MOL Group posts USD 1,250m profit before tax in Q3 2026

Q3 performance

MOL Group reported profit before tax of USD 1,250 million for Q3 2026. Results were supported by exceptionally strong refining margins, higher natural gas prices and two one-off items totalling USD 233 million, while weak petrochemicals markets and regulated fuel pricing across Central and Eastern Europe weighed on overall performance.

CEO view

Chairman and CEO Zsolt Hernádi attributed the quarter’s strength to Upstream gains from the favourable gas price environment and to refineries benefiting from elevated product prices. He noted that widespread government price regulation reduced retail margins but did not create supply issues, and highlighted a rising tax burden alongside investments for security of supply and the energy transition.

Upstream

Realised hydrocarbon price averaged around USD 98/boe and production was slightly above 94 mboepd. Output was supported by higher volumes from Shaikan and Pearl (Kurdistan) and Fedorovskoye (Kazakhstan), while planned turnarounds in Croatia and Hungary and a lower ACG entitlement reduced volumes in parts of Central and Eastern Europe.

Downstream and operations

Downstream benefited from extraordinary refining margins despite continued weak petrochemicals performance. The AV3 unit at the Danube Refinery was offline through Q3 and restarted at the end of October after construction work; the Rijeka Refinery’s delayed coker unit ramped up and is producing close to full capacity.

Other segments

Consumer Services saw higher fuel sales volumes but year-on-year margin declines due to price controls; the Fresh Corner network expanded to 1,438 units. Circular Economy Services returned a positive result driven by efficiency measures and ongoing waste-to-energy preparations. Gas Midstream results fell as total transmission volumes declined, with lower exports offsetting higher domestic flows.