OMV : Presentation slides (OMV Q1 2025 Analyst Conference Call)

Q1 2025 Results Conference Call

Reinhard Florey

Chief Financial Officer

Macro environment

Average Brent price

Average realized crude price

83

85

80

75

79 81 78 72

Q1/24 Q2/24 Q3/24 Q4/24

76

73

Q1/25

Oil prices USD/bbl

Refining indicator margin Europe

USD/bbl

Gas prices EUR/MWh

Trading Hub Europe (THE)

Realized gas price

44

48

35

28

31

31

38

22

23

25

Q1/24

Q2/24

Q3/24

Q4/24

Q1/25

Q1 2025 vs. Q1 2024
Brent oil	-9%
THE gas price	+73%
Europe refining indicator margin	-38%
Europe olefin

Olefin and polyolefin indicator margins Europe

EUR/t

10.8

7.0

5.0

5.9

6.7

Q1/24

Q2/24

Q3/24

Q4/24

Q1/25

Average ethylene and propylene Average PE and PP

464 464

411

399

455

447

422

427

421

414

Q1/24

Q2/24

Q3/24

Q4/24

Q1/25

indicator margin

+13%

Europe PE/PP indicator margin

+4%

Overview Q1 2025

Clean CCS Operating Result EUR mn

Clean CCS EPS EUR

Cash flow from operating activities EUR mn

1,160

126

117

1,050

1,241

910

1,483

129

-22%

1,375

81

112

303

-41%

2.13

1.70

1.26

-26%

1,823

1,357

1,030

Q1/24

Q4/24 Q1/25

Q1/24 Q4/24 Q1/25

Q1/24 Q4/24 Q1/25

Chemicals F&F

Energy

Consolidation and Others

Operational performance

Q1 2025 vs. Q1 2024

Polyolefin sales volumes incl. JVs

+10%

Fuel sales volumes

-1%

Hydrocarbon production

-12%

Delivering the Strategy 2030 - Borouge Group International

1. As of 2026 and including Borouge 4 capacities

2. Determined as of the reference date January 1, 2025, to be reduced by dividends paid out until completion of the transaction Q1 2025 CONFERENCE CALL, APRIL 30, 2025

   • Fourth-largest polyolefins player globally1 with access to the largest and most attractive and growing markets (Americas, Europe, Middle East, Asia)

     
     
     

   • Joint control; OMV to inject EUR 1.6 bn2 cash into BGI to equalize ownership

   • Highly competitive cost position with ~70% of its production capacity in cost

     advantaged regions

   • Unlocks substantial EBITDA synergy potential of USD ~500 mn p.a. run-rate by 2030

   • Significant platform for growth with EBITDA expected to increase from USD 4.5 bn average 2020-2024 to >USD 7 bn through-the-cycle

   • Net floor dividend of USD ~1.0 bn to OMV with potential upside through-the-cycle

   • Recontribution of Borouge 4 envisaged by end of 2026 when fully operational at cost estimated at USD ~7.5 bn from OMV (30%) and ADNOC (70%)

   • Free cash flow and clean CCS EPS accretive to OMV

   • Strengthens OMV's shareholder distributions

   • Expected to close in Q1 2026 subject to merger control and foreign direct investment

     clearances

     BOROUGE GROUP INTL

     Please find more information here

     Delivering the Strategy 2030 - Neptun Deep and ReOil®

     Start of drilling at the Neptun Deep project

     Successful start-up of the 16,000 t ReOil® plant

     
     
     

     Chemicals - lower realized margins compensated for by positive impact of Borealis reclassification

     Clean Operating Result

     -3

     129

     126

     23

72

11

57

EUR mn

1

Q1/24 Market effects

Inventory effects 2

Operational effects & others

Borealis JVs Q1/25

• Market environment

  • Higher olefin indicator margins (ethylene +11%, propylene

    +15%)

  • Higher polyolefin indicator margins (PE +11%, PP -3%)

• Operational effects & others

  • Higher cracker utilization rate (90% vs. 87% in Q1/24)

  • Lower olefins contribution: lower inventory valuation effects, decreased light feedstock advantage and higher customer discounts

  • Lower polyolefins contribution: higher fixed costs and lower realized standard product margins

  • Positive impact from Borealis, excluding Borouge JV, reclassification following signing of Borouge Group International transaction

• Borealis JVs

1. Based on externally published sensitivities for OMV base chemicals and Borealis excl. JVs; not adjusted to account for effect of intercompany profit elimination

2. Includes the contribution from OMV base chemicals, Borealis excl. JVs, the effect of intercompany profit elimination, and other effects

   • Increased Borouge contribution, due to higher sales volumes, partially offset by a weaker market environment

   • Positive impact from exclusion of Baystar result following the

     F&F - significantly lower refining margins and decreased ADNOC Refining & Global Trading result

     Clean CCS Operating Result

     EUR mn

     50

26

-187

303

117

110

• Refining indicator margin decreased by USD 4/bbl due to lower middle distillate and gasoline cracks

• Higher utilization rate Europe (92% vs. 85% in Q1/24)

• Retail contribution increased, driven by improved fuel margins, slightly higher volumes (+3%), and a stronger non-fuel contribution. However, this was partially offset by higher inflation driven costs

• Commercial result similar to Q1/24

• ADNOC Refining & Global Trading JV performance decreased significantly by EUR 50 mn, mainly due to weaker refining and trading margins

Q1/24 Market effects 1

Operational performance

ADNOC Refining & Global Trading JV

Q1/25

1 Market effects based on refining indicator margin Europe

Energy - significantly higher gas prices, partially offset

by lower Gas Marketing & Power result

Clean Operating Result

EUR mn • Market environment

86

140

808

754

102

296

194

-140

1,050

• Lower realized crude oil price (-8%), significantly higher realized natural gas price (+74%)

• Oil and gas production of 310 kboe/d (-42 kboe/d)

  • Divestment of Malaysia (-28 kboe/d)

    1

    Q1/24 Market effects

    Operational performance

    Gas Marketing & Power

    910

    Q1/25

    Gas Marketing & Power

  • Norway (-10 kboe/d)

  • New Zealand (-7 kboe/d)

  • Libya (+7 kboe/d)

• Sales volumes of 282 kboe/d (-39 kboe/d) broadly in line with production

• Production cost increased to USD 10.1/boe (+5%), mainly due to the

  divestment of Malaysia

• Significantly lower Gas Marketing & Power contribution

  • Gas West decreased by EUR 89 mn, driven by lower storage result due to decreased summer/winter spreads, partially offset by arbitration award of EUR 48 mn

  • Gas & Power East decreased by EUR 104 mn, due mostly to a

1 Market effects defined as oil and gas prices, foreign exchange impact, price effect on royalties, and hedging

Q1 2025 CONFERENCE CALL, APRIL 30, 2025

change in legislation for the gas and power sector that came

into effect in April 2024 9

Strong cash flow from operations of EUR 1.4 bn

EUR bn

Q1/24

Q4/24

Q1/25

1.4

1.2

1.0

0.4

0.0

1.9 • Cash flow from operating activities excluding net working capital effects to EUR 1.4 bn

 Dividends received of EUR 80 mn (Q1/24: EUR 225 mn), mostly from ADNOC Refining & Global Trading in both periods



• Organic cash flow from investing activities1 of EUR -916 mn

• Inorganic cash flow from investing activities of EUR -124 mn, mainly from net acquisition of government bonds in Romania and additional loans granted to Borouge 4 LLC

Cash flow from operating activities excl. NWC effects

Organic free cash flow before dividends

1 Organic cash flow from investing activities is cash flow from investing activities excluding divestments and material inorganic cash flow components (e.g., acquisitions).

Strong balance sheet - low leverage ratio and high cash position

EUR bn, %

9.3

End of March 2025 OMV cash position EUR 6.5 bn

6.0

32%

Net debt in EUR bn

Leverage ratio

21%

3.2

3.2

End of March 2025

OMV undrawn committed

				2.2 8%		2.1 8%		12%	12%		credit facilities EUR 4.2 bn
2020		2021		2022		2023		2024	Q1 2025

Note: Leverage ratio is defined as net debt including leases to capital employed.

OPERATIONS MARKET

Updated outlook 2025

	2023	2024	Q1 2025	FY 2025
Brent oil price (USD/bbl)	83	81	76	~70 (previously ~75)
THE (Trading Hub Europe) gas price (EUR/MWh)	41	35	48	40-45
OMV average realized gas price (EUR/MWh)	29	25	38	~35
Ethylene indicator margin Europe (EUR/t)	507	505	529	~520
Propylene indicator margin Europe (EUR/t)	389	384	400	~385
Polyethylene indicator margin Europe (EUR/t)1	322	432	446	>400
Polypropylene indicator margin Europe (EUR/t)2	355	402	383	>400
OMV refining indicator margin Europe (USD/bbl)	11.7	7.1	6.7	~6
Utilization rate steam crackers Europe (%)	80	84	90	~90
Borealis polyolefin sales volumes excl. JVs (mn t)	3.5	3.9	1.04	~4.1
Utilization rate European refineries (%)	85	87	92	85-90
Fuel sales volumes (mn t)	16.3	16.2	3.5	>16.2
Hydrocarbon production (kboe/d)	364	340	310	~300
Organic CAPEX (EUR bn)	3.7	3.7	0.8	~3.6

Q1 2025 CONFERENCE CALL, APRIL 30, 2025

1. HD BM FD EU Domestic EOM (ICIS low) - Ethylene CP WE (ICIS)

2. PP Homo FD EU Domestic EOM (ICIS low) - Propylene CP WE (ICIS)

12

Appendix

Chemicals - lower realized margins more than offset by positive impact of Borealis reclassification

Clean Operating Result

EUR mn

+45

3

126

81

15

19

14

Q4/24 Market

effects1

Inventory

effects 2

Operational

effects &

others

Borealis

JVs

Q1/25

• Market environment

  • Slightly higher olefin indicator margins (+4%)

  • Slightly lower polyolefin indicator margins (PE +1%, PP -5%)

• Operational performance & others

  • Higher utilization rate at 90% (+6 pp)

  • Higher polyolefin volumes excl. JVs (+2%)

  • Olefin business: lower performance, due to decreased light feedstock advantage, lower inventory effects, and higher customer discounts driven by higher prices, partially offset by higher production volumes

  • Polyolefin business: stronger contribution, supported by inventory effects

  • Positive impact from Borealis, excluding Borouge JV, reclassification following signing of Borouge Group International transaction

• Lower contribution of Borealis JVs

  • Lower Borouge contribution; seasonally lower sales volumes and

1. Based on externally published sensitivities for OMV base chemicals and Borealis excl. JVs; includes inventory effects

   of Borealis excl. JVs; not adjusted to account for effect of intercompany profit elimination

2. Includes the contribution from OMV base chemicals, Borealis excl. JVs, the effect of intercompany profit elimination, and other effects

   Borouge 2 cracker maintenance

   • Positive impact from exclusion of Baystar result following the reclassification

     F&F - earnings impacted by seasonally lower Marketing result

     Clean CCS Operating Result

     EUR mn

     112

     2

     20

25

+5

119

• Slightly higher refining indicator margin by USD 0.75/bbl

• Slightly higher refinery utilization rate Europe (+2 pp)

• Lower retail performance due to seasonally lower sales volumes and non-fuel business contribution

• Reduced contribution from the commercial business, driven by lower margins and decreased demand

• ADNOC Refining & Global Trading contribution increased by EUR 2 mn, Q4/24 was impacted by one-off effects, while refining indicator margin decreased in Q1/25

1

Q4/24 Market effects

Operational performance

ADNOC Refining & Trading JV

Q1/25

1 Market effects based on refining indicator margin Europe

Energy - stronger contribution driven by higher sales in Libya and improved Gas Marketing & Power

Clean Operating Result

268

64

165

230

973

808

102

-331

1,241

EUR mn

Q4/24

Market effects 1

Operational performance

Gas Marketing & Power

910

Q1/25

Gas Marketing & Power

• Almost stable realized crude oil price (+1%), higher realized gas price (+25%)

• Oil and gas production of 310 kboe/d (-27 kboe/d)

  • Divestment of Malaysia (-24 kboe/d)

  • Norway (-3 kboe/d)

• Lower sales volumes of 282 kboe/d (-71 kboe/d), mainly due to overlifting in Libya and Norway in Q4/24

• Production cost increased to USD 10.1/boe (+4%)

• Gas Marketing & Power decreased by EUR 165 mn

• Gas West contribution decreased by EUR 163 mn, mainly due to the positive net impact of the arbitration award in Q4/24

• Gas & Power East contribution decreased by EUR 2 mn

1 Market effects defined as oil and gas prices, foreign exchange impact, price effect on royalties and hedging

Strong balance sheet

Balance sheet Mar. 31, 2025, vs. Dec. 31, 2024

6.4

1.4 0.1

9.4

3.7

6.7

17.9

EUR bn

Tangible & intangible assets

Other non-current assets

Equity accounted

investments

Inventories

Trade receivables

Cash Assets held for sale Other current assets

48.8

6.2

0.4

2.8

3.9

6.7

3.6

22.4

2.7

49.1

11.7

5.7

2.2

2.2

5.8

2.4

16.5

2.5

Stockholders' equity

and hybrid capital

Non-controlling interests

Trade payables

Bonds and other

interest-bearing debts

Provisions

Liabilities associated with assets held for sale

Other non-current liabilities

Other current liabilities

49.1

6.1

7.7

2.7

6.8

17.7

4.0

2.9

1.0

48.8

3.2

Balance Sheet Q1/25 significantly impacted by reclassification to held for sale of Borealis disposal group (excluding Borouge investments) as well as by weaker USD

Other main deviations:

• Property, plant and equipment impacted by CAPEX related to Neptun project in Romania, including lease contract for drilling rig vessel

• Seasonal decrease of inventories (gas business)

Dec 31, 2024

Mar 31, 2025

Mar 31, 2025

Dec 31, 2024

Sensitivities of OMV Group results in 2025

Annual impact excl. hedging EUR mn		Clean CCS Operating Result		Operating cash flow
Brent oil price (USD +1/bbl)		+50		+35
Realized gas price (EUR +1/MWh)		+45		+30
OMV refining indicator margin Europe (USD +1/bbl)		+110		+100
Ethylene indicator margin Europe (EUR +10/t)		+20		+15
Propylene indicator margin Europe (EUR +10/t)		+20		+15
Polyethylene indicator margin Europe (EUR +10/t)		+10		+10
Polypropylene indicator margin Europe (EUR +10/t)		+10		+10
EUR/USD (USD changes by +0.01)		+45		+30
Note: Materially different Brent and FX levels (vs. current levels) would lead to different sensitivity results. Operating cash flow excludes net working capital effects