Strong year for the ORLEN Group: solid results underpinned by record investments

“We are wrapping up an excellent year. Across these four quarters, we invested a record amount in the Group’s growth, the region’s energy security, and initiatives aimed at ensuring the lowest possible prices for Poles. One-third of our revenue already comes from international markets. We generated nearly PLN 42 billion in LIFO-based EBITDA and more than PLN 11 billion in net profit, despite lower fuel prices. Today, Poles can buy fuel more affordably and in greater volumes, and we are demonstrating that robust business performance can go hand in hand with protecting household budgets. Over the past year, we reduced our leverage while completing investments worth PLN 32.6 billion, with a significant portion of this amount flowing to Polish companies. This provides a solid foundation for sustainable growth. These results mean greater availability of fuels, faster economic growth, and rising investor confidence. Today, we are stronger than ever – for our customers, shareholders, and the entire Polish economy,” said Ireneusz Fąfara, CEO and President of the Management Board of ORLEN.

In the three months ended 31 December 2025, the ORLEN Group generated:

• Revenue of PLN 72.1 billion
• LIFO-based EBITDA of PLN 12.2 billion
• Operating cash flow of PLN 12.9 billion

For the full year 2025, the ORLEN Group reported:

• Revenue of PLN 267.3 billion
• LIFO-based EBITDA of PLN 41.9 billion
• Operating cash flow of PLN 47.4 billion

Performance by segment

Upstream & Supply generated EBITDA of PLN 4.2 billion. Average daily hydrocarbon production in the period totalled 215 thousand boe.

High crude throughput, supported by increased wholesale fuel sales, was a key driver in Downstream, with the segment delivering LIFO-based EBITDA of PLN 3.7 billion. In the fourth quarter of 2025, the ORLEN Group’s refineries processed 10.3 million tonnes of crude oil. At the same time, the market environment for petrochemicals remained challenging.

The Energy segment’s EBITDA came in at PLN 3.7 billion, mainly on the back of higher electricity and gas distribution volumes and increased heat and power generation, including a 34% rise in output from renewable sources. The ORLEN Group’s total installed capacity reached 6.4 GWe (growth of 3% y/y, with renewable capacity up 12% y/y). The Group generated 5.8 TWh of electricity during the period, up 18% y/y.

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 amounted to PLN 1.2 billion. The ORLEN Group focused on efficiency improvements, which translated into a significant uplift in sales of fuels, gas and electricity.

“Our consistently executed strategy, supported by a favourable market environment, delivered solid performance across all business segments and further strengthened ORLEN’s financial stability. We prioritise efficiency, disciplined capital management and meeting shareholder expectations. At the same time, we are reinforcing the fundamentals, developing the Group’s capabilities and gearing up for future challenges. This is how we are building a strong, modern organisation, resilient to market volatility and well positioned for continued stable growth,” said Sławomir Jędrzejczyk, Chief Financial Officer and Vice President of the Management Board of ORLEN.

In the fourth quarter of 2025, the ORLEN Group generated PLN 12.9 billion in operating cash flow, with the net debt-to-EBITDA ratio declining to (-)0.07, highlighting the Group’s financial stability. ORLEN currently has the 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

The fourth quarter of 2025 marked a phase of rapid growth for ORLEN, as the Group continued to build its market position and advance its long-term energy security agenda. During the period, the company completed a successful PLN 2 billion bond issue on the Polish market, reflecting strong confidence from institutional investors. The proceeds improved liquidity and created a solid platform for further investment.

In parallel, the Group continued to grow its upstream operations. ORLEN Upstream Norway acquired interests in the Tommeliten Gamma field from TotalEnergies EP Norge and increased its interests in the Albuskjell and Vest Ekofisk fields. As a result, its hydrocarbon resources grew by several million barrels of oil equivalent. The gas produced from those assets was supplied to Poland, including via the Baltic Pipe, strengthening security of supply and supporting the energy transition. In Poland, the Group launched production from the Różańsko field and expansion of infrastructure in the Dębno area.

Diversification of gas import sources remained a strategic priority. At the Świnoujście LNG terminal, the 400th delivery of liquefied natural gas was received at year-end, and total imports through this facility exceeded 31 million tonnes, which means that LNG accounted for nearly half of gas imports to Poland. At the same time, ORLEN strengthened its international footprint by signing another contract with Naftogaz for the delivery of U.S.-sourced gas to Ukraine, reinforcing its role within the region’s energy security framework.

The Group’s rapid progress in gas and LNG has been recognised internationally. For the first time, ORLEN reached the final stage of the Platts Global Energy Awards in the ‘Excellence in Energy – LNG’ category, confirming its growing relevance in the global market. During the past year, commissioning work began at the CCGT units in Grudziądz and Ostrołęka, and two new projects were launched: CCGT Grudziądz II and CCGT Gdańsk. Once implemented, they will enhance the stability of the Polish power system and reduce carbon emissions.

Offshore wind continued to be a cornerstone of the energy transition. With financing from the National Recovery Plan, arranged in cooperation with Bank Gospodarstwa Krajowego, ORLEN secured PLN 3.5 billion for its offshore portfolio. Work progressed on the Baltic Power project, with the installation of offshore substations and additional turbines completed, including turbines featuring nacelles manufactured in Poland. Meanwhile, the neighbouring Baltic East project received its environmental decision and won an auction held by the Energy Regulatory Office, paving the way for the development of a wind farm with a capacity of around 1 GW.

The energy transition was also supported by further growth in electric mobility and energy storage. ORLEN Charge opened a modern charging hub on the S7 route, cutting EV charging time to around 20 minutes and integrating services with the VITAY app. In Włocławek, preparations started for the first on-site energy storage facility, which will be connected to a solar PV installation to increase its efficiency.

The last quarter of the previous year saw a number of developments materially strengthening ORLEN’s logistics capabilities. The Group completed the consolidation of transport companies in Poland and the Czech Republic, and ORLEN Kolej signed a contract with PESA and Newag for the delivery of 40 modern locomotives. The investment increased the Group’s self-reliance in transport and enhanced security of supply for refining and petrochemicals.

In parallel, ORLEN stepped up its innovation efforts. The ORLEN VC Fund joined the Energy Impact Partners investment programme, supporting decarbonisation technologies. In petrochemicals, an agreement was signed to acquire S54 from Synthos, streamlining business relationships and reinforcing the value chain for production in Płock.

Educational and social initiatives also remained an important part of the Group’s activities. ORLEN partnered with the Warsaw University of Technology on biogas and biomethane, strengthening the research base for the new energy segment. The ORLEN Foundation launched the Think Energy grant programme to support strategic research, and ORLEN continued its cultural engagement with the Fryderyk Chopin National Institute, promoting the composer’s works through Music Lover Zones in seven cities.