Orlen

Orlen S.A. Issues €750 Million Eurobond to Fund Renewable Energy, Energy Efficiency, and Clean Transport Projects

Orlen S.A., Central and Eastern Europe’s largest integrated multi-energy company, has announced the issuance of €750 million in Series E Eurobonds. The bonds, which carry a fixed annual interest rate of 3.75%, will mature on July 7, 2033. This issuance is part of Orlen's medium-term bond program, initially established on May 13, 2021, and updated on June 26, 2026.

The bonds, which are unsecured, will be listed on the regulated markets of Euronext Dublin and the Warsaw Stock Exchange. The proceeds will be allocated to projects in three key areas: renewable energy, energy efficiency, and clean transportation. The subscription period for the bonds was conducted on June 30, 2026, with allocation completed on the same day. The settlement of the issuance is scheduled for July 7, 2026.

Investor interest in the issuance was significant, with 134 investors expressing interest and the final order book exceeding €1.6 billion. Ultimately, Orlen allocated the bonds to 107 investors from 27 countries. The transaction was facilitated by a consortium of financial institutions, including BNP Paribas, ING, UniCredit, Bank Polska Kasa Opieki, CaixaBank, and Erste Group.

Relevance to Orlen S.A.: This bond issuance aligns with Orlen S.A.'s strategic focus on expanding its renewable energy portfolio, improving energy efficiency, and advancing clean transportation initiatives, which are integral to its diversified energy operations and sustainability goals.

ORLEN S.A. Reports Significant Decline in Q3 2024 Financial Performance Amid Challenging Market Conditions

Warsaw, Poland – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has reported a significant decline in its financial performance for the third quarter of 2024. The company’s EBITDA for the first nine months of 2024 stood at PLN 17.3 billion, a sharp drop from PLN 37.5 billion in the same period last year. The EBITDA LIFO (Last In, First Out) after eliminating net impairment losses on fixed assets was PLN 22.3 billion, down by PLN 18.8 billion year-on-year.

The decline was attributed to several factors, including unfavorable macroeconomic conditions, lower refining and petrochemical margins, and the strengthening of the Polish Zloty (PLN) against the US Dollar and Euro. Additionally, the company faced lower sales volumes in its refining segment due to aggressive pricing strategies in the previous year, which led to a depletion of operational and mandatory reserves. The company also reported higher costs related to the Fund for Price Difference Payments and lower contributions from its Baltic Power joint venture.

ORLEN S.A. also faced challenges in its upstream and petrochemical segments. The company recorded a net impairment loss of PLN 4.8 billion on fixed assets, primarily in its refining and petrochemical operations. The ORLEN Lietuva refinery in Lithuania faced significant write-downs due to delays in project timelines and rising investment costs. Similarly, the Olefins III project in Poland was deemed unprofitable in its current scope, with estimated costs ballooning to PLN 45-51 billion, prompting the company to consider alternative scenarios.

Despite these challenges, ORLEN S.A. continued its strategic expansion in renewable energy. The company acquired multiple wind and solar farms, increasing its renewable energy capacity by nearly one-third. This move aligns with ORLEN’s long-term strategy to strengthen its position as a leader in energy transition and provide low-emission energy solutions.

Relevance to ORLEN S.A. Business Profile

This article is relevant to ORLEN S.A.'s business profile as it highlights the company's performance across its core segments, including refining, petrochemicals, energy, and upstream operations, while also showcasing its strategic focus on renewable energy expansion in line with its multi-energy transformation goals.

ORLEN S.A. Reports Record Q1 2023 Results Driven by Integration and Diversification

ORLEN S.A., Central and Eastern Europe's largest integrated multi-energy company, announced robust financial and operational results for the first quarter of 2023, reflecting the full consolidation of the recently acquired LOTOS Group and PGNiG Group. The Group posted consolidated revenues of PLN 110.3 billion, more than doubling year-on-year, and achieved an EBITDA LIFO of PLN 17.2 billion, up by PLN 14.4 billion compared to Q1 2022. Net profit reached PLN 9.2 billion.

Key drivers of this performance included higher refining margins, favorable currency effects, increased non-fuel retail margins, and positive impacts from hedging and CO₂ contract valuations. The integration of LOTOS and PGNiG contributed PLN 9.8 billion to EBITDA LIFO. However, these gains were partially offset by lower petrochemical margins, reduced retail fuel margins, higher labor and overhead costs, and the use of historical inventory layers.

In the Refining segment, EBITDA LIFO rose to PLN 5.5 billion, supported by increased sales volumes (up 26% year-on-year), especially in Poland, and the inclusion of the Gdańsk refinery. The Petrochemicals segment saw a decline in EBITDA LIFO to PLN 98 million due to lower sales volumes and market challenges, despite positive macro effects. The Energy segment delivered a strong EBITDA of PLN 3.3 billion, benefiting from higher electricity sales margins and the consolidation of PGNiG’s energy assets.

The Retail segment experienced a decrease in EBITDA to PLN 233 million, impacted by lower fuel margins and higher operating costs, though non-fuel sales and alternative fuel points continued to expand. The Upstream segment posted a significant increase in EBITDA to PLN 2.3 billion, driven by the scale-up from the LOTOS and PGNiG acquisitions, despite lower oil and gas prices.

The Gas segment reported a substantial EBITDA of PLN 6.2 billion, reflecting the positive impact of PGNiG’s consolidation and compensation from the Price Difference Payment Fund. Gas imports to Poland reached 33.1 TWh in Q1, with LNG accounting for 51% of the total.

ORLEN’s financial position strengthened further, with net debt reduced by PLN 27.1 billion year-on-year to a net cash position of PLN -11.5 billion. The company maintained an investment-grade rating and announced a recommended dividend of PLN 5.5 per share. Capital expenditures for the quarter totaled PLN 5.8 billion, with major investments in refining, energy, petrochemicals, and upstream projects.

Looking ahead, ORLEN expects a more challenging macroeconomic environment in 2023, with lower refining and petrochemical margins, declining oil and gas prices, and reduced fuel and gas consumption due to economic slowdown and regulatory changes. The Group remains committed to its green transformation, allocating PLN 120 billion for green investments by 2030, including renewables, hydrogen, and new energy technologies.

Relevance: This article is highly relevant to ORLEN S.A.'s business profile as it demonstrates the company's successful integration strategy, operational scale, and financial resilience across the entire energy value chain, reinforcing its position as a leading multi-energy group in the region.

PKN ORLEN S.A. Prepares for Annual General Meeting with Key Resolutions on Profit Distribution and Governance

PKN ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has announced the agenda for its Annual General Meeting (AGM) scheduled for June 21, 2023. The meeting will address critical resolutions, including the approval of the company’s 2022 financial statements, the distribution of net profit, and amendments to the Articles of Association. The Management Board has proposed a dividend of PLN 5.50 per share, amounting to PLN 6.39 billion, with the remaining PLN 20.88 billion allocated to statutory reserve funds. Additionally, the AGM will vote on discharging members of the Management and Supervisory Boards of PKN ORLEN, as well as those of its 2022 acquirees, Grupa LOTOS S.A. and PGNiG S.A., from liability for their activities in 2022.

The Supervisory Board has endorsed the Management Board’s proposals, including the dividend recommendation and the financial statements, which reported a record net profit of PLN 27.26 billion for 2022. The Supervisory Board also assessed the company’s compliance with corporate governance standards, internal control systems, and sponsorship spending, highlighting the company’s robust financial performance and strategic alignment with its long-term goals.

Other key agenda items include the approval of the Supervisory Board’s report on remuneration for 2022, the endorsement of the ORLEN Group’s updated strategy, and the consideration of amendments to the company’s Articles of Association to reflect its evolving business profile.

Relevance to ORLEN S.A. Business Profile

This article is highly relevant to ORLEN S.A.’s business profile as it underscores the company’s financial strength, strategic governance, and commitment to shareholder value, aligning with its role as a leading multi-energy group in the region.

ORLEN S.A. Reports Robust Financial Growth and Strategic Expansion in H1 2023

ORLEN S.A., Central and Eastern Europe's largest integrated multi-energy company, has announced strong financial results for the first half of 2023, underlining its position as a regional energy leader following the integration of PGNiG, LOTOS, and Energa. The Group reported consolidated sales revenues of PLN 184.9 billion, a significant increase of PLN 81.6 billion year-on-year, driven by a 21% rise in sales volumes, particularly in refining, upstream, gas, and retail segments. Net profit for the period reached PLN 13.7 billion, more than doubling the previous year's result.

The Group’s EBITDA rose to PLN 23.7 billion, with operating profit (EBIT) at PLN 17.8 billion. The increase in revenues was partially offset by lower global crude oil prices (down 26% year-on-year) and reduced prices for key products such as gasoline, diesel, and petrochemicals. Operational costs rose to PLN 167.8 billion, mainly due to the consolidation of LOTOS and PGNiG, but were balanced by higher sales and improved operational efficiency.

ORLEN continued its strategic investments, with capital expenditures totaling PLN 10.97 billion in H1 2023. Key projects included the expansion of fertilizer production at Anwil, construction of new refining and biofuel installations, and significant investments in renewable energy and gas infrastructure. The Group also finalized the acquisition of LDPE production assets, strengthening its position in the petrochemical market, and acquired REMAQ s.r.o., expanding its recycling capabilities.

The company maintained a strong financial position, with total assets at PLN 251.6 billion and net financial debt reduced to PLN 12.6 billion. Cash flow from operating activities reached PLN 30.5 billion, supporting ongoing investments and dividend payments. In June 2023, shareholders approved a dividend of PLN 5.50 per share, totaling over PLN 6.3 billion.

ORLEN’s supply chain remained resilient despite the ongoing war in Ukraine and the cessation of Russian oil and gas imports. The company successfully diversified its crude oil sources, securing long-term contracts with Saudi Aramco and BP, and increased LNG imports from Qatar and the US. The Group also advanced its renewable energy portfolio, signing agreements to acquire new wind and solar projects and progressing with the Baltic Power offshore wind farm.

The Group’s strategic direction, as outlined in its updated 2030 strategy, focuses on maximizing value in core segments, accelerating investments in renewables, advanced petrochemicals, and hydrogen, and maintaining financial stability. ORLEN aims to achieve over 9 GW of installed renewable capacity and become a leading producer of biogas and advanced polymers in the region by 2030.

The half-year report was reviewed by Deloitte, which confirmed that the financial statements were prepared in accordance with international standards and reflected a true and fair view of the Group’s financial position.

Relevance: This article is highly relevant to ORLEN S.A.'s business profile as it highlights the Group’s financial strength, successful integration of major energy assets, strategic investments across the energy value chain, and its ongoing transformation into a diversified, sustainable multi-energy leader in Central and Eastern Europe.

ORLEN S.A. Reports Record-High Revenues and Strategic Expansion in 2Q23

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has announced its consolidated financial results for the second quarter of 2023. The company achieved revenues of PLN 74.6 billion, marking a 29% year-on-year increase, driven by the consolidation of the acquired LOTOS Group and PGNiG Group. Despite challenging macroeconomic conditions, ORLEN reported an EBITDA LIFO of PLN 8.7 billion, supported by hedging activities and lower CO2 emission provisions. However, the results were partially offset by lower refining and petrochemical margins, reduced sales volumes, and higher operational costs.

Key highlights of the quarter include:

• Transformation Projects: Conditional investment decisions for Baltic Power offshore wind projects and agreements to acquire over 200 MW of wind and photovoltaic farms.
• Retail Expansion: Entry into the Austrian market with a conditional agreement to acquire 266 fuel stations and the opening of the first 'green' fuel stations in Poland.
• Upstream Growth: New concessions in Norway and increased reserves in the Øst Frigg field.
• Operational Achievements: Crude oil throughput increased by 32% year-on-year to 9.5 million tonnes, supported by the integration of LOTOS Group assets.
• Debt Reduction: Net debt decreased by PLN 24.2 billion year-on-year, reflecting strong operational cash flows and disciplined investment management.

ORLEN also announced a record-high dividend payout of PLN 6.4 billion and continued its rebranding efforts, with 90% of its Czech fuel stations expected to operate under the ORLEN brand by the end of 2023. The company climbed 208 positions to rank 216th in the Fortune Global 500, reflecting its growing global presence.

Relevance to ORLEN S.A. Business Profile

This article highlights ORLEN's strategic initiatives and financial performance, aligning with its diversified operations across energy, refining, petrochemicals, and retail. The company's focus on renewable energy projects and international expansion underscores its commitment to sustainable growth and market leadership.

ORLEN Group Reports Robust Financial Performance and Strategic Expansion in Q3 2023

ORLEN S.A., Central and Eastern Europe's largest integrated multi-energy company, has released its consolidated results for the third quarter of 2023, highlighting continued growth, strategic investments, and successful integration of recent acquisitions.

Financial Highlights:

• Sales Revenue: ORLEN Group achieved sales revenues of PLN 260.3 billion for the first nine months of 2023, up by PLN 84.1 billion year-on-year, driven by a 14% increase in sales volumes, particularly in refining, upstream, gas, and retail segments.
• EBITDA: Operating profit before depreciation and amortization (EBITDA) reached PLN 32.1 billion, up from PLN 30.5 billion in the same period last year.
• Net Profit: Net profit for the period was PLN 17.1 billion, with total net comprehensive income at PLN 20.7 billion.
• Cash Flow: Net cash from operating activities amounted to PLN 37.8 billion, while net cash used in investing and financing activities was PLN 28.7 billion and PLN 15.0 billion, respectively.
• Assets and Equity: Total assets stood at PLN 255.8 billion, with equity attributable to shareholders at PLN 151.3 billion.

Strategic Developments and Investments:

• Integration of Acquisitions: The successful integration of PGNiG, LOTOS, and Energa has positioned ORLEN as one of the region’s most diversified energy groups, expanding its footprint across Poland, Norway, Lithuania, Czechia, Germany, Austria, and Slovakia.
• Renewable Energy Expansion: In October 2023, ORLEN completed the acquisition of three wind farms in Wielkopolska (Ujazd, Dobrzyca, Dominowo) with a total capacity of 142 MW, and potential for an additional 160 MW in photovoltaics. This brings ORLEN’s onshore wind capacity to 500 MW, reinforcing its commitment to low-emission energy.
• Petrochemical and Recycling Investments: The group acquired LDPE production assets and REMAQ s.r.o., a leading recycling company in Central and Eastern Europe, supporting ORLEN’s circular economy and petrochemical growth strategy.
• Offshore Wind Project Financing: ORLEN’s Baltic Power JV secured EUR 3.6 billion in investment loans for a 1,200 MW offshore wind farm, with commercial operations planned for 2026.
• Divestments and Regulatory Compliance: ORLEN finalized the sale of certain assets to meet European Commission requirements following the LOTOS acquisition, including fuel terminals and bitumen business units.

Operational and Market Context:

• Supply Chain Resilience: Despite the ongoing conflict in Ukraine and the cessation of Russian crude oil imports, ORLEN maintained stable operations by diversifying supply sources, including strategic contracts with Saudi Aramco and BP for crude oil.
• Gas Market Adaptation: ORLEN ensured uninterrupted gas supplies to Poland through diversified imports, LNG terminals, and domestic production, with 2023 marking the first full year without Russian gas imports.
• Macroeconomic Factors: The company navigated volatile commodity prices, inflation, and regulatory changes, while continuing to invest in energy transition and infrastructure modernization.

Corporate Governance and Shareholding:

• The Polish State Treasury remains the largest shareholder with a 49.9% stake.
• There were no significant changes in the management or supervisory board during the reporting period.

Outlook:

• ORLEN anticipates continued growth through further investments in renewables, petrochemicals, and energy infrastructure, while leveraging synergies from recent mergers and maintaining a strong financial position.
• Key risks include geopolitical tensions, energy market volatility, regulatory interventions, and inflationary pressures.

Relevance to ORLEN S.A.:
This article is highly relevant as it demonstrates ORLEN’s robust financial health, successful integration of major acquisitions, and strategic shift towards renewable energy and petrochemicals, all of which align with its profile as a leading multi-energy group in Central and Eastern Europe.

ORLEN S.A. Reports Solid Q3 2023 Results Amid Challenging Market Conditions and Strategic Expansion

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, reported consolidated revenues of PLN 75.4 billion for the third quarter of 2023, marking a 3% year-on-year increase. The Group’s EBITDA LIFO reached PLN 8.2 billion, while net profit stood at PLN 3.5 billion for the quarter.

Key Financial and Operational Highlights:

• Revenue Growth: Revenues increased due to higher sales volumes and improved refining product quotations, despite lower prices in petrochemicals and hydrocarbons.
• EBITDA LIFO: EBITDA LIFO decreased by PLN 2.7 billion year-on-year, impacted by lower sales volumes, a reduced crude oil differential, weaker trade and petrochemical margins, and higher overheads. However, these were partially offset by the consolidation of PGNiG Group results and higher refining margins.
• Segment Performance:
  • Refining: EBITDA LIFO dropped by PLN 5.5 billion year-on-year due to negative macroeconomic factors, lower sales, and increased costs, despite higher refining margins and the use of historical inventory layers.
  • Petrochemicals: EBITDA LIFO fell by PLN 0.8 billion year-on-year, mainly due to lower margins and trading volumes.
  • Energy: EBITDA LIFO was down by PLN 0.3 billion year-on-year, affected by lower electricity prices and regulatory changes, but supported by the consolidation of PGNiG Group.
  • Retail: EBITDA LIFO decreased by PLN 0.3 billion year-on-year, with lower fuel margins and higher station operating costs, though sales volumes and non-fuel margins increased.
  • Upstream: EBITDA LIFO declined by PLN 1.0 billion year-on-year, reflecting lower hydrocarbon prices and volumes, and a negative impact from regulatory write-downs.
  • Gas: EBITDA LIFO rose by PLN 5.2 billion year-on-year, driven by the consolidation of PGNiG Group and compensation from the Price Difference Payment Fund.
• Cash Flow and Debt: Cash flow from operations was PLN 7.2 billion. Net debt increased to PLN -1.3 billion, reflecting significant investment outflows and dividend payments, but the Group maintained a strong investment-grade rating.
• CAPEX: Cumulative capital expenditure for the first nine months of 2023 reached PLN 20.4 billion, with major investments in refining, petrochemicals, energy, retail, upstream, and gas infrastructure.

Strategic and Operational Developments:

• Transformation Projects: ORLEN advanced its offshore wind, CCS, synthetic fuels, and hydrogen initiatives, including the launch of Poland’s first public hydrogen station and a partnership for advanced CCS in Norway.
• Retail Expansion: The Group entered the Austrian market with EC approval to acquire 266 fuel stations, completed rebranding in Slovakia, and continued expansion in Germany.
• Upstream and Gas: Production started at the Tommeliten Alpha field in Norway, and the Group began expanding the Wierzchowice underground gas storage facility. Two new LNG carriers joined the ORLEN fleet, and regasification capacity was reserved at the planned FSRU in the Gulf of Gdansk.
• Organizational Moves: ORLEN began the process to control the Transit Gas Pipeline System and agreed to build a modern oil pressing plant in Kętrzyn.

Market Environment: The third quarter saw a 14% year-on-year drop in Brent crude prices, but refining margins rose by 34%. Natural gas and electricity prices fell sharply, while fuel consumption increased in Poland and Czechia. The Group faced a challenging macroeconomic environment, with lower demand for petrochemicals and regulatory impacts on gas and electricity segments.

Outlook: ORLEN expects continued volatility in commodity prices due to geopolitical risks, with refining and petrochemical margins likely to remain under pressure. The Group will continue to focus on strategic investments, energy transition projects, and further integration of its diversified operations across Europe.

Relevance: This quarterly report demonstrates ORLEN S.A.’s resilience and adaptability as a leading multi-energy group, highlighting its strategic investments, operational integration, and ongoing transformation in line with its business profile.

ORLEN S.A. Reports Robust 2023 Results Amid Challenging Market Conditions

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has announced its consolidated financial and operational results for the fourth quarter and full year 2023, highlighting both resilience and transformation in a volatile market environment.

Key Financial Highlights:

• Full-year 2023 revenues: PLN 372.6 billion, with Q4 revenues at PLN 98.3 billion, reflecting a 7% year-on-year decrease due to lower sales volumes and declining prices for refining, petrochemical products, and hydrocarbons.
• EBITDA LIFO (operational profit before impairment): PLN 44.8 billion for 2023, with Q4 at PLN 11.2 billion. This marks a PLN 5 billion year-on-year decrease, mainly due to weaker refining and petrochemical margins, lower upstream margins, and reduced sales volumes.
• Net profit for 2023: PLN 27.6 billion, with Q4 net profit at PLN 7.3 billion.
• Net debt: Increased by PLN 3.7 billion year-on-year to PLN 1.8 billion, but leverage remains low (Net debt/EBITDA at 0.02x).
• CAPEX: Record investment of PLN 32.4 billion in 2023, focused on growth and transformation projects.

Segment Performance:

• Refining: EBITDA LIFO dropped by PLN 9.8 billion year-on-year, impacted by lower margins, reduced sales, and higher costs. Crude throughput fell 16% in Q4 (to 9.5 million tonnes), mainly due to maintenance shutdowns and changes in consolidation scope.
• Petrochemicals: EBITDA LIFO decreased by PLN 0.9 billion year-on-year, with sales volumes down 14% due to weaker demand and lower margins on key products.
• Energy: EBITDA LIFO fell by PLN 0.9 billion year-on-year, affected by lower electricity prices and higher costs, despite a 36% increase in electricity production (5.3 TWh in Q4) and higher heat sales.
• Retail: EBITDA LIFO remained stable year-on-year, supported by higher fuel and non-fuel margins and a 21% increase in sales volumes. The retail network expanded to 3,170 stations, including new acquisitions in Austria and Hungary.
• Upstream: EBITDA LIFO declined by PLN 5.7 billion year-on-year, reflecting lower hydrocarbon prices and a 4% drop in average production. However, ORLEN expanded its upstream portfolio in Norway and increased gas production capacity above 4 bcm/year.
• Gas: EBITDA LIFO surged by PLN 12.5 billion year-on-year, driven by lower procurement costs, compensation from the Price Difference Payment Fund, and full consolidation of PGNiG Group results.

Strategic and Transformation Initiatives:

• ORLEN advanced its energy transition with offshore wind (5.2 GW potential), onshore wind and PV acquisitions (over 500 MW), and CCS projects in the Barents Sea and Gdańsk.
• The company completed the acquisition of Doppler Energie (Austria) and continued expansion in Hungary and Slovakia.
• ORLEN was recognized as a TOP Employer in Poland and improved its ESG rating from ‘BBB’ to ‘A’ by MSCI.
• Synergies from the integration of PGNiG and LOTOS delivered a net financial effect of PLN 1.5 billion by end-2023, with over 20% of planned milestones achieved.

Outlook for 2024:

• ORLEN plans to invest PLN 38.6 billion, focusing on refining, petrochemicals, energy, renewables, and upstream projects in Poland and Norway.
• The company expects stable oil prices, lower refining margins, a gradual recovery in petrochemical margins, and continued growth in renewables and gas infrastructure.

Relevance: This article is highly relevant to ORLEN S.A.’s business profile as it demonstrates the company’s ability to navigate market volatility, deliver strong financial results, and execute its strategic transformation across the energy value chain.

Piotr Wielowieyski Appointed to Supervisory Board of ORLEN S.A.

On April 25, 2024, the Minister of State Assets, acting on behalf of the State Treasury shareholder, appointed Mr. Piotr Wielowieyski to the Supervisory Board of ORLEN S.A. for the current term. This decision was made in accordance with § 8 sec. 2 point 1 of the company’s Articles of Association.

Mr. Wielowieyski brings extensive experience in the energy, petrochemical, and financial sectors, having held key leadership roles within ORLEN Group and other prominent organizations. His career highlights include serving as Vice President of the Management Board of UNIPETROL a.s., a subsidiary of ORLEN, where he oversaw strategy, retail sales, and logistics. Additionally, he has held supervisory roles in various companies, including PKN ORLEN, Anwil S.A., and other entities in the chemical, petrochemical, and industrial sectors. Mr. Wielowieyski holds a master’s degree in economics from the University of Warsaw and has completed advanced studies in investment advisory and securities analysis.

In compliance with corporate governance standards, Mr. Wielowieyski has declared that he does not engage in any activities competitive to ORLEN S.A. and is not listed in the Register of Insolvent Debtors.

Relevance to ORLEN S.A.: The appointment of Mr. Wielowieyski, with his extensive expertise in energy and petrochemicals, aligns with ORLEN S.A.’s strategic focus on strengthening its leadership and governance as a diversified multi-energy company operating across Central and Eastern Europe.

ORLEN S.A. Appoints New Auditor Following Regulatory Challenges

ORLEN S.A., the largest integrated multi-energy company in Central and Eastern Europe, has announced the appointment of Mazars Audyt Sp. z o.o. as its new auditor for the financial years 2023-2024. This decision follows the termination of the company’s agreement with Deloitte Audyt sp. z o.o. sp.k., which had served as ORLEN’s auditor since 2019. The termination was mutually agreed upon after the Polish Agency for Audit Oversight imposed a temporary ban on Deloitte from providing services under national auditing standards, citing regulatory compliance issues.

The new agreement with Mazars Audyt includes the auditing of ORLEN’s standalone and consolidated financial statements for 2023-2024, as well as reviews of quarterly and semi-annual reports for 2024. ORLEN’s Supervisory Board confirmed that the selection process adhered to all legal and ethical standards, ensuring the independence and impartiality of the new auditor.

Despite the challenges, ORLEN remains committed to maintaining transparency and compliance in its financial reporting processes, as outlined in its corporate governance policies.

Relevance to ORLEN S.A. Profile

This development is significant as it underscores ORLEN’s commitment to regulatory compliance and financial transparency, which are critical for its operations across diverse energy markets in Europe.

ORLEN S.A. Reports 2023 Financial Results and Strategic Developments Amid Challenging Market Conditions

ORLEN S.A., the leading integrated multi-energy company in Central and Eastern Europe, has published its consolidated financial statements for the year ending December 31, 2023. The Group reported record revenues of PLN 372.8 billion, up from PLN 282.4 billion in 2022, driven by increased sales volumes, particularly in the gas and retail segments, and the full-year consolidation of LOTOS and PGNiG. However, net profit fell sharply to PLN 20.7 billion from PLN 39.8 billion a year earlier, reflecting significant impairment charges, lower refining and petrochemical margins, and the absence of one-off gains from the prior year’s acquisitions.

Key financial highlights include:

• EBITDA: PLN 42.3 billion (down from PLN 56.1 billion in 2022)
• Net profit: PLN 20.7 billion (down from PLN 39.8 billion)
• Net debt: PLN 1.8 billion, with a net debt/EBITDA ratio of 0.02
• Capital expenditures (CAPEX): PLN 32.6 billion, with a strong focus on energy transition projects
• Dividend payout: PLN 6.4 billion (PLN 5.50 per share) for 2022, with a recommended PLN 4.15 per share for 2023

The Group’s segment performance was mixed:

• Refining: Sales increased, but margins were pressured by lower oil prices and higher costs, resulting in an EBIT of PLN 6.5 billion.
• Petrochemicals: The segment posted a significant loss (EBIT of -PLN 11.8 billion) due to weak market conditions and a PLN 10.1 billion impairment charge.
• Energy: EBIT reached PLN 1.5 billion, supported by higher electricity sales and investments in renewables.
• Retail: EBIT of PLN 1.1 billion, with continued expansion in Poland and abroad.
• Upstream: EBIT of -PLN 9.3 billion, impacted by impairments in Poland and Canada.
• Gas: EBIT of PLN 42.2 billion, reflecting the full-year consolidation of PGNiG and strong trading results.

ORLEN continued its strategic transformation, investing heavily in energy transition projects. In 2023, the Group completed several key acquisitions, including wind farms in Poland and the Czech recycling company REMAQ, and finalized the integration of LOTOS and PGNiG. Post-balance sheet events include the acquisition of Doppler Energie in Austria (267 fuel stations), the purchase of KUFPEC Norway AS (boosting Norwegian gas output by one-third), and further investments in renewables and offshore wind.

The Group’s financial statements were audited by Mazars Audyt Sp. z o.o., which replaced Deloitte Audyt after the latter was temporarily barred from providing audit services in Poland. The audit confirmed that ORLEN’s financial reporting is compliant with IFRS and Polish regulations, and that the Group’s internal controls and audit committee practices meet all legal requirements.

ORLEN’s management reaffirmed the Group’s commitment to its 2030 strategy, which targets a 25% reduction in CO₂ emissions in refining, petrochemicals, and upstream, and a fourfold increase in renewable energy capacity to 9 GW. The company remains focused on energy security, supply diversification, and sustainable growth, despite ongoing geopolitical risks and market volatility.

Relevance: This article is highly relevant to ORLEN S.A.’s business profile as it details the Group’s financial performance, strategic investments, and progress in energy transition, all of which are central to its position as a leading multi-energy company in the region.

ORLEN S.A. Reports Over PLN 9.28 Billion in Payments to Governments for 2023

ORLEN S.A., the largest integrated multi-energy company in Central and Eastern Europe, has disclosed its consolidated payments to governments for 2023, amounting to over PLN 9.28 billion. The report, prepared in compliance with the Polish Accounting Act, outlines payments related to the company’s extractive activities across multiple countries, including Poland, Norway, Canada, Pakistan, Lithuania, and the United Arab Emirates.

Key highlights from the report include:

• Poland: Payments totaled PLN 565 million, with significant contributions from taxes (PLN 548 million) and other fees such as environmental charges and mining usufruct fees.
• Norway: The largest contributor, with payments exceeding PLN 8.52 billion, primarily from taxes related to oil and gas extraction activities.
• Canada: Payments amounted to PLN 84 million, including royalties and reclamation fund contributions.
• Pakistan: Payments reached PLN 97 million, including taxes and royalties for natural gas extraction.
• Lithuania: Payments of PLN 7.9 million were made, primarily in taxes.
• United Arab Emirates: Payments of PLN 739,000 were reported, mainly for lease fees.

The report also highlights ORLEN’s compliance with local regulations and its commitment to transparency in its operations. Payments were made for various activities, including hydrocarbon exploration, production, and rock salt extraction, with some royalties paid in kind, such as crude oil in Canada.

This report underscores ORLEN S.A.'s extensive involvement in the extractive industry and its significant financial contributions to governments in its operational regions.

Relevance: This article is relevant to ORLEN S.A.'s business profile as it highlights the company's financial obligations and operational footprint across its diverse energy and extractive activities.

ORLEN S.A. Reports 2024 Financial Results: Lower Profits Amid Challenging Market Conditions and Strategic Investments

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has published its consolidated financial results for 2024, revealing a significant decline in profitability amid a challenging macroeconomic environment and ongoing strategic investments.

Key Financial Highlights:

• Revenue: PLN 294.98 billion, down 20.7% year-on-year (2023: PLN 371.92 billion)
• EBITDA: PLN 21.96 billion (2023: PLN 45.51 billion)
• EBIT: PLN 7.95 billion (2023: PLN 31.32 billion)
• Net Profit: PLN 1.38 billion (2023: PLN 20.97 billion)
• CAPEX: PLN 32.36 billion (2023: PLN 32.61 billion)
• Net Debt: PLN 7.02 billion (2023: PLN 1.81 billion)
• Dividend for 2023: PLN 4.82 billion (PLN 4.15 per share)

Segment Performance:

• Refining: Revenue of PLN 136.0 billion, EBITDA PLN 5.33 billion, EBIT PLN 3.60 billion
• Petrochemicals: Revenue of PLN 19.57 billion, EBITDA negative PLN 12.01 billion, EBIT negative PLN 12.85 billion (significant impairment charges)
• Energy: Revenue of PLN 37.79 billion, EBITDA PLN 7.41 billion, EBIT PLN 4.90 billion
• Retail: Revenue of PLN 61.81 billion, EBITDA PLN 2.94 billion, EBIT PLN 1.71 billion
• Upstream: Revenue of PLN 20.59 billion, EBITDA PLN 166 million, EBIT negative PLN 5.00 billion
• Gas: Revenue of PLN 100.67 billion, EBITDA PLN 20.07 billion, EBIT PLN 17.92 billion

Strategic and Operational Developments:

• ORLEN completed several major acquisitions, including the purchase of Doppler Energie (now ORLEN Austria GmbH), expanding its retail network in Austria by 267 stations and entering the Austrian fuel market with a 10% share.
• The company acquired KUFPEC Norway AS, boosting its Norwegian gas production by 55% and increasing annual output to over 4.6 billion m³.
• Significant investments were made in renewable energy, with the acquisition of multiple wind and solar farms, including the Neo Solar Chotków, Neo Solar Farms, FW WARTA, and the E&G Sp. z o.o. (Kleczew) projects, increasing ORLEN’s renewable installed capacity by nearly 20%.
• ORLEN announced a strategic shift in its flagship Olefins III project, halting the original scope due to cost overruns and market changes, and launching the “Nowa Chemia” project focused on lower-emission and more market-aligned chemical production.
• The company maintained a strong focus on decarbonization, reporting a 7% reduction in direct and indirect CO₂ emissions since 2019 and progressing toward its 2035 and 2050 climate goals.
• Dividend policy was updated, linking future payouts to operational cash flows, with a guaranteed minimum of PLN 4.50 per share in 2025 and annual increases of PLN 0.15 per share.

Financial and Market Context:

• The sharp decline in net profit was driven by lower sales volumes, falling market prices for key products, significant impairment charges (especially in petrochemicals), and higher costs in some segments.
• ORLEN’s net debt increased due to high investment outlays and dividend payments, partially offset by strong operating cash flows.
• The company secured new long-term financing, including a USD 1.25 billion bond issue and a PLN 7.7 billion loan for grid modernization, supporting its ongoing transformation and investment program.

Outlook: ORLEN remains committed to its transformation strategy, focusing on renewable energy, decarbonization, and international expansion, despite short-term financial headwinds. The company’s diversified business model and robust investment pipeline position it for long-term growth and resilience in the evolving European energy landscape.

Relevance to ORLEN S.A.:
This article is highly relevant as it details ORLEN’s financial health, strategic direction, and operational performance across all business segments, reflecting the company’s ongoing transformation and market challenges in 2024.

ORLEN S.A. Reports Lower Revenues and Profits in Q1 2024 Amid Challenging Market Conditions

Płock, Poland – May 22, 2024 – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy group, reported a significant year-on-year decline in both revenues and profits for the first quarter of 2024, reflecting challenging macroeconomic conditions and lower commodity prices across key segments.

Financial Highlights:

• Sales revenues for Q1 2024 were PLN 82.3 billion, down from PLN 115.8 billion in Q1 2023.
• Net profit dropped to PLN 2.8 billion from PLN 9.5 billion a year earlier.
• EBITDA fell to PLN 7.7 billion from PLN 16.5 billion in Q1 2023.
• Operating cash flow was PLN 11.7 billion, compared to PLN 23.6 billion in the previous year.

Segment Performance:

• Gas Segment: Revenues declined by PLN 27.6 billion, mainly due to a 48-52% drop in gas prices and the impact of price freezes. Operating costs fell by PLN 26.4 billion, reflecting lower purchase prices.
• Refining Segment: Revenues decreased by PLN 6.1 billion, with a 1% drop in sales volumes and lower margins. Operating costs were down by PLN 4.4 billion.
• Energy Segment: Revenues fell by PLN 4.3 billion, driven by a 43% decrease in electricity prices and a 48% drop in gas prices. Operating costs decreased by PLN 4.0 billion.
• Upstream Segment: Revenues dropped by PLN 2.0 billion due to lower gas prices and currency effects. Operating costs increased by PLN 4.1 billion, mainly due to macroeconomic factors and higher contributions to regulatory funds.
• Retail Segment: Revenues increased by PLN 1.5 billion, partially offsetting declines in other segments.

Strategic Developments:

• ORLEN completed the acquisition of Doppler Energie, expanding its retail network in Austria by 267 stations and entering the Austrian wholesale fuel market.
• PGNiG Upstream Norway, part of the ORLEN Group, finalized the acquisition of KUFPEC Norway, increasing ORLEN’s natural gas production in Norway by one third to over 4 billion cubic meters annually.
• ORLEN continued investments in renewable energy, including the acquisition of wind and photovoltaic projects, and expanded its presence in the Norwegian upstream sector.

Balance Sheet and Cash Flow:

• Total assets stood at PLN 263.0 billion as of March 31, 2024, slightly down from year-end 2023.
• Net financial debt decreased to PLN 780 million, reflecting strong cash flow management and reduced investment outflows.
• Capital expenditures reached PLN 5.7 billion, with major projects in refining, renewables, and upstream development.

Management and Governance:

• Significant changes occurred in the Management Board and Supervisory Board during the quarter, including the appointment of Ireneusz Fąfara as President and several new board members.
• The Polish State Treasury remains the largest shareholder, holding 49.9% of shares.

Outlook:

ORLEN highlighted ongoing risks from geopolitical tensions, inflation, regulatory interventions, and volatile energy prices. The company remains focused on integrating recent acquisitions, expanding its multi-energy portfolio, and investing in energy transition projects.

Relevance to ORLEN S.A. Profile:

This quarterly report is directly relevant as it details ORLEN’s financial and operational performance, strategic acquisitions, and ongoing transformation into a diversified multi-energy group across Central and Eastern Europe.

ORLEN S.A. Reports Solid Financial Performance in Q1 2024 Amid Challenging Market Conditions

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy group, has announced its financial and operational results for the first quarter of 2024, demonstrating resilience and continued growth despite a challenging macroeconomic environment.

Key Financial Highlights:

• Sales Revenue: ORLEN Group generated PLN 82.3 billion in sales revenue in Q1 2024, maintaining its position as a regional energy leader.
• EBITDA LIFO: The Group reported an EBITDA LIFO of PLN 7.7 billion, reflecting stable profitability across its diversified business segments.
• Net Profit: Net profit for the quarter reached PLN 2.8 billion, with earnings per share at PLN 2.38.
• Operating Cash Flow: Net cash from operating activities amounted to PLN 11.7 billion, supporting ongoing investments and financial stability.
• Capital Expenditure: Investments in non-current assets totaled PLN 6.4 billion, underscoring ORLEN’s commitment to infrastructure, energy transition, and expansion projects.

Segment Performance:

• Refining: The refining segment delivered an EBITDA LIFO of PLN 2.3 billion, with crude throughput at 9.5 million tonnes. Despite lower refining margins compared to previous quarters, the segment remained profitable.
• Petrochemicals: The petrochemical segment posted a modest EBITDA LIFO of PLN 4 million, impacted by weak market demand and lower margins. The segment also recorded a significant impairment charge of PLN 0.7 billion related to asset revaluation.
• Energy: The energy segment achieved an EBITDA LIFO of PLN 2.4 billion, supported by stable electricity and heat generation, with installed capacity reaching 5.6 GWe and 13.8 GWt respectively.
• Retail: The retail segment contributed PLN 0.5 billion to EBITDA LIFO, with fuel and non-fuel sales remaining robust across the Group’s extensive station network.
• Upstream & Gas: The upstream segment reported a negative EBITDA LIFO of PLN -4.1 billion, mainly due to lower hydrocarbon prices and asset impairments. The gas segment, however, delivered a strong EBITDA LIFO of PLN 7.9 billion, reflecting the successful integration of PGNiG and effective gas trading and distribution operations.

Balance Sheet and Liquidity:

• Total Assets: The Group’s total assets stood at PLN 263.0 billion as of March 31, 2024.
• Equity: Equity reached PLN 153.7 billion, with a net financial leverage of just 0.5%, highlighting a strong capital structure.
• Net Debt: Net debt remained low at PLN 0.8 billion, ensuring ample liquidity for future investments and operations.

Operational Highlights:

• Crude Oil Throughput: 9.5 million tonnes processed in Q1 2024.
• Electricity Production: 5.5 TWh generated, with renewables accounting for 0.9 TWh.
• Natural Gas Production: 2.2 billion m³ produced, with significant contributions from Poland and Norway.
• Retail Sales: 2.6 million tonnes of fuels sold through the Group’s retail network.

Strategic Outlook:

ORLEN S.A. continues to focus on energy transition, integration of acquired assets (PGNiG, LOTOS, Energa), and expansion in renewables and low-carbon energy. The Group’s diversified business model and strong financial position provide a solid foundation for sustainable growth and value creation for shareholders.

Relevance: This article is highly relevant to ORLEN S.A.’s business profile as it demonstrates the Group’s financial strength, operational scale, and strategic direction across the entire energy value chain, reinforcing its leadership in the regional energy market.

ORLEN S.A. Reports Significant Decline in Profits Amid Challenging Market Conditions in H1 2024

Płock, 21 August 2024 – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has released its consolidated financial results for the first half of 2024, revealing a sharp decline in profitability compared to the same period last year. The Group’s net profit for H1 2024 fell to PLN 2.76 billion, a substantial drop from PLN 15.49 billion in H1 2023. EBITDA also decreased to PLN 12.27 billion from PLN 27.01 billion year-on-year, while sales revenues dropped by 22% to PLN 151.8 billion.

Key Financial Highlights:

• Sales revenues: PLN 151.8 billion (down from PLN 194.9 billion in H1 2023)
• EBITDA: PLN 12.27 billion (down from PLN 27.01 billion)
• Net profit: PLN 2.76 billion (down from PLN 15.49 billion)
• Net cash from operating activities: PLN 17.63 billion (down from PLN 30.74 billion)
• Dividend: PLN 4.82 billion to be paid in December 2024 (PLN 4.15 per share)

Segment Performance:

• Refining: Revenues declined by PLN 5.8 billion due to lower crude oil and product prices and a 2% drop in sales volume. Operating costs fell by PLN 4.85 billion, mainly from lower energy and CO₂ costs.
• Petrochemicals: Revenues fell slightly, but the segment was hit by a PLN 1.13 billion impairment charge, mainly related to the Olefins III investment.
• Energy: Revenues dropped by PLN 6.2 billion, reflecting a 34% fall in electricity prices and a 12% decrease in sales volume. Operating costs decreased by PLN 7.7 billion.
• Retail: Revenues increased by PLN 4.35 billion, driven by higher demand and the acquisition of the Austrian Doppler Energie network, which added 267 stations and 110 EV charging points.
• Upstream: Revenues rose by PLN 423 million, mainly due to the acquisition of KUFPEC Norway AS, but operating costs surged by PLN 8.4 billion due to higher contributions to the Price Difference Payment Fund and new project developments in Norway.
• Gas: Revenues plummeted by PLN 35.6 billion, mainly due to lower gas prices and reduced compensation from the Price Difference Payment Fund. Operating costs fell by PLN 32.5 billion.

Strategic Investments and Acquisitions:

• Finalized the acquisition of Doppler Energie (now ORLEN Austria), expanding its retail presence in Austria and strengthening its position in Central Europe.
• Acquired KUFPEC Norway AS, boosting Norwegian gas production by one third and increasing controlled resources to nearly 400 million boe.
• Continued investments in renewable energy, including wind and solar farms, and expansion of biogas and hydrogen infrastructure.
• Ongoing integration of LOTOS, PGNiG, and Energa, with further synergies expected.

Operational and Market Challenges:

• Significant negative macroeconomic impact, including lower margins, weaker demand, and currency effects.
• Higher impairment charges, especially in the petrochemical segment.
• Reduced compensation and regulatory support compared to 2023.
• Ongoing geopolitical risks, inflation, and regulatory uncertainty in the energy sector.

Outlook: ORLEN’s management highlighted ongoing risks from global economic conditions, energy price volatility, and regulatory changes. The Group continues to focus on strategic investments in renewables, petrochemicals, and upstream gas, aiming to achieve 9 GW of renewable capacity by 2030 and maintain its leadership in the region’s energy transition.

Relevance: This article is highly relevant to ORLEN S.A.’s business profile as it details the company’s financial performance, strategic investments, and operational challenges across its integrated energy value chain, reflecting its position as a leading multi-energy group in Central and Eastern Europe.

ORLEN S.A. Appoints Forvis Mazars Audyt for Financial Audits Amid Declining Financial Performance

ORLEN S.A., the largest integrated multi-energy company in Central and Eastern Europe, has announced the appointment of Forvis Mazars Audyt Sp. z o.o. as the auditor for its standalone and consolidated financial statements for the fiscal years 2023 and 2024. The decision, made by the Supervisory Board on October 26, 2023, also includes the review of quarterly and half-yearly financial statements for 2024. The selection process adhered to all legal and ethical standards, including regulations on auditor rotation and independence. ORLEN S.A. has also confirmed the existence of a robust policy for selecting audit firms and managing additional services provided by the auditor.

Meanwhile, the company reported a significant decline in its financial performance for 2024 compared to the previous year. ORLEN's revenue dropped from PLN 250.97 billion in 2023 to PLN 201.35 billion in 2024, while net profit plummeted from PLN 21.22 billion to PLN 3.94 billion. EBITDA also saw a sharp decline, falling from PLN 29.86 billion in 2023 to PLN 10.01 billion in 2024. The company attributed the downturn to challenging market conditions and increased operational costs.

Relevance to ORLEN S.A.: The appointment of a new auditor and the financial performance report are critical to ORLEN's business profile, as they reflect the company's commitment to transparency and the challenges it faces in maintaining profitability across its diversified energy operations.

ORLEN S.A. Appoints Forvis Mazars Audyt as Auditor for 2023-2024 Financial Statements

ORLEN S.A., the largest integrated multi-energy company in Central and Eastern Europe, has announced the appointment of Forvis Mazars Audyt Sp. z o.o. as the authorized auditor for its standalone and consolidated financial statements for the fiscal years 2023 and 2024. The decision was made by the Supervisory Board on October 26, 2023, following a selection process conducted in compliance with applicable regulations. Forvis Mazars Audyt will also review ORLEN's financial statements for the first and third quarters, as well as the first half of 2024.

The company emphasized that the selection process adhered to all legal requirements, including those related to the rotation of audit firms and mandatory cooling-off periods. ORLEN's Management Board confirmed that the appointed audit firm and its team meet the necessary conditions to provide an impartial and independent audit report in accordance with professional standards and ethical guidelines.

Additionally, ORLEN's Supervisory Board affirmed that the company has a robust policy for selecting audit firms and for managing the provision of non-audit services by the appointed auditor or its affiliates. The Supervisory Board also confirmed compliance with regulations concerning the Audit Committee's composition, independence, and expertise in the energy sector and financial reporting.

The financial data for 2024 revealed a significant decline in ORLEN's performance compared to 2023. Revenue from sales dropped from PLN 371.9 billion in 2023 to PLN 294.9 billion in 2024, while net profit plummeted from PLN 20.9 billion to PLN 1.4 billion. Total net income also turned negative, with a loss of PLN 1.9 billion in 2024 compared to a net income of PLN 16.7 billion in 2023. The company attributed these results to challenging market conditions and strategic adjustments in its operations.

Forvis Mazars Audyt's independent audit report confirmed that ORLEN's consolidated financial statements for 2024 present a fair and transparent view of the company's financial position and comply with International Financial Reporting Standards (IFRS) as approved by the European Union.

Relevance to ORLEN S.A.: This development is significant as it highlights ORLEN's commitment to transparency and compliance with international financial reporting standards, which is crucial for maintaining investor confidence and supporting its diversified operations across the energy value chain.

ORLEN S.A. Reports Strong Financial Performance in Q1 2025 Amid Strategic Investments and Market Challenges

Płock, Poland, May 22, 2025 – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has announced robust financial results for the first quarter of 2025, demonstrating resilience and strategic progress despite a challenging market environment.

Financial Highlights:

• Revenue: PLN 73.5 billion, down 11% year-on-year, reflecting lower commodity prices and volumes in several segments.
• EBITDA: PLN 10.2 billion, up from PLN 7.6 billion in Q1 2024, with LIFO EBITDA (excluding impairment losses) reaching PLN 11.6 billion, a year-on-year increase of PLN 3.3 billion.
• Net Profit: PLN 4.3 billion, up from PLN 2.8 billion in Q1 2024.
• Net Cash from Operating Activities: PLN 15.7 billion, supporting a net cash position of PLN 1.2 billion at quarter-end.
• Capital Expenditure: PLN 6.2 billion, focused on strategic growth and modernization across all business segments.

Segment Performance:

• Upstream & Supply: Revenue fell 15% year-on-year to PLN 40.9 billion, with a 57% drop in crude oil, condensate, and NGL sales volumes due to timing of Norwegian sales. Gas sales volumes rose 12% to 77 TWh, driven by higher domestic demand and trading activity.
• Downstream: Revenue decreased 12% to PLN 30.4 billion, with a 5% decline in sales volumes. Lower diesel and fertilizer sales, along with weaker product prices, impacted results. Segment operating expenses fell 8% due to lower crude prices.
• Energy: Revenue declined 5% to PLN 13.6 billion, mainly due to an 18% drop in electricity sales volumes caused by lower hydro and wind output and maintenance outages. Gas distribution volumes increased, partially offsetting the decline.
• Consumers & Products: Revenue dropped 9% to PLN 27.7 billion, with a 2% decrease in fuel sales volumes, notably a 22% drop in Austria after the elimination of Russian-origin fuels. Gas and electricity sales rose 4% year-on-year.

Strategic and Operational Developments:

• ORLEN continued its investment program, focusing on upstream projects in Norway and Canada, new chemical and refining installations, renewable energy assets, and retail network expansion.
• Key transactions included the acquisition of full control over Baltic Sea gas fields, renewable energy projects, and further integration of subsidiaries.
• The company issued USD 1.25 billion in 10-year bonds to support its investment strategy and maintain financial flexibility.
• ORLEN’s updated 2035 Strategy, “Tomorrow’s Energy Begins Today,” emphasizes diversification, energy transition, and shareholder value.
• The Management Board recommended a dividend of PLN 6.00 per share for 2024, subject to shareholder approval.

Risk and Outlook:

• ORLEN highlighted ongoing geopolitical risks, including the war in Ukraine, global economic uncertainty, and regulatory changes affecting the energy sector.
• The company is actively managing legal disputes, including arbitration with Gazprom and other commercial claims, but reports no material impact on its financial stability.
• Recent court decisions and regulatory developments have generally favored ORLEN, supporting its corporate governance and strategic direction.

Management and Shareholding:

• The Management Board, led by CEO Ireneusz Fąfara, remains unchanged, with the Polish State Treasury holding a 49.9% stake in the company.

Relevance to ORLEN S.A. Profile:

This article is highly relevant as it demonstrates ORLEN’s financial strength, strategic investments, and operational resilience across its diversified energy value chain, reinforcing its position as a leading multi-energy group in the region.

ORLEN S.A. Reports Strong Financial Performance and Strategic Progress in H1 2025 Amid Market Volatility

Płock, 21 August 2025 – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has released its consolidated interim report for the first half of 2025, demonstrating robust financial results and continued strategic transformation despite a challenging macroeconomic environment.

Key Financial Highlights:

• Revenue: PLN 134.2 billion, down from PLN 151.8 billion in H1 2024, reflecting lower commodity prices and volumes across key segments.
• EBITDA: PLN 17.0 billion, up from PLN 12.1 billion in H1 2024, with LIFO-based EBITDA (excluding impairment losses) reaching PLN 20.8 billion (up PLN 7.6 billion year-on-year).
• Net Profit: PLN 5.9 billion, more than double the PLN 2.8 billion reported a year earlier.
• Operating Cash Flow: PLN 26.2 billion, supporting significant investment and debt reduction.
• Net Cash Position: ORLEN moved to a net cash position of PLN 5.5 billion by end-June 2025.
• Dividend: The AGM approved a dividend of PLN 6.00 per share (PLN 7.0 billion total), with payment scheduled for September 2025.

Segment Performance:

• Upstream & Supply: Revenue declined due to lower crude oil prices and volumes, but EBITDA rose sharply to PLN 8.6 billion (up PLN 6.9 billion y/y) as the negative impact of the Price Difference Compensation Fund was absent in 2025.
• Downstream: Revenue and EBITDA fell due to lower product prices and volumes, as well as significant impairment charges related to the Nowa Chemia project and ORLEN Lietuva assets.
• Energy: Revenue decreased slightly, but EBITDA improved to PLN 6.6 billion (up PLN 1.0 billion y/y), driven by higher margins on electricity sales and distribution, and increased gas distribution volumes.
• Consumers & Products: Revenue fell due to lower fuel prices and volumes, but EBITDA rose to PLN 3.2 billion (up PLN 1.3 billion y/y), supported by higher gas and electricity sales and improved retail margins.

Strategic and Operational Developments:

• Strategy 2035: ORLEN launched its updated long-term strategy, focusing on integration, decarbonisation, and digital transformation across four core segments: Upstream & Supply, Downstream, Energy, and Consumers & Products.
• Investments: Capital expenditure reached PLN 13.8 billion in H1 2025, with major projects in renewables, refining, and energy infrastructure across Poland, Lithuania, Norway, and Canada.
• Green Financing: ORLEN issued USD 1.25 billion in 10-year bonds and EUR 600 million in green bonds to fund renewable energy, energy efficiency, and clean transport projects.
• Hydrogen Projects: The Group secured PLN 1.7 billion in non-repayable funding from the National Recovery and Resilience Plan for renewable and low-emission hydrogen production.
• Legal and Regulatory: ORLEN recognised a PLN 217 million provision following a partial arbitral award in the ongoing dispute with Gazprom over Yamal Contract pricing, with further arbitration phases pending.
• Corporate Structure: The Group continued streamlining its structure, including mergers, acquisitions, and the carve-out of domestic upstream and storage assets.

Outlook and Risks:

• ORLEN expects continued market volatility due to geopolitical risks, global economic trends, and regulatory changes, but remains committed to its transformation and investment plans.
• Key risks include commodity price fluctuations, regulatory interventions, and ongoing litigation.

Management and Governance:

• The Management Board, led by CEO Ireneusz Fąfara, continues to focus on value creation, sustainability, and operational excellence.
• The State Treasury remains the largest shareholder with a 49.9% stake.

Relevance to ORLEN S.A. Profile:

This report underscores ORLEN’s resilience and strategic agility as a leading multi-energy group, highlighting its ability to deliver strong financial results, invest in future growth, and advance its energy transition agenda despite a volatile external environment.

ORLEN Group Reports Strong Financial Performance in Q3 2025 Amid Challenging Market Conditions

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has reported robust financial results for the third quarter and first nine months of 2025, demonstrating resilience despite ongoing macroeconomic volatility and geopolitical risks.

For the nine months ended 30 September 2025, the ORLEN Group generated consolidated revenues of PLN 195.2 billion, a decrease of PLN 24.6 billion year-on-year, primarily due to lower market prices for crude oil, gas, and refined products, as well as reduced sales volumes in key segments. Despite this, the Group’s EBITDA rose significantly to PLN 24.3 billion (up PLN 6.5 billion year-on-year), with EBITDA before net impairment losses reaching PLN 28.9 billion. Net profit surged to PLN 8.1 billion, an increase of over PLN 5 billion compared to the same period in 2024.

The Group’s positive operating cash flow of PLN 34.4 billion and successful bond issuances (PLN 7.5 billion) enabled continued strategic investments, with capital expenditures totaling PLN 21.1 billion. As a result, ORLEN’s net debt position improved to a net cash position of PLN 1.0 billion at the end of September 2025.

Segment performance highlights include:

• Upstream & Supply: Revenue fell due to lower crude oil prices and volumes, but EBITDA (excluding impairments) increased to PLN 11.9 billion, supported by the absence of negative regulatory impacts and lower crude purchase costs.
• Downstream: Revenue and EBITDA declined due to lower product prices and volumes, as well as ongoing impairments in petrochemical assets.
• Energy: Despite lower revenues from electricity trading, EBITDA rose to PLN 8.8 billion, driven by higher gas distribution volumes and improved margins from lower input costs.
• Consumers & Products: Revenue decreased due to the absence of government compensation and lower fuel prices/volumes, but EBITDA improved to PLN 4.8 billion thanks to cost optimization and increased gas/electricity sales.

The Group continued to invest in strategic projects across all segments, including upstream developments in Norway and Canada, new refining and petrochemical facilities, renewable energy assets, and retail network expansion. Notable corporate events included the acquisition of renewable energy projects, restructuring of Austrian operations, and ongoing legal and arbitration proceedings related to legacy gas contracts.

ORLEN’s balance sheet remains strong, with total assets of PLN 260.2 billion and equity of PLN 149.0 billion. The company paid a dividend of PLN 6.97 billion for 2024 and maintained a stable shareholder structure, with the State Treasury holding 49.9% of shares.

Looking ahead, ORLEN faces continued uncertainty from global energy markets, regulatory changes, and geopolitical developments, but remains focused on executing its 2035 strategy, investing in energy transition, and maintaining financial stability.

Relevance to ORLEN S.A.: This article is highly relevant as it details ORLEN’s financial health, strategic direction, and operational performance across its diversified energy value chain, underscoring its position as a leading multi-energy group in the region.

ORLEN Group Reports Robust Financial Performance in 2025 Amid Market Volatility and Strategic Expansion

Płock, Poland, February 19, 2026 – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has reported strong financial results for the full year 2025, demonstrating resilience and strategic progress despite challenging global market conditions.

Financial Highlights:

• Revenue: PLN 267.3 billion, down from PLN 295.0 billion in 2024, primarily due to lower global feedstock and product prices despite stable sales volumes.
• EBITDA: PLN 32.8 billion, up by PLN 9.2 billion year-on-year, with EBITDA before net impairment losses reaching PLN 40.8 billion.
• Net Profit: PLN 11.2 billion, a significant increase from PLN 2.7 billion in 2024.
• Operating Cash Flow: PLN 47.4 billion, supporting capital expenditures of PLN 31.9 billion and reducing net debt to a net cash position of PLN 1.4 billion.
• Dividend: PLN 6.97 billion paid for 2024 (PLN 6.00 per share).

Segment Performance:

• Upstream & Supply: Revenue fell by PLN 24.9 billion to PLN 144.4 billion, mainly due to lower crude oil prices and volumes. EBITDA (excluding impairments) was PLN 15.9 billion, down PLN 2.3 billion year-on-year.
• Downstream: Revenue decreased by PLN 16.7 billion to PLN 125.0 billion, reflecting lower product prices and volumes. However, EBITDA (excluding impairments) rose to PLN 8.7 billion, up PLN 1.7 billion.
• Energy: Revenue dropped by PLN 1.8 billion to PLN 47.4 billion, but EBITDA (excluding impairments) increased by PLN 1.6 billion to PLN 12.5 billion, driven by higher margins and improved distribution volumes.
• Consumers & Products: Revenue declined by PLN 10.8 billion to PLN 91.5 billion, mainly due to the absence of government compensation for regulated energy prices. EBITDA (excluding impairments) rose by PLN 3.0 billion to PLN 6.0 billion, supported by higher gas and electricity sales volumes.

Strategic and Operational Developments:

• ORLEN continued its investment in strategic growth areas, including upstream projects in Norway and Canada, new refining and petrochemical units, renewable energy assets, and retail network modernization.
• Key acquisitions included renewable energy projects (e.g., the Sompolno hybrid wind and solar project, Solar Serby PV plant), and the purchase of S54 Sp. z o.o. to expand the petrochemical value chain.
• ORLEN issued new bonds, including green bonds, to finance energy transition projects, and maintained a strong liquidity position with significant undrawn credit lines.
• Arbitration with Gazprom resulted in a partial award requiring ORLEN to pay approximately USD 291 million for retroactive gas price adjustments, but also secured a favorable ruling for interest on past overcharges.
• ORLEN received PLN 1.7 billion in non-repayable funding for hydrogen projects under the National Recovery and Resilience Plan.
• The company announced and began implementing its 2035 Strategy, focusing on diversification, energy transition, and shareholder value growth.

Outlook and Risks:

• ORLEN highlighted ongoing geopolitical risks, regulatory changes, and market volatility as key factors for future performance.
• The company remains committed to its strategic investment program, energy transition, and maintaining financial stability.

Relevance to ORLEN S.A.: This report underscores ORLEN’s position as a leading, diversified energy group in Europe, demonstrating its ability to deliver strong financial results, execute strategic investments, and navigate complex market and regulatory environments.

ORLEN S.A. Board Recommends Dividend Payout of PLN 8.00 Per Share

The Management Board of ORLEN S.A. has announced its recommendation to the Ordinary General Meeting of Shareholders to approve a dividend payout of PLN 8.00 per share, amounting to a total of PLN 9.3 billion. The proposed dividend record date is set for June 18, 2026, with the payout scheduled for June 25, 2026. The final decision on the proposal will be made during the upcoming General Meeting.

This announcement underscores ORLEN S.A.'s strong financial performance and commitment to delivering value to its shareholders, aligning with its position as a leading multi-energy company in Central and Eastern Europe.

ORLEN S.A. Reports Financial Decline Amidst Strategic Developments

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has reported a significant financial downturn for the fiscal year 2025. The company’s net revenue from sales decreased to PLN 174.5 billion (€41.18 billion) from PLN 201.4 billion (€46.78 billion) in 2024. Furthermore, ORLEN recorded a net loss of PLN 7.92 billion (€1.87 billion) in 2025, a stark contrast to the net profit of PLN 5.24 billion (€1.22 billion) achieved in the previous year. Total net income also fell to a loss of PLN 5.73 billion (€1.35 billion) compared to a profit of PLN 3.15 billion (€733 million) in 2024.

Despite the financial challenges, ORLEN S.A. demonstrated robust operational cash flow, reporting a net cash inflow of PLN 20.07 billion (€4.74 billion) from operating activities, a significant increase from PLN 12.89 billion (€2.99 billion) in 2024. However, the company faced a net cash outflow of PLN 3.27 billion (€771 million) in investment activities, reflecting its ongoing commitment to strategic projects and diversification efforts. Additionally, the company’s total assets slightly decreased to PLN 194.1 billion (€45.91 billion) from PLN 197.4 billion (€46.19 billion) in 2024.

In governance updates, ORLEN’s Supervisory Board reaffirmed its compliance with regulations regarding the selection and rotation of auditing firms. KPMG Audyt spółka z ograniczoną odpowiedzialnością s.k. was reappointed to audit the company’s financial statements and sustainability reporting for 2025 and 2026. The Supervisory Board also confirmed the adherence to policies ensuring the independence and impartiality of the auditing process, as well as the establishment of a dedicated Sustainable Development Committee to oversee sustainability reporting and attestations.

Relevance to ORLEN S.A.: The financial results and governance updates are critical to understanding ORLEN’s current market position and its ongoing efforts to maintain transparency and compliance while navigating financial challenges and pursuing strategic growth initiatives in the energy sector.

ORLEN S.A. Reports 2025 Financial Results and Audit Findings

ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has released its consolidated financial results for the fiscal year ending December 31, 2025. The company reported total revenues of PLN 267.8 billion, a decline from PLN 294.9 billion in 2024. Despite the revenue drop, ORLEN achieved an EBITDA of PLN 24.2 billion, slightly up from PLN 23.7 billion in the previous year. The net profit for 2025 stood at PLN 2.65 billion, a marginal decrease from PLN 2.75 billion in 2024. The company also reported a significant increase in net cash flow from operating activities, reaching PLN 47.2 billion, compared to PLN 36.6 billion in 2024.

The independent auditor, KPMG Audyt, confirmed that ORLEN’s financial statements provide a fair and transparent view of the company’s financial position, in compliance with International Financial Reporting Standards (IFRS) and applicable legal regulations. The audit also highlighted key areas of focus, including revenue recognition, impairment of goodwill in renewable energy and gas extraction sectors, and impairment of tangible and intangible assets. Notably, the company recorded impairment charges of PLN 15.6 billion in 2025, up from PLN 13.2 billion in 2024.

Additionally, ORLEN’s financial statements were successfully prepared in compliance with the European Single Electronic Format (ESEF) requirements, as confirmed by KPMG. The company’s governance and audit processes were also deemed compliant with relevant legal and ethical standards, including the rotation of audit firms and auditors.

Relevance to ORLEN S.A.: The financial results and audit findings are critical to ORLEN’s business profile as they reflect the company’s financial health, operational performance, and compliance with international standards, reinforcing its position as a leading energy group in the region.

ORLEN Group Reports Over PLN 3.9 Billion in Payments to Governments in 2025

The ORLEN Group, Central and Eastern Europe’s largest integrated multi-energy company, has disclosed its Consolidated Report on Payments to Governments for 2025, revealing a total contribution of PLN 3.9 billion across its global operations. The report, prepared in compliance with the Polish Accounting Act, outlines payments made to governments in countries where the company conducts extractive activities, including Poland, Norway, Canada, Pakistan, Lithuania, and the United Arab Emirates.

Key highlights from the report include:

• Poland: Payments totaling PLN 478.3 million, primarily comprising taxes (PLN 432.7 million) and other fees such as environmental charges and mining rights fees (PLN 45.6 million).
• Norway: The largest contribution, with payments amounting to PLN 3.2 billion, primarily in taxes (PLN 2.89 billion) and fees to regulatory authorities.
• Canada: Payments of PLN 58.5 million, including royalties (PLN 45.9 million), concession fees (PLN 10.1 million), and other fees (PLN 2.5 million).
• Pakistan: Payments totaling PLN 151.3 million, including taxes (PLN 108.3 million), royalties (PLN 41.8 million), and infrastructure improvement contributions (PLN 1.1 million) for social welfare programs.
• United Arab Emirates: Concession fees of PLN 3.8 million related to the liquidation of a branch and the cessation of exploration activities.

The report also highlights the Group’s compliance with local regulations and its contributions to social welfare initiatives, particularly in Pakistan, where funds were allocated to education, healthcare, and infrastructure improvements in concession areas.

Relevance to ORLEN S.A.: This report underscores ORLEN S.A.'s extensive involvement in the energy sector across multiple countries, aligning with its business profile as a diversified multi-energy company operating across the entire energy value chain.

ORLEN S.A. Reports Strong Financial Performance in Q1 2026 Amid Geopolitical Volatility

Warsaw, 28 May 2026 – ORLEN S.A., Central and Eastern Europe’s largest integrated multi-energy company, has announced robust financial results for the first quarter of 2026, demonstrating resilience and growth despite heightened geopolitical tensions and volatile commodity markets.

Key Financial Highlights:

• Consolidated revenue reached PLN 75.8 billion, up by PLN 2.1 billion year-on-year.
• EBITDA surged to PLN 14.9 billion, a significant increase from PLN 10.0 billion in Q1 2025.
• Net profit more than doubled to PLN 8.2 billion, compared to PLN 4.2 billion in the previous year’s first quarter.
• Operating cash flow stood at PLN 8.5 billion, supporting capital expenditures and further reducing net debt.
• Total assets rose to PLN 279.6 billion, with equity increasing to PLN 148.9 billion.

Operational and Market Drivers:

• The escalation of conflict in Iran and the blockade of the Strait of Hormuz led to a sharp rise in Brent crude prices, positively impacting ORLEN’s Upstream & Supply segment.
• Refining margins in Central and Eastern Europe improved significantly, offsetting higher feedstock costs and boosting Downstream segment results.
• Petrochemical margins declined due to increased feedstock prices, but the negative impact was outweighed by gains in refining.
• Sales volumes increased across most segments, notably in gas, refined products, and retail fuels, driven by higher demand and favorable weather conditions.
• ORLEN maintained business continuity and fuel supply security, with no risk of shortages identified in its core markets.

Strategic and Investment Developments:

• Capital expenditures totaled PLN 5.4 billion in Q1 2026, focusing on strategic projects in Norway, Poland, Lithuania, and the broader region, including renewable energy, refining, and infrastructure upgrades.
• ORLEN issued a supplementary tranche of USD 250 million in Series C bonds, supporting ongoing investments under the ORLEN 2035 Strategy.
• The company advanced the Nowa Chemia project, with an updated budget of PLN 35.8 billion and full commissioning planned for 2030.
• ORLEN signed a preliminary agreement to acquire all remaining shares in Grupa Azoty Polyolefins S.A., further strengthening its position in the polymers and petrochemicals value chain.

Risk Management and Outlook:

• Despite ongoing geopolitical risks, including the war in Ukraine and Middle East tensions, ORLEN’s management confirmed the group’s ability to continue as a going concern for at least 12 months.
• The company actively manages liquidity, maintains diversified funding sources, and monitors macroeconomic and climate-related risks.
• ORLEN’s credit ratings were affirmed at A3 (Moody’s) and Baa1 (Energa), reflecting a strong financial position and business model resilience.

Dividend Proposal:

• The Management Board recommended a dividend of PLN 8.00 per share for 2025, totaling PLN 9.3 billion, with payment scheduled for June 2026, subject to shareholder approval.

Legal and Regulatory Matters:

• ORLEN continues to be involved in several legal proceedings, including arbitration with Gazprom regarding gas supply contracts, but maintains provisions and does not anticipate material short-term financial risks from these cases.

Management and Shareholding:

• The Management Board and Supervisory Board saw minor changes, with the State Treasury retaining a 49.9% stake in ORLEN S.A.

Auditor’s Review:

• KPMG conducted a review of the interim consolidated financial statements and found no issues indicating non-compliance with International Accounting Standards.

Relevance to ORLEN S.A. Profile:
This article is highly relevant as it demonstrates ORLEN’s financial strength, operational resilience, and strategic progress across its integrated energy value chain, reinforcing its position as a leading multi-energy group in Central and Eastern Europe.