MOL Magyar Olaj es Gázipari Nyilvánosan Muködo Reszvenytársaság : Group releases First Quarter 2021 Earnings Report

Highlights of the period:

• Clean CCS EBITDA increased by 7% YoY in Q1 2021 to USD 664mn, reflecting stronger oil macro and record high petrochemical margins.
• Upstream EBITDA increased by 66% YoY to USD 307mn, driven by significantly higher oil and gas prices and the ACG contribution
• Downstream Clean CCS EBITDA was lower 14% YoY to USD 254mn, as a result of lower refinery volumes and lower refinery margins YoY, partly offset by strong petrochemical performance
• Consumer Services reached its highest ever Q1 EBITDA (USD 115mn), despite third wave travel restrictions

Chairman-CEO Zsolt Hernádi commented the result:

'We delivered over USD 660mn EBITDA in Q1 2021, a great achievement considering the pandemic situation during these past months. This strong performance is the product of previous strategic initiatives combined with our integrated resilient business model. I am particularly pleased to see a good set of results in both Petrochemicals and Consumer Services, the two important pillars of our transformational strategy.

Exactly one year ago I said we entered a period of uncertainty, but we at MOL definitely learned how to adapt and emerged stronger from the crisis. With the vaccination and gradual ease of lockdowns in our region, we have reasons to be optimistic. I am glad that the dividend payment was resumed after last year's cancellation, as we share our good results with our investors.

Q1 proved to be another milestone in the history of the Group. We published our 2030+ Strategy 'Shape Tomorrow' which will further accelerate the pace and scale of our transformation to be a key player in the low carbon, circular economy in CEE. With these results, I am confident that we have a strong foundation from which we will be able to shape tomorrow's economies together with our stakeholders.'

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