MOL Group announced its financial results for the full year as well as the fourth quarter of 2025. Profit before tax reached USD 1.3 billion in 2025, representing a 11 percent decrease compared to 2024. MOL sets 2026 profit before tax guidance at around USD 1.5 billion.
Chairman and CEO Zsolt Hernádi commented the results: “The strong financial results of 2025 confirm that MOL Group can deliver value even under increasingly difficult conditions. In a year marked by supply disruptions, geopolitical uncertainty and operational challenges, MOL ensured continuous operation and energy security across the region. I am very pleased to see the further improvement of our internal efficiency, especially in the Circular Economy business.
In the last quarter of 2025, we also reached several important milestones: we decided to transition to a holding structure, further strengthened our renewable portfolio in Hungary, and our hydrocarbon production neared 100 mboepd, reflecting the resilience of our integrated business model.”
Downstream performance benefited from a strong refining environment resulting in better-than-expected results. Favourable external conditions supported refining margins, which more than offset the impact of lower processed volumes and the weaker year-on-year performance of petrochemicals.
Upstream results were negatively impacted by a lower price environment, as the decline in oil and gas prices more than offset the positive quarter-on-quarter volume trend. Higher production levels were supported by increased output in Central and Eastern Europe and in the Kurdistan region of Iraq. Total hydrocarbon production surpassed 99.4 mboepd in Q4 2025. For the full year, production averaged 94.7 mboepd, surpassing the annual guidance of 92-94 mboepd. Looking into 2026, production is seen set to increase further, to 95-97 mboepd.
Consumer Services keeps its upward trend and the results were driven by one-off factors and growth on both the fuel and non-fuel sides of the business. Fuel margins strengthened overall, supported by strong performance in Croatia and Romania, while non-fuel margins made a positive contribution to Q4 2025 results. Results were further supported by a favourable foreign exchange effect following the appreciation of the Hungarian forint. Growth in both sales and margins was supported by the continued rollout of the Fresh Corner brand, with the number of units reaching 1,409 by the end of Q4 2025, up 2.7 percent quarter on quarter and 6 percent year on year. Non-fuel margin represented 35.6 percent of total margin in Q4 2025.
Circular Economy Services delivered a positive contribution to Q4 2025 results, driven by seasonality, favourable external effects and internal efficiency efforts. The Deposit Refund Scheme set-up was largely completed during the year, with redemption available at nearly 5,300 locations, and two bulk-feed machines put into operation in 2025. In its first full year of operation, the beverage packaging return ratio reached 88.8 percent, with around 3 billion containers collected.
Gas Midstream performance remained flat year on year, as higher transmission demand was offset by lower regulated tariffs. External conditions were slightly less favourable than a year ago, while transmitted volumes remained strong throughout the period.