- EUR 1.5 billion capital injection into Borouge International recorded on OMV balance sheet; from Q2 2026 Borouge International will be reported at equity
- Borealis was reclassified to held-for-sale and deconsolidated, while higher polyolefin margins (PE EUR 580/t, +30%; PP EUR 477/t, +25%) significantly boosted Chemicals' operating result
- 2026 guidance: Organic CAPEX ~EUR 3.4bn; Brent USD 85-95/bbl; hydrocarbon production 280-290 kboe/d; average gas EUR 35-40/MWh; refinery margin USD 10-15/bbl; steam cracker utilization ~90%
Financial highlights Q1 2026
Clean CCS Operating Result €1,025m; clean CCS net income attributable to parent €323m; sales €5,855m. Cash flow from operations €776m; cash flow excluding net working capital €1,624m (+20%). Net debt €4,505m; leverage 17%.
Energy
Clean Operating Result €723m (‑21%) driven by lower E&P contribution and negative market effects. Hydrocarbon production 288 kboe/d (‑7%); production cost USD 11.6/boe; Gas Marketing & Power Eastern Europe improved, partially offsetting weaker Gas Marketing Western Europe.
Fuels
Clean CCS Operating Result €113m (flat). European refinery utilisation 87% (down 5pp) with refining indicator margin USD 13.88/bbl (up). Fuels and other sales Europe 3.8Mt (+8%). One-off operational hedging losses from disrupted crude flows ~€100m; retail and commercial margins declined.
Chemicals and portfolio transactions
Chemicals clean Operating Result €245m (+95%), boosted by Borealis reclassification and stronger polyolefin margins (PE €580/t +30%; PP €477/t +25%). Ethylene €453/t (‑14%), propylene €318/t (‑20%). OMV booked a €1.5bn capital injection into Borouge International and deconsolidated Borealis cash; from Q2 2026 Borouge International will be reported at equity. Steam cracker utilisation 91%.
Outlook 2026
Organic CAPEX ~€3.4bn. Assumptions: Brent USD 85–95/bbl; hydrocarbon production 280–290 kboe/d (subject to Strait of Hormuz shipping restrictions); average gas €35–40/MWh (THE ~€45/MWh); European refinery margin USD 10–15/bbl; refinery utilisation >90%; steam cracker utilisation ~90% (excluding Borealis crackers from Q2).
