OMV (OMV) Q4 2024 (Media) earnings summary

Executive summary

• Achieved the fourth-best results in company history for 2024, with clean CCS operating result for Q4 2024 down 4% year-over-year to EUR 1,375 mn, mainly due to lower Fuels & Feedstock performance, offset by stronger Chemicals and Energy results.

• Full-year 2024 sales revenues declined 14% to EUR 33,981 mn, primarily from lower natural gas and oil prices.

• Severed all business ties with Russia, fully diversified gas portfolio, and secured new LNG contracts, ensuring energy supply security.

• Major progress in decarbonization, renewables, and circular economy initiatives, including investments in geothermal, wind, solar, and chemical recycling.

• Total dividend per share of EUR 4.75 proposed for 2024, including a special dividend of EUR 1.70.

Financial highlights

• Clean CCS operating result reached EUR 5.1 billion, down 15% year-over-year but still historically strong.

• Cash flow from operating activities (excluding net working capital) rose 14% to EUR 5.3 billion.

• Leverage ratio increased to 12% at year-end 2024 from 8% in 2023, reflecting strong financial position.

• Net income for Q4 2024 rose 18% to EUR 377 mn; full-year net income increased 6% to EUR 2,024 mn.

• Total capital expenditure for 2024 was EUR 4,101 mn; organic CAPEX EUR 3,710 mn.

Outlook and guidance

• 2025 Brent oil price expected at $75/bbl; OMV gas price at ~35 EUR/MWh; refinery margins at $6/bbl.

• Group organic investments planned at EUR 3.6 billion for 2025, with EUR 2 billion allocated to energy.

• Chemicals: Polyethylene and polypropylene indicator margins in Europe expected above EUR 400/t; polyolefin sales volumes projected at 4.1 mn t.

• Energy: Hydrocarbon production expected at 300 kboe/d (2024: 340 kboe/d), with production cost at USD 11/boe.

• Continued focus on sustainability, innovation, and potential acceleration of strategy via a possible Borealis-Borouge-Nova Chemicals merger.