MOL Magyar Olaj es Gázipari : Presentation of Q1 2026 results

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

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 417 79 122 6 47 673 34 69 177 346 212 35 CS Other DS 626 0 84 128 US 256 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 -144 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) 79 Q1 2025 Q4 2025 Q1 2026 DD&A driven higher by dollar weakening and higher 690 417 337 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 35 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 84 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 1,377 417 121 326 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 1,541 373 1,377 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 2,504 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) -8% 5,497 5,568 -10% 15 330 282 4,906 4,42 08 1,470 1,664 261 26 344 132 -77% -82% 452 394 300 307 267 69 -69 463 -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 Q4 2025 Q1 2026 Q1 2025 YoY % EBITDA 246 112 284 (61) EBITDA excl. spec. items 246 112 284 (61) Clean CCS EBITDA 394 69 300 (77) o/w Petchem (69) (63) (44) 43 EBIT 73 (48) 158 n.a. EBIT excl. spec. items 73 (48) 158 n.a. Clean CCS EBIT 221 (91) 174 n.a. 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 Variable MOL Group Petrochemicals margin contains an energy cost component and is the only petrochemicals margin MOL reports starting in Q1 2024. 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 45 53 -219 344 -110 132 43 -44 -63 112 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 Clean CCS R&M price Petchem price Volumes Other Clean CCS Clean CCS EBITDA Q1 2026 EBITDA Q1 2025 & margin & margin EBITDA Q1 2026 modification 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 17 +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 Q1 2025 Q1 2026 YoY % FY 2025 EBITDA excl. special items 158 177 12 927 EBIT excl. special items 97 124 27 675 Organic CAPEX 10 13 28 122 Simplified FCF 148 164 112 805 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 0.89 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% 346 317 276 285 276 247 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 94 247 254 100 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 Q4 2025 Q1 2026 Q1 2025 YoY % EBITDA 247 346 317 9 EBITDA excl. spec. items 247 346 317 9 EBIT -34 209 220 (5) EBIT excl. spec. items 107 209 220 (5) (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 346 -6 20 352 7 4 -15 247 257 80 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 352 -6 346 313 317 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 13.9 14.2 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 FORMA 2 ) FULLY CONSOLIDATED SUBS. (PRO FORMA 2 ) 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 12 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 Fully consolidated assets.. 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 -48 12 -64 21 28 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 16 5 14 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 Q1 2026 Q4 2025 YoY% Q1 2026 Q1 2025 YoY% EBITDA 21 28 (27) 21 12 68 EBIT 8 10 (22) 8 2 420 Organic CAPEX 5 66 (93) 5 14 (68) 30 SUPPORTING SLIDES Q1 2026 SFCF AT USD 389 MN SIMPLIFIED FCF 1 (USD mn) 148 94 59 140 -44% +476% 672 32 254 247 245 578 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 4 th string ongoing Me đ imurje-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 Me đ imurje 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 28 th due to the Middle East crisis PEARL: production shutdown on February 28 th due to the Middle East crisis; from March 22 nd 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) HUN CRO IRAQ PAK AZE OTHER Total - Q1 2026 Total - Q1 2025 Exploration 7.0 0.0 0.0 0.7 1.2 0.0 8.9 11.9 Development 14.7 25.6 0.5 0.0 32.4 2.7 75.9 40.7 Other 2.4 2.4 3.2 0.1 1.1 5.1 14.3 38.4 Total - Q1 2026 24.1 28.0 3.7 0.8 34.7 7.8 99.1 Total - Q1 2025 45.3 13.7 1.9 2.2 24.1 3.8 91.0 (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 Q1 2026 Q1 2025 YoY % FY 2025 EBITDA 92.6 66.8 38.7 207.7 EBITDA excl. spec. items 92.6 66.8 38.7 207.7 Operating profit/(loss) 79.2 56.3 40.7 159.1 Operating profit excl. spec. items 79.2 56.3 40.7 159.1 CAPEX and investments 2.0 6.8 (70.4) 51.8 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 CO 2 under ETS (mn t) HC Spill above 1bbl (m 3 ) 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 Q4 2025 Q1 2026 Q1 2025 YoY Ch % Income Statement (HUF million) FY 2025 2,058,724 2,017,128 2,171,244 (7) Net sales 8,696,283 22,145 7,168 22,827 (69) Other operating income 77,315 2,080,869 2,024,296 2,194,071 (8) Total operating income 8,773,598 1,552,627 1,530,459 1,686,392 (9) Raw material and consumables used 6,673,581 132,333 119,547 117,114 2 Employee benefits expense 499,012 228,070 136,902 129,504 6 Depreciation, depletion, amortisation and impairment 641,294 39,209 (29,971) (25,998) 15 Change in inventory of finished goods & work in progress 67,816 (57,155) (23,568) (20,274) 16 Work performed by the enterprise and capitalized (144,002) 169,991 207,687 121,484 71 Other operating expenses 599,409 2,065,075 1,941,056 2,008,222 (3) Total operating expenses 8,337,110 15,794 83,240 185,849 (55) Profit / (loss) from operation 436,488 26,905 24,731 31,713 (22) Finance income 127,245 26,410 51,147 23,131 121 Finance expense 104,849 495 (26,416) 8,582 n.a. Total finance gain / (expense), net 22,396 842 11,460 15,978 (28) Share of after-tax results of associates and joint ventures 23,937 17,131 68,284 210,409 (68) Profit / (loss) before tax 482,821 (7,345) 27,672 50,454 (45) Income tax expense 142,880 24,476 40,612 159,955 (75) Profit for the period from continuing operations 339,941 0 0 0 n.a. Profit / (Loss) for the period from discontinued operations 0 24,476 40,612 159,955 (75) PROFIT / (LOSS) FOR THE PERIOD 339,941 Attributable to: 12,834 38,841 152,343 (75) Owners of parent 298,053 11,642 1,771 7,612 (77) Non-controlling interests 41,888 40 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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