ORLEN reports record profits and dividend for 2024

The ORLEN Group recorded a net profit of PLN 4.6 billion in the fourth quarter of 2024, five times higher than the previous year. The company’s management board has proposed a record dividend of PLN 6 per share, supported by strong performance across all business segments. The Mining and Gas divisions were the primary contributors, generating 70% of EBITDA, while the Refining and Power segments saw an increase of PLN 2 billion year-on-year. Retail and Petrochemicals also posted growth, with a 19% increase in sales in the latter.

For the full year, ORLEN’s adjusted EBITDA LIFO stood at PLN 43.5 billion, matching the previous year’s performance. The refining sector processed 9.6 million tonnes of oil across facilities in Poland, the Czech Republic, and Lithuania. The company’s power generation segment reached nearly PLN 2.3 billion in EBITDA, supported by lower gas prices and operational efficiencies. More than 70% of the ORLEN Group’s electricity production now comes from renewable and gas-fired sources.

The retail segment contributed PLN 660 million in EBITDA, driven by market expansion and operational efficiency. The network grew by 347 stations, bringing the total to 3,517 across seven European countries. The number of alternative refuelling stations increased to 869, while non-fuel retail points exceeded 2,700.

The Upstream segment reported the highest contribution, generating PLN 5 billion in EBITDA due to increased gas prices and expanded operations in Norway. Gas imports rose by 7%, with LNG accounting for 44% of supply. Storage capacity utilization reached 86% by the end of the quarter.

ORLEN’s financial position remains strong, with PLN 10.4 billion in cash flow from operations in the fourth quarter, doubling from the previous year. The company also secured PLN 3.5 billion in financing from the European Investment Bank to support energy infrastructure projects, and raised $1.25 billion in its first bond issue on the North American market.

Looking ahead, ORLEN is advancing its energy transition efforts, including offshore wind power and expanding renewable energy capacity to 12.8 GW within the next decade. It has also secured contracts for crude oil supply from Norway, covering 15% of its annual demand. The company’s ongoing strategy aims to enhance energy security and efficiency, while maintaining stable financial growth and investor confidence.