ORLEN Group posts record Q2 2026 profits and PLN 14.7bn H1 capex
- Q2 revenue PLN 76.5 billion, LIFO-based EBITDA PLN 13.9 billion and net profit PLN 7.7 billion.
- Operating cash flow PLN 15.2 billion and net debt-to-EBITDA ratio 0.10x; Moody’s affirmed A3 with a stable outlook in April 2026.
- Capital expenditure reached a record PLN 14.7 billion in H1 2026 under the Group’s largest investment programme.
- Foreign service stations generated a record 43% of retail profits and the share of fuel-segment profits from outside Poland rose 18 percentage points year on year.
Quarterly financials
The ORLEN Group reported Q2 2026 revenue of PLN 76.5 billion, LIFO-based EBITDA of PLN 13.9 billion and net profit of PLN 7.7 billion. Operating cash flow for the quarter was PLN 15.2 billion. The company said retail margins in Poland were kept minimal and government measures contributed to the lowest fuel prices in the EU for Polish drivers.
Segment performance
Upstream & Supply delivered EBITDA of PLN 3.9 billion with average production at 196,000 barrels of oil equivalent per day. Downstream EBITDA was PLN 5.9 billion, Energy EBITDA PLN 3.4 billion and Consumers & Products EBITDA PLN 1.5 billion. Service stations in foreign markets accounted for a record 43% of retail profits.
Balance sheet and rating
Net debt-to-EBITDA stood at 0.10x. In April 2026 Moody’s affirmed ORLEN’s A3 rating with a stable outlook, citing business resilience and sufficient resources to fund investments and dividends.
Investments and infrastructure
H1 capital expenditure reached PLN 14.7 billion. Resource additions on the Norwegian Continental Shelf (Goliat interest and Cerisa development) added nearly 70 million barrels of oil equivalent. ORLEN secured nearly 16 billion cubic metres of annual regasification capacity, received 40 LNG deliveries in Poland in H1, and progressed the New Chemicals project and the Grupa Azoty Polyolefins acquisition, obtaining three antitrust clearances and court approval of the restructuring plan.
Energy and retail rollout
Baltic Power and the Grudziądz CCGT began supplying electricity; construction and procurement continued for further CCGT and offshore projects. The Group built/upgraded 1,750 km of power lines in H1, connected service lines for 30,000 customers, added 380 MW of renewables/storage connections, issued grid permits totalling 1 GW and completed the Ostrów Wschód substation. ORLEN expanded HVO sales across Germany, Czechia, Austria and Slovakia, opened a hydrogen hub in Gdynia, and grew the ORLEN VITAY platform to more than 5.6 million active users (+11% year on year).
Source: ORLEN