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

152.24 bn PLN

— YoY

Net income

15.76 bn PLN

— YoY

EBITDA

28.73 bn 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	174,483	−12.7%	152,240	−12.7%	reported	—	1.00
Gross profit	36,791	22,212	+65.6%	36,791	+65.6%	reported	—	1.00
EBITDA	28,726	24,200	+18.7%	28,726	+18.7%	reported	—	1.00
EBIT	22,180	5,959	+272.2%	22,180	+272.2%	reported	—	1.00
EBT	21,500	-6,293	+441.6%	21,500	+441.6%	reported	—	1.00
Net income	15,759	-7,918	+299%	15,759	+299%	reported	—	1.00
EPS (basic) (PLN)	13.57	-6.82	—	13.57	—	reported	—	1.00
EPS (diluted) (PLN)	13.57	-6.82	—	13.57	—	reported	—	1.00
D&A	6,546	4,651	+40.7%	6,546	+40.7%	reported	—	1.00
Interest expense	1,843	783	+135.4%	1,843	+135.4%	reported	—	0.85
Shares (basic) (m units)	1,160.94	1,160.94	—	—	—	reported	—	1.00
Shares (diluted) (m units)	1,160.94	1,160.94	—	—	—	reported	—	0.90

Gross margin	24.17%	12.73%	+11.4 pp	24.17%	+11.4 pp	derived	—	1.00
EBITDA margin	18.87%	9040000%	−9039981.1 pp	18.87%	−9039981.1 pp	derived	—	1.00
EBIT margin	14.57%	3720000%	−3719985.4 pp	14.57%	−3719985.4 pp	derived	—	1.00
EBT margin	14.12%	3370000%	−3369985.9 pp	14.12%	−3369985.9 pp	derived	—	0.90
Net margin	10.35%	940000%	−939989.7 pp	10.35%	−939989.7 pp	derived	—	1.00
D&A margin	4.3%	5320000%	−5319995.7 pp	4.3%	−5319995.7 pp	derived	—	0.90

Cash	22,693	20,129	+12.7%	—	—	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	125,417	+18%	—	—	reported	—	1.00
Total assets	280,645	194,065	+44.6%	—	—	reported	—	1.00
Working capital	23,516	14,411	+63.2%	—	—	derived	—	0.95
Current assets	90,331	57,676	+56.6%	—	—	reported	—	1.00
Current liabilities	66,815	43,265	+54.4%	—	—	reported	—	1.00
Goodwill	7,903	—	—	—	—	derived	—	0.90
Tangible equity	140,099	—	—	—	—	derived	—	0.85

CFO	23,680	20,067	+18%	23,680	+18%	reported	—	1.00
CapEx	13,823	10,120	+36.6%	13,823	+36.6%	reported	—	0.95
FCF	9,857	9,947	−0.9%	9,857	−0.9%	derived	—	0.90
FCF conversion	34.31%	93.75%	−59.4 pp	34.31%	−59.4 pp	derived	—	0.85
CFO conversion	82.44%	189.19%	−106.8 pp	82.44%	−106.8 pp	derived	—	0.85
Dividends paid	9,288	6,966	+33.3%	9,288	+33.3%	reported	—	1.00

Current ratio	1.35x	1300000x	−1299998.65x	—	—	derived	—	0.95
Quick ratio	0.98x	1000000x	−999999.02x	—	—	derived	—	0.90
Cash ratio	0.34x	440000x	−439999.66x	—	—	derived	—	0.90

Debt / equity	0.28x	180000x	−179999.72x	—	—	derived	—	0.85
Debt / assets	0.15x	90000x	−89999.85x	—	—	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%	320.55%	—	-24.76%	—	reported	—	0.85
Gross margin Δ (YoY)	7.35 pp	0 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 −12.7%

H1 2025: 174,483
YTD 2026: 152,240
Δ YoY: −12.7%

Gross profit

36,791 +65.6%

H1 2025: 22,212
YTD 2026: 36,791
Δ YoY: +65.6%

EBITDA

28,726 +18.7%

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

EBIT

22,180 +272.2%

H1 2025: 5,959
YTD 2026: 22,180
Δ YoY: +272.2%

EBT

21,500 +441.6%

H1 2025: -6,293
YTD 2026: 21,500
Δ YoY: +441.6%

Net income

15,759 +299%

H1 2025: -7,918
YTD 2026: 15,759
Δ YoY: +299%

EPS (basic) (PLN)

13.57 —

H1 2025: -6.82
YTD 2026: 13.57
Δ YoY: —

EPS (diluted) (PLN)

13.57 —

H1 2025: -6.82
YTD 2026: 13.57
Δ YoY: —

D&A

6,546 +40.7%

H1 2025: 4,651
YTD 2026: 6,546
Δ YoY: +40.7%

Interest expense

1,843 +135.4%

H1 2025: 783
YTD 2026: 1,843
Δ YoY: +135.4%

Shares (basic) (m units)

1,160.94 —

H1 2025: 1,160.94
YTD 2026: —
Δ YoY: —

Shares (diluted) (m units)

1,160.94 —

H1 2025: 1,160.94
YTD 2026: —
Δ YoY: —

Gross margin

24.17% +11.4 pp

H1 2025: 12.73%
YTD 2026: 24.17%
Δ YoY: +11.4 pp

EBITDA margin

18.87% −9039981.1 pp

H1 2025: 9040000%
YTD 2026: 18.87%
Δ YoY: −9039981.1 pp

EBIT margin

14.57% −3719985.4 pp

H1 2025: 3720000%
YTD 2026: 14.57%
Δ YoY: −3719985.4 pp

EBT margin

14.12% −3369985.9 pp

H1 2025: 3370000%
YTD 2026: 14.12%
Δ YoY: −3369985.9 pp

Net margin

10.35% −939989.7 pp

H1 2025: 940000%
YTD 2026: 10.35%
Δ YoY: −939989.7 pp

D&A margin

4.3% −5319995.7 pp

H1 2025: 5320000%
YTD 2026: 4.3%
Δ YoY: −5319995.7 pp

Cash

22,693 +12.7%

H1 2025: 20,129
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 +18%

H1 2025: 125,417
YTD 2026: —
Δ YoY: —

Total assets

280,645 +44.6%

H1 2025: 194,065
YTD 2026: —
Δ YoY: —

Working capital

23,516 +63.2%

H1 2025: 14,411
YTD 2026: —
Δ YoY: —

Current assets

90,331 +56.6%

H1 2025: 57,676
YTD 2026: —
Δ YoY: —

Current liabilities

66,815 +54.4%

H1 2025: 43,265
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 +18%

H1 2025: 20,067
YTD 2026: 23,680
Δ YoY: +18%

CapEx

13,823 +36.6%

H1 2025: 10,120
YTD 2026: 13,823
Δ YoY: +36.6%

FCF

9,857 −0.9%

H1 2025: 9,947
YTD 2026: 9,857
Δ YoY: −0.9%

FCF conversion

34.31% −59.4 pp

H1 2025: 93.75%
YTD 2026: 34.31%
Δ YoY: −59.4 pp

CFO conversion

82.44% −106.8 pp

H1 2025: 189.19%
YTD 2026: 82.44%
Δ YoY: −106.8 pp

Dividends paid

9,288 +33.3%

H1 2025: 6,966
YTD 2026: 9,288
Δ YoY: +33.3%

Current ratio

1.35x −1299998.65x

H1 2025: 1300000x
YTD 2026: —
Δ YoY: —

Quick ratio

0.98x −999999.02x

H1 2025: 1000000x
YTD 2026: —
Δ YoY: —

Cash ratio

0.34x −439999.66x

H1 2025: 440000x
YTD 2026: —
Δ YoY: —

Debt / equity

0.28x −179999.72x

H1 2025: 180000x
YTD 2026: —
Δ YoY: —

Debt / assets

0.15x −89999.85x

H1 2025: 90000x
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: 320.55%
YTD 2026: -24.76%
Δ YoY: —

Gross margin Δ (YoY)

7.35 pp —

H1 2025: 0 pp
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: —