In the second quarter of 2025, ORLEN Group nearly doubled its year-on-year operating profit (EBITDA LIFO), reaching PLN 9.2 billion, while net profit came in at PLN 1.8 billion. Investments in the first half of the year totaled nearly PLN 14 billion, focusing on strategic development projects that support Poland’s energy transition.
“We’ve had a very strong quarter with high profits while consistently fulfilling our commitments. Above all, we completely eliminated Russian crude oil from the region. Today, all of our refineries process feedstock sourced from other parts of the world. We are increasing energy security while continuing major investments in power generation. The result is new turbines on the first offshore wind farm in the Polish Baltic Sea, which will begin delivering clean electricity next year. At the same time, customers remain at the heart of our operations – we have been providing the lowest energy prices in three years. Since July, seven million Poles and public institutions have received gas bills nearly 15% lower, saving up to PLN 1,000 annually. We run our business responsibly, maintaining market trust,” said Ireneusz Fąfara, ORLEN President & CEO.
Q2 2025 Highlights
- Revenue: PLN 60.7 billion
- EBITDA LIFO: PLN 9.2 billion
- Operating cash flow: PLN 10.5 billion
Upstream & Supply delivered PLN 3.5 billion EBITDA, up PLN 4.5 billion y/y, with average hydrocarbon output at 182 kboe/d – over 70% natural gas from Norwegian and Polish fields, and nearly 30% oil and LNG.
Downstream generated PLN 2.2 billion EBITDA LIFO, supported by high refinery throughput despite weaker margins. ORLEN processed 9.8 million tonnes of crude, 5% more y/y.
Energy posted PLN 2.2 billion EBITDA, up PLN 368 million y/y, driven by higher gas and power distribution and increased heat sales. Installed capacity reached 6.2 GWe, including a 0.6 GW rise in renewables. Electricity output rose 27% y/y to 3.8 TWh.
Consumers & Products earned PLN 2 billion EBITDA, up PLN 363 million y/y. This segment integrates end-user sales of fuels, gas, and electricity, with over 70% growth in e-mobility sales.
“Each business segment contributed solidly, confirming the resilience of our model. Strong operating cash flows support our investment program and dividend policy. On September 1, we will pay shareholders the highest dividend in our history,” said Magdalena Bartoś, ORLEN CFO.
ORLEN closed Q2 with net debt-to-EBITDA of -0.08, among the lowest in the sector. The company retained its highest-ever credit ratings: Moody’s A3 and Fitch BBB+, reflecting strong financial foundations. In June, ORLEN successfully issued PLN 2.5 billion in green eurobonds, oversubscribed 2.5 times.
Investments in Energy Security and Transition
- Independence from Russian crude: ORLEN ended its final supply contract in June; refineries now source crude from the Middle East, North Sea, Africa, and the Americas.
- Ukraine partnerships: Gas deliveries to Ukraine rose above 430 mcm via Polish and Lithuanian LNG terminals; ORLEN signed an MoU with Naftogaz on exploration, downstream projects, and cross-border trade.
- LPG Terminal Szczecin: Expanded to 400,000 tonnes/year capacity (PLN 150 million investment).
- Gas exploration: Increased recoverable reserves at the Trzebusz field by 700 mcm, bringing total local reserves to 2.3 bcm.
- Hydrogen & fuels: Nearly PLN 2 billion from Poland’s Recovery Plan will fund two new hydrogen plants. ORLEN also introduced SAF (Sustainable Aviation Fuel), made from renewable and waste feedstock, reducing lifecycle emissions.
Renewable and Digital Expansion
- Baltic Power offshore wind farm: More than half of foundations and five turbines already installed; first electricity expected in 2026.
- Baltic East (1 GW): Second offshore project under development, with Polish firms conducting seabed surveys.
- Świnoujście installation terminal: Opened by ORLEN Neptun in June, the first in Poland and among Europe’s most advanced, supporting second-phase offshore wind projects.
- Grid modernization: Backed by PLN 7.7 billion from the Recovery Plan, nearly 1,800 km of power lines have been built/modernized this year, connecting 16,700 new customers.
- AI deployment: ORLEN, with Microsoft, is launching Central Europe’s largest AI program to enhance energy, cybersecurity, production, data analytics, and workforce efficiency.
Source: CEO.com.pl
