18. Equity-Accounted Investments

Material Joint Ventures and Associates

Borouge Investments

Borealis owns a 36% stake (2024: 36%) in Borouge PLC (PLC) and Abu Dhabi National Oil Company owns 54%, the remaining 10% is listed on the Abu Dhabi Securities Exchange. PLC is registered in Abu Dhabi and is the holding company for its 100% interest in Abu Dhabi Polymers Company Limited (Borouge) (ADP) and its 84.75% interest in Borouge Pte. Ltd. (PTE).

As of December 31, 2025, the fair value of the Group’s interest in PLC, which is listed on the Abu Dhabi Securities Exchange of the United Arab Emirates (UAE), was EUR 6,595 mn (December 31, 2024: EUR 6,807 mn), based on the quoted market price available on the UAE stock exchange. The corresponding book value of PLC was EUR 3,237 mn as of December 31, 2025 (December 31, 2024: EUR 3,799 mn).

The “Borouge investments” (representing the total OMV share in PLC, ADP, PTE) are a leading provider of innovative, value-creating plastic solutions for the energy, infrastructure, automotive, health care, and agriculture industries, as well as advanced packaging applications. They are also responsible for the marketing and sales of the products produced. As joint control is exercised, Borouge investments are accounted for as a joint venture.

Bayport Polymers LLC

Bayport Polymers LLC (Baystar), registered in Pasadena (incorporated in Wilmington), is a petrochemical company primarily engaged in the manufacturing and sales of polyethylene and ethylene, under the trade name Baystar.

Bayport Polymers LLC, considered as material joint venture in 2024, is part of Borealis disposal group and was reclassified in March 2025 to “held for sale.” As a result, the net income attributable to Bayport Polymers LLC prior to its reclassification is presented as “net income from discontinued operations” in the Consolidated Income Statement. Following the reclassification, the investment in Bayport Polymers LLC is no longer accounted for using the equity method, in line with IFRS 5 requirements. Further information is provided in Note 4 – OMV and ADNOC to Establish a New Polyolefins Joint Venture.

Abu Dhabi Oil Refining Company

OMV also holds a 15% (2024: 15%) interest in Abu Dhabi Oil Refining Company, registered in Abu Dhabi, which runs a refinery hub with integrated petrochemicals. According to the contractual agreement between the shareholders, OMV has strong participation rights that represent a significant influence as per the definition in IAS 28.

The tables below contain summarized financial information for the material joint ventures and associates:

Individually Immaterial Joint Ventures and Associates

Borouge 4 LLC

OMV owns a 30% stake (2024: 40% stake owned through Borealis) in Borouge 4 LLC, registered in Abu Dhabi. In preparation for the formation of the polyolefins joint venture between OMV and ADNOC, Borealis’ 40% participation in Borouge 4 LLC (Borouge 4), including associated shareholder loans and financial guarantees, was transferred to OMV subsidiaries (30%) and to ADNOC’s subsidiary MPP Holdings GmbHRenamed XRG Austria GmbH in January 2026 (10%) on October 24, 2025. For further details, please refer to Note 4 – OMV and ADNOC to Establish a New Polyolefins Joint Venture.

The Borouge 4 project will add an ethane-based steam cracker, two polyolefin plants, a 1-Hexene unit, and a cross-linked polyethylene plant (XPLE). Commissioning activities for the first Borouge 4 facility, XLPE 2 – designed to produce highly specialized wire and cable solutions – commenced at the end of 2025 and the company is preparing for start-up, with the commissioning of further Borouge 4 plants expected in 2026. Once fully operational, Borouge 4 is envisaged to be transferred to Borouge Group International. OMV has joint control over Borouge 4 LLC, which is accounted for as a joint venture in line with IFRS 11.

Erdöl-Lagergesellschaft m.b.H.

OMV holds a 55.6% (2024: 55.6%) share in Erdöl-Lagergesellschaft m.b.H (ELG), registered in Lannach, which holds the majority of the emergency stock of crude and petroleum products in Austria. In spite of holding the majority of voting rights in the general assembly, OMV does not have control over ELG. Any major decisions on financial and operating policies are delegated to the standing shareholder’s committee, in which a quorum of two-thirds of the share capital is required for decisions.

Abu Dhabi Petroleum Investments LLC and Pak-Arab-Refinery Limited

OMV exercises joint control over Abu Dhabi Petroleum Investments LLC (ADPINV, OMV’s interest 25%, 2024: 25%), registered in Abu Dhabi, and Pak-Arab Refinery Limited (PARCO; indirect interest of OMV amounts to 10%, 2024: 10%), registered in Karachi, and accounts for both investments at-equity. ADPINV is a holding company for its 40% interest in PARCO. As unanimous consent of the parties is required for decisions about relevant activities and OMV has rights to the net assets based on the legal structure, OMV classifies the companies as joint ventures according to IFRS 11.

Pearl Petroleum Company Limited

Furthermore, OMV has a 10% interest (2024: 10%) in Pearl Petroleum Company Limited, registered in Road Town, British Virgin Islands, which is involved in the exploration and production of hydrocarbons in the Kurdistan Region of Iraq. According to the joint venture agreement, OMV has significant influence within the meaning of IAS 28, as unanimous consent is required for some strategic decisions. Therefore, Pearl is accounted for using the equity method even though OMV’s share is just 10%.

Individually Immaterial Joint Ventures and Associates of Borealis Disposal Group

Furthermore, individually immaterial joint ventures and associates as part of Borealis disposal group were reclassified to “held for sale” and are no longer accounted for according to the equity method. The net income attributable prior to their reclassification is presented as “net income from discontinued operations” in the Consolidated Income Statement. For further details, please refer to Note 4 – OMV and ADNOC to Establish a New Polyolefins Joint Venture.