Post-merger fourth-quarter 2022 results posted by ORLEN Group provide solid foundation to support economic growth and enhance energy security for Poland

Sales at Polish fuel stations were not a significant contributor to the ORLEN Group’s overall performance in the fourth quarter of 2022, accounting for just around 3% of its total LIFO-based EBITDA. For the first time, the reported results reflected the consolidated performance of four companies: PKN ORLEN, Energa, LOTOS and PGNiG. In the three months to December 31st 2022, the combined ORLEN Group generated more than PLN 100bn in revenue, with a net profit margin of only 8% (PLN 8.1bn*). The fact that the ORLEN Group currently enjoys stable revenue levels is attributable, among other things, to the elimination of illegal fuel trade, which before 2016 had a negative impact on the performance of legally operating fuel companies in Poland. In 2022 alone, the ORLEN Group paid PLN 39bn in taxes to the state budget, an increase of about PLN 13bn on 2015. Throughout 2022, the ORLEN Group spent PLN 19.6bn on projects seeking to permanently improve energy security and independence, including renewable energy development projects. The massive capital spending programme was enabled by the mergers and profits delivered by the Group.

More

PKN ORLEN completes three transactions in Poland with Aramco

PKN ORLEN has finalised three transactions with Aramco involving refining, wholesale and plane fuel businesses, following PKN ORLEN’s merger with Grupa LOTOS. The European investments support expansion of Aramco’s global downstream presence. Moreover, the joint development agreement of PKN ORLEN, Aramco and SABIC for the potential Gdansk project was signed. Aramco is to supply almost 45% of PKN ORLEN’s crude oil requirement under the agreement.

More

ORLEN Group’s Q3 results boosted by first effects of merger with LOTOS Group

In the third quarter of 2022, the ORLEN Group posted LIFO-based EBITDA of PLN 11.7bn, including PLN 3.1bn attributable to one-off items. Adjusted LIFO-based EBITDA came in at PLN 8.6bn, down by PLN (-) 2.1bn, or (-) 20%, compared with the second quarter of 2022.

More

PKN ORLEN with highest ever long-term rating from Fitch

PKN ORLEN is consistently strengthening its financial position and credibility for investors. Its credit standing has now been confirmed by Fitch Ratings, which upgraded PKN ORLEN’s Long-Term Issuer Default Rating (IDR) by two notches, to ‘BBB+’, outlook stable. The upgrade follows successful closing of the merger between PKN ORLEN and PGNiG, the Polish state-owned gas utility company, as well as its earlier track record of M&A transactions. PKN ORLEN’s attractive credit profile for the financial market is also demonstrated by its highest ever rating of ‘A3’ assigned by Moody's Investors Service in October this year.

More

PKN ORLEN with highest ever rating from Moody’s

Moody’s Investors Service has once again this year upgraded PKN ORLEN’s rating by raising it to A3, the best ever in the company’s history. The upgrade was driven by the successful implementation of M&A processes, which included obtaining shareholder approvals for the merger of PKN ORLEN with PGNiG, as well as the ORLEN Group’s sound financial footing. The rating outlook was changed to stable.

More

ORLEN Group’s Q2 results affected by volatile macroeconomic conditions, sales decline at service stations offset by growth in other areas

ORLEN Group ended the second quarter of 2022 with revenue at PLN 58bn and a net profit of PLN 3.7bn. Nearly half of the Group’s revenue was generated from sales in foreign markets. Fuel sales at ORLEN service stations in Poland accounted for approximately 8% of the Group’s LIFO-based EBITDA. The result recorded by ORLEN stations in Poland went down by PLN 127m year on year, mainly due to shrinking fuel margins. Like other fuel and energy companies around the world, the ORLEN Group operated at the time in an unprecedented, extremely volatile macroeconomic environment due to the ongoing conflict in Ukraine. Despite these headwinds, it maintained an approximately 50% share in the Polish fuel market (combined retail sales of the ORLEN service station network and wholesale), as well as a 53% and 82% share in the Czech and Lithuanian markets, respectively.

More

ORLEN - LOTOS merger completed

The ORLEN Group has finalised its merger with Grupa LOTOS, strengthening its leading role in the fuel and energy industry in Central and Eastern Europe. The final step in the process that has been successfully completed was registration of the merger by the District Court of Łódź. The merger paves the way for unlocking synergies inherent in leveraging the potential of the two companies.

More

PKN ORLEN closing its merger with LOTOS Group

PKN ORLEN has secured the European Commission’s clearance of its intended merger with the LOTOS Group. Closing an important phase of the merger process, the antitrust clearance marks a leap forward in building a strong multi-utility group that will effectively carry out the energy transition and ensure Poland’s energy security and independence in terms of feedstock supplies.

More

PKN ORLEN and Grupa LOTOS in final straight for merger

PKN ORLEN and Grupa LOTOS have just agreed and signed a merger plan involving transfer of the LOTOS assets to PKN ORLEN. In exchange for shares held in Grupa LOTOS, its existing shareholders will receive shares in the enlarged PKN ORLEN.

More