67 slides from Mol Hungarian Oil & Gas Plc Class A's investor presentation, May 2025
Slide 1: MOL Group Investor Presentation May 2025
MOL GROUP INVESTOR PRESENTATION INSERT MAY 2025 HEADLINE HERE
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 2024 (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 SHIP AND CORE COUN G FLA N ALL CORE COUNTR TR IE L I IES S RUSSIA AL IRM AZERBAIJAN IN L F IA ST N DU O R IN TI #3 POLAND #1 OSI P #3 KAZAKHSTAN #1- #1 #1 #3 #2 SLOVAKIA CZECHIA #1 #1 HUNGARY PAKISTAN #3 #3 #2 #2 HQ ROMANIA IRAQ SLOVENIA EGYPT FLAGSHI
Slide 4: ESG: Sector-leading ratings and disclosure
ESG: SECTOR-LEADING RATINGS AND DISCLOSURE TOP POSITIONS ACROSS LEADING ESG RATINGS INDEXES AND RATINGS DISCLOSURE MSCI ACWI Index constituents ESRS-compliant Integrated Oil & Gas, n=22 Sustainability Report “AA” rating 7th year in a row, staying at the European top ~30% among integrated O&G peers S
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 39 FINANCIALS 45 SUPPORTING SLIDES 54 Q1 2025 RECAP 64
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 targeted to decrease by 5% (from Ambition to reach net carbon neutrality by 205
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 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 (CENTRAL) EUROPEAN POWERING CHA
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 94% 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 USD 170 mn spent on the development of the Danube Refinery already pre-war CZ Bucany Budkovce We have mapped what further in
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
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 First 10 MW electrolyzer at the Danube management under the New and Refi
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 improvement potential
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: 47% HUNGARY MARKET POSITION: 1 MARKET SHARE: 46% 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 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: 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 35: Organic capex allocation 2025-2030 Consumer Services
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 36: 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 37: 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 38: 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 39: Exploration and Production
THE MOL GROUP EQUITY STORY EXPLORATION AND PRODUCTION
Slide 40: 2P reserves at 316 MMboe with ~93 mboepd production
2P RESERVES AT 316 MMBOE WITH ~93 MBOEPD PRODUCTION CEE INTERNATIONAL Reserves: 123.7 MMboe Reserves: 192.2 MMboe Production: 55.9 mboepd Production: 36.9 mboepd HUNGARY CIS Reserves: 60.9 MMboe Reserves: 123.6 MMboe Production: 36.1 mboepd Production: 19.8 mboepd CROATIA MEA Reserves: 62.8 MMboe Re
Slide 41: 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 42: Guidance for 2025-2030 E&P 2030 pillars
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 43: 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 44: 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 45: Financials
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Slide 46: 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 47: 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 48: Dividend reflecting operational performance
DIVIDEND REFLECTING OPERATIONAL PERFORMANCE 2025: BASE DIVIDEND AND EXTRA DIVIDEND RAISED BY 10% TO HUF 275 IN TOTAL DIVIDEND PER SHARE1 (HUF) 3.0% 2.9% 3.8% 5.5% 5.0% 5.6% Dividend 3.5% 3.0% 4.6% +1.5% +1.5% +7.7% +7.3% +3.3% +3.7% yield2 Special dividend Regular dividend 202 110 202 100 48 43 152
Slide 49: Strong performance despite macro headwinds
STRONG PERFORMANCE DESPITE MACRO HEADWINDS UPSTREAM, DOWNSTREAM, AND CONSUMER SERVICES ALL CONTRIBUTE SIGNIFICANTLY CLEAN CCS EBITDA (USD BN) 4.7 3.5 2.2 3.1 3.1 2.7 1.6 2.4 1.0 1.1 1.3 2.0 1.1 0.7 2.2 1.3 1.3 1.5 1.0 0.9 0.7 0.8 0.7 0.7 0.3 0.4 0.5 0.5 0.6 0.3 0.3 0.2 -0.1 0.2 -0.1 0.2 0.1 0.2 0.3
Slide 50: Consistent simplified FCF generation
CONSISTENT SIMPLIFIED FCF GENERATION FUNDING SUSTAIN AND TRANSFORMATIONAL PROJECTS SIMPLIFIED FCF (USD BN) 1 3.2 2.0 1.8 1.6 1.4 1.4 1.2 0.6 0.8 1.0 0.4 0.6 1.5 0.6 0.8 0.4 0.7 0.7 0.4 0.4 0.0 0.5 0.6 0.3 0.2 0.3 0.4 0.5 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.2 -0.1 0.2 0.1 0.1 -0.3 -0.5 -0.3 -0.5 -0.5 -0.4
Slide 51: EBITDA sensitivities vs 10 year macro history
EBITDA SENSITIVITIES VS 10 YEAR MACRO HISTORY MACRO CONDITIONS CCS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS 2021 2022 2023 2024 10Y AVG Sensitivity Est. Clean CCS EBITDA impact % of Group (USD mn) EBITDA 2024 Brent crude Downstream Upstream 71 101 83 81 68 (USD/bbl) Natgas price (TTF + 10 USD/bbl
Slide 52: Ample financial headroom
AMPLE FINANCIAL HEADROOM FROM DIVERSIFIED FUNDING SOURCES AVERAGE MATURITY OF 3 YEARS Reported cash & cash equivalents Medium term loan Undrawn facilities Senior Unsecured Bonds Long term loan 1 500 1 000 630 USD mn 19 26 720 1 194 606 500 923 6 33 708 0 25 189 0 287 304 0 4 29 18 Reported cash&cash
Slide 53: Full investment grade rating maintained
FULL INVESTMENT GRADE RATING MAINTAINED ROBUST BALANCE SHEET WITH AMPLE FINANCIAL HEADROOM HISTORICAL FOREIGN LONG TERM RATINGS COMMENTS In May 2024 Fitch affirmed MOL’s 'BBB-' long-term investment grade credit rating and kept the ‘stable’ outlook unchanged In November 2024 Standard & Poor’s perform
Slide 54: Supporting Slides
SUPPORTING SLIDES
Slide 55: 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 56: 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 57: 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 58: Shareholder structure
SHAREHOLDER STRUCTURE1 Commerzbank AG Treasury shares UniCredit Bank AG 2.2% ING Bank N.V. 3.8% 3.8% 0.8% OTP Bank Plc. Foreign investors (mainly institutional) 4.9% 29.1% MOL Plc. SESOP Organizations 7.9% Free-float 46.1% Mathias Corvinus Collegium Foundation 10.0% 10.1% Domestic institutional 10.0
Slide 59: 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 20 1 000 18 900 16 800 14 700 12 10 600 8 500 6 400 4 300 2 200 0 -2 100 -4 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 2021 20
Slide 60: 93.8 mboepd delivered in 2024 in line with guidance
93.8 MBOEPD DELIVERED IN 2024 IN LINE WITH GUIDANCE PRODUCTION1 (MBOEPD) COMMENT Q1 2025 production is ~93 mboepd, guidance 92-94 mboepd for 97 94 93 FY 2025 92 90 40 Production in Hungary decreased somewhat mainly due to 36 34 36 37 outages resulting from colder weather than usual. in Croatia basel
Slide 61: Unit free cash flow in Q1 2025
UNIT FREE CASH FLOW AT 31 USD/BBL IN Q1 2025 PRICE REALIZATION, EBITDA, SIMPLIFIED FCF1,2 (USD/BOE) 110 83 81 76 71 Brent price 42 Realized HC price 57 Unit EBITDA 27 25 31 Unit Simplified FCF 20 9 2020A 2021A 2022A 2023A 2024A Q1 2025 409 971 1,905 645 790 254 SFCF (USD mn) 1 Simplified free cash f
Slide 62: ACG: strong contribution continues in 2024
ACG: STRONG CONTRIBUTION CONTINUES IN 2024 PERFORMANCE AND ASSET SUMMARY OVERVIEW OF PSA REGIME1 367 mboepd (gross) 3 Investing companies Government Very strong cash generation on the back of high oil prices Signature Bonus ACE project (7th production platform) achieved First Oil in April 2024 and s
Slide 63: 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 90 244 223 162 250 80 201 Regulated business (asset base and return) 70 194 189 187 200 with continuous regulatory scrutiny 60 136 50 94 150
Slide 64: Q1 2025 Recap
Q1 2025 RECAP
Slide 65: 2025 guidance on track so far
2025 GUIDANCE ON TRACK SO FAR RISKS TO MEETING GUIDANCE HAVE INCREASED Q1 2024 Q1 2025 2025 RESULTS RESULTS GUIDANCE GROUP PROFIT BEFORE USD 382 MN USD 546 MN ~USD 1.6 BN TAX 1 GROUP CLEAN CCS USD 718 MN USD 833 MN >USD 3.0 BN EBITDA OIL & GAS 92.3 MBOEPD 93.0 MBOEPD ~92-94 MBOEPD PRODUCTION1 CRUDE
Slide 66: Resilient performance amongst macro headwinds
RESILIENT PERFORMANCE AMONGST MACRO HEADWINDS ALL KEY SEGMENTS IMPROVED PERFORMANCE DESPITE ECONOMIC SLOWDOWN FINANCIALS First quarter 2025 Profit before tax at USD 546 mn, up by 23% year-on-year on improvement in reported EBITDA and FX effect Clean CCS EBITDA higher by 16% YoY to USD 833 mn; operat
Slide 67: 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