70 slides from Mol Hungarian Oil & Gas Plc Class A's investor presentation, August 2024
Slide 1: MOL Group Investor Presentation August 2024
MOL GROUP INSERT HEADLINE HERE INVESTOR PRESENTATION AUGUST 2024
Slide 2: MOL Group in Brief
MOL GROUP IN BRIEF INTEGRATED CENTRAL EUROPEAN MID-CAP OIL & GAS COMPANY CORE ACTIVITIES UPSTREAM DOWNSTREAM CONSUMER WASTE GAS Exploration SERVICES MANAGEMENT Petrochemicals MIDSTREAM Retail Production Refining Mobility CLEAN CCS EBITDA BY SEGMENTS IN 2023 (USD MN)1 UPSTREAM DOWNSTREAM CONSUMER GAS
Slide 3: MOL is the dominant O&G player of the CEE region
MOL IS THE DOMINANT O&G PLAYER OF THE CEE REGION RUSSIA AZERBAIJAN #3 POLAND KAZAKHSTAN #1 #1 SLOVAKIA #3 #2 CZECHIA #1 #1 HUNGARY PAKISTAN #3 #3 #2 #2 HQ ROMANIA IRAQ SLOVENIA EGYPT FLAGSHIP COUNTRIES 1 CORE COUNTRIES 2 #1 #1 #2 #2 INTERNATIONAL UPSTREAM CROATIA SERBIA # FUEL WHOLESALE MARKET POSIT
Slide 4: ESG: Sector-leading ratings and disclosure
ESG: SECTOR-LEADING RATINGS AND DISCLOSURE TOP POSITIONS ACROSS LEADING ESG RATINGS INDEXES AND RATINGS DISCLOSURE Leading ESG disclosure through “AA” rating sixth Integrated Reporting using the year in a row, following internationally recognised staying at the top ~20% among standards: integrated O
Slide 5: Agenda
AGENDA THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY 6 DOWNSTREAM 12 WASTE MANAGEMENT 23 CONSUMER SERVICES 30 EXPLORATION AND PRODUCTION 40 FINANCIALS 46 SUPPORTING SLIDES 55 Q2 2024 RECAP (LINK TO Q2 2024 RESULTS) 66
Slide 6: Group Strategy and Sustainability
INSERT HEADLINE HERE THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY
Slide 7: Navigating the complexities of the energy transition
NAVIGATING THE COMPLEXITIES OF THE ENERGY TRANSITION CHALLENGES AND OPPORTUNITIES IN A SHIFTING LANDSCAPE AFFORDABILITY Sustainability regulations: ambitious goals, but high uncertainty regarding markets & technologies Geopolitical tensions: need for supply diversification & improved European compet
Slide 8: Transition path based on resilient MOL growth model
TRANSITION PATH BASED ON RESILIENT MOL GROWTH MODEL HIGH-GROWTH AND PROFITABLE CEE CORE OPERATIONS AND INTERNATIONAL E&P ENABLE SMOOTH DIVERSIFICATION AWAY FROM FOSSIL FUELS E&P UPSTREAM CEE ESG LOW CARBON CIRCULAR Partly satisfies the HC need for E&P Already started low-carbon circular projects Dow
Slide 9: Higher investment to shape a sustainable tomorrow
HIGHER INVESTMENT TO SHAPE A SUSTAINABLE TOMORROW LOW-CARBON CAPEX TO ACCELERATE AND MOVE BETWEEN 30-40% OF TOTAL CAPEX TO REALISE TRANSITION IN NEXT DECADES 2018-23 Organic CAPEX distribution 2025-30 Organic CAPEX distribution (Since Shape Tomorrow Strategy) (yearly avg., real 2024) (yearly avg., r
Slide 10: 2030 emission reduction target raised
2030 EMISSION REDUCTION TARGET RAISED LIKE-FOR-LIKE SCOPE 1&2 GHG EMISSION REDUCTION EXPECTATION INCREASED TO 33% FROM PREVIOUS TARGET OF 30%; GHG EMISSION TO DECREASE BY 25% IN ABSOLUTE TERMS SCOPE 1&2 GHG EMISSION (Mt) REDUCTION AMBITION HIGHER Like-for-like1 Absolute2 MOL committed to achieve 205
Slide 11: MOL Group's ESG targets
MOL GROUP’S ESG TARGETS CLIMATE/GHG TARGETS OTHER Reducing Group-level Scope 1+2 GHG emission by 25% by 2030 Renewable electricity consumption up to 2,500 (from 2019) GWh per year by 2030 CLIMATE & ENVIRONMENT Scope 3 is expected to decrease by 5-10% (from Ambition to reach net carbon neutrality by
Slide 12: Downstream
THE MOL GROUP EQUITY STORY DOWNSTREAM
Slide 13: 2050 vision: highly efficient, sustainable, chemical-focused
2050 VISION: HIGHLY EFFICIENT, SUSTAINABLE, CHEMICAL-FOCUSED KEY DIRECTIONS ARE STILL VALID WE HAVE A LONG-TERM VISION TO BECOME A SUSTAINABLE CHEMICALS COMPANY AND POWERING MOBILITY WITH AN AMBITION TO REDUCE CARBON FOOTPRINT AND STRIVING TO REACH NET ZERO EMISSION SUSTAINABLE CHEMICALS WE ARE THE
Slide 14: Key pillars of our strategy until 2030
KEY PILLARS OF OUR STRATEGY UNTIL 2030 BALANCED FOCUS ON SUPPLY SECURITY AND DIVERSIFICATION FROM FOSSIL • Keep up market share & • Delivering Polyol, our flagship • Speed-up biogas and H2 value- profitability project chain development • Scale up alternative fuels, ensure • Value chain extension wit
Slide 15: Maximising synergies with waste management
MAXIMISING SYNERGIES WITH WASTE MANAGEMENT DOWNSTREAM INCREASINGLY RELIES ON CIRCULAR SOLUTIONS BUT MARKET-BASED SOLUTIONS STILL NEEDED Bio- methane ENERGY RECOVERY Crude ENERGY Biofuel Copro feed Green H2 Waste oil BASE recovery CHEMICAL POLYOLEFIN WASTE/ REFINERY PRODUCTS MOHU PRODUCER PRODUCER Re
Slide 16: Continuing Rijeka refinery upgrade
CONTINUING RIJEKA REFINERY UPGRADE INSTALLATION OF A DELAYED COKER UNIT (DCU) ENABLING FULL CONVERSION AND UTILIZATION Rijeka Refinery Upgrade Project is the largest single investment project in INA’s history Engineering and purchasing completed STATUS 84% Port and related logistics enabling sale of
Slide 17: Polyol project milestone in the propylene value chain
THE POLYOL PROJECT REPRESENTS AN IMPORTANT MILESTONE FOR STEPPING FORWARD IN THE PROPYLENE VALUE CHAIN LARGEST ORGANIC INVESTMENT IN MOL GROUP HISTORY POLYOL PROJECT RATIONALE AND TIMELINE FINANCIAL AND OPERATIONAL EFFECTS Moving from commodity (polypropylene) CAPEX DRIVER to semi commodity ~USD 1.5
Slide 18: Adria pipeline provides alternative crude supply
ADRIA PIPELINE PROVIDES ALTERNATIVE CRUDE SUPPLY AROUND USD 500MN INVESTMENT WOULD BE NEEDED FOR FULL DIVERSIFICATION ALTERNATIVE CRUDE SUPPLY ROUTE THROUGH THE ADRIA COMMENTS CZ We have spent USD 170 mn on the development of the Bucany Budkovce Tupa Danube Refinery pre-war Friendship - SK Bratislav
Slide 19: Crude diversity projects to increase our flexibility
CRUDE DIVERSITY PROJECTS TO INCREASE OUR FLEXIBILITY CRUDE DIVERSIFICATION PROGRAM LAUNCHED TO EASE THE PRESSURE ON SUPPLY SECURITY CAUSED Supply security became extremely DEVELOPING TECHNICAL CAPABILITIES TO INCREASE important in the region due to the Russian – POTENTIAL NON-RUSSIAN CRUDE PROCESSIN
Slide 20: Organic capex allocation 2025-2030: USD 2.8 bn
ORGANIC CAPEX ALLOCATION 2025-2030 TOTAL ORGANIC CAPEX OF USD 5.3 BN INCLUDING USD 2.5 BN (~ 400 MMUSD/Y) SUSTAIN & LTE1 IN ADDITION TO STRATEGIC CAPEX OF USD 2.8 BN Supply security & flexibility • Crude diversity projects to replace R ussian crude • Logistic investments Waste & chemicals USD 2.8 •
Slide 21: Share of renewables to grow in electricity consumption
SHARE OF RENEWABLES TO GROW IN MOL GROUP'S ELECTRICITY CONSUMPTION A MIX OF OWN PRODUCTION AND MARKET-BASED SOLUTIONS NEEDED TO MAXIMIZE EBITDA POTENTIAL AND DEPLOY SYNERGIES WITH MOL GROUP’S OPERATION Electricity demand of decarbonization of Downstream • Current operation of 44 MW By 2030 solar pro
Slide 22: First steps in the hydrogen development roadmap
MOL GROUP HAS MADE FIRST STEPS IN THE HYDROGEN DEVELOPMENT ROADMAP MOL GROUP HYDROGEN PRODUCTION HAS A SIGNIFICANT POTENTIAL TO CONTRIBUTE TO DS CO2 TARGETS ORGANIZATIONAL SETUP FIRST PILOT PROJECT Dedicated H2 team and program Investment of the first 10 MW management under the New and electrolyzer
Slide 23: Waste Management
THE MOL GROUP EQUITY STORY WASTE MANAGEMENT
Slide 24: The concession to cover ~5 mn tonnes of waste
THE CONCESSION TO COVER ~5 MN TONNES OF WASTE AND THE WHOLE TERRITORY OF HUNGARY COMPOSITION OF WASTE BY SOURCE OPERATION WITH REDUCED NUMBER OF REGIONS Total waste: 20 mn tons 4% 3% 13% 35% MOL’S SCOPE : 18% 4.7 mn tons (mainly municipal solid 27% waste) From 26 service providers operating independ
Slide 25: Integrated waste management concession
INTEGRATED WASTE MANAGEMENT CONCESSION EXTENDED SERVICE SCOPE WITH MANAGING ROLE IN THE WHOLE VALUE CHAIN Pre- Extended Public Service concession Deposit Refund Waste falls under product fee Industrial - Construction and Other solid public System (public and industrial origins) production Demolishon
Slide 26: Efficiency gains and minimizing landfill
EFFICIENCY GAINS AND MINIMIZING LANDFILL PROVIDE SIGNIFICANT IMPROVEMENT POTENTIAL CONCESSION TO IMPROVE EFFICIENCY MUNICIPAL WASTE HANDLING IN THE EU Making waste collection and transportation tasks more efficient Optimizing the utilization of tasks of national waste 36% treatment 45-65% Introducti
Slide 27: Up to 1.5 mn tons of feedstock for energy industry by 2030
UP TO 1.5 MN TONS OF FEEDSTOCK FOR ENERGY INDUSTRY BY 2030 WASTE MANAGEMENT TO BECOME AN ENABLER OF FUTURE GROWTH Used Cooking Oil Collection Plastic Recycling UCOME feedstock to produce biodiesel from used Petchem feedstock from plastic cooking oil recycling recycling Rubber Bitumen Rubber compound
Slide 28: Main success and development areas of waste management
MAIN SUCCESS AND DEVELOPMENT AREAS OF WASTE MANAGEMENT FOCUSING ON THE START OF THE CONCESSION AND THE MILESTONES AHEAD SETUP SUCCESSFUL CHALLENGES AHEAD The transition to the new system was successfully completed, and it is operating as Stabilizing supply chain operation CONCESSION intended The col
Slide 29: Main development projects of waste management
MAIN DEVELOPMENT PROJECTS OF WASTE MANAGEMENT ORGANIC INVESTMENTS BETWEEN 2025-2030 Deposit Refund System Waste to Energy plant Waste yards, transfer stations, sorting plants USD 0.9 BN Selective waste bins, containers & RFID system, mobile waste yards Waste collection renewal Low-carbon CAPEX 80+%
Slide 30: Consumer Services
THE MOL GROUP EQUITY STORY CONSUMER SERVICES
Slide 31: A leading regional network
A LEADING REGIONAL NETWORK POLAND MARKET POSITION: 3 MARKET SHARE: 7% TOP 3 IN 100 % OF THE NETWORK CZECH R. MARKET POSITION: 3 SLOVAKIA MARKET SHARE: 18% MARKET POSITION: 1 10 COUNTRIES MARKET SHARE: 46% HUNGARY MARKET POSITION: 1 MARKET SHARE: 49% ROMANIA 6 WELL ESTABLISHED BRANDS SLOVENIA MARKET
Slide 32: Become a digitally-driven consumer goods retailer and mobility provider by 2030
BECOME A DIGITALLY-DRIVEN CONSUMER GOODS RETAILER AND INTEGRATED, COMPLEX MOBILITY SERVICE PROVIDER BY 2030 Regional leader in fuel Continuous improvement Diversification of and convenience retailing of operational efficiency sales channels Expansion and optimization of the Strong standardization an
Slide 33: Significant progress made in network expansion since 2021
SIGNIFICANT PROGRESS MADE IN NETWORK EXPANSION SINCE 2021 ACQUIRING 500+ STATIONS IN THE REGION 2021 Q1 2022 Q1 2022 Q4 2023 Q2 MOL acquired 100% shareholding In December 2022, MOL Group in Marché Restaurants Hungary acquired 417 Lotos remedy SeSs in Kft. for 9 highway restaurants. Poland (mixed COC
Slide 34: Gastro & shop to drive growth in traditional retail
GASTRO & SHOP TO DRIVE GROWTH IN TRADITIONAL RETAIL EXCELLENT TRACK RECORD IN DRIVING NON-FUEL SALES SET TO CONTINUE BASED ON DIGITAL AND BUSINESS MODEL TRANSFORMATION UNIT EBITDA, NON-FUEL MARGIN SHARE1 AND NETWORK DEVELOPMENT, 2016-2023 COMMENTS Unit EBITDA CAGR: 5% +82% +6% 400 40 First phase of
Slide 35: CEE market leader in fuel & convenience retailing
CEE MARKET LEADER IN FUEL & CONVENIENCE RETAILING EBITDA OF USD 1,000 MN TO BE DELIVERED BY 2030 2025 original goals 2025 revised goals 2030 goals mn EBITDA USD ~700 USD ~730 USD 1,000 mn FCF IN 5 YEARS USD~1,800 USD~2,000 USD~2,900 CONVENIENCE SALES INCREASE 63% 92% 183% FUEL VOLUME INCREASE 42% 40
Slide 36: Organic capex allocation 2025-2030: retail
ORGANIC CAPEX ALLOCATION 2025-2030 RETAIL Develop network further to keep ALTERNATIVE FUEL & MOBILITY and improve competitive position Expansion in EV-chargers, fleet and car-sharing Integrate SeSs acquired in 2022-2023 services in line with market growth Continue rollout of Fresh Corner concept USD
Slide 37: Diversification of sales channels
DIVERSIFICATION OF SALES CHANNELS THROUGH DIGITAL TRANSFORMATION AND FRANCHISE OPERATION 2016-2020 2021-2025 Beyond Digital and 2025 Synergies & data-driven platform Step operation building change Supporting traditional loyalty Start personalizing retail customers’ Integrate retail and mobility to s
Slide 38: Serving the emerging alternative fuel need
SERVING THE EMERGING ALTERNATIVE FUEL NEED TO COMPENSATE SHRINKING OPPORTUNITIES IN FOSSIL FUELS BEYOND 2030 2017-2024 2025-2030 Beyond Foundations Tailored growth 2030 in EV- and service Step charging developments change Capability and knowledge building Improve services and business model, Signifi
Slide 39: Mobility services to grow further
MOBILITY SERVICES TO GROW FURTHER AND EXPLOIT SYNERGIES THROUGH DIGITAL PLATFORMS 2017-2022 2023-2025 Beyond Start and Synergies & 2025 capability platform Step building building change Capabilities built in B2C and B2B Building synergies between existing Offering seamless, digitally customer brands
Slide 40: Exploration and Production
THE MOL GROUP EQUITY STORY EXPLORATION AND PRODUCTION
Slide 41: 335 MMboe 2P reserves and ~92 mboepd production in H1 2024
335 MMBOE 2P RESERVES AND ~92 MBOEPD PRODUCTION IN H1 2024 CEE INTERNATIONAL Reserves: 131 MMboe Reserves: 204.2 MMboe Production: 57.3 mboepd Production: 34.8 mboepd HUNGARY CIS Reserves: 56.5 MMboe Reserves: 131.2 MMboe Production: 35.6 mboepd Production: 17.5 mboepd CROATIA MEA Reserves: 74.4 MMb
Slide 42: Three key pillars of revised 2030 strategy
THREE KEY PILLARS OF REVISED 2030 STRATEGY 1 2 3 CEE OPTIMIZATION & INTERNATIONAL LOW CARBON SYNERGIES E&P to support energy E&P to strengthen its E&P to contribute to MOL supply security in the CEE international portfolio: Group decarbonization region by optimization and strategy: ▪ Sustain & devel
Slide 43: E&P guidance for 2025-2030
COMPETITIVE OPERATION, DIVERSE PORTFOLIO & LAUNCHING OF LOW CARBON GUIDANCE FOR 2025-2030 E&P 2030 PILLARS ≥ 90 MBOEPD CEE Optimization & Production guidance Synergies USD~6-8/BOE Unit direct production cost USD 2bn International Organic CAPEX1,2 ≥ 20 USD/BOE Unit Simplified Free Cash Flow1,2 Low Ca
Slide 44: Low carbon focus areas
LOW CARBON FOCUS AREAS GEOTHERMAL LITHIUM Material electricity Lithium extraction pilot generation project to be launched in Production to support MOL 2024 in Pusztaföldvár facilities directly or contribute to Upstream's Examination of novel hedge function indirectly Direct Lithium Extraction techno
Slide 45: E&P capex allocation for 2025-2030
E&P CAPEX1 ALLOCATION FOR 2025-2030 CEE OPTIMIZATION & SYNERGIES Maximize the value in operating mature fields Focus on Production Optimization and Enhanced Oil/Gas Recovery programs INTERNATIONAL Cost efficiency and realize synergies in CEE Maximize the value of existing fields with stable profitab
Slide 46: Financials
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Slide 47: Total organic capex to rise to USD ~12 bn in 2025-2030
TOTAL ORGANIC CAPEX TO RISE TO USD ~12 BN IN 2025-2030 HIGH SHARE OF STRATEGIC INVESTMENTS WITHIN THE TOTAL BUDGET ORGANIC CAPEX (2025-30) ORGANIC CAPEX DISTRIBUTION (2025-30) Other1 Sustain Strategic 1.4 E&P 2.0 Waste 0.9 USD 5.1 Renewables 0.7 USD 6.5 11.6 bn 11.6 bn Consumer 1.4 Services 5.3 Down
Slide 48: Fully funded transformation and base dividends in 2025-30
FULLY FUNDED TRANSFORMATION AND BASE DIVIDENDS IN 2025-30 EVEN AT CONSERVATIVE MACRO ASSUMPTIONS FINANCIAL FRAMEWORK ASSUMING CASH FLOW BREAKEVEN COMMENTS (2025-30, USD BN)1,2 Viable path towards full 16.9 execution of organic investment plan on strategic horizon 6.5 EBITDA to cover must-pay 10.4 ca
Slide 49: Dividend reflecting operational performance
DIVIDEND REFLECTING OPERATIONAL PERFORMANCE BASE DIVIDEND MAINTAINED AT AROUND HUF 150 IN 2024 DIVIDEND PER SHARE1 (HUF) 3.0% 2.9% 3.8% 5.5% 5.0% Dividend 3.5% 3.0% +1.5% 4.6% +1.5% +7.7% +7.3% +3.3% yield2 Special dividend Regular dividend 202 202 100 48 43 152 150 85 95 95 100 71 78 0 2016 2017 20
Slide 50: Strong performance despite regulatory headwinds
STRONG PERFORMANCE DESPITE REGULATORY HEADWINDS UPSTREAM, DOWNSTREAM, AND CONSUMER SERVICES ALL CONTRIBUTE SIGNIFICANTLY CLEAN CCS EBITDA (USD BN) 4.7 3.5 2.2 3.1 2.7 1.6 2.4 2.4 1.0 1.3 2.0 0.9 1.1 0.7 1.5 2.2 1.3 1.5 0.5 1.2 1.0 0.9 0.7 0.7 0.7 0.4 0.4 0.5 0.5 0.6 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.2 0
Slide 51: Consistent simplified FCF generation
CONSISTENT SIMPLIFIED FCF GENERATION FUNDING SUSTAIN AND TRANSFORMATIONAL PROJECTS SIMPLIFIED FCF (USD BN) 1 3.2 2.0 1.8 1.7 1.4 1.2 1.4 0.6 0.5 0.4 0.9 1.0 0.6 1.5 0.7 0.8 0.4 0.7 0.7 0.4 0.4 0.0 0.5 0.3 0.2 0.2 0.3 0.4 0.5 0.3 0.2 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.1 -0.1 -0.2 -0.3 -0.3 -0.4 -0.2 -0.5
Slide 52: EBITDA sensitivities vs 10 year macro history
EBITDA SENSITIVITIES VS 10 YEAR MACRO HISTORY MACRO CONDITIONS CCS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS – E&P 2021 2022 2023 10Y AVG Sensitivity Est. Clean CCS EBITDA impact % of Group (USD mn) EBITDA 2022 Brent crude +/- 10 USD/bbl (USD/bbl) 71 101 83 68 Brent price ~120 2.6% +/- 10 EUR/MWh 1
Slide 53: Ample financial headroom
AMPLE FINANCIAL HEADROOM FROM DIVERSIFIED FUNDING SOURCES AVERAGE MATURITY OF 3 YEARS 1,600 1,400 Reported cash & cash equivalents Medium term loan Undrawn facilities 1,200 Senior Unsecured Bonds Long term loan 841 160 1,000 26 USD mn 800 313 36 787 600 410 400 798 599 701 42 200 284 321 65 10 91 5
Slide 54: Full investment grade rating maintained
FULL INVESTMENT GRADE RATING MAINTAINED ROBUST BALANCE SHEET WITH AMPLE FINANCIAL HEADROOM HISTORICAL FOREIGN LONG TERM RATINGS COMMENTS In June 2023 Fitch revised outlook to stable from negative while reaffirming investment grade rating of BBB- In July 2023 Standard & Poor’s performed annual review
Slide 55: Supporting Slides
SUPPORTING SLIDES
Slide 56: Shareholder agreements and legal proceedings: history of INA & MOL
THE HISTORY OF INA & MOL, 2003- STORYLINE SHAREHOLDER AGREEMENTS UNDER THE FASHA, MOL DELEGATES FIVE 1ST SHAREHOLDER RIGHTS AGREEMENT (SHA): MOL AND THE GOVT OF CROATIA SIGN THE GAS OUT OF NINE MEMBERS TO THE MOL ALLOWED TO NOMINATE TWO MEMBERS 1ST AMENDMENT MASTER AGREEMENT (GMA) AND AN SUPERVISORY
Slide 57: MOL-Croatia arbitrations
MOL-CROATIA ARBITRATIONS UNCITRAL ARBITRATION ICSID ARBITRATION (CROATIA VS. MOL) (MOL VS. CROATIA) INITIATED GOVERNMENT OF CROATIA MOL BY WHEN 17 JANUARY 2014 26 NOVEMBER 2013 PCA (PERMANENT COURT OF ARBITRATION), GENEVA ICSID (INTERNATIONAL SETTLEMENT OF INVESTMENT FORUM UNDER UNCITRAL (UNITED NAT
Slide 58: Top management incentive schemes
TOP MANAGEMENT INCENTIVE SCHEMES FOR EXECUTIVE MEMBERS, AROUND 2/3 OF TOTAL REMUNERATION IS VARIABLE AND PERFORMANCE DRIVEN, WITH NON-FINANCIAL KPIS INCLUDING GHG GOAL ALSO INCLUDED SHORT-TERM INCENTIVES Bonus opportunity between 0.70x and 1x of annual base salary, depending on the job level (Hay gr
Slide 59: Shareholder structure
SHAREHOLDER STRUCTURE1 Treasury shares 10.9% OTP Bank Plc. 4.9% Foreign investors (mainly institutional) 29.9% MOL Plc. SESOP Organizations 7.9% Free-float 45.8% Mathias Corvinus Collegium Foundation 10.0% 9.7% Domestic institutional 10.0% Maecenas Universitatis Corvini Foundation 6.2% 10.5% Domesti
Slide 60: 2023 still favourable but normalization started
2023 STILL FAVOURABLE BUT NORMALIZATION STARTED ADVERSE REGULATORY IMPACTS ARE NOT CAPTURED BY THE MACRO DRIVERS EXTERNAL ENVIRONMENT* VS MOL CLEAN CCS EBITDA (USD MN) 100% 2000 90% 1800 80% 1600 70% 1400 60% 1200 50% 1000 40% 800 30% 600 20% 400 10% 200 0% 0 Clean CCS EBITDA (r.s.) MOL Group Refini
Slide 61: MOL Group refinery and petchem margins
MOL GROUP REFINERY AND PETCHEM MARGINS BRENT-BASED MOL GROUP REFINERY MARGIN1 (USD/bbl) PETROCHEMICALS MARGIN (EUR/t)2,3 20 600 18 16 500 14 12 400 10 8 300 6 200 4 2 100 0 -2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019-2023 range original 2
Slide 62: 92.3 mboepd delivered in line with guidance for 2024
92.3 MBOEPD DELIVERED IN LINE WITH GUIDANCE FOR 2024 PRODUCTION1 (MBOEPD) COMMENT Production is ~92 mboepd, above the guidance for 2024 120 Production retained at high level in Hungary due to successful 97 92 92 92 effort to counter natural decline and additional production of 90 58 Vecsés and OGDC
Slide 63: Unit free cash flow at 27 USD/bbl in Q2 2024
UNIT FREE CASH FLOW AT 27 USD/BBL IN Q2 2024 PRICE REALIZATION, EBITDA, SIMPLIFIED FCF1,2 (USD/BOE) 110 83 84 85 71 Brent price 42 Realized HC price 57 Unit EBITDA 27 26 27 Unit Simplified FCF 20 9 2020A 2021A 2022A 2023A 2024H1 2024Q2 409 971 1,905 645 515 228 SFCF (USD mn) 1 Simplified free cash f
Slide 64: ACG: strong contribution continues in 2023
ACG: STRONG CONTRIBUTION CONTINUES IN 2023 2023 PERFORMANCE AND ASSET SUMMARY OVERVIEW OF PSA REGIME1 Investing 367 mboepd (gross) companies Government Signature Very strong cash generation on the back of high oil prices Bonus ACE project (7th production platform) achieved First Oil in April Gross P
Slide 65: Gas midstream: stable cash flow
GAS MIDSTREAM: STABLE CASH FLOW GAS MIDSTREAM EBITDA (HUF BN, USD MN) FACTS & FIGURES Domestic natural gas transmission system 100 265 300 operator in Hungary 90 223 162 250 80 201 Regulated business (asset base and return) 194 189 187 70 200 with continuous regulatory scrutiny 60 136 50 94 150 Near
Slide 66: Q2 2024 Recap
Q2 2024 RECAP
Slide 67: 2024 guidance reiterated
2024 GUIDANCE REITERATED H1 2023 H1 2024 2024 RESULTS RESULTS GUIDANCE GROUP PROFIT BEFORE USD 807 MN USD 916 MN ~USD 1.6 BN TAX 1 GROUP CLEAN CCS USD 1,125 MN USD 1,544 MN ~USD 3.0 BN EBITDA OIL & GAS 91.6 MBOEPD 92.2 MBOEPD ~90 MBOEPD PRODUCTION1 CRUDE PROCESSING2 5.95 MT 5.44 MT ~12 MT GROUP CAPE
Slide 68: Q2 2024 Clean CCS EBITDA at USD 825 mn
Q2 2024 CLEAN CCS EBITDA AT USD 825 MN ROBUST SALES IN DOWNSTREAM AND UPSTREAM AND RETAIL EXPANSION FUELLED RESULTS FINANCIALS MOL profit before tax reached USD 534 mn in Q2 and USD 916 mn YTD, progressing towards USD ~1.6 bn annual guidance Group Clean CCS EBITDA doubled YoY and increased by 15% Qo
Slide 69: EBITDA at USD 825 mn in Q2 2024
EBITDA AT USD 825 MN IN Q2 2024 YOY AND QOQ COMPARISONS DISORTED BY EXTRAORDINARY TAXATION SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS +101% +15% Upstream 976 992 825 Stable extra tax-adjusted result with production and realized prices flat QoQ 718 283 Downstream 714 R&M sales slightly up despite the
Slide 70: 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, capit