Mol Hungarian Oil & Gas Plc Class A · BET:MOL
Mol Hungarian Oil & Gas Plc Class A — Mol Magyar Olaj Es Gazip — Q2 2026 Earnings Presentation
42 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, Aug 7, 2026
Slide 1: Second Quarter 2026 Results
SECOND QUARTER 2026 RESULTS 7 AUGUST 2026
Slide 2: Disclaimer
DISCLAIMER "THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSION CONTAIN FORWARD -LOOKING STATEMENTS. THESE STATEMENTS ARE NATURALLY SUBJECT TO UNCERTAINTY AND CHANGES IN CIRCUMSTANCES. THOSE FORWARD-LOOKING STATEMENTS MAY INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING CAPITAL EMPLOYED, CAPI
Slide 3: Highlights of the Quarter
HIGHLIGHTS OF THE QUARTER
Slide 4: Clean CCS EBITDA near USD 1.3 bn in Q2 2026
CLEAN CCS EBITDA NEAR USD 1.3 BN IN Q2 2026 HIGHLY VOLATILE BUT OVERALL FAVORABLE MACRO EFFECTS LIFTED BOTH UPSTREAM AND DOWNSTREAM RESULTS WHILE CONSUMER SERVICES EBITDA FELL BY 23% DUE TO PRICE CONTROLS IN REGIONAL FUEL RETAIL MARKETS FINANCIALS Group Clean CCS EBITDA increased to USD 1,297 mn in
Slide 5: TRIR: Meeting Guidance in 1H 2026
TRIR: MEETING GUIDANCE IN 1H 2026 TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS TRIR at 1.28 lower year-on-year and slightly above guidance 1.40 1.40 Continuous effort to improve safety-consciousness 1.31 1.31 1.27 1.28 TISZAÚJVÁROS PETROCHEMICALS PLANT 1.04 EXPLOSION Serious process safety incident
Slide 6: Key Group Quarterly Financials
KEY GROUP QUARTERLY FINANCIALS
Slide 7: Q2 Clean CCS EBITDA jumps 89% YoY on Downstream strength
Q2 CLEAN CCS EBITDA JUMPS 89% YOY ON DOWNSTREAM STRENGTH MACRO FACTORS SUPPORTED RESULTS WITH RETAIL FUEL PRICE CONTROLS LIMITING GAINS SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS +89% +107% Upstream 1,297 Favorable oil and gas price environment supported Q2 results Downstream 375 974 EBITDA up signi
Slide 8: Organic CAPEX ~33% higher in H1
ORGANIC CAPEX ~33% HIGHER IN H1 KEY STRATEGIC DOWNSTREAM AND UPSTREAM PROJECTS CONTRIBUTED TO THE INCREASE TOTAL GROUP CAPEX BY SEGMENT (USD mn) TOTAL GROUP CAPEX BY TYPE (USD mn) +18% -32% +18% -32% 814 814 1 370 499 499 396 396 246 340 0 246 340 287 287 3 96 3 207 137 190 80 190 116 442 72 99 29 1
Slide 9: H1 2026 Net Income Generation at USD 908 mn
H1 2026 NET INCOME GENERATION AT USD 908 MN H1 2026 EARNINGS (USD mn) – BELOW THE EBITDA LINE ITEMS 0 1,923 224 Other 86 889 DS 749 103 57 2,147 238 CS 367 66 1,258 1,212 974 908 US 721 Clean CCS CCS EBITDA excl. Special items DD&A and Profit from Total finance Income from Profit Income tax Profit f
Slide 10: Net Financial Expense Moderate as HUF Strengthens
NET FINANCIAL EXPENSE MODERATE AS HUF STRENGTHENS Clean CCS effect, gain / loss (USD mn) Comments Clean CCS effect marked a gain of USD 177 mn 177 47 due gains on commodity derivatives -74 Q2 2025 Q1 2026 Q2 2026 DD&A (USD mn) DD&A slightly higher than usual due to asset 413 417 472 impairment of fl
Slide 11: H1 2026 Operating Cash Flow before NWC around USD 1.9 bn
H1 2026 OPERATING CASH FLOW BEFORE NWC AROUND USD 1.9 BN NET WORKING CAPITAL BUILD CONSTRAINS STRONG CASH FLOW GENERATION OPERATING CASH FLOW FOR TOTAL OPERATION IN H1 2026 (USD mn) 270 1,898 67 889 1,212 1,135 763 Profit before tax DD&A Income tax paid Other Operating CF before WC Change in WC Oper
Slide 12: Leverage Improves QoQ with Higher Cash Flow
LEVERAGE IMPROVES QOQ WITH HIGHER CASH FLOW NET DEBT TO EBITDA IMPROVES TO 0.49X NET DEBT TO EBITDA (x) GEARING (%) 2.0 30 27.3 25.2 1.61 25 1.5 20.6 1.31 20 18.6 18.1 17.5 17.0 0.97 0.96 14.9 1.0 15 14.0 0.82 12.0 11.4 11.8 0.74 0.74 0.65 0.65 10.0 0.59 10 0.47 0.49 0.5 0.41 0.30 5 0 2014 2015 2016
Slide 13: Downstream Q2 2026 Results
DOWNSTREAM Q2 2026 RESULTS
Slide 14: Q2 Downstream Clean CCS EBITDA at USD 679 mn
Q2 DOWNSTREAM CLEAN CCS EBITDA AT USD 679 MN FAVORABLE REFINING AND PETCHEM PRICE ENVIRONMENT SUPPORTED Q2 SEGMENT RESULTS QUARTERLY CLEAN CCS EBITDA (USD mn) CRUDE PROCESSED (kt)1 TOTAL PRODUCT SALES (kt) +122% -26% +23% -12% +10% 679 3,256 5,497 5,568 2,982 330 282 4,906 4,838 2,736 4,815 2,436 30
Slide 15: Downstream Margin Environment Improves in Q2
DOWNSTREAM MARGIN ENVIRONMENT IMPROVES IN Q2 INTERNATIONAL FACTORS CONTRIBUTED TO A SURGE IN MARGINS BOTH ON THE REFINING AND PETROCHEMICALS SIDE REFINING MARGIN (USD/bbl) COMMENTS Brent-based MOL Group refinery margin (USD/bbl) 39.8 Brent-based refining margins more than tripled YoY and nearly doub
Slide 16: YoY EBITDA Increase Driven by Positive Margin Developments
YOY EBITDA INCREASE DRIVEN BY POSITIVE MARGIN DEVELOPMENTS VOLUME IMPACT NEGATIVE DUE TO LOWER PRODUCTION IN BOTH REFINING AND PETCHEM DOWNSTREAM CLEAN CCS EBITDA YoY, Q2 2025 VS. Q2 2026 (USD mn) COMMENTS 852 R&M price & margin supported YoY EBITDA by USD 399 mn 156 driven by significant increase i
Slide 17: Consumer Services Q2 2026 Results
CONSUMER SERVICES Q2 2026 RESULTS
Slide 18: Consumer Services EBITDA Affected by Price Controls
CONSUMER SERVICES EBITDA AFFECTED BY PRICE CONTROLS RESULTS DRIVEN BY FUEL MARGIN DECLINE PARTIALLY OFFSET BY NON-FUEL MARGIN QUARTERLY EBITDA (USD mn) EBITDA YoY, Q2 2025 VS. Q2 2026 (USD mn) -23% -23% 317 246 -57 246 10 190 -16 9 -2 205 190 177 158 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 E
Slide 19: Volumes and Throughput Up by 4%
VOLUMES AND THROUGHPUT UP BY 4% PRICE CONTROLS CONTINUED TO DRIVE INCREASE IN VOLUMES BUT LIMIT MARGINS TOTAL VOLUMES SOLD (mn litres) FUEL THROUGHPUT/SITE(1) (mn litres) +4% 4% 2 223 2 151 2 069 1 997 1 910 1 778 4Y CAGR: +2.5% 0.96 0.96 1.00 0.91 0.92 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 202
Slide 20: Non-Fuel Margin Keeps Positive Traction
NON-FUEL MARGIN KEEPS POSITIVE TRACTION NON-FUEL MARGIN SHARE RISES ABOVE 40% DUE TO PRICE AND MARGIN CAPS LIMITING MARGINS ON FUEL SALES TOTAL NON-FUEL TURNOVER (USD MN) (1) NON-FUEL MARGIN (USD MN) (1) +5% +6% 611 190 586 177 560 522 166 498 157 475 138 131 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Slide 21: Upstream Q2 2026 Results
UPSTREAM Q2 2026 RESULTS
Slide 22: Surging Oil Prices Push Q2 Upstream EBITDA near USD 400 mn
SURGING OIL PRICES PUSH Q2 UPSTREAM EBITDA NEAR USD 400 MN SIMPLIFIED FREE CASH GENERATED IN H1 2026 CLOSE TO USD 550 MILLION QUARTERLY EBITDA (excl. special items) (USD mn) OIL PRICES +36% +8% 103.8 110 100 101.2 90 83.2 85.0 80.3 81.1 92.4 80 74.7 75.7 77.7 75.4 67.9 69.1 375 70 68.6 64.7 69.9 63.
Slide 23: Unit EBITDA at 50 USD/boe in Q2
UNIT EBITDA AT 50 USD/BOE IN Q2 UNIT SIMPLIFIED FREE CASH FLOW RISES TO 38 USD QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 110 104 100 90 92 81 80 76 68 69 75 70 70 64 60 62 62 58 Brent 50 50 40 40 44 Realised HC price 35 36 30 30 Unit EBITDA 20 38 31 31 Unit SFCF(1) 10 23 23 12 0 Q1 2025 Q2
Slide 24: Results Driven Up QoQ by Higher Oil and Gas Prices
RESULTS DRIVEN UP QOQ BY HIGHER OIL AND GAS PRICES STRONG PRICE IMPACT PARTLY OFFSET BY LOWER VOLUMES AND OTHER ITEMS UPSTREAM EBITDA QoQ, Q1 2026 VS. Q2 2026 (USD mn) COMMENTS -12 Higher oil (Brent +28%) and gas prices (TTF +13%) -2 1 -34 compared to base period 96 -11 -9 Volume: Outage in Iraq Sha
Slide 25: Q2 Production Flat above 95 mboepd
Q2 PRODUCTION FLAT ABOVE 95 MBOEPD LOST IRAQ SHAIKAN BARRELS MADE UP FOR BY HIGHER PRODUCTION IN HUNGARY, AZERBAIJAN ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS Production at 95.6 mboepd in Q2 2026: 99.4 CEE: +0.8 mboepd QoQ 94.0 95.4 95.6 93.5 92.1 92.9 Hungary: +0.7 mboepd due to successfu
Slide 26: Upstream CAPEX Nears USD 200 Million in H1
UPSTREAM CAPEX NEARS USD 200 MILLION IN H1 OPEX UP 10% YEAR-ON-YEAR TO 7.5 USD/BOE IN Q2 MAINLY DUE TO FX EFFECTS UNIT OPEX (USD/boe) UNIT OPEX (USD/boe) GROUP FULLY CONSOLIDATED (INCL. JVS/ASSOC., PRO FORMA2) SUBS. (PRO FORMA2) 8.5 7.9 8.2 +11% 8.0 7.7 8.0 7.9 +13% 7.3 7.7 7.3 7.5 7.4 7.5 7.1 7.1 6
Slide 27: Aphrodite to Become a Key Pillar for MOL E&P in 2030s
APHRODITE TO BECOME A KEY PILLAR FOR MOL E&P IN 2030S LAST WEEK’S ACQUISITION PRESENTS A UNIQUE OPPORTUNITY TO FURTHER MOL’S STRATEGIC AMBITIONS KEY FACTS SUPPORTING STRATEGIC AMBITIONS MOL Group signed an agreement to acquire BG Cyprus MOL to enter a material, long-life gas asset in Ltd. from Shell
Slide 28: Circular Economy Services Q2 2026 Results
CIRCULAR ECONOMY SERVICES Q2 2026 RESULTS
Slide 29: CES Delivers USD 16 mn EBITDA in Q2 2026
CES DELIVERS USD 16 MN EBITDA IN Q2 2026 QUARTERLY RESULT SUPPORTED BY COST OPTIMIZATION EFFORTS QUARTERLY EBITDA (USD mn) COMMENTS Q2 EBITDA reached USD 16 mn as a combination of seasonal factors 28 21 16 and efficiency-enhancing measures 12 -10 -48 Favorable changes in regulatory environment since
Slide 30: Supporting Slides
SUPPORTING SLIDES
Slide 31: H1 2026 SFCF at USD 958 mn
H1 2026 SFCF AT USD 958 MN SIMPLIFIED FCF1 (USD mn) +139% +156% 958 279 672 401 578 373 196 516 247 171 164 225 169 65 16 91 6 33 29 -20 -48 -40 -97 -205 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total
Slide 32: Working Interest-Based Production Slightly Below 120 mboepd
WORKING INTEREST-BASED PRODUCTION SLIGHTLY BELOW 120 MBOEPD QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY(1) (mboepd) 127.9 124.7 122.9 121.3 122.7 118.0 Associated 21.8 20.1 19.7 companies* 19.6 21.8 20.7 Other 3.4 3.8 3.6 3.8 8.0 3.9 KRI 8.6 7.7 3.9 6.4 5.0 0.4 Pakistan 4.5 3.6 4.9 5.7 4.1 5.3
Slide 33: Upstream: Operational Update (1)
UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia EXPLORATION EXPLORATION Blocks Sava-10/1 and Drava-02/02: Signed Production Sharing Agreement Pécel-É-1 well drilling was completed; confirmed as a dry well. Plug and proposals with the government. Tenders for new 3D seismic launched abandonment activ
Slide 34: Upstream: Operational Update (2)
UPSTREAM: OPERATIONAL UPDATE (2) Pakistan Russia EXPLORATION Execution of the well workover program: 10 perforation & acidizing works Bilitang-1: Wellhead Surface Facilities construction was completed, Flow Line have been completed activities are ongoing Production temporarily shut in from Jun 19th
Slide 35: Upstream CAPEX by Region and by Type in H1 2026
UPSTREAM CAPEX BY REGION AND BY TYPE IN H1 2026 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) HUN CRO IRAQ PAK AZE OTHER Total - H1 2026 Total - H1 2025 Exploration 15.5 0.4 0.0 0.9 3.4 0.2 20.4 23.6 Development 29.8 39.8 1.0 0.5 64.5 7.8 143.3 89.8 Other 10.0 8.0 4.2 0.3 2.3 6.7 31.5 29.7 Total
Slide 36: Gas Midstream: Key Financials
GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items(1) (USD mn) CAPEX(1) (USD mn) +30% -7% 93 20 19 67 51 50 39 37 8 7 6 2 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 KEY FINANCIALS (USD mn) COMMENTS Q2 2026 Q2 2025 YoY % H1 2026 H1 2025 YoY % E
Slide 37: Sustainability Indicators
SUSTAINABILITY INDICATORS CO2 under ETS (mn t) HC Spill above 1bbl (m3) Tier1 PSE 2 2 2.0 2.0 1.69 1.46 1.36 184 1.5 1.5 1.32 1.28 200 1 1 150 1.0 1.0 100 0.5 0.5 50 22 0 12 6 9 0.0 0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2
Slide 38: Macro Indicators
MACRO INDICATORS BRENT (USD/bbl) MOL REFINERY MARGIN* (USD/bbl) HUF/USD (Q avg.) 120 25 400 Brent-based MOL Group 100 20 350 Brent-based Complex (MOL + Slovnaft) 80 15 300 60 10 40 5 250 20 0 200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2024 2024
Slide 39: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS YoY Q1 2026 Q2 2026 Q2 2025 Income Statement (HUF million) H1 2026 H1 2025 Ch % 2,017,128 2,909,571 2,198,746 32 Net sales 4,926,699 4,369,990 7,168 16,092 26,393 (39) Other operating income 23,260 49,220 2,024,296 2,925,663 2,225,139 31 Total operating incom
Slide 40: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 30 Jun 2026 31 Dec 2025 Ch % Balance Sheet (HUF million) 30 Jun 2026 31 Dec 2025 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,257,774 4,361,592 (2) Share capital 79,863 79,650 0 I
Slide 41: Consolidated Statement of Cash Flow
CONSOLIDATED STATEMENT OF CASH FLOW YoY Q1 2026 Q2 2026 Q2 2025 Cash Flow (HUF million) H1 2026 H1 2025 Ch % 68,284 310,542 84,774 266 Profit / (loss) before tax for continuing operation 378,826 295,183 0 0 0 n.a. Profit / (loss) before tax for discontinued operation 0 0 68,284 310,542 84,774 266 Pr
Slide 42: External Parameters
EXTERNAL PARAMETERS YoY Q1 2026 Q2 2026 Q2 2025 Macro figures (average) H1 2026 H1 2025 Ch % Ch % 81.1 103.8 67.9 53 Brent dated (USD/bbl) 92.3 71.9 28 (6.2) 3.9 (2.4) n.a. Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11) (1.3) (2.7) (52) 40.0 45.6 35.5 28 TTF gas price (EUR/MWh) 42.8 41
Mol Magyar Olaj Es Gazip — Q2 2026 Earnings Presentation on 6ix