ORLEN Group’s revenue reached PLN 76.5 billion in the second quarter of 2026, with LIFO operating profit of PLN 13.9 billion and net profit of PLN 7.7 billion. The Group ended the quarter with record earnings generated by its international fuel station network, while drivers in Poland were able to buy fuel at the lowest prices in the European Union.
“By reducing our retail margin to the minimum necessary level, supported by promotions and a well-designed CPN package, we ensured that Polish consumers were buying the cheapest fuel in the European Union in the second quarter. At the same time, we maximised the profitability of our international network. As a result, in just one year we increased the contribution of foreign stations to the fuel segment’s profits by 18 percentage points. Responsible and professional management enables us to navigate even the most severe global crisis in the liquid fuels market in a way that benefits both shareholders and customers. We have delivered financial results that allow us to fund the largest investment programme in the history of Poland’s energy sector and pay a record dividend,” said Ireneusz Fąfara, CEO of ORLEN.
In the second quarter of 2026, ORLEN Group generated revenue of PLN 76.5 billion, LIFO EBITDA of PLN 13.9 billion and operating cash flow of PLN 15.2 billion.
Segment performance
The Upstream & Supply segment generated EBITDA of PLN 3.9 billion. In the second quarter of 2026, average daily hydrocarbon production stood at 196,000 barrels of oil equivalent (boe). The segment’s financial performance was significantly affected by the macroeconomic environment.
The Downstream segment generated EBITDA of PLN 5.9 billion, supported by the positive macroeconomic impact resulting from the geopolitical situation. The petrochemical business also reported positive EBITDA.
The Energy segment generated EBITDA of PLN 3.4 billion, supported by higher electricity production and sales as well as increased electricity and gas distribution.
The Consumers & Products segment, which integrates sales of energy carriers including gas, electricity and liquid fuels, generated EBITDA of PLN 1.5 billion. The result was driven by higher sales volumes of fuel, gas and electricity, despite lower fuel margins in Poland. Within this segment, foreign markets accounted for a record 43% of profits generated by the fuel station network.
“In the second quarter, despite continued uncertainty and considerable volatility in the market environment, ORLEN Group delivered very strong operating results, which were reflected in its financial performance. This confirms the resilience of our diversified business model, which allows us to balance the impact of changing market conditions across individual business segments. We are focusing on the areas we can directly influence: operational efficiency, cost discipline, working capital and responsible capital allocation. High-quality management and consistent execution of our plans support cash flow generation and enable the Group to maintain a strong and secure financial position. At the same time, we continue to grow the business and implement strategic investments while maintaining strict discipline in assessing their profitability and impact on the Group’s value. This allows us to manage effectively in an uncertain environment, finance the transformation and consistently build long-term value for shareholders,” said Sławomir Jędrzejczyk, ORLEN’s Chief Financial Officer.
In the second quarter of 2026, ORLEN Group generated PLN 15.2 billion in operating cash flow, while its net debt-to-EBITDA ratio stood at just 0.10x, confirming the Group’s exceptionally strong financial position.
At the end of April 2026, Moody’s affirmed ORLEN’s highest-ever credit rating of A3 with a stable outlook. In its report, the rating agency explicitly highlighted the company’s business resilience. Moody’s also noted that ORLEN’s strong balance sheet provides “headroom for its ambitious investment plans”. According to the agency’s analysts, the financial resources already accumulated and expected to be generated are “more than sufficient” to finance both investments and the announced dividend levels.
Record investment in growth
ORLEN Group is consistently implementing the largest investment programme in the history of Poland’s energy sector. Capital expenditure reached a record PLN 14.7 billion in the first half of 2026. These investments are strengthening Poland’s energy security while supporting the development of modern infrastructure.
In Upstream & Supply, the Group is focusing on increasing raw-material independence. This includes further expansion of its resource base on the Norwegian Continental Shelf. The acquisition of interests in the Goliat field and the decision to develop the Cerisa field will add almost 70 million barrels of oil equivalent to ORLEN’s resource base. These measures strengthen the Group’s resilience and support long-term security of supply.
ORLEN Group is also expanding its LNG trading and logistics capabilities and developing the potential of the Baltic Eagle Gas Hub. To this end, the company has secured almost 16 billion cubic metres of annual regasification capacity at Polish LNG terminals and signed an agreement setting out the framework for further strategic cooperation with Ukraine’s Naftogaz.
During the first half of the year, ORLEN received 40 LNG cargoes in Poland, including deliveries carried by vessels from ORLEN’s own gas carrier fleet.
In refining and petrochemicals, the Group is continuing its key development projects. The final scope and schedule of the Nowa Chemia investment, developed over recent months, are now being incorporated into contracts with contractors.
The process of acquiring Grupa Azoty Polyolefins has also entered another stage. ORLEN has obtained three required approvals from competition authorities as well as court approval for the restructuring plan. The Group is now awaiting final confirmation of the plan.
At the same time, ORLEN is developing its alternative fuels business. Following the launch of HVO fuel sales in Germany and the expansion of its availability in the Czech Republic and Austria, ORLEN has also introduced the fuel to the Slovak market. It will be supplied from the Group’s production facilities in the Czech Republic.
Another hydrogen hub has also been launched in Gdynia, supplied from ORLEN’s investments in Trzebinia and Włocławek.
Investment in the Energy segment has produced tangible results in recent months, with electricity supplied to the grid from two major projects: Baltic Power, Poland’s first offshore wind farm, and the combined-cycle gas turbine power plant in Grudziądz.
Construction work and production of key components for the CCGT Gdańsk and Grudziądz 2 projects have continued in parallel.
ORLEN is also developing two additional offshore wind projects. Baltic East is currently at the procurement stage and preparing its grid connection agreement, while geophysical and geotechnical surveys have begun for Baltic West.
The “Energy of Tomorrow Starts Today” strategy also includes investment in modernising existing power lines and building new ones. During the first half of 2026, ORLEN modernised or constructed 1,750 kilometres of power lines, connected 30,000 customers and integrated renewable energy installations and energy storage facilities with a combined capacity of 380 MW into the grid. The Group also issued connection conditions for projects with a combined capacity of 1 GW.
In addition, during the past quarter ORLEN Group completed construction of the Ostrów Wschód main power supply station, which will improve the quality and reliability of electricity supply for 50,000 customers.
In the Consumers & Products segment, a key priority remains the development of the ORLEN VITAY platform, which is actively used by more than 5.6 million customers. This represents an increase of 11% compared with the previous year.
During the quarter, ORLEN also continued the longest-running fuel promotion in the company’s history, accompanied by a promotion for electric vehicle charging. As part of its focus on electromobility, ORLEN continues to expand its charging network across the markets in which it operates.
At the same time, the Group is developing modern retail formats and strengthening its convenience offering, as demonstrated by a new format recently launched at an ORLEN station in Warsaw.
