Orlen (PKN) Q3 2025 earnings summary

Executive summary

• 3Q25 net income rose to PLN 2.2bn from PLN 0.2bn; reported LIFO EBITDA increased to PLN 7.2bn, while adjusted LIFO EBITDA before impairments eased to PLN 8.9bn from PLN 9.5bn.

• 9M25 revenue fell to PLN 195.2bn, while EBITDA rose to PLN 24.3bn and net income to PLN 8.1bn; operating cash flow reached PLN 34.4bn and period-end net cash was PLN 1.03bn.

Financial highlights

• 3Q25 revenue was PLN 61.0bn versus PLN 67.9bn; 9M25 revenue was PLN 195.2bn versus PLN 219.8bn.

• 9M25 EBITDA was PLN 24.3bn versus PLN 17.8bn; adjusted LIFO EBITDA before impairments was PLN 29.7bn versus PLN 22.8bn.

• 9M25 net income was PLN 8.1bn versus PLN 3.0bn; 3Q25 net income was PLN 2.2bn versus PLN 0.2bn.

• 9M25 operating cash flow was PLN 34.4bn versus PLN 26.2bn; free cash flow was PLN 13.8bn versus PLN 3.0bn.

Outlook and guidance

• 4Q25 upstream expects higher hydrocarbon output and gas sales; downstream expects lower throughput and wholesale fuel volumes, partly offset by higher refining margins.

• Energy expects seasonal increases in production, sales and distribution; Consumers & Products faces seasonal retail fuel declines and pressure from lower electricity tariffs and household price freezes.

• Strategy through 2035 prioritizes diversification across Upstream & Supply, Downstream, Energy, and Consumers & Products; New Chemistry is expected to finish no earlier than 2030.