ORLEN Group delivered a strong second quarter, reporting PLN 76.5 billion in revenue, PLN 13.9 billion in LIFO-based EBITDA and PLN 7.7 billion in net profit, while its foreign service-station network generated record profits.

 

The Polish energy giant also said drivers in Poland benefited from the lowest fuel prices in the European Union during the second quarter, even as ORLEN increased the contribution of its international retail operations to overall fuel-segment profits.

 

“Our decision to keep retail margins at the minimum necessary level, combined with promotional offers and a well-designed government package aimed at lowering fuel prices, made fuel in Poland the cheapest in the European Union in the second quarter. At the same time, we maximised profits across our international network. 

 

"As a result, in the past year alone, the share of our fuel-segment profits attributable to service stations outside Poland increased by 18 percentage points. Responsible and professional management allows us to navigate even the most severe global crisis in the liquid fuels market while delivering benefits to shareholders and customers alike. 

 

"The financial results we have generated provide the resources needed to fund the largest investment programme in the history of the Polish energy sector and pay a record dividend,” said Ireneusz Fąfara, CEO and President of the Management Board of ORLEN.

 

ORLEN generated PLN 15.2 billion in operating cash flow during the quarter, highlighting the strength of its balance sheet and providing further funding capacity for its aggressive investment programme.

 

The Downstream segment was the biggest EBITDA contributor, generating PLN 5.9 billion, helped by favourable macroeconomic conditions linked to the geopolitical environment. The petrochemicals business also remained profitable.

 

Upstream & Supply delivered EBITDA of PLN 3.9 billion, with average daily hydrocarbon production reaching 196,000 barrels of oil equivalent.

 

The Energy segment posted EBITDA of PLN 3.4 billion, supported by higher electricity generation and sales and increased electricity and gas distribution volumes.

 

Meanwhile, Consumers & Products generated PLN 1.5 billion in EBITDA. Higher fuel, gas and electricity sales volumes were offset in part by lower fuel margins in Poland. Foreign markets nevertheless accounted for a record 43% of profits generated by ORLEN’s service stations.

 

“Despite continued uncertainty and considerable volatility in the market environment, the ORLEN Group delivered very strong operating performance in the second quarter, translating into robust financial results. This demonstrates the resilience of our diversified business model, which helps offset the impact of changing market conditions across individual business segments. 

 

"We remain focused on the areas within our direct control: operational efficiency, cost discipline, working capital and responsible capital allocation. High-quality management and consistent execution of our plans support cash flow generation and help us maintain the Group’s strong and secure financial position. 

 

"At the same time, we are expanding our operations and carrying out strategic investments, maintaining a strict approach to assessing their profitability and contribution to the Group’s value. This ensures effective management in an uncertain environment and enables us to finance the transition and consistently build long-term shareholder value,” said Sławomir Jędrzejczyk, Chief Financial Officer and Vice President of the Management Board of ORLEN.

 

ORLEN ended the quarter with a net debt-to-EBITDA ratio of just 0.10x. Moody’s in April affirmed the company’s A3 credit rating with a stable outlook, its highest-ever rating, citing the resilience of its business and balance sheet.

 

The agency said ORLEN’s financial position provided “headroom to execute its ambitious investment plans” and that its existing and projected resources were “more than sufficient” to finance investments and previously announced dividend distributions.

 

ORLEN invested a record PLN 14.7 billion in capital expenditure during the first half of 2026, as it accelerates projects across oil and gas, refining, petrochemicals, power generation and distribution.

 

In upstream operations, ORLEN is expanding its resource base on the Norwegian Continental Shelf. The acquisition of an interest in the Goliat field and the decision to develop the Cerisa field have added nearly 70 million barrels of oil equivalent to the Group’s resources.

 

The company is also expanding its LNG trading and logistics operations and developing the Baltic Eagle Gas Hub. ORLEN has secured nearly 16 billion cubic metres of annual regasification capacity at Polish LNG terminals and has signed a framework agreement for further strategic cooperation with Ukraine’s Naftogaz.

 

During the first half of 2026, ORLEN received 40 LNG deliveries in Poland, including cargoes transported by vessels from its own fleet.

 

ORLEN is also pushing ahead with its renewable-energy ambitions. Baltic Power, Poland’s first offshore wind farm, and the CCGT plant in Grudziądz began supplying electricity to the grid in recent months.

 

Construction and key-component manufacturing continued on the CCGT Gdańsk and CCGT Grudziądz 2 projects. Work is also advancing on two additional offshore wind farms: Baltic East has reached the procurement stage, while geophysical and geotechnical surveys have started for Baltic West.

 

In the first half of 2026, ORLEN constructed or upgraded 1,750 kilometres of power lines and connected renewable-energy sources and energy-storage facilities with a combined capacity of 380 MW to the grid.

 

ORLEN is broadening its alternative-fuels footprint, extending sales of HVO renewable diesel from Germany and Czechia into Austria and Slovakia. The fuel is supplied from the Group’s production facilities in the Czech Republic.