Mol Hungarian Oil & Gas Plc Class A · BET:MOL
Mol Hungarian Oil & Gas Plc Class A — Mol Magyar Olaj Es Gazip — Q1 2026 Earnings Presentation
43 slides from Mol Hungarian Oil & Gas Plc Class A's earnings presentation, May 8, 2026
Slide 1: First Quarter 2026 Results
FIRST QUARTER 2026 RESULTS 8 MAY 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: Guidance reiterated but with more downside risks weighing on expectations
GUIDANCE REITERATED BUT WITH MORE DOWNSIDE RISKS WEIGHING ON EXPECTATIONS ATTAINABILITY OF FULL YEAR GUIDANCE CONDITIONAL ON STABILIZATION OF CRUDE SUPPLY, RETURN OF MARKET-BASED COORDINATION IN FUEL MARKETS Q1 2025 Q1 2026 2026 RESULTS RESULTS GUIDANCE GROUP PROFIT BEFORE USD 212 MM ~USD 1.5 BN USD
Slide 5: Clean CCS EBITDA reached USD 626 mn in Q1 2026
CLEAN CCS EBITDA REACHED USD 626 MN IN Q1 2026 E&P RESULTS PUSHED UP BY HIGHER HC PRICES BUT VOLATILITY IN CRUDE SUPPLIES AND PRICE CONTROLS WEIGHED ON DOWNSTREAM AND CONSUMER SERVICES RESULTS IN FIRST QUARTER FINANCIALS Group Clean CCS EBITDA fell by 25% YoY to USD 626 mn; operating cash flow befor
Slide 6: TRIR: Meeting guidance in Q1 2026
TRIR: MEETING GUIDANCE IN Q1 2026 TOTAL RECORDABLE INJURY RATE (TRIR) COMMENTS Q1 TRIR well below guidance threshold, in line with last year’s 1.40 1.40 first quarter 1.31 1.27 Continuous effort to improve safety-consciousness 1.18 1.15 1.04 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026 20
Slide 7: Key Group Quarterly Financials
KEY GROUP QUARTERLY FINANCIALS
Slide 8: Q1 Clean CCS EBITDA fell by 25% YoY on multiple shocks
Q1 CLEAN CCS EBITDA FELL BY 25% YOY ON MULTIPLE SHOCKS DRUZHBA AND HORMUZ STRAIT DISRUPTIONS, AND GOVERNMENT REACTIONS ALL WEIGHED ON RESULTS SEGMENT CLEAN CCS EBITDA (USD mn) COMMENTS -25% -29% Upstream 974 877 Higher hydrocarbon price environment supported results 833 Downstream 247 Results down s
Slide 9: Organic capex USD 92 mn higher YoY mainly due to low base
ORGANIC CAPEX USD 92 MN HIGHER YOY MAINLY DUE TO LOW BASE PHOTOVOLTAIC PARK ACQUISITION CLOSED IN Q1 TOTAL GROUP CAPEX BY SEGMENT (USD mn) TOTAL GROUP CAPEX BY TYPE (USD mn) +160% -39% +160% -39% 814 814 1 1 153 603 603 370 494 52 494 335 396 396 241 322 0 241 287 287 65 3 207 190 10 66 190 116 442
Slide 10: Net income above water despite a wave of regional and global shocks
NET INCOME ABOVE WATER DESPITE A WAVE OF REGIONAL AND GLOBAL SHOCKS IN THE QUARTER Q1 2026 EARNINGS (USD mn) – BELOW THE EBITDA LINE ITEMS 0 626 47 Other 34 DS 69 417 CS 177 673 79 35 US 346 84 256 6 212 128 122 Clean CCS CCS EBITDA excl. Special items DD&A and Profit from Total finance Income from
Slide 11: Net financials a drag on results as HUF weakens
NET FINANCIALS A DRAG ON RESULTS AS HUF WEAKENS Clean CCS effect, gain / loss (USD mn) Comments -13 47 Clean CCS adjustment positive driven by higher -144 oil price environment Q1 2025 Q4 2025 Q1 2026 DD&A (USD mn) DD&A driven higher by dollar weakening and higher 690 asset base 337 417 Q1 2025 Q4 2
Slide 12: Operating cash flow before NWC at ~USD 834 mn in Q1 2026
OPERATING CASH FLOW BEFORE NWC AT ~USD 834 MN IN Q1 2026 WORKING CAPITAL BUILD PUSHES QUARTERLY OPCF IN THE RED OPERATING CASH FLOW FOR TOTAL OPERATION IN Q1 2026 (USD mn) 834 326 121 417 212 1,377 -543 Profit before tax DD&A Income tax paid Other Operating CF before WC Change in WC Operating CF COM
Slide 13: Net debt rose on net working capital build
NET DEBT ROSE ON NET WORKING CAPITAL BUILD SEVERAL CASH-NEGATIVE DEVELOPMENTS PUSHED NET DEBT MATERIALLY HIGHER DURING THE QUARTER 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 17.0 0.97 0.96 14.9 1.0 15 14.0 0.82 12.0 0.74 0.74 11.4 0.65 0.65 10.0 0.59
Slide 14: Downstream Q1 2026 Results
DOWNSTREAM Q1 2026 RESULTS
Slide 15: Lower processing weighed on Q1 2026 results
LOWER PROCESSING WEIGHED ON Q1 2026 RESULTS CLEAN CCS EBITDA DOWN BY 77% YOY DUE TO OUTSTANDING PRESSURE ON BOTH VOLUMES AND MARGINS QUARTERLY CLEAN CCS EBITDA (USD mn) CRUDE PROCESSED (kt)1 TOTAL PRODUCT SALES (kt) -77% -82% -34% -19% -8% -10% 452 394 3,256 5,497 5,568 3,095 2,982 5,191 4,815 330 2
Slide 16: Q1 2026: Perfect storm for MOL R&M
Q1 2026: PERFECT STORM FOR MOL R&M EXTRAORDINARY OPERATIONAL AND FINANCIAL CHALLENGES DURING THE FIRST QUARTER Q1 2026: DEVELOPMENTS AND THEIR IMPACT ON MOL GROUP’S LANDLOCKED REFINERIES 2025 2026 Q4 Jan Feb Mar Apr May Starting early March Developments CEE countries introduce price and margin caps
Slide 17: Margin up but a weak indicator of profitability in Q1 2026
MARGIN UP BUT A WEAK INDICATOR OF PROFITABILITY IN Q1 2026 MODEL REFINING MARGINS’ IMPACT ON RESULTS LIMITED BY PRICE CONTROLS, CRUDE PRICING IN WAKE OF DRUZHBA DISRUPTION AND IRAN CONFLICT REFINING MARGIN (USD/bbl) COMMENTS Brent-based MOL Group refinery margin (USD/bbl) Brent-based refining margin
Slide 18: YoY EBITDA decrease driven by lower volumes
YOY EBITDA DECREASE DRIVEN BY LOWER VOLUMES A SERIES OF EXTRAORDINARY DEVELOPMENTS THROUGHOUT THE QUARTER HAD SIGNIFICANT ADVERSE IMPACT ON RESULTS DOWNSTREAM CLEAN CCS EBITDA YoY, Q1 2025 VS. Q1 2026 (USD mn) COMMENTS 45 R&M price & margin supported EBITDA YoY by USD 53 mn 300 driven by soaring die
Slide 19: Consumer Services Q1 2026 Results
CONSUMER SERVICES Q1 2026 RESULTS
Slide 20: Consumer Services EBITDA flat without FX impact
CONSUMER SERVICES EBITDA FLAT WITHOUT FX IMPACT RESULTS DRIVEN BY FX AND ONE-OFFS, ORGANIC GROWTH IN NON-FUEL WHILE FUEL CONTRIBUTION NEGATIVE DUE TO PRICE CONTROLS QUARTERLY EBITDA (USD mn) EBITDA YoY, Q1 2025 VS. Q1 2026 (USD mn) +12% +12% 317 177 158 17 -8 7 -4 6 246 205 177 156 158 Q4 2024 Q1 20
Slide 21: Volumes and throughput up by 7%
VOLUMES AND THROUGHPUT UP BY 7% PRICE CONTROLS INTRODUCED IN MARCH LED TO AN INCREASE IN CONSUMPTION BUT A CONTRACTION IN MARGINS TOTAL VOLUMES SOLD (mn litres) FUEL THROUGHPUT/SITE(1) (mn litres) +7% 7% 2 223 2 069 1 980 1 997 1 910 1 778 4Y CAGR: +6.2% 0.89 0.79 0.79 0.83 0.83 Q4 2024 Q1 2025 Q2 2
Slide 22: Positive non-fuel traction YoY
POSITIVE NON-FUEL TRACTION YOY GROWTH DYNAMICS AROUND 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% +5% 611 190 560 522 166 495 498 157 475 149 138 131 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q4 2024 Q1 2025
Slide 23: Upstream Q1 2026 Results
UPSTREAM Q1 2026 RESULTS
Slide 24: Higher oil and gas prices push EBITDA up 40% QoQ
HIGHER OIL AND GAS PRICES PUSH EBITDA UP 40% QOQ NEARLY USD 250 MN SIMPLIFIED FREE CASH GENERATED FOR THE QUARTER QUARTERLY EBITDA (excl. special items) (USD mn) OIL PRICES +9% +40% 90 84.3 85.0 83.2 81.1 80.3 80 74.7 75.7 77.7 75.1 75.4 69.1 76.3 67.7 67.9 75.4 70 68.6 69.9 64.7 63.7 65.4 61.9 61.3
Slide 25: Price realization on high level with 75 USD/boe in Q1
PRICE REALIZATION ON HIGH LEVEL WITH 75 USD/BOE IN Q1 UNIT SIMPLIFIED FREE CASH FLOW RISES ABOVE 30 USD QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe) 90 81 80 75 76 68 69 75 70 70 64 65 60 62 62 58 50 43 Brent 40 40 35 35 36 Realised HC price 30 30 20 Unit EBITDA 31 32 10 24 23 23 Unit SFCF(1)
Slide 26: Results driven up QoQ by higher oil and gas prices
RESULTS DRIVEN UP QOQ BY HIGHER OIL AND GAS PRICES STRONG PRICE IMPACT WHILE LOWER VOLUMES ARE OFFSET BY OTHER ITEMS UPSTREAM EBITDA QoQ, Q1 2026 vs Q4 2025 (USD mn) COMMENTS -6 Higher oil (Brent +27%) and gas prices (TTF +33%) 20 -15 4 7 compared to base period 80 Volume: Lower production Kurdistan
Slide 27: Q1 production within management guidance of 95-97 mboepd
Q1 PRODUCTION WITHIN MANAGEMENT GUIDANCE OF 95-97 MBOEPD DESPITE LOST BARRELS DUE TO IRAN CONFLICT ENTITLEMENT PRODUCTION BY COUNTRY (mboepd) COMMENTS Production at 95.5 mboepd in Q1 2026: 99.4 CEE: -1.5 mboepd QoQ 94.8 93.9 95.5 93.5 92.2 92.5 Hungary: -1.4 mboepd due to temporary Associated 16.1 s
Slide 28: Capex pulled by ACG offshore operation spending
CAPEX PULLED BY ACG OFFSHORE OPERATION SPENDING UNIT OPEX SLIGHTLY UP QOQ DUE MAINLY TO USD WEAKENING AND HIGHER ENERGY COST UNIT OPEX (USD/boe) UNIT OPEX (USD/boe) GROUP FULLY CONSOLIDATED (INCL. JVS/ASSOC., PRO FORMA2) SUBS. (PRO FORMA2) 7.9 8.0 8.0 7.9 7.7 +11% 7.3 7.5 7.4 +12% 7.1 7.3 7.2 7.2 7.
Slide 29: Circular Economy Services Q1 2026 Results
CIRCULAR ECONOMY SERVICES Q1 2026 RESULTS
Slide 30: CES delivers USD 21 mn EBITDA in Q1 2026
CES DELIVERS USD 21 MN EBITDA IN Q1 2026 SEASONAL FACTORS IMPACTED RESULTS POSITIVELY QUARTERLY EBITDA (USD mn) COMMENTS Q1 EBITDA reached USD 21 mn 28 21 Seasonally lower waste volumes collected, driving reduction in 12 -10 expenses QoQ -48 -64 DRS redemption activity remained on par with previous
Slide 31: Supporting Slides
SUPPORTING SLIDES
Slide 32: Q1 2026 SFCF at USD 389 mn
Q1 2026 SFCF AT USD 389 MN SIMPLIFIED FCF1 (USD mn) -44% +476% 672 578 254 373 401 247 65 245 94 59 164 131 148 140 16 91 60 32 -2 -33 -38 -48 -97 -221 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 US DS CS CES GM C&O (incl. intersegment) (1) Simplified Free Cash Flow = Clean CCS EBITDA – total or
Slide 33: Working interest based production holds above 120 mboepd
WORKING INTEREST BASED PRODUCTION HOLDS ABOVE 120 MBOEPD QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY(1) (mboepd) 127.9 126.0 124.7 122.9 121.3 122.7 Associated 21.8 20.3 20.1 companies* 19.7 21.8 19.6 Other 3.7 3.4 3.8 3.6 3.8 KRI 6.7 8.0 3.9 8.6 7.7 4.6 6.4 5.0 Pakistan 4.5 4.9 3.6 4.1 5.3 Aze
Slide 34: Upstream: Operational update (1)
UPSTREAM: OPERATIONAL UPDATE (1) Hungary Croatia EXPLORATION EXPLORATION Block Sava-07: farm-in of Vermilion's remaining 60% of share completed Nkö-D-2: shallow gas well successfully tested, tied in and started to produce (INA now holds 100%) in March SAVA-10/1 & DRAVA-02/02 exploration blocks were
Slide 35: Upstream: Operational update (2)
UPSTREAM: OPERATIONAL UPDATE (2) Pakistan Russia EXPLORATION Execution of the well workover program: 17 perforation & acidizing have Bilitang - 1: well successfully drilled to a depth of more than 4,000 meters; been completed achieved gas discovery; WHSF & FL construction work activities ongoing FIE
Slide 36: Upstream capex by region and by type in Q1 2026
UPSTREAM CAPEX BY REGION AND BY TYPE IN Q1 2026 ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1) HUN CRO IRAQ PAK AZE OTHER Total - Q1 2026 Total - Q1 2025 Exploration 7.0 0.0 0.0 0.7 1.2 0.0 8.9 11.9 Development 14.7 25.6 0.5 0.0 32.4 2.7 75.9 40.7 Other 2.4 2.4 3.2 0.1 1.1 5.1 14.3 38.4 Total - Q1
Slide 37: Gas Midstream: Key financials
GAS MIDSTREAM: KEY FINANCIALS EBITDA excl. spec. items(1) (USD mn) CAPEX(1) (USD mn) +39% 93 25 -71% 20 67 19 52 51 50 39 7 6 2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 KEY FINANCIALS (USD mn) COMMENTS Q1 2026 Q1 2025 YoY % FY 2025 EBITDA increa
Slide 38: Sustainability indicators
SUSTAINABILITY INDICATORS CO2 under ETS (mn t) HC Spill above 1bbl (m3) Tier1 PSE 2 2 2.0 2.0 1.69 1.57 1.49 1.47 1.5 1.5 1.32 200 184 1 150 1.0 1.0 100 0.5 0.5 50 22 0 0 4 12 6 0.0 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2
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 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 2023 2024 2024 202
Slide 40: Consolidated statement of profit or loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS YoY Q4 2025 Q1 2026 Q1 2025 Income Statement (HUF million) FY 2025 Ch % 2,058,724 2,017,128 2,171,244 (7) Net sales 8,696,283 22,145 7,168 22,827 (69) Other operating income 77,315 2,080,869 2,024,296 2,194,071 (8) Total operating income 8,773,598 1,552,627 1
Slide 41: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Balance Sheet (HUF million) 31 Mar 2026 31 Dec 2025 Ch % Balance Sheet (HUF million) 31 Mar 2026 31 Dec 2025 Ch % Assets Equity and Liabilities Non-current assets Equity Property, plant and equipment 4,451,380 4,361,592 2 Share capital 79,838 79,650 0 Inv
Slide 42: Consolidated statement of cash flow
CONSOLIDATED STATEMENT OF CASH FLOW YoY Q4 2025 Q1 2026 Q1 2025 Cash Flow (HUF million) FY 2025 Ch % 17,131 68,284 210,409 (68) Profit / (loss) before tax for continuing operation 482,821 0 0 0 n.a. Profit / (loss) before tax for discontinued operation 0 17,131 68,284 210,409 (68) Profit / (loss) be
Slide 43: External parameters
EXTERNAL PARAMETERS YoY Q4 2025 Q1 2026 Q1 2025 Macro figures (average) FY 2025 Ch % 63.7 81.1 75.7 7 Brent dated (USD/bbl) 69.1 (4.4) (6.2) (3.0) 107 Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11) (3.0) 30.0 40.0 46.7 (14) TTF gas price (EUR/MWh) 35.4 688.0 755.9 701.9 8 Premium unlea
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