Huge Profit at the Oil and Gas Company MOL

MOL Plc. significantly increased its revenues in the second quarter, with first-half EBITDA (operating profit before interest, taxes, depreciation and amortisation) exceeding HUF 505 billion, more than double the result of the same period last year, according to a report published on the website of the Budapest Stock Exchange (BSE).

Highlights of the period included
► Clean CCS EBITDA came in at USD 893mn in Q2 2021, 153% higher YoY driven by stronger oil
macro, record high petrochemical margins and higher fuel sales. H1 Clean CCS EBITDA reached
USD 1,559mn, 60% higher YoY;
► Group-level H1 simplified FCF (Clean CCS EBITDA less organic capex) rose significantly YoY to USD
922mn as all core segments generated positive simplified FCF in H1 2021;
► Upstream Q2 EBITDA tripled YoY and increased by 9% QoQ to USD 336mn, driven by continually
higher oil and gas prices;
► Downstream Q2 Clean CCS EBITDA increased by 305% YoY to USD 447mn, boosted by strong
petrochemical performance while refining margins gradually recovered from the lows of Q2 2020
► Consumer Services reached its highest ever Q2 EBITDA (USD 164mn), as countries began to roll;
back lockdown measures with a subsequent positive effect on sales volumes and non-fuel margins;
► Net debt to EBITDA decreased to 0.9x due to strong FCF generation and increasing rolling 12
months EBITDA, providing close to USD 5bn financial headroom to the Group. Net gearing also
declined to 22% as a result of significant generation of cash.

As MOL Chairman & CEO Zsolt Hernádi commented, “I am very proud to announce that we posted the strongest quarter in MOL Group’s history. Our resilient integrated business model not only managed to successfully navigate the challenges posed by Covid, but also captured the strong commodity cycle we are experiencing. This means we delivered USD 893mn Clean CCS EBITDA during the second quarter, which in turn means we are upgrading our guidance for the full year to around USD 3bn from the previous USD 2.3bn. Looking ahead, I am very pleased with the progress we are making on key projects as we execute our strategic plans on our path
towards 2030 and beyond.”