Orlen posts strong third-quarter 2025 results and makes record investments in energy security

Orlen closed the third quarter of 2025 with robust financial performance and an ambitious investment agenda. Since the beginning of the year, the company has directed more than PLN 21 billion into projects that significantly enhance Poland’s and the region’s energy security – the largest capital expenditure in its history. In Q3 alone, Orlen recorded PLN 8.9 billion in EBITDA LIFO, and for the first nine months of the year its EBITDA LIFO reached nearly PLN 30 billion. At the same time, shareholders benefited from a record-high dividend.

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20 november 2025   |   10:24   |   Source: Gazeta Morska   |   Prepared by: Oskar Wojciechowski   |   Print

fot. Orlen

According to CEO Ireneusz Fąfara, the company’s market capitalization has more than doubled since January.

- We committed to turning Polish energy into a grand construction site, he said. - What we are seeing now is the realization of that vision – large-scale projects, major grid upgrades, LNG deliveries, and fuel prices that are among the lowest in three years.

All business segments contribute to a solid financial performance

In Q3, Orlen generated PLN 61 billion in revenue and produced PLN 8.2 billion in operating cash flow, which underscores the company’s strong underlying fundamentals. All its main business segments delivered value.

Upstream and supply: growing production and major discoveries

The upstream segment posted PLN 3.3 billion in EBITDA, with daily hydrocarbon production averaging 197,000 boe. On the Norwegian Continental Shelf, Orlen discovered the Omega Alfa field — one of the most significant finds this year, estimated at around 134 million boe. The company also expanded its resource base by acquiring interests in the Tommeliten Gamma field and by unlocking further gas from Ormen Lange and Andvare using advanced extraction technologies.

Refining and downstream business: high throughput and resilient margins

Orlen’s refining operations processed approximately 10.2 million tonnes of crude, helping the downstream segment deliver PLN 2.4 billion in EBITDA LIFO. This strong performance was supported by increased wholesale fuel sales, even as the petrochemical market remained challenging.

Energy business: renewables and grid strength drive growth

The energy division recorded PLN 2.2 billion in EBITDA, fueled by higher gas distribution volumes and a growing share of electricity and heat from renewables. Total installed capacity reached 6.3 GWe, including 1.7 GWe from renewable sources, a 60% year-on-year increase. Orlen produced 3.7 TWh of electricity in Q3, up 9% compared to the same period last year.

Consumer and products: retail fuels, electricity and electromobility

In the retail segment, Orlen achieved PLN 1.6 billion in EBITDA, supported by strong fuel sales in four out of seven markets and a nearly 90% increase in energy sales within its electromobility business. Efficiency improvements and integration across its energy offerings also played a key role.

CFO Sławomir Jędrzejczyk emphasized that the company’s strong cash flow generation and conservative leverage — with a net debt-to-EBITDA ratio of only 0.14 — underpin both its investment capacity and its ability to reward shareholders. Orlen currently holds its highest-ever credit ratings: A3 from Moody’s and BBB+ from Fitch.

Strategic investments are reshaping Orlen’s role in Poland’s energy transformation

Orlen is executing what may be the most ambitious energy investment program in Poland’s history, with projects spanning offshore wind, nuclear, gas, and low-carbon fuels.

Building the Baltic Power offshore wind farm

More than 50 foundations have now been installed in the Baltic Sea, and several turbines are already up — including units with nacelles built in Poland. Two offshore substations are also in place, advancing Orlen’s ambition to become a major offshore wind player.

Small modular reactor project in Włocławek

Orlen confirmed that its first European small modular reactor (SMR), based on the BWRX-300 design, will be built in Włocławek. This step marks a significant milestone in Orlen’s low-carbon strategy and its commitment to long-term, stable energy production.

Expanding in Norway and diversifying supply

Orlen continues to expand its upstream footprint in Norway. Through the Omega Alfa discovery and the acquisition of stakes in Tommeliten Gamma, the company is building significant reserves. Moreover, by leveraging new drilling technologies at Ormen Lange and Andvare, Orlen is increasing its gas production capacity.

On the supply side, Orlen has signed a new gas deal with Naftogaz and is delivering more than 300 million cubic meters annually, with potential to reach 1 billion m³ next year. The company secured its first LNG shipment to Japan, while also exporting to Germany, France, Lithuania, and Egypt. A long-term crude agreement with Equinor for over 6 million tonnes of oil will cover about 15% of Orlen’s annual demand.

Supporting the green transition with low-carbon technologies

Orlen is pushing ahead with its decarbonization roadmap through several pioneering projects:

• Its HVO installation is now in commissioning phase, producing bio-components from rapeseed oil and used cooking oil.
• Orlen supplies sustainable aviation fuel (SAF) to airports in Poland, Lithuania, Latvia, and Estonia.
• Orlen VC has invested in a UK-based start-up developing e-SAF based on captured CO₂ and green hydrogen.
• A new 44 MW photovoltaic plant began operations, supplying clean power to Orlen’s Możejki refinery.

Digital integration and rapid growth in electromobility

Orlen is simplifying its customer experience through a unified login platform, Orlen ID, which will integrate all retail and energy-service apps. In parallel, its charging infrastructure is scaling fast:

• The first 400 kW Orlen Charge hub is already open on the S7 route,
• More high-power hubs are planned before year-end,
• Over 1,200 charging points are now in operation,
• The volume of energy delivered to electric vehicles has risen by 88% year on year.

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