Omv Ag Bearer Shs S/Adr

Welcome to the OMV results January to September and Q3 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 and 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 third quarter 2026. With me on the call are OMV's CEO, Emma Delaney, and our CFO, Reinhard Florey. Emma and Reinhard will walk you through the highlights of the quarter and will discuss OMV's financial performance. Following their presentations, both are available to answer your questions. and with that, I'll hand it over to Emma.

Ladies and gentlemen, good morning and thank you for joining us today. I'm pleased to present OMV's results for the first time as CEO. Together with Reinhard, I will take you through our third quarter performance and the outlook for the rest of the year. In my first weeks, I've been impressed by the expertise and commitment across the organization. My immediate priorities are understanding the company, ensuring safe reliable operations and competitive performance and continuing to drive towards the 2030 strategic targets. The macro environment in which we are operating remains complex. Europe needs secure and reliable energy and energy products while continuing its transition toward a lower carbon future. Globally the chemicals industry is also facing structural challenges. making competitiveness and capital discipline more important than ever. OMV is well positioned to address these challenges. We will build on the strengths of our portfolio and focus on delivering value from our major near-term growth pillars, particularly Neptune Deep and Baroosh International. I look forward to engaging with many of you over the coming months. And for today, let me start with our third quarter highlights. The third quarter was characterized by continued geopolitical uncertainty and heightened volatility in global energy markets, which led to substantially higher commodity prices and refining margins. While the ongoing conflict in the Middle East affected our operations in the region, our diversified portfolio and strong operational performance allowed us to deliver very strong results overall. Our clean CCS operating result grows sharply to more than €2.1 billion, and cash flow from operating activities doubled to €2.2 billion. The contribution from energy and fuels to the group result improved markedly, supported by substantially higher oil and natural gas prices and exceptionally strong refining margins. A lower chemicals result had a somewhat offsetting effect. Regulatory measures, particularly in Austria and Romania, led to solidarity contributions to the tune of around 200 million euros in the third quarter. As they are treated as special items, they do not affect our clean results. Most of the associated cash impact is expected in 2027. In energy, hydrocarbon production came in only slightly lower, primarily because of natural decline in some countries. In fuels, the utilization rate of the refineries was strong at 92%, allowing us to capture the exceptional margins. Fuel sales volumes in both the retail and commercial businesses increased, and in chemicals, the steam cracker utilization rate rose by 3 percentage points year-on-year to 82%. Our clean CCS operating results increased by 68% to 2.1 billion euros and the Clean CCS net income attributable to stockholders improved to almost €1.2 billion, a step up of more than €500 million year-on-year. The Clean tax rate decreased from 39% to 33% because of a different earnings mix. Clean CCS earnings per share almost doubled to €3.54. Cash flow from operating activities increased by €1.1 billion to €2.2 billion, reflecting both the stronger earnings and the very first Baruch international dividend, which amounted to €460 million. In addition to the strong operational performance across the portfolio, in Q3 we saw good progress on the construction of the 140 MW green hydrogen plant in Austria, including EIB funding of €450 million. The project is well on track for start-up end of next year. And now, turning to the significant progress made on EU's largest gas development project, Neptune Deep, where OMV Petrom is the operator and is holding 50% share in the project. First Gas is targeted for the first half of next year and Plateau Production by the end of the third quarter of 2027. With around 4 billion euros of total development capex, the project is expected to deliver approximately 140,000 barrels of oil equivalent per day at Plateau for nearly 10 years, which means 70,000 barrels of oil equivalent per day net to OMV Petron. But the Neptune Deep project is more than just scale. It is also quality of execution. The project moves faster than the industry average with first gas targeted around two years sooner than comparable offshore developments of this scale. The project has been designed for remote operations with a modern offshore concept and the lower emissions intensity compared with industry average. At full plateau production, Neptune Deep is expected to contribute around half a billion euros per year to our clean operating result. The project has reached almost 90% completion. Offshore platform has been installed, drilling for the remaining 2 out of 10 wells is ongoing, pipeline to shore has been installed, and onshore works are progressing. The next phase focuses on completing the subsea connections, testing commissioning, and final readiness checks before production starts. With that, let me conclude my update and hand over to Reinhard who will walk you through the segment results and the financials in more detail.