#1MOL GROUP INVESTOR PRESENTATION MARCH 2024#2MOL GROUP IN BRIEF INTEGRATED CENTRAL EUROPEAN MID-CAP OIL & GAS COMPANY CORE ACTIVITIES UPSTREAM Exploration A A Production DOWNSTREAM Petrochemicals CONSUMER SERVICES GAS MIDSTREAM Retail Refining Mobility of CLEAN CCS EBITDA BY SEGMENTS IN 2023 (USD MN)1 UPSTREAM 953 KEY FIGURES DOWNSTREAM 1,328 WASTE MANAGEMENT CONSUMER 695 GAS 265 CAPITAL MARKETS BUSINESS/ASSETS Market cap. USD 6.5 bn Free float Countries ~25,000 46% 30+ Employees INVESTMENT GRADE USD 4.1 Credit rating bn Available Liquidity 380 Refinery capacity (kbpd) capacity Steam cracker 890 (ktpa) ~90 Production (mboepd) 2,400+ Service stations Reserves (Mmboe) 335 Retail transactions per day 1,000,000+ (1) "Corporate and other" segment and intersegment eliminations omitted. MOLGROUP | 2#3MOL IS THE DOMINANT O&G PLAYER OF THE CEE REGION 3 POSITION IN ALL FLAGSHIP AND CORE COUNTRIES #1 INDUSTRIAL FIRM IN ALL CORE COUNTRIES CZECHIA #3 #2 POLAND #3 SLOVAKIA #1 #1 RUSSIA AZERBAIJAN KAZAKHSTAN #1 #1 HUNGARY #3 #3 #2 #2 HQO ROMANIA SLOVENIA CROATIA #1 #1 #2 #2 SERBIA #3 #1 #1 MONTENEGRO BiH EGYPT IRAQ PAKISTAN FLAGSHIP COUNTRIES 1 CORE COUNTRIES 2 INTERNATIONAL UPSTREAM # FUEL WHOLESALE MARKET POSITION 3 # FUEL RETAIL MARKET POSITION 3 1 Countries with a refinery unit and at least 30% market share in Downstream and Consumer Services. 2 Countries with at least 10% market share in Consumer Services or fuel wholesale. 3 Company estimates MOLGROUP | 3#4AGENDA SHAPE TOMORROW THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY 6 DOWNSTREAM WASTE MANAGEMENT CONSUMER SERVICES 12 20 20 26 EXPLORATION AND PRODUCTION 35 FINANCIALS SUPPORTING SLIDES 42 50 Q4 2023 RECAP (LINK TO Q4 2023 RESULTS) 59 MOLGROUP#5THE MOL GROUP EQUITY STORY GROUP STRATEGY AND SUSTAINABILITY SHAPE TOMORROW MOL Group Strategy#6NAVIGATING THE COMPLEXITIES OF THE ENERGY TRANSITION CHALLENGES AND OPPORTUNITIES IN A SHIFTING LANDSCAPE Supply security Sustainability Affordability Sustainability regulations: ambitious goals, but high uncertainty regarding markets & technologies Geopolitical tensions: need for supply diversification & improved European competitiveness Customer expectations: predictable & affordable energy supply AFFORDABILITY SUSTAINABILITY SUPPLY SECURITY The energy transition poses both challenges and opportunities, requiring a nuanced approach to balance sustainability, energy security, and economic competitiveness. MOLGROUP | 6#7TRANSITION PATH BASED ON RESILIENT MOL GROWTH MODEL HIGH-GROWTH AND PROFITABLE CEE CORE OPERATIONS AND INTERNATIONAL E&P ENABLE SMOOTH DIVERSIFICATION AWAY FROM FOSSIL FUELS DS CS GM E&P UPSTREAM CEE Partly satisfies the HC need for Downstream and/or generates stable cash flow for the Group REFINING AND MARKETING Significant value added with highly efficient units securing the fuel supply of CEE CONSUMER SERVICES CORE ACTIVITIES: CEE OIL & GAS Mobility provider with 2,400 service stations across CEE to capture the consumer end of the O&G value chain GAS MIDSTREAM Regulated business (asset base and return) generating cash for high- return investments in other segments E&P ESG E&P DS DIVERSIFICATION FROM FOSSILS OPERATIONAL MODEL SECURES TRANSITION WITH GROWTH AND RESILIENCE GEOGRAPHIC DIVERSIFICATION INTERNATIONAL UPSTREAM CS ESG✰ DS LOW CARBON CIRCULAR Already started low-carbon circular projects to enter into waste management, biogas production, green hydrogen, solar and other means of energy production. Continued expansion brings efficiency, self-reliance, and compliance with EU sustainability-related regulations Continued presence in Int'l upstream projects to generate cash and provide hedge for the other segments of the Group DIGITISED RETAILER Expansion in alternative fuel, car-sharing, non-fuel and highly digitised services allow for tackling transition PETROCHEMICALS Skewing downstream production towards petrochemicals also serves as a diversification from fossil fuels MOLGROUP | 7#8HIGHER INVESTMENT TO SHAPE A SUSTAINABLE TOMORROW LOW-CARBON CAPEX TO ACCELERATE AND MOVE BETWEEN 30-40% OF TOTAL CAPEX TO REALISE TRANSITION IN NEXT DECADES 2018-23 Organic CAPEX distribution (Since Shape Tomorrow Strategy) (yearly avg., real 2024) 2025-30 Organic CAPEX distribution (yearly avg., real 2024) Sustain Strategic Low- carbon 56% USD -1.3 bn 72% USD -1.1 bn 28% USD ~1.8 bn USD ~0.5 bn USD ~1.9 bn USD ~0.8 bn 44% < A 2025-2030 Organic CAPEX spend to increase by 5%+ on average in real terms to accelerate transition Keep sustain CAPEX low (close to previous year's average level) thanks to efficiency gains resulting from past and ongoing projects Increase share of transformational CAPEX with low-carbon share of total CAPEX targeted at 30-40% Investments continue to be deployed selectively depending on risk-return profile <10% 30-40% MOLGROUP | 8#92030 EMISSION REDUCTION TARGET RAISED LIKE-FOR-LIKE SCOPE 1&2 GHG EMISSION REDUCTION EXPECTATION INCREASED TO 33% FROM PREVIOUS TARGET OF 30%; GHG EMISSION TO DECREASE BY 25% IN ABSOLUTE TERMS SCOPE 1&2 GHG EMISSION (Mt) REDUCTION AMBITION HIGHER -10% 8 7.6 0.1-0.1 7 60 Like-for-like¹ Absolute² 6.9 0.1 0.0 -30% -33% -25% 7.6 0.1 0.1 7.2 0.1-0.0 5.7 5.3 5.1 6.4 6.1 5 6.4 4 6.1 3 2 1 1.0 1.0 1.0 0.6 0 2019 2022 2030 old 2030 new 2019 2022 2030 E&P DS CS Other Total MOL committed to achieve 2050 net climate neutrality Absolute GHG emission reduction² target for 2030 set at ca. 25% compared to 2019, equalling 33% on like-for like¹ terms, more ambitious than in 2021 strategy No segment-level targets set in order to allow capitalizing on integrated model and ensure flexibility Absolute Scope 3 emissions are expected to decrease by 5-10% by 2030 (from 2019) ► From 2024 onwards, GHG and TRIR KPIs are also introduced in managerial short-term incentives STRONGER SHORT-TERM COMMITMENT TO ACHIEVE CLIMATE GOALS 1 Like-for-like emissions only include GHG emissions of 2019 asset base. 2 Absolute target-setting methodology in line with requirements set by EU Directive 2022/2464 (CSRD) on corporate sustainability reporting. MOLGROUP | 9#10MOL GROUP'S ESG TARGETS CLIMATE/GHG TARGETS Reducing Group-level Scope 1+2 GHG emission by 25% by 2030 (from 2019) Ambition to reach net carbon neutrality by 2050 No segment-level targets set in order to allow capitalizing on integrated model and ensure flexibility ► Target is set in absolute terms to comply with EU reporting requirements Share of low-carbon CAPEX between 30-40% for the period 2025-2030 ► Carbon trajectory and EU taxonomy alignment are incorporated into investment decision processes ► MOL's low carbon definition covers every project which contributes to the Group's energy transition by lowering emissions (including energy efficiency, electrification) or stepping into new, low carbon businesses (renewable energy, circular economy). GHG emission reduction and TRIR targets are included in the short-term management incentive scheme from FY2024 onwards CLIMATE & ENVIRONMENT HEALTH & SAFETY PEOPLE & COMMUNITIES INTEGRITY & TRANSPARENCY OTHER Renewable electricity consumption up to 2,500 GWh per year by 2030 Scope 3 is expected to decrease by 5-10% (from 2019) by 2030, depending on fossil fuel demand Zero fatality TRIR below 1.1 for core activities by 2030 Eliminate significant API Tier 1 process safety events by 2030 Women in management: reach 30% target by 2030 Keep sustainable employee engagement level at min. 75% 50% of social investment spent on local communities by 2030 Annual ethics training for 100% of employees Procurement: Reduce non-hydrocarbon GHG emission by 30% in inbound supply chain by 2030 MOLGROUP | 10#11THE MOL GROUP EQUITY STORY DOWNSTREAM SHAPE TOMORROW MOLGROUP#122050 VISION: HIGHLY EFFICIENT, SUSTAINABLE, CHEMICAL-FOCUSED KEY DIRECTIONS ARE STILL VALID WE HAVE A LONG-TERM VISION TO BECOME A SUSTAINABLE CHEMICALS COMPANY AND POWERING MOBILITY WITH AN AMBITION TO REDUCE CARBON FOOTPRINT AND STRIVING TO REACH NET ZERO EMISSION IIIII SUSTAINABLE CHEMICALS WE ARE THE (CENTRAL) EUROPEAN CHAMPION IN... POWERING MOBILITY DRIVEN BY HIGH EFFICIENCY & PRODUCTIVITY POWERED BY RENEWABLE ENERGY INTEGRATED CIRCULAR ECONOMY 3 O (TRADITIONAL) ASSETS WITH MINIMAL CARBON FOOTPRINT MOLGROUP | 12#13KEY PILLARS OF OUR STRATEGY UNTIL 2030 BALANCED FOCUS ON SUPPLY SECURITY AND DIVERSIFICATION FROM FOSSIL ► A FUELS Keep up market share & profitability Scale up alternative fuels, ensure compliance Extend our captive markets via improved fuel card offerings CHEMICALS Delivering Polyol, our flagship project ▸ Value chain extension with mid- scale investments Continue transformation towards circular chemicals NEW AND SUSTAINABLE Speed-up biogas and H2 value- chain development Expand recycling & compounding Drive GHG emission reduction on Group level Prioritize sustainability projects with favourable return profile PRODUCTION AND EFFICIENCY ▸ Profitability: keep EBITDA above USD 1.2 bn per annum in mid cycle macro with the efficient combination of supply security, chemical & sustainability related transformational investments, GHG emission decrease and further operational efficiency improvement initiatives Efficient assets: High asset efficiency to secure additional cash flow for strategic investments, delivering USD 150mn savings by 2025 via energy efficiency, maintenance, and logistics on track ▸ Keep the 1st quartile position (top 25%) of the Duna Refinery and Slovnaft in Net Cash Margin within Europe ▸ Sustainable assets: Asset energy efficiency improvement and operate new development solutions to reduce GHG Target 2nd quartile in Solomon Energy Intensity Index MOLGROUP | 13#14MAXIMISING SYNERGIES WITH WASTE MANAGEMENT DOWNSTREAM INCREASINGLY RELIES ON CIRCULAR SOLUTIONS BUT MARKET-BASED SOLUTIONS STILL NEEDED Bio- methane Crude Copro feed Green H2 Waste oil recovery Recycled carbon fuel 4 ENERGY ENERGY RECOVERY Biofuel 4 1 4 8 1 REFINERY BASE CHEMICAL PRODUCER POLYOLEFIN PRODUCER PRODUCTS WASTE/ MOHU External feedstock MOL Group feedstock USED COOKING OIL CHEMICAL RECYCLING MECHANICAL RECYCLING MOLGROUP | 14#15CONTINUING RIJEKA REFINERY UPGRADE INSTALLATION OF A DELAYED COKER UNIT (DCU) ENABLING FULL CONVERSION AND UTILIZATION STATUS 84% Overall project IMPROVED REFINERY MARGIN progress +14% more valuable product portfolio (1) Own consumption and loss ▸ Rijeka Refinery Upgrade Project is the largest single investment project in INA's history ▸ Engineering and purchasing completed ► Port and related logistics enabling sale of new product (petroleum coke) ▸ Mechanical completion planned for 2024 Gases & LPG Gasoline Jet Diesel Heavy fuel oil OCL✶ AS-IS Gases & LPG Gasoline Jet +14% Diesel -14% Coke OCL* MOLGROUP | 15 AFTER#16THE POLYOL PROJECT REPRESENTS AN IMPORTANT MILESTONE FOR STEPPING FORWARD IN THE PROPYLENE VALUE CHAIN LARGEST ORGANIC INVESTMENT IN MOL GROUP HISTORY DRIVER POLYOL PROJECT RATIONALE AND TIMELINE ▸ Moving from commodity (polypropylene) to semi commodity ► 205 ktpa of polyol TARGET VOLUME ‣ 60 ktpa propylene glycol (PG) ▸ Flexible and rigid foams TARGET SEGMENTS ► Unsaturated polyester resin (UPR), functional fluids, GRADUAL RAMP UP personal care products ▸ Technical constraint: Breeding period ▸ Market constraint: Quality customization period Timeline: 2024 - 2025 (1) Under mid-cycle assumptions FINANCIAL AND OPERATIONAL EFFECTS CAPEX ESTIMATE ~USD 1.5 Bn FTE NEED ~200 EBITDA POTENTIAL¹ ~USD 150 mn p.a. MARGIN 400-500 USD/t MOLGROUP | 16#17ADRIA PIPELINE PROVIDES ALTERNATIVE CRUDE SUPPLY AROUND USD 500MN INVESTMENT WOULD BE NEEDED FOR FULL DIVERSIFICATION ALTERNATIVE CRUDE SUPPLY ROUTE THROUGH THE ADRIA COMMENTS CZ Budkovce Bucany Tupa Friendship - SK Friendship 2 Bratislava Ref. capacity: 6 mtpa Friendship I 6 mtpa 8 Omisalj Rijeka Adria Csurgó Virje 11 mtpa Sisak Tiszaújváros Százhalombatta Ref. capacity: 8 mtpa We have spent USD 170 mn on the development of the Danube Refinery pre-war We have mapped what further investments are needed, and we are cautiously progressing with the transition of the refinery in Bratislava as well as in Százhalombatta ▸ Adria pipeline technically capable of supplying ~80% of landlocked refineries' crude intake ► Investments in the magnitude of USD 500 mn targeting crude blending, treatment and refinery debottlenecking would significantly increase MOL's ability to further diversify from Ural oil MOLGROUP | 17#18CRUDE DIVERSITY PROJECTS TO INCREASE OUR FLEXIBILITY CRUDE DIVERSIFICATION PROGRAM LAUNCHED TO EASE THE PRESSURE ON SUPPLY SECURITY CAUSED ► Supply security became extremely important in the region due to the Russian - Ukraine war DEVELOPING TECHNICAL CAPABILITIES TO INCREASE POTENTIAL NON-RUSSIAN CRUDE PROCESSING 100% WHY? ▸ MOL Group must comply with EU sanctions ► Ensure continuous security of product supply in the region, and manage risks 75-80% 65-70% WHAT? HOW? Diversify source of crude oil supply ▸ Valuating options to reduce or eliminate dependence on Russian crude imports ► Non-Russian crude processing ratios according to EU sanctions 30-35% 20-25% ▸ Maintain current capacities, with wider crude selection ▸ Since 2022 MOL Group tested 8 different crude types, SN processed close to 1 mn ton alternatives in 2023 50-55% 45-50% Business as usual From 2023 From 2024 From 2026 ▸ Staged execution ▸ Czech exemption prolonged until end of 2024. REB Non-REB ratio at landlocked refineries MOLGROUP | 18#19ORGANIC CAPEX ALLOCATION 2025-2030 TOTAL ORGANIC CAPEX OF USD 5.3 BN INCLUDING USD 2.5 BN (~ 400 MMUSD/Y) SUSTAIN & LTE¹ IN ADDITION TO STRATEGIC CAPEX OF USD 2.8 BN Waste & chemicals Waste and recycling Chemicals mid-scale USD 2.8 bn projects/scale-ups Low-carbon CAPEX Supply security & flexibility Crude diversity projects to replace Russian crude Logistic investments Decarbonization² Energy efficiency, electrification Biomethane and green H2 value-chain developments Further decarbonization, coprocessing projects to drive sustainability 1) Lifetime extension MAXIMISE PROFITABILITY WITH CAREFUL PROJECT SELECTION AND PRIORITIZATION 2) Partnerships and subsidies can further increase the headroom for sustainability related investments MOLGROUP | 19#20SHARE OF RENEWABLES TO GROW IN MOL GROUP'S ELECTRICITY CONSUMPTION A MIX OF OWN PRODUCTION AND MARKET-BASED SOLUTIONS NEEDED TO MAXIMIZE EBITDA POTENTIAL AND DEPLOY SYNERGIES WITH MOL GROUP'S OPERATION Electricity demand of decarbonization of Downstream HYDROGEN H2 HYDROGE Green H₂ De- carbonisation of DS 10 MW electrolyser to come online in 2024 and to be supplied from renewables Green H2 production to scale up significantly over strategic horizon DS CO2 roadmap / RES for Production & Electrification Current operation of 44 MW solar production is considered as the first step taken, scale-up of the portfolio is planned in synergy with current and future electricity consumers of MOL Group Renewable electricity to cover the consumption growth of green H2 and decarbonisation needs Solar projects are expected to give the majority of the production complementing however renewable sources and storage solutions are considered as well By 2030 MOL Group expected to consume up to ~2 500 GWh renewable electricity#21THE MOL GROUP EQUITY STORY WASTE MANAGEMENT SHAPE TOMORROW MOLGROUP#22THE CONCESSION TO COVER ~5 MN TONNES OF WASTE AND THE WHOLE TERRITORY OF HUNGARY COMPOSITION OF WASTE BY SOURCE Total waste: 20 mn tons 4% 3% 13% MOL'S SCOPE: 4.7 mn tons (mainly municipal solid waste) 18% Construction and demolition waste Industrial waste Municipal solid waste (MSW) 27% 35% OPERATION WITH REDUCED NUMBER OF REGIONS Municipal liquid waste Hazardous waste Agricultural and food waste ► From 26 service providers operating independently MOHU decreased to 6 regions for more efficient operation ► Starting utilization of synergies on country level as a result of optimization MOLGROUP | 22#23INTEGRATED WASTE MANAGEMENT CONCESSION EXTENDED SERVICE SCOPE WITH MANAGING ROLE IN THE WHOLE VALUE CHAIN Pre- concession public service Extended Public Service Deposit Refund System Waste falls under product fee (public and industrial origins) Industrial - production Construction and Demolishon Other solid waste EPR OPERATOR COLLECTION PRE- TREATMENT RECYCLING ENERGY RECOVERY LANDFILLING PET Glass Alu Packaging WEEE Auto ELT Battery battery Managing and execution: Concessor Managing and execution: Concessor Managing and execution: Concessor DOD Managing and execution: Market players Managing and execution: Market players Managing by regulated price Execution: Market players MOLGROUP | 23#24EFFICIENCY GAINS AND MINIMIZING LANDFILL PROVIDE SIGNIFICANT IMPROVEMENT POTENTIAL CONCESSION TO IMPROVE EFFICIENCY ▸ Making waste collection and transportation tasks more efficient Optimizing the utilization of tasks of national waste treatment ► Introduction of the extended producer responsibility system ► Introduction of the deposit refund system MUNICIPAL WASTE HANDLING IN THE EU 36% 45-65% 14% >65% ► Development of new separate collection of household waste streams 55-35% 51% >50% ▸ Creation of new waste-to-energy plant of at least 100 kt capacity Implementation of investments in a minimum amount of USD ~0.5bn by 2033 ► Creating a waste tracking IT system Promoting the improvement of consumer attitude and the increase of their participation <10% <1% Developed EU countries (e.g. Hungary EU Target EU Target for 2025 for 2035 Sweeden, Germany) ▸ Organizing waste recycling Recycling, Composting Waste-to-Energy Landfill MOLGROUP | 24#25UP TO 1.5 MN TONS OF FEEDSTOCK FOR ENERGY INDUSTRY BY 2030 WASTE MANAGEMENT TO BECOME AN ENABLER OF FUTURE GROWTH ✰ Plastic Recycling Petchem feedstock from plastic recycling Rubber Bitumen Rubber compound feedstock from end- of-life tire utilization Bio & Alternative Fuels Bio & alternative fuel feedstock from the utilization of biodegradable waste Used Cooking Oil Collection UCOME feedstock to produce biodiesel from used cooking oil recycling 4 Waste Utilization & Integration Feedstock to produce energy from the utilization of mixed waste MOLGROUP | 25#26MAIN SUCCESS AND DEVELOPMENT AREAS OF WASTE MANAGEMENT FOCUSING ON THE START OF THE CONCESSION AND THE MILESTONES AHEAD SETUP SUCCESSFUL CHALLENGES AHEAD CONCESSION REGULATORY ENVIRONMENT OPERATION The transition to the new system was successfully completed, and it is operating as intended The collection and treatment of waste is stable and continuous All relevant legislative acts and methodology were published The brand-new price regulation has been completed and EPR fees were announced Seamless transition for the end-customers Deposit Refund System was launched on 1 January 2024 Stabilizing supply chain operation Starting to implement efficiency and cost reduction programs Increasing the yield of recovered material Implementing Deposit Refund System Ensuring smooth public invoicing Building brand awareness MOLGROUP | 26#27MAIN DEVELOPMENT PROJECTS OF WASTE MANAGEMENT ORGANIC INVESTMENTS BETWEEN 2025-2030 ✓ Waste to Energy plant H Waste collection renewal Low-carbon CAPEX USD 0.9 BN 80+% ($) Deposit Refund System Waste yards, transfer stations, sorting plants Selective waste bins, containers & RFID system, mobile waste yards MOLGROUP | 27#28THE MOL GROUP EQUITY STORY CONSUMER SERVICES SHAPE TOMORROW MOLGROUP#29A LEADING REGIONAL NETWORK TOP 3 IN 100% OF THE NETWORK 10 COUNTRIES 6 WELL ESTABLISHED BRANDS MOL MOL CZECH R. MARKET POSITION: 3 MARKET SHARE: 18% SLOVENIA MARKET POSITION: 2 INA MARKET SHARE: 41% 2,400+ MOSTLY COCO/COCA SERVICE STATIONS* INA CROATIA tifen MARKET POSITION: 1 MARKET SHARE: 59% ¡NA BiH EP MARKET POSITION: 1 MARKET SHARE: 13% CORE 6 COUNTRIES *2023 YE data, including DODO and DOFO stations Source of the market share data is local, internal estimation For Slovenia, MOL SLO and MOL&INA sold volume is taken into consideration compared to Statistical Office data MOL POLAND MARKET POSITION: 3 MARKET SHARE: 7% Slovnaft SLOVAKIA MARKET POSITION: 1 MARKET SHARE: 46% MOL HUNGARY MARKET POSITION: 1 MARKET SHARE: 49% MOL ROMANIA MARKET POSITION: 3 MARKET SHARE: 17% MOL SERBIA MARKET POSITION: 2 MARKET SHARE: 8% INAMONTENEGRO MARKET POSITION: 3 MARKET SHARE: 10% REFINERY#30BECOME A DIGITALLY-DRIVEN CONSUMER GOODS RETAILER AND INTEGRATED, COMPLEX MOBILITY SERVICE PROVIDER BY 2030 Regional leader in fuel and convenience retailing ▸ Expansion and optimization of the network in existing and entry into potential new markets in CEE Increase premium fuel penetration and maintain market share as appropriate for each market. Serve the emerging alternative fuel demand Broaden and strengthen the gastro and convenience offerings by building on our FMCG capabilities and differentiating offer لثا Continuous improvement of operational efficiency Strong standardization and digitalization of processes backed up by operational discipline ► Optimization of OPEX, supply chain and stock management ► Data-driven daily sales management and digitally enhanced operation execution Diversification of sales channels Customer activation and retention via new digital loyalty rewards program Focus on exploiting synergies by bringing retail and mobility customers onto the same platform Leverage the scale of our digital loyalty platform to build a digital ecosystem Roll-out of standalone Fresh Corner Café concept and develop a franchise concept for market expansion CONTINUOUS INTEGRATION OF SUSTAINABILITY OBJECTIVES MOLGROUP | 30#31SIGNIFICANT PROGRESS MADE IN NETWORK EXPANSION SINCE 2021 ACQUIRING 500+ STATIONS IN THE REGION 2021 Q1 2022 Q1 2022 Q4 Marché RESTAURANT MOL acquired 100% shareholding in Marché Restaurants Hungary Kft. for 9 highway restaurants. Now it is fully integrated into MOL HU operations and is providing blueprint for high-quality gastro offer. LUK LUKOIL S LOTOS In December 2022, MOL Group acquired 417 Lotos remedy SeSs in Poland (mixed COCA & DOFO operating models) creating position to achieve a clear nr. 2 position. Stabilization and integration is ongoing. Slovnaft a.s. acquired 100% of Normbenz Slovakia s.r.o. (16 Lukoil branded SeS): 11 are integrated into Slovnaft Retail operation, while 5 were sold to ORLEN Unipetrol Slovakia s.r.o. 2023 Q2 OMV MOL Group acquired 92.25% stake in OMV Slovenija d.o.o. for 120 Sess in Slovenia and is now the 2nd biggest petrol retailer in the country. MOLGROUP | 31#32GASTRO & SHOP TO DRIVE GROWTH IN TRADITIONAL RETAIL EXCELLENT TRACK RECORD IN DRIVING NON-FUEL SALES SET TO CONTINUE BASED ON DIGITAL AND BUSINESS MODEL TRANSFORMATION UNIT EBITDA, NON-FUEL MARGIN SHARE¹ AND NETWORK DEVELOPMENT, 2016-2023 163 Unit EBITDA CAGR: 5% 400 40 311 286 300 247 263 30 224 187 200 160 20 100 10 248 0 0 2016 2017 2018 2019 2020 2021 2022 2023 Non-fuel margin share (%) EBITDA per SES (USD'000) 877 687 447 .. +82% +6% 955 1,070 1,179 1,253 2016 2017 2018 2019 2020 2021 2022 2023 Nr. of Fresh Corner sites (EOP) 2023 TRENDS CONFIRM STRATEGIC DIRECTIONS GROWTH IN NR. OF PRODUCTS SOLD, 2023 V 2022 (%) Coffee Cups 7% 20% Hotdog 29% 48% Fresh sandwiches 21% 52% LOYALTY PENETRATION² (%) ACTIVE LOYALTY CUST.³ (MN) +4pp +10% 22% 3,4 3,1 18% COMMENTS First phase of digitalisation has been paying off with unit margins on an uptrend Non-fuel sales has been trending upwards thanks to a strong offer lineup and digital discount and loyalty schemes ►App-based loyalty system "MOL Move" gaining popularity with increasing penetration among transactions Positive network effects likely to support the trend with the ongoing integration of Polish and Slovenian acquisitions into the Fresh Corner and Gastro concept Like-for-like Acquisition effects 2022 2023 2022 2023 (1) 2021-2022 EBITDA/SES and non-fuel margin share figures was distorted by COVID and price cap effects (2) Share of loyalty transactions within the total transactions over the selected period (3) At least 1 transaction on a registered loyalty ID within the given period, without acquisition effects MOLGROUP | 32#33CEE MARKET LEADER IN FUEL & CONVENIENCE RETAILING EBITDA OF USD 1,000 MN TO BE DELIVERED BY 2030 mn EBITDA mn FCF IN 5 YEARS CONVENIENCE 2025 original goals 2025 revised goals 2030 goals USD ~700 USD ~730 USD 1,000 USD 1,800 USD~2,000 USD~2,900 63% SALES INCREASE 92% 183% FUEL VOLUME 42% 40% 43% INCREASE INCREASE IN ACTIVE 50% 50% 100% LOYALTY CUSTOMERS All % increase data are vs 2021A Convenience sales category covers Gastro, Grocery and Forecourt non-fuel categories MOLGROUP | 33#34ORGANIC CAPEX ALLOCATION 2025-2030 RETAIL ► Develop network further to keep and improve competitive position ▸ Integrate SeSs acquired in 2022-2023 ► Continue rollout of Fresh Corner concept ► Further innovate with industry leading digital solutions USD ~1.4 BN ► Further standardize systems, operation processes ALTERNATIVE FUEL & MOBILITY ▸ Expansion in EV-chargers, fleet and car-sharing services in line with market growth CONTINUE PROFITABLE TRANSFORMATION TO BECOME A DIGITALLY DRIVEN CONSUMER RETAILER AND INTEGRATED MOBILITY PROVIDER MOLGROUP | 34#35DIVERSIFICATION OF SALES CHANNELS THROUGH DIGITAL TRANSFORMATION AND FRANCHISE OPERATION My rewards My coupons 2016-2020 Digital and data-driven operation NA "NALOYALTY ZLATKO HORVAT www.inaloyalty.hr 2021-2025 Synergies & platform building Free special espresso ► Supporting traditional loyalty programs with data analytics, improved campaign management and new digital channels (e.g. MOL Go app) Establishment of a new digital loyalty rewards program (already introduced in Croatia, Slovenia and Hungary) Strengthening digital execution with online, gamified learning and sales manager tool to boost sales e3 petry discou -15% Highway coffee discount Use this coupon to get 15% discount on up to 2 hot drinks with at several highway MOL stations. Invite your friend or significant other for a cup of delicious coffee at a Fresh Corner! Start personalizing retail customers' journeys through the new Digital Loyalty program Focus on exploiting additional MOL Group synergies (e.g.: retail network and customers) New digital payment solutions to improve on-site customer experience Beyond 2025 Step change CORN ► Integrate retail and mobility to sell km instead of liters ▶ E-Commerce: new, convenient online sales channel & marketplace Roll-out of standalone Fresh Corner Café concept in a franchise model Become a multi-brand franchisor by entering different segments MOLGROUP | 35#36SERVING THE EMERGING ALTERNATIVE FUEL NEED TO COMPENSATE SHRINKING OPPORTUNITIES IN FOSSIL FUELS BEYOND 2030 2017-2024 Foundations in EV- charging 2025-2030 Tailored growth and service developments Beyond 2030 Step change AA! H₂ only hydrogen Inside CO₂:0.0 ► Capability and knowledge building in the e-mobility sector Above 200 EV-chargers were installed in the region MOL Plugee brand and application were introduced for seamless customer experience MOL 6 ► Improve services and business model, offer additional value-adding services ► Further grow customer base Reach new market and customer segments, test new concepts Significant investments in EV- chargers and connected services Pilot projects in advanced technologies (e.g: improved charger station layouts, hydrogen fuel-cell based transport) ► Expected uptake in hydrogen fuel- cell vehicles, mainly in public transport and long-haul freight PLUGEE MOLGROUP | 36#37MOBILITY SERVICES TO GROW FURTHER AND EXPLOIT SYNERGIES THROUGH DIGITAL PLATFORMS 2017-2022 Start and capability building MOL LIMO LIND-301 66 Ft W 2023-2025 Synergies & platform building Beyond 2025 O PUBLIC TRANSPORT ECO TRANSPORT Step change ELECTRIC BICYCLE ELECTRIC CAR ELECTRIC BUS Capabilities built in B2C and B2B customer brands Focus on increasing synergies among mobility businesses: 600 mn+ already sold kilometers ~6.000 fleet cars ~100.000 car sharing users ~2500+ shared bikes ► Building synergies between existing mobility capabilities and introducing new services Lay the foundation of a digital ecosystem in which MOL Group's mobility services and additional solutions are interconnected ► Offering seamless, digitally integrated platform-based solutions for multimodal transportation Active tracking of potential businesses related to autonomous vehicles and transportation methods MOL MOL MOL LIMO BUBI BAJK FLEET MOLGROUP | 37#38THE MOL GROUP EQUITY STORY EXPLORATION AND PRODUCTION A A SHAPE TOMORROW MOLGROUP#39335 MMBOE 2P RESERVES AT 2023YE AND 90.4 MBOEPD 2023FY PRODUCTION CEE Reserves: 131 MMboe Production: 56.3 mboepd ►HUNGARY Reserves: 56.5 MMboe Production: 33.9 mboepd ► CROATIA Reserves: 74.4 MMboe Production: 22.4 mboepd ▶o/w offshore Reserves: 6.7 MMboe Production: 3.4 mboepd EXPLORATION PRODUCTION PRODUCTION BY COUNTRIES AND PRODUCTS (MBOEPD; YE 2023) 18% 38% 20% 90.4 25% Hungary CIS Croatia MEA 8% EGYPT RUSSIA AZERBAIJAN KAZAKHSTAN PAKISTAN INTERNATIONAL Reserves: 204.2 MMboe Production: 34.0 mboepd CIS Reserves: 131.2 MMboe Production: 17.7 mboepd MEA Reserves: 73 MMboe Production: 16.3 mboepd RESERVES BREAKDOWN BY COUNTRIES AND PRODUCTS (MMBOE; YE 2023) 22% 17% 90.4 46% 335 22% 46% 39% Oil Gas Condensate Hungary Croatia CIS MEA 11 Notes: Group production figures include consolidated assets, JVs (Baitex in Russia, 3.8 mboepd) and associates (Pearl in the KRI, 6.2 mboepd). 9% 36% 335 54% Oil Gas Condensate MOLGROUP | 39#4090.4 MBOEPD DELIVERED IN LINE WITH GUIDANCE FOR 2023 PRODUCTION1 (MBOEPD) 120.3 111.3 0.0 18.0 97.0 92.0 91.6 90.4 42.0 17.0 40.0 13.9 14.1 13.9 22.7 22.2 20.3 20.2 69.3 62.3 57.3 56.0 57.2 56.4 нн нн 2022A 2023Q4 2023A CEE 2019A 2020A ACG 2021A E&P International excl. ACG COMMENT 2023 FY production guidance (~90mboepd) was achieved Production was 91.6 mboepd in Q4 2023, up 4.8 mboepd QoQ CEE: +2.7 mboepd Production commitment towards Hungarian authorities met; Contributions from cross-boarder production of HU-CRO International: +2.0 mboepd Shaikan production for domestic sales, ACG entitlement increased due to PSA mechanism First gas reached in Kazakhstan in december 2023 6.3 UNIT DIRECT PRODUCTION COST¹ (USD/BOE) 5.8 4.9 2019A 2020A 389 346 2019A 2020A 2021A CAPEX¹ (USD MN) 422 2021A 6.0 5.1 2022A 2023A 414 413 2022A 2023A COMMENT Q4 group unit OPEX fell q-o-q to 6.0 USD/boe as one-off effects drove OPEX upwards in Q3 Annual upward move of 18% reflects inflationary pressures and higher realized energy prices COMMENT Organic CAPEX showed a small decrease in 2023 reflecting lower exploration activity and the suspension of development projects in Kurdistan after export pipeline shutdown 1 Figures include consolidated assets, JVs (Baitex) and associates (Pearl, BTC), 2019 and 2020 figures are including UK production MOLGROUP | 40#41UNIT FREE CASH FLOW AT 20 USD/BOE IN FY 2023 ANNUAL SFCF DECREASED TO USD 654 MN CAUSED BY LOWER HYDROCARBON PRICES 71 64 PRICE REALIZATION, EBITDA, SIMPLIFIED FCF USD/BOE) 42 71 110 57 55 83 Brent price Realized HC price Unit EBITDA 25 27 18 20 Unit Simplified FCF 9 2018A 2019A 2020A 2021A 2022A 2023A 992 747 409 971 1,905 654 SFCF (USD mn) Note: Including JVs and associates. **Based on: Simplified FCF = EBITDA Excl. Special Items - Organic CAPEX MOLGROUP | 41#42THREE KEY PILLARS OF REVISED 2030 STRATEGY CEE OPTIMIZATION & SYNERGIES 2 ↑ INTERNATIONAL 3 LOW CARBON ▸ E&P to support energy supply security in the CEE region by optimization and smartly using synergies: ▪ Enhance the cross-border cooperation between MOL and INA Optimizing Infrastructure Energy efficiency improvement Wells and operation cost optimization E&P to strengthen its international portfolio: ■ Sustain & develop our international portfolio Establish strategic partnerships ■ Provide the optimal resource and production level & offset production decline ■ Utilize specific internal capabilities (mature field management, production optimization, cost efficient onshore drilling) E&P to contribute to MOL Group decarbonization strategy: Geothermal: utilizing E&P competence Lithium: launched pilot project in Hungary, looking for further targets Complying with methane EU regulation and Carbon Capture and Storage (CCS) MOLGROUP | 42#43E&P 2030 PILLARS COMPETITIVE OPERATION, DIVERSE PORTFOLIO & LAUNCHING OF LOW CARBON GUIDANCE FOR 2025-2030 ≥ 90 MBOEPD Production guidance USD~6-8/BOE Unit direct production cost USD 2bn Organic CAPEX1,2 ≥ 20 USD/BOE Unit Simplified Free Cash Flow1,2 Low Carbon Launching new projects 12 (1) Excluding equity consolidated assets (2) Excluding inorganic investments necessary for maintaining 90 MBOEPD production level لا ↑ CEE Optimization & Synergies International Low Carbon MOLGROUP | 43#44LOW CARBON FOCUS AREAS GEOTHERMAL ▸ Material electricity generation Production to support MOL facilities directly or contribute to Upstream's hedge function indirectly ► Production expected to start ~2029 METHANE REGULATION ► Zero routine flaring ▸ Deployment of monitoring and detection systems CAPEX effects mainly 2024- 2025 LITHIUM ► Lithium extraction pilot project to be launched in 2024 in Pusztaföldvár Examination of novel Direct Lithium Extraction technologies ▸ Expected production launch date 2028 CARBON CAPTURE & STORAGE Feasibility studies for several locations across Hungary and Croatia ongoing ► Discussions with potential partners in CO2 injections underway MOLGROUP | 44#45E&P CAPEX¹ ALLOCATION FOR 2025-2030 ✓ CEE OPTIMIZATION & SYNERGIES ▸ Maximize the value in operating mature fields ► Focus on Production Optimization and Enhanced Oil/Gas Recovery programs ▸ Cost efficiency and realize synergies in CEE PLOW CARBON Contribute to MOL Group decarbonization strategy ▸ Create partnerships/JVs to de-risk execution USD 2 BN INTERNATIONAL Maximize the value of existing fields with stable profitability and production as long as economically rationale PORTFOLIO DIVERSIFICATION AND HIGHGRADING (1) Excluding equity consolidated assets MOLGROUP | 45#46FINANCIALS SHAPE TOMORROW MOLGROUP#47TOTAL ORGANIC CAPEX TO RISE TO USD ~12 BN IN 2025-2030 HIGH SHARE OF STRATEGIC INVESTMENTS WITHIN THE TOTAL BUDGET Sustain ORGANIC CAPEX (2025-30) 6.5 USD 11.6 bn 5.1 ORGANIC CAPEX DISTRIBUTION (2025-30) Other¹ Strategic 1.4 E&P 2.0 Waste 0.9 Renewables 0.7 USD 11.6 bn 1.4 Consumer Services 5.3 Downstream Sustain CAPEX roughly in line with 2018-2023 period as the effect of a growing asset base is offset by better sustain efficiency ▶ Strategic investments include supply security, petchemisation and low carbon initiatives facilitating MOL's green transition Annual distribution of this CAPEX pool may fluctuate along with project timelines, approvals Additional CAPEX pool may be available to fund the low- carbon transition and/or M&A if 1) excess cash is generated due to a stronger-than-assumed macro environment and 2) financially attractive projects reach FID phase ▶MOLGROUP | 47 (1) Other includes Midstream, Oil Field Services and Management & Services#48FULLY FUNDED TRANSFORMATION AND BASE DIVIDENDS IN 2025-30 EVEN AT CONSERVATIVE MACRO ASSUMPTIONS 16,9 FINANCIAL FRAMEWORK ASSUMING CASH FLOW BREAKEVEN (2025-30, USD BN)1,2 6,5 10,4 5,1 5,3 3,1 2.1 Clean CCS EBITDA Sustain Discretionary Strategic CAPEX FCF CAPEX Simplified FCF Funding cost/tax/FX Base dividend Assumptions for breakeven: 40 USD/bbl Brent 15 EUR/MWh TTF 3 USD/bbl refinery margin 300 EUR/t integrated petchem margin (1) Excluding M&A, changes in working capital (2) Excluding the impact of price caps and changes in the windfall taxation and regulatory environment COMMENTS Viable path towards full execution of organic investment plan on strategic horizon EBITDA to cover must-pay capex, tax, and interest Full strategic CAPEX to be met from discretionary FCF without an increase in leverage 2023 Base DPS of HUF 152 comfortably met until 2030 ► More favourable macro conditions would leave financial headroom for special dividends and acquisitions MOLGROUP | 48#49BASE DIVIDEND INCREASED BY 50% IN ONE STEP IN 2023 FOLLOWING SIZEABLE SPECIAL PAYOUTS IN 2018, 19, 22, 23 3.5% DIVIDEND PER SHARE (HUF) 3.0% 2.9% 4.6% 3.0% +1.5% +1.5% 3.8% +7.7% 5.5% +7.3% Dividend yield² Special dividend Regular dividend 48 43 202 202 152 95 95 100 71 78 85 -0- 2016 2017 2018 2019 2020 2021 2022 2023 Cash dividend remains the primary distribution channel Base dividend is expected to grow gradually ► Special dividend payments may continue if excess cash is generated, and transition-related capex need is covered ► Dividend proposal continues to be determined at the discretion of the Board (1) Restated to reflect post share split values (2) Calculated with publication date (AGM) share prices MOLGROUP | 49#50STRONG PERFORMANCE DESPITE REGULATORY HEADWINDS UPSTREAM, DOWNSTREAM, AND CONSUMER SERVICES ALL CONTRIBUTE SIGNIFICANTLY CLEAN CCS EBITDA (USD BN) 4.7 3.5 2.2 3.1 2.7 1.6 2.4 2.4 1.0 110 2.0 0.9 1.3 1.1 0.7 2.2 1.3 1.5 1.2 1.0 0.9 0.7 0.7 0.4 0.4 0.5 0.5 0.6 0.3 0.2 0.2 0.2 0.2 0.1 0.2 0.3 -0.2 -0.2 -0.1 -0.1 -0.3 -0.2 -0.1 2017 2018 2019 2020 2021* 2022 2023 *2021 results include discontinued operation US ST DS CS GM C&O (incl. intersegment) MOLGROUP | 50#51CONSISTENT SIMPLIFIED FCF GENERATION FUNDING SUSTAIN AND TRANSFORMATIONAL PROJECTS SIMPLIFIED FCF (USD BN) 3.2 1.8 2.0 1.7 1.2 0.6 1.4 1.4 0.5 1.0 0.4 0.6 1.5 0.7 0.8 0.7 0.7 0.4 0.4 0.0 0.5 0.2 0.2 0.3 0.4 0.5 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.2 -0.2 -0.3 -0.3 -0.5 -0.5 -0.5 -0.4 -0.3 2017 2018 2019 2020 2021* 2022 2023 (1) Simplified Free Cash Flow = Clean CCS EBITDA - Organic CAPEX *2021 results include discontinued operation US DS CS GM C&O (incl. intersegment) MOLGROUP | 51#52EBITDA SENSITIVITIES VS 10 YEAR MACRO HISTORY MACRO CONDITIONS 2021 2022 2023 10Y AVG Sensitivity CCS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS - E&P Est. Clean CCS EBITDA impact (USD mn) % of Group EBITDA 2022 2.6% Brent crude +/- 10 USD/bbl 71 101 83 68 ~120 (USD/bbl) Brent price Natgas price (TTF 1M, +/- 10 EUR/MWh Gas Price (TTF) ~55 ~35 1.2% 46 131 41 34 EUR/MWh) MOL Group refinery Effect of gas price regulation CCS EBITDA SENSITIVITY TO KEY EXTERNAL DRIVERS - DS margin (Brent based, 4.1 8.4 9.0 5.6 USD/bbl) MOL Group petchem margin (EUR/t) +/- 1 USD/bbl MOL Group refinery margin ~110 2.4% 720 481 286 475 +/- EUR 100/t ~125 MOL Group petchem margin ETS carbon price (EUR/t) 53 81 90 90 31 -/+ 10 EUR/MWh ~95 Gas price (TTF) -/+ EUR 10/t ETS CO2 price ~20 2.7% 2.0% 0.4% 000 Notes: - Sensitivity calculation; ceteris paribus for current assets assuming full re-pricing of the portfolio; all other premises and volumes remain unchanged - E&P: gas price sensitivity refers to directly spot gas linked portfolio - DS : Refinery margin refers to original methodology, CO2 sensitivity assumes unchanged ETS quota allocation MOLGROUP | 52#53AMPLE FINANCIAL HEADROOM FROM DIVERSIFIED FUNDING SOURCES USD mn AVERAGE MATURITY OF 3.5 YEARS Reported cash & cash equivalents Senior Unsecured Bonds Medium term loan ☐ Undrawn facilities Long term loan 1,500 1,000 945 2211 22 432 823 1,375 500 34 688 181 724 13 293 342 0 33 75 Z Reported cash&cash equivalents 2024 2025 2026 2027 2028+ MID- AND LONG-TERM COMMITTED FUNDING Syndicated/club loans drawn 14% Schuldschein Other bilateral loans 1% 1% PORTFOLIO DRAWN VERSUS UNDRAWN FACILITIES (31 DECEMBER 2023) Outstanding short term loans Senior Unsecured Bonds Long term loan Medium term loan 6 4 57% 27% Syndicated/club loans undrawn 2 Senior unsecured bonds 2,6 0.4 1,4 0.1' 3,4 0 Existing debt Undrawn mid-term Total credit facilities and bonds USD bn credit facilities ▶MOLGROUP | 53#54FULL INVESTMENT GRADE RATING MAINTAINED ROBUST BALANCE SHEET WITH AMPLE FINANCIAL HEADROOM BBB+ BBB BBB- BB+ BB HISTORICAL FOREIGN LONG TERM RATINGS MOL Fitch --MOL S&P COMMENTS In June 2023 Fitch revised outlook to stable from negative while reaffirming investment grade rating of BBB- In July 2023 Standard & Poor's performed annual review and made no changes to MOL's investment grade rating of BBB- with stable outlook 2023 2022 2021 2020 2019 2018 2017 2014 2013 2012 2011 2010 Note: S&P has been rating MOL since 2005, Fitch since 2010 NET DEBT TO EBITDA (X) 2016 2015 1.61 2023 max. guidance 2.0 Upper end of indebtedness comfort zone 0.82 0.65 0.30 1.5 1.0 0.5 1.31 0.74 0.97 0.65 0.41 0.59 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 COMMENTS Credit metrics shall remain commensurate with investment grade credit rating Following a temporary jump in 2020 leverage fell below pre- ACG acquisition levels on the back of strong CF generation ► Balance sheet flexibility may in the future again be used to grab new business opportunities (including funding M&A in all businesses) MOLGROUP | 54#55SUPPORTING SLIDES SHAPE TOMORROW MOLGROUP#56THE HISTORY OF INA & MOL, 2003- LEGAL PROCEEDINGS OWNERSHIP SHAREHOLDER AGREEMENTS RULLINGS 1ST SHAREHOLDER RIGHTS AGREEMENT (SHA): MOL ALLOWED TO NOMINATE TWO MEMBERS TO THE SUPERVISORY BOARD, THE CFO AND A VP TO THE MANAGEMENT BOARD MOL ACQUIRES A 25% STAKE IN INA PLUS 1 SHARE (USD 505 MN) 1ST AMENDMENT MOL GROUP INCREASES STAKE IN INA TO 47.1% (USD 1.18 BN) STORYLINE MOL AND THE GOVT OF CROATIA SIGN THE GAS MASTER AGREEMENT (GMA) AND AN AMENDMENT TO THE FIRST SHAREHOLDERS AGREEMENT (FASHA) BY WHICH MOL GAINS FULL MANAGEMENT CONTROL ON INA. UNDER THE FASHA, MOL DELEGATES FIVE OUT OF NINE MEMBERS TO THE SUPERVISORY BOARD AND THREE OUT OF SIX MEMBERS TO THE MANAGEMENT BOARD, INCLUDING THE PRESIDENT (WITH THE TIE-BREAKING VOTE). MOL GROUP ACQUIRES AN ADDITIONAL 2% STAKE IN INA (USD 131 MN) MOL GROUP HOLDS 49.1% IN INA AS DECEMBER 2018 (USD 1.8 BN) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CROATIA BEGINS INVESTIGATION OF EX-PM IVO SANADER FOR ALLEGEDLY BEING OFFERED A €10MN BRIBE BY MOL FOR SECURING MANAGEMENT RIGHTS IN INA. THE INVESTIGATION ALSO TARGETS MOL CHARIMAN/CEO. HUNGARIAN PROSECUTION LAUNCHES INVESTIGATION ON SUSPICION OF BRIBERY IN CONNECTION WITH FASHA MOL FILES A REQUEST FOR ARBITRATION WITH THE INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES TO START ARBITRATION PROCEEDINGS VS THE GOVT OF CROATIA FOR BREACHING CONTRACTUAL OBLIGATIONS UNDER THE FASHA/GMA. Final AWARD is expected by the end of 2021. CROATIAN REGULAR (1st and 2nd inst.) COURTS FIND THE EX. PM GUILTY OF ACCEPTING THE ALLEDGED BRIBE A BUDAPEST COURT REJECTS CROATIA'S REQUEST FOR EXTRADITION OF MOL CHAIRMAN/CEO THE CONSTITUTIONAL COURT OF CROATIA REVOKES TWO PREVIOUS LOWER INSTANCE RULLINGS AND ORDERED FOR RETRIAL HUNGARIAN PROSECUTION DECLARES THAT THE CRIMINAL ACCUSTATION RAISED BY CROATIA ON SUSPICION OF BRIBERY IS UNFOUNDED. INVESTIGATION ENDS. CROATIAN BRIBERY INVESTIGATION INTO EX CROATIA PM AND MOL CHAIRMAN/CEO 今 CROATIA ISSUES EUROPEAN ARREST WARRANT (EAW) FOR MOL CHAIRMAN/CEO. CROATIA REQUESTS INTERPOL TO PLACE A RED NOTICE FOR THE ARREST OF MOL CHAIR/CEO. INTERPOL ACCEPTS. AFTER THE CROATIAN CONSTITUTIONAL COURT QUASHED THE 1ST AND 2ND INSTANCE CONVICTION OF EX-PM SANADER IN 2015, RETRIAL STARTED AGAINST MR. SANADER AND HERNÁDI (FOR ALLEGED BRIBE FOR SECURING MOL'S MANAGEMENT RIGHTS IN INA) CROATIA GOVT LAUNCHES ARBITRATION UNDER UNCITRAL RULES SEEKING NULLIFICATION OF THE 2009 FASHA/GMA, CLAIMING THAT MOL UNLAWFULLY OBTAINED MANAGEMENT RIGHTS THE ICSID COURT OF ARBITRATION DELIVERED ITS VERDICT IN THE CASE BETWEEN CROATIA AND MOL. THE COURT UNANIMOUSLY REJECTED CROATIA'S OBJECTION THAT THE AGREEMENTS CONCLUDED IN 2009 ARE A RESULTS OF CRIMINAL CONDUCT AND DELIVERED A RULING THAT CROATIA CAUSED SUBSTANTIAL DAMAGES TO INA, THEREFORE MOL WAS AWARDED A TOTAL OF USD 236MN IN DAMAGES. FOR CERTAIN PERIOD OF TIME INTERPOL CANCELED THE RED NOTICE, EAW STILL STANDS IN 2021 THE COURT FOUND MR HENADI AND DR SANADER FOUND GUILTY OF ENGAGING IN BRIBERY, IN THIS VERDICT THE COURT SENTENCED MR HERNADI TO 2 YEARS IN PRISON. MR HERNÁDI WILL FILE A CONSTITUTIONAL COMPLAINT TO THE CROATIAN CONSTITUTIONAL COURT. UNCITRAL REJECTS ALL OF CROATIA'S CLAIMS AIMING AT NULLIFYING THE 2009 FASHA/GMA. ALLEGATIONS OF BRIBERY, BREACHING THE 2003 SHA AND NOT ACTING WITHIN CROATIAN COMPANY LAW ARE ALL DISMISSED. SWISS SUPREME COURT CONFIRMS RULING. MOL IS CLEARED. GOVERNMENT OF CROATIA CHALLANGED THE UNCITRAL AWARD BEFORE THE SWISS SUPREME COURT ON THE BASIS OF THE FINAL CONVICTON IN THE CROATIAN CRIMINAL PROCEEDING. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 HUNGARIAN BRIBERY INVESTIGATION INTO MOL CHAIRMAN/CEO ARREST WARRANT FOR MOL CHAIRMAN/CEO ICSID ARBITRATION UNCITRAL ARBITRATION MOLGROUP | 56#57MOL-CROATIA ARBITRATIONS UNCITRAL ARBITRATION (CROATIA VS. MOL) ICSID ARBITRATION (MOL VS. CROATIA) INITIATED BY WHEN FORUM GOVERNMENT OF CROATIA 17 JANUARY 2014 MOL 26 NOVEMBER 2013 PCA (PERMANENT COURT OF ARBITRATION), GENEVA UNDER UNCITRAL (UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW) RULES ICSID (INTERNATIONAL SETTLEMENT OF INVESTMENT DISPUTES), WASHINGTON THE CLAIM THE MAIN ALLEGATION OF THE GOC² WAS THAT CHAIRMAN OF MOL HAD BRIBED CRO'S FORMER PM DR. IVO SANADER TO GAIN MANAGEMENT CONTROL OVER INA THROUGH AMENDING THE 2003 SHAREHOLDERS AGREEMENT AND SIGNING AN OTHER AGREEMENT RELATING TO INA'S GAS BUSINESS IN 2009. THEREFORE IT REQUESTED NULIFICATION OF THESE AGREEMENTS ON VARIOUS BASIS. REMEDY FOR SUBSTIANTIAL LOSSES INA SUFFERED IN THE GAS BUSINESS AS A CONSEQUENCE OF THE BREACH OF THE 2009 AGREEMENTS¹ BY THE GOC². THE PROCEEDING IS ALSO ABOUT ABUSE OF REGULATORY POWER AT THE EXPENSE OF A SINGLE ACTOR, INA, AND INDIRECTLY, MOL. VERDICT FINAL AWARD (IN MOL'S FAVOUR) ON 23 DECEMBER 2016, THE UNCITRAL TRIBUNAL REJECTED ALL OF CROATIA'S CLAIMS BASED ON BRIBERY, CORPORATE GOVERNANCE AND MOL'S ALLEGED BREACHES OF THE 2003 SHAREHOLDERS AGREEMENT. THE ICSID COURT OF ARBITRATION DELIVERED ITS VERDICT IN THE CASE BETWEEN CROATIA AND MOL. THE COURT UNANIMOUSLY REJECTED CROATIA'S OBJECTION THAT THE AGREEMENTS CONCLUDED IN 2009 ARE A RESULTS OF CRIMINAL CONDUCT AND DELIVERED A RULING THAT CROATIA CAUSED SUBSTANTIAL DAMAGES TO INA, THEREFORE MOL WAS AWARDED A TOTAL OF USD 236MN IN DAMAGES. (1) 2009 Agreements refers to FASHA (First Amendment to the Shareholders Agreement), GMA (Gas Master Agreement) and FAGMA (First Amendment to the Gas Master Agreement) (2) The Government of Croatia MOLGROUP | 57#58SHAREHOLDER STRUCTURE1 UniCredit Bank AG ING Bank N.V. OTP Bank Plc. MOL PIC. SESOP Organizations Mathias Corvinus Collegium Foundation 7,9% 4,9% 3,8% 3,8% Treasury shares 3,6% 30,8% O 10,0% Maecenas Universitatis Corvini Foundation 10,0% 5,5% 10,5% 9,2% Foreign investors (mainly institutional) Domestic institutional Domestic private investors MOL New Europe Foundation (1) Shareholder structure, based on the share register as of 31 December 2023, and the shareholders notifications about changes in voting rights Free-float 45.5% MOLGROUP | 58#5920% 10% 0% 30% 40% 50% 60% 70% 80% 90% 100% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 * The quarterly % values of the Refinery Margin, Petchem Margin and Brent price are measured against their respective maximum values (100%) in the period of Q1 2012 - Q4 2023 100% equals to the following values: Brent-based Refining Margin: 16.4 USD/bbl; MOL Group Petrochemicals margin: 949.1 EUR/t; Brent crude: 119 USD/bbl Represented for continuing operations, i.e. excluding UK Q2 14 Q3 14 Q4 14 I Clean CCS EBITDA (r.s.) Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 MOL Group Refining margin Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 MOL Group Petrochemicals margin Q4 18 Q1 19 EXTERNAL ENVIRONMENT* VS MOL CLEAN CCS EBITDA (USD MN) Q2 19 Q3 19 Q4 19 2023 STILL FAVOURABLE BUT NORMALIZATION STARTED ADVERSE REGULATORY IMPACTS ARE NOT CAPTURED BY THE MACRO DRIVERS Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Brent crude Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 MOLGROUP | 59 Q3 23 Q4 2023 0 200 400 600 800 1000 1200 1400 1600 1800 2000#60PETROCHEMICALS MARGIN (EUR/t)2,3 MOL GROUP REFINERY AND PETCHEM MARGINS BRENT-BASED MOL GROUP REFINERY MARGIN¹ (USD/bbl) 2062180064202 -2 600 500 400 300 200 100 0 Jan Feb Mar Apr May Jun 2018-2022 range original Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2022 Petrochemicals 2023 Petrochemicals 2022 Variable 2023 Variable IMPLIED YIELDS IMPLIED YIELDS AND FEEDSTOCK 8,9% 5.2% 8,6% 5.1% 129.5% 11,5% 18,3% 10,6% 17,6% 100.0% MOL Complex Polypropylene Group refinery Naphtha Propylene HDPE 37,3% refinery 9,8% margin 11,3% LDPE 117,5% margin (MOL+SN) Ethylene 25,5% Benzene 46,3% 46,8% Butadiene 16,0% 8,3% Gas and chemicals Naphtha Motor gasoline Middle distillate Black product+VGO 7.6% 5.3% Own consumption and loss Output 12,0% Input (1) Based on weighted Solomon refinery yields, contains cost of purchased energy (2) MOL Group Petrochemicals Margin (3) Variable MOL Group Petrochemical Margin which incorporates energy costs and CO2 quotas with higher weights MOLGROUP | 60#61ACG: STRONG CONTRIBUTION CONTINUES IN 2023 نعم () 2023 PERFORMANCE AND ASSET SUMMARY 367 mboepd (gross) ▶ Very strong cash generation on the back of high oil prices ▶ Major milestones on ACE project (7th production platform) achieved in progress towards First Oil beginning of 2024: ACE Topsides installed onto the jacket at its permanent location in August Ownership structure OVERVIEW OF PSA REGIME¹ Investing companies OPEX Recovery CAPEX Recovery Signature Bonus Gross Production Government Limit of 100% of revenues per quarter Limit of 50% of revenues net of OPEX recovery per quarter, rolled over to next quarter if not recovered bp Other 35,1% 30,4% 9.6% 25,0% MOLGROUP SOCAR MOL net ent. production: ~12-15 mboepd (2023-2027) Cost Oil Contractor (25%) Profit Oil Government Share (75%) ACG continues to deliver, and is a world class asset with high margin and low cost Entitlement production 25% Income Tax, unlimited tax loss carry forward 2 PSA contract expiry: 2049 Notes: (1) Based on public sources (website of the project operator) (2) Income tax is charged on cash- and PSA-based pre-tax profit MOLGROUP | 61#62TOP MANAGEMENT INCENTIVE SCHEMES FOR EXECUTIVE MEMBERS, AROUND 2/3 OF TOTAL REMUNERATION IS VARIABLE AND PERFORMANCE DRIVEN, WITH NON-FINANCIAL KPIS INCLUDING GHG GOAL ALSO INCLUDED SHORT-TERM INCENTIVES ► Bonus opportunity between 0.70x and 1x of annual base salary, depending on the job level (Hay grades) ► Payout linked to yearly performance based on financial, operational and individual measures: Financial measures: MOL Group level EBITDA and other relevant financial indicators such as efficiency, investment and cost-related indicators to achieve the 2030 strategic targets of MOL Group for Chief Executives' Committee members, on operative and financial measures reflecting annual priorities and the strategic direction of each business division within the framework of the Group's long-term strategy ▸ Non-financial measures: Safety included as a number one Group priority (TRIR), GHG emission target is included as of 2024 ► In MOL Hungary, managers can enter a voluntary short-term share ownership program instead of the regular performance management system (bonus scheme) to further strengthen the alignment between the interest of our shareholders LONG-TERM INCENTIVE ► As of 1 January, 2021 a new, simple long-term incentive program, the Restricted Share Plan was launched replacing the former Absolute Share Value Based and Relative Market Index Based Plans ► It's a 3-year long plan, payment is in the 4th year, starts each year ► Base entitlement is defined MOL shares in line with management level ▸ The program is performance driven: base entitlement is multiplied by company performance (MOL Clean CCS EBITDA without threshold) and individual performance up to 150%) of the 1st year of the program ► Dividend equivalent is also incorporated into the final remuneration taking closer the executives to the shareholders interests ► Generally, in MOL Hungary, payout of the incentive is due in MOL shares in order to further strengthen the alignment between the interest of our shareholders and MOL management. 28% 40% 44% C-CEO 28% G-CEO REMUNERATION MIX 30% 30% 32% 32% 35% 41% D-CEO G-CFO 41% Other executives 30% 35% Base Salary 27% 27% Short Term Incentives Long Term Incentives We refer to the members of the Chief Executives' Committee and Management Committee as Executive Members. In case of long-term incentive the ratio of this remuneration element is calculated with the average MOL share price of year 2023 MOLGROUP | 62#63GAS MIDSTREAM: STABLE CASH FLOW GAS MIDSTREAM EBITDA (HUF BN, USD MN) 100 90 223 80 194 201 189 70 187 60 60 136 50 40 30 61 55 50 54 62 20 300 265 162 250 200 150 94 100 62 61 41 50 10 0 0 2016 2017 2018 2019 2020 2021 2022 2023 HUF bn USD mn (rhs) i FACTS & FIGURES ► Domestic natural gas transmission system operator Regulated business (asset base and return) with continuous regulatory scrutiny Nearly 6,000km pipeline system in Hungary ►Interconnectors to Croatia, Romania, Slovakia, Ukraine, Serbia and Austria MOLGROUP | 63#64Q4 2023 RECAP SHAPE TOMORROW MOLGROUP#652024 GUIDANCE 2022 RESULTS 2023 RESULTS 2024 GUIDANCE GROUP PROFIT BEFORE TAX USD 3.1 BN USD 1.9 BN ~USD 1.6 BN GROUP CLEAN CCS USD 4.7 BN USD 3.1 BN ~USD 3.0 BN EBITDA OIL & GAS PRODUCTION¹ 92 MBOEPD 90.4 MBOEPD ~90 MBOEPD CRUDE PROCESSING2 11.8 MT 12.1 MT ~12 MT GROUP CAPEX (ORGANIC) USD 1.52 BN USD 1.42 bn ~1.7 BN NET DEBT/EBITDA 0.3X HSE-TRIR³ (1) Continuing operations. i.e. excluding UK (2) MOL Danube Refinery + Slovnaft refinery (3) Total Recordable Injury Rate 0.6X <1.0X 1.4 1.31 1.3 MOLGROUP | 65#66Q4 2023 CLEAN CCS EBITDA SLIGHTLY UP Q-O-Q RESULTS HELPED BY RESILIENT UPSTREAM AND DOWNSTREAM PERFORMANCE AND CORE GROWTH IN CONSUMER SERVICES FINANCIALS Clean CCS EBITDA decreased by 8% YoY and increased by 2% Q-o-Q to USD 992mn in Q4 2023, with 2023 FY operating CF after WC surpassing USD 2.1bn Upstream EBITDA excluding special items rose to USD 375mn in Q4 2023 due to a pick-up in production after Q3 hit by temporary effects and lower royalty rates applicable in Hungary Downstream Clean CCS EBITDA reached USD 456mn in Q4, translating to a 3% decrease q-o-q as a combination of a retreat in refining margins, seasonally lower volumes, and a change in taxation EBITDA of Consumer Services fell by 42% to USD 144mn in Q4, in line with seasonal effects Profit before tax amounted to USD 466mn in Q4 2023, marking a 5% increase from USD 442mn in Q4 2022 mainly as a result of lower impairments more than offsetting the effects of lower EBITDA OPERATIONAL AND OTHER DEVELOPMENTS ► Geothermal potential furthered with 2 new licenses granted for MOL in Hungary ▸ Kazakhstan first gas reached in December with extension in production foreseen in H2 2024 ► Moody's improved the outlook to positive from stable and affirmed MOL's investment grade credit rating at 'Baa3' MOLGROUP | 66#67Q4 2023 EBITDA UP QUARTER-ON-QUARTER ALL KEY SEGMENTS CONTRIBUTED TO THE OUTSTANDING RESULT 1,449 SEGMENT CLEAN CCS EBITDA (USD mn) 1,074 492 714 384 -8% +2% 992 977 196 375 469 411 456 89 61 49. 250 -12-74. 144 52 -36 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 US DS CS GM C&O (incl. inters) SEGMENT CLEAN CCS EBITDA YTD (USD mn) 4,701 -34% US 2,212 3,093 DS 953 CS 2,240 1,328 GM 695 [320 163: 265 -147 -234 FY 2022 FY 2023 C&O (incl. inters) Upstream COMMENTS Q4 2023 EBITDA close to doubled q-o-q due to the change of royalty regime and revamp in production Downstream Downstream Clean CCS EBITDA slightly decreased in Q4 compared to Q3 due to lower refining margins, partly offset by milder loss in petchem and lower government take Consumer Services Consumer Services marked a 42% q-o-q decrease mainly due to seasonality Gas Midstream EBITDA generation weaker than in previous quarters driven by lower domestic demand for transmission volumes and inflation pressure on costs MOLGROUP | 67#68DISCLAIMER "This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, those regarding capital employed, capital expenditure, cash flows, costs, savings, debt, demand, depreciation, disposals, dividends, earnings, efficiency, gearing, growth, improvements, investments, margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the effects of MOL merger and acquisition activities. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward- looking statements. These risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, crude oil and gas prices, crack spreads, political stability, economic growth and the completion of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict. Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements (which speak only as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable securities laws. Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of MOL in this and future years, represent plans, targets or projections." MORE INFO AT www.molgroup.info CONTACT: Phone: +36 1 464 1395 E-mail: [email protected] MOLGROUP | 68