OMV’s Fuels business refines and markets fuels. It operates three inland refineries in Europe and holds a strong market position in the areas where its refineries are located, serving a robust branded retail network and commercial customers. In the Middle East, it owns 15% of ADNOC Refining and ADNOC Global Trading.
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2025 |
2024 |
∆ |
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|---|---|---|---|---|---|---|---|---|---|---|
Clean CCS Operating Result1 |
in EUR mn |
1,116 |
927 |
20% |
||||||
thereof ADNOC Refining & Trading |
in EUR mn |
101 |
78 |
30% |
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Special items |
in EUR mn |
–7 |
–98 |
93% |
||||||
CCS effects: inventory holding gains (+)/losses (–)1 |
in EUR mn |
–243 |
–119 |
–104% |
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Operating Result |
in EUR mn |
866 |
709 |
22% |
||||||
Capital expenditure2 |
in EUR mn |
883 |
980 |
–10% |
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|
|
|
|
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OMV refining indicator margin Europe3 |
in USD/bbl |
10.10 |
7.15 |
41% |
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Utilization rate refineries Europe |
|
89% |
87% |
2 |
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Fuels and other sales volumes Europe |
in mn t |
16.39 |
16.21 |
1% |
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thereof retail sales volumes |
in mn t |
5.67 |
5.54 |
2% |
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Financial Performance
The clean CCS Operating Result grew to EUR 1,116 mn (2024: EUR 927 mn), mainly as a result of higher refining indicator margins. Partly offsetting were higher utility costs, increased depreciation, negative production effects related to repairs at the Burghausen refinery, and impacts related to the planned shutdown at the Petrobrazi refinery.
At USD 10.1/bbl, the OMV refining indicator margin Europe increased significantly (2024: USD 7.1/bbl) due to higher middle distillate crack spreads. In 2025, the utilization rate of the European refineries rose slightly to 89% (2024: 87%). The higher utilization rate at the Schwechat refinery in 2025 following the planned and unplanned shutdowns in 2024 more than offset the negative impact of the planned shutdown at the Petrobrazi refinery and coker repairs at the Burghausen refinery in 2025. At 16.4 mn t, fuels and other sales volumes in Europe were slightly higher compared to 2024 (16.2 mn t). The retail business result increased primarily due to improved fuel margins, higher sales volumes following the acquisition of retail stations in Austria and Slovakia, and better non-fuel business performance. The result of the commercial business decreased due to lower margins caused by slow economic development.
In 2025, the contribution of ADNOC Refining & ADNOC Global Trading, accounted for as OMV’s share of clean CCS net income of the at-equity consolidated companies, improved to EUR 101 mn (2024: EUR 78 mn). This was mainly due to higher refining indicator margins, partly offset by a lower trading result.
Net special items amounted to EUR –7 mn (2024: EUR –98 mn) and were primarily related to losses from commodity derivatives and a reassessment of provisions at OMV Petrom. In 2024, special items were mainly driven by the mark-to-market assessment of commodity derivatives. CCS effects of EUR –243 mn were recorded in 2025 as a consequence of declining crude oil prices (2024: EUR –119 mn). The Operating Result of Fuels increased to EUR 866 mn (2024: EUR 709 mn).
Capital expenditure in Fuels amounted to EUR 883 mn (2024: EUR 980 mn). The previous year was impacted by the acquisition of filling stations in Austria and Slovakia. Besides ordinary ongoing business investments, organic capital expenditure in 2025 comprised investments in the SAF/HVO plant including electrolyzers in Petrobrazi, green hydrogen electrolyzers in Austria, and the fast and ultra-fast EV charging network.
Inventory holding gains and losses represent the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances in case the net realizable value of the inventory is lower than its cost. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results (Operating Result, net income, etc.). The amount disclosed as CCS effect represents the difference between the charge to the income statement for inventory on a weighted average basis (adjusted for the change in valuation allowances related to net realizable value) and the charge based on the current cost of supply; the current cost of supply is calculated monthly using data from supply and production systems.