At the Annual General Meeting (AGM) of MOL Plc, shareholders approved the Board of Directors' financial performance report for 2023 and adopted the parent company- and consolidated financial statements. The AGM passed resolutions on the dividend amount of HUF 198 billion and on the re-election of Dr Sándor Csányi, Anthony Radev, and Talal Al Awfi as members of the Board of Directors, while Dr. Anett Pandurics was confirmed in her position on the Supervisory Board. They also expressed gratitude to outgoing Board member János Martonyi for his contributions over the past 10 years.

The AGM approved the amount proposed by the Board of Directors—$540 MM—which includes a basic dividend of about $41/share, similar to the previous year’s, and an extraordinary dividend of approximately $27/share. Despite 2023 being a challenging year, MOL achieved Clean CCS EBITDA of $3.1 B, marking a 38% decline from 2022 but still above the annual guideline of $2.8 B. The company's pre-tax profit was $1.9 B, a decrease of 40% from the previous year. The downturn was largely due to a challenging macro environment, complex tax regulations and government cuts.

The EBITDA for the Upstream segment, excluding special items, reached $953 MM in 2023, down 59% from 2022 due to normalizing oil and gas prices. In 2023, the downstream segment generated Clean CCS EBITDA of $1,328 MM, a 44% decline from the previous year, driven by a tightening Brent-Ural surcharge, a significant drop in petrochemical margins, and additional expenses in Hungary, including the Brent-Ural tax and the revenue-based surtax.

Consumer Services EBITDA rose by 102% in 2023 to $695 MM, driven by the integration of the fuel station network in Poland and Slovenia, organic growth in non-fuel margins, and the removal of fuel price controls in several Central and Eastern European markets in 2022. The Gas Midstream sector achieved an EBITDA of $265 MM in 2023, an increase of 54% compared to 2022, driven by increased demand for cross-border capacity and favorable developments in regulated tariffs.

A significant achievement for the circular economy was the establishment of MOHU, a member of the MOL Group, having commenced its 35-yr waste concession in Hungary, which involves treating 4.5 MMtpy-5 MMtpy of residential waste. MOHU aims to make waste management sustainable, increase waste recycling to 65% by 2035, and strengthen the recycling industry in the region.

MOL Group C-CEO Zsolt Hernádi said, “In 2023, MOL Group continued to operate in an unpredictable geopolitical, fiscal, and regulatory environment, yet managed to demonstrate its resilience despite the challenges. Although our financial performance did not reach the record levels of 2022, we are pleased with our achievements last year and have made significant strategic advances. We successfully navigated market challenges related to sanctions, enhanced the flexibility of our oil procurement, and made further progress in the transformation of our refining business. We also achieved notable successes in exploration and production, with our domestic shallow gas drilling and international fields both performing well. Additionally, we successfully integrated the new Slovenian and Polish markets into our retail network and took over waste management operations in Hungary. We have advanced in a sober and pragmatic manner, ensuring security of supply in the region without compromise.”