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Investing.com - Polish energy giant Orlen (WSE:PKN) on Thursday delivered a stronger-than-expected third-quarter performance, with LIFO-based EBITDA rising nearly 20% to PLN 8.9 billion ($2.42 billion) compared to PLN 7.17 billion in the same period last year, driven primarily by a recovery in its downstream operations.
The state-controlled company reported revenue of PLN 61 billion for the quarter, as each of its business segments contributed positively to overall results despite challenging macroeconomic conditions. The group generated PLN 8.2 billion in operating cash flow during the period.
"Our excellent third-quarter performance is a testament to our strength and resilience, even in a more challenging environment," said Ireneusz Fąfara, CEO and President of the ORLEN Management Board.
The Downstream segment delivered LIFO-based EBITDA of PLN 2.4 billion, benefiting from high crude throughput and stronger wholesale fuel sales. The company’s refineries processed 10.2 million tonnes of crude oil during the quarter, though petrochemical market conditions remained difficult.
Upstream & Supply generated the highest segment EBITDA at PLN 3.3 billion, with average daily hydrocarbon production reaching 197 thousand barrels of oil equivalent. The Energy segment contributed PLN 2.2 billion, up PLN 0.5 billion YoY, while the Consumers & Products segment added PLN 1.6 billion despite declining fuel margins in Poland.
The company highlighted its record capital expenditure, with over PLN 21 billion invested year-to-date in projects enhancing Poland’s energy security, including significant progress on the Baltic Power offshore wind farm where more than 50 foundations and about a dozen turbines have been installed.
"We have delivered another strong quarter, with each segment contributing to the overall performance, despite macroeconomic headwinds," said Sławomir Jędrzejczyk, Vice President and CFO of ORLEN.
The company maintained a solid financial position with a net debt to EBITDA ratio of 0.14 at quarter-end.
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