Concorde Securities - Petrom S.A. (SNP) Model Update

Report

Concorde Securities

Mihaly Gajda

Model Update

We have updated our financial model to reflect recent macroeconomic developments, setting a
2026 year-end ex-dividend target price of 0.790 RON, representing a 9.0% upside including the
anticipated 0.020 RON special dividend following the 2024 fiscal year (regular dividend has been
already paid out) and total dividend of 0.068 RON following the 2025 fiscal year. Consequently,
we change our recommendation to Neutral from Accumulate for OMV Petrom.

01/09/2025 10 EN

Underlying

Petrom S.A.

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ROSNPPACNOR9 Bucharest Stock Exchange Romania

Provider

Concorde Securities

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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Analysts

Mihaly Gajda

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Model Update

Petrom beats expectations, lifted by one-off litigation gain

The Rear-View Mirror – EME markets: all indices in the green in July

Another strong quarter, Q3 can be even better

Solid H1 results, unchanged outlook

Challenges remain, margins in focus

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