42 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, Nov 7, 2025
Slide 1: Third Quarter 2025 Results
THIRD QUARTER 2025 RESULTS 7 NOVEMBER 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 Clean CCS EBITDA seen around USD 3bn
2025 CLEAN CCS EBITDA SEEN AROUND USD 3BN FIRE INCIDENT IN DANUBE REFINERY EXPECTED TO RESULT IN 500 KT LOWER CRUDE PROCESSING IN 2025; MORE CAUTION WITH CAPEX Q1-Q3 2024 Q1-Q3 2025 2025 RESULTS RESULTS GUIDANCE GROUP PROFIT BEFORE USD 1,419 MN USD 1,285 MN ~USD 1.6 BN TAX 1 MODIFIED GROUP CLEAN CCS
Slide 5: Clean CCS EBITDA rises in Q3 on the back of refining margins
CLEAN CCS EBITDA RISES IN Q3 ON THE BACK OF REFINING MARGINS CONSUMER SERVICES REMAINS ON HIGH-GROWTH PATH, UPSTREAM DELIVERS STABLE RESULTS FINANCIALS Profit before tax in the third quarter of 2025 reached USD 503 mn, flat year-on-year Third quarter Clean CCS EBITDA rose by 15% YoY to USD 974 mn; f
Slide 6: TRIR rose to 1.44 in Q1-Q3 2025
TRIR ROSE TO 1.44 IN Q1-Q3 2025 TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS TRIR increased to 1.44 YTD, above 2025 public guidance 1.44 1.40 The deterioration in TRIR was partly due to a single incident in 1.31 Pakistan 1.27 1.25 1.13 No injuries in Danube Refinery fire 1.04 FY 2020 FY 2021 FY 2022
Slide 7: Key Group Quarterly Financials
KEY GROUP QUARTERLY FINANCIALS
Slide 8: Strong driving season lifts Q3 EBITDA up 15% YoY
STRONG DRIVING SEASON LIFTS Q3 EBITDA UP 15% YOY REFINING STRENGTH AND FUEL RETAIL GROWTH RESULT IN BEST EBITDA PERFORMANCE SINCE 2023 SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS +15% +42% Upstream (1) 974 Slightly better EBITDA performance QoQ in stable production and price environment 285 847 Downs
Slide 9: Organic capex lower YoY due to less sustain-type expenses
ORGANIC CAPEX LOWER YOY DUE TO LESS SUSTAIN-TYPE EXPENSES INVESTMENTS IN ORGANIC STRATEGIC PROJECTS PICK UP IN THE THIRD QUARTER TOTAL GROUP CAPEX BY SEGMENT (USD mn) TOTAL GROUP CAPEX BY TYPE (USD mn) -4% +38% -4% +38% 603 603 52 413 396 413 396 370 12 370 12 0 322 0 81 89 1 287 287 3 234 3 207 80
Slide 10: First nine months' net income reached USD 775 mn
FIRST NINE MONTHS’ NET INCOME REACHED USD 775 MN Q1-Q3 2025 EARNINGS (USD mn) (1) – BELOW THE EBITDA LINE ITEMS 2,491 176 0 DS 1,059 1,154 CS 722 62 2,315 62 425 85 1,285 1,161 US 878 860 775 Other 167 Clean CCS CCS EBITDA excl. Special items DD&A and Profit from Total finance Income from Profit Inc
Slide 11: Net financials contribute to results as HUF appreciates
NET FINANCIALS CONTRIBUTE TO RESULTS AS HUF APPRECIATES Clean CCS effect, gain / loss (USD mn) Comments -18 Clean CCS adjustment negative with slightly lower -74 -90 effective oil prices and CO2 adjustment Q3 2024 Q2 2025 Q3 2025 DD&A (USD mn) DD&A around USD 400 million, in line with larger 341 413
Slide 12: YTD operating cash flow rose above USD 2.1 bn
YTD OPERATING CASH FLOW ROSE ABOVE USD 2.1 BN OPERATING CASH FLOW COVERS 2.5X CAPEX IN FIRST 9 MONTHS OF 2025 OPERATING CASH FLOW IN Q1-Q3 2025 (USD mn) (1) 2,177 487 366 1,154 141 1,811 1,285 840 Profit before tax DD&A Income tax paid Other Operating CF Change in WC Operating CF Organic CAPEX Cont.
Slide 13: Net debt falls under 0.5x EBITDA
NET DEBT FALLS UNDER 0.5X EBITDA HIGH FREE CASH FLOW GENERATION STRENGTHENS BALANCE SHEET EVEN FURTHER 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 9.5 0.5 0.41 0.
Slide 14: Downstream Q3 2025 Results
DOWNSTREAM Q3 2025 RESULTS
Slide 15: Strong refining margin pulls Q3 DS EBITDA above USD 450 mn
STRONG REFINING MARGIN PULLS Q3 DS EBITDA ABOVE USD 450 MN SALES VOLUMES IMPROVE; PETCHEM STILL BELOW BREAKEVEN QUARTERLY CLEAN CCS EBITDA (USD mn) CRUDE PROCESSED (kt)1 TOTAL PRODUCT SALES (kt) +51% +47% -3% -16% +5% +2% 452 3,256 5,322 5,523 5,611 3,095 2,982 5,191 408 2,808 5,005 252 4,848 330 28
Slide 16: Favorable external conditions for refining
FAVORABLE EXTERNAL CONDITIONS FOR REFINING PETCHEM MARGIN REFLECTS CONTINUING CHALLENGING ENVIRONMENT REFINING MARGIN (USD/bbl) COMMENTS Brent-based MOL Group refinery margin (USD/bbl) 14 13.2 Brent-based refining margins increased YoY due to global supply Brent-based Complex refinery margin (MOL+Sl
Slide 17: YoY EBITDA growth driven by excellent refining margin
YOY EBITDA GROWTH DRIVEN BY EXCELLENT REFINING MARGIN PETROCHEMICALS’ CONTRIBUTION REMAINS NEGATIVE DOWNSTREAM CLEAN CCS EBITDA YoY, Q3 2025 VS. Q3 2024 (USD mn) COMMENTS 452 R&M price & margin component adds USD 152 mn to -47 EBITDA YoY 84 -38 Petchem contributes negatively, reflecting YoY drop in
Slide 18: Consumer Services Q3 2025 Results
CONSUMER SERVICES Q3 2025 RESULTS
Slide 19: Consumer Services keeps upward trend: EBITDA +28% YoY
CONSUMER SERVICES KEEPS UPWARD TREND: EBITDA +28% YOY RESULTS PULLED UP BY STRONG FUEL SALES, IN SOLID DRIVING SEASON QUARTERLY EBITDA (USD mn) EBITDA YoY, Q3 2025 VS. Q3 2024 (USD mn) +28% +28% 317 317 18 9 -11 21 249 246 249 32 194 156 158 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITDA Q3
Slide 20: Volumes and throughput flat YoY
VOLUMES AND THROUGHPUT FLAT YOY 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 2 057 2 069 1 980 1 778 4Y CAGR: +5.0% 1.01 1.03 1.05 1.03 0.93 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Slide 21: Non-fuel expansion dynamics holds up
NON-FUEL EXPANSION DYNAMICS HOLDS UP NORMALIZATION CONTINUES WITH MARGIN GROWTH RATE BELOW THAT OF SALES TOTAL NON-FUEL TURNOVER (USD MN) (1) NON-FUEL MARGIN (USD MN) (1) +6% +5% 582 181 550 533 171 493 158 471 147 141 452 124 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2024 Q3 2024 Q4 2024 Q
Slide 22: Upstream Q3 2025 Results
UPSTREAM Q3 2025 RESULTS
Slide 23: Improved Q3 EBITDA performance while cash generation flat
IMPROVED Q3 EBITDA PERFORMANCE WHILE CASH GENERATION FLAT WITH STABLE PRICE ENVIRONMENT AND SLIGHTLY LOWER PRODUCTION QUARTERLY EBITDA(1) (excl. special items) (USD mn) OIL PRICES 90 86.8 85.0 +2% +3% 84.3 83.2 78.1 80.3 80 81.4 75.4 74.7 75.7 76.3 75.1 69.9 68.6 67.7 67.9 69.1 70 74.4 64.7 65.4 62.
Slide 24: Unit free cash flow stable at 23 USD/boe
UNIT FREE CASH FLOW FLAT STABLE AT 23 USD/BOE STILL HOLDS ABOVE STRATEGIC THRESHOLD OF 20 USD/BOE QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 90 85 80 80 75 76 68 69 70 70 63 65 60 62 62 62 50 40 40 Brent 37 35 35 35 35 30 Realised HC price 20 31 Unit EBITDA 27 24 24 23 23 10 Unit SFCF* 0 Q2
Slide 25: Solid results delivery in the third quarter
SOLID RESULTS DELIVERY IN THE THIRD QUARTER WITH MACRO FACTORS BROADLY NEUTRAL, UPSTREAM EBITDA CONTINUES TO SHOW STABILITY UPSTREAM EBITDA QoQ, Q3 2025 VS. Q2 2025 (USD mn) COMMENTS 9 1 -5 Price impact neutral overall, with offsetting effects in oil -4 -1 -5 12 (Brent +2% QoQ) and natural gas (USD
Slide 26: Q3 production remains within guidance band
Q3 PRODUCTION REMAINS WITHIN GUIDANCE BAND WITH IMPROVEMENT EXPECTED FOR Q4, DELIVERY OF FULL YEAR GUIDANCE LOOKS SECURED ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS Production at 92.3 mboepd in Q3 2025: 98.4 96.2 94.8 CEE: -1.4 mboepd QoQ due to temporary outages in HU 94.0 93.5 92.3 92.1 A
Slide 27: Disciplined organic capex spending
DISCIPLINED ORGANIC CAPEX SPENDING UNIT OPEX SLIGHTLY INCREASED DUE TO SEASONAL PLANNED MAINTENANCE UNIT OPEX (USD/boe) UNIT OPEX (USD/boe) GROUP FULLY CONSOLIDATED +16% (INCL. JVS/ASSOC., PRO FORMA2) SUBS. (PRO FORMA2) 7.9 8.0 7.7 7.5 7.2 7.3 7.1 7.3 7.1 +9% +10% 7.0 6.7 7.0 6.5 6.6 6.6 6.6 6.8 6.8
Slide 28: Circular Economy Services Q3 2025 Results
CIRCULAR ECONOMY SERVICES Q3 2025 RESULTS
Slide 29: CES EBITDA shows USD 64 mn loss in Q3 2025
CES EBITDA SHOWS USD 64 MN LOSS IN Q3 2025 SEASONALLY LOWER REVENUES, EXTENSIVE DRS REDEMPTION ACTIVITY BEHIND QOQ RESULTS QUARTERLY EBITDA (USD mn) COMMENTS Q3 EBITDA at a loss of USD 64 mn affected by strong seasonality: 16 12 -10 -10 High DRS redemption activity, owing to packaging returns traili
Slide 30: Supporting Slides
SUPPORTING SLIDES
Slide 31: H1 2025 SFCF at USD 1,073 mn
H1 2025 SFCF AT USD 1,073 MN SIMPLIFIED FCF1 (USD mn) +29% +44% 578 672 196 401 446 196 457 265 198 171 78 291 210 131 225 6 42 33 31 -20 -89 -83 -205 -123 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – tota
Slide 32: Working interest based production holds above 120 mboepd
WORKING INTEREST BASED PRODUCTION HOLDS ABOVE 120 MBOEPD QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY1 (mboepd) 129.1 126.0 124.8 122.9 122.9 121.4 20.3 Associated 20.3 20.1 17.2 19.7 companies* 19.6 3.9 Other 4.0 3.7 3.4 8.9 3.6 3.8 KRI 8.1 6.7 8.6 7.7 6.4 5.3 4.6 Pakistan 5.1 4.5 3.6 4.1 Azerb
Slide 33: Upstream: Operational Update (1)
UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia EXPLORATION FIELD DEVELOPMENT AND PRODUCTION Galga-4 - successful oil discovery in partnership with O&GD (1.0 mboepd gross, Jamarice-183 tie-in: production started on July MOL share ~50%) Gola-4 re-entry: spud-in on Jul 13th; unsuccessful WWO activity
Slide 34: Upstream: Operational Update (2)
UPSTREAM: OPERATIONAL UPDATE (2) Pakistan Russia EXPLORATION 1 horizontal well drilled and completed; production started on Jul 19th Bilitang-1: drilling started on August 10th Execution of the well workover program: 5 perforation & acidizing and 2 large-volume acidizing completed Razgir-1 : product
Slide 35: Upstream capex by region and by type in Q1-Q3 2025
UPSTREAM CAPEX BY REGION AND BY TYPE IN Q1-Q3 2025 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) HUN CRO KRI PAK AZE OTHER Total - Q1-Q3 2025 Total - Q1-Q3 2024 Exploration 18.6 2.8 0.0 0.4 7.1 1.1 30.0 38.2 Development 29.2 28.9 0.0 3.6 76.9 7.9 146.5 148.7 Other 9.7 31.4 5.4 0.6 3.2 5.2 55.4 41
Slide 36: Gas Midstream: Key Financials
GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items(1) (USD mn) CAPEX(1) (USD mn) -10% +30% 67 25 55 57 52 51 20 39 15 6 7 6 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 KEY FINANCIALS (USD mn) COMMENTS Q3 2025 Q3 2024 YoY % Q1-Q3 2025 Q1-Q3 2024
Slide 37: 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 1.49 3 1.5 1.32 1.32 600 499 2 2 2 1.0 400 1 0.5 200 0 5 3 23 13 0 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total wor
Slide 38: 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2023 2023 202
Slide 39: Consolidated statement of profit or loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS YoY Q2 2025 Q3 2025 Q3 2024 Income Statement (HUF million) Q1-Q3 2025 Q1-Q3 2024 Ch % Ch % 2,198,746 2,267,569 2,464,123 (8) Net sales 6,637,559 6,882,973 (4) 26,393 5,950 11,240 (47) Other operating income 55,170 51,155 8 2,225,139 2,273,519 2,475,363 (8) To
Slide 40: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 30 Sep 2025 31 Dec 2024 Ch % Balance Sheet (HUF million) 30 Sep 2025 31 Dec 2024 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,309,918 4,632,771 (7) Share capital 79,650 79,443 0 I
Slide 41: Consolidated statement of cash flow
CONSOLIDATED STATEMENT OF CASH FLOW YoY Q2 2025 Q3 2025 Q3 2024 Cash Flow (HUF million) Q1-Q3 2025 Q1-Q3 2024 Ch % Ch % 84,774 170,507 180,738 (6) Profit / (loss) before tax for continuing operation 465,690 512,574 (9) 0 0 0 n.a. Profit / (loss) before tax for discontinued operation 0 (40,893) (100)
Slide 42: External parameters
EXTERNAL PARAMETERS YoY Q2 2025 Q3 2025 Q3 2024 Macro figures (average) Q1-Q3 2025 Q1-Q3 2024 Ch % Ch % 67.9 69.1 80.3 (14) Brent dated (USD/bbl) 70.9 82.8 (14) (2.4) (2.2) (3.4) (35) Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11) (2.5) (3.4) (26) 35.5 33.0 35.7 (8) TTF gas price (EUR/