OMV Q1/26 Trading Update
This trading update provides provisional basic information on the economic environment as well as OMV's key performance indicators for the quarter ended March 31, 2026. The Q1/26 results will be published on April 30, 2026. The information contained in this trading update may be subject to change and may differ from the numbers of the quarterly report. Economic environmentQ1/25 | Q2/25 | Q3/25 | Q4/25 | Q1/26 | ||
Average Brent price | in USD/bbl | 75.73 | 67.88 | 69.13 | 63.73 | 81.13 |
Average EUR-USD exchange rate | 1.052 | 1.134 | 1.168 | 1.163 | 1.170 | |
Average THE natural gas price | in EUR/MWh | 47.88 | 36.37 | 33.36 | 31.34 | 41.45 |
Average CEGH natural gas price | in EUR/MWh | 48.57 | 38.83 | 35.91 | 32.78 | 42.13 |
Source: Reuters/Platts, Trading Hub Europe (THE), Central European Gas Hub (CEGH)
EnergyQ1/25 | Q2/25 | Q3/25 | Q4/25 | Q1/26 | ||
Total hydrocarbon production | in kboe/d | 310 | 304 | 304 | 300 | 288 |
thereof crude oil and NGL production | in kboe/d | 178 | 179 | 179 | 175 | 163 |
thereof natural gas production | in kboe/d | 132 | 125 | 125 | 125 | 125 |
Total hydrocarbon sales volumes | in kboe/d | 282 | 276 | 306 | 289 | 252 |
thereof crude oil and NGL sales volumes | in kboe/d | 171 | 169 | 199 | 183 | 144 |
thereof natural gas sales volumes1 | in kboe/d | 112 | 107 | 107 | 106 | 107 |
Average realized crude oil price | in USD/bbl | 72.8 | 66.2 | 66.3 | 62.4 | 73.8 |
Average realized natural gas price1, 2 | in EUR/MWh | 38.2 | 29.1 | 27.3 | 26.4 | 31.1 |
Note: Crude oil, NGL (Natural Gas Liquids), and natural gas figures may not add up due to rounding differences.
Does not consider Gas Marketing & Power
The average realized natural gas price is converted to MWh using a standardized calorific value across the portfolio of 10.8 MWh for 1,000 cubic meters of natural gas
Q1/25 | Q2/25 | Q3/25 | Q4/25 | Q1/26 | ||
OMV refining indicator margin Europe based on Brent1 | in USD/bbl | 6.65 | 8.08 | 11.54 | 13.96 | 13.88 |
Utilization rate refineries Europe | in % | 92 | 83 | 91 | 89 | 87 |
Fuels and other sales volumes Europe | in mn t | 3.52 | 4.20 | 4.40 | 4.27 | 3.80 |
Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions.
Q1/25 | Q2/25 | Q3/25 | Q4/25 | Q1/26 | ||
Ethylene indicator margin Europe1 | in EUR/t | 529 | 589 | 570 | 590 | 453 |
Propylene indicator margin Europe2 | in EUR/t | 400 | 467 | 448 | 465 | 318 |
Polyethylene indicator margin Europe3 | in EUR/t | 446 | 492 | 473 | 435 | 580 |
Polypropylene indicator margin Europe4 | in EUR/t | 383 | 377 | 360 | 325 | 477 |
Utilization rate steam crackers Europe | in % | 90 | 82 | 84 | 72 | 91 |
Polyolefin sales volumes | in mn t | 1.59 | 1.61 | 1.47 | 1.80 | 1.56 |
thereof polyethylene sales volumes excl. JVs | in mn t | 0.49 | 0.53 | 0.42 | 0.51 | 0.48 |
thereof polypropylene sales volumes excl. JVs | in mn t | 0.55 | 0.58 | 0.45 | 0.54 | 0.57 |
thereof polyethylene sales volumes JVs | in mn t | 0.37 | 0.31 | 0.38 | 0.45 | 0.33 |
thereof polypropylene sales volumes JVs | in mn t | 0.19 | 0.19 | 0.22 | 0.30 | 0.18 |
Ethylene CP WE (ICIS) - 1.18 * Naphtha FOB Rotterdam
Propylene CP WE (ICIS) - 1.18 * Naphtha FOB Rotterdam
HD BM FD EU Domestic EOM (ICIS low) - Ethylene CP WE (ICIS)
PP Homo FD EU Domestic EOM (ICIS low) - Propylene CP WE (ICIS)
Additional Information
Energy
In the E&P business, Q1/26 production volumes were impacted by the conflict in the Middle East. Sales volumes were additionally impacted by unfavorable lifting schedules in several countries. Nevertheless, in the clean
Operating Result these effects are expected to be more than offset by higher oil and gas prices compared to Q4/25.
The Gas Marketing Western Europe business is expected to make a significantly lower contribution to the clean Operating Result in Q1/26 compared to Q4/25. This is primarily attributable to an increased gas transport provision, versus a release in Q4/25, and a lower LNG result.
Fuels
While refining indicator margins remained at a similar level to Q4/25, the Q1/26 clean CCS Operating Result of Fuels is expected to be substantially negatively impacted by the ongoing conflict in the Middle East.
One-off hedging losses as a result of disrupted crude flows are anticipated to impact the result in Q1/26 by roughly EUR 100 mn compared to Q4/25.
In addition, various other factors are expected to negatively impact the result by EUR 150 mn compared to Q4/25. This is primarily attributable to substantially lower retail and commercial margins, caused by the steep increase in oil product quotations, as well as planned shutdowns at European refinery operations during Q1/26. The contribution from ADNOC Refining & Trading is expected to be impacted by the conflict in the Middle East.
Chemicals
Impact of Borouge International formation on OMV's Q1/26 financials
Following the formation of Borouge International on March 31, 2026, financial metrics for Q1/26 - such as cash
flow from operating activities, clean Operating Result, and clean net income - will be reported under the previous Group structure, consistent with Q4/25.
Organic capital expenditure (CAPEX) for Q1/26 will still include three months of Borealis, while the yearly Group guidance of EUR 3.2 bn excludes Borealis CAPEX. Cash flow from investing activities in Q1/26 will reflect a capital injection of EUR 1.5 bn into Borouge International as well as a negative impact from the deconsolidation of Borealis cash positions.
The balance sheet is going to be adjusted to reflect the derecognition of Borealis assets held for sale, and Borouge International will be accounted for as an at-equity investment. As a direct consequence of the closing of the
transaction, the Q1/26 leverage ratio is expected to increase compared to Q4/25.
From Q2/26 onwards, the Chemicals segment will comprise OMV's base chemicals business and OMV's share in Borouge International. The clean Operating Result and clean net income will include OMV's share of clean net
income from Borouge International following the at-equity consolidation method. Cash flow from operating activities will include dividends received from Borouge International. OMV's base chemicals business continues to be fully consolidated.
Other
In Q1/26, a net working capital build of around EUR 1 bn is expected, primarily driven by higher inventories and receivables because of a sharp increase in commodity prices.
Consensus
The collection of the analysts' consensus on the quarterly result estimates, managed by Vara Research, is scheduled to open for submission on April 9, 2026, and will close on April 23, 2026, at 7:30 am CEST. The consensus will be
made public on April 23, 2026.
Contact
For further information, please contact:
Florian Greger, Senior Vice President Investor Relations & Sustainability Tel.: +43 (1) 40 440-21600
E-Mail: /investor.relations@omv.com
Disclaimer regarding forward-looking statements
This report contains forward-looking statements. Forward-looking statements usually may be identified by the use of terms such as "outlook," "expect," "anticipate," "target," "estimate," "goal," "plan," "intend," "may," "objective," "will," and similar terms or by their context. These forward-looking statements are based on beliefs and assumptions currently held by and information currently available to OMV. By their nature, forward-looking statements are subject to risks and uncertainties, both known and unknown, because they relate to events and depend on
circumstances that will or may occur in the future and are outside the control of OMV. Consequently, the actual results may differ materially from those expressed or implied by the forward-looking statements. Therefore, recipients of this report are cautioned not to place undue reliance on these forward-looking statements. Neither OMV nor any other person assumes responsibility for the accuracy and completeness of any of the forward-looking statements contained in this report. OMV disclaims any obligation to update these forward-looking statements to reflect actual results, revised assumptions and expectations, and future developments and events. This report does not contain any recommendation or invitation to buy or sell securities in OMV.
OMV Q1/26 Trading Update - April 9, 2026