Mol Hungarian Oil & Gas Plc Class A · BET:MOL
Mol Hungarian Oil & Gas Plc Class A — MOL Group — Q4 2025 Earnings Presentation
43 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter 2025 Results
FOURTH QUARTER 2025 RESULTS 20 FEBRUARY 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: 2025 Clean CCS EBITDA near USD 3.4 bn
2025 CLEAN CCS EBITDA NEAR USD 3.4 BN UPSTREAM PRODUCTION, CAPEX REALIZATION ALSO BETTER THAN EXPECTED FY 2024 2025 FY 2025 RESULTS GUIDANCE RESULTS GROUP PROFIT BEFORE ~USD 1.6 BN USD 1,332 MN USD 1,500 MN TAX 1 GROUP CLEAN CCS ~USD 3.0 BN USD 3,369 MN USD 3,073 MN EBITDA OIL & GAS 93.8 MBOEPD ~92-
Slide 5: Clean CCS EBITDA reached 877 mn USD in Q4 2025
CLEAN CCS EBITDA REACHED 877 MN USD IN Q4 2025 REFINING AND CONSUMER SERVICES THE KEY CONTRIBUTORS IN THE FINAL QUARTER FINANCIALS Group Clean CCS EBITDA up by 29% YoY to USD 877 mn; full year operating cash flow before working capital above USD 2.6 bn Impairments weighed on profit before tax in the
Slide 6: TRIR above guidance in 2025
TRIR ABOVE GUIDANCE IN 2025 TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS TRIR at 1.40 in 2025, exceeding the guidance threshold set for 1.40 1.40 the year 1.31 1.31 1.27 Increase occurred despite various different actions continued from previous years and newly initiated locally tailored ones 1.04 M
Slide 7: 2026 Guidance
2026 GUIDANCE FY 2024 FY 2025 2026 RESULTS RESULTS GUIDANCE GROUP PROFIT BEFORE USD 1,332 MN USD 1,500 MN ~USD 1.5 BN TAX GROUP CLEAN CCS USD 3,073 MN USD 3,369 MN ~USD 3.0 BN EBITDA OIL & GAS PRODUCTION 93.8 MBOEPD 94.7 MBOEPD ~95-97 MBOEPD CRUDE PROCESSING(1) 11.3 MT 11.41 MT ~10 MT GROUP CAPEX ~1
Slide 8: Key Group Quarterly Financials
KEY GROUP QUARTERLY FINANCIALS
Slide 9: Robust Q4 performance despite Danube refinery fire
ROBUST Q4 PERFORMANCE DESPITE DANUBE REFINERY FIRE STRONG REFINING ENVIRONMENT AND CONSUMER SERVICES CONTRIBUTED TO BETTER THAN EXPECTED RESULTS SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS +29% -10% Upstream (1) 974 Lower price environment weighed on EBITDA Downstream 285 878 847 833 Better refining
Slide 10: Capex seasonally strong in Q4 to end FY above USD 1.6 bn
CAPEX SEASONALLY STRONG IN Q4 TO END FY ABOVE USD 1.6 BN OVER 400 MN USD STRATEGIC CAPEX IN Q4 TO COMPLETE ONGOING, AND PREPARE NEW PROJECTS TOTAL GROUP CAPEX BY SEGMENT (USD mn) TOTAL GROUP CAPEX BY TYPE (USD mn) +35% +105% +35% +105% 814 814 1 1 153 603 603 370 52 52 80 335 413 413 396 396 0 12 32
Slide 11: Full year's net income reached USD 810 mn
FULL YEAR’S NET INCOME REACHED USD 810 MN FY 2025 EARNINGS (USD mn) (1) – BELOW THE EBITDA LINE ITEMS 3,369 321 0 DS 1,453 1,844 CS 927 3,048 63 65 402 120 1,204 1,332 US 1,125 930 810 Other 136 Clean CCS CCS EBITDA excl. Special items DD&A and Profit from Total finance Income from Profit Income tax
Slide 12: Net financials neutral to results as HUF strengthens
NET FINANCIALS NEUTRAL TO RESULTS AS HUF STRENGTHENS Clean CCS effect, gain / loss (USD mn) Comments -89 Clean CCS adjustment negative driven by lower -90 -144 oil price environment Q4 2024 Q3 2025 Q4 2025 DD&A (USD mn) DD&A driven higher than usual USD 400-450 mn by 429 690 goodwill impairment on A
Slide 13: Operating cash flow increased to USD ~2.8 bn year-on-year
OPERATING CASH FLOW INCREASED TO USD ~2.8 BN YEAR-ON-YEAR OPERATING CASH FLOW COVERS ~1.7X ORGANIC CAPEX OVER FULL YEAR 2025 OPERATING CASH FLOW FOR TOTAL OPERATION IN FY 2025 (USD mn) (1) 565 2,798 2,623 175 12 1,844 1,653 1,332 Profit before tax DD&A Income tax paid Other Operating CF Change in WC
Slide 14: Net debt holds under 0.5x EBITDA, stronger YoY
NET DEBT HOLDS UNDER 0.5X EBITDA, STRONGER YOY SOLID LEVERAGE PROFILE SUPPORTS BALANCE SHEET FLEXIBILITY 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 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 10.0 0.59 10 9.5 0.45 0.47
Slide 15: Downstream Q4 2025 Results
DOWNSTREAM Q4 2025 RESULTS
Slide 16: Outstanding refining margin pulls Q4 DS EBITDA up YoY
OUTSTANDING REFINING MARGIN PULLS Q4 DS EBITDA UP YOY PROCESSED CRUDE VOLUMES IN Q4 21% LOWER YOY MAINLY DUE TO DANUBE REFINERY FIRE QUARTERLY CLEAN CCS EBITDA (USD mn) CRUDE PROCESSED (kt)1 TOTAL PRODUCT SALES (kt) +48% -13% -21% -11% -5% -12% 452 394 3,256 5,322 5,497 5,569 3,095 2,982 5,191 2,808
Slide 17: Favorable refining margin environment
FAVORABLE REFINING MARGIN ENVIRONMENT PETCHEM MARGIN SHOWS NO RECOVERY REFINING MARGIN (USD/bbl) COMMENTS Brent-based MOL Group refinery margin (USD/bbl) 14 13.2 Brent-based Complex refinery margin (MOL+Slovnaft) (USD/bbl) Brent-based refining margins increased YoY supported mainly by road 12.1 fuel
Slide 18: YoY EBITDA growth driven by excellent refining margin
YOY EBITDA GROWTH DRIVEN BY EXCELLENT REFINING MARGIN PETROCHEMICALS’ CONTRIBUTION REMAINS NEGATIVE AND VOLUME SHOWS NEGATIVE EFFECT YOY DOWNSTREAM CLEAN CCS EBITDA YoY, Q4 2024 VS. Q4 2025 (USD mn) COMMENTS 394 0 -59 USD 196 mn R&M price & margin component adds the -11 196 positive part of EBITDA Y
Slide 19: Consumer Services Q4 2025 Results
CONSUMER SERVICES Q4 2025 RESULTS
Slide 20: Consumer Services keeps YoY upward trend
CONSUMER SERVICES KEEPS YOY UPWARD TREND RESULTS DRIVEN BY FX AND ONE-OFFS, ORGANIC GROWTH IN BOTH FUEL AND NON-FUEL QUARTERLY EBITDA (USD mn) EBITDA YoY, Q4 2024 VS. Q4 2025 (USD mn) +32% +32% 317 205 16 -4 16 249 8 246 156 13 205 156 158 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITDA Q4 20
Slide 21: Volumes and throughput flat amid seasonality
VOLUMES AND THROUGHPUT FLAT AMID SEASONALITY VOLUME SHIFT TO NON-CORE COUNTRIES, MARGINS RISING IN SELECT MARKETS TOTAL VOLUMES SOLD (mn litres) FUEL THROUGHPUT/SITE(1) (mn litres) 1% +1% 2 243 2 223 2 069 1 980 1 997 1 778 4Y CAGR: +4.6% 0.91 0.89 0.92 0.93 0.78 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2
Slide 22: Positive non-fuel traction YoY
POSITIVE NON-FUEL TRACTION YOY GROWTH DYNAMICS ABOVE 5% IN BOTH SALES AND MARGIN SUPPORTED BY ROLLOUT OF FC BRAND TOTAL NON-FUEL TURNOVER (USD MN) (1) NON-FUEL MARGIN (USD MN) (1) +5% +6% 582 181 550 533 171 497 158 471 149 452 141 124 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2024 Q4 2024
Slide 23: Upstream Q4 2025 Results
UPSTREAM Q4 2025 RESULTS
Slide 24: Higher production mitigates adverse macro environment
HIGHER PRODUCTION MITIGATES ADVERSE MACRO ENVIRONMENT DECLINE IN BRENT AND TTF MORE THAN OFFSET POSITIVE QOQ VOLUMES TRACTION QUARTERLY EBITDA(1) (excl. special items) (USD mn) OIL PRICES 90 86.8 85.0 -10% -13% 84.3 83.2 80.3 80 74.7 75.7 81.4 76.3 75.1 75.4 68.6 67.7 67.9 69.1 70 69.9 64.7 63.7 65.
Slide 25: Price realization resilient with 58 USD/boe in Q4
PRICE REALIZATION RESILIENT WITH 58 USD/BOE IN Q4 SFCF STOOD ABOVE STRATEGIC THRESHOLD OF 20 USD/BOE OVER FY2025 QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 90 80 80 75 76 68 69 70 70 64 65 60 62 62 62 58 50 Brent 40 40 35 35 35 36 Realised HC price 30 29 20 Unit EBITDA 31 10 24 24 23 23 Uni
Slide 26: Rise in production offset adverse macro
RISE IN PRODUCTION OFFSET ADVERSE MACRO UPSTREAM EBITDA CONTINUES TO SHOW RESILIENCE DUE TO PRODUCTION EXCELLENCE UPSTREAM EBITDA QoQ, Q3 2025 VS. Q4 2025 (USD mn) COMMENTS Volumes: higher production in CEE and Shaikan, more cargo -12 -2 -6 -19 23 -11 in ACG (two cargos in Q3 vs three cargoes in Q4)
Slide 27: 2025 production of 94.7 mboepd beats guidance
2025 PRODUCTION OF 94.7 MBOEPD BEATS GUIDANCE NEW GUIDANCE REFLECTS ORGANIC GROWTH AND EXCELLENCE IN PRODUCTION OPTIMIZATION ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS Production at 99.4 mboepd in Q4 2025: 99.4 100.5 95-97 CEE: +1.2 mboepd QoQ due to successful ramp-up 93.9 94.7 92-94 96.2
Slide 28: Capex pulled by ramp-up of drilling programs
CAPEX PULLED BY RAMP-UP OF DRILLING PROGRAMS UNIT OPEX SLIGHTLY UP DUE MAINLY TO USD WEAKENING UNIT OPEX (USD/boe) UNIT OPEX (USD/boe) GROUP FULLY CONSOLIDATED +16% (INCL. JVS/ASSOC., PRO FORMA2) SUBS. (PRO FORMA2) 7.9 8.0 8.0 7.7 +11% 7.5 7.2 7.3 7.1 7.4 +12% 7.3 6.9 7.0 6.7 7.1 6.2 7.0 7.5 6.5 6.6
Slide 29: Circular Economy Services Q4 2025 Results
CIRCULAR ECONOMY SERVICES Q4 2025 RESULTS
Slide 30: CES EBITDA at USD 28 mn in Q4 2025
CES EBITDA AT USD 28 MN IN Q4 2025 FURTHER EBITDA IMPROVEMENT EXPECTED IN 2026 QUARTERLY EBITDA (USD mn) COMMENTS Q4 EBITDA at USD 28 mn due to 16 28 seasonality-driven decrease in collected waste and DRS volumes 12 -10 lowering operating expenses -48 -64 first visible results of efficiency improvem
Slide 31: Supporting Slides
SUPPORTING SLIDES
Slide 32: Q4 2025 SFCF at USD 56 mn
Q42025 SFCF AT USD 56 MN SIMPLIFIED FCF1 (USD mn) -58% -90% 578 672 196 446 265 401 131 56 94 195 49 291 4 140 89 27 31 32 -38 -78 -83 -106 -123 -221 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total orga
Slide 33: Working interest based production holds above 120 mboepd
WORKING INTEREST BASED PRODUCTION HOLDS ABOVE 120 MBOEPD QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY1 (mboepd) 129.1 127.9 126.0 124.7 122.9 121.3 Associated 20.3 21.8 companies* 20.3 20.1 19.7 19.6 Other 3.9 3.7 3.4 3.8 KRI 8.9 3.6 3.8 6.7 8.6 8.0 7.7 6.4 Pakistan 5.3 4.6 4.9 4.5 3.6 4.1 Azerb
Slide 34: Upstream: Operational Update (1)
UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia EXPLORATION FIELD DEVELOPMENT AND PRODUCTION Isaszeg-Ny-1 Well cased and completed. Cased-hole test resulted in water Međimurje-7 well drilling: Spud in Dec, drilling is ongoing inflow. Well is dry, P&A in progress Zalata-Dravica: Land easement proces
Slide 35: Upstream: Operational Update (2)
UPSTREAM: OPERATIONAL UPDATE (2) Pakistan Russia EXPLORATION 12 WWOs were completed in Q4 within Acid pilot project; large volume acidizing with new acid composition Bilitang-1: drilled to targeted depth in Dec, well testing is ongoing FIELD DEVELOPMENT TPF Augmentation: Construction completed and f
Slide 36: Upstream capex by region and by type in FY 2025
UPSTREAM CAPEX BY REGION AND BY TYPE IN FY 2025 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) HUN CRO IRAQ PAK AZE OTHER Total - FY 2025 Total - FY 2024 Exploration 29.6 3.8 0.0 1.7 8.7 1.3 45.0 46.8 Development 49.9 68.8 0.4 4.3 109.5 11.8 244.6 206.0 Other 24.2 39.4 8.6 0.9 5.2 17.1 95.4 55.8 T
Slide 37: Gas Midstream: Key Financials
GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items(1) (USD mn) CAPEX(1) (USD mn) -3% -23% 67 25 57 52 51 51 20 19 39 15 7 6 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 KEY FINANCIALS (USD mn) COMMENTS Q4 2025 Q4 2024 YoY % FY 2025 FY 2024 YoY %
Slide 38: Sustainability Indicators
SUSTAINABILITY INDICATORS CO2 under ETS (mn t) HC Spill above 1bbl (m3) Tier1 PSE 4 4 2.0 1.69 1.61 1.57 1.49 3 1.5 1.32 600 499 2 2 2 1.0 400 1 184 1 0.5 200 0 4 22 12 0 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total w
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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2023 2024 202
Slide 40: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS YoY Q3 2025 Q4 2025 Q4 2024 Income Statement (HUF million) FY 2025 FY 2024 Ch % Ch % 2,267,569 2,058,724 2,295,704 (10) Net sales 8,696,283 9,178,677 (5) 5,950 22,145 18,682 19 Other operating income 77,315 69,837 11 2,273,519 2,080,869 2,314,386 (10) Total o
Slide 41: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 31 Dec 2025 31 Dec 2024 Ch % Balance Sheet (HUF million) 31 Dec 2025 31 Dec 2024 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,361,592 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 Q3 2025 Q4 2025 Q4 2024 Cash Flow (HUF million) FY 2025 FY 2024 Ch % Ch % 170,507 17,131 29,729 (42) Profit / (loss) before tax for continuing operation 482,821 542,303 (11) 0 0 0 n.a. Profit / (loss) before tax for discontinued operation 0 (40,893) (100) 170,
Slide 43: External Parameters
EXTERNAL PARAMETERS YoY Q3 2025 Q4 2025 Q4 2024 Macro figures (average) FY 2025 FY 2024 Ch % Ch % 69.1 63.7 74.7 (15) Brent dated (USD/bbl) 69.1 80.8 (14) (11) (2.2) (4.4) (3.7) 19 Urals-Brent spread (USD/bbl, DAP India Urals quotation) (3.0) (3.6) (17) 33.0 30.0 43.3 (31) TTF gas price (EUR/MWh) 35