The profit of the Orlen Group increased by over 1,000%. President: we are the fastest growing fuel company in Europe
The Orlen Group's results for the third quarter were in most respects in line with market expectations. The net profit itself turned out to be lower than expected, even though its year-on-year dynamics exceeded 1,000%. However, this is the result of a poor result in 2024. The president of Orlen announced that Orlen is the fastest growing company in Europe and the second in the world among fuel and energy companies from the Global Fortune 500.
In the third quarter of 2025, the Orlen Group generated revenues of PLN 61 billion (-10.2% yoy), and net profit amounted to PLN 2.16 billion (+1,050% yoy). Adjusted EBIDTA LIFO result, including, among others, one-off events or inventory movements amounted to PLN 8.9 billion and was lower by 6.3%. rdr. After three quarters of this year, net profit reached PLN 8.94 billion and was higher by PLN 5.82 billion year on year (+186.5%), the company announced in the consolidated quarterly report.
The four-digit increase in quarterly net profit year-on-year is due to last year's low base, when the Group generated only PLN 188 million in profit (restated result). Quarter to quarter, profit increased by 38%. The market consensus based on the expectations of 9 analysts covering the company, published on the investor relations website, assumed a net profit of PLN 3.4 billion in the third quarter of 2025 and a LIFO EBITDA result of PLN 8.9 billion.
In turn, Bloomberg, based on collected forecasts, assumed PLN 61.88 billion in revenues and PLN 3.24 billion in net profit. The expectations of analysts surveyed by PAP Biznes amounted to PLN 60.8 billion in revenues, PLN 9 billion in Lifo EBITDA and PLN 3.66 billion in net profit. The results are therefore in line with expectations. The net profit itself is lower due to the impact of asset write-downs.
Lower oil prices and higher sales
As reported by the company, lower y/y revenues were the result of a decline in prices of oil and gas and petrochemical products, limited by an increase in sales volumes and higher prices of refining products. Lower LIFO EBITDA is the result of lower margins on gas production and trade limited by the positive impact of higher sales volumes and a higher model refining margin. Higher cash flows from operating activities for 9 months of 2025, supported by lower working capital involvement compared to the end of 2024 as a result of the decline in commodity prices.
According to the latest data from the Orlen Group, the company's model refining margin amounted to USD 15.2 in the third quarter. per barrel and was higher by 34.5%. percent percent from that reported in the second quarter. Within 9 months, Orlen's model margin increased by nearly 100%. compared to the first quarter of 2024
This year's average, based on monthly data, is currently $12.2. Throughout 2024, this indicator amounted to USD 11 per barrel, while in 2023 it was USD 17 per barrel. Orlen reported a record annual model refining margin in 2022, when it amounted to $17.6 per barrel. However, it was a year of shock on the commodity markets caused by the war in Ukraine.
Orlen is a leader among fuel and energy companies
“The very good results of the third quarter confirm that
we are strong and resilient even in more difficult environments. Since the beginning of the year, our stock exchange value has increased by over 100%, which makes us the fastest growing company in Europe and the second in the world among fuel and energy companies from the Global Fortune 500,” said Ireneusz Fąfara, president of the management board of Orlen.
In 2025, Orlen achieved a historic record valuation on the WSE. The company's capitalization exceeded PLN 121.8 billion on November 13 and was the highest in the history of companies for which the Polish stock exchange is their home market. Orlen achieved this valuation on November 13 at a price of PLN 105 per share. Currently, with the share price at PLN 101.80, this year's rate of return is over 132%. Even greater profits can be expected by investors who received this year's dividend from Orlen in the amount of PLN 6 per share (net of the price).
Record investments of the Orlen Group
“At the beginning of the year we promised that we will turn the Polish energy sector into a huge construction site. The effects are already visible. After three quarters, our expenditure on investments strengthening Poland's energy security was the highest in history,” added the president of the Orlen Group. The plan for the entire 2025 assumes investments of PLN 35.3 billion, of which PLN 26.2 billion for development and PLN 9.1 billion for maintenance.
After 9 months of 2025, the Orlen Group has allocated over PLN 21 billion for investments. This means that the company completed 60 percent at the end of September. investment outlays planned for the whole year. Only in the third quarter, expenditure amounted to PLN 7.3 billion compared to PLN 6.8 billion in the same period last year. Among other things, over 50 foundations and a dozen turbines were installed on the Baltic Power offshore wind farm – including the first ones with gondolas manufactured in Poland – as well as two power stations at sea.
“We have entered a key stage of the construction of the Baltic Power offshore wind farm. We have installed additional turbines, including those with gondolas manufactured in Poland. We imported the 400th supply of liquefied natural gas from the United States and modernized 11,000 kilometers of the energy network, connecting almost 20,000 new customers. At the same time, we offered our customers the cheapest fuel in three years,” praised Ireneusz Fąfara.
Giant's business results
Since the beginning of this year, Orlen has been publishing its results divided into four key business segments, including: Upstream & Supply, Downstream, Energy, Consumers & Products. Previously, the division concerned 6 main business lines, including refining, oil and gas extraction, energy, petrochemicals, gas and retail. The change is a consequence of updating the Group's strategy until 2035 under the slogan “The energy of tomorrow starts today.”
Analysts expected that the Upstream & Supply segment would add PLN 3.4 billion to Lifo's EBITDA result, the Downstream segment would add PLN 2.6 billion, the Energy segment would add PLN 1.9 billion, and Consumers & Products would add PLN 1.6 billion. The corporate segment was supposed to lower the total with a loss of PLN 600 million. Meanwhile, according to the report, the Upstream&Supply segment generated EBITDA LIFO of PLN 3.3 billion, Downstream achieved EBITDA LIFO of PLN 2.4 billion. The Energy segment generated a profit of PLN 2.2 billion, and the EBITDA of the Consumers&Products segment amounted to PLN 1.6 billion.
“Another solid quarter is behind us, in which each segment contributed value to the result, despite the challenges in the macroeconomic environment. We are pleased that we are growing, strengthening our market position and implementing investments that are important from the point of view of the energy transformation. We are consistently implementing a strategy of increasing payments to shareholders. The record dividend paid in the past quarter is a reflection of our stable financial situation,” commented Sławomir Jędrzejczyk, Vice-President for Finance.
The group manages a network of 3,537 petrol stations: 2,931 own stations and 606 stations operated under a franchise agreement.
Michal Kubicki
