OMV (OMV) Q4 2024 (Media) earnings summary

Executive summary

• Achieved the fourth-best results in company history for 2024, operating profitably amid geopolitical and economic volatility, despite not matching the exceptional 2023 performance.

• Clean CCS Operating Result for Q4 2024 decreased 4% year-over-year to EUR 1,375 mn, mainly due to lower Fuels & Feedstock performance, offset by stronger Chemicals and Energy results.

• Severed long-term gas supply contract with Gazprom Export, fully exiting Russian business activities and diversifying gas portfolio with new LNG contracts and increased domestic production.

• Full-year 2024 sales revenues declined 14% to EUR 33,981 mn, primarily from lower natural gas and oil prices.

• Advanced major projects in Norway, Austria, and Romania, including Neptun Deep gas development and significant investments in renewables and sustainable fuels.

Financial highlights

• Clean CCS operating result reached EUR 5,141 mn in 2024, down 15% year-over-year but still historically strong.

• Cash flow from operating activities (excluding net working capital) increased 14% to EUR 5.3 billion.

• Leverage ratio, including leasing, at 12% at year-end 2024, up from 8% in 2023.

• Proposed total dividend of EUR 4.75 per share for 2024, including a special dividend of EUR 1.70.

• Net income for full-year 2024 increased 6% to EUR 2,024 mn.

Outlook and guidance

• 2025 Brent oil price expected at $75 per barrel; OMV gas price at ~35 EUR/MWh; refinery margins at $6 per barrel.

• Organic investments planned at EUR 3.6 billion for 2025, with major allocations to energy, chemicals, and fuels.

• Chemicals: Polyethylene and polypropylene indicator margins in Europe expected above EUR 400/t; polyolefin sales volumes projected at 4.1 mn t.

• Energy: Hydrocarbon production expected at 300 kboe/d (2024: 340 kboe/d), with production cost at USD 11/boe.

• Continued focus on sustainability, innovation, and potential strategic combinations in chemicals.