Austria’s OMV reports lower net income in Q1

Austrian energy and chemicals group OMV (OMVV.VI) reported a net income of 413 million euros in the first quarter of 2025, down from 696 million euros a year earlier. Earnings per share dropped to 1.26 euros from 2.13 euros in Q1 2024.

The operating results for the Chemicals segment edged down by 3% to 126 million euros in the first quarter of 2025, from 129 million euros a year earlier. The decline was primarily attributed to lower contributions from Borealis, particularly in base chemicals and polyolefins, despite an improved result from OMV’s own base chemicals operations.

OMV’s base chemicals business saw stronger performance, supported by improved olefin margins and increased cracker utilization. The utilization rate of OMV and Borealis-operated European steam crackers rose to 90%, up from 87% in Q1 2024, largely due to operational improvements at the Porvoo site.