OMV Posts €2.117 Billion Operating Result in Third Quarter, Up 68%
Key Facts
OMV said its clean CCS operating result reached €2.117 billion in the third quarter of 2026, up 68% year on year, driven by significantly higher contributions from its Fuels and Energy segments, partly offset by a decline in Chemicals. Chief Executive Emma Delaney said, "Fuels and Energy were the main earnings drivers, while Chemicals recorded a lower contribution, which also reflects a change in the scope of consolidation." Net income attributable to owners of the parent under CCS was about €1.153 billion, up 94%, while earnings per share on the same basis rose 95% to €3.54. Revenue from continuing operations also increased 43% to €8.959 billion. The results showed a widening gap between the segments, as refining and oil and gas prices boosted earnings while Chemicals faced a market correction.
Fuels was the biggest beneficiary, with its clean CCS operating result rising to €1.124 billion from €413 million in the third quarter of 2025. The company attributed this to higher European and Middle Eastern refining indicator margins, alongside high utilization rates and a better product mix. The European refining indicator margin was $37.50 per barrel, up 225% year on year, while European refinery utilization reached 92%. OMV linked the strong margins to tight supplies of refined products amid the conflict in the Middle East and the partial closure of the Strait of Hormuz. It added that renewed attacks on Russian refining facilities further tightened the global product balance. The company expects continued support for the segment, raising its 2026 European refining margin estimate to about $25 per barrel from about $20, with refinery utilization expected to exceed 90%.
In Energy, the clean operating result rose 51% to €936 million, compared with €622 million a year earlier. The company said positive market effects totaled €515 million, reflecting higher realized gas and oil prices. The average realized oil price was $94 per barrel, up 41% year on year, while the average realized natural gas price reached €49.24 per megawatt-hour, up 80%. But higher prices did not prevent sales volumes from falling because shipments from the Middle East were reduced by logistical constraints. OMV said the positive market effect "more than offset" the decline in volumes resulting from its inability to increase shipments. This contrast highlights Energy earnings' reliance on prices, alongside the exposure of supplies to geopolitical and logistical obstacles.
On the other hand, the Chemicals segment result fell to €63 million from €222 million in the third quarter of 2025. The company said the quarter was marked by broad corrections in global olefin and polyolefin prices, after benchmark prices in the previous quarter reflected a shortage of supply due to the conflict in the Middle East. European feedstock indicators presented a more mixed picture: the ethylene indicator margin was €675 per tonne, up 18% year on year, and the propylene margin reached €604 per tonne, up 35%. These increases, however, did not prevent the segment result from declining amid the broad price correction cited by OMV. At the end of the third quarter, net debt was €4.403 billion and gearing was 17%.
OMV revised its 2026 forecasts higher for oil, gas and refining. It now expects average Brent to exceed $95 per barrel, compared with its previous estimate of between $85 and $95. It also raised its forecast for the average realized gas price to about €45 per megawatt-hour and expects the THE price to exceed €55, compared with a previous estimate near €50. The company raised its European refining indicator margin forecast to about $25 per barrel from about $20, with expected refinery utilization above 90%. It estimated organic capital expenditure at about €3.5 billion, compared with a previous forecast of about €3.4 billion. Total hydrocarbon production is expected to reach about 290 thousand barrels of oil equivalent per day, compared with a previous range of between 280 thousand and 290 thousand, and production of 305 thousand in 2025; the estimate is tied to geopolitical developments.
In trading, EL7 data showed OMVKY shares closing at $20.38 on October 28, 2026. OMV had set October 29 as the date for publishing its third-quarter results, with a presentation to analysts and investors the same day at 15:00 local time. In its previous results update, the company also noted that windfall profit taxes in Austria and Romania could reduce reported quarterly net income by between €150 million and €200 million. Reuters reported earlier that the shares had risen about 50% year to date through October 9, and that average natural gas prices in the third quarter were 30.2% higher than in the second quarter. These indicators provide context for the quarterly figures, while price, margin and production expectations remain tied to market and geopolitical developments.