OMV : Präsentationsrede (OMV Q1 2025 Analyst Conference Call Speech)

April 30, 2025

Q1 2025 Results Conference Call

Reinhard Florey

Chief Financial Officer

The spoken word applies

OMV Q1 2025 Results

Slide 3: Overview Q1 2025

Ladies and gentlemen, good morning and thank you for joining us.

In the first quarter of 2025, the macro environment showed a mixed picture, with growing concerns about the global economic outlook driven by uncertainties surrounding U.S. trade policy. Oil was part of a broader sell-off which started to briefly dip below 70 dollars per barrel in mid-February before posting a moderate recovery at the end of the quarter. European gas prices rallied through to mid-February on large draws on inventories due to elevated demand, but prices eased in the second half of the quarter as LNG inflows increased and as demand tailed off seasonally. The refining indicator margin was very volatile, on average showing some recovery compared to the previous quarter, but it remained significantly below the strong prior-year quarter. Olefin indicator margins improved quarter-on-quarter, supported by stronger demand and tighter-than-expected supply due to outages at crackers and refineries. European cracker operating rates saw a significant increase, rising from 67 percent in the fourth quarter of 2024 to 76 percent in the first quarter of 2025. However, macroeconomic challenges persisted. The construction sector remained stagnant, and the automotive industry experienced only a modest recovery. As a result, the increase in olefin prices could not be fully passed on to customers, leading polyolefin indicator margins to average slightly below the levels of the previous quarter but remaining slightly above the prior-year quarter.

Our polyolefin sales volumes including joint ventures grew by 10 percent year-on-year. Fuel sales volumes remained broadly stable. Hydrocarbon production was 12 percent down year-on-year, impacted by the divestment of our Malaysian assets.

Cash flow from operating activities reached almost 1.4 billion euros, an increase of more than 30 percent compared with the previous quarter. Clean CCS Operating Result was solid coming in at around 1.2 billion euros, 22 percent below the prior-year quarter level and 16 percent lower than the fourth quarter of 2024, which had benefited significantly from the arbitration award in Gas Marketing & Power. Clean CCS earnings per share amounted to 1 euro and 26 cents.

Before I will go into the details of the first quarter financial results, let me give you a short update on

OMV's strategic progress.