MOL Magyar Olaj es Gázipari Nyilvánosan Muködo Reszvenytársaság : Investor presentation - May, 2024

MOL GROUP

INVESTOR PRESENTATION

MAY 2024

MOL GROUP IN BRIEF

INTEGRATED CENTRAL EUROPEAN MID-CAP OIL & GAS COMPANY

CORE ACTIVITIES

UPSTREAM	DOWNSTREAM	CONSUMER	GAS	WASTE
		SERVICES
Exploration	Petrochemicals	MIDSTREAM	MANAGEMENT
		Retail
Production	Refining	Mobility

CLEAN CCS EBITDA BY SEGMENTS IN 2023 (USD MN)1

UPSTREAM	DOWNSTREAM	CONSUMER	GAS
953	1,328	695	265

KEY FIGURES

	CAPITAL MARKETS	BUSINESS / ASSETS
Market	Free float	Countries	~25,000	~90	Reserves
cap.				(Mmboe)
	30+
USD 6.5 bn	46%	Employees	Production	335
				(mboepd)
INVESTMENT	USD 3.9	380	Steam	2,400+	Retail
cracker	transactions
GRADE	bn	Refinery
capacity	Service	per day
Credit	Available	capacity
890 (ktpa)	stations 1,000,000+
rating	Liquidity	(kbpd)

2

(1) "Corporate and other" segment and intersegment eliminations omitted.

MOL IS THE DOMINANT O&G PLAYER OF THE CEE REGION

RUSSIA

AZERBAIJAN

#3

				POLAND
						KAZAKHSTAN
				#1	#1
#3	#2			SLOVAKIA
CZECHIA				#1	#1
				HUNGARY
						PAKISTAN
#2	#2				#3	#3
	HQ	ROMANIA		IRAQ
SLOVENIA
						EGYPT
							FLAGSHIP COUNTRIES 1
							CORE COUNTRIES 2
	#1	#1		#2	#2		INTERNATIONAL UPSTREAM
CROATIA
			SERBIA			FUEL WHOLESALE MARKET POSITION 3
					#
						#	FUEL RETAIL MARKET POSITION 3
		#1	#1	#3
		MONTENEGRO		1 Countries with a refinery unit and at least 30% market share in Downstream and Consumer Services.
	BiH					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

	"AA" rating sixth
	year in a row,
	staying at the top
	~20% among
	integrated O&G
	peers
Climate Change:	'B' rating in Climate
Management	Change for the 3rd
Water Security:	year, above
regional peers in
Awareness	several subtopics

Gold Medal

(top 5%)

DISCLOSURE

Leading ESG disclosure through Integrated Reporting using the following internationally recognised standards:

High risk category due to industry exposure - however, MOL Group's management of ESG risks is rated strong

ESG Risk Rating:

30.3 High risk

ESG Risk Management:

69.3 Strong

4

AGENDA

THE MOL GROUP EQUITY STORY
GROUP STRATEGY AND SUSTAINABILITY	6
DOWNSTREAM	12
WASTE MANAGEMENT	20
CONSUMER SERVICES	26
EXPLORATION AND PRODUCTION	35
FINANCIALS	42
SUPPORTING SLIDES	50
Q1 2024 RECAP(LINK TO Q1 2024 RESULTS)	59

THE MOL GROUP EQUITY STORY

GROUP STRATEGY AND SUSTAINABILITY

NAVIGATING THE COMPLEXITIES OF THE ENERGY TRANSITION

CHALLENGES AND OPPORTUNITIES IN A SHIFTING LANDSCAPE

AFFORDABILITY

Sustainability regulations: ambitious goals, but high uncertainty regarding markets & technologies

Geopolitical tensions: need for supply diversification & improved European competitiveness

Customer expectations: predictable & affordable energy supply

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

DS

E&P	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

ESG	LOW CARBON CIRCULAR
E&P
Already started low-carbon circular projects
DS	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

CS

GM

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

E&P

	CS
OPERATIONAL	ESG
MODEL SECURES
TRANSITION WITH
GROWTH AND	DS
RESILIENCE

INTERNATIONAL UPSTREAM

Continued presence in Int'l upstream projects to generate cash and provide hedge for the other segments of the Group

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

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)

Sustain

Strategic

USD ~1.3 bn

72%

USD

~1.8 bn

28%

USD

~0.5 bn

2025-30 Organic CAPEX distribution

(yearly avg., real 2024)

56%

USD ~1.1 bn

USD

~1.9 bn

USD ~0.8 bn

44%

• 2025-2030Organic 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

Low-

carbon

<10%

30-40%

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)

Like-for-like1

Absolute2

REDUCTION AMBITION HIGHER

MOL committed to achieve 2050 net climate

neutrality

8

7

6

5

4

3

2

1

0

-10%-30%

7.6

0.1 0.1 6.9

0.1 0.0

6.4

6.1

1.0 0.6

-33%

5.3 5.1

-25%

7.6

0.1 0.1 7.2 0.0

0.1

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 expected to decrease by 5-10% by 2030 (from 2019)

From 2024 onwards, GHG and TRIR KPIs are also introduced in managerial short-term incentives

2019

2022

2030 old 2030 new

E&P DS CS Other Total

2019 2022 2030

STRONGER SHORT-TERM COMMITMENT TO ACHIEVE CLIMATE GOALS

1 Like-for-like emissions only include GHG emissions of 2019 asset base.	10
2 Absolute target-setting methodology in line with requirements set by EU Directive 2022/2464 (CSRD) on corporate sustainability reporting.