OMV generates stable Group Sales of EUR 6.2 bn in Q1 2025 amid a challenging market environment

• Clean CCS Operating Result at EUR 1.16 bn due to lower contribution from Fuels & Feedstock and Energy, with stable contribution from Chemicals 
• Cash Flow from Operating Activities at EUR 1.36 bn
  
• Strong balance sheet with low leverage ratio of 12%
  
• Stable Chemicals results with 10% increased polyolefins sales volume 
  
• Fuels & Feedstock results lower due to decrease in refining indicator margins
  
• Energy results with improved Exploration & Production performance and weaker Gas Marketing & Power contribution
  
• Continued progress on OMV’s Strategy 2030 implementation: Borouge Group International to become the world’s fourth-largest polyolefins company
  
• Progress with Neptun Deep project, with gas production in the Black See envisaged for 2027

OMV today announced its results for the first quarter of 2025,¹ with stable Group Sales revenues of EUR 6.2 billion, a Clean CCS Operating Result of EUR 1.16 billion, and Clean CCS Net Income attributable to stockholders of EUR 413 million. Cash Flow from Operating Activities was EUR 1.36 billion. The Clean Operating Result of the Chemicals segment was EUR 126 million. The contribution of the Fuels & Feedstock segment stood at EUR 117 million, while the Energy segment came in at EUR 910 million. The Clean CCS Earnings per share were EUR 1.26. OMV’s balance sheet remains strong, with net debt amounting to EUR 3.2 billion and a low leverage ratio of 12 percent at the end of March 2025. 

Alfred Stern, Chairman of the Executive Board and CEO of OMV: “OMV has had a profitable start to 2025 amid challenging market and geopolitical conditions. Our Group Sales Revenues remained stable, and all business units delivered positive contributions to our Operating Result. The balance sheet remains strong, supported by robust cash flow from operating activities. In the first quarter, OMV made significant progress in delivering on our Strategy 2030. Borouge Group International marks the emergence of the world’s fourth-largest polyolefins company. This is a momentous milestone for OMV and the global chemical industry. At the same time, we continued our transformation journey with the successful start-up of OMV’s new ReOil plant. Our Group’s energy projects in Europe have also advanced, with OMV Petrom spudding the first gas production well of the Neptun Deep project in the Black Sea.” 

The Clean Operating Result of the Chemicals segment was stable at EUR 126 million. This was mainly due to a lower contribution from Borealis following a considerably weaker base chemicals business and a softer polyolefins business. Improved olefin margins, increased sales volumes and the effects from the reclassification of Borealis Group excluding the Borouge investments to “held for sale” were largely offsetting. The Clean Operating Result of Borealis excluding JVs declined to EUR 71 million. The contribution from Borealis JVs improved to EUR 45 million. The utilization rate of the European steam crackers operated by OMV and Borealis increased by 3 percentage points to 90 percent. Polyolefin sales volumes rose by 10 percent to 1.59 mn tonnes.
 
The Clean CCS Operating Result of the Fuels & Feedstock segment decreased to EUR 117 million. This was largely the result of lower refining indicator margins, decreased results from ADNOC Refining and ADNOC Global Trading and higher fixed costs. The positive impact from increased utilization rates at OMV’s European refineries, which rose by 7 percentage points to 92 percent, and improved retail performance, was partly offsetting.

The Clean Operating Result of the Energy segment amounted to EUR 910 million, mainly due to strong results from the oil and gas production but a lower Gas Marketing & Power result primarily attributable to a change in legislation in Romania. The improved Exploration & Production (E&P) result was driven by positive market effects, partly offset by the impact of lower sales volumes in Norway and the divestment of SapuraOMV. Total hydrocarbon production amounted to 310 kboe/d following the divestment of SapuraOMV, natural decline in Norway and New Zealand, as well as lower well deliverability in New Zealand, partially compensated by increased output in Libya.

Transformation projects in Q1 2025

Group:

In March, OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International. Both companies will hold equal shares and equal decision-making rights. The new entity will be excellently positioned to create value and generate through-the-cycle shareholder returns, supported by synergies and a strong pipeline of organic growth projects. The acquisition of North American-based Nova Chemicals will further strengthen Borouge Group International’s presence across the Americas and increase its exposure to advantaged feedstock. The transactions will be closed simultaneously, with expected completion in Q1 2026, subject to regulatory approvals and other customary conditions.

Chemicals: 

In March, OMV unveiled its innovative ReOil® plant, after 15 years of pioneering research. This expansion at the Schwechat site can process up to 16,000 metric tons of hard-to-recycle plastics annually into circular feedstocks, producing virgin-quality plastics and reducing CO2 emissions by up to 34 percent compared to incineration. 
OMV is now developing a full-scale industrial plant for chemical recycling, with the final investment decision subject to internal approvals. OMV secured up to EUR 81.6 million in EU funding for this project, the largest public grant ever awarded to the OMV Group.

Furthermore, Borealis once again secured its position as the top Austrian innovator in the European Patent Index 2024, continuing its long-standing tradition of excellence in innovation. In 2024 alone, Borealis filed 121 new priority patent applications, contributing to its extensive portfolio of approximately 12,300 patents. 
In March, Borealis achieved full certification for Operation Clean Sweep® across all its polyolefin production locations, solidifying its position as one of the first plastics producers to reach this milestone. 

Fuels & Feedstock: 

In January, OMV and Airbus announced a memorandum of understanding to advance the decarbonization of the aviation industry through sustainable aviation fuel (SAF). The partnership aims to support the reduction of CO2 emissions in the aviation sector, with SAF playing a pivotal role in achieving the goal of net zero by 2050 at the latest. 

In February, OMV Petrom announced the start of construction for a SAF and renewable diesel (HVO) production unit at the Petrobrazi refinery. This new facility will position OMV Petrom as the first major producer of sustainable fuels in Southeast Europe, with an annual capacity of 250,000 tons. The project entails a total investment of EUR 750 million.

Energy: 

OMV’s and Wien Energie’s deeep geothermal energy project in Aspern in Vienna is making progress. Two of the three deep wells have been successfully completed in the first quarter and the third well is expected to be finished by June 2025. The plant is expected to supply sustainable heat to the district heating network from 2028, covering the needs of 20,000 Viennese households.

OMV has made the final investment decision for gas production at the Wittau Tief development. The gas discovery, announced in summer 2023, is expected to boost OMV's gas production in Austria by 50 percent. Preliminary evaluations suggest potentially recoverable resources of approximately 48 TWh (28 million barrels of oil equivalent). Production is foreseen to begin in the second half of 2026.

The Neptun Deep project in the Black Sea is advancing as scheduled. Drilling for the first of ten wells commenced in March and is anticipated to take two to three months. Initial gas production is projected for 2027. Upon reaching peak production, Neptun Deep is expected to yield around 8 billion cubic meters of gas annually.

¹ The figures stated relate to the first quarter 2025; unless otherwise stated, the comparison is to the first quarter of the previous year.

Please find the OMV Quarterly Report Q1 2025 here.