ORLEN SA said Thursday its PLN 9.2 billion ($2.52 billion) in LIFO-based EBITDA for the second quarter, up from PLN 5 billion for the same three-month period last year as higher natural gas and electricity sales volumes offset lower refining and petrochemical margins. Net profit was PLN 1.8 billion.
However, revenue fell from PLN 69.5 billion for 2Q 2024 to PLN 60.7 billion for 2Q 2025 “due to the decline in refining and petrochemical product quotations (Downstream), as well as the absence of compensations and lower gas prices (Consumers and Products)”, the Polish majority state-owned integrated energy company reported on its website.
The Upstream and Supply segment logged EBITDA of PLN 3.34 billion. For the corresponding quarter in 2024, ORLEN reported a loss of PLN 3.94 billion for the Upstream segment due to regulatory measures aimed at supporting consumers.
Hydrocarbon production in April-June 2025 averaged 182,000 barrels of oil equivalent a day (boed), down from 207,500 boed for 2Q 2024. Over 70 percent of 2Q 2025 output was natural gas, mostly from Norway and Poland, while crude and liquefied natural gas accounted for nearly 30 percent.
The Downstream segment, or refining and petrochemicals, generated LIFO-based EBITDA of PLN 2.2 billion, “supported by strong crude throughput and favorable macroeconomic conditions, despite the pressure of lower margins”, ORLEN said. “At the same time, the petrochemical market environment remained challenging”.
ORLEN refineries processed 9.8 million metric tons of oil, up five percent from 2Q 2024. Refining margins fell 10 percent to $11.3 per barrel, while petrochemical margins dropped 21 percent to EUR 192 ($224) per metric ton.
The Energy segment – consisting of gas and electricity distribution and heating – contributed PLN 2.26 billion in EBITDA, up from PLN 1.97 billion for 2Q 2024 “thanks to its consistently implemented investment program”, ORLEN said. “The improved result was due largely to increased gas and electricity distribution volumes and higher heat sales”.
ORLEN’s installed power generation capacity grew to 6.2 gWe, with renewables capacity rising 0.6 gW compared to 2024. Power production increased 27 percent year-on-year to 3.8 tWh.
The Consumers and Products segment – consisting of gas, power and fuel retailing – delivered PLN 2 billion in EBITDA, up PLN 363 million year-over-year.
“In line with the Group’s new strategy, this segment now consolidates the sale of energy carriers – gas, electricity and fuels – to end users”, ORLEN said. “It reported higher sales of gas and electricity, including an increase of more than 70 percent in the e-mobility market”.
Operating cash flow landed at PLN 10.5 billion for 2Q 2025, up from PLN 6 billion for 2Q 2024. Free cash flow was PLN 4 billion, compared to negative PLN 1 billion for 2Q 2024. Capital expenditure was stable year-on-year at PLN 7.6 billion.
“On 1 September, we will pay the highest dividend in ORLEN’s history”, said chief financial officer Magdalena Bartos.
To contact the author, email jov.onsat@rigzone.com
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