OMV Petrom (SNP) Q4 2025 earnings summary

Executive summary

• Strategy 2030 advanced with Neptun Deep on track for first gas in 2027, major progress in renewables, e-mobility, and biofuels, and a focus on energy transition and regional energy security.

• Q4 2025 Clean CCS Operating Result rose 41% year-over-year to RON 1.4 billion, driven by strong G&P and R&M performance.

• Operating cash flow in Q4 2025 surged 337% year-over-year to RON 2.1 billion, mainly due to favorable net working capital evolution.

• Record shareholder returns in 2025, with a 40% share price increase and RON 4 billion in dividends paid.

• Focus on cost efficiency, operational excellence, and value over volume across all business segments.

Financial highlights

• Q4 2025 Clean CCS Operating Result was RON 1.4 billion, up 41% year-over-year; Clean CCS net income for Q4 2025 was RON 1.2 billion.

• Q4 2025 operating result was negative RON -0.6 billion due to impairments in E&P related to license extension and mature field decline.

• Operating cash flow for Q4 2025 was RON 2.1 billion, up 337% year-over-year.

• Total CapEx for 2025 reached RON 7.8 billion, up 9% year-over-year, with 72% allocated to E&P.

• Net income attributable to stockholders for Q4 2025 was negative RON 375 million, impacted by impairments.

Outlook and guidance

• 2026: Brent oil price expected at USD 65/bbl; production above 100,000 boe/d; refining margin at USD 9/bbl; refining utilization above 95%.

• Free cash flow before dividends expected to be negative in 2026 due to record investments; positive for 2027–2028.

• CapEx planned at RON 9–9.4 billion for 2026, and ~RON 6 billion annually for 2027–2028.

• Hydrocarbon production target for 2030 revised up to ~170 kboe/d.

• Strategic focus on energy transition, with robust CapEx allocation and increased E&P production targets.