Total CAPEX
In EUR mn
Energy CAPEX including capitalized E&A dropped to EUR 1,910 mn in 2025 (2024: EUR 1,972 mn). This overall decline reflects the fact that 2024 was impacted by inorganic investments in renewable projects in Romania. At the same time, organic CAPEX increased to EUR 1,881 mn (2024: EUR 1,787 mn), driven by the Neptun Deep project in Romania, and increased activities in Austria, Libya, and Norway which more than offset reductions from the divestment of the Ghasha concession in the United Arab Emirates and SapuraOMV. Exploration expenditure was EUR 148 mn in 2025, down from the 2024 level of EUR 229 mn. The decrease can be explained to a large extent by the SapuraOMV divestment and lower expenditures in OMV Petrom E&P. E&A expenditure in 2025 was mainly directed at activities in Norway, Austria, and Libya.
Fuels CAPEX amounted to EUR 883 mn (2024: EUR 980 mn). The prior year was impacted by the acquisition of filling stations in Austria and Slovakia. Besides ordinary ongoing business investments, in 2025 organic capital expenditure comprised investments in the SAF/HVO plant including electrolyzers in Petrobrazi, green hydrogen electrolyzers in Austria, and in the fast and ultra-fast EV charging network.
Chemicals CAPEX decreased to EUR 971 mn (2024: EUR 1,081 mn), mainly as a result of lower CAPEX related to leases as well as the acquisition of Integra Plastics in Bulgaria in 2024. Besides ordinary ongoing business investments, organic capital expenditure in 2025 was predominantly related to Borealis’ construction of the new PDH plant in Kallo (Belgium), the construction of the sorting facility for chemical recycling in Walldürn (Germany), and investments fostering growth in specialty products.
The reconciliation of total capital expenditure to the investments as shown in the cash flow statement is depicted in the following table:
In EUR mn |
|
|
|
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|
2025 |
2024 |
∆ |
||||
|---|---|---|---|---|---|---|---|
Total capital expenditure |
3,798 |
4,101 |
–7% |
||||
+/– Other adjustments1 |
–519 |
–51 |
n.m. |
||||
– Investments in financial assets |
–38 |
–350 |
89% |
||||
Additions according to statement of non-current assets |
3,242 |
3,699 |
–12% |
||||
+/– Adjustments to cash flow statement2 |
608 |
–186 |
n.m. |
||||
Cash outflow from investments in intangible assets and property, |
3,849 |
3,513 |
10% |
||||
+ Cash outflow from investments, loans and other financial assets |
457 |
605 |
–25% |
||||
+ Acquisitions of subsidiaries and businesses net of cash acquired |
11 |
199 |
–94% |
||||
Investments as shown in the cash flow statement |
4,317 |
4,317 |
0% |
||||
|
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1 Including expenditures for acquisitions as well as equity injections into equity-accounted investments and other interests; adjusted for capitalized decommissioning costs, exploration wells that have not found proved reserves, borrowing costs and other additions that by definition are not considered capital expenditure