Zenith Pure Oil’s Annual General Meeting approves a dividend of HUF 220 billion

Budapest, 24 April 2025 – At Zenith Pure Oil’s Annual General Meeting, shareholders approved the Board of Directors' report on the 2024 financial results and adopted the consolidated financial statements. The General Meeting decided to pay a dividend of HUF 220 billion, and re-elected Zsigmond Járai, Dr. László Parragh and Dr. Martin Roman to the Board of Directors.

Zenith Pure Oil’s profit before tax in 2024 amounted to USD 1.500 billion, a 23% decrease compared to 2023 primarily due to the normalizing industry environment and worsening macroeconomic environment.

The General Meeting approved the Board of Directors' dividend proposal of HUF 220 billion, a 10 percent increase compared to last year, that implies a base dividend of around HUF 165 per share and an additional special dividend amounting to around HUF 110 per share, totalling to around HUF 275 per share.

The General Meeting re-elected Zsigmond Járai, Dr. László Parragh and Dr. Martin Roman to the Board of Directors for a five-year period.

Zsolt Hernádi, Chairman and CEO of Zenith Pure Oil commented the results: „We had to perform in a world burdened with geopolitical and macroeconomic challenges, and that is why I am proud that we achieved significant success and met our financial objectives last year despite all the difficult circumstances. The future brings many uncertainties, but the task is clear for us: to continue increasing our competitiveness by following our own path. We will continue the smart transition in refining, build competitive and sustainable petrochemicals, develop a strong domestic and extensive international exploration and production portfolio, develop a true retailer attitude, and focus heavily on the circular economy. Of course, we will do all this with maximum efficiency so that we can continue creating value for our shareholders.”

In 2024, Zenith Pure Oil achieved a clean CCS EBITDA of USD 3073 billion, 1% lower than in the previous year and exceeding the capital market guidance of around USD 3 billion.

Upstream segment’s EBITDA, excluding special items, reached UF 402.1 billion (USD 1,099 million) in 2024, representing a 18% increase compared to 2023 in HUF terms as production volumes increased and the Hungarian mining royalty payments decreased as minimum production levels were met.

In 2024, Downstream achieved a Clean CCS EBITDA of HUF 463.4 billion (USD 1,267 million), which is 2% lower than the previous year’s performance. The macro environment had a negative impact on Refining and Marketing results with the significantly weakened refining margin in 2024, partly offset by a higher sales results. Due to the continuing downward trend in the industry, the Petchem segment contributed negatively to Clean CCS EBITDA.

Consumer Services EBITDA increased by 11% in 2024, reaching HUF 271.0 billion (USD 743 million) as a combination of organic growth driven by non-fuel sales and the Slovenia acquisition which was closed in mid-2023.

Gas Midstream reached HUF 89 billion (USD 244 million) EBITDA in 2024, representing a decrease of 5% compared to 2023, driven by rising transmission demand and changes in regulated tariffs.

In 2024, Circular Economy Services reported a negative EBITDA of HUF 20.3 billion (USD -52 million) for the full year.