MOL Magyar Olaj es Gázipari : Investor presentation - May, 2026

About this update from Mol Hungarian Oil & Gas Plc Class A

MOL GROUP INSERT HEADLINE HERE INVESTOR PRESENTATION MAY 2026 MOL GROUP IN BRIEF INTEGRATED CENTRAL EUROPEAN MID-CAP OIL & GAS COMPANY CORE ACTIVITIES UPSTREAM Exploration DOWNSTREAM Petrochemicals CONSUMER SERVICES Retail GAS MIDSTREAM Production Refining Mobility WASTE MANAGEMENT CLEAN CCS EBITDA BY SEGMENTS IN 2025 (USD MN) 1 UPSTREAM 1,125 DOWNSTREAM 1,453 CONSUMER 927 GAS 208 KEY FIGURES CAPITAL MARKETS BUSINESS / ASSETS Market cap. USD 10.9 bn Free float 46% Countries 30+ ~25,200 Employees ~95 Production (mboepd) Reserves (Mmboe) 309 INVESTMENT GRADE Credit rating USD 4.3 bn Available Liquidity 380 Refinery capacity (kbpd) Steam cracker 2,300+ capacity Service 890 (ktpa) stations Retail transactions per day 1,000,000+ 2 (1) "Corporate and other" (USD -339mn), "Circular Economy Services" (USD -34mn) segments and intersegment eliminations (USD 45mn) omitted. ‌MOL IS THE DOMINANT O&G PLAYER OF THE CEE REGION RUSSIA AZERBAIJAN #3 POLAND CZECHIA #3 #2 SLOVAKIA HUNGARY #1 #1 #1 #1 KAZAKHSTAN SLOVENIA #2 #2 HQ ROMANIA #3 #3 IRAQ PAKISTAN EGYPT FLAGSHIP COUNTRIES 1 CROATIA #1 #1 SERBIA #2 #2 CORE COUNTRIES 2 INTERNATIONAL UPSTREAM # FUEL WHOLESALE MARKET POSITION 3 BiH #1 #1 #3 MONTENEGRO # FUEL RETAIL MARKET POSITION 3 1 Countries with a refinery unit and at least 30% market share in Downstream and Consumer Services. 2 Countries with at least 10% market share in Consumer Services or fuel wholesale. 3 Company estimates 3 ESG: SECTOR-LEADING RATINGS AND DISCLOSURE TOP POSITIONS ACROSS LEADING ESG RATINGS INDEXES AND RATINGS DISCLOSURE MSCI ACWI Index constituents Integrated Oil & Gas, n=22 ESRS-compliant Sustainability Report "AA" rating 7th year in a row, staying at the top ~30% among integrated O&G peers Climate Change: Water Security: High Risk category paired with Strong ESG Risk Management in 2025 CDP ESG rating score improved from C to B in both Climate change and Water stewardship categories, in-line with best-performing O&G peers. B B ESG Risk Rating: 32.9 High risk ESG Risk Management: 66.4 Strong EcoVadis Bronze Medal Top 35% of all disclosers European Sustainability Reporting Standards 2024 Sustainability Report compliant & audited under the new EU ESG standard (ESRS) complemented by continued reference to other internationally recognised frameworks: 4 ‌AGENDA THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY 6 DOWNSTREAM 12 WASTE MANAGEMENT 25 CONSUMER SERVICES 32 EXPLORATION AND PRODUCTION 41 FINANCIALS 47 SUPPORTING SLIDES 56 Q1 2026 RECAP 65 INSERT HEADLINE HERE THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY NAVIGATING THE COMPLEXITIES OF THE ENERGY TRANSITION CHALLENGES AND OPPORTUNITIES IN A SHIFTING LANDSCAPE AFFORDABILITY Customer expectations: predictable & affordable energy supply Geopolitical tensions: need for supply diversification & improved European competitiveness Sustainability regulations: ambitious goals, but high uncertainty regarding markets & technologies SUSTAINABILITY SUPPLY SECURITY ! The energy transition poses both challenges and opportunities, requiring a nuanced approach to balance sustainability, energy security, and economic competitiveness. 7 TRANSITION PATH BASED ON RESILIENT MOL GROWTH MODEL HIGH-GROWTH AND PROFITABLE CEE CORE OPERATIONS AND INTERNATIONAL E&P ENABLE SMOOTH DIVERSIFICATION AWAY FROM FOSSIL FUELS E&P DS CS GM UPSTREAM CEE Partly satisfies the HC need for Downstream and/or generates stable cash flow for the Group REFINING AND MARKETING Significant value added with highly efficient units securing the fuel supply of CEE CONSUMER SERVICES Mobility provider with 2,400 service stations across CEE to capture the consumer end of the O&G value chain GAS MIDSTREAM Regulated business (asset base and return) generating cash for high-return investments in other segments OPERATIONAL MODEL SECURES TRANSITION WITH GROWTH AND RESILIENCE ESG E&P DS CS ESG DS LOW CARBON CIRCULAR Already started low-carbon circular projects to enter into waste management, biogas production, green hydrogen, solar and other means of energy production. Continued expansion brings efficiency, self-reliance, and compliance with EU sustainability-related regulations DIGITISED RETAILER Expansion in alternative fuel, car-sharing, non-fuel and highly digitised services allow for tackling transition PETROCHEMICALS Skewing downstream production towards petrochemicals also serves as a diversification from fossil fuels E&P INTERNATIONAL UPSTREAM Continued presence in Int'l upstream projects to generate cash and provide hedge for the other segments of the Group 8 HIGHER INVESTMENT TO SHAPE A SUSTAINABLE TOMORROW LOW-CARBON CAPEX TO ACCELERATE AND MOVE BETWEEN 30-40% OF TOTAL CAPEX TO REALISE TRANSITION IN NEXT DECADES 2018-23 Organic CAPEX distribution (Since Shape Tomorrow Strategy) (yearly avg., real 2024) 2025-30 Organic CAPEX distribution (yearly avg., real 2024) 56% USD ~1.1 bn USD ~1.9 bn USD ~0.8 bn 44% Sustain Strategic USD ~1.3 bn 72% USD 28% ~1.8 bn USD ~0.5 bn 2025-2030 Organic CAPEX spend to increase by 5%+ on average in real terms to accelerate transition Keep sustain CAPEX low (close to previous year's average level) thanks to efficiency gains resulting from past and ongoing projects Increase share of transformational CAPEX with low-carbon share of total CAPEX targeted at 30-40% Investments continue to be deployed selectively depending on risk-return profile 30-40% < 10% Low-carbon 9 2030 EMISSION REDUCTION TARGET RAISED LIKE-FOR-LIKE SCOPE 1&2 GHG EMISSION REDUCTION EXPECTATION INCREASED TO 33% FROM PREVIOUS Like-for-like 1 TARGET OF 30%; GHG EMISSION TO DECREASE BY 25% IN ABSOLUTE TERMS SCOPE 1&2 GHG EMISSION (Mt) REDUCTION AMBITION HIGHER -10% -30% -33% 7.6 0.1 0.1 6.9 0.1 0.0 5.3 5.1 6.4 6.1 1.0 0.6 8 7 6 5 4 3 2 1 0 2019 2022 2030 old 2030 new E&P DS CS Other Total 2019 2022 2030 MOL committed to achieve 2050 net climate neutrality -25% 7.6 0.1 0.1 7.2 0.1 0.0 5.7 6.4 6.1 1.0 1.0 Absolute 2 Absolute GHG emission reduction 2 target for 2030 set at ca. 25% compared to 2019, equalling 33% on like-for like 1 terms, more ambitious than in 2021 strategy No segment-level targets set in order to allow capitalizing on integrated model and ensure flexibility Absolute Scope 3 emissions are targeted to decrease by 5% by 2030 (from 2019) STRONGER SHORT-TERM COMMITMENT TO ACHIEVE CLIMATE GOALS From 2024 onwards, GHG and TRIR KPIs are also introduced in managerial short-term incentives 1 Like-for-like emissions only include GHG emissions of 2019 asset base. 2 Absolute target-setting methodology in line with requirements set by EU Directive 2022/2464 (CSRD) on corporate sustainability reporting. 10 MOL GROUP'S ESG TARGETS CLIMATE/GHG TARGETS OTHER Reducing Group-level Scope 1+2 GHG emission by 25% by 2030 (from 2019) Renewable electricity consumption up to 2,500 GWh per year by 2030 Scope 3 is targeted to decrease by 5% (from 2019) by 2030, depending on fossil fuel demand CLIMATE & ENVIRONMENT Ambition to reach net carbon neutrality by 2050 HEALTH & SAFETY Zero fatality TRIR below 1.1 for core activities by 2030 Eliminate significant API Tier 1 process safety events by 2030 No segment-level targets set in order to allow capitalizing on integrated model and ensure flexibility Target is set in absolute terms to comply with EU reporting requirements Share of low-carbon CAPEX between 30-40% for the period 2025-2030 PEOPLE & COMMUNITIES Women in management: reach 30% target by 2030 Keep sustainable employee engagement level at min. 75% 50% of social investment spent on local communities by 2030 Carbon trajectory and EU taxonomy alignment are incorporated into investment decision processes MOL's low carbon definition covers every project which contributes to the Group's energy transition by lowering emissions (including energy efficiency, electrification) or stepping into new, low carbon businesses (renewable energy, circular economy). INTEGRITY & TRANSPARENCY GHG emission reduction and TRIR targets are included in the short-term management incentive scheme from FY2024 onwards Annual ethics training for 100% of employees Procurement: Reduce non-hydrocarbon GHG emission by 30% in inbound supply chain by 2030 11 ‌THE MOL GROUP EQUITY STORY DOWNSTREAM INTEGRATED DOWNSTREAM MODEL IN CEE DOWNSTREAM IN NUMBERS FUELS MARKET SHARE (%) (1) GROUP REFINERY YIELD (%) 7% 9% 33% Middle distillates Light-products Other products Heavy-products 51% REFINERY NELSON COMPLEXITY OF PEERS (2) 40+% 20-40% 10-20% < 10% 5 SALES OF 19.6 mtpa REFINED PRODUCTS AND 1.2 mtpa PETROCHEMICALS EMPLOYEES 11 COUNTRIES ~9,350 15.0 11.5 10.6 9.1 12.5 NCI 10.0 7.5 5.0 2.5 0.0 6.1 Mtpa Mtpa 4.5 Mtpa #1 #2 #3 Bratislava #4 #5 #6 Danube #7 #8 #9 #10 #11 Rijeka #12 #13 #14 #15 #16 #17 #18 #19 #20 #21 #22 13 2025 H1 Peer group consists of OMV, PKN, Lotos, Neste, Tupras, Galp, Motor Oil, Hellenic Petroleum, NIS based on 2019 data. ‌KEY PILLARS OF OUR STRATEGY UNTIL 2030 BALANCED FOCUS ON SUPPLY SECURITY AND DIVERSIFICATION FROM FOSSIL Keep up market share & profitability Scale up alternative fuels, ensure compliance Extend our captive markets via improved fuel card offerings Focus on commercial ramp-ups for Polyol & PG Value chain extension with mid-scale investments Continue transformation towards circular chemicals Speed-up biogas and H2 value-chain development Expand recycling & compounding Drive GHG emission reduction on Group level Prioritize sustainability projects with favourable return profile DOWNSTREAM CLEAN CCS EBITDA (USD MN) R&M Petchem 740 481 260 1 489 668 821 2 240 1 328 1 267 1 200 1 200 1 400 1 400 1 400 1 482 1 357 1 676 -155 -89 -223 2 112 128 Profitability: keep EBITDA above USD 1.2 bn per annum (USD 1.4 bn beyond 2027) (1,2) 1 453 Efficient and sustainable assets in focus Keep the 1 st quartile position (top 25%) of the Duna Refinery and Slovnaft in Net Cash Margin within Europe Target 2 nd quartile in Solomon Energy Intensity Index Tomorrow Downstream program to improve resilience Downstream-wide resilience program introduced in 2025 aiming to achieve USD 500 mn EBITDA improvement in annual savings and reach USD 1.4 bn 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 EBITDA beyond 2027 Beyond the assumptions laid out in the Shape Tomorrow strategy by USD ~200mn In mid cycle macro with the efficient combination of supply security, chemical & sustainability related transformational 14 investments, GHG emission decrease and further operational efficiency improvement initiatives In line with the Tomorrow Downstream program.. 2050 VISION: HIGHLY EFFICIENT, SUSTAINABLE, CHEMICAL-FOCUSED WE HAVE A LONG-TERM VISION TO BECOME A SUSTAINABLE CHEMICALS COMPANY AND POWERING MOBILITY WITH AN AMBITION TO REDUCE CARBON FOOTPRINT AND STRIVING TO REACH NET ZERO EMISSION WE ARE THE (CENTRAL) EUROPEAN CHAMPION IN… SUSTAINABLE CHEMICALS POWERING MOBILITY 15 MAXIMISING SYNERGIES WITH WASTE MANAGEMENT ENERGY DOWNSTREAM INCREASINGLY RELIES ON CIRCULAR SOLUTIONS FOCUSING ON TANGIBLE VALUE GENERATION Bio-methane ENERGY RECOVERY Crude Biofuel Copro feed Green H2 Waste oil recovery Recycled carbon fuel REFINERY BASE CHEMICAL PRODUCER POLYOLEFIN PRODUCER PRODUCTS WASTE/ MOHU MECHANICAL RECYCLING External feedstock MOL Group feedstock CHEMICAL RECYCLING USED COOKING OIL 16 COMPLETION OF THE RIJEKA REFINERY UPGRADE PROJCT INSTALLATION OF A DELAYED COKER UNIT (DCU) ENABLING FULL CONVERSION AND UTILIZATION Rijeka Refinery Upgrade Project is the largest single investment project in INA's history (total capex of USD ~700mn) Port and related logistics enabling sale of new product (petroleum coke) On 10 th March 2026 construction phase was completed IMPROVED REFINERY MARGIN + 14% more valuable product portfolio Own consumption and loss up to 30% higher diesel production Gases & LPG Gases & LPG Gasoline Gasoline Jet Jet Diesel +14% Diesel Heavy fuel oil -14% OCL (1) Coke OCL (1) 17 AS-IS AFTER THE POLYOL PROJECT REPRESENTS AN IMPORTANT MILESTONE FOR STEPPING FORWARD IN THE PROPYLENE VALUE CHAIN LARGEST ORGANIC INVESTMENT IN MOL GROUP HISTORY KEY FACTS POLYOL COMPLEX RAMP UP DRIVER Creating a new propylene value pillar and expanding product diversification TARGET SEGMENTS Flexible and rigid foams Unsaturated polyester resin (UPR), functional fluids, personal care products PROGRESS Reached on-spec quality for first grades and delivered to customers at the end of 2025 Gradual production start-up, first-stage quality finalization, stabilization of operations, and active product testing within MOL and with selected customers. TECHNICAL COMMERCIAL Global economic instability shifted excess capacities to Europe, where domestic producers face high production and environmental costs However, in the CEE region, demand in still higher than available capacity TIMELINE Commercial ramp up: 2026 - 2027 18 ‌CRUDE SUPPLY STRATEGY BASED ON DIVERSIFIED APPROACH SUPPLY SECURITY FOR THE REGION GUARANTEED BEST BY RELYING ON BOTH DRUZHBA AND ADRIA PIPELINES Czechia Bratislava Ref. capacity: 6 mtpa Bucany Tupa Poland Slovakia Budkovce Tiszaújváros Ukraine MAINTAINING TWO ALTERNATIVE ROUTES: A STRATEGIC INTEREST Landlocked refineries in Hungary and Slovakia historically supplied by crude oil via Druzhba pipeline via Ukraine MOL recognized the risk of overreliance on a single crude source already in 2014 and started to invest in enabling the Adriatic route to amend, or if necessary take over the supply of the Százhalombatta (Danube) and Bratislava (Slovnaft) refineries MOL's strategic ambition is to have a diversified crude supply Austria Slovenia Sisak Csurgó Virje Százhalombatta Ref. capacity: 8 mtpa Hungary Serbia Romania portfolio and to keep at least two routes open and accessible to ensure uninterrupted fuel supply for the CEE region and allow for the Group to flexibly select the most competitive means pf crude sourcing The special events in H1 2026 highlighted the viability of the strategy as Druzhba flows were suspended for nearly 3 months and Strait of Hormuz disrupted the seaborne crude market Druzhba pipeline system Adria pipeline system MOL Group refinery site MOL Group petrochemicals site Critical junctions Rijeka Omisalj Adriatic Sea Croatia BIH 19 COMPLEX SET OF INVESTMENTS TO UNLOCK THE FULL POTENTIAL IN THE ADRIA PIPELINE CRUDE DIVERSIFICATION PROGRAM IN PROGRESS TO EASE THE PRESSURE ON SUPPLY SECURITY AND ENABLE FULL OPERATIONAL FLEXIBILITY IN UTILIZING EITHER THE DRUZHBA OR ADRIA PIPELINES 2014 USD ~170 MN 2022-2025 USD ~200 MN The Hungarian section of the Adria pipeline was reinforced A reliable connection was established between the two landlocked refineries Enhancing logistics capacity Enhancing blending capacity Enhancing processing efficiency CAPEX spent (*estimate) Renovation of the Csurgó pumping station Modernization program of blending containers Installation of new pumps for blending alternative petroleum products Renovation of the sulfur recovery plant and the pipeline connecting the flare system (SN) Installation of a system for feeding anti-deposit additives (SN) Upgrade of the online pH measurement system (SN) Renovation of the Adria pumping station 2026-2027 USD ~130-150 MN* Product pipeline between the two landlocked refineries Raise the level of corrosion protection in AV2 and AV3 units in (DR) Improve biological wastewater treatment and corrosion monitoring (DR) Construction of a new desalting unit at the AV2 plant (DR) Elimination of bottlenecks in the gas fractionation unit to enhance processing of alternative crude oil grades (DR) 20

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