ORLEN Group Q1 2026: solid results and lowest fuel prices in the EU
- Q1 results: LIFO EBITDA PLN14.1bn, revenue PLN75.8bn, net profit PLN8.1bn, operating cash flow PLN8.5bn, PLN5.4bn capex on energy security and low-/zero‑carbon projects, recommended PLN9.3bn dividend and net debt/EBITDA of (−)0.04.
- Upstream: average production 202k boe/day, discoveries of Sissel and Frida Kahlo fields in Norway, and two additional LNG carriers added to the fleet.
- Projects: 9.4 Mt crude throughput; New Chemicals project scope and schedule finalised; preliminary agreement to acquire a stake in Grupa Azoty Polyolefins; Baltic Power foundations laid and >50% turbines installed with onstream planned for 2026; 232 MW renewables connected and >1,000 km of power networks upgraded.
Q1 financials
The ORLEN Group reported Q1 2026 revenue PLN 75.8bn, LIFO-based EBITDA PLN 14.1bn, net profit PLN 8.1bn, operating cash flow PLN 8.5bn and capex PLN 5.4bn on energy security and low-/zero‑carbon projects; the Management Board recommended a PLN 9.3bn dividend and net debt/EBITDA was (−)0.04, with ratings A3 (Moody’s) and BBB+ (Fitch).
Segment performance
Upstream EBITDA was PLN 5.0bn with average production of 202k boe/d; Downstream LIFO EBITDA PLN 3.1bn on 9.4 Mt crude throughput while petrochemicals faced market pressure; Energy EBITDA PLN 4.7bn driven by heat (+11%), electricity (+10%) and a 4% rise in renewables; Consumers & Products EBITDA PLN 1.7bn supported by higher retail gas, electricity and fuel volumes.
Investments and projects
Upstream advances include discoveries at Sissel and Frida Kahlo (Norway) and two additional LNG carriers; New Chemicals project scope and schedule are finalised and a preliminary agreement was signed to acquire a stake in Grupa Azoty Polyolefins; transmission upgrades exceed 1,000 km and 232 MW of renewables are grid‑connected with energy storage; CCGT commissioning is under way in Grudziądz, preparatory works are under way for Gdańsk and Grudziądz 2, key Siekierki components contracted, Ostrołęka schedule refined, Baltic Power has foundations laid and over half the turbines installed with onstream planned for 2026, and Baltic East/West remain in predevelopment (studies, surveys and permitting).
Source: ORLEN