ORLEN Q2 2026 Results: LIFO EBITDA, Refining and Capex

Polish energy group ORLEN delivered a stronger quarter than analysts anticipated, driven by healthy refining and petrochemical margins. Operating profit measured by LIFO-based EBITDA – earnings before interest, tax, depreciation, and amortisation, adjusted for the replacement cost of inventory – reached PLN 13.9 billion, beating the analyst consensus of PLN 13.3 billion. That outperformance arrived alongside revenue of PLN 76.5 billion and net profit of PLN 7.7 billion, even as planned maintenance shutdowns at the Płock refinery curtailed throughput. Operating cash flow reached PLN 15.2 billion, keeping net debt to EBITDA at a negligible 0.1x. While management highlighted "very positive feedback from the market," it cautioned that peak conditions may not last, as regional refining margin indicators have already softened heading into the third quarter.