OMV has delivered a resilient start to 2026, reporting a clean CCS Operating Result of around EUR 1.0 billion for the first quarter, as the energy major navigated a volatile market, Middle East supply chain disruptions, and shifting portfolio dynamics.
The Austrian energy group posted clean CCS net income attributable to shareholders of EUR 323 million, with sales from continuing operations totaling EUR 5.86 billion.
Operating cash flow came in at EUR 776 million, though underlying strength was clearer after adjustments: cash flow excluding working capital effects surged 20% to EUR 1.624 billion.
Despite the solid headline result, performance was uneven across divisions. Energy took the biggest hit, while chemicals surged ahead, and fuels held steady under pressure.
CEO Alfred Stern pointed to a challenging environment but emphasized the group’s stability.
“OMV delivered a solid performance in the first quarter of 2026 despite a highly volatile market environment and supply chain disruptions caused by the conflict in the Middle East. Our Energy business was impacted by a lower Exploration & Production contribution.
"The Fuels business result was largely flat, and Chemicals results were improved compared to a year ago. Our diversified and integrated portfolio once again demonstrated its resilience. The positive development in our chemicals business, supported by improved polyolefin margins, highlights the strategic importance of this segment.
"A key milestone this quarter was the completion of the Borouge International transactions, strengthening our global footprint in chemicals and enhancing our long-term value creation potential. With a robust balance sheet and a leverage ratio of 17 percent, OMV remains well positioned to advance its transformation and invest in sustainable, future-oriented growth.”
The Energy division saw the sharpest decline, with operating profit down 21% to EUR 723 million.
Hydrocarbon production fell 7% to 288 kboe/d, driven by temporary shutdowns linked to Middle East conflict disruptions and natural field decline. Lower output in New Zealand, Romania, and Norway was only partly offset by gains in Libya.
Gas performance was mixed: Eastern Europe improved strongly, while Western Europe weakened after a one-off boost in the prior year.
The Fuels segment posted a largely flat result of EUR 113 million, as stronger refining margins were offset by operational setbacks.
Refinery utilization in Europe dropped to 87% due to planned maintenance shutdowns, while sales volumes rose 8% to 3.8 million tons.
A key drag came from global crude disruptions, which triggered around EUR 100 million in one-off hedging losses.
Retail margins also weakened as higher oil prices squeezed fuel profitability, while commercial operations declined despite stronger aviation demand.
The Chemicals division delivered the standout performance, with operating profit jumping to EUR 245 million, almost doubling year-on-year.
The jump was driven by improved polyolefin margins, favorable feedstock costs, and positive inventory effects. The reclassification linked to Borealis also boosted reported results.
OMV ended the quarter with net debt of EUR 4.5 billion and a low leverage ratio of 17%, reinforcing financial stability.
A major strategic milestone was also completed: the closing of the Borouge International transaction, positioning OMV for a stronger global chemicals footprint. From Q2 2026, Borouge International will be accounted for at equity.
