Presentation of Q1 2026 results

FIRST QUARTER 2026 RESULTS

8 MAY 2026

HIGHLIGHTS

OF THE QUARTER

GUIDANCE REITERATED BUT WITH MORE DOWNSIDE RISKS WEIGHING

ON EXPECTATIONS

ATTAINABILITY OF FULL YEAR GUIDANCE CONDITIONAL ON STABILIZATION OF CRUDE SUPPLY, RETURN OF

MARKET-BASED COORDINATION IN FUEL MARKETS

Q1 2025 RESULTS

Q1 2026 RESULTS

2026

GUIDANCE

GROUP PROFIT BEFORE TAX

USD 546 MN

USD 212 MM

~USD 1.5 BN

GROUP CLEAN CCS EBITDA

USD 833 MN

USD 626 MN

~USD 3.0 BN

OIL & GAS PRODUCTION

93.0 MBOEPD

95.4 MBOEPD

~95-97 MBOEPD

CRUDE PROCESSING(1)

2.98 MT

1.97 MT

~10 MT

GROUP CAPEX (ORGANIC)

USD 160 MN

USD 252 MN

~1.7 BN

NET DEBT/EBITDA

0.64X

0.96X

<1.0X

HSE - TRIR(2)

1.18

1.15

~1.25

4

Note: 2026 guidance figures (i) do not factor in the impact of any potential future M&A activity, and assume that (ii) there will be insurance payments compensating for the lost opportunity and physical damage caused by the fire in the Danube refinery in October 2025, (iii) usual rate of Urals crude supply from May, and (iv) regulations will be shaped so that the pricing environment for fuel will be close to normal market-based conditions.

(1) MOL Danube Refinery + Slovnaft refinery. (2) Total Recordable Injury Rate

CLEAN CCS EBITDA REACHED USD 626 MN IN Q1 2026

E&P RESULTS PUSHED UP BY HIGHER HC PRICES BUT VOLATILITY IN CRUDE SUPPLIES AND PRICE CONTROLS WEIGHED ON DOWNSTREAM AND CONSUMER SERVICES RESULTS IN FIRST QUARTER

FINANCIALS

Group Clean CCS EBITDA fell by 25% YoY to USD 626 mn; operating cash flow before working capital at USD 834 mn

Financials weighed USD 79 mn on results and Profit before tax reached USD 212 mn

Upstream EBITDA rose to USD 346 mn in supportive crude oil and natural gas price environment

Downstream Clean CCS EBITDA decreased to USD 69 mn with a combination of crude supply issues, constrained processing volumes, and price controls keeping Q1 results under pressure

Consumer Services EBITDA increased to USD 177 mn, supported by FX and despite price and margin caps introduced in the quarter

Circular Economy Services EBITDA was driven by seasonality and reached USD 21 mn

OPERATIONAL AND OTHER DEVELOPMENTS

After Druzhba pipeline disruption on 27 January and a short period of utilization of strategic crude oil reserves, Hungary and Slovakia crude supply switched fully to the Adriatic route in March. Druzhba flows resumed by the end of April

MOL increases its stake in Alteo Plc. to nearly 40% by swapping its shares in Waberer's International Plc.

Negotiation license for NIS transaction extended until 22 May

Rijeka Refinery Upgrade project, including a delayed coker unit, was completed and inaugurated on 10 March

MOL Group to enter Libya through a JV with Repsol and TPAO in an offshore exploration area in the Mediterranean Sea

5

TRIR: MEETING GUIDANCE IN Q1 2026

TOTAL RECORDABLE INJURY RATE (TRIR)

COMMENTS

1.40

1.40

Q1 TRIR well below guidance threshold, in line with last year's

1.31

1.27

1.18

1.15

1.04

first quarter

Continuous effort to improve safety-consciousness

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

2026 Public Guidance threshold (1.25)

6

KEY GROUP QUARTERLY FINANCIALS

Q1 CLEAN CCS EBITDA FELL BY 25% YOY ON MULTIPLE SHOCKS

DRUZHBA AND HORMUZ STRAIT DISRUPTIONS, AND GOVERNMENT REACTIONS ALL WEIGHED ON RESULTS

SEGMENT CLEAN CCS EBITDA (USD mn)

COMMENTS

Q4 2024

Q1 2025 Q2 2025 Q3 2025

US DS CS CES GM C&O (1)

Q4 2025

Q1 2026

Upstream

-25%

-29%

974

877

833

247

682

626

317

685

346

394

300

69

158

205

177

12

67

-22

28

51

-47

21

93

-79

Higher hydrocarbon price environment supported results Downstream

Results down sharply due to operational, price, and volume shocks

Consumer Services

EBITDA increase driven by FX and non-fuel margins, with fuel

contribution in the red due to price controls Gas Midstream

Increase in cross-border demand and FX drove EBITDA higher YoY

Circular Economy Services

EBITDA contribution positive mainly due to seasonal factors Corporate and Other and Intersegment

Clean Corporate and Other EBITDA at USD -52 mn

Intersegment eliminations contributed negatively to EBITDA by USD 28 mn

(1) C&O includes Corporate and Other segment and Inter-segment items.

8

ORGANIC CAPEX USD 92 MN HIGHER YOY MAINLY DUE TO LOW BASE

PHOTOVOLTAIC PARK ACQUISITION CLOSED IN Q1

TOTAL GROUP CAPEX BY SEGMENT (USD mn)

TOTAL GROUP CAPEX BY TYPE (USD mn)

603

+160% -39%

814

1

153

+160%

-39%

814

1

603

52

370

494

322

287

396

0

207

241

190

29

3

116

442

229

50

111

167

189

72

180

494

190

287

396

335

65

241

29 10

19 66

63

14

7

55 12

174

117

99

18

12

5 2

Q4 2024

Q1 2025 Q2 2025 Q3 2025

Q4 2025

Q1 2026

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Inorganic Organic US

Organic DS Organic CS

Organic CES Organic GM

Organic C&O

Growth & Efficiency CAPEX Sustain CAPEX Inorganic

ORGANIC CAPEX (USD mn)

COMMENTS

+57%

252

160

55

10

12

14

7

18

12

5 2

63

117

99

Organic US Organic DS Organic CS

Organic CES Organic GM Organic C&O

Spending was driven by Rijeka Refinery Upgrade project, reaching mechanical completion in March

New strategic projects aiming at high-return improvements in

integration and waste management under preparation

Inorganic CAPEX was driven by the acquisition of the photovoltaic park in Eastern Hungary and acquisition of waste management regional coordinator

Q1 2025

Q1 2026

9

NET INCOME ABOVE WATER DESPITE A WAVE OF REGIONAL AND GLOBAL SHOCKS IN THE QUARTER

Q1 2026 EARNINGS (USD mn) - BELOW THE EBITDA LINE ITEMS

6

673

34

35

CS

Other

DS

626

0

US

Clean CCS EBITDA

CCS

modifications

EBITDA excl. special items

Special items (EBITDA)

DD&A and impairments

Profit from operation

Total finance expense/gain, net

Income from associates

Profit before tax

Income tax expense

Profit for the period

Non-controlling interests

Profit for the period to equity holders of the parent

10

NET FINANCIALS A DRAG ON RESULTS AS HUF WEAKENS

Clean CCS effect, gain / loss (USD mn)

Comments

-13

Q1 2025 Q4 2025

47

Q1 2026

Clean CCS adjustment positive driven by higher oil price environment

DD&A (USD mn)

Q1 2025 Q4 2025 Q1 2026

DD&A driven higher by dollar weakening and higher

690

417

asset base

Total Financial expense (+) / gain (-) (USD mn)

-23

Q1 2025

-1

Q4 2025 Q1 2026

Net financial expense neared USD 80 mn as HUF weakened during the quarter after appreciation trend in 2025

Income from associates (USD mn)

3

40

Income from associates increased driven by one-off

surplus revenue from Pearl

Q1 2025 Q4 2025 Q1 2026

Q1 2025

Q4 2025 Q1 2026

Income tax lower but special taxations regimes

-23

134

Deferred tax >

6

Income tax expenses (USD mn)

-105

-15

raise effective tax rate near 40%

11

OPERATING CASH FLOW BEFORE NWC AT ~USD 834 MN IN Q1 2026

WORKING CAPITAL BUILD PUSHES QUARTERLY OPCF IN THE RED

OPERATING CASH FLOW FOR TOTAL OPERATION IN Q1 2026 (USD mn)

834 212 Profit before tax DD&A Income tax paid Other Operating CF before WC -543 Change in WC Operating CF

COMMENTS

Operating cash flow before working capital at USD 834 mn in Q1 2026

Q1 2026 NWC build of USD 1,377 mn mostly reflects the spike in crude and product prices and higher inventory need to run fully on seaborne crude supply

Operating Cash Flow after working capital at USD -543 mn

12

NET DEBT ROSE ON NET WORKING CAPITAL BUILD

SEVERAL CASH-NEGATIVE DEVELOPMENTS PUSHED NET DEBT MATERIALLY HIGHER DURING THE QUARTER

NET DEBT TO EBITDA (x)

GEARING (%)

1.61

1.31

0.97

0.96

0.74

0.82

0.74

0.65

0.65

0.59

0.41

0.47

0.30

27.3

25.2

20.6

17.5

18.6

18.1

17.0

14.0

14.9

12.0

11.4

10.0

2.0 30

25

1.5

20

1.0 15

10

0.5

5

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026

0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026

CHANGES IN NET DEBT IN Q1 2026 (USD mn)

COMMENTS

241

0

121

89

2,818

1,541

Net debt increased by over USD 1 bn due to challenging working

capital cycle

Net debt to EBITDA and gearing ratios weakened to 0.96x and 17%, respectively

Available liquidity at around USD 4.3 bn on 31 March

Simplified FCF Change in WC Acquisitions

Dividend payout

Income tax paid

Other Net Debt

31 Mar 2026

13

DOWNSTREAM Q1 2026 RESULTS

LOWER PROCESSING WEIGHED ON Q1 2026 RESULTS

5,191

265

4,8

3 1,218

9

3

3,050

3,623

3,697

3,288

3,538

1,661

1,595

1,388

-34%

-19%

3,095

3,256

2,982

2,736

2,436

1,965

CLEAN CCS EBITDA DOWN BY 77% YOY DUE TO OUTSTANDING PRESSURE ON BOTH VOLUMES AND MARGINS

QUARTERLY CLEAN CCS EBITDA (USD mn)

CRUDE PROCESSED (kt)1

TOTAL PRODUCT SALES (kt)

-77%

-82%

452

394

300

307

267

69

-44

-63

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

R&M

Petchem

Petrochemicals products 3rd party sales

Own production

KEY FINANCIALS (USD mn)

COMMENTS

(1) Processed crude in Danube and Bratislava refineries

Downstream Clean CCS EBITDA decreased 77% YoY mainly due to significantly lower processed volumes and still negative petchem performance

R&M processed volumes decreased significantly due to

fire incident at the Danube Refinery in October 2025

crude supply issues, temporary export restrictions drove utilization near minimum levels in both Hungary and Slovakia

Product sales lower in accordance with lower crude processing

Petchem EBITDA still in the red, negatively impacted by feedstock scarcity and low petchem margin

15

Q1 2026: PERFECT STORM FOR MOL R&M

EXTRAORDINARY OPERATIONAL AND FINANCIAL CHALLENGES DURING THE FIRST QUARTER

Q1 2026: DEVELOPMENTS AND THEIR IMPACT ON MOL GROUP'S LANDLOCKED REFINERIES

2025 Q4 Jan Feb 2026 Mar Apr May

Developments

20 Oct

27 January

16 February

28 February

Starting early March CEE countries introduce price and margin caps

22 April

Fire at Danube refinery

Druzhba crude

flows stop

MOL initiates release

of strategic crude reserves in HU and SK

Iran conflict begins with

Strait of Hormuz

closed on 2 March

Druzhba resumes

operation

Crude supply

Crude processing

Profitability

Business as usual:

Crude supply is diversified along Druzhba and Adriatic routes

~75-80% of usual volumes due to fire incident Lower than seasonally usual due to low utilization

Utilization of own and strategic crude reserves

Processing optimized to utilization of strategic crude reserves Profitability decreased

further

Crude supply via

Adriatic route

Processing back to ~75-80%

of usual

Materially higher crude expenses and price controls put margin under further pressure

Normalization back to BAU

16

MARGIN UP BUT A WEAK INDICATOR OF PROFITABILITY IN Q1 2026

MODEL REFINING MARGINS' IMPACT ON RESULTS LIMITED BY PRICE CONTROLS, CRUDE PRICING IN WAKE OF DRUZHBA DISRUPTION AND IRAN CONFLICT

REFINING MARGIN (USD/bbl)

COMMENTS

Brent-based MOL Group refinery margin (USD/bbl)

Brent-based Complex refinery margin (MOL+Slovnaft) (USD/bbl)

16.9

12.1

10.6

11.2

10.0

8.9

11.7

10.3

11.0

7.2

9.5

8.3 6.0

6.8

4.0

3.8

4.0

5.6

3.7

3.6

3.6

18

16

14

12

10

8

6

4

2

0

17.0

Brent-based refining margins increased YoY supported mainly by higher diesel crack spreads in March but effective impact on results was limited due to (i) actual pricing, logistics, hedging and insurance expenses of crude sourcing not captured in Brent-based margin, and

(ii) various fuel price and margin regulations introduced in several core markets

Brent-Ural spread(2) widened in Q1 but Urals flow not accessible for MOL since end-January

Petrochemicals margin improved but overall reflects no sign of recovery in first quarter

Preliminary April data reflect fully the supply constraints across crude,

Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Q1 2026 April

fuel and petchem markets due to Strait of Hormuz disruption

BRENT - URAL DIFFERENTIAL(2) (USD/bbl)

VARIABLE PETCHEM MARGIN (EUR/t)

Brent-Ural spread (DAP West Coast India)

8.0

-2.4

-2.2

-4.3

-3.7

-3.4

-3.7

-3.0

-4.4

-5.9

-6.2

12

10 600

8

6 500

4 400

2

0 300

-2 200

-4

100

-6

-8 0

MOL Group Variable Petrochemicals margin (1)

209

214

219

234

132

159

151

166

139

162

594

Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Q1 2026 April

Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Q1 2026 April

17

1. Variable MOL Group Petrochemicals margin contains an energy cost component and is the only petrochemicals margin MOL reports starting in Q1 2024.

2. Based on DAP India Ural quotations.

YOY EBITDA DECREASE DRIVEN BY LOWER VOLUMES

A SERIES OF EXTRAORDINARY DEVELOPMENTS THROUGHOUT THE QUARTER HAD SIGNIFICANT ADVERSE

IMPACT ON RESULTS

DOWNSTREAM CLEAN CCS EBITDA YoY, Q1 2025 VS. Q1 2026 (USD mn)

COMMENTS

344

112

69

R&M

R&M price & margin supported EBITDA YoY by USD 53 mn

300 driven by soaring diesel cracks but gain was limited by

crude sourcing and fuel price and margin regulations put pressure on refining profitability

Petchem performance adds to the results as margin shows

improvement

Volume impact deeply negative due to fire event at the Danube Refinery and other developments restricting processing

Other component driven by one-off compensation in the base period and lower results on gas&power trading and hedges

Petchem

18

Notes: Price & margin includes FX impact

CONSUMER SERVICES Q1 2026 RESULTS

CONSUMER SERVICES EBITDA FLAT WITHOUT FX IMPACT

RESULTS DRIVEN BY FX AND ONE-OFFS, ORGANIC GROWTH IN NON-FUEL WHILE FUEL CONTRIBUTION NEGATIVE

DUE TO PRICE CONTROLS

QUARTERLY EBITDA (USD mn)

EBITDA YoY, Q1 2025 VS. Q1 2026 (USD mn)

+12%

317

246

205

177

156

158

+12%

177

158

-8

7

-4

6

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

EBITDA Q1 2025

Fuel volume & margin

Non-fuel margin

OPEX

One-offs FX EBITDA Q1 2026

KEY FINANCIALS (USD mn)

COMMENTS

EBITDA up by 12% YoY to USD 177 mn

Fuel margins contributed negatively due to price controls imposed in March across most markets

Non-fuel margin accounted for positive USD 7 mn contribution to Q1 2026 EBITDA

Positive effect of USD depreciation, with FX benefitting EBITDA by USD 17 mn

20

VOLUMES AND THROUGHPUT UP BY 7%

PRICE CONTROLS INTRODUCED IN MARCH LED TO AN INCREASE IN CONSUMPTION BUT A CONTRACTION IN

MARGINS

TOTAL VOLUMES SOLD (mn litres)

FUEL THROUGHPUT/SITE(1) (mn litres)

+7%

2 223

1 980

2 069

1 997

1 910

1 778

7%

4Y CAGR:

+6.2%

0.79

0.79

0.83

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026

COMMENTS

COMMENTS

Fuel sales improved YoY by 7%

Price controls led to increased fuel consumption and weaker

margins overall

Unit fuel throughput in line with growth in total volumes

Network slightly lower QoQ and YoY at 2,310 sites at end-March

(1) Company owned stations

21

POSITIVE NON-FUEL TRACTION YOY

GROWTH DYNAMICS AROUND 5% IN BOTH SALES AND MARGIN SUPPORTED BY ROLLOUT OF FC BRAND

TOTAL NON-FUEL TURNOVER (USD MN) (1)

NON-FUEL MARGIN (USD MN) (1)

+5%

611

560

495

522

475

498

+5%

190

166

149

157

131

138

36.4%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

35.9%

34.4%

35.5%

35.5%

36.0%

Non-fuel margin share of total (%) (1)

COMMENTS

COMMENTS

Non-fuel turnover grew by ~5%

Fresh Corner unit count reached 1,417 units at the end of Q1 2026, up 1% QoQ and 6% YoY

Non-fuel margin up by ~5% YoY

Non-fuel margin represents 36.4% of the total margin in Q1 2026

(1) Constant FX

22

UPSTREAM

Q1 2026 RESULTS

HIGHER OIL AND GAS PRICES PUSH EBITDA UP 40% QOQ

NEARLY USD 250 MN SIMPLIFIED FREE CASH GENERATED FOR THE QUARTER

QUARTERLY EBITDA (excl. special items) (USD mn)

OIL PRICES

+40%

+9%

84.3

83.2

85.0

80.3

75.7

75.1

75.4

76.3

68.2

74.7

67.7

65.4

81.1

77.7

67.9

68.6

69.9

69.1

61.9

61.7

63.3

62.3

62.4

59.6

63.7

59.2

57.9

75.4

90

80

70

60

50

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

64.7

Q1 2025

Q2 2025

61.3

Q3 2025

Q4 2025

Q1 2026

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Realized crude and condensate price (USD/bbl)

Total realized hydrocarbon price (USD/boe)

Brent dated (USD/bbl)

GAS PRICES

QUARTERLY SIMPLIFIED FCF (1) (USD mn)

-3% +163%

196

196

196

100

50

0

78.6

71.5

78.5

57.6

50.9

44.0

58.0

46.3

83.5

76.9

54.5

61.5

68.7

66.6

65.6

62.9

59.4

55.8

79.6

72.0

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Average realized gas price (USD/boe) TTF month-ahead gas price (USD/boe)

KEY FINANCIALS (USD mn)

COMMENTS

(1) Simplified FCF = EBITDA Excl. Special Items - Organic CAPEX

Q1 2026 EBITDA at USD 346 mn, 40% higher QoQ due to favorable price environment and with production in guidance range

Simplified Free Cash Flow(1) increased to USD 247 mn in Q1 2026

24

PRICE REALIZATION ON HIGH LEVEL WITH 75 USD/BOE IN Q1

UNIT SIMPLIFIED FREE CASH FLOW RISES ABOVE 30 USD

QUARTERLY PRICE REALIZATION, EBITDA, SFCF (USD/boe)

81

75

76

75

70

65

68

62

69

64

62

58

40

43

35

35

36

30

24

31

23

32

23

12

90

80

70

60

50

40

30

20

10

0

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Brent

Realised HC price

Unit EBITDA

Unit SFCF(1)

ANNUAL PRICE REALIZATION, EBITDA, SFCF (USD/boe)

140

120

100

80

60

40

20

0

110

102

83

81

71

69

70

60

39

63

69

63

81

75

43

32

35

34

57

27

20

25

22

32

2021

2022

2023

2024

2025

Q1 2026

Brent

Realised HC price Unit EBITDA

Unit SFCF(1)

25

Note: Including JVs and associates.

(1) Simplified FCF = EBITDA Excl. Special Items - Organic CAPEX

RESULTS DRIVEN UP QOQ BY HIGHER OIL AND GAS PRICES

STRONG PRICE IMPACT WHILE LOWER VOLUMES ARE OFFSET BY OTHER ITEMS

UPSTREAM EBITDA QoQ, Q1 2026 vs Q4 2025 (USD mn)

COMMENTS

10

Higher oil (Brent +27%) and gas prices (TTF +33%) compared to base period

-6

7

4

-15

Volume: Lower production Kurdistan Region of Iraq, less cargo loads from Azerbaijan (3 cargoes in Q4 2025 vs 2 in Q1 2026)

Other category driven by decrease in provisions

EBITDA

excl. spec. Q4 2025

ACG PSA-

related adj.

EBITDA excl. spec. Q4 2025 and ex-ACG PSA

Prices & FX

Volumes

Exploration Expenses

Lifting cost Other

EBITDA excl. spec. Q1 2026 and ex-ACG PSA

ACG PSA-

related adj.

EBITDA

excl. spec. Q1 2026

UPSTREAM EBITDA YoY, Q1 2026 vs Q1 2025 (USD mn)

COMMENTS

-5

32

-5

2 -2

Price component contributed positively YoY due to higher oil (Brent +7% YoY) offsetting lower gas price (TTF

-6

14

-14% YoY) quotations

Volumes: Higher cargo volume in Azerbaijan and higher production in Pakistan, offset by lower production in Iraq

EBITDA

excl. spec. Q1 2025

ACG PSA-

related adj.

EBITDA excl. spec. Q1 2025 and ex-ACG PSA

Prices & FX

Volumes

Exploration

Expenses

Lifting cost

Other

EBITDA excl. spec. Q1 2026 and ex-ACG PSA

ACG PSA-

related adj.

EBITDA

excl. spec. Q1 2026

26

Notes: consolidated figures, unless otherwise indicated

Q1 PRODUCTION WITHIN MANAGEMENT GUIDANCE OF 95-97 MBOEPD

DESPITE LOST BARRELS DUE TO IRAN CONFLICT

ENTITLEMENT PRODUCTION BY COUNTRY (mboepd)

COMMENTS

Associated companies (1)

Other

94.8

14.4

93.9 93.5 92.2

13.7

99.4

16.1

1.8

95.5

16.8

92.5

Production at 95.5 mboepd in Q1 2026:

CEE: -1.5 mboepd QoQ

Hungary: -1.4 mboepd due to temporary shutdown and natural decline in Hungary

Croatia: flat with robust performance in

KRI

3.6

1.8

4.6

1.6

4.1

1.7

3.4

1.9

4.3

4.9

2.7

1.9

countering natural decline

Pakistan Azerbaijan

Croatia

Hungary

4.6

13.1

20.6

36.7

Q4 2024

4.5

12.4

19.8

36.8

Q1 2025

3.6

12.8

19.5

37.9

Q2 2025

4.1

13.2

19.5

36.4

Q3 2025

15.2

20.0

37.1

Q4 2025

5.3

13.1

20.0

35.7

Q1 2026 April

International: -3.2 mboepd

Iraq Shaikan: -1.6 mboepd as production was shut in end-February and remained offline in response to the current Middle East crisis

AZE: -2.1 mboepd with temporary shutdown of terminal in January

Pakistan: +0.4 mboepd due to the lifting of curtailment on production

Associated companies: +0.7 mboepd

Iraq Pearl: +0.3 mboepd as production increased despite shutdown due to Iranian conflict end-February

Kazakhstan: +0.5 mboepd

April: Production lower as Shaikan impacts full period; Iraq Pearl resumed production

(1) Associated companies include Baitex (Russia), Pearl (Iraq), UOG (KZ), and Tura (HU)

27

CAPEX PULLED BY ACG OFFSHORE OPERATION SPENDING

UNIT OPEX SLIGHTLY UP QOQ DUE MAINLY TO USD WEAKENING AND HIGHER ENERGY COST

UNIT OPEX (USD/boe)

UNIT OPEX (USD/boe)

8.0

7.5

7.0

6.5

6.0

5.5

GROUP

(INCL. JVS/ASSOC., PRO FORMA2)

FULLY CONSOLIDATED SUBS. (PRO FORMA2)

7.9

8.0

7.9

7.7

7.3

6.0

6.1

7.1

7.0

6.4

6.4

7.3

7.3

6.8

6.8

7.4

7.1

7.2

6.6

6.7

6.6

6.2

6.6

6.3

6.8

6.4

6.1

5.8

5.8

5.9

5.0

Q4 2023 Q1 2024 Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

7.2

6.5

+11%

Q1 2025 Q1 2026

7.9

7.1

+12%

Q1 2025 Q1 2026

Group (incl. JVs/associates) Fully consolidated subs.

Group (pro forma)2

Fully consolidated subs. (pro forma)2

COMMENTS

Q1 2025

Other

Development Exploration

Q1 2026

Group Unit OPEX is higher driven by FX effect and higher electricity cost in Hungary

41

10

14

9

76

63

99

ORGANIC CAPEX (1) (USD mn)

+57%

CAPEX higher due to ACG offshore operation and new Croatian offshore well (IKA) tie-in

Exploration success in Bilitang-1 with MOL as operator (8% MOL stake)

Expansion in Croatian and Hungarian onshore portfolio

Offshore exploration license granted in Libya

1. Fully consolidated assets..

   
   
   

2. Pro forma figures denote unit OPEX figures of Q4 2024 and Q1 2025 revision impact distributed across the year at the time when expenses incurred.

28

CIRCULAR ECONOMY SERVICES Q1 2026 RESULTS

CES DELIVERS USD 21 MN EBITDA IN Q1 2026

SEASONAL FACTORS IMPACTED RESULTS POSITIVELY

QUARTERLY EBITDA (USD mn)

COMMENTS

-10

ORG. CAPEX (USD mn)

Q4 2024 Q1 2025

Q2 2025 Q3 2025 Q4 2025 Q1 2026

Q1 EBITDA reached USD 21 mn

Seasonally lower waste volumes collected, driving reduction in expenses QoQ

DRS redemption activity remained on par with previous quarter while marketed volumes decreased, putting pressure on overall system profitability

SFCF (USD mn)

Execution of efficiency program on track

Results supported by strong secondary raw material sales

OPERATIONAL AND CAPEX UPDATE

Q1 2025 Q1 2026

-2

Q1 2025 Q1 2026

KEY FINANCIALS (USD mn)

Vertical integration continues with acquisition of the regional coordinator in Southeastern Hungary

DRS system utilization remains high with ~90% return rate and program has entered optimization phase with investments aimed at business-as-usual network adjustments

Preparations for waste incinerator ongoing, decision possibly later in 2026

30

SUPPORTING SLIDES

Q1 2026 SFCF AT USD 389 MN

SIMPLIFIED FCF1 (USD mn)

148

94

59

140

-44%

+476%

672

254

247

245

578

16

91

-33

-2

-38

-48

-221

-97

60

131

164

65

401

373

Q4 2024

Q1 2025 Q2 2025 Q3 2025 Q4 2025

Q1 2026

US DS CS CES GM C&O (incl. intersegment)

(1) Simplified Free Cash Flow = Clean CCS EBITDA - total organic CAPEX

32

WORKING INTEREST BASED PRODUCTION HOLDS ABOVE 120 MBOEPD

QUARTERLY WORKING INTEREST PRODUCTION BY COUNTRY(1) (mboepd)

Associated

126.0

20.3

124.7 122.9 121.3

20.1

127.9

21.8

122.7

companies*

Other

KRI

Pakistan

3.7

6.7

4.6

3.4

8.6

4.5

19.7

3.6

7.7

3.6

19.6

3.8

6.4

4.1

3.8

8.0

4.9

21.8

3.9

5.0

5.3

Azerbaijan

33.4

31.6

30.9

31.5

32.3

31.0

Croatia

20.6

19.7

19.5

19.5

20.0

20.0

Hungary

36.7

36.8

37.9

36.4

37.1

35.7

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

(1) Associated companies include Baitex (Russia), Pearl (Iraq), UOG (KZ), and Tura (HU)

33

UPSTREAM: OPERATIONAL UPDATE (1)

Hungary Croatia

EXPLORATION Nkö-D-2: shallow gas well successfully tested, tied in and started to produce in March

Kfa-4ST: drilling and well testing completed, natural flow production of clean oil achieved

FIELD DEVELOPMENT Körös-1: well intervention on key gas injector well in Bike-Körös EGR project was successful

PRODUCTION OPTIMIZATION 8 well workovers have been completed

INORGANIC EXPANSION Various assets acquired in Central and Eastern Hungary in April with 0.9 mboepd extra production

EXPLORATION Block Sava-07: farm-in of Vermilion's remaining 60% of share completed (INA now holds 100%)

SAVA-10/1 & DRAVA-02/02 exploration blocks were awarded to INA

FIELD DEVELOPMENT AND PRODUCTION Ika A platform (2 re-entry wells): completion phase finished, 3 strings in

production, tie-in for 4th string ongoing

Međimurje-7: drilling finished, well uncommercial

Fractionation facilities in Ivanić Grad: successfully upgraded, enabling the commercial production of n-pentane

PRODUCTION OPTIMIZATION 10 well workovers have been performed on onshore fields

GEOTHERMAL Međimurje targets identified based on seismic interpretation

Leščan GT1 well: potential injectivity/well test technical program preparation ongoing

Azerbaijan Egypt

ACG production affected by natural base production decline, ACG Plant unplanned trips and the oil price impact on the entitlement

Drilling activities are ongoing

Well workover activities have been performed on North Bahariya (2), Ras Qattara (4), West Abu Gharadig (1)

5 wells were drilled on North Bahariya, 1 on Ras Qattara

34

UPSTREAM: OPERATIONAL UPDATE (2)

Pakistan Russia

EXPLORATION Bilitang - 1: well successfully drilled to a depth of more than 4,000 meters; achieved gas discovery; WHSF & FL construction work activities ongoing

FIELD DEVELOPMENT Makori East-7: location construction works commenced and are ongoing

PRODUCTION TAL block production curtailment in February

Execution of the well workover program: 17 perforation & acidizing have been completed

Kazakhstan

Kurdistan Region of Iraq

Production affected by unplanned U-10, U-12 and U-26 temporary well shutdowns due to mechanical integrity failures; production negative impacts partially compensated by active Choke Management





SHAIKAN: production shutdown since February 28th due to the Middle East crisis

PEARL: production shutdown on February 28th due to the Middle East crisis; from March 22nd intermittent production based on security situation on the ground

Libya

MOL Group entered Libya with a 20% stake in an offshore exploration area in the Mediterranean Sea, as part of a joint venture with Repsol (40%, operator) and TPAO (40%)

35

WHSF & FL - Wellhead Surface Facilities and Flow Line

UPSTREAM CAPEX BY REGION AND BY TYPE IN Q1 2026

ORGANIC CAPEX BY REGION AND BY TYPE (USD mn) (1)

(1) Excl. equity consolidated assets.

36

EBITDA excl. spec. items(1) (USD mn)

+39%

93

67

52

51

50

39

CAPEX(1) (USD mn)

GAS MIDSTREAM: KEY FINANCIALS

25

-71%

20

19

7

6

2

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

KEY FINANCIALS (USD mn)

COMMENTS

(1) Gas Midstream's financial performance and CAPEX include both FGSZ Ltd. and CEEGEX Ltd.

EBITDA increased by 39% on YoY basis exceeding USD 93 mn in Q1 2026, as increased demand for regional transmission services and favorable FX effect overcompensated the effect of unfavorable macroeconomic factors

Total transmission volumes were similar to prior year, growing regional demand and higher export volumes to neighboring countries (especially to UA, RS) compensated the 2% decrease of transmissions to domestic market

Regulated income was above prior year's level (by 19%) as cross-border capacity demands strengthened significantly in line with harsher winter conditions, in spite slightly lower regulated tariffs

Upward trend in gas price and higher gas consumption due to higher export demands resulted a negative impact on gas consumption cost, while other OPEX elements were pushed by inflation YoY



CAPEX fell by 70% on YoY due to one-off items in 2025 Q1 delivery

37

SUSTAINABILITY INDICATORS

CO2 under ETS (mn t)

HC Spill above 1bbl (m3)

Tier1 PSE

2.0

1.5

1.0

0.5

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

200

1.57

1.69

1.49

1.32

1.47

150

100

50

0

184

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

2.0

4

22

12

6

1.5

1.0

0.5

0.0

2 2

1

0

0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Total workforce

Turnover rate (%, 12M rolling)

Leavers (12M rolling)

30,000

20,000

10,000

0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

12.0

25,311

25,370

25,370

25,201

24,744

10.5

9.0

7.5

6.0

4.5

3.0

1.5

0.0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

4,000

11.2

11.4

11.9

3.1

3.5

3,000

2,000

1,000

0

2,844

2,888

3,014

777

853

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Number of ethical reports

Ethical misconducts*

40

11 11

9

7

7

20

0

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

36

39

23

21

14

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

38

*Number of misconducts closed during the given period

MACRO INDICATORS

BRENT (USD/bbl)

MOL REFINERY MARGIN* (USD/bbl)

HUF/USD (Q avg.)

100

80

60

40

20

Q4

Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

25

Brent-based MOL Group

Brent-based Complex (MOL + Slovnaft)

20

15

10

5

0

Q4 Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

400

350

300

250

200

Q4 Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

URALS-BRENT SPREAD (DAP India,

USD/bbl)

MOL PETCHEM MARGIN** (EUR/t)

HUF/EUR (Q avg.)

0

-1

-2

-3

-4

-5

-6

-7

Q4 Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

500

400

300

200

100

0

Q4

Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

450

400

350

300

250

Q4 Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

CRACK SPREADS (USD/t)

PREMIUM UNLEADED GASOLINE

GAS OIL

FUEL OIL

250

200

150

100

50

0

Q4

Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

300

250

200

150

100

50

0

Q4

Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

0

-50

-100

-150

-200

-250

Q4 Q1 Q2

Q3 Q4

Q1 Q2

Q3 Q4 Q1

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

2023

2024

2024

2024

2024

2025

2025

2025

2025

2026

39

* Brent-based new margin

** Variable petrochemical margin contains an energy price component

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

40