OMV (OMV) Q2 2026 earnings summary

Executive summary

• Clean CCS Operating Result rose 65% year-over-year to EUR 1.7 billion, with all business segments contributing significantly despite geopolitical volatility and regional challenges in the Middle East.

• Net income attributable to stockholders surged by over EUR 500 million to EUR 930 million, and EPS increased to EUR 2.90.

• Borouge International, the new global polyolefins leader, contributed significantly in its first quarter post-formation, with adjusted EBITDA of $1.8 billion and a 33% margin.

• Major strategic milestone: closing of Borouge International JV, deconsolidation of Borealis, and EUR 1.5 billion equity injection.

• Gas extraction began at the Wittau well, expected to double Austrian gas production.

Financial highlights

• Cash flow from operating activities increased by EUR 250 million to EUR 1.3 billion, with organic free cash flow before dividends rising to over EUR 600 million.

• Clean CCS EPS rose to EUR 2.90 from EUR 1.20 year-over-year.

• Leverage ratio increased to 19% after dividend payments, remaining well below the 30% threshold.

• Net debt at end of June 2026 was EUR 3.0 billion, with a cash position of EUR 3 billion and undrawn credit facilities of EUR 3.1 billion.

• Total capital expenditure in H1 2026 was EUR 3,103 million, mainly due to Borouge International equity injection.

Outlook and guidance

• Brent oil price forecast for 2026 is $85–$95/bbl; realized gas price around EUR 40/MWh.

• Oil and gas production expected between 280,000–290,000 boe/d for 2026.

• Refining indicator margin projected at $20/bbl for 2026, with refinery utilization above 90%.

• Ethylene and propylene indicator margins expected above EUR 600/ton and EUR 500/ton, respectively.

• Organic CAPEX projected at EUR 3.4 billion for 2026.