MOL fuels posts USD 833 mln of cleared EBITDA in Q1 2025, up 16 pct y/y

"During a period of geopolitical tensions and economic transition, we managed to produce stable results. The good news is that these were driven by improvements in internal indicators in almost all business segments," said MOL's CEO Zsolt Hernádi, quoted in the press release.

"This provides a solid foundation for the challenges ahead, as I expect equally turbulent and uncertain times in the future. In preparing for these challenges, we are sticking to a proven formula - fiscal discipline, thoughtful investments, diversification, an integrated operating model and consistent delivery of strategic objectives," he added.

The CEO continued that the group is focusing on efficiency and improving internal ratios, strengthening competitiveness.

Profit before tax in the first quarter of 2025 increased by 23 percent year on year to USD 546 million. The full-year forecast is for around USD 1.6 billion.

As the group reported, results in the Upstream segment improved quarter on quarter, thanks in part to higher gas prices. Average production was 93 mboepd, in the middle of the target range of 92-94 mboepd and slightly below the previous quarter's levels, due to lower production in Central and Eastern Europe.

According to MOL, the refining segment (Downstream) improved its result year on year, despite lower refining margins and difficult external conditions. The impact of negative factors was offset by an increase in output and own sales and better capacity utilisation.

"In petrochemicals, we saw a rebound in sales, but the business remained subdued in the face of continued difficult market conditions. Refining margins stabilised around long-term averages, but petrochemical margins remained weak," the group said in the press release.

The retail segment also recorded increases - thanks to strong sales in both fuel and non-fuel offerings. MOL estimates that non-fuel margin growth slowed compared to last year, but underlying trends remained positive. The Fresh Corner chain continued to expand. At the end of the first quarter, 1,341 outlets were in operation, resulting in growth of 1 percent quarter on quarter and 6 percent year on year.

The circular economy segment delivered positive EBITDA driven mainly by one-off events. Capital expenditure was focused on scaling the deposit-return system with over 4,800 collection points.

MOL reported that the collection of beverage packaging grew by 10 percent quarter on quarter, reaching 6.5 million units per day. There was also progress in other infrastructure projects, including the construction of another landfill in Hungarian Komárom (eight more are planned), as well as the preparation of waste-to-energy projects.

The transmission segment recorded a decrease in EBITDA despite increasing demand for transmission services due to the unfavourable macro environment.

Organic CAPEX in the first quarter of 2025 amounted to USD 160 million against USD 1.7 billion forecast for the full year 2025.

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