OMV : Results January – March 2024Key Performance Indicators1 OMV Group Report

OMV Group Report January-March 2024

April 30, 2024

Table of Contents

Directors' Report (condensed, unaudited)	5
Group performance	5
Outlook	9
Business segments	10
Chemicals & Materials	10
Fuels & Feedstock	12
Energy	13
Consolidated Interim Financial Statements (condensed, unaudited)	15
Declaration of the Management	25
Further information	26

Disclaimer regarding forward-looking statements

This 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 te rms 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.

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OMV Group Report January-March 2024

April 30, 2024

OMV Group Report January-March 2024 including condensed consolidated interim financial statements as of March 31, 2024

Key Performance Indicators0F1

Group

• Clean CCS Operating Result decreased to EUR 1,483 mn due to lower contributions from Fuels & Feedstock and Energy, while the Chemicals & Materials result improved
• Clean CCS net income attributable to stockholders of the parent declined to EUR 696 mn; clean CCS Earnings Per Share were EUR 2.13
• Cash flow from operating activities excluding net working capital effects came in strong at EUR 1,858 mn
• Organic free cash flow totaled EUR 1,028 mn
• Clean CCS ROACE stood at 11%
• Total Recordable Injury Rate (TRIR) was 1.28

Chemicals & Materials

• Polyethylene indicator margin Europe increased to EUR 403/t, polypropylene indicator margin Europe remained unchanged at EUR 395/t
• Polyolefin sales volumes increased slightly to 1.45 mn t

Fuels & Feedstock

▸OMV refining indicator margin Europe decreased to USD 10.8/bbl

• Fuels and other sales volumes Europe declined slightly to 3.57 mn t

Energy

• Production dropped by 24 kboe/d to 352 kboe/d
• Production cost increased by 3% to USD 9.6/boe

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 Q1/24 period; all	comparisons described relate to the same quarter in the previous year except where otherwise mentioned.

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OMV Group Report January-March 2024

April 30, 2024

Key publications

• On April 26, 2024:OMV and Borealis sign long-termsupply agreements with TOMRA for recycling feedstock produced from mixed waste
• On April 9, 2024:Borealis invests EUR 4.5 million in Porvoo steam cracker, enabling increased share of cir cular raw materials used in production
• On April 3, 2024:OMV resolves on the redemption of the Hybrid Bond 2018
• On April 2, 2024:Borealis further expands its advanced mechanical recycling capacity with closing the acquisition of Integra Plastics AD
• On March 15, 2024:CEO Thomas Gangl to leave Borealis
• On March 11, 2024:OMV strengthens supply chain integration in Europe
• On February 29, 2024:Mubadala transferred its shares in OMV AG to ADNOC
• On February 26, 2024:OMV Petrom signs financing through the National Recovery and Resilience Plan (NRRP) for two green hydrogen production projects at Petrobrazi refinery
• On February 15, 2024:OMV recognized for sustainability leadership
• On January 31, 2024:OMV Executive Board proposes the distribution of a total dividend of EUR 5.05 per share for the financial year 2023
• On January 31, 2024:OMV to divest shareholding in SapuraOMV to TotalEnergies
• On January 15, 2024:OMV collaborates with startups and tech frontrunners as part of transition to Low Carbon Business in Energy Division
• On January 9, 2024:OMV and Microsoft accelerate decarbonization of corporate air travel and its supply chain logistics
• On January 3, 2024:OMV Petrom signs the largest acquisition of green projects in Romania

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OMV Group Report January-March 2024

April 30, 2024

Directors' Report (condensed, unaudited)

Group performance

Financial highlights

In EUR mn (unless otherwise stated)

Q1/24

8,172

1,483

129

303

1,050

-18 19 39 911

696

2.13

1,483

-268

18

1,233

106

246

878

-17 20 9

1,242

-

1,242

46

670

468

1.43

1,858

1,823

1,003

1,003

1,028

1,222

4

733

687

11

7

21,091

1.28

Q4/23	Q1/23	Δ1		2023
10,047	10,964	-25%	Sales revenues	39,463
1,432	2,079	-29%	Clean CCS Operating Result2	6,024
5	94	37%	Clean Operating Result Chemicals & Materials2	94
368	581	-48%	Clean CCS Operating Result Fuels & Feedstock2	1,651
1,041	1,479	-29%	Clean Operating Result Energy2	4,357
-11	-7	-154%	Clean Operating Result Corporate & Other2	-51
29	-69	n.m.	Consolidation: elimination of intersegmental profits	-27
41	39	-0	Clean CCS Group tax rate in %	43
845	1,260	-28%	Clean CCS net income2	3,421
665	1,025	-32%	Clean CCS net income attributable to stockholders of the parent2	2,593
2.03	3.13	-32%	Clean CCS EPS in EUR2	7.93
1,432	2,079	-29%	Clean CCS Operating Result2	6,024
-172	-533	50%	Special items3	-668
-86	-168	n.m.	CCS effects: inventory holding gains/(losses)	-130
1,174	1,378	-10%	Operating Result Group	5,226
-77	76	41%	Operating Result Chemicals & Materials	-120
259	427	-42%	Operating Result Fuels & Feedstock	1,671
975	956	-8%	Operating Result Energy	3,771
-16	-7	-130%	Operating Result Corporate & Other	-65
33	-73	n.m.	Consolidation: elimination of intersegmental profits	-31
-27	-5	n.m.	Net financial result	-70
1,147	1,373	-10%	Profit before tax prior to solidarity contribution	5,156
-75	-	n.a.	Solidarity contribution on refined crude oil	-552
1,072	1,373	-10%	Profit before tax	4,604
70	57	-11	Group tax rate in %	58
319	592	13%	Net income	1,917
236	390	20%	Net income attributable to stockholders of the parent	1,480
0.72	1.19	20%	Earnings Per Share (EPS) in EUR	4.53
1,143	2,003	-7%	Cash flow from operating activities excl. net working capital effects	4,638
1,092	2,687	-32%	Cash flow from operating activities	5,709
88	1,702	-41%	Free cash flow	2,682
-317	1,702	-41%	Free cash flow after dividends	349
148	1,839	-44%	Organic free cash flow4	2,272
2,120	639	91%	Net debt	2,120
8	2	2	Leverage ratio in %	8
1,181	809	-9%	Capital expenditure5	3,965
1,022	793	-13%	Organic capital expenditure6	3,748
12	19	-8	Clean CCS ROACE in %2	12
7	16	-10	ROACE in %	7
20,592	22,194	-5%	Employees	20,592
1.37	1.30	-2%	Total Recordable Injury Rate (TRIR)7	1.37

1 Q1/24 compared to Q1/23

2 Adjusted for special items and CCS effects; further information can be found below the table "Special items and CCS effects."

3 The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain item s affecting the

result are added back or deducted. Special items from equity-accounted companies and temporary effects from commodity hedging for material transactions are included.

4 Organic free cash flow is cash flow from operating activities and cash flow from investing activities excluding disposals and material inorganic cash flow components.

5 Capital expenditure including acquisitions

6 Organic capital expenditure is defined as capital expenditure including capitalized E&A expenditure and excluding acquisitions and contingent considerations. 7 Calculated as a 12-month rolling average per 1 mn hours worked

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OMV Group Report January-March 2024

April 30, 2024

First quarter 2024 (Q1/24) compared to first quarter 2023 (Q1/23)

Consolidated sales revenues declined by 25% to EUR 8,172 mn, mainly due to the decrease in natural gas prices. The clean CCS Operating Result lessened by EUR 595 mn to EUR 1,483 mn due to weaker performance in Fuels & Feedstock and Energy, while the Chemicals & Materials result improved. The clean Operating Result of Chemicals & Materials increased to EUR 129 mn (Q1/23: EUR 94 mn), while in Fuels & Feedstock the clean CCS Operating Result declined to EUR 303 mn (Q1/23: EUR 581 mn). The contribution of the Energy segment was lower at EUR 1,050 mn (Q1/23: EUR 1,479 mn). The consolidation line was at

EUR 19 mn in Q1/24 (Q1/23: EUR -69 mn).

The clean CCS Group tax rate came in at 39% (Q1/23: 39%). The clean CCS net income decreased to EUR 911 mn (Q1/23: EUR 1,260 mn). The clean CCS net income attributable to stockholders of the parent was EUR 696 mn

(Q1/23: EUR 1,025 mn). Clean CCS Earnings Per Share amounted to EUR 2.13 (Q1/23: EUR 3.13).

Net special items amounted to EUR -268 mn in Q1/24 (Q1/23: EUR -533 mn) and were mainly driven by temporary valuation effects. CCS effects of EUR 18 mn were recorded in Q1/24. The reported Operating Result declined to EUR 1,233 mn (Q1/23: EUR 1,378 mn).

The net financial result amounted to EUR 9 mn (Q1/23: EUR -5 mn). The deviation is mainly due to the improved foreign

exchange result. The Group tax rate decreased to 46% (Q1/23: 57%), and was mainly impacted by a lower share in the overall Group profits of the Energy segment companies located in countries with a high tax regime. Net income increased to EUR 670 mn (Q1/23: EUR 592 mn) and net income attributable to stockholders of the parent went up to EUR 468 mn (Q1/23: EUR 390 mn). Earnings Per Share increased to EUR 1.43 (Q1/23: EUR 1.19).

The leverage ratio defined as (net debt including leases) / (equity + net debt including leases) was 4% as at March 31, 2024 (March 31, 2023: 2%). For further information on the leverage ratio, please see the section "Financial liabilities" of the condensed consolidated interim financial statements.

Total capital expenditure decreased to EUR 733 mn (Q1/23: EUR 809 mn), mainly because of lower investments in Fuels & Feedstock, predominantly in Refining . In Q1/24, organic capital expenditure went down by 13% to EUR 687 mn (Q1/23: EUR 793 mn), mainly due to lower investments in Fuels & Feedstock and Chemicals & Materials .

Reconciliation of clean CCS Operating Result to reported Operating Result

In EUR mn

Q1/24

1,483

-268

1

-

-

-269 18

1,233

Q4/23	Q1/23	Δ%1		2023
1,432	2,079	-29	Clean CCS Operating Result2	6,024
-172	-533	50	Special items	-668
3	-1	n.m.	thereof personnel restructuring	-6
13	-	n.m.	thereof unscheduled depreciation/write -ups	-44
-14	-	n.m.	thereof asset disposals	208
-174	-533	50	thereof other3	-827
-86	-168	n.m.	CCS effects: inventory holding gains/(losses)	-130
1,174	1,378	-10	Operating Result Group	5,226

1. Q1/24 compared to Q1/23
2. Adjusted for special items and CCS effects
3. The category "other" includes for example: temporary commodity hedging effects and associated transactions, donations, and pr ovisions.

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.

Net special items of EUR -269 mn were recorded in Q1/24 (Q1/23: EUR -533 mn) in the subcategory other and were mainly driven by temporary valuation effects .

Furthermore, to enable effective performance management in an environment of volatile prices and comparability with peers, th e Current Cost of Supply (CCS) effect is eliminated from the accounting 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 cal culated 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 oi l industry. OMV therefore publishes this measurement in addition to the Operating Result determined in accordance with IFRS.

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OMV Group Report January-March 2024

April 30, 2024

Cash flow

Summarized cash flow statement

In EUR mn

Q1/24

1,858

1,823

-820 1,003

-81 1 923 7,011

7,934

101

7,833

1,003

1,028

Q4/23	Q1/23	Δ%1		2023
1,143	2,003	-7	Cash flow from operating activities excluding net working capital effects	4,638
1,092	2,687	-32	Cash flow from operating activities	5,709
-1,005	-984	17	Cash flow from investing activities	-3,027
88	1,702	-41	Free cash flow	2,682
-862	-106	24	Cash flow from financing activities	-3,771
-6	-8	n.m.	Effect of exchange rate changes on cash and cash equivalents	-25
-780	1,588	-42	Net increase (+)/decrease (-) in cash and cash equivalents	-1,114
7,791	8,124	-14	Cash and cash equivalents at beginning of period	8,124
7,011	9,712	-18	Cash and cash equivalents at end of period	7,011
91	252	-60	thereof cash disclosed within Assets held for sale	91
6,920	9,460	-17	Cash and cash equivalents presented in the consolidated	6,920
			statement of financial position
-317	1,702	-41	Free cash flow after dividends	349
148	1,839	-44	Organic free cash flow before dividends 2	2,272

1. Q1/24 compared to Q1/23
2. 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).

First quarter 2024 (Q1/24) compared to first quarter 2023 (Q1/23)

In Q1/24, cash flow from operating activities excluding net working capital effects decreased to EUR 1,858 mn (Q1/23:

EUR 2,003 mn). This was mainly due to a less favorable market environment but was partly offset by lower income tax payments. Net working capital effects generated a cash outflow of EUR -36 mn in Q1/24 compared to a cash inflow of EUR 684 mn in Q1/23. The positive net working capital effect in Q1/23 was impacted by a significant decrease in gas prices during that period . Cash flow from operating activities came in at EUR 1,823 mn in Q1/24 (Q1/23: EUR 2,687 mn).

Cash flow from investing activities showed an outflow of EUR -820 mn compared to EUR -984 mn in Q1/23. Q1/24 included a cash outflow of EUR -69 mn related to a capital contribution to Bayport Polymers LLC, while Q1/23 included cash outflows from granting loans to Bayport Polymers LLC and Borouge 4 LLC. Cash flow from investing activities in Q1/24 also benefited from lower capital expenditure compared to Q1/23.

Free cash flow amounted to EUR 1,003 mn (Q1/23: EUR 1,702 mn).

Cash flow from financing activities recorded an outflow of EUR -81 mn compared to EUR -106 mn in Q1/23.

Free cash flow after dividends totaled EUR 1,003 mn in Q1/24 (Q1/23: EUR 1,702 mn).

Organic free cash flow before dividends was EUR 1,028 mn (Q1/23: EUR 1,839 mn).

Risk management

As an international oil, gas, and chemicals company with operations extending from hydrocarbon exploration and production through to trading and marketing of mineral oil products, chemical products, and natural gas, OMV is exposed to a variety of risks, including market risks, financial risks, operational risks, and strategic risks. A detailed description of these risks and asso ciated risk management activities can be found in the 2023 Annual Report (pages 85-89).

The main uncertainties that can influence the OMV Group's performance are commodity price risks, foreign exchange risks, operational risks, and also political and regulatory risks. The 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 stand ards.

OMV continues to closely monitor the ongoing Russian war on Ukraine and any additional sanctions and countersanctions resulti ng from it. The Company regularly assesses the potential further impact on its business activities. Continued and/or intensif ied disruptions in Russian commodity flows to Europe could result in further increases in European energy prices. Sanctions on Ru ssia and countersanctions issued by Russia could lead to disruptions in global supply chains and shortages of, e.g., energy products, raw materials, agricultural products, and metals, and consequently lead to further increases in operational costs.

In the first quarter 2024, OMV purchased on average 5.1 TWh of natural gas per month under long -term supply agreements with Gazprom Export. The uncertainty regarding future delivery volumes remains and could result in deliveries that materially deviate from nominated volumes.

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OMV Group Report January-March 2024

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In light of potential further or even full natural gas supply disruptions from Russia, e.g., due to the discontinuation of the gas transit agreement between Ukraine and Russia, OMV has diversified both gas supply sources and gas supply routes to ensure secure energy supply of its customers. In July 2023, OMV managed to secure significant additional long -term transport capacities to Austria at the transfer points Oberkappel (pipeline from Germany) and Arnoldstein (pipeline from Italy) . Based on these arrangements, OMV will be in the position to fulfill its delivery obligations vis -a-vis its customers also in case of a full supply cut of the existing long- term contracts with Gazprom Export. OMV continues to closely monitor developments and regularly evaluates the po tential impact on the Austrian gas market, as well as on the Group's cash flow and liquidity position.

High volatility in natural gas prices can potentially lead to peak liquidity demands to satisfy margin calls for exchange tra ding activities at short notice. OMV has unused committed and uncommitted credit facilities to meet such short -term requirements if needed. OMV is responding to the situation with targeted measures to safeguard the Company's economic stability, as well as t he secure supply of energy.

As a direct consequence of the energy crisis in Europe, regulatory measures like regulated /capped prices for gas and power, subsidy schemes, and overtaxation or the EU solidarity contribution have been implemented in some countries where OMV is active. If energy prices in Europe increase, further regulatory and fiscal interventions may impact OMV financials.

OMV thoroughly monitors geopolitical developments, including the ongoing Russian war on Ukraine, as well as , recent attacks on Israel and the conflict in Gaza that have raised concerns about regional stability and their potential impact on OMV's business activities. Nevertheless, it is important to note that, as of now, OMV's operations in the MENA region remain unaffected by t hese developments.

Geoeconomic fragmentation, trade restrictions, and disruptions to global supply chains could lead to further cost increases for OMV. Coupled with persistently high interest rates, such a situation has the potential to also impact economic growth negatively, whi ch in turn could affect demand for OMV's products. Continued low economic activity, particularly in Europe, could further delay the recovery of the chemicals industry and negatively affect OMV's financial performance in the Chemicals & Materials segment.

The credit quality of OMV's counterparty portfolio could be further negatively influenced by the risk factors mentioned above. In light of the events in the banking sector in 2023, OMV has implemented even tighter monitoring of its banking counterparties an d of respective exposures in addition to its standard credit risk management processes.

The consequences of the ongoing conflicts in Ukraine and the Middle East, the European energy crisis and the resulting regula tory measures, and other economic disruptio ns currently being observed cannot be reliably estimated at this stage. From today's perspective, we assume that based on the measures listed above, the Company's ability to continue as a going concern is not impacted.

More information on current risks can be found in the "Outlook" section of the Directors' Report.

Transactions with related parties

Please refer to the selected explanatory notes of the condensed consolidated interim financial statements for disclosures on significant transactions with related parties.

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OMV Group Report January-March 2024

April 30, 2024

Outlook

Market environment

In 2024, OMV expects the average Brent crude oil price to be around USD 85/bbl (previous forecast: around USD 80/bbl;

2023: USD 83/bbl). For 2024, the average realized gas price is anticipated to be between EUR 20/MWh and EUR 25/MWh

(previous forecast: around EUR 25/MWh; 2023: EUR 29/MWh), with a THE price forecast of slightly below EUR 30/MWh (previous

forecast: between EUR 30/MWh and EUR 35/MWh; 2023: EUR 41/MWh).

Group

• In 2024, organic CAPEX is projected to come in at around EUR 3.8 bn 1F1 (2023: EUR 3.7 bn), including non -cash effective CAPEX related to leases of around EUR 0.2 bn.

Chemicals & Materials

• In 2024, the ethylene indicator margin Europe is expected to be around EUR 490/t (2023: EUR 507/t). The propylene indicator
  margin Europe is forecast at around EUR 370/t (2023: EUR 389/t).
• In 2024, the steam cracker utilization rate in Europe is expected to be around 85% (2023: 80%).
• In 2024, the polyethylene indicator margin Europe is forecast to be between EUR 350/t and EUR 400/t (previous forecast: around EUR 320/t; 2023: EUR 322/t). The polypropylene indicator margin Europe is expected to be between EUR 350/t and EUR 400/t (previous forecast: around EUR 320/t; 2023: EUR 355/t).
• In 2024, polyethylene sales volumes excluding JVs are projected to be around 1.9 mn t (2023: 1.63 mn t). Polypropylene sales
  volumes excluding JVs are expected to be around 2.0 mn t (2023: 1.86 mn t).
• Organic CAPEX related to Chemicals & Materials is pred icted to be around EUR 1.0 bn in 2024 (2023: EUR 1.2 bn).

Fuels & Feedstock

• In 2024, the OMV refining indicator margin Europe is expected to be around USD 8/bbl (2023: USD 11.7/bbl).
• In 2024, fuels and other sales volumes in OMV's markets in Europe are pro jected to be higher than in 2023
  (2023: 16.3 mn t). Commercial margins are forecast to be below those in 2023. Retail margins are forecast to be slightly belo w the 2023 level.
• In 2024, the utilization rate of the European refineries is expected to be around 95% (2023: 85%).
• Organic CAPEX in Fuels & Feedstock is forecast at around EUR 0.8 bn in 2024 (2023: EUR 1.0 bn).

Energy

• OMV expects total hydrocarbon production in 2024 to be between 330 kboe/d and 350 kboe/d (2023: 364 kboe/d), depending on the timing of the divestment of the assets in Malaysia, the situation in Libya, and also due to natural decline.
• Organic CAPEX for Energy is anticipated to come in at around EUR 1.9 bn in 2024 (2023: EUR 1.5 bn).
• In 2024, Exploration and Appraisal (E&A) expenditure is expected to be around EUR 200 mn (2023: EUR 248 mn).

1 Organic capital expenditure is defined as capital expenditure including capitalized Exploration and Appraisal expenditure and excluding acquisitions and contingent considerations.

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OMV Group Report January-March 2024

April 30, 2024

Business segments

Chemicals & Materials

In EUR mn (unless otherwise stated)

Q1/24

274

129

90

22

-23 106 278

Q4/23	Q1/23	Δ1		2023
143	222	23%	Clean Operating Result before depreciation	625
			and amortization, impairments and write -ups
5	94	37%	Clean Operating Result	94
-42	76	19%	thereof Borealis excluding JVs	-74
28	1	n.m.	thereof Borealis JVs2	102
-81	-19	-23%	Special items	-214
-77	76	41%	Operating Result	-120
449	272	2%	Capital expenditure3	1,345

475

348

403

395

87

1.45

0.44

0.50

0.33

0.18

			Key Performance Indicators
527	485	-2%	Ethylene indicator margin Europe in EUR/t	507
390	381	-9%	Propylene indicator margin Europe in EUR/t	389
312	348	16%	Polyethylene indicator margin Europe in EUR/t	322
323	395	-	Polypropylene indicator margin Europe in EUR/t	355
77	92	-5	Utilization rate steam crackers Europe in %	80
1.45	1.41	3%	Polyolefin sales volumes in mn t	5.69
0.38	0.44	0%	thereof polyethylene sales volumes excl. JVs in mn t	1.63
0.47	0.49	4%	thereof polypropylene sales volumes excl. JVs in mn t	1.86
0.36	0.26	26%	thereof polyethylene sales volumes JVs in mn t4	1.28
0.24	0.22	-21%	thereof polypropylene sales volumes JVs in mn t4	0.92

1 Q1/24 compared to Q1/23

2 OMV's share of clean net income of the at-equity consolidated companies

1. Capital expenditure including acquisitions
2. Pro-ratavolumes of at-equity consolidated companies

First quarter 2024 (Q1/24) compared to first quarter 2023 (Q1/23)

• The clean Operating Result increased to EUR 129 mn, mainly driven by positive inventory effects and a higher result from Borealis JVs.
• The contribution from the Borealis JVs improved due to a better contribution from both Borouge and Baystar.

The clean Operating Result increased to EUR 129 mn (Q1/23: EUR 94 mn), mainly due to the positive impact from inventory effects and a better result from Borealis JVs. This was partly offset by the less favorable market environment for olefins, a weaker polyolefin business, and the absent contribution from the nitrogen business.

The result of OMV base chemicals decreased slightly in Q1/24 driven by lower olefin indicator margins, partly offset by a higher benzene margin. The ethylene indicator margin Europe decreased by 2% to EUR 475/t (Q1/23: EUR 485/t), while the propylene indicator margin Europe experienced a stronger decline of 9% to EUR 348/t (Q1/23: EUR 381/t). The weakening of the indicator margins was primarily due to lower contract prices as a result of overall weak chemical demand . In addition, propylene contract prices also experienced the impact of ample supply in light of high refinery throughput in Europe . Lower naphtha prices compared to Q1/23 were only able to provide limited support.

The utilization rate of the European steam crackers operated by OMV and Borealis decreased in Q1/24 to 87% (Q1/23: 92%). The decline was mainly due to short stop pages at the Porvoo steam cracker caused by strikes, and minor operational issues at the Burghausen and Schwechat steam crackers.

The contribution of Borealis excluding JVs increased to EUR 90 mn (Q1/23: EUR 76 mn), mainly as a result of higher inventory valuation effects. This was partly offset by the lower result of the polyolefin business and the missing contribution from the nitrogen business, which was disposed of in July 2023. Inventory valuation effects, excluding the nitrogen business, were positive and improved by around EUR 60 mn compared to Q1/23. The contribution of the base chemicals business increased despite weaker olefin indicator margins in Europe, due to positive inventory valuation effects and higher production volumes, as Q1/23 was impacted by a turnaround at the Kallo PDH plant. The decline of the polyolefin business was mainly due to lower realized margins, a less favorable product mix, and higher fixed costs caused by inflation. This was compensated for in part by the positive inventory valuation effects. The European polyethylene indicator margin increased by 16% to EUR 403/t (Q1/23: EUR 348/t), while the European polypropylene indicator margin remained constant at EUR 395/t (Q1/23: EUR 395/t). The polyethylene indicator margin in Q1/24 increased due to fewer imports following the Red Sea and Panama canal bottlenecks and concerns about the security of supply. Although polyethylene sales volumes excluding JVs were at the same level as in Q1/23, polypropylene

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