Q1 2026
Quarterly Report
Table of Contents
1
Directors' Report 5
(condensed, unaudited)
Group performance 5
Outlook 2026 10
Business segments 11
Energy 11
Fuels 13
Chemicals 14
2
Consolidated Interim 16
Financial Statements (condensed, unaudited)
3
Cover picture© OMV Aktiengesellschaft
Special seismic trucks will be used to generate vibrations, primarily along public roads, and the reflections from the deep rock layers will be captured and recorded using
geophones.
OMV's aims to establish a strong position in the
geothermal energy sector with a target of approximately 1 TWh of net production output by 2030, which will be achieved by drawing on decades of expertise and experience in subsurface and drilling, as well as through access to the latest technology developments.
Disclaimer regarding forward-looking statementsThis report contains forward-looking statements. Forward-looking statements usually may be identified by the use of terms such as "outlook," "expect," "anticipate," "target," "estimate," "goal," "plan," "intend," "may," "objective," "will," and similar terms or by their context. These forward-
looking statements are based on beliefs and assumptions currently held by and information currently available to OMV. By their nature, forward-looking statements are subject to risks and uncertainties, both known and
unknown, because they relate to events and depend on
circumstances that will or may occur in the future and are outside the control of OMV. Consequently, the actual results may differ materially from those expressed or
implied by the forward-looking statements. Therefore, recipients of this report are cautioned not to place undue reliance on these forward-looking statements. Neither
OMV nor any other person assumes responsibility for the accuracy and completeness of any of the forward-looking statements contained in this report. OMV disclaims any obligation to update these forward-looking statements to reflect actual results, revised assumptions and
expectations, and future developments and events. This report does not contain any recommendation or invitation to buy or sell securities in OMV.
Declaration of the 31
Management
4
Further information 32
OMV Group Report January-March 2026 including condensed consolidated interim financial statements as of March 31, 2026
0F
Key Performance Indicators1
Group
Clean CCS Operating Result decreased to EUR 1,025 mn due to a lower Energy and marginally lower Fuels result, partly offset by a significantly higher contribution from Chemicals
Clean CCS net income attributable to stockholders of the parent was EUR 323 mn; clean CCS Earnings Per Share were EUR 0.99
Cash flow from operating activities excluding net working capital effects amounted to EUR 1,624 mn, largely driven by a higher pricing environment, while also benefiting from timing effects
Net working capital effects generated a cash outflow of EUR -848 mn; cash flow from operating activities totaled EUR 776 mn
Organic free cash flow totaled EUR -125 mn
Clean CCS ROACE stood at 10%
Total Recordable Injury Rate (TRIR) was 1.24
Energy
Production declined by 7% to 288 kboe/d, mainly as a consequence of the conflict in the Middle East
Production cost increased from USD 10.1/boe to USD 11.6/boe
Fuels
OMV refining indicator margin Europe more than doubled to USD 13.9/bbl; however, it exhibited very high volatility
Fuels and other sales volumes Europe increased to 3.80 mn t
Chemicals
Polyethylene indicator margin Europe increased by 30% to EUR 580/t, polypropylene indicator margin Europe increased by 25% to EUR 477/t
Polyolefin sales volumes decreased by 2% to 1.55 mn t
Notes: Figures in the following tables may not add up due to rounding differences. In the interest of a fluid style that is easy to read, non-gender-specific terms have been used. 1 Figures reflect the Q1/26 period; all comparisons described relate to the same quarter in the previous year except where otherwise mentioned.
Key publications
/ On April 22, 2026: Three wind projects of around 300 MW enter the execution phase under the OMV Petrom-RNV Infrastructure partnership
/ On April 20, 2026: Emma Delaney appointed as new Chairwoman of the Executive Board and CEO of OMV
/ On April 10, 2026: Emma Delaney proposed as new CEO of OMV
/ On April 7, 2026: Borouge PLC Market Disclosure Statement Following Incident at Ruwais
/ On March 31, 2026: OMV and XRG Complete Transactions to Create Borouge International, Boosting Global Chemicals Leadership
/ On March 26, 2026: OMV and ADNOC announce Executive Leadership for Borouge Group International AG
/ On March 19, 2026: OMV and ADNOC Advance Formation of Borouge Group International
/ On March 11, 2026: OMV Petrom joins Shell and TPAO in an offshore exploration project in Bulgaria
/ On January 7, 2026: OMV receives EUR 123 mn in funding for the largest green hydrogen project in Austria
Directors' Report (condensed, unaudited)
Group performance
Financial highlightsIn EUR mn (unless otherwise stated)
Q1/26 | Q4/25 Q1/25 | Δ1 | 2025 | |
5,855 | 6,045 6,215 | -6% | Sales revenues from continuing operations | 24,308 |
1,025 | 1,153 1,160 | -12% | Clean CCS Operating Result2 | 4,607 |
723 | 586 910 | -21% | Clean Operating Result Energy2 | 2,707 |
113 | 346 117 | -3% | Clean CCS Operating Result Fuels2 | 1,116 |
245 | 236 126 | 95% | Clean Operating Result Chemicals2 | 784 |
-14 | -23 -18 | 25% | Clean Operating Result Corporate & Other2 | -75 |
-43 | 8 26 | n.m. | Consolidation: elimination of intersegmental profits | 75 |
48 | 36 51 | -2 | Clean CCS Group tax rate in % | 43 |
495 | 731 561 | -12% | Clean CCS net income2 | 2,649 |
323 | 548 413 | -22% | Clean CCS net income attributable to stockholders of the parent2 | 1,941 |
0.99 | 1.68 1.26 | -21% | Clean CCS EPS in EUR2 | 5.94 |
1,025 | 1,153 1,160 | -12% | Clean CCS Operating Result2 | 4,607 |
743 | -702 -95 | n.m. | Special items3 | -924 |
254 | -52 -42 | n.m. | CCS effects: inventory holding gains/(losses) | -239 |
1,088 | 66 39 | n.m. | Operating Result Group from discontinued operations | 335 |
934 | 333 984 | -5% | Operating Result Group from continuing operations | 3,110 |
662 | -103 829 | -20% | Operating Result Energy | 1,877 |
327 | 299 67 | n.m. | Operating Result Fuels | 866 |
8 | 146 78 | -90% | Operating Result Chemicals from continuing operations | 374 |
-16 | -16 -19 | 16% | Operating Result Corporate & Other | -87 |
-47 | 7 30 | n.m. | Consolidation: elimination of intersegmental profits | 80 |
-61 | -24 -49 | -25% | Net financial result from continuing operations | -63 |
872 | 310 935 | -7% | Profit before tax from continuing operations | 3,047 |
32 | 78 75 | -43 | Group tax rate from continuing operations in % | 60 |
1,645 | 113 288 | n.m. | Net income | 1,520 |
1,486 | 90 143 | n.m. | Net income attributable to stockholders of the parent | 1,017 |
4.56 | 0.28 0.44 | n.m. | Earnings Per Share (EPS) in EUR | 3.11 |
1,624 | 821 1,356 | 20% | Cash flow from operating activities excl. net working capital effects | 4,494 |
776 | 1,681 1,357 | -43% | Cash flow from operating activities | 5,215 |
-2,144 | 896 317 | n.m. | Free cash flow | 2,461 |
-2,155 | 771 317 | n.m. | Free cash flow after dividends | 180 |
-125 | 735 441 | n.m. | Organic free cash flow4 | 1,499 |
4,505 | 3,633 3,207 | 40% | Net debt | 3,633 |
17 | 14 12 | 6 | Leverage ratio in % | 14 |
2,403 | 1,146 853 | 182% | Capital expenditure5 | 3,798 |
864 | 1,144 814 | 6% | Organic capital expenditure6 | 3,739 |
10 | 10 9 | 1 | Clean CCS ROACE in %2 | 10 |
11 | 6 6 | 5 | ROACE in % | 6 |
16,056 | 22,315 23,463 | -32% | Employees | 22,315 |
1.24 | 1.38 1.50 | -17% | Total Recordable Injury Rate (TRIR)7 | 1.38 |
Note: In March 2025, the Borealis Group, excluding Borouge investments, was reclassified to "held for sale" and in addition classified as "discontinued operations." Since reclassification, the non-current assets are no longer depreciated or amortized and investments are no longer accounted for according to the equity method. If not mentioned otherwise, all indicators
in the table above also include items classified as "held for sale" and "discontinued operations." For further details, in particular related to the restated reported figures, see the condensed Consolidated Interim Financial Statements, section >OMV and ADNOC to establish a new Polyolefins Joint Venture.
Q1/26 compared to Q1/25
Adjusted for special items and CCS effects; further information can be found below the table >Reconciliation of clean CCS Operating Result to reported Operating Result
Special items from equity-accounted companies and temporary effects from commodity hedging for material transactions are included.
Organic free cash flow is cash flow from operating activities and cash flow from investing activities excluding disposals and material inorganic cash flow components.
Capital expenditure including acquisitions
Organic capital expenditure is defined as capital expenditure including capitalized E&A expenditure and excluding acquisitions and contingent considerations.
Calculated as a 12-month rolling average per 1 mn hours worked
lower realized natural gas prices during the first two months of the quarter, despite a price increase toward quarter-end, in addition to lower natural gas sales volumes from contracts with customers. Furthermore, lower crude oil sales volumes had a negative impact on revenues. Partly compensating were significantly higher power sales volumes in Romania. The clean CCS Operating Result decreased by EUR 135 mn to EUR 1,025 mn, primarily driven by a lower contribution from Energy and marginally lower contribution from Fuels, which was partially offset by a
significantly higher result in Chemicals. The clean Operating Result of the Energy segment was lower at
EUR 723 mn (Q1/25: EUR 910 mn). In Fuels, the clean CCS Operating Result decreased slightly to EUR 113 mn (Q1/25: EUR 117 mn), while the contribution from Chemicals increased significantly to EUR 245 mn (Q1/25: EUR 126 mn). The consolidation line was EUR -43 mn in Q1/26 (Q1/25: EUR 26 mn).
The clean CCS Group tax rate decreased to 48% (Q1/25: 51%), mainly due to a lower share in the overall Group profits of certain Energy segment companies located in countries with a high tax regime. Clean CCS net income decreased to EUR 495 mn (Q1/25: EUR 561 mn). The clean CCS net income attributable to stockholders of the parent amounted to EUR 323 mn (Q1/25: EUR 413 mn). Clean CCS Earnings Per Share were EUR 0.99
(Q1/25: EUR 1.26).
Net special items amounted to EUR 743 mn in Q1/26 (Q1/25: EUR -95 mn) and were mainly related to the gain from the deconsolidation of the Borealis Group following the Borouge International transaction. In Q1/26, CCS effects of EUR 254 mn were recorded as a result of rising crude oil prices throughout the quarter (Q1/25: EUR -42 mn). The Operating Result from continuing operations declined only slightly to EUR 934 mn
(Q1/25: EUR 984 mn). The Operating Result from discontinued operations increased to EUR 1,088 mn (Q1/25: EUR 39 mn).
The net financial result amounted to EUR -61 mn (Q1/25: EUR -49 mn). The deviation compared to the prior-year quarter is mainly due to a higher net interest expense, only partially offset by a more favorable foreign exchange result. The decrease in the Group tax rate from continuing operations to 32% (Q1/25: 75%) was mainly triggered by the reassessment of the deferred tax asset position of the Austrian tax group following the formation of Borouge International and the deconsolidation of Borealis disposal group (for further details, see chapter "Selected notes to the consolidated interim financial statements," section >OMV and ADNOC to establish a new Polyolefins Joint Venture). Additionally, the effective tax rate was impacted by the lower share in the overall Group profits of certain Energy segment companies located in countries with a high tax regime. Net income increased to EUR 1,645 mn (Q1/25: EUR 288 mn), mainly due to a gain from the deconsolidation of Borealis Group assets following the Borouge International transaction, and net income attributable to stockholders of the parent went up to EUR 1,486 mn (Q1/25: EUR 143 mn). Earnings Per Share increased to EUR 4.56 (Q1/25: EUR 0.44).
The leverage ratio, defined as (net debt including leases) / (equity + net debt including leases), was 17% as of March 31, 2026 (March 31, 2025: 12%). For further information on the leverage ratio, please see the section
> Financial liabilities of the condensed Consolidated Interim Financial Statements.
In Q1/26, total capital expenditure rose to EUR 2,403 mn (Q1/25: EUR 853 mn), mainly due to the equity injection into Borouge International in the amount of EUR 1.5 bn. Organic capital expenditure increased by 6% to
EUR 864 mn (Q1/25: EUR 814 mn) due to higher investments in Fuels, though these were partially offset by lower investments in Energy and Chemicals.
Reconciliation of clean CCS Operating Result to reported Operating ResultIn EUR mn
Q1/26 | Q4/25 | Q1/25 | Δ%1 | 2025 | |
1,025 | 1,153 | 1,160 | -12 | Clean CCS Operating Result2 | 4,607 |
743 | -702 | -95 | n.m. | Special items | -924 |
-10 | -17 | -11 | 5 | thereof personnel restructuring | -75 |
- | -414 | - | n.a. | thereof unscheduled depreciation/write-ups | -465 |
911 | 19 | - | n.a. | thereof asset disposals | 19 |
-158 | -290 | -85 | -87 | thereof other3 | -402 |
254 | -52 | -42 | n.m. | CCS effects: inventory holding gains/(losses) | -239 |
1,088 | 66 | 39 | n.m. | Operating Result Group from discontinued operations | 335 |
934 | 333 | 984 | -5 | Operating Result Group from continuing operations | 3,110 |
Q1/26 compared to Q1/25
Adjusted for special items and CCS effects
The category "other" includes, for example: temporary commodity hedging effects and associated transactions, donations, and provisions.
The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain items affecting the result are added back or deducted. These items can be divided into four subcategories: personnel restructuring, unscheduled depreciation and write-ups, asset disposals, and other.
In Q1/26, the category "other" was mainly affected by temporary valuation effects and recycling effects. In Q1/25, the category "other" mostly included temporary valuation effects.
Furthermore, to enable effective performance management in an environment of volatile prices and comparability with peers, the Current Cost of Supply (CCS) effect is eliminated from the operating result. The CCS effect, also called inventory holding gains and losses, is the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results. This performance measurement enhances the transparency of results and is commonly used in the oil industry. OMV therefore publishes this measurement in addition to the Operating Result determined in accordance with IFRS.
Cash flow
Summarized cash flow statementIn EUR mn
Q1/26 | Q4/25 | Q1/25 | Δ%1 | 2025 | |
1,624 | 821 | 1,356 | 20 | Cash flow from operating activities excluding net working capital effects | 4,494 |
776 | 1,681 | 1,357 | -43 | Cash flow from operating activities | 5,215 |
-2,920 | -785 | -1,040 | -181 | Cash flow from investing activities | -2,754 |
-2,144 | 896 | 317 | n.m. | Free cash flow | 2,461 |
-108 | 259 | 7 | n.m. | Cash flow from financing activities | -2,834 |
-2,155 | 771 | 317 | n.m. | Free cash flow after dividends | 180 |
-125 | 735 | 441 | n.m. | Organic free cash flow before dividends2 | 1,499 |
Q1/26 compared to Q1/25
Organic free cash flow before dividends is cash flow from operating activities and cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g., acquisitions).
In Q1/26, cash flow from operating activities excluding net working capital effects amounted to EUR 1,624 mn (Q1/25: EUR 1,356 mn), impacted by higher prices in Fuels and a significantly improved Gas & Power Eastern Europe result. Net working capital effects generated a cash outflow of EUR -848 mn in Q1/26 (Q1/25: inflow of EUR 1 mn), impacted by a significantly higher price environment and increased inventory levels. As a result, cash flow from operating activities totaled EUR 776 mn in Q1/26 compared to EUR 1,357 mn in Q1/25.
Cash flow from investing activities showed an outflow of EUR -2,920 mn compared to EUR -1,040 mn in Q1/25. Q1/26 contained outflows of EUR -1,963 mn in relation to the formation of Borouge International, stemming mostly from a cash capital injection of OMV into Borouge International and cash disposed due to the loss of control overBorealis Group.
Free cash flow amounted to EUR -2,144 mn (Q1/25: EUR 317 mn). Cash flow from financing activities recorded an outflow of EUR -108 mn compared to an inflow of EUR 7 mn in Q1/25. Free cash flow after dividends totaled EUR -2,155 mn (Q1/25: EUR 317 mn). Organic free cash flow before dividends amounted to EUR -125 mn (Q1/25: EUR 441 mn).Risk management
As an integrated international energy, fuels, and chemicals company with operations extending from hydrocarbon exploration and production through to refining, marketing, and trading of mineral oil products, chemical products, and natural gas, OMV is exposed to a variety of risks, including market, financial, operational, strategic, and ESG risks. A detailed description of these risks and associated risk management activities can be found in the / Annual Report 2025.
The main uncertainties that can influence the OMV Group's performance are commodity price risks, foreign exchange risks, operational risks, and geopolitical and regulatory risks. Commodity price risk is monitored
continuously, and appropriate protective measures with respect to cash flow are taken, if required. The inherent exposure to safety and environmental risks is monitored through HSSE (Health, Safety, Security, and Environment) and risk management programs, which have a clear commitment to keeping OMV's risks in line with industry
standards.
Recent escalations in the Middle East involving Iran, the USA, and Israel have led to significant volatility in global energy markets. Military activities and restrictions imposed on shipping through the Strait of Hormuz - a critical
transit route for about 20% of global oil and gas supply - have driven up commodity prices sharply, disrupted global supply chains, and amplified market uncertainty. Despite these challenges, OMV's Austrian supply remains stable, supported by alternative sourcing routes. Given the persistent instability, further price increases and inflationary pressure across multiple sectors remain possible. OMV is closely monitoring developments, preparing for potential long-term disruptions, and maintaining robust measures to ensure supply security and business continuity for its customers.
Borouge PLC reported an incident at its Ruwais Industrial Area production facilities on April 5, 2026. Falling debris
from a successfully intercepted aerial threat caused some damage to assets. No injuries occurred, and all fires were quickly contained. Production in affected areas has been temporarily suspended for assessment and repairs.
In light of these developments, we anticipate that the geopolitical environment will have a notable impact across our segments. In the E&P business, production has been adversely affected by the ongoing conflict, and disruptions to upstream production in the region may continue temporarily. However, higher oil and gas prices are expected to more than compensate for these negative effects on the operating result. Within the Fuels segment, the conflict in the Middle East led to hedging losses in the first quarter of 2026, and ongoing uncertainty regarding production start-up and shipping disruptions may have further negative effects on profitability in the near future. While refining margins remain at an elevated level, tighter regulations and government interventions - such as fuel price caps and changes in taxation in OMV's operating countries - may negatively impact segment results. The contribution from ADNOC Refining & Trading is also expected to decline temporarily due to the conflict in the Middle East. In the Chemicals segment, the establishment of Borouge International strengthens geographic diversification and creates material synergies, which helps to mitigate the adverse effects of the conflict. The balance sheet reflects the derecognition of Borealis assets and liabilities that were classified as held for sale, and Borouge International is now accounted for as an equity-accounted investment. From a Group perspective, these events could lead to greater volatility in currency and commodity markets, also causing an increase in net working capital.
OMV also regularly assesses the potential risks associated with the ongoing Russian war against Ukraine, including the possible impact of additional sanctions, changes in Russian commodity flows, disruptions to global supply
chains, and the continuing threat of cyberattacks on its business activities.
Furthermore, increasing tensions in other parts of the world could further impact global trade routes and supply security. The introduction of more sanctions against certain countries could result in restrictions on international trade and elevated regulatory risks.
Geoeconomic fragmentation, trade wars, and changes in global supply chains could result in higher costs for OMV as well as volatile commodity prices. This may also negatively affect economic growth and, consequently, the demand for OMV's products. Persistently low economic activity, especially in Europe, could further delay the recovery of the chemicals industry and negatively impact OMV's financial performance in the Chemicals segment.
Additionally, the increase in geopolitically motivated attacks, whether physical or cyber-based (hybrid warfare), poses a growing threat to OMV's IT and OT infrastructure and operational security. This threat landscape requires continous surveillance of the security perimeters that have been implemented and targeted countermeasures to maintain security maturity at an adequate level.
The credit quality of OMV's counterparty portfolio could also be negatively influenced by the risk factors mentioned above. OMV has therefore implemented closer monitoring of its counterparty exposures as part of its credit risk
management processes.
Overall, the consequences of increasing geopolitical volatility - including multiple ongoing conflicts around the world - as well as the resulting regulatory measures and economic disruptions cannot be reliably estimated at this stage. From today's perspective, however, we assume that, based on the measures listed above, the Company's ability to continue its business operations is not materially affected.
Outlook 2026
Recent escalations in the Middle East including military activities and restrictions on shipping through the Strait of Hormuz have significantly increased volatility in global energy markets. These developments have disrupted supply chains, driven commodity prices higher, and heightened overall market uncertainty across oil, gas, fuels, and chemicals markets. Accordingly, based on information available at the time of publication of the OMV Group Report January-March 2026, this outlook represents the current assessment of the market and is based in particular on the assumption that restrictions on shipping through the Strait of Hormuz will be lifted before the end of the first half of 2026. Actual outcomes may differ materially should geopolitical developments evolve differently compared to current assumptions.
Market environment
OMV anticipates that the average Brent crude oil price will be between USD 85/bbl and USD 95/bbl (previous
forecast: USD 65/bbl; 2025: USD 69/bbl). The average realized gas price is expected to be between EUR 35/MWh and EUR 40/MWh (previous forecast: below EUR 30/MWh; 2025: EUR 30/MWh), with a THE price forecast of around EUR 45/MWh (previous forecast: above EUR 30/MWh; 2025: EUR 37/MWh).
Group
Organic CAPEX is projected to come in at around EUR 3.4 bn (2025: EUR 3.7 bn). The increase compared to the previous guidance of EUR 3.2 bn is entirely attributable to the recognition of Borealis' organic CAPEX of
EUR 0.2 bn in Q1/26, which was excluded in the previous guidance as timing of closing of the transaction was uncertain.
Energy
OMV expects total hydrocarbon production to be between 280 kboe/d and 290 kboe/d (previous forecast: slightly below 300 kboe/d; 2025: 305 kboe/d), subject to the timing and extent of the lifting of restrictions on shipping
through the Strait of Hormuz.
Production cost at OMV Group level is expected to be around USD 11/bbl (previous forecast: below USD 11/bbl; 2025: USD 10.6/bbl).
Organic CAPEX for Energy is anticipated to come in at around EUR 1.9 bn (2025: EUR 1.9 bn).
Exploration and Appraisal (E&A) expenditure is expected to be below EUR 200 mn (2025: EUR 148 mn).
Fuels
The OMV refining indicator margin Europe, based on Dated Brent, is expected to be between USD 10/bbl and USD 15/bbl (previous forecast: around USD 8/bbl; 2025: USD 10.1/bbl). Current market disruptions lead to large swings and a significant widening of crude oil prices and crude oil differentials to Dated Brent, which are not reflected in the OMV refining indicator margin or in the full year sensitivities and thus can have a material adverse impact on the Fuels business.
The utilization rate of the European refineries is expected to be above 90% (2025: 89%).
Fuels and other sales volumes in OMV's markets in Europe are projected to be higher than in the previous year (2025: 16.4 mn t). Commercial margins are predicted to be lower than those in 2025. Retail margins are expected to be lower than the 2025 level.
Organic CAPEX for Fuels is forecast at around EUR 1.1 bn (2025: EUR 0.9 bn).
Chemicals
The ethylene indicator margin Europe is expected to be above EUR 550/t (previous forecast: around EUR 550/t; 2025: EUR 569/t). The propylene indicator margin Europe is projected to be above EUR 420/t (previous forecast: around EUR 420/t; 2025: EUR 445/t).
The steam cracker utilization rate is expected to be around 90% (2025: 82%).1
Organic CAPEX for Chemicals (incl. Borealis' organic CAPEX for Q1/26) is predicted to be around EUR 0.3 bn (2025: EUR 1.0 bn).
From Q2/26, the outlook for the cracker utilization rate excludes Borealis crackers.
Business segments
Energy
Energy - Key figuresIn EUR mn (unless otherwise stated)
Key Performance IndicatorsQ1/26
Q4/25 Q1/25
Δ%1
2025
1,015
925 1,234
-18
Clean Operating Result before depreciation and amortization, impairments and write-ups
4,010
723
586 910
-21
Clean Operating Result
2,707
72
116 102
-29
thereof Gas Marketing & Power2
252
-61
-690 -81
25
Special items
-830
662
-103 829
-20
Operating Result
1,877
414
578 450
-8
Capital expenditure3
1,910
39
22 28
40
Exploration expenditure
148
25
49 38
-36
Exploration expenses
149
11.60
10.59 10.12
15
Production cost in USD/boe
10.64
288
300 310
-7
Total hydrocarbon production in kboe/d
305
163
175 178
-9
thereof crude oil and NGL production in kboe/d
178
125
125 132
-5
thereof natural gas production in kboe/d4
127
252
289 282
-11
Total hydrocarbon sales volumes in kboe/d
288
144
183 171
-15
thereof crude oil and NGL sales volumes in kboe/d
180
107
106 112
-4
thereof natural gas sales volumes in kboe/d4
108
81.13
63.73 75.73
7
Average Brent price in USD/bbl
69.11
72.29
62.42 72.77
-1
Average realized crude oil price in USD/bbl
66.79
41.45
31.34 47.88
-13
Average THE gas price in EUR/MWh
37.18
31.08
26.39 38.15
-19
Average realized natural gas price in EUR/MWh4, 5
30.31
1.170
1.163 1.052
11
Average EUR-USD exchange rate
1.130
Q1/26 compared to Q1/25
Including Gas Marketing Western Europe and Gas & Power Eastern Europe
Capital expenditure including acquisitions
Does not include Gas Marketing & Power
The average realized gas price is converted into MWh using a standardized calorific value across the portfolio of 10.8 MWh for 1,000 cubic meters of natural gas.
The clean Operating Result decreased to EUR 723 mn, mainly due to a lower result in Exploration & Production (E&P). This was primarily a consequence of negative market effects, as well as reduced sales volumes.
Hydrocarbon production declined by 7% to 288 kboe/d, which was predominantly attributable to temporary shut-ins as a result of the conflict in the Middle East and natural decline.
The Gas Marketing & Power result decreased to EUR 72 mn. A significantly improved Gas & Power Eastern Europe result was unable to offset a much weaker result in Gas Marketing Western Europe.
Q1/26 saw extreme price developments in the international crude oil markets following the closure of the Strait of Hormuz from the end of February due to the conflict in the Middle East. Around 20% of global oil and gas supply was cut off from importing markets, leading to a significant rise in the price of Dated Brent. The average price per barrel was less than USD 70 in January and February, rising to over USD 120 by the end of March. Compared to the prior-year quarter, the average Brent price was some 7% higher at USD 81/bbl (Q1/25: USD 76/bbl), representing an increase of more than 25% compared to Q4/25. In a year-on-year comparison, the Group's quarterly average realized crude oil price remained nearly unchanged at USD 72/bbl (Q1/25: USD 73/bbl). The deviation from the Brent benchmark can mainly be explained by increased sales volumes in January and February in a lower price
environment, combined with varying pricing mechanisms in certain countries. In European natural gas markets, the initial reaction to the closure of the Strait was even more pronounced in the early part of March than in crude oil. A similar share of the LNG market (approximately 20%) has been stuck in the Persian Gulf since the end of February. The perceived impact on the gas market has been compounded by the confirmation that a share of Qatari supply will be offline for the foreseeable future, with capacity additions also delayed. The closure of the Strait had a
significant impact, with the average THE gas price rising by 32% quarter-on-quarter. It averaged EUR 41/MWh in
Q1/26, down 13% compared to the prior-year quarter (Q1/25: EUR 48/MWh). OMV's average realized natural gas price decreased by 19% to EUR 31/MWh in Q1/26 (Q1/25: EUR 38/MWh).
The clean Operating Result decreased by 21% to EUR 723 mn in Q1/26 (Q1/25: EUR 910 mn), primarily due to a lower E&P result. Lower gas prices and an unfavorable foreign exchange development led to negative market effects in E&P amounting to EUR -136 mn. Furthermore, the E&P result reflected lower sales volumes, mainly
because of reduced liftings from the Middle East. In addition, lower liftings and reduced gas production in Norway weighed on the result. This was partially offset by higher sales volumes from Libya.
Total hydrocarbon production volumes decreased to 288 kboe/d (Q1/25: 310 kboe/d). This was mainly a consequence of lower production volumes in the Middle East following temporary shutdowns because of thedevelopments in the region. Production was also affected by natural decline in New Zealand, Romania, and Norway, while output in Libya was slightly higher. Production cost excluding royalties increased to USD 11.6/boe (Q1/25: USD 10.1/boe), predominantly due to the adverse foreign exchange rate developments and lower production volumes. This was partly mitigated by a reduced absolute cost base. Total hydrocarbon sales volumes decreased to 252 kboe/d (Q1/25: 282 kboe/d). The primary reason for the decline was lower liftings as a result of the conflict in the Middle East. In addition, sales volumes from Norway and New Zealand were lower, mainly due to the lifting schedule. Romanian sales declined largely in line with production. Higher sales volumes from Libya partially offset the declines in other countries following a favorable lifting schedule.
The result of Gas Marketing & Power declined to EUR 72 mn (Q1/25: EUR 102 mn). The main reason for this development was a substantially lower Gas Marketing Western Europe result, which decreased in Q1/26 to
EUR 6 mn (Q1/25: EUR 120 mn). The prior-year quarter included a one-off effect as a result of an arbitration award, which had a positive net impact on the clean Operating Result in the amount of EUR 48 mn. In addition, the storage result came in lower due to decreased summer/winter spreads. The result of Gas & Power Eastern Europe rose
strongly to EUR 67 mn in Q1/26 (Q1/25: EUR -17 mn), with very good operational performance on both gas and power business lines. The improvement in the result was mainly attributable to better power business performance, supported by power market deregulation in Romania effective from July 2025.
In Q1/26, net special items amounted to EUR -61 mn (Q1/25: EUR -81 mn) and were mainly attributable to temporary valuation effects. The Operating Result lessened to EUR 662 mn (Q1/25: EUR 829 mn).
Capital expenditure including capitalized E&A declined in Q1/26 to EUR 414 mn (Q1/25: EUR 450 mn). Organic capital expenditure, which was directed primarily at projects in Romania, Norway, and Austria, decreased by 6%. This was mainly due to a reduction in expenditure following the divestment of the interest in the Ghasha concession in the United Arab Emirates. On the other hand, spending increased in Norway, mainly due to the Solveig Phase 2drilling program. In addition, there were larger investments in Austria related to the Wittau development, and
increased investments in photovoltaic projects in Romania. Exploration expenditure rose to EUR 39 mn in Q1/26 (Q1/25: EUR 28 mn). E&A expenditure in the quarter was mainly related to activities in Bulgaria, Romania, and Austria.
Fuels
Fuels - Key figuresIn EUR mn (unless otherwise stated)
Key Performance IndicatorsQ1/26
Q4/25
Q1/25
Δ1
2025
250
484
249
0%
Clean CCS Operating Result before depreciation and amortization, impairments and
write-ups2
1,650
113
346
117
-3%
Clean CCS Operating Result2
1,116
7
51
-2
n.m.
thereof ADNOC Refining & Trading3
101
-45
4
-4
n.m.
Special items
-7
259
-51
-46
n.m.
CCS effects: inventory holding gains (+)/losses (-)
-243
327
299
67
n.m.
Operating Result
866
229
288
161
42%
Capital expenditure4
883
13.88
13.96 6.65
109%
OMV refining indicator margin Europe based on Brent in USD/bbl5
10.10
87
89 92
-5
Utilization rate refineries Europe in %
89
3.80
4.27 3.52
8%
Fuels and other sales volumes Europe in mn t
16.39
1.32
1.42 1.27
4%
thereof retail sales volumes in mn t
5.67
Q1/26 compared to Q1/25
Adjusted for special items and CCS effects; further information can be found below the table "Reconciliation of clean CCS Operating Result to reported Operating Result"
OMV's share of clean CCS net income of the at-equity consolidated companies
Capital expenditure including acquisitions
Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions.
The clean CCS Operating Result remained largely constant at EUR 113 mn (Q1/25: EUR 117 mn). The impact of substantially stronger refining indicator margins was offset by one-off hedging losses as a result of disrupted crude flows and a decreased contribution from the retail and commercial business.
The OMV refining indicator margin Europe more than doubled to USD 13.9/bbl (Q1/25: USD 6.7/bbl), primarily supported by stronger middle distillate cracks. In Q1/26, the utilization rate of the European refineries decreased to 87% (Q1/25: 92%), as the quarter was impacted by planned shutdowns. Fuels and other sales volumes Europe
increased by 8% to 3.80 mn t (Q1/25: 3.52 mn t). The global disruption of crude flows as a result of the Middle East conflict led to one-off operational hedging losses related to equity production of around EUR 100 mn during the
quarter. The contribution of the retail business significantly decreased, predominantly due to lower fuel unit margins following higher oil product quotations, which were only partly offset by increased fuel sales volumes. The result of the commercial business also declined due to lower margins, though these were partly offset by higher sales volumes and a slightly higher aviation business contribution.
The contribution from ADNOC Refining & ADNOC Global Trading, accounted for as OMV's share of clean CCS net
income of the at-equity consolidated companies, increased to EUR 7 mn (Q1/25: EUR -2 mn)., mainly due to a better trading result, partly offset by impacts resulting from the conflict in the Middle East.
Net special items amounted to EUR -45 mn (Q1/25: EUR -4 mn) and were primarily related to the mark-to-market assessment of commodity derivatives. In Q1/26, CCS effects of EUR 259 mn were recorded as a result of rising crude oil prices throughout the quarter (Q1/25: EUR -46 mn). Consequently, the Operating Result of Fuels rose
significantly to EUR 327 mn (Q1/25: EUR 67 mn).
Capital expenditure in Fuels was EUR 229 mn (Q1/25: EUR 161 mn). The increase was mainly driven by investments in business transformation. In Q1/26, besides ordinary ongoing business investments, organic capital expendituremainly comprised investments in green hydrogen electrolyzers in Austria and the SAF/HVO plant including electrolyzers in Romania.
Chemicals
Chemicals - Key figuresIn EUR mn (unless otherwise stated)
Key Performance IndicatorsQ1/26
Q4/25
Q1/25
Δ1
2025
266
255
238
12%
Clean Operating Result before depreciation
and amortization, impairments and write-ups
945
245
236
126
95%
Clean Operating Result
784
223
110
71
n.m.
thereof Borealis excluding JVs
447
35
89
45
-22%
thereof Borealis JVs2
248
851
-24
-9
n.m.
Special items
-75
1,088
66
39
n.m.
Operating Result from discontinued operations
335
8
146
78
-90%
Operating Result from continuing operations
374
1,758
272
236
n.m.
Capital expenditure3
971
453
590 529
-14%
Ethylene indicator margin Europe in EUR/t
569
318
465 400
-20%
Propylene indicator margin Europe in EUR/t
445
580
435 446
30%
Polyethylene indicator margin Europe in EUR/t
461
477
325 383
25%
Polypropylene indicator margin Europe in EUR/t
361
91
72 90
0
Utilization rate steam crackers Europe in %
82
1.55
1.80 1.59
-2%
Polyolefin sales volumes in mn t
6.48
0.48
0.51 0.49
-1%
thereof polyethylene sales volumes excl. JVs in mn t
1.95
0.57
0.54 0.55
4%
thereof polypropylene sales volumes excl. JVs in mn t
2.12
0.33
0.45 0.37
-11%
thereof polyethylene sales volumes JVs in mn t
1.50
0.18
0.30 0.19
-6%
thereof polypropylene sales volumes JVs in mn t
0.90
Note: In March 2025, the Borealis Group, excluding Borouge investments, was reclassified to "held for sale" and in addition classified as "discontinued operations." Since reclassification, the non-current assets are no longer depreciated or amortized and investments are no longer accounted for according to the equity method. If not mentioned otherwise, all indicators
in the table above also include items classified as "held for sale" and "discontinued operations." For further details, in particular related to the restated reported figures, see the condensed Consolidated Interim Financial Statements, section > OMV and ADNOC to establish a new Polyolefins Joint Venture. When comparing the Chemicals clean Operating Result for Q1/26 with Q1/25, a positive deviation of around EUR 120 mn can be explained mainly by the differences in the accounting treatment. Unless mentioned otherwise, the following descriptions of the business developments refer to discontinued and continuing operations.
Q1/26 compared to Q1/25
OMV's share of clean net income of the at-equity consolidated companies
Capital expenditure including acquisitions, notably the equity injection of EUR 1.5 bn into Borouge International
On March 31, 2026, OMV and XRG, ADNOC's international investment arm, announced the successful completion of the Borouge International transaction, comprising the combination of Borouge and Borealis, and the separate acquisition of NOVA Chemicals. Borouge International will be jointly controlled as an equal partnership between OMV and XRG, with each holding a 50% stake.
The clean Operating Result increased significantly to EUR 245 mn, which was to a large extent driven by the reclassification of the Borealis Group (excluding Borouge investments). Additional support came from improved polyolefin margins and a stronger light feedstock advantage, as well as positive inventory effects. Lower olefin margins and a reduced contribution from Borouge were the main offsetting factors.
The result of OMV base chemicals declined in Q1/26, mainly due to lower olefin indicator margins and a lower butadiene contribution. The ethylene indicator margin Europe decreased by 14% to EUR 453/t (Q1/25: EUR 529/t), while the propylene indicator margin Europe declined by 20% to EUR 318/t (Q1/25: EUR 400/t). This was mainly a result of higher feedstock costs as naphtha prices recorded a sharp increase in March due to the conflict in the Middle East.
At 91% in Q1/26, the utilization rate of the European steam crackers operated by OMV and Borealis was at a similar level to the prior-year quarter (Q1/25: 90%). While the utilization rate of the steam cracker in Schwechat
improved, lower utilization rates of the Burghausen and Borealis-operated steam crackers were to a large extent mitigating.
The contribution of Borealis excluding JVs grew to EUR 223 mn (Q1/25: EUR 71 mn), primarily as a result of the stop of depreciation and amortization of non-current assets. Inventory valuation effects came in more positive and further supported the result. The contribution of the Borealis base chemicals business increased, mostly as a result
of a higher light feedstock advantage and positive inventory valuation effects. Lower olefin indicator margins in
Europe partly offset this. The polyolefin contribution increased, mainly due to stronger polyolefin indicator margins and higher specialty sales volumes. The European polyethylene indicator margin grew by 30% to EUR 580/t (Q1/25: EUR 446/t), whereas the European polypropylene indicator margin increased by 25% to EUR 477/t (Q1/25: EUR 383/t). Both polyethylene and polypropylene were strongly impacted by security of supply concerns after the start of the conflict in the Middle East. Polyethylene sales volumes excluding JVs decreased slightly by
1% and polypropylene sales volumes excluding JVs grew by 4%. Sales volumes in Q1/26 came in slightly higher due to increased specialty sales volumes in the energy and mobility sector, and also saw support from increased sales of Baystar-sourced volumes in the consumer products sector.
The contribution of Borealis JVs, accounted for as OMV's share of clean net income of the at-equity consolidated companies, declined to EUR 35 mn in Q1/26 (Q1/25: EUR 45 mn). This was mainly a result of the lower contribution from Borouge due to low pricing in January and February, which was followed by logistics disruptions and cost
increases in March caused by the conflict in the Middle East. Nevertheless, Borouge maintained exceptional
production levels with a utilization rate of 98% in Q1/26, demonstrating operational resilience. Alternative logistics routes were activated in March, with just over 60% of March production distributed, thereby mitigating the impact on revenues and customer supply. Polyethylene sales volumes from the JVs decreased by 11%, while
polypropylene sales volumes from the JVs declined by 6%.Net special items in Q1/26 amounted to EUR 851 mn (Q1/25: EUR -9 mn) and were mainly a result of a gain from the deconsolidation of the Borealis Group following the Borouge International transaction. The Operating Result from discontinued operations therefore increased in Q1/26 to EUR 1,088 mn (Q1/25: EUR 39 mn), while the Operating Result from continuing operations declined to EUR 8 mn (Q1/25: EUR 78 mn).
Capital expenditure rose to EUR 1,758 mn in Q1/26 (Q1/25: EUR 236 mn), primarily due to the equity injection into Borouge International in the amount of EUR 1.5 bn. Organic capital expenditure decreased slightly compared to Q1/25. Besides ordinary ongoing business investments, organic capital expenditure was predominantly related to Borealis' construction of the new PDH plant in Kallo, Belgium, and investments fostering growth in specialtyproducts.
Consolidated Interim Financial Statements (condensed, unaudited)
Consolidated Income Statement (unaudited)In EUR mn (unless otherwise stated)
Q1/26 | Q4/25 | Q1/25 | 2025 | |
5,855 | 6,045 | 6,215 | Sales revenues | 24,308 |
82 | 73 | 127 | Other operating income | 408 |
28 | 149 | 76 | Net income from equity-accounted investments | 401 |
5,965 | 6,267 | 6,418 | Total revenues and other income | 25,118 |
-3,234 | -3,485 | -3,493 | Purchases (net of inventory variation) | -13,975 |
-557 | -506 | -612 | Production and operating expenses | -2,174 |
-120 | -140 | -235 | Production and similar taxes | -686 |
-448 | -882 | -460 | Depreciation, amortization, impairments and write-ups | -2,311 |
-532 | -483 | -505 | Selling, distribution, and administrative expenses | -2,002 |
-25 | -49 | -38 | Exploration expenses | -149 |
-117 | -388 | -91 | Other operating expenses | -711 |
934 | 333 | 984 | Operating Result | 3,110 |
5 | -0 | 5 | Dividend income | 7 |
62 | 80 | 75 | Interest income | 424 |
-113 | -96 | -102 | Interest expenses | -388 |
-15 | -7 | -27 | Other financial income and expenses | -106 |
-61 | -24 | -49 | Net financial result | -63 |
872 | 310 | 935 | Profit before tax | 3,047 |
-277 | -242 | -702 | Taxes on income and profit | -1,834 |
595 | 68 | 234 | Net income from continuing operations | 1,212 |
1,050 | 45 | 54 | Net income from discontinued operations | 307 |
1,645 | 113 | 288 | Net income for the period | 1,520 |
1,486 | 90 | 143 | thereof attributable to stockholders of the parent | 1,017 |
13 | 13 | 15 | thereof attributable to hybrid capital owners | 60 |
146 | 11 | 130 | thereof attributable to non-controlling interests | 443 |
478 | 57 | 103 | Net income for the period from continuing operations attributable to stockholders of the parent | 789 |
4.56 | 0.28 | 0.44 | Basic Earnings Per Share in EUR | 3.11 |
1.47 | 0.17 | 0.31 | Basic Earnings Per Share in EUR from continuing operations | 2.41 |
4.55 | 0.27 | 0.44 | Diluted Earnings Per Share in EUR | 3.11 |
1.46 | 0.17 | 0.31 | Diluted Earnings Per Share in EUR from continuing operations | 2.41 |
In EUR mn
Q1/26 | Q4/25 | Q1/25 | 2025 | |
1,645 | 113 | 288 | Net income for the period | 1,520 |
171 | -17 | -354 | Currency translation differences | -1,180 |
- | - | -8 | Gains(+)/losses(-) on hedges | -8 |
-88 | 9 | 1 | Share of other comprehensive income of equity-accounted investments | 1 |
83 | -8 | -361 | Total of items that may be reclassified ("recycled") subsequently to the income statement | -1,187 |
0 | 92 | -0 | Remeasurement gains(+)/losses(-) on defined benefit plans | 92 |
- | -8 | - | Gains(+)/losses(-) on equity investments | -8 |
0 | 83 | -0 | Total of items that will not be reclassified ("recycled") subsequently to the income statement | 83 |
3 | 0 | 2 | Income taxes relating to items that may be reclassified ("recycled") subsequently to the income statement | 3 |
-6 | -4 | -0 | Income taxes relating to items that will not be reclassified ("recycled") subsequently to the income statement | -7 |
-3 | -4 | 2 | Total income taxes relating to components of other comprehensive income | -4 |
80 | 71 | -360 | Other comprehensive income for the period, net of tax from continuing operations | -1,107 |
-10 | 17 | 6 | Other comprehensive income for the period, net of tax from discontinued operations | 9 |
70 | 88 | -354 | Other comprehensive income for the period, net of tax | -1,098 |
675 | 139 | -126 | Total comprehensive income for the period from continuing operations | 105 |
1,039 | 62 | 60 | Total comprehensive income for the period from discontinued operations | 316 |
1,714 | 201 | -66 | Total comprehensive income for the period | 421 |
1,543 | 183 | -168 | thereof attributable to stockholders of the parent | 123 |
13 | 13 | 15 | thereof attributable to hybrid capital owners | 60 |
159 | 5 | 87 | thereof attributable to non-controlling interests | 238 |
541 | 137 | -212 | Total comprehensive income for the period from continuing operations attributable to stockholders of the parent | -112 |
In EUR mn
Mar. 31, 2026 | Dec. 31, 2025 | |
Assets | ||
Intangible assets | 1,073 | 1,049 |
Property, plant, and equipment | 15,914 | 15,719 |
Equity-accounted investments | 12,217 | 5,255 |
Other financial assets | 1,148 | 979 |
Other assets | 277 | 278 |
Deferred taxes | 1,369 | 1,205 |
Non-current assets | 31,998 | 24,486 |
Inventories | 2,197 | 1,962 |
Trade receivables | 2,374 | 1,900 |
Other financial assets | 1,711 | 1,093 |
Income tax receivables | 58 | 34 |
Other assets | 1,196 | 1,192 |
Cash and cash equivalents | 3,506 | 5,077 |
Current assets | 11,042 | 11,258 |
Assets held for sale | - | 10,594 |
Total assets | 43,040 | 46,338 |
Equity and liabilities | ||
Share capital | 327 | 327 |
Hybrid capital | 1,985 | 1,985 |
Reserves | 15,611 | 14,019 |
Equity of stockholders of the parent | 17,923 | 16,331 |
Non-controlling interests | 3,747 | 6,235 |
Equity | 21,671 | 22,567 |
Provisions for pensions and similar obligations | 530 | 530 |
Bonds | 5,705 | 5,703 |
Lease liabilities | 834 | 878 |
Other interest-bearing debts | - | 0 |
Provisions for decommissioning and restoration obligations | 4,192 | 4,213 |
Other provisions | 386 | 393 |
Other financial liabilities | 351 | 210 |
Other liabilities | 51 | 54 |
Deferred taxes | 815 | 754 |
Non-current liabilities | 12,863 | 12,735 |
Trade payables | 2,940 | 2,633 |
Bonds | 1,088 | 1,050 |
Lease liabilities | 266 | 265 |
Other interest-bearing debts | 117 | 101 |
Income tax liabilities | 577 | 506 |
Provisions for decommissioning and restoration obligations | 119 | 97 |
Other provisions | 1,031 | 1,043 |
Other financial liabilities | 1,265 | 827 |
Other liabilities | 1,101 | 1,003 |
Current liabilities | 8,506 | 7,525 |
Liabilities associated with assets held for sale | - | 3,510 |
Total equity and liabilities | 43,040 | 46,338 |
In EUR mn
Equity of Non- Share capital Capital reserves Hybrid capital Revenue reserves Other reserves1 Treasury shares stockholders of the parent controlling interests Total equityJanuary 1, 2026 | 327 | 1,531 | 1,985 | 14,027 | -1,480 | -59 | 16,331 | 6,235 | 22,567 |
Net income for the period | - | - | - | 1,499 | - | - | 1,499 | 146 | 1,645 |
Other comprehensive income for the period | - | - | - | -7 | 63 | - | 57 | 13 | 70 |
Total comprehensive income for the period | - | - | - | 1,492 | 63 | - | 1,556 | 159 | 1,714 |
Share-based payments | - | 2 | - | - | - | - | 2 | - | 2 |
Increase(+)/decrease(-) in non- controlling interests | - | - | - | -3 | - | - | -3 | -2,653 | -2,656 |
Reclassification of cash flow hedges to balance sheet | - | - | - | - | 37 | - | 37 | 6 | 43 |
March 31, 2026 | 327 | 1,533 | 1,985 | 15,517 | -1,379 | -59 | 17,923 | 3,747 | 21,671 |
Share capital | Capital reserves | Hybrid capital | Revenue reserves | Other reserves1 | Treasury shares | Equity of stockholders of the parent | Non-controlling interests | Total equity | |
January 1, 2025 | 327 | 1,522 | 1,986 | 14,525 | -492 | -1 | 17,868 | 6,749 | 24,617 |
Net income for the period | - | - | - | 158 | - | - | 158 | 130 | 288 |
Other comprehensive income for the period | - | - | - | -0 | -311 | - | -311 | -43 | -354 |
Total comprehensive income for the period | - | - | - | 158 | -311 | - | -153 | 87 | -66 |
Share-based payments | - | 2 | - | - | - | - | 2 | - | 2 |
Repurchase of own shares | - | - | - | - | - | -14 | -14 | - | -14 |
Increase(+)/decrease(-) in non- controlling interests | - | - | - | 2 | 0 | - | 2 | -2 | -0 |
Reclassification of cash flow hedges to balance sheet | - | - | - | - | -1 | - | -1 | -0 | -1 |
March 31, 2025 | 327 | 1,524 | 1,986 | 14,684 | -803 | -15 | 17,705 | 6,834 | 24,539 |
1 "Other reserves" include currency translation differences, unrealized gains and losses from hedges, and the share of other comprehensive income of equity-accounted investments.
Consolidated Statement of Cash Flows (condensed, unaudited)In EUR mn
Q1/26 | Q4/25 | Q1/25 | 2025 | |
1,645 | 113 | 288 | Net income for the period | 1,520 |
462 | 921 | 580 | Depreciation, amortization, and impairments including write-ups | 2,508 |
-102 | -93 | 160 | Deferred taxes | 65 |
415 | 362 | 553 | Current taxes | 1,863 |
-378 | -410 | -431 | Income taxes paid incl. tax refunds | -1,960 |
1 | 7 | -2 | Losses (+)/gains (-) on the disposal of non-current assets | 21 |
-33 | -150 | -51 | Income from equity-accounted investments and other dividend income | -383 |
11 | 32 | 80 | Dividends received from equity-accounted investments and other companies | 542 |
52 | 47 | 43 | Interest expenses | 179 |
-17 | -45 | -18 | Interest paid | -200 |
-55 | -60 | -96 | Interest income | -440 |
47 | 123 | 66 | Interest received | 406 |
225 | -317 | 274 | Net change in provisions and emission certificates | 232 |
-646 | 291 | -90 | Other changes | 141 |
1,624 | 821 | 1,356 | Cash flow from operating activities excluding net working capital effects | 4,494 |
-200 | 556 | 377 | Increase (-)/decrease (+) in inventories | 699 |
-1,062 | 391 | -286 | Increase (-)/decrease (+) in receivables | 326 |
414 | -88 | -90 | Decrease (-)/increase (+) in liabilities | -304 |
-848 | 860 | 1 | Changes in net working capital components | 721 |
776 | 1,681 | 1,357 | Cash flow from operating activities | 5,215 |
1 | 569 | 121 | thereof Cash flow from operating activities from discontinued operations | 852 |
Investments | ||||
-929 | -1,017 | -938 | Intangible assets and property, plant, and equipment | -3,849 |
-1,572 | -104 | -154 | Investments, loans, and other financial assets | -457 |
-1 | -0 | -1 | Acquisitions of subsidiaries and businesses net of cash acquired | -11 |
Divestments and other investing cash inflows | ||||
43 | 339 | 53 | Cash inflows in relation to non-current assets and financial assets | 1,108 |
0 | -3 | 0 | Cash inflows from the sale of subsidiaries and businesses, net of cash disposed | 455 |
-461 | - | - | Cash disposed due to the loss of control | - |
-2,920 | -785 | -1,040 | Cash flow from investing activities | -2,754 |
-642 | -253 | -181 | thereof Cash flow from investing activities from discontinued operations | -196 |
-113 | 586 | -90 | Decrease (-)/increase (+) in long-term borrowings | -478 |
- | - | - | Increase hybrid bond | 744 |
- | - | - | Repayment hybrid bond | -750 |
- | -48 | -14 | Repurchase of own shares | -62 |
17 | -154 | 112 | Decrease (-)/increase (+) in short-term borrowings | -7 |
- | -16 | - | Dividends paid to stockholders of the parent (incl. hybrid coupons) | -1,634 |
-12 | -109 | -0 | Dividends paid to non-controlling interests | -647 |
-108 | 259 | 7 | Cash flow from financing activities | -2,834 |
-41 | -446 | -23 | thereof Cash flow from financing activities from discontinued operations | -983 |
2 | -7 | -5 | Effect of exchange rate changes on cash and cash equivalents | -53 |
-2,250 | 1,148 | 319 | Net increase (+)/decrease (-) in cash and cash equivalents | -426 |
5,756 | 4,608 | 6,182 | Cash and cash equivalents at beginning of period | 6,182 |
3,506 | 5,756 | 6,501 | Cash and cash equivalents at end of period | 5,756 |
- | 679 | 818 | thereof cash disclosed within Assets held for sale | 679 |
3,506 | 5,077 | 5,683 | Cash and cash equivalents presented in the consolidated statement of financial position | 5,077 |
Selected notes to the consolidated interim financial statements
Legal principles
The consolidated interim financial statements for the period from January 1 to March 31, 2026, have been prepared in accordance with IAS 34 "Interim Financial Statements."
They do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as of December 31, 2025.
The consolidated interim financial statements for Q1/26 are unaudited and an external review by an auditor was not performed.
They have been prepared in million EUR (EUR mn, EUR 1,000,000). Accordingly, there may be rounding differences.
Accounting policies
The accounting policies in effect on December 31, 2025, remain largely unchanged. The amendments effective since January 1, 2026, did not have a material effect on the consolidated interim financial statements.
Changes in the consolidated Group
Compared with the consolidated financial statements as of December 31, 2025, the consolidated Group changed as follows:
Changes in the consolidated GroupName of company | Registered office | Type of change | Effective date |
Chemicals | |||
Borouge Group International AG | Schwechat | Decrease in share1 | March 25, 2026 |
1 Interest in Borouge Group International AG decreased from 75% to 50%, which led to the change in the consolidation method from full consolidation to at-equity consolidation.
Borouge Group International AG holds 100% of the shares in Borealis GmbH, and following this decrease, OMV lost control over Borealis group, resulting in the deconsolidation of entities within the Borealis Group. For further details, please refer to the subchapter "OMV and ADNOC to establish a new Polyolefins Joint Venture."
Seasonality and cyclicality
Due to the seasonal nature of the supply and demand of natural gas, higher sales volumes are usually seen during the heating season from October to March in the Energy segment. Additional seasonality effects impact the Fuels segment, mainly because of retail, with an expected fuel and non-fuel business peak in the third quarter. This
information is provided to allow for a better understanding of the results, however the OMV Group does not have a highly seasonal business.
OMV and ADNOC to establish a new Polyolefins Joint Venture
Description of the transactionOn March 31, 2026, OMV and XRG, a wholly-owned subsidiary of ADNOC, completed the formation of Borouge Group International AG. This follows the closing of their transaction on March 25, 2026, which combined their shareholdings in Borealis group and Borouge investments1 into Borouge Group International AG, alongside a cash capital injection of EUR 1.5 bn by OMV into Borouge Group International AG. As a result, Borouge Group
International AG is jointly controlled in an equal partnership between OMV and XRG, each holding a 50% stake. Additionally, on March 31, 2026, Borouge Group International AG concluded the acquisition of 100% of Nova Chemicals Corporation. With this transaction, Borouge International has become the world's leading pure-play
1 Borouge investments include Borouge PLC and Borouge Pte.
polyolefins company and fourth-largest polyolefins producer, distinguished by its premium products, pioneering technology, and a global footprint.
The newly formed joint venture is headquartered and tax domiciled in Austria, with regional headquarters in the United Arab Emirates (UAE). A planned tender offer, which will convert Borouge PLC shares held by free float shareholders into new Borouge Group International AG shares, will align with the new company's future equity raise and maximize value for all shareholders. The tender offer is expected to take place in 2027, subject to market conditions and approval by the UAE Capital Market Authority. Until then, Borouge Group International AG will be privately held, and Borouge PLC shares will remain listed on the Abu Dhabi Securities Exchange (ADX).
Furthermore, an asset usage agreement for the Borouge 4 production complex was signed in March 2026. Borouge 4 is a new integrated polyolefins production complex with 1.5 mn t ethane cracker and 1.4 mn t of polyethylene capacity. The agreement enables Borouge PLC, and subsequently Borouge Group International AG, to operate and market the volumes of Borouge 4 in return for a utilization fee.
Impact of the transactionDue to the closing of the transaction, OMV's share in its previously fully consolidated subsidiaries Borouge Group International AG and Borealis GmbH declined from formerly 75% to now 50%, leading to a loss of control for these companies, including their subsidiaries ("Borealis disposal group"1), which led to their deconsolidation as of March 25, 2026.
Following the closing of the transaction, OMV has a shareholding of 50% in Borouge Group International AG. The investment classifies as a joint venture due to the fact that decision taking in relation to the relevant activities requires the unanimous consent of both parties (OMV and XRG). The investment is consequently accounted for using the equity method according to IAS 28.
Prior to the closing of the transaction, OMV and ADNOC jointly controlled the Borouge investments. Following the transaction, joint control continues through the investment in Borouge Group International AG. The previously held 27% stake in Borouge investments - indirectly owned through Borealis's 36% shareholding - was not remeasured under IAS 28, as there was no substantive change to the level of control over Borouge.
The transaction resulted in the derecognition of non-controlling interests stemming from the Borealis disposal group deconsolidation, as well as from the derecognition of the indirect 9% shareholding in Borouge Investments
previously held through Borealis. This is reflected in the "Increase (+)/decrease (-) in non-controlling interests" line in the Consolidated Statement of Changes in Equity.
Deconsolidation impact Borealis disposal group - Deconsolidated book values due to loss of control1In EUR mn
Non-current assets | 7,692 |
Current assets | 3,114 |
Total assets | 10,806 |
Non-current liabilities | 1,798 |
Current liabilities | 1,736 |
Total liabilities | 3,535 |
1 Excluding Borouge investments
The gain associated with the loss of control attributable to OMV's 75% share in Borealis disposal group amounted to EUR 886 mn and was recognized in "Net income from discontinued operations" in the Consolidated Income Statement in line with IFRS 10.25. This amount included a reclassification of net losses from other comprehensive
income to "Net income from discontinued operations" in the amount of EUR 25 mn, which were mainly related to currency translation differences and hedges.
1 Borealis disposal group: Borouge Group International AG, Borealis GmbH and its subsidiaries and excluding Borouge investments
There is a conflict between the requirements in IFRS 10 and IAS 28 regarding how to recognize gains or losses when a parent company loses control of a subsidiary by contributing it to an associate or joint venture. IFRS 10 requires the full gain or loss related to the parent company's controlling interest in the subsidiary to be recognized in profit or loss, without eliminating the portion of the gain or loss related to the investor's continuing interest. In contrast, IAS 28 requires elimination for any continuing interest. OMV applies the IFRS 10 approach.
Joint Venture - Initial recognition Equity-accounted investment Borouge Group International AGIn EUR mn
Fair value of net assets | 5,929 |
Goodwill (preliminary) | 1,852 |
Fair value of consideration for Borouge Group International AG | 7,780 |
Previously held stake in Borouge investments (not remeasured) | 2,578 |
Investment value Borouge Group International AG | 10,358 |
In line with IAS 28, the investment in Borouge Group International AG is initially recognized at cost, which is equivalent to the fair value of the consideration transferred. The consideration amounted to EUR 7,780 mn and included the fair value of OMV's previously held share in the Borealis disposal group, the capital injection into Borouge Group International AG, and directly attributable transaction costs. The fair value of the assets and
liabilities as at the date of closing of the transaction is preliminary and may be adjusted if additional information is obtained.
Cash flow impactsThe cash flow from investing activities in Q1/26 contained a cash outflow of EUR 1,501 mn related to the capital
injection in Borouge Group International AG and related transaction costs, reflected in the line "Investments, loans, and other financial assets," and EUR 461 mn related to the cash disposed of Borealis disposal group, which is reflected in the line "Cash disposed due to loss of control."
Net cash outflows related to the transaction in Q1/26In EUR mn
Capital injection | -1,499 |
Cash disposed Borealis Disposal Group | -461 |
Transaction costs | -2 |
Net cash outflows in Q1/26 | -1,963 |
OMV Aktiengesellschaft and XRG Austria have established a joint tax group (Beteiligungsgemeinschaft), effective retrospectively from January 1, 2026. Through this joint tax grouping, Borouge Group International AG and certain entities of the Borealis Group continue to be included as members of the OMV Austrian tax group, with the
proportional share of their taxable results being attributable to the OMV Austrian tax group.
Following the closing of the transaction and the deconsolidation of Borealis disposal group, the deferred tax asset (DTA) position of the OMV Austrian tax group was reassessed. As a result, the DTA valuation allowance was decreased leading to the recognition of deferred tax income of EUR 177 mn in the line "Taxes on income and profit" in the Consolidated Income Statement.
Additional disclosures related to discontinued operations Net income from discontinued operationsIn EUR mn (unless otherwise stated)
Q1/26 | Q4/25 Q1/25 | 2025 | |
1,920 | 1,802 2,079 | Sales revenues | 7,533 |
912 | 33 18 | Other operating income | 135 |
- | 0 -30 | Net income from equity-accounted investments | -28 |
2,832 | 1,835 2,067 | Total revenues and other income | 7,640 |
- | - -91 | Depreciation, amortization, impairments and write-ups | -91 |
-1,744 | -1,769 -1,938 | Other operating expenses | -7,215 |
1,088 | 66 39 | Operating result | 335 |
-3 | 6 26 | Net financial result | 67 |
1,085 | 72 65 | Profit before tax | 402 |
-35 | -27 -11 | Taxes on income and profit | -94 |
1,050 | 45 54 | Net income from discontinued operations | 307 |
1,008 | 33 40 | thereof attributable to stockholders of the parent | 228 |
3.09 | 0.10 0.12 | Basic Earnings Per Share in EUR from discontinued operations | 0.70 |
3.09 | 0.10 0.12 | Diluted Earnings Per Share in EUR from discontinued operations | 0.70 |
Moreover, Borealis disposal group had the following material intercompany transactions, which have been eliminated:
Material eliminated intercompany transactions of discontinued operationsIn EUR mn
Q1/26 | Q4/25 | Q1/25 | 2025 | |
14 | 14 | 17 | Sales revenues to continuing operations | 59 |
-340 | -323 | -385 | Purchases from continuing operations | -1,370 |
-18 | 24 | -19 | Current income tax charges from continuing operations | -2 |
Sales revenues to continuing operations were mainly related to the sale of chemical products, which were predominantly sold to OMV's chemicals sites in Schwechat (Austria) and Burghausen (Germany) for production.
These sales revenues were eliminated before reclassification to "Net income from discontinued operations." The
gross margin related to them is reflected in "Net income from discontinued operations." The before mentioned sales contracts are still effective after closing of the transaction.
Purchases from continuing operations were mainly related to the sale of feedstock (base chemicals) from OMV's refinery sites in Schwechat (Austria) and Burghausen (Germany). These sales revenues from OMV's continuing operations to Borealis were eliminated and are therefore not included in the line "Sales revenues" in the Consolidated Income Statement. The gross margin related to them is reflected in "Net income from continuing operations." In the table "Net income from discontinued operations," those purchases from OMV's continuing operations are reflected in the line "Other operating expenses." The before mentioned sales contracts are still effective after closing of the transaction.
The current income tax charges to the Borealis disposal group for members of the Austrian tax group were pooled with the tax result of the other members of the Austrian tax group in OMV Aktiengesellschaft. These income taxes were eliminated prior to reclassification to "Net income from discontinued operations" and are therefore not
included in the line "Taxes on income and profit" in the table "Net income from discontinued operations."
Statement of Comprehensive Income from discontinued operationsIn EUR mn
Q1/26 | Q4/25 | Q1/25 | 2025 | |
1,050 | 45 | 54 | Net income for the period from discontinued operations | 307 |
54 | -1 | 13 | Total of items that may be reclassified ("recycled") subsequently to the income statement | 5 |
-75 | 25 | -7 | Total of items that will not be reclassified ("recycled") subsequently to the income statement | 19 |
-7 | 1 | -1 | Income taxes relating to items that may be reclassified ("recycled") subsequently to the income statement | -9 |
17 | -9 | 2 | Income taxes relating to items that will not be reclassified ("recycled") subsequently to the income statement | -5 |
10 | -8 | 0 | Total income taxes relating to components of other comprehensive income | -15 |
-10 | 17 | 6 | Other comprehensive income for the period, net of tax from discontinued operations | 9 |
1,039 | 62 | 60 | Total comprehensive income for the period from discontinued operations | 316 |
1,002 | 46 | 44 | thereof attributable to stockholders of the parent | 235 |
Further details on cash flows attributable to discontinued operations can be found in the Consolidated Statement of Cash Flows.
Notes to the income statement
Sales revenues Sales revenuesIn EUR mn
1-3/26 | 1-3/25 | |
Revenues from contracts with customers | 5,951 | 6,126 |
Revenues from other sources | -96 | 90 |
Total sales revenues | 5,855 | 6,215 |
In Q1/26, revenues from other sources reflect approximately EUR 100 mn in one-off operational hedging losses resulting from worldwide disruptions in crude oil flows.
Revenues from other sources mainly include revenues from commodity transactions that are within the scope of IFRS 9 "Financial Instruments" and the adjustment of revenues considering the national oil company's profit share as income tax in certain production sharing agreements in the Energy business segment. Moreover, revenues from other sources contain the impact of fair value accounting of commodity derivative hedge contracts, as well as rental and lease revenues.
Revenues from contracts with customersIn EUR mn
1-3/26 | |||||
Energy | Fuels | Chemicals | Corporate & Other | Total | |
Crude oil, NGL, condensates | 100 | 241 | - | - | 341 |
Natural gas and LNG | 1,351 | 4 | - | - | 1,355 |
Fuel, heating oil, and other refining products | - | 3,384 | - | - | 3,384 |
Chemical products | - | 7 | 151 | - | 158 |
Other goods and services1 | 459 | 245 | 9 | 1 | 714 |
Total | 1,910 | 3,880 | 160 | 1 | 5,951 |
Revenues from contracts with customers | |||||
In EUR mn | |||||
1-3/25 | |||||
Energy | Fuels | Chemicals | Corporate & Other | Total | |
Crude oil, NGL, condensates | 135 | 479 | - | - | 613 |
Natural gas and LNG | 1,677 | 5 | - | - | 1,682 |
Fuel, heating oil, and other refining products | - | 3,103 | - | - | 3,103 |
Chemical products | - | 15 | 171 | - | 186 |
Other goods and services1 | 326 | 213 | 0 | 2 | 541 |
Total | 2,137 | 3,815 | 171 | 2 | 6,126 |
1 Mainly power sales in Energy and retail non-oil business in Fuels
Taxes on income and profit Taxes on income and profitIn EUR mn (unless otherwise stated)
Q1/26 | Q4/25 | Q1/25 | 2025 | |
-398 | -351 | -536 | Current taxes | -1,825 |
121 | 110 | -165 | Deferred taxes | -9 |
-277 | -242 | -702 | Taxes on income and profit | -1,834 |
32 | 78 | 75 | Effective tax rate from continuing operations in % | 60 |
In the consolidated interim financial statements, taxes on income and profit are determined based on the actual profit before tax and the relevant permanent and temporary differences of the period, rather than applying the estimated average annual effective tax rate. This is due to the fact that the average annual effective tax rate is
significantly impacted by the result contribution of Group companies, the volatility of the lifting schedule in the E&P business, and the changes in tax value of investments. Consequently, there is an inherent uncertainty in estimating the annual effective tax rate.
Deferred tax income in Q1/26 relates mostly to the reassessment of deferred tax asset position of the Austrian tax group (for further details, see section "OMV and ADNOC to establish a new Polyolefins Joint Venture").
Notes to the statement of financial position
EquityThe deconsolidation of Borealis group led to a decrease in non-controlling interests in the amount of EUR 2,656 mn, which is reported in the line "Increase (+)/decrease (-) in non-controlling interests" in the statement of changes in equity. For more details, see subchapter "OMV and ADNOC to establish a new Polyolefins Joint Venture."
The total number of own shares held by the Company as of March 31, 2026, amounted to 1,271,670 (December 31, 2025: 1,271,670).
Financial liabilities Leverage ratio1In EUR mn (unless otherwise stated)
Mar. 31, 2026 | Dec. 31, 2025 | Δ | |
Bonds | 6,793 | 6,753 | 1% |
Lease liabilities | 1,100 | 1,838 | -40% |
Other interest-bearing debts | 117 | 798 | -85% |
Debt | 8,011 | 9,390 | -15% |
Cash and cash equivalents | 3,506 | 5,756 | -39% |
Net debt2 | 4,505 | 3,633 | 24% |
Equity | 21,671 | 22,567 | -4% |
Leverage ratio in % | 17 | 14 | 3 |
1 The leverage ratio is defined as (net debt including leases) / (equity + net debt including leases).
2 Including items that were reclassified to assets or liabilities held for sale
Fair value measurementFinancial instruments recognized at fair value are disclosed according to the fair value measurement hierarchy as stated in Note 30 of the OMV Consolidated Financial Statements 2025.
Fair value hierarchy of financial assets1, other assets, and net amount of assets and liabilities held for sale at fair valueIn EUR mn
Mar. 31, 2026 | Dec. 31, 2025 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Trade receivables | - | 2 | - | 2 | - | - | - | - |
Equity investments | 14 | 69 | 19 | 102 | 14 | 69 | 19 | 102 |
Derivatives | 55 | 568 | - | 624 | 7 | 323 | - | 331 |
Total | 69 | 639 | 19 | 727 | 21 | 392 | 19 | 432 |
1 Excluding assets held for sale
Fair value hierarchy of financial liabilities and other liabilities at fair value1In EUR mn
Mar. 31, 2026 | Dec. 31, 2025 | |||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |
Derivatives | 177 | 677 | 854 | 26 | 231 | 257 |
Other financial liabilities at fair value | - | 12 | 12 | - | 14 | 14 |
Other liabilities at fair value2 | - | - | - | - | 18 | 18 |
Total | 177 | 689 | 866 | 26 | 263 | 289 |
1 Excluding liabilities that were reclassified to held for sale
2 Including hedged items designated in fair value hedge relationship related to product swaps with the national stockholding company in Germany
Financial assets and liabilities valued at amortized cost for which fair values are disclosed1In EUR mn
Carrying amount Fair value Level 1 Level 2Mar. 31, 2026 | ||||
Bonds | 6,793 | 6,550 | 6,550 | - |
Other interest-bearing debt | 117 | 116 | - | 116 |
Financial liabilities | 6,911 | 6,666 | 6,550 | 116 |
Dec. 31, 2025 | ||||
Bonds | 6,753 | 6,596 | 6,596 | - |
Other interest-bearing debt | 101 | 99 | - | 99 |
Financial liabilities | 6,854 | 6,694 | 6,596 | 99 |
1 Excluding liabilities that were reclassified to held for sale
The table above shows the carrying amount and fair value of financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information of other financial assets and liabilities measured at
amortized cost, as the carrying amount represents an adequate approximation to the fair value.
Segment reporting
Intersegmental salesIn EUR mn
Q1/26 | Q4/25 | Q1/25 | Δ%1 | 2025 | |
637 | 737 | 881 | -28 | Energy | 3,128 |
370 | 300 | 403 | -8 | Fuels | 1,302 |
75 | 41 | 84 | -10 | Chemicals | 270 |
132 | 134 | 127 | 4 | Corporate & Other | 513 |
1,214 | 1,212 | 1,494 | -19 | Total | 5,212 |
In EUR mn
Q1/26 | Q4/25 | Q1/25 | Δ%1 | 2025 | |
1,912 | 1,858 | 2,218 | -14 | Energy | 7,685 |
3,782 | 4,038 | 3,824 | -1 | Fuels | 16,045 |
160 | 152 | 171 | -6 | Chemicals | 571 |
1 | -3 | 3 | -56 | Corporate & Other | 7 |
5,855 | 6,045 | 6,215 | -6 | Total | 24,308 |
In EUR mn
Q1/26 | Q4/25 | Q1/25 | Δ%1 | 2025 | |
2,549 | 2,595 | 3,099 | -18 | Energy | 10,813 |
4,152 | 4,338 | 4,227 | -2 | Fuels | 17,347 |
235 | 193 | 254 | -8 | Chemicals | 841 |
133 | 131 | 129 | 3 | Corporate & Other | 520 |
7,069 | 7,257 | 7,709 | -8 | Total | 29,520 |
In EUR mn
Q1/26 | Q4/25 | Q1/25 | Δ%1 | 2025 | |
662 | -103 | 829 | -20 | Operating Result Energy | 1,877 |
327 | 299 | 67 | n.m. | Operating Result Fuels | 866 |
8 | 146 | 78 | -90 | Operating Result Chemicals | 374 |
-16 | -16 | -19 | 16 | Operating Result Corporate & Other | -87 |
981 | 326 | 954 | 3 | Operating Result segment total | 3,030 |
-47 | 7 | 30 | n.m. | Consolidation: Elimination of intersegmental profits | 80 |
934 | 333 | 984 | -5 | OMV Group Operating Result | 3,110 |
1 Q1/26 compared to Q1/25
Assets1In EUR mn
Mar. 31, 2026 | Dec. 31, 2025 | |
Energy | 10,285 | 10,142 |
Fuels | 5,428 | 5,333 |
Chemicals | 1,039 | 1,048 |
Corporate & Other | 235 | 246 |
Total | 16,987 | 16,769 |
1 Segment assets consist of intangible assets and property, plant, and equipment. They do not include assets reclassified to held for sale.
Other notes
Transactions with related parties OMV and ADNOC to establish a new Polyolefins Joint VentureOn March 3, 2025, OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International AG. The transaction was completed on March 25, 2026.
Following the closing and change in ownership, Borouge Group International AG is now treated as a joint venture accounted for using the equity method, and therefore, both Borouge Group International AG and its subsidiaries (referred to as Borouge International) qualify as related parties under IAS 24. For more details, see subchapter "OMV and ADNOC to establish a new Polyolefins Joint Venture."
As a result, there are significant changes in the Group's related-party disclosures with respect to transactions and balances with Borouge International, as presented in the table below. Prior reported balances in relation to Borouge investments and Bayport are now reflected within Borouge International following the completion of the
transaction. All reported transactions with related parties were conducted on an arm's length basis.
Balances with equity-accounted investments - Borouge InternationalIn EUR mn
Mar. 31, 2026 | |
Trade receivables | 130 |
Other financial receivables | 44 |
Trade liabilities | 10 |
Other financial liabilities | 16 |
Other non-financial liabilities | 5 |
Trade receivables mainly relate to the sale of base chemicals, with the majority of these products being sold by OMV's refinery sites in Schwechat (Austria) and Burghausen (Germany). Other financial receivables primarily comprise current income tax receivables. For more details, see subchapter "OMV and ADNOC to establish a new Polyolefins Joint Venture."
Transactions in relation to other equity-accounted investmentsFor the description of transactions and balances with related parties, refer to the OMV Consolidated Financial Statements and Notes 2025 (Note 35 "Related parties"). There have been no new significant types of transactions with related parties since December 31, 2025, with regard to exchange of goods and services in the normal course of business.
Material dividend distributions from equity-accounted investments are reflected in the table below:
Material dividends distributed from equity-accounted investmentsIn EUR mn
Q1/26 | Q1/25 | |
Abu Dhabi Oil Refining Company | - | 44 |
ADNOC Global Trading LTD | - | 24 |
Pearl Petroleum Company Limited | 11 | 11 |
Due to the deconsolidation of Borealis Group and derecognition of balances effective March 25, 2026, guarantees and commitments previously reported in relation to Bayport Polymers LLC are no longer reported as related parties transaction.
Additional drawings in 1-3/26 from a shareholder loan agreement led to undrawn financial commitments to Borouge 4 LLC as of March 31, 2026, of EUR 198 mn (December 31, 2025: EUR 227 mn).
Loan receivables by OMV Petrom S.A. from Electrocentrale Borzesti SRL amounted to EUR 70 mn as of March 31, 2026 (December 31, 2025: EUR 55 mn), reflecting further drawings during the reported period.
Subsequent eventsIn accordance with the Austrian Federal Government's decision and a regulation enacted by the Ministry of Economic Affairs as part of coordinated measures by the International Energy Agency (IEA), OMV signed a contract with Erdöl-Lagergesellschaft m.b.H., the national reserves holding company and a related party to OMV, in April 2026 to purchase, at market terms, a tranche of crude oil released from Austria's national emergency reserves. The delivery comprises 56,000 t out of a total of 325,000 t authorized for release in March 2026 to help stabilize the
market amid ongoing global supply disruptions. The crude oil sourced from the national reserves will be processed at the OMV Schwechat refinery and subsequently supplied to the Austrian market as refined products under
prevailing market conditions.
On April 28, 2026, the Ordinary General Meeting of Shareholders of OMV Petrom approved the distribution of base and special dividends with a gross total value per share of RON 0.0578, leading to a total value of dividends to be distributed to non-controlling interest of approximately EUR 345 mn.
Declaration of the Management
We confirm to the best of our knowledge that the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Group as required by the applicable accounting standards, and that the Group Directors' Report gives a true and fair view of the important events that have occurred during the first three months of the financial year and their impact on the condensed consolidated
interim financial statements, the principal risks and uncertainties for the remaining nine months of the financial year, and the major related-party transactions to be disclosed.
Vienna, April 30, 2026 The Executive Board
Alfred Stern m.p.
Chairman of the Executive Board and Chief Executive Officer
Martijn van Koten m.p.
Executive Vice President Fuels and Executive Vice President Chemicals
Reinhard Florey m.p.
Deputy Chairman of the Executive Board and Chief Financial Officer
Berislav Gaso m.p.
Executive Vice President Energy
Further information
Next events
OMV Ordinary Annual General Meeting: May 27, 2026
OMV Group Trading Update Q2 2026: July 9, 2026
OMV Group Report January-June and Q2 2026: July 31, 2026
The OMV financial calendar and additional information can be found at: / https://www.omv.com/financial-calendar
Contacts and Imprint
OMV AktiengesellschaftTrabrennstrasse 6-8
1020 Vienna, Austria
Tel.: + 43 1 40440-0
Email: / info@omv.com
/ https://www.omv.com
Investor RelationsFlorian Greger
Senior Vice President Investor Relations & Sustainability Tel.: +43 1 40440-21600
Email: / investor.relations@omv.com
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OMV AG published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 05:14 UTC.



















