Summary of strategy implementation in 2022

The key theme in 2022 was the outbreak of war in Ukraine, driving a decline in the supply of natural gas, coal, crude oil and fuels, and pushing up the prices.

In 2022, the ORLEN Group consolidated its leading position in the region by finalising the acquisition of the LOTOS and PGNiG Groups. Successful implementation of the merger processes and the strong financial foundations of the Group have been recognised by the rating agencies Fitch and Moody's, which raised the Group's credit ratings to their highest ever levels: A3 with a stable outlook (Moody’s), and BBB+ with a stable outlook (Fitch). In 2022, the ORLEN Group reported full-year revenue of PLN 278 billion and record-high EBITDA + inventory valuation." data-popup>LIFO-based EBITDA of PLN 46.9 billion.

With this level of profit and a secure financial position, we were able to double our capital expenditures. In 2022, the Group spent PLN 19.7 billion on investment projects, which included: construction of a visbreaking unit in Płock, a hydrocracking unit in Lithuania, a 2G bioethanol unit at ORLEN Południe and an HVO unit in Płock, expansion of the olefins production capacity in Płock and the fertilisers production capacity at ANWIL, upgrades of the existing assets and connection of new customers in the Energa Group, construction of CCGT units in Ostrołęka and Grudziądz, development of a wind farm project in the Baltic Sea, and launch of new alternative refuelling points.

The new ORLEN Group is larger, stronger and fully diversified. In accordance with the updated Strategy to 2030, published in February 2023, the Group has greater capacity for investment and sharing profits with the shareholders. The new dividend policy provides for annual dividend distributions at 40% of the free cash flow, but no less than the guaranteed dividend of PLN 4.00 per share for 2022, to be increased progressively each year by PLN 0.15 to PLN 5.20 in 2030. The recommended dividend for 2022 is the highest on record, at PLN 5.50 per share.

In 2023, ORLEN was awarded the title of Top Employer Polska
for the 12th consecutive time.

Summary of strategy implementation in 2022.