OMV : Konzernbericht Jänner – März 2024TelefonkonferenzLeistungskennzahlen1 Präsentationsrede

OMV Q1 2024 Results Conference Call

April 30, 2024

Alfred Stern

Chairman of the Executive Board and CEO

The spoken word applies

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Slide 3: Macro environment - Stable oil prices, lower gas prices, healthy refining margins, and higher polyolefin indicator margins

Ladies and gentlemen, good morning and thank you for joining us.

Our business continued to perform well in the first quarter of 2024, we have made a robust start into the year. Our clean CCS Operating Result was 1.5 billion euros, and our operating cash flow stood at 1.8 billion euros, far exceeding the level of the previous quarter.

Let me speak briefly about the market environment, which showed a mixed picture in the first quarter. Brent crude oil prices remained broadly unchanged compared to the previous quarter, averaging 83 dollars per barrel. A bullish sentiment on revised IEA demand expectations, the continuation of OPEC+ production cuts and a geopolitical risk premium amid the ongoing attacks in the Red Sea supported this.

European gas prices dropped by around 30 percent compared to the previous quarter and by around 50 percent compared to the prior-year quarter on the back of a warmer-than- expected winter in Europe leading to reduced demand and high storage levels.

At around 11 dollars per barrel, the European refinery indicator margin remained very strong, slightly above the previous quarter, but 27 percent lower year-on-year. Gasoline crack spreads rose versus the previous quarter, driven by tighter supplies in the US due to unplanned production outages amid the severe cold spell in the Gulf at the beginning of this year. Middle distillate crack spreads remained elevated, yet still lower compared to the previous quarter due to higher supply availability, unusually high temperatures, and weak European economic activity.

Naphtha crack spreads increased, supported by supply and logistics disruptions. European steam cracker run rates improved driven by lower chemical imports into the region as logistics became more complicated amid Red Sea attacks. In the second half of the quarter gasoline blending demand for naphtha started improving, supporting crack spreads further.

The olefin indicator margins in Europe declined compared to the previous quarter and prior- year quarter, as a result of overall weak underlying demand. Although demand improved compared to the fourth quarter of 2023, prices could not compensate for the changes in feedstock prices, resulting in weaker indicator margins.

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Polyolefin indicator margins rose compared to the previous quarter, supported by concerns about the security of supply. Reduced imports into Europe from Asia and the Middle East due to the Red Sea bottleneck and into North America following outages after the winter freeze coupled with low inventory levels led to a rise in orders from European producers. Compared to the prior-year quarter, the polyethylene indicator margin was up 16 percent, while the polypropylene indicator margin was similar.

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Slide 4: Key messages

At around 1.5 billion euros, the clean CCS Operating Result improved by around 4 percent compared with the previous quarter but was below the exceptional level of the prior-year quarter. Our cash flow from operating activities increased compared with the fourth quarter of 2023 by almost 70 percent but stood around 30 percent below the prior-year quarter, when it benefited from exceptionally high gas prices.

Looking at operations, polyolefin sales volumes were slightly higher year-on-year, while fuel sales volumes declined slightly. The utilization rate of our refineries was at 85 percent, due to short outages and reduced middle distillate demand. The utilization rate of the steam crackers was at 87 percent, above the average European rates.

Oil and gas production was 6 percent lower year-on-year primarily due to lower volumes in New Zealand, Romania, and Norway.

OMV was included in the Dow Jones Sustainability Index for the sixth consecutive year. The DJSI World represents the top 10 percent of the largest 2,500 companies in the S&P Global Broad Market Index. Our latest rating reconfirms that we are on the right trajectory with our sustainability agenda.

We continued to execute our strategy and made further progress with the transformation of our company.

We closed the acquisition of Integra Plastics, a Bulgarian advanced mechanical recycling company, which adds more than 20,000 tons of recycling capacity per year. We also announced an investment in the olefins units in Finland, which will enable an increased share of renewable and recycled raw materials in our base chemicals production.

We also signed a long-term supply agreement with Tomra. OMV will receive feedstock for its ReOil® plants in Austria, while Borealis will process volumes at its mechanical recycling operations in Europe.

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OMV Petrom signed financing contracts with the Romanian Ministry of Energy for the construction of two production facilities for green hydrogen. Total investment will be approximately 140 million euros with a funding of up to 50 million euros. The projects consist of building two water electrolysis plants with a total capacity of 55 MW at the Petrobrazi refinery. The entire production process will be powered by renewable energy, therefore carbon-free, allowing the hydrogen obtained to be classified as green hydrogen.

Furthermore, we acquired 30 additional retail sites in Austria and Slovakia to strengthen our integrated supply chain around our refineries. The new sites will also act as a catalyst for our mobility transformation strategy, which aims to help our customers reduce emissions through our second-generation biofuels offering and ultra-fast charging e-mobilityroll-out.

Last but not least, I am very happy to announce that OMV has joined the Oil & Gas Methane Partnership of the United Nations Environment Programme. OMV takes the topic of mitigating methane emissions very seriously and this program will strengthen our efforts to ensure accurate measurement and transparent reporting.

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