- Profit before tax: USD 212 million.
- INA inaugurated a EUR 700 million delayed coker unit in Rijeka.
- Upstream: Q1 production 95.5 mboepd; Bilitang-1 gas discovery in Pakistan (MOL operator, 8% stake) and an offshore exploration licence granted in Libya via a JV with Repsol and TPAO.
- MOL committed $500 million to develop the Southern supply route and $180 million to connect refineries in Hungary and Slovakia; downstream faced feedstock scarcity, lower refining volumes and price controls.
Financials
Profit before tax: USD 212 million; higher hydrocarbon prices helped but gains were offset by crude supply volatility and regional price controls; financial guidance for the year remains unchanged.
Upstream
Supported by stronger crude and gas prices; production 95.5 mboepd (within guidance 95–97 mboepd) with declines from Iran-related outages, Hungary and Azerbaijan setbacks and halted Kurdistan output, partly offset by resumed Pakistan production and higher Kazakhstan volumes; Bilitang‑1 gas discovery in Pakistan (MOL operator, 8% stake) and new onshore/Libya exploration positions via a JV with Repsol and TPAO.
Downstream
Sharp year‑on‑year decline due to constrained refining volumes and margins: processing fell after the Danube Refinery fire (Oct 2025) and the Druzhba pipeline disruption (27 January), reducing product sales; petrochemicals suffered from feedstock scarcity and low margins; Rijeka Delayed Coker Unit inaugurated on 10 March (EUR 700 million).
Consumer Services & Circular Economy
Consumer services benefited from USD depreciation and ~5% organic non‑fuel sales and margin growth, while fuel margins declined following March price controls across most markets; Circular Economy Services posted seasonal positive results as lower waste volumes reduced expenses and DRS activity remained stable.
Investments & supply security
Committed investments include $500 million for the Southern supply route and an additional $180 million to connect refineries in Hungary and Slovakia to increase refinery flexibility and integration.
Gas Midstream
Improved year‑on‑year results driven by higher demand for regional transmission services and favourable foreign exchange effects despite adverse macro factors.
