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CEO Letter

Ladies and Gentlemen, Dear Shareholders,

lt was a year of records for the ORLEN Group. We made the largest capital investments in our history and reached the highest market capitalisation of any company listed on the Warsaw Stock Exchange. These milestones are a measure of success for the entire ORLEN Group team. They are also reflected in hard numbers: PLN 33 billion invested in the Energy of Tomorrow, a twofold increase in our share price over the year, and our market value rising above PLN 100 billion. I am pleased to say that we achieved these results while offering fuels at their lowest prices since 2022.

We are also working to maximise the dividend for our shareholders. Our strong operating performance gives us grounds for optimism: PLN 41.5 billion in LIFO-based EBITDA and more than PLN 47 billion in operating cash flow. At the same time, last year’s excellent results continue to be weighed down by impairment charges stemming from mistakes made in the past. In accounting terms, they cost us PLN 16 billion.

Fully aware of these legacy burdens, we are working with determination to build a Group that delivers for shareholders and is a source of pride for all Poles. Our goal is to safeguard energy security for Poland and the wider region and keep energy prices as low as possible, while consistently creating shareholder value. Thank you for your trust and for your confidence in the path we have chosen.

I would also like to thank all ORLEN Group employees for what we have achieved together in rebuilding strong corporate governance. Thank you for the ambition that drives us, every day, to raise the bar. I am convinced that we will continue to set new records and reach new heights in the years ahead.

Sincerely

Ireneusz Fąfara

President of the Management Board - Chief Executive Officer ORLEN S.A.

Management Report

on the activities of the ORLEN Group and ORLEN S.A. for 2025.

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