PKN Orlen S.A. — Call Transcript 2025

Welcome again. We are sitting here in Orlen Headquarters in a meeting room to discuss Q3 and nine months of 2025, ending September 30th, financial and operating results. We are here in the room with Sławomir Jędrzejczyk, Group CFO, Damian Wieczorek, and my name is Jakub Frejlich, I'm Head of Investor Relations. Please don't... Please mind that we're doing it old school without video, so this is not a malfunction or technical problem. We would like to keep it that way for the time being and maybe further. So we will kick off. We're still having some joiners coming in, but since this is five past already, we'll be kicking off. And I'll hand over to Sławomir, please. Thank you, Jakub. So good morning, ladies and gentlemen. Let me start only by saying, it's good to be back. Warm welcome to everyone. It's my pleasure and privilege to present Orlen quarterly results. I would like to start with the highlights. First of all, macro environment, and mixed views on that. First of all, lower oil and gas prices, so as you know, that, impacted our upstream business. However, very good refining environment, very high margins. In petrochemicals, still we see market pressure, both in terms of margins and volumes. Electricity, stable prices, and in terms of, retail, fuel retail, we observe lower fuel consumption, especially in diesel. And let's, look at operations, and this is very positive news, I believe. We deliver very good, results in operations, higher gas production, distribution, and sales. Higher throughput and wholesale fuel sales, however, lower sales in petrochemical, as I said. Higher electricity production and higher non-fuel sales in retail. So as a result, if we look into the financials, we delivered very solid EBITDA close to PLN 9 billion. Very high cash flow from operations altogether for the first nine months of 2025, PLN 34.4 billion. And we managed to continue our CapEx program. Altogether, we spent PLN 21.1 billion for the first three quarters, and we pay record high dividend of PLN 7 billion. So as a result, we managed to decrease our debt level by PLN 6 billion in 2025. So now let's move to slide number 4, which is highlights, financial results highlights. As you can see, revenue dropped to PLN 61 billion in the third quarter. However, that was due to the fact that oil and gas prices were lower. Then very solid EBITDA, close to PLN 9 billion. Altogether, close to PLN 30 billion in the first three quarters. Very good cash flow from operations, as I said, although in the third quarter, slightly lower than in past quarters, due to the fact that we increased our working capital by PLN 2 billion in the third quarter, due to the fact that the prices, the prices increased and the volume increased. CapEx, we continue our CapEx program. Our budget was 35, so currently, after three quarters, 21.1. I will come back to this in the slide dedicated to CapEx. As a result, free cash flow close to PLN 1 billion, and very, very safe net debt position, and net debt to EBITDA of 0.14. So now let's move to EBITDA delivered by segments. As you can see, we delivered good results in all the segments: Upstream and Supply, PLN 3.3 billion; Downstream, PLN 2.4 billion; Energy, PLN 2.2 billion; and Customer and Products, PLN 1.6 billion. So altogether, PLN 8.9 billion. And what's very interesting, I believe, is at the bottom is a change year-on-year. So in Upstream is -3.2, but I would like to pay your attention that basically, the results of 2024 were, let's say, inflated. 1.8 billion out of these 3.2 is basically higher gas prices we achieved in 2024, due to the fact that we contracted 2024 based on 2023 prices. 0.8 is basically purchase price allocation that inflated results in 2024. So you may say that this drop is, of course, due to the fact that there were lower prices of oil and gas. However, please bear in mind that 2024 is not comparable due to those two one-offs, let's say. In Downstream, 1.9 billion higher results, which is, I believe, great due to fantastic macro environment in refining from the refining margin point of view. Very solid results in Energy and Customer and Consumer End Products. Corporate functions increased by more than 200 million. 100 is, you may say, phasing, and 100 is due to the fact that we increased our labor and general expenses by a few percentage points year-on-year. Now, let's move to slide number 6, where we present our operational results, and this is evidence what I said, that from operations, it was a very good quarter. So increased production and wholesale gas sale in Upstream and Supply. We slightly increased crude oil throughput and wholesale fuel sale by 1 percentage points. However, you can observe here minus 16% drop in petrochemical, and this is clear evidence that petrochemicals are under huge pressure, both from petrochemical margin perspective, as well as volumes. In energy, steady growth in almost all sale—all, all areas. Gas distribution +3%, heat generation +5%, electricity generation +7%, and what's very, very important, residue renewables generation increased by 43%. So what I can say is that currently in the electricity generation, renewables constitute 17%. This is four percentage point increase as compared to last year. As regards consumer end products, very good results in retail gas and electricity sale. However, we see some pressure on the consumption of fuel in Poland, especially diesel. That's why you can see that our retail fuel sale dropped by two percentage point. Now, let's move to each segment where we are elaborate more. So let's start with page number 7, Upstream and Supply. We managed to produce up to 200,000 BOE per day. Majority of this, more than half of this is, of course, Norway, but then we have Poland, and, the remaining amount is, Canada and Pakistan. Majority of this is gas production, and if you can see, the result is lower by PLN 3.2 billion. But as I explained, upstream, Poland and upstream international, this negative, huge negative impact of lower gas and oil prices was, into some extent or even a big extent, offset by higher production, both in Poland and, Norway. And this PLN 2.8 billion, as I explained, before, basically, this is lower year-realised gas sale price, so you may treat it as a kind of one-off from 2024. And negative impact of the settlement of PPA, this is PLN 0.8 billion, again, from 2024. So now let's move to downstream. Definitely, high refining margins help us a lot. So in the third quarter, that was almost doubling, $15.2 per barrel. However, petrochemical margin is under pressure, 16% drop to 168 EUR per tonne. But what's very good, I believe, crude oil production improved by 1%, so utilization of our Polish operations was basically 100%, whereas Lithuania, 94%, and in Czech Republic, that was lower utilization, 75%, due to plant and unplanned shutdowns. So there was a failure in Litvínov, so that's why we produced less petrochemical products. So as you can see on this slide, petrochemical is minus ninety-two million contribution to EBITDA LIFO. However, it... If it hasn't been for Litvínov failure, I believe that would, that would be kind of slight plus in the petrochemical business as well. However, we all know that we are looking at downstream business from the whole value chain perspective, so of course, great refining is offset by weak petrochemical business. However, altogether, I believe downstream delivered very solid results of PLN 2.4 billion. Now, let's move to energy. The biggest improvement, higher results by PLN 500 million, basically, and the biggest improvement is in distribution networks of PLN 318 million, and that was basically due to increase in gas distribution volumes and higher gas and electricity distribution tariffs. In all other areas, as you can see, heating, conventional energy, new energy, and electricity trading, we delivered positive results as well. Now, let's move to consumer end products. Very stable result in retail, fuel, and shops, and we see some pressure on the consumption and on the volumes. That's why it was a slight, slight drop in this, in that area. However, we managed to regain that drop from the non-fuel sale. We continued our promotions during summer periods, so that decreased the margins. However, we managed to regain that from the non-fuel side. And this increase of PLN 300 million is basically retail, electricity, and gas. But please bear in mind that high part of this increase was, again, a kind of one-off from 2024. That was positive impact of the settlement of PPA, roughly PLN 100 million. So, so slightly, slightly inflated the results. Altogether, PLN 1.6 billion EBITDA. Very good, very good result in consumer end products. Now, let's move to CapEx. So you can see the split of CapEx, our budgeted CapEx for PLN 25-35 billion, and that's almost evenly spread across upstream, supply, downstream, and energy. However, in the past quarters, we indicated that our CapEx program is roughly between PLN 33 billion and PLN 35 billion Polish złoty. So looking at utilization of CapEx or realization of CapEx, for the first three quarters, probably we may expect to be kind of closer to the lower end of this range. However, we'll see how this develops in the fourth quarter. Of course, we continue our projects in upstream and supply to increase our production according to our strategic goals. In downstream, of course, we have three areas of projects. One is enlarging value chain, which is new chemical project. Then we improve our product slate, and this is the construction of, for example, hydrocracking unit in Mažeikiai or hydrocracking oil block in Gdańsk. And of course, we are doing projects that create biocomponents, second-generation biocomponent, like production of all bioethanol in Jedlicze. In energy, of course, we all know that energy transformation is not only renewable energy, but we need to absolutely enlarge and modernize distribution networks. So that's why you can see expansion and modernization of power grid and gas distribution network. And our key projects in this renewables energy is, of course, Baltic Sea. So we continue this project, and we target in the second half of 2026 to have this farm fully operational. We continue as well our CCGT project, and Ostrołęka and Grudziądz in second half of 2026 should be operational. And of course, we started the new projects like CCGT Grudziądz, the second Grudziądz, the second plant, and in Gdańsk. As regards consumer and products, we expand, and modernize, and rebrand our fuel network stations, and we build alternative fuel stations where network. So this is ongoing tasks, and we allocate sufficient CapEx for that, for that project. So now let's move to our liquidity position. On slide number 12, we present the waterfall. So we generated, or we delivered PLN 34.4 billion operational cash flow. That was, of course, inflated by a working capital decrease, PLN 4.8 billion altogether for the first three quarters. However, the third quarter itself was a kind of PLN -2 billion, so we observed this effect of increasing oil and gas prices, and volumes increased. So we spent investment cash flow PLN 21.9 billion, that includes our leasing cash out, and managed to pay record-high dividend of PLN 7 billion. So altogether, we decreased our debt by PLN 6 billion. So we are in a very good financial position for the next years to come. We all know that we have quite significant CapEx program for the next three years, so this safe debt position is very helpful. Maturity, this is very important as well. Average maturity, we have like 2020, 2032, and 2033, so like seven years, six, seven years of average maturity. So to finalize outlook, which is probably the most interesting slide in my presentation, because here we present how we see the macro environment and our operations. We believe that we see fourth quarter, so far at least 25, as compared to third quarter, 25, positively in upstream and energy segments, more or less stable in downstream, and lower due to seasonality in customer and products. If we did deep dive a little bit in all the segments, so in upstream and supply, higher production, because we don't have any significant maintenance works. We expect higher gas prices due to seasonality and higher sales volumes as well. However, lower oil prices that can, of course, impact upstream business as well. But altogether, we believe it can be, at least, as I said so far, good, good quarter for us. From the energy point of view, again, seasonality, so higher production, sales, and distribution, higher heat production, higher electricity quotations, and higher gas prices may affect slightly negatively, of course, the energy segment, however, altogether positive as well. Mixed views in downstream, of course. Refining is absolutely great, as we know, so this continues to be great. However, we may expect a little bit lower throughput, lower fuel wholesale volumes due to seasonality, and of course, challenging environment in petrochemical business. So that's why, all in all, probably, kind of a stable situation is the most probable outcome in downstream. Consumer and products, due to seasonality, we expect lower fuel sale and, energy and gas negative as well. Of course, higher gas sales volumes, but we expect a negative impact of electricity tariff reduction and maintained frozen prices for household. So that concludes my presentations, so we are ready now for Q&A. So, Jakub? Yeah. Thank you very much. As usual, I would like to take your questions by seeing who raised their hand first, and surprisingly, but not so much to ourselves, it's Anna from UBS, who's gonna be asking the first question. Please go ahead. Anna, we can't hear you. Can you hear me now? Yeah, fine. Thanks. Okay, perfect. Good morning. Thank you for taking my questions. First will be around the wholesale margin in the refining. Can you please provide more details around what is the dynamic there? Because it looks like given how strong the refining margins currently are, it should be a very good support for the downstream segment in fourth quarter. And my second question will be around Azoty Polymers, if you can provide any color around when can we expect any updates for the deal? Thank you. Okay, thank you for your questions. As regards the first one, we have slide number 17, where we present the kind of the most current, macro situation, the fourth quarter. As you can see, model refining margin is absolutely extraordinary. This is $18.4 per barrel. We all know the macro environment, I believe, so I'm not going to elaborate much on that. This is definitely due to, due to shortage of supply and basically the situation in Russia or the war in Ukraine. So this continue to be like that. Of course, in our base case scenario for the next quarters to come, we don't assume such a high refining margins. This is definitely extraordinary from our, from our perspective. As regards the polymers projects, I can only confirm what is officially published. That means that we put on our offer of PLN 1 billion, cash-free, debt-free, and our offer is valid officially till the end of this year. So we, we are waiting still for the response of Grupa Azoty. So no progress, let me... official progress, at least from what we are hearing, in that, in that area. Hopefully, hopefully, this will develop in a positive way, but it's too early to conclude. Thank you very much. Regarding the wholesale refining margins, which you mentioned are a bit on the lower side, what's driving that? You mean this model refining margin, as I explained? No, no, no, like in the comments for the downstream segment, for example- Okay. One of the reasons you mentioned, like, lower wholesale margin. So can you please clarify there, what does it mean? Yeah, this is more or less like Inland Premium we generate, and this is due to seasonality and lower consumption. So that's why this is our indication that in the wholesale business, the margins can be slightly lower. So this is basically the explanation. Do you see the, those getting worse in fourth quarter, or it will be stable? Sorry? Time is tracking. Could you please say it again? Comparing in fourth quarter to third quarter, do you expect it to worsen further, or will it be stable? You mean third... fourth quarter? Fourth quarter versus third quarter. We expect to be slightly lower, of course, as we indicated here, lower wholesale margins in refining. Yes. Understood. But slightly lower due to seasonality, basically. So this is not going to be a significant impact, I guess, as positive impact of model refining margin, definitely. Thank you. Thank you very much. Thank you. Tomasz Krukowski, Santander, please go ahead. We can't hear you. Oh, yeah, I think you can hear me now. Yes. Tomasz Kurkowski, Santander. Three questions. The first one is, specifically to Mr. Jędrzejczyk, and actually, I would like to hear your view on the dividend policy of the company. The company has a dividend policy, we are aware of that, but I'm wondering whether do you fully support this policy or you would like to introduce some changes to it? So this is the first one. The second is, on the Energa situation, if you could, give us some color in new direction, the analysis which you are performing is going. The third one is, on the refining. You already mentioned that you do not expect the refining macro to be so strong, going forward, but actually, what is your reading of the situation right now? I mean, do you see any kind of lack of the product on the market which is driving the prices? How is the situation with the Russian imports? What's your take on this? Thank you. Okay. Thank you so much. As regards dividend policy, of course, we have official dividend policy, which was approved by the management board and the supervisory board, so definitely is still valid, and I'm in a position individually to change it, of course. I can give you just my comment on dividend, and I express those comments all the time. I was CFO in Orlen a few years ago. Basically, my view is that the best dividend policy is basically to prove to the market that we are dividend-paying company, and consistently each year to pay slightly higher dividend. So if there is no extraordinary situation, my personal view is that Orlen absolutely should be a dividend-paying company, and we try to pay, pay, slightly higher each year, which was included in the strategy of Orlen from 2025. And the second point, Energa. My comment on Energa is as follows: we have four segments, as we know, and we are much bigger due to those acquisitions we did a few years ago. So now, absolutely, we should focus on creating a very efficient four business lines, and we are working on this efficiency in all the segments. So not only energy segment, but as well in upstream, and supply, and customer, and product. So this is, this is the task which is ahead of us. We should create as agile and as flexible organization as we can. Of course, we are very, very complicated business, but we should be as, as I said, as agile and flexible because macro environment can be challenging, can be dynamic. So that's why we are focusing to create in energy as well, a very solid business line. However, no formal final decisions have been made so far, so it's difficult for me to comment at this stage, apart from all official information we put, what is going to happen with Energa. As regards refining margin, so I believe I said that this is basically perception of the market, and the shortage of fuels, which is due to the fact that some installations in Russia were attacked by, by Ukraine. So basically, there's shortage of fuel, and this is basically the main, the main... We don't expect this situation continue, in a sense that it would, it would be absolutely unwise to create base case scenario based on this margin. So that's why I said that in our base case scenario for the next year and for the next years, of course, we don't assume double-digit refining margin, so that we are a little bit conservative, let's say, looking into the current situation. And it's better to be conservative, I believe, in this area than to create a business plan and then CapEx and cash out based on the huge refining margin. So that's, that's my comment on that. Actually, do you see the lack of the product on the market? Do you have the clients calling you and saying, "Give me more Diesel. Sell me more Diesel? As regards our markets, no, we don't see shortage. So from our perspective, absolutely, we are full of products. Okay. Thank you. Thank you. Thank you, Tomek. Michał Kozak, please go ahead. We can't hear you. Okay. So the first question, again, about dividend policy. Will the payout still be based on operating cash flow rather than free cash flow? So as I said, the policy, and of course, we would... Unless we change it, we are going to follow it. So as regards dividend policy, this is, as you know, up to 25% operational free cash flow, minus interest, but this is up to. So each time, each time, as you can imagine, we look before we give the final recommendation. As regards dividend payout, we look into current financial situation, current financial standing, and of course, we will propose this dividend in the second quarter of next year, probably. So we have still two quarters to go. So we will see how the market develops, how our cash flow look like, how our CapEx programs continue, and then we'll make the final decision. But yes, this is our Okay, so you don't assume any changes in dividend policy? Unless we update our strategy and we change. Okay, thanks. The second question from my side, isn't your approach too conservative when you look at downstream segment for the fourth quarter, assuming current $25 dollars- Of course, ... refining margin? Of course, this is our perception. Maybe that's my view. It's better to be slightly less conservative than more optimistic. However, this is our assumption based on six weeks of the fourth quarter, so still we have six weeks to go, and anything can happen. So this is our impression so far, and so absolutely. If you look purely from the refining margin, model refining margin perspective, which is more than PLN 18 billion, 18 million, 18, $18 per barrel, so this is absolutely great. However, we have some challenges, as you know, in petrochemical business. Our petrochemical margin is lower than the third quarter. Of course, our volume should be slightly higher. We still don't know from the operations point of view, how our assets will operate, so that's why we are more cautious on that. That's why we present more or less stable situation. Stable situation means small pluses, small minuses, and we'll see. We'll see how the fourth quarter fu- ... Okay, thank you. Okay, Michał, we don't have follow-ups. Please, Ricardo, Morgan Stanley. Hello, can you hear me? Yes. Okay. Good morning. Couple questions on my side, if I may. The first one, it's on the CapEx. You mentioned that you're probably gonna be at the lower end of the guidance of PLN 33 billion for this year. Can we assume that those that the PLN 2 billion would be spent next year, or do you expect some CapEx savings and you might not have to disburse those PLN 2 billion? And then the second one, it's on the consumer and product segment. You're talking about some of the margin pressures because of promos during the summer, just how the market is in Poland now. Do you still see some pressures there, and you're still having to do some promos? When should we expect margins to stabilize or even see some inflection on the margin side? Thank you. Thank you so much. So as regards CapEx, if you assume that we have the budget of PLN 35 billion, and I said that the range was PLN 33 billion-PLN 35 billion. So basically, there are two items, two big items that affects lower CapEx utilization. First one is CapEx spend on gas ships. Probably, we explained that in the base case CapEx, we assumed four ships to be delivered. However, this year, only two will be delivered, and the next two will be delivered next year. So that's why out of PLN 2.4 billion CapEx, PLN 1.2 billion will be booked this year, and PLN 1.2 billion will be booked next year. So this is a kind of movement to next year. And second PLN 1 billion, we explained probably, as far as my colleague told me, it was first quarter upstream projects, so we decided to just not to continue with one of the project there. That's why we decreased the CapEx plan for upstream. It's difficult for me to say whether this is postponed or not, but because in upstream, of course, we have our plan to deliver more production in the next years to come. Definitely, in upstream, we'll prepare the CapEx for 2026, which is appropriate to the targets we initiated in our strategy. This is as regards CapEx. As regards consumer end products, I would say the margins are stable, and this is a kind of market play. From time to time, we create promotions. If we create promotions, basically, we create promotions and to decrease the margins or to decrease the sales prices, and as a result, the margin slightly decreases. However, our goal is to regain this in non-fuel sale. We have more customers enrolling to our VITAY program as a result, so loyalty program, so definitely we are going to continue with it. Thank you. And if I may, a follow-up on the upstream. On the strategy update, you had mentioned that you were looking at potential M&As in North America and the North Sea as well to increase your upstream production. Is there any updates on that front? I can give you a little bit, kind of, my personal view and then the corporate view as well. Basically, we have quite significant CapEx for the next years, three years to come. Our flexibility in this CapEx is not very significant, as we know. And in our strategy, we indicated that we have CapEx, basic CapEx and options for M&A. And this, M&A... In M&A, definitely we have flexibility. So that's why I'm very cautious as regards, putting any meaningful targets in M&A. We need to look into our cash flow position, and we need to look into the macro environment development, and then we'll decide how much money we have, we can allocate for M&A projects. So at this stage, I can confirm there are no meaningful projects, on the table as regards upstream in US. Thank you very much. Thank you. Thank you, Ricardo. Łukasz Prokopiuk, DM BOŚ, please go ahead. Yes, hello. Can you hear me? Yeah. Okay. Thank you very much, Łukasz Prokopiuk. I got a question on your upstream and supply segment. First of all, can you tell us what kind of production dynamics do you expect next year? I think you mentioned that you plan to upgrade production in the next years. And the second question: Can you tell us anything on your gas wholesale margins going forward? When I look at your gas contract signed for next year, I see very big spreads. And can you comment on it? So as regards to gas production, we are in the process of budgeting for 2026, so I will not give you, at this stage, a kind of precise number, of course. And, I can confirm what's in the strategy we put, as far as I remember, the number of 6 billion production from, from, Norway, like 4 billion from Polish, operations. So this is a kind of target for 2030. So step by step, we are going to increase, increase this number. As regards the... Can you be more specific as regards the wholesale, margin? You mean wholesale in Poland or wholesale from, from the-... from the kind of US, US, contracts? And- What I mean is, the gas margins in Poland, the margins which you book in the upstream and supply segment. So what I mean is the contract signed on TGE, yes, compared to one-month TTF. Of course. So, we should look into development of gas prices, of course, and, you are perfectly right in a sense that, I explained a little bit this positive impact into 2024. So 2023 gas prices were very high. We booked them at the high level, then prices dropped. So as a result, we managed to deliver roughly PLN 1.8 billion extra money. As regards development of gas prices, of course, this is a big question, what kind of development we'll see in 2026? So at this stage, we don't provide a kind of full visibility on our goals, but generally is going to be more stable than it used to be in the previous years. I would not assume a very significant difference year-over-year on that. Okay. So if you look at the EBITDA of the upstream segment this year, and- Yeah ...as a scenario for next year that it is stable, is it like reasonable? Is it optimistic or pessimistic at this moment? At this moment, I would assume stable, definitely. So we had this big drop as compared to 2025 as compared to 2024. So if you look longer term, like 2026, 2025, so it should be more or less. I would assume this is the most realistic scenario, maybe slightly lower, but generally, not very, not such a significant difference as 2024, 2025. Okay. Okay, understood. And follow-up on CapEx. You mentioned that this year's CapEx will be, like, in the lower range, like closer probably to PLN 33 billion. And can you say anything about next year's CapEx? Will it... Is the PLN 33 billion benchmark a good one, or should we expect higher CapEx because there were a few delays and, I don't know, investments kick in? Can you say anything about this? Okay. At this stage, I can refer only to our strategic plan, and if you look into the strategic goals, of course, the CapEx is higher than 33, so I would not assume at this stage that 33 is our benchmark. So please refer to our strategic plan, which is still valid. And, of course, in this strategic plan, we indicated this M&A as well, which is flexible, so we will be very cautious on that area, but definitely, the range in the strategic plan was higher, as you know. Okay. Okay, thank you. That's all for my side. Thank you very much. Thank you, Łukasz. Krzysztof from PKO, please go ahead. Hello, everyone. Krzysztof from PKO Bank. I got two questions, if I may. The first question will be follow-up on refining, because you said that you expect lower throughput. Is this because of the... strictly because of the seasonality, or do you have, like, plant turnaround on your plants in fourth quarter? And if so, which installations are you going to turn around? Basically, this refers to the plant shutdowns. So for example, in Orlen Lietuva, we have vacuum flasher and visbreaking shutdown, plant shutdown, so that's why utilization of Orlen Lietuva is going to be below 80%. As regards Czech Republic, we have plant shutdowns as well in the steam cracker. So utilization of Czech Republic, if you assume roughly 85%, would be the good assumption. As regards Płock, we are, of course, trying to achieve as much as should be close to 100%. However, we have some shutdowns as well, so all in all, probably will be slightly lower than 100%. So if you summarize everything and compare to the third quarter, you can assume slightly lower throughput. Okay, thank you. And second question will be about your Olefin project, because I think it was, like, that you planned to come up with some review of that project in September. Maybe lower, maybe changing something in the, in the budget or in, in assumptions for that project. Is there anything we should know about this, or you are going to come up with something new- We continue on the project. Yes, yes. Thank you for this question. We continue this project. We have only one item still on the table, which is final agreement with general contractor on CHD. Our goal is at least to conclude this up to the end of this year. However, we'll see how the situation develops, and once we have this final agreement, we synchronize all the timetables and create the budget, the final kind of budget allocation and budget update. Once we are ready, we'll go to the market and communicate the full picture of that investment. So we should expect that probably first quarter next year. Okay, thanks a lot. Thank you. ... It does seem that we left you speechless, because there are no further questions. Oh, we have a follow-up from Tomasz. Good timing. Yes, thank you. Just one on the CapEx. There's quite a lot of investments, especially in downstream and in energy, which will be completed next year in 2027. Could you give us an estimate, what kind of contribution to EBITDA would you expect from those completed investment in 2026 and in 2027, given current macro conditions? Not the one which you had when you started those project, but those that are at this moment. One minute ago, I was happy that I answered all the questions. However, finally, there is a question I cannot answer, so sorry for that, but those are the numbers we basically don't specify in detail. And first of all, let's wait, let's wait for these projects to be concluded. Once they are concluded, we look into the macro environment, and then we may discuss in more detail. So sorry for this, but at this stage, please allow me not to give you any specific numbers. In general, do you expect this contribution to be positive, or you think there are gonna be some projects which will be more kind of burning at the beginning? We believe that all the projects will be positive. However, the question is about the returns, and that's why we book this kind of impairments. Maybe this is the topic we can elaborate. In the third quarter, we booked PLN 1.1 billion impairment of new chemical projects, PLN 0.3 billion on the bottom of the barrel in Mažeikiai. So you can, you can... This is a clear evidence that those projects are not delivering the return higher than weighted average cost of capital. However, this is not negative projects from the EBITDA point of view, because if it hasn't been negative from the EBITDA, it's a kind of wise move to just basically close this down, as we know. So you can assume definitely positive, and which projects are difficult from the return perspective, you can observe our impairments, which we post. Thank you. Thank you. Now, it seems that we left you speechless. So we will be concluding before the market opens. Thanks very much for answering this wake-up call from Orlen today. We may consider doing that going forward, to have it before the session kicks off, but we're open for your feedback. Thanks very much for joining us today. If you have a spare half an hour, we're having a press conference, including the CEO. So you can access it online. But thanks for joining us. Thanks very much for your insightful questions, and see you in a quarter, unless we see you on the road before. Thank you very much. Thank you. Thank you. Bye-bye. Thank you very much.

Speaker 2: Welcome again. We are sitting here in Orlen Headquarters in a meeting room to discuss Q3 and nine months of 2025, ending September 30th, financial and operating results. We are here in the room with Sławomir Jędrzejczyk, Group CFO, Damian Wieczorek, and my name is Jakub Frejlich, I'm Head of Investor Relations. Please don't... Please mind that we're doing it old school without video, so this is not a malfunction or technical problem. We would like to keep it that way for the time being and maybe further. So we will kick off. We're still having some joiners coming in, but since this is five past already, we'll be kicking off. And I'll hand over to Sławomir, please. Welcome again. welcome again We are sitting here in Orlen Headquarters in a meeting room to discuss Q3 and nine months of 2025, ending September 30th, financial and operating results. we are sitting here in orlen headquarters in a meeting room to discuss q3 and nine months of 2025 ending september 30th financial and operating results We are here in the room with Sławomir Jędrzejczyk, Group CFO, Damian Wieczorek, and my name is Jakub Frejlich, I'm Head of Investor Relations. we are here in the room with sławomir jędrzejczyk group cfo damian wieczorek and my name is jakub frejlich i'm head of investor relations Please don't... please don't Please mind that we're doing it old school without video, so this is not a malfunction or technical problem. please mind that we're doing it old school without video so this is not a malfunction or technical problem We would like to keep it that way for the time being and maybe further. we would like to keep it that way for the time being and maybe further So we will kick off. so we will kick off We're still having some joiners coming in, but since this is five past already, we'll be kicking off. we're still having some joiners coming in but since this is five past already we'll be kicking off And I'll hand over to Sławomir, please. and i'll hand over to sławomir please

Speaker 6: Thank you, Jakub. So good morning, ladies and gentlemen. Let me start only by saying, it's good to be back. Warm welcome to everyone. It's my pleasure and privilege to present Orlen quarterly results. I would like to start with the highlights. First of all, macro environment, and mixed views on that. First of all, lower oil and gas prices, so as you know, that, impacted our upstream business. However, very good refining environment, very high margins. In petrochemicals, still we see market pressure, both in terms of margins and volumes. Electricity, stable prices, and in terms of, retail, fuel retail, we observe lower fuel consumption, especially in diesel. And let's, look at operations, and this is very positive news, I believe. We deliver very good, results in operations, higher gas production, distribution, and sales. Thank you, Jakub. thank you jakub So good morning, ladies and gentlemen. so good morning ladies and gentlemen Let me start only by saying, it's good to be back. let me start only by saying it's good to be back Warm welcome to everyone. warm welcome to everyone It's my pleasure and privilege to present Orlen quarterly results. it's my pleasure and privilege to present orlen quarterly results I would like to start with the highlights. i would like to start with the highlights First of all, macro environment, and mixed views on that. first of all macro environment and mixed views on that First of all, lower oil and gas prices, so as you know, that, impacted our upstream business. first of all lower oil and gas prices so as you know that impacted our upstream business However, very good refining environment, very high margins. however very good refining environment very high margins In petrochemicals, still we see market pressure, both in terms of margins and volumes. in petrochemicals still we see market pressure both in terms of margins and volumes Electricity, stable prices, and in terms of, retail, fuel retail, we observe lower fuel consumption, especially in diesel. electricity stable prices and in terms of retail fuel retail we observe lower fuel consumption especially in diesel And let's, look at operations, and this is very positive news, I believe. and let's look at operations and this is very positive news i believe We deliver very good, results in operations, higher gas production, distribution, and sales. we deliver very good results in operations higher gas production distribution and sales Higher throughput and wholesale fuel sales, however, lower sales in petrochemical, as I said. Higher electricity production and higher non-fuel sales in retail. So as a result, if we look into the financials, we delivered very solid EBITDA close to PLN 9 billion. Very high cash flow from operations altogether for the first nine months of 2025, PLN 34.4 billion. And we managed to continue our CapEx program. Altogether, we spent PLN 21.1 billion for the first three quarters, and we pay record high dividend of PLN 7 billion. So as a result, we managed to decrease our debt level by PLN 6 billion in 2025. So now let's move to slide number 4, which is highlights, financial results highlights. As you can see, revenue dropped to PLN 61 billion in the third quarter. Higher throughput and wholesale fuel sales, however, lower sales in petrochemical, as I said. higher throughput and wholesale fuel sales however lower sales in petrochemical as i said Higher electricity production and higher non-fuel sales in retail. higher electricity production and higher non-fuel sales in retail So as a result, if we look into the financials, we delivered very solid EBITDA close to PLN 9 billion. so as a result if we look into the financials we delivered very solid ebitda close to pln 9 billion Very high cash flow from operations altogether for the first nine months of 2025, PLN 34.4 billion. very high cash flow from operations altogether for the first nine months of 2025 pln 34.4 billion And we managed to continue our CapEx program. and we managed to continue our capex program Altogether, we spent PLN 21.1 billion for the first three quarters, and we pay record high dividend of PLN 7 billion. altogether we spent pln 21.1 billion for the first three quarters and we pay record high dividend of pln 7 billion So as a result, we managed to decrease our debt level by PLN 6 billion in 2025. so as a result we managed to decrease our debt level by pln 6 billion in 2025 So now let's move to slide number 4, which is highlights, financial results highlights. so now let's move to slide number 4 which is highlights financial results highlights As you can see, revenue dropped to PLN 61 billion in the third quarter. as you can see revenue dropped to pln 61 billion in the third quarter However, that was due to the fact that oil and gas prices were lower. Then very solid EBITDA, close to PLN 9 billion. Altogether, close to PLN 30 billion in the first three quarters. Very good cash flow from operations, as I said, although in the third quarter, slightly lower than in past quarters, due to the fact that we increased our working capital by PLN 2 billion in the third quarter, due to the fact that the prices, the prices increased and the volume increased. CapEx, we continue our CapEx program. Our budget was 35, so currently, after three quarters, 21.1. I will come back to this in the slide dedicated to CapEx. However, that was due to the fact that oil and gas prices were lower. however that was due to the fact that oil and gas prices were lower Then very solid EBITDA, close to PLN 9 billion. then very solid ebitda close to pln 9 billion Altogether, close to PLN 30 billion in the first three quarters. altogether close to pln 30 billion in the first three quarters Very good cash flow from operations, as I said, although in the third quarter, slightly lower than in past quarters, due to the fact that we increased our working capital by PLN 2 billion in the third quarter, due to the fact that the prices, the prices increased and the volume increased. very good cash flow from operations as i said although in the third quarter slightly lower than in past quarters due to the fact that we increased our working capital by pln 2 billion in the third quarter due to the fact that the prices the prices increased and the volume increased CapEx, we continue our CapEx program. capex we continue our capex program Our budget was 35, so currently, after three quarters, 21.1. our budget was 35 so currently after three quarters 21.1 I will come back to this in the slide dedicated to CapEx. i will come back to this in the slide dedicated to capex As a result, free cash flow close to PLN 1 billion, and very, very safe net debt position, and net debt to EBITDA of 0.14. So now let's move to EBITDA delivered by segments. As you can see, we delivered good results in all the segments: Upstream and Supply, PLN 3.3 billion; Downstream, PLN 2.4 billion; Energy, PLN 2.2 billion; and Customer and Products, PLN 1.6 billion. So altogether, PLN 8.9 billion. And what's very interesting, I believe, is at the bottom is a change year-on-year. So in Upstream is -3.2, but I would like to pay your attention that basically, the results of 2024 were, let's say, inflated. As a result, free cash flow close to PLN 1 billion, and very, very safe net debt position, and net debt to EBITDA of 0.14. as a result free cash flow close to pln 1 billion and very very safe net debt position and net debt to ebitda of 0.14 So now let's move to EBITDA delivered by segments. so now let's move to ebitda delivered by segments As you can see, we delivered good results in all the segments: Upstream and Supply, PLN 3.3 billion; Downstream, PLN 2.4 billion; Energy, PLN 2.2 billion; and Customer and Products, PLN 1.6 billion. as you can see we delivered good results in all the segments upstream and supply pln 3.3 billion downstream pln 2.4 billion energy pln 2.2 billion and customer and products pln 1.6 billion So altogether, PLN 8.9 billion. so altogether pln 8.9 billion And what's very interesting, I believe, is at the bottom is a change year-on-year. and what's very interesting i believe is at the bottom is a change year-on-year So in Upstream is -3.2, but I would like to pay your attention that basically, the results of 2024 were, let's say, inflated. so in upstream is -3.2 but i would like to pay your attention that basically the results of 2024 were let's say inflated 1.8 billion out of these 3.2 is basically higher gas prices we achieved in 2024, due to the fact that we contracted 2024 based on 2023 prices. 0.8 is basically purchase price allocation that inflated results in 2024. So you may say that this drop is, of course, due to the fact that there were lower prices of oil and gas. However, please bear in mind that 2024 is not comparable due to those two one-offs, let's say. In Downstream, 1.9 billion higher results, which is, I believe, great due to fantastic macro environment in refining from the refining margin point of view. Very solid results in Energy and Customer and Consumer End Products. Corporate functions increased by more than 200 million. 1.8 billion out of these 3.2 is basically higher gas prices we achieved in 2024, due to the fact that we contracted 2024 based on 2023 prices. 0.8 is basically purchase price allocation that inflated results in 2024. 1.8 billion out of these 3.2 is basically higher gas prices we achieved in 2024 due to the fact that we contracted 2024 based on 2023 prices 0.8 is basically purchase price allocation that inflated results in 2024 So you may say that this drop is, of course, due to the fact that there were lower prices of oil and gas. so you may say that this drop is of course due to the fact that there were lower prices of oil and gas However, please bear in mind that 2024 is not comparable due to those two one-offs, let's say. however please bear in mind that 2024 is not comparable due to those two one-offs let's say In Downstream, 1.9 billion higher results, which is, I believe, great due to fantastic macro environment in refining from the refining margin point of view. in downstream 1.9 billion higher results which is i believe great due to fantastic macro environment in refining from the refining margin point of view Very solid results in Energy and Customer and Consumer End Products. very solid results in energy and customer and consumer end products Corporate functions increased by more than 200 million. corporate functions increased by more than 200 million 100 is, you may say, phasing, and 100 is due to the fact that we increased our labor and general expenses by a few percentage points year-on-year. Now, let's move to slide number 6, where we present our operational results, and this is evidence what I said, that from operations, it was a very good quarter. So increased production and wholesale gas sale in Upstream and Supply. We slightly increased crude oil throughput and wholesale fuel sale by 1 percentage points. However, you can observe here minus 16% drop in petrochemical, and this is clear evidence that petrochemicals are under huge pressure, both from petrochemical margin perspective, as well as volumes. In energy, steady growth in almost all sale—all, all areas. 100 is, you may say, phasing, and 100 is due to the fact that we increased our labor and general expenses by a few percentage points year-on-year. 100 is you may say phasing and 100 is due to the fact that we increased our labor and general expenses by a few percentage points year-on-year Now, let's move to slide number 6, where we present our operational results, and this is evidence what I said, that from operations, it was a very good quarter. now let's move to slide number 6 where we present our operational results and this is evidence what i said that from operations it was a very good quarter So increased production and wholesale gas sale in Upstream and Supply. so increased production and wholesale gas sale in upstream and supply We slightly increased crude oil throughput and wholesale fuel sale by 1 percentage points. we slightly increased crude oil throughput and wholesale fuel sale by 1 percentage points However, you can observe here minus 16% drop in petrochemical, and this is clear evidence that petrochemicals are under huge pressure, both from petrochemical margin perspective, as well as volumes. however you can observe here minus 16% drop in petrochemical and this is clear evidence that petrochemicals are under huge pressure both from petrochemical margin perspective as well as volumes In energy, steady growth in almost all sale—all, all areas. in energy steady growth in almost all sale—all all areas Gas distribution +3%, heat generation +5%, electricity generation +7%, and what's very, very important, residue renewables generation increased by 43%. So what I can say is that currently in the electricity generation, renewables constitute 17%. This is four percentage point increase as compared to last year. As regards consumer end products, very good results in retail gas and electricity sale. However, we see some pressure on the consumption of fuel in Poland, especially diesel. That's why you can see that our retail fuel sale dropped by two percentage point. Now, let's move to each segment where we are elaborate more. So let's start with page number 7, Upstream and Supply. We managed to produce up to 200,000 BOE per day. Gas distribution +3%, heat generation +5%, electricity generation +7%, and what's very, very important, residue renewables generation increased by 43%. gas distribution +3% heat generation +5% electricity generation +7% and what's very very important residue renewables generation increased by 43% So what I can say is that currently in the electricity generation, renewables constitute 17%. so what i can say is that currently in the electricity generation renewables constitute 17% This is four percentage point increase as compared to last year. this is four percentage point increase as compared to last year As regards consumer end products, very good results in retail gas and electricity sale. as regards consumer end products very good results in retail gas and electricity sale However, we see some pressure on the consumption of fuel in Poland, especially diesel. however we see some pressure on the consumption of fuel in poland especially diesel That's why you can see that our retail fuel sale dropped by two percentage point. that's why you can see that our retail fuel sale dropped by two percentage point Now, let's move to each segment where we are elaborate more. now let's move to each segment where we are elaborate more So let's start with page number 7, Upstream and Supply. so let's start with page number 7 upstream and supply We managed to produce up to 200,000 BOE per day. we managed to produce up to 200,000 boe per day Majority of this, more than half of this is, of course, Norway, but then we have Poland, and, the remaining amount is, Canada and Pakistan. Majority of this is gas production, and if you can see, the result is lower by PLN 3.2 billion. But as I explained, upstream, Poland and upstream international, this negative, huge negative impact of lower gas and oil prices was, into some extent or even a big extent, offset by higher production, both in Poland and, Norway. And this PLN 2.8 billion, as I explained, before, basically, this is lower year-realised gas sale price, so you may treat it as a kind of one-off from 2024. And negative impact of the settlement of PPA, this is PLN 0.8 billion, again, from 2024. So now let's move to downstream. Majority of this, more than half of this is, of course, Norway, but then we have Poland, and, the remaining amount is, Canada and Pakistan. majority of this more than half of this is of course norway but then we have poland and the remaining amount is canada and pakistan Majority of this is gas production, and if you can see, the result is lower by PLN 3.2 billion. majority of this is gas production and if you can see the result is lower by pln 3.2 billion But as I explained, upstream, Poland and upstream international, this negative, huge negative impact of lower gas and oil prices was, into some extent or even a big extent, offset by higher production, both in Poland and, Norway. but as i explained upstream poland and upstream international this negative huge negative impact of lower gas and oil prices was into some extent or even a big extent offset by higher production both in poland and norway And this PLN 2.8 billion, as I explained, before, basically, this is lower year-realised gas sale price, so you may treat it as a kind of one-off from 2024. and this pln 2.8 billion as i explained before basically this is lower year-realised gas sale price so you may treat it as a kind of one-off from 2024 And negative impact of the settlement of PPA, this is PLN 0.8 billion, again, from 2024. and negative impact of the settlement of ppa this is pln 0.8 billion again from 2024 So now let's move to downstream. so now let's move to downstream Definitely, high refining margins help us a lot. So in the third quarter, that was almost doubling, $15.2 per barrel. However, petrochemical margin is under pressure, 16% drop to 168 EUR per tonne. But what's very good, I believe, crude oil production improved by 1%, so utilization of our Polish operations was basically 100%, whereas Lithuania, 94%, and in Czech Republic, that was lower utilization, 75%, due to plant and unplanned shutdowns. So there was a failure in Litvínov, so that's why we produced less petrochemical products. So as you can see on this slide, petrochemical is minus ninety-two million contribution to EBITDA LIFO. Definitely, high refining margins help us a lot. definitely high refining margins help us a lot So in the third quarter, that was almost doubling, $15.2 per barrel. so in the third quarter that was almost doubling $15.2 per barrel However, petrochemical margin is under pressure, 16% drop to 168 EUR per tonne. however petrochemical margin is under pressure 16% drop to 168 eur per tonne But what's very good, I believe, crude oil production improved by 1%, so utilization of our Polish operations was basically 100%, whereas Lithuania, 94%, and in Czech Republic, that was lower utilization, 75%, due to plant and unplanned shutdowns. but what's very good i believe crude oil production improved by 1% so utilization of our polish operations was basically 100% whereas lithuania 94% and in czech republic that was lower utilization 75% due to plant and unplanned shutdowns So there was a failure in Litvínov, so that's why we produced less petrochemical products. so there was a failure in litvínov so that's why we produced less petrochemical products So as you can see on this slide, petrochemical is minus ninety-two million contribution to EBITDA LIFO. so as you can see on this slide petrochemical is minus ninety-two million contribution to ebitda lifo However, it... If it hasn't been for Litvínov failure, I believe that would, that would be kind of slight plus in the petrochemical business as well. However, we all know that we are looking at downstream business from the whole value chain perspective, so of course, great refining is offset by weak petrochemical business. However, altogether, I believe downstream delivered very solid results of PLN 2.4 billion. Now, let's move to energy. The biggest improvement, higher results by PLN 500 million, basically, and the biggest improvement is in distribution networks of PLN 318 million, and that was basically due to increase in gas distribution volumes and higher gas and electricity distribution tariffs. In all other areas, as you can see, heating, conventional energy, new energy, and electricity trading, we delivered positive results as well. Now, let's move to consumer end products. However, it... however it If it hasn't been for Litvínov failure, I believe that would, that would be kind of slight plus in the petrochemical business as well. if it hasn't been for litvínov failure i believe that would that would be kind of slight plus in the petrochemical business as well However, we all know that we are looking at downstream business from the whole value chain perspective, so of course, great refining is offset by weak petrochemical business. however we all know that we are looking at downstream business from the whole value chain perspective so of course great refining is offset by weak petrochemical business However, altogether, I believe downstream delivered very solid results of PLN 2.4 billion. however altogether i believe downstream delivered very solid results of pln 2.4 billion Now, let's move to energy. now let's move to energy The biggest improvement, higher results by PLN 500 million, basically, and the biggest improvement is in distribution networks of PLN 318 million, and that was basically due to increase in gas distribution volumes and higher gas and electricity distribution tariffs. the biggest improvement higher results by pln 500 million basically and the biggest improvement is in distribution networks of pln 318 million and that was basically due to increase in gas distribution volumes and higher gas and electricity distribution tariffs In all other areas, as you can see, heating, conventional energy, new energy, and electricity trading, we delivered positive results as well. in all other areas as you can see heating conventional energy new energy and electricity trading we delivered positive results as well Now, let's move to consumer end products. now let's move to consumer end products Very stable result in retail, fuel, and shops, and we see some pressure on the consumption and on the volumes. That's why it was a slight, slight drop in this, in that area. However, we managed to regain that drop from the non-fuel sale. We continued our promotions during summer periods, so that decreased the margins. However, we managed to regain that from the non-fuel side. And this increase of PLN 300 million is basically retail, electricity, and gas. But please bear in mind that high part of this increase was, again, a kind of one-off from 2024. That was positive impact of the settlement of PPA, roughly PLN 100 million. So, so slightly, slightly inflated the results. Altogether, PLN 1.6 billion EBITDA. Very good, very good result in consumer end products. Very stable result in retail, fuel, and shops, and we see some pressure on the consumption and on the volumes. very stable result in retail fuel and shops and we see some pressure on the consumption and on the volumes That's why it was a slight, slight drop in this, in that area. that's why it was a slight slight drop in this in that area However, we managed to regain that drop from the non-fuel sale. however we managed to regain that drop from the non-fuel sale We continued our promotions during summer periods, so that decreased the margins. we continued our promotions during summer periods so that decreased the margins However, we managed to regain that from the non-fuel side. however we managed to regain that from the non-fuel side And this increase of PLN 300 million is basically retail, electricity, and gas. and this increase of pln 300 million is basically retail electricity and gas But please bear in mind that high part of this increase was, again, a kind of one-off from 2024. but please bear in mind that high part of this increase was again a kind of one-off from 2024 That was positive impact of the settlement of PPA, roughly PLN 100 million. that was positive impact of the settlement of ppa roughly pln 100 million So, so slightly, slightly inflated the results. so so slightly slightly inflated the results Altogether, PLN 1.6 billion EBITDA. altogether pln 1.6 billion ebitda Very good, very good result in consumer end products. very good very good result in consumer end products Now, let's move to CapEx. So you can see the split of CapEx, our budgeted CapEx for PLN 25-35 billion, and that's almost evenly spread across upstream, supply, downstream, and energy. However, in the past quarters, we indicated that our CapEx program is roughly between PLN 33 billion and PLN 35 billion Polish złoty. So looking at utilization of CapEx or realization of CapEx, for the first three quarters, probably we may expect to be kind of closer to the lower end of this range. However, we'll see how this develops in the fourth quarter. Of course, we continue our projects in upstream and supply to increase our production according to our strategic goals. In downstream, of course, we have three areas of projects. One is enlarging value chain, which is new chemical project. Now, let's move to CapEx. now let's move to capex So you can see the split of CapEx, our budgeted CapEx for PLN 25-35 billion, and that's almost evenly spread across upstream, supply, downstream, and energy. so you can see the split of capex our budgeted capex for pln 25-35 billion and that's almost evenly spread across upstream supply downstream and energy However, in the past quarters, we indicated that our CapEx program is roughly between PLN 33 billion and PLN 35 billion Polish złoty. however in the past quarters we indicated that our capex program is roughly between pln 33 billion and pln 35 billion polish złoty So looking at utilization of CapEx or realization of CapEx, for the first three quarters, probably we may expect to be kind of closer to the lower end of this range. so looking at utilization of capex or realization of capex for the first three quarters probably we may expect to be kind of closer to the lower end of this range However, we'll see how this develops in the fourth quarter. however we'll see how this develops in the fourth quarter Of course, we continue our projects in upstream and supply to increase our production according to our strategic goals. of course we continue our projects in upstream and supply to increase our production according to our strategic goals In downstream, of course, we have three areas of projects. in downstream of course we have three areas of projects One is enlarging value chain, which is new chemical project. one is enlarging value chain which is new chemical project Then we improve our product slate, and this is the construction of, for example, hydrocracking unit in Mažeikiai or hydrocracking oil block in Gdańsk. And of course, we are doing projects that create biocomponents, second-generation biocomponent, like production of all bioethanol in Jedlicze. In energy, of course, we all know that energy transformation is not only renewable energy, but we need to absolutely enlarge and modernize distribution networks. So that's why you can see expansion and modernization of power grid and gas distribution network. And our key projects in this renewables energy is, of course, Baltic Sea. So we continue this project, and we target in the second half of 2026 to have this farm fully operational. Then we improve our product slate, and this is the construction of, for example, hydrocracking unit in Mažeikiai or hydrocracking oil block in Gdańsk. then we improve our product slate and this is the construction of for example hydrocracking unit in mažeikiai or hydrocracking oil block in gdańsk And of course, we are doing projects that create biocomponents, second-generation biocomponent, like production of all bioethanol in Jedlicze. and of course we are doing projects that create biocomponents second-generation biocomponent like production of all bioethanol in jedlicze In energy, of course, we all know that energy transformation is not only renewable energy, but we need to absolutely enlarge and modernize distribution networks. in energy of course we all know that energy transformation is not only renewable energy but we need to absolutely enlarge and modernize distribution networks So that's why you can see expansion and modernization of power grid and gas distribution network. so that's why you can see expansion and modernization of power grid and gas distribution network And our key projects in this renewables energy is, of course, Baltic Sea. and our key projects in this renewables energy is of course baltic sea So we continue this project, and we target in the second half of 2026 to have this farm fully operational. so we continue this project and we target in the second half of 2026 to have this farm fully operational We continue as well our CCGT project, and Ostrołęka and Grudziądz in second half of 2026 should be operational. And of course, we started the new projects like CCGT Grudziądz, the second Grudziądz, the second plant, and in Gdańsk. As regards consumer and products, we expand, and modernize, and rebrand our fuel network stations, and we build alternative fuel stations where network. So this is ongoing tasks, and we allocate sufficient CapEx for that, for that project. So now let's move to our liquidity position. On slide number 12, we present the waterfall. So we generated, or we delivered PLN 34.4 billion operational cash flow. That was, of course, inflated by a working capital decrease, PLN 4.8 billion altogether for the first three quarters. We continue as well our CCGT project, and Ostrołęka and Grudziądz in second half of 2026 should be operational. we continue as well our ccgt project and ostrołęka and grudziądz in second half of 2026 should be operational And of course, we started the new projects like CCGT Grudziądz, the second Grudziądz, the second plant, and in Gdańsk. and of course we started the new projects like ccgt grudziądz the second grudziądz the second plant and in gdańsk As regards consumer and products, we expand, and modernize, and rebrand our fuel network stations, and we build alternative fuel stations where network. as regards consumer and products we expand and modernize and rebrand our fuel network stations and we build alternative fuel stations where network So this is ongoing tasks, and we allocate sufficient CapEx for that, for that project. so this is ongoing tasks and we allocate sufficient capex for that for that project So now let's move to our liquidity position. so now let's move to our liquidity position On slide number 12, we present the waterfall. on slide number 12 we present the waterfall So we generated, or we delivered PLN 34.4 billion operational cash flow. so we generated or we delivered pln 34.4 billion operational cash flow That was, of course, inflated by a working capital decrease, PLN 4.8 billion altogether for the first three quarters. that was of course inflated by a working capital decrease pln 4.8 billion altogether for the first three quarters However, the third quarter itself was a kind of PLN -2 billion, so we observed this effect of increasing oil and gas prices, and volumes increased. So we spent investment cash flow PLN 21.9 billion, that includes our leasing cash out, and managed to pay record-high dividend of PLN 7 billion. So altogether, we decreased our debt by PLN 6 billion. So we are in a very good financial position for the next years to come. We all know that we have quite significant CapEx program for the next three years, so this safe debt position is very helpful. Maturity, this is very important as well. Average maturity, we have like 2020, 2032, and 2033, so like seven years, six, seven years of average maturity. However, the third quarter itself was a kind of PLN -2 billion, so we observed this effect of increasing oil and gas prices, and volumes increased. however the third quarter itself was a kind of pln -2 billion so we observed this effect of increasing oil and gas prices and volumes increased So we spent investment cash flow PLN 21.9 billion, that includes our leasing cash out, and managed to pay record-high dividend of PLN 7 billion. so we spent investment cash flow pln 21.9 billion that includes our leasing cash out and managed to pay record-high dividend of pln 7 billion So altogether, we decreased our debt by PLN 6 billion. so altogether we decreased our debt by pln 6 billion So we are in a very good financial position for the next years to come. so we are in a very good financial position for the next years to come We all know that we have quite significant CapEx program for the next three years, so this safe debt position is very helpful. we all know that we have quite significant capex program for the next three years so this safe debt position is very helpful Maturity, this is very important as well. maturity this is very important as well Average maturity, we have like 2020, 2032, and 2033, so like seven years, six, seven years of average maturity. average maturity we have like 2020 2032 and 2033 so like seven years six seven years of average maturity So to finalize outlook, which is probably the most interesting slide in my presentation, because here we present how we see the macro environment and our operations. We believe that we see fourth quarter, so far at least 25, as compared to third quarter, 25, positively in upstream and energy segments, more or less stable in downstream, and lower due to seasonality in customer and products. If we did deep dive a little bit in all the segments, so in upstream and supply, higher production, because we don't have any significant maintenance works. We expect higher gas prices due to seasonality and higher sales volumes as well. However, lower oil prices that can, of course, impact upstream business as well. So to finalize outlook, which is probably the most interesting slide in my presentation, because here we present how we see the macro environment and our operations. so to finalize outlook which is probably the most interesting slide in my presentation because here we present how we see the macro environment and our operations We believe that we see fourth quarter, so far at least 25, as compared to third quarter, 25, positively in upstream and energy segments, more or less stable in downstream, and lower due to seasonality in customer and products. we believe that we see fourth quarter so far at least 25 as compared to third quarter 25 positively in upstream and energy segments more or less stable in downstream and lower due to seasonality in customer and products If we did deep dive a little bit in all the segments, so in upstream and supply, higher production, because we don't have any significant maintenance works. if we did deep dive a little bit in all the segments so in upstream and supply higher production because we don't have any significant maintenance works We expect higher gas prices due to seasonality and higher sales volumes as well. we expect higher gas prices due to seasonality and higher sales volumes as well However, lower oil prices that can, of course, impact upstream business as well. however lower oil prices that can of course impact upstream business as well But altogether, we believe it can be, at least, as I said so far, good, good quarter for us. From the energy point of view, again, seasonality, so higher production, sales, and distribution, higher heat production, higher electricity quotations, and higher gas prices may affect slightly negatively, of course, the energy segment, however, altogether positive as well. Mixed views in downstream, of course. Refining is absolutely great, as we know, so this continues to be great. However, we may expect a little bit lower throughput, lower fuel wholesale volumes due to seasonality, and of course, challenging environment in petrochemical business. So that's why, all in all, probably, kind of a stable situation is the most probable outcome in downstream. Consumer and products, due to seasonality, we expect lower fuel sale and, energy and gas negative as well. But altogether, we believe it can be, at least, as I said so far, good, good quarter for us. but altogether we believe it can be at least as i said so far good good quarter for us From the energy point of view, again, seasonality, so higher production, sales, and distribution, higher heat production, higher electricity quotations, and higher gas prices may affect slightly negatively, of course, the energy segment, however, altogether positive as well. from the energy point of view again seasonality so higher production sales and distribution higher heat production higher electricity quotations and higher gas prices may affect slightly negatively of course the energy segment however altogether positive as well Mixed views in downstream, of course. mixed views in downstream of course Refining is absolutely great, as we know, so this continues to be great. refining is absolutely great as we know so this continues to be great However, we may expect a little bit lower throughput, lower fuel wholesale volumes due to seasonality, and of course, challenging environment in petrochemical business. however we may expect a little bit lower throughput lower fuel wholesale volumes due to seasonality and of course challenging environment in petrochemical business So that's why, all in all, probably, kind of a stable situation is the most probable outcome in downstream. so that's why all in all probably kind of a stable situation is the most probable outcome in downstream Consumer and products, due to seasonality, we expect lower fuel sale and, energy and gas negative as well. consumer and products due to seasonality we expect lower fuel sale and energy and gas negative as well Of course, higher gas sales volumes, but we expect a negative impact of electricity tariff reduction and maintained frozen prices for household. So that concludes my presentations, so we are ready now for Q&A. So, Jakub? Of course, higher gas sales volumes, but we expect a negative impact of electricity tariff reduction and maintained frozen prices for household. of course higher gas sales volumes but we expect a negative impact of electricity tariff reduction and maintained frozen prices for household So that concludes my presentations, so we are ready now for Q&A. so that concludes my presentations so we are ready now for q&a So, Jakub? so jakub

Speaker 2: Yeah. Thank you very much. As usual, I would like to take your questions by seeing who raised their hand first, and surprisingly, but not so much to ourselves, it's Anna from UBS, who's gonna be asking the first question. Please go ahead. Anna, we can't hear you. Yeah. yeah Thank you very much. thank you very much As usual, I would like to take your questions by seeing who raised their hand first, and surprisingly, but not so much to ourselves, it's Anna from UBS, who's gonna be asking the first question. as usual i would like to take your questions by seeing who raised their hand first and surprisingly but not so much to ourselves it's anna from ubs who's gonna be asking the first question Please go ahead. please go ahead Anna, we can't hear you. anna we can't hear you

Speaker 1: Can you hear me now? Can you hear me now? can you hear me now

Speaker 2: Yeah, fine. Thanks. Yeah, fine. yeah fine Thanks. thanks

Speaker 1: Okay, perfect. Good morning. Thank you for taking my questions. First will be around the wholesale margin in the refining. Can you please provide more details around what is the dynamic there? Because it looks like given how strong the refining margins currently are, it should be a very good support for the downstream segment in fourth quarter. And my second question will be around Azoty Polymers, if you can provide any color around when can we expect any updates for the deal? Thank you. Okay, perfect. okay perfect Good morning. good morning Thank you for taking my questions. thank you for taking my questions First will be around the wholesale margin in the refining. first will be around the wholesale margin in the refining Can you please provide more details around what is the dynamic there? can you please provide more details around what is the dynamic there Because it looks like given how strong the refining margins currently are, it should be a very good support for the downstream segment in fourth quarter. because it looks like given how strong the refining margins currently are it should be a very good support for the downstream segment in fourth quarter And my second question will be around Azoty Polymers, if you can provide any color around when can we expect any updates for the deal? and my second question will be around azoty polymers if you can provide any color around when can we expect any updates for the deal Thank you. thank you

Speaker 6: Okay, thank you for your questions. As regards the first one, we have slide number 17, where we present the kind of the most current, macro situation, the fourth quarter. As you can see, model refining margin is absolutely extraordinary. This is $18.4 per barrel. We all know the macro environment, I believe, so I'm not going to elaborate much on that. This is definitely due to, due to shortage of supply and basically the situation in Russia or the war in Ukraine. So this continue to be like that. Of course, in our base case scenario for the next quarters to come, we don't assume such a high refining margins. This is definitely extraordinary from our, from our perspective. As regards the polymers projects, I can only confirm what is officially published. Okay, thank you for your questions. okay thank you for your questions As regards the first one, we have slide number 17, where we present the kind of the most current, macro situation, the fourth quarter. as regards the first one we have slide number 17 where we present the kind of the most current macro situation the fourth quarter As you can see, model refining margin is absolutely extraordinary. as you can see model refining margin is absolutely extraordinary This is $ 18.4 per barrel. this is $ 18.4 per barrel We all know the macro environment, I believe, so I'm not going to elaborate much on that. we all know the macro environment i believe so i'm not going to elaborate much on that This is definitely due to, due to shortage of supply and basically the situation in Russia or the war in Ukraine. this is definitely due to due to shortage of supply and basically the situation in russia or the war in ukraine So this continue to be like that. so this continue to be like that Of course, in our base case scenario for the next quarters to come, we don't assume such a high refining margins. of course in our base case scenario for the next quarters to come we don't assume such a high refining margins This is definitely extraordinary from our, from our perspective. this is definitely extraordinary from our from our perspective As regards the polymers projects, I can only confirm what is officially published. as regards the polymers projects i can only confirm what is officially published That means that we put on our offer of PLN 1 billion, cash-free, debt-free, and our offer is valid officially till the end of this year. So we, we are waiting still for the response of Grupa Azoty. So no progress, let me... official progress, at least from what we are hearing, in that, in that area. Hopefully, hopefully, this will develop in a positive way, but it's too early to conclude. That means that we put on our offer of PLN 1 billion, cash-free, debt-free, and our offer is valid officially till the end of this year. that means that we put on our offer of pln 1 billion cash-free debt-free and our offer is valid officially till the end of this year So we, we are waiting still for the response of Grupa Azoty. so we we are waiting still for the response of grupa azoty So no progress, let me... official progress, at least from what we are hearing, in that, in that area. so no progress let me official progress at least from what we are hearing in that in that area Hopefully, hopefully, this will develop in a positive way, but it's too early to conclude. hopefully hopefully this will develop in a positive way but it's too early to conclude

Speaker 1: Thank you very much. Regarding the wholesale refining margins, which you mentioned are a bit on the lower side, what's driving that? Thank you very much. thank you very much Regarding the wholesale refining margins, which you mentioned are a bit on the lower side, what's driving that? regarding the wholesale refining margins which you mentioned are a bit on the lower side what's driving that

Speaker 6: You mean this model refining margin, as I explained? You mean this model refining margin, as I explained? you mean this model refining margin as i explained

Speaker 1: No, no, no, like in the comments for the downstream segment, for example- No, no, no, like in the comments for the downstream segment, for example- no no no like in the comments for the downstream segment for example-

Speaker 6: Okay. Okay. okay

Speaker 1: One of the reasons you mentioned, like, lower wholesale margin. So can you please clarify there, what does it mean? One of the reasons you mentioned, like, lower wholesale margin. one of the reasons you mentioned like lower wholesale margin So can you please clarify there, what does it mean? so can you please clarify there what does it mean

Speaker 6: Yeah, this is more or less like Inland Premium we generate, and this is due to seasonality and lower consumption. So that's why this is our indication that in the wholesale business, the margins can be slightly lower. So this is basically the explanation. Yeah, this is more or less like Inland Premium we generate, and this is due to seasonality and lower consumption. yeah this is more or less like inland premium we generate and this is due to seasonality and lower consumption So that's why this is our indication that in the wholesale business, the margins can be slightly lower. so that's why this is our indication that in the wholesale business the margins can be slightly lower So this is basically the explanation. so this is basically the explanation

Speaker 1: Do you see the, those getting worse in fourth quarter, or it will be stable? Do you see the, those getting worse in fourth quarter, or it will be stable? do you see the those getting worse in fourth quarter or it will be stable

Speaker 6: Sorry? Sorry? sorry

Speaker 2: Time is tracking. Could you please say it again? Time is tracking. time is tracking Could you please say it again? could you please say it again

Speaker 1: Comparing in fourth quarter to third quarter, do you expect it to worsen further, or will it be stable? Comparing in fourth quarter to third quarter, do you expect it to worsen further, or will it be stable? comparing in fourth quarter to third quarter do you expect it to worsen further or will it be stable

Speaker 6: You mean third... fourth quarter? You mean third... fourth quarter? you mean third fourth quarter

Speaker 2: Fourth quarter versus third quarter. Fourth quarter versus third quarter. fourth quarter versus third quarter

Speaker 6: We expect to be slightly lower, of course, as we indicated here, lower wholesale margins in refining. Yes. We expect to be slightly lower, of course, as we indicated here, lower wholesale margins in refining. we expect to be slightly lower of course as we indicated here lower wholesale margins in refining Yes. yes

Speaker 1: Understood. Understood. understood

Speaker 6: But slightly lower due to seasonality, basically. So this is not going to be a significant impact, I guess, as positive impact of model refining margin, definitely. But slightly lower due to seasonality, basically. but slightly lower due to seasonality basically So this is not going to be a significant impact, I guess, as positive impact of model refining margin, definitely. so this is not going to be a significant impact i guess as positive impact of model refining margin definitely

Speaker 1: Thank you. Thank you very much. Thank you. thank you Thank you very much. thank you very much

Speaker 6: Thank you. Thank you. thank you

Speaker 2: Tomasz Krukowski, Santander, please go ahead. We can't hear you. Tomasz Krukowski, Santander, please go ahead. tomasz krukowski santander please go ahead We can't hear you. we can't hear you

Speaker 7: Oh, yeah, I think you can hear me now. Oh, yeah, I think you can hear me now. oh yeah i think you can hear me now

Speaker 2: Yes. Yes. yes

Speaker 7: Tomasz Kurkowski, Santander. Three questions. The first one is, specifically to Mr. Jędrzejczyk, and actually, I would like to hear your view on the dividend policy of the company. The company has a dividend policy, we are aware of that, but I'm wondering whether do you fully support this policy or you would like to introduce some changes to it? So this is the first one. The second is, on the Energa situation, if you could, give us some color in new direction, the analysis which you are performing is going. The third one is, on the refining. You already mentioned that you do not expect the refining macro to be so strong, going forward, but actually, what is your reading of the situation right now? Tomasz Kurkowski, Santander. tomasz kurkowski santander Three questions. three questions The first one is, specifically to Mr. Jędrzejczyk, and actually, I would like to hear your view on the dividend policy of the company. the first one is specifically to mr jędrzejczyk and actually i would like to hear your view on the dividend policy of the company The company has a dividend policy, we are aware of that, but I'm wondering whether do you fully support this policy or you would like to introduce some changes to it? the company has a dividend policy we are aware of that but i'm wondering whether do you fully support this policy or you would like to introduce some changes to it So this is the first one. so this is the first one The second is, on the Energa situation, if you could, give us some color in new direction, the analysis which you are performing is going. the second is on the energa situation if you could give us some color in new direction the analysis which you are performing is going The third one is, on the refining. the third one is on the refining You already mentioned that you do not expect the refining macro to be so strong, going forward, but actually, what is your reading of the situation right now? you already mentioned that you do not expect the refining macro to be so strong going forward but actually what is your reading of the situation right now I mean, do you see any kind of lack of the product on the market which is driving the prices? How is the situation with the Russian imports? What's your take on this? Thank you. I mean, do you see any kind of lack of the product on the market which is driving the prices? i mean do you see any kind of lack of the product on the market which is driving the prices How is the situation with the Russian imports? how is the situation with the russian imports What's your take on this? what's your take on this Thank you. thank you

Speaker 6: Okay. Thank you so much. As regards dividend policy, of course, we have official dividend policy, which was approved by the management board and the supervisory board, so definitely is still valid, and I'm in a position individually to change it, of course. I can give you just my comment on dividend, and I express those comments all the time. I was CFO in Orlen a few years ago. Basically, my view is that the best dividend policy is basically to prove to the market that we are dividend-paying company, and consistently each year to pay slightly higher dividend. Okay. okay Thank you so much. thank you so much As regards dividend policy, of course, we have official dividend policy, which was approved by the management board and the supervisory board, so definitely is still valid, and I'm in a position individually to change it, of course. as regards dividend policy of course we have official dividend policy which was approved by the management board and the supervisory board so definitely is still valid and i'm in a position individually to change it of course I can give you just my comment on dividend, and I express those comments all the time. i can give you just my comment on dividend and i express those comments all the time I was CFO in Orlen a few years ago. i was cfo in orlen a few years ago Basically, my view is that the best dividend policy is basically to prove to the market that we are dividend-paying company, and consistently each year to pay slightly higher dividend. basically my view is that the best dividend policy is basically to prove to the market that we are dividend-paying company and consistently each year to pay slightly higher dividend So if there is no extraordinary situation, my personal view is that Orlen absolutely should be a dividend-paying company, and we try to pay, pay, slightly higher each year, which was included in the strategy of Orlen from 2025. And the second point, Energa. My comment on Energa is as follows: we have four segments, as we know, and we are much bigger due to those acquisitions we did a few years ago. So now, absolutely, we should focus on creating a very efficient four business lines, and we are working on this efficiency in all the segments. So not only energy segment, but as well in upstream, and supply, and customer, and product. So this is, this is the task which is ahead of us. We should create as agile and as flexible organization as we can. So if there is no extraordinary situation, my personal view is that Orlen absolutely should be a dividend-paying company, and we try to pay, pay, slightly higher each year, which was included in the strategy of Orlen from 2025. so if there is no extraordinary situation my personal view is that orlen absolutely should be a dividend-paying company and we try to pay pay slightly higher each year which was included in the strategy of orlen from 2025 And the second point, Energa. and the second point energa My comment on Energa is as follows: we have four segments, as we know, and we are much bigger due to those acquisitions we did a few years ago. my comment on energa is as follows we have four segments as we know and we are much bigger due to those acquisitions we did a few years ago So now, absolutely, we should focus on creating a very efficient four business lines, and we are working on this efficiency in all the segments. so now absolutely we should focus on creating a very efficient four business lines and we are working on this efficiency in all the segments So not only energy segment, but as well in upstream, and supply, and customer, and product. so not only energy segment but as well in upstream and supply and customer and product So this is, this is the task which is ahead of us. so this is this is the task which is ahead of us We should create as agile and as flexible organization as we can. we should create as agile and as flexible organization as we can Of course, we are very, very complicated business, but we should be as, as I said, as agile and flexible because macro environment can be challenging, can be dynamic. So that's why we are focusing to create in energy as well, a very solid business line. However, no formal final decisions have been made so far, so it's difficult for me to comment at this stage, apart from all official information we put, what is going to happen with Energa. As regards refining margin, so I believe I said that this is basically perception of the market, and the shortage of fuels, which is due to the fact that some installations in Russia were attacked by, by Ukraine. So basically, there's shortage of fuel, and this is basically the main, the main... Of course, we are very, very complicated business, but we should be as, as I said, as agile and flexible because macro environment can be challenging, can be dynamic. of course we are very very complicated business but we should be as as i said as agile and flexible because macro environment can be challenging can be dynamic So that's why we are focusing to create in energy as well, a very solid business line. so that's why we are focusing to create in energy as well a very solid business line However, no formal final decisions have been made so far, so it's difficult for me to comment at this stage, apart from all official information we put, what is going to happen with Energa. however no formal final decisions have been made so far so it's difficult for me to comment at this stage apart from all official information we put what is going to happen with energa As regards refining margin, so I believe I said that this is basically perception of the market, and the shortage of fuels, which is due to the fact that some installations in Russia were attacked by, by Ukraine. as regards refining margin so i believe i said that this is basically perception of the market and the shortage of fuels which is due to the fact that some installations in russia were attacked by by ukraine So basically, there's shortage of fuel, and this is basically the main, the main... so basically there's shortage of fuel and this is basically the main the main We don't expect this situation continue, in a sense that it would, it would be absolutely unwise to create base case scenario based on this margin. So that's why I said that in our base case scenario for the next year and for the next years, of course, we don't assume double-digit refining margin, so that we are a little bit conservative, let's say, looking into the current situation. And it's better to be conservative, I believe, in this area than to create a business plan and then CapEx and cash out based on the huge refining margin. So that's, that's my comment on that. We don't expect this situation continue, in a sense that it would, it would be absolutely unwise to create base case scenario based on this margin. we don't expect this situation continue in a sense that it would it would be absolutely unwise to create base case scenario based on this margin So that's why I said that in our base case scenario for the next year and for the next years, of course, we don't assume double-digit refining margin, so that we are a little bit conservative, let's say, looking into the current situation. so that's why i said that in our base case scenario for the next year and for the next years of course we don't assume double-digit refining margin so that we are a little bit conservative let's say looking into the current situation And it's better to be conservative, I believe, in this area than to create a business plan and then CapEx and cash out based on the huge refining margin. and it's better to be conservative i believe in this area than to create a business plan and then capex and cash out based on the huge refining margin So that's, that's my comment on that. so that's that's my comment on that

Speaker 7: Actually, do you see the lack of the product on the market? Do you have the clients calling you and saying, "Give me more Diesel. Sell me more Diesel? Actually, do you see the lack of the product on the market? actually do you see the lack of the product on the market Do you have the clients calling you and saying, "Give me more Diesel. do you have the clients calling you and saying "give me more diesel Sell me more Diesel? sell me more diesel

Speaker 6: As regards our markets, no, we don't see shortage. So from our perspective, absolutely, we are full of products. As regards our markets, no, we don't see shortage. as regards our markets no we don't see shortage So from our perspective, absolutely, we are full of products. so from our perspective absolutely we are full of products

Speaker 7: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 6: Thank you. Thank you. thank you

Speaker 2: Thank you, Tomek. Michał Kozak, please go ahead. We can't hear you. Thank you, Tomek. thank you tomek Michał Kozak, please go ahead. michał kozak please go ahead We can't hear you. we can't hear you

Speaker 4: Okay. So the first question, again, about dividend policy. Will the payout still be based on operating cash flow rather than free cash flow? Okay. okay So the first question, again, about dividend policy. so the first question again about dividend policy Will the payout still be based on operating cash flow rather than free cash flow? will the payout still be based on operating cash flow rather than free cash flow

Speaker 6: So as I said, the policy, and of course, we would... Unless we change it, we are going to follow it. So as regards dividend policy, this is, as you know, up to 25% operational free cash flow, minus interest, but this is up to. So each time, each time, as you can imagine, we look before we give the final recommendation. As regards dividend payout, we look into current financial situation, current financial standing, and of course, we will propose this dividend in the second quarter of next year, probably. So we have still two quarters to go. So we will see how the market develops, how our cash flow look like, how our CapEx programs continue, and then we'll make the final decision. But yes, this is our So as I said, the policy, and of course, we would... so as i said the policy and of course we would Unless we change it, we are going to follow it. unless we change it we are going to follow it So as regards dividend policy, this is, as you know, up to 25% operational free cash flow, minus interest, but this is up to. so as regards dividend policy this is as you know up to 25% operational free cash flow minus interest but this is up to So each time, each time, as you can imagine, we look before we give the final recommendation. so each time each time as you can imagine we look before we give the final recommendation As regards dividend payout, we look into current financial situation, current financial standing, and of course, we will propose this dividend in the second quarter of next year, probably. as regards dividend payout we look into current financial situation current financial standing and of course we will propose this dividend in the second quarter of next year probably So we have still two quarters to go. so we have still two quarters to go So we will see how the market develops, how our cash flow look like, how our CapEx programs continue, and then we'll make the final decision. so we will see how the market develops how our cash flow look like how our capex programs continue and then we'll make the final decision But yes, this is our but yes this is our

Speaker 4: Okay, so you don't assume any changes in dividend policy? Okay, so you don't assume any changes in dividend policy? okay so you don't assume any changes in dividend policy

Speaker 6: Unless we update our strategy and we change. Unless we update our strategy and we change. unless we update our strategy and we change

Speaker 4: Okay, thanks. The second question from my side, isn't your approach too conservative when you look at downstream segment for the fourth quarter, assuming current $25 dollars- Okay, thanks. okay thanks The second question from my side, isn't your approach too conservative when you look at downstream segment for the fourth quarter, assuming current $25 dollars- the second question from my side isn't your approach too conservative when you look at downstream segment for the fourth quarter assuming current $25 dollars-

Speaker 6: Of course, Of course, of course

Speaker 4: ... refining margin? ... refining margin? refining margin

Speaker 6: Of course, this is our perception. Maybe that's my view. It's better to be slightly less conservative than more optimistic. However, this is our assumption based on six weeks of the fourth quarter, so still we have six weeks to go, and anything can happen. So this is our impression so far, and so absolutely. If you look purely from the refining margin, model refining margin perspective, which is more than PLN 18 billion, 18 million, 18, $18 per barrel, so this is absolutely great. However, we have some challenges, as you know, in petrochemical business. Our petrochemical margin is lower than the third quarter. Of course, our volume should be slightly higher. We still don't know from the operations point of view, how our assets will operate, so that's why we are more cautious on that. Of course, this is our perception. of course this is our perception Maybe that's my view. maybe that's my view It's better to be slightly less conservative than more optimistic. it's better to be slightly less conservative than more optimistic However, this is our assumption based on six weeks of the fourth quarter, so still we have six weeks to go, and anything can happen. however this is our assumption based on six weeks of the fourth quarter so still we have six weeks to go and anything can happen So this is our impression so far, and so absolutely. so this is our impression so far and so absolutely If you look purely from the refining margin, model refining margin perspective, which is more than PLN 18 billion, 18 million, 18, $18 per barrel, so this is absolutely great. if you look purely from the refining margin model refining margin perspective which is more than pln 18 billion 18 million 18 $18 per barrel so this is absolutely great However, we have some challenges, as you know, in petrochemical business. however we have some challenges as you know in petrochemical business Our petrochemical margin is lower than the third quarter. our petrochemical margin is lower than the third quarter Of course, our volume should be slightly higher. of course our volume should be slightly higher We still don't know from the operations point of view, how our assets will operate, so that's why we are more cautious on that. we still don't know from the operations point of view how our assets will operate so that's why we are more cautious on that That's why we present more or less stable situation. Stable situation means small pluses, small minuses, and we'll see. We'll see how the fourth quarter fu- That's why we present more or less stable situation. that's why we present more or less stable situation Stable situation means small pluses, small minuses, and we'll see. stable situation means small pluses small minuses and we'll see We'll see how the fourth quarter fu- we'll see how the fourth quarter fu-

Speaker 4: ... Okay, thank you. ... Okay, thank you. okay thank you

Speaker 2: Okay, Michał, we don't have follow-ups. Please, Ricardo, Morgan Stanley. Okay, Michał, we don't have follow-ups. okay michał we don't have follow-ups Please, Ricardo, Morgan Stanley. please ricardo morgan stanley

Speaker 5: Hello, can you hear me? Hello, can you hear me? hello can you hear me

Speaker 2: Yes. Yes. yes

Speaker 5: Okay. Good morning. Couple questions on my side, if I may. The first one, it's on the CapEx. You mentioned that you're probably gonna be at the lower end of the guidance of PLN 33 billion for this year. Can we assume that those that the PLN 2 billion would be spent next year, or do you expect some CapEx savings and you might not have to disburse those PLN 2 billion? And then the second one, it's on the consumer and product segment. You're talking about some of the margin pressures because of promos during the summer, just how the market is in Poland now. Do you still see some pressures there, and you're still having to do some promos? Okay. okay Good morning. good morning Couple questions on my side, if I may. couple questions on my side if i may The first one, it's on the CapEx. the first one it's on the capex You mentioned that you're probably gonna be at the lower end of the guidance of PLN 33 billion for this year. you mentioned that you're probably gonna be at the lower end of the guidance of pln 33 billion for this year Can we assume that those that the PLN 2 billion would be spent next year, or do you expect some CapEx savings and you might not have to disburse those PLN 2 billion? can we assume that those that the pln 2 billion would be spent next year or do you expect some capex savings and you might not have to disburse those pln 2 billion And then the second one, it's on the consumer and product segment. and then the second one it's on the consumer and product segment You're talking about some of the margin pressures because of promos during the summer, just how the market is in Poland now. you're talking about some of the margin pressures because of promos during the summer just how the market is in poland now Do you still see some pressures there, and you're still having to do some promos? do you still see some pressures there and you're still having to do some promos When should we expect margins to stabilize or even see some inflection on the margin side? Thank you. When should we expect margins to stabilize or even see some inflection on the margin side? when should we expect margins to stabilize or even see some inflection on the margin side Thank you. thank you

Speaker 6: Thank you so much. So as regards CapEx, if you assume that we have the budget of PLN 35 billion, and I said that the range was PLN 33 billion-PLN 35 billion. So basically, there are two items, two big items that affects lower CapEx utilization. First one is CapEx spend on gas ships. Probably, we explained that in the base case CapEx, we assumed four ships to be delivered. However, this year, only two will be delivered, and the next two will be delivered next year. So that's why out of PLN 2.4 billion CapEx, PLN 1.2 billion will be booked this year, and PLN 1.2 billion will be booked next year. So this is a kind of movement to next year. Thank you so much. thank you so much So as regards CapEx, if you assume that we have the budget of PLN 35 billion, and I said that the range was PLN 33 billion-PLN 35 billion. so as regards capex if you assume that we have the budget of pln 35 billion and i said that the range was pln 33 billion-pln 35 billion So basically, there are two items, two big items that affects lower CapEx utilization. so basically there are two items two big items that affects lower capex utilization First one is CapEx spend on gas ships. first one is capex spend on gas ships Probably, we explained that in the base case CapEx, we assumed four ships to be delivered. probably we explained that in the base case capex we assumed four ships to be delivered However, this year, only two will be delivered, and the next two will be delivered next year. however this year only two will be delivered and the next two will be delivered next year So that's why out of PLN 2.4 billion CapEx, PLN 1.2 billion will be booked this year, and PLN 1.2 billion will be booked next year. so that's why out of pln 2.4 billion capex pln 1.2 billion will be booked this year and pln 1.2 billion will be booked next year So this is a kind of movement to next year. so this is a kind of movement to next year And second PLN 1 billion, we explained probably, as far as my colleague told me, it was first quarter upstream projects, so we decided to just not to continue with one of the project there. That's why we decreased the CapEx plan for upstream. It's difficult for me to say whether this is postponed or not, but because in upstream, of course, we have our plan to deliver more production in the next years to come. Definitely, in upstream, we'll prepare the CapEx for 2026, which is appropriate to the targets we initiated in our strategy. This is as regards CapEx. As regards consumer end products, I would say the margins are stable, and this is a kind of market play. From time to time, we create promotions. And second PLN 1 billion, we explained probably, as far as my colleague told me, it was first quarter upstream projects, so we decided to just not to continue with one of the project there. and second pln 1 billion we explained probably as far as my colleague told me it was first quarter upstream projects so we decided to just not to continue with one of the project there That's why we decreased the CapEx plan for upstream. that's why we decreased the capex plan for upstream It's difficult for me to say whether this is postponed or not, but because in upstream, of course, we have our plan to deliver more production in the next years to come. it's difficult for me to say whether this is postponed or not but because in upstream of course we have our plan to deliver more production in the next years to come Definitely, in upstream, we'll prepare the CapEx for 2026, which is appropriate to the targets we initiated in our strategy. definitely in upstream we'll prepare the capex for 2026 which is appropriate to the targets we initiated in our strategy This is as regards CapEx. this is as regards capex As regards consumer end products, I would say the margins are stable, and this is a kind of market play. as regards consumer end products i would say the margins are stable and this is a kind of market play From time to time, we create promotions. from time to time we create promotions If we create promotions, basically, we create promotions and to decrease the margins or to decrease the sales prices, and as a result, the margin slightly decreases. However, our goal is to regain this in non-fuel sale. We have more customers enrolling to our VITAY program as a result, so loyalty program, so definitely we are going to continue with it. If we create promotions, basically, we create promotions and to decrease the margins or to decrease the sales prices, and as a result, the margin slightly decreases. if we create promotions basically we create promotions and to decrease the margins or to decrease the sales prices and as a result the margin slightly decreases However, our goal is to regain this in non-fuel sale. however our goal is to regain this in non-fuel sale We have more customers enrolling to our VITAY program as a result, so loyalty program, so definitely we are going to continue with it. we have more customers enrolling to our vitay program as a result so loyalty program so definitely we are going to continue with it

Speaker 5: Thank you. And if I may, a follow-up on the upstream. On the strategy update, you had mentioned that you were looking at potential M&As in North America and the North Sea as well to increase your upstream production. Is there any updates on that front? Thank you. thank you And if I may, a follow-up on the upstream. and if i may a follow-up on the upstream On the strategy update, you had mentioned that you were looking at potential M&As in North America and the North Sea as well to increase your upstream production. on the strategy update you had mentioned that you were looking at potential m&as in north america and the north sea as well to increase your upstream production Is there any updates on that front? is there any updates on that front

Speaker 6: I can give you a little bit, kind of, my personal view and then the corporate view as well. Basically, we have quite significant CapEx for the next years, three years to come. Our flexibility in this CapEx is not very significant, as we know. And in our strategy, we indicated that we have CapEx, basic CapEx and options for M&A. And this, M&A... In M&A, definitely we have flexibility. So that's why I'm very cautious as regards, putting any meaningful targets in M&A. We need to look into our cash flow position, and we need to look into the macro environment development, and then we'll decide how much money we have, we can allocate for M&A projects. So at this stage, I can confirm there are no meaningful projects, on the table as regards upstream in US. I can give you a little bit, kind of, my personal view and then the corporate view as well. i can give you a little bit kind of my personal view and then the corporate view as well Basically, we have quite significant CapEx for the next years, three years to come. basically we have quite significant capex for the next years three years to come Our flexibility in this CapEx is not very significant, as we know. our flexibility in this capex is not very significant as we know And in our strategy, we indicated that we have CapEx, basic CapEx and options for M&A. and in our strategy we indicated that we have capex basic capex and options for m&a And this, M&A... and this m&a In M&A, definitely we have flexibility. in m&a definitely we have flexibility So that's why I'm very cautious as regards, putting any meaningful targets in M&A. so that's why i'm very cautious as regards putting any meaningful targets in m&a We need to look into our cash flow position, and we need to look into the macro environment development, and then we'll decide how much money we have, we can allocate for M&A projects. we need to look into our cash flow position and we need to look into the macro environment development and then we'll decide how much money we have we can allocate for m&a projects So at this stage, I can confirm there are no meaningful projects, on the table as regards upstream in US. so at this stage i can confirm there are no meaningful projects on the table as regards upstream in us

Speaker 5: Thank you very much. Thank you very much. thank you very much

Speaker 6: Thank you. Thank you. thank you

Speaker 2: Thank you, Ricardo. Łukasz Prokopiuk, DM BOŚ, please go ahead. Thank you, Ricardo. thank you ricardo Łukasz Prokopiuk, DM BOŚ, please go ahead. łukasz prokopiuk dm boś please go ahead

Speaker 8: Yes, hello. Can you hear me? Yes, hello. yes hello Can you hear me? can you hear me

Speaker 2: Yeah. Yeah. yeah

Speaker 8: Okay. Thank you very much, Łukasz Prokopiuk. I got a question on your upstream and supply segment. First of all, can you tell us what kind of production dynamics do you expect next year? I think you mentioned that you plan to upgrade production in the next years. And the second question: Can you tell us anything on your gas wholesale margins going forward? When I look at your gas contract signed for next year, I see very big spreads. And can you comment on it? Okay. okay Thank you very much, Łukasz Prokopiuk. thank you very much łukasz prokopiuk I got a question on your upstream and supply segment. i got a question on your upstream and supply segment First of all, can you tell us what kind of production dynamics do you expect next year? first of all can you tell us what kind of production dynamics do you expect next year I think you mentioned that you plan to upgrade production in the next years. i think you mentioned that you plan to upgrade production in the next years And the second question: Can you tell us anything on your gas wholesale margins going forward? and the second question can you tell us anything on your gas wholesale margins going forward When I look at your gas contract signed for next year, I see very big spreads. when i look at your gas contract signed for next year i see very big spreads And can you comment on it? and can you comment on it

Speaker 6: So as regards to gas production, we are in the process of budgeting for 2026, so I will not give you, at this stage, a kind of precise number, of course. And, I can confirm what's in the strategy we put, as far as I remember, the number of 6 billion production from, from, Norway, like 4 billion from Polish, operations. So this is a kind of target for 2030. So step by step, we are going to increase, increase this number. As regards the... Can you be more specific as regards the wholesale, margin? You mean wholesale in Poland or wholesale from, from the-... from the kind of US, US, contracts? And- So as regards to gas production, we are in the process of budgeting for 2026, so I will not give you, at this stage, a kind of precise number, of course. so as regards to gas production we are in the process of budgeting for 2026 so i will not give you at this stage a kind of precise number of course And, I can confirm what's in the strategy we put, as far as I remember, the number of 6 billion production from, from, Norway, like 4 billion from Polish, operations. and i can confirm what's in the strategy we put as far as i remember the number of 6 billion production from from norway like 4 billion from polish operations So this is a kind of target for 2030. so this is a kind of target for 2030 So step by step, we are going to increase, increase this number. so step by step we are going to increase increase this number As regards the... as regards the Can you be more specific as regards the wholesale, margin? can you be more specific as regards the wholesale margin You mean wholesale in Poland or wholesale from, from the-... from the kind of US, US, contracts? you mean wholesale in poland or wholesale from from the- from the kind of us us contracts And- and-

Speaker 8: What I mean is, the gas margins in Poland, the margins which you book in the upstream and supply segment. So what I mean is the contract signed on TGE, yes, compared to one-month TTF. What I mean is, the gas margins in Poland, the margins which you book in the upstream and supply segment. what i mean is the gas margins in poland the margins which you book in the upstream and supply segment So what I mean is the contract signed on TGE, yes, compared to one-month TTF. so what i mean is the contract signed on tge yes compared to one-month ttf

Speaker 6: Of course. So, we should look into development of gas prices, of course, and, you are perfectly right in a sense that, I explained a little bit this positive impact into 2024. So 2023 gas prices were very high. We booked them at the high level, then prices dropped. So as a result, we managed to deliver roughly PLN 1.8 billion extra money. As regards development of gas prices, of course, this is a big question, what kind of development we'll see in 2026? So at this stage, we don't provide a kind of full visibility on our goals, but generally is going to be more stable than it used to be in the previous years. Of course. of course So, we should look into development of gas prices, of course, and, you are perfectly right in a sense that, I explained a little bit this positive impact into 2024. so we should look into development of gas prices of course and you are perfectly right in a sense that i explained a little bit this positive impact into 2024 So 2023 gas prices were very high. so 2023 gas prices were very high We booked them at the high level, then prices dropped. we booked them at the high level then prices dropped So as a result, we managed to deliver roughly PLN 1.8 billion extra money. so as a result we managed to deliver roughly pln 1.8 billion extra money As regards development of gas prices, of course, this is a big question, what kind of development we'll see in 2026? as regards development of gas prices of course this is a big question what kind of development we'll see in 2026 So at this stage, we don't provide a kind of full visibility on our goals, but generally is going to be more stable than it used to be in the previous years. so at this stage we don't provide a kind of full visibility on our goals but generally is going to be more stable than it used to be in the previous years I would not assume a very significant difference year-over-year on that. I would not assume a very significant difference year-over-year on that. i would not assume a very significant difference year-over-year on that

Speaker 8: Okay. So if you look at the EBITDA of the upstream segment this year, and- Okay. okay So if you look at the EBITDA of the upstream segment this year, and- so if you look at the ebitda of the upstream segment this year and-

Speaker 6: Yeah Yeah yeah

Speaker 8: ...as a scenario for next year that it is stable, is it like reasonable? Is it optimistic or pessimistic at this moment? ...as a scenario for next year that it is stable, is it like reasonable? ...as a scenario for next year that it is stable is it like reasonable Is it optimistic or pessimistic at this moment? is it optimistic or pessimistic at this moment

Speaker 6: At this moment, I would assume stable, definitely. So we had this big drop as compared to 2025 as compared to 2024. So if you look longer term, like 2026, 2025, so it should be more or less. I would assume this is the most realistic scenario, maybe slightly lower, but generally, not very, not such a significant difference as 2024, 2025. At this moment, I would assume stable, definitely. at this moment i would assume stable definitely So we had this big drop as compared to 2025 as compared to 2024. so we had this big drop as compared to 2025 as compared to 2024 So if you look longer term, like 2026, 2025, so it should be more or less. so if you look longer term like 2026 2025 so it should be more or less I would assume this is the most realistic scenario, maybe slightly lower, but generally, not very, not such a significant difference as 2024, 2025. i would assume this is the most realistic scenario maybe slightly lower but generally not very not such a significant difference as 2024 2025

Speaker 8: Okay. Okay, understood. And follow-up on CapEx. You mentioned that this year's CapEx will be, like, in the lower range, like closer probably to PLN 33 billion. And can you say anything about next year's CapEx? Will it... Is the PLN 33 billion benchmark a good one, or should we expect higher CapEx because there were a few delays and, I don't know, investments kick in? Can you say anything about this? Okay. okay Okay, understood. okay understood And follow-up on CapEx. and follow-up on capex You mentioned that this year's CapEx will be, like, in the lower range, like closer probably to PLN 33 billion. you mentioned that this year's capex will be like in the lower range like closer probably to pln 33 billion And can you say anything about next year's CapEx? and can you say anything about next year's capex Will it... will it Is the PLN 33 billion benchmark a good one, or should we expect higher CapEx because there were a few delays and, I don't know, investments kick in? is the pln 33 billion benchmark a good one or should we expect higher capex because there were a few delays and i don't know investments kick in Can you say anything about this? can you say anything about this

Speaker 6: Okay. At this stage, I can refer only to our strategic plan, and if you look into the strategic goals, of course, the CapEx is higher than 33, so I would not assume at this stage that 33 is our benchmark. So please refer to our strategic plan, which is still valid. And, of course, in this strategic plan, we indicated this M&A as well, which is flexible, so we will be very cautious on that area, but definitely, the range in the strategic plan was higher, as you know. Okay. okay At this stage, I can refer only to our strategic plan, and if you look into the strategic goals, of course, the CapEx is higher than 33, so I would not assume at this stage that 33 is our benchmark. at this stage i can refer only to our strategic plan and if you look into the strategic goals of course the capex is higher than 33 so i would not assume at this stage that 33 is our benchmark So please refer to our strategic plan, which is still valid. so please refer to our strategic plan which is still valid And, of course, in this strategic plan, we indicated this M&A as well, which is flexible, so we will be very cautious on that area, but definitely, the range in the strategic plan was higher, as you know. and of course in this strategic plan we indicated this m&a as well which is flexible so we will be very cautious on that area but definitely the range in the strategic plan was higher as you know

Speaker 8: Okay. Okay, thank you. That's all for my side. Okay. okay Okay, thank you. okay thank you That's all for my side. that's all for my side

Speaker 6: Thank you very much. Thank you very much. thank you very much

Speaker 2: Thank you, Łukasz. Krzysztof from PKO, please go ahead. Thank you, Łukasz. thank you łukasz Krzysztof from PKO, please go ahead. krzysztof from pko please go ahead

Speaker 3: Hello, everyone. Krzysztof from PKO Bank. I got two questions, if I may. The first question will be follow-up on refining, because you said that you expect lower throughput. Is this because of the... strictly because of the seasonality, or do you have, like, plant turnaround on your plants in fourth quarter? And if so, which installations are you going to turn around? Hello, everyone. hello everyone Krzysztof from PKO Bank. krzysztof from pko bank I got two questions, if I may. i got two questions if i may The first question will be follow-up on refining, because you said that you expect lower throughput. the first question will be follow-up on refining because you said that you expect lower throughput Is this because of the... strictly because of the seasonality, or do you have, like, plant turnaround on your plants in fourth quarter? is this because of the strictly because of the seasonality or do you have like plant turnaround on your plants in fourth quarter And if so, which installations are you going to turn around? and if so which installations are you going to turn around

Speaker 6: Basically, this refers to the plant shutdowns. So for example, in Orlen Lietuva, we have vacuum flasher and visbreaking shutdown, plant shutdown, so that's why utilization of Orlen Lietuva is going to be below 80%. As regards Czech Republic, we have plant shutdowns as well in the steam cracker. So utilization of Czech Republic, if you assume roughly 85%, would be the good assumption. As regards Płock, we are, of course, trying to achieve as much as should be close to 100%. However, we have some shutdowns as well, so all in all, probably will be slightly lower than 100%. So if you summarize everything and compare to the third quarter, you can assume slightly lower throughput. Basically, this refers to the plant shutdowns. basically this refers to the plant shutdowns So for example, in Orlen Lietuva, we have vacuum flasher and visbreaking shutdown, plant shutdown, so that's why utilization of Orlen Lietuva is going to be below 80%. so for example in orlen lietuva we have vacuum flasher and visbreaking shutdown plant shutdown so that's why utilization of orlen lietuva is going to be below 80% As regards Czech Republic, we have plant shutdowns as well in the steam cracker. as regards czech republic we have plant shutdowns as well in the steam cracker So utilization of Czech Republic, if you assume roughly 85%, would be the good assumption. so utilization of czech republic if you assume roughly 85% would be the good assumption As regards Płock, we are, of course, trying to achieve as much as should be close to 100%. as regards płock we are of course trying to achieve as much as should be close to 100% However, we have some shutdowns as well, so all in all, probably will be slightly lower than 100%. however we have some shutdowns as well so all in all probably will be slightly lower than 100% So if you summarize everything and compare to the third quarter, you can assume slightly lower throughput. so if you summarize everything and compare to the third quarter you can assume slightly lower throughput

Speaker 3: Okay, thank you. And second question will be about your Olefin project, because I think it was, like, that you planned to come up with some review of that project in September. Maybe lower, maybe changing something in the, in the budget or in, in assumptions for that project. Is there anything we should know about this, or you are going to come up with something new- Okay, thank you. okay thank you And second question will be about your Olefin project, because I think it was, like, that you planned to come up with some review of that project in September. and second question will be about your olefin project because i think it was like that you planned to come up with some review of that project in september Maybe lower, maybe changing something in the, in the budget or in, in assumptions for that project. maybe lower maybe changing something in the in the budget or in in assumptions for that project Is there anything we should know about this, or you are going to come up with something new- is there anything we should know about this or you are going to come up with something new-

Speaker 6: We continue on the project. Yes, yes. Thank you for this question. We continue this project. We have only one item still on the table, which is final agreement with general contractor on CHD. Our goal is at least to conclude this up to the end of this year. However, we'll see how the situation develops, and once we have this final agreement, we synchronize all the timetables and create the budget, the final kind of budget allocation and budget update. Once we are ready, we'll go to the market and communicate the full picture of that investment. So we should expect that probably first quarter next year. We continue on the project. we continue on the project Yes, yes. yes yes Thank you for this question. thank you for this question We continue this project. we continue this project We have only one item still on the table, which is final agreement with general contractor on CHD. we have only one item still on the table which is final agreement with general contractor on chd Our goal is at least to conclude this up to the end of this year. our goal is at least to conclude this up to the end of this year However, we'll see how the situation develops, and once we have this final agreement, we synchronize all the timetables and create the budget, the final kind of budget allocation and budget update. however we'll see how the situation develops and once we have this final agreement we synchronize all the timetables and create the budget the final kind of budget allocation and budget update Once we are ready, we'll go to the market and communicate the full picture of that investment. once we are ready we'll go to the market and communicate the full picture of that investment So we should expect that probably first quarter next year. so we should expect that probably first quarter next year

Speaker 3: Okay, thanks a lot. Okay, thanks a lot. okay thanks a lot

Speaker 6: Thank you. Thank you. thank you

Speaker 2: ... It does seem that we left you speechless, because there are no further questions. Oh, we have a follow-up from Tomasz. Good timing. ... It does seem that we left you speechless, because there are no further questions. it does seem that we left you speechless because there are no further questions Oh, we have a follow-up from Tomasz. oh we have a follow-up from tomasz Good timing. good timing

Speaker 7: Yes, thank you. Just one on the CapEx. There's quite a lot of investments, especially in downstream and in energy, which will be completed next year in 2027. Could you give us an estimate, what kind of contribution to EBITDA would you expect from those completed investment in 2026 and in 2027, given current macro conditions? Not the one which you had when you started those project, but those that are at this moment. Yes, thank you. yes thank you Just one on the CapEx. just one on the capex There's quite a lot of investments, especially in downstream and in energy, which will be completed next year in 2027. there's quite a lot of investments especially in downstream and in energy which will be completed next year in 2027 Could you give us an estimate, what kind of contribution to EBITDA would you expect from those completed investment in 2026 and in 2027, given current macro conditions? could you give us an estimate what kind of contribution to ebitda would you expect from those completed investment in 2026 and in 2027 given current macro conditions Not the one which you had when you started those project, but those that are at this moment. not the one which you had when you started those project but those that are at this moment

Speaker 6: One minute ago, I was happy that I answered all the questions. However, finally, there is a question I cannot answer, so sorry for that, but those are the numbers we basically don't specify in detail. And first of all, let's wait, let's wait for these projects to be concluded. Once they are concluded, we look into the macro environment, and then we may discuss in more detail. So sorry for this, but at this stage, please allow me not to give you any specific numbers. One minute ago, I was happy that I answered all the questions. one minute ago i was happy that i answered all the questions However, finally, there is a question I cannot answer, so sorry for that, but those are the numbers we basically don't specify in detail. however finally there is a question i cannot answer so sorry for that but those are the numbers we basically don't specify in detail And first of all, let's wait, let's wait for these projects to be concluded. and first of all let's wait let's wait for these projects to be concluded Once they are concluded, we look into the macro environment, and then we may discuss in more detail. once they are concluded we look into the macro environment and then we may discuss in more detail So sorry for this, but at this stage, please allow me not to give you any specific numbers. so sorry for this but at this stage please allow me not to give you any specific numbers

Speaker 7: In general, do you expect this contribution to be positive, or you think there are gonna be some projects which will be more kind of burning at the beginning? In general, do you expect this contribution to be positive, or you think there are gonna be some projects which will be more kind of burning at the beginning? in general do you expect this contribution to be positive or you think there are gonna be some projects which will be more kind of burning at the beginning

Speaker 6: We believe that all the projects will be positive. However, the question is about the returns, and that's why we book this kind of impairments. Maybe this is the topic we can elaborate. In the third quarter, we booked PLN 1.1 billion impairment of new chemical projects, PLN 0.3 billion on the bottom of the barrel in Mažeikiai. So you can, you can... This is a clear evidence that those projects are not delivering the return higher than weighted average cost of capital. However, this is not negative projects from the EBITDA point of view, because if it hasn't been negative from the EBITDA, it's a kind of wise move to just basically close this down, as we know. We believe that all the projects will be positive. we believe that all the projects will be positive However, the question is about the returns, and that's why we book this kind of impairments. however the question is about the returns and that's why we book this kind of impairments Maybe this is the topic we can elaborate. maybe this is the topic we can elaborate In the third quarter, we booked PLN 1.1 billion impairment of new chemical projects, PLN 0.3 billion on the bottom of the barrel in Mažeikiai. in the third quarter we booked pln 1.1 billion impairment of new chemical projects pln 0.3 billion on the bottom of the barrel in mažeikiai So you can, you can... so you can you can This is a clear evidence that those projects are not delivering the return higher than weighted average cost of capital. this is a clear evidence that those projects are not delivering the return higher than weighted average cost of capital However, this is not negative projects from the EBITDA point of view, because if it hasn't been negative from the EBITDA, it's a kind of wise move to just basically close this down, as we know. however this is not negative projects from the ebitda point of view because if it hasn't been negative from the ebitda it's a kind of wise move to just basically close this down as we know So you can assume definitely positive, and which projects are difficult from the return perspective, you can observe our impairments, which we post. So you can assume definitely positive, and which projects are difficult from the return perspective, you can observe our impairments, which we post. so you can assume definitely positive and which projects are difficult from the return perspective you can observe our impairments which we post

Speaker 7: Thank you. Thank you. thank you

Speaker 6: Thank you. Thank you. thank you

Speaker 2: Now, it seems that we left you speechless. So we will be concluding before the market opens. Thanks very much for answering this wake-up call from Orlen today. We may consider doing that going forward, to have it before the session kicks off, but we're open for your feedback. Thanks very much for joining us today. If you have a spare half an hour, we're having a press conference, including the CEO. So you can access it online. But thanks for joining us. Thanks very much for your insightful questions, and see you in a quarter, unless we see you on the road before. Now, it seems that we left you speechless. now it seems that we left you speechless So we will be concluding before the market opens. so we will be concluding before the market opens Thanks very much for answering this wake-up call from Orlen today. thanks very much for answering this wake-up call from orlen today We may consider doing that going forward, to have it before the session kicks off, but we're open for your feedback. we may consider doing that going forward to have it before the session kicks off but we're open for your feedback Thanks very much for joining us today. thanks very much for joining us today If you have a spare half an hour, we're having a press conference, including the CEO. if you have a spare half an hour we're having a press conference including the ceo So you can access it online. so you can access it online But thanks for joining us. but thanks for joining us Thanks very much for your insightful questions, and see you in a quarter, unless we see you on the road before. thanks very much for your insightful questions and see you in a quarter unless we see you on the road before

Speaker 6: Thank you very much. Thank you very much. thank you very much

Speaker 2: Thank you. Thank you. thank you

Speaker 6: Thank you. Bye-bye. Thank you. thank you Bye-bye. bye-bye

Speaker 7: Thank you very much. Thank you very much. thank you very much