INVESTOR RELATIONS
Macro data
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- Quarterly
| Macroeconomic data – average: 2025 | unit | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | FY |
| Brent crude oil price | USD/bbl | 79.2 | 75.2 | 72.6 | 67.8 | 64.2 | 71.5 | . | ||||||
| Model refining margin (1) | USD/bbl | 7.4 | 10.3 | 8.4 | 9.6 | 12.3 | 11.9 | |||||||
| Differential (2) | USD/bbl | 0.8 | 0.7 | -0.7 | -0.3 | -1.5 | -1.7 | |||||||
| Model petrochemical margin (3) | EUR/t | 104 | 138 | 195 | 229 | 184 | 163 | |||||||
| Natural gas price TTF month-ahead | PLN/MWh | 205 | 209 | 174 | 149 | 150 | 156 | |||||||
| Natural gas price TGEgasDA | PLN/MWh | 225 | 240 | 193 | 162 | 167 | 177 | |||||||
| Electricity price TGeBase | PLN/MWh | 501 | 560 | 414 | 358 | 403 | 353 | |||||||
| USD / PLN (4) | PLN | 4.10 | 4.01 | 3.87 | 3.81 | 3.77 | 3.70 | |||||||
| EUR / PLN (4) | PLN | 4.25 | 4.17 | 4.18 | 4.27 | 4.25 | 4.26 |
| Macroeconomic data – average: 2025 | unit | 1Q | 2Q | 3Q | 4Q | FY |
| Brent crude oil price | USD/bbl | 75.7 | 67.9 | |||
| Model refining margin (1) | USD/bbl |
8.7 | 11.3 | |||
| Differential (2) | USD/bbl |
0.2 | -1.2 | |||
| Model petrochemical margin (3) | EUR/t | 145 | 192 | |||
| Natural gas price TTF month-ahead | PLN/MWh | 196 | 152 | |||
| Natural gas price TGEgasDA | PLN/MWh | 219 | 169 | |||
| Electricity price TGeBase | PLN/MWh | 490 | 372 | |||
| USD / PLN (4) | PLN | 3.99 | 3.76 | |||
| EUR / PLN (4) | PLN | 4.20 | 4.26 |
(1) Model refining margin = revenues (33% Gasoline + 48% Diesel + 13% HHO) – costs (98% Brent crude oil + 2% Natural gas). Spot quotations.
(2) Differential calculated on the real share of processed crude oils. Spot quotations.
(3) Model petrochemical margin = revenues (25% HDPE [Spot] + 16% PP Homo [Spot] + 9% Ethylene [contract] + 7% Toluene [contract] +14% Benzene [contract]) – costs (75% Naphtha + 13% HHO + 13% LPG [Spot]) - 6% CO2 costs [EUA]
(4) Average foreign exchange rates according to the National Bank of Poland.