Investor Presentaiton
FULLY 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
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