ORLEN Group ended the first quarter of 2026 with strong financial results. EBITDA LIFO reached PLN 14.1 billion, revenue amounted to PLN 75.8 billion, and net profit stood at PLN 8.1 billion. The results were driven by high operational efficiency and growing sales volumes across all key product categories. The group’s stable financial position enabled the management board to recommend a record dividend with a total value of PLN 9.3 billion. At the same time, in the first quarter of this year ORLEN allocated PLN 5.4 billion to investments aimed at strengthening energy security and developing modern zero- and low-emission energy sources.
“The beginning of the year was marked by significant instability and unprecedented volatility on global energy markets. In this environment, we once again confirmed our resilience and effectiveness. We guarantee Poland’s energy security, offering Poles fuels at the lowest prices in the European Union, while ensuring their full availability. At the same time, we achieved very good results across all business segments, consistently increasing the share of foreign markets in the group’s retail revenue. Our strong financial condition and effective implementation of the strategy also allowed us to recommend a record dividend of PLN 8 per share. This is a tangible example of how we build the group’s value for shareholders,” said Ireneusz Fąfara, President of the Management Board of ORLEN.
In the first quarter of 2026, ORLEN Group generated:
| Indicator | Result |
|---|---|
| Revenue | PLN 75.8 billion |
| EBITDA LIFO | PLN 14.1 billion |
| Operating cash flow | PLN 8.5 billion |
Segment results
The Upstream & Supply segment generated EBITDA of PLN 5 billion. Average daily hydrocarbon production during the period amounted to 202,000 barrels of oil equivalent.
The Downstream segment recorded EBITDA LIFO of PLN 3.1 billion. The result was significantly supported by high crude oil throughput across all the group’s refineries, totalling 9.4 million tonnes. At the same time, the petrochemical business continued to operate in demanding market conditions.
The Energy segment generated EBITDA of PLN 4.7 billion. This was mainly driven by higher heat production, up 11% year on year, and electricity generation, up 10% year on year, including renewable energy production, which increased by 4% year on year. Higher electricity and gas distribution also contributed to the result.
The Consumers & Products segment, which integrates sales of energy carriers including gas, electricity and fuels to end users, generated EBITDA of PLN 1.7 billion. This was mainly the result of higher sales of fuels, gas and electricity.
“The past quarter demonstrated the strength of ORLEN’s financial foundations and the high resilience of our business to a volatile market environment. Very good operating results across all segments translated into stable cash flows. We consistently maintain a safe level of financial indicators, which increases our ability to carry out strategic projects. This also allowed us to recommend the highest dividend in ORLEN’s history, with a total value of PLN 9.3 billion, confirming our long-term approach to building shareholder value,” said Sławomir Jędrzejczyk, Vice-President of the ORLEN Management Board for Finance.
In the first quarter of this year, ORLEN Group generated PLN 8.5 billion in operating cash flow, while the net debt-to-EBITDA ratio stood at -0.04, confirming the group’s financial stability. ORLEN holds the highest credit ratings in its history: A3 with a stable outlook from Moody’s and BBB+ with a stable outlook from Fitch.
Investments in security
ORLEN Group is consistently strengthening Poland’s raw material independence by developing its production portfolio in key foreign markets. Through investments on the Norwegian Continental Shelf, the group is diversifying sources of raw material supplies, which translates into greater national energy security and long-term supply stability. An important step in this direction was the discovery of the Sissel and Frida Kahlo fields in Norway. The group’s growing resource potential is being supported by logistics facilities, including the expansion of ORLEN’s fleet of modern LNG carriers with two additional vessels, ensuring flexibility and continuity of seaborne LNG supplies.
In the refining and petrochemical area, the group is focusing on innovation and operational optimisation. The detailed scope of work and schedule for the strategic New Chemistry project have been finalised, setting future standards for industrial efficiency. A milestone in the consolidation of the Polish chemical market was the signing of a preliminary agreement to acquire shares in Grupa Azoty Polyolefins. At the same time, ORLEN is supporting the development of low-emission public transport, as demonstrated by a new hydrogen station in Płock and the signing of a long-term agreement to support low-emission urban transport.
ORLEN’s energy transition is gaining pace through investments in transmission infrastructure and clean energy sources. The group has built and modernised more than 1,000 km of modern energy networks, which form the foundation of a modern distribution system. A total of 232 MW of new renewable energy capacity has already been connected to the national system, with energy storage facilities supporting the stability of its operation.
In gas-fired power generation, key projects are entering a decisive phase. In Grudziądz, advanced start-up works are underway at the gas-fired unit. At the same time, preliminary construction works have started in Gdańsk and on the Grudziądz 2 project, combined with the development of OSBL infrastructure. For the investment in Siekierki, supplies of key technological components have been contracted. At the Ostrołęka power plant, an annex to the agreement with the general contractor has been signed, precisely structuring the timetable for this strategic investment.
The Baltic Power project is being finalised. All foundations have already been installed, as well as more than half of the turbines. The project is scheduled to be launched in 2026.
Meanwhile, further offshore wind farm projects are passing through key preparatory stages. For Baltic East, technical analyses, site surveys, permitting processes and procurement procedures are underway. The Baltic West project is focused on completing environmental and seismic surveys, preparing wind and geotechnical analyses, and securing logistics through a reservation agreement with the Port of Kołobrzeg.
In the Consumers & Products segment, the priority remains the development of the ORLEN VITAY programme and strengthening customer loyalty. The ORLEN Charge network has signed an agreement to launch 160 modern fast-charging points with power of up to 400 kW in the German market, significantly accelerating the development of European electromobility. At stations in Poland, drivers can use attractive discounts, including a promotion reducing the fuel price by PLN 0.35 per litre. In addition, the group is maintaining the competitiveness of its offer for natural gas customers by introducing a significant gas price reduction for myORLEN customers.
