Moody’s Affirms ORLEN’s Rating. Highlights the Group’s Resilience

“Moody’s strong assessment of ORLEN’s business is further excellent news. Yesterday, we presented our results for a record 2025 – a year in which we delivered the largest investment programme in ORLEN’s history and created the capacity to pay our highest-ever dividend. This is the Energy of Tomorrow in practice,” said Ireneusz Fąfara, President of the ORLEN Management Board and CEO.

In its report, Moody’s Ratings affirmed ORLEN’s long-term issuer rating at A3 with a stable outlook, as well as the ratings of all rated debt instruments of the Group. The agency noted that the decision reflects the resilience of ORLEN’s business model through successive periods of commodity price volatility. Another factor supporting the rating was the Group’s very strong financial position.

Moody’s maintained ORLEN’s Baseline Credit Assessment (BCA) at baa2, citing the Group’s strong balance sheet, which provides “room to execute its ambitious investment programme”. The financial resources already accumulated and forecast to be generated are, in Moody’s analysts’ assessment, “more than sufficient” to fund not only the Group’s capital expenditure but also the declared dividend levels.

Moody’s also noted that ORLEN’s strategic importance to the Polish economy – including Poland’s energy security and energy transition – provides additional support to the Group’s credit assessment.

According to the report, ORLEN’s operational resilience is further underpinned by its well-diversified hydrocarbon supply portfolio and flexible trading capabilities in natural gas, which enable effective management of commodity exposure. Exposure to risks arising from a potential further deterioration of the Middle East conflict is mitigated by the Group’s Upstream operations.

The agency highlighted that the Group’s diversified portfolio and flexible trading capabilities strengthen supply chain resilience. In addition, the commissioning of key projects in 2026 – including the Baltic Power offshore wind farm, the Grudziądz combined-cycle gas (CCGT) unit and the HVO facility in Płock – is expected to support growth in the Group’s business potential and financial performance in the coming periods.