ORLEN Group Reports 8% Year-on-Year Increase in Q2 2024 LIFO EBITDA, Reaching PLN 11.3 Billion

ORLEN Group’s estimated LIFO EBITDA, excluding write-offs and regulatory effects, amounted to PLN 11.3 billion in the second quarter of 2024. This result was adjusted for write-offs in the gas, extraction, and energy segment, as well as for compensation in the gas and energy segment. In the corresponding period last year, this result was PLN 10.4 billion, which represents an increase of about 8% year on year.

– It was a quarter of solid work in challenging market conditions. Despite pressures from the macroeconomic environment, we achieved an operating profit at a very satisfactory level. We are effectively working on improving the efficiency of managing the Group. The established goals, consistently implemented, will accelerate ORLEN’s development and increase its resistance to the influence of macroeconomic factors – says Ireneusz Fąfara, President of the ORLEN Management Board.

Like other fuel and energy companies around the world, the Group operated in a challenging macroeconomic environment in the second quarter. This resulted in a drop in refining margins, a lower differential, and lower electricity and gas prices with the strengthening of the Polish zloty against the dollar and euro. Regulatory effects related to countering excessive electricity and natural gas price increases, which according to current estimates reduced ORLEN Group’s LIFO EBITDA result, excluding write-offs, by about PLN 6.2 billion to PLN 5.1 billion, had a significant impact on the reported results of the Group.

The ORLEN Group’s unit and consolidated financial report for the first half of 2024 will be published on August 21, 2024.