PKN ORLEN Giełda Papierów Wartościowych w Warszawie · annual · publ. May 21, 2026

FY 2025 report

Strata netto -7 918 mln PLN to w całości efekt ok. 20 mld PLN niegotówkowych odpisów (14 311 mln PLN na udziały w jednostkach zależnych + ok. 5 612 mln PLN netto na własne aktywa trwałe Downstream/Upstream&Supply) — działalność operacyjna pozostała rentowna (EBIT +5 959 mln PLN).

Sentiment

Neutral No guidance change

Website

PKN FY 2025 report

Revenue

174.48 bn PLN

— YoY

Net income

-7.92 bn PLN

— YoY

EBITDA

24.2 bn PLN

— YoY

Gross margin

12.73%

— YoY

Summary

Investment thesis

Przepływy operacyjne wzrosły do 20 067 mln PLN (+55,7% r/r), a FCF do 9 947 mln PLN (+320,6% r/r) — jakość gotówkowa wyniku wyraźnie lepsza niż sugerowałaby księgowa strata.
Dług netto stał się ujemny (-656 mln PLN) po raz pierwszy od lat, mimo wypłaty 6 966 mln PLN dywidendy w trakcie roku — bilans odciążony dzięki emisji obligacji (9 508 mln PLN) i silnemu OCF.
Pozabilansowa ekspozycja: 13 314 mln PLN gwarancji i poręczeń dla spółek zależnych, w tym dla dwóch z nich (Upstream Norway, Trading Switzerland) objętych w tym samym roku odpisem wartości udziałów.
Rekomendacja Zarządu ws. dywidendy za 2025 rok nie była gotowa na dzień zatwierdzenia sprawozdania — nowa polityka gwarantuje minimum 4,50 PLN/akcję rosnące o 0,15 PLN rocznie, co przy stracie netto rodzi pytanie o źródło pokrycia wypłaty.

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Financials

BETA

FY 2025

PKN · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	174,483	—	—	reported	—	1.00
Gross profit	22,212	—	—	reported	—	1.00
EBITDA	24,200	—	—	reported	—	1.00
EBIT	5,959	—	—	reported	—	1.00
EBT	-6,293	—	—	reported	—	1.00
Net income	-7,918	—	—	reported	—	1.00
EPS (basic) (PLN)	-6.82	—	—	reported	—	1.00
EPS (diluted) (PLN)	-6.82	—	—	reported	—	1.00
D&A	4,651	—	—	reported	—	1.00
Interest expense	783	—	—	reported	—	0.90
Income tax	1,625	—	—	reported	—	1.00
Shares (basic) (m units)	1,160.94	—	—	reported	—	1.00
Shares (diluted) (m units)	1,160.94	—	—	reported	—	1.00

Gross margin	12.73%	—	—	derived	—	0.90
EBITDA margin	9.04%	—	—	reported	—	1.00
EBIT margin	3.72%	—	—	reported	—	1.00
EBT margin	3.37%	—	—	reported	—	1.00
Net margin	0.94%	—	—	reported	—	1.00
D&A margin	5.32%	—	—	reported	—	0.85

Cash	20,129	—	—	reported	—	1.00
Total debt	25,164	—	—	reported	—	0.90
Net debt	-1,411	—	—	reported	—	0.95
Equity	125,417	—	—	reported	—	1.00
Total assets	194,065	—	—	reported	—	1.00
Working capital	14,411	—	—	derived	—	0.90
Current assets	57,676	—	—	reported	—	1.00
Current liabilities	43,265	—	—	reported	—	1.00
Non-current liabilities	25,383	—	—	reported	—	1.00
Inventory	10,727	—	—	reported	—	1.00
Trade receivables	12,651	—	—	reported	—	1.00
Trade payables	12,913	—	—	reported	—	1.00

CFO	20,067	—	—	reported	—	1.00
CapEx	10,120	—	—	reported	—	1.00
FCF	9,947	—	—	derived	—	0.90
FCF conversion	93.75%	—	—	derived	—	0.85
CFO conversion	189.19%	—	—	derived	—	0.85
Dividends paid	6,966	—	—	reported	—	1.00

ROE	1.8%	—	—	reported	—	1.00
ROA	1%	—	—	reported	—	1.00
ROIC	2.06%	—	—	reported	—	0.50
ROCE	4.86%	—	—	reported	—	0.80

Current ratio	1.3x	—	—	reported	—	1.00
Quick ratio	1x	—	—	reported	—	1.00
Cash ratio	0.44x	—	—	reported	—	0.85
Interest coverage	6.78x	—	—	reported	—	0.50

Net debt / EBITDA	-0.06x	—	—	reported	—	1.00
Debt / equity	0.18x	—	—	reported	—	0.90
Debt / assets	0.09x	—	—	reported	—	0.90
Net debt / equity	-0.01x	—	—	reported	—	0.95

Revenue growth (YoY)	-9.18%	—	—	reported	—	1.00
EBITDA growth (YoY)	2.02%	—	—	reported	—	1.00
EBIT growth (YoY)	2.58%	—	—	reported	—	1.00
Net income growth (YoY)	-10.44%	—	—	reported	—	1.00
EPS growth (YoY)	-10.29%	—	—	reported	—	1.00
FCF growth (YoY)	320.55%	—	—	derived	—	0.85
Gross margin Δ (YoY)	2.58 pp	—	—	derived	—	0.85
EBITDA margin Δ (YoY)	0.99 pp	—	—	reported	—	0.95
EBIT margin Δ (YoY)	0.42 pp	—	—	reported	—	0.95
Net margin Δ (YoY)	-0.01 pp	—	—	reported	—	0.90

FY 2025 · Δ YoY

Revenue

174,483 —

FY 2024: —

Gross profit

22,212 —

FY 2024: —

EBITDA

24,200 —

FY 2024: —

EBIT

5,959 —

FY 2024: —

EBT

-6,293 —

FY 2024: —

Net income

-7,918 —

FY 2024: —

EPS (basic) (PLN)

-6.82 —

FY 2024: —

EPS (diluted) (PLN)

-6.82 —

FY 2024: —

D&A

4,651 —

FY 2024: —

Interest expense

783 —

FY 2024: —

Income tax

1,625 —

FY 2024: —

Shares (basic) (m units)

1,160.94 —

FY 2024: —

Shares (diluted) (m units)

1,160.94 —

FY 2024: —

Gross margin

12.73% —

FY 2024: —

EBITDA margin

9.04% —

FY 2024: —

EBIT margin

3.72% —

FY 2024: —

EBT margin

3.37% —

FY 2024: —

Net margin

0.94% —

FY 2024: —

D&A margin

5.32% —

FY 2024: —

Cash

20,129 —

FY 2024: —

Total debt

25,164 —

FY 2024: —

Net debt

-1,411 —

FY 2024: —

Equity

125,417 —

FY 2024: —

Total assets

194,065 —

FY 2024: —

Working capital

14,411 —

FY 2024: —

Current assets

57,676 —

FY 2024: —

Current liabilities

43,265 —

FY 2024: —

Non-current liabilities

25,383 —

FY 2024: —

Inventory

10,727 —

FY 2024: —

Trade receivables

12,651 —

FY 2024: —

Trade payables

12,913 —

FY 2024: —

CFO

20,067 —

FY 2024: —

CapEx

10,120 —

FY 2024: —

FCF

9,947 —

FY 2024: —

FCF conversion

93.75% —

FY 2024: —

CFO conversion

189.19% —

FY 2024: —

Dividends paid

6,966 —

FY 2024: —

ROE

1.8% —

FY 2024: —

ROA

1% —

FY 2024: —

ROIC

2.06% —

FY 2024: —

ROCE

4.86% —

FY 2024: —

Current ratio

1.3x —

FY 2024: —

Quick ratio

1x —

FY 2024: —

Cash ratio

0.44x —

FY 2024: —

Interest coverage

6.78x —

FY 2024: —

Net debt / EBITDA

-0.06x —

FY 2024: —

Debt / equity

0.18x —

FY 2024: —

Debt / assets

0.09x —

FY 2024: —

Net debt / equity

-0.01x —

FY 2024: —

Revenue growth (YoY)

-9.18% —

FY 2024: —

EBITDA growth (YoY)

2.02% —

FY 2024: —

EBIT growth (YoY)

2.58% —

FY 2024: —

Net income growth (YoY)

-10.44% —

FY 2024: —

EPS growth (YoY)

-10.29% —

FY 2024: —

FCF growth (YoY)

320.55% —

FY 2024: —

Gross margin Δ (YoY)

2.58 pp —

FY 2024: —

EBITDA margin Δ (YoY)

0.99 pp —

FY 2024: —

EBIT margin Δ (YoY)

0.42 pp —

FY 2024: —

Net margin Δ (YoY)

-0.01 pp —

FY 2024: —