MOL Group Q1 results: solid group-wide performance amid economic headwinds

Chairman-CEO Zsolt Hernádi commented on the results: "In a period marked by geopolitical tensions and economic transformation, we managed to deliver stable performance. The good news is that our positive results were primarily driven by improved internal performance across nearly all our business segments. This provides a solid foundation for overcoming future challenges, as I expect similarly turbulent and uncertain times ahead. To navigate these challenges, we follow the proven MOL formula: fiscal discipline, smart investments, diversification, an integrated operating model, and the consistent execution of our strategic goals. There are no zigzags-our focus remains firmly on efficiency and enhancing internal performance, without compromise, in order to strengthen our competitiveness. Our objective remains unchanged: to create value for our shareholders in the short term, and to build a future-proof MOL Group in the long term."

Upstream results improved quarter-on-quarter, supported by higher gas prices. Production averaged 93 mboepd, in the middle of the guidance range of 92-94 mboepd, slightly lower than in the previous quarter reflecting lower production in Central and Eastern Europe. At the same time, portfolio development continued in Hungary, with the Endrőd asset acquisition successfully closed and the Som-8 well entering production.

The good news is that the Downstream segment's result slightly improved year-on-year, despite lower refining margins and the overall challenging environment for the business. These negative factors were offset by higher processed volumes and increased own sales-partly due to the heavy turnarounds in the base period-as well as better capacity utilization. While the petrochemicals benefited from a recovery in sales volumes, it remained loss-making, reflecting the continued challenges of the market environment. Brent-based refining margins stabilized around long-term averages, but petrochemical margins remained weak.

Consumer Services delivered continued growth, driven by both fuel and non-fuel contributions, despite signs of a more challenging macroeconomic environment. Fuel sales strengthened on the Romanian and Croatian markets. Non-fuel margin growth dynamics moderated compared to last year, but the underlying trends remained positive. The Fresh Corner network continued to expand, reaching 1,341 units by the end of Q1 2025, marking a 1% increase quarter-on-quarter and 6% year-on-year.

Circular Economy Services delivered a positive EBITDA contribution in Q1 2025, driven mainly by one-off items. CAPEX efforts remained focused on scaling up the Deposit Return System (DRS), with more than 4800 locations, now operational and beverage packaging returns growing by 10% quarter-on-quarter, reaching approximately 6.5 million units per day. Progress also continued on other key infrastructure projects, including the construction of the next wasteyard in Komárom (with eight more in the pipeline), and preparatory works and tendering for the waste-to-energy project are also ongoing.

Gas Midstream EBITDA declined in Q1 2025 despite robust demand for transmission services, as the macroeconomic environment turned less favourable.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 24,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South Eastern Europe. MOL's exploration and production activities are supported by more than 85 years' experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

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