Half Year 2026 OMV Petrom SA Earnings Call Transcript
Key Points
- Clean CCS operating result increased 27% year-on-year to RON1.5 billion, driven by strong E&P and R&M performance.
- Neptun Deep project remains on schedule for first gas in 2027, with key milestones completed including platform installation and pipeline connection.
- Refining & Marketing results improved 36% year-on-year, with refinery utilization above 95% and refined product sales up 11%.
- Progress in low-carbon transition: 70 MW renewable capacity in operation, over 1.5 GW under development, and FID for Gabare solar and battery storage project.
- Gas production increased 6% year-on-year, offsetting lower oil production and keeping hydrocarbon output flat.
- Strong refining margins in Q3 expected, with diesel and gasoline cracks remaining robust due to Middle East conflict and Russian export bans.
- Operating cash flow decreased 38% year-on-year to RON1.2 billion, impacted by higher inventories and lower liabilities.
- Government interventions, including margin caps and solidarity contributions, prevented realization of upside from higher refining margins and added RON162 million special item in E&P.
- Gas & Power segment reported a loss of RON22 million, impacted by lower realized margins, high third-party gas costs, and longer planned outage at Brazi power plant.
- Net financial result swung to a loss of RON192 million from a gain of RON225 million in Q2 2025, due to absence of litigation gains and lower interest income.
- Free cash flow before dividends expected to be negative for 2026 due to higher planned investments, with net cash position declining to RON1.6 billion from RON5.5 billion.
- Regulatory uncertainty persists with new crisis measures from August to October, including margin caps and progressive solidarity tax, impacting Q3 outlook.
Good afternoon, ladies and gentlemen, and welcome to OMV Petrom's earnings call. Today's presentation will last around 30 minutes and will be recorded.
By now, you should have received the presentation by e-mail. The slides in the speech are also available online on www.omvpetrom.com in the Investors section. These also include the cautionary statement regarding forward-looking statements.
Now, let me hand over to Simona Crutu, Manager of the Investor Relations and Stakeholder Engagement Department, who will moderate the event.
Good afternoon, ladies and gentlemen, and thank you for joining us.
We'll have a presentation followed by a Q&A session. Christina Verchere, Chief Executive Officer, will provide some key highlights about our 2030 strategy, the macroeconomic and regulatory environment, and the performance of our business segments. Alina Popa, Chief Financial Officer, will
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