Orlen (PKN) investor relations material

Executive summary

• Achieved strong operational and financial performance in Q2 2026, supported by a diversified business model, favorable macroeconomic conditions, and growth in upstream, downstream, and energy projects.

• Revenue for H1 2026 reached PLN 152.2 billion, up PLN 17.8 billion year-over-year, with net profit rising to PLN 15.9 billion and EBITDA at PLN 28.7 billion.

• Advanced key projects in upstream (Goliath field, Cerisa project), downstream (chemicals, Grupa Azoty Polyolefins), and energy (Baltic Power, Grudziądz CCGT, renewables), including first power deliveries and new chemical installations.

• Expanded LNG deliveries, renewable energy capacity, and loyalty program, with over 5.6 million active users.

• Strong cash flows from operations supported capital expenditures and record dividend payments.

Financial highlights

• Q2 2026 revenue: PLN 76.5 billion; H1 2026 revenue: PLN 152.2 billion.

• Q2 EBITDA: PLN 13.9 billion; H1 EBITDA: PLN 28.7 billion.

• Q2 operating cash flow: PLN 15.2 billion; H1 operating cash flow: PLN 23.7 billion.

• CapEx in Q2: PLN 9.3 billion; H1 CapEx: PLN 14.7 billion.

• Net debt: PLN 4.5 billion; net debt/EBITDA: 0.1x; record dividend of PLN 8 per share paid.

Outlook and guidance

• Full-year CapEx target: PLN 36 billion, with focus on maximizing asset utilization post-maintenance and executing growth projects.

• Energy transition and renewables prioritized, with significant investments in CCGT units and integration of business segments.

• Macro environment remains volatile; Q3 expected to be strong, but long-term normalization anticipated.

• No plans for special dividends or major M&A unless suitable opportunities arise.

• Project finance and refinancing initiatives underway for major energy projects.