43 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, Aug 8, 2025
Slide 1: Second Quarter 2025 Results
SECOND QUARTER 2025 RESULTS 8 AUGUST 2025
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: 2025 Guidance Reiterated
2025 GUIDANCE REITERATED WITH RISKS SURROUNDING PBT AND EBITDA SKEWED TO THE DOWNSIDE H1 2024 H1 2025 2025 RESULTS RESULTS GUIDANCE GROUP PROFIT BEFORE USD 916 MN USD 782 MN ~USD 1.6 BN TAX 1 GROUP CLEAN CCS USD 1,544 MN USD 1,517 MN >USD 3.0 BN EBITDA OIL & GAS 92.2 MBOEPD 93.8 MBOEPD ~92-94 MBOEPD
Slide 5: Slowing regional macro takes Q2 clean CCS EBITDA -17% YoY
SLOWING REGIONAL MACRO TAKES Q2 CLEAN CCS EBITDA -17% YOY OPERATING CASH FLOW ABOVE USD 1.1 BN IN FIRST HALF OF THE YEAR FINANCIALS 2025 second quarter profit before tax came in at USD 236 mn, down by 56% year-on-year due to lower operating profits but supported by finance gain Clean CCS EBITDA decr
Slide 6: TRIR around 1.3 FY guidance in H1 2025
TRIR AROUND 1.3 FY GUIDANCE IN H1 2025 TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS TRIR at 1.34 in H1 versus guidance of ~1.3 +8% 1,40 1,31 1,34 Recordable injuries mostly slip and trip related injuries not 1,27 directly linked to oil & gas industry specific hazards 1,24 1,13 1,04 FY 2020 FY 2021 F
Slide 7: Key Group Quarterly Financials
KEY GROUP QUARTERLY FINANCIALS
Slide 8: Q2 Group Clean CCS EBITDA down 17% YoY on macro concerns
Q2 GROUP CLEAN CCS EBITDA DOWN 17% YOY ON MACRO CONCERNS CONSUMER SERVICES PERFORMANCE AND STRONG DOWNSTREAM UTILIZATION SUPPORT RESULTS SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS -17% -18% Upstream (1) 825 EBITDA decrease QoQ in line with lower oil and gas price 685 847 833 environment 283 718 Down
Slide 9: Capex lower YoY due to less sustain-type spend
CAPEX LOWER YOY DUE TO LESS SUSTAIN-TYPE SPEND EXPENDITURE ON STRATEGIC PROJECTS HIGHER YEAR-ON-YEAR IN SECOND QUARTER TOTAL GROUP CAPEX BY SEGMENT (USD mn) TOTAL GROUP CAPEX BY TYPE (USD mn) -22% +51% -22% +51% 603 603 52 413 413 370 370 12 1 1 322 320 287 320 287 76 3 214 234 3 190 80 121 190 116
Slide 10: H1 2025 net income generation near USD 500 mn
H1 2025 NET INCOME GENERATION NEAR USD 500 MN H1 2025 EARNINGS (USD mn) 1 – BELOW THE EBITDA LINE ITEMS 1,517 86 0 DS 607 750 CS 404 45 1,431 56 261 25 782 681 US 593 521 496 Other 87 Clean CCS CCS EBITDA excl. Special items DD&A and Profit from Total finance Income from Profit Income tax Profit for
Slide 11: Net financials contribute to results with HUF appreciation
NET FINANCIALS CONTRIBUTE TO RESULTS WITH HUF APPRECIATION Clean CCS effect, gain / loss (USD mn) Comments 34 Clean CCS modification negative in lower oil price -13 -74 environment Q2 2024 Q1 2025 Q2 2025 DD&A (USD mn) DD&A higher QoQ due to FX and one-off effects in 316 337 413 Consumer Services an
Slide 12: H1 2025 operating cash flow above USD 1.1 bn
H1 2025 OPERATING CASH FLOW ABOVE USD 1.1 BN YTD OPERATING CASH FLOW EXCLUDING WC FLAT YEAR-ON-YEAR NEAR USD 1 BN OPERATING CASH FLOW IN H1 2025 (USD mn) (1) 358 750 1,135 196 978 157 782 444 Profit before tax DD&A Income tax paid Other Operating CF Change in WC Operating CF Organic CAPEX Cont. Oper
Slide 13: Balance sheet under control
BALANCE SHEET UNDER CONTROL NET DEBT TO EBITDA AT 0.69X, WELL BELOW 1X GUIDANCE THRESHOLD NET DEBT TO EBITDA (x) GEARING (%) 2.0 30 27,3 25,2 1,61 25 1.5 20,6 1,31 19,6 20 18,6 18,1 17,5 0,97 14,9 1.0 15 14,0 13,4 13,9 0,82 12,0 0,74 0,74 11,4 0,65 0,65 0,64 0,69 0,59 10 0.5 0,41 0,30 5 0 2014 2015
Slide 14: Downstream Q2 2025 Results
DOWNSTREAM Q2 2025 RESULTS
Slide 15: Q2 2025 Downstream EBITDA driven lower YoY on margins
Q2 2025 DOWNSTREAM EBITDA DRIVEN LOWER YOY ON MARGINS PRODUCTION AND SALES VOLUMES UP 24% AND 10%, RESPECTIVELY QUARTERLY CLEAN CCS EBITDA (USD mn) CRUDE PROCESSED (kt)1 TOTAL PRODUCT SALES (kt) -25% +2% +24% +9% +10% +14% 408 307 3,095 3,256 5,322 5,520 300 2,982 5,005 5,191 2,819 2,808 252 4,854 3
Slide 16: Refining margin YoY dynamics reflect normalization
REFINING MARGIN YOY DYNAMICS REFLECT NORMALIZATION PETCHEM MARGIN UP BUT REGIONAL MARKET CONTINUES TO BE CHALLENGING REFINING MARGIN (USD/bbl) COMMENTS Brent-based MOL Group refinery margin (USD/bbl) 14 13,2 Brent-based refining margins decreased YoY but grew QoQ mainly Brent-based Complex refinery
Slide 17: Strong volume effect offset by falling margins
STRONG VOLUME EFFECT OFFSET BY FALLING MARGINS REFINING MARGINS AND REGIONAL DEMAND SLOWDOWN WEIGHED ON DS PROFITABILITY DOWNSTREAM CLEAN CCS EBITDA YoY, Q2 2025 VS. Q2 2024 (USD mn) COMMENTS 408 R&M price & margin contribution deeply negative due to normalization in refining margins coupled with ef
Slide 18: USD 500 mn resiliency program introduced in Downstream
USD 500 MN RESILIENCY PROGRAM INTRODUCED IN DOWNSTREAM BEYOND 2027, „TOMORROW DOWNSTREAM” PROGRAM DELIVERS AN ADDITIONAL USD 200 MN TO USD 1.2 BN P.A. DOWNSTREAM STRATEGIC TARGET EFFECTS ON DOWNSTREAM STRATEGIC EBITDA TARGET (USD MN) COMMENTS Downstream reviewed its operations and outlook and identi
Slide 19: Consumer Services Q2 2025 Results
CONSUMER SERVICES Q2 2025 RESULTS
Slide 20: Consumer Services changes gears upwards: EBITDA +27% YoY
CONSUMER SERVICES CHANGES GEARS UPWARDS: EBITDA +27% YOY DESPITE MACRO REMAINING A CHALLENGE IN CORE COUNTRIES QUARTERLY EBITDA (USD mn) EBITDA YoY, Q2 2025 VS. Q2 2024 (USD mn) +27% +27% 249 246 246 11 -12 -2 9 46 194 194 156 158 144 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 EBITDA Q2 2024 Fu
Slide 21: Volumes and throughput stay flat
VOLUMES AND THROUGHPUT STAY FLAT REFLECTING SLOWDOWN IN DEMAND AND LITTLE CHANGE IN NETWORK TOTAL VOLUMES SOLD (mn litres) FUEL THROUGHPUT/SITE1 (mn litres) 0% +1% 2 243 2 057 2 069 1 980 1 817 1 778 4Y CAGR: +5.0% 0,92 0,96 0,96 0,91 0,79 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2021 Q2 2
Slide 22: Non-fuel expansion dynamics remains healthy
NON-FUEL EXPANSION DYNAMICS REMAINS HEALTHY MARGIN INCREASE DRIVEN BY HIGHER TURNOVER TOTAL NON-FUEL TURNOVER (USD MN) 1 NON-FUEL MARGIN (USD MN) 1 +8% 550 +7% 533 493 171 471 158 441 452 147 141 118 124 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 23: Upstream Q2 2025 Results
UPSTREAM Q2 2025 RESULTS
Slide 24: Solid Q2 EBITDA performance amidst price volatility
SOLID Q2 EBITDA PERFORMANCE AMIDST PRICE VOLATILITY BOTH OIL AND GAS PRICES MARKED DOUBLE-DIGIT DECREASE FOR THE QUARTER QUARTERLY EBITDA(1) (excl. special items) (USD mn) OIL PRICES 90 86,8 85,0 -3% -13% 84,3 83,2 81,2 80,3 77.8 78,1 81.4 80 75,1 75,4 74,7 75,7 74.4 76.3 68,6 67,7 67,9 70 75,0 65,4
Slide 25: Unit free cash flow lower at 23 USD/boe
UNIT FREE CASH FLOW LOWER AT 23 USD/BOE ABOVE STRATEGIC THRESHOLD OF 20 USD/BOE QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 90 83 85 80 80 75 76 70 70 68 63 65 60 62 62 62 50 40 40 Brent 34 37 35 35 34 30 Realised HC price 20 31 Unit EBITDA 24 27 24 24 23 10 Unit SFCF* 0 Q1 2024 Q2 2024 Q3 2
Slide 26: Results driven down QoQ on lower HC price environment
RESULTS DRIVEN DOWN QOQ ON LOWER HC PRICE ENVIRONMENT POSITIVE VOLUME IMPACT QOQ DUE TO ACG CARGO EFFECT UPSTREAM EBITDA QoQ, Q2 2025 VS. Q1 2025 (USD mn) COMMENTS -5 Prices contributing negatively due to lower oil (Brent -10% -36 -3 1 1 QoQ) and gas price (USD TTF -18% QoQ) quotations 9 -9 Volumes:
Slide 27: Q2 production in the upper half of guidance band
Q2 PRODUCTION IN THE UPPER HALF OF GUIDANCE BAND SLIGHT QOQ DECREASE ATTRIBUTABLE TO UNDERPERFORMANCE OF INTERNATIONAL ASSETS ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS Production averaging 93.5 mboepd in Q2 2025: 96.2 94.8 92.3 94.0 93.5 CEE: +0.7 mboepd QoQ 92.1 ~91.3 Associated HU: +1.0
Slide 28: Unit OPEX growth under control
UNIT OPEX GROWTH UNDER CONTROL FIRST HALF ORGANIC CAPEX SLIGHTLY LOWER YEAR-ON-YEAR UNIT OPEX (USD/boe) UNIT OPEX (USD/boe) +11% GROUP FULLY CONSOLIDATED (INCL. JVS/ASSOC., PRO FORMA2) SUBS. (PRO FORMA2) 7,9 8,0 7,5 7,2 7,3 7,1 7.3 +7% +7% 7,0 6,7 7.0 6,5 6,6 6,6 6,6 6.8 6.8 6,6 7,1 6,4 6,4 6,2 6,7
Slide 29: Circular Economy Services Q2 2025 Results
CIRCULAR ECONOMY SERVICES Q2 2025 RESULTS
Slide 30: CES EBITDA below breakeven in Q2 2025
CES EBITDA BELOW BREAKEVEN IN Q2 2025 QUARTERLY FIGURES IMPACTED BY SEASONALLY HIGHER EXPENSES QUARTERLY EBITDA (USD mn) COMMENTS Q2 EBITDA down to a loss of USD 10 mn, resulting in breakeven for H1 16 12 Results are driven by seasonally higher operating costs -10 -10 -10 -48 Efficiency-enhancing me
Slide 31: Supporting Slides
SUPPORTING SLIDES
Slide 32: H1 2025 SFCF at USD 1,073 mn
H1 2025 SFCF AT USD 1,073 MN SIMPLIFIED FCF1 (USD mn) -12% -40% 672 457 401 254 207 196 446 402 245 171 218 131 225 153 148 50 60 33 -2 -20 -33 -33 -138 -205 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – to
Slide 33: Working interest based production firmly above 120 mboepd
WORKING INTEREST BASED PRODUCTION FIRMLY ABOVE 120 MBOEPD QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY1 (mboepd) 129.1 126.0 124.8 122.8 122.9 122.9 20,3 Associated 20,3 20,1 17,3 17,2 19,7 companies* 3,9 Other 4,1 4,0 3,7 3,4 8,9 3,6 KRI 6,4 8,1 6,7 8,6 7,7 6,1 5,3 4,6 Pakistan 5,1 4,5 3,6 Azer
Slide 34: Upstream: Operational Update (1)
UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia EXPLORATION EXPLORATION Somogysámson-7 well: drilling was completed, evaluation of the results are Block DR-03: entering into 2nd exploration phase is approved with 100% ongoing. working interest for exploration rights and operated positions. Kálócfa-
Slide 35: Upstream: Operational Update (2)
UPSTREAM: OPERATIONAL UPDATE (2) Pakistan Russia EXPLORATION 1 well was drilled in Q2, completion is ongoing. Bilitang-1: drilling program was approved; rig mobilization is ongoing. Execution of the well workover program: 10 perforation & acidizing and 1 large-volume acidizing have been completed. F
Slide 36: Upstream capex by region and by type in H1 2025
UPSTREAM CAPEX BY REGION AND BY TYPE IN H1 2025 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) HUN CRO KRI PAK AZE OTHER Total – H1 2025 Total – H1 2024 EXP 14.6 2.4 0.0 0.1 5.6 0.9 23.6 22.5 DEV 20.7 15.7 0.0 3.2 45.9 4.4 89.8 101.2 Other 3.7 18.1 3.6 0.3 1.9 2.1 29.7 24.3 Total – H1 2025 39.0 36
Slide 37: Gas Midstream: Key Financials
GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items1 (USD mn) CAPEX1 (USD mn) -7% 79 25 -29% 67 55 57 52 15 39 6 7 6 1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 KEY FINANCIALS (USD mn) COMMENTS Q2 2025 Q2 2024 YoY % H1 2025 H1 2024 YoY % EBITD
Slide 38: Sustainability Indicators
SUSTAINABILITY INDICATORS CO2 under ETS (mn t) HC Spill above 1bbl (m3) Tier1 PSE 4 4 2.0 1,61 1,57 3 3 1,49 3 1.5 1,33 1,32 600 499 2 2 1.0 400 1 0.5 200 0 17 5 3 23 0 0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total wor
Slide 39: Macro Indicators
MACRO INDICATORS BRENT (USD/bbl) MOL REFINERY MARGIN* (USD/bbl) HUF/USD (Q avg.) 100 25 400 Brent-based MOL Group 80 20 350 Brent-based Complex (MOL + Slovnaft) 15 60 300 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 2023 2023 2023 202
Slide 40: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS YoY Q1 2025 Q2 2025 Q2 2024 Income Statement (HUF million) H1 2025 H1 2024 Ch % Ch % 2 171 244 2 198 746 2 372 642 (7) Net sales 4 369 990 4 418 850 (1) 22 827 26 393 10 912 142 Other operating income 49 220 39 916 23 2 194 071 2 225 139 2 383 554 (7) Total o
Slide 41: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 30 Jun 2025 31 Dec 2024 Ch % Balance Sheet (HUF million) 30 Jun 2025 31 Dec 2024 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4 351 003 4 632 771 (6) Share capital 79 650 79 443 0 I
Slide 42: Consolidated Statement of Cash Flow
CONSOLIDATED STATEMENT OF CASH FLOW YoY Q1 2025 Q2 2025 Q2 2024 Cash Flow (HUF million) H1 2025 H1 2024 Ch % Ch % 210 409 84 774 193 925 (56) Profit / (loss) before tax for continuing operation 295 183 331 836 (11) 0 0 (41 567) (100) Profit / (loss) before tax for discontinued operation 0 (40 893) (
Slide 43: External Parameters
EXTERNAL PARAMETERS YoY Q1 2025 Q2 2025 Q2 2024 Macro figures (average) H1 2025 H1 2024 Ch % Ch % 75.7 67.9 85.0 (20) Brent dated (USD/bbl) 71.9 84.1 (15) (3.0) (2.4) (3.5) (31) Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11) (2.7) (3.6) (25) 46.7 35.5 31.7 12 TTF gas price (EUR/MWh) 41