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Welcome to the OMV results January to June and Q2 2026 conference call and webcast. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star 1 1 again. Please be advised that today's conference is being recorded. At this time I would like to refer you to the disclaimer which includes our position on forward-looking statements. These forward-looking statements are based on beliefs, estimates and assumptions currently held by and information currently available to OMV. By their nature, forward-looking statements are subject to risks and uncertainties that will or may occur in the future and are outside the control of OMV. Therefore, recipients are cautioned not to place undue reliance on these forward-looking statements. OMV disclaims any obligation and does not intend to update these forward-looking statements to reflect actual results, revised assumptions and expectations and future developments and events. This presentation does not contain any recommendation or invitation to buy or sell securities in OMV. I would now like to hand the conference over to Mr. Florian Greger, Senior Vice President, Investor Relations and Sustainability. Please go ahead, Mr. Greger.

Thank you. Good morning, ladies and gentlemen. Welcome to OMV's earnings call for the second quarter 2026. With me on the call are OMV's CEO Alfred Stern and our CFO Reinhard Florey. Alfred and Reinhard will walk you through the highlights of the quarter and will discuss OMV's financial performance. Following the presentations, the two gentlemen are available to answer your questions. And with that, I'll hand it over to Alfred. Thank you, Florian. Ladies and gentlemen, good morning and thank you for joining us today. I'm pleased to welcome you to OMB's second quarter 2026 results conference call. The second quarter was characterized by continued geopolitical uncertainty and heightened volatility in global energy markets, which led to substantially higher prices and margins across all our businesses. While the ongoing conflict in the Middle East affected our upstream operations and refining assets in the region, our diversified portfolio and strong performance in other areas allowed us to deliver an overall very good result despite these regional challenges. Our Clean CCS operating result rose sharply to 1.7 billion euros and cash flow from operating activities grew significantly to 1.3 billion euros. When looking at the market situation, the conflict in the Middle East continued to impact global oil and LNG trade flows through the Strait of Hormuz. While these developments resulted in periods of significant volatility, Market conditions gradually stabilized toward the end of the quarter as prospects for easing tensions improved. Against this backdrop, the average Brent oil price increased to $104 per barrel, compared to $68 per barrel in the second quarter of last year. Our average realized crude oil price rose to $98 per barrel from $66 per barrel in the prior year period. Concerns regarding LNG availability continued to support European gas prices through most of the quarter. The average DHE gas price increased to €46 per MWh compared to €36 per MWh in the prior year quarter, while our realized gas price increased to €38 per MWh from €29 per MWh. Market conditions also improved substantially in our downstream businesses. European refining indicator margins more than doubled to $20.3 per barrel, compared to $8.1 per barrel in the second quarter of 2025. This was driven by tighter supply availability and growing inventories following restrictions on shipping through the Strait of Hormuz, as well as damages in the Russian energy infrastructure impacting Russian refined product exports. In chemicals, European ethylene indicator margins grew by almost 40% to 813 euros per ton, while propylene indicator margins increased by more than 50% to 704 euros per ton. With that, let me now turn to the financial highlights of the quarter. Supported by a much stronger market environment and reliable operations across energy, fuels, and chemicals, OMV delivered a substantially better performance compared to the prior year period. This quarter also marks the first reporting period of the new global polyolefins leader, Barouch International, which we co-own with Atnox International Investment Arm, XRG, each party holding 50% and consolidated at equity. The contribution from Porouge International to OMV's result was very meaningful as it was able to capture the favorable market conditions across the key regions. In energy, hydrocarbon production came in lower than the prior year quarter, mostly because the Middle East conflict impacted output. In fuels, the utilization rate of the refineries improved by 7 percentage points and sales volumes were almost at the strong prior year level. In chemicals, the steam cracker utilization rate rose by 11 percentage points year on year, reflecting significantly higher utilization at Burghausen and underlining our ability to capitalize on the improved olefin margin environment. Our clean CCS operating result increased sharply by 65% to 1.7 billion euros. This is especially noteworthy because in chemicals, a large part of the results stemmed from the equity-consolidated Barouch International and is therefore already an after-tax figure. Consequently, OMV's net income surged to around 930 million euros, an increase of more than 500 million euros year on year. The clean tax rate decreased from 45% to 34% because of a different earnings mix. A higher share from fuels, which is typically lower taxed, and the substantial equity results from Boruch International. Because of this, clean CCS earnings per share went up sharply to 2 euros and 90 cents. compared to 1 euro and 20 cents last year. Cash flow from operating activities rose by around 250 million euros to 1.3 billion euros reflecting both the stronger earnings and the net working capital inflow of around 150 million euros. The clean operating result of energy rose strongly year on year by 50% to 885 million euros. Driven by an improved EMP result, higher hydrocarbon prices led to positive market effects of more than 400 million euros. Reduced sales volumes, mainly due to the conflict in the Middle East, were somewhat offsetting. The realized crude oil price increased by 48% to an average of $98 per barrel, while Brent increased by 53% to $104 per barrel. Different pricing mechanisms, which in some countries have a delay of two months, explain the slight difference. OMV's average realized natural gas price improved by 30% to €38 per MWh. The stronger increase compared to the European benchmark price DHE, which grew by 26%, was mainly due to portfolio composition. Hydrocarbon production remained broadly resilient at 291,000 barrels of oil equivalent per day, declining by only 4% despite temporary lower production driven by the Middle East conflict. Strong operational performance in Libya, where production increased by 10,000 to 45,000 barrels of oil equivalent per day, supported by new wells, helped to offset natural decline in countries such as Norway and New Zealand. Absolute production costs decreased because of various cost reduction measures. However, unit production costs rose slightly to $11.2 per barrel. This increase resulted mainly from lower production volumes and unfavorable exchange rate effects. Sales volumes declined more than production by 34,000 to 242,000 barrels of oil equivalent per day as we had no listings in the Middle East because of the conflict. Partly compensating were higher sales in Libya and Norway due to increased production and the listing schedule. The gas marketing and power result improved by 11 million euros to 6 million euros, driven by a higher contribution from GasWest which was mainly attributable to the release of a transport provision related to booked pipeline capacities. Gas East came in broadly in line with the prior year quarter. The power business was impacted by the planned yearly maintenance turnaround of the Plas power plant which usually takes place in the second quarter. I'm now pleased to give you an update on the significant progress of the Neptune Deep project, one of the most important energy developments in Romania and the Black Sea region. With the installation of the Neptune Alpha offshore production platform in the Black Sea, OMV Petrom has now reached another important milestone. The platform, located in waters approximately 120 meters deep, is weighing more than 16,500 tons and standing over 225 meters high, which makes it one of the most impressive offshore structures in the region. Neptune Alpha will serve as the operational core of the field, processing natural gas offshore before transferring it to the onshore network. It has been designed as a fully automated facility capable of remote operation, reflecting the latest advances in offshore technology. The installation was successfully completed using the Saipem 7000, the world's third largest semi-submersible crane vessel. In parallel, the installation of the offshore main gas pipeline, which will connect the field's production facilities The next phase of the project is now well underway. as progress is being made toward completion of the remaining production wells and the installation and integration of the subsea infrastructure at the Domino and Pelikan South fields. In parallel, preparations are progressing well to connect all offshore facilities to the transport pipeline system. This will be followed by a comprehensive testing and commissioning program to ensure safe and reliable operations. The progress achieved to date is a testament to OMV Petrom's commitment to delivering this strategic project safely, efficiently, and on schedule. The Neptune Deep project remains on schedule for first gas production in 2027, thanks to the dedication of everyone involved. Once operational, it will play a vital role in strengthening Romania's energy security, supporting regional supply resilience, and reducing Europe's dependence on imported natural gas. The Clean CCS operating result of fuels rose sharply to 446 million euros. mainly due to substantially stronger refining indicator margins. In addition, the refining business benefited from a more favorable production mix and higher utilization. The trading business also delivered a strong performance, taking advantage of the high market volatility during the quarter. Partially offsetting were the impacts of elevated crude differentials and temporary regulatory measures, especially in Romania and Austria. The European refining indicator margin is increased by more than $12 per barrel to $20 per barrel, with refining utilization reaching 90%. compared to 83% in the prior year quarter, which was affected by planned shutdowns at Burghausen and Petrobras, we were well positioned to capture these favorable market conditions. The contribution from the marketing business declined as the retail performance was affected by lower fuel unit margins caused by price regulations in several countries. This was partly offset by a stronger non-fuel business contribution and sales to EV customers, which tripled compared to the same period last year. The commercial business result remained at a similar level to the prior year quarter. The result of ad-hoc refining and ad-hoc global trading came in slightly negative due to supply chain disruptions as a result of the conflict in the Middle East. The clean operating result of chemicals more than doubled to 429 million euros, driven by substantial increases in olefin and polyolefin prices. Barouch International, in its first quarter of existence, delivered a strong performance and represented the lion's share of the chemical result. This is quite remarkable, as we only show OMV's share of clean net income. thus an after-tax number as the new company is consolidated at equity. The result of OMV-based chemicals also increased strongly mainly because of substantially higher or less in indicator margins which resulted in a positive market effect of 100 million euros. Elevated price levels led to higher absolute discounts which partially offset the overall increase. The utilization rate of the OMV steam crackers improved by 11 percentage points, following substantially better utilization at Burghausen. Utilization in the prior year quarter was impacted by the shutdown of the crude distillation unit at the Burghausen refinery, as well as turnarounds at customers. At 349 million euros, the contribution from Boruch International was strong. All these attributable sales volumes from Perugia International, which corresponds to 50% of the new company, totaled 1.17 million tons. As this was the first full quarter of operations of Perugia International, I would like to provide you with some further details. Formed by OMV and XRG at the end of March 2026, through the combination of Borealis and Porouge and the acquisition of Nova Chemicals, this new global leader in polyolefins has got off to an extremely strong start. Porouge International delivered strong results within the first three months of acting as one group. Adjusted EBITDA reached $1.8 billion in the second quarter of 2026, thus more than double the pro forma adjusted EBITDA generated in the first quarter of this year. At 33%, the EBITDA margin in the second quarter was very strong. The new company has proven the benefit of its diversified global footprint and premium product portfolio in this extremely challenging market environment While the conflict in the Middle East Severely constrained global polyolefin availability and drove prices up by more than 50% in North America and Europe and over 30% in Asia. It also highlighted the flexibility and resilience of the Boruche international global asset base. Boruche international assets in North America and Europe continued to operate at high utilization rates. with unrestricted access to feedstock and logistics services. In the Middle East, production volumes, as reported by Paroosh PLC, were impacted by asset damage resulting from the incident on the 5th of April, reducing utilization in the second quarter to 60%. Baruch PLC acted swiftly to complete the necessary repairs and restore full asset availability by the end of June. With asset availability now fully restored, Baruch PLC is well positioned to return to high utilization rates subject to logistics and feedstock availability. Despite the operational challenges in the Middle East, Porouge International has also made significant progress in integrating its business under a new governance and management structure. A series of value creation initiatives was launched with a focus on maximizing cost advantages and leveraging the group's differentiated high-performance product portfolio. These actions lay the foundation for the estimated EBITDA synergies of over $500 million, with approximately 75% to be realized within the first three years. Thank you very much for your attention. I will now hand over to Reinhard.

Thank you very much. As Alfred explained, Bruges International delivered strong financial results. As part of our ongoing efforts to enhance transparency and facilitate a deeper understanding of our financial performance, also with regard to Borussia International, I would like to provide an illustrative reconciliation bridge from EBTA to net income. We currently anticipate an indicative depreciation of around $2 billion per year, reflecting the size and capital intensity of the Borussia International asset base. The indicative combined corporate tax rate of the new company is expected to be between 25% and 30% per year. As previously emphasized by Alfred, Borussia International achieved a strong performance in the second quarter, recording adjusted EBITDA of $1.8 billion. Adjusted EBITDA is stated before non-recurring expenses, which amounted to around $150 million as a one-time effect in the second quarter of 2026. When reconciling to adjusted net income, approximately $500 million reflect depreciation, while the remainder of the difference is being nearly equally split between interest and tax expenses. To bridge the adjusted net income of around $900 million to the contribution to OMV's clean operating resulting chemicals, one must first deduct the 10% minority share of Boruch PLC, then consider OMV's 50% stake in Boruch International, account for the FX impact from dollar to euro conversion, and include PPA adjustments. We trust that this information provides greater transparency on how Bohus International translates into OMV's share of results. With that, let us move back to OMV and from earnings to cash flow. Our cash flow continues to reflect the strong operational performance and cash generation of the OMV businesses. Our second quarter operating cash flow before networking capital effects rose substantially by 39% to almost 1.2 billion euros, mainly due to higher commodity prices and stronger refining margins. This was achieved despite the missing cash flow contribution from the Borealis Group following the deconsolidation as a result of the closing of the Bruges international transaction in March 2026. as well as lower dividends received in the second quarter of 2026. The prior year quarter still included around 200 million euros dividend payments from Boruch PLC, which is now part of Boruch International. Networking capital effects in the quarter were positive and amounted to around 150 million euros. As a result, cash flow from operating activities came in at around 1.3 billion euros, an increase of roughly 20% compared with the same quarter in 2025. As part of investing cash flow, we recorded a cash outflow of around 750 million euros in the second quarter. The prior year quarter was slightly positive as it included around 450 million euros from the divestment of our 5% stake in GASA concession in the UAE and around 650 million euros from a loan repayment from Baystar in the US. Organic, the free cash flow before dividends increased to more than 600 million euros from 160 million euros in the prior year quarter. As usual, the second quarter reflects the payment of our annual dividends, along with the dividends to minority shareholders in OMV Petron, resulting in negative free cash flow for the quarter. Looking at the half-year picture, cash flow from operating activities before net working capital effect rose by 27% to 2.8 billion euros, This increase was mainly due to a higher reported result in the fuel segment supported by strong refining margins. The missing Borealis Group cash flow contribution and lower dividends received from equity accounted investments were partly offsetting. In the first half of 2026, we recorded a build of networking capital of almost 700 million euros because of higher inventory levels in fuels and the higher price environment. In the respective prior year period, we recorded a networking capital release of around 250 million euros, mainly due to a decrease in inventories in the gas business. Organic cash flow from investing activities in the first half of the year was around 1.6 billion euros related to ordinary ongoing business investment and major growth projects such as the Neptune Deep mega project in the Black Sea, the South HBO plant in Romania, and green hydrogen in Austria. Inorganic cash flow from investing activities in the first half of the year contained outflows of around 2 billion euros in relation to the formation of Borussia International, stemming mostly from a capital injection from OMB in Borussia International and cash disposed due to the loss of control of the Borealis Group. Organic free cash flow before dividends in the first half of 2026 came in at around 500 million euros. As you can see, our balance sheet remains strong. In the first quarter, we reflected the deconsolidation of Borealis, the related changes in equity and net debt, and the 1.5 billion euros capital injection into Borussia International. In June, we shared the success of our business by distributing a total 1.7 billion euro, comprising annual dividends from two OMV shareholders, as well as dividends to minority holders in OMV Petron, thereby continuing our track record of attractive shareholder returns. Even after this sizable distribution, our leverage ratio increased to 19% only, remaining comfortably below our mid and long-term threshold of 30%. This underlines our disciplined approach to maintaining a robust capital structure while delivering attractive returns. At the end of June, OMV had a cash position of 3 billion euros and 3.1 billion euros in undrawn committed credit facilities. Let me now conclude with an updated outlook for this year. Pure political developments in the Middle East remained dynamic throughout the second quarter. While we saw alternating phases of diplomatic engagement and heightened regional tensions, Recent escalations again caused increased volatility in global energy markets. We continue to monitor the situation, but how this conflict will develop and its implication on global markets remain highly uncertain. We continue to forecast an average dated Brent price between $85 and $95 per barrel for 2026, reflecting the ongoing high volatility and limited visibility. The average TAG gas price is now estimated to be around 50 euros per megawatt hour, mirroring the current fragile state of the gas market. Consequently, we expect our average realized gas price to be around 40 euros per megawatt hour. In energy, we continue to expect average oil and gas production for 2026 to be between 280,000 and 290,000 barrels of oil equivalent per day. While we saw strong production in the first half of this year, the timing and extent of the lifting of restrictions on shipping through the trade of hormones continues to be a decisive factor. In fuels, we revise our refining indicator margin, which is now projected to be average $20 per barrel throughout 2026, reflecting an extraordinary situation in global refining markets. Refining balances have substantially tightened with around 10% of global capacity currently offline. We forecast utilization rate of our European refineries to be above 90%, with no major maintenance turnaround scheduled in the second half of the year, which will allow us to strongly benefit from the current market environment. Total fuel sales volumes are expected to be higher than last year, while retail and commercial margins are projected to be below the levels seen in 2025. In chemicals, the combination of the exceptionally strong second quarter and the continued high price environment moving into the second half of 2026 lead to a substantial improved view on olefin margins for 2026. We now expect the ethylene indicator margin to be above €600 per ton and the propylene indicator margins above €500 per ton. The utilization rate of the OMV olefin trackers is now predicted to be between 85 and 90 percent in 2026, following a weaker than anticipated second quarter. In the second half of 2026, we expect a significantly improved and stronger cracker utilization compared to the first half year. The clean tax rate for the full year is currently expected to be in the low 40s. Before we go to your questions, I would like to take a moment on behalf of the Executive Board and the OMV team. Alfred, this is your last quarterly results call as CEO of OMV, and I would like to thank you for your leadership, your clear strategic direction, and your strong commitment to OMV's transformation. Over the past years, you have guided OMV through a period of major change and important strategic decisions. You have helped position the company for the future with a stronger portfolio, a clear transformation agenda, and a continued focus on value creation for our shareholders. It has been a pleasure to work with you, and I'm sure many on this call will join me in thanking you for the open and constructive dialogue you have had with the capital markets. With that, Alfred, I would like to hand over to you for a few final words.