ORLEN Q3 2026 results: lowest fuel prices in the EU support Polish economy

Q3 financials

The ORLEN Group reported LIFO-based EBITDA of PLN 14.8 billion, revenue of PLN 80.1 billion and net profit of PLN 5.6 billion in Q3 2026. Operating cash flow was PLN 12.8 billion and net debt-to-EBITDA stood at −0.06x. Credit ratings remained at A3 (Moody’s) and BBB+ (Fitch), both with stable outlooks.

Segment performance

Upstream & Supply posted EBITDA of PLN 4.7 billion with average production of 183 thousand boe/day. Downstream delivered LIFO-based EBITDA of PLN 6.3 billion on combined crude throughput of 10.1 million tonnes. Energy reported EBITDA of PLN 2.7 billion, supported by nearly 30% higher renewable electricity generation year‑on‑year. Consumers & Products generated EBITDA of PLN 1.5 billion, driven by improved profitability in foreign markets while retail fuel prices in Poland remained the lowest in the EU under ORLEN’s pricing programme.

Investments and security of supply

The Group invested PLN 7.8 billion in the quarter. An October 2026 appraisal of the Afrodite field more than doubled initial estimates, raising ORLEN’s share of recoverable gas to over 4 billion cubic metres. The Idun Nord, Alve Nord and Ørn fields have also been brought on stream, collectively adding hydrocarbons equivalent to over 4 billion cubic metres. ORLEN signed a three‑year crude supply agreement with Equinor for Johan Sverdrup deliveries that could exceed 9 million tonnes annually.

Infrastructure, renewables and mobility

ORLEN commissioned a 42 MW solar farm at Mažeikiai to supply the refinery, completed turbine installation at the Baltic Power offshore project and connected about 240 MW of new renewable capacity to the grid. Upgrades to nearly 1,000 km of power lines are underway. The Group opened Poland’s first public truck charging station using the Megawatt Charging System (up to 1.5 MW) and expanded its ORLEN VITAY loyalty base by 300,000 active users.