Mol Hungarian Oil & Gas Plc Class A · BET:MOL
Mol Hungarian Oil & Gas Plc Class A — MOL Group — Q1 2025 Earnings Presentation
42 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, May 9, 2025
Slide 1: First Quarter 2025 Results
FIRST QUARTER 2025 RESULTS 9 MAY 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 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 5: 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 6: TRIR Meeting Guidance in Q1 2025
TRIR MEETING GUIDANCE IN Q1 2025 TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS TRIR at 1.22 in Q1, below the tolerable limit of 1.3 1,40 -7% 1,31 1,31 Continuous effort to improve safety-consciousness 1,27 1,22 1,13 1,04 ESRS-COMPLIANT SUSTAINABILITY REPORT European Sustainability Reporting Standards
Slide 7: Key Group Quarterly Financials
KEY GROUP QUARTERLY FINANCIALS
Slide 8: Group EBITDA Increased to USD 833 mn
GROUP EBITDA INCREASED TO USD 833 MN LESS MAINTENANCE WORKS IN DOWNSTREAM AND POSITIVE PRICE EFFECT IN UPSTREAM LIFTED RESULTS SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS Upstream1 992 +16% +22% EBITDA delivery stronger as gas prices and price realization improved 847 833 825 718 Downstream 682 Clean
Slide 9: Q1 2025 Capex at USD 190 mn
Q1 2025 CAPEX AT USD 190 MN CAPEX LOWER YOY DUE TO LOWER SUSTAIN-TYPE SPENDING IN DOWNSTREAM TOTAL GROUP CAPEX BY SEGMENT (USD mn) TOTAL GROUP CAPEX BY TYPE1 (USD mn) -41% -69% -41% -69% 605 603 605 603 52 52 80 413 413 370 370 12 300 320 320 1 3 262 3 72 199 220 190 120 190 185 67 29 29 30 63 251 5
Slide 10: Net Income Generation Nearing USD 400 mn in Q1
NET INCOME GENERATION NEARING USD 400 MN IN Q1 Q1 2025 EARNINGS (USD mn) 1 – BELOW THE EBITDA LINE ITEMS 833 13 0 Other 57 337 DS 300 40 23 134 CS 158 820 19 546 483 412 393 US 317 Clean CCS CCS EBITDA excl. Special items DD&A and Profit from Total finance Income from Profit Income tax Profit for No
Slide 11: Net Financial Gain as a Result of HUF Strengthening
NET FINANCIAL GAIN AS A RESULT OF HUF STRENGTHENING Clean CCS effect, gain / loss (USD mn) Comments -7 -13 Clean CCS modification small negative in volatile -89 oil price environment Q1 2024 Q4 2024 Q1 2025 DD&A (USD mn) DD&A higher YoY in line with larger depreciable 291 429 337 asset base Q1 2024
Slide 12: Operating Cash Flow Well Above Investment Need in Q1
OPERATING CASH FLOW WELL ABOVE INVESTMENT NEED IN Q1 NET WORKING CAPITAL BUILD POSITION DRIVEN BY SEASONAL PAYOUTS OPERATING CASH FLOW FOR TOTAL OPERATION IN Q1 2025 (USD mn) 155 707 337 21 546 546 237 0 470 160 Profit before tax Profit before tax Profit before tax DD&A Income tax paid Other Operati
Slide 13: Indebtedness Remains Well Under Control
INDEBTEDNESS REMAINS WELL UNDER CONTROL NET DEBT REMAINS STABLE AROUND USD 2BN MARK 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 0,82 12,0 0,74 0,74 11,4 0,65 0,65 0,64 0,59 10 0.5 0,41 0,30 5 0 2014 2015 2016 2017 2018 2
Slide 14: Downstream Q1 2025 Results
DOWNSTREAM Q1 2025 RESULTS
Slide 15: Q1 2025 Downstream EBITDA at USD 300 mn
Q1 2025 DOWNSTREAM EBITDA AT USD 300 CAPACITY UTILIZATION BACK TO NORMAL LEVELS BUT MARGIN PRESSURE PERSISTS QUARTERLY CLEAN CCS EBITDA (USD mn) CRUDE PROCESSED (kt)1 TOTAL PRODUCT SALES (kt) +16% -7% 456 +2% +12% +6% -4% 408 5,322 5,191 5,005 252 4,841 300 3 009 3 095 2 982 4,762 265 293 2 819 2 80
Slide 16: Brent-Based Refining Margin Stabilizes Around LT Average
BRENT-BASED REFINING MARGIN STABILIZES AROUND LT AVERAGE PETCHEM MARKET CHALLENGING WITH MARGIN BELOW EBITDA BREAKEVEN THRESHOLD REFINING MARGIN (USD/bbl) COMMENTS Brent-based MOL Group refinery margin (USD/bbl) 14 13,2 Brent-based refining margins stabilized around 4 USD/bbl mark Brent-based Comple
Slide 17: Volume Effect Positive After Turnaround-Heavy 2024
VOLUME EFFECT POSITIVE AFTER TURNAROUND-HEAVY 2024 WEAKER MARGINS YOY WEIGHING ON BOTH REFINING AND PETCHEM EBITDA DOWNSTREAM CLEAN CCS EBITDA YoY, Q1 2025 VS. Q1 2024 (USD mn) COMMENTS 300 293 Includes: R&M price & margin contribution significantly negative due Revenue-based tax (USD +68 mn) to nor
Slide 18: Consumer Services Q1 2025 Results
CONSUMER SERVICES Q1 2025 RESULTS
Slide 19: Q1 2025 EBITDA Growth Driven by Fuel as well as Non-Fuel
Q1 2025 EBITDA GROWTH DRIVEN BY FUEL AS WELL AS NON-FUEL SLOWDOWN IN VOLUMES REFLECT MORE CHALLENGING MACRO ENVIRONMENT QUARTERLY EBITDA (USD mn) EBITDA YoY, Q1 2025 VS. Q1 2024 (USD mn) +10% +10% 249 7 -4 -21 39 158 -6 194 144 156 158 144 144 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 EBITDA Q
Slide 20: Fuel Sales and Throughput Broadly Flat
FUEL SALES AND THROUHPUT BROADLY FLAT SLIGHT DECREASE IN VOLUMES SOLD DRIVEN BY LESS SES YOY TOTAL VOLUMES SOLD (mn litres) FUEL THROUGHPUT/SITE1 (mn litres) -2% 0% 2 243 2 057 1 991 1 980 1 817 1 778 4Y CAGR: +6.3% 0,79 0,83 0,83 0,79 0,65 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2021 Q1
Slide 21: Non-Fuel Margin Growth Slows but Still Positive
NON-FUEL MARGIN GROWTH SLOWS BUT STILL POSITIVE FRESH CORNER ROLLOUT CONTINUED IN Q1 2025 TOTAL NON-FUEL TURNOVER (USD MN) 1 NON-FUEL MARGIN (USD MN) 1 +3% +6% 550 493 171 471 452 441 452 147 141 127 124 118 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2
Slide 22: Upstream Q1 2025 Results
UPSTREAM Q1 2025 RESULTS
Slide 23: E&P EBITDA Above USD 300 mn Mark for the Quarter
E&P EBITDA ABOVE USD 300 MN MARK FOR THE QUARTER HIGHER GAS PRICES AND TECHNICAL FACTORS SUPPORTED RESULTS QUARTERLY EBITDA (excl. special items) (USD mn) OIL PRICES 110 102,4 +21% +15% 100 88.9 86,8 90 81.8 84,3 83,2 85,0 81,2 78,1 80,3 80 81.4 76.3 75.1 75.4 74,7 75,7 77.8 68.2 68,6 67.7 69.9 74.4
Slide 24: Unit Free Cash Flow in Line with the Strategic Guidance
UNIT FREE CASH FLOW IN LINE WITH THE STRATEGIC GUIDANCE BETTER EBITDA AND LOWER CAPEX LED TO HIGHER SIMPLIFIED FCF REALIZATION IN THE FIRST QUARTER QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 90 84 83 85 80 80 75 76 70 68 70 63 65 60 62 62 50 49 40 Brent 40 34 37 35 35 30 Realised HC price 2
Slide 25: EBITDA Up 15% QoQ on Higher Gas Prices
EBITDA UP 15% QOQ ON HIGHER GAS PRICES VOLUME IMPACT NEGATIVE DUE TO SMALL SETBACK IN PRODUCTION AND ACG CARGO IMPACT UPSTREAM EBITDA QoQ, Q1 2025 VS. Q4 2024 (USD mn) COMMENTS 5 Prices and FX contributing positively due to higher 7 22 17 gas price quotations 5 -37 11 11 Volumes: effect negative due
Slide 26: Production in Middle of Guidance Range at 93 mboepd
PRODUCTION IN MIDDLE OF GUIDANCE RANGE AT 93 MBOEPD QUARTER-OVER-QUARTER DECREASE A RESULT OF LOWER CEE PRODUCTION ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS Production totalling 93.0 mboepd in Q1 2025: 96.2 94.8 92.3 92.1 93.0 ~92.7 CEE: -1.6 mboepd 91.5 Associated 14.1 HU: -0.8 mboepd due
Slide 27: Unit OPEX Increase Remains Low
UNIT OPEX INCREASE REMAINS LOW INVESTMENT SPEND LOWER UNIT OPEX (USD/boe) UNIT OPEX (USD/boe) GROUP FULLY CONSOLIDATED (INCL. JVS/ASSOC., PRO FORMA2) SUBS. (PRO FORMA2) 7,9 8,0 7,5 7,2 7,3 7,0 +1% +2% 7,0 6,7 6.9 6,5 6,6 6,6 6,6 6.8 6,3 6,7 6,9 6,4 6,4 6,2 6,5 6,3 6,2 6.3 6,2 6.4 6.3 5,9 5,9 6,0 6.1
Slide 28: Circular Economy Services Q1 2025 Results
CIRCULAR ECONOMY SERVICES Q1 2025 RESULTS
Slide 29: CES Delivers USD 12 mn EBITDA in Q1 2025
CES DELIVERS USD 12 MN EBITDA IN Q1 2025 EBITDA REMAINS VOLATILE DUE TO ONE-OFFS QUARTERLY EBITDA (USD mn) COMMENTS Q1 EBITDA reached USD 12 mn 16 12 Results supported by seasonally strong secondary raw material sales, -10 -10 and MOHU Budapest results -48 One-off effects totalling to ca. USD 15 mn
Slide 30: Supporting Slides
SUPPORTING SLIDES
Slide 31: Q1 2025 SFCF at USD 672 mn
Q1 2025 SFCF AT USD 672 MN SIMPLIFIED FCF1 (USD mn) +67% +411% 672 254 402 457 446 386 190 131 245 107 195 121 148 4 89 79 60 27 -2 -29 -33 -78 -65 -105 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total o
Slide 32: Working Interest Based Production Firmly Above 120 mboepd
WORKING INTEREST BASED PRODUCTION FIRMLY ABOVE 120 MBOEPD QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY1 (mboepd) 129.1 126.0 122.8 122.9 123.8 121.8 20,3 Associated 17,3 17,2 20,3 16,0 20,1 companies* 3,9 Other 4,3 4,1 4,0 3,7 8,9 3,4 KRI 4,8 6,4 8,1 6,7 8,6 Pakistan 6,0 6,1 5,3 4,6 5,1 4,5 Azer
Slide 33: Upstream: Operational Update (1)
UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia EXPLORATION EXPLORATION Görgeteg-Babócsa-33 shallow gas well: production has started on March 11th Block Sava-07: permitting for the second phase for exploration wells is Somogysámson-8 well: drilling was completed with successful oil discovery; ongoi
Slide 34: Upstream: Operational Update (2)
UPSTREAM: OPERATIONAL UPDATE (2) Pakistan Russia FIELD DEVELOPMENT Execution of the well workover program: 2 perforation & acidizing and 1 large-volume acidizing have been completed Makori East Secondary Compression: factory acceptance test of control valves were conducted. All compressors erection
Slide 35: Upstream Capex by Region and by Type in Q1 2025
UPSTREAM CAPEX BY REGION AND BY TYPE IN Q1 2025 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) HUN CRO KRI PAK AZE OTHER Total – Q1 2025 Total – Q1 2024 EXP 5.3 2.2 0.0 0.0 3.6 0.8 11.9 10.7 DEV 11.5 5.9 0.0 2.1 19.4 1.8 40.7 51.2 Other 0.5 5.6 1.9 0.1 1.1 (0.1) 9.1 10.4 Total – Q1 2025 17.3 13.7 1.9
Slide 36: Gas Midstream: Key Financials
GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items1 (USD mn) CAPEX1 (USD mn) -16% +801% 25 79 67 19 55 57 52 52 15 6 7 1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 KEY FINANCIALS (USD mn) COMMENTS Q1 2025 Q1 2024 YoY % FY 2024 EBITDA decreased
Slide 37: Sustainability Indicators
SUSTAINABILITY INDICATORS CO2 under ETS (mn t) HC Spill above 1bbl (m3) Tier1 PSE 4 1,83 4 2.0 1,61 3 3 1,40 1,33 1,32 3 1.5 600 499 2 2 1.0 400 1 0.5 200 0 16 17 5 3 0 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total wor
Slide 38: Macro Indicators
MACRO INDICATORS BRENT (USD/bbl) MOL REFINERY MARGIN* (USD/bbl) HUF/USD (Q avg.) 100 25 450 Brent-based MOL Group 80 20 400 Brent-based Complex (MOL + Slovnaft) 15 350 60 10 300 40 5 250 20 0 200 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2023
Slide 39: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS YoY Q4 2024 Q1 2025 Q1 2024 Income Statement (HUF million) FY 2024 Ch % 2,295,704 2,171,244 2,046,208 6 Net sales 9,178,677 18,682 22,827 29,004 (21) Other operating income 69,837 2,314,386 2,194,071 2,075,211 6 Total operating income 9,248,514 1,802,467 1,68
Slide 40: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 31 Mar 2025 31 Dec 2024 Ch % Balance Sheet (HUF million) 31 Mar 2025 31 Dec 2024 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,537,762 4,632,771 (2) Share capital 79,625 79,443 0 I
Slide 41: Consolidated Statement of Cash Flow
CONSOLIDATED STATEMENT OF CASH FLOW YoY Q4 2024 Q1 2025 Q1 2024 Cash Flow (HUF million) FY 2024 Ch % 29,729 210,409 137,911 53 Profit / (loss) before tax for continuing operation 542,303 0 0 674 (100) Profit / (loss) before tax for discontinued operation (40,893) 29,729 210,409 138,585 52 Profit / (
Slide 42: External Parameters
EXTERNAL PARAMETERS YoY Q4 2024 Q1 2025 Q1 2024 Macro figures (average) FY 2024 Ch % 74.7 75.7 83.2 (9) Brent dated (USD/bbl) 80.8 (3.7) (3.3) (3.7) (11) Urals-Brent spread (USD/bbl, DAP India Urals quotation)(11) (3.6) 43.3 46.7 27.6 69 TTF gas price (EUR/MWh) 34.6 694.2 701.9 829.2 (15) Premium un