After the first three quarters of 2025, ORLEN Group reported the highest capital expenditure in its history while maintaining stable financial results despite a challenging macroeconomic environment. Since the beginning of the year, the company has invested over PLN 21 billion in projects strengthening Poland’s energy security. ORLEN also recorded a significant increase in market value and paid shareholders a record dividend. The results across all business segments confirm the Group’s broad, multi-sector growth structure.
Financial Results: Stable EBITDA and Strong Operating Cash Flow
In Q3 2025, ORLEN Group achieved:
- PLN 61 billion in revenue,
- PLN 8.9 billion LIFO EBITDA,
- PLN 8.2 billion in operating cash flow.
After nine months, LIFO EBITDA rose to nearly PLN 30 billion. At the same time, the Group maintains one of the lowest debt ratios in the industry — the net debt/EBITDA ratio of 0.14 confirms a safe financing structure during a period of intensive investment.
The company also boasts the highest credit ratings in its history: A3 from Moody’s and BBB+ from Fitch Ratings, both reaffirming its strong financial fundamentals and capacity to execute long-term transformation projects.
Operational Segments: Energy and Upstream Lead Growth; Petrochemicals Under Market Pressure
Upstream & Supply
The upstream segment closed the quarter with PLN 3.3 billion EBITDA. Average daily production reached 197,000 boe. In Norway, ORLEN made the country’s largest discovery of the year — the Omega Alfa field, with estimated resources of 134 million barrels of oil equivalent.
Downstream (Refining & Petrochemicals)
ORLEN refineries processed 10.2 million tonnes of crude oil in Q3, with rising wholesale fuel sales contributing to PLN 2.4 billion LIFO EBITDA. However, petrochemicals continue to operate under challenging global market conditions, limiting profitability.
Energy
The energy segment generated PLN 2.2 billion EBITDA, an increase of nearly PLN 0.5 billion year-on-year. The result was supported by higher gas distribution volumes, increased production of electricity and heat, and rapid growth in renewables.
- Total installed capacity rose to 6.3 GWe (+11% y/y),
- Renewable capacity reached 1.7 GWe (+60% y/y),
- Electricity production increased to 3.7 TWh (+9% y/y).
Consumer & Products
Despite lower fuel margins in Poland, the segment delivered PLN 1.6 billion EBITDA.
- Retail fuel sales hit record levels in four out of seven markets.
- Sales of gas and electricity grew by several dozen percent.
- The e-mobility business recorded nearly 90% growth.
Record Investment Programme: Offshore, SMRs, Upstream, and Supply Diversification
ORLEN is implementing the largest energy investment programme in Poland’s history. It includes renewable energy expansion, infrastructure modernization, supply diversification, and construction of new generation assets.
Offshore Wind
At the Baltic Power offshore wind farm:
- More than 50 foundations have already been installed,
- Several turbines and two offshore substations are in place,
- Part of the nacelles were manufactured in Poland.
At the Baltic East project, seabed surveys have been completed and an environmental decision has been issued, enabling participation in the December capacity auction. ORLEN secured PLN 3.5 billion in financing for offshore projects through the National Recovery Plan (KPO).
Small Modular Reactors (SMRs)
Following site selection with the technology partner, Europe’s first BWRX-300 small modular nuclear reactor will be built in Włocławek.
Upstream in Norway
In addition to the Omega Alfa discovery:
- ORLEN increased its stake in the Tommeliten Gamma field.
- New technologies at Ormen Lange enabled extraction of an additional 500 million m³ of gas.
- The new Andvare field supplied an additional 300 million m³.
Supply Diversification
Key initiatives include:
- A contract with Equinor for more than 6 million tonnes of crude oil (approx. 15% of ORLEN’s annual demand),
- A new agreement with Naftogaz for 300 million m³ of gas, with deliveries possibly reaching 1 billion m³ next year,
- ORLEN’s first-ever LNG delivery to Japan, along with additional shipments to Europe.
Low-Carbon Fuels and Biocomponents
The HVO installation has entered the start-up phase. It will produce biocomponents from rapeseed oil and used cooking oils, supporting NCW compliance and the production of SAF (Sustainable Aviation Fuel). ORLEN VC is also investing in e-SAF technologies aligned with EU requirements.
A new 44 MW solar farm will supply clean electricity to the Możejki refinery.
Retail Services and E-Mobility Expansion
ORLEN continues developing customer-facing solutions:
- The rollout of ORLEN ID, a unified login system for all services and apps.
- New fast-charging hubs are under construction — the first, along the S7 route, offers chargers up to 400 kW.
- Several more hubs will open by year-end.
- The network now includes over 1,200 charging points, with delivered energy volumes up 88% year-on-year.
