OMV : Q4/25 Presentation slides (OMV Q4 2025 Analyst Conference Call)

Q4 2025 Results Conference Call

Alfred Stern

Chairman of the Executive Board and CEO

February 4, 2026

Operations

Financials

Shareholder distributions

Key messages 2025

• Oil and gas production volumes (excluding divestment of Malaysia) -2%

• Fuel sales volumes +1%

• Polyolefin sales volumes incl. JVs +3%

• Clean CCS Operating Result of EUR 4.6 bn (-10%)

• Strong CFFO only slightly below 2024 (-4%), despite the challenging environment
• >70% of Efficiency Program 2027 target achieved in 20251
• Disciplined investments; Organic cash CAPEX in line with guidance

• Strong balance sheet with a leverage ratio of 14%

• Regular DPS of 3.15 EUR, +10 cents in line with progressive policy

• Additional DPS of EUR 1.25

• Total DPS for full-year 2025 of EUR 4.40, 28% of CFFO
• Dividend yield of 9.3%

Comparisons are versus full-year 2024

1 Cash flow from operations vs 2023; achieved EUR ~400 mn

Delivering the Strategy 2030 - Major milestones in 2025

Energy Fuels Chemicals

• Neptun Deep development on track

• Progress in the exploration activities for

  Han Asparuh block

• Successful diversification of gas supply

• OMV Petrom advancing towards

  renewables leadership in SEE

• Advanced the geothermal energy project in Vienna to production testing

• Oil discovery in the Sirte basin, Libya, with estimated recoverable volumes between 15 and 42 mn boe

• Co-processing plant in operation

• Petrobrazi SAF/HVO plant

  construction on track

• ~200 MW electrolyzer capacity in Romania and Austria under construction (captive refinery demand); 10 MW electrolyzer in operation in Austria

• Nearly doubled the EV network

• Rebranded retail stations

• Agreed to form Borouge Group International, a global leading polyolefin company

• Successful start-up of the chemical recycling plant ReOil®

• Successful start-up of Borealis' new compounding line in Belgium

• Progressing Kallo and Borouge 4

  growth projects

  Closing in Q1 2026

  Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026

  
  
  

  Borouge Group International -

  Q1/26

  Estimated closing

  Status

  • Received all FDI approvals and vast

    majority of clearances

  • Obtained loan of USD 15.4 bn to finance the acquisition of NOVA and ensure appropriate levels of liquidity

    Next steps until closing

  • Receive outstanding clearances

  • Start-up of Borouge 4 first PE plant in Q1; production is expected to ramp up through 2026

  • Announce Supervisory Board and Executive Board

‌Overview Q4 2025

Clean CCS Operating Result EUR mn

Clean CCS EPS EUR

-1%

1.7 1.7 1.8

Cash flow from operating activities EUR mn

-16%

1,375

112 81

1,262

222

1,153

236

413

346

1,241

622

586

+63%

1,681 1,030 1,094

Q4/24 Q3/25 Q4/25

Q4/24 Q3/25 Q4/25

Q4/24 Q3/25 Q4/25

Chemicals Fuels

Energy

Consolidation and Others

1 Excluding Malaysia divestment

Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026

Operational performance

Q4 2025 vs. Q4 2024

Hydrocarbon production

-4%1

Fuel sales volumes

+4%

Polyolefin sales volumes incl. JVs

+7%

6

Energy - lower prices and one-off effects, partially offset by stronger Gas Marketing & Power

Clean Operating Result EUR mn

• Market environment

  • Lower realized crude oil price (-13%) and realized natural gas price (-14%)

  • Negative impact of EUR/USD FX development of EUR (81) mn

    919

471

-391

977

312

58

973

210

Gas 1,241

• Oil and gas production of 300 kboe/d (-38 kboe/d)

  54

Marketing & Power

58

136

268

586

116

− Divestment of OMV Sapura in Malaysia (-24 kboe/d)

− Norway (-4 kboe/d)

− Romania (-4 kboe/d)

• Sales volumes of 289 kboe/d (-65 kboe/d) due to Malaysia

  divestment, lifting schedule Norway and Libya and natural decline

• Production cost increased to USD 10.6/boe (+9%), mainly because of lower production and FX rate, partially offset by a lower absolute cost

• Higher Gas Marketing & Power contribution excluding the

  arbitration award by EUR 58 mn

  Q4/24

  Malaysia

  Gas

  Q4/24

  Market

  E&P

  Gas

  Q4/25

  • Gas West decreased by EUR 25 mn mainly due to lower

    divestment arbitration

    award

    excl. one-off effects

    effects1 operational Marketing performance & Power

    excl. arbitration award

    release of transport provision

    • Gas & Power East improved by EUR 83 mn, mostly due to better power business, supported by power market

1 Market effects defined as oil and gas prices, foreign exchange impact and price effect on royalties

deregulation effective from July 2025

Fuels - substantially stronger refining margins and a higher ADNOC Refining & Trading result

Clean CCS Operating Result EUR mn

+234

346 112

199

20

54

Q4/24 Market effects 1

Operational performance

ADNOC Refining & Global Trading JV

Q4/25

• Refining indicator margin more than doubled to USD 14.0/bbl driven by stronger middle distillate and gasoline cracks amid tight supply conditions in the region

• Stable utilization rate Europe (89%)

• Higher Retail contribution, driven by improved fuel margins, better non-fuel business and slightly higher sales volumes

• Better Commercial performance due to higher aviation business contribution and increased sales volumes

• ADNOC Refining & Global Trading JV performance increased by EUR 54 mn, mainly attributable to a better market environment

1 Market effects based on refining indicator margin Europe

Chemicals - improved olefin indicator margins and positive effect of Borealis reclassification

Clean Operating Result

EUR mn

58

81

Q4/24 Market effects1

+156

9

Inventory effects

66

Operational effects & others 2

236

41

Borealis JVs Q4/25

• Market environment

  − Higher olefin indicator margins (ethylene +16%, propylene +21%)

  − Stable PE indicator margin, lower PP indicator margin (PE -1%, PP -19%)

• Operational effects & others

  − Lower cracker utilization rate (-12 pp)

  − Improved OMV base chemicals contribution driven by higher olefin indicator margins, partially offset by lower utilization rate and weaker benzene and butadiene margins

  − Lower Borealis base chemicals contribution driven by decreased utilization rate, lower inventory effects, a lower light feedstock advantage and phenol margins

  − Decreased polyolefins contribution impacted by lower margins, partially compensated for by lower fixed costs

  − Following the reclassification of Borealis as "asset held for sale," depreciation for Borealis (EUR ~140 mn per quarter) is no longer recorded in the clean Operating Result

• Borealis JVs

  1. Based on externally published sensitivities for OMV base chemicals and Borealis excl. JVs; not adjusted to account for effect of intercompany profit elimination

  2. Includes the contribution from OMV base chemicals, Borealis excl. JVs, the effect of intercompany profit elimination, and elimination of Borealis excl JVs depreciation

  − Stable Borouge contribution; substantially higher sales volumes were offset by weaker market environment in Asia

  − Positive impact from exclusion of negative contribution of Baystar in

  Q4 2025 Results Conference Call

  Reinhard Florey

  Chief Financial Officer

  
  
  

  Group-wide efficiency measures of EUR >350 mn delivered in 2025

  Main initiatives in 2025

  Impact on cash flow from operating activities1 EUR bn

  >0.35

  0.18

  ≥0.5

  • Additional oil volumes via technical improvements and optimization of gas flows

  • Reduction of E&P cost base via maintenance optimization, shared logistics and active non operator role in technical studies and renegotiations

  • Various margin improvement measures and refining optimization related to utilities, crude supply and energy efficiency as well as

2024 2025 2026 2027

1 Compared to 2023

growth in aviation business

Very strong cash flow from operations of EUR 5.2 bn

-4% 5.5

5.2

2.5

2.3 +7%

1-12/2025

EUR bn

Cash flow from operating activities

1-12/2024

Free cash flow before dividends

• Cash flow from operating activities of EUR 5.2 bn in 2025

  − Dividends from at-equity accounted companies of EUR 542 mn (2024: EUR 784 mn), thereof Borouge EUR 413 mn

  − Net working capital effects of EUR 721 mn (2024: EUR 148 mn)

• Organic cash flow from investing activities1 of EUR -3.7 bn

  (2024: EUR - 3.5 bn)

• Organic free cash flow before dividends of EUR 1.5 bn

  (2024: EUR 2.0 bn)

• Dividends paid: EUR 2.3 bn in 2025, thereof:

  • OMV stockholders regular and additional variable dividends for the 2025 fiscal year: EUR 1.6 bn (2024: EUR 1.7 bn)

  • OMV Petrom minority shareholders regular and special dividends for

    the 2025 fiscal year: EUR 369 mn (2024: EUR 430 mn)

  • Borealis minority shareholders for the 2025 fiscal year: EUR 275 mn

    (2024: EUR 286 mn)

  • Hybrid bond holders: EUR 81 mn (2024: EUR 91 mn)

1 Organic cash flow from investing activities is cash flow from investing activities excluding divestments and material inorganic cash flow components (e.g., acquisitions).

• Inorganic cash flow from investing activities of EUR 962 mn, mainly from the Ghasha divestment and Bayport loan repayment

Very strong balance sheet

Healthy balance sheet

EUR bn, %

6.0

32%

21%

3.2

3.6

2.2

2.1

12%

14%

8%

8%

Low

20s

2026 leverage ratio to reflect the deconsolidation of Borealis' equity and net debt, as well as

the EUR 1.6 bn1 cash injection into BGI

9.3

Headroom to 30% leverage ratio

A-

Outlook stable July 15, 2025

A3

Outlook stable July 23, 2025

2020 2021 2022 2023 2024 2025 End 2026

(post BGI)

Net debt in EUR bn Leverage

Note: Leverage ratio = Net Debt / (Equity + Net Debt)

Attractive shareholder distributions through growing regular dividend plus additional variable dividend

9.3 %1

Attractive dividend yield

5.05 5.05

3.15

3.05

2.95

2.80

2.30

1.85

1.75

1.75

1.50

1.20

1.00

1.25

1.70

2.10

2.25

4.75

4.40 Additional variable dividend

1.00

1.50

1.20

1.75 1.75 1.85

2.30

Progressive regular dividend

2015	2016	2017	2018	2019	2020	2021	2022 2023	2024	2025
				% of CFFO				21		29		28	28
1 Based on share price as of Dec 31, 2025				Dividend yield %				10.5		12.7		12.7	9.3

Dividend policy starting 2026: clear benefits for OMV shareholders from BGI transaction

→

→

Starting with the fiscal year 2026, OMV will distribute 50% of BGI dividends attributable to OMV plus 20-30% of cash flow from operating activities excluding BGI dividends (to be paid in 2027)

Principle of progressive regular plus additional variable

dividends maintained

→

→

OMV aims to increase regular dividends every year or at least to maintain the level of the respective previous year

Additional variable dividends will be awarded provided

that the leverage ratio is <30%

Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026

15

Lower organic investments with a focus on growth

Organic CAPEX

EUR bn

3.7 3.7

1.9

1.9

0.9

0.9

1.2

1.0

0.1

1.6

1.1

70% of Organic Capex in 2026 dedicated to growth 3.2

1.5

2.8

1.1

0.1

Main organic growth projects in 2026

• Energy

  • Neptun Deep, Romania (2027)

  • Developments in Norway, Austria and UAE

  • Renewable power in Romania

• Fuels

  • SAF/HVO plant in Romania (2028)

  • 140 MW hydrogen plant in Austria (2027)

• Chemicals

  2022-2024 avg

  2025

  2026 Outlook

  2026-2030 avg

  Strategy 2030

  • Reflects organic investments only for OMV chemicals business (steam crackers, Walldürn recycling plant)

    Energy Fuels Chemicals Consolidation and Others
    
    

  • Excludes entirely Borealis Capex

Note. The year indicates the estimated project start-up.

Outlook 2026

2024 2025 FY 2026

MARKET

Brent oil price (USD/bbl) 81 69 ~65 THE (Trading Hub Europe) gas price (EUR/MWh) 35 37 >30 OMV average realized gas price (EUR/MWh) 25 30<30 OMV refining indicator margin Europe (USD/bbl) 7.1 10.1 ~8 Ethylene indicator margin Europe (EUR/t) 505 569 ~550

Propylene indicator margin Europe (EUR/t) 384 445 ~420

OPERATIONS

Hydrocarbon production (kboe/d) 340 305 slightly <300

Production cost (USD/boe) 10.0 10.6<11

Utilization rate European refineries (%) 87 89 >90

Fuel sales volumes (mn t) 16.2 16.4 >16.4

Utilization rate steam crackers (%)1 84 82 ~90

E&A expenditures (EUR mn) 229 148<200

Organic CAPEX (EUR bn)1 3.7 3.7 ~3.2

1 2026 figures exclude Borealis

Appendix

Sensitivities of OMV Group results in 2026

Annual impact excl. hedging EUR mn		Clean CCS Operating Result		Operating cash flow
Brent oil price (USD +1/bbl)		+50		+35
Realized gas price (EUR +1/MWh)		+45		+30
OMV refining indicator margin Europe (USD +1/bbl)		+110		+100
Ethylene/propylene indicator margin Europe (EUR +10/t)		+10		+5
EUR/USD (USD changes by +0.01)		+45		+35

Note: Materially different Brent and FX levels (vs. current levels) would lead to different sensitivity results. Operating cash flow excludes net working capital effects

Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026 19

Macro environment

64

62

Q4/25

69

66

Q3/25

68

66

Q2/25

Q1/25

Q4/24

76

73

75

72

Average realized crude price

Average Brent price

Oil prices USD/bbl

Gas prices EUR/MWh

Refining indicator margin Europe USD/bbl

31

26

Q4/25

33

27

Q3/25

Q2/25

Q1/25

Q4/24

29

31 38

36

48

44

Realized gas price

Trading Hub Europe (THE)

Olefin and polyolefin indicator margins Europe EUR/t

14.0

11.5

8.1

5.9

6.7

Q4/24

Q1/25

Q2/25

Q3/25

Q4/25

Q4/25

Q3/25

Q2/25

Q1/25

Q4/24

380

417

434

414

421

464

447

527

509

528

Average ethylene and propylene

Average PE and PP

Q4 2025 CONFERENCE CALL, FEBRUARY 4, 2026

Q4 2025 vs. Q4 2024

Brent oil

-15%

THE gas price

-28%

Europe refining indicator margin

+137%

Europe olefin indicator margin

+18%

Europe PE/PP

indicator margin

-10%

20

Energy - lower prices and volumes partially offset by higher contribution from Gas Marketing & Power

Clean Operating Result

584

471

116

77

72

38

-36

622 586

EUR mn

Gas Marketing & Power

Q3/25 Market1 effects

41

Operational performance

Gas Marketing & Power

Q4/25

• Market environment

  • Lower realized oil price (-6%) and lower realized natural gas price (-3%)

• Slightly lower oil and gas production at 300 kboe/d

  • Libya (-6 kboe/d)

• Lower sales volumes of 289 kboe/d (-17 kboe/d), as Q3/25 benefitted from overliftings

• Production cost slightly lower at USD 10.6/boe (-3%)

• Gas Marketing & Power contribution higher by EUR 77 mn

  • Gas West contribution increased by EUR 30 mn mainly due to a reversal of a provision related to booked transport capacities

  • Gas & Power East contribution increased by EUR 47 mn, benefitting from seasonality in both power and gas markets

    1 Market effects defined as oil and gas prices, foreign exchange impact and price effect on royalties

    Fuels - higher refining margins more than offset by operational constraints and seasonality

    Clean CCS Operating Result EUR mn

    1

    Q3/25 Market effects

    Operational performance

    ADNOC Refining & Trading JV

    Q4/25

    • Higher refining indicator margin by USD 2.4/bbl

      -67

      413

      1

      346

      132

66

• Slightly lower refinery utilization rate Europe at 89% (-2 pp), due to the coker repair shutdown at Burghausen

• Negative result impact from secondary unit outages at

  Schwechat refinery

• Slightly lower fuel sales volumes (-3%) due to seasonality

• Lower retail performance due to seasonally lower sales volumes (-7%) and product quotation developments

• Slightly higher contribution from the commercial business

• Stable ADNOC Refining & Global Trading contribution; Q4 benefit from stronger refining environment, but Q3 profited from a positive one-off impact

  1 Market effects based on refining indicator margin Europe

  Chemicals - increased sales volumes partly offset by lower utilization rates

  Clean Operating Result EUR mn

  +15

  222 236

  1

  16

20

16

Q3/25

Market

effects1

Inventory

effects

Operational

effects 2

Borealis

JVs

Q4/25

• • Market environment

    − Slightly higher olefin indicator margins (ethylene +3%, propylene +4%)

    − Lower PE and PP indicator margins (PE -8%, PP -10%)

  • Operational performance

    − Lower utilization rate at 72% (-12 pp) reflecting ongoing weak demand in a challenging environment and net working capital optimization at OMV and customers

    − Slightly higher OMV base chemicals supported by higher indicator margins, partially offset by lower utilization

    − Decreased Borealis base chemicals due lower utilization rate and light feedstock advantage, as well as negative inventory effects, partially offset by higher indicator margins

    − Lower Borealis polyolefin contribution due to lower realized margins, seasonally higher fixed costs, partly compensated for by higher sales volumes

    1. Based on externally published sensitivities for OMV base chemicals and Borealis excl. JVs; includes inventory effects

       of Borealis excl. JVs; not adjusted to account for effect of intercompany profit elimination

    2. Includes the contribution from OMV base chemicals, Borealis excl. JVs, the effect of intercompany profit elimination, and other effects, and elimination of Borealis excl JVs depreciation

• Stronger contribution of Borealis JVs

  − Increased Borouge contribution despite challenging market environment

  Strong balance sheet

  	46.3	Stockholders' equity and hybrid capital Non-controlling interests Trade payables Bonds and other interest-bearing debts Provisions Liabilities associated with assets held for sale Other non-current liabilities Other current liabilities	46.3 16.3 6.2 2.6 8.0 6.3 3.5 1.0 2.3	45.5
  	16.8			16.2
  	2.5
  	5.3			6.3
  	2.0			2.9
  	1.9
  	5.1			7.0
  				6.1
  	10.6
  				3.7
  				0.9
  	2.3			2.3
  Sep 30, 2025	Dec 31, 2025		Dec 31, 2025	Sep 30, 2025

  Balance sheet Dec. 31, 2025, vs. Sep. 30, 2025 EUR bn

  10.2

4.4

2.0

2.3

5.1

2.5

16.7

45.5

Tangible & intangible assets

Other non-current assets

Equity accounted

investments Inventories

Trade receivables

Cash

Assets held for sale

• Property, plant & equipment: in addition to investments (mostly Neptun Deep as well as UpHy Large) this position was impacted by the reassessment of decommissioning costs

• Equity-accounted investments: dividend distribution of Borouge PLC, that outweighed the positive result contribution of Borouge PLC, ADNOC Trading and ADNOC Refining.

• Equity: EUR 276 mn dividend distributions, thereof EUR 33 mn hybrid coupons and

  EUR 240 mn dividend distributions of Borealis; Equity reduction of EUR 785 mn related to hybrid bond redemption (repaid in Sept 25)

• Additionally, repayment of EUR 500 mn (regular) bond in Q3/25

Other current assets

2.1

4, 2026