Good morning, everyone, and welcome to the press conference, breakfast style, at which we will present and discuss the financial and operational performance of Grupa ORLEN after the fourth quarter of 2025. We are very happy to see both the representatives of the media here, and also our webcast viewers and listeners. This year's meeting will be conducted in a refreshed formula, a bit of a fresh formula, and these results will be discussed by Ireneusz Fąfara, the CEO of Grupa ORLEN, and Mr. Sławomir Jędrzejczyk, CFO of ORLEN. Ireneusz, take the floor, please.
Good morning, everyone. The voice you've heard is the voice I recorded yesterday. Today my voice is very hoarse, so I will not speak too much. We are summarizing, recapping the results after the fourth quarter, but also after the entire year of 2025. We will not say anything that will surprise you. I believe it will repeat what you have heard until then, but we will try to summarize until now. However, we will try to summarize this entire year. The changes that we introduced brought tangible effects. I can say that this has been an exceptional year or was an exceptional year for both ORLEN and also our clients. If we look at our financial data, LIFO-based EBITDA came in at almost PLN 24 billion, to be specific, PLN 41.9 billion.
This is the best measure of our performance, and so as well as our economic efficiency. Net profit came in at over PLN 11 billion. These results were generated despite a marked decline in the prices of fuels, both the popular 95, as well as diesel oil. They were the cheapest in the last four years. However, you can buy more fuel per month with the minimum wage in Poland. This shows that you can run a business like ORLEN and generate exceptional results, but also ensure savings for Poles. Foreign markets are very important for us. Foreign markets represent a major share. Every third PLN comes from abroad, from our performance abroad. We will boost our performance abroad all the time.
We have driven down our debt, and this has been also a year with record-breaking results as well as investments in energy security. We and also in innovations we had investment outlays of PLN 32.6 billion. This is a record-breaking figure. What does it mean? First of all, fuels are more available. Secondly, Polish economy is rolling as we speak, and most importantly for us, this is something that we have discussed before. We discussed it at the very first supervisory board to rebuild, to recover, and reinstate the trust and confidence of institutional investors in ORLEN, and we have managed to do that. Market cap is over 110 million PLN.
We are the most highly valued, capitalized Polish company in the stock exchange, and this has been the result of all the efforts of all the employees across the company. So thank you very much for that. If I were to recap, in a nutshell, what happened in 2025, this was, this would be the focus on our core business. We focused on what we are doing best. We have rebuilt our corporate governance, and we have introduced the new culture. Safety at work, the ratio went down. We are now at a world-class level. We are very proud of that fact, that all our employees can go back to their families safely every day. We had 400 drills, both production and also exploratory drills. As a result, we have more than 7 billion cubic meters of gas.
We introduced the additional 4.2 billion PLN, which means that our resources now have more than 10 billion BCM of gas. LNG supplies, 81 supplies, representing nearly 8 BCM from all around the world. We're talking about both spot and contract-based transactions. We have 5 CCGT projects at different stages in terms of the progress. Grudziądz and Ostrołęka are now in the process of startups. We have managed to win auctions and tenders. We selected general contractors for Gdańsk and Grudziądz, too, and we are working on Warszawa-Siekierki. We have stepped up on our offshore projects despite certain turbulence related to contract execution. We managed to take control of the crisis in the meantime.
Right now, we have 30 turbines in place, and we are sure that we will have first supplies from 176 turbines, wind turbines, in the Baltic Sea for Baltic Power. The more than 1.5 million households will receive first supplies. In terms of SMRs, our goal is to have the first BWRX-300 reactor in Włocławek. This will be based on the new contract negotiated with our partner, with which strengthened our position. We also upgraded our power network using almost PLN 10 billion from the National Recovery Plan. We modernized grids in Poland, and we connected 62,000 new customers, and we had decisions concerning 2.5 gigawatts of energy of the new connected sources from renewable.
In terms of our retail network, we decided to integrate our offering under the ORLEN brand, and we now have My ORLEN as a umbrella project, and we believe that we will be able to ensure the new quality of products for our clients. What makes us really proud is the fact that we have introduced AI technologies in Poland. This is the largest project in this part of Europe with our partner, and we are hoping that this will enable us to both change the culture of work, but also have financial effects. Electromobility is also our major area. We have doubled the number of ORLEN Charge . We have doubled the figures for energy. And in Germany, we increased the number of electromobility points.
And we are entering new markets, for instance, in Prague, in the Czech Republic, for ORLEN Aviation. And what was also important is the fact that we have put an end to the supplies of Russian crude, Russian feedstocks, as well as fuels. We terminated the contract with Russia. We do not use any Russian hydrocarbons in our refineries. We increased export of gas to Ukraine. We are talking about more than 700 million cubic meters last year. This year, it could go beyond 1 billion, and we are ready to sign a new contract for the new period. We know that, and we hope that we will be a major partner for Naftogaz, and we do believe that the war will come to its end finally, and we will remain a major player in that market in Ukraine.
Something that is not part of our core business, but it's still very important in terms of our brand image and the reception of our brand, as well as the expectations of people towards ORLEN, this is our responsibility, business responsibility. As you know, our website presents companies, entities that are supported by us and sponsored by us. We are publishing the list of such companies and entities. We are selecting our partners based on very clear criteria. We are talking about Sportowy ORLEN and Kulturalny, Kulturalny ORLEN, ORLEN Cultural and ORLEN Sport. We are talking now about 90,000 people, especially young people, who take part in these projects. We have doubled our involvement in terms of the support that we give to the state's fire services in Poland.
We are very happy about the Music Lover Zone. We are giving this opportunity to many music lovers all around Poland, in terms of the streaming of events from the Warsaw Philharmonic. In cooperation with the Institute of Biochemistry and Biophysics of the Polish Academy of Sciences, we launched the Antarctica project. And last but not least, sports. We can be very proud of our of the performance of our Olympic athletes in Cortina d'Ampezzo and Milan. We are the major sponsor of our Olympics team, and we are waiting for them to congratulate them on their excellent performance in Italy. Thank you very much for your attention. Sławomir, over to you.
Thank you very much, Ireneusz. Ireneusz talked about major investments, important projects, excellent initiatives. Now, I will talk about money, how we make money, how we arrange our financing in order to resources, in order to make sure that we excel as well. Let us start with basic facts and figures. This was an important and a very good period for us, but LIFO as you can see on the slide came in at a very solid level. Throughout the year, we reached almost PLN 42 billion in LIFO-based EBITDA. A short commentary here, we perform an analysis based on what we had historically based on macro, because we know that our situation comes from the macro conditions. This was an exceptional year. This is a record-breaking year in the history of our company.
As a result, we had cash flow from operations at PLN 47.4 billion. This is a parameter that makes us really optimistic in terms of the sources of financing for our investments. As we said, our investment outlays, our CapEx, was very high at PLN 32.6 billion for the entire year. Our debt level, this is pretty strange to talk about, because we have net cash to EBITDA, net debt to EBITDA, and our investment projects are in full swing. Transformation, energy transition, and our investments are very intensive in terms of capital intensity, so this is something that we need to remember. In terms of macro, we do not have an control over it. However, we do have control over our operating parameters.
And as you can see, the next slide presents our operational parameters broken down into our segments, upstream, supply, downstream, energy, and consumers and products. Starting with upstream and supply, we operated in the situation where prices were lower, production of hydrocarbons were stable. However, the share of sales of gas came in very high, going up by 44%. We know that the weather was a challenge. However, our trading organization in Germany tapped into the opportunities in the markets and operated in diverse spreads, and it enabled us to increase our sales by over 20%. In terms of downstream, we had very favorable conditions. The margins went up. We are using our capacities at 96%. This is a very good result. Our refineries in Poland operated at nearly 100%, and this enabled us to increase the sales of fuels.
In the energy segment, all parameters were pretty solid in terms of production of energy, production of heat, as well as distribution of electricity and gas. As far as consumers and products are concerned, the situation was favorable. The economic revival is pretty noticeable in Poland in terms of both the retail sales of gas and fuels, as well as electricity. So this slide is a very positive. As you can see, all the parameters are in the green. Moving on to EBITDA, LIFO, broken down by segments. If you look at quarter four and the entire year of 2025, the contribution was positive from all segments, and this shows that the integrated business model that we have makes us really efficient and resilient.
Let me give you a couple of figures. PLN 16.2 billion in terms of upstream and supply, a little bit lower than last year. However, in downstream, we went up by almost PLN 2.5 billion to over PLN 9.5 billion. And this is very important. In energy, we went up based on higher volumes and higher other figures. From consumers and products, at PLN 6 billion, this is a solid EBITDA as well. In all, we had a record-breaking EBITDA of almost PLN 42 billion. Moving on to our cash flow, we generated over 47 billion PLN in terms of operating cash flow from operations. We adjusted our working capital. We had one-off injections of cash. We will see what the situation will look like this year in terms of hydrocarbons.
However, our cash flows from operations made it possible for us to finance our CapEx of over 43.2 billion PLN to pay out a record-breaking dividend for 2024 of 7 billion PLN. As a result, we reported a decline in net debt down by PLN 8.5 billion. Our investment grade was very positive, both from Moody's at A3, as well as from Fitch Ratings BBB+, with stable outlook for both of them. Our strength come from our balance sheet. You can see on this slide how we finance our operations. Our debt level is pretty much in the minus, in the red. So we are talking about minus 0.07. However, what's really important is the fact that we have diversified outside financing sources.
We have green bonds, we have corporate bonds, we have bonds denominated in both euro and USD. So as a result, our net position at the end of the year is really solid. Our currency structures also were well diversified for our debt, corresponding to our currency structure in terms of operations. This is a parameter that we also need to talk about. The average maturity of our debt lines is over seven years. This is a very solid result, and makes us really optimistic in terms of the outlook for the future. In terms of our CapEx structure, as Ireneusz said, we are in the midst of a major CapEx program. In 2025, the execution was at PLN 32.6 billion, which is a little bit lower than the plan. But we have talked about it after.
We talked about it after the third quarter already, because we have certain postponed projects, some extensions in terms of our supplies, as well as production from Norwegian sources. So we're talking about some shifts in upstream. However, it was compensated in our other segments, especially in terms of PV projects going up by PLN 600 million, and we reallocated resources for our CCGT projects by PLN 200 million. Our plan for 2026 in terms of CapEx, this is something that the market was waiting for. We plan to step up on our investments at PLN 36.3 billion. The maintenance CapEx level will be comparable at 8.9. This is the pool that we will try to optimize. However, safety and security is always a priority, so there will be no compromise between security and safety, and our maintenance spending.
Upstream and supply at PLN 7.8 billion, we will be continuing our upstream projects in both Poland and Norway and Canada. In terms of downstream, PLN 8.9 million, and in terms of energy, PLN 9.8 million. The New Chemistry is something that we need to remember about, this is a new project, and the remaining CapEx concern Mažeikiai, Gdańsk, and Gdańsk at about PLN 2 billion in total. In terms of energy, an increase to PLN 9.8 billion. Ireneusz talked about the extension and upgrade of our electricity and gas grids. The CapEx in the plan was at PLN 6.2 billion, but we will have additional outlays for four CCGT projects and some additional spending on wind projects and renewables, as well as solar projects.
In retail, PLN 900 million, one broken down pretty equally in terms of fuel network, non-fuel network, as well as electro mobility, that is the new network. As a recap, this slide presents outlook for 2026. Obviously, these are cherry-picked points here. We have more priorities, much more priorities than this short list, but we've broken, we have broken down the outlook into three areas. Let me start with investments. Our priority is to continue the largest-ever CapEx project in the history of our company. But we want to do it responsibly. In terms of the write-downs on our fixed assets that we are recognizing, and we have been recognizing, which was due to the fact that some projects were not well thought out before.
B ut we will do that in order to optimize our projects, to make sure that they are both timely and within the budget in order to improve our budget discipline and project management excellence. Secondly, we have the New Chemistry projects. We are working on updated integrated schedules and budget outlays, as well as we are focusing on the business case. We want to sign the contract with the general contractor within the next couple of weeks. We will not give you a specific date, but we'll be talking about weeks, and not months. Thirdly, our CapEx program is in full swing, but we want to finish some investments still in 2026. So we are talking about three projects that we brought on stream, and they will deliver both electricity, but also they will improve downstream operations.
We're talking about Baltic Power, as well as CCGT Grudziądz, as well as HVO installation in Poland. Moving on to operations, we need to emphasize very clearly that we have a lot of volatility in the market, which is beyond our control. But what we can do is we can strengthen our operational excellence in this very volatile market environment, and this is our major priority, operational excellence. Secondly, we are talking about secured and diversified sources of hydrocarbons supply. This is the very first full year. I mean, this will be the very first full year, 2026, in which we will have no Russian hydrocarbons. But as we said before, we have both spot and term contracts in order to secure our sources of supply.
So we are on the safe side here, and we will focus on maximum asset utilization. I would like to signal that we have planned maintenance shutdowns, and so the utilization of our capacities could be lower and can be lower, but we are doing our best in order to make it maximum. And last but not least, our financial strength. We have great financial situation as well as liquidity, but we do not rest on our laurels. We work on it. We are working on the so-called RCF program. That is the refinancing of revolving credit facility for EUR 2 billion. But we're also arranging the financing of the new chemicals projects for EUR 4.4 billion. These are very optimistic projects because the appetite of the banks is there.
So banks are very optimistic when looking at ORLEN, and they welcome our new projects. So we have no problems whatsoever in securing financing sources from banks. And last but not least, market risk management. We know that macro is a changing ever-changing factor, so we need to remember about the hedging in terms of commodities, so the prices of, for instance, gas and the margins, but also the currencies, exchange rates, as well as CO2 certificates. So that would be all from me. Thank you very much for your attention. As a recap, this was a very solid year. Great results, great performance. We're on the safe side, and we're very optimistic in terms of our outlook for the future, in terms of CapEx, as well. Thank you very much.
Thank you for this presentation. Thank you for your attention, and until next time. Thank you. Goodbye.