MOL Group reported a profit before tax of 236 million dollars in Q2 2025, representing a 56% year-on-year decline. While a softer regional macroeconomic environment weighed on results, strong upstream volumes, robust downstream throughput, and growing consumer services activity helped mitigate the impact. Based on first-half performance, management maintained its full-year 2025 guidance but noted increased external risk volatility compared to February.
Upstream earnings declined quarter-on-quarter as both oil and gas prices fell by double digits. Group production averaged 93.5 million barrels of oil equivalent per day in Q2, near the top of the 92-94 million range, slightly down due to weaker international assets. MOL signed key agreements with SOCAR to enter onshore exploration in Azerbaijan’s Shamakhi-Gobustan area as operator with a 65% stake, supporting long-term resource diversification.
Downstream operations delivered decade-high production and sales volumes but recorded lower year-on-year results due to price pressures and narrower margins. Petrochemicals remained loss-making amid subdued demand. To boost resilience, MOL launched the “Tomorrow Downstream” program, aiming for 500 million dollars of annual improvements beyond 2027. This initiative seeks to offset tougher macroeconomic conditions and raise downstream’s strategic EBITDA target by an additional 200 million dollars above the current 1.2 billion dollar goal through efficiency gains, asset upgrades, and new measures not yet reflected in the strategy.
Consumer Services continued its growth trajectory across both fuel and non-fuel segments despite challenging core markets. Fuel margins notably improved in Romania and Croatia. Circular Economy Services reported a negative EBITDA of 10 million dollars due to seasonally higher operating costs.
Gas Midstream EBITDA declined year-on-year, reflecting a lower tariff environment despite steady transmission demand.
Strategically, MOL is enhancing cooperation with partners in Azerbaijan and Kazakhstan to expand upstream opportunities and diversify crude sources.
