Slide 1: ORLEN Group Consolidated Financial Results 4Q25
ORLEN Group Consolidated Financial Results 4Q25 Warsaw, 19 February 2026
Slide 2: Financial results
Financial results PLN bn 4Q25 3Q25 4Q24 12M25 12M24 Revenues 72,1 61,0 75,2 267,3 295,0 EBITDA LIFO 12,2 8,9 14,3 41,9 37,4 Cash flow from operations 12,9 8,2 10,4 47,4 36,6 CAPEX 11,5 7,3 11,6 32,6 32,4 Net debt/EBITDA -0,07x 0,02x 0,23x -0,07x 0,23x Solid EBITDA LIFO: PLN 41,9 bn in 2025 Financial
Slide 3: Operating parameters 4Q25
Operating parameters 4Q25 Upstream & Supply Downstream Energy Consumers & Products Market environment Market environment Market environment Market environment Hydrocarbon Crude oil Electricity Retail production 0% throughput +8% generation +18% fuel sales 0% 19,8 mm boe 10,3 mt 5,8 TWh 2,8 mt Natura
Slide 4: EBITDA LIFO
EBITDA LIFO PLN bn PLN bn 14,3 41,9 12,2 Consumers & Products 6,0 37,4 3,6 3,0 Consumers & Products 1,2 1,0 Energy 12,5 10,9 Energy 3,7 8,9 1,6 Downstream 9,5 7,0 2,2 Downstream 3,7 10,3 2,4 18,5 Upstream & Supply 16,2 Upstream & Supply 4,2 3,3 Corporate functions -0,6 -0,7 -0,2 Corporate functions
Slide 5: Cash flow 12M25
Cash flow 12M25 PLN bn 4,2 47,4 41,9 2,4 -1,1 -32,5 0,6 8,5 -7,0 EBITDA LIFO LIFO effect Working capital Others Operating cash flow Investment cash flow Dividend for 2024 Interest, grants, FX Net debt decrease 12M25 incl. leasing Investment Grade : A3 BBB+ stable outlook (21.05.2025) stable outlook
Slide 6: Financing
Financing Gross debt structure PLN bn Debt currency structure PLN bn Hybrid Bonds Other Corporate Bonds 2% 3% 12% USD 19% EUR Bonds 13% Credit and loans 25,1 36% 25,1 EUR 49% USD Bonds 18% PLN 29% EUR Green Bonds 19% Net debt / EBITDA Average debt maturity -0,07x 7,25 years Strong balance sheet and
Slide 7: CAPEX
CAPEX PLN bn Main growth projects 35,4 36,3 Upstream & Supply Consumers & Products 0,7 0,9 • Exploration and production projects in Norway, Poland and Canada 32,6 0,8 Downstream Energy 8,1 9,8 • New Chemicals monomers installation in Płock (740 kt /year of ethylene) 8,9 • HVO – Hydrotreated Vegetabl
Slide 8: Outlook for 2026
Outlook for 2026 Investments • Investment programme execution with budget discipline and project management excellence • Completion of updated integrated schedules and budget outlays of New Chemicals • Commissioning of assets: offshore wind farm Baltic Power, CCGT Grudziądz and HVO in Płock Operatio
Slide 9: Supporting slides
Supporting slides
Slide 10: Increase in gas production in Poland and Norway
Upstream & Supply Increase in gas production in Poland and Norway EBITDA – business line results PLN m Market environment Brent crude oil Natural gas price 883 4 215 Henry Hub 3 332 63,7 USD/bbl -11USD/bbl 46 PLN/MWh +12 PLN/MWh Natural gas price Natural gas price TGEgasDA TTF Month -Ahead Upstream
Slide 11: High utilisation of refining capacity. Market pressure in petrochemicals
Downstream High utilisation of refining capacity. Market pressure in petrochemicals EBITDA – business line results PLN m Market environment Refining margin Differential 3 696 3 663 -33 16,9 USD/ bbl +9,2 USD/ bbl (-) 0,7 USD/ bbl -1,5 USD/ bbl Petrochemical margin USD/PLN Refining Petrochemicals EBI
Slide 12: Increase in electricity and heat production
Energy Increase in electricity and heat production EBITDA – business line results PLN m Market environment Electricity TGeBase Electricity distribution 2025 2 092 195 3 675 485 PLN/MWh +12 PLN/MWh 24,0 TWh +0,5 TWh 1388 CO 2 emission rights Gas distribution 2025 Conventional energy Distribution netw
Slide 13: Stable fuel retail result. Significant growth in gas consumption
Consumers & Products Stable fuel retail result. Significant growth in gas consumption EBITDA – business line results PLN m Market environment – ORLEN’s 7 markets Gasoline consumption Diesel consumption 240 1206 7,7 mt +4% 17,6 mt 2% 966 Market environment – Poland Gas consumption Electricity consump
Slide 14: Macro environment
Macro environment Main macro parameters 4Q24 3Q25 4Q25 ∆ (q/q) ∆ (y/y) 1Q26* ∆ (q/q) Brent crude oil USD/bbl 74,7 69,1 63,7 -8% -15% 68,1 7% Differential (1) USD/bbl 0,8 -2,0 -0,7 65% - 0,9 - Model refining margin (2) USD/bbl 7,7 15,2 16,9 11% 119% 8,8 -48% Model petrochemical margin (3) EUR/t 137 1
Slide 15: Results – split by quarter
Results – split by quarter PLN m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ∆ (y/y) 12M24 12M25 ∆ (y/y) Revenues 82 332 69 510 67 936 75 198 73 536 60 659 61 006 72 128 -3 070 294 976 267 329 -27 648 EBITDA LIFO (reported) 7 560 4 441 6 357 5 547 10 201 7 715 7 169 8 813 3 266 23 905 33 898 9 993 Impai
Slide 16: EBITDA LIFO – split by segment
EBITDA LIFO – split by segment PLN m 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ∆ (y/y) 12M24 12M25 ∆ (y/y) Upstream & Supply, including: 2 663 -916 6 457 10 289 5 356 3 344 3 301 4 215 -6 074 18 493 16 216 -2 277 Hedging 1 411 458 363 1 896 -78 -60 -72 -422 -2 318 4 128 -632 -4 760 Usage of historical
Slide 17: ORLEN Group refinery production data
ORLEN Group refinery production data ORLEN Group 4Q24 3Q25 4Q25 ∆ (y/y) 12M24 12M25 ∆ (y/y) Crude oil throughput (kt) 9 551 10 167 10 324 8% 38 508 39 573 3% Utilization 89% 94% 96% 7 pp 90% 93% 3 pp ORLEN S.A. 1 Crude oil throughput (kt) 5 659 6 020 5 952 5% 22 773 22 811 0% Utilization 95% 100% 10
Slide 18: Disclaimer
Disclaimer This presentation (“Presentation”) has been prepared by ORLEN S .A. (“ORLEN” or “Company”) . Neither the It should be also noted that forward -looking statements, including statements relating to expectations regarding Presentation nor any copy hereof may be copied, distributed or deliver
Slide 19: The Energy of Tomorrow Starts Today
The Energy of Tomorrow Starts Today