Slide 1: Q2 2024 Results Conference Call
Q2 2024 Results Conference Call Alfred Stern Chairman of the Executive Board and CEO July 31, 2024
Slide 2: Disclaimer
Disclaimer © 2024 OMV Aktiengesellschaft, all rights reserved, no reproduction without our explicit consent. This presentation contains forward-looking statements. Forward-looking statements may be identified by the use of terms such as “outlook”, “believe”, “expect”, “anticipate”, “intend”, “plan”,
Slide 3: Macro environment
Macro environment Oil prices Gas prices USD/bbl EUR/MWh Q2 2024 vs. Q2 2023 Average Brent price Average realized crude price Trading Hub Europe (THE) Realized gas price 41 36 33 28 31 Brent oil +9% 29 26 27 87 84 83 85 23 78 22 75 81 82 79 81 THE gas price –12% Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q2/23 Q3
Slide 4: Overview Q2 2024
Overview Q2 2024 Operational performance Clean CCS Clean CCS EPS Cash flow from Q2 2024 vs. Q2 2023 Operating Result EUR operating activities EUR mn EUR mn Polyolefin sales volumes +4% 1,483 +5% 2.1 1,823 +13% 129 1,179 1,232 7 303 114 1.5 Fuel sales volumes 1.4 +4% 283 1,182 308 1,050 895 817 Hydro
Slide 5: Delivering the Strategy 2030
Delivering the Strategy 2030 Selected projects Chemicals Fuels & Feedstock • Construction of 16 kt p.a. • FID for 250 kt p.a. HVO/SAF ReOil® recycling plant plant in Romania completed • Start-up of co-processing Picture related • Borouge, ADNOC, Borealis, plant in Austria (135 kt p.a.) to projects t
Slide 6: Chemicals – higher earnings driven by inventory effects, higher PO sales, and JV results
Chemicals – higher earnings driven by inventory effects, higher PO sales, and JV results Clean Operating Result EUR mn • Olefins − Improved light feedstock advantage at Nordic crackers +107 − Lower indicator margins (ethylene –10%, propylene –13%) 114 − Stable utilization rate at 83%, above the Euro
Slide 7: F&F – strong earnings driven by higher refinery utilization and a very good Marketing business
F&F – strong earnings driven by higher refinery utilization and a very good Marketing business Clean CCS Operating Result EUR mn +25 • Lower refining indicator margin (USD –0.6/bbl) mainly driven by gasoline cracks and higher crude oil price 72 • Higher refinery utilization rate Europe (+16 ppt), as
Slide 8: Energy – earnings decline due to a significantly lower result in Gas Marketing & Power
Energy – earnings decline due to a significantly lower result in Gas Marketing & Power Clean Operating Result EUR mn • Higher realized crude oil price (+9%), lower realized natural gas price (–19%) –78 • Oil and gas production of 338 kboe/d (–15 kboe/d) 895 34 10 − New Zealand (–12 kboe/d) 131 817 G
Slide 9: Strong cash flow from operating activities, slightly above H1/23
Strong cash flow from operating activities, slightly above H1/23 H1/24 vs. H1/23 EUR bn • Significant increase in cash flow from operating activities excluding net 2.9 3.0 working capital effects to EUR 2.7 bn H1/23 H1/24 − Dividends received from Borouge (EUR 225 mn) and ADNOC Refining and Trading
Slide 10: Maintaining a low leverage ratio and high cash position
Maintaining a low leverage ratio and high cash position Healthy balance sheet EUR bn, % End of June 2024 9.3 OMV cash position1 EUR 5.4 bn 6.0 32% Net debt in EUR bn 4.7 22% Leverage ratio End of June 2024 21% 3.3 OMV undrawn committed 2.2 2.1 credit facilities 12% 8% 8% 4% 1.2 EUR 4.3 bn 2019 2020
Slide 11: Updated outlook 2024
Updated outlook 2024 2023 H1 2024 2024 Brent oil price (USD/bbl) 83 84 ~85 THE gas price (EUR/MWh) 41 29.6 30–35 (previous slightly <30) MARKET Average realized gas price (EUR/MWh) 29 22.5 ~25 (previous 20–25) Europe ethylene indicator margin (EUR/t) 507 493 ~490 Europe propylene indicator margin (E
Slide 12: Appendix
OMV GROUP Appendix 12
Slide 13: Chemicals – slightly lower earnings driven by inventory effects and better JV results
Chemicals – slightly lower earnings driven by inventory effects and better JV results Clean Operating Result EUR mn -15 • Olefins − Higher indicator margins (ethylene +8%, propylene +14%) − Slightly lower utilization rate (–4 ppt) due to minor 52 73 operational stoppages 129 114 − Higher fixed costs
Slide 14: Specialty products – growing base in our earnings, resilient over the cycle
Specialty products – growing base in our earnings, resilient over the cycle Polyolefin realized sales margin of Borealis excl. JVs EUR Quarterly view 10-year view 850 659 574 458 508 418 438 391 422 377 384 335 351 318 262 339 330 Q1/20 Q4/20 Q4/21 Q4/22 Q4/23 Q2/24 2014 2015 2016 2017 2018 2019 202
Slide 15: F&F – stable earnings driven by marketing result
F&F – stable earnings driven by marketing result Clean CCS Operating Result EUR mn +5 • Lower refining indicator margin (USD –3.8/bbl) 303 24 308 • Slightly higher refinery utilization rate Europe (+4 ppt) • Retail performance significantly increased due to 131 elevated seasonal demand, higher margi
Slide 16: Energy – lower earnings driven by a significant decrease in Gas Marketing & Power result
Energy – lower earnings driven by a significant decrease in Gas Marketing & Power result Clean Operating Result EUR mn • Slightly higher realized crude oil price (+2%) and gas price (+6%) -232 • Oil and gas production of 338 kboe/d (-14 kboe/d) 1,050 75 19 − Norway (-11 kboe/d) 295 − Malaysia (-3 kb
Slide 17: Strong balance sheet
Strong balance sheet Balance sheet June 30, 2024, vs. March 31, 2024 EUR bn 51.3 51.3 48.0 48.0 • Other current assets decreased because of the lower derivatives position, payment of the Borouge dividend, redemption of government bonds in Romania and the Tangible & 18.8 submission of CO2 certificate
Slide 18: Sensitivities of OMV Group results in 2024
Sensitivities of OMV Group results in 2024 Annual impact excl. hedging Clean CCS Operating EUR mn Operating Result cash flow Brent oil price (USD +1/bbl) +55 +25 Realized gas price (EUR +1/MWh)1 +75 +40 OMV refining indicator margin Europe (USD +1/bbl) +115 +90 Ethylene indicator margin Europe (EUR
Slide 19: OMV Group
OMV GROUP