Stable performance from the ORLEN Group alongside the lowest fuel prices in the European Union

“The beginning of the year was marked by significant instability and unprecedented volatility across global energy markets. Against this backdrop, we once again demonstrated the resilience and effectiveness of our business model. We are safeguarding Poland’s energy security while offering Polish consumers the lowest fuel prices in the European Union and ensuring uninterrupted product availability. At the same time, we delivered very strong results across all business segments and continued to increase the contribution of international markets to retail revenue. Backed by a solid financial foundation and disciplined execution of our strategy, we were also able to recommend a record dividend of PLN 8 per share. This is a tangible example of how we are building shareholder value,” said Ireneusz Fąfara, President of the ORLEN Management Board, Chief Executive Officer.

In the first quarter of 2026, the ORLEN Group delivered:

• Revenue of PLN 75.8 billion
• LIFO-based EBITDA of PLN 14.1 billion
• Operating cash flow of PLN 8.5 billion
   

Performance by segment

The Upstream & Supply segment generated EBITDA of PLN 5 billion. Average daily hydrocarbon production in the period totalled 202 thousand boe.

The Downstream segment achieved LIFO-based EBITDA of PLN 3.1 billion, supported by a combination of high crude throughput across all Group refineries, at 9.4 million tonnes, and favourable market conditions. At the same time, the petrochemical business continued to face pressure from a challenging market environment.  

The Energy segment reported EBITDA of PLN 4.7 billion, driven primarily by higher heat and electricity generation (up 11% and 10% year on year respectively), including a 4% increase in renewable energy generation, as well as larger electricity and gas distribution volumes.

The Consumers & Products segment, which consolidates the sale of gas, electricity, and fuels to end users, delivered EBITDA of PLN 1.7 billion, mainly on the back of higher sales volumes across gas, electricity and fuels.

“The past quarter demonstrated the strength of ORLEN’s financial foundations and the resilience of our business in a volatile market environment. Strong operating performance across all segments translated into stable cash flow generation. We continue to maintain financial metrics at safe levels, supporting our capacity to deliver strategic projects. This robust performance also enabled us to recommend the highest dividend in ORLEN’s history, totalling PLN 9.3 billion, reaffirming our long-term commitment to shareholder value creation,” said Sławomir Jędrzejczyk, Vice President of the ORLEN Management Board, Chief Financial Officer.

In the first quarter of 2026, the ORLEN Group generated PLN 8.5 billion in operating cash flow, while its net debt-to-EBITDA ratio stood at (-)0.04, highlighting the Group’s financial stability. ORLEN currently has the highest credit ratings in its history: A3 with a stable outlook from Moody’s Investors Service and BBB+ with a stable outlook from Fitch Ratings.

Investments in security

The ORLEN Group continues to reinforce Poland’s energy security and independence by expanding its upstream portfolio across key international markets. Investments on the Norwegian Continental Shelf are helping diversify hydrocarbon supply sources, enhancing the country’s long-term energy security and supply stability. A major step in advancing this goal was the discovery of the Sissel and Frida Kahlo fields in Norway. ORLEN’s growing upstream potential is also supported by its LNG carrier fleet, which has now been expanded with two additional vessels, strengthening the flexibility and continuity of seaborne LNG deliveries.

In refining and petrochemicals, the Group’s focus is on innovation and operational efficiency. Detailed work scope and scheduling have been finalised for the strategic New Chemicals project, expected to set new benchmarks for industrial efficiency. A milestone in the consolidation of Poland’s chemicals sector was the signing of a preliminary agreement to acquire a stake in Grupa Azoty Polyolefins. In parallel, ORLEN is supporting the development of low-emission public transport, having recently launched a new hydrogen refuelling station in Płock and signed a long-term agreement to support low-emission urban transport services.

ORLEN’s energy transition is gaining momentum through investments in transmission infrastructure and clean energy sources. The Group has completed the construction and upgrades of more than 1,000 km of power networks, forming the backbone of a modern electricity distribution system. A total of 232 MW of new renewable energy capacity has already been connected to the national grid, supported by energy storage facilities that enhance the system’s stability.

In gas-fired power generation, a number of key projects are entering decisive stages of implementation, including advanced commissioning work now under way on the CCGT unit in Grudziądz. Concurrently, preliminary construction works and development of OSBL infrastructure have commenced in Gdańsk and as part of the Grudziądz 2 project, and key technology components for the Siekierki project have already been contracted. In Ostrołęka, ORLEN has signed an amendment to its agreement with the general contractor, establishing a more precise work schedule for this strategic project.

The Baltic Power project is being finalised. All the foundations and more than half of the turbines have already been installed, with the project onstream date scheduled for 2026.

At the same time, further offshore wind projects are advancing through key predevelopment phases. For Baltic East, technical studies, site investigations, permitting procedures and procurement processes are currently under way. Meanwhile, the Baltic West project is focused on completing environmental and seismic surveys, preparing wind pattern and geotechnical analyses, and securing access to logistics infrastructure through a reservation agreement with the Port of Kołobrzeg.

Within the Consumers & Products segment, further development of the ORLEN VITAY loyalty programme remains a strategic priority. ORLEN Charge has signed an agreement to deploy 160 state-of-the-art fast-charging points with a capacity of up to 400 kW in Germany, set to significantly accelerate the expansion of Europe’s electric mobility. At Polish service stations, customers can benefit from a range of promotional offers, including fuel discounts of PLN 0.35 per litre. The Group has also introduced substantial gas price reductions for myORLEN customers to strengthen the competitiveness of its retail gas offering.