Accounting Policy
Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term investments with low realization risk, i.e., negligible short-term exchange and interest risks. The maximum maturity at the time of acquisition for such investments is three months.
Significant Non-Cash Items
The line “Other changes” in the Consolidated Statement of Cash Flows contains several cash and non-cash adjustments, amongst others, adjustments related to realized and unrealized derivatives as well as non-cash valuation adjustments of inventories and receivables. Moreover, in 2024 this line contained the payment of EUR 250 mn for the solidarity contribution on refined crude oil in Romania related to the year 2023.
In 2025, the line “Interest received” was positively impacted by favorable outcome from litigation in Romania. The positive impact did not arise from a direct cash inflow, but from set off against various liabilities.
In 2024, cash flow from operating activities excluding net working capital effects included a positive impact of EUR 259 mn following concluded arbitration proceedings with Gazprom Export. This positive impact did not result from a direct cash payment, but from set off against liabilities under the Austrian gas supply contract.
In 2025 and 2024, non-cash additions to fixed assets mainly included effects of new lease contracts and the reassessment of decommissioning and restoration obligations.
Cash Flow from Investing Activities
The line “Cash inflows in relation to non-current assets and financial assets” contained inflows of EUR 656 mn in relation to a loan repayment by Bayport Polymers LLC (for further details, see Note 35 – Related Parties). Moreover, the line contained inflows of EUR 158 mn from the transfer of shareholder loans in relation to Borouge 4 LLC to ADNOC’s subsidiary MPP Holdings GmbH renamed to XRG Austria GmbH in January 2026 (see also Note 4 – OMV and ADNOC to Establish a New Polyolefins Joint Venture).
The line “Cash inflows from the sale of subsidiaries and businesses, net of cash disposed” contained a cash impact of EUR 457 mn in relation to the divestment of OMV’s 5% stake in the Ghasha concession, located in the United Arab Emirates. Further details are provided in Note 5 – Assets and Liabilities Held for Sale.
Cash Flow from Financing Activities
2025 was positively impacted by the issuance of two bonds (EUR 500 mn each), partly offset by repayments of two bonds with a nominal value totaling EUR 800 mn. Moreover, the line “Repayment of hybrid bond” comprised the repayment of a hybrid bond with a nominal value of EUR 750 mn, while the line “Increase hybrid bond” contained the issuance of a hybrid bond with a nominal value of EUR 750 mn. For further details on hybrid bonds, please refer to Note 22 – Equity of Stockholders of the Parent.
In EUR mn |
|
|
|
|
||||||
|
2025 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Bonds |
Other interest- bearing debts |
Lease liabilities |
Total |
||||||
January 1 |
6,570 |
1,070 |
1,767 |
9,407 |
||||||
|
|
|
|
|
||||||
Increase in long-term borrowings |
977 |
– |
– |
977 |
||||||
Repayments of long-term borrowings |
–800 |
–330 |
–326 |
–1,455 |
||||||
Repayment of hybrid bond |
–750 |
– |
– |
–750 |
||||||
– |
–7 |
– |
–7 |
|||||||
Total cash flows related to financing activities |
–573 |
–337 |
–326 |
–1,235 |
||||||
|
|
|
|
|
||||||
Currency translation differences |
– |
–32 |
–29 |
–61 |
||||||
Reclassification of hybrid bond from equity to financial liabilities |
785 |
– |
– |
785 |
||||||
Difference between interest expenses and interest paid |
2 |
–6 |
1 |
–3 |
||||||
Other changes |
– |
1031 |
4242 |
528 |
||||||
Total non-cash changes |
787 |
65 |
396 |
1,249 |
||||||
|
|
|
|
|
||||||
Coupon payment from hybrid bond before reclassification from equity3 |
–31 |
– |
– |
–31 |
||||||
|
|
|
|
|
||||||
December 31 |
6,753 |
798 |
1,838 |
9,390 |
||||||
|
||||||||||
In EUR mn |
|
|
|
|
||||
|
2024 |
|||||||
|---|---|---|---|---|---|---|---|---|
|
Bonds |
Other interest-bearing debts |
Lease liabilities |
Total |
||||
January 1 |
6,073 |
1,470 |
1,587 |
9,130 |
||||
|
|
|
|
|
||||
Increase in long-term borrowings |
990 |
– |
– |
990 |
||||
Repayments of long-term borrowings |
–500 |
–307 |
–240 |
–1,047 |
||||
Repayment of hybrid bond |
–500 |
– |
– |
–500 |
||||
– |
–113 |
– |
–113 |
|||||
Total cash flows related to financing activities |
–10 |
–421 |
–240 |
–671 |
||||
|
|
|
|
|
||||
Currency translation differences |
– |
14 |
8 |
22 |
||||
Changes in the consolidated group |
– |
18 |
21 |
39 |
||||
Reclassification of hybrid bond from equity to financial liabilities |
510 |
– |
– |
510 |
||||
Difference between interest expenses and interest paid |
8 |
–13 |
2 |
–3 |
||||
Other changes |
– |
– |
3901 |
390 |
||||
Total non-cash changes |
519 |
20 |
420 |
959 |
||||
|
|
|
|
|
||||
Coupon payment from hybrid bond before reclassification from equity2 |
–11 |
– |
– |
–11 |
||||
|
|
|
|
|
||||
December 31 |
6,570 |
1,070 |
1,767 |
9,407 |
||||
|
||||||||
The total cash outflow related to lease liabilities amounted to EUR 380 mn (2024: EUR 283 mn) (including discontinued operations).
As of December 31, 2025, continuing operations of the Group had available EUR 3,173 mn of undrawn committed borrowing facilities that can be used for future activities (December 31, 2024: EUR 3,115 mn).
Financing commitments provided to related parties are detailed in Note 35 – Related Parties.