Pressemitteilungen

Budapest, 06 May 2022 – Today, MOL Group announced its financial results for Q1 2022. MOL Group delivered USD 833mn Clean CCS EBITDA in Q1 2022, on the back of the very high oil and gas prices. However, results were down by 6% compared to the previous quarter. Upstream’s performance drove the results, Downstream was influenced by volatile and controversial macro and price effects so it remained the same as last year, while Consumer Services suffered from the fuel price caps throughout several Central and Eastern European countries. MOL Group produced USD 510mn free cash-flow, more than half of the 2022 guidance, as all segments generated positive contribution.

Chairman-CEO Zsolt Hernádi commented on the results: “2022 brought new challenges once again. Amongst rapidly changing external conditions, volatile and often adverse circumstances, MOL Group proved that we have the ability to react swiftly, a USD 833mn Q1 2022 Clean CCS EBITDA generation proves that we have been on the right track.

However, the greatest challenges in the upcoming period are no less than to secure energy supply security and maintain our profitability. We’re making significant efforts to adapt to the new environment and diversify our portfolio further to secure energy supplies to the CEE region. Also, MOL is in the middle of a transformation journey which requires heavy investments. We are very much committed to continue this process in the current volatile environment too. MOL Group has shown resilience during several crises in the past and I am confident that we will maintain our crucial role in providing a predictable energy supply and remain a trusted partner of our customers, stakeholders and the wider society.”

• Upstream EBITDA reached USD 504mn in Q1 2022, increased by 104% compared to last year’s Q1 result. The good performance was driven by the continuously higher oil and gas prices, the more than 40 USD/bbl uplift of Brent oil price and the fivefold increase in spot gas prices. Production volumes were down compared to last year’s same period, due to the natural decline in CEE and in Pakistan and the production decline of the ACG asset in Azerbaijan. Simplified free cash-flow contribution of Upstream rose to USD 420mn from USD 160mn year-on-year. As for the operations, MOL signed an agreement with Waldorf Production Limited (“Waldorf”) covering the sale of its entire Upstream portfolio in the United Kingdom.
• Downstream Clean CCS EBITDA came in at USD 254mn, exactly the same as last year in the same period as volatile external environment influenced the results both positive and negative ways. Diminishing petchem contribution was offset by higher Refining and Marketing EBITDA generation. Ural differential and gasoil crack- driven margin expansion in March was partly off-set by decreasing price realization and significantly rising energy costs. Meanwhile, sales volumes increased by 11% year-on-year, pulled by the skyrocketed Hungarian sales as the market has been distorted by the wholesale fuel price cap introduced since mid-February. Scaling up sustainability and transformation in Downstream continued in Q1 2022: greenfield investment of a 100kT propylene plant started, acquisition of ReMat, a market leading plastic recycler in Hungary was completed in this quarter. The polyol complex reached a mechanical completion ratio of 96% by Q1 2022.
• Consumer Services EBITDA decreased by 44% in Q1 2022 compared to the result of last year’s same period, despite sales volume increased by 20% and the number of transactions increased by 7% year-on-year, resulting in expanding market share throughout the CEE region. Fuel price regulatory measures in Hungary, Croatia, Serbia, Slovenia and Bosnia and Herzegovina reset EBITDA to around Q1 2017 levels as fuel margins lowered on group-level. Non-fuel margin increased of 8% year-on-year, supported mainly by grocery, gastro and hot dog sales uplift. The number of Fresh Corner sites rose to 1081 in Q1 2022 from 984 at Q1 2021. In January 2022, MOL signed a set of agreements with Grupa Lotos SA and PKN Orlen covering the sale and purchase of several portfolio elements and as a result MOL acquires 417 service stations in Poland that allows the company to reach 3rd position in the local fuel retail market. This deal is subject to merger clearence.
• Gas Midstream Q1 2022 EBITDA reached USD 48mn, the result is similar to the previous year’s Q1 performance. Further climbing gas purchase prices had negative impact and resulted in more than doubled gas consumption cost.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

• MOL builds one of the largest capacity green hydrogen plants in Europe in Százhalombatta, Hungary
• This investment of EUR 22 million allows MOL to produce 1600 tons of green hydrogen annually with the help of renewable electricity and enables ~25 000 tons of CO2 saving
• By introducing this new technology, MOL becomes a major player in the sustainable hydrogen economy in the region
• The development is a major milestone on the way to deliver on MOL’s updated SHAPE TOMORROW 2030+ Strategy, which set the aim to achieve carbon neutrality by 2050

BUDAPEST AND LATHAM, N.Y., Apr. 27, 2022 – MOL Group, has teamed up with Plug Power Inc. , a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, to build one of Europe’s largest-capacity green hydrogen production facilities at MOL’s Danube Refinery in Százhalombatta, Hungary. Green hydrogen will reduce the carbon footprint of the Danube Refinery operation and enable emission-free mobility in the longer term.

Utilizing a 10-megawatt (MW) electrolysis unit from Plug Power, MOL’s €22 million facility will be able to produce approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually, removing up to 25,000 tons of carbon dioxide by displacing the currently used natural gas-based production process. As this process represents one-sixth of the carbon dioxide emissions of MOL Group, this investment supports MOL’s carbon neutrality goals and will contribute to energy independence for the region.

Once operational in 2023, MOL will use the green hydrogen in its Danube Refinery during fuel production of its own hydrogen system. It will be incorporated into the molecules of MOL fuels, lowering the carbon outputs from the production technology and the final product.

“We are convinced that hydrogen is not only one of the most important energy carriers of the already ongoing energy transition, but it will be an essential factor in the new, carbon-neutral energy system as well. This new technology allows the introduction of green hydrogen production in Hungary, Százhalombatta, which makes MOL Group one of the most important players in the sustainable energy economy in the region,” said Gabriel Szabó, Executive Vice President of Downstream at MOL Group.

“Green hydrogen addresses two critical issues facing humanity: climate change and energy independence,” said Andy Marsh, CEO of Plug. “And our opportunities seem limitless to support the trend to pull green hydrogen into more traditional industrial hydrogen markets throughout the world. We are pleased to provide our state-of-the-art electrolyzer technology to MOL Group’s Danube Refinery and enable MOL Group to take a big step forward in addressing these issues for the region.”

The production of green hydrogen does not generate any greenhouse gas emissions. The Plug equipment uses electricity from a renewable source to split water into oxygen and hydrogen gas by a process called electrolysis. This process does not produce any by-products that harm the environment. By producing one ton of hydrogen, eight-to-nine tons of pure oxygen is also produced by the equipment, saving nearly 10,000 tons of natural gas consumption in the process. Plug’s electrolyzers, with nearly 50 years of operational experience in applications demanding high reliability, are modular, scalable hydrogen generators optimized for clean hydrogen production.

The company behind the world’s first and most comprehensive Green Hydrogen Ecosystem , Plug is making green hydrogen adoption simple for companies ready to improve both efficiency and sustainability of their operations. Plug’s independent green hydrogen production network is targeting 70 TPD by the end of 2022 and remains on track to have 500 TPD of green hydrogen generation network in North America by 2025 and 1,000 TPD on a global basis by 2028.

Green hydrogen production is an integral part of MOL’s updated SHAPE TOMORROW strategy, which

focuses on sustainability and is completely harmonized with The European Green Deal. Within the framework of its strategy, the company will make a total investment of €1 billion into the low carbon circular economy through 2025. MOL will reduce the carbon footprint of its operations by 30 percent by 2030 and will spend 50 percent of investment expenditures on sustainable projects. MOL aims to implement a carbon-neutral operation by 2050.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals, and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia, and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years of experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transforming its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central and Eastern Europe. For more information, visit www.molgroup.info.

About Plug

Plug is building an end-to-end green hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cell technology, the company has deployed more than 50,000 fuel cell systems and over 165 fueling stations, more than anyone else in the world, and is the largest buyer of liquid hydrogen. With plans to build and operate a green hydrogen highway across North America and Europe, Plug is building a state-of-the-art Gigafactory to produce electrolyzers and fuel cells and multiple green hydrogen production plants that will yield 500 tons of liquid green hydrogen daily by 2025. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple environments, including material handling, e-mobility, power generation, and industrial applications. For more information, visit www.plugpower.com .

• MOL Group acquired ReMat Zrt., a Hungarian market leading plastics recycling company using communal and industrial waste for creating regranules
• Aligned with its strategic goal to become a leader in the low-carbon circular economy in CEE, MOL continues building a strong portfolio in the field of plastic recycling and waste integration
• MOL’s total capacity of recycled plastic material raised to 40,000 tons/year, together with the latest acquisition of Aurora Kunststoffe Gmbh in Germany

Budapest, 1 April 2022 – MOL Group acquired ReMat Zrt., a recycler with production plants located in Tiszaújváros and Rakamaz, Hungary, and a logistics hub in Bratislava, Slovakia. ReMat is a market leading plastics recycler in Hungary with an annual processing capacity of 25,000 tons and almost 200 employees. The transaction fits into MOL’s portfolio and its goal to become a key player in the low carbon circular economy in Central and Eastern Europe.

ReMat is Hungary’s market leader in plastics recycling, using plastic waste from communal and industrial sources. The company prepares a wide range of polyethylene and polypropylene regranules and tailor-made products. ReMat has automatic selecting system, cleaning and regranulating equipment from leading manufacturers that can process up to 25,000 tons annually. With this acquisition, MOL will be able to develop tailor-made virgin and recyclate solutions to fulfill the ever-increasing demand of its customers for circular materials.

MOL Group launched its “Shape Tomorrow” 2030+ Strategy in last February, fully integrated with a new sustainability strategy, and started to act already to deliver on it. One of the main pillars of the Strategy is integrating circular economy in MOL’s operation, the company will spend USD 1bn in the next 5 years on new circular economy and green projects. Waste integration and utilisation is a key element of the new sustainable approach.

”We need plastic for our everyday life, plastic is good, what we don’t like is untreated plastic waste that is polluting the planet. MOL has started to invest in the circular economy, because we all want to live in a better environment; and for that we need more recycled goods. In addition, there is an increasing need from our customers for recycled material so good cause meets here with good business opportunities. With that in mind, in the last couple of years we started to build a strong portfolio around recycling. And we won’s stop here: for a net zero economy, we also have to use all kinds of waste as a resource, in a much more clever way than how we do today. Our goal is to become a key player in the low-carbon circular economy in Central and Eastern Europe and this acquisition is a major step towards this fascinating goal” - said Gabriel Szabó, Executive Vice President of MOL Group Downstream.

“We have come a long way since our foundation and are incredibly proud to be a pioneer within Hungary’s plastic recycling industry. Over the last two decades we have invested into state-of-the-art facilities and constantly expanded our processing capacities capable of supporting Hungary’s obligations towards the European Union regarding plastic recycling. We are excited to be joining MOL and look forward to continuing to drive growth for this attractive business” -said László Olasz, CEO of ReMat.

MOL has implemented investments already and it is continuously seeking for the opportunities to grow the share of recycled materials in its product portfolio. In November 2019, the first step was taken with the acquisition of Aurora Kunststoffe GmbH, a recycled plastic-based compounder in Germany. With a total combined annual capacity of 40,000 tons of Aurora and ReMat, MOL can offer a wide range of sustainable compounds and regranulates for the automotive and packaging industries. MOL also entered into a strategic partnership with German company APK, a pioneer in the development of plastic recycling technology, whose solvent based process is capable of producing high-quality polymers from complex plastic waste. Recently, MOL entered into strategic partnership with Swiss Meraxis to forge ahead with the development and production of polyolefin re-compounds in the future. MOL is planning investments in the field of chemical recycling as well and taking serious steps towards further waste-management activities.

MOL and HELM join forces on the marketing of propylene glycols in Western Europe and overseas markets. HELM will market propylene glycols produced by MOL´s newly built chemical complex in Tiszaújváros. The 1.3 billion Euro investment will be focusing on the production of 200,000 tons of polyols per year but also has a production capacity of 80,000 tons of propylene glycols.

Tiszaújváros/Budapest, Hungary and Hamburg, Germany (March 25, 2022)

MOL Petrochemicals Private Company Ltd. (“MOL”) and HELM AG (“HELM”) have agreed on a long-term marketing co-operation for propylene glycols produced by MOL in its backwards-integrated, newly built polyol chemical complex in Tiszaújváros, Hungary. The product range will include both technical and higher value added monopropylene glycol and dipropylene glycol grades.

The Tiszaújváros complex will produce polyols and propylene glycols using efficient and environmentally friendly technologies such as the HPPO process (propylene oxide from hydrogen peroxide) developed by Thyssen Krupp and Evonik. The overall progress of the Project has exceeded 90%.

In the marketing agreement with HELM, MOL will contribute with its extensive knowledge in the production of petrochemicals, while HELM will provide its supply chain know-how and commercial expertise through its global market presence. Both partners also cooperate on developing the highest standards of certified propylene glycols, to distribute the materials in all fields of applications, including pharmaceutical raw materials as well as industrial applications for unsaturated polyester resin production and to serve the deicing sector.

HELM’s market knowledge and infrastructure ensure MOL’s successful and efficient propylene glycol market entry in the selected regions. However, CEE market sales, as MOL’s home market, will be co-ordinated by MOL.

 "HELM is proud to be selected as exclusive marketing partner by MOL to serve the North, West and South of Europe with high quality Propylene Glycols. The cooperation will strengthen HELM´s global set up and lets us become a major player in Propylene Glycols next to the existing strong position in Ethylene Glycols,“ says Axel Viering, Member of the Executive Board of HELM.

“The polyol project represents an important milestone in the history of the entire MOL Group for stepping forward in the value chain and producing high value-added petrochemical products. We look forward to the collaboration with HELM and believe that it will also be essential for ensuring the successful ramp up of the polyol complex,” stated Gabriel Szabó, Executive Vice President, MOL Group Downstream.

For more detailed information on our Polyol project, please visit: https://molgroup.info/en/products-and-services/petrochemicals/polyol

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and more than 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

About HELM

HELM is a Hamburg, Germany, based family-owned company established in 1900. HELM is one of the world’s largest chemicals marketing companies and committed to providing solutions to its partners worldwide that support a successful transformation to a sustainable economy and society. The company secures access to the world’s key markets through its specific regional knowledge and its multinational presence. As a multifunctional marketing organization HELM is active in the chemicals industry, in the crop protection industry, in pharmaceuticals and in the fertilizer industry.

Press contact

@: internationalpress@mol.hu

• Full-year 2021 Clean CCS EBITDA reached USD 3.531 bn, exceeding the upgraded annual guidance of USD 3.2bn
• Group-level Q4 2021 Clean CCS EBITDA more than doubled year-on-year and came in at USD 947mn, reflecting the much stronger oil macro
• Upstream Q4 2021 EBITDA rebounded by 184% to USD 513mn from the 2020 lows, driven by continuously higher oil and gas prices
• Downstream Q4 Clean CCS EBITDA increased by 165% compared to last year’s result to USD 352mn, boosted by high refinery and petrochemical margins
• Consumer Services Q4 2021 EBITDA decreased by 10 % year-on-year, affected by the fuel price cap in Hungary and Croatia,  while full-year result increased by 19%
• MOL sets 2022 EBITDA guidance at around USD 2.8bn

Budapest, 18 February 2022 – Today, MOL Group announced its financial results for Q4 and full year 2021. In a very volatile external environment, MOL Group generated USD 947mn Clean CCS EBITDA in Q4, bringing full-year clean CCS EBITDA to an all-time high USD 3.531bn, above the updated guidance. Simplified free cash flow tripled since last year and amounted to USD 1,988mn, mainly driven by the favorable oil and gas prices and refinery/petrochemical margins. This result allows MOL to fund its ongoing and planned transformational projects.  MOL expects 2022 EBITDA at around USD 2.8bn

Chairman-CEO Zsolt Hernádi commented the results:

“I am proud that MOL Group significantly outperformed the upgraded guidance and delivered an all-time high EBITDA of USD 3.5bn in 2021. Due to MOL’s integrated business model and the good internal performance we were able to maximize the benefits from the external environment, allowing us to fund our transformational investments.

Despite the operational challenges we continued our strategic transformational journey that we accelerated with the Shape Tomorrow 2030+ Strategy update one year ago. The construction of the new polyol complex proceeded according to plan and we also took inorganic steps to strengthen our Consumer Services portfolio in Poland and Slovenia. We expect that the external environment would remain volatile and unpredictable in 2022. Against this macro backdrop we expect MOL’s EBITDA generation to reach or even exceed USD 2.8bn this year.”

Upstream 2021 Q4 EBITDA jumped by 184% to USD 513mn from the 2020 lows, bringing full-year Upstream EBITDA to USD 1.554bn, nearly half of MOL Group’s total results. The great performance was driven by the 70% uplift of  Brent oil price and the 3.5 times higher gas prices compared to last year. Simplified free cash flow significantly improved to USD 399mn in Q4, bringing Upstream’s simplified free cash flow generation to USD 1.15bn in 2021. Annual oil and gas production remained above 110 mboepd that meets the group-level target,  ACG asset in Azerbaijan positively contributed to the volumes while natural decline continued mainly in Central and Eastern Europe and in the UK.  

Downstream full-year 2021 Clean CCS EBITDA doubled to nearly USD 1.5bn, due to the much higher refinery margins and petchem margins, of which petchem contributed over 50%. Q4 2021 result also increased from a depressed base by 165% to USD 352mn year-on-year. Sales volumes grew by 3% year-on-year in Q4, supported by higher third party sales, while regional motor fuel demand increased by 4% in Central and Eastern Europe, MOL’s core region.

Consumer Services:  The division achieved a 19 %  full-year EBITDA growth, supported by sales volumes and non-fuel margin improvement. Fuel price cap in Hungary and Croatia, and the weakening of the local currencies against the USD had a negative effect on the trend of continuous year-on-year EBITDA increases, Q4 EBITDA declined by 10% compared to the 2020 same quarter results.

The non-fuel concept rollout continued: the number of reconstructed sites with Fresh Corners rose to 1,069 from 955 at the end of 2020. In 2021, MOL announced several acquisitions to deliver on the “ShapeTomorrow” 2030+ strategy: 16 service stations in Slovakia and 120 OMV service stations in Slovenia. The acquisitions continued in Q1 2022 with 417 Lotos-branded service stations in Poland.

The Gas Midstream segment reached USD 135.6mn EBITDA in 2021, 33% lower than a year ago. In Q4, EBITDA fell by 18% year-on year to USD 34mn, due to sharply rising gas purchase prices and due to the fact that transmission towards Serbia and Bosnia and Herzegovina stopped in 2021, resulting in diminishing non-regulated transit revenues. CAPEX spending was lower as Serbian-Hungarian interconnector project was completed in Q3 2021 and was commissioned during Q4 2021.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

• Clean CCS EBITDA resulted in USD 1,025mn in Q3 2021, mainly driven by the macro-economic environment and the strong internal performance
• Clean CCS EBITDA for the first 3 quarters reached USD 2,583mn, 63% higher than last year in the same period, recovering from pandemic-hit 2020 base
• Annual EBITDA guidance further upgraded, expected to reach or even exceed USD 3.2bn
• Upstream EBITDA jumped by 87% year-on-year to USD 396mn, driven by the improvement of the macro-economic environment
• Downstream Clean CCS EBITDA increased to USD 436mn in Q3, boosted by favorable macro conditions such as doubling petrochemical margins year-on-year
• Consumer Services reached USD 211mn EBITDA in Q3, improving by 15% compared to Q3 last year due to the strong economic recovery in the core regions
• Soaring commodity prices and the progression of the pandemic in MOL’s core region creates a volatile and relatively unpredictable operational environment

Budapest, 05November 2021 – Today, MOL Group announced its financial results for the third quarter of 2021. Supported by the macro-economic environment, the doubling petrochemicals margins compared to last year and the internal performance of the company, Clean CCS EBITDA strongly rebounded and came in at USD 1,025mn in Q3 2021. This result brought Q1-Q3 2021 EBITDA to USD 2,583mn that allows MOL to further upgrade full year guidance to reach or even exceed USD 3.2bn. Organic capital expenditure was 18% higher year-on-year in Q3 2021, reaching USD 360mn of which USD 68mn was spent on transformational projects including the Polyol plant construction. Meanwhile, world market perturbances, soaring commodity prices, logistics difficulties and the 4th wave of Covid-19 pandemic create an overall relatively unpredictable operational environment.

Chairman-CEO Zsolt Hernádi commented the results: “The good results of the third quarter have been supported by the favorable external environment and the rebounding regional economic growth. At the same time we also leveraged our strengths, the resilient integrated business model and our highly cost-efficient asset base and operation.

Our very strong year-to-date 2021 delivery allows us to further upgrade our annual EBITDA guidance, which is expected to reach or even exceed USD 3.2bn. At the same time soaring commodity prices and the implications of the coronavirus pandemic pose a significant risk to the economy and generate a very volatile operational environment.

As a result, we remain focused to maintain financial and operational resilience and deliver on our longer-term sustainability related commitments. A higher year-to-date free cash flow generation allows us to fund our sizeable upcoming transformational investments within the framework of MOL’s 2030+ strategy.”

Upstream became the largest free cash-flow contributor of the Group in Q3 2021 as EBITDA jumped by 87% year-on-year to USD 396mn and it was 18% higher even in comparison with the strong previous quarter, supported by the macro-economic environment. Production volumes slightly decreased and resulted in 107.4 mboepd, due to higher crude oil prices reducing net entitlement production in the ACG asset in Azerbaijan and due to the natural decline in Central and Eastern Europe.

Downstream Clean CCS EBITDA increased by 116% to USD 436mn compared to the same period last year, supported by stronger petrochemicals and refining contribution,rebounding from the 2020 lows. Sales volumes grew by 7% year-on-year in Q3 due to stronger regional fuel demand. Integrated petchem margin doubled in Q3 year-on-year, however declined from the record high levels of Q2, due to rising oil- and lower polymer product prices. The polyol plant construction project progressed well and exceeded 89% overall completion at the end of Q3 2021.

Consumer Services Q3 2021 EBITDA reached USD 211mn supported by recovering regional sales volumes and non-fuel contribution. The increase was backed by the strong economic recovery in core markets. Motor fuel demand surpassed Q3 2019 consumption levels in Hungary, Slovakia and in Croatia. The number of transactions increased by +12% year-on-year, as in the same quarter last year customer’s behavior was more influenced by the pandemic situation. The number of Fresh Corner sites rose to 1,028 in Q3 from 1,008 in the previous quarter.

Gas Midstream EBITDA decreased by 30% year-on-year in Q3 to USD 30mn, as both transit revenues and regulated income fell as a result of decreased cross-border capacity and transmission demand. Both domestic transmission volumes and export transmission volumes further declined by 26% in Q3 compared to the same period in 2020. Capital expenditures increased due to the Serbian-Hungarian interconnector project.

Sustainalytics ESG Risk Rating Report continue to recognize MOL’s ESG efforts, recently ranked MOL Group in the Top 3% percentile with 7th lowest risk among 256 global oil and gas peers in the industry group. Climate & Environment related material issues received low risk ratings in an oil and gas industry context.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

Budapest, 25 October 2021 – MOL Group was disappointed to learn about the ruling made by the Croatian Supreme Court in the Sanader trial, upholding the first instance conviction of the Zagreb County Court. Despite the fact that all previous decisions of both the Hungarian authorities and the international arbitration commenced by the Croatian Government found that neither MOL, nor any of its officers had committed a criminal offence. Zsolt Hernádi, Charman-CEO of MOL Group plans to turn to the Croatian Constitutional Court in response to the serious injustices during the Croatian proceedings.

The unfair proceedings motivated by economic interests have been dragging on for over 10 years in Croatia, despite the Croatian Constitutional Court’s decision in 2015 stating that the former prime minister was convicted at the cost of serious violations of the law. Already at this point, the Constitutional Court pointed out multiple substantial procedural failures and remanded the matter for retrial. Since, failing to meet even the minimum requirements for a fair trial, the present proceedings involved even more alarming and obvious violations of rights, it is our conviction that the new ruling will also fail to stand up to Constitutional Court review. This view is supported by the 2018 decision of the Budapest Court of Justice, which found a risk of violation of the right to a fair trial and of the impartial assessment of the case in the Croatian proceedings. As a reminder, the international arbitration proceeding initiated by Croatia concluded with the verdict that The Tribunal has come to the confident conclusion that Croatia has failed to establish that Zsolt Hernádi did in fact bribe Sanader.

MOL maintains its earlier stance, firmly rejects allegations of improper business conduct and continues to defend himself by all means against unfounded allegations of crime. The Chairman-CEO continues to enjoy the full confidence and support of MOL Plc.’s Board of Directors. MOL’s INA strategy and commitment to a corporate governance serving INA’s best interests remain unchanged.

Timeline

MOL acquired its first 25 percent stake in INA in 2003, followed by another purchase of an additional 22.15 percent in late 2008, as well as reaching an agreement with the Croatian government about assuming control over the company. Next, MOL acquired further stock on the market, and currently holds a 49.08 percent stake in the company.

In 2011, the anti-corruption and organised crime agency of the Public Prosecutor’s Office (USKOK) in Zagreb filed charges against former Croatian prime minister Ivo Sanader for receiving a bribe from Zsolt Hernádi. In 2013, USKOK also pressed charges against Zsolt Hernádi. In response to the allegations, Hungarian law enforcement also started its own investigation. In July 2011, the Central Bureau of Investigation of the Hungarian Chief Public Prosecutor’s Office launched an investigation against an unknown perpetrator on suspicion of the criminal offence of bribery intended to induce dereliction of duty in international relations. The Chief Prosecutor’s Office found that no criminal offence had been committed in the interest of MOL and by the executives of MOL, and in the absence of any criminal offence, discontinued the investigation.

Croatia had already sought remedy from the United Nations Commission on International Trade Law (UNCITRAL) in the matter in 2014, which reached a decision in December 2016. The UNCITRAL ruled that Croatia was unable to prove that MOL (or Zsolt Hernádi) gave a bribe to Ivo Sanader, underlining that the key witness, Robert Jezic was not credible, and the Croatian courts had shown partiality in deciding the case.

The consolidated lawsuit against former Croatian head of government Ivo Sanader and MOL Chairman-CEO Zsolt Hernádi accused of bribing him, was brought before the Zagreb County Court in the autumn of 2018. In December 2019, the court handed down guilty verdicts, sentencing Ivo Sanader to six years and Zsolt Hernádi to two years. The independent legal observers following the trial on site (judge Kai Ambos, professor at the Georg-August University in Göttingen and Lord David Anderson, a member of the Bar of England and Wales) believed that the Zagreb court violated the EU’s norms regarding the right to fair trial and accused the Croatian prosecutors of partiality in the case. In July 2021, the defence filed a detailed appeal with the Croatian Supreme Court, which has now upheld the ruling of the Court of First Instance.

• Clean CCS EBITDA highest ever at USD 893mn in Q2, 153% more than a year ago
• H1 Clean CCS EBITDA reached USD 1,559mn, 60% higher year-on-year
• Upstream Q2 EBITDA tripled and Downstream result more than quadrupled compared to the second quarter of 2020
• Consumer Services reached its highest-ever Q2 EBITDA, USD 164mn
• All strategic projects progressed well, organic capital expenditure was higher both Q2 and H1 than last year, reaching USD 356mn in Q2, as utilization normalized
• Group-level simplified free cash-flow increased significantly in H1 compared to last year to USD 922mn as all core segments generated positive contribution in the first half year and well exceeded even the pre-pandemic performance level
• Full-year EBITDA guidance upgraded to „aroundUSD 3 bn” from „around USD 2.3 bn”.

Budapest, 6August 2021 – Today MOL Group announced its financial results for H1 and Q2 2021. In the first six months MOL Group delivered USD 1,559mn EBITDA while in Q2 Clean CCS EBITDA jumped by 153% year-on-year to an all-time high USD 893mn, driven by stronger oil macro, record high petrochemical margins and the easing of Covid-related restrictions with a subsequent positive effect on sales volumes. Strong Q2 EBITDA allows MOL Group to raise its 2021 full year guidance to „around USD 3 bn” from „around USD 2.3 bn”.

Chairman-CEO Zsolt Hernádi commented the results: “I am very proud to announce that we posted the strongest quarter in MOL Group’s history. Our resilient integrated business model not only managed to successfully navigate the challenges posed by Covid, but also captured the strong commodity cycle we are experiencing. This means we delivered USD 893mn Clean CCS EBITDA during the second quarter, which in turn means we are upgrading our guidance for the full year to around USD 3bn from the previous USD 2.3bn. Looking ahead, I am very pleased with the progress we are making on key projects as we execute our strategic plans on our path towards 2030 and beyond.”

Downstream Q2 Clean CCS EBITDA increased by 305% year-on-year to USD 447mn, boosted by very strong petrochemical performance while refining margins gradually recovered from the lows of Q2 2020. In H1 2021, Downstream generated 73% better result than in the same period last year. The strong Downstream result was primarily driven by outstanding performance in petrochemicals, which saw its integrated petchem margin reaching an all-time high of EUR 1035.8/t during April. Downstream became the largest cash contributor to the Group in Q2 with USD 307mn free cash-flow generation As for the ongoing investments, the polyol project exceeded 84% overall completion at the end of Q2.

Upstream EBITDA jumped to USD 336mn in Q2, amounted exactly three times higher than a year ago and H1 result came in at USD 645mn that means a 117% increase since the same period last year, driven by the continuously higher oil and gas prices. Oil and gas production volume decreased slightly by 5% compared to Q1 2021 to 111.2 mboepd, due to the maintenance in UK, natural decline in the UK and CEE and lower ACG net entitlement production affected by the higher oil prices. Upstream is still one of the largest cash contributors of the Group, as simplified free cash flow rose year-on-year, as well as quarter-on quarter to USD 230mn in Q2.

Consumer Services reached an all-time high Q2 EBITDA in Q2 2021, increasing by 48% year-on-year to USD 164mn. The excellent performance resulted in strong free cash-flow, generating USD 230mn in the first half of the year, 50% more than a year ago. The easing of pandemic-related lockdowns and restrictions in MOL’s core CEE countries had a positive effect on sales volumes and non-fuel margin. Non-fuel margin increased by 34% in Q2, driven by strong performance across a broad category range in the Hungarian, Romanian, Czech and Slovakian markets. Total sales volumes increased by 25% year-on-year in Q2 as a result of increased travel activity following easing of restrictions. In Q2 2021, MOL together with its subsidiary INA, agreed to acquire OMV Slovenia, including 120 service stations and the wholesale operation. The number of Fresh Corner sites rose to 1,008 in Q2 from 984 in Q1 2021.

Gas Midstream Q2EBITDA fell by 48% to USD 23mn compared to the same period last year, as both transit revenues and regulated income fell as a result of materially decreased crossborder capacity and transmission demand. Domestic transmission volumes increased by 32% in Q2 year-on-year, while export transmission volumes (to Ukraine, Romania, Croatia and Slovakia) decreased significantly by almost 87%.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

Press contact

@: internationalpress@mol.hu

• MOL Group acquires further 92.25% stake in OMV Slovenija d.o.o. for 120 service stations and wholesale operations in Slovenia
• From current 53 service stations in Slovenia, MOL Group increases its operation to 173 retail units
• MOL delivers on its 2030+ Shape Tomorrow Strategy in Consumer Services, presenting the third retail acquisition in the last 3 months

Budapest, 08 June 2021 –MOL Group reached an agreement with OMV to acquire OMV’s 92.25% stake in OMV Slovenija d.o.o., in which INA d.d. already holds a 7.75% minority stake, from OMV Downstream GmbH as direct shareholder. The agreed purchase price is EUR 301 mn (100% share of OMV Slovenija).

The transaction includes 120 service stations across Slovenia. OMV Slovenija d.o.o. operates in the country under 3 brands: OMV (108); EuroTruck (4); and Avanti / DISKONT (8). MOL Group and INA will become the 100% owner of the wholesale business of the acquired company, as well.

With 48 MOL and 5 INA-branded service stations in Slovenia, MOL Group is currently the nr. 3 retail market-player.

The transaction is subject to merger clearance.

The agreement fits into the Group’s “SHAPE TOMORROW” 2030+ updated long-term strategy, which places a special emphasis on the development of Consumer Services.

“This step is in line with our strategic goals to further expand our service station network in existing and potential new markets in Central and Eastern Europe. By 2025, MOL Group would like to reach 2200 service stations, potentially more, if more good opportunities rise. I believe that Consumer Services has a great potential inside the energy transition. Our service stations are not just fuel stations anymore. With constant development and digitization, shaping future consumer and mobility trends, MOL offers convenience as we aim to help people on the move, regardless of what powers the customer’s mode of transport. Furthermore, our integrated business model and accelerating growth enable us to provide financial resources for developing sustainable solutions and boosting circular economy in the region. Slovenia is not a new market to us, in the last 25 years we had the opportunity to introduce top-quality fuels and services, and MOL Slovenija became a success story. With this step, together with INA we become a major player in Slovenia” -said MOL Group Chairman-CEO Zsolt Hernádi.

Acquisition of OMV Slovenija is the third announced deal since February 2021, when MOL Group updated its long-term strategy.  On the way to deliver on it, MOL Group recently published the acquisition of 100% of Normbenz Slovakia s.r.o. by member company Slovnaft that includes 16 service stations in Slovakia operated under the Lukoil brand. MOL has also concluded a deal with Marché International AG to buy the company that operates 9 restaurants in Hungary under the Marché brand.

MOL entered the Slovenian market in 1996 with the aim to establish a retail network and wholesale operation. By 2011 the company operated 31 service stations including acquired TUŠ network. In 2016, 11 Agip service stations joined the MOL-portfolio. In parallel with greenfield investments and the integration of 5 INA stations, MOL Slovenija currently operates 53 service stations.  Since 2016, all 48 MOL-branded service stations were reconstructed with introduction of Fresh Corner concept, offering freshly prepared food and high-quality coffee for people on the move.  

Currently MOL Group has 1941 service stations in 9 countries under several brands. 466 in Hungary, 434 in Croatia, 304 in the Czech Republic, 254 in Slovakia, 243 in Romania, 106 in Bosnia and Herzegovina, 70 in Serbia, 53 in Slovenia and 11 in Montenegro. MOL Group holds market leading position in Hungary, Croatia, Slovakia and in Bosnia and Herzegovina, second largest market player on the Czech market, and the third largest in Slovenia, Romania and Montenegro.

About MOL Group: MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 9 countries in Central & South Eastern Europe.

About INA Group: INA Group is the leading oil company in Croatia and a major regional player in oil and gas exploration and production, oil processing, and distribution of oil and oil derivatives. INA Group consists of several affiliates, entirely or partially owned by INA, d. d. The Group is based in Zagreb, Croatia. Apart from Croatia, INA also conducts its oil and gas exploration and production activities in Angola and Egypt. Oil is processed at INA’s refinery in Rijeka, while sustainable alternatives are being developed at an industrial location in Sisak. INA’s regional retail network consists of more than 500 retail locations in Croatia and neighbouring countries. INA Group is a member of MOL Group.

• MOL Group delivered Clean CCS EBITDA of USD 664mn in Q1 2021, 7% higher than last year in the same quarter, reflecting the stronger oil-and gas prices and the record high petrochemical margin
• Upstream EBITDA increased 66% year-on-year in Q1 to USD 307mn, driven by significantly higher oil and gas prices and by the ACG-contribution
• Downstream Clean CCS EBITDA declined by 14% year-on-year to USD 254mn, as a result of lower refinery volumes and margins, partly offset by very strong petrochemical performance
• Consumer Services reached its highest ever Q1 EBITDA at USD 115mn, despite seasonality and third wave travel restrictions
• Board of Directors on behalf of the 2021 Annual General Meeting of MOL Plc. decided a total sum of HUF 75.875bn shall be paid out as dividend in 2021, for the 2020 financial year

Budapest, 07May 2021 – Today, MOL Group announced its financial results for Q1 2021. MOL Group delivered USD 664mn Clean CCS EBITDA in Q1 2021, 7% higher than last year in the same quarter, despite the third wave of the Covid-19 pandemic and the subsequent travel restrictions and lockdowns in Central and Eastern Europe. Strong oil- and gas prices, record high petrochemical margin and the good performance of Consumer Services contributed to the results. MOL Group produced USD 383mn simplified free cash-flow, 17% more than a year ago.

Chairman-CEO Zsolt Hernádi commented on the results: „We delivered over USD 660mn EBITDA in Q1 2021, a great achievement considering the pandemic situation during these past months. This strong performance is the product of previous strategic initiatives combined with our integrated resilient business model. I am particularly pleased to see a good set of results in both Petrochemicals and Consumer Services, the two important pillars of our transformational strategy.

Exactly one year ago I said we entered a period of uncertainty, but we at MOL definitely learned how to adapt and emerged stronger from the crisis. With the vaccination and gradual ease of lockdowns in our region, we have reasons to be optimistic. I am glad that the dividend payment was resumed after last year’s cancellation, as we share our good results with our investors.

 Q1 proved to be another milestone in the history of the Group. We published our 2030+ Strategy ‘Shape Tomorrow’ which will further accelerate the pace and scale of our transformation to be a key player in the low carbon, circular economy in CEE. With these results, I am confident that we have a strong foundation from which we will be able to shape tomorrow’s economies together with our stakeholders.”

• Upstream EBITDA reached USD 307mn, an increase of 66% compared to last year’s Q1 result and 70% higher than in Q4 2020. The good performance was driven by the continuously higher oil and gas prices and the contribution of the ACG asset in Azerbaijan. The 116.7 mboepd production volume was slightly lower than in the previous quarter, but it was 6% higher year-on-year, due to volumes boosted by ACG. Simplified free cash-flow contribution of Upstream doubled in comparison with Q1 2020 to USD 218mn.
• Downstream Clean CCS EBITDA came in at USD 254mn, 14% lower than last year in the same period, as a result of lower refinery volumes caused by mobility restrictions and the lower refinery margins. This decline was partly offset by the strong petrochemical performance, as the integrated petrochemical margin increased by 74% year-on-year, reaching EUR 873/t during March 2021. The polyol project exceeded 79% overall completion at the end of Q1.
• Consumer Services EBITDA increased by 30% in USD terms to highest-ever Q1 result, USD 115 mn, mostly driven by higher fuel and non-fuel contribution and supported by lower operating expense. Lower capex lead to 45% higher free cash-flow generation than a year ago. This good performance was reached despite the lower fuel sales volumes caused by the third wave of pandemic-related travel restrictions in CEE. The number of Fresh Corner sites rose to 984 in Q1 2021 from 955 at the end of 2020. In Q1 2021, MOL concluded a deal with the subsidiary of Marché International AG to buy the company that operates 9 restaurants connected to service stations in Hungary under the Marché brand.
• Gas Midstream EBITDA fell by 33% year-on-year in Q1 2021 to USD 48mn, as both transit revenues and regulated income fell as a result of materially decreased cross border capacity and transmission demand

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe.

Press contact

@: internationalpress@mol.hu