Informe anual integrado del grupo MOL Magyar Olaj y Gázipari 2025

MOL GROUP INTEGRATED ANNUAL REPORT

2025

TABLE OF CONTENTS

INTRODUCTION 3

LETTER FROM THE CHAIRMAN-CEO AND GROUP-CEO 4

MANAGEMENT DISCUSSION AND ANALYSIS, BUSINESS REPORT AND SUSTAINABILITY STATEMENT 5

MANAGEMENT DISCUSSION AND ANALYSIS AND BUSINESS REPORT 6

CORPORATE GOVERNANCE 36

SUSTAINABILITY STATEMENT 49

CONSOLIDATED FINANCIAL STATEMENTS HIBA! A KÖNYVJELZŠNEM LÉTEZIK.

INTRODUCTION

MOL GROUP APPROACH TO INTEGRATED AND SUSTAINABILITY REPORTING

MOL Group is committed to transparency towards capital markets and other interested stakeholders. Since 2008, MOL Group has been reporting its financial and non-financial performance in one integrated report. The integrated approach to reporting is the most efficient method of communicating previous year's performance. MOL Group's 18th Integrated Annual Report provides an account of the Group's financial and non-financial value creation, processes, risks and results encompassing the financial year from 1st of January to 31st of December 2025.

The main target audience of the Annual Sustainability Report are capital markets participants. However, the structure of MOL Group's

sustainability reporting is also designed to meet the diverse information needs and priorities of the Group's wider stakeholder group.

MOL Group follows globally recognized reporting frameworks and standards to ensure that the Group's Integrated Annual Report meets the highest standards. MOL Group's integrated reporting process, as well as the contents of this report, is guided by the principles and requirements of the Value Reporting Foundation(which includes the resources of the Integrated Reporting Framework and the Sustainability Accounting Standards Board standards), whilst complying with the International Financial Reporting Standards (IFRS) as adopted by EU when reporting on financial results. The present report is also in compliance with the Directive 2014/95/EU on disclosure of non-financial and diversity information by large companies, and serves as a report on progress against the ten principles of the United Nations Global Compact (UNGC).

The Group's sustainability report has been prepared in accordance with the European Sustainability Reporting Standards (ESRS). The report also contains references to the Global Reporting Initiative (GRI), including the GRI Sector Standard for Oil & Gas. The content of the report was determined based on the Double Materiality Assessment approach required by ESRS and in line with EFRAG'S Value Chain Implementation Guidance. Further information on external reporting standards and guidelines are included throughout the report.

This integrated annual report has been prepared both in English and Hungarian. In the event of any discrepancies, the English version should take precedence. This integrated annual report's consolidated financial statements are subject to external assurance by Deloitte. Copy of Deloitte's independent assurance statement can be obtained from MOL Group's website. The Sustainability Information Chapter – including the EU Taxonomy Report and the sustainability developments per divisions in this integrated annual report was subject to external assurance by Deloitte. Deloitte's independent assurance statement can be found as separate documents on MOL Group's website.

The content of this integrated annual report is also available online at https://www.molgroup.info.

LETTER FROM THE CHAIRMAN-CEO AND GROUP-CEO

2025 was a rather eventful year for MOL Group—at times even more eventful than we would have wished. The increasingly stringent regulatory environment affecting regional supply security, the continued disruptions to our crude oil supply, and the unfortunate fire incident at our Százhalombatta refinery in October were all developments we would have preferred to avoid. Yet they became defining moments that tested our resilience, our professionalism, and our culture.

There is an old adage: prepare for the worst but hope for the best. At MOL, we do not rely on hope. We rather work to achieve the best.

And 2025 proved once again that our people, our capabilities, and our determination are what truly safeguard the company's future.

When new regulations emerge, we do not wait passively for their impact to unfold. We actively seek dialogue with decision-makers to ensure that the realities of regional supply security are understood. When the United States imposed sanctions on certain Russian companies, we immediately engaged through the appropriate channels to highlight the potential consequences for Central and Eastern Europe. Thanks to these efforts, an exemption was granted—an outcome that protected the region's energy stability and demonstrated the value of constructive engagement.

When the fire struck the Százhalombatta refinery—the largest such incident in MOL's history—our firefighters and technical teams responded with extraordinary professionalism. Their swift and disciplined actions contained the fire, limited the damage, and ensured that no one was injured. Their performance was a powerful reminder of the expertise and dedication that underpin our operations every day.

In our Exploration & Production segment, 2025 brought achievements in Hungary that few would have predicted in a region with one of the world's most extracted oil and gas fields. Our teams succeeded in reversing long-term production decline trends in the Pannonian Basin, delivering an average 4% increase in oil and gas production compared to 2024. This was not the result of luck, but of deep geological knowledge, disciplined execution, and relentless commitment across exploration, development, and production.

Our Consumer services business has completed a transformation journey to become one of the highest-quality fuel retail network in the region, while continuing to diversify beyond fuel. More than one-third of our margin now comes reliably from non-fuel products and services—a testament to the strength of our brand, the quality of our offering, and the success of our long-term strategy. This shift has been financially rewarding, and it positions us well as we explore the next strategic steps for further expansion.

Despite the challenges of the year, MOL Group ends 2025 with a solid operational, cultural, and financial foundation. This strength allows us not only to withstand a volatile environment but to pursue growth with confidence. Again, we are not merely hoping for opportunities—we are working to create them.

One such opportunity is the potential acquisition of the Serbian Oil&Gas company NIS, which would significantly expand our regional presence. Much of the groundwork for this transaction was laid in 2025, and its impact could shape MOL Group's trajectory for many years to come. While the process is ongoing, the progress achieved so far reflects our ambition and our readiness to take bold steps when the strategic rationale is clear.

As we look ahead, we do so with the conviction that MOL Group is stronger today than it was a year ago. We have demonstrated once again that our success is built not on circumstances, but on my colleagues —whose expertise, resilience, and commitment continue to drive this company forward.

MANAGEMENT DISCUSSION AND ANALYSIS, BUSINESS REPORT AND SUSTAINABILITY STATEMENTMANAGEMENT DISCUSSION AND ANALYSIS AND BUSINESS REPORT

TABLE OF CONTENTS

1. Overview of the macroeconomic and industry environment 7

2. Integrated Corporate Risk Management 10

3. FINANCIAL AND OPERATIONAL OVERVIEW OF 2025 13

   1. Key achievements and summary of 2025 results 15

   2. Corporate Strategy 17

      3.2.3 Scenario Analysis 17

   3. Upstream 19

   4. Downstream 22

   5. Innovative Businesses and Services 27

   6. Midstream 31

4. Appendices 33

5. Disclosure of other information required by Act C. of 2000. on Accounting 35

1. ‌OVERVIEW OF THE MACROECONOMIC AND INDUSTRY ENVIRONMENT

   MACROECONOMIC ENVIRONMENT

   Global output growth was surprisingly steady in 2025 despite U.S.-led trade disruptions and increasing geopolitical tensions. However, the 3.3% growth rate remained well below the historical average of 3.8%1and was reliant on a narrow range of drivers, notably strong demand for AI-related investment in some countries, particularly the U.S. Without a broad-based recovery in the manufacturing sector the frontloading of exports ahead of the introduction of new tariff rates provided only a temporary boost to GDP growth. After growth of 2.8% in 2024, the U.S. economy expanded by 2.1% in 2025, gaining the most from the AI-led investment ramp-up as consumption softened and interest rates remained elevated during the year. The economic damage caused by tariff rates and frequent policy changes has been smaller than expected at the beginning of the year, yet longer-term household inflation expectations remain above the central bank target. While 2025 has seen a general weakening in the U.S. dollar, it remained relatively stable in relation to the Chinese yuan. While Chinese GDP met the government target of 5%, retail sales and investment continued to worsen with economic growth becoming increasingly reliant on exports over domestic demand. In nominal terms, unadjusted for price changes, the growth rate has been significantly lower, given persistent deflation.

   In 2025, real GDP growth in the euro area reached 1.5%, up from 0.9% in 2024, while the EU as a whole expanded by 1.6%, compared to 1.0% the previous year. The euro area has been benefitting from easing inflation, declining interest rates and targeted fiscal measures. Germany remained “the sick man of Europeâ€, just avoiding recession (0.2% growth), France's debt problem escalated, while Spain and the Central and Eastern European (CEE) region outperformed the rest of the bloc. Strategic focus in Europe shifted from climate goals to security and competitiveness and resulted in delaying and softening some green regulations. Trade and security relations between the

   U.S. and EU cooled over the year, with an increasing gap between attitudes toward NATO, and the war in Ukraine.

   The CEE region recorded moderate expansion in 2025, with average real GDP growth of around 2.5 %, surpassing euro-area dynamics. Momentum was underpinned by resilient domestic demand, bolstered by ongoing near-shoring and continued wage convergence, though growth was constrained by subdued external markets and cautious business sentiment. Poland and Croatia continued to outperform others, while the German economy's weakness weighed on the performance of Hungary and Slovakia. Inflation remained close to but above central bank targets, with persistent services inflation.

   The Hungarian economy disappointed once again in 2025. Real GDP growth expectations continuously declined during the year, ending at 0.3%. Output was weighed down by weak investment and sluggish external demand, though private consumption provided a stabilizing base as wage growth and targeted fiscal measures supported household spending. Inflation eased significantly, averaging 4.4% for the year, mainly because if the consistently restrictive monetary policy.2The interest rate premium was a major reason behind the 7% appreciation of the forint relative to the euro.

   OIL AND NATURAL GAS MARKET DEVELOPMENTS

   Crude oil market dynamics in 2025 were shaped by persistent oversupply, subdued demand and episodic geopolitical shocks. Benchmark Brent traded at the lowest annual level since COVID, averaging 69.1 USD/bbl (down from 80.8 USD/bbl in 2024), and oscillating between

   83.1 USD/bbl in January and 60.2 USD/bbl in December.3Global crude oil inventories reached 3.2 billion bbl by the end of the year, 14% above pre-pandemic levels. Non-OPEC+ producers led supply growth, particularly the United States, Guyana, Canada and Brazil, while U.S. crude output alone reached a record 13.9 Mmbpd in October. OPEC+ responded with modest production increases to gain back market share, gradually unwinding voluntary cuts mid-year4. On the demand front, China surprised with record annual crude imports of

   11.6 Mmbpd, bolstered by strategic and commercial stockpiling, which provided some price support. Nevertheless, global oil demand remained restrained amid slower economic growth and trade tensions. Geopolitical flare-ups – including the Israel-Iran conflict and sporadic Houthi attacks disrupting Red Sea shipping – and escalating sanctions against Russia injected volatility. As a consequence of sanctions, the discount on Urals versus Brent widened significantly in the last two months of the year. Overall, abundant non-OPEC+ supply, cautious OPEC+ easing and uncertain demand kept prices in a downward trajectory, defining a challenging crude environment for 2025.

   ‌1 IMF World Economic Outlook (January 2026).

   ‌2 Hungarian Central Statistical Office (first estimate).

   ‌3EIA.

   ‌4Reuters.

   80

   60

   40

   20

   0

   Henry Hub

   TTF

   Coal ARA

   Dated Brent

   Figure 1: Selected crude, natural gas and coal prices dtd (USD/MWh, 2023-2025, Bloomberg data)

   Jan-23

   Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24

   Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25

   Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25

   European natural gas prices were on a downward trajectory throughout the year, with the Dutch TTF (Title Transfer Facility) falling from

   58.4 EUR/MWh in February to 26.6 EUR/MWh by the end of the year. Still, on average TTF prices were 35.4 EUR/Mwh last year, slightly above the 34.6 EUR/Mwh average of 2024. 2025 witnessed major transformations in the European natural gas market as transit of Russian gas through Ukraine ended from 1 January leading to a further ~40% year-on-year drop in Russian pipeline flows and leaving TurkStream the only remaining route to import Russian gas via pipeline. Diversification of supply resulted in a shift towards more LNG imports: Europe became the biggest LNG importer of the world, with U.S. shipments almost doubling and supplying around 25% of total European imports by the end of the year.5Facing depleted storage levels at the end of the 2024/2025 heating season led to the relaxation of EU filling targets. While the 90% storage filling obligation has been extended by two years, until the end of 2027, member states are now allowed to meet the target between October 1st and December 1st, the need to maintain that level until December was also removed, and deviations were permitted during difficult market conditions. Despite reduced speculative buying, structurally lower demand and the LNG surge, the European gas market balance remained fragile, leaving the EU increasingly vulnerable to global supply and weather shocks.

   DOWNSTREAM

   European refineries continue to struggle due to the combination of continued diversification away from Russian import, falling domestic fuel demand, high operating costs, strict EU climate regulations, import competition from newer mega refineries and logistical issues like low river levels affecting inland supply chains. Five refineries have closed in the past two years. In 2025, crude processing ended in Grangemouth (UK), Wesseling (Germany) and Livorno (Italy). A number of refineries, among them Gelsenkirchen (Germany) have seen significant reductions in capacity. In contrast, outside Europe the world has added more than 2.5 Mmbpd crude distillation capacity since 2024, mainly in China, India, the Middle East, Mexico and for the first time in decades, in Africa too, squeezing European gasoline export markets significantly. Still, structurally lower European crude runs, extended sanctions and heightened concerns over tightening regional product supply kept European refining margins unexpectedly firm in 2025. European gasoil crack spreads were particularly strong again, boosted by repeated Ukrainian drone attacks on Russian oil refineries and export facilities as well as a number of unplanned refinery outages and a heavy year-end maintenance season.

   The European chemicals industry has faced the third year of economic recession after energy prices became structurally higher and global petrochemical capacity additions in China, India, and Middle East led to a chemical market overcapacity amid weakening demand. Moreover, most chemicals exported from the European Union into the U.S., the sector's biggest export market, will be subject to a 15% tariff, rising from 1% on average before the deal. Domestic demand recovery also continues to be sluggish, the automotive market is particularly struggling. Also, the post-Covid shift in household spending from (durable) products towards services continues to drag down petrochemical consumption. European commodity and base chemicals, in the beginning of the petrochemical value chain are hit most by the increased production costs, low domestic demand, squeezed export market shares and increased import pressure. As no marked shift was seen in EU level industrial policy or economic fundamentals, numerous chemical companies have started to shift production from commodity to specialty chemicals and/or away from Europe.

   ‌5Bruegel.

   Macro figures (average)	FY 2025	FY 2024	Ch %
   Brent dated (USD/bbl)	69.1	80.8	(14)
   Urals-Brent spread (USD/bbl, DAP India Urals quotation) (11)	(3.0)	(3.6)	(17)
   TTF gas price (EUR/MWh)	35.4	34.6 2
   Premium unleaded gasoline 10 ppm (USD/t) (12)	703.7	789.0	(11)
   Gas oil – ULSD 10 ppm (USD/t) (12)	683.9	748.4 (9)
   Naphtha (USD/t) (13)	535.9	622.3	(14)
   Fuel oil 3.5 (USD/t) (13)	398.0	444.1	(10)
   Crack spread – premium unleaded (USD/t) (12)	180.9	178.1 2
   Crack spread – gas oil (USD/t) (12)	161.1	137.5 17
   Crack spread – naphtha (USD/t) (12)	13.1	11.3 16
   Crack spread – fuel oil 3.5 (USD/t) (12)	(124.7)	(166.8)	(25)
   Crack spread – premium unleaded (USD/bbl) (12)	15.4	14.0 10
   Crack spread – gas oil (USD/bbl) (12)	22.7	19.7 15
   Crack spread – naphtha (USD/bbl) (13)	(8.9)	(10.8)	(18)
   Crack spread – fuel oil 3.5 (USD/bbl) (13)	(6.2)	(10.6)	(42)
   Brent-based MOL Group refinery margin (USD/bbl) (14)	7.6	6.1	25
   Brent-based Complex refinery margin (MOL + Slovnaft) (USD/bbl) (14)	8.0	6.4	25
   Ethylene (EUR/t)	1,161	1,217	(5)
   Butadiene-naphtha spread (EUR/t)	425	384	11
   MOL Group Variable petrochemicals margin (EUR/t) (15)	173	200	(14)
   HUF/USD average	353.2	365.2 (3)
   HUF/EUR average	397.9	395.2 1
   O/N USD SOFR (%)	4.2	5.1	(18)
   3m EURIBOR (%)	2.2	3.6	(39)
   3m BUBOR (%)	6.5	7.3	(11)

   Macro figures (closing)	FY 2025	FY 2024	Ch %
   Brent dated closing (USD/bbl)	62.6	74.6	(16)
   HUF/USD closing	328.4	393.6	(17)
   HUF/EUR closing	385.4	410.1 (6)
   MOL share price closing (HUF)	2,940	2,730	7

   Notes and special items are listed in Appendix I and II.

   Historical macro figures are available in the annual Data Library on the company's website.

2. ‌INTEGRATED CORPORATE RISK MANAGEMENT

   As an operator in a high-risk industry MOL Group is committed to manage and maintain its risks within acceptable limits.

   The aim of MOL Group Risk Management is to keep the risks of the business within acceptable levels and safeguard the resilience of its operations as well as the sustainable management of the company. For this purpose, as an integral part of our corporate governance structure, MOL Group has developed a comprehensive Enterprise Risk Management (ERM) system which focuses on the organisation's value creation process, meaning factors critical to the success and threats related to the achievement of objectives but also occurrence of risk events causing potential impact to people, assets, environment or reputation. Within the ERM framework all significant risks throughout the whole Group are identified, assessed, evaluated, treated and monitored, covering all business and functional units, geographies as well as projects, taking into consideration multiple time horizons.

   Regular risk reporting to top management bodies, including the Board of Directors with its committees provides oversight on overall the risk profile and the largest risks as well as assurance that updated responses, controls, and appropriate mitigation actions are set and followed.

   The Group faces financial, operational and strategic risks, including but not limited to the below.

   Risks/processes	Risk description	Risk mitigation methods
   Market and financial risks
   Commodity price risk	The Group is exposed to commodity price risk on both the purchasing side and the sales side. The main commodity risks stem from its long positions in crude oil, refinery margin and petrochemical margin.
   Foreign exchange (FX) risk	The Group has FX exposure due to mismatch of currency composition of cash inflows and outflows, investments, debts.
   Interest rate (IR) risk	MOL Group has a mixture of floating and fixed interest rate debts. Floating rate debt are subject to interest rate changes.
   Credit risk	MOL Group provides products and services with deferred payment terms to eligible customers which exposes it to credit risk.
   Financing/Refinancing risk	MOL Group has significant debt outstanding. Inability to refinance those or inability to draw down funds could cause liquidity problems.
   Operational Risks
   Physical asset and process safety and equipment breakdown risk	Process Safety Event (Major Industrial accident) due to loss of mechanical integrity, technical, technological or operational issues, process maintenance difficulties, lack of competent human resources.
   Crude oil and gas supply risk	Crude supply disruption (insufficient quantity or quality) can disrupt refineries and petchem sites continuous operation.

   • Integrated business model

   • Continuous monitoring

   • When necessary, commodity hedging instruments to mitigate other than ‘business as usual' risks or general market price volatility

   • Continuous monitoring

   • Adequate mix of funding portfolio

   • When necessary, interest rate swap hedging instruments to mitigate risks

   • Diversified customer portfolio

   • Customer evaluation model, continuous monitoring

   • Group-wide credit insurance program

   • Diversified funding sources/instruments

   • Diversified, balanced, and decently long maturity profile

   • Investment grade rating (BBB-) supports smooth capital markets access

   • Comprehensive HSE activities, a group-wide Process Safety Management system including asset related operational risk management process

   • Lifetime Extension program continued in petchem and rolled out to refineries

   • Preventive & Predictive maintenance (Uptime program) with thorough equipment criticality assessment behind

   • Group-wide insurance management program

   Risks/processes	Risk description	Risk mitigation methods
   Critical material, equipment or service supply risk	Disruption in critical (raw) materials and/or equipment and/or services may cause delays in operation and/or increase costs
   Exploration & Production reserve replacement	Higher than expected decline and failure to replace reserves.
   Cyber risk	Global trends showing steadily growing frequency and intensity of Cyber-attacks / incidents. AI is a new global threat which is widely used by attackers as well as more specified Cyber Crime Groups targeting Industrial Control System's weaknesses, which may have increasing economic impact and relevance on MOL Group.
   Fraud Risk	Fraudulent activities (external & internal fraud) may cause significant financial and reputational losses
   Pandemic Risk	Pandemics may significantly adversely affect the Group's business environment, including price and demand on the Group's products and services, availability of contractors, subcontractors as well as raw materials, creditworthiness of credit customers, availability of the Group's key personnel.
   Strategic risks
   Regulatory and sanctions risk	MOL has significant exposure to a wide range of laws, regulations and policies on the global, the European and the individual country level, that may change significantly over time and may even require the Group to adjust its core business operation.
   Country risk	The international presence of MOL Group contributes to diversification but also exposure to country specific risk at the same time. Government actions may be affected by the elevated risk of economic and, in some regions, (geo)political crisis, increasing their impact on MOL's operations.
   Reputation risk	MOL, as a major market player and employer in the region with a sizeable operational footprint, operates under special attention from a considerable number of external stakeholders.
   Climate change risk	Transition and physical risks associated with climate change have the potential to negatively impact MOL's current and future revenue streams, expenditures, assets and financing.	transition
   Capex Project Execution Risk	Projects are delayed or less profitable than expected or unsuccessful for numerous reasons, including cost overruns, higher raw material or energy prices, longer lead time in equipment deliveries, limited availability of contractors and execution difficulties.

   • Continuous improvement of cyber security capabilities

   • Continuous supervision of cyber security risks (Group and OpCo level) ensuring the protection of the confidentiality, integrity and availability of data

   • Cyber security is built into all the MOL Group products and services

   • Continuous education of employees and partners.

   • Control functions on local and group level

   • Anti-Fraud Awareness (Newsletter, Mandatory trainings)

   • Anti-Fraud & Investigation procedures, dedicated Team

   • Crisis Management plans in place

   • Our Group Pandemic Preparedness Framework methodology instruction was issued in January 2023, reapproved in January 2025, summarizing not only the WHO general approach but entire MOL Group internal experiences of previous 3-4 years, ensuring a life-proof and working framework to manage any possible further endemic/ pandemic situations.

   • Continued and sustainable practices defined, adjusted to country local measures and company internal circumstances

   • Continuous monitoring of new regulations and sanctions

   • Strengthened compliance process

   • Participation in legislative processes, consultations, proactive advocacy along MOL interests

   • Adapting MOL strategy in response to changes

   • Continuous monitoring of the (geo)political risk, compliance with local regulations and international sanctions

   • Investment opportunities are evaluated with quantifying of country risk in discount rate

   • MOL Group's strategy is underpinned by the energy

   • Several operational steps taken to mitigate physical risks emanating from climate change (Sustainability Report)

   • Disciplined stage gate process across Capex project pipeline

   • Dedicated team to identify risks at earlier stages, plan for mitigation or avoidance by linking potential risks with schedule and budget to build realistic estimates and following it up through the project lifecycle

   Risks/processes	Risk description	Risk mitigation methods
   Human Capital Risk	The Group’s ability to implement its Shape Tomorrow Strategy is dependent on the capabilities and performance of its people, management, experts and technical personnel. Unavailability of skilled workforce may lead to disruptions in the operation.

   • HR framework to attract, develop and engage employees

   • Capability development for all employee levels to ensure future-proof skillset

   • Intergenerational collaboration to enhance internal knowledge transfer

   • Focus on digital transformation, and employee experience

   • Developing diverse & collaborative culture

   • Working environment and conditions framework in order to attract and retain diverse talents

   ESG risks are covered and considered as part of the following topics (including but not limited to): Climate Change, Human Capital, Physical asset and process safety and equipment breakdown risk, Cyber Risk, Fraud Risk, Pandemic Risk, Regulatory and sanctions risk.

3. ‌FINANCIAL AND OPERATIONAL OVERVIEW OF 2025

   HUF billion USD million (3)

   Summary of results	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Net sales revenues (6)	8,696.3	9,178.7	(5)	24,700	25,127	(2)
   EBITDA	1,077.8	1,091.3	(1)	3,048	2,992	2
   EBITDA excl. special items (1)	1,077.8	1,091.3	(1)	3,048	2,992	2
   Clean CCS-based EBITDA (1)(2)	1,185.8	1,121.7	6	3,369	3,073	10
   Profit from operation	436.5	584.9	(25)	1,204	1,615	(25)
   Profit from operation excl. special items (1)	517.3	603.8	(14)	1,450	1,663	(13)
   Clean CCS-based operating profit (1)(2)	625.3	634.2 (1)		1,771	1,744	2
   Net financial gain / (expenses)	22.4	(66.9)	n.a.	63	(181) n.a.
   Net profit attributable to equity holders of the parent	298.1	368.2	(19)	810	1,023	(21)
   Operating cash flow before ch. in working capital	922.7	914.6 1		2,623	2,488	5
   Operating cash flow	976.8	820.5 19		2,798	2,218	26
   EARNINGS PER SHARE
   Basic EPS, HUF	398.1	496.2	(20)	1.08	1.38	(22)
   INDEBTEDNESS
   Simplified Net debt/EBITDA	0.47	0.74 n.a.
   Net gearing (4)	10.0%	14.9%	n.a.

   KEY FINANCIAL DATA BY BUSINESS SEGMENTS

   HUF billion USD million (3)

   Net Sales Revenues (6)	FY 2025	FY 2024	Ch %		FY 2025	FY 2024	Ch %
   Upstream	658.5	685.4 (4)			1,865	1,871	0
   Downstream	6,984.5	7,155.1		(2)	19,820	19,578	1
   Gas Midstream	115.8	127.3 (9)			327	348	(6)
   Consumer Services (9)	3,445.7	3,741.2		(8)	9,812	10,240	(4)
   Circular Economy Services	448.5	428.6 5			1,277	1,182	8
   Corporate and other	440.0	436.4 1			1,267	1,187	7
   Total Net Sales Revenues	12,093.0	12,573.9		(4)	34,368	34,406	0
   Intersegment transfers(7)	(3,396.7)	(3,395.2)		0	(9,668)	(9,279)	4
   Total external net sales revenues from cont.op.	8,696.3	9,178.7		(5)	24,700	25,127	(2)
   Total external net sales revenues from discont.op.	0.0	0.0 n.a.			0	0	n.a.
   Total External Net Sales Revenues (6)	8,696.3	9,178.7		(5)	24,700	25,127	(2)

   EBITDA	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Upstream	398.7	402.1 (1)		1,125	1,099	2
   Downstream	394.6	427.4 (8)		1,116	1,171	(5)
   Gas Midstream	73.8	89.0	(17)	208	244	(15)
   Consumer Services (9)	324.2	271.0 20		927	743	25
   Circular Economy Services	(11.3)	(20.3)	(44)	(34)	(52)	(34)
   Corporate and other	(119.0)	(68.0)	75	(339)	(185) 83
   Intersegment transfers (7)	16.8	(9.9)	n.a.	45	(29) n.a.
   Total EBITDA from cont.op.	1,077.8	1,091.3	(1)	3,048	2,992	2
   Total EBITDA from discont.op.	0.0	(40.7)	(100)	0	(111)	(100)
   Total EBITDA	1,077.8	1,050.6	3	3,048	2,881	6

   HUF billion USD million (3)

   Depreciation	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Upstream	215.7	170.3 27		625	462	35
   Downstream	217.0	180.3 20		619	491	26
   Gas Midstream	17.0	16.6 3		49	46	7
   Consumer Services (9)	123.1	77.3 59		357	210	69
   Circular Economy Services	17.6	13.1 34		50.4	35.9 40
   Corporate and other	51.9	50.2 3		148	137	8
   Intersegment transfers(7)	(1.2)	(1.4)	(14)	(3)	(5)	(40)
   Total Depreciation from cont.op.	641.3	506.4 27		1,844	1,377	34
   Total Depreciation from discont.op.	0.0	0.0 n.a.		0	0	n.a.
   Total Depreciation	641.3	506.4 27		1,844	1,377	34

   Operating Profit	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Upstream	183.0	231.8	(21)	500	638	(22)
   Downstream	177.6	247.0	(28)	497	681	(27)
   Gas Midstream	56.8	72.4	(22)	159	199	(20)
   Consumer Services (9)	201.0	193.8 4		571	532	7
   Circular Economy Services	(29.0)	(33.4)	(13)	(85)	(88)	(3)
   Corporate and other	(170.9)	(118.3)	45	(487)	(323) 51
   Intersegment transfers (7)	17.9	(8.5)	n.a.	49	(24) n.a.
   Total operating profit cont.op.	436.5	584.9	(25)	1,204	1,615	(25)
   Total operating profit discont.op.	0.0	(40.7)	(100)	0	(111)	(100)
   Total Operating Profit	436.5	544.2	(20)	1,204	1,504	(20)

   EBITDA Excluding Special Items (1)	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Upstream	398.7	402.1 (1)		1,125	1,099	2
   Downstream	394.6	427.4 (8)		1,116	1,171	(5)
   Downstream – clean CCS-based (2)	508.4	463.4 10		1,453	1,267	15
   Gas Midstream	73.8	89.0	(17)	208	244	(15)
   Consumer Services (9)	324.2	271.0 20		927	743	25
   Circular Economy Services	(11.3)	(20.3)	(44)	(34)	(52)	(34)
   Corporate and other	(119.0)	(68.0)	75	(339)	(185) 83
   Intersegment transfers (7)	16.8	(9.9)	n.a.	45	(29) n.a.
   Total Clean CCS-based EBITDA (2)	1,185.8	1,121.7	6	3,369	3,073	10
   Total EBITDA excluding special items cont.op.	1,077.8	1,091.3	(1)	3,048	2,992	2
   TOTAL EBITDA excluding special items discont.op.	0.0	(40.7)	(100)	0	(111)	(100)
   Total EBITDA excluding Special Items	1,077.8	1,050.6	3	3,048	2,881	6

   HUF billion USD million (3)

   Operating Profit Excluding Special Items (1)	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Upstream	229.6	250.8 (8)		642	686	(6)
   Downstream	177.6	247.0	(28)	497	681	(27)
   Gas Midstream	56.8	72.4	(22)	159	199	(20)
   Consumer Services (9)	235.2	193.8 21		675	532	27
   Circular Economy Services	(29.0)	(33.4)	(13)	(85)	(88)	(3)
   Corporate and other	(170.9)	(118.3)	45	(487)	(323) 51
   Intersegment transfers (7)	17.9	(8.5)	n.a.	49	(24) n.a.
   Total operating profit excluding special items cont.op.	517.3	603.8	(14)	1,450	1,663	(13)
   Total operating profit excluding special items discont.op.	0.0	(40.7)	(100)	0	(111)	(100)
   Total Operating Profit Excluding Special Items	517.3	563.1 (8)		1,450	1,552	(7)

   Capital Expenditures	FY 2025	FY 2024	Ch %	FY 2025	FY 2024	Ch %
   Upstream	144.9	115.8 25		416	316	32
   Downstream	244.0	316.0	(23)	715	860	(17)
   Gas Midstream	17.8	17.8 0		52	47	11
   Consumer Services (9)	41.7	62.8	(34)	122	169	(28)
   Circular Economy Services	37.3	34.1 9		109	93	17
   Corporate and other	93.8	85.9 9		278	227	22
   Intersegment transfers(7)	(2.1)	(2.4)	(13)	(6)	(7)	(14)
   Total Capital Expenditures	577.3	630.0 (8)		1,686	1,705	(1)

   Notes and special items are listed in Appendix I and II.

   1. ‌KEY ACHIEVEMENTS AND SUMMARY OF 2025 RESULTS

      In 2025 MOL reached Clean CCS EBITDA of HUF 1,185.8 bn (USD 3,369 mn), marking an increase of 6% in HUF terms year-on-year and also above the guidance of around USD 3 bn reflecting management expectations. Results were supported by refining margins rising by 1.6 USD/bbl on average, an increase in upstream production and a continued organic rise in the profitability of the Consumer Services business segment, while the oil price environment and deterioration in the petrochemicals environment weighed on results, as well as the drop in crude processing capacity utilization in the final months of the year as a result of a fire in the Danube refinery.

      Key Financial Highlights

      • In the Upstream segment, EBITDA reached HUF 398.7 bn (USD 1,125 mn) in 2025, marking a 1% decrease compared to 2024 in HUF terms as production volumes increased by 1% while the price of Brent fell by 14% and TTF natural gas quotations were 2% higher on average in EUR terms.

      • In 2025, Downstream Clean CCS EBITDA of HUF 508.4 bn (USD 1,453 mn) translated to a 10% year-on-year growth in HUF terms, supported by higher refining margins in a volatile environment. The petrochemicals business continued to contribute negatively to results, and so did the fire at one of the distillation units that led to up to 50% of the crude distillation capacity of the Danube refinery was unutilized in the last two months of the year.

      • EBITDA of Consumer Services increased by 20% in HUF terms in 2025, reaching HUF 324.2 bn (USD 927 mn) as a result of organic growth driven by non-fuel sales and one-off effects.

      • Gas Midstream achieved HUF 73.8 bn (USD 208 mn) EBITDA in 2025, representing a decrease of 15% in HUF terms compared to 2024, as a result of a combination of robust demand for transmission activities, changes in regulated tariffs and macroeconomic drivers.

      • Circular Economy Services reported EBITDA of HUF -11.3 bn (USD -34 mn) as the Deposit Refund Scheme was ramped up during the year that led to extra operational expenses; still, the negative EBITDA result was 44% lower in HUF terms than in 2024 thanks to efforts to enhance operational efficiency showing first results.

      • Operating cash flow grew by 19% in HUF terms and amounted to HUF 976.8bn (USD 2,798 mn), supported by a release of working capital amounting to HUF 54.1 bn (USD 175 mn).

      • Capital expenditures reached HUF 577.3 bn (USD 1,687 mn) in 2025, 1% lower than in 2024 as a result of less turnarounds in Downstream, partly compensated for lower spending on acquisitions and higher spending on key ongoing projects like the Rijeka refinery upgrade.

      • Reflecting the high cash flow generation for the Group, net Debt/EBITDA, the Group's key metrics for indebtedness, decreased

        to 0.49x by end-2025, well below the management guidance threshold of 1.0x.

        Key Operational Highlights

      • Oil and gas production increased to 94.7 mboepd in 2025, above the annual guidance of 92-94 mboepd thanks to continued excellence in the operation of Hungarian assets and a ramp-up in Kazakhstan and KRI-based production. Partnerships were struck with the oil&gas incumbents in Kazakhstan, Azerbaijan, and Turkey.

      • The Consumer Services network closed the year with 2,311 stations, down from 2,330 stations from 2024. The rollout of the non-fuel brand “Fresh Corner†as a standalone retail concept started during the year.

      • In Downstream, the Rijeka refinery upgrade progressed to near completion by the end of the year and crude diversification projects also progressed according to plan. An efficiency-enhancing project Tomorrow Downstream was launched with the goal to reach USD 1.4 bn mid-cycle EBITDA beyond 2027.

      • In line with MOL's strategic ambitions to expand in the renewables space, a share-purchase agreement was signed to acquire a 304 MWp photovoltaic portfolio in Hungary, which quadruples MOL's current solar capacity.

      • On an extraordinary general meeting on 27 November 2025, shareholders approved that the Group's legal structure is to

      change to a holding structure.

   2. ‌CORPORATE STRATEGY

      In alignment with the Paris climate objectives and the strategic direction set by the European Union, MOL Group outlined its transformation pathway to 2030 in the 2024 update of its Shape Tomorrow strategy. The strategy reflects the expectations of key stakeholders while acknowledging the specific realities of the oil and gas sector and the Central and Eastern European region. MOL describes its approach as a “smart transition,†emphasizing the need to identify the most effective avenues for advancing the energy transition while maintaining a strong focus on economic value creation.

      Shape Tomorrow strategy

      MOL Group's updated Shape Tomorrow strategy sets out a transition pathway through 2030 and committing to a long-term ambition of achieving net climate neutrality by 2050. This trajectory is supported by the relatively robust economic outlook of Central and Eastern Europe (CEE) and MOL's intention to preserve or strengthen its position in its markets—factors that together provide the financial and space needed to execute its transition program.

      The strategy introduced more ambitious climate targets: MOL aims to reduce its Scope 1 and 2 emissions by 25% by 2030 compared with 2019 levels. While acknowledging that Scope 3 emissions are largely driven by regional fossil-fuel demand and therefore less directly controllable, the company has nonetheless committed to a 5% absolute reduction in Scope 3 emissions by 2030.

      Delivering this decarbonization goal will require significant capital investment and a shift beyond its traditional oil and gas competencies. Between 2025 and 2030, approximately 30-40% of MOL's CAPEX budget will be directed toward low-carbon initiatives. In line with the smart transition approach, MOL remains conservative in its financial planning: it expects average annual organic investments of around USD 1.9 billion in real terms over 2025-2030 – just slightly above the USD 1.8 billion average recorded between 2018 and 2023. This approach enables the company to maintain a strong balance sheet while preserving flexibility for potential inorganic growth opportunities and competitive shareholder returns.

      Segments contribution to the strategy

      With the bulk of the Group's emissions generated by the Downstream segment, the highest climate impact can be achieved by the decarbonization of this segment. In line with the strategic directions, MOL has taken the important steps to expand in biofuels, green hydrogen, biogas, and waste utilization to advance its transition agenda. The inauguration of the a green hydrogen plant in Hungary in 2024, the largest in the CEE region, was a clear step in this direction as well as the continued expansion in the photovoltaic portfolio operated by the Group. However, the Downstream strategy also emphasizes the need to safeguard the region's supply security, and both the ongoing crude-diversification efforts and the Rijeka refinery upgrade are expected to strengthen resilience on that front.

      Circular Economy Services is the newest business segment of the Group, started in 2023 and driven by with the start of the waste management concession in Hungary. A key milestone was the rollout of the Deposit Refund System, which scaled up throughout 2024 and reached over 88% return rate over 2025, over several benchmarks in EU countries with a more established refund scheme. Circular Economy Services is expected to become a key enabler of synergies with Downstream operations by supplying the volume and quality of feedstocks required for MOL's circularity ambitions to materialize.

      MOL's Consumer Services segment continues its evolution into a digitally-driven retailer and integrated mobility provider. The focus is on developing multi-purpose service stations, enhancing customer-centric operations, and becoming a regional leader in mobility solutions.

      The Upstream segment continues to serve as a vital cash engine for MOL Group, with simplified free cash flow expected to average around 20 dollars per barrel of oil equivalent throughout the strategic horizon. In the CEE region, MOL will concentrate on optimizing production, upgrading infrastructure, and improving hydrocarbon recovery to sustain output and bolster regional energy security. At the same time, the company is advancing a portfolio of low-carbon technologies, including lithium extraction, methane-emission reduction, and carbon capture, utilization and storage (CCUS). Further to that, geothermal energy is a direction that already started to be executed with exploratory drilling started in Lescan, Croatia in 2025.

      ‌3.2.3 SCENARIO ANALYSIS

      The Shape Tomorrow Strategy update, published in March 2024, is based on a detailed analysis of the external environment, exploring the main trends and directions of general macroeconomic conditions, the oil and gas industry, and ancillary markets that have – or potentially have – a large impact on MOL's operation. Based on the analyses of these markets, MOL prepares numeric forecasts of the key macroeconomic and industry-specific parameters.

      The forecasts were prepared for three scenarios: Slow Transition, Steady Transition & Net Zero Emission. The green energy transition is happening in all three scenarios, the biggest difference between them is the pace of the transition. The Shape Tomorrow Strategy is predominantly based on the Steady Transition scenario. If one of the other two scenarios would materialise, it would mostly affect the timing of the investments envisaged in the Shape Tomorrow Strategy and not the strategic directions themselves.

      During 2025, the changes in the geopolitical realities prompted an update to the scenarios set of the Shape Tomorrow strategy. The update includes scenarios that differ not only in the speed of transition, but also on the degree of geopolitical tensions and thus distinguishes between 1-block, 2-block, and multi-block worlds. In a 1-block world scenario, governments to re-commit to global cooperation in tackling

      emissions and other environmental threats resulting in a relatively swift green energy transition. The 2-block world scenario assumes that a bipolar global order emerges, with the U.S. and China competing across infrastructural, digital, production, and finance networks. A

      multi-block world foresees that national individualism, sovereignty, and protectionism dominate politics and economic policy. The green
      energy transition	is the slowest in this latter scenario mostly due to more scattered global economy not only slowing down overall
      economic growth but also hindering the trade of sustainable technologies and the critical raw materials necessary for their manufacturing.

      In 2025 in its annual exercise of assessing the progress on MOL's strategy, the Board of Directors discussed if the Shape Tomorrow strategyneeds a review in light of the changed scenarios. While the change in the scenarios was supported by the Board, it noted that theimplications with regards to the strategy is similar and thus decided to maintain the Shape Tomorrow strategy.

      MOL operates a “Premises Committee†made up from representatives of the main business divisions and functional areas. The committee is tasked with monitoring the main indicators and assumptions used in the different scenarios and carrying out updates following changes to the external environment. This system can provide early notice that the external environment is moving to a different stage along the chosen scenario path, or potentially moving towards a different scenario altogether, providing senior management the opportunity to reassess and adjust its plans accordingly. Changes to the premises – partially or fully – automatically triggers a notification to the Executive Management and the Board of Directors, and as a result it may cause a modification of the strategy. Any changes to the strategy would need approval from the Board of Directors.

   3. ‌UPSTREAM
      

      Segment IFRS results (HUF bn)	FY 2025	FY 2024	Ch %
      EBITDA	398.7	402.2 (1)
      EBITDA excl. spec. Items (1)	398.7	402.2 (1)
      Operating profit/(loss)	183.0	231.9		(21)
      Operating profit/(loss) excl. spec. Items (1)	229.6	250.9 (8)
      CAPEX and investments	144.9	113.2 28
      o/w exploration CAPEX	15.9	17.0		(6)

      Hydrocarbon Production (mboepd)	FY 2025	FY 2024		Ch %
      Crude oil production (8)	41.0	39.8 3
      Hungary	12.5	11.5 9
      Croatia	8.8		9.3		(5)
      Kurdistan Region of Iraq	4.1	4.0 2
      Pakistan	0.6		0.5		20
      Azerbaijan	13.4	12.7 6
      Other International	1.5		1.7		(12)
      Natural gas production	35.4		37.0		(4)
      Hungary	21.8	21.6 1
      Croatia	10.3		11.3		(9)
      o/w. Croatia offshore	2.3		2.8		(18)
      Pakistan	3.1		3.9		(21)
      Other International	0.2	0.2 0
      Condensate (5)	3.8		4.2		(10)
      Hungary	2.7	2.7 0
      Croatia	0.6		0.7		(14)
      Pakistan	0.6		0.8		(25)
      Average hydrocarbon production of fully consolidated companies	80.3		81.0		(1)
      Russia (Baitex)	3.3		3.5		(6)
      Kazakhstan	4.2		2.7		56
      Hungary	0.4	0.4 0
      Kurdistan Region of Iraq (Pearl Petroleum)	6.6	6.3 5
      Average hydrocarbon production of joint ventures and associated companies	14.5	12.9 12
      Group level average hydrocarbon production	94.7	93.8 1

      Main external macro factors	FY 2025	FY 2024 Ch %
      Brent dated (USD/bbl)	69.1	80.8 (14)
      TTF gas price (USD/boe)	69.2	63.7 9

      Average realized hydrocarbon price	FY 2025	FY 2024		Ch %
      Average realized crude oil and condensate price (USD/bbl)	61.0		71.6		(15)
      Average realised gas price (USD/boe)	65.5	51.4 27
      Total hydrocarbon price (USD/boe)	62.8		63.2		(1)

      Production cost (USD/boe)	FY 2025	FY 2024 Ch %
      Average unit OPEX of fully consolidated companies	7.5	6.7 12
      Average unit OPEX of joint ventures and associated companies	3.9	3.5 11
      Group level average unit OPEX	6.9	6.2 11

      Capital Expenditures

      FY 2025 HUF bn	Hungary	Croatia	Kurdistan Region of Iraq	Pakistan	Azerbaijan	Other	Total – FY 2025	Total – FY 2024
      Exploration	10.3	1.4	0.0	0.6	3.1	0.4	15.9	17.0
      Development	17.4	23.5	0.1	1.6	38.2	4.1	84.8	75.6
      Other	8.2	13.7	3.0	0.3	1.8	5.8	32.8	20.6
      Acquisitions	11.5	0.0	0.0	0.0	0.0	0.0	11.5	2.5
      Total – FY 2025	47.3	38.6	3.2	2.4	43.1	10.3	144.9
      Total – FY 2024	29.6	33.0	1.5	2.3	45.3	4.0		115.7

      Notes and special items are listed in Appendix I and II.

      Tables regarding Hydrocarbon production (mboepd); Production cost (USD/boe); Average realised hydrocarbon price; Gross reserves (according to SPE rules): 1P – Proved reserve; 2P – Proved and Probable reserve; Costs incurred (HUF mn); Earnings (HUF mn); Exploration and development wells are available in the annual Data Library on the company's website.

      1. FINANCIAL OVERVIEW OF 2025

         Upstream EBITDA, excluding special items, decreased by 1% year-on-year in 2025 and amounted to HUF 398.7 bn, driven by lower hydrocarbon prices and higher operating cost.

         Total group production (including JVs and associates) increased by 1% compared to the previous year, resulting in an average 94.7 mboepd for the year. Higher production volume was mainly driven by Kazakhstan's new wells (put into production in 2024), Hungary's newly drilled exploration and development wells that were put into the production in 2025 and Azerbaijan's production increase that is mostly driven by higher entitlement share due to PSA mechanism. All of which, was slightly counterbalanced by the lower production in Croatia due natural decline, and decreased production in Pakistan as a result of system constraint at transmission system operator side.

         Group-level average unit direct production cost, excluding DD&A but including JVs and associates, increased by 11% and reached 6.9 USD/boe in 2025, mainly due to higher FX effect (stronger HUF and EUR compared to last year).

         Upstream organic CAPEX reached HUF 133.4 bn (including HUF 5.8 bn for Oil field services companies) in 2025, increasing by 18% year-on-year. The higher amount is mainly driven by the start of Croatia's offshore drilling campaign, higher spending in Hungary's development projects, and the inclusion of OFS in 2025 reporting, which was mainly spent for asset replacement and maintenance. More than 90% of organic CAPEX was spent in the CEE region and Azerbaijan, mostly for development projects.

         In 2025, Upstream continued to be a key cash flow contributor of the MOL Group, with HUF 265.3 bn simplified free cash flow (defined as the difference between segment EBITDA and CAPEX) generated.

         Changes in the Upstream regulatory environment

         CEE: In 2025, the EU Net Zero Industry Act and regulation 2024/1787 EU on reduction of methane emissions remain in force.

         In Hungary, a new royalty regime was introduced effective from January 2025. Production commitments were eliminated, including authority contracts. The new regime also introduced new royalty categories and progressive royalty rates, but equally enables the state to predictably realize higher royalty in case of higher prices. Also, regulated gas price scheme is abolished.

      2. OPERATIONAL OVERVIEW OF 2025Exploration

         Total of 5 exploration and appraisal wells were drilled in 2 countries. Besides drilling, seismic acquisition campaigns and interpretation works progressed in Croatia, Hungary, Pakistan, Kurdistan Region of Iraq and Azerbaijan.

         In Hungary, the Shallow Gas exploration program continued with the drilling of two wells, of which one well was successful and put in production in October. Görgeteg-Babócsa-33 shallow gas well (drilled in 2024) was put into production in March. Som-8 well (drilled in 2024) was completed and started production in February. Appraisal well Som-7 was found dry and plugged and abandoned. Galga-4, successful oil discovery in partnership with O&GD, started production in August. In exploration bid round, MOL has been awarded 4 blocks (Hatvan and Kiskőrös will be explored by MOL only, while Tamási and Buzsák will be explored jointly by MOL and TPAO, all operated by MOL). Geothermal licensing progressed with new Szeged approval and completed seismic work, methane compliance advanced with reporting, LDAR and flare reduction planning, and lithium projects moved forward.

         In Croatia, in Drava-03 block, a Veliki Rastovac 2 Du was found uncommercial, and plugged and abandoned in January. INA entered the second exploration phase in June 2025, extending the licence for 2 years and committing to 3 additional wells. During 2025, interpretation of the 200 km2 Virovitica 3D seismic survey near the Veliki Rastovac-1 discovery identified multiple shallow gas prospects and follow-up opportunities. Following a successful first-phase campaign that resulted in 4 hydrocarbon wells drilled in Sava-07 block, partnering with Vermilion, entered the second exploration phase in September, committing to drilling 4 wells over the next 2 years. On geothermal exploration block LeÅ¡Äan, GT-1 well was drilled to target depth after 3D seismic processing. The well showed lower pressure but acceptable temperature and permeability, and modelling and test preparations are ongoing.

         In Romania, EX-1/5 exploration licences expired in April 2025.

         In the Middle East, Asia and Africa region, exploration activities continued in Pakistan and Egypt. In Pakistan, in operated TAL block, Razgir-1 exploration well, drilled in 2024, was put into production in October. 3D Seismic Data Reprocessing was completed on Kot South and Sarozai prospects on reprocessed data. The TAL license was extended for two years with drilling and seismic commitments, while the Margala Block extension was requested based on G&G evaluation. In Egypt, the exploration concession is in its first phase, expiring in August 2026. Seismic data acquired in 2024 were processed and interpreted in 2025, generating a prospect portfolio. Drilling of the highest-ranked prospect is planned for Q2 2026. In Azerbaijan, MOL Group and SOCAR signed major onshore exploration and production sharing agreement for the Shamakhi-Gobustan region in Azerbaijan, with MOL as operator (65%) and SOCAR (35%).

         Field Development and Production

         In 2025, production optimization programs continued in Hungary, Croatia and Russia, which resulted in an annualized production uplift of

         2.6 mboepd with a total of 125 well workovers performed.

         In Hungary, Biharkeresztes – Körösújfalu EGR project started-up in Q1 and Körös-8 well was successfully drilled and put in production in December. Construction of Vecsés gathering station is ongoing. The production optimization program continued, resulting in a total of 49 well interventions completed, consequently adding to production approximately 2.1 mboepd increment on an annualized basis. Hungarian Energy Ministry approved the exclusion of AlgyÅ‘ Gas Plant from ETS February, driven by the optimization and electrification of the plant. OGD's EndrÅ‘d Asset's acquisition in Eastern Hungary, transaction completed on March 31st.

         In Croatia, implementation of the Production Optimization project continued, and within its scope, a total of 43 well workovers were completed in 2025, contributing 0.4 mboepd additional production on an annualized basis. Jam-183 well was put into production ahead of schedule. Gola-4 re-entry project was started but discontinued due to the inability to finish P&A on the existing well Gola-4. The Enhanced Oil Recovery (EOR) program continued with carbon dioxide injection on Ivanić and Žutica fields. Turnaround on Ivana K compressor platform was successfully finished with minimized production impact while improving reliability and safety. The offshore drilling campaign started on the Ika A platform and includes two re-entry wells; one well was drilled and put into production in December, while drilling of the second well is still ongoing. In the Izabela area, Energean and INA advanced the Irena gas field development toward planned 2027 start-up. New steam turbine installed on Molve plant to decrease purchase of electrical energy and reduction of CO2 emissions started with operation in January.

         In the CIS region, In Russia, 2025 drilling program delivered one horizontal well, which was completed and brought on stream in July. Well workover program continued, with 33 well interventions completed with achieved approximately 0.1 mboepd increment on an annualized basis. A one-week production shutdown occurred in August due to restrictions on oil deliveries to Transneft following the shutdown of the Druzhba pipeline. In Kazakhstan, production from five wells in the Rozhkovskoye field (U-10, U-12, U-23, U-26, U-21) was disrupted throughout the year due to planned and unplanned shutdowns. Transfer Station construction was completed in November. In Azerbaijan, a total of 18 wells were delivered within the 2025 drilling program, of which 10 are producers, 5 water injectors, 1 gas injector, 1 cuttings re-injection well and 1 Non-Associated Gas producer. For NAG project, completion of the West Chirag J34 producer well has been postponed, shifting expected first gas to Q2 2026.

         In Pakistan, Development and production licence awarding of Razgir and Tolanj, and application for Mamikhel and Maramzai extensions are submitted to regulator. Drilling activities continued in TAL block, where Makori Deep-3 was successfully drilled and completed with SMART completion, tied-in and producing since August. Makori East Secondary Compression project completed and in operation since June. By completing 3 production optimization jobs, achieving an initial incremental production of 0.1 mboepd.

         In the Kurdistan Region of Iraq, on Shaikan field, export sales resumed following the restart of the Iraq–Turkey Pipeline in September after

         2.5 years of shutdown. In July, Shaikan production was suspended for two weeks as a safety precaution after drone attacks on KRI oil fields. In Pearl, the KM250 development was completed in October, adding an increase of ~50% in total installed capacity. In November, a drone strike on the KM250 condensate storage tank caused a 2.5-day shutdown of the plant.

         In Egypt, field development activities continued. In North Bahariya concession, 13 wells were drilled in 2025, of which 11 were completed and brought into production. In Ras Qattara concession, 1 development well was drilled and put onstream, and drilling of a second well started in December. In West Abu Gharadig concession, 1 development well was drilled and placed in production. Additionally, 7 well workovers were carried out in Ras Qattara and 3 in West Abu Gharadig to maintain basic production.

   4. ‌DOWNSTREAM
      

      Segment IFRS results (HUF bn)	FY 2025	FY 2024	Ch %
      EBITDA	394.6	427.4 (8)
      EBITDA excl. spec. items (1)	394.6	427.4 (8)
      Clean CCS-based EBITDA (1)(2)	508.4	463.4 10
      o/w Petrochemicals (1) (2)	(78.3)	(32.9)		138
      Operating profit/(loss) reported	177.1	247.0		(28)
      Operating profit/(loss) excl. spec. items (1)	177.1	247.0		(28)
      Clean CCS-based operating profit/(loss) (1)(2)	290.9	283.1 3
      CAPEX (organic)	243.4	316.0		(23)

      MOL Group without INA	FY 2025	FY 2024	Ch %
      EBITDA excl. spec. items (1)	390.9	440.6		(11)
      Clean CCS-based EBITDA (1)(2)	473.2	451.5 5
      o/w Petrochemicals clean CCS-based EBITDA (1) (2)	(78.3)	(32.9)		138
      Operating profit/(loss) excl. spec. items (1)	206.8	287.8		(28)
      Clean CCS-based operating profit/(loss) (1)(2)	289.1	298.7 (3)

      INA Group	FY 2025	FY 2024	Ch %
      EBITDA excl. spec. items (1)	3.7	(13.3)		n.a.
      Clean CCS-based EBITDA (1)(2)	35.2	11.9		196
      Operating profit/(loss) excl. spec. items (1)	(29.7)	(40.7)		(27)
      Clean CCS-based operating profit/(loss) (1)(2)	1.8	(15.6)		n.a.

      Refinery and petrochemicals margin	FY 2025	FY 2024		Ch %
      Brent-based MOL Group refinery margin (USD/bbl) (14)	7.6	6.1		25
      Brent-based Complex refinery margin (MOL+Slovnaft) (USD/bbl) (14)	8.0	6.4		25
      MOL Group Variable petrochemicals margin (EUR/t) (15)	173	200		(14)

      External refined product and petrochemical sales by country (kt)	FY 2025	FY 2024	Ch %
      Hungary	4,745	4,811	(1)
      Slovakia	1,953	1,939	1
      Croatia	2,568	2,558	0
      Italy	1,574	1,510	4
      Other markets	9,946	8,888	12
      Total	20,785	19,705	5

      External refined and petrochemical product sales by product (kt)	FY 2025	FY 2024	Ch %
      Total refined products	19,604	18,602	5
      o/w Motor gasoline	4,154	3,802	9
      o/w Diesel	11,617	11,181	4
      o/w Fuel oil	451	237	90
      o/w Bitumen	488	569	(14)
      Total petrochemicals products	1,181	1,102	7
      o/w Olefin products	163	178	(8)
      o/w Polymer products	958	848	13
      o/w Butadiene products	60	76	(21)
      Total refined and petrochemicals products	20,785	19,705	5

      Organic CAPEX (in HUF bn)	FY 2025	FY 2024 YoY Ch % Main projects FY 2025
      R&M CAPEX and investments	178.0	INA: Rijeka Refinery Upgrade Project MOL: Periodical maintenance, MOL-NEW 196.5 (9) MALEIC ANHYDRIDE UNIT IN Danube Refinery, Diesel and Naphtha Int. pipe, MOL Pump station Reconstruction in Danube Refinery
      Petrochemicals CAPEX	65.4	MPC Olefin Conversion Unit, SN Steam Cracker Lifetime extension, MPC Periodical 119.6 (45) maintenance , MPC Steam Cracker Renewal of large machines, SN Steam Cracker Off Gas Processing
      Power and other	0.0	0.0 n.a.
      Total	243.4	316.0 (23)

      Change in regional motor fuel demand Market MOL Group sales

      	FY 2025 vs. FY 2024 in %	Gasoline	Diesel	Motor fuels	Gasoline	Diesel	Motor fuels
      Hungary	1		2	1	(2)	(2)	(2)
      Slovakia	3		(1)	(0)	4	(5)	(3)
      Croatia	3		2	3	(0) 1		1
      Other	4		(1)	0	12	8	9
      CEE 10 countries	4		(1)	0	5	3	3

      Notes and special items are listed in Appendix I and II.

      Figures are also available in the annual Data Library on the company's website.

      1. FINANCIAL OVERVIEW OF 2025

         In 2025, Downstream achieved a Clean CCS EBITDA of HUF 508.4 bn, which is 10% higher than the previous year's performance (USD 1.453 bn, 15% higher year-on-year). The good financial performance was attributed to favourable macro environment and higher refinery margins compared to 2024. Due to the continuing downward trend in the industry, the petrochemical segment made a negative contribution to the Clean CCS EBITDA with its low petrochemical margin despite the slight increase in sales volumes.

         Extra taxes in Hungary also made an impact on the results of Downstream. The revenue-based special tax previously introduced in 2023 was phased out as of January 1st, 2025. The CO2 tax levied on MOL and MPC remained at the rate of 36 EUR/tCO2 and hindered results for the third consecutive year amounting to USD 96 mn. The extension of the Ural-Brent spread tax through 2025 coincided with the widening trend in the spread in the second half of the year resulting in USD 84 mn tax payment.

         The Brent-based MOL Group refinery margin averaged around 7.6 USD/bbl in 2025, representing a 1.5 USD/bbl (25% year-on-year) increase compared to the base period, influenced by stronger middle distillate crack spreads. While the widening Urals-Brent spread and a decrease in extra taxes had a favourable effect too on MOL Group's financial performance. Considering motor fuels, demand increased, while sales decreased over 2025 in Hungary. In Slovakia, demand and sales both decreased, while Croatia experienced an increase in both demand and sales in 2025. Despite the flat demand in other CEE countries, there was a significant increase in sales in 2025. In spite of the volatile external environment and unplanned internal events such as the fire incident in the Danube Refinery in October, MOL Group ensured stable and sufficient market supply in domestic markets throughout the year.

         MOL Group's petrochemicals margin averaged at 173 EUR/t, which is 27 EUR/t lower year-on-year (-14%), driven by unfavourable macro environment and higher operating costs. Although mitigated by a slight increase in sales, the Petrochemicals segment had a negative impact on the overall performance of Downstream.

         Total investments in the Downstream business unit reached HUF 243 bn, representing a 23% decrease compared to 2024. About 73% of this amount was spent on Refining and Marketing projects. Strong efforts were made to comply with EU sanctions and regulations, with the crude diversification program in focus.

         In terms of ongoing transformational projects, after the hot-commissioning phase in 2024, on-spec production of the first grades was successfully carried out in 2025 at the Polyol Complex. The Rijeka Refinery upgrade project (RRUP) reached 99% completion by the end of 2025, despite unfavourable external factors, such as labour shortages and increased construction materials prices.

         In order to increase resilience and competitiveness, Downstream has launched the Tomorrow Downstream program (TODO). The three-year initiative aims to generate more than USD 500 mn in annual improvements compared to 2024 actuals and keep yearly Downstream EBITDA at USD 1.4 bn or above beyond 2027.

      2. OPERATIONAL OVERVIEW OF 2025

         To effectively adapt to the changes in the external environment, including the Russia-Ukraine war, the more ambitious climate targets, new EU regulatory frameworks and changing customer preferences, MOL Group has updated its long-term Shape Tomorrow Strategy in 2024. The higher reliance on renewable energy sources including green hydrogen and biogas is to become an important aspect of attaining low-carbon goals. The means and likelihood of entering these businesses will very much depend on their return profiles and the availability of market-based alternatives. Moreover, the war in Ukraine and the ensuing crisis ongoing ever since highlighted energy security concerns: MOL Group continues to be committed to further diversify its crude mix to be able to switch to alternative blends, should the need arise.

         The crude diversification program started in 2022, since then over 15 alternative crude types have been tested. In 2025, the program continued on schedule and full compliance with EU sanctions has been achieved. At the Danube Refinery and in Slovnaft, 2 additional new types of crude oils and their various blends have been processed, further increasing the yearly alternative crude oil processing to 1.2 million tons.

         Total crude processing reached 14.6 million tons in Refining, 1.2 million tons above the 2024 level.

         Production closed the year with significant improvement of availability in Refining (94.5%) driven by strong performance at Slovnaft and INA, and in Petrochemicals (91.5%), despite the challenges posed by the Atmospheric Vacuum Distillation Unit (DCDU3) fire incident at the Danube Refinery. Since 2020, energy consumption has been reduced by an exceptional 0.5–0.6% per year; compared to this trend, the reduction reached 1% in 2025 versus 2024, representing a very strong performance. Cooperation with universities has been further strengthened, leading to joint efforts in the processing of waste-based polymers, various chemical recycling technologies, and the analysis of bio- and synthetic fuels, in collaboration with the University of Pannonia, Budapest University of Technology and Economics, the University of Szeged, the University of Miskolc, and the University of Debrecen. MOL Group's project titled “Research and Development of Renewable and Waste-Based Energy and Chemical Products†was selected among the winners of the Large Enterprise Focus Area Innovation Program and was awarded a non-refundable grant of HUF 3 billion. In 2025, Technology Development continued to investigate the utilization of alternative feedstock in the Group, and initiated successful test runs with bio-based feedstock in INA and Slovnaft Hydrockracker units, producing Sustainable Aviation Fuel. A test run with bio-naphtha was carried out in MOL Petrochemicals, yielding bio polymer product at the end of processing. In 2025, Downstream Research & Development strengthened its activities and projects across three main product fields: Polyols, Polyolefins, and Refining. The Renewable Feedstocks Laboratory organization was established in 2025 to drive the growth towards a more sustainable operation and lead the research of crude oil alternatives for MOL Groups refining and petrochemical industry. These include various pyrolysis oils, waste plastics and bio-feedstocks. Polyol R&D successfully completed the development of three new product recipes and additional grades to support the ongoing production start-up and provides professional guidelines for production process development on commercial lines. The Polyol R&D team is actively participating in customer testing with commercially produced polyols to prepare the ground for market entry, with several successful customer trials already completed. In the Polyol area, the team is also exploring recycling opportunities in line with sustainability objectives. In the Polyolefin area, the focus was on continuing the transformation of the portfolio toward a more sustainable offering. Alongside this main focus, work continued on the development of specialized, low-volume materials with strict quality requirements, often referred to as “high-performance†polymers, which serve specific niche applications, and two new high-performance polymer recipes were developed during the past year. Refining R&D studied and initiated the implementation of new type, waste-based alternative feedstock for fuel production. Several small-scale co-processing lab reactor tests were successfully completed, like in previous years. Following the successful laboratory tests, the unit scale test runs were also performed. This brings the conversion to circular economy closer. Freshly developed hydrotreatment catalysts were investigated and selected for operation in the Danube Refinery. These result in more flexible, economic and reliable fuel production. New Diesel and Gasoline Performance packages together with additive suppliers were also developed to provide better additive performance for the customers, which was confirmed both in laboratory tests and in real engine tests at independent automotive laboratory. Development of special and crude oil based products like bitumen and special engine gasoline were also key projects.

         In Logistics, the primary focus remained customers satisfaction by providing competitive services, adapting to the everchanging environment, and transforming into a sustainable operation driven by engaged employees. Although 2025 was a challenging year, Logistics was successful in many fields. To support regional supply activity, position and operation in Constance and Koper ports were strengthened by signing long-term contracts as well as a new supply point was opened in Gdansk, Poland. To extend availability on the Romanian market, Logistics is launching its services on new terminals. The extension of new capacities at the Serbian depot has also started. The digitalization path continued with launching Bottomline software with extended scope at INA, and making full upgrade of the COTAS system. The project aiming to ensure continuity of the Logistics backbone system LOGiR was successfully launched. In terms of investments, Logistics' strategic project, the Diesel and Naphtha Interconnector pipeline (which will connect the refineries in Százhalombatta and Bratislava bringing major efficiency in the future) project is progressing according to plan, entering the implementation phase with all key milestones being met on schedule. Overall progress continues to align well with initial expectations, reflecting effective planning and execution across all teams involved. In addition, the crude diversification projects have successfully advanced into the implementation phase, demonstrating strong commitment toward achieving the defined strategic objectives. Sustainability is also a key driver in Logistics. The systematic renewal of the fleet continues, focusing on improved operational efficiency and long term sustainability. These upgrades are already contributing to measurable reductions in GHG emissions, supporting MOL Group's broader decarbonization objectives. In parallel, the energy strategy is followed for fixed assets by consistently tracking and evaluating the impact of all related investments on energy consumption and GHG

         emissions. This structured approach ensures that Logistics' capital expenditure decisions align with corporate sustainability targets and reinforce commitment to responsible asset management.

         Value Chain Management (VCM) provides the operational framework and sets the long term development path of MOL Group Downstream. Key focus areas include setting the DS strategy and optimization framework for short and long term, while providing management support, as well as feedstock sourcing and trading, risk management, scheduling and customer service operations. In 2025, VCM focused on supply security in a changing external environment. In line with EU sanctions, MOL Group aims to increase its seaborne crude processing in both of its landlocked refineries. VCM contributes to this goal by securing the needed seaborne supply to meet the embargo and optimization goals. Further progress was made in the Growing Professional Skills (GPS) Development Program with the launch of the New Cycle which involves the largest ever white collar population of Downstream. In addition, more emphasis was put on customer service processes and digitalization.Group Fuels business unit oversees the fuel value chain of MOL Group in 12 countries with the help of more than 700 people, including market supply, sales optimization, and sales activities across all downstream markets. Collaborating with Group Downstream Value Chain Management, it focuses on maximizing fuel margins and coordinates the management of fuels, fuel cards, biofuel compliance, and other refined products at the subsidiary level. The product portfolio includes motor gasolines, diesel and other gas oils, fuel oil, bunker fuel, sulphur, JET fuel, coke, biofuels, and fuel card management with digital solutions. In 2025, Group Fuels operated in a more challenging margin environment yet continued to deliver strong commercial performance across the region. Despite refinery related constraints and increasing market pressure in several markets, the business ensured uninterrupted supply through flexible sourcing, strengthened data-driven planning, and closer cooperation with local teams in all 12 countries. The integration of the Polish and Slovenian companies advanced further, reflected in coordinated country strategies, improved reporting, and enhanced operational processes.Group Chemicals oversees the sale of over 2 million tons of chemical products in more than 200 different product grades, and serves 2,500 customers in six segments (from automotive to packaging) in 55 countries on 4 continents. MOL Group is in the top 10 market players in Europe for many chemical products it sells. Polymer sales reached 957 kt in 2025, a 13% increase (+111 kt) compared to 2024. Despite that, financial performance was negatively impacted by operating in a low integrated margin environment driven by global oversupply and the European economic recession. In spite of these challenging market dynamics, MOL Group successfully regained market positions and achieved a +1.9% price performance improvement (104.5% vs. 102.6%) via shifting portfolio to higher value-added segments. The focus remains on serving strategic segments, improving profitability, reinforcing market resilience, and strengthening customer relationships to further position MOL Group as the preferred regional supplier. Base chemicals sales volume was 667 kt in 2025, which represents a 6% decrease compared to 2024. The main reasons of the sales decline were the continuously challenging external environment (such as the still weak European demand in some segments and strong import competition) and some internal difficulties (including the fire case in Danube refinery). Despite the above mentioned obstacles, MOL Group managed to maintain its market presence and key customers by contract renegotiations, customer portfolio optimization and margin driven decision making.Polyol Complex

         In 2025, the Polyol Complex made major progress, achieving on-spec Hydrogen Peroxide as well as Propylene Oxide production and successfully commissioning the Ethylene Oxide logistics technology, ensuring safe and reliable operation. Polyol production quality improved steadily throughout the year, with complex process coordination enabling successful on-spec production of the first grades. These advancements lay the groundwork for further developments in 2026, supporting the introduction of additional polyol grades.

         Rijeka Refinery Upgrade Project (RRUP)

         The objective of the RRUP project is to upgrade the Rijeka Refinery and to invest in the construction of a Delayed Coker Unit, along with the necessary additional refinery assets, to achieve the highest level of profitability for the refinery via enabling processing of heavy residues, minimizing black product yield and maximizing the production capability of the valuable white products. Despite the challenging business environment created by the geopolitical crisis, which has affected the availability and costs of materials, energy and workforce, the Rijeka Refinery Upgrade Project continues to make progress. The project reached 99% overall completion by the end of 2025. Construction of the key systems of the Delayed Coker Unit has been completed, and comprehensive inspections and pre-commissioning tests are underway to ensure operational readiness. The entire complex, including the new port, is scheduled for start-up in the first quarter of 2026.

      3. DOWNSTREAM FUTURE PRODUCT PORTFOLIO

         MOL Group Downstream is in a continuous process of developing its future product portfolio, launching new products and services that not only mitigate low-carbon transition risk, but capitalize on opportunities created by a carbon constrained, circular economy.

         MOL Group’s biofuel purchase with regards to both the number of supply points (9 countries) and concluded amount (>600 kilotons) remained stable in 2025 as the national transport compliance mandates did not or hardly change in its core countries compared to 2024. The group of bio components used is similar to those used in the previous year: food- and waste-based bioethanol and fatty acid methyl esters are still serving as basis for decarbonization of the fuels portfolio. In addition, bio components made of advanced feedstocks are further increasing in the portfolio alongside the continuous development of MOL Group's co-processing program: such materials were successfully processed in the co-processing units in Százhalombatta, Bratislava and Rijeka. In addition to blending and co-processing operations, MOL Group also sold 100% renewable diesel (called Hydrotreated Vegetable Oil or HVO) in growing volumes at selected

         wholesale and retail outlets. Regarding aviation, the sales of Sustainable Aviation Fuel (SAF) has commenced in 2025 in the three core markets – Hungary, Slovakia, and Croatia. MOL Group reached a total of 35,000 tons sold within the year.

         MOL Group continued to strengthen its presence in the biogas and biomethane value chain since the 2023 acquisition of the Szarvas biogas plant. The upgrade of the Szarvas facility expected to be finalized by Q4 2026, enabling the plant to produce 7.1 mn m3 of biomethane annually and inject it into the local natural gas distribution network. MOL Group has also launched its first greenfield Hungarian biomethane investment at Enying. Alongside these projects, MOL Group continues to assess additional biogas and biomethane opportunities across the CEE region to support further value chain expansion.

         Green hydrogen continues to play a central role in MOL Group's long term decarbonization strategy. The first 10 MW electrolysis plant at the Danube Refinery completed its commissioning and performance testing, and entered operation in 2025. Since then, it has provided operational learnings that support the development of the Group's upcoming hydrogen initiatives. To further expand its hydrogen footprint, MOL Group is preparing new projects across the region. In Rijeka, construction work has started on a 10 MW electrolyzer, accompanied by an 11 MW solar power plant and a hydrogen logistics center. At the Slovnaft Refinery in Bratislava, a 20 MW electrolyzer installation project is under preparation. The final investment decision will depend on the availability of external financial support, for which an EU funding application has been submitted. These developments support MOL Group's strategic ambition to scale up low carbon hydrogen production and to comply with the European decarbonization requirements.

         MOL Group's recycling activities continued to face significant challenges in 2025 due to persistently high energy costs, unfavorable petrochemical market conditions, and weak polymer demand across key sectors. These external pressures particularly affected ReMat Zrt., MOL Group's Hungarian plastic recycling operation, which remained unprofitable despite efficiency measures. As a result, a decision was taken to close ReMat's operations by the end of 2025.

   5. ‌INNOVATIVE BUSINESSES AND SERVICES (10)
      1. CONSUMER SERVICES
         

         Consumer Services Segment IFRS results (HUF bn)	FY 2025	FY 2024		Ch %
         EBITDA	324.2	271.0 20
         EBITDA excl. spec. items(1)	324.2	271.0 20
         Operating profit/(loss)	201.0	193.8 4
         Operating profit/(loss) excl. spec. items(1)	235.2	193.8 21
         CAPEX	41.7		64.4		(35)
         o/w organic	41.7		64.4		(35)

         Consumer Services Total retail sales of refined products (kt)	FY 2025	FY 2024	Ch %
         Hungary	1,358	1,395	(3)
         Slovakia	817	830	(2)
         Poland	635	671	(5)
         Croatia	1,532	1,497	2
         Romania	792	806	(2)
         Czech Republic	520	503	3
         Other	865	849	2
         Total retail sales	6,518	6,551	(1)

         Non-fuel indicators	FY 2025	FY 2024 Ch %
         Non-fuel margin share of total (%)	35.4	36.8 (1.4 pp)
         Number of Fresh corner sites	1,409	1,329 6

         Notes and special items are listed in Appendix I and II.

         Tables regarding the number of MOL Group service stations, retail sales of refined products (kt) and gasoline and diesel sales by countries (kt) are available in the annual Data Library on the company's website.

         1. FINANCIAL OVERVIEW OF 2025

            In 2025, Consumer Services EBITDA increased by 20% compared to 2024, reaching HUF 324.2 bn. Consumer Services achieved this organic growth despite a decreasing network size, showing the loyalty of our customers and the strength of our non-fuel product offering. By the end of 2025, the total number of service stations was 2,311, out of that Fresh Corner sites increased by 6%, reaching 1,409 service stations. Consumer Services' simplified free cash flow (defined as the difference between EBITDA and organic CAPEX) contribution to the Group increased by 37 percent to HUF 283 bn in 2025.

            Fuel margin contributed significantly to results, delivering above 18% increase YoY beside decreasing fuel volume (approx. 1% YoY), while throughput per site remained flat. This is in line with the 1% decrease in the size of the network. Non-fuel turnover grew by 11% while margin rose by 12% YoY. The non-fuel margin share slightly decreased year-on-year to 35.4%.

            This means that Consumer Services managed well the decreasing size of the network and utilized the strength of the MOL brand which kept attrition low.

         2. OPERATIONAL OVERVIEW OF 2025

            The segment consists of two main business lines: “Retail†includes both fuel and non-fuel retailing, while “Mobility†is comprised of all other services provided for people “on-the-goâ€.

            Retail

            During the years of 2022 and 2023 MOL Group has significantly expanded its network due to inorganic growth: In December 2022, MOL has entered the 10th country in Europe, Poland, by acquiring 417 service stations with the brand, LOTOS Paliwa based on a set of agreements with PKN Orlen and Grupa LOTOS SA.; on 30th June, 2023, MOL completed the purchase of the company OMV Slovenija d. o. o., which was renamed to MOL & INA d. o. o. The change of ownership meant taking over the company’s entire operations, including the entire network of OMV service stations in Slovenia. The transaction included 120 service stations across Slovenia and MOL stepped up to become the second largest market player in the Slovenian market.

            In 2025, MOL maintained a leading position in the Hungarian, Croatian, Slovakian and Bosnian markets, achieved second place in Slovenia, Serbia, while being the third largest market player in the Czech Republic, Montenegro, Romania and Poland as well.

            The Group opened 12 new service stations in 2025, Major reconstruction works were completed on more than 130 stations, including forecourt, car- and jet-wash reconstructions and the rollout of the Fresh Corner concept; by the end of 2025 the total number of Fresh Corner sites rose to 1,409. Besides these large-scale rollouts, more than 250 gastro acceleration and more than 160 coffee lifecycle replacement projects were completed during 2025 to further enhance the non-fuel transactions.

            The Fresh Corner concept is constantly being developed through the continuous expansion of the gastro and grocery categories. The offering was also expanded by a wider range of convenience services (e.g. self-service and innovative payment solutions) and own branded products across the Group. French-type hot dog and quality coffee remained the core products together with other options (sandwich, bakery etc.).

            MOL launched the proof of concept kiosks at Nyugati and Déli railway stations in Budapest and also a stand-alone Fresh Corner café/convenience store in Prague city centre. The Kiosks have transformed our standalone vision into reality and surpassed expectations, hitting 160,000 transactions and serving 128,000 hot dogs at the two initial Budapest locations, a testament to the strength of our winning formula bringing the Fresh Corner brand closer to all. In total, MOL now operates 8 stand-alone Fresh Corner outlets.

            The Czech Republic became the third market where we operate our own secondary logistics for Non-Fuel. Together with group standard operating systems, it delivers incremental benefit to dynamics in margin, inventory and OPEX.

            Retail Customer

            Consumer Services systematically collects retail customer insights and tracks overall customer satisfaction through a number of channels. As a result, MOL Group does not operate with (and therefore does not report) a single score for Retail, several customer satisfaction scores are applied depending on the insight channel.

            We maintain ongoing monitoring of our customers’ behaviours on a monthly basis through a comprehensive customer insight system known as Brand Tracking. This system is operational across eight countries, encompassing a total of 3,000 customers per country, resulting in a cumulative 24,000 participants within MOL Group. Monthly data collection, amounting to 250 customers per month per country, is a fundamental aspect of this process. Brand Tracking provides invaluable data pertaining to brand awareness, usage patterns, overall brand performance, and 25 distinct key performance indicators (KPIs) related to fuel, gastronomy, store hygiene, loyalty programs, and staff behaviour. These insights inform the development of country-specific action plans while an important part of this tracking evaluates the effectiveness of our primary campaigns, enabling continuous enhancement of their efficiency.

            Emphasizing our commitment to quality, we continued product quality enhancement initiatives, facilitated by a series of product tests. For instance, our fuel quality assessments involve collaboration with DTC Austria, while blind taste tests conducted by third-party agencies evaluate key food and own brand offerings.

            Beside monthly tracking we had several thematic researches on our loyalty Customers base (via our internal research system) in order to get to know in details their preferences regarding gastro products, fuelling habits or our MOVE loyalty program. Insights derived from these research endeavours drive a more customer-centric decision-making process, thereby supporting the retail transformation of the Group. Notable developments resulting from these insights include the further development of our gastronomical range (like seasonal sandwich and hot-dog offers or new coffees), optimized loyalty activities and renewed fuel communication. Furthermore, we have continued to gain Customer insights from one-off, ad-hoc researches such as POS optimization, econometric fuel analysis or gastro personas (based on social media deep dive research).

            MOL's customer loyalty program constitutes a key element in the digital transformation of Consumer Services. MOL MOVE, the digital, gamified, tier-based rewards program has been introduced in 8 markets (Croatia, Slovenia, Hungary, Czech Republic, Slovakia, Poland, Romania and Serbia). The platform enables MOL Group to provide personalized and highly automated communication with an omnichannel approach. With the help of the new program, the number of mobile application downloads increased to more than 5.6 million representing a 9-times growth from 2021, having 4.3 million yearly active customers with 2.4 million monthly active users (9.1% increase from 2024). During 2025, we further evolved our internal capabilities in gamification resulting higher customer engagement and participation in commercial activities, integration of 3rd party propositions with major players in the field of financing, e-commerce and mobility related industries and personalization. With increasing share of the usage of artificial intelligence, we are generating more than 50 million personalized marketing communication messages in a fully automated way which provides higher campaign-level ROI and customer interaction. MOL MOVE's cross-border point collection and offering capabilities are creating a real regional experience across 8 countries. As an external confirmation MOL MOVE was awarded the best loyalty program worldwide in utilities sector (Energy, Gas, Petrol, Service Station, Utilities) after winning the best program award in CEE incl. Turkey for the second time in a row at the prestigious International Loyalty Awards.

            MOL consciously uses mystery shoppers (selected through tender) when measuring customer satisfaction across different channels to avoid internal biased systems. Digitization is also increasingly present in our internal operation via the extensive use of Artificial Intelligence and Machine learning-based tools and also support the execution via our online, gamified learning tool, eSMILE.

            eSMILE

            As a consumer facing business, employee engagement plays a major role in the transformation of Consumer Services and enhancing customer experience. In 2017, MOL Group introduced a face-to-face training program called ‘Smile' for service station staff, covering both hosts and station managers, with the aim to improve customer service. In 2020, MOL Group expanded employee training and development through a digital microlearning training platform called eSMILE, which is available on their smart phones. It allows real-time communication from head office about the latest sales promotions, company updates and it was especially important during the pandemic, when we were able to share the latest operational changes, ensuring a safe working environment and safe consumer experience. Since 2021, the platform also supports new-hires in their onboarding experience, helping them hit the sales floor with higher confidence and shorter preparation time. 96% of frontline staff using eSMILE every day when at work, resulting in an average 17% increase in knowledge from the training topics. These programs not only support the transformation of the Group's service station network from fuel retail into FMCG retail but also the continuous increase of non-fuel revenues.

            In 2024, a Customer Service Protocol was fully implemented in every sales and marketing campaign to ensure a standardized approach in serving customers, with the primary goal of increasing gastro product sales. In order to enhance the capabilities of the platform, significant changes were introduced at the end of 2025 which will be implemented in Q2/2026. With the new version eSMILE 2.0. It is now becoming a platform, that can be used not just for communication and trainings purposes, but also as a tool for performing business tasks in more efficient way.

            Mobility

            In 2018, MOL Group launched MOL Plugee, a new EV charging brand under the Consumer Services division. By year end 2025, 296 MOL Plugee EV chargers were installed throughout the Group's service station network across the CEE region. In 2025 MOL Group installed 8 ultra-fast DC and 6 AC chargers on 5 existing and on 1 new locations in Hungary. MOL Group launched its application-based service in Hungary in 2020 and in Slovenia, Slovakia, Czech Republic, Croatia and Romania in 2021. By the end of 2025, our more than 80,000 registered Plugee users — together with customers of partner networks enabled through roaming — were able to enjoy a seamless charging experience across six countries. In 2024, MOL Plugee launched the virtual fuel card for B2B partners which highly supports the electrification of the business sector. Energy consumption for all EV chargers in 2025 reached 2,900 MWh, saving a total of above 1500 tons of CO2-eq.

            In 2018, MOL Group launched a car sharing service in Budapest (Hungary) called MOL Limo. By the end of 2025, a fleet of more than 600 shared cars from 12 different models (2 electric, 4 hybrid, 6 ICE) were in operation (number of electric and hybrid vehicles were 337). In 2025, MOL Limo launched its new rent-a-car service, expanding its mobility portfolio beyond traditional car sharing and supporting more flexible, ownership-free travel options. As part of this new service, Limo expanded its offering in 2025 by adding a new vehicle type to the fleet — the Renault Trafic Combi, a nine-seater minibus designed to support the mobility needs of larger groups. In the same year, Limo extended its presence beyond the capital and introduced its service in four major Hungarian cities (Debrecen, Győr, Székesfehérvár and Szeged), where vehicles are available through dedicated Limo points located at local MOL service stations. The client base is continuously growing, until the year-end total number of registered users reached over 140 thousand. Energy consumption of all LIMO EVs reached 48,300 kWh in 2025, saving an equivalent of around 25 tons of CO2-eq. per year.

            KEY MOL LIMO SUSTAINABILITY FIGURES	UNIT OF MEASURE	FY 2025	FY 2024
            Average fleet size	number of vehicles	586	563
            o/w electric (BEV, HEV)	percentage	57.5	42.1
            Average vehicle age at year end	in months	33.6	36.6
            Vehicles rated by Euro NCAP programs with an overall 5-star safety rating	percentage of fleet	46	60
            Vehicles recalled during period	number	0	0

            As part of MOL Group's mobility strategy, a fleet management service called MOL Fleet Solution was launched in 2018. The main target is to finance and manage vehicles owned and used by MOL Group and external clients, as well as the fleets of small-, medium-sized or large businesses in Hungary. At the end of 2024, MOL Group reached an agreement with Mercarius, one of Hungary's largest and fastest-growing vehicle fleet management companies. Under this agreement, MOL Fleet Solution and Mercarius have established a joint company, MOL Mercarius, which became the second-largest player in the Hungarian fleet management market.

            KEY MOL MERCARIUS SUSTAINABLITY FIGURES	UNIT OF MEASURE	FY 2025	FY 2024 (MOL Fleet)
            Average managed fleet size at year end	number of vehicles	21,594	6,911
            o/w electric (BEV, HEV)	percentage	16.2	8.1
            Average vehicle age at year end	in months	45.3	31.9
            Vehicles recalled during period	number	0	0

      2. GROUP INDUSTRIAL AND CORPORATE SERVICES

         The organization oversees the Group Maintenance Services Management, Group Renewables & Energy Efficiency, ITK Group, as well as Group Procurement, Asset & Services Management and the MOL Campus Organizations.

         In 2025 a number of high complexity turnarounds have been executed in Danube Refinery and smaller technical shutdowns in Slovnaft. While the core focus of the Maintenance Single Service Companies is the safe, reliable and sustainable work execution, in Danube Refinery the turnaround works has suffered notable delays, as well as the Total Recordable Injury Rate has exceeded the ceiling levels, both needs significant attention during 2026. Despite under-deliveries on planned actions, the Maintenance Organizations has contributed positively to resolve various unplanned shutdowns during the year, enabling operations uptime. Group Maintenance Service Management has progressed further on its digital roadmap delivery, towards higher productivity.

         Group Renewables' EBITDA generation was above the planned level, while expanded the portfolio with the acquisition of an asset of 304 MWp in Mezőcsát, for which a sale and purchase contract was signed in December 2025, and progressed well also on the endorsed renewable and energy storage projects – with focus on covering own energy consumptions.

         ITK Group has further dissolved non value generating activities, continued focusing on core activities and delivered a positive Profit After Tax performance.

         Group Procurement has dedicated significant efforts to maintain a healthy demand-supply and cost-value balance across MOL Group various geographies, with an increased focus on regulatory compliance and sustainability.

         Group Asset & Services Management and the MOL Campus organization has progressed on their defined roadmap, delivered several office and facility renewal programs, assuring a functional environmental for staff and business partners.

      3. CIRCULAR ECONOMY SERVICES

Notes and special items are listed in Appendix I and II.

Full year 2025 results

Circular Economy Services delivered a loss on EBITDA level in 2025 amounting to HUF -11.3 bn and marking a HUF 9.0 bn improvement over the previous year. This advancement is mostly thanks to the MOHU Budapest JV, as it supported the segment financials with one additional quarter's EBITDA (since the JV started its operation in Q2 2024), thus it contributed a complete year's result. Furthermore, an increase in third party electricity and heat sales also supported the improvement in segment EBITDA. There was an upturn also in MOHU Zrt. results, however the company is still lossmaking. The increase in EBITDA is mostly attributable to the realization of the first results of efficiency improvement measures on the cost side in the latter parts of the year, being partially offset by a shift towards separate waste collection and treatment, which is a more expensive value chain, compared to mixed waste's.

The Deposit Return System reached a significant milestone, as in its first whole operational year, the number of returned bottles surpassed 3 billion pieces, which translates into an 88.8% return ratio. It also meant that in case of plastic beverage bottles, the relevant target of the European Union's SUP Directive for the year has been fulfilled.

CES business development

In 2025, Circular Economy Services segment's capital expenditure amounted to HUF 37.3 bn, which is HUF 3.2 bn, or 9% higher than in the previous year. The spending was mostly directed to the intensification of separate waste collection, and improving the waste collection infrastructure in Hungary. The Deposit Refund System's coverage and availability was improved by purchasing 900 reverse vending machines (RVMs), thus having installed a total of 4,000 RVMs by the end of the year, which amount for 4,600 deposit stations. The number of contracted manual takeback points grew as well, to 1,700.

The modernization of waste collection infrastructure progressed likewise. As part of the waste yard development program, the Komárom facility was reconstructed during the year, and started its operation in the last quarter. Within scope of the textile waste collection extension project, almost 1,000 new containers had been ordered in 2025, of which 800 have already been installed.

Improving the efficiency of the national waste collection vehicle fleet remained a priority for the segment. During the year, 124 new vehicles were delivered, majority of which had been handed over to partners, to put into service. Additionally, further specialized collection vehicles were purchased as well, including 24 mobile waste yards for a pilot project, and 22 vehicles intended to support and improve bio kitchen waste collection.

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MOL plc published this content on April 09, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 10, 2026 at 13:53 UTC.