OMV : Q1 2021

OMV Q1 2021 Results Conference Call

April 29, 2021

OMV Aktiengesellschaft

Rainer Seele

Chairman of the Executive Board and CEO

The spoken word applies

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OMV Q1 2021 Results Conference Call, April 29, 2021

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OMV Q1 2021 Results Conference Call, April 29, 2021

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

The first quarter of 2021 provided some positive news for our industry, with a materially better quarter-on-quarter macro environment in the Exploration & Production and Chemicals

• Materials segments. However, the environment in Refining & Marketing remained challenging due to the pandemic. Let me start by providing a brief review of the economic environment.

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OMV Q1 2021 Results Conference Call, April 29, 2021

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OMV Q1 2021 Results Conference Call, April 29, 2021

Slide 3: Macro environment - improved crude oil and gas prices, record high polyolefin margins

Oil prices recovered in the first quarter of 2021, reaching 69 Dollars per barrel in March - a similar level last seen in January 2020. At 61 Dollars per barrel, Brent was 38 percent higher quarter-on-quarter and 22 percent higher year-on-year. The upward momentum was driven by the rollout of the Covid-19 vaccine, which has improved global demand expectations. At the same time, supply and power outages due to extreme weather conditions in the US impacted US liquids supply. OPEC+ continued to demonstrate strong discipline, which, together with Saudi Arabia's voluntary cut of an additional 1 million barrels, led to a more balanced market.

European gas prices increased substantially. At slightly above 18 Euro per megawatt-hour, Central European gas prices were 70 percent higher than in the same quarter of 2020 and 31 percent up compared to the previous quarter. Stronger demand in Asia, shipping constraints, and some LNG production restrictions pulled LNG imports away from Europe. At the same time, cold weather throughout Europe triggered strong demand growth for heating and power.

At 1.7 Dollars per barrel, the refining indicator margin Europe remained at a low level, 66 percent below the first quarter of last year. Substantially lower middle distillate spreads and a sharp increase of crude prices were only minimally offset by higher naphtha and gasoline cracks. Compared to the fourth quarter of last year, the indicator margin was flat.

Ethylene and propylene indicator margins Europe were slightly above the previous quarter, but down 21 percent and 11 percent respectively year-on-year. Both indicator margins were impacted by rising naphtha prices.

European margins for polyethylene and polypropylene rose substantially and reached their highest level ever in the first quarter of this year. The polyethylene indicator margin Europe more than doubled and the polypropylene indicator margin grew by 54 percent year-on-year. This was mainly attributable to a tight market in Europe, driven by strong demand and supply constraints. On a global level, polyolefin demand also showed strong growth in the first quarter, twice as much as in the same period last year, leading to a favorable margin environment.

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