MOL Group reported its financial results for the second quarter and first half of 2025, posting USD 236 million profit before tax in Q2, a 56 percent year-on-year decline. Management cited a slowing regional macroeconomic environment as the key headwind, partly offset by high upstream production, strong downstream volumes and continued growth in consumer services. Chairman-CEO Zsolt Hernádi commented on the results: “Geopolitical tensions and regional macroeconomic challenges significantly impacted our performance; however, our integrated business model helped us mitigate the impacts. Based on our first-half results, we have reaffirmed our 2025 guidance, albeit the risks to reaching the guidance have increased as the volatility in external conditions have grown since we announced our expectations in February.
"We respond to global challenges with conscious planning, dedicated work and a future-proof strategy. We also need to do our homework in terms of efficiency improvement therefore we have launched a comprehensive program in downstream which aims to generate USD 500 mn improvement per year. This not only mitigates the effect of the worsening macro environment but also brings USD 200mn additional EBITDA for the downstream segment beyond 2027 via multiple new measures not yet included in the strategy."
"We are further deepening our strategic cooperation with our Azerbaijani and Kazakh partners, enabling us to take important steps in joint exploration and production and in the diversification of crude oil. We took a role in the renewal of the Budapest University of Technology and Economics as a strategic investor, enabling us to enhance our innovation capacities and to train and attract engineers with state-of-the-art knowledge, a crucial step for the future of MOL Group.”
Upstream and exploration
Upstream results decreased quarter on quarter as both oil and gas prices fell by double digits in Q2. Production remained at high levels at an average of 93.5 mboepd in Q2 2025, in the upper half of the guidance band of 92 to 94 mboepd, marking a slight quarter-on-quarter decline due to underperformance of international assets. MOL Group signed key terms with Socar to enter onshore exploration in the Shamakhi-Gobustan region of Azerbaijan as operator with a 65 percent stake.
Downstream and petrochemicals
The downstream segment’s performance declined year on year as the slowing regional macro environment weighed on prices. Strong production and sales volumes, the highest in a decade, largely offset the effect of decreasing margins. Petrochemicals remained loss making due to a continuing contraction in demand that has not yet eased.
MOL Group launched a comprehensive program to improve downstream operational and financial resiliency in a more volatile external environment. The “Tomorrow Downstream” program aims to generate USD 500 million in annual improvement beyond 2027, offsetting worsening macro effects and delivering an additional USD 200 million to the annual USD 1.2 billion downstream strategic EBITDA target.
Consumer services, circular economy and gas midstream
Consumer services delivered continued growth, supported by a strong season on both fuel and non-fuel sides despite a challenging macro backdrop in core countries. Fuel margins strengthened in the Romanian and Croatian markets, while the pace of non-fuel expansion remained healthy. The rollout of the Fresh Corner concept continued at train stations and in railway dining cars and the network expanded to 1,356 units by the end of Q2 2025, up 1 percent quarter on quarter and 7 percent year on year.
Circular economy services reported a negative EBITDA of USD 10 million due to seasonally higher operating expenses. Capital expenditure remained focused on scaling the deposit return system, with redemption available at nearly 5,000 locations. Beverage packaging returns grew by 34 percent quarter on quarter, reaching approximately 8.7 million units per day.
Gas midstream EBITDA declined year on year despite strong demand for transmission services, reflecting a lower tariff environment.
