OMV AG(DE:OMV)
€72.60+1.00 (+1.40%)
DE:OMV
OMV AG earnings date
€72.60
At close:+1.00 (+1.40%)
OMV AG (OMV) Q3 2026 Earnings Report
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DE:OMV Q3 2026 EPS Results
- Actual EPS
- EUR 3.54
- Consensus EPS
- EUR 3.12
- Beat/Miss
- Beat by +EUR 0.42
- One Year Ago EPS
- EUR 1.82
DE:OMV Q3 2026 Revenue Results
- Actual Revenue
- EUR 8.96B
- Expected Revenue
- EUR 8.38B
- Beat/Miss
- Beat by +EUR 580.26M
- YoY Revenue Growth
- +43.12%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
DE:OMV Upcoming Earnings
OMV AG's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Q3 2026
Earnings Call Date:Oct 29, 2026|% Change Since:0.62%|
Earnings Call Sentiment|Positive
The call was strongly positive overall. OMV reported substantial earnings and cash-flow growth, exceptional refining performance, lower leverage, progress on Neptun Deep and green hydrogen, and upgraded 2026 market guidance. The main challenges were geopolitical disruption to Middle East liftings, regulatory solidarity contributions, weaker polyolefin markets and Borouge International's reduced 2026 dividend, but management indicated that these issues were partly offset by strong operating performance and improving fourth-quarter expectations.
Company Guidance
For 2026, OMV expects the average dated Brent price to be above $95/bbl, the average THE gas price to be above EUR 55/MWh, the average realized gas price to increase to around EUR 45/MWh, production to be around 290,000 BOE at the upper end of the previous range, the refining indicator margin to be around $25/bbl, refinery utilization to remain above 90%, and steam cracker utilization to be above 80%; Borouge International is expected to show a notable improvement compared to the third quarter, with Borouge PLC utilization above 90% in October already, positive momentum to continue through year-end, and first integration-synergy benefits from Q4 2026, while OMV Group CapEx is estimated at around EUR 3.5 billion and the full-year clean tax rate is expected to be between 35% and 40%; Neptun Deep first gas is targeted for the first half of next year, plateau production by the end of the third quarter of 2027, and the project is expected to contribute around EUR 500,000,000 per year to Clean Operating Result at plateau, while Borouge International expects full contribution from over $500 million of synergies in 2027.
- Sharp Increase in Clean Operating Result and EarningsThird-quarter Clean CCS Operating Result increased by 68% to EUR 2.1 billion, while Clean CCS net income attributable to stockholders improved to almost EUR 1.2 billion, a step-up of more than EUR 500 million year-on-year. Clean CCS earnings per share almost doubled to EUR 3.54, and the Clean tax rate decreased from 39% to 33% because of a different earnings mix.
- Strong Cash Generation and Lower LeverageCash flow from operating activities doubled to around EUR 2.2 billion in Q3, reflecting stronger earnings and the EUR 460 million first Borouge International dividend. Excluding net working capital effects, Q3 operating cash flow was more than EUR 2.3 billion, an increase of almost 60% year-on-year. For the first nine months, operating cash flow rose to more than EUR 4.3 billion, organic free cash flow before dividend more than doubled to EUR 2 billion, and leverage declined to 17% from 19% at mid-year.
- Energy Earnings Benefited from Higher Commodity PricesEnergy's Clean Operating Result rose by more than 50% year-on-year to EUR 936 million, driven by a strong E&P result and positive market effects of more than EUR 500 million. Realized crude oil price grew by 41% to an average of $94/bbl, while the European benchmark gas price, THE, rose by 91% and the average realized natural gas price increased by 80% to EUR 49/MWh.
- Resilient Hydrocarbon ProductionDespite the impact of the conflict in the Middle East, hydrocarbon production remained broadly resilient at 294,000 BOE/D. The 3% decrease compared with the prior year quarters was mainly caused by normal natural decline in Romania, New Zealand, and Norway.
- Exceptional Refining PerformanceFuels' Clean CCS Operating Result rose sharply to more than EUR 1.1 billion, driven by high asset utilization and an exceptional refining margin environment. The European refining indicator margin more than tripled from $11.5/bbl to $37.5/bbl, while refinery utilization was 92%. The European refining business also benefited from a more favorable production mix.
- Higher Fuel Sales and Strong ADNOC ContributionFuel sales volumes increased in both the retail and commercial businesses. The result of ADNOC Refining and ADNOC Global Trading rose substantially from around EUR 50 million to almost EUR 160 million, mainly driven by high refinery utilization, an exceptionally strong refining margin environment, and a better trading result.
- Improved Chemicals Operating PerformanceThe utilization rate of OMV's steam crackers rose by 3 percentage points year-on-year to 82%. Ethylene indicator margin grew by 18% and propylene indicator margin increased by 35%, with substantially higher olefin indicator margins contributing to a positive market effect of EUR 60 million.
- Progress on the Green Hydrogen PlantConstruction of the 140-MW green hydrogen plant in Austria made good progress, including EIB funding of EUR 450 million. The project is well on track for startup at the end of next year. OMV said the project is expected to enable the Schwechat refinery to replace about 10% of its Scope 1-2 emissions.
- Neptun Deep Nears CompletionNeptun Deep has reached almost 90% completion, with the offshore platform installed, drilling ongoing for the remaining two of 10 wells, the pipeline to shore installed, and onshore works progressing. First gas is targeted for the first half of 2027 and plateau production by the end of the third quarter of 2027.
- Significant Future Contribution Expected from Neptun DeepWith around EUR 4 billion of total development CapEx, Neptun Deep is expected to deliver approximately 140,000 BOE/D at plateau for nearly 10 years, or 70,000 BOE/D net to OMV Petrom. At full plateau production, the project is expected to contribute around EUR 500 million per year to Clean Operating Result. The project was described as having a lower emissions intensity compared with the industry average and as moving faster than the industry average for comparable offshore developments.
- Borouge International Synergy ExecutionWithin the first six months after being established, Borouge International secured initiatives representing $200 million of annual run-rate EBITDA synergies out of announced synergies of over $500 million. The company expects these initiatives to support EBITDA already in the fourth quarter, with full contribution in 2027.
- Borouge International Operational and Volume ProgressBorouge International's adjusted EBITDA was around $900 million, while polyolefin sales volumes increased by 11% quarter-on-quarter. Borouge PLC utilization in the Middle East increased from 60% in the second quarter to 76% as ethane supply improved, and the company shipped all available production using alternative logistics routes without relying on the Strait of Hormuz.
- Positive Borouge International Fourth-Quarter OutlookOMV expects a notable improvement in Borouge International's fourth-quarter performance. Borouge PLC asset utilization in the Middle East was already above 90% in October, global polyolefin prices had been trending upward after the summer slowdown, and first benefits from integration synergies are expected as of Q4 2026.
- Upgraded 2026 Market and Operating OutlookOMV revised its 2026 forecast for average dated Brent upward to above $95/bbl, average THE gas price to above EUR 55/MWh, and average realized gas price to around EUR 45/MWh. Production is now estimated at around 290,000 BOE, at the upper end of the previous range. The refining indicator margin forecast increased to around $25/bbl, refinery utilization is expected to remain above 90%, and steam cracker utilization is estimated at above 80%.
- Strong Liquidity and Financial FlexibilityOMV continues to maintain a high level of liquidity, complemented by a well-balanced debt maturity profile and no significant near-term refinancing requirements. Management said this provides substantial financial flexibility going forward.
- Exploration Activity and Black Sea FocusExploration spending is expected to be less than EUR 200 million in 2026, with 10 exploration wells drilled so far during the year. Two wells in Bulgaria were described as technical successes that improved understanding of the basin, and the Anaconda well in Romania is scheduled for exploration in 2026/2027.
- Shareholder Distribution Remains a PriorityManagement reaffirmed a dividend policy combining a progressive base dividend with an additional variable dividend. Reinhard Florey said he believes the strong balance sheet and cash flow will allow an additional variable dividend, with the range between 20% and 30% unchanged. Emma Delaney also stated that OMV would remain value- rather than volume-driven while maintaining its track record of shareholder distribution.
- No Major Refinery Maintenance Planned for Q4OMV said there are no turnaround activities or major maintenance planned for the fourth quarter. A small incident at Schwechat occurred in a tank that was already out of service for maintenance, and no significant maintenance activities are expected for the quarter.
- Diversified Crude Sourcing Limits Freight ExposureOMV said its crude sourcing has been diversified since 2022 and 2023. Most freight is contracted on Aframax tankers, with relatively little exposure to VLCC tankers, supported by long-term secured Aframax contracts.
- Operational Strength at Wittau Gas ProjectThe startup of the Wittau Gas project was cited as an example of operational execution. The Wittau field produces about 7% of Austrian gas demand, and the team is continuing to identify economic prospects around the gas field.
DE:OMV Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 3.03- | 1.68 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 3.123.54 | 1.82 | 94.51% (+1.72) | |
| Jul 31, 2026 | 2026 (Q2) | 2.332.85 | 1.18 | 141.53% (+1.67) | |
| Apr 30, 2026 | 2026 (Q1) | 1.190.99 | 1.26 | -21.43% (-0.27) | |
| Feb 04, 2026 | 2025 (Q4) | 1.441.68 | 1.7 | -1.18% (-0.02) | |
| Oct 29, 2025 | 2025 (Q3) | 1.441.82 | 1.06 | 71.70% (+0.76) | |
| Jul 31, 2025 | 2025 (Q2) | 1.221.18 | 1.51 | -21.85% (-0.33) | |
| Apr 30, 2025 | 2025 (Q1) | 1.441.26 | 2.13 | -40.85% (-0.87) | |
| Feb 04, 2025 | 2024 (Q4) | 1.561.70 | 2.03 | -16.26% (-0.33) | |
| Oct 29, 2024 | 2024 (Q3) | 1.411.06 | 1.32 | -19.70% (-0.26) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
