MOL Group Downstream

2025 HIGHLIGHTS

• In 2025, Downstream generated HUF 508.4 bn Clean CCS-based EBITDA, which is 10% higher than the previous year’s performance (USD 1.453 bn, 15% higher year-on-year). The good financial performance was attributed to favourable macro environment and higher refinery margins compared to 2024. Due to the continuing downward trend in the industry, the petrochemical segment made a negative contribution to the Clean CCS-based EBITDA with its low petrochemical margins despite the slight increase in sales volumes. In spite of the negative petrochemicals performance and the ongoing challenges, the result exceeded the annual target of USD 1.2 bn Clean CCS-based EBITDA.
• In order to increase resilience and competitiveness, Downstream has launched the Tomorrow Downstream program (TODO) in 2025. The three-year initiative aims to generate more than USD 500 mn in annual improvements compared to 2024 actuals and keep yearly Downstream EBITDA at USD 1.4 bn or above beyond 2027.
• In 2025, one of the primary focus remained to guarantee stable and sufficient market supply within the core region and comply with EU sanctions during operations. The crude diversification program started in 2022 in response to the tightening regulatory background regarding Urals. Since then, over 15 alternative crude types have been tested. In 2025, the program continued on schedule at the Danube Refinery and Bratislava Refinery achieving full compliance with EU sanctions. During 2025, 2 new types of crude oils and their various blends have been successfully processed by MOL and Slovnaft, further increasing the yearly alternative crude oil processing to 1.2 mn tons. By gradually increasing the processing of alternative oils, MOL Group is getting closer to the goal of complying with the regulations imposed by sanctions on the export of products from Russian oil while also ensuring the supply security of the region in the future.
• In 2025, the ongoing strategic projects such as the Polyol Project and the Rijeka Refinery Upgrade Project reached significant milestones. After the hot-commissioning phase in 2024, on-spec production of the first grades was successfully carried out in 2025 at the Polyol Complex. The Rijeka Refinery Upgrade Project reached 99% completion by the end of the year, despite unfavourable external factors, such as labour shortages and increased construction material prices. Total investments in the Downstream business unit amounted to HUF 234 bn in 2025 of which 73% was spent on Refining & Marketing projects. Strong efforts were made to comply with EU sanctions and regulations with emphasis on the crude diversification program.
• In 2024, MOL Group introduced its revised long-term strategy, the Shape Tomorrow Strategy. The vision has not changed, progress continues toward the goal of reaching carbon neutrality by 2050, and building up a highly efficient, sustainable and chemical-focused company. However, changes in the external environment and the more ambitious climate goals of the EU pressed for an update on the long-term strategy. Under the Shape Tomorrow Strategy, Downstream is focused on crude diversification, CO2 emission reduction, sustainable chemical transformation, circular economy, renewable fuels and green hydrogen. MOL Group Downstream is in a continuous process of developing its future product portfolio, launching new products and services that not only mitigate low-carbon transition risk, but capitalize on opportunities created by a carbon constrained, circular economy.
• Integrating bio- and waste streams and focusing more on biomethane and hydrogen production are key pillars of the updated strategy. These projects not only set the way to a sustainable future but contribute to MOL Group’s GHG emission reduction target. In 2025, MOL Group’s biofuel purchase remained stable. The used bio components include food- and waste-based bioethanol and fatty acid methyl esters. Bio components made of advanced feedstocks are further increasing in the portfolio and being processed in the co-processing units in Százhalombatta, Bratislava and Rijeka. In addition, MOL Group also sold 100% renewable diesel (called Hydrotreated Vegetable Oil or HVO) in growing volumes as well as started the sales of Sustainable Aviation Fuel (SAF) in the three core markets in 2025. MOL Group also continued to scale up its activities in the biogas and biomethane value chain. The upgrade of the Szarvas biogas plant that was acquired in 2023 is expected to be finalized at the end of 2026, enabling the plant to produce ~7 mn m3 biomethane annually and to inject it into the local natural gas distribution network. MOL Group has also launched its first Hungarian greenfield biomethane investment at Enying while continues to assess additional opportunities across the CEE region. Regarding green hydrogen, the first 10 MW electrolysis plant at the Danube Refinery entered into operation in 2025. Building on the operational learnings of the first project, additional green hydrogen projects in Rijeka and Bratislava are under preparation to facilitate the further decarbonisation of MOL Group’s refinery operations and to comply with expected REDIII rules beyond 2030. In Rijeka, the construction work has started on a 10 MW eletrolyzer, accompanied by a 11 MW solar power plant and a hydrogen center. Extending the petrochemical value chain with mid-sized projects and further emphasizing circularity in order to enhance the efficiency and sustainability of the petrochemical segment are also among the strategic goals. Downstream will also invest more than USD 5 bn, including USD 2.5 bn in sustainment and lifetime extension of assets, and more than USD 2.8 bn in strategic CAPEX for transformation including decarbonization, logistic, waste and chemical projects by 2030.