OMV reports strong second quarter 2026 and raises outlook

In the Energy segment, the operating result before special items reached 885 million euros, up 50 percent compared with the second quarter of 2025. The average Brent price stood at 103.85 US dollars per barrel, 53 percent higher than in the comparable period. The average realized natural gas price rose by 30 percent to 37.83 euros per megawatt hour. Hydrocarbon production, by contrast, fell by 4 percent to 291,000 barrels of oil equivalent per day, which according to the company is attributable to war-related production declines. Production costs rose slightly by 3 percent to 11.21 US dollars per barrel of oil equivalent.

In the Fuels segment, OMV benefited significantly from higher refining margins. The OMV European refinery reference margin climbed by 152 percent to 20.33 US dollars per barrel. Utilization at the European refineries rose by 7 percentage points to 90 percent, while fuel and other sales volumes in Europe, at 4.14 million tons, declined slightly by 1 percent. The CCS result before special items in this segment reached 446 million euros.

Fuels and Chemicals benefit from economic upturn

The Chemicals segment also recorded significant growth. The European ethylene reference margin rose by 38 percent to 813 euros per ton, and the European propylene reference margin by as much as 51 percent to 704 euros per ton. The utilization rate of the OMV steam crackers improved by 11 percentage points to 77 percent. The operating result before special items nearly doubled to 429 million euros, an increase of 115 percent.

Cash flow from operating activities rose by 21 percent to 1.315 billion euros. Net working capital positions stood at 1.158 billion euros, an increase of 39 percent compared with the prior-year quarter. These figures underscore the company's financial strength in the reporting period.

For the full year 2026, OMV plans organic capital expenditure of around 3.4 billion euros. The average Brent price is expected to be between 85 and 95 US dollars per barrel. Hydrocarbon production is expected to come in at between 280,000 and 290,000 barrels of oil equivalent per day, subject to the timing and extent of the lifting of restrictions on shipping through the Strait of Hormuz.

2026 outlook: Investments and Brent forecast

The average realized gas price is expected at around 40 euros per megawatt hour, with the THE price forecast at around 50 euros per megawatt hour. The OMV European refinery reference margin is expected to be around 20 US dollars per barrel. The utilization rate of the European refineries is forecast at more than 90 percent.

The results show that OMV has benefited operationally in an environment of significantly higher energy prices and better petrochemical margins. The war-related production declines in the Energy segment were more than offset by the positive price effects. The planned investments of 3.4 billion euros underscore the group's long-term growth strategy.

With the publication of the Q2 figures, OMV reaffirms its position as one of the largest energy groups in Central Europe. The company is active in Austria, Romania, and – via the Borouge International joint venture – in the Middle East. The confident forecasts for the full year 2026 reflect management's confidence in the group's operational strength.

Emma Delaney, Emma Delaney and Alfred Stern had already described the results as robust in advance. The figures now presented confirm this assessment. The coming quarters will show whether the high utilization of facilities and favorable margins will hold up even if energy prices normalize.