ORLEN Group reports record profits in international markets

“Our decision to keep retail margins at the minimum necessary level, combined with promotional offers and a well-designed government package aimed at lowering fuel prices, made fuel in Poland the cheapest in the European Union in the second quarter. At the same time, we maximised profits across our international network. As a result, in the past year alone, the share of our fuel-segment profits attributable to service stations outside Poland increased by 18 percentage points. Responsible and professional management allows us to navigate even the most severe global crisis in the liquid fuels market while delivering benefits to shareholders and customers alike. The financial results we have generated provide the resources needed to fund the largest investment programme in the history of the Polish energy sector and pay a record dividend,” said Ireneusz Fąfara, CEO and President of the Management Board of ORLEN.
 

In the second quarter of 2026, the ORLEN Group generated:

• Revenue of PLN 76.5 billion
• LIFO-based EBITDA of PLN 13.9 billion
• Operating cash flow of PLN 15.2 billion
   

Performance by segment

The Upstream & Supply segment generated EBITDA of PLN 3.9 billion. Average daily hydrocarbon production in the second quarter of 2026 was 196,000 barrels of oil equivalent. Macroeconomic conditions were a key driver of the segment’s financial performance.

The Downstream segment’s EBITDA reached PLN 5.9 billion, driven by favourable macroeconomic conditions arising from the geopolitical situation. The petrochemical business also delivered positive EBITDA.

The Energy segment reported EBITDA of PLN 3.4 billion, supported by higher electricity generation and sales, as well as increased electricity and gas distribution volumes.

The Consumers & Products segment, which consolidates the sale of gas, electricity, and liquid fuels to end users, achieved EBITDA of PLN 1.5 billion, reflecting higher sales volumes of fuels, gas and electricity, alongside lower fuel margins in Poland. Foreign markets accounted for a record 43% of the profits generated by the Group’s service stations.

“Despite continued uncertainty and considerable volatility in the market environment, the ORLEN Group delivered very strong operating performance in the second quarter, translating into robust financial results. This demonstrates the resilience of our diversified business model, which helps offset the impact of changing market conditions across individual business segments. We remain focused on the areas within our direct control: operational efficiency, cost discipline, working capital and responsible capital allocation. High-quality management and consistent execution of our plans support cash flow generation and help us maintain the Group’s strong and secure financial position. At the same time, we are expanding our operations and carrying out strategic investments, maintaining a strict approach to assessing their profitability and contribution to the Group’s value. This ensures effective management in an uncertain environment and enables us to finance the transition and consistently build long-term shareholder value,” said Sławomir Jędrzejczyk, Chief Financial Officer and Vice President of the Management Board of ORLEN.

In the second quarter of this year, the ORLEN Group generated PLN 15.2 billion in operating cash flow, while its net debt-to-EBITDA ratio stood at 0.10x, underscoring the Group’s financial strength and stability. At the end of April 2026, Moody’s affirmed ORLEN’s highest-ever credit rating of A3 with a stable outlook. In its report, the agency explicitly highlighted the company’s business resilience. It also noted that ORLEN’s strong balance sheet provided “headroom to execute its ambitious investment plans”. According to Moody’s analysts, the Group’s existing and projected financial resources are “more than sufficient” to fund not only its investments but also dividend distributions at the previously announced levels.

Record investment in growth

The ORLEN Group continues to implement the largest investment programme in the history of the Polish energy sector. Capital expenditure reached a record PLN 14.7 billion in the first half of 2026. These investments are strengthening energy security and supporting the development of modern infrastructure.

In Upstream & Supply, the Group is focused on increasing its resource independence. To this end, it is continuing to expand its resource base on the Norwegian Continental Shelf. The acquisition of an interest in the Goliat field and the decision to develop the Cerisa field have added nearly 70 million barrels of oil equivalent to the Group’s resources. These measures enhance the Group’s resilience and support long-term security of supply.

The ORLEN Group is also expanding its LNG trading and logistics capabilities and developing the potential of the Baltic Eagle Gas Hub. It has secured nearly 16 billion cubic metres of annual regasification capacity at Polish LNG terminals and signed an agreement setting out a framework for further strategic cooperation with Ukraine’s Naftogaz.

During the first half of the year, ORLEN received 40 LNG deliveries in Poland, including shipments carried by LNG vessels from its fleet.

In refining and petrochemicals, the Group continued to advance its key growth initiatives. The final scope and timetable of the New Chemicals project, developed over recent months, are now being incorporated into the relevant contractor agreements. The acquisition of Grupa Azoty Polyolefins has entered its next stage. ORLEN has obtained the three required antitrust clearances and court approval of the restructuring plan, and is now awaiting final approval of the plan.

At the same time, ORLEN is expanding its alternative fuels business. After launching sales of HVO in Germany and extending its availability across Czechia and Austria, ORLEN has also introduced the fuel to the Slovak market. It will be supplied from the Group’s Czech production facilities. Another hydrogen hub, located in Gdynia, was also placed in service in recent months. It is supplied with hydrogen from the Group’s production facilities in Trzebinia and Włocławek.

Capital expenditure in the Energy segment delivered tangible results in recent months, as two major projects began supplying electricity to the grid: Baltic Power, Poland’s first offshore wind farm, and the CCGT plant in Grudziądz.

Construction work and the manufacture of key components for the CCGT Gdańsk and CCGT Grudziądz 2 projects continued in parallel. The Group is also developing two further offshore wind farms: Baltic East is at the procurement stage and the grid connection agreement is being prepared, while geophysical and geotechnical surveys have begun for Baltic West.

The Energy of Tomorrow Starts Today strategy also includes investment in modernising existing power lines and constructing new ones. The first half of 2026 saw the construction and upgrades of 1,750 kilometres of power lines, connection of service lines for 30 thousand customers, connection of renewable energy sources and energy storage facilities with a combined capacity of 380 MW to the grid, and the issuance of grid connection permits for projects with a combined capacity of 1 GW. In addition, during the past quarter, the ORLEN Group completed construction of the Ostrów Wschód distribution substation, which will improve the quality of power supply for 50,000 of the Group’s customers.

In the Consumers & Products segment, a key priority remains the continued development of the ORLEN VITAY platform, which now has more than 5.6 million active users, an increase of 11% year on year. In the past quarter, the Group continued the longest-running fuel promotion in its history, supported by a promotional offer for electric-vehicle charging. As part of its commitment to electric mobility, ORLEN is expanding its charging network across the markets in which it operates.

At the same time, the Group is developing modern retail formats and strengthening its convenience offering, as demonstrated by the launch of a new format at a service station in Warsaw.