OMV Petrom (SNP) Q4 2025 earnings summary

Executive summary

• Strategy 2030 advanced with Neptun Deep on track for first gas in 2027, major progress in Black Sea exploration, renewables, e-mobility, and biofuels; significant investments in energy transition and regional security.

• Clean CCS Operating Result for Q4 2025 rose 41% year-over-year to RON 1.4 bn, driven by improved Gas & Power and Refining & Marketing segments; operating cash flow up 337% to RON 2.1 bn.

• Over a third of 2030 renewable capacity target under construction; 70 MW operational by end-2025; SAF/HVO project and largest EV charging hub in Romania launched.

• Focused on value over volume, operational excellence, and cost optimization; reserve replacement rate rose to 140%.

• Paid RON 4 billion in dividends in 2025; share price up 40%, total shareholder return 49%.

Financial highlights

• Q4 2025 Clean CCS Operating Result: RON 1.4 billion, up 41% year-on-year; Clean CCS net income for Q4 2025 was RON 1.2 bn; operating cash flow RON 2.1 bn, up 337% year-on-year.

• Q4 operating result negative at RON -0.6 billion due to impairments and higher E&P taxation; net income attributable to stockholders: negative RON 375 million in Q4.

• Total CapEx for 2025: RON 7.8 billion, up 9% year-on-year; 72% spent in E&P.

• Free cash flow for Q4/25 was RON 1.1 bn, up 58% year-on-year; free cash flow after dividends for 2025 was negative RON 1,356 mn.

• Dividend proposal for 2025 is RON 0.0578/share, representing 40% of 2025 operating cash flow, 10% lower year-on-year.

Outlook and guidance

• 2026: Brent oil price expected at ~$65/bbl; production above 100,000 boe/d; refining margin guided at $9/bbl; refining utilization above 95%.

• Net organic CapEx planned at RON 9–9.4 billion for 2026; free cash flow before dividends expected negative due to record investments.

• 2027–2028: Oil price $70–$75/bbl; hydrocarbon production >130,000 boe/d; CapEx ~RON 6 billion/year; positive free cash flow before dividends expected.

• Hydrocarbon production target for 2030 revised up to ~170 kboe/d; strategic focus on energy transition and robust CapEx allocation.

• Dividend policy: minimum 40% of operating cash flow; 2025 total dividend per share proposed at 0.0578 RON, 10% lower year-on-year.