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Source: MOL Group
Results in the Upstream segment saw a decrease from the previous quarter, driven by a double-digit drop in both oil and gas prices during Q2. Production remained robust, averaging 93.5 mboepd in Q2 2025, which is within the upper half of the guidance range of 92-94 mboepd, despite a slight quarter-on-quarter decline due to underperformance in international assets. Additionally, key agreements were signed with SOCAR to commence onshore exploration in the Shamakhi-Gobustan region of Azerbaijan, with MOL Group acting as the operator with a 65% stake.
The Downstream segment experienced a year-on-year decline, as the slowing regional macroeconomic environment exerted pressure on prices. Nevertheless, strong production and sales volumes, which reached their highest levels in a decade, largely mitigated the impact of declining margins. The petrochemical sector continued to face losses due to ongoing demand contraction, which has not yet subsided. A new comprehensive initiative, the “Tomorrow Downstream” program, has been launched to enhance operational and financial resilience in an increasingly volatile external environment. This program aims to generate an additional USD 500 million in annual improvements beyond 2027, countering the adverse macro effects and contributing an extra USD 200 million to the annual USD 1.2 billion downstream strategic EBITDA target.
The Consumer Services segment maintained its growth trajectory, bolstered by a strong performance in both fuel and non-fuel categories, despite lingering macroeconomic challenges in core markets. Fuel margins continued to strengthen in the Romanian and Croatian markets, while non-fuel expansion dynamics remained robust. The rollout of the Fresh Corner concept progressed at train stations and within railway dining cars, with the network expanding to 1,356 units by the end of Q2 2025, marking a 1% increase quarter-on-quarter and a 7% increase year-on-year.
The Circular Economy Services segment reported a negative EBITDA of USD 10 million due to seasonally elevated operating expenses. The primary CAPEX focus remains on enhancing the Deposit Return System (DRS), with redemption now available at nearly 5,000 locations. Beverage packaging returns surged by 34% quarter-on-quarter, reaching approximately 8.7 million units per day.
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