Orlen Sa (PSKOF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

We are sitting here in Orlan headquarters in a meeting room to discuss Q3 and nine months of 2025, ending September 30th, financial and operating results. We are here in the room with Sławomir Jędrzejczyk, Group CFO, Damian Wieczorek, and my name is Jakub Fejlin, I'm Head of Investor Relations. Please don't please mind that we're doing it old school without video, so this is not a malfunction or technical problem. We would like to keep it that way for the time being and maybe further. So we will kick off. We're still having some joiners coming in, but since this is five past already, we'll be kicking off. And now I'll hand over to Swagomir, please. Thank you, Jakub. So good morning, ladies and gentlemen. Let me start only by saying it's good to be back. Well, welcome to everyone. It's my pleasure and privilege to present Orlan's quarterly results. I would like to start with the highlights. First of all, macro environment and mixed views on that. First of all, lower oil and gas prices. So as you know, that impacted our upstream business. However, very good refining environment, very high margins. In petrochemicals, still we see market pressure, both in terms of margins and volumes. Electricity, stable prices. And in terms of retail, fuel retail, we observe lower fuel consumption, especially in diesel. And let's look at operations. And this is very positive news, I believe. We deliver very good results. Results in operations, higher gas production distribution and sales, higher throughput and wholesale fuel sales, however, lower sales in petrochemical, as I said, higher electricity production and higher non-fuel sales in retail. So, as a result, if we look into the financials, we delivered very solid EBITDA, close to 9 billion polis lottes, very high cash flow from ope...