PKN ORLEN Giełda Papierów Wartościowych w Warszawie · Half-year · publ. August 06, 2026

H1 2026 report

Rekordowe I półrocze 2026 (zysk netto +182% r/r, EBITDA +72% r/r) jest w ok. 75% efektem czynników makroekonomicznych (eskalacja wojny na Bliskim Wschodzie windująca notowania ropy i produktów rafineryjnych), a nie strukturalnej poprawy efektywności - trwałość wyniku jest niepewna.

Sentiment

Neutral No guidance change

Website

PKN H1 2026 report

Revenue

152,240 m PLN

— YoY

Net income

15,759 m PLN

— YoY

EBITDA

28,726 m PLN

— YoY

Gross margin

24.17%

— YoY

Summary

Investment thesis

Segment Downstream przeszedł z ujemnej EBITDA (H1 2025) do rekordowego wyniku, ale wyłącznie dzięki rafinerii - część petrochemiczna (ORLEN/S54, Unipetrol, Anwil) pozostaje strukturalnie nierentowna i wciąż wymaga odpisów aktualizujących.
Mimo rekordowego zysku netto, wolne przepływy pieniężne spadły o ok. 25% r/r, a dług netto wzrósł o ok. 60% w pół roku wskutek jednoczesnego finansowania CAPEX, dywidendy i dopłaty 5,1 mld PLN do nowej emisji akcji Energa.
Przejęcie Grupa Azoty Polyolefins (GAP) uzyskało komplet zgód regulacyjnych i zbliża się do finalizacji, ale toczy się spór arbitrażowy z LyondellBasell dotyczący zobowiązań z umowy joint-venture powiązanej z tą transakcją.
Struktura bilansu pozostaje konserwatywna (dług netto/kapitał własny ~0,12x, płynność bieżąca 1,35x) mimo wzrostu zadłużenia, a Grupa zdywersyfikowała finansowanie o zieloną emisję obligacji 750 mln EUR po dniu bilansowym.

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Financials

BETA

H1 2026

PKN · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	152,240	267,827	−43.2%	152,240	−43.2%	reported	—	1.00
Gross profit	36,791	—	—	36,791	—	reported	—	1.00
EBITDA	28,726	24,200	+18.7%	28,726	+18.7%	reported	—	1.00
EBIT	22,180	9,957	+122.8%	22,180	+122.8%	reported	—	1.00
EBT	21,500	9,013	+138.5%	21,500	+138.5%	reported	—	1.00
Net income	15,759	2,531	+522.6%	15,759	+522.6%	reported	—	1.00
EPS (basic) (PLN)	13.57	2.18	—	13.57	—	reported	—	1.00
EPS (diluted) (PLN)	13.57	—	—	13.57	—	reported	—	1.00
D&A	6,546	14,243	−54%	6,546	−54%	reported	—	1.00
Interest expense	1,843	1,469	+25.5%	1,843	+25.5%	reported	—	0.85
Shares (basic) (m units)	1,160.94	—	—	—	—	reported	—	1.00
Shares (diluted) (m units)	1,160.94	—	—	—	—	reported	—	0.90

Gross margin	24.17%	—	—	24.17%	—	derived	—	1.00
EBITDA margin	18.87%	9.04%	+9.8 pp	18.87%	+9.8 pp	derived	—	1.00
EBIT margin	14.57%	3.72%	+10.9 pp	14.57%	+10.9 pp	derived	—	1.00
EBT margin	14.12%	3.37%	+10.8 pp	14.12%	+10.8 pp	derived	—	0.90
Net margin	10.35%	0.94%	+9.4 pp	10.35%	+9.4 pp	derived	—	1.00
D&A margin	4.3%	5.32%	−1 pp	4.3%	−1 pp	derived	—	0.90

Cash	22,693	26,445	−14.2%	—	—	reported	—	1.00
Total debt	40,742	25,164	+61.9%	—	—	derived	—	0.95
Net debt	18,049	-1,411	+1379.2%	—	—	derived	—	0.95
Equity	148,002	143,617	+3.1%	—	—	reported	—	1.00
Total assets	280,645	265,048	+5.9%	—	—	reported	—	1.00
Working capital	23,516	20,169	+16.6%	—	—	derived	—	0.95
Current assets	90,331	80,341	+12.4%	—	—	reported	—	1.00
Current liabilities	66,815	60,172	+11%	—	—	reported	—	1.00
Goodwill	7,903	—	—	—	—	derived	—	0.90
Tangible equity	140,099	—	—	—	—	derived	—	0.85

CFO	23,680	47,220	−49.9%	23,680	−49.9%	reported	—	1.00
CapEx	13,823	26,931	−48.7%	13,823	−48.7%	reported	—	0.95
FCF	9,857	20,289	−51.4%	9,857	−51.4%	derived	—	0.90
FCF conversion	34.31%	—	—	34.31%	—	derived	—	0.85
CFO conversion	82.44%	—	—	82.44%	—	derived	—	0.85
Dividends paid	9,288	6,967	+33.3%	9,288	+33.3%	reported	—	1.00

Current ratio	1.35x	1.3x	+0.05x	—	—	derived	—	0.95
Quick ratio	0.98x	1x	−0.02x	—	—	derived	—	0.90
Cash ratio	0.34x	0.44x	−0.1x	—	—	derived	—	0.90

Debt / equity	0.28x	0.18x	+0.1x	—	—	derived	—	0.85
Debt / assets	0.15x	0.09x	+0.06x	—	—	derived	—	0.85
Net debt / equity	0.12x	-10000x	+10000.12x	—	—	derived	—	0.85

Revenue growth (YoY)	13.24%	-9180000%	—	13.24%	—	reported	—	1.00
EBITDA growth (YoY)	72.17%	2020000%	—	72.17%	—	reported	—	1.00
EBIT growth (YoY)	125.25%	2580000%	—	125.25%	—	reported	—	1.00
Net income growth (YoY)	182.05%	-10440000%	—	182.05%	—	reported	—	1.00
EPS growth (YoY)	182.12%	-10290000%	—	182.12%	—	reported	—	1.00
FCF growth (YoY)	-24.76%	—	—	-24.76%	—	reported	—	0.85
Gross margin Δ (YoY)	7.35 pp	—	—	7.35 pp	—	reported	—	1.00
EBITDA margin Δ (YoY)	6.46 pp	0.99 pp	—	6.46 pp	—	reported	—	1.00
EBIT margin Δ (YoY)	7.24 pp	0.42 pp	—	7.24 pp	—	reported	—	1.00
Net margin Δ (YoY)	6.19 pp	-0.01 pp	—	6.19 pp	—	reported	—	1.00

H1 2026 · Δ YoY

Revenue

152,240 −43.2%

H1 2025: 267,827
YTD 2026: 152,240
Δ YoY: −43.2%

Gross profit

36,791 —

H1 2025: —
YTD 2026: 36,791
Δ YoY: —

EBITDA

28,726 +18.7%

H1 2025: 24,200
YTD 2026: 28,726
Δ YoY: +18.7%

EBIT

22,180 +122.8%

H1 2025: 9,957
YTD 2026: 22,180
Δ YoY: +122.8%

EBT

21,500 +138.5%

H1 2025: 9,013
YTD 2026: 21,500
Δ YoY: +138.5%

Net income

15,759 +522.6%

H1 2025: 2,531
YTD 2026: 15,759
Δ YoY: +522.6%

EPS (basic) (PLN)

13.57 —

H1 2025: 2.18
YTD 2026: 13.57
Δ YoY: —

EPS (diluted) (PLN)

13.57 —

H1 2025: —
YTD 2026: 13.57
Δ YoY: —

D&A

6,546 −54%

H1 2025: 14,243
YTD 2026: 6,546
Δ YoY: −54%

Interest expense

1,843 +25.5%

H1 2025: 1,469
YTD 2026: 1,843
Δ YoY: +25.5%

Shares (basic) (m units)

1,160.94 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Shares (diluted) (m units)

1,160.94 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

24.17% —

H1 2025: —
YTD 2026: 24.17%
Δ YoY: —

EBITDA margin

18.87% +9.8 pp

H1 2025: 9.04%
YTD 2026: 18.87%
Δ YoY: +9.8 pp

EBIT margin

14.57% +10.9 pp

H1 2025: 3.72%
YTD 2026: 14.57%
Δ YoY: +10.9 pp

EBT margin

14.12% +10.8 pp

H1 2025: 3.37%
YTD 2026: 14.12%
Δ YoY: +10.8 pp

Net margin

10.35% +9.4 pp

H1 2025: 0.94%
YTD 2026: 10.35%
Δ YoY: +9.4 pp

D&A margin

4.3% −1 pp

H1 2025: 5.32%
YTD 2026: 4.3%
Δ YoY: −1 pp

Cash

22,693 −14.2%

H1 2025: 26,445
YTD 2026: —
Δ YoY: —

Total debt

40,742 +61.9%

H1 2025: 25,164
YTD 2026: —
Δ YoY: —

Net debt

18,049 +1379.2%

H1 2025: -1,411
YTD 2026: —
Δ YoY: —

Equity

148,002 +3.1%

H1 2025: 143,617
YTD 2026: —
Δ YoY: —

Total assets

280,645 +5.9%

H1 2025: 265,048
YTD 2026: —
Δ YoY: —

Working capital

23,516 +16.6%

H1 2025: 20,169
YTD 2026: —
Δ YoY: —

Current assets

90,331 +12.4%

H1 2025: 80,341
YTD 2026: —
Δ YoY: —

Current liabilities

66,815 +11%

H1 2025: 60,172
YTD 2026: —
Δ YoY: —

Goodwill

7,903 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity

140,099 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

23,680 −49.9%

H1 2025: 47,220
YTD 2026: 23,680
Δ YoY: −49.9%

CapEx

13,823 −48.7%

H1 2025: 26,931
YTD 2026: 13,823
Δ YoY: −48.7%

FCF

9,857 −51.4%

H1 2025: 20,289
YTD 2026: 9,857
Δ YoY: −51.4%

FCF conversion

34.31% —

H1 2025: —
YTD 2026: 34.31%
Δ YoY: —

CFO conversion

82.44% —

H1 2025: —
YTD 2026: 82.44%
Δ YoY: —

Dividends paid

9,288 +33.3%

H1 2025: 6,967
YTD 2026: 9,288
Δ YoY: +33.3%

Current ratio

1.35x +0.05x

H1 2025: 1.3x
YTD 2026: —
Δ YoY: —

Quick ratio

0.98x −0.02x

H1 2025: 1x
YTD 2026: —
Δ YoY: —

Cash ratio

0.34x −0.1x

H1 2025: 0.44x
YTD 2026: —
Δ YoY: —

Debt / equity

0.28x +0.1x

H1 2025: 0.18x
YTD 2026: —
Δ YoY: —

Debt / assets

0.15x +0.06x

H1 2025: 0.09x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.12x +10000.12x

H1 2025: -10000x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

13.24% —

H1 2025: -9180000%
YTD 2026: 13.24%
Δ YoY: —

EBITDA growth (YoY)

72.17% —

H1 2025: 2020000%
YTD 2026: 72.17%
Δ YoY: —

EBIT growth (YoY)

125.25% —

H1 2025: 2580000%
YTD 2026: 125.25%
Δ YoY: —

Net income growth (YoY)

182.05% —

H1 2025: -10440000%
YTD 2026: 182.05%
Δ YoY: —

EPS growth (YoY)

182.12% —

H1 2025: -10290000%
YTD 2026: 182.12%
Δ YoY: —

FCF growth (YoY)

-24.76% —

H1 2025: —
YTD 2026: -24.76%
Δ YoY: —

Gross margin Δ (YoY)

7.35 pp —

H1 2025: —
YTD 2026: 7.35 pp
Δ YoY: —

EBITDA margin Δ (YoY)

6.46 pp —

H1 2025: 0.99 pp
YTD 2026: 6.46 pp
Δ YoY: —

EBIT margin Δ (YoY)

7.24 pp —

H1 2025: 0.42 pp
YTD 2026: 7.24 pp
Δ YoY: —

Net margin Δ (YoY)

6.19 pp —

H1 2025: -0.01 pp
YTD 2026: 6.19 pp
Δ YoY: —