Upcoming Dividend • Jun 10
Upcoming dividend of zł8.00 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 25 June 2026. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 5.5%. Lower than top quartile of Czech dividend payers (8.2%). Higher than average of industry peers (4.6%). New Risk • May 29
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 144% Cash payout ratio: 93% Dividend yield: 5.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 144% Cash payout ratio: 93% Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Tillkännagivande • May 15
Orlen S.A., Annual General Meeting, Jun 09, 2026 Orlen S.A., Annual General Meeting, Jun 09, 2026, at 11:00 Central European Standard Time. Reported Earnings • May 05
Full year 2025 earnings released: EPS: zł2.18 (vs zł2.43 in FY 2024) Full year 2025 results: EPS: zł2.18 (down from zł2.43 in FY 2024). Revenue: zł267.8b (down 9.2% from FY 2024). Net income: zł2.53b (down 10% from FY 2024). Profit margin: 0.9% (down from 1.0% in FY 2024). Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. New Risk • Feb 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (4.4% average weekly change). Minor Risks Dividend is not well covered by earnings (108% payout ratio). Large one-off items impacting financial results. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: zł9.57 (vs zł1.27 in FY 2024) Full year 2025 results: EPS: zł9.57 (up from zł1.27 in FY 2024). Revenue: zł267.3b (down 9.4% from FY 2024). Net income: zł11.1b (up zł9.64b from FY 2024). Profit margin: 4.2% (up from 0.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 03
Now 22% undervalued Over the last 90 days, the stock has risen 7.7% to Kč600. The fair value is estimated to be Kč772, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 84%. For the next 3 years, revenue is forecast to decline by 2.3% per annum. Earnings are forecast to grow by 5.7% per annum over the same time period. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (108% payout ratio). Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: zł1.84 (vs zł0.19 in 3Q 2024) Third quarter 2025 results: EPS: zł1.84 (up from zł0.19 in 3Q 2024). Revenue: zł61.0b (down 10% from 3Q 2024). Net income: zł2.14b (up zł1.91b from 3Q 2024). Profit margin: 3.5% (up from 0.3% in 3Q 2024). Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: zł1.35 (vs zł0.02 in 2Q 2024) Second quarter 2025 results: EPS: zł1.35 (up from zł0.02 in 2Q 2024). Revenue: zł60.7b (down 13% from 2Q 2024). Net income: zł1.57b (up zł1.55b from 2Q 2024). Profit margin: 2.6% (up from 0% in 2Q 2024). Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 12%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. New Risk • Aug 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (234% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Upcoming Dividend • Aug 06
Upcoming dividend of zł6.00 per share Eligible shareholders must have bought the stock before 13 August 2025. Payment date: 01 September 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.3%. Within top quartile of Czech dividend payers (7.3%). Higher than average of industry peers (5.4%). New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (234% payout ratio). Share price has been volatile over the past 3 months (4.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • May 23
First quarter 2025 earnings released: EPS: zł3.69 (vs zł2.81 in 1Q 2024) First quarter 2025 results: EPS: zł3.69 (up from zł2.81 in 1Q 2024). Revenue: zł73.5b (down 11% from 1Q 2024). Net income: zł4.28b (up 54% from 1Q 2024). Profit margin: 5.8% (up from 3.4% in 1Q 2024). Revenue is forecast to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 474% Cash payout ratio: 122% Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Tillkännagivande • May 09
Orlen S.A., Annual General Meeting, Jun 05, 2025 Orlen S.A., Annual General Meeting, Jun 05, 2025. Reported Earnings • Apr 17
Full year 2024 earnings released: EPS: zł1.27 (vs zł18.02 in FY 2023) Full year 2024 results: EPS: zł1.27 (down from zł18.02 in FY 2023). Revenue: zł295.0b (down 21% from FY 2023). Net income: zł1.47b (down 93% from FY 2023). Profit margin: 0.5% (down from 5.6% in FY 2023). Revenue is forecast to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Mar 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (128% payout ratio). Share price has been volatile over the past 3 months (3.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: zł6.87 (vs zł17.81 in FY 2023) Full year 2024 results: EPS: zł6.87 (down from zł17.81 in FY 2023). Revenue: zł296.9b (down 20% from FY 2023). Net income: zł7.98b (down 61% from FY 2023). Profit margin: 2.7% (down from 5.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 4.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Tillkännagivande • Feb 27
ORLEN Seeks to Acquire Grupa Azoty Polyolefins Orlen S.A. (WSE:PKN) (ORLEN Group)'s press office has said that the group's ambition is to strengthen its leading position in the production of plastics in Central and Eastern Europe, which will be possible not only by increasing manufacturing capacity, but also by developing advanced petrochemical products. Meanwhile, the group continues to analyse a potential acquisition of Grupa Azoty Polyolefins, with the negotiations, ongoing already for five months, and due diligence expected to be completed by the end of next month. New Risk • Dec 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 128% Dividend per share is over 94x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (4.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Tillkännagivande • Nov 14
The Norwegian energy ministry signed an agreement to acquire remaining 53.30% stake in GASSCO from Shell, CapeOmega, ConocoPhilipps, Equinor, Hav Energy, Orlen and Silex for NOK 18.1 billion. The Norwegian energy ministry signed an agreement to acquire remaining 53.30% stake in GASSCO from Shell, CapeOmega, ConocoPhilipps, Equinor, Hav Energy, Orlen and Silex for NOK 18.1 billion on January 1, 2024. Under the terms, seven companies came to an agreement with the government, two groups rejected the offer. North Sea Infrastructure and M Vest Energy did not agree to a sale and maintain their stakes. The agreement lifts the Norwegian state's stake in Gassled to 100% from 46.7% previously. The government remains determined to acquire these remaining stakes, either through negotiation or by exercising its rights at the end of the current concession period. Tillkännagivande • Aug 22
Orlen Energy Assumes Restart of Operations At Litvinov Refinery for Early September Orlen tentatively assumes that the restart of operations at the Plock group-owned refinery in Litvinov in Czech Republic will take place in the beginning of September, Orlen deputy CEO Magdalena Bartos told a press conference. PKN Orlen's Litvinov refinery in the Czech Republic halted production after an unexploded World War II aerial bomb was found. More than 500 people were evacuated from the plant. Traffic was halted on the road from Most to Litvinov, as well as city and rail transport. According to the latest information from the Czech police, the unexploded bomb will remain on site until August 27. Until that date, transport restrictions are in place. Tillkännagivande • Aug 06
Orlen Shareholders Files Lawsuits to Overturn Resolutions Not to Discharge Former Board Members Orlen shareholders filed lawsuits to the Regional Court in Lodz to declare invalid or revoke resolutions adopted by the ordinary general meeting on June 25, 2024, not to grant discharge for 2023 to 8 former members of the management board and 2 members of the supervisory board, the company said in a market filing. In Orlen's opinion, the lawsuits are unfounded. The lawsuit concerns former board members: Armen Konrad Artwich, Patrycja Klarecka, Michal Rog, Jan Szewczak, Jozef Wegrecki, Piotr Sabat, Krzysztof Nowicki, Robert Perkowski and former supervisory board members Andrzej Szumanski and Michal Klimaszewski, Orlen shareholders decided on June 25 not to grant discharge for 2023 to all former members of the management board, including Daniel Obajtek and all former members of the company's supervisory board. The general meeting did not grant a discharge for the 2023 financial year to CEO Daniel Obajtek and the other board members: Armen Artwich, Adam Burak, Patrycja Klarecka, Michal Rog, Jan Szewczak, Jozef Wegrecki, Piotr Sabat, Krzysztof Nowicki, Iwona Waksmundzka-Olejniczak and Robert Perkowski. Most of the previous board ceased to hold office in February 2024. Shareholders did not discharge the members of the previous supervisory board for the 2023 financial year: the head Wojciech Jasinski, Andrzej Szumanski, Anna Wojcik, Barbara Jarzembowska, Andrzej Kapala, Michal Klimaszewski, Roman Kusz, Jadwiga Lesisz, Anna Sakowicz-Kacz and Janina Goss. The supervisory board in this composition was dismissed on February 6, 2024. Tillkännagivande • Jun 14
Orlen S.A. Announces Board Appointments Orlen S.A.'s supervisory board has appointed Artur Osuchowski as management board member for energy and energy transition from June 13, 2024 and Marek Balawejder as board member for wholesale and logistics from August 1. Tillkännagivande • May 31
Orlen S.A., Annual General Meeting, Jun 25, 2024 Orlen S.A., Annual General Meeting, Jun 25, 2024. Tillkännagivande • May 18
Orlen S.A. to Report Q3, 2024 Results on Nov 13, 2024 Orlen S.A. announced that they will report Q3, 2024 results on Nov 13, 2024 Tillkännagivande • May 16
Orlen Announces Management Changes Orlen announced Witold Literacki has been appointed as company's new deputy CEO for corporate affairs and Ireneusz Sitarski - as the deputy CEO for retail sales. Both Witold Literacki and Ireneusz Sitarski have simultaneously resigned as members of the company's supervisory board. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: zł17.81 (vs zł34.18 in FY 2022) Full year 2023 results: EPS: zł17.81 (down from zł34.18 in FY 2022). Revenue: zł372.8b (up 32% from FY 2022). Net income: zł20.7b (down 48% from FY 2022). Profit margin: 5.5% (down from 14% in FY 2022). Revenue is expected to fall by 6.7% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Tillkännagivande • Apr 28
Orlen S.A. Recommends Dividend Payment for the Year 2023 Orlen S.A. recommended a dividend of PLN 4.818 billion (EUR 1.1 billion) for 2023, or PLN 4.15 (EUR 0.96) per share. The remaining amount from the net profit for 2023 would go to the reserve capital. For 2022, Orlen paid a dividend of PLN 5.5 (EUR 1.27) per share, or a total of almost PLN 6.4 billion (EUR 1.5 billion). Tillkännagivande • Apr 17
Orlen S.A. Announces Board Changes Orlen S.A. has appointed Magdalena Bartos and Robert Soszynski as deputy CEO and Wieslaw Prugar as board member for upstream. Magdalena Bartos will be Orlen's deputy CEO for finance and Robert Soszynski will be deputy CEO for strategy and sustainable development. Jozef Wegrecki was dismissed from his position as a member of Orlen's management board as of April 30. Tillkännagivande • Apr 11
Orlen S.A. Appoints Ireneusz Fafara as New CEO Orlen S.A. elected Ireneusz Fafara as its new CEO after dismissing Daniel Obajtek from the post in early February. Fafara was appointed to the management board's joint term of office, which ends on the date that the Ordinary General Meeting approves the company's financial statements for 2025. The appointment is effective April 11. Fafara is an expert with knowledge of the fuel sector and the challenges related to energy transformation. In the years 2010-2018, he was the president of Orlen Lietuva, the company's Lithuanian subsidiary operating the only petroleum refinery in the Baltic states. Since June 2020, he has been the president of 4Cell Therapies, a company in the medical sector. Obajtek, the CEO of Orlen of six years, was dismissed by the group's supervisory board on February 1, effective February 5. For many in the new government Obajtek was seen as being too close to the old Law and Justice government, which lost power in October's general election. He was also dogged by controversies surrounding his assets and the sale by Orlen of a stake in the Lotos refinery to a Saudi Arabian company. Tillkännagivande • Mar 15
Operator Gazociagow Przesylowych GAZ-SYSTEM Sp. z o.o. has concluded an agreement to acquire Operator Systemu Magazynowania Sp. Z O.o. from Orlen S.A. (WSE:PKN). Operator Gazociagow Przesylowych GAZ-SYSTEM Sp. z o.o. has concluded an agreement to acquire Operator Systemu Magazynowania Sp. Z O.o. from Orlen S.A. (WSE:PKN) on March 15, 2024. The concluded agreement concerns the disposal of the storage system operator only, while the storage facilities themselves remain the property of Orlen Group. Orlen has entered into an agreement with Gas Storage Poland under which the company manages the capacities of the company's underground gas storage facilities located in Kosakowo, Mogilno, Wierzchowice, Brzeznica, Swarzow, Husow and Strachocina. The acquisition of the shares is conditional on UOKiK's approval of the concentration. In February, Orlen's EGM gave its approval for the sale of shares in Gas Storage Poland. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: zł23.73 (vs zł30.43 in FY 2022) Full year 2023 results: EPS: zł23.73 (down from zł30.43 in FY 2022). Revenue: zł372.6b (up 34% from FY 2022). Net income: zł27.6b (down 22% from FY 2022). Profit margin: 7.4% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 2.3% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 22
Orlen Recommends Base Dividend for 2023 Orlen recommend a base dividend of PLN 4.15 (EUR 0.96) per share from the 2023 net profit. Tillkännagivande • Feb 15
Orlen S.A. Announces Executive Changes Orlen S.A. announced that on February 6, Witold Literacki, appointed by the Minister of State Assets to Orlen's management board, was appointed by the supervisory board as acting CEO of the company. The supervisory board also decided to delegate three members of the supervisory board as of February 7: Kazimierz Mordaszewski, Tomasz Sojka and Tomasz Zielinski to temporarily act as members of the management board. Tillkännagivande • Feb 07
Orlen Announces Board Changes Orlen's shareholders appointed the members of the supervisory board at extraordinary general meeting. On the recommendation of the State Treasury, the members chosen are the following: Michal Gajdus, Ewa Gasiorek, Katarzyna Lobos, Kazimierz Mordaszewski, Mikolaj Pietrzak, Wojciech Popiolek, Ireneusz Sitarski, Tomasz Sojka and Tomasz Zielinski. Jan Wozniak, proposed by Nationale-Nederlanden OFE, has not been appointed to the board. The general meeting set the number of members of the new supervisory board at 10, but shareholders appointed only nine people.Wojciech Popiolek has become the chairman of the supervisory board. At the same time, the general meeting dismissed eight people from the existing supervisory board, headed by ex-chairman Wojciech Jasinski. Patrycja Klarecka, Jan Szewczak, Armen Artwich and Roman Rog also resigned from the board. Tillkännagivande • Feb 06
Jan Szewczak Steps Down as Member of Orlen's Management Board Jan Szewczak stepped down from his position as a member of Orlen's management board, effective February 5, 2024. Szewczak was a member of the management board for finance. Tillkännagivande • Feb 05
Orlen S.A. Announces Board Resignations Orlen S.A. announced that Patrycja Klarecka and Armen Artwich have decided to step down as members of Orlen's management board, with immediate effect (till the end of the day). On Michal Rog also resigned as a member of the company's management board, effective, February 5, 2024. Tillkännagivande • Feb 02
Orlen Group Dismisses CEO, Daniel Obajtek Effective February 5, 2024 Orlen Group's supervisory board dismissed CEO Daniel Obajtek from the management board with effect from the end of the day February 5, 2024. The company announced that the company's supervisory board, after reviewing the letter of the President of Orlen's management board, Mr. Daniel Obajtek, where he declared that +he placed himself at the disposal of the company's supervisory board in the scope of the performed function+, decided to dismiss Mr. Daniel Obajtek from the Orlen's management board with effect from the end of the day, February, 5th 2024. Tillkännagivande • Dec 15
Poland's Minister of State Assets Dismisses Janina Goss from Supervisory Board of Orlen Poland's Minister of State Assets, on behalf of the State Treasury shareholder, dismissed Janina Goss from Orlen's supervisory board, the company said in a market filing. Tillkännagivande • Nov 15
Orlen Reportedly in Advanced Talks to Buy Kuwait Foreign Petroleum's Norwegian Assets Polish state-controlled oil and gas group Orlen S.A. (WSE:PKN) is in advanced talks to buy Kuwait Foreign Petroleum Exploration Company K.S.C.’s (KUFPEC) stakes in assets on the Norwegian continental shelf, four sources familiar with the process said. Operating under the name of PGNiG Upstream in Norway, Orlen has been prioritising gas assets to fill up a new pipeline carrying Norwegian gas to Poland via Denmark. PGNiG Upstream has a 14.02% stake in Norway's second largest gas field, Ormen Lange, which is operated by Shell plc (LSE:SHEL). KUFPEC hired Scotiabank (The Bank of Nova Scotia (TSX:BNS)) earlier this year to manage the sale process for its Norwegian assets as part of its focus on newer exploration and production hubs. The sale was expected to raise $300 million, sources told Reuters in May. Orlen said on November 14, 2023 that it is constantly monitoring foreign markets in search of acquisition opportunities that match with assets already held, but declined to confirm the talks on KUFPEC's assets. "All decisions regarding possible investments or capital involvement are made in accordance with corporate governance and communicated primarily through the group's official communication channels," the company said in response to Reuters questions. KUFPEC was not immediately available for comment. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: zł2.98 (vs zł20.24 in 3Q 2022) Third quarter 2023 results: EPS: zł2.98 (down from zł20.24 in 3Q 2022). Revenue: zł75.4b (up 3.3% from 3Q 2022). Net income: zł3.46b (down 73% from 3Q 2022). Profit margin: 4.6% (down from 17% in 3Q 2022). Revenue is expected to fall by 10% p.a. on average during the next 3 years compared to a 4.5% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 21
ORLEN Announces the Resignation of Michal Klimaszewski as Supervisory Board Member, Effective October 31, 2023 On 20 October 2023 Mr. Michal Klimaszewski submitted a resignation with the effect from the end of 31 October 2023 from the position of ORLEN Supervisory Board Member. Tillkännagivande • Oct 14
Orlen S.A. (WSE:PKN) acquired Ujazd, Dobrzyca, and Dominowo wind farms in Poland from EDP RENEWABLES Polska Sp. z o.o. Orlen S.A. (WSE:PKN) acquired Ujazd, Dobrzyca, and Dominowo wind farms in Poland from EDP RENEWABLES Polska Sp. z o.o. on October 12, 2023. The wind farms have a total capacity of more than 140 MW.
Orlen S.A. (WSE:PKN) completed the acquisition of Ujazd, Dobrzyca, and Dominowo wind farms in Poland from EDP RENEWABLES Polska Sp. z o.o. on October 12, 2023. Tillkännagivande • Sep 27
Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) acquired DOPPLER Energie GmbH from Doppler Beteiligungs Gmbh. Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) concluded the agreement to acquire DOPPLER Energie GmbH from Doppler Beteiligungs Gmbh on July 4, 2023. The terms and conditions of the Agreement do not deviate from the terms and conditions commonly applicable to this type of agreements. The closing of the transaction will take place after fulfillment of the conditions described in the Agreement, including receiving approvals from the relevant antitrust authorities and is planned for the turn of 2023 and 2024.Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) completed the acquisition of DOPPLER Energie GmbH from Doppler Beteiligungs Gmbh on September 26, 2023. Tillkännagivande • Sep 19
Orlen S.A. (WSE:PKN) signed a preliminary deal to acquire a 74.11% stake in Energop Sp Z O O from Agencja Rozwoju Pomorza S.A. Orlen S.A. (WSE:PKN) signed a preliminary deal to acquire a 74.11% stake in Energop Sp Z O O from Agencja Rozwoju Pomorza S.A. on September 18, 2023. The remaining stake is controlled by the Treasury. The deal is conditional on the consent from the antitrust body UOKiK. Upcoming Dividend • Aug 02
Upcoming dividend of zł5.50 per share at 7.7% yield Eligible shareholders must have bought the stock before 09 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 7.7%. Lower than top quartile of Czech dividend payers (8.5%). Lower than average of industry peers (9.0%). Tillkännagivande • Jul 27
Tauron Negotiates with Orlen TAURON Polska Energia S.A. (WSE:TPE) has started talks with the Orlen S.A. (WSE:PKN) (ORLEN Group) regarding the sale of shares in the combined heat and power plant in Stalowa Wola, and as part of the settlement, Tauron may acquire PGNiG TERMIKA Energetyka Przemyslowa S.A., a unit of Polish Oil and Gas Company (PGNiG), which in turn is a unit of the ORLEN Group. Commenting on the deal, Tauron Group's CEO Pawel Szczeszek notes that it is obvious that the group would be interested in Termika given Tauron's commitment to strengthen and develop its district heating segment in Slaskie Province. Tillkännagivande • Jun 09
Orlen Eyes Takeover of Grupa Azoty Pulawy Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) and Grupa Azoty S.A. (WSE:ATT) have announced that they started talks with a view to a potential acquisition of the fertiliser maker Grupa Azoty Pulawy (Grupa Azoty Zaklady Azotowe "Pulawy" S.A) by Orlen, which said that if due diligence results were positive, the deal might be finalised by the end of 2023. Commenting on the matter, PKN Orlen's CEO Daniel Obajtek stressed that Orlen had by far greater capacity to stabilise the situation on the fertiliser market and that it also had a track record in such segments as gas trade and petrochemicals. "We count on synergies between Grupa Azoty Pulawy and Orlen on many levels," he added. Meanwhile, Grupa Azoty's CEO Tomasz Hinc noted that he hoped that the talks would be constructive and successful. Tillkännagivande • May 27
Polski Koncern Naftowy ORLEN Spólka Akcyjna, Annual General Meeting, Jun 21, 2023 Polski Koncern Naftowy ORLEN Spólka Akcyjna, Annual General Meeting, Jun 21, 2023, at 10:00 Central European Standard Time. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: zł7.76 (vs zł6.48 in 1Q 2022) First quarter 2023 results: EPS: zł7.76 (up from zł6.48 in 1Q 2022). Revenue: zł110.3b (up 143% from 1Q 2022). Net income: zł9.01b (up 225% from 1Q 2022). Profit margin: 8.2% (up from 6.1% in 1Q 2022). Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 4.6% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: zł30.43 (vs zł26.00 in FY 2021) Full year 2022 results: EPS: zł30.43 (up from zł26.00 in FY 2021). Revenue: zł278.5b (up 112% from FY 2021). Net income: zł35.3b (up 218% from FY 2021). Profit margin: 13% (up from 8.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 1.5% p.a. on average during the next 3 years compared to a 7.2% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 16
PKN Orlen Fuels Discovers New 500 MCM Nat Gas Deposit PKN Orlen discovered a new 500 mcm natural gas deposit in Lubelskie region. Tillkännagivande • Jan 27
Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) acquired PGNiG Energia SA. Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) acquired PGNiG Energia SA on January 25, 2023. Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) completed the acquisition of PGNiG Energia SA on January 25, 2023. Tillkännagivande • Jan 20
Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) agreed to acquire 17 service stations in Bavaria and Baden-Württemberg. Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) agreed to acquire 17 service stations in Bavaria and Baden-Württemberg on January 19, 2023. The transaction will be funded with proceeds from the sale of part of LOTOS service stations. The rebranding process will be completed within three months of the acquisition. The acquisition is expected to close by the end of February after the Group obtains clearance from the German antitrust authority and other approvals. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł20.24 (vs zł6.80 in 3Q 2021) Third quarter 2022 results: EPS: zł20.24 (up from zł6.80 in 3Q 2021). Revenue: zł73.0b (up 100% from 3Q 2021). Net income: zł12.7b (up 336% from 3Q 2021). Profit margin: 17% (up from 8.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 5.6% p.a. on average during the next 3 years compared to a 7.9% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 10
Ministerstwo Skarbu Panstwa acquired a 18.76% stake in Polski Koncern Naftowy ORLEN Spólka Akcyjna. Ministerstwo Skarbu Panstwa acquired a 18.76% stake in Polski Koncern Naftowy ORLEN Spólka Akcyjna on November 8, 2022.Ministerstwo Skarbu Panstwa completed the acquisition of a 18.76% stake in Polski Koncern Naftowy ORLEN Spólka Akcyjna on November 8, 2022. Tillkännagivande • Nov 05
Polski Koncern Naftowy ORLEN Spólka Akcyjna to Report Q3, 2022 Results on Nov 29, 2022 Polski Koncern Naftowy ORLEN Spólka Akcyjna announced that they will report Q3, 2022 results at 8:30 AM, Central European Standard Time on Nov 29, 2022 Tillkännagivande • Oct 28
PKN Orlen Appoints Waksmundzka-Oleniczak, Perkowski as New Management Board Members Energy group PKN Orlen appointed PGNiG top managers Iwona Waksmundzka-Oleniczak and Robert Perkowski as new management board members, the company said in a market filing. Tillkännagivande • Aug 30
PKN Orlen Fuels Resumes Fertilizers Production at Unit Anwil PKN Orlen restored production of nitrogen fertilizers at its unit Anwil despite difficult macroeconomic conditions. The move comes as Orlen wants to guarantee food security in the country. On August 23 Anwil temporarily suspended fertilizer production due to unprecedented increase of natural gas prices in Europe. Following the stoppage of fertilizer production by Anwil and chemical group Azoty, food sector warned that the related shortage of by-products from fertilizer production, including solid CO2, could put country's food security at risk as numerous food processing plants would have to suspend production. Tillkännagivande • Aug 27
PKN Orlen Fuel Sued over Merger with Peer Lotos by Unspecified Lotos Shareholders PKN Orlen fuel has been sued over its merger with peer Lotos by unspecified Lotos shareholders, the company said in a market filing of notification received from a district court in Lodz. PKN Orlen sees the lawsuit as unsubstantiated. Last week, Parkiet business daily wrote that PKN Orlen had been sued over its merger with Lotos by two individual shareholders, who demand its cancellation on grounds of the move being detrimental to shareholders and economically irrational. Lotos and PKN Orlen shareholders approved the merger at EGMs in July. Tillkännagivande • Aug 24
PKN Orlen Fuels Halts Nitrogen Fertilizers Production At Unit Anwil - Filing PKN Orlen announced temporarily halted production of nitrogen fertilizers at its unit Anwil due to unprecedented increase of natural gas prices in Europe. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: zł8.44 (vs zł5.20 in 2Q 2021) Second quarter 2022 results: EPS: zł8.44 (up from zł5.20 in 2Q 2021). Revenue: zł57.8b (up 97% from 2Q 2021). Net income: zł3.61b (up 62% from 2Q 2021). Profit margin: 6.2% (down from 7.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 8.1% compared to a 16% growth forecast for the industry in Czech Republic. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be Kč469, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to decline by 6.3% per annum. Earnings is also forecast to decline by 18% per annum over the same time period. Upcoming Dividend • Jul 19
Upcoming dividend of zł3.50 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 03 October 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Czech dividend payers (6.5%). Lower than average of industry peers (8.3%). Tillkännagivande • May 26
PKN Orlen Approves Dividend for the Year 2021, Payable on October 3, 2022 Fuel group PKN Orlen shareholders approved PLN 3.50 DPS from 2021 profit, or close to PLN 1.5 billion total payout, in line with an earlier management recommendation. Dividend rights will be set on July 27 and the payment will follow on October 3. In 2021, PKN Orlen also paid PLN 3.50 dividend per share, using retained earnings from prior years. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: zł6.48 (vs zł4.32 in 1Q 2021) First quarter 2022 results: EPS: zł6.48 (up from zł4.32 in 1Q 2021). Revenue: zł45.4b (up 85% from 1Q 2021). Net income: zł2.77b (up 50% from 1Q 2021). Profit margin: 6.1% (down from 7.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.9%, compared to a 39% growth forecast for the industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 24
Polski Koncern Naftowy ORLEN Spólka Akcyjna, Annual General Meeting, May 25, 2022 Polski Koncern Naftowy ORLEN Spólka Akcyjna, Annual General Meeting, May 25, 2022, at 11:00 Central European Standard Time. Location: at Dom Technika, ul. Kazimierza Wielkiego 41 Plock Poland Agenda: To consider the consideration of the Management Board Report on the operations of the ORLEN Group and PKN ORLEN S.A. in 2021; to consideration of the financial statements of PKN ORLEN S.A. for the year ended December 31st 2021, as well as the Management Board's recommendation regarding distribution of net profit for the financial year 2021; to consideration of the consolidated financial statements of the ORLEN Group for the year ended December 31st 2021; to consideration of the report of the Supervisory Board of PKN ORLEN S.A. for the financial year 2021; to presentation of the 2021 Report on entertainment expenses, legal expenses, marketing expenses, public relations and communication expenses, and management consultancy fees; to approve the Management Board Report on the operations of the ORLEN Group and PKN ORLEN S.A. in 2021; to approve the financial statements of PKN ORLEN S.A. for the year ended December 31st 2021; and to consider the other matters. Tillkännagivande • Apr 14
Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) acquired 25 Petrol Stations in Slovakia. Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) agreed to acquire 25 Petrol Stations in Slovakia on April 12, 2022. As a result of the acquisition, the number of petrol stations run by PKN Orlen in Slovakia will increase to 47 while the new stations will operate under the brand Orlen Express. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: zł26.00 (vs zł6.44 in FY 2020) Full year 2021 results: EPS: zł26.00 (up from zł6.44 in FY 2020). Revenue: zł131.3b (up 52% from FY 2020). Net income: zł11.1b (up 304% from FY 2020). Profit margin: 8.5% (up from 3.2% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 35% growth forecast for the oil industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 31
PKN Orlen Proposes Dividend for the Year 2021, Payable on October 3, 2022 PKN Orlen proposed that shareholders take PLN 3.5 dividend per share from 2021 profit or close to PLN 1.5 billion total payout. The company proposes that rights are set on August 10, 2022 and the actual payout made on October 3, 2022. Buying Opportunity • Mar 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be zł489, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 24% share price gain to Kč429, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč510 per share. 
