Investor presentation - May, 2026

MOL GROUP

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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

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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

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

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 GHG emission reduction2 target for 2030 set at ca. 25% compared to 2019, equalling 33% on like-for like1 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

Ambition to reach net carbon neutrality by 2050

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

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).

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‌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)

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

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 2nd 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

1. 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

2. 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 10th March 2026 construction phase was completed

IMPROVED REFINERY MARGIN

+ 14%

more valuable

product portfolio

1. 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

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‌CRUDE SUPPLY STRATEGY BASED ON DIVERSIFIED APPROACH

SUPPLY SECURITY FOR THE REGION GUARANTEED BEST BY RELYING ON BOTH DRUZHBA AND ADRIA PIPELINES

Czechia

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

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

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