OMV AG

XMUN:OMV

Strong quarter: OMV said Q2 2026 was lifted by higher oil, gas, refining and chemicals prices, with clean CCS operating result rising 65% to EUR 1.7 billion and operating cash flow reaching EUR 1.3 billion.

Borouge boost: Borouge International had its first reporting quarter and made a very meaningful contribution to Chemicals, with adjusted EBITDA of $1.8 billion and management highlighting over $500 million of expected EBITDA synergies.

Outlook raised: OMV lifted its 2026 refining margin outlook to $20 per barrel and raised chemicals guidance, now expecting ethylene margins above EUR 600 per ton and propylene margins above EUR 500 per ton.

Middle East impact: The Middle East conflict still disrupted upstream and regional refining operations, but OMV said alternative routes and strong performance elsewhere helped offset the impact.

Capital returns: Management expects the Borouge dividend to be received in Q3, said net debt should improve in the second half as large Q1 and Q2 cash outflows roll off, and kept the dividend policy unchanged.

Key projects: Neptun Deep remains on schedule for first gas in 2027, with the offshore platform installed, the main gas pipeline completed, and 6 of 10 development wells already finished.