Orlen S.A. (ORLNY) Q4 2025 Earnings Call February 19, 2026 2:00 AM EST
Company Participants
Jakub Frejlich
Slawomir Jedrzejczyk - Vice President of the Management Board for Financials
Conference Call Participants
Piotr Dzieciolowski - Citigroup Inc., Research Division
Anna Butko Kishmariya - UBS Investment Bank, Research Division
Michal Kozak - Trigon Dom Maklerski S.A., Research Division
Presentation
Good morning, everyone. Please welcome to the presentation of Q4 of 2025 financial and operating results of Orlen Group. We are sitting here in Warsaw in Orlen headquarters together with Slawomir Jedrzejczyk, company's CFO; Konrad Wlodarczyk, IR team; Marcin Piechota, IR team; Daniel Obajtek, Head of Controlling. My name is Jakub Frejlich, I'm heading Investor Relations. We're going to have a presentation that will be followed with the Q&A session.
Without further ado, I will now hand over to Slawomir, please. The floor is yours.
Slawomir Jedrzejczyk
Vice President of the Management Board for Financials
Thank you, Jakub. Good morning, ladies and gentlemen. It's my pleasure, as always, to present you fourth quarter Orlen financial results. And I will start by saying that it was absolutely a very good quarter for us and the whole year 2025 was very good. So if you look into Slide #2, where we present the main financial indicators, we delivered EBITDA LIFO in the fourth quarter of PLN 12.2 billion and altogether, almost PLN 42 billion for the full '25 year. And I would just add one remark if we assume the same macro conditions for the past years as we were operating in 2025, definitely, that was the record high year for Orlen.
We delivered very robust cash flow from operations, PLN 12.9 billion in the fourth quarter, altogether PLN 47.4 billion. We continue our CapEx program, so PLN 11.5 billion in the fourth quarter, altogether PLN 32.6 billion for
