MOL Group Q2 2026 results

Overall result

MOL Group reported profit after tax of USD 786 million in Q2 2026, supported by strong crude oil and natural gas prices, high refining margins and markedly improved petrochemical margins. Consumer Services performance was weakened by fuel price and margin caps across several markets.

Upstream

Realized hydrocarbon prices averaged above USD 93/boe and production remained stable at 95.6 mboepd despite a prolonged shutdown in the Kurdistan Region of Iraq; higher output in Hungary, Azerbaijan and Pakistan partly offset lost volumes. The Group advanced exploration and development work offshore in Croatia and Libya and signed the SPA to acquire a 35% stake in the Aphrodite field from Shell.

Downstream

Results improved materially year‑on‑year due to stronger refining and petrochemicals market conditions and the return of Druzhba crude supplies by end‑April. Processing volumes rose versus the prior quarter, though utilisation stayed affected by the AV3 unit outage at the Danube Refinery; petrochemicals margins strengthened significantly.

Consumer Services and Circular Economy

Fuel sales volumes increased, but unit margins were hit by regulatory price caps; non‑fuel growth and Fresh Corner expansion (1,421 units at quarter‑end) partially offset the impact. Circular Economy Services remained profitable driven by seasonality and efficiency measures, with the Deposit Return System at high utilisation and waste‑to‑energy preparations ongoing.

Gas Midstream, finance and corporate items

Gas Midstream saw lower regional cross‑border transmission demand, while domestic transmission and storage activity rose; FX effects partially supported results. Operating cash flow before working capital reached USD 1.9 billion in H1 2026, net debt/EBITDA improved to 0.49 and available liquidity was about USD 5.0 billion at end‑June. The Group issued PLN 850 million of senior unsecured notes, extended revolving facilities, received the first USD 100 million insurance installment for the AV3 fire (repairs expected in September), and on 16 June signed a Shareholder Agreement relating to NIS. The quarter also included a fatal explosion at the Tiszaújváros petrochemicals plant; MOL stated it will prioritise safety and support those affected.