leverage ratio at year-end.

• Major strategic milestones included the Borouge Group International transaction, diversification in gas and renewables, and a significant oil discovery in Libya.

• Over 70% of the Efficiency Program 2027 target was achieved in 2025, with disciplined investments and a strong balance sheet.

• Proposed total dividend of EUR 4.40 per share for 2025, yielding 9.3%.

Financial highlights

• Q4 2025 Clean CCS Operating Result was EUR 1.15 billion, down 16% year-over-year; full-year Clean CCS Operating Result was EUR 4.6 billion, down 10%.

• Cash flow from operating activities in Q4 2025 was EUR 1.7 billion, up over 60% year-over-year; full-year cash flow from operations was EUR 5.2 billion, down 4% from 2024.

• Dividend payout represents 28% of operating cash flow.

• Leverage ratio at year-end 2025 was 14%, with net debt at EUR 3.2 billion.

• Organic free cash flow before dividends was EUR 1.5 billion for 2025.

Outlook and guidance

• Organic CAPEX for 2026 expected at EUR 3.2 billion, with 70% dedicated to growth projects.

• Brent price forecast for 2026 is $65 per barrel; average gas price above EUR 30/MWh; refining margin projected at $8 per barrel.

• Oil and gas production expected slightly below 300,000 BOE/day in 2026; unit production cost to stay below $11/BOE.

• Clean tax rate for 2026 expected around 45%.

• Dividend policy from 2026 will distribute 50% of BGI dividends attributable to OMV plus 20-30% of cash flow from operations excluding BGI dividends.