ORLEN Group delivers strong operating profit in Q3 2025 and reports record investment

“Our excellent third-quarter performance is a testament to our strength and resilience, even in a more challenging environment. Since the beginning of the year, our stock has appreciated by more than 100%, making us the fastest-growing company in Europe and the second fastest-growing globally among oil and energy groups listed in the Global Fortune 500. At the start of the year, we pledged to turn the Polish energy sector into a vast construction site, and we are already seeing the results. After three quarters of 2025, our capital expenditure on projects that improve Poland’s energy security reached an all-time high. We have entered a crucial phase in building the Baltic Power offshore wind farm. We installed additional turbines, including units with nacelles manufactured in Poland. We received the 400th shipment of liquefied natural gas from the US and upgraded 11,000 kilometres of the power grid, connecting nearly 20,000 new customers. Over the same period, we offered our customers the lowest fuel prices in the past three years,” said Ireneusz Fąfara, CEO and President of the ORLEN Management Board.

In the third quarter of 2025, the ORLEN Group generated:

- Revenue of PLN 61 billion

- LIFO-based EBITDA of PLN 8.9 billion

- Operating cash flow of PLN 8.2 billion

Performance by segment

The Upstream & Supply segment generated EBITDA of PLN 3.3 billion. Average daily hydrocarbon production in the period was 197 thousand boe.

High crude throughput, supported by stronger wholesale fuel sales, was crucial for the Downstream segment, which delivered LIFO-based EBITDA of PLN 2.4 billion. In the third quarter, ORLEN Group’s refineries processed 10.2 million tonnes of crude oil. At the same time, the market environment for petrochemicals remained challenging.

The Energy segment reported EBITDA of PLN 2.2 billion, up by nearly PLN 0.5 billion ear on year. This result was driven mainly by higher gas distribution volumes and increased heat and power generation, including a 43% rise in output from renewable sources. ORLEN Group’s total installed capacity reached 6.3 GWe (an increase of 11% y/y), with renewable capacity up 60% year on year to 1.7 GWe. The Group generated 3.7 TWh of electricity during the period, up 9% year on year.

In line with the Group’s strategy, the Consumers & Products segment consolidates the sale of energy carriers – gas, electricity, and fuels – to end users. The Consumers & Products segment's EBITDA came to PLN 1.6 billion, despite a decline in fuel margins in Poland. In the third quarter, the ORLEN Group focused on improving efficiency. As a result, it achieved record fuel sales in four out of its seven markets. Gas and power volumes also rose markedly, including an almost 90% increase in the electric mobility market.

“We have delivered another strong quarter, with each segment contributing to the overall performance, despite macroeconomic headwinds. It is encouraging to see that we are growing, reinforcing our market position and implementing projects that are crucial for the energy transition. At the same time, we are consistently pursuing our strategy of increasing shareholder distributions. The record dividend we paid last quarter reflects our stable financial position,” said Sławomir Jędrzejczyk, Vice President of the ORLEN Management Board, Chief Financial Officer.

In the third quarter, the ORLEN Group generated PLN 8.2 billion in operating cash flow, with a net debt to EBITDA ratio of 0.14 at quarter-end. ORLEN currently has highest credit ratings in its history: A3 from Moody’s Investors Service and BBB+ from Fitch Ratings, confirming its solid financial foundations and strong capacity to finance the energy transition.

Investments in security

ORLEN is consistently rolling out the largest energy investment programme in Poland’s history, strengthening the security for the country and the wider region. In the past quarter, the Group reached a number of milestones in its flagship projects.

At the Baltic Power offshore wind farm, more than 50 foundations and around a dozen turbines have already been installed, including the first turbines with nacelles manufactured in Poland, alongside 2 offshore substations. For the Baltic East project, seabed surveys in the Baltic Sea were completed and an environmental decision was obtained, clearing the way for the project to take part in the capacity auction planned for December. ORLEN has secured PLN 3.5 billion in debt funding from the National Recovery Plan for offshore wind development.

After an agreement was reached with ORLEN’s SMR partner, Europe’s first BWRX-300 small modular nuclear power plant will be built in the location selected by ORLEN, in Włocławek.

ORLEN Group's operations in Norway are also producing tangible results. The discovery of the Omega Alfa field, with reserves of 134 million barrels of oil equivalent, is the largest find this year on the Norwegian Continental Shelf. The acquisition of an interest in the Tommeliten Gamma field added a further 6 million barrels of oil equivalent to the Group’s oil reserves. Innovative technical solutions deployed at Ormen Lange made it possible to recover an additional 500 mcm of gas, while production from the Andvare field will provide the Group with another 300 mcm of gas.

Strategic partnerships are further strengthening the ORLEN Group. ORLEN has signed another contract with Naftogaz for more than 300 mcm of gas. Deliveries this year will total 600 mcm, and next year they may reach 1 bcm. The Group has also demonstrated its capabilities by entering a new market and completing its first LNG delivery to Japan, one of the world’s largest LNG importers. Alongside Japan, LNG was also delivered to other countries, including Lithuania, Germany, France and Egypt.

After phasing out Russian crude, ORLEN has been consistently diversifying its supply routes. One of the outcomes of this strategy is its first contract with Equinor for more than 6 million tonnes of crude oil, which will cover around 15% of the ORLEN Group’s annual crude demand.

The shift towards a low-carbon economy is gaining pace. The HVO unit, which has entered the commissioning phase, will produce biocomponents from rapeseed oil and used cooking oil, supporting the delivery of NIT targets and the production of SAF aviation fuel. ORLEN already offers SAF at airports in Poland, Vilnius, Riga and Tallinn. Under EU requirements, SAF’s share in jet fuel sales is to rise to 20% in 2035 and 70% in 2050, which is why the ORLEN VC investment fund has taken a stake in UK start-up OXCCU, developing e-SAF technology based on hydrogen and captured CO₂. The decarbonisation of the ORLEN Group’s production assets is also being supported by a new 44 MW solar PV system that will supply power to the refinery in Mažeikiai.

In the Consumers & Products segment, ORLEN is implementing integration via ORLEN ID, a common login system for all sales applications. Retail customers will experience further benefits of this integration in the first quarter of next year. The retail network is seeing accelerated development of electric mobility infrastructure. The first ORLEN Charge hub, opened on the S7 expressway in Olsztynek, offers chargers with capacities of up to 400 kW, bringing charging times close to those of refuelling conventional vehicles A dozen or so additional hubs will be built along motorways by the end of the year. The network now operates more than 1,200 charging points, and the volume of energy delivered rose by 88% year on year.