OMV Petrom (SNP) Q2 2025 earnings summary

Executive summary

• Q2 2025 performance was resilient amid volatile and highly regulated markets, with strong cost focus, planned maintenance, and progress in regional gas (Neptun Deep), renewables (Gabare PV), decarbonization (SAF/HVO, e-mobility), and Romania's largest electric charging hub.

• Base dividend for 2024 increased and paid in June 2025; special dividend decision deferred to Q3 pending regulatory clarity and project progress.

• Operational performance remained resilient despite lower and volatile oil prices, regulatory headwinds, and planned maintenance, partially offset by integration benefits.

• Key events included a new gas discovery in Spineni, expansion into Bulgarian renewables, and securing feedstock for sustainable aviation fuel production.

Financial highlights

• Q2 2025 clean CCS operating result: RON 1.2 billion, down 14% year-on-year; clean CCS net income attributable to stockholders: RON 1.2 billion, up 2% year-on-year.

• Net income attributable to stockholders: RON 1.019 billion, down 17% year-on-year.

• Operating cash flow: RON 2 billion, up 91% year-on-year.

• Capital expenditure reached RON 1.9 billion in Q2 2025, up 33% year-on-year.

• Net cash position (excl. leases): RON 7.3 billion at end-Q2 2025, down from RON 12.8 billion a year earlier.

Outlook and guidance

• 2025 Brent oil price estimate maintained at $70/bbl; production guidance at ~104,000 boe/d; refining margin at $8/bbl; refinery utilization rate 90–95%.

• Production cost expected above $17/boe due to forex, new taxes, and inflation.

• Organic CapEx planned at RON 8 billion for 2025, with full-year guidance up to RON 8.6 billion, mainly for Neptun Deep, renewables, and SAF/HVO.

• Free cash flow before dividends expected negative in 2025 due to high investment; base dividend of RON 0.0444/share paid, special dividend under review.

• Strategic focus on optimizing traditional business, growing regional gas, and transitioning to low/zero carbon, including renewables and EV charging expansion.