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1. Company Snapshot

1.a. Company Description

OMV Aktiengesellschaft operates as an energy and chemicals company in Austria, Germany, Romania, Norway, New Zealand, the United Arab Emirates, the rest of Central and Eastern Europe, the rest of Europe, and internationally.The company operates through Exploration & Production, Refining & Marketing, and Chemicals & Materials segments.The Exploration & Production segment engages in the exploration, development, and production of oil and gas in the regions of Central and Eastern Europe, the Middle East and Africa, the North Sea, and the Asia Pacific.


The Refining & Marketing segment is involved in the refining and marketing of fuels and other feedstock.It has 3 inland refineries in Europe; approximately 2,100 filling stations in ten European countries; and gas storage facilities in Austria and Germany, as well as a gas-fired power plant in Romania.This segment is also involved in the supply, marketing, and trading of gas in Europe and Turkey.


The Chemicals & Materials segment provides advanced and circular polyolefin solutions, base chemicals, and fertilizers, as well as engages in the recycling of plastics.The company was founded in 1956 and is headquartered in Vienna, Austria.

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1.b. Last Insights on OMV

OMV's recent performance has been driven by strategic resilience and advancements in its Q4 2025 earnings call. The company reported lower sales and net income but proposed a high cash dividend and plans to continue investing in key gas projects, such as Neptun Deep. A binding joint venture with Masdar to develop a 140 MW green hydrogen electrolyser plant in Austria and a substantial share buyback program have also been announced. Additionally, OMV secured Austrian funding for the green hydrogen plant.

1.c. Company Highlights

2. OMV's 2025 Earnings Report: A Resilient Performance Amidst Challenging Market Conditions

OMV's financial performance for the year 2025 demonstrated resilience in the face of challenging economic and geopolitical conditions. The company's Clean CCS operating result reached EUR 4.6 billion, a 10% decrease compared to the prior year. Cash flow from operations, a key metric for shareholder distributions, stood at EUR 5.2 billion, only 4% lower than the previous year. Earnings per share (EPS) for the fourth quarter came in at EUR 0.267, significantly below analyst estimates of EUR 1.52. Revenue growth is expected to be around 3.6% next year, according to analyst estimates.

Publication Date: Feb -11

📋 Highlights
  • Clean CCS Operating Result:: EUR 4.6 billion in Q4 2025, down 10% YoY, with Fuel segment margins driving EUR 346 million (tripling YoY).
  • Cash Flow Resilience:: EUR 5.2 billion cash flow from operations, 4% below 2024, supporting EUR 4.40/share dividend (9.3% yield) and EUR 180 million free cash flow.
  • Efficiency Program Progress:: Delivered EUR 350 million additional cash flow by 2025 (70% of EUR 0.5B 2027 target), sustaining 14% leverage ratio.
  • Dividend Policy Update:: Targeting 50% of BGI dividend and 20-30% of operating cash flow, with payout ratio at 28% (EUR 4.40/share total dividend).
  • Capital Discipline:: 2026 CapEx at EUR 3.2 billion, 60% allocated to Energy, with Neptun Deep and green hydrogen projects advancing despite low oil price forecasts ($65/barrel).

Segmental Performance

The Energy segment almost reached the prior year's oil and gas production level, excluding the divestment of the Malaysian business. In Chemicals, total polyolefin sales volumes rose by 3% year-on-year, underscoring the company's product strength in a challenging market environment. The Fuel segment saw a significant improvement, with the Clean CCS operating result more than tripling to EUR 346 million, driven by stronger refining indicator margins. As Alfred Stern mentioned, the retail marketing business has shown good growth, particularly in VIVA stores, and this will continue to be a value growth driver.

Cash Flow and Dividend

OMV's cash flow from operating activities was strong, at EUR 5.2 billion, and the company maintained a robust balance sheet with a leverage ratio of 14% at the end of 2025. The company proposed a regular dividend of EUR 3.15 per share and an additional dividend of EUR 1.25 per share, resulting in a total dividend payout of EUR 4.40 per share, representing an attractive yield of 9.3% based on the closing price at the end of 2025.

Valuation Metrics

OMV's current valuation metrics indicate a relatively stable position. The company's P/E Ratio stands at 16.61, P/B Ratio at 1.21, and Dividend Yield at 8.78%. The EV/EBITDA ratio is 4.39, indicating a reasonable valuation. The ROE is 6.67%, and ROIC is 2.98%, suggesting a decent return on equity and invested capital. The Net Debt / EBITDA ratio is 1.08, indicating a manageable debt level. These metrics suggest that OMV is reasonably valued, with a balance between growth prospects and dividend yield.

Outlook and Growth Prospects

OMV expects organic CapEx to be around EUR 3.2 billion in 2026, with major growth projects including the Neptun Deep project, the South HVO plant in Romania, and the green hydrogen plant in Austria and Romania. The company anticipates average oil and gas production of slightly below 300,000 boe per day and a unit production cost below $11 per barrel. With a strong financial position and a commitment to its Strategy 2030, OMV is poised to navigate the challenges in the energy sector while delivering attractive returns to shareholders.

3. NewsRoom

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New Discovery Bolsters Equinor’s North Sea Production Future

Feb -16

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Assessing OMV (WBAG:OMV) Valuation After Q4 2025 Earnings And Dividend Announcement

Feb -05

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OMV AG (OMVJF) Q4 2025 Earnings Call Highlights: Navigating Challenges with Strategic Resilience

Feb -04

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OMV Secures Austrian Funding for 140 MW Green Hydrogen Plant

Jan -08

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Tesco Becomes Latest European Large Cap to Trade on OTC Markets in New York

Jan -05

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Assessing OMV (WBAG:OMV)’s Valuation After a 43% One-Year Total Shareholder Return

Dec -23

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Is NGL Energy Partners (NGL) Outperforming Other Oils-Energy Stocks This Year?

Dec -22

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Is OMV (OMVKY) Stock Outpacing Its Oils-Energy Peers This Year?

Dec -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.34%)

6. Segments

Fuels and Feedstock

Expected Growth: 4.0%

OMV's Fuels and Feedstock segment growth of 4.0% is driven by increasing demand for low-carbon fuels, strategic partnerships to expand refining capacity, and optimization of production processes. Additionally, the segment benefits from a favorable crude oil price environment and a strong marketing and sales network, enabling OMV to capitalize on growing demand for high-quality fuels and feedstock.

Energy

Expected Growth: 4.6%

OMV's 4.6% energy segment growth is driven by increasing demand for natural gas, successful exploration and production activities, and strategic acquisitions. Additionally, the company's focus on cost optimization, operational efficiency, and investments in renewable energy sources contribute to its growth momentum.

Chemicals & Materials

Expected Growth: 4.65%

OMV's Chemicals & Materials segment growth of 4.65% is driven by increasing demand for polypropylene and polyethylene from the packaging and automotive industries, coupled with the company's strategic expansion into high-margin specialty chemicals and its focus on operational efficiency improvements.

Corporate and Other

Expected Growth: 4.0%

The 4.0% growth in Corporate and Other segment of OMV Aktiengesellschaft is driven by increased efficiency measures, reduced administrative costs, and a favorable tax environment. Additionally, the company's diversification strategy and investments in new business areas, such as renewable energy, contribute to the segment's growth.

7. Detailed Products

Refined Products

OMV produces and sells a range of refined products, including gasoline, diesel, jet fuel, heating oil, and liquefied petroleum gas (LPG)

Petrochemicals

OMV produces and sells petrochemicals, including ethylene, propylene, and polyethylene, used in the production of plastics and other materials

Crude Oil

OMV explores, produces, and sells crude oil, which is used as a feedstock for refineries

Natural Gas

OMV explores, produces, and sells natural gas, which is used for power generation, heating, and industrial applications

Lubricants

OMV produces and sells lubricants, including motor oils, transmission fluids, and industrial lubricants

Bunker Fuels

OMV produces and sells bunker fuels, including marine fuels and aviation fuels

Bitumen

OMV produces and sells bitumen, a binding agent used in road construction and maintenance

Sulfur

OMV produces and sells sulfur, used in the production of fertilizers, rubber, and other industrial applications

8. OMV Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for OMV Aktiengesellschaft is medium due to the availability of alternative energy sources and the increasing trend of renewable energy.

Bargaining Power Of Customers

The bargaining power of customers for OMV Aktiengesellschaft is low due to the company's strong brand presence and the lack of switching options for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for OMV Aktiengesellschaft is medium due to the company's dependence on a few major suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for OMV Aktiengesellschaft is low due to the high barriers to entry in the energy industry and the company's established market presence.

Intensity Of Rivalry

The intensity of rivalry for OMV Aktiengesellschaft is high due to the competitive nature of the energy industry and the presence of several major players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.32%
Debt Cost 9.61%
Equity Weight 60.68%
Equity Cost 10.28%
WACC 10.02%
Leverage 64.79%

11. Quality Control: OMV Aktiengesellschaft passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Aker BP

A-Score: 7.3/10

Value: 6.3

Growth: 7.3

Quality: 5.7

Yield: 9.4

Momentum: 8.0

Volatility: 7.0

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Repsol

A-Score: 7.1/10

Value: 8.0

Growth: 5.6

Quality: 2.6

Yield: 8.8

Momentum: 9.5

Volatility: 8.3

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OMV

A-Score: 7.0/10

Value: 6.9

Growth: 3.9

Quality: 4.4

Yield: 9.4

Momentum: 8.5

Volatility: 8.7

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TotalEnergies

A-Score: 6.7/10

Value: 7.0

Growth: 4.7

Quality: 5.1

Yield: 8.8

Momentum: 5.5

Volatility: 9.0

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Galp Energia

A-Score: 6.6/10

Value: 7.0

Growth: 7.0

Quality: 4.7

Yield: 8.1

Momentum: 7.5

Volatility: 5.0

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SBM Offshore

A-Score: 5.9/10

Value: 6.7

Growth: 5.3

Quality: 4.1

Yield: 3.1

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

55.6$

Current Price

55.6$

Potential

-0.00%

Expected Cash-Flows