MOL Group announced its third-quarter 2025 results, delivering USD 503 million profit before tax, broadly unchanged year on year. EBITDA was supported by a strong refining environment and continued growth in fuel retail, with Consumer Services maintaining a high growth trajectory and Upstream providing stable contributions. Management noted that, given emerging headwinds, the 2025 EBITDA guidance has been reviewed. Chairman and CEO Zsolt Hernádi said: "We are used to excitement, but even by our standards, we have had an eventful period behind us. Just think of the sanctions affecting the oil market, the fire in Százhalombatta, or the anomalies surrounding shipments on the Adria pipeline. It is a joy amid so much sorrow that even these challenges, which are demanding to manage, cannot divert MOL Group from its chosen path. Thanks to the commitment of our colleagues, our operational efficiency and our flexibility, we are staying on course, as we closed a strong quarter. However in the light of the new challenges ahead of us we had to review our guidance for this year." He added that the company continues to implement its transformation strategy, with a key milestone being the shift to a holding structure common in the international oil industry, subject to shareholder approval at an extraordinary general meeting on November 27. The period also coincides with the 60th anniversary of the Danube Refinery and the Algyő oil and gas field, while the Fresh Corner retail network marks 10 years, now comprising nearly 1,400 locations with more than 180,000 cups of coffee sold daily on average.
Upstream
Upstream delivered stable results in a relatively steady external environment. Group production averaged 92.3 mboepd in Q3 2025, near the lower end of the 92 to 94 mboepd annual guidance, mainly due to temporary outages in Hungary. The short-term outlook points to improvement, with production rising to 98.4 mboepd in October. In the Kurdistan Region of Iraq, crude exports to Turkey restarted and the KM250 gas expansion project was completed at the Khor Mor facility.
Downstream and petrochemicals
Downstream performance improved on the back of favourable refining conditions, notably a widening of refining margins by close to 6 dollars per barrel. Processed volumes were seasonally low due to regular maintenance scheduled for the quarter, while sales volumes were flat year on year. The petrochemicals environment showed no improvement and remained below breakeven. Following the October fire at the Danube Refinery, units not affected by the incident were successfully restarted and damage assessment continues.
Consumer Services
The Consumer Services segment maintained a strong trajectory in Q3 2025, supported by a solid driving season and robust fuel sales. Fuel margins strengthened, helped by a more favourable pricing environment in Croatia and Romania. Non-fuel expansion continued to progress. Wage and inflation pressures increased operating expenses, partially offset by a positive one-off year-on-year effect linked to a merger in fleet services.
Circular Economy Services
Circular Economy Services reported a negative result, reflecting typical third-quarter seasonality. Extensive deposit return system redemptions weighed on revenues, and sales of secondary raw materials decreased. Management expects the impact of positive regulatory changes in the extended producer responsibility system, combined with efficiency measures, to build in the coming quarters.
Gas Midstream
Gas Midstream results deteriorated versus last year due to shifting macroeconomic factors and regulated tariff levels, despite strong regional transmission demand.
