OMV (OMV) Q1 2026 earnings summary

Executive summary

• Clean CCS Operating Result fell 12% year-over-year to EUR 1,025 million, mainly due to lower Energy and Fuels results, but was supported by a strong Chemicals contribution.

• Net income surged to over EUR 1.6 billion, driven by a one-time EUR 886 million gain from the deconsolidation of Borealis following the Borouge International transaction.

• Cash flow from operating activities dropped 43% year-over-year to nearly EUR 800 million, impacted by significant net working capital outflows.

• The Borouge International JV was completed, creating the world’s fourth-largest polyolefin player, with OMV and XRG each holding 50%.

• Hydrocarbon production decreased 7% year-over-year to 288,000 boe/d, while fuel sales volumes rose 8%.

Financial highlights

• Clean CCS Operating Result: EUR 1,025 million, down 12% year-over-year.

• Clean CCS EPS was EUR 1.0, down 21% year-over-year; Clean CCS net income was EUR 495 million.

• Reported net income exceeded EUR 1.6 billion, reflecting the Borealis deconsolidation gain.

• Cash flow from operating activities was EUR 776–800 million, with net working capital outflows of EUR -848 million.

• Organic free cash flow before dividends was minus EUR 125 million.

Outlook and guidance

• Brent crude oil price for 2026 forecast at $85–$95/bbl; realized gas price at EUR 35–40/MWh.

• Hydrocarbon production expected at 280,000–290,000 boe/d; unit production cost around $11/bbl.

• European refining margin projected at $10–$15/bbl; utilization rate above 90%.

• Organic CAPEX guidance for 2026 is EUR 3.4 billion.

• Clean tax rate for 2026 expected slightly below 50%.