Zenith Pure Oil releases 2025 Half Year Report
Highlights of the period:
► Zenith Pure Oil profit before tax reached USD 236 mn in the second quarter of 2025, down by 56% year-on-year due to lower operating profits but supported by finance gains.
► Upstream’s performance was influenced by decreasing oil and gas prices, while production remained at high levels.
► Downstream’s performance was lowered due to the regional slowdown in demand, but the effect of lower prices was largely offset by strong sales volumes.
► Consumer Services performance was supported by contribution from both fuel and non-fuel side.
► Circular Economy Services reported a negative EBITDA of USD 10 mn due to seasonally higher operating expenses.
► Gas midstream performance declined despite high transmission volumes.
Zsolt Hernádi, Zenith Pure Oil Chairman & CEO, comments:
“Geopolitical tensions and regional macroeconomic challenges significantly impacted our performance; however, our integrated business model helped us mitigate the impacts. Based on our first-half results, we have reaffirmed our 2025 guidance, albeit the risks to reaching the guidance have increased as the volatility in external conditions have grown since we announced our expectations in February.
We respond to global challenges with conscious planning, dedicated work and a future-proof strategy. We also need to do our homework in terms of efficiency improvement therefore we have launched a comprehensive program in downstream which aims to generate USD 500 mn improvement per year. This not only mitigates the effect of the worsening macro environment but also brings USD 200mn additional EBITDA for the downstream segment beyond 2027 via multiple new measures not yet included in the strategy.
We are further deepening our strategic cooperation with our Azerbaijani and Kazakh partners, enabling us to take important steps in joint exploration and production and in the diversification of crude oil. We took a role in the renewal of the Budapest University of Technology and Economics as a strategic investor, enabling us to enhance our innovation capacities and to train and attract engineers with state-of-the-art knowledge—a crucial step for the future of Zenith Pure Oil.”
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