OMV Petrom (SNP) Q3 2026 earnings summary

Executive summary

• Q3 Clean CCS operating result more than doubled YoY to RON 2.8bn, improving across all three divisions; Clean CCS ROACE reached 16%.

• Operating cash flow rose 67% to RON 3.7bn; reported net income was RON 2.26bn, up 68% YoY.

• Performance and investment advanced amid volatile markets, geopolitical disruption and Romanian regulatory intervention.

Financial highlights

• Q3 revenue was RON 13.85bn, up 41% YoY; reported Operating Result was RON 2.79bn versus RON 1.15bn, and profit before tax was RON 2.69bn versus RON 1.61bn.

• Q3 Clean CCS net income attributable to parent shareholders was RON 2.2bn, up 47% YoY; 9M reached RON 3.8bn, up 17%.

• 9M revenue rose 31% to RON 35.16bn; reported Operating Result was RON 5.28bn, profit before tax RON 4.91bn and net income RON 4.06bn.

• Q3 operating cash flow was RON 3.65bn; free cash flow before dividends was RON 1.51bn. 9M operating cash flow totaled RON 7.55bn and free cash flow before dividends RON 1.4bn.

• Q3 special-item charges were RON 106mn, mainly a RON 266mn temporary solidarity contribution partly offset by derivative gains; inventory holding gains were RON 111mn.

Outlook and guidance

• FY 2026 Brent assumption increased to above $95/bbl; production is expected above 100 kboe/d, excluding divestment impact, with unit production cost targeted near last year’s level.

• FY 2026 refining margin forecast increased to above $20/bbl; utilization is expected above 95%, with refined product and retail fuel sales higher YoY.

• FY 2026 total net CAPEX guidance increased to up to RON 10.4bn, including ~RON 10bn organic CAPEX and potential inorganic CAPEX below RON 0.4bn, subject to shareholder approval; FCF before dividends is expected broadly neutral.

• FY 2026 gas demand and sales are expected broadly stable; power demand slightly lower and net electrical output slightly higher than 2025.

• 2027–2028 average production guidance was updated to above 140 kboe/d; period targets remain under review. Neptun Deep first gas is expected in H1 2027 and SAF/HVO first production in 2028.