Published February 4, 2025

OMV Petrom Group results [1] for January – December 2024 including interim unaudited condensed consolidated financial statements as of and for the period ended December 31, 2024

Christina Verchere, CEO OMV Petrom: “Our operational performance was strong in 2024: hydrocarbon production was better than planned, with the smallest decline in the last 7 years, and the refinery and power plant operated at high capacity. Thus, we significantly contributed to Romania’s energy supply, by providing about one-third of fuels demand, one third of gas demand and 10% of electricity generation.

In 2024, the clean CCS operational result decreased to RON 5.7 bn, reflecting a lower price environment, and negatively impacted by the regulatory changes introduced for natural gas and electricity, which led to a negative G&P result in the second and fourth quarters of last year.

We have made significant progress in implementing our Strategy 2030, which positions us for future low-carbon energy production. In 2024 only, we invested RON 7.2 bn, to support Neptun Deep development, renewable energy projects and electro-mobility network expansion. And we continued to be among the largest contributors to the state budget of Romania, through taxes and dividends, with RON 16 bn.

We expect 2025 to be a difficult and volatile year, with fiscal and regulatory challenges. Assuming a predictable and competitive fiscal and regulatory environment, we expect to reach a record high level of investments of around RON 8 bn, which would contribute to Romania’s energy security and to the country’s economy.”

Highlights FY2024

Group

Clean CCS Operating Result at RON 5.7 bn, 32% lower, lower commodity prices and negative impact from regulatory environment on the G&P business
Net income at RON 4.2 bn vs. RON 4 bn in FY2023
CAPEX increase by 52% at RON 7.2 bn vs RON 4.7 bn in FY2023
State budget contribution at RON ~16.1 bn, similar to FY2023
Dividends: base dividend of RON 0.0413/share paid in June 2024 and special dividend of RON 0.0300/share paid in September translating into a total dividend yield of 12.4%
Base dividend proposal for 2024^[2]: RON 0.0444/share, up 7.5% yoy, translating into a dividend yield of 6.3%^[3]and payout ratio from 2024 OCF of 42.8%.

Exploration and Production

Clean Operating Result at RON 3 bn, 29% lower, mainly driven by lower oil and gas prices and hydrocarbon sales volumes
Production above expectations at 109 kboe/d vs. 113 kboe/d, a decrease of 3.8%, lowest in the last 7 years. This was due to good results from workovers and drilling partially mitigating natural decline
Production cost increased by 2% to USD 16.2/boe, due to lower production available for sale.

Refining and Marketing

Clean CCS Operating Result at RON 2.4 bn only marginally lower compared to RON 2.5 bn in FY2023, reflecting lower refining margins largely offset by sales channels performance
OMV Petrom indicator refining margin at USD 9.2/bbl, 34% lower, as a result of weaker spreads for diesel and gasoline
Refinery utilization rate at 97% vs. 80% in FY2023, as 2023 was impacted by the planned turnaround; significantly above the European average
Total refined product sales higher by 6%. Romanian retail volumes increased by ~4%, supported by higher demand.

Gas and Power

Clean Operating Result at RON ~0.4 bn vs RON 2.1 bn in FY2023; despite good operational performance, the results heavily impacted by changes of legislation and market dynamics
Gas sales volumes down 7%, on lower volumes to wholesales and end-users, higher offtake by Brazi power plant
Brazi power plant net electrical output of 4.9 TWh vs 4.2 TWh in FY2023, covering 10% of Romania’s power production. This was the second highest level achieved by the power plant since the start of operations, after the record set in 2022.

Delivering on Strategy 2030

Grow regional gas

Neptun Deep: progressed according to plan, with 90% of the budget already committed. The construction of the production platform advanced at the Saipem sites located in Indonesia and Italy. Drilling rig arrived in Romania
Han Asparuh: OMV Petrom took over TotalEnergies’ interest in the Han Asparuh offshore block in Bulgaria, where OMV Petrom is the operator. OMV Petrom partnered with NewMed Energy to advance exploration in the block.

Transition to low and zero carbon

Renewable power: closed the transactions with Renovatio and Janzten Renewables for total solar and wind capacities of ~1.9 GW. These, together with the announced partnership with CE Oltenia and our own photovoltaic project at Ișalnița, result in a portfolio of 2.4 GW
Sustainable fuels: the final investment decision taken for the construction of a SAF/HVO plant and two green hydrogen units, positioning Petrobrazi to become the first major producer of sustainable fuels in SEE. The company also made steps to secure raw materials to produce sustainable fuels: signed contracts to purchase vegetable oil from Expur and acquired a 50% stake in Respira Verde, the largest collector and processor of used cooking oil in the country
Electro-mobility: closed transaction with Renovatio contributing to the company having the largest EV charging network in Romania, with around 900 charging points at end-2024.

Optimize traditional business

E&P: OMV Petrom premiered a new automatic drilling technology in Romania
R&M: largest crude oil storage tank in Romania commissioned at the Petrobrazi refinery
G&P: OMV Petrom expanded its natural gas supply activities in Bulgaria, addressing end customers

Innovation: an innovative carbon capture and utilization technology was tested at Petrobrazi in the ConsenCUS project. Also, OMV Petrom became an equity partner in InnoEnergy, a unique and trusted ecosystem to fast-track innovation towards the energy transition. Moreover, the company partnered with Hycamite TCD Technologies, a pioneering deep-tech startup specializing in clean hydrogen and solid carbon production.

Social projects supported directly and through OMV Petrom Foundation: ~26 mn EUR in the areas of health, education, and environment.

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_{[1] The financials are unaudited and represent OMV Petrom Group’s (herein after also referred to as “the Group”) interim consolidated results prepared according to IFRS; all the figures refer to OMV Petrom Group, unless otherwise stated; financials are expressed in RON mn and rounded to the closest integer value, so minor differences may result upon reconciliation; OMV Petrom uses the National Bank of Romania exchange rates for its consolidation process.}

_{[2] Base dividend subject to approval by the Supervisory Board and the General Meeting of Shareholders.}

_{[3] Using the share price at end December 2024.}