Orlen (PKN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was PLN 80,140 million, operating profit PLN 9,867 million and net profit PLN 5,605 million; EBITDA LIFO was PLN 14.8bn and operating cash flow PLN 12.7bn.

• 9M revenue reached PLN 232,380 million and net profit PLN 21,475 million; EBITDA was PLN 42,050 million and EBITDA LIFO was PLN 42.8bn.

• Earnings were supported by volatile commodity markets and refining margins, while a PLN 2.4bn windfall tax is expected to affect Q4.

Financial highlights

• 9M operating cash flow was PLN 36,370 million; 9M CAPEX reached PLN 22,490 million, a record level.

• 9M EBITDA excluding net impairment losses was PLN 46,965 million; net impairment losses were PLN 4,915 million, including PLN 1,002 million of goodwill impairment in New Power.

• 9M operating profit was PLN 32,047 million versus PLN 13,617 million; net profit increased by PLN 13,636 million YoY to PLN 21,475 million.

• Q3 CAPEX was PLN 7.8bn, including more than PLN 2bn spent during the quarter; full-year guidance of PLN 36bn may not be achieved.

Segment performance

• 9M EBITDA was PLN 15,270 million in Upstream & Supply, PLN 14,076 million in Downstream, PLN 9,351 million in Energy and PLN 5,077 million in Consumers & Products.

• Q3 Upstream & Supply EBITDA LIFO was PLN 4.7bn; hydrocarbon production fell 7%, mainly due to maintenance in Poland, Norway and Canada, while gas wholesale fell 15%.

• Q3 Downstream EBITDA LIFO was PLN 6.3bn before the PLN 2.4bn windfall tax; lower throughput, trading and petrochemical sales constrained results.

• Q3 Energy EBITDA LIFO was PLN 2.7bn; power production fell 4% as renewables displaced CCGT generation, while low-emission sources reached 65% of the mix.

• Q3 Consumer Products EBITDA LIFO was PLN 1.5bn, up PLN 200m; retail fuel sales fell 1%, gas sales fell 3% and electricity sales rose 10%.