OMV Petrom (SNP) Q3 2025 earnings summary

Executive summary

• Strong operational performance in Q3 2025, with sales revenues up 4% year on year, but lower and volatile commodity prices and regulatory factors impacted financials, partially offset by integration benefits and power market deregulation.

• Clean CCS operating result fell 16% to RON 1.4 billion, mainly due to lower oil and gas prices and volumes in Exploration and Production, partially offset by higher refining margins and power business gains.

• Clean CCS net income attributable to stockholders increased 11% to RON 1.5 billion.

• Special dividend of RON 0.0200/share approved, with total 2025 dividend yield at 9.1%.

• Progressed on strategic projects, including Neptun Deep and renewable power investments.

Financial highlights

• Clean CCS operating result: RON 1.4 billion (down 16% year on year); Clean CCS net income: RON 1.5 billion (up 11% year on year).

• Operating cash flow reached RON 2.2 billion, up 13% year on year.

• Reported operating result: RON 1.1 billion (down 24% year on year); net income attributable to stockholders: RON 1.3 billion (up 4% year on year).

• Inventory holding losses were RON 52 million, down from RON 98 million in Q3 2024.

• Net special charges of RON 170 million, mainly from E&P impairments.

Outlook and guidance

• Brent oil price guidance for 2025 maintained at USD 70/bbl; production expected at ~104,000 boe/day.

• Production costs now seen above USD 17/boe due to FX, new taxes, and inflation.

• Full-year refining margin expected above USD 9/bbl; refining utilization rate guidance 90–95%.

• Organic CAPEX for 2025 planned at RON 8 billion, focused on Neptun Deep and renewables.

• Free cash flow before dividends expected to be broadly neutral in 2025 due to higher investments.