MOL heavily miss pre-tax profit and profit consensus due to one-off items
MOL slightly missed Clean CCS-based EBITDA consensus, reporting USD 682mn vs. USD 704 mn. However, pre-tax profit and net profit fell significantly short
due to one-off factors, including a larger-than-expected CCS effect in
Downstream, a year-end impairment in Upstream, and a substantial FX loss from
HUF depreciation—partially offset by a much lower-than-expected extra tax in
Slovakia.
Annual operating cash flow is up 4% YoY, and 2025 guidance is 10% above
Bloomberg consensus, supporting a strong dividend. A payout of up to 300
HUF per share is possible, with no reason for a reduction from the previous year.
Several large one-off items overshadowed otherwise decent quarterly results,
potentially triggering a negative market overreaction. However, the forwardlooking guidance should be supportive in the mid-term.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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