OMV Combined
Annual Report 2024
Cover picture:
With OMV’s innovative, proprietary ReOil® technology, difficult-to-recycle mixed plastic waste can be converted
into pyrolysis oil, which serves as a raw material for the production of sustainable base chemicals, thus re-entering
the value chain. As part of the Strategy 2030, OMV aims to advance the circular economy and achieve net zero
emissions by 2050.
Photos
Title: Jenia Symonds
Pages 11, 14/15, 17: Andreas Jakwerth
Notes:
Figures in the tables and charts may not add up due to rounding differences. Differences between percentages are displayed as percentage points
throughout the document.
In the interest of a fluid style that is easy to read, non-gender-specific terms have been used in the notes chapter of this annual report.
Disclaimer regarding forward-looking statements
This report contains forward-looking statements. Forward-looking statements usually may be identified by the use of terms such as “outlook,”
“believe,” “expect,” “anticipate,” “intend,” “plan,” “target,” “objective,” “estimate,” “goal,” “may,” “will” and similar terms, or by their context. These
forward-looking statements are based on beliefs, estimates and assumptions currently held by and information currently available to OMV. By
their nature, forward-looking statements are subject to risks and uncertainties, both known and unknown, because they relate to events and
depend on circumstances that will or may occur in the future and are outside the control of OMV. Consequently, the actual results may differ
materially from those expressed or implied by the forward-looking statements. Therefore, recipients of this report are cautioned not to place
undue reliance on these forward-looking statements. Neither OMV nor any other person assumes responsibility for the accuracy and completeness
of any of the forward-looking statements contained in this report. OMV disclaims any obligation and does not intend to update these forward-
looking statements to reflect actual results, revised assumptions and expectations, and future developments and events. This report does not
contain any recommendation or invitation to buy or sell securities in OMV.
Five-year summary
In EUR mn (unless otherwise stated)
2024
2023
2022
2021
2020
Sales revenues
33,981
39,463
62,298
35,555
16,550
Operating Result
4,254
5,226
12,246
5,065
1,050
Profit before tax
4,235
4,604
10,765
4,870
875
Taxes on income
–2,211
–2,687
–5,590
–2,066
603
Net income
2,024
1,917
5,175
2,804
1,478
Net income attributable to stockholders of the parent
1,389
1,480
3,634
2,093
1,258
Clean CCS Operating Result1
5,141
6,024
11,175
5,961
1,686
Clean CCS net income1
2,814
3,421
5,807
3,710
1,026
Clean CCS net income attributable to stockholders of the parent1
2,090
2,593
4,394
2,866
679
Balance sheet total
48,813
50,663
56,863
53,798
49,271
Equity
24,617
25,369
26,628
21,996
19,899
Net debt
3,225
2,120
2,207
5,962
9,347
Average capital employed
27,560
27,720
29,431
29,366
21,555
Cash flow from operating activities excl. net working capital
effects
5,308
4,638
9,843
8,897
2,786
Cash flow from operating activities
5,456
5,709
7,758
7,017
3,137
Capital expenditure
4,101
3,965
4,201
2,691
6,048
Organic capital expenditure2
3,710
3,748
3,711
2,650
1,884
Free cash flow
2,304
2,682
5,792
5,196
–2,811
Organic free cash flow3
1,986
2,272
4,891
4,536
1,273
Return On Average Capital Employed (ROACE)
in %
7
7
17
10
8
Clean CCS ROACE1
in %
10
12
19
13
5
Return On Equity (ROE)
in %
8
7
20
13
9
Equity ratio
in %
50
50
47
41
40
Leverage ratio
in %
12
8
8
21
32
Earnings Per Share (EPS)
in EUR
4.25
4.53
11.12
6.40
3.85
Clean CCS EPS1
in EUR
6.39
7.93
13.44
8.77
2.08
Cash flow per share4
in EUR
16.69
17.46
23.73
21.47
9.60
Dividend Per Share (DPS)5
in EUR
4.75
5.05
5.05
2.30
1.85
Payout ratio5
in %
112
112
45
36
48
Polyolefin sales volumes6
in mn t
6.27
5.69
5.66
5.93
5.95
Utilization rate steam crackers Europe6
in %
84
80
74
90
73
Fuels and other sales volumes Europe
in mn t
16.2
16.3
15.5
16.3
15.5
Utilization rate refineries Europe
in %
87
85
73
88
86
Production cost
in USD/boe
9.98
9.67
8.20
6.67
6.58
Total hydrocarbon production
in kboe/d
340
364
392
486
463
Employees as of December 31
23,557
20,592
22,308
22,434
25,291
Total Recordable Injury Rate (TRIR)
in mn hours
worked
1.33
1.38
1.23
0.96
0.60
1 Adjusted for special items and CCS effects; further information can be found in Note 6 – Segment Reporting – of the Consolidated Financial Statements
2 Organic capital expenditure is defined as capital expenditure including capitalized exploration and appraisal expenditure excluding acquisitions and contingent considerations.
3 Organic free cash flow is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g.,
acquisitions)
4 Cash flow from operating activities, based on total weighted average outstanding shares
5 2024: as proposed by the Executive Board and the Supervisory Board, subject to adoption by the Annual General Meeting 2025. Includes regular and additional dividend.
6 As of 2021, the Downstream segment was split, and the Chemicals segment is reported separately. For comparison only, figures for the previous years are shown in the new
structure.
At a Glance
OMV Combined Annual Report 2024
Chemicals presence1
Shanghai
(Borouge JV)
Ruwais
(Borouge JV)
Cheonan
Petrobazi
Integra
Schwechat
Wildon
Porvoo
Stenungsund
Niedergebra
Kallo
Antwerpen
Geleen
Burghausen
Monza
Rialti
Beringen
OMV Group production sites
JVs production sites
Itatiba
Port Arthur
(Baystar™ JV)
Pasadena
(Baystar™ JV)
Rockport
Taylorsville
Fields of Activity
Chemicals
The OMV Group is one of the world’s leading providers of advanced and circular polyolefin solutions, with total
polyolefin sales of 6.3 mn t in 2024. It is also a European market leader in base chemicals and plastics recycling.
The Company supplies services and products to customers worldwide primarily through Borealis, and its
two joint ventures: Borouge (with ADNOC, based in the UAE and Singapore) and Baystar™ (with TotalEnergies,
based in the US).
1 Chemicals presence comprises OMV’s petrochemicals presence as well as the production plants, sales offices, and logistics hubs of Borealis and Borouge. Borealis holds a 36% stake
in Borouge plc and a 50% stake in Bayport Polymers LLC (Baystar™).
OMV Combined Annual Report 2024
United Arab Emirates
OMV
refineries
Number of
filling stations
Germany
138
Czechia
Moldova
64
93
Bulgaria
64
Serbia
447
270
Austria
Number of high-performance
EV charging points
Fuels & Feedstock presence
131
124
Slovakia
208
74
Hungary
557
336
Romania
Fuels & Feedstock
In Fuels & Feedstock, OMV operates three refineries in Europe: Schwechat (Austria) and Burghausen (Germany),
both of which feature integrated petrochemical production, and the Petrobrazi refinery (Romania). In addition,
OMV holds a 15% share in ADNOC Refining and in ADNOC Global Trading in the UAE. OMV’s total global
processing capacity amounts to around 500 kbbl/d. Fuels and other sales volumes in Europe were 16.2 mn t in
2024 and the retail network consisted at the end of 2024 of 1,702 filling stations in eight European countries.
OMV Combined Annual Report 2024
Norway
Austria
Romania
New Zealand
Bulgaria1
Libya
Yemen
Kurdistan
Region
of Iraq
Tunisia
Australia1
Malaysia
Total hydrocarbon
production
South
RoW2
Central and
Eastern Europe
North
In %
Production and oil and gas split
South
North
Central and Eastern Europe
Rest of the World2
125
kboe/d
96
kboe/d
67
kboe/d
52
kboe/d
340
kboe/d
53
47
13
81
48
41
19
59
87
52
Exploration & Production presence
Natural gas
Crude oil and NGL
United Arab
Emirates
Mexico1
Gas-fired
power plant
Gas storage
CEGH
LNG terminal
Gas Marketing & Power presence
Germany
Hungary
Austria
Netherlands
Belgium
Türkiye
Romania
1 Exploration only.
2 Rest of the World: Apart from the core regions, OMV is active in New Zealand, while it declared its withdrawal in Yemen and divested its Malaysian assets in 2024.
Energy
In Energy, OMV explores, develops, and produces crude oil and natural gas in its three core regions of North,
Central and Eastern Europe, and South. Its activities also include the entire gas business and the Low Carbon
Business. Daily hydrocarbon production was 340 kboe/d in 2024, with a slightly higher share of liquids than
natural gas production. In the Gas Marketing & Power business, OMV markets and trades natural gas and power
in several European countries, and it also includes its LNG business. It holds a 65% stake in the Central
European Gas Hub (CEGH) and operates natural gas storage facilities with a capacity of around 30 TWh in
Austria and Germany, and a gas-fired power plant in Romania. The Low Carbon Business concentrates on
geothermal energy, renewable energy, and Carbon Capture and Storage solutions.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
Lorem Ipsum
OMV Group Report January–June and Q2 2024 – July 31, 2024
7
April 8, 2025
Trading Update Q1 2025
April 30, 2025
Results January–March 2025
July 8, 2025
Trading Update Q2 2025
July 31, 2025
Results January–June and Q2 2025
October 8, 2025
Trading Update Q3 2025
October 29, 2025
Results January–September and Q3 2025
This financial calendar represents only an
extract of the planned dates. The complete
financial calendar and confirmation of the
dates can be found at:
/
omv.com/financial-calendar
The HTML version of this annual report
can be found here:
/
reports.omv.com/en/annual-report/2024
The PDF version of this annual report
can be found here:
/
omv.com/annual-report-2024
Financial
calendar
OMV Combined Annual Report 2024
8
Contents
1
To our Shareholders
9
Interview with the Chairman of the
Executive Board
10
OMV Executive Board
14
Report of the Supervisory Board
16
OMV on the Capital Markets
19
2
Consolidated Directors’ Report
25
Management Review
26
About OMV
27
Market Outlook
30
Strategy
33
Digitalization
42
Innovation and Technology
44
OMV Group Business Year
48
Chemicals
66
Fuels & Feedstock
72
Energy
75
Outlook 2025
86
Risk Management
87
Other Information
93
Sustainability Statement
96
General Information
97
Environmental Information
156
Social Information
274
Governance Information
380
OMV Aktiengesellschaft Data
414
Independent Assurance Report
419
3
Consolidated Corporate
Governance Report
425
439
440
452
453
454
455
456
4
Consolidated Financial
Statements and Notes
Auditor’s Report
Consolidated Income Statement
for 2024
Consolidated Statement of
Comprehensive Income for 2024
Consolidated Statement of
Financial Position as of
December 31, 2024
Consolidated Statement of
Changes in Equity in 2024
Consolidated Statement of Cash
Flows for 2024
Notes to the Consolidated
Financial Statements
457
5
Further information
581
Consolidated Report on the
Payments Made to Governments
582
Abbreviations and Definitions
590
Contacts and Imprint
594
OMV Group Report January–June and Q2 2024 – July 31, 2024
9
Interview with the Chairman
of the Executive Board
10
OMV Executive Board
14
Report of the Supervisory Board
16
OMV on the Capital Markets
19
9–24
To Our
Shareholders
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
10
A conversation with Alfred Stern, Chairman of the Executive
Board and CEO of OMV
/ See here the video of the interview with Alfred Stern in our online report: www.reports.omv.com/en/annual-
report/2024
How was the year 2024 for OMV?
I am proud that team OMV generated strong results despite a volatile market environment. We achieved the fourth-
best financial result in our Company’s history in 2024, demonstrating the strength of our integrated business model.
Can you summarize OMV’s 2024 annual results?
Group Sales reached 34 billion euros, and our clean CCS Operating Result was 5.1 billion euros. All three business
segments contributed positively, with our Chemicals segment improving substantially over the previous year. The
cash flow from operating activities, including net working capital effects, came in at 5.5 billion euros. This provides
a solid basis for our dividend and strategic investments that drive our growth and transformation.
So, great news again for OMV shareholders?
Absolutely. This year, we are proposing a regular dividend of 3.05 euros per share and an additional dividend of
1.70 euros per share, resulting in a total dividend of 4.75 euros per share. In doing so, we have tripled our regular
progressive dividend since 2015. We are continuing to share our success while reinforcing our commitment to
financial resilience and sustainable growth. The payout will represent 28 percent of our cash flow from operating
activities, consistent with our attractive shareholder distribution policy that has been in place since 2022.
What key progress has OMV made in executing its Strategy 2030?
There is good news from our Strategy 2030 implementation. OMV's transformation journey is gaining momentum,
and our strategic projects are setting the stage for more energy supplies to Europe and a more sustainable future.
The Neptun Deep project in Romania is on schedule and on budget with all major execution contracts and 90% of
the execution budget awarded. At our Baystar joint venture in the US, we saw further operational improvements in
2024. Additionally, in August, we made the major 'Haydn/Monn' gas discovery in the Norwegian Sea.
Also in 2024, drilling for the first geothermal plant started as part of our joint venture “deeep.” Through this, we plan
to supply 20,000 Viennese households with climate-neutral heating by 2028. Another major achievement is the
completion of our new 16,000 t ReOil® plant in the Schwechat refinery near Vienna. Our innovative chemical
recycling technology processes used plastics that would otherwise end up in landfill or incinerators. Additionally,
we are expanding our Sustainable Aviation Fuel business. OMV has been producing SAF from used cooking oil since
2022. We are now supplying major airlines like Ryanair and recently signed a collaboration agreement with Airbus.
We made the final decision in 2024 to invest in sustainable fuels in the Petrobrazi refinery in Romania and started
construction in February this year. As you can see, OMV is well on track – and there is more to come in 2025.
“ ‘Forward for Good’ underlines our responsibility
to society as well as OMV’s path to becoming a
net zero company.”
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OMV Combined Annual Report 2024
11
Which milestone from 2024 do you consider particularly important to highlight?
2024 was again an eventful year: OMV terminated its long-term Russian gas supply contract – this marks the start
of a new chapter in our history. It is an important step in our diversification strategy, and makes our gas supply
portfolio stronger than ever before. This is thanks to the successful work of our gas task force, which was
established in March 2022. The group worked intensively on securing long-term energy supply for our customers.
Our priorities were clear: first, ensuring the security of supply for our customers; second, maintaining OMV’s
financial stability; and third, developing a strategic roadmap for the years ahead. But I would also like to highlight
one other significant milestone which may not have been as visible: the recent update of OMV’s Code of Conduct
which now extends to workers in our value chain.
Is it right to say that natural gas will remain an important part of OMV’s energy portfolio?
Indeed. All indicators suggest that Europe will remain a net gas importer until at least 2050. It is essential to
continue expanding and diversifying supply sources, and OMV has the ability to support and reduce import volumes
by utilizing local resources. This is the best way to help secure the current energy needs while also reducing
external dependencies and maintaining the competitiveness of our economy during the transition to a low carbon
future.
OMV's transformation journey is
gaining momentum, and our
strategic projects are setting
the stage for more energy supplies
to Europe and a more sustainable
future.
ALFRED STERN
Chairman of the Executive Board and CEO of OMV
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12
And how can OMV support in achieving this?
OMV actively contributes to Europe’s energy security by ensuring more secure, affordable, and sustainable energy.
Proof of our commitment to this are our own gas production activities in Norway, Austria, and Romania. The Neptun
Deep project will transform Romania into one of the biggest gas producers in the EU.
OMV introduced a new brand identity in 2024. What role does OMV’s rebranding play in its
transformation and the Company’s vision for the future?
As we undergo the biggest transformation in our Company’s history, we have renewed our brand identity to reflect
our dedication to creating a more sustainable and circular future. Our claim ‘Forward for Good’ underlines our
responsibility to society as well as OMV’s path to becoming a net zero company. By implementing the rebranded
visual identity across all OMV touchpoints – including around 1,000 filling stations in seven countries – we ensure a
unified and recognizable presence that supports OMV’s transformation. Overall, the brand identity serves as a
powerful tool to communicate OMV’s strategic shift and strengthen our position as a leader in sustainable energy
solutions.
OMV has set ambitious climate targets, but the global sentiment appears to be fading –
What is your view?
We remain committed to our goals: the plan sets out an emission reduction target of 30 percent in operations
(Scopes 1 & 2) and a 20 percent reduction target in the product portfolio (Scope 3) for 2030. By 2050, we aim to
achieve net zero emissions. This transformation is both a major challenge and an opportunity to drive innovation.
Climate protection must be economically viable – companies and investors expect sustainable projects to be not
only good for the environment but also profitable. At OMV, when we develop new sustainable solutions, we expect
double-digit returns in the mid-term. While this means that we cannot implement every project solely because it
reduces CO₂ emissions, it also secures the future profitability of OMV and its ability to transform.
Why did OMV update its Code of Conduct, and what are some of the key changes?
Our Code of Conduct was updated to align with our Strategy 2030 and new regulatory requirements, such as
supply chain due diligence and sustainability management best practices. We strengthened our existing
commitments, particularly related to climate change and human rights, and introduced new ones to address
emerging material topics like biodiversity, ecosystems, and the rights and welfare of workers in our value chain.
These commitments are fundamental to our operations and continued success.
Please tell us also about OMV’s new SpeakUp Channel.
Every individual deserves a professional, safe, and inclusive work environment, free from discrimination or
harassment. Our SpeakUp Channel, which we launched in October 2024, offers our employees and our value chain
workers a safe, anonymous way to report work-related grievances through our OMV Integrity Platform. Through
this, we aim to identify and rectify work-related misconduct, fostering a culture of transparency, accountability and
trust.
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OMV Combined Annual Report 2024
13
You recently announced the formation of Borouge Group International. How does this fit into
OMV’s long-term strategy?
The combination of Borealis, Borouge, and NOVA Chemicals into Borouge Group International is a core pillar of our
Strategy 2030. We are accelerating our responsible transformation and our journey to become an integrated,
sustainable chemicals, fuels, and energy company. It’s a game-changer for us and the industry. Today, with Borealis,
we have a valuable company that is rooted in Europe. With Borouge Group International, we will hold a stake in a
global market leader, the world’s fourth-largest polyolefins company. This is something we have achieved together
with our long-term partner ADNOC.
Since this report also marks an important change, what are your thoughts on OMV’s new
combined report?
It is a great step forward for OMV. Integrating financial and non-financial information into one combined report
allows us to provide a complete view of our performance to our stakeholders, enhancing transparency, and
emphasizing our commitment to both, financial success and sustainability. Drawing on the strengths and
experiences of both financial and non-financial teams, we strengthen our data-driven processes and controls to
ensure transparency and reliability in our reporting, driving us forward for good.
Many thanks for the talk, Mr. Stern.
Vienna, March 20, 2025
Alfred Stern m.p.
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OMV Combined Annual Report 2024
Alfred Stern
Chairman of the Executive Board
and Chief Executive Officer
Reinhard Florey
Chief Financial Officer
OMV
Executive Board
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OMV Combined Annual Report 2024
Berislav Gaso
Executive Vice President
Energy
Martijn van Koten
Executive Vice President
Fuels & Feedstock and Executive
Vice President Chemicals
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OMV Combined Annual Report 2024
16
As the Chairman of the Supervisory Board, I am delighted to be addressing you about topics related to the
Executive and Supervisory Boards.
In 2024, OMV delivered solid results in a difficult and volatile market environment with lower natural gas and oil
prices, as well as lower refining indicator margin. This demonstrates the strength of our integrated business model –
all the more so as the transformation process, underpinned by our Strategy 2030, was also driven forward
sustainably under these challenging conditions. I want to congratulate management and the employees on this
success, in which they have played an essential role. The termination of the long-term gas supply contract with
Russia in December 2024 marks the beginning of a new chapter in the Company’s history. We are proud to continue
making a reliable contribution to the security of energy supply through the successful, timely, and proactive
diversification of gas supply sources.
Let’s take a look at the performance of the business segments: As in previous years, the high degree of
diversification proved its worth in 2024. While lower prices and volumes led to a weaker result in the Energy
business segment, the Chemicals business segment recovered significantly. Due to lower refining margins, the
Fuels & Feedstock segment was unable to repeat the previous year’s strong result. We want our shareholders to
benefit from this overall solid Group result and the strong financial situation. Based on our dividend policy in
combination with the result, the Executive Board, and subsequently also the Supervisory Board, propose the
distribution of an additional variable dividend alongside the progressive regular dividend. For you, dear shareholders,
this means that we will propose the payment of a total dividend of EUR 4.75 per share to the Annual General
Meeting for the financial year 2024.
Our key priorities in the Supervisory Board include strategy, Executive Board matters, governance topics, and the
approval of major investment projects. Below, I would like to inform you about the Supervisory Board’s work in
2024.
Composition of the Executive Board and Supervisory Board
After several personnel decisions in the previous year, 2024 proved to be a year of continuity in terms of Executive
Board appointments, with no change in the composition of the Executive Board team. In June, the Supervisory Board
decided to extend the contract of Chief Financial Officer Reinhard Florey until the end of June 2027. Reinhard
Florey has held this position since 2016 and is therefore the longest-serving member of the OMV Executive Board
team.
There were several changes to the shareholder representatives on the Supervisory Board in 2024. The change in
ownership from Mubadala Petroleum and Petrochemicals Holding Company L.L.C. (Mubadala) to Abu Dhabi
National Oil Company P.J.S.C. (ADNOC) was also reflected in the composition of the Supervisory Board. At the
Annual General Meeting, two ADNOC managers, Khaled Salmeen and Khaled Al Zaabi, were elected to the
Supervisory Board, while Saeed Al Mazrouei and Alyazia Ali Al Kuwaiti left the Supervisory Board at the same time.
The long-standing Supervisory Board members Gertrude Tumpel-Gugerell and Karl Rose also left the Supervisory
Board at the 2024 Annual General Meeting. They were succeeded by Dorothée Deuring and Patrick Lammers. In
June 2024, Stefan Doboczky stepped down as a member of the Supervisory Board – but he has remained loyal to
OMV Group and now heads Borealis AG as Chairman of the Executive Board, which was incompatible with his
Supervisory Board mandate. There was no change in the employee representatives’ appointments to the
Supervisory Board in 2024.
Dear Shareholders,
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OMV Combined Annual Report 2024
17
Supervisory Board activities
The Supervisory Board carried out its activities during the financial year with great care and in accordance with the
law, the Company’s Articles of Association, and the Internal Rules. It oversaw the Executive Board’s management of
the Company and advised it in decision-making processes on the basis of detailed verbal and written reports, as
well as constructive discussions between the Supervisory Board and the Executive Board. Six regular and two
extraordinary meetings of the Supervisory Board and 31 committee meetings were held in 2024. A comprehensive
report by the Executive Board on business development and current topics, as well as reports from the committees,
were a fixed component of every regular Supervisory Board meeting.
Feedback from investors plays an important role in the work of the Supervisory Board. As in previous years, the
exchange between investors and the Supervisory Board was strengthened again in February 2024 at the Corporate
Governance Roadshow. During numerous virtual and in-person meetings in Vienna and Frankfurt, I was able to
answer questions from investors and proxy advisors on governance topics. The feedback we received reinforced our
commitment to our transformation strategy and provided valuable input for our Supervisory Board work, for
example regarding remuneration issues.
In 2024, bespoke training courses were held again for the Supervisory Board, with a particular focus on
sustainability reporting requirements and information security. The Supervisory Board’s annual self-assessment,
based on surveys, was supported by an external consultancy firm. The results are used to help decide which topics
and activities to prioritize in 2025.
Activities of Supervisory Board committees
The Supervisory Board made a significant personnel decision in 2024. The Presidential and Nomination Committee
was therefore mainly occupied with the preparation of the decision on the extension of the CFO’s Executive Board
mandate.
An economically challenging year,
2024 saw the newly restructured
Supervisory Board focusing on
its guiding control function in the
transformation process of OMV.
LUTZ FELDMANN
Chairman of the Supervisory Board
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OMV Combined Annual Report 2024
18
The Remuneration Committee dealt with matters such as the target achievements of the expired incentive plans
and setting targets in the new plans. In addition, the remuneration policy for the Supervisory Board was revised and
approved by the Annual General Meeting.
In 2024, the Audit Committee looked at important topics related to the accounting process, the internal audit
program, risk management, and the Group’s internal control system. Representatives of OMV’s statutory auditor –
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna – attended every meeting of
the Audit Committee.
Meetings of the Portfolio and Project Committee are held regularly prior to the meetings of the Supervisory Board.
The committee used its meetings in 2024 to prepare decisions regarding key investment and M&A projects on the
basis of extensive information and intensive discussions.
The Sustainability and Transformation Committee met four times in its third year since being established. Its tasks
include overseeing the strategy in terms of sustainability, ESG standards, performance, and processes, including
HSSE and climate action in particular.
Further details regarding the activities of the Supervisory Board and its committees, such as committee members,
number of meetings, and attendance per committee, can be found in the (Consolidated) Corporate Governance
Report.
Annual financial statements and dividend
Following a comprehensive review and discussions with the auditor during meetings of the Audit Committee and
the Supervisory Board, the Supervisory Board approved the Annual Financial Statements, including the Directors’
Report, and the Consolidated Annual Financial Statements, including the Group Directors’ Report (this including the
Consolidated Non-Financial Statement), which were submitted in accordance with Section 96(1) of the Austrian
Stock Corporation Act. With this approval from the Supervisory Board, the 2024 Annual Financial Statements are
adopted in accordance with Section 96(4) of the Austrian Stock Corporation Act. Both the Annual Financial
Statements and the Consolidated Annual Financial Statements for 2024 received an unqualified opinion from the
auditor, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The Supervisory
Board also approved the (Consolidated) Corporate Governance Report reviewed by both the Supervisory Board and
the Audit Committee as well as the (Consolidated) Payments to Governments Report. The Supervisory Board did
not identify any grounds for objection during the review.
Following its review, the Supervisory Board considered the Executive Board’s proposal to the Annual General
Meeting to distribute (i) a regular dividend of EUR 3.05 per share, which corresponds to an increase of EUR 0.10 over
the previous year, and (ii) a special dividend of EUR 1.70 per share as appropriate and supported this resolution
proposal. The remaining amount of the net profit after the dividend distribution will be carried forward to new
account.
On behalf of the entire Supervisory Board, I would like to express my appreciation of the members of the Executive
Board and all employees for their commitment and successful work in the 2024 financial year. I would like to give
special thanks to OMV’s shareholders, as well as our customers and partners, for their continued trust.
Vienna, March 20, 2025
For the Supervisory Board
Lutz Feldmann m.p.
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19
Global equities continued their recovery in 2024 driven by technological advances, particularly in the
AI realm, despite persistent geopolitical tension. Investors were cautious over the implications of the
US presidential election and a mixed Chinese economic outlook. The energy sector faced challenges
in 2024, such as a drop in natural gas prices and declining oil prices, which were reflected in the
performance of the OMV share.
Financial markets
Global stock markets performed very well in 2024, with the global MSCI World Index up 17%. European equities
also had a good year, with the EURO STOXX 600 up 6%. Against the backdrop of the ongoing war in Ukraine, a
persistently weak Chinese economy, and high inflation, the turbulence on Wall Street in August and the conflict in
the Middle East added insecurity and volatility. Overall, optimism about the resilience of the US economy and
technological advances in artificial intelligence and automation far outweighed this.
Comparing sectors, technology and utilities fared best, driven by continuing excitement around artificial
intelligence. Consumer goods lagged the most due to a general decline in consumer spending. Despite returned real
income growth, private consumption remained subdued based on high levels of uncertainty. The energy sector
underperformed as the 2022 commodity price surge driven by Russian supply concerns continued to normalize.
Stock prices in the global oil and gas sector showed slightly less volatility throughout 2024 than the Brent crude oil
benchmark price itself. OPEC+ production cuts and geopolitical tension led to the year’s high for Brent in April, with
the price rising from USD 78/bbl to a peak of USD 93/bbl on April 12, 2024. While the Brent crude oil price had
increased by almost 12% by the end of June compared to the start of the year, the FTSEurofirst 300 Oil & Gas Index
had increased by only 4% over the same period.
The Brent crude oil price generally declined through the remainder of 2024, with shorter price rallies driven by
OPEC+ announcements regarding delayed production increases in June and September. Further conflict flare-ups
and risks of armed conflict between Israel and Iran led to short-lived price increases. Oil companies’ share prices fell
when Wall Street sharply declined in August, along with the commodity price. Subsequent demand concerns on the
crude oil front with another low at USD 70/bbl in mid-September also trickled through into the equity space. In the
final months of the year, Brent was mostly range-bound, with another OPEC+ meeting extending output cuts.
Corporate valuations remained relatively stable as well. By the end of 2024, the FTSEurofirst 300 Oil & Gas Index
had declined by over 7%, while Brent had dropped by more than 4% over the same period.
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20
At a glance
2024
2023
2022
2021
2020
Number of outstanding shares1
in mn
327.1
327.1
327.1
327.0
327.0
Market capitalization1
in EUR bn
12.2
13.0
15.7
16.3
10.8
Volume traded on the Vienna Stock Exchange
in EUR bn
7.7
8.0
9.8
10.4
9.3
Year’s high
in EUR
48.08
49.23
58.26
55.00
50.76
Year’s low
in EUR
36.34
37.57
36.02
32.74
16.33
Year end
in EUR
37.34
39.77
48.10
49.95
33.00
Earnings Per Share (EPS)
in EUR
4.25
4.53
11.12
6.40
3.85
Book value per share1
in EUR
54.61
55.75
58.55
47.41
42.02
Cash flow per share2
in EUR
16.69
17.46
23.73
21.47
9.60
Dividend Per Share (DPS)3
in EUR
4.75
5.05
5.05
2.30
1.85
Payout ratio3
in %
112
112
45
36
48
Dividend yield1
in %
12.7
12.7
10.5
4.6
5.6
Total Shareholder Return (TSR)4
in %
5
–7
1
57
–29
1 As of December 31
2 Cash flow from operating activities, based on total weighted average outstanding shares
3 2024: as proposed by the Executive Board and the Supervisory Board, subject to adoption by the Annual General Meeting 2025. Includes regular and additional dividend
4 Assuming reinvestment of the dividend
OMV share performance
Starting the year at EUR 39.92, the first notable high point of the OMV share occurred at the beginning of April,
when the share price exceeded EUR 45. This increase was largely attributed to rising oil prices due to OPEC+
production cuts and geopolitical tensions in the Middle East. OMV’s highest closing price for 2024 came on May 21
at EUR 48.08, in anticipation of a very competitive regular dividend of EUR 2.95 per share and an additional dividend
of EUR 2.10 per share, payable in June 2024, as well as promising macroeconomic data. However, the share price
faced downward pressure in the following months due to broader market concerns. By mid-June, OMV’s share price
had declined to approximately EUR 39, after the dividend ex-date and despite the first interest rate cut by the
European Central Bank since September 2019.
The market downturn in summer, triggered by a significant crash in Japan on August 5 and repercussions on Wall
Street, further impacted OMV’s share price, which fell to EUR 36.82. A strong decline in the oil price in the first half
of the year then caused the share price to reach its annual low on September 16 at EUR 36.34. OMV’s share price
saw a slight stabilization in the latter part of the year. This was supported by the rise in gas prices after the
beginning of the third quarter, driven by supply uncertainties, combined with the onset of cold weather and
increased demand from the power sector. The Company’s successful arbitration award regarding its German gas
supplies from Gazprom Export was seen as a strategic advantage to enhance OMV’s financial stability amid ongoing
geopolitical tensions and boosted investor confidence, leading to a share price of just below EUR 39 in November.
After this, the share priced normalized again, closing the year at EUR 37.34. The average daily trading volume of
OMV shares in 2024 was 374,294 shares (2023: 370,377). At year-end, OMV’s total market capitalization stood at
EUR 12.2 bn, compared to EUR 13.0 bn at the end of 2023.
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21
OMV share price performance 2024
In EUR
OMV’s share price declined by 6.1% across 2024, thus underperforming the wider market in Austria and Europe. The
Vienna Stock Exchange’s blue chip index ATX was up by 6.6% and the FTSE Eurotop 100 Index was up by 5.8% over
the same period. The European oil and gas sector also underperformed the overall market (FTSEurofirst 300 Oil &
Gas –7.2%), with the Brent crude oil price ending 2024 lower by 4.5% compared to the start of the year. Assuming
dividend reinvestment, the total shareholder return for the year was 5.4%. Measured over a ten-year period, OMV
generated a better return. A EUR 100 investment in OMV stock at year-end 2014 with continuous dividend
reinvestment in further OMV stock would have grown by an average annual return rate of 11.7% to EUR 301 at
year-end 2024.
OMV shares: long-term performance compared with indices
Average annual increase with dividends reinvested1
1 Source: Bloomberg. The annualized return for the holding period is assuming dividends are reinvested at spot price.
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22
Proposed regular dividend of EUR 3.05 and additional
dividend of EUR 1.70 per share for the business year 2024
On May 28, 2024, OMV’s Annual General Meeting approved a regular dividend of EUR 2.95 per share, plus an
additional dividend of EUR 2.10 per share, adding up to a total per-share dividend amount of EUR 5.05 for 2023. In
addition, the Annual General Meeting approved all other agenda items, including the Long-Term Incentive Plan
2024 and the Equity Deferral 2024. Supervisory Board elections were also held.
For the upcoming Annual General Meeting (to be held on May 27, 2025), the Executive Board will propose a regular
dividend of EUR 3.05 per share, plus an additional dividend of EUR 1.70 per share for 2024. This represents an
annual increase of the regular dividend of more than 3%. Based on the total dividend paid (regular plus additional) of
EUR 4.75 per share, the dividend yield calculated using the closing price on the last trading day of 2024 amounts to
12.7%.
Dividend policy
OMV is committed to delivering an attractive and predictable shareholder return through the business cycle.
According to its progressive dividend policy, OMV aims to increase its regular dividend every year or at least to
maintain the level of the respective previous year.
Additional variable dividends serve as another supplementary shareholder remuneration instrument. If the leverage
ratio is below 30%, OMV aims to distribute approximately 20–30% of OMV’s operating cash flow (including net
working capital effects) per year to its shareholders through its regular dividend, as a priority, and, if sufficient funds
are available, through the additional variable dividend. If the leverage ratio is 30% or higher, OMV’s progressive
regular dividend will be maintained, but no additional dividend shall be paid.
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23
OMV shareholder structure
OMV’s shareholder structure remained relatively unchanged in 2024 and was as follows at year-end: 43.4% free
float, 31.5% Österreichische Beteiligungs AG (ÖBAG, representing the Austrian state), 24.9% ADNOC1, 0.2% treasury
and LTIP shares.
Shareholder structure
In %
An analysis of our shareholder structure carried out at the end of 2024 showed that institutional investors held
25.7% of OMV’s shares. At 35.5%, investors from the United States made up the largest regional group of
institutional investors. The proportion of investors from the United Kingdom amounted to 23.5%, German
shareholders made up 10.3%., and those based in Austria 6.0%. The share of investors from France was 5.9%, and
Dutch investors represented 2.5%.
Geographical distribution of institutional investors
In %
OMV Aktiengesellschaft’s capital stock amounts to EUR 327,272,727 and consists of 327,272,727 no-par value
bearer shares. At year-end 2024, OMV held a total of 57,329 treasury shares. The capital stock consists entirely of
common shares. Due to OMV’s adherence to the one share, one vote principle, there are no classes of shares that
bear special rights. A consortium agreement between the two major shareholders, ÖBAG and ADNOC, contains
arrangements for coordinated action and restrictions on the transfer of shareholdings.
1 On December 21, 2022, Abu Dhabi National Oil Company (ADNOC) announced its plan to take over the 24.9% stake in OMV Aktiengesellschaft from MPPH, subject to regulatory
approvals. On February 28, 2024, following all conditions under the share purchase agreement between MPPH and ADNOC having been fulfilled, all of the 24.90% of the shares in
OMV Aktiengesellschaft were transferred from MPPH to ADNOC.
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24
Environmental, Social, and Governance (ESG) performance
OMV continued to rank highly in various ESG ratings in 2024. OMV received a score of AA in the MSCI ESG Ratings
assessment, placing the Company among the top seven oil and gas companies globally. OMV also maintained its
Prime status in the ISS ESG rating with a score of B–. This ranks us among the top 10% of oil and gas companies in
terms of ESG performance. OMV’s Sustainalytics ESG Risk Rating now stands at 29.6 (from 27.7 previously), with a
confirmed medium risk rating. This puts us in the tenth percentile of the integrated oil and gas sector. OMV was
also recognized by CDP with a score of B in the Climate and Water categories.
In addition to these achievements, OMV maintained its inclusion in several ESG indices. Most notably, OMV was
included in the Dow Jones Sustainability™ Indices (DJSI World and DJSI Europe) for the seventh year in a row. OMV
attained a score of 65 in the top 6% of its industry in S&P Global’s Corporate Sustainability Assessment (CSA), the
basis of the DJSI, in 2024. The DJSI World Index represents the top 10% of the largest 2,500 companies in the S&P
Global Broad Market Index based on long-term economic, environmental, and social factors. OMV is included in
several MSCI sustainability indices, such as the ACWI Climate Change index. Furthermore, OMV maintained its
position in the FTSE4Good Index Series, which is used by a wide variety of market participants to create and assess
responsible investment funds.
Investment-grade ratings, stable outlook
OMV ratings of A– by Fitch and A3 by Moody’s were reconfirmed, both with a stable outlook, in July 2024. There
were no changes to the ratings or outlook during the year.
Analyst coverage
During 2024, the total number of sell-side analysts covering OMV’s share went back up to 22, from 21 at the end of
2023. The majority of recommendations are “buy” or equivalent, with a share of 50% of all recommendations at the
end of 2024, which is slightly less than at the end of the previous year. At the end of 2024, 45% of recommendations
were “hold”, up from 21% a year earlier. There was one “sell” recommendation (down from four the previous year),
representing a share of 5% of all recommendations. Following the share price development, the average target
price for OMV stood at EUR 44 exiting 2024, down from EUR 48 at the end of 2023.
Investor Relations activities
Ensuring active, candid dialogue with the capital market is a top priority at OMV. The Investor Relations
department’s mission is to provide comprehensive insights into OMV’s strategy and business operations to all
capital market participants, thereby guaranteeing the equal treatment of all stakeholders. The main event of 2024
was the presentation of OMV’s updated Strategy 2030 at the Capital Markets Day held in London on June 13, where
we were able to meet investors and analysts in person. The CEO and CFO presentations and the Q&A break-out
session with the entire Executive Board were also broadcast as a live webcast. In addition to this, the Executive
Board and the Investor Relations department strengthened and deepened relationships with analysts and investors
across Europe, North America, and Asia. Over the year, OMV was present at more than 30 in-person and virtual
investor conferences and roadshows, during which roughly 450 investor meetings were held.
OMV Group Report January–June and Q2 2024 – July 31, 2024
25
Internal
Management Review
26
Sustainability Statement
96
25—423
Consolidated
Directors’
Report
OMV’s Consolidated Directors’ Report contains two parts:
the Management Review and the Sustainability Statement
OMV Group Report January–June and Q2 2024 – July 31, 2024
26
Internal
Management
Review
26—95
Management Review
About OMV
27
Market Environment
30
Strategy
33
Digitalization
42
Innovation and Technology
44
OMV Business Year
48
Chemicals
66
Fuels & Feedstock
72
Energy
75
Outlook 2025
86
Risk Management
87
Other Information
93
Sustainability Statement
96
OMV’s Consolidated Directors’ Report contains two parts:
the Management Review and the Sustainability Statement
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Further Information
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27
OMV is an integrated company with three robust pillars: Chemicals, Fuels & Feedstock, and Energy. It
supports the transition to a lower-carbon economy and has the ambition to become a net zero
emissions business by 2050 for Scope 1, 2, and 3 emissions. The majority of its nearly 24,000
employees work at its integrated European sites. In 2024, Group sales amounted to EUR 34 bn. With a
year-end market capitalization of around EUR 12 bn, OMV is one of Austria’s largest listed industrial
companies.
Our Purpose and Values
OMV’s purpose, “Re-inventing essentials for sustainable living,” is a fundamental part of the Strategy 2030 to
become an integrated sustainable chemicals, fuels, and energy company – rooted in our firm commitment to
achieving net zero emissions by 2050. To ensure this purpose is fully embraced, we have designed values and
behaviors that align with this direction. Our OMV Values “We care | We’re curious | We progress” were introduced
in 2023 and guide us on our path to a more sustainable future.
Our Business Segments
In Chemicals1, OMV is one of the world’s leading providers of advanced and circular polyolefin solutions, with total
polyolefin sales of 6.3 mn t in 2024 (2023: 5.7 mn t). It is also a European market leader in base chemicals and
plastics recycling. The Company supplies services and products to customers worldwide through OMV and Borealis,
and its two joint ventures: Borouge (with ADNOC, based in the UAE) and Baystar™ (with TotalEnergies, based in the
US). With operations in over 120 countries, it offers value-adding, innovative, and circular material solutions for key
industries in its five industry clusters: Consumer Products, Energy, Health care, Infrastructure, and Mobility.
In Fuels & Feedstock (F&F), OMV operates three refineries in Europe: Schwechat (Austria) and Burghausen
(Germany), both of which feature integrated petrochemical production, and the Petrobrazi refinery (Romania). In
addition, OMV holds a 15% share in ADNOC Refining and ADNOC Global Trading in the UAE. OMV’s total global
processing capacity amounts to around 500 kbbl/d. Fuels and other sales volumes in Europe totaled 16.2 mn t in
2024 (2023: 16.3 mn t) and the retail network consisted of 1,702 filling stations (2023: 1,666) in eight European
countries at the end of 2024. F&F is expanding its renewable fuels and sustainable chemical feedstocks offerings
while also growing its network of EV charging solutions.
In Energy, OMV explores, develops, and produces crude oil and natural gas with a focus on its three core regions of
North, Central and Eastern Europe (CEE), and South.2 Activities also include the Low Carbon Business and the entire
gas business. Daily hydrocarbon production was 340 kboe/d in 2024 (2023: 364 kboe/d), with a slightly higher share
of liquids than natural gas production. OMV’s Gas Marketing & Power business markets and trades natural gas and
power in several European countries and includes the LNG business. Furthermore, it holds a 65% stake in the
Central European Gas Hub (CEGH) and operates natural gas storage facilities with a capacity of around 30 TWh in
Austria and Germany, as well as a gas-fired power plant in Romania. The Low Carbon Business focuses on more
sustainable energy sources from geothermal energy and renewable electricity, primarily in Romania, and is
venturing into Carbon Capture and Storage (CCS).
1 On March 3, 2025, OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International. For more
details, see > Note 37 - Subsequent events.
2 North: Norway; CEE: Austria, Romania, Bulgaria; South: Libya, United Arab Emirates, Tunisia, Kurdistan Region of Iraq; Rest of the world: New Zealand, Malaysia, and Yemen. OMV
closed the divestment of its 50% shareholding in Malaysia’s SapuraOMV Upstream Sdn. Bhd. to TotalEnergies on December 9, 2024.
About OMV
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OMV Operations
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HYDROCARBON PRODUCTION
OMV explores, develops, and produces
hydrocarbons (crude oil, natural gas and NGL).
SUPPLY & TRADING
OMV markets and trades crude oil, natural gas, and
refined products on global markets, with a focus on
securing supply and generating value.
NATURAL GAS, CRUDE OIL & NGL
OMV markets natural gas, from equity production
and third-party supply, in several European countries.
Crude oil and NGL are marketed on global
markets, while Austrian and Romanian production
is predominantly supplied to OMV’s refineries.
NATURAL GAS STORAGE
OMV operates natural gas storage facilities that
are well connected to the pipeline grid and in the
vicinity of important urban areas of consumption.
GAS-FIRED POWER PLANT
In Romania, OMV Petrom produces electricity in a
gas-fired combined-cycle power plant.
GEOTHERMAL HEAT PRODUCTION
OMV aims to establish a strong position in the
geothermal energy sector via the commonly known
open-loop technology and innovative closed-loop
technology.
CIRCULAR RESOURCES
OMV aims to further increase its use of circular
resources such as bio-feedstocks, including waste
and residue streams, as well as cultivated algae,
plastic waste, and green hydrogen. Furthermore,
OMV is also actively looking into synthetic fuels and
feedstocks based on CO2.
RENEWABLE ENERGY
OMV is utilizing renewable energy, such as that
generated by photovoltaic systems, to power its
own operations and aims to build up a renewable
energy portfolio with a focus primarily on Romania.
REFINING
OMV operates three refineries in Europe and holds
a 15% share in ADNOC Refining in the UAE, where it
processes sustainable and fossil fuel-based feed-
stocks into a wide range of refined products.
BASE CHEMICALS
Base chemicals are produced at five major sites
in Europe and at the joint ventures of Borealis,
Borouge and Baystar. Most of the base chemicals
are processed internally into polyolefins.
POLYMERS
Through Borealis, OMV is one of the largest polyolefin
(polyethylene and polypropylene) producers in
Europe and among the top ten producers globally,
serving customers in more than 120 countries.
CHEMICAL RECYCLING
OMV has developed proprietary chemical recycling
technology known as ReOil®, which turns plastic
waste not fit for mechanical recycling into valuable
resources. A ReOil® plant with a capacity of 16,000 t
p.a. is currently undergoing a phased start-up.
A commercially viable industrial ReOil® plant with
a capacity of up to 200,000 t p.a. is planned as the
next step.
MECHANICAL RECYCLING
Borealis runs six mechanical recycling plants in
Austria, Germany, Italy, and Bulgaria where plastic
waste is processed into high-quality recyclate.
GEOTHERMAL HEAT CONSUMER
OMV has formed a joint venture with Wien Energie,
which operates one of the largest district heating
networks in Europe, and is developing the potential
of the Vienna basin using open-loop technology to
provide geothermal heat to households.
FUELS & OTHERS
OMV sells its refined products via several retail
filling station brands and also serves a large base of
commercial customers.
INDUSTRIES
Through Borealis, OMV provides innovative and
value-creating plastics solutions to five end-use
industries:
1
ELECTRICITY
OMV Petrom is a licensed power supplier in Romania
and offers electricity supply solutions to end customers.
Consumer Products
Healthcare
Energy
Infrastructure
Mobility
1
10
11
12
13
14
15
16
A
D
E
B
C
17
2
3
4
5
6
7
8
9
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30
During 2024, most of the major central banks started easing monetary conditions in response to
easing price pressure and concerns over slowing growth, while the conflict in Ukraine continued for
the third year. Brent prices remained fairly range-bound, while gas prices continued moderating
compared to 2023, resulting in less price pressure on consumers. Nevertheless, muted growth
prospects remained a key concern in markets, including for oil, where the extensive market
management by the OPEC+ group has become a strong driving factor for prices again. These issues
are expected to remain central in 2025, while ongoing geopolitical conflicts are also likely to
continue to be the focus of markets.
The need to combat inflation eased in 2024, and consequently most major central banks started lowering interest
rates. Lower rates provide relief to economies by reducing the cost of borrowing for corporations, governments, and
individuals. This is expected to support economic recovery in the medium term. Headwinds were mostly seen in the
European Union as weak manufacturing output kept the economy under pressure; meanwhile, the US economy was
more supported by stronger consumption.
The Brent price remained broadly stable compared to 2023, with intra-year trends showing stronger fundamentals
in the first half of the year and gradually weakening in the second half. Crude flat prices were increasingly under
pressure, with concerns about global oil demand escalating as major forecasting agencies revised short-term
outlooks multiple times during the year. Due to increasing pressure on prices, OPEC+ also delayed increasing its
production.
Natural gas benchmarks continued reverting toward historical values, following the spike in 2022 at the start of the
Ukraine-Russia war. In the first half of the year, lower price levels provided some relief to the European industrial
sector. However, prices in the second half were on a rising trajectory as supply uncertainties and the prospects of a
colder winter provided renewed support to prices.
In 2024, refinery margins declined to historical values from the highs of 2022 and 2023. European refinery margins
were still at elevated levels at the start of the year, but margins retreated gradually throughout the year. Decline
was predominantly driven by the normalization of middle distillate crack spreads, which benefited the most after
the Russian invasion of Ukraine in 2022. Motor gasoline crack spreads were also increasingly under pressure from
weak demand and from potential new supply from Nigeria’s Dangote refinery. In 2025, the outlook for the refinery
margin is moderate, as the International Energy Agency (IEA) expects global liquids demand growth to be around
1 mn bbl/d,1 which is significantly lower than in previous years and the historical average. New additions to refinery
capacity are exerting further pressure on the markets, which forces consolidation in European production where the
long-term demand outlook is the most conservative.
For the medium and longer term, the path of the energy transition and the decarbonization of the economy remain
sources of contention and uncertainty. The trend of cumulative increases in national, regional, municipal, and
corporate pledges to decarbonize energy systems and economies continued in 2024. According to the University of
Oxford’s Carbon Tracker, an estimated 93% of global GDP is now covered by a net zero pledge. In the corporate
world, almost 60% of the largest companies by global revenue have now made some level of commitment to
achieving net zero emissions. 47% of the monitored companies have a net zero target as part of their corporate
strategy.
1 IEA Oil Market Report, December 2024
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31
In the most recent World Energy Outlook, the IEA showed an upward revision in renewable power generation,
battery capacities, and hydrogen, but a downward revision on the fossil fuel side halted in the Announced Pledges
Scenario (APS). Assuming all environmental pledges are met, the agency expects a more bullish outlook for coal
until 2030, while LNG demand outlook has been revised higher for both the medium and long term. The outlook for
oil remained broadly stable. Scenarios that achieve net zero emissions for the global energy system by 2050 require
even faster deployment of low-carbon technologies and more aggressive reductions in fossil fuel demand. There
are certainly risks that the energy transition may occur at a slower pace, leading to a more extended use of fossil
fuel commodities and slower deployment of alternative technologies. In these scenarios, the global temperature
increase is expected to exceed 2°C by 2100 compared to pre-industrial levels.
World total primary energy supply
In EJ
Source: International Energy Agency (IEA) World Energy Outlook 2024
In the Stated Policies Scenario (STEPS), the average annual growth rate of 0.75% in total energy demand up to 2030
is around half the rate of the energy demand growth of the last decade. Demand continues to increase through to
2050. In the Announced Pledges Scenario (APS), total energy demand flattens, thanks to improved efficiency and
the inherent efficiency advantages of technologies powered by electricity – such as electric vehicles and heat
pumps – over fossil fuel-based alternatives. In the Net Zero Emissions by 2050 Scenario, electrification and
efficiency gains proceed even faster, leading to an average decline in primary energy of 1.3% per year up to 2030.
More details about OMV’s scenario analysis can be found in the Sustainability Statement (> Environmental
Information) and in the Notes to the Consolidated Financial Statements (> Note 3 – Effects of climate change and
the energy transition).
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32
Global olefin1 demand
In mn t
Source: Chemical Market Analytics by OPIS, a Dow Jones Company; fall 2024
1 Ethylene and propylene
Oil demand for chemical production is expected to increase, primarily originating from rising demand in emerging
markets and closely linked to GDP development. By 2030, oil demand for chemical production will rise by about 3%
per year. 75% of chemical and plastic demand growth will be concentrated in emerging markets, mainly Asia, up to
2030 and beyond. This region represents most of the global population growth and the corresponding potential for
improving living standards. For mature markets such as Europe, North America, and Japan, demand growth is
anticipated to remain healthy in the long term, in line with economic development, but growth rates are expected
to slow.
Global polyolefin demand (virgin and recycled)
In mn t
Source: Chemical Market Analytics, Chemical Supply & Demand, fall 2024
Polyolefins is the largest market segment in producing plastic goods. Demand for virgin polyolefins will continue to
grow at a rate above global GDP until 2030, driven by the Asian market. Polyolefins will remain essential for various
industries, including packaging, construction, transportation, healthcare, pharmaceuticals, and electronics. The key
success factor for medium- to long-term sustainable business models is growth in renewable feedstocks,
bioplastics, and the development of circular solutions. Recycled polyolefin demand is expected to grow at a rate
more than three times faster than global GDP until 2030, with Asia having the largest share.
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OMV’s goal is to transform into an integrated sustainable chemicals, fuels, and energy company. A
fundamental part of its strategy is the ambition to become a net zero emissions company by 2050.
The Group will carefully balance investments in new areas while optimizing the traditional business
operations, recognizing its responsibility to be a reliable supplier. By 2030, OMV expects to increase
its operating cash flows to at least EUR 7.5 bn, achieve a ROACE of at least 12%, and grow the
distributions to its shareholders. “Re-inventing essentials for sustainable living” is OMV’s purpose. 1
Strategic Cornerstones
OMV plans to transform into an integrated sustainable chemicals, fuels, and energy company, achieving net zero
emissions by 2050.
The Group’s approach to the energy transition is centered around running an integrated company with three robust
pillars: Chemicals, Fuels & Feedstock, and Energy, delivering returns of at least 12% in the medium to long term.
Within these pillars, a strong foundation in traditional business will be maintained while actively pursuing growth
opportunities in sustainable sectors. The strong cash flows generated by OMV’s current operations support the
growth and transformation. The Group will carefully balance investments in new areas while optimizing the
traditional business operations. Its primary objective is to be responsive to changing market dynamics and align
with customer expectations. This approach recognizes the need for economic sustainability in its projects and its
responsibility to be a reliable energy supplier.
OMV published its Strategy 2030 in March 2022 and held a Capital Markets Day in June 2024 to present an update.
On March 3, 2025, OMV and ADNOC signed a binding agreement to combine Borealis and Borouge into Borouge
Group International. Post-closing, OMV will hold 46.9% share in the new entity, Borouge Group International, with
equal shareholdings and joint control alongside ADNOC. ADNOC and OMV have also agreed that upon completion
of the combination, Borouge Group International will acquire Nova Chemicals for an enterprise value of USD 13.4
bn. The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in advanced
packaging solutions and proprietary technologies, will further strengthen Borouge Group International’s presence
across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be
uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by
synergies and a strong pipeline of organic growth projects. These pivotal transactions represent a crucial step
toward the implementation of OMV’s Strategy 2030. For more details, see > Note 37 – Subsequent events.
Strategic Pillars
Strengthen, expand, and diversify the chemicals portfolio
Establish a leading position in renewable and circular economy solutions
Become a leading European producer of renewable fuels
Focus on natural gas and low-carbon solutions
To become a net zero emissions company by 2050 (Scopes 1, 2, and 3), OMV has also set interim medium- and long-
term targets for 2030 and 2040, with well-defined actions to meet the 2030 targets. OMV is committed to reducing
its absolute emissions, aiming to reduce its Scope 1 and 2 emissions by 30% by 2030 and by 60% by 2040, and its
Scope 3 emissions by 20% by 2030 and by 50% by 2040 compared to its baseline year of 2019. The Group also aims
to reduce the carbon intensity of its energy supply by 15–20% by 2030 and by 50% by 2040 (baseline 2019). The
Note: The financial targets for 2030 are based on the following market nominal price assumptions: Brent oil price of USD 80/bbl, THE (Trading Hub Europe) gas price of EUR 25/MWh,
refining indicator margin Europe of USD 6.0/bbl, ethylene/propylene indicator margin Europe of EUR 520/t, polyethylene/polypropylene indicator margin Europe of EUR 480/t.
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reduction in GHGs is expected to be achieved by increasing zero-carbon energy sales, increasing sustainable base
chemicals, polyolefins, feedstocks, and products, and using neutralization measures such as Carbon Capture and
Storage, while at the same time decreasing fossil fuel sales. OMV aims to phase out routine flaring and venting
entirely by 2030.
In the Chemicals segment, OMV leverages the expertise and technological advancements of Borealis and will focus
on expanding its specialty sales volumes, enhancing its portfolio, differentiating in the market, and seizing new
opportunities for growth. Specialty products provide a more stable contribution to earnings compared to standard
products. OMV will also focus on delivering its ongoing growth projects, Baystar, Kallo, and Borouge 4, and
increasing its geographical diversification. These efforts will position the business closer to the competitively priced
feedstocks in the US and the Middle East and to major consumer markets in Asia. With these projects, OMV will
increase its polyolefin capacity by 30% compared to 2021. The business is set to establish a leading position in
renewable and circular economy solutions, targeting up to 1.4 mn t in sustainable sales volumes by 2030. OMV has
cost-competitive plants in Europe with high flexibility and a high share of specialty products. However, the
Company is actively committed to further improving its position in Europe through an efficiency program.
In Fuels & Feedstock (F&F), OMV aims to become a leading innovative producer of renewable fuels and chemical
feedstock with a strong anchor in Europe. The production capacity of renewable fuels and chemical feedstock is
envisaged to increase to around 1.5 mn t by 2030. F&F will adapt to changing market demand and reduce its crude
oil processing by around 2.5 mn t. Furthermore, to underpin the growth in sustainable chemicals, F&F will increase
the western refinery yield for petrochemicals from 17% to around 25% by 2030, and in doing so deepen its
integration with the Chemicals segment. In Retail, OMV’s goal is to maintain its position as the preferred choice for
customers in the Central and Eastern Europe (CEE) region by expanding the convenience business and developing a
leading network of around 5,000 fast and ultra-fast EV charging points. F&F is committed to maximizing the
integrated margin of the traditional fuels throughout the entire value chain, while at the same time adapting to
changing market demand and reducing the fossil fuel throughput in refining.
In the Energy segment, OMV invests in both traditional and sustainable businesses, with the overarching goal of
delivering resilient free cash flow and continuously reducing emissions. OMV is refocusing its production portfolio in
and around Europe with three core regions: North, Central and Eastern Europe (CEE), and South. OMV is maintaining
its 2030 production target of 350 kboe/d, continuing to high-grade its portfolio through both organic and inorganic
projects. A very special focus is on delivering the Neptun Deep project, the biggest offshore gas project in the
European Union, within budget and on time. In the Gas Marketing & Power business, OMV aims to further
strengthen and diversify its portfolio in Western Europe and leverage the gas and power business in Romania. OMV
is committed to building a profitable low-carbon business, aiming for 7–8 TWh of geothermal energy and renewable
power, as well as around 3 mn t p.a. of Carbon Capture and Storage.
Chemicals
2030 Strategic Priorities
Grow polyolefin specialty sales volumes
Deliver on ongoing growth projects (Baystar, Kallo PDH 2, Borouge 4) and increase geographical diversification
Establish a leading position in renewable and circular economy solutions
Proactively address the European market challenges through efficiency measures
Diversify the portfolio and integrate further downstream
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OMV expects that the total demand for polyolefins (virgin and recycled) will continue to grow with a CAGR of 4.1%
(2024–2030). Virgin polyolefins are expected to grow with a CAGR of 3.4%, and recycled products by 12.0%. While
all regions are expected to grow, 75% of this growth stems from high-growth markets in Asia.
A significant differentiator in Europe are our specialty-grade polyolefins, which represent approximately 45% of the
Group’s polyolefin volumes and achieve a realized margin that is on average double that of standard products over
the cycle. OMV focuses on developing technology for polyolefin specialties, catalysts, and design for recyclability.
Technologies and patented new products are initially developed in Europe and then licensed to JV partners in other
regions. While the standard polyolefin business is influenced by imports from various global regions, the specialty
grades are afforded greater protection due to their advanced technological integration and the Company’s close
relationships with customers.
OMV aims to grow its sales of specialty products to more than 2 mn t, an increase of around 30% compared to
2023. This will take place primarily in the industries of Energy, Mobility, and Infrastructure, where market growth is
expected. OMV has a strong pipeline of organic growth projects in North America, Europe, and the Middle East,
which will increase its polyolefin capacity by 30% by 2030 compared to 2021.
Key Growth Initiatives Include:
Baystar JV in Texas, USA: 1 mn t integrated ethane to polyethylene complex. The ethane cracker is running at high
utilization rates and the new PE Borstar® plant is ramping up. The medium-term EBITDA contribution for the
entire project, of which Borealis holds 50%, is anticipated to be USD 500–600 mn p.a.
PDH plant in Kallo, Belgium: building of a 740 kt propane dehydrogenation (PDH) plant in Kallo, which is
anticipated to start up in the first half of 2026. The medium-term EBITDA contribution is estimated at around
EUR 200 mn p.a.
Borouge 4 JV, UAE: building of an ethane-based steam cracker with a capacity of 1.5 mn t and polyolefin plants
with a capacity of 1.4 mn t. This first quartile cracker and the latest-generation Borstar® and XLPE technology
also aim to serve the electrification megatrend in Asia. The start-up of the first unit is scheduled by the end of
2025 with the subsequent units to gradually start-up in 2026. The revenue after full production ramp-up for the
entire project, of which Borealis holds 36%, is estimated at USD 1.5–1.9 bn p.a.
A key pillar in the Chemicals business is growing the sales volumes of sustainable products. As part of its ambition
to establish a leading position in renewable and circular economy solutions, OMV aims to grow its sales volumes of
sustainable base chemicals and polyolefins to up to 1.4 mn t by 2030. 70% of these volumes will be derived from
mechanical and chemical recycling. OMV’s flagship project in this area is ReOil®, its proprietary chemical recycling
technology. The ReOil® plant with a capacity of 16,000 t has been completed and will ramp up in 2025. The aim is to
scale it up to an industrial plant of 200,000 t by 2029, the first of this size globally. The remaining 30% of the
sustainable sales volumes will be generated by biobased base chemicals and polyolefin volumes. Leveraging the
integration with F&F and the future hydrotreated vegetable oil (HVO) plants will be essential in achieving this. OMV
is also investing in feedstock projects that are expected to offer double-digit returns. For example, the Company is
constructing the largest sorting facility in Europe as part of the JV with Interzero to ensure cost-competitive
feedstock.
OMV aims to strengthen its polyolefins business by building on existing strengths and capabilities and fully
exploiting competitive advantages to grow into adjacent markets, targeting investments and initiatives that
improve returns and decrease the Group’s carbon footprint.
OMV considers options for portfolio diversification and expanding its downstream integration. The Company is
exploring opportunities for geographical expansion in North America and Asia, where it sees significant growth
potential. In July 2024, Borealis, in a consortium with Borouge and ADNOC, signed a collaboration agreement with
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the Wanhua Chemical Group, a leading Chinese chemical company, for a feasibility study to develop a 1.6 mn t p.a.
state-of-the-art polyolefin complex in Fuzhou, China. The plan is for Borealis’ proprietary Borstar® technology to be
at the core of the project, enabling the development of products that are well suited to driving the transition toward
a circular economy for plastics. Increasing the volumes of specialty products, expanding our circular solutions, and
considering entering adjacent markets are potential avenues for expansion.
While polyolefin demand is expected to grow by 2030, the market is under pressure, with global supply outpacing
demand due to significant new capacities in China and the Middle East. The Group’s chemical assets are well
positioned on the cost curve, with 75% positioned in the top two quartiles. This is supported by the Nordic crackers
having high feedstock flexibility, capitalizing on the strategic proximity to the sea and ownership of storage caverns.
The crackers in Austria and Germany benefit from the deep backward integration with the refineries, while Kallo
benefits from an integrated propane to propylene site. Overall, the 84% average utilization rate of OMV assets
surpassed the European average of 74% in 2024. To further strengthen its competitiveness in Europe, Chemicals
launched an efficiency program focusing on volumes, pricing, and variable costs in 2022.
Total organic CAPEX in Chemicals will average EUR 1.1 bn p.a. in 2024–2030, which represents around 30% of the
Group’s organic CAPEX. Out of this, around 60% will be allocated to sustainable projects. By 2030, the clean
Operating Result of Chemicals is expected to increase to EUR 2.3–2.6 bn, while the cash flow from operations is
anticipated to grow to more than EUR 3 bn.
Fuels & Feedstock (F&F)
Strategic Priorities
Become a leading innovative producer of renewable fuels and chemical feedstock with a strong anchor in Europe
(production capacity of approx. 1.5 mn t renewable fuels and chemical feedstock)
Deepen integration with Chemicals (approx. 25%) while leveraging low-carbon solutions from Energy
Be the first mobility choice for retail customers; develop a leading EV charging network and grow the
convenience business (approx. 5,000 fast and ultra-fast EV charging points)
Maximize the integrated margin of traditional fuels throughout the value chain
Adapt to changing market demand and reduce fossil fuel throughput in refining (approx. 2.5 mn t lower crude oil
processing vs. 2019)
Going forward, F&F will reshape its product portfolio, building on renewable mobility fuels and sustainable chemical
feedstocks. The Company is focusing on safe, innovative, and economically sustainable operations. As a result, F&F
will enable the transformation to low-carbon operations and sales while maintaining strong profitability.
The European fossil fuel refining market potential is expected to decrease by 2030, as both volumes and refining
margins are forecast to be under pressure in light of the energy transition in Europe. In the same time horizon,
demand for renewable mobility fuels and sustainable chemical feedstocks is expected to grow. To leverage the
opportunities of the energy transition, OMV is developing a production portfolio for renewable fuels and sustainable
chemical feedstocks, aiming to reach approximately 1.5 mn t by 2030.
In order to reach this target, OMV has ongoing projects and is planning further investments:
Successful start-up of a co-processing plant in Austria with a production capacity of 135 kt p.a.
Final Investment Decisions taken in Romania in June 2024 for a SAF/HVO plant with a production capacity of 250
kt p.a. and green hydrogen
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Exploring plans for total capacities in Germany and Austria of around 300–400 kt and a plant in Kallo, Belgium
with a capacity of around 300 kt
Moreover, OMV is assessing potential locations for additional SAF/HVO capacities in Europe and internationally, in
markets such as the United States, the Middle East, and Asia. This would support the Group in partnering with
international customers and taking advantage of access to global feedstocks.
OMV has a wide range of initiatives to ensure adequate feedstock for the renewable fuel projects in a time of
growing competition. Prior to taking the FID for projects, the Company ensures the availability of long-term supply
contracts for feedstock. As an example, OMV has secured feedstock to meet more than 80% of the Petrobrazi
SAF/HVO plant’s requirements. Moreover, OMV is very active in looking for opportunities for backward integration.
For example, OMV Petrom acquired a 50% share in Respira Verde, a leading company in the collection of used
cooking oil in Romania. OMV has also established an international origination team in Singapore and is
strengthening its renewable materials trading activities in London. The focus in synthetic fuels is on e-methanol
produced from bio and waste CO2 and green hydrogen. The Company is currently building its own electrolyzers in
Austria and Romania.
F&F will decrease crude oil distillation throughput in the Schwechat and Burghausen refineries from 12.9 mn t in
2019 to approximately 10.3 mn t by 2030, in line with estimated changing demand patterns. This adaptation will
significantly reduce heating oil and diesel product output by 2030, while increasing the chemical yield to around
25% for the western refineries.
OMV will optimize the interface between oil and chemicals, with a focus on the integrated Schwechat and
Burghausen sites, by reconfiguring plants and sites to maximize high-value fossil fuel resources, and with a growing
share of sustainable feedstocks for chemicals production. OMV will continue to operate its three European
refineries in Austria, Germany, and Romania as an integrated system, optimizing asset utilization and maximizing
margins. Furthermore, the Company is implementing energy and operational efficiency measures within the
existing refinery assets to maintain a leading cost position in Europe.
OMV aims to enhance the commercial performance of its international, non-operated refining positions in the UAE
(ADNOC Refining) and Pakistan (PARCO). In the short to medium term, the focus will be on achieving operational
excellence and fostering a performance-driven culture at each asset. In the medium to long term, OMV will explore
commercial opportunities for producing sustainable mobility fuels and chemical feedstocks.
In Retail, OMV intends to further develop existing market potential by significantly growing the non-fuel business
sector (+70% vs. 2021). New gastronomy and service concepts, as well as cooperation in the food logistics sector,
are expected to significantly increase the volume and margin of the non-fuel business by 2030. In parallel, the
Company will further increase its premium fuel share as a differentiator and significant margin generator by 2030.
OMV will expand into e-mobility, building a leading position in out-of-home electric vehicle (EV) charging locations
such as highway and transit refilling stations, as well as convenience hubs. The Group is committed to increasing its
number of high-performance charging points from 804 (as of December 2024) to 5,000 by 2030. OMV has also
taken the first steps in developing a network of EV chargers for heavy-duty vehicles.
Total organic investments in F&F will average EUR 1.0 bn p.a. in 2024–2030, which represents around 25% of the
Group’s organic CAPEX. Out of this, around 60% will be allocated to sustainable projects. By 2030, the clean CCS
Operating Result of F&F is expected to increase to EUR 1–1.3 bn, while the cash flow from operations is anticipated
to grow to more than EUR 1.5 bn.
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Energy
2030 Strategic Priorities
Actively manage and high-grade the oil and gas portfolio; reposition as a Europe-centric player
Deliver the operated Neptun Deep project, the largest natural gas development project in the EU
Strengthen and diversify the gas portfolio in the west and leverage power and gas in Romania
Build a profitable low-carbon business in three areas: geothermal energy, renewable power, and Carbon Capture
and Storage
In its oil and gas portfolio, OMV is maintaining its production target of around 350 kboe/d for 2030, with a focus on
natural gas as a transition fuel contributing about 60% of the total volume. The Group will continue to high-grade its
portfolio through both organic and inorganic projects, ensuring that the investments align with strategic objectives.
For the purpose of assessing investment opportunities, a payback period of less than ten years is expected for cash
flow accretive projects before 2030, and an IRR of at least 12% in investment-grade countries and at least 15.5% in
non-investment-grade countries. Exploration activities will be focused primarily on near-field development close to
existing fields and export infrastructure. Overall, the Group portfolio is expected to have a production cost of below
USD 9/boe by 2030, ensuring that operations remain competitive in the evolving energy landscape. Additionally, a
cash break-even price below USD 30/boe is being prioritized to safeguard financial stability.
OMV is refocusing its production portfolio on three core regions: North, Central and Eastern Europe (CEE), and
South. In the North region, the focus will be on managing the portfolio in Norway and high grading the Norwegian
Continental Shelf to manage decline, with gas being the priority. This will include potential inorganic opportunities
and leveraging tax synergies in the country.
In the Central and Eastern Europe region, OMV will effectively manage the decline of mature fields and ensure the
longevity of its operations. Additionally, the Group is committed to delivering the Neptun Deep gas development
project, which will add production capacity of around 70 kboe/d to the OMV portfolio. The Neptun Deep
development is well on track, with the first development wells expected in 2025 and first gas by 2027. Also in the
CEE region, OMV aims to leverage the growth opportunities presented by the Black Sea region based on its current
strong position through strategic partnerships and investments.
In the South region, OMV is committed to strengthening the position in North Africa and the Mediterranean to
complement the existing position in the UAE. This strategic expansion will allow OMV to diversify the portfolio and
enhance overall resilience, as these regions provide significant potential.
In the Gas Marketing & Power business, OMV aims to further strengthen and diversify its portfolio in Western
Europe and leverage the gas and power business in Romania. In terms of gas sales, the Group has successfully
diversified its supply sources. As of December 2024, OMV no longer supplies gas from Gazprom. OMV has secured
around 40 TWh p.a. of European transportation capacities into Austria via Germany and Italy for the period 2024–
2026, ensuring it can meet all customers’ commitments. This will enable the Company to supply equity gas and
third-party volumes from Norway to Austria, as well as LNG volumes leveraging the share in regasification
capacities at the Gate LNG terminal in Rotterdam. OMV also aims to include green gases in its sales portfolio to
reduce the carbon intensity of its product portfolio. In terms of power generation, the Group continues to benefit
from the integration of gas and electricity in Romania, with profitability driven by power margins and spark spreads,
alongside balancing services and integration with renewable power capacities. Overall, the Gas Marketing & Power
business will continue to be a significant earnings contributor, with an estimated medium-term clean Operating
Result of around EUR 300 mn p.a.
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OMV aims to build a profitable low-carbon business with a material contribution by 2030 and after that achieve
growth with a focus on three areas: geothermal energy, renewable power, and Carbon Capture and Storage. In June
2024, OMV announced an increase in its renewable power target to 3–4 TWh by 2030, while making sure it
achieves an IRR of at least 10%. The growth is focused primarily on Romania, using the attractive market conditions
in that region. OMV has a robust pipeline of renewable energy projects in addition to its existing 860 MW CCGT
(combined-cycle gas turbine) power plant in Romania. OMV Petrom has already secured around 2.4 TWh p.a. of
prospective power production by 2030. Several major M&A transactions were closed in 2024 in Romania, partnering
with reputable companies already involved in renewable power generation. In September 2024, OMV Petrom closed
the transaction with Jantzen Renewables for the acquisition of several photovoltaic projects in Romania, totaling
approximately 710 MW of photovoltaic capacity at the “ready-to-build” stage. In November, the Company awarded
the EPCC contract for the photovoltaic power plant in Ișalnița with a capacity of approximately 89 MW, beginning
the execution phase. In addition, in October 2024, OMV Petrom completed the acquisition of 50% of the shares in
Electrocentrale Borzești from RNV Infrastructure. The renewable energy projects have a capacity of approximately
1,000 MW, comprising 950 MW of wind power and 50 MW of photovoltaic capacity. The wind projects will be
developed, built, and operated in partnership with RNV Infrastructure. The photovoltaic project has already been
built and is currently in production tests.
This integrated portfolio allows the Group to leverage existing infrastructure while expanding renewable energy
capacity. Furthermore, with the availability of European Union funding in Romania, the aim is for OMV Petrom to
become a market leader in renewables. OMV is also seeking opportunities to strengthen its renewables presence in
neighboring countries to Romania, such as Serbia, Bulgaria, and Hungary. By expanding its reach, OMV can tap into
additional growth markets and contribute to the region’s renewable energy transition. In parallel, OMV is actively
building a portfolio of Power Purchase Agreements in Western Europe, and selectively invests in equity positions in
renewable power projects to reduce its Scope 2 emissions. By integrating the renewable energy operations with the
Fuels & Feedstock segment, the Group can achieve synergies and enhance returns.
In geothermal energy and Carbon Capture and Storage, OMV is aiming for lower targets than initially anticipated,
however with potential for growth and expansion beyond 2030. The Group expects the targets set in 2022 to be
reached in the early 2030s. The Group is targeting around 4 TWh of geothermal energy by 2030 with an IRR of at
least 10%. OMV will utilize the E&P expertise and capabilities in handling molecules and understanding geology that
it has gained over several decades. The focus of geothermal energy will be to decarbonize district heating networks,
large infrastructure operators, and industrial plants. OMV uses two types of technology in the development of
geothermal energy. The existing open-loop technology relies on a natural aquifer to produce and recycle the hot
water. The second technology – closed loop – requires only a hot rock, where the water is injected and recycled,
producing energy. This technology has great potential for scalability, as it does not rely on natural aquifers.
In 2023, OMV formed a joint venture with Wien Energie, which operates one of the largest district heating networks
in Europe, to explore and develop the potential of the Vienna basin using the open-loop technology. The drilling of
the first well commenced on December 16, 2024, and the first deep geothermal plant is expected to start up in
2028. The long-term plan of the joint venture is to scale up capacity to 200 MW, which could provide energy to
approximately half of Vienna’s households that use district heating today. In addition to the joint venture with Wien
Energie, in 2023 OMV became a minority shareholder in Eavor, a Canadian company specializing in innovative
closed-loop geothermal technology. At present, the Company is conducting tests to assess the commercial viability
of this technology in Germany, a market that holds immense potential of up to 10 TWh by 2030.
For its Carbon Capture and Storage ambitions, OMV is aiming for a total capacity of around 3 mn t p.a. by 2030. The
progress in CCS relies on external factors such as investments from customers and the availability of an attractive
and guaranteed carbon price. OMV has so far been awarded two CO₂ storage licenses on the Norwegian
Continental Shelf. The first one, in which OMV holds a 50% stake with Aker BP, has a total potential storage
capacity of more than 5 mn t of CO₂ p.a. The second license, in which OMV holds a 30% stake in partnership with
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Vår Energi and Lime Petroleum, has a storage capacity of more than 7.5 mn t of CO₂ p.a. A drill or drop decision for
both projects is expected in 2025.
The Low Carbon Business is projected to generate a cash flow contribution of around EUR 400 mn by 2030 and
grow to around EUR 600 mn by 2035 from the same projects. Total organic CAPEX in Energy will average EUR 1.7
bn p.a. in 2024–2030, which represents around 45% of the Group’s organic CAPEX. Approximately 35% of the total
organic CAPEX for the period is allocated to the Low Carbon Business, 15% to the Neptun Deep project, and the
remaining 50% will be invested in the exploration and production business. By 2030, the clean Operating Result of
Energy is expected to increase to around EUR 2.9 bn, while the cash flow from operations is anticipated to grow to
more than EUR 3 bn.
Decarbonization Strategy
As an integral part of its strategy and transformation, OMV is committed to achieving net zero emissions (Scopes 1,
2, and 3) by 2050, with interim targets for 2030 and 2040. The 2030 strategic priorities are to reduce absolute
Scope 1 and 2 emissions by 30%, Scope 3 emissions by 20%, and the carbon intensity of the energy supply by 15–
20%. All reduction targets are measured against a 2019 baseline. For Scopes 1 and 2, OMV is aiming for an absolute
reduction of 60% by 2040. For the defined categories in Scope 3, OMV is aiming for an absolute reduction of 50% by
2040. For 2040, OMV continues to target a 50% decrease in its carbon intensity of energy supply. As part of its
sustainability strategy, OMV aims to achieve an Exploration & Production (E&P) methane intensity of 0.1% or lower
by 2030. Because emission reductions can only be achieved with considerable effort, the Group has earmarked on
average 40–50% of its organic investments for sustainable projects for the period 2024–2030. Key initiatives are a
decrease in fossil fuel sales, a significant increase in sustainable and biobased fuels, green gas sales, and the
expansion of photovoltaic electricity capacity, as well as geothermal energy. This will be accompanied by an
increase in sales volumes of sustainable base chemicals and polyolefins of up to 1.4 mn t p.a. by 2030.
For more details, see our Sustainability Statement (> Environmental Information).
Finance
2030 Strategic Priorities
The aim of OMV’s financial strategy is to increase the Company’s value and offer attractive shareholder returns,
while ensuring a robust balance sheet, along with a financially resilient portfolio that thrives in a low-carbon world
and has attractive growth potential well into the future. The value-driven finance strategy operates according to a
clear framework to enable long-term profitable and resilient growth.
OMV’s Financial Framework is Underpinned by Five Cornerstones:
Grow clean CCS EPS
Achieve positive (organic) free cash flow after dividends
Ensure a strong balance sheet with a leverage ratio below 30%
Generate value with a clean CCS ROACE of at least 12% in the medium to long term
Achieve net zero by 2050
2030 Financial Targets of OMV:
Clean CCS Operating Result of ≥ EUR 6.5 bn
Operating cash flow of ≥ EUR 7.5 bn, thereof 20% to come from sustainable projects
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Clean CCS EPS of around EUR 10
Organic investments of up to EUR 3.8 bn p.a., thereof 40–50% in sustainable projects
Clean CCS ROACE of ≥ 12% in the medium to long term
Leverage ratio below 30% and a strong investment credit rating
Progressive regular dividend policy and additional variable dividend framework
The Group’s strong financial position, combined with consistently strong organic cash flow, enables it to provide
substantial financing headroom for growth investments and realigning its business model. OMV remains committed
to strict adherence to well-defined investment criteria and proven cost discipline in all business segments.
OMV has set a sound capital allocation policy: first, investing in its organic portfolio; second, paying attractive
regular dividends; third, pursuing inorganic spending for an accelerated transformation; fourth, deleveraging; and
fifth, additional variable dividends. In its capital allocation, OMV has defined specific investment criteria including
IRR and payback periods by business, reflecting the respective risk and return profiles. For all sustainable projects,
OMV has established a competitive minimum IRR threshold of 10%.
OMV has planned a yearly average organic CAPEX of up to EUR 3.8 bn for the period from 2024 to 2030. Overall,
OMV intends to allocate 40–50% of its organic CAPEX in this period to sustainable projects such as geothermal,
Carbon Capture and Storage, renewable electricity, chemical and mechanical recycling, and biofuels to achieve its
ambitious decarbonization targets. It is anticipated that the remaining organic CAPEX will be allocated to traditional
business with the following split: around 30% in Energy, around 10% in F&F, and around 15% in Chemicals. In
addition, OMV will consider inorganic growth in areas of strategic importance. However, this will depend on the
Group’s indebtedness headroom.
OMV increased its 2030 targets for clean CCS Operating Result and cash flow from operations. The expected clean
CCS Operating Result by 2030 grew from EUR 6 bn to at least EUR 6.5 bn, while the cash flow from operating
activities is forecast to increase from EUR 7 bn to at least EUR 7.5 bn by 2030. The Group anticipates a higher clean
CCS Operating Result contribution from Energy, accounting for around 45%, while Chemicals will comprise around
35–40% of the overall portfolio and F&F around 15–20%.
The 2030 Strategy is intended to enable the Group to grow its operating cash flow to at least EUR 7.5 bn, of which
around 40% will be generated by the Chemicals segment, 20% by Fuels & Feedstock, and around 40% by Energy. To
help achieve its targets and address significant inflationary cost increases between 2022 and 2024, as well as a
trough in the chemicals market, OMV launched an efficiency program. The program is expected to generate at least
EUR 0.5 bn of annual sustainable additional operating cash flow by the end of 2027.
OMV is committed to ensuring a robust balance sheet and an investment-grade credit rating. OMV aims to achieve
a leverage ratio (ratio of net debt including leases to capital employed (equity plus debt including leases)) of below
30% in the medium to long term. Depending on portfolio measures, the leverage ratio can exceed 30%; however,
this will then be followed by a deleveraging program to ensure the balance sheet is strengthened.
During the strategy period, OMV is committed to delivering attractive shareholder distributions. OMV has a
progressive policy for its regular dividends and a clear framework for additional variable dividends. OMV aims to
increase the regular dividend each year or at least maintain it at the previous year’s level, showing a strong
commitment to delivering sustained and growing value to its shareholders and reflecting the resilience of the
business and confidence in the future. In addition, OMV aims to pay additional variable dividends when its leverage
ratio is below 30%. Together with the regular dividend, the total dividend payout will amount to 20–30% of
operating cash flow. The dividend payments in any given year are subject to specific dividend proposals by the
Executive Board and the Supervisory Board of OMV, as well as approval by the Annual General Meeting.
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How is OMV harnessing the power of artificial intelligence (AI)? In 2024, OMV made significant
progress on its digital transformation journey by introducing powerful platforms that bring AI tools to
the entire organization. These efforts are not just about technology – they are about making work
smarter, faster, and more effective.
Putting AI Into Every Employee’s Hands
At the heart of OMV’s generative artificial intelligence (GenAI) journey is a robust, flexible, and secure platform that
accelerates the development of tailored solutions. By offering standardized services such as sentiment analysis,
chatbots, translation, and speech-to-text, the platform allows teams to deploy AI-driven solutions quickly and
reliably. This backbone has been instrumental in enabling over 140 AI ideas, leading to 25 projects that deliver
tangible benefits across the Group.
OMV understands that the success of digitalization depends on its people. Over 5,000 colleagues were engaged via
various digital channels as well as through dedicated workshops in 2024, gaining the skills and confidence to
harness the potential of GenAI. Combined with the platform’s capabilities, this upskilling initiative contributes to
fostering a culture of innovation where ideas can quickly evolve into impactful solutions.
Through the early introduction of our in-house GPT-powered tools, OMV has brought AI directly to its 23,500
employees, with millions of uses recorded in 2024. These tools have transformed workflows, simplified complex
tasks, and boosted decision-making capabilities, significantly enhancing efficiency, satisfaction, and user experience
across the organization.
AI Use Cases and Other Digitalization Highlights
In the area of AI, the Chemicals segment has continued its efforts to investigate the potential of GenAI. Borealis is
exploring AI solutions to improve safety, efficiency, productivity, and reliability in operations, but is also partnering
with Microsoft Copilot to work with an AI-powered virtual assistant that helps with tasks like generating text,
translating languages, summarizing content, writing code, and answering complex questions. This initiative was
launched in 2024, accompanied by the introduction of a 20-day training program called the MAI challenge. This
program aims to educate employees about AI and to train them on its safe and efficient use. At the same time,
further investments have been made to establish deeper analytical skills and grow the community of citizen
developers to increase AI adoption, analytics self-service, and accelerate value creation from in-house AI solutions.
Other strategic initiatives can be found in the area of sustainability, where Neoni (an in-house solution to calculate
the carbon footprint) and relevant reporting tools are being advanced. In the customer area, the customer platform
MyBorealis was enriched with new features. Last but not least, the further delivery of more digital applications of
the Borstar® Digital Twin platform, a set of digital solutions for Borstar® plants, was a key focus area for Borealis.
In Fuels & Feedstock, digitalization initiatives are helping to safeguard our people, manage our assets, and reduce
our environmental impact. For example, the use of Generic Dynamic Optimization technology to mathematically
model the setting on the heat exchanger used in crude oil distillation has saved the equivalent natural gas
consumption of approximately 1,000 single family homes.
Other use case examples include boosting customer retention, predicting market prices, and managing the
operating costs of photovoltaic installations. Over the last five years, we have automated 220 processes in Fuels &
Feedstock and delivered over EUR 4.8 mn in equivalent year-on-year time savings. In 2024, our continued
investment in automation built on the recent developments in AI, extending the capabilities and effectiveness of the
solutions deployed. As well as supporting day-to-day efficiency, there have been ten automation projects that
directly support our transformation, delivering a time-saving benefit of EUR 0.5 mn in year-on-year savings.
Digitalization
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Digitalization initiatives are also helping to improve the user experience for our customers. Our mobile app for retail
customers gained 400,000 users. Customers who use the application spend more, visit more, and buy more
premium fuels than non-users. In an independent brand image study, the OMV app placed first in the Top of Mind
Awareness category. The EV charging rollout has been boosted by digital systems that increase system security
and reliability. An important feature in growing utilization has been enabling roaming across our network, allowing
customers registered with other mobility providers to use OMV services for recharging their vehicles. Following the
2023 launch of the mobile app in Austria, 2024 brought the eMotion app to EV drivers in Slovakia, Hungary, and
Romania, providing a platform from which we can build loyalty in the coming years.
In the Energy segment, we are harnessing the potential of GenAI. For example, we are developing a GenAI-based
subsurface engineering companion in Norway to provide valuable exploration and subsurface insights, supporting
our daily exploration and reservoir management activities. Trained with public and internal E&P data and
documents, this companion can now respond to specific subsurface and reservoir management questions with
relevant and updated information. In well planning, we are exploring how GenAI can identify lessons learned and
other relevant information for similar wells, automatically providing insights from our global report base.
We are also looking at Smart Agents for complex decision-making support. In 2024, we continued sponsoring AI
research at Stanford University to support our efforts in developing a low-carbon business. For CCS, we are working
on a Smart Agent to optimize field development decisions by processing vast amounts of data and proposing the
best decisions (injection volumes, timing, well placement) to ensure safe operations while maximizing storage
volume.
Another interesting AI use case in the Energy segment is the SmartShaker, which focuses on training AI to observe
real-time footage of drilled rock brought to the surface and alert humans if it spots anything unusual. This improves
safety, reliability, and efficiency, while contributing to our vision of drilling with robots. The technology went
through testing on wells in Romania and the data has been used to further enhance the AI model to reach minimum
viable product commercialization.
AI is also increasing the efficiency in our corporate functions. Among the most compelling use cases were
applications such as chatting with regulations, conducting intelligent research for documents, and intelligent
processing of data with unprecedented efficiency and accuracy, showcasing the transformative potential of AI in
streamlining complex tasks and enhancing productivity across various domains.
Protecting Our Digital Assets
Information security is a top priority at OMV. We continuously adapt our security measures to address changing
threats, new business needs, and digitalization efforts, ensuring the protection of our data, systems, and assets. Our
Information Security Management System (ISMS), certified to ISO/IEC 27001, provides comprehensive security
monitoring of our IT infrastructure and services. We also have specific security controls for AI technologies and
adhere to responsible AI principles, regularly verifying our AI solutions to maintain ethical standards.
Our internal security measures are supported by regular external assessments and audits, following various security
frameworks and legislative guidelines. This ensures we uphold the highest security standards and best practices,
keeping OMV at the forefront of information security and responsible AI deployment.
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Pursuing our transformation for a cleaner, healthier future requires major efforts in innovation to
bring new technologies to market. OMV is focusing on developing technologies that directly
contribute to our sustainability targets, as well as researching breakthrough, high-impact
technologies to enable OMV’s strategy implementation. The Company pursues innovation in-house
and collaborates with extensive partner panels that include members from academia, private
research institutes, and start-ups and have a balanced portfolio of technologies and products.
The OMV Group Innovation Ecosystem
To drive innovation across OMV, we established a centralized Innovation & Technology department in 2023
alongside the well-established innovation organization at Borealis. Additionally, product-related and applied
innovation work is conducted by technical teams in the business segments.
The central Innovation & Technology department focuses on strategic and transformative topics across all three
business segments, including the circular economy, fuels and feedstock innovation, new energy technologies, and
biotechnology. The primary focus is on new technologies in the areas of eSAF, the circular economy including post-
consumer plastic feedstock pretreatment and chemical recycling, carbon capture and utilization, hydrogen
production, and new feedstock engineering via traditional or biotechnology routes.
In Chemicals, OMV and Borealis are actively exploring new solutions and technologies for delivering affordable and
carbon-efficient products. The OMV Group is a frontrunner in circular economy solutions and has a strong focus on
innovation and technology. The Group is committed to developing technologies that will provide solutions to the
most critical issues facing society, including climate change, pollution, and increased energy costs.
To Innovate – We Collaborate
To accelerate innovation, diversify our portfolio of projects, and have a risk-balanced approach to technology
development and implementation, OMV and OMV Petrom jointly signed an investment agreement with InnoEnergy
(IE) in 2024. IE is a European company specializing in sustainable energy innovation and entrepreneurship. The
company was established in 2010 as an initiative of the European Institute of Innovation and Technology (EIT). Since
then, IE has created a trusted ecosystem that is anchored in EU institutions, active in 21 European countries and on
the East Coast of the US.
The execution of OMV’s innovation and technology portfolio is performed by internal capabilities together with
external partners from the world of academia and along the entire value chain. OMV has also joined the UIIN
(University Industry Innovation Network), which is a global community dedicated to enhancing and fostering
external collaborations between academia and industry for innovation, entrepreneurship, and social impact.
Through this network of universities and industry partners, UIIN facilitates knowledge exchange, research
partnerships, and best practice sharing.
IP and Licensing
OMV actively pursues intellectual property protection, including patent rights regarding technology innovation.
Technology licensing drives the commercialization of OMV’s patented technologies. The goal is to foster the
growth of licensed businesses and guide customers through the entire cycle, from acquisition to delivery and
support. An outstanding example in OMV’s licensing portfolio is ReOil®, OMV’s patented technology for the
chemical recycling of post-consumer plastics, which is being commercialized in partnership with Wood PLC.
Innovation and Technology
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Technology Innovation
Circular Economy
OMV’s proprietary ReOil® thermal cracking technology was developed to meet the European Commission’s targets
for the circular economy and to fulfill future packaging recycling quotas. OMV and Borealis are pursuing the clear
ambition of becoming a leading player in chemical and mechanical recycling technologies. OMV has acquired more
than 15 years of operational experience with the chemical recycling technology ReOil® thanks to rigorous testing
and piloting. Since 2018, we have achieved nearly 30,000 cracking hours, gaining valuable experience and setting
the stage for the highest capacity single-train plants in the market. The technology is highly scalable and can be
seamlessly integrated into existing industrial setups, leveraging current assets.
Sustainable fuels
In the area of sustainable fuels, new technologies for the production of SAF via synthetic and HVO routes are being
actively pursued. In the field of second-generation biofuels, OMV has a long-standing innovation commitment
through its patented technology to convert crude glycerin to propanol, Glycerin2Propanol (G2P)®. The
commissioning of a pilot plant with a capacity of 1,000 t p.a. located at the Schwechat refinery is due to be finished
in early 2025. The end product, propanol, has better fuel blending properties and higher energy density than
ethanol, making it an ideal advanced biobased gasoil blending component. It increases the octane rating of gasoline
and at the same time reduces CO₂ emissions during combustion.
Biotechnology
Biotechnology has transformative potential to contribute to OMV’s future. A new department has been established
within Innovation & Technology to support all three business segments.
One focus is on exploring alternative carbon sources for current and future OMV feedstocks and products. From
industrial to agricultural waste streams and carbon dioxide – we strive to tap into new resources with innovative
enzymatic and microbial processes. A second focus is on providing bioprocesses for green drop-in products or new
outputs, which have the potential to bring value to OMV in a changing world. The development of our own microbial
strains and enzymes goes hand in hand with bioprocess engineering to develop proprietary solutions to future
problems.
New energy technologies
The collaboration with Finnish start-up Hycamite targets innovation and technology in the field of methane
splitting. In December 2024, the OMV Group increased its ownership in Hycamite by way of additional investments
made by OMV Petrom. Their leading technology will accomplish the production of cost-effective, low-carbon
hydrogen and high-value solid carbon from natural gas. Furthermore, it can even enable carbon-sink products by
biogas feedstock blends.
In addition to the installation of the Carbon Capture (CC) pilot research center with a capacity of up to 1,000 t CO₂
p.a., a series of disruptive, innovative CC processes are in the pipeline to be developed and industrialized in the
coming years.
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Applied Technologies
Chemicals
Innovation at Borealis is customer-driven and global in scope. Around 600 people are currently employed at
Borealis’ three innovation hubs in Linz (Austria), Stenungsund (Sweden), and Porvoo (Finland). Having been ranked as
the top Austrian innovator in the European Patent Index 2023, Borealis continues to expand its patent portfolio. In
2024, Borealis filed 121 new priority patent applications at the European Patent Office, versus 128 filed in 2023. As
of December 2024, Borealis holds around 8,900 granted patents as well as approximately 3,400 patent applications,
which are subsumed in approximately 1,600 patent families.
At Borealis, proprietary technologies like Borstar®, which continues to be developed within the Borstar® Nextension
program, form the basis for material solutions that help industry to address urgent societal and environmental
issues such as decarbonization, the green energy transition, and waste reduction. Thanks to its suite of
technologies, Borealis can continually expand its offer of advanced specialty polyolefins to capitalize on the market
potential of lucrative niche applications in sectors like renewable energy, mobility, healthcare, consumer packaging,
and the circular economy.
Several 2024 product launches illustrate how collaboration with value chain partners and other stakeholders
continues to facilitate the development of eco-efficient applications across diverse industry sectors. Launched at
the WIRE trade fair in April, Borcycle™ ME7153SY, a unique and sustainable cable jacketing solution for low- and
medium-voltage cables, contains 50% post-consumer recyclate. A new medium-voltage cable insulation grade,
Borlink™ LS4301R, offers reduced emissions thanks to a newly optimized base resin and cross-linking agent. In
infrastructure, cross-linked pipes (PE-X) produced using the HE1878E-C3 compound show exceptional resistance to
the effects of chlorine, provide UV resistance, and achieve the highest Class 5 designation in accordance with the
North American ASTM F876 specification standard.
Fuels & Feedstock
OMV actively explores alternative feedstocks, technologies, and fuels with the aim of developing a well-diversified,
competitive future portfolio. Additional attention is given to the production of conventional and advanced biofuels,
synthetic fuels, and green hydrogen as future fuels for the hard-to-electrify part of the transportation segment, and
as the basis for sustainable chemicals. While the developed biogenic products will predominantly be sold as fuels
initially due to a mandated market, they can also be used as chemical feedstock.
OMV commissioned the co-processing plant at the Schwechat refinery in mid-2024. The technology enables OMV
to process biogenic feedstocks (e.g., rapeseed oil) together with fossil-based materials in an existing hydrotreating
plant during the fuel refining process. This will reduce OMV’s carbon footprint by up to 360,000 t of CO2 per year by
substituting fossil diesel. In 2024, OMV continued with the pilot production of Sustainable Aviation Fuel (SAF) from
another co-processing route in Schwechat, and the conversion of biogenic feedstock into high-value chemicals,
such as ethylene, propylene, butadiene, and benzene, in the refinery in Burghausen.
In June 2024, OMV Petrom took the final investment decision to build a SAF/HVO facility along with two facilities
for green hydrogen which will be used in the production of biofuels. The investments for the SAF/HVO unit amount
to EUR 560 mn. Starting in 2028, the plant will have a production capacity of 250 kt p.a. of SAF and HVO, as well as
by-products like bio-naphtha and bio-LPG, which are used in the chemical industry. The high flexibility of the
installation allows for the adjustment of the product mix according to market demand and the available feedstock
mix. The plant will have an annual consumption of about 11 kt of hydrogen, most of which will be provided by the
two new green hydrogen production units. The investment for the two green hydrogen units is estimated at about
EUR 190 mn, of which up to EUR 50 mn is from European funds, through the National Recovery and Resilience Plan
(NRRP). The two units will have a total capacity of 55 MW, with a total annual production of green hydrogen
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estimated at around 8 kt. Integrating green hydrogen into sustainable fuels, such as sustainable aviation fuel and
renewable diesel, will result in at least a 70% reduction in CO2 emissions compared to conventional fuels.
OMV and its partners are working on the UpHy project with the intention of producing green hydrogen for use in the
refining process. OMV is building an electrolysis plant at the Schwechat refinery for this purpose, to be powered
with renewable electricity to produce green and low-carbon hydrogen. The green hydrogen will initially be used for
fuel hydrogenation, including biofuels and SAF.
Energy
In Energy, OMV starts its Innovation & Technology efforts with maximizing production at mature assets and ends
with contributing to the definition of energy storage in the future. This includes technology applications in
geothermal energy, carbon capture, utilization, and storage, as well as renewable energy including hydrogen
generation and storage. The development of state-of-the-art online monitoring, emission control technologies,
artificial intelligence and machine learning subsurface workflows, and water treatment ensure safe, sustainable,
and stable operations worldwide. For this, OMV has highly specialized energy technology centers at the OMV Tech
Center & Lab in Austria (TCL) and the OMV Petrom Upstream Laboratory (ICPT) in Romania.
In Romania, OMV Petrom started a drilling campaign in 2024 using one of the world’s most energy-efficient and
automated onshore drilling rigs, with its fifth well nearing completion. The campaign aims to extract new resources
from mature fields while improving the safety and efficiency of drilling operations. The rig, manufactured by
Huisman in the Netherlands, is designed for fast and flexible operations, allowing quick movement between multiple
wells and locations. It collects data during operations to enhance extraction efficiency and prevent technical
difficulties. The rig’s automation reduces human errors and allows remote monitoring and control. Its electric power
system improves fuel efficiency and reduces carbon footprint. This technology is also applicable for geothermal and
Carbon Capture and Storage projects.
OMV is leveraging Smart Oil Recovery (SOR) technology to enhance oil recovery in its very mature reservoirs
through polymer flooding. In addition to existing patterns, new patterns are constantly being developed and the
proven technology is deployed in other Austrian fields. The first positive results from the ongoing alkali polymer
pilot project in the Matzen field, a further innovative step to improve injectivity and enhance ultimate recovery,
were reported in 2024.
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In 2024, OMV achieved a strong clean CCS Operating Result of EUR 5.1 bn. Cash flow from operating
activities including net working capital effects remained significant, amounting to EUR 5.5 bn, and
organic free cash flow totaled EUR 2.0 bn. The leverage ratio was 12%. This financial strength is an
excellent basis for OMV’s ongoing strategic transformation into an integrated sustainable chemicals,
fuels, and energy company, and its commitment to delivering attractive shareholder returns.
Business Environment
Macroeconomy
Global GDP growth was stable yet underwhelming in 2024 as economies were unable to rebound, keeping growth
rates at the weakest levels in recent decades (excluding major recessions). Besides slow growth rates, economies
experienced receding inflationary pressure. Consequently, monetary policy rates started following suit, preventing
undue increases in real interest rates. IMF projections expected 2024 annual GDP growth to be at 3.2% and
therefore below the averages from 2023 and 2010–2019 respectively.1
The negative supply shocks to the global economy that have occurred since 2020 have had lasting effects on output
and inflation, with varied impacts across individual countries and country groups. Developed economies have reached
and surpassed pre-pandemic output levels and inflation has been increasing. Meanwhile, emerging economies are
showing more permanent scars, with large output shortfalls and persistent inflation. These countries also show
higher vulnerability to commodity price surges, for example as experienced following Russia’s invasion of Ukraine.
Growth rates continued to remain uneven, with different factors exerting influence in different regions. The US
economy continued to outperform other developed economies on the back of stronger consumption – driven by a
rise in real wages, especially among lower income households – and non-residential investments. Euro area
economic performance remained subdued in 2024, as elevated commodity prices put pressure on manufacturing
output for the past two years. However, the rise in households’ disposable income supported private consumption,
limited only by precautionary savings. For the Chinese economy, persisting weakness in the real estate sector and
low consumer confidence have remained the key headwinds.
Global headline inflation decreased further, from an average of 6.7% in 2023 to 5.7% in 2024. Disinflation was faster
in advanced economies – with a decline of 2 percentage points from 2023 to 2024 – than in emerging markets and
developing economies, in which inflation declined from 8.1% in 2023 to 7.8% in 2024. Disinflation in 2024 reflects a
broad-based moderation in prices all over the consumer basket, unlike in 2023, when moderation in headline figures
was driven by year-on-year commodity prices – not reflected in core inflation.2 The delayed impact of earlier
monetary tightening and high base were the key drivers behind moderating core and headline inflations.
As a result of easing inflationary pressures and moderate economic growth, key central banks started easing
monetary conditions in Europe and in the US. A new monetary cycle started first in Europe in June 2024 amid
weaker macroeconomic fundamentals. The ECB policy rate started the year at 4% and ended 2024 at 3%, following
interest rate cuts in four steps: June, September, October, and December. The Bank of England followed suit by
cutting interest rates from 5.25% to 4.75% in two steps in July and November. In the US, both growth and
inflationary expectations surpassed Europe’s and as a result policy rate moderation started only in September. In
January, the key policy rate was in the 5.25–5.5% range, while it ended the year in the 4.25–4.50% band, following
rate cuts in three steps: September, October, and December. Unlike the rest of the world, the Bank of Japan
increased the policy interest rate for the first time since 2016 from –0.1% to 0.1% in March 2024, and this was
1 IMF World Economic Outlook, January 2025
2 Inflation excluding food and energy
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repeated at the end of July to 0.25%. The second increase caused a temporary crash on the Japanese financial
markets as surging Yen induced selling pressure. Lower interest rates in most parts of the world are expected to
impact the economy through monetary transmission mechanisms. Easing credit conditions might lend support to
housing markets, investments, and economic activities in general.
Oil
The oil price environment was, on average, fairly close to the level of 2023. Platts Dated Brent averaged USD 81/bbl
in 2024, a decline of around 2% compared to the average from the prior year. The trajectory of oil prices was
somewhat different in 2024, however, with the level in the first half of the year averaging comfortably above USD
80/bbl but giving way to lower prices from the third quarter onward. This trend was driven by geopolitical risks to
oil transportation and oil supply, increasingly giving way to the perception that oil demand growth was slowing. The
second half of 2024 saw major forecasting agencies’ demand growth outlooks for both 2024 and 2025 converge at
lower levels, with a weaker outlook for Chinese oil demand often cited as a factor. Oil prices also remained higher in
local currency terms for a large share of the crude import market even as oil prices in dollar terms trended lower
from the third quarter. The perception that demand was not keeping up with supply growth was underpinned by
OPEC policy in the second half of 2024. The Group has repeatedly pushed back plans to return barrels to the
market in order to avoid new price pressures, in December postponing again to the end of the first quarter of 2025
and on a slower schedule than previously. IEA and EIA estimates put 2024 global oil demand growth at around 1 mn
bbl/d year-on-year, a marked slowdown from the 2 mn bbl/d estimated global growth rate year-on-year in 2023.
Crude price (Brent) – monthly average1
In USD/bbl
1 S&P Platts Dated Brent monthly average close
Natural Gas
European natural gas benchmarks averaged at lower levels in 2024 than in 2023. In the early part of 2024, prices on
European hubs fell to the lowest levels since 2021, with TTF briefly dropping below EUR 25/MWh. European natural
gas demand remained muted, as per the IEA, though the pace of the declines was markedly slower than was
observed in 2022 and 2023, when market prices for gas were significantly higher. The lower prices observed in the
early part of 2024 did have some impact. Industrial gas demand in Europe has shown a partial recovery, offsetting
some declines in the power generation sector and coming despite the broader difficulties observed in some major
energy-intensive European sectors. At the same time, LNG inflows were consistently lower over 2024 as price
levels were not sufficient to attract flexible LNG flows to the European market. This picture shifted after the market
started to rally from the beginning of the third quarter, as supply uncertainties, combined with the onset of cold
weather and more demand from the power sector, drove TTF and THE towards the EUR 50/MWh level as the end of
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the year approached. This pricing level appeared sufficient to ensure Europe became the premium market again for
LNG ahead of Asia, which translated into more arrivals as storage facilities were drawn rapidly at times after the
start of the heating season. Total regional natural gas demand trended close to flat in 2024 compared to 2023.
Natural gas price (THE) – monthly average1
In EUR/MWh
1 Powernext German gas price
Refining margin
The refining margin was around USD 7.1/bbl in 2024, a significant decline compared to USD 11.6/bbl in 2023,
following the unprecedented highs after the initial phases of the Russia-Ukraine war and only sluggish consolidation
in the refinery sector. Naphtha crack spread recovered to historical trends from extreme lows in 2023, even though
macroeconomic headwinds kept pressuring market sentiment. However, from the second half of the year, the
market was supported by the narrowing discount of LPG to naphtha, which made the latter a more competitive
feedstock for petrochemical producers. The gasoline crack spread eased compared to 2023 highs. Market
fundamentals began diverging from 2023 trends at the end of the second quarter, with the crack spread weakening
counter-seasonally due to a weaker than expected US driving season, leading to more complicated trans-Atlantic
arbitrage from Europe to the US. Additionally, production started ramping up at the Dangote refinery in Nigeria in
the second half of the year, leading to lower exports to West Africa and weighing on future expectations. Middle
distillate crack spreads benefited the most from the Russia-Ukraine war. However, markets have been reverting to
historical trends in recent years. Nevertheless, the diesel crack spread was still around USD 200/t in the first
quarter of 2024, double the historical average. Markets substantially weakened in April as the heating season ended
and the subdued macroeconomic environment in Europe weighed on demand. Starting in summer, freight rates also
fell substantially, which allowed more arbitrage volumes to arrive in Europe from the US and the Middle East,
placing additional pressure on the market.
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Refining indicator margin Europe (OMV) – monthly average1
In USD/bbl
1 Internal calculation based on Platts, Argus, and ICIS
Chemicals
Even though European base chemicals market conditions improved in 2024 compared to the previous year, the
market continued to face challenging conditions. Base chemicals demand exceeded expectations, supported by
limited monomer and derivative imports. This led to an increase in cracker operating rates to around 72% in 2024,
recovering from 2023’s historically low average of 68%. Planned and unplanned cracker outages, along with
permanent closures, helped balance the market’s supply and demand. In the first half of 2024, the dryness of the
Panama Canal restricted traffic of key olefin derivatives like PE and PP. Despite easing restrictions later in the year,
high freight rates persisted due to geopolitical tensions at the Red Sea. Even with better-than-expected demand,
the European market remained weak overall due to the economic slowdown, particularly in the construction
industry, which was heavily impacted by interest rate hikes. In polyolefins, the overhang of new capacities in Asia
continued to weigh on utilization rates and prices. Asian demand saw some support from the consumer products
industry, as well as government stimulus policies. The recovery of the tourism and catering sectors, particularly in
China and Southeast Asia, also contributed to demand growth. However, the prolonged real estate challenges, low
birth rate in China, and weak finished product demand led to a slower rate of demand growth compared to
historical levels. In 2024, the operating rates in Northeast Asia were 80% (2023: 83%) for polyethylene and 77%
(2023: 80%) for polypropylene. In Europe, the end use demand remained affected by the macroeconomic slowdown
and downturn in several sectors, especially in the infrastructure industry. Significant inflow of finished goods from
China further delayed an industrial recovery. The European polyolefin market faced significant import pressure
throughout 2024, driven by competitive pricing from external markets and economic challenges within the region,
while supply was adequate throughout the year. In 2024, the operating rates in Europe were 77% (2023: 68%) for
polyethylene and 80% (2023: 78%) for polypropylene.
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Polyolefin margins (OMV) – month-end values1
In EUR/t
1 Internal calculation based on ICIS; calculated as a 50% polyethylene and 50% polypropylene split
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Financial Review of the Year
Key financials
In EUR mn (unless otherwise stated)
2024
2023
Δ
Sales revenues
33,981
39,463
–14%
Clean CCS Operating Result1
5,141
6,024
–15%
Clean Operating Result Chemicals1
459
94
n.m.
Clean CCS Operating Result Fuels & Feedstock1
927
1,651
–44%
Clean Operating Result Energy1
3,810
4,357
–13%
Clean Operating Result Corporate & Other1
–73
–51
–43%
Consolidation: elimination of inter-segmental profits
19
–27
n.m.
Clean CCS Group tax rate
in %
45
43
2
Clean CCS net income1
2,814
3,421
–18%
Clean CCS net income attributable to stockholders of the parent1,2
2,090
2,593
–19%
Clean CCS EPS1
in EUR
6.39
7.93
–19%
Special items3
–764
–668
–14%
thereof Chemicals
–55
–214
74%
thereof Fuels & Feedstock
–98
146
n.m.
thereof Energy
–605
–586
–3%
thereof Corporate & Other
–6
–14
54%
CCS effects: inventory holding gains (+)/losses (−)
–123
–130
6%
Operating Result Group
4,254
5,226
–19%
Operating Result Chemicals
404
–120
n.m.
Operating Result Fuels & Feedstock
709
1,671
–58%
Operating Result Energy
3,205
3,771
–15%
Operating Result Corporate & Other
–80
–65
–22%
Consolidation: elimination of inter-segmental profits
16
–31
n.m.
Net financial result
–19
–70
72%
Group tax rate
in %
52
58
–6
Net income
2,024
1,917
6%
Net income attributable to stockholders of the parent2
1,389
1,480
–6%
Earnings Per Share (EPS)
in EUR
4.25
4.53
–6%
Cash flow from operating activities
5,456
5,709
–4%
Free cash flow before dividends
2,304
2,682
–14%
Free cash flow after dividends
–158
349
n.m.
Organic free cash flow before dividends
1,986
2,272
–13%
Organic free cash flow after dividends
–475
–61
n.m.
Leverage ratio
in %
12
8
4
Capital expenditure4
4,101
3,965
3%
Organic capital expenditure5
3,710
3,748
–1%
Clean CCS ROACE
in %
10
12
–2
ROACE
in %
7
7
0
1 Adjusted for special items and CCS effects; further information can be found in Note 6 – Segment Reporting – of the Notes to the Consolidated Financial Statements
2 After deducting net income attributable to hybrid capital owners and net income attributable to non-controlling interests
3 The disclosure of special items is considered appropriate in order to facilitate the analysis of the ordinary business performance. To reflect comparable figures, certain items
affecting the result are added back or deducted. Special items from equity-accounted companies and temporary hedging effects for material transactions are included.
4 Capital expenditure including acquisitions
5 Organic capital expenditure is defined as capital expenditure including capitalized exploration and appraisal expenditure and excluding acquisitions and contingent considerations.
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Notes to Key Financials
Clean CCS Operating Result
Special items and CCS effects
In EUR mn
2024
2023
Δ
Clean CCS Operating Result1
5,141
6,024
–15%
Special items
–764
–668
–14%
thereof personnel restructuring
–15
–6
–163%
thereof unscheduled depreciation/write-ups
–504
–44
n.m.
thereof asset disposal
23
208
–89%
thereof other
–268
–827
68%
CCS effects: inventory holding gains (+)/losses (–)
–123
–130
6%
Operating Result Group
4,254
5,226
–19%
1 Adjusted for special items and CCS effects
Clean CCS Operating Result1
In EUR mn
With a result of EUR 5.1 bn, OMV achieved a strong clean CCS Operating Result in 2024. It declined from the 2023
result by 15% driven by a less favorable market environment. While the contribution from Chemicals increased
substantially, the clean CCS Operating Result of Fuels & Feedstock and Energy decreased following lower natural
gas sales, oil prices and refining margins.
1 Operating Result adjusted for special items and CCS effects.
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Clean CCS Group tax rate1
Coming in at 45%, the clean CCS Group tax rate increased by 2 percentage points compared to 43% in the previous
year, stemming from an increased share in the overall Group profits of the Energy segment companies located in
countries with a high tax regime.
Clean CCS net income attributable to stockholders of the parent2
In EUR mn
The clean CCS net income attributable to stockholders of the parent in the amount of EUR 2.1 bn decreased
compared to EUR 2.6 bn in 2023 following the Operating Result.
1 Group tax rate adjusted for special items and CCS effects. It represents the average rate at which the Group’s profit before tax is taxed.
2 Net income attributable to stockholders of the parent, adjusted for the after-tax effect of special items and CCS.
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Leverage ratio1
OMV’s financial performance resulted in only a moderate increase in the leverage ratio to 12% in 2024 from 8% in
the previous year. This continues to demonstrate OMV’s financial strength despite ongoing investing activities and
while maintaining a high dividend payout to shareholders.
Clean CCS ROACE2
Driven by the strong operational performance, OMV was able to deliver a clean CCS NOPAT of EUR 2.7 bn in 2024,
compared to EUR 3.3 bn in 2023. The marginal increase in average capital employed of 1% and the lower clean CCS
NOPAT led to a decrease in the clean CCS ROACE from 12% in 2023 to 10% in 2024.
1 The leverage ratio is calculated by dividing net debt incl. leases through equity plus net debt incl. leases.
2 The clean CCS ROACE (%) is calculated as Net Operating Profit After Tax (NOPAT – as a sum of the current and last three quarters) adjusted for the after-tax effect of special items
and CCS, divided by average capital employed.
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Cash flow from operating activities excl. net working capital effects1
In EUR mn
In 2024, cash flow from operating activities excluding net working capital effects increased to EUR 5.3 bn (2023:
EUR 4.6 bn), supported by lower income tax payments.
Organic free cash flow before dividends2
In EUR mn
Organic free cash flow before dividends of EUR 2.0 bn was recorded in 2024, 13% below the prior year’s level.
1 Amount of cash the OMV Group generates through its ordinary business activities which excludes effects from net working capital positions
2 The organic free cash flow is cash flow from operating activities less cash flow from investing activities excluding disposals and material inorganic cash flow components (e.g.,
acquisitions).
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Organic capital expenditure1
In EUR mn
Organic capital expenditure was stable at EUR 3.7 bn as the decrease in investments in Fuels & Feedstock and
Chemicals was offset by an increase in investments in Energy.
1 The amount is defined as capital expenditure including capitalized exploration and appraisal expenditure, excluding equity injections into at-equity and fully consolidated companies,
acquisitions, and contingent considerations.
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Capital Expenditure (CAPEX)1
Total CAPEX
In EUR mn
Chemicals CAPEX decreased considerably to EUR 1,081 mn (2023: EUR 1,345 mn). While 2024 included the
acquisition of Integra Plastics AD, 2023 saw the impact from an equity injection to Baystar and the acquisition of
Rialti S.p.A., as well as organic capital expenditure from the nitrogen business prior to its divestment in July 2023. In
2024, besides ordinary ongoing business investments, organic capital expenditure was predominantly related to
Borealis’ construction of the new PDH plant in Kallo (Belgium), the construction of the sorting facility for chemical
recycling in Walldürn (Germany), the construction of the ReOil® plant in Schwechat (Austria), and investments
fostering growth in specialty products.
Fuels & Feedstock CAPEX amounted to EUR 980 mn (2023: EUR 984 mn). Capital expenditure was slightly higher in
2023 due to higher investments in the co-processing plant in Schwechat and turnaround activities at the
Schwechat and Petrobrazi refineries, despite the acquisition of filling stations in Austria for commercial road
transportation in Q3/24. Besides ordinary ongoing business investments, organic capital expenditure mainly
comprised investments in the aromatic unit and the SAF HVO plant including electrolyzers in Petrobrazi, as well as
investments in the EV charging network.
Energy CAPEX including capitalized E&A rose significantly to EUR 1,972 mn in 2024 (2023: EUR 1,582 mn) mainly as
a result of a higher activity level related to the Neptun Deep project in Romania. Organic capital expenditure was
primarily directed at projects in Romania, the United Arab Emirates, and Norway. Exploration expenditure was
EUR 229 mn in 2024, down from the 2023 level of EUR 248 mn. It was mainly directed at activities in Norway,
Romania, and Austria.
1 Includes expenditures for acquisitions as well as equity-accounted investments and other interests; adjusted for capitalized decommissioning costs, exploration wells that have not
found proved reserves, borrowing costs and other additions that by definition are not considered capital expenditure
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The reconciliation of total capital expenditure to the investments as shown in the cash flow statement is depicted
in the following table:
Capital expenditure
In EUR mn
2024
2023
∆
Total capital expenditure
4,101
3,965
3%
+/– Other adjustments
–51
–14
–264%
– Investments in financial assets
–350
–215
–63%
Additions according to statement of non-current assets (intangible and tangible
assets)
3,699
3,736
–1%
+/– Adjustments to cash flow statement1
–186
–248
25%
Cash outflow from investments in intangible assets and property, plant and
equipment
3,513
3,487
1%
+ Cash outflow from investments, loans and other financial assets
605
635
–5%
+ Acquisitions of subsidiaries and businesses net of cash acquired
199
52
283%
Investments as shown in the cash flow statement
4,317
4,174
3%
1 Including new leases, investments in assets held for sale, and non-cash changes, among other things.
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Notes to the Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows (summarized)
In EUR mn
2024
2023
∆
Cash flow from operating activities excluding net working capital effects
5,308
4,638
14%
Cash flow from operating activities
5,456
5,709
–4%
Cash flow from investing activities
–3,152
–3,027
4%
Free cash flow
2,304
2,682
–14%
Cash flow from financing activities
–3,132
–3,771
–17%
Effect of exchange rate changes on cash and cash equivalents
0
–25
n.m.
Net increase (+)/decrease (–) in cash and cash equivalents
–828
–1,114
–26%
Cash and cash equivalents at beginning of period
7,011
8,124
–14%
Cash and cash equivalents at end of period
6,182
7,011
–12%
thereof cash disclosed within Assets held for sale
—
91
n.m.
Cash and cash equivalents presented in the consolidated statement of financial position
6,182
6,920
–11%
Free cash flow after dividends
–158
349
n.m.
In 2024, cash flow from operating activities excluding net working capital effects increased to EUR 5,308 mn
(2023: EUR 4,638 mn), supported by lower income tax payments. Net working capital effects were positive and
came in at EUR 148 mn, compared to EUR 1,071 mn in 2023. The prior-year period was impacted by a significant
decrease in gas prices. As a result, cash flow from operating activities totaled EUR 5,456 mn (2023: EUR 5,709 mn).
Cash flow from investing activities showed an outflow of EUR –3,152 mn in 2024, compared to EUR –3,027 mn in
2023. In 2024, cash flow from investing activities contained inflows of EUR 766 mn from the successful divestment
of OMV’s 50% share in SapuraOMV. Cash flow from investing activities in 2023 included cash inflows of EUR 661
mn related to the successful divestment of the Borealis nitrogen business and EUR 272 mn from the divestment of
OMV’s filling station and wholesale business in Slovenia.
Cash flow from financing activities showed an outflow of EUR –3,132 mn compared to EUR –3,771 mn in 2023.
2024 was positively impacted by the issuance of two bonds (EUR 500 mn each). Cash flow from financing activities
in 2024 included repayments of a bond and a hybrid bond totaling a nominal value of EUR 1.00 bn (2023:
EUR 1.25 bn).
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Notes to the Consolidated Income Statement
Consolidated Income Statement (summarized)
In EUR mn (unless otherwise stated)
2024
2023
Δ
Sales revenues
33,981
39,463
–14%
Other operating income and net income from equity-accounted investments
988
1,068
–8%
Total revenues and other income
34,968
40,531
–14%
Purchases (net of inventory variation)
–19,787
–24,222
–18%
Production and operating expenses incl. production and similar taxes
–4,542
–4,929
–8%
Depreciation, amortization, impairments and write-ups
–2,994
–2,463
22%
Selling, distribution and administrative expenses
–2,814
–3,006
–6%
Exploration expenses
–151
–222
–32%
Other operating expenses
–426
–462
–8%
Operating Result
4,254
5,226
–19%
Net financial result
–19
–70
–72%
Profit before tax prior to solidarity contribution
4,235
5,156
–18%
Solidarity contribution on refined crude oil
—
–552
–100%
Profit before tax
4,235
4,604
–8%
Taxes on income and profit
–2,211
–2,687
–18%
Net income for the year
2,024
1,917
6%
thereof attributable to hybrid capital owners
64
72
–10%
thereof attributable to non-controlling interests
571
366
56%
Net income attributable to stockholders of the parent
1,389
1,480
–6%
Effective tax rate (%)
52
58
–6
Sales to third parties 2024 (2023)
In EUR mn if not otherwise stated (prior year)
Total non-consolidated sales 2024 (2023)
In EUR mn if not otherwise stated (prior year)
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Sales revenues decreased by 14% to EUR 33,981 mn mainly due to lower market prices. For the sales split by
geographical areas, please refer to the Notes to the Consolidated Financial Statements (> Note 6 – Segment
Reporting).
Other operating income decreased from EUR 742 mn in 2023 to EUR 688 mn. 2024 was significantly impacted by a
gain of EUR 234 mn following the conclusion of arbitration proceeds in relation to the German gas supply contract
with Gazprom Export. 2023 was mainly impacted by EUR 221 mn in gains from the divestment of OMV’s filling
station and wholesale business in Slovenia. For further details, please refer to the Notes to the Consolidated
Financial Statements (> Note 8 – Other operating income and net income from equity-accounted investments).
Net income from equity-accounted investments decreased by EUR 26 mn to EUR 299 mn in 2024 mainly due to a
lower contribution of from Abu Dhabi Oil Refining. This was driven by a weaker market environment, but partly
offset by the 2023 impairment of exploration and appraisal assets included in OMV’s initial purchase price
allocation of its share in Pearl Petroleum Company Limited.
Net expenses related to depreciation, amortization, impairments and write-ups increased compared to last year. In
2024, the main impacts were impairments of EUR 222 mn of gas assets in New Zealand, EUR 125 mn of Energy
assets for which a divestment process has been initiated, and EUR 121 mn of oil and gas assets in Romania. In 2023,
there were write-ups of EUR 186 mn related to assets in Libya and gas storage in Germany, as well as impairments
of EUR 57 mn related to the Borealis nitrogen business and EUR 54 mn related to Renasci N.V. and BlueAlp Holding
B.V. For further details, please refer to the Notes to the Consolidated Financial Statements (> Note 9 –
Depreciation, amortization, impairments and write-ups).
Net financial result improved from EUR –70 mn in 2023 to EUR –19 mn in 2024. In 2024, the result was positively
impacted by a favorable foreign exchange result and interest income following concluded arbitration proceedings
in relation to the German gas supply contract with Gazprom Export. This was partially offset by lower income
earned on cash and cash equivalents in 2024 compared to 2023. For further details please refer to the Notes to the
Consolidated Financial Statements (> Note 13 – Net financial result).
The solidarity contribution on refined crude oil in Romania was introduced in 2023 and resulted in an obligation to
pay a contribution for each ton of crude oil processed during 2022 and 2023. In 2023, a solidarity contribution in the
amount of EUR 552 mn was recognized for the quantities of crude oil processed during 2022 and 2023. For further
details, please refer to the Notes to the Consolidated Financial Statements (> Note 2 – Accounting policies,
judgments, and estimates).
The effective tax rate decreased from 58% in 2023 to 52% in 2024 and was mainly impacted by the solidarity
contribution on refined crude oil in Romania (which decreased profit before tax but was a non-deductible expense
for tax purposes). For further details on the Group’s effective tax rate, please refer to the Notes to the Consolidated
Financial Statements (> Note 14 – Taxes on income and profit).
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Notes to the Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (summarized)
In EUR mn
2024
2023
Δ
Assets
Non-current assets
32,679
31,559
4%
Current assets
15,709
17,432
–10%
Assets held for sale
425
1,671
–75%
Equity and liabilities
Equity
24,617
25,369
–3%
Non-current liabilities
14,735
14,826
–1%
Current liabilities
9,404
9,846
–4%
Liabilities associated with assets held for sale
56
622
–91%
Total assets/equity and liabilities
48,813
50,663
–4%
Non-Current Assets:
Intangible assets and property, plant and equipment in 2024 were impacted by significant CAPEX spending. These
effects were partially offset mainly by depreciation and impairment charges. For further details, please refer to the
Notes to the Consolidated Financial Statements (> Note 16 – Intangible assets and > Note 17 – Property, plant,
and equipment).
Equity-accounted investments decreased from EUR 6,668 mn in 2023 to EUR 6,661 mn in 2024 mainly due to
dividend distributions of EUR 776 mn, partly offset by EUR 396 mn in positive FX impacts and positive results of EUR
299 mn mostly from Borouge PLC and ADNOC Global Trading. For further details, please refer to the Notes to the
Consolidated Financial Statements (> Note 18 – Equity-accounted investments).
Current Assets:
The decrease in derivatives from EUR 742 mn to EUR 220 mn was mainly related to the gas business and primarily
associated with changes in spreads.
Cash and cash equivalents decreased from EUR 6,920 mn to EUR 6,182 mn. For more details, please refer to the
Notes to the cash flow statement in the Director’s Report chapter.
Assets Held for Sale and Liabilities Associated with Assets Held for Sale:
The decrease was primarily impacted by the completion of the sale of OMV’s 50% share in the Malaysian
SapuraOMV Upstream Sdn. Bhd. in 2024. For further details, please refer to the Notes to the Consolidated Financial
Statements (> Note 4 – Significant changes in Group structure ).
Non-Current Liabilities:
The increase in bonds was mainly related to the issuance of two new bonds with a nominal value of EUR 500 mn
each, partly offset by short-term reclassifications of approx. EUR 800 mn. For further details, please refer to the
Notes to the Consolidated Financial Statements (> Note 26 – Liabilities).
Other interest-bearing debts decreased mainly due to short-term reclassifications of loans of approx. EUR 330 mn.
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Current Liabilities:
The increase in bonds was mainly related to short-term reclassifications of approx. EUR 800 mn, partly offset by
the repayment of a bond with a nominal value of EUR 500 mn. For further details please refer to the Notes to the
Consolidated Financial Statements (> Note 26 – Liabilities).
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In the Chemicals segment, OMV is one of the world’s leading providers of advanced and circular
polyolefin solutions and a European market leader in base chemicals and plastics recycling.
The Company supplies services and products to customers around the globe through Borealis and
its two joint ventures: Borouge (with ADNOC, based in the UAE) and Baystar (with TotalEnergies,
based in the United States).
At a glance
2024
2023
∆
Clean Operating Result
in EUR mn
459
94
n.m.
thereof Borealis excluding JVs
in EUR mn
247
–74
n.m.
thereof Borealis JVs
in EUR mn
180
102
77%
Special items
in EUR mn
–55
–214
74%
Operating Result
in EUR mn
404
–120
n.m.
Capital expenditure1
in EUR mn
1,081
1,345
–20%
Ethylene indicator margin Europe
in EUR/t
505
507
–0%
Propylene indicator margin Europe
in EUR/t
384
389
–1%
Polyethylene indicator margin Europe
in EUR/t
432
322
34%
Polypropylene indicator margin Europe
in EUR/t
402
355
13%
Utilization rate steam crackers Europe
84%
80%
5
Polyolefin sales volumes
in mn t
6.27
5.69
10%
thereof polyethylene sales volumes excl. JVs
in mn t
1.83
1.63
12%
thereof polypropylene sales volumes excl. JVs
in mn t
2.04
1.86
9%
thereof polyethylene sales volumes JVs2
in mn t
1.52
1.28
19%
thereof polypropylene sales volumes JVs2
in mn t
0.89
0.92
–3%
1 Capital expenditure including acquisitions
2 Pro-rata volumes of at-equity consolidated companies
Financial performance
The clean Operating Result increased substantially in 2024 by EUR 365 mn to reach EUR 459 mn (2023: EUR 94
mn). This was mainly due to a considerably higher contribution from Borealis excluding JVs, in light of a markedly
stronger polyolefin business and an improved base chemicals business, as well as an increased contribution from
the Borealis JVs.
The contribution of OMV base chemicals declined marginally, mainly caused by slightly lower olefin indicator
margins. The ethylene indicator margin Europe came in nearly flat at EUR 505/t (2023: EUR 507/t), while the
propylene indicator margin Europe softened by 1% to EUR 384/t (2023: EUR 389/t). Both olefin contract prices and
naphtha prices came in marginally above 2023 levels. Although demand saw slight improvements compared to the
lows of 2023, increased feedstock costs resulted in slightly lower margins.
The utilization rate of the European steam crackers operated by OMV and Borealis increased to 84% (2023: 80%).
While 2023 was impacted by the planned turnarounds at the Schwechat and Porvoo steam crackers, the 2024
utilization rate of the Burghausen steam cracker was reduced, mainly because of an outage of the crude distillation
unit in Q3/24.
The contribution of Borealis excluding JVs in 2024 came in at EUR 247 mn, a significant increase of EUR 321 mn
compared to EUR –74 mn in 2023. This was mainly due to improved polyolefin indicator margins, higher sales
volumes, and the absent negative contribution from the nitrogen business in the prior-year period due to its
divestment in July 2023. In addition, inventory valuation effects, excluding the nitrogen business, came in slightly
positive and were around EUR 135 mn higher than in 2023. The Borealis base chemicals business improved, mostly as
Chemicals
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a result of a higher utilization rate at the existing Kallo PDH plant and the Porvoo steam cracker, as well as positive
inventory valuation effects. The polyolefin business improved significantly, mainly due to higher polyolefin indicator
margins and positive inventory valuation effects, as well as higher sales volumes. Higher fixed costs had a slightly
offsetting effect. The polyethylene indicator margin Europe grew by 34% to EUR 432/t (2023: EUR 322/t), while the
polypropylene indicator margin Europe increased by 13% to EUR 402/t (2023: EUR 355/t). Polyolefin indicator
margins saw the positive impact of reduced imported volumes into Europe and improved demand, as negative
impacts from the cost of living crisis eased. While the total realized margin for standard products increased
compared to 2023 levels, the total realized margin for specialty products showed more substantial growth.
Polyethylene sales volumes excluding JVs increased by 12%, while polypropylene sales volumes excluding JVs
grew by 9% compared to 2023. Sales volumes across all industries supplied by Borealis developed positively, mainly
following increased market shares and acquisitions. The sale of the nitrogen business to AGROFERT, a.s. was
completed in early July 2023, meaning the nitrogen business result of EUR –28 mn in 2023 was no longer present.
The contribution of Borealis JVs, accounted for as OMV’s share of clean net income of the at-equity consolidated
companies, increased significantly in 2024 to EUR 180 mn (2023: EUR 102 mn) thanks to a higher contribution from
Borouge, but it was also supported by a less negative contribution from Baystar. Polyethylene sales volumes from
the JVs grew by 19% compared to 2023, while polypropylene sales volumes from the JVs declined by 3%. The
Borouge result rose, primarily due to higher sales volumes. While polypropylene sales volumes at Borouge saw a
slight decline, polyethylene sales volumes increased considerably, as 2023 was impacted by the planned
turnaround at Borouge 2. Compared to 2023, polyethylene sales volumes at Baystar increased as a result of the
ramp-up process of the new polyethylene unit Bay 3. The Baystar ethane cracker saw increased utilization rates
compared to 2023, despite an outage in the beginning of 2024 caused by the freeze in Texas. Although operational
improvements took place, increased costs resulting from higher planned depreciation and interest expenses
following the start-up of the Bay 3 unit led to a markedly negative result contribution from Baystar.
Net special items in 2024 amounted to EUR –55 mn (2023: EUR –214 mn) and were mainly related to commodity
derivatives. Net special items in 2023 were to a large extent the result of an impairment of Borealis’ nitrogen
business. The Operating Result of Chemicals grew substantially to EUR 404 mn compared to EUR –120 mn in 2023.
Capital expenditure in Chemicals decreased considerably to EUR 1,081 mn (2023: EUR 1,345 mn). While 2024
included the acquisition of Integra Plastics AD, 2023 was impacted by an equity injection into Baystar, the
acquisition of Rialti S.p.A., and organic capital expenditure from the nitrogen business prior to its divestment in July
2023. In 2024, besides ordinary ongoing business investments, organic capital expenditure was predominantly
related to Borealis’ construction of the new PDH plant in Kallo, Belgium, the construction of the sorting facility for
chemical recycling in Walldürn, Germany, the construction of the ReOil® plant in Schwechat, Austria, and
investments fostering growth in specialty products.
Business Overview
In the Chemicals segment, OMV Group is one of the world’s leading providers of advanced and circular polyolefin
solutions and a European market leader in base chemicals and plastics recycling. It comprises the production of
base chemicals integrated with OMV operated refineries in Austria and Germany, Borealis´ base chemicals and
polyolefin business, and several joint ventures. The Group has a decisive footprint in Europe and two strong
partnerships, Borouge (with ADNOC) in the United Arab Emirates, and Baystar (with TotalEnergies) in the United
States, enabling the supply of services and products to customers around the globe. The production capacity,
including joint ventures, amounts to 7.0 mn t of base chemicals, 6.4 mn t of polyolefins, with an almost equal split
between polyethylene and polypropylene, and 0.8 mn t of polyolefin compounding. The polyolefin business
operates in five industry clusters: Consumer Products, Energy, Healthcare, Infrastructure, and Mobility.
On March 3, 2025 OMV and ADNOC signed a binding agreement for the combination of their shareholdings in Borealis
and Borouge into Borouge Group International. Post-closing, OMV will hold 46.9% share in the new entity, Borouge
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Group International, with equal shareholdings and joint control alongside ADNOC. ADNOC and OMV have also agreed
that upon completion of the combination, Borouge Group International will acquire Nova Chemicals for an enterprise
value of USD 13.4 bn. The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in
advanced packaging solutions and proprietary technologies, will further strengthen Borouge Group International’s
presence across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be
uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by synergies
and a strong pipeline of organic growth projects. For more details, see > Note 37 – Subsequent events.
Base Chemicals
Base chemicals are building blocks for the chemical industry and are transformed into plastics, packaging, clothing,
and many other consumer products. OMV directly operates two steam crackers, which are physically integrated
into the refineries in Austria and in Germany, allowing for cost-competitive naphtha supply. Borealis operates two
crackers, one in Sweden and one in Finland, which both feature high feedstock flexibility and are able to use a high
share of light feedstock, providing an economic advantage. In Belgium, Borealis runs a propane dehydrogenation
plant based on 100% propane feedstock. OMV produces base chemicals such as olefins (ethylene, propylene,
butadiene, and high-purity isobutene) and aromatics (benzene and phenol).
Despite the continued economic downturn in Europe burdening base chemicals demand, OMV Group’s European
crackers operated at higher utilization rates in 2024 than the previous year, reaching 84% compared to 80% in 2023.
Both planned and unplanned cracker outages, as well as permanent closures throughout the European industry,
helped to maintain supply-demand balance in 2024. Additionally, high freight rates and increased transit times
reduced import pressure into Europe while ethylene and propylene demand was slightly better than expected and
improved compared to the previous year’s low levels. Despite challenging market conditions, OMV continued to
produce and sell sustainable and circular chemicals and saw strong customer support.
In 2024, butadiene indicator margins surpassed 2023 levels. Supply was constrained leading to butadiene prices
exceeding EUR 1,000/t in the second half of 2024. For several months, spot prices remained higher than contract
prices. In contrast, 2023 experienced spot discounts which reached up to 50% due to a long market characterized
by weak demand and ample supply. In 2024, OMV continued to sell sustainable butadiene, and tire-based pyrolysis
oil was processed and sold for the first time. Benzene indicator margins significantly exceeded the prior year’s
levels due to a very severe turnaround season in the US, logistical disruptions (Panama and Suez Canal), slightly
improved demand, and reduced availability in Europe. In the first half of 2024 in particular, the market was buoyed
by heavy exports to the US, reduced imports, limited cracker and refinery availability, and improved short-term
demand. However, the second half of the year did not demonstrate the same level of strength, with indicator
margins declining due to weak gasoline and derivative demand.
Growth Project – Kallo
Borealis has a second propane dehydrogenation (PDH) plant in Kallo (Belgium) under construction to
leverage the expected growth in propylene demand in Europe. PDH is a vital process step in the
production of propylene from propane. As one of the most important building blocks in the entire
chemical industry, propylene is also the raw material used to produce polypropylene (PP). The
construction project made significant progress in 2024, reaching more than 90% completion, and is
planned to commence operations in the first half of 2026. The new facility will have a production
capacity of 740 kt p.a. of propylene and will be connected to the existing pipeline network in the
Amsterdam-Rotterdam-Antwerp (ARA) area, enabling cost-effective and sustainable propylene
transportation.
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Polyolefins
Through its subsidiary Borealis, OMV is the second-largest polyolefin producer in Europe and among the top ten
producers globally. The value-added polyolefin products of Borealis are the foundation of many valuable plastics
applications that are an intrinsic part of modern life. Borealis operates eight polyolefin plants located in Schwechat,
Stenungsund, Porvoo, and Burghausen, where they are backward-integrated into steam crackers, as well as in
Beringen and Kallo, with PDH-integration, and in plants in Antwerp and Geleen. In addition, Borealis operates several
compounding plants in Europe, the United States, South Korea, and Brazil (JV with Braskem).
Building on its unique Borstar® polyolefin manufacturing technology, Borealis produces a large share of specialty
polyolefin grades, which account for around 45% of the total sales volumes. While the standard polyolefins business
is influenced by imports from various regions around the world, the specialty grades are afforded greater protection
due to their advanced technological integration and the Company’s close customer relationships. Borealis’
advanced virgin and circular polyolefins play a crucial role in increasing sustainability along the value chain by
promoting efficient use of natural resources and energy efficiency in the following key industries: consumer
products, energy, healthcare, infrastructure, and mobility.
The polyolefins market in 2024 remained weak by historic levels but showed a marked improvement compared to
the unprecedented destocking that occurred in the second half of 2023 across the value chain. From February to
September, the European polyolefins market was bolstered due to disruptions to global container shipping, which
increased logistics costs and delivery times of imported materials. As these disruptions eased in the last quarter of
2024, European supply increased, with a negative impact on industry profitability.
Renewable and Circular Chemicals
Plastics are essential to modern life, keeping our food fresh, our vehicles light, and our medicines sterile. In many
applications, plastics offer distinct advantages over alternatives, for example plastic food packaging is highly
effective at maintaining sterility and extending shelf-life, thus helping to reduce food waste. Car components made
from plastic are lightweight yet sturdy, reducing the car’s weight and consequently in-use emissions. Today, the
majority of plastics are often produced, used once, and then disposed of in landfills or incinerated. The circular
economy products we offer provide a solution to reducing the amount of single-use plastics. Based on the
principles of reduce, reuse, and recycle, we aim to keep materials in use for many lifetime-circles, lowering waste
and decreasing the use of fossil resources in the production of new plastics. In this kind of circular economy, what
might have been considered as plastic waste at one stage of the cycle, will be seen as a valuable raw material at
another stage.
Transitioning to a circular economy will require a full suite of different, complementary technologies. The familiar
mechanical recycling focuses on end-of-life plastics which are cleaned, mechanically flaked, melted down, and
further processed into plastic granulate without significantly altering the material´s chemical structure. While it has
proven to be effective and will likely remain the eco-efficient method of choice for the foreseeable future,
mechanical recycling still faces limitations such as the processing of multi-layered feedstocks or its use in certain
product applications, like contact sensitive packaging.
In contrast, chemical recycling using pyrolysis breaks down plastics into their hydrocarbon building blocks by
heating them up to 400-450°C in an inert atmosphere. The resulting pyrolysis oil is then further processed in the
petrochemical plants at the Schwechat refinery to produce a virgin base chemical that replaces fossil hydrocarbons
as chemical feedstock for the production of new plastics. Chemical recycling is a vital complement to mechanical
recycling as it targets hard-to-recycle plastics. The resulting raw material used for plastics production is
indistinguishable in quality from fossil feedstock. In addition, chemical recycling enables plastics to be recycled
indefinitely without a reduction in quality and the resulting feedstock is suitable for highly demanding applications
such as products within the healthcare or energy industries and for contact sensitive packaging. Chemical recycling
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further strengthens circularity in the plastics value chain and helps stakeholders throughout the process to achieve
their sustainability targets.
We are committed to advancing the circular economy at every stage in the plastics lifecycle, and are integrating
circular principles as early as in the product design phase. OMV also seeks to maximize the use of alternative
feedstocks, including biomass and end-of-life plastics. In practice, we operate proprietary mechanical and chemical
recycling technologies and work on different strategies to secure end-of-life plastics as feedstock for our recycling
processes. OMV aims to further increase the share of circular products in its overall production output by
strengthening access to feedstock and increasing key mechanical and chemical recycling capabilities.
Partnerships for Feedstock Access
In October 2023, OMV announced the final investment decision to build an innovative sorting plant developed by
Interzero, Europe’s leading provider of circular economy solutions, to produce feedstock for chemical recycling. For
that purpose, OMV and Interzero established a joint venture, in which OMV holds 89.9% of the shares and 10.1% of
the shares belong to Interzero. OMV is investing over EUR 170 mn in building this state-of-the-art facility in
Walldürn, southern Germany. With a processing capacity of up to 260,000 t of post-consumer mixed waste plastic
per year, this fully automatic sorting facility will be the first of its kind to produce feedstock for OMV’s chemical
recycling on a large industrial scale. Construction began in the fourth quarter of 2023 and is currently advancing
according to schedule, with production expected to start in 2026.
Moreover, OMV announced the signing of long-term supply agreements with TOMRA for recycling feedstock
produced from mixed waste in April 2024. OMV will process feedstock supplied by TOMRA in its ReOil® plants in
Austria, while Borealis will use TOMRA feedstock in its mechanical recycling operations in Europe. The feedstock
will be derived from mixed post-consumer plastic material that would otherwise be lost to landfill and incineration.
Mechanical Recycling
The acquisition of Integra Plastics EAD, finalized in March 2024, is the most recent step to boost the Group’s
advanced mechanical recycling output. This effort was further bolstered in June by the installation of a recyclate-
based polyolefins compounding line in Beringen (Belgium). Once operational in 2025, this facility will use the
continually upgraded Borcycle™ M technology to transform mechanically recycled post-consumer waste into high
quality rigid polypropylene and polyethylene. This output is augmented by other mechanical recycling facilities in
the Group, including Italy-based Rialti S.p.A, a leading polypropylene compounder of recyclates used in injection
molding and extrusion and acquired by Borealis in 2023; Ecoplast Kunststoffrecycling GmbH in Austria; and mtm
compact GmbH and mtm plastics GmbH in Germany.
Chemical Recycling
The ReOil® pilot plant at the Schwechat refinery has been recycling post-consumer and post-industrial plastics into
pyrolysis oil using a pyrolysis process since 2018. In 2024, OMV finalized the construction of a new plant based on
its proprietary ReOil® technology, thereby scaling up its chemical recycling capacities. The plant with a nameplate
capacity of 16,000 t p.a. is mechanically complete and a phased start-up process has been initiated. The feedstock
consists of ISCC PLUS certified post-consumer plastic waste and is supplied by partners from across the value
chain, including waste management companies and mechanical recycling companies such as the Borealis
subsidiary Ecoplast.
As a next step, OMV aims to develop a commercially viable industrial ReOil® plant at the Schwechat refinery with a
processing capacity of up to 200,000 t p.a. In October 2024, CINEA, the European Climate, Infrastructure and
Environment Executive Agency, selected this project from 337 applications for a EUR 81.6 mn grant.
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Joint Ventures
Borouge (Borealis 36%, ADNOC 54%, free float 10%)
Established in 1998, Borouge is a true success story of the long-term partnership with ADNOC. The joint venture
has successfully combined the leading-edge Borstar® technology with competitive feedstock and access to
growing Asian markets. Borouge runs ethane-based steam crackers with a capacity of 3.6 mn t p.a. and an olefin
conversion unit, converting ethylene into propylene, with a total capacity of around 0.8 mn t p.a. In addition,
Borouge operates polyolefin plants with a total production capacity of 5 mn t p.a., thereof 2.7 mn t of polyethylene,
2.2 mn t of polypropylene, and 0.1 mn t of other products. In June 2022, Borouge was listed on the Abu Dhabi
Securities Exchange (ADX) with 10% of the total issued share capital. Through Borouge, the Group’s footprint
reaches all the way to the Middle East, the Asia-Pacific region, the Indian subcontinent, and Africa. Borouge ADP,
the production company, is based in the United Arab Emirates, while Borouge PTE, the marketing and sales
company, is headquartered in Singapore.
Growth Project – Borouge 4
The largest growth project currently underway is Borouge 4, situated within the Borouge joint venture
founded by Borealis and the Abu Dhabi National Oil Company (ADNOC) in 1998. Ground was broken in
2022 for the construction of Borouge 4, the new USD 6.2 bn facility at the existing complex in Ruwais
(UAE), and construction is on schedule and around 80% complete. The start-up of the first unit is
scheduled by the end of 2025 with the subsequent units to gradually start-up in 2026. The Borouge 4
project will add a 1.5 mn t ethane-based steam cracker and two additional Borstar® polyethylene (PE)
units with a total capacity of 1.4 mn t. The increased production capacity of advanced base chemicals
and polyolefins that will be unlocked once Borouge 4 comes on stream will further enhance its role, as
it will supply large volumes to customers in the Middle East and Asia as well as feedstock to the
adjacent TA’ZIZ Industrial Chemicals Zone.
Baystar (Borealis 50%, TotalEnergies 50%)
The Baystar™ joint venture with TotalEnergies in Texas (US) operates an integrated world-scale 1 mn t ethane to
polyethylene complex using the unique Borstar® technology. It includes a 1 mn t ethane cracker in Port Arthur,
Texas, and three polyethylene units located in Pasadena, Texas. The two legacy polyethylene units, Bay 1 and Bay 2,
have a combined capacity of 0.4 mn t while the new Bay 3 unit has a capacity of 0.6 mn t. Bay 3, which is based on
the latest Borstar® 3G technology, started up in October 2023. With the completion of the USD 1.4 bn unit, Baystar™
has more than doubled its production capacity. As a fully integrated petrochemicals venture, it can supply value-
added specialty polymers to the booming energy, infrastructure, and consumer product sectors in North America.
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OMV’s Fuels & Feedstock business refines and markets fuels. It operates three inland refineries in
Europe and holds a strong market position in the areas where its refineries are located, serving a
robust branded retail network and commercial customers. In the Middle East, it owns 15% of ADNOC
Refining and ADNOC Global Trading.
At a glance
2024
2023
∆
Clean CCS Operating Result1
in EUR mn
927
1,651
–44%
thereof ADNOC Refining & Trading
in EUR mn
78
314
–75%
Special items
in EUR mn
–98
146
n.m.
CCS effects: inventory holding gains (+)/losses (–)1
in EUR mn
–119
–126
5%
Operating Result
in EUR mn
709
1,671
–58%
Capital expenditure2
in EUR mn
980
984
–0%
OMV refining indicator margin Europe3
in USD/bbl
7.15
11.70
–39%
Utilization rate refineries Europe
87%
85%
2
Fuels and other sales volumes Europe
in mn t
16.21
16.29
–0%
thereof retail sales volumes
in mn t
5.54
5.62
–1%
1 Adjusted for special items and CCS effects; further information can be found in Note 6 – Segment Reporting – of the Notes to the Consolidated Financial Statements
2 Capital expenditure including acquisitions
3 Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions.
Financial performance
The clean CCS Operating Result decreased significantly to EUR 927 mn (2023: EUR 1,651 mn), mainly as a result of
lower refining indicator margins, a reduced result in ADNOC Refining, and a weaker retail and commercial result.
This was partly offset by lower utility costs and a higher refinery utilization rate, as 2023 was impacted by the
turnarounds at the Petrobrazi and Schwechat refineries.
At USD 7.1/bbl, the OMV refining indicator margin Europe declined from the exceptionally high level in 2023 of USD
11.7/bbl following lower gasoline and middle distillate crack spreads. In 2024, the utilization rate of the European
refineries increased by 2% to 87% (2023: 85%), as the previous year was impacted by the turnarounds at the
Petrobrazi and Schwechat refineries. The utilization rate in 2024 was impacted by an outage at the crude distillation
unit at the Burghausen refinery in Q3/24. At 16.2 mn t, fuels and other sales volumes in Europe were on a similar
level to last year. The retail business result decreased mainly due to lower fuel unit margins, following the strong
margins from the prior-year period, which had benefited from the removal of price caps. In addition, higher fixed
costs and the missing contribution from the divested Slovenian and German retail stations negatively impacted the
result, partly compensated for by the better non-fuel business contribution. The result of the commercial business
decreased due to lower margins on the back of higher costs and import price pressure, as well as decreased volumes
following weaker demand for middle distillates, though this was partly offset by an increased aviation contribution.
In 2024, the contribution of ADNOC Refining & ADNOC Global Trading, accounted for as OMV’s share of clean
CCS net income of the at-equity consolidated companies, decreased significantly to EUR 78 mn (2023: EUR 314
mn). This was caused mainly by a weaker market environment for ADNOC Refining and a lower refinery utilization
rate following a planned turnaround at the RFCC unit. In addition, the result of the prior year was positively
impacted by a partial reduction of a decommissioning provision.
Net special items amounted to EUR –98 mn (2023: EUR 146 mn) and were primarily related to losses from
commodity derivatives. In 2023, special items were mainly related to the sale of OMV’s filling station and wholesale
business in Slovenia. CCS effects of EUR –119 mn were recorded in 2024 as a consequence of declining crude oil
prices (2023: EUR –126 mn). The Operating Result of Fuels & Feedstock decreased significantly to EUR 709 mn
(2023: EUR 1,671 mn).
Fuels & Feedstock
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Capital expenditure in Fuels & Feedstock amounted to EUR 980 mn (2023: EUR 984 mn). Capital expenditure was
slightly higher in 2023 due to larger investments in the co-processing plant in Schwechat and turnaround activities
at the Schwechat and Petrobrazi refineries, despite the acquisition of filling stations in Austria for commercial road
transport in Q3/24. Besides ordinary ongoing business investments, organic capital expenditure mainly comprised
investments in the aromatic unit and the SAF/HVO plant including electrolyzers in Petrobrazi, as well as
investments in the EV charging network.
Business Overview
The Fuels & Feedstock business segment refines crude oil and other feedstocks. Its activities include Refining,
Supply and Trading, Commercial, and Retail. OMV owns a total refining capacity of around 500 kbbl/d, with three
wholly owned refineries in Europe and a 15% share in ADNOC Refining & ADNOC Global Trading. In Europe, refining
activities are highly integrated with marketing to serve a strong branded retail network and a broad base of
commercial customers. Total fuels and other sales volumes in Europe amounted to 16.21 mn t in 2024. The strongly
branded retail network comprising 1,702 filling stations accounted for around 34% of sales volumes, while
commercial customers were mainly from the industrial transportation and construction sectors and accounted for
the remaining sales volumes.
Refining Including Product Supply and Sales
The OMV refining indicator margin dropped to the pre-pandemic range by the second half of 2024, as road fuel
crack spreads moderated. Middle distillate crack spreads were pressured by headwinds from weaker
macroeconomic environments, especially in Europe, weighing on demand. Additionally, easing freight rates made
imports from East of Suez and the US more profitable, putting pressure on the European markets from the supply
side as well. Gasoline crack spreads eased significantly starting in the second half of the year as driving season
failed to meet expectations, while the Dangote refinery ramp-up in Nigeria put additional weight on market
sentiment from the supply side.
OMV’s European refineries achieved a utilization rate of 87% in 2024, which was heavily impacted by maintenance
activities in the Schwechat refinery and an unplanned crude distillation outage in the Burghausen refinery in the
middle of August. Despite this challenging economic and operational environment, OMV provided a reliable supply
to their B2B customers and achieved excellent business results with high commercial sales in 2024. In response to
active market developments and prospecting, OMV has expanded its commercial products and services offer,
driving transformation with value-added and more sustainable solutions.
Sustainable Aviation Fuel (SAF) remains a pillar of OMV’s Strategy 2030 and a key driver for new transformative
partnerships across the entire aviation value chain. For instance, OMV and Airbus signed a Memorandum of
Understanding (MoU) in December 2024 to advance the decarbonization of the aviation industry through SAF. OMV
supplies major airlines with SAF made from used cooking oil and has sold over 3,000 t of SAF through certificates to
corporate customers, helping them reduce emissions from business travel and the transportation of goods. OMV
maintains a strong focus on decarbonization both in the air and on the road. In 2024, the Company significantly
increased sales of HVO100 diesel in the Commercial Road Transportation segment and launched a pilot for heavy-
duty EV depots. OMV is also advancing sustainability in the marine industry and was among the first in Austria to
incorporate HVO into marine transportation by launching and selling 18,000 liters of the more sustainable Marine
Gasoil ECO20 in September 2024.
ADNOC Refining & ADNOC Global Trading
Alongside majority shareholder ADNOC (65%) and Eni (20%), OMV (15%) is a strategic partner in ADNOC Refining,
which operates the world’s fourth-largest refining complex with integrated petrochemicals business.
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In 2024, ADNOC Refining safely and successfully conducted a planned turnaround of one of the major units (RFCC)
on time and within budget, and benefited from a favorable margin environment at the beginning of the year.
However, from the second quarter of 2024 onward, its business experienced a slowdown in line with global market
trends. Focusing on continuous optimization, ADNOC Refining safely started commercial operations of the Crude
Flexibility Project in 2024, ensuring the refinery is able to process a wider range of crudes and thus realizing the full
potential of this complex refinery and its product portfolio.
With the same ownership structure as ADNOC Refining, ADNOC Global Trading (AGT) trades the majority of
ADNOC Refining’s export volumes of products and supplies non-domestic crudes, condensates, and other liquids for
processing. AGT extends the successful business model into key geographic regions. By continuously optimizing
trade flows in cooperation with ADNOC, AGT allows ADNOC Refining to access competitive international feedstock
sources and implements best practices in areas such as risk management. During 2024, AGT delivered another year
of very strong performance, continuing its pursuit of its business ambition to grow its third-party trading, which
today extends its geographic reach to all continents.
Refining capacities
In kbbl/d
Schwechat (Austria)
204
Burghausen (Germany)
79
Petrobrazi (Romania)
86
ADNOC Refining (United Arab Emirates)1
138
Total
507
1 Equivalent to OMV’s 15% share in ADNOC Refining
Retail
The retail business achieved a strong result in 2024, and proved again to be a stable outlet for refinery products and
a robust cash generator. Total sales were 5.5 mn t, equivalent to approximately 6.8 bn l, strongly supported by
recovering premium fuel trends and ongoing growth in the cards business. In addition, OMV further strengthened its
retail footprint by acquiring the truck-focused AP network in Austria in July 2024, as well as the B2C network of
BENZINOL in Slovakia in April and May 2024, thus securing our market share in these key countries. At the end of
the year, the network comprised 1,702 filling stations (2023: 1,666).
OMV especially benefited from its proven multi-brand strategy in a challenging price environment. The OMV brand
is positioned as a premium brand, with VIVA representing a strong shop, gastronomy, and service offering, while the
unmanned Avanti brand in Austria and the Petrom brand in Romania serve price-sensitive customer groups. Sales of
OMV’s premium-brand fuel MaxxMotion continued to grow strongly, supported by robust loyalty-driven marketing
campaigns, and contributed to the overall Retail result as a high margin product. The non-fuel business
outperformed the year 2023, with strong growth in gastronomy and expanding shop cooperations in Austria,
Czechia, Slovakia, Hungary, and Romania. In all countries except Hungary and Moldova, the loyalty system has been
successfully upgraded with state-of-the-art digital solutions and over 2 mn active customers continuously use the
new loyalty app. Meaningful growth of MaxxMotion, fuel consumption, and non-fuel business basket size have been
observed among loyal customers.
OMV successfully continued on its electromobility journey and implemented full operating systems including CPO
(Charge Point Operator), eMSP (eMobility Service Provider), and app modules in Austria, Hungary, Romania, and
Slovakia. In addition, in May 2024, OMV Petrom successfully finalized its acquisition of Renovatio Asset
Management, the leading EV charging company in Romania. By the end of 2024, OMV operated 804 high-
performance charging points (2023: 281).
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The Energy segment plays an important role in delivering substantial long-term value for OMV. On
one hand, the Energy segment is providing affordable energy solutions to meet today’s demand,
while simultaneously developing new low carbon solutions and developing sustainable resources for
the future. It consists of Exploration & Production (E&P), Gas Marketing & Power, and the Low Carbon
Business (LCB). E&P includes the exploration, development, and production of hydrocarbons. Gas
Marketing & Power operates the full natural gas value chain, with natural gas sales, storage,
optimization, logistics, and the power business in Romania. LCB concentrates on geothermal energy,
renewable energy, and Carbon Capture and Storage (CCS) solutions.
At a glance
2024
2023
Δ
Clean Operating Result
in EUR mn
3,810
4,357
–13%
thereof Gas Marketing & Power
in EUR mn
628
609
3%
Special items
in EUR mn
–605
–586
–3%
Operating Result
in EUR mn
3,205
3,771
–15%
Capital expenditure1
in EUR mn
1,972
1,582
25%
Exploration expenditure
in EUR mn
229
248
–8%
Exploration expenses
in EUR mn
151
222
–32%
Production cost
in USD/boe
9.98
9.67
3%
Total hydrocarbon production
in kboe/d
340
364
–7%
Total hydrocarbon sales volumes
in kboe/d
324
345
–6%
Proved reserves as of December 31
in mn boe
979
1,136
–14%
Average Brent price
in USD/bbl
80.76
82.64
–2%
Average THE gas price
in EUR/MWh
34.57
40.98
–16%
Average realized crude oil price2
in USD/bbl
77.51
79.21
–2%
Average realized natural gas price2,3
in EUR/MWh
25.12
29.09
–14%
1 Capital expenditure including acquisitions
2 Average realized prices include hedging effects.
3 The average realized natural gas price is converted to MWh using a standardized calorific value across the portfolio of 10.8 MWh for 1,000 cubic meters of natural gas.
Financial Performance
The clean Operating Result declined to EUR 3,810 mn in 2024 (2023: EUR 4,357 mn), mainly due to negative market
effects in the amount of EUR –329 mn caused predominantly by a drop in natural gas prices and lower oil prices.
Weaker operational performance in Exploration & Production, largely attributable to lower production and higher
depreciation in Romania, further impacted the result by EUR –238 mn. E&P sales volumes declined and largely
followed the lower production level. The result of Gas Marketing & Power increased slightly to EUR 628 mn in 2024
(2023: EUR 609 mn). A significantly improved Gas Marketing Western Europe result in the amount of EUR 557 mn
(2023: EUR 172 mn) was able to offset a much weaker result from Gas & Power Eastern Europe, which came in at
EUR 71 mn (2023: EUR 437 mn). The main driver of the improved performance of Gas Marketing Western Europe
was an arbitration award of around EUR 230 mn in Q4/24, following concluded arbitration proceedings under ICC
rules in relation to the German gas supply contract with Gazprom Export. After consideration of related hedging
losses, the positive net impact of the arbitration award on the clean Operating Result of the Gas Marketing & Power
business in Q4/24 was around EUR 210 mn. Furthermore, the supply result benefited from the fact that in 2024
there were no natural gas supply curtailments as there had been in January 2023. In addition, the transportation
result was higher in 2024, mainly because the prior year was burdened by a substantial increase in provisions
following the purchase of new transportation capacities in the summer of 2023. A higher gas sales margin further
supported the Gas Marketing Western Europe result but was partially offset by a lower logistics contribution. The
result of Gas & Power Eastern Europe decreased considerably mostly due to a significant decline in the power
Energy
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business result. This was largely attributed to the change in legislation for the gas and power sector in Romania that
came into effect in April 2024. In addition, power trading margins declined compared to the high levels seen in
2023. Declining storage and third-party gas margins, due to a weaker gas pricing environment, further weighed on
the 2024 Gas & Power Eastern Europe result.
Production cost excluding royalties increased only slightly to USD 10.0/boe in 2024 (2023: USD 9.7/boe) due to
lower production volumes, but was partly mitigated by a reduced absolute cost base following successful cost
reduction initiatives. The total hydrocarbon production volume decreased by 24 kboe/d to 340 kboe/d. This was
mainly a consequence of lower production in New Zealand due to unplanned outages and lower well productivity,
natural decline in Norway and Romania, and unplanned outages due to force majeure in Libya. Increased output in
the United Arab Emirates could only partially offset this. Total hydrocarbon sales volumes declined by 20 kboe/d
to 324 kboe/d (2023: 345 kboe/d), mainly following the production development.
In 2024, the average Brent price reached USD 80.8/bbl, a decrease of around 2% compared to the previous year
(2023: USD 82.6/bbl). The Group’s average realized crude oil price declined by 2% to USD 77.5/bbl, in line with the
Brent benchmark. The average realized gas price in EUR/MWh came down by 14% to EUR 25/MWh, while the
benchmark price at the THE declined by 16% to EUR 35/MWh.
Net special items amounted to EUR –605 mn in 2024 (2023: EUR –586 mn), with the majority arising from
impairments of E&P assets. The Operating Result declined to EUR 3,205 mn (2023: EUR 3,771 mn).
Capital expenditure including capitalized E&A rose significantly to EUR 1,972 mn in 2024 (2023: EUR 1,582 mn),
mainly as a result of a higher level of activity related to the Neptun Deep project in Romania. Organic capital
expenditure was primarily directed at projects in Romania, the United Arab Emirates, and Norway. Exploration
expenditure was EUR 229 mn in 2024, down from the 2023 level of EUR 248 mn. It was mainly directed at activities
in Norway, Romania, and Austria.
Business Overview
In the Energy segment, OMV invests in both traditional and sustainable businesses, with the overarching goal of
delivering resilient free cash flow and continuously reducing emissions.
Energy consists of E&P, Gas Marketing & Power, and the Low Carbon Business. The E&P portfolio is being refocused
in and around Europe with an emphasis on increasing the share of natural gas. The Gas Marketing & Power business
operates across the value chain, from the wellhead to the end customer, featuring a fully integrated natural gas
sales and logistics business. It also includes a gas-fired power plant in Romania and power sales in Romania and
neighboring countries. The Low Carbon Business concentrates on geothermal energy production, Carbon Capture
and Storage (CCS) solutions, and renewable power generation.
In 2024, the cash flow improvement program SPARK contributed significantly to the operational agility of Energy by
improving the cash flow from operating activities compared to 2023 by approximately EUR 116 mn including OMV
Petrom. More than 200 initiatives were implemented throughout the year.
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Exploration & Production (E&P) Business
The main strategic focus of the E&P business remains to increase the share of natural gas to around 60% by 2030
and to reduce carbon emissions across the portfolio. In 2024, E&P progressed well with its major natural gas
development projects: Neptun Deep (Romania), Berling (Norway), and Jerun (Malaysia) which was divested.
OMV is refocusing its production portfolio on three core regions: North, Central and Eastern Europe (CEE), and
South. In this context, OMV divested its assets in Malaysia. On December 9, OMV closed the transaction with
TotalEnergies, for the sale of its 50% stake in the Malaysian SapuraOMV Upstream Sdn Bhd. The overall cash
consideration amounted to USD 957 mn. This includes the full repayment of the outstanding shareholder loan of
USD 350 mn granted by OMV to SapuraOMV, as well as the net working capital and other elements including
interest on the purchase price. As a key energy supplier to New Zealand, OMV decided in December 2024 that it will
no longer pursue the sales process for 100% of its shares in OMV New Zealand Limited, and thus it will remain part
of the E&P portfolio.
In the North region, the focus is on high grading the portfolio in Norway, with emphasis on gas, in order to manage
the natural decline. This includes potential inorganic opportunities and leveraging tax synergies in the country. In
the Central and Eastern Europe region, OMV is managing the decline of mature fields and ensuring the longevity of
its operations. Additionally, OMV is committed to delivering the Neptun Deep gas development project, which will
add production of around 70 kboe/d to the OMV portfolio. The project is well on track, with the first development
wells expected in 2025 and first gas by 2027. OMV also aims to take advantage of the growth opportunities
presented by the Black Sea region based on its current strong position through strategic partnerships and
investments. In the South region, OMV is committed to strengthening its position in North Africa and the
Mediterranean to complement the existing position in the UAE. This will allow OMV to diversify its portfolio and
enhance overall resilience, given the significant potential these regions offer.
Total average hydrocarbon production came in at 340 kboe/d for 2024, with a natural gas share of around 47%.
Production
2024
2023
Oil & NGL
Natural gas¹
Total
Oil & NGL
Natural gas¹
Total
in mn bbl
in bcf
in mn boe
in mn boe
in mn bbl
in bcf
in mn boe
in mn boe
Romania²
19.1
112.4
20.8
39.9
20.0
115.7
21.4
41.4
Austria
3.0
18.2
3.0
6.0
3.0
18.0
3.0
6.0
Norway
10.0
86.1
14.4
24.4
13.4
84.5
14.1
27.5
Libya
10.2
—
—
10.2
11.2
—
—
11.2
Tunisia
0.9
9.2
1.5
2.5
1.1
13.6
2.3
3.3
Yemen
—
—
—
—
0.1
—
—
0.1
Kurdistan Region of Iraq
1.0
18.2
3.0
4.0
1.0
17.4
2.9
3.9
United Arab Emirates
18.4
—
—
18.4
16.7
—
—
16.7
New Zealand
2.9
36.0
6.0
8.9
3.6
53.8
9.0
12.6
Malaysia²
0.8
56.9
9.5
10.2
0.7
57.9
9.7
10.4
Total
66.2
337.1
58.3
124.4
70.7
361.0
62.3
133.0
1 To convert natural gas from cf to boe, the following conversion factor was applied in all countries: 1 boe = 6,000 cf. In Romania, the following factor was used: 1 boe = 5,400 cf.
2 The figures above include 100% of all fully consolidated companies.
Reserves Development
Proved reserves (1P) as of December 31, 2024, decreased from 1,136 mn boe (position at December 31, 2023) to
979 mn boe (thereof OMV Petrom: 395 mn boe). The one-year Reserve Replacement Rate (RRR) was –26% in 2024
(2023: 174%), mainly driven by the SapuraOMV divestment. The three-year rolling average RRR is 21% (2023: 56%).
Positive performance revisions to proved reserves mainly in Norway, Romania, and the UAE and successful project
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maturations mainly in Romania, Libya, and Norway could not fully compensate for production and the SapuraOMV
divestment. Proved plus probable reserves (2P) decreased from 1,807 mn boe (position at December 31, 2023) to
1,543 mn boe (thereof OMV Petrom: 637 mn boe). Net additions, such as project maturations in Austria and the
Kurdistan Region of Iraq, did not fully offset production and the SapuraOMV divestment.
North
OMV is active in offshore exploration, appraisal, development, and production projects in Norway. The Company is
focusing on high grading its portfolio to manage the natural production decline.
Norway
Exploration
In 2024, OMV drilled its first deepwater exploration well in the Vøring Basin and made the Haydn/Monn gas
discovery with preliminary estimated total recoverable volumes of up to 140 mn boe. It was one of the largest gas
discoveries in Norway in 2024. An extensive program of logging and coring of the reservoir was completed. This
discovery will further strengthen our position in Norway, while at the same time high grading the portfolio. OMV
reinforced its presence in the Vøring Basin by being awarded two new licenses following the Awards in Predefined
Areas (APA) 2023 application.
Joint Ventures/Operations
On the Gullfaks field, nine wells were delivered and handed over to production. In its first year of operation, the
Hywind Tampen floating wind farm, which supplies electricity to the Snorre and Gullfaks fields, achieved CO2
savings of 90,000 t. The Solveig Phase 2 project, a subsea tie-back to the Edvard Grieg platform, is progressing as
planned, with production expected to start in 2026. On the Edvard Grieg field, a third infill drilling campaign
comprising two new wells was approved, with drilling due to start in 2025. On the Gudrun field, a third infill
campaign was approved, with two new infill wells to be drilled in 2026.
Projects
Berling
The execution of the gas project Berling achieved 1 mn working hours without any recordable
incidents. The installation of the subsea pipeline from the Berling field to the Aasgard B host platform
operated by Equinor was completed successfully. Other structures are progressing according to plan
for installation in 2025. The production start is scheduled for 2028 with the tie-in to the host.
Central and Eastern Europe (CEE)
In CEE, OMV is active in Austria, Romania, and Bulgaria. OMV’s main objectives in the region are maximizing the
profitable recovery of hydrocarbons and unlocking the Black Sea growth potential.
Austria
Exploration
Planning for the Wittau West Tief 1 exploration well has begun. Drilling operations of well Strasshof Tief 17/17a
were finalized in March 2024. Well test analyses have shown that an economic development of the found
hydrocarbon resources is not feasible. The well was therefore written-off.
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Operations
In 2024, OMV Austria stabilized oil production by increasing workover rig capacities and through Smart Oil
Recovery (SOR) projects. This helped to reduce natural field decline. In addition, the sour gas shutdown at the gas
facilities in Aderklaa, Schönkirchen, and Korneuburg was carried out safely and successfully in 2024.
Renewed focus has been placed on methane emissions with LDAR (Leak Detection and Repair), utilizing state-of-
the-art innovative methods to detect and reduce methane sources. A significant reduction in methane emissions
from leakages was achieved in record time, and the reduction of CO2 was further advanced.
Projects
Wittau
OMV Austria made a significant contribution to ensuring the security of gas supply with the further
development of the gas discovery in Wittau. Good progress was made in acquiring the right of way for
a 12 km pipeline to the natural gas facility in Aderklaa, and the approval of all landowners along the
route was obtained by the end of November.
Romania
In 2024, Romania achieved excellent production volumes, continued progress on the Neptun Deep project, and had
notable successes in exploration.
Exploration
The Spineni-1 gas exploration well in Romania was successfully completed as a discovery, encountering gas in
multiple reservoirs. The well will be tested to confirm production rates and will be tied back to existing local
infrastructure.
Operations
OMV Petrom started a new drilling campaign using a state-of-the-art automated drilling rig. The campaign was
initially focused on several fields in Oltenia, Muntenia and Moldova, with plans to then continue across the OMV
Petrom portfolio. The objective of the campaign is to deliver new resources from mature fields, while improving the
safety and efficiency of drilling operations. In 2024, excluding production enhancement contracts, 39 new wells and
sidetracks were drilled, 511 workover jobs were carried out, and 605 subsurface abandonments were performed in
Romania. The major planned maintenance works were successfully and safely finalized, on time and on budget, for
both offshore and onshore facilities. OMV Petrom continued to focus on the most profitable barrels by assessing
selective divestment opportunities.
OMV Petrom E&P advanced in 2024 with activities to reduce its Scope 1 and 2 emissions. These activities included
G2P (Gas to Power) and CHP (combined heat and power production) projects, which, together with the S2P (Solar to
Power) installations, cover almost all internal electricity needs.
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Projects
Neptun Deep
The strategic project Neptun Deep will significantly contribute to Romania’s energy independence and
economic growth. Together with its partner Romgaz, OMV Petrom made considerable progress on this
project in 2024: following successful awarding of the main contracts, construction for the topsides of
the offshore gas platform started in May 2024 at Saipem´s yard in Karimun (Indonesia). The
Transocean Barents semi-submersible mobile offshore drilling unit arrived in Constanța, in November
2024, in preparation for the drilling operations. OMV Petrom plans to start drilling in 2025 with first gas
expected by 2027.
Other major projects in Romania such as the FRD Bradesti Opportunity Phase 1 and Tank Farm Independenta NFA
Safeguarding, are progressing as planned. In addition, the Abramut Gas Plant Revamp has entered the execution
phase which will result in the modernization of the facility in the coming years. FRD Bradesti Opportunity Phase 2 is
also maturing as planned and has passed the first concept assessment milestones. Additionally, the rejuvenation of
the offshore infrastructure is progressing with a focus on the long-term safeguarding of production, ensuring
compliance with all safety critical aspects. In some areas decommissioning activities have been initiated.
Bulgaria
The Han Asparuh exploration block, with an area of 13,712 km², is located in the western Black Sea in Bulgaria,
south of the Neptun Deep block. OMV Petrom became the operator of the block with a 100% interest. In November
2024 progress was made with farm down options by signing an agreement to transfer a 50% interest in the project
to a subsidiary of the Israeli company NewMed Energy, while maintaining OMV Petrom’s role as operator.
South
In the South region, OMV is active in the United Arab Emirates, Libya, Tunisia, and the Kurdistan Region of Iraq.
OMV’s key objectives in the region are to further develop its position in the UAE, and to secure a stable contribution
from Libya.
Libya
During 2024, production from our non-operated assets in Libya was constrained by two force majeure events, one
in January and another from early August to early October. These production deferments were caused by
shutdowns due to the country’s political instability. Aside from these incidents, production remained at current
capacity levels. A milestone in 2024 was the commencement of OMV-operated exploration drilling in license C103,
which began in October. Murzuq production saw a significant increase during the year due to drilling and workovers,
rising from 257 kboe/d (100% view) in January to a year-end rate of 300 kboe/d (100% view). This marks the highest
production level seen in years.
United Arab Emirates (UAE)
Production in the UAE increased by 9% in 2024 driven by enhanced reliability and efficiency at the offshore facilities
in Umm Lulu and SARB. Development drilling and appraisal activities continued at both fields. Drilling activities
progressed on both the SARB/Umm Lulu licenses, with 17 wells completed, and the Ghasha license, with 7 wells
delivered. The first two topsides of the Dalma development project offshore platforms were safely installed and
construction activities in the Hail & Ghasha development are progressing, with the first cut steel achieved in October.
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Tunisia
OMV drilled the only exploration well in Tunisia in 2024. The Aziza well confirmed a commercial discovery and is
expected to further support stable production in the Nawara field.
Kurdistan Region of Iraq
In the Kurdistan Region of Iraq, our Khor Mor operations demonstrated remarkable resilience amid challenging
security conditions. Following a drone attack in April, full production was swiftly resumed, while the KM250
expansion project experienced more significant delays, with construction activities only resuming by year-end.
Rest of the World
Aside from the core regions, OMV is active in New Zealand, while it declared its withdrawal in Yemen and divested
its Malaysian assets in 2024.
New Zealand
In December 2024, the Executive Board of OMV decided that OMV will no longer pursue the sales process for 100%
of its shares in OMV New Zealand Limited. New Zealand will thus remain part of the E&P portfolio. At Pohokura, the
rig camp was mobilized for drilling an infill well. Workover campaigns continued offshore at Maari and Māui to
boost production from existing wells. The team recently celebrated the milestone of 25 years of business in
Aotearoa.
Malaysia
On December 10, OMV announced the closing of the transaction with TotalEnergies, for the sale of its 50% stake in
the Malaysian SapuraOMV Upstream Sdn Bhd. Jerun production ramped up to around 92 kboe/d (100% basis) and
the 72-hour performance test was completed. The project and operations handover were signed, marking the
successful completion of the project.
Yemen
In Yemen, production remained shut down in due to the continued cessation of oil exports. OMV Yemen
implemented a conservation plan after production was stopped in March 2023. Subsequently, activities in the field
were reduced to maintenance, inspection, and preservation operations. In 2024, OMV and its international JV
partner declared their withdrawal from the joint venture in Block S2 and OMV resigned as the operator. The
Company has been in discussions with the relevant authorities for the handover of the block, including all assets.
Gas Marketing & Power
In Gas Marketing & Power, OMV aims to further strengthen and diversify its customer portfolio in Western Europe
and to regionally expand the Gas & Power business in Romania. In 2024, the European natural gas market was still
impacted by the energy market crisis stemming from the war in Ukraine, with very volatile natural gas prices.
Gas Marketing Western Europe
OMV markets and trades natural gas in several European countries, as well as in Turkey. In 2024, natural gas sales
volumes West amounted to 53.1 TWh (2023: 85.0 TWh). The foundation of the natural gas sales business is a
diverse supply portfolio, which consists of equity gas from Austria and Norway (amounting to 30.5 TWh in 2024 and
30.7 TWh in 2023) and a variety of international suppliers. In addition to mid- and long-term activities, short-term
activities at Europe’s main international trading hubs complement OMV’s supply portfolio.
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Gas Supply, Marketing, and Trading
OMV’s Gas Marketing & Trading sales activities focus on a diverse customer portfolio in the large-scale industry and
municipality segments in Austria, Germany, Hungary, the Netherlands, and Belgium, with origination opportunities in
Italy, Slovakia, France, and the United Kingdom. OMV also aims to include green gases in its portfolio to reduce
carbon intensity.
Since the beginning of the war in Ukraine OMV has been consistently pursuing a strategy to diversify supply sources
and is no longer dependent on Russian gas deliveries into Austria. OMV sources natural gas from its own production
in Norway and Austria, as well as from Norwegian natural gas producers. In addition, OMV also has access to all
major Central and Northwest European natural gas trading and capacity marketplaces. Because of this access to
alternative natural gas supply sources and the additional transportation capacities, OMV can supply its customers
with non-Russian natural gas.
A long-term LNG supply contract was concluded in 2024 for the period 2025-2029 and refers to non-Russian
natural gas only. This makes the LNG business a very important building block for the diversification of OMV’s
natural gas supply portfolio, thereby enhancing supply security. OMV further secured additional 29 TWh of
European transportation capacities into Austria for the period from 2026 until 2029. This enables the Company to
supply equity gas and third-party volumes from Norway to Austria, as well as LNG volumes, leveraging its
contracted long-term annual capacity of 3 bcm at the Gate regasification terminal in Rotterdam. In 2024, OMV
almost fully utilized this allotted capacity at the terminal.
A dedicated OMV Gas Task Force was established in 2022, to secure a continuous and diversified supply stream,
monitor the overall natural gas supply situation and storage filling levels, fully utilize storage facilities and achieve a
diversified supply portfolio independent of Russian gas. Following the conclusion of arbitration proceedings in
relation to the German gas supply contract with Gazprom Export under ICC rules in November 2024, OMV received
an arbitral award that granted damages to OMV which were set off against payments under the Austrian gas supply
contract. After consideration of related hedging losses, the positive net impact of the arbitral award on the clean
Operating Result of the Gas Marketing & Power business in Q4/24 is around EUR 210 mn. In December 2024, OMV
terminated its long-term natural gas supply contract with Gazprom Export due to multiple fundamental breaches of
contractual obligations, and in doing so significantly reduced the risk exposure of OMV Gas Marketing & Trading
(OGMT). Furthermore, on January 3, 2025, the Stockholm Chamber of Commerce (SCC) ruled in favor of OMV in the
arbitration proceedings in relation to the Austrian supply contract, awarding OMV compensation by Gazprom
Export LLC.
Gas Logistics
OMV operates natural gas storage facilities in Austria and Germany with a capacity of approximately 30 TWh.
Additionally, OMV holds a 65% stake in the Central European Gas Hub (CEGH), the leading natural gas trading hub
in Central and Eastern Europe. Due to the previous mild winter in 2023, European storage system operators were
able to start the new storage year in April 2024 with a relatively high storage level of 59% (April 1, 2023: 56%). A
significant number of new international and national legal requirements and a consistently high degree of price
volatility dominated the energy market. In this challenging environment, the OMV Gas Storage business still
managed to win new customers in 2024, expand the design capacity, and fill the OMV storage facilities to a
maximum level of 93% in Austria and 95% in Germany. At the Central European Gas Hub, 700 TWh of natural gas
was nominated at the Virtual Trading Point (VTP) in 2024. This volume corresponds to approximately ten times
Austria’s annual natural gas consumption.
Gas & Power Eastern Europe
In terms of power generation, OMV continues to benefit from the integration of gas and electricity in Romania, with
profitability driven by power margins and spark spreads, alongside balancing services, and integration with
renewable power capacities.
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The energy markets were confronted with yet another year characterized by high volatility. Prices for gas and
power continued the downward trend that started in 2023, with some recovery by the end of the year. Consumption
of gas and power in Romania continues to be impacted, although some improvements could be seen especially in
the last months of 2024. The gas and power markets in Romania continued to be highly regulated in 2024, with
more than half of gas and power sales portfolios subject to some form of regulation or taxation. In April, the
applicable regulatory framework was further modified, affecting the power business in particular.
Gas
Natural gas sales volumes East reached 32.2 TWh in 2024, 16% lower than the 38.3 TWh achieved in 2023. Sales to
the regulated market and district heating for households were down, as were volumes sold to the non-regulated
wholesale market and to end user portfolios. Despite the challenging overall context, OMV Petrom successfully
maintained a leading gas supplier position on Romania’s non-household gas market.
In 2024, OMV Petrom entered the gas supply market in Bulgaria, a natural step in consolidating the presence in the
regional markets. This builds on the Company’s experience and knowledge of the Bulgarian gas market, where it
already has wholesales activities, but also on the presence of the OMV filling station network in the country and
exploration operations in the Black Sea. In the Republic of Moldova, OMV Petrom became one of the main gas
suppliers in 2024.
Power
The Brazi gas power plant generated 4.9 TWh of net electrical output in 2024, 18% higher compared to the level
achieved in 2023, due to a shorter planned maintenance. It covered 10% of Romania’s generation mix, strongly
supporting the supply security and stability of the national power system. OMV Petrom also continued regional
power operations in 2024, capturing market opportunities and consolidating its position and expertise.
OMV Petrom has made significant progress toward its strategic objective of 2.5 GW of renewable power capacity
installed by 2030. Together with partners a strong portfolio of projects, opportunities, and initiatives has been
established, with different phasing of implementation, and a well-balanced mix of its own developed projects and
partnerships. For further details please see the > Low Carbon Business section.
Low Carbon Business
In the Low Carbon Business (LCB), OMV´s priority is to invest EUR 5 bn until 2030 to drive future growth in the areas
of geothermal, Carbon Capture and Storage (CCS), and renewables. The target is to produce around 4 TWh of
geothermal energy, 3–4 TWh of renewable power, and to store approximately 3 mn t of CCS p.a. by 2030.
Therefore, the LCB team is looking at options to explore and commercially develop geothermal energy
opportunities, as well as CCS solutions. In addition, the unit is working on securing green power supply for OMV’s
asset base. Initiatives in these areas have gained a considerable momentum in recent years. A variety of initiatives
have been introduced, and several projects have been launched and/or executed. Currently, many of these projects
are in the assessment or initial investment stage, with plans to increase the level of investment after 2027.
Geothermal
OMV’s geothermal energy strategy is to establish a strong position in the geothermal energy sector with a target of
approximately 4 TWh by 2030, which will be achieved by leveraging decades of expertise and experience in
subsurface and drilling. The Group aims to apply existing and new technologies to unlock the potential of
geothermal energy, and seeks to decarbonize district heating networks, large infrastructure operators, and
industrial plants.
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OMV is working together with Wien Energie in a joint venture called “deeep” to develop deep geothermal plants in
the greater Vienna area. The project is an important milestone on the path to a climate-neutral heat supply for
Vienna. The first plant is located in Aspern, northeast of Vienna. The plant will have a capacity of 20 MW in
combination with heat pumps. This capacity will be enough to supply around 20,000 households. Drilling at a depth
of more than 3,000 meters began in December 2024. The wells will use the hot formation water for heat generation.
The first geothermal plant of the deep joint venture will serve as the basis for the further expansion of geothermal
energy in Vienna. Overall, OMV and Wien Energie want to develop up to seven geothermal plants with a capacity of
up to 200 MW as part of a field development. This will enable the production of climate-neutral district heating for
the equivalent of up to 200,000 Viennese households.
OMV is constantly evaluating and maturing further opportunities and projects with regards to open- and closed-
loop geothermal energy. As an example, OMV holds a stake in Eavor Technologies Inc., a leading developer of
closed-loop geothermal solutions. Their technology uses closed-loop systems installed deep underground. A fluid
circulates between the surface and a series of closed loops in the rock, absorbing the stored heat. This method
makes it possible to use geothermal energy for heating systems in areas where traditional hydrothermal resources
are not available, as this technology is independent of water resources at depth.
Carbon Capture and Storage
With Carbon Capture and Storage (CCS), OMV intends to offset absolute emissions both from own operations and
third parties. By 2030, OMV aims to store around 3mn t of CO2 per year. The Company’s focus is on the North Sea,
where it holds two storage licenses with partners.
Together with Aker BP, OMV holds the Poseidon license to store CO2 in the Norwegian North Sea (OMV Norge 50%).
The project has the potential for over 5 mn t of CO2 to be stored annually. OMV intends to use the site as storage
for CO2 captured from various industrial plants across Northwest Europe, including from Borealis’ European
facilities. A 3D seismic survey was successfully carried out in late 2023. In 2025, a drill-or-drop decision will be
made. In partnership with Vår Energi (operator) and Lime Petroleum AS, OMV was awarded a second CO2 storage
license in 2024 (OMV Norge 30%). The field, called Iroko, is in the Central Norwegian North Sea and can store
around 215 mn t of CO2, with the injection capacity expected to exceed 7.5 mn t of CO2 per year.
In addition to these licenses, activities are continuing for further license applications and opportunities to build a
project portfolio, establishing OMV as a key player in CCS on the Norwegian Continental Shelf (NCS). The Group is
also evaluating onshore and offshore opportunities in Central and Eastern Europe.
Renewable Power
OMV aims to establish a strong position in the renewables sector with a renewable power target of 3-4 TWh by
2030. Investments in renewable power will primarily be made in Southeast Europe.
Southeast Europe
Several renewable power generation projects are being pursued in Romania in the Gas & Power Eastern Europe
business. In 2024, OMV Petrom completed the acquisition of 50% of the shares in Electrocentrale Borzești from
RNV Infrastructure. The renewable energy projects have a capacity of approximately 1,000 MW, comprising 950
MW of wind power and 50 MW of photovoltaic capacity. The wind projects will be developed, built, and operated in
partnership with RNV Infrastructure. The photovoltaic project is already built and undergoing production tests.
Furthermore, OMV Petrom closed the transaction with Jantzen Renewables for the acquisition of several
photovoltaic projects in Romania in 2024, totaling around 710 MW of photovoltaic capacity at the “ready-to-build”
stage. In addition, OMV Petrom awarded the EPCC contract for the photovoltaic power plant in Ișalnița, beginning
the execution phase. This is the first large-scale photovoltaic project to be fully developed by OMV Petrom, with a
capacity of approximately 89 MW.
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Western Europe
A portfolio of Power Purchase Agreements (PPAs) is being established in Western Europe, with selective
investments in renewable power projects to supply power for our operations. In 2024, OMV concluded PPAs, with
VERBUND and ImWind and secured an annual purchase of 67 GWh of sustainable electricity. This volume
corresponds to the annual power consumption of around 16,000 households. With this supply of green energy, OMV
will be able to cover over 35% of the external electricity requirements of the Schwechat refinery and the Adria Wien
Pipeline (AWP). This enables OMV to reduce its carbon footprint and accelerate the use of renewable energy
sources.
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Market Environment
OMV anticipates that the average Brent crude oil price will be approximately USD 75/bbl (2024: USD 81/bbl). The
average realized gas price is expected to be around EUR 35/MWh (2024: EUR 25/MWh), with a THE price forecast of
between EUR 40/MWh and EUR 45/MWh (2024: EUR 35/MWh).
Group
Organic CAPEX is projected to come in at around EUR 3.6 bn (2024: EUR 3.7 bn), including non-cash leases of
around EUR 0.1 bn.
Chemicals
The ethylene indicator margin Europe is expected to be around EUR 520/t (2024: EUR 505/t). The propylene
indicator margin Europe is forecast to be at a similar level as in 2024 (2024: EUR 384/t).
The polyethylene indicator margin Europe is forecast to be above EUR 400/t (2024: EUR 432/t). The
polypropylene indicator margin Europe is expected to be above EUR 400/t (2024: EUR 402/t).
The steam cracker utilization rate in Europe is expected to be around 90% (2024: 84%).
Polyolefin sales volumes excluding JVs are projected to be around 4.1 mn t (2024: 3.9 mn t).
Organic CAPEX for Chemicals is predicted to be around EUR 0.9 bn (2024: EUR 1.0 bn).
Fuels & Feedstock
The OMV refining indicator margin Europe is expected to be around USD 6/bbl (2024: USD 7.1/bbl).
The utilization rate of the European refineries is expected to be between 85% and 90% (2024: 87%).
Fuels and other sales volumes in OMV’s markets in Europe are projected to be higher than in 2024.
(2024: 16.2 mn t).
Commercial margins are predicted to be lower than those in 2024. Retail margins are expected to be slightly
below the 2024 level.
Organic CAPEX for Fuels & Feedstock is forecast at around EUR 0.7 bn (2024: EUR 0.8 bn).
Energy
OMV expects total hydrocarbon production to be around 300 kboe/d (2024: 340 kboe/d), assuming uninterrupted
operations in Libya.
Production cost is expected to be around USD 11/bbl (2024: USD 10/bbl).
Organic CAPEX for Energy is anticipated to come in at around EUR 1.9 bn (2024: EUR 1.8 bn).
Exploration and Appraisal (E&A) expenditure is expected to be around EUR 220 mn (2024: EUR 229 mn).
For information about the longer-term outlook, see the > Strategy and > Market Environment chapters.
Outlook 2025
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As an international oil, gas, and chemicals company with operations extending from hydrocarbon
exploration and production through to the trading and marketing of mineral oil products, chemical
products, and natural gas, OMV is exposed to a variety of risks – including market and financial risks,
operational risks, and strategic risks with the inherent ESG risks. The Group’s risk management
processes focus on the identification, assessment, and evaluation of such risks and their impact on
the Group’s financial stability and profitability. The objective of these activities is to actively manage
risks based on the Group’s risk appetite and defined risk tolerance levels in order to achieve OMV’s
long-term strategic goals.
Risk Management Governance
Effective risk governance is crucial for successfully navigating through uncertainties inherent to the nature of
OMV’s operations. At the Supervisory Board level, the Audit Committee controls the implementation and
effectiveness of the risk management processes at OMV. By utilizing the expertise within the Audit Committee and
staying adaptable through ongoing education, the Supervisory Board maintains its commitment to robust risk
governance. The Executive Board proactively oversees and enhances OMV’s risk management processes and
ensures a strong risk culture across OMV. A cross-functional Risk Committee chaired by the CFO with senior
management members ensures that the risk management process effectively captures and manages material risks
across the Group. OMV has an effective Corporate Risk Management function within the CFO area that reports
directly to the Executive Board and is independent from the business lines.
It is OMV’s view that the Group’s overall risk is significantly lower than the sum of the individual risks due to its
integrated nature and the fact that various risks partially offset each other. The balancing effects of industry risks,
however, can often lag or weaken over time. OMV’s risk management activities therefore focus on the net risk
exposure of the Group’s existing and future portfolio. The interdependencies and correlations between different
risks are also reflected in the Company’s consolidated risk profile. Risk management and insurance activities are
centrally coordinated at the corporate level by the Treasury and Risk & Insurance Management departments. These
departments ensure that well-defined and consistent risk management processes, tools, and techniques are applied
across the entire organization. Risk ownership is assigned to the managers who are best suited to overseeing and
managing the respective risk. The overall objective of the OMV risk policy is to safeguard the cash flows required by
the Group and to maintain a strong investment-grade credit rating in line with the Group’s risk appetite.
Financial and non-financial risks are regularly identified, assessed, and reported through the Group’s Enterprise-
Wide Risk Management (EWRM) process. Its main purpose is to deliver value through risk-based management and
decision-making, which is ensured by applying a “three lines of defense” model (1. business management, 2. risk
management and oversight functions, 3. internal audit). The assessment of financial, operational, and strategic risks
helps the Group leverage business opportunities in a systematic manner. This systematic approach ensures that
OMV’s value grows sustainably. Since 2003, the EWRM system has helped enhance risk awareness and improve risk
management skills across the entire organization, including at subsidiaries in more than 20 countries. OMV is
constantly enhancing the EWRM process based on internal and external requirements, for instance developing ESG
(Environmental, Social, and Governance) reporting standards and frameworks. OMV’s EWRM process has been set
up in accordance with the ISO 31000 standard and is facilitated by a Group-wide IT system supporting the
established individual process steps: risk identification, risk analysis, risk evaluation, risk treatment, reporting, and
risk review through continuous monitoring of changes to the risk profile. The overall risk resulting from the bottom-
up risk management process is computed using Monte Carlo simulations and compared against planning data. This
is further combined with a top-down approach from the senior management view to capture risks associated with
the Group’s strategy. The process also includes companies that are not fully consolidated. The EWRM process uses
common risk terminology and language across OMV to facilitate effective risk communication, whereby ESG risks
play a key role in the OMV risk taxonomy.
Risk Management
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Twice a year, the results of this process are consolidated and presented to the Executive Board and the Audit
Committee of the Supervisory Board. In compliance with the Austrian Code of Corporate Governance, the
effectiveness of the EWRM system is evaluated by an external auditor on an annual basis. The key financial and
non-financial risks identified with respect to OMV’s mid-term planning are:
Financial risks, including market price risks and foreign exchange risks
Operational risks, including all risks and impacts related to physical assets, production risks, project risks,
personnel risks, IT risks, HSSE, and regulatory/compliance risks
Strategic risks, for example those arising from the energy transition, changes in technology, risks to reputation, or
political uncertainties, including sanctions
For further details on risk management and the use of financial instruments, please refer to the Consolidated
Financial Statements (> Note 29).
Financial Risks
Market price and financial risks arise from volatility in the prices of commodities, including the market price risks
from European Emission Allowances, foreign exchange (FX) rates, and interest rates. Also of importance are credit
risks, which arise from the inability of a counterparty to meet a payment or delivery commitment. As an oil, gas, and
chemicals company, OMV has a significant exposure to oil, natural gas, and chemicals prices. Substantial FX
exposure includes the USD, RON, NOK, NZD, and SEK. The Group has an economic net USD long position, mainly
resulting from oil production sales. The comparatively less significant exposure to RON, NOK, NZD, and SEK
originates from expenses in local currencies in the respective countries.
Management of Commodity Price Risk, FX Risk, and European Emission Allowances
The analysis and management of financial risks arising from foreign currencies, interest rates, commodity prices,
European Emission Allowances, counterparties, liquidity, and insurable risks are consolidated at the corporate level.
Market price risk is monitored and analyzed centrally in respect of its potential cash flow impact using a specific
risk analysis model that considers portfolio effects. The impact of financial risks (e.g., commodity prices, currencies)
on OMV´s cash flow and liquidity is reviewed regularly by the Risk Committee, which is chaired by the CFO and
comprises the senior management of the business segments and corporate functions.
In the context of commodity price risk and FX risk, the OMV Executive Board decides on hedging strategies to
mitigate such risks whenever deemed necessary. OMV uses financial instruments for hedging purposes to protect
the Group’s cash flow, for example from the potential negative impact of falling oil and natural gas prices in the
Energy division. In the Fuels & Feedstock and Chemicals businesses, OMV is especially exposed to volatile refining
and chemicals margins, natural gas prices, and CO2 emissions certificates, as well as inventory risks. Corresponding
optimization and hedging activities are undertaken in order to mitigate these risks. They include margin hedges as
well as stock hedges. An optimization, trading, and hedging risk control governance system defines clear mandates
including risk thresholds for such activities.
Management of Interest Rate Risk
To balance the Group’s interest rate portfolio, loans can be converted from fixed to floating rates and vice versa
according to predefined rules. OMV regularly analyzes the impact of interest rate changes on interest income and
expenses from floating rate deposits and borrowings.
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Management of Credit Risk
Significant counterparty credit risks are assessed, monitored, and controlled at the Group and segment level using
predetermined credit limits for all counterparties, banks, and security providers. The procedures are governed by
guidelines at Group level. In light of a challenging geopolitical and economic environment with volatile commodity
prices, high interest rates, and distorted supply chains, special attention is paid to early warning signals like changes
in payment behavior.
Operational Risks
The nature of OMV’s business operations exposes the Group to various health, safety, security, and environmental
(HSSE) risks. Such risks include the potential impact of natural disasters, as well as process safety and personal
security events. Other operational risks comprise risks related to the delivery of capital projects or legal/regulatory
non-compliance. All operational risks are identified, analyzed, monitored, and mitigated in accordance with the
Group’s defined risk management process. The control and mitigation of assessed risks take place at all
organizational levels using clearly defined risk policies and responsibilities. The key Group risks are governed
centrally to ensure the Group’s ability to meet planning objectives through corporate directives, including those
relating to health, safety, security, environment, legal matters, compliance, human resources, and sustainability.
Project Risks
In implementing its Strategy 2030, OMV invests in both organic and inorganic growth projects following a mature
project risk management process, identifying, analyzing, and monitoring project risks on a regular basis. OMV has
vast experience in managing major capital projects and mitigating project risks.
OMV may experience operational, political, technological, or other risks beyond its control, both its own and
belonging to its contractual partners, which may delay or hinder the progress of its projects. By way of an example,
the execution of major onshore and offshore projects in Romania, Norway, and the UAE may be affected by changes
to the respective regulatory or fiscal frameworks, by the unavailability of contractors, or the lack of qualified staff.
Project costs may be negatively impacted by price inflation, labor shortages, or the disruption or reorganization of
supply chains. Projects, particularly those related to recycling and sustainable fuels and feedstocks, may be
affected by insufficient availability of required feedstock supply, by the inability to commercially scale up new
technologies, or by the lack of regulatory clarity. In new business areas in particular, OMV may more often invest
through partnerships and joint ventures, which may expose the Company to increased governance and credit risks
and may negatively impact project execution. The effect of any of these risks may have a material adverse impact
on OMV’s business, results of operations, and financial condition.
IT Risks
As OMV’s activities rely on information technology systems, the Group may experience disruption based on large-
scale cyber events. Therefore, an Information Security Management System (ISMS) with related security controls is
implemented across the Group IT services to protect information and IT assets that store and process information.
IT-related risks are assessed, monitored regularly, and addressed with dedicated mitigations or managed by
comprehensive information and security programs across the organization. Operational technology related risks are
reflected in the assessment of process safety risks. Additionally, OMV recognizes the emergence of AI-related risks
and is actively integrating measures within existing security governance frameworks and controls to address
potential security exposures and vulnerabilities associated with artificial intelligence.
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Strategic Risks
In order to identify strategic risks that might have potentially long-term effects on the Company’s objectives, OMV
continuously monitors its internal and external environment.
Geopolitical and Regulatory Risks
OMV thoroughly monitors geopolitical developments, including the ongoing Russian war on Ukraine and any
additional sanctions and countersanctions resulting from it, as well as developments in Israel, and Syria that have
raised concerns about regional stability and their potential impact on OMV’s business activities. Nevertheless, it is
important to note that, as it currently stands, OMV´s operations in the MENA region remain unaffected by these
developments.
The Company regularly reviews the impact of such geopolitical developments on its business activities. Continued
and/or intensified disruptions in Russian commodity flows to Europe, for example, could result in further increases
in European energy prices. Sanctions on Russia and countersanctions issued by Russia could lead to further
disruptions in global supply chains and shortages of products related to energy, raw materials, agriculture, and
metals, and consequently lead to further increases in operational costs.
In December 2024, OMV terminated its gas supply contract to Austria with Gazprom Export with immediate effect
following fundamental breaches of contract by Gazprom Export. This termination ended the contractual
relationship and significantly reduced the Group’s risk exposure in relation to Russia. Prior to this and in anticipation
of the disruption of all Russian natural gas supplies to Austria due to the discontinuation of the gas transit
agreement between Ukraine and Russia, OMV had diversified both gas supply sources and routes to ensure energy
supply to its customers. Having bought additional transportation capacities to Austria at the transfer points
Oberkappel (pipeline from Germany) and Arnoldstein (pipeline from Italy) in July 2023 as well as securing additional
supplies, OMV was well prepared for this situation. Due to warmer than average weather in Europe, increased
renewable power generation, and elevated gas price levels, gas consumption households and industry was reduced
in 2024. Storage levels were higher in Central Europe compared to previous years. OMV continues to closely
monitor developments and regularly evaluates the potential impact on the Group’s cash flow and liquidity position.
High volatility in natural gas prices can potentially lead to peak liquidity demands to satisfy margin calls for
exchange trading activities at short notice. OMV has unused committed and uncommitted credit facilities to meet
such short-term requirements if needed. OMV responds to the situation with targeted measures to safeguard the
Company’s economic stability as well as the secure supply of energy.
In addition to the above-mentioned geopolitical tensions, OMV’s operations are exposed to further geopolitical risks
such as the expropriation and nationalization of property, restrictions on foreign ownership, civil strife and acts of
war or terrorism, and political uncertainties, for example in Libya, Yemen, or Tunisia, as well as other countries
where OMV operates and has financial investments. However, OMV has extensive experience in dealing with the
political environment in emerging economies. Possible regulatory changes may also lead to disruptions or
limitations in production or an increased tax burden. OMV continuously observes political and regulatory
developments in all markets that affect OMV’s operations. Country-specific risks are assessed before entering new
countries.
Macroeconomic Risks
Geoeconomic fragmentation, trade restrictions, and disruptions to global supply chains could lead to further cost
increases for OMV. Coupled with high interest rates, this situation has the potential to also negatively impact
economic growth, which in turn could affect demand for OMV’s products.
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Climate Change-Related Risks
OMV consistently evaluates the Group’s exposure to risks related to climate change, in addition to the market price
risk from European Emission Allowances. Such risks comprise the potential impact of acute or chronic events like
more frequent extreme weather events, systemic changes to our business model due to a changing legal
framework, or substitution of OMV’s products due to changing consumer behavior. OMV recognizes climate change
as a key global challenge, and therefore integrates the related risks and opportunities into the development of the
Company’s business strategy. Measures implemented to manage or mitigate such risks are set out in the relevant
sections of this report, particularly in the Sustainability Statement and Strategy.
Business Transformation Risks
OMV’s transformation into a leading provider of sustainable fuels, chemicals, and materials, as well as sustainable
energy solutions, is influenced by a variety of uncertainties. Such risks include the availability of skilled employees,
technology and scale-up risks, availability of sustainable feedstock in sufficient quality and quantity, and
governance risks related to joint ventures and partnerships.
Personnel Risks
Through systematic employee succession and development planning, OMV’s People & Culture department aims to
develop and attract suitable managerial employees to meet future growth requirements and mitigate personnel
risks.
Sustainability Impacts, Risks and Opportunities
Well embedded in the Enterprise-Wide Risk Management process, OMV places special emphasis on five
sustainability focus areas: Climate Change, Natural Resources Management, People and their Human Rights, Health
and Safety, and Ethical Business Practices. The established risk assurance model briefly described above has been
adapted to ensure the effective management of the potential environmental, social, or governance impacts, risks,
and opportunities.
For further details on environmental, social, or governance-related risks, please refer to the dedicated chapters in
the > Sustainability Statement.
OMV Group Security
In 2024, OMV Group Security monitored an increasingly unstable geopolitical environment. According to the
Uppsala Conflict Data Program, more than 50 state-based conflicts are currently ongoing worldwide – the highest
number since World War II. Global security is particularly affected by the ongoing conflicts in Ukraine and the
Middle East. Consequently, OMV Group Security has continued to invest significant resources in ensuring resilience
and security in areas previously considered low risk, while maintaining focus on assets in the Middle East and North
Africa.
In addition to the challenges of operating securely in Yemen, Tunisia, and Libya, the persistent threat of terrorist
attacks and hybrid warfare in Europe has not diminished. Political extremism, organized crime, and the increasing
convergence of cyber risks with physical threats have necessitated the OMV Group Security department’s
unwavering focus on a robust yet flexible security strategy. This strategy enables OMV to continue operating in
dynamic environments with asymmetric threats.
OMV´s internal Security Management Standard lays out a comprehensive range of security regulations, plans,
procedures, measures, and systems. The document utilizes the IOGP best practice guidelines, along with other
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industry best practice (ASIS and UK Security Institute), to enable OMV to more effectively detect, deter, protect
against, prevent, record, and investigate threats.
Management and Due Diligence Processes
OMV has a unique, agile, and proven security management system that is regularly reviewed, amended, or
enhanced as the situation requires. The philosophy of collecting security information and assessing it as a
preventive security instrument remains a fundamental principle of OMV´s Security strategy. This approach allows
us to anticipate or respond instantly to a broad spectrum of geopolitical events, regional conflicts, and isolated
incidents. Effective interaction with government and local security agencies further enhances this approach by
providing reliable corroboration of facts on the ground.
OMV’s security risk assessment platform continues to provide real-time oversight of OMV’s asset risk exposure
levels and can be quickly adjusted in response to geopolitical or security events, as well as enabling the
dissemination of security-critical information in real time.
To ensure the effectiveness and appropriateness of security practices within OMV’s business units, the OMV Group
Security function conducts regular audits. These occur annually for those ventures deemed as high risk; for 2024
these were Tunisia, Libya, and Yemen. Two other major audits are conducted annually, with business units being
chosen based on operational requirements. In 2024, the selected areas were OMV Abu Dhabi and OMV Libya,
including field-based operations, as well as a detailed look at security operations in Tripoli and Benghazi.
Terms of Reference are agreed with the business unit prior to commencing the audit, a thorough review then takes
place including site visits, interviews, document analysis, and observations. An audit report is then drafted, shared,
agreed, and published. The report will include SMART actions, with the entire process being tracked via OMV’s
HSSE reporting tool.
The OMV Group Security department continued to deliver operational support to OMV ventures globally, as well as
surge capacity during security challenges. In high-risk countries, OMV also utilized dedicated Country Security
Managers and Asset Protection Experts on site to enhance security via additional and, where appropriate, local
expertise.
Security and Human Rights
We are committed to respecting human rights and international humanitarian law (IHL) while maintaining the
security and safety of our staff and operations. We achieve this by acting in a manner consistent with all relevant
laws and international standards or initiatives, including the Voluntary Principles on Security and Human Rights
(VPs) and the International Code of Conduct for Private Security Service Providers (ICoC). This applies specifically
but not exclusively to our interactions with public and private security forces. This ambition is a part of our business
acumen, though it is not yet fully aligned with the European Sustainability Reporting Standards (ESRS). For more
information about our human rights approach, please see the Sustainability Statement (> S1 Human Rights).
OMV applied for membership of the Voluntary Principles on Security and Human Rights in 2023. Since then, we
have been considered an applicant member and been actively engaged with the initiative, e.g., during the Annual
Forum in Washington and during dedicated Q&A calls with the secretariat and active members from the Corporate,
Government, and NGO pillars, all as part of the application process. OMV continues to abide by the initiative’s
guidelines, with the VPs providing a foundational pillar for all our security operations globally.
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Information required by section 267 Paragraph 3a in
connection with section 243a of the
Unternehmensgesetzbuch (Austrian Commercial Code)
1. The capital stock amounts to EUR 327,272,727 and is divided into 327,272,727 bearer shares of no par value. There
is only one class of shares.
2. There is a consortium agreement in place between the two core shareholders, Österreichische Beteiligungs AG
(ÖBAG) and Abu Dhabi National Oil Company P.J.S.C. (ADNOC), which provides for coordinated behavior and certain
limitations on transfers of shareholdings.1
3. ÖBAG holds 31.5% and ADNOC holds 24.9% of the capital stock.
4. All shares have the same control rights.
5. Employees who are shareholders directly exercise their voting rights at the Annual General Meeting.
6. The Company’s Executive Board must consist of two to six members. The Company’s Supervisory Board must
consist of at least six members elected by the Annual General Meeting and of the members nominated under
section 110 Paragraph 1 of the Arbeitsverfassungsgesetz (Austrian Labor Constitution Act). Resolutions concerning
the dismissal of members of the Supervisory Board pursuant to section 87 Paragraph 8 of the Aktiengesetz
(Austrian Stock Corporation Act) require a simple majority of the votes cast. To approve capital increases pursuant
to section 149 of the Austrian Stock Corporation Act and alterations of the Articles of Association (except those
concerning the Company’s objects), simple majorities of the votes and capital represented in adopting the
resolution are sufficient.
7.
7.1. On September 29, 2020, the Annual General Meeting authorized the Executive Board until September 29, 2025, to
increase the share capital of OMV with the consent of the Supervisory Board – at once or in several tranches – by an
amount of up to EUR 32,727,272 by issuing up to 32,727,272 new no-par value common voting shares in bearer
form in return for contributions in cash. The capital increase can also be implemented by way of indirect offer for
subscription after taking over by one or several credit institutions according to Section 153 Paragraph 6 of the
Austrian Stock Corporation Act. The issue price and the conditions of issuance can be determined by the Executive
Board with the consent of the Supervisory Board. The Annual General Meeting also authorized the Executive Board,
subject to the approval of the Supervisory Board, to exclude the subscription right of the shareholders if the capital
increase serves to
(i) adjust fractional amounts or
(ii) satisfy stock transfer programs, in particular long-term incentive plans, equity deferrals or other participation
programs for employees, senior employees and members of the Executive Board/management boards of the
Company or one of its affiliates, or other employees’ stock ownership plans.
In addition, the Supervisory Board was authorized to adopt amendments to the Articles of Association resulting
from the issuance of shares according to the authorized capital.
1 On December 21, 2022, Abu Dhabi National Oil Company (ADNOC) announced its plan to take over the 24.9% stake in OMV Aktiengesellschaft from MPPH, subject to regulatory
approvals. On February 28, 2024, following all conditions under the share purchase agreement between MPPH and ADNOC having been fulfilled, all of the 24.90% of the shares in
OMV Aktiengesellschaft were transferred from MPPH to ADNOC.
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7.2. Most recently on 28 May 2024, the Annual General Meeting authorized the Executive Board to repurchase, subject
to the approval of the Supervisory Board:
a) bearer shares of no par value of the company up to a maximum of 5% of the company’s nominal capital in
accordance with Section 65 para 1 number 8 Austrian Stock Corporation Act,
b) over a period of 15 months from the date of adoption of the resolution by the General Meeting,
c) for a minimum consideration per share being at the utmost 30% lower than the average, unweighted stock
exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares, and a
maximum consideration per share being at the utmost 20% higher than the average, unweighted stock exchange
closing price over the preceding ten trading days prior to the respective repurchase of the shares, whereby any
repurchases have to be exercised in such way that the company does not hold more than 1,300,000 treasury shares
at any time.
Such repurchases may take place via the stock exchange or a public offering or by any other legal means and for
the purpose of share transfer programs, in particular Long Term Incentive Plans, Equity Deferrals or other stock
ownership plans.
The Executive Board was further authorized to cancel stock repurchased or already held by the company subject to
the approval of the Supervisory Board but without further resolution of the General Meeting and to authorize the
Supervisory Board to adopt amendments to the Articles of Association resulting from the cancellation of shares.
7.3. On June 2, 2021, the Annual General Meeting authorized the Executive Board for a period of five years from the
adoption of the resolution, therefore, until and including June 1, 2026, subject to the approval of the Supervisory
Board, to dispose of or utilize repurchased treasury shares or treasury shares already held by the Company to grant
to employees, executive employees and/or members of the Executive Board/management boards of the Company or
its affiliates including for purposes of share transfer programs, in particular long-term incentive plans including
equity deferrals or other stock ownership plans, and to thereby exclude the general purchasing right of shareholders
(exclusion of subscription rights). The authorization can be exercised as a whole or in parts or even in several
tranches by the Company, by a subsidiary (Section 189a Number 7 of the Austrian Commercial Code) or by third
parties for the account of the Company.
8. As at balance sheet date, a total of 57,329 own shares (EUR 57,329), or 0.02% of the capital stock, were held. During
the reporting period, 84,678 shares, equivalent to 0.03% of the capital stock, with a value of EUR 3.88 mn were used
for share-based compensations. The difference of EUR 2.95 mn between this amount and the historic repurchase
value was written to the capital reserve.
9. As of December 31, 2024, OMV has outstanding perpetual hybrid notes in the nominal amount of EUR 2,000 mn
which are subordinated to all other creditors. According to IFRS, the net proceeds of the hybrid notes in the amount
of EUR 1,986 mn are fully treated as equity because the repayment of the principal and the payments of interest are
solely at the discretion of OMV.
On December 7, 2015, OMV issued hybrid notes with an aggregate principal amount of EUR 1,500 mn, in two
tranches of EUR 750 mn each.
(i) The hybrid notes of tranche 1, with a first call date in 2021, were called and redeemed at their principal amount
(plus interest accrued) on November 30, 2021.
(ii) The hybrid notes of tranche 2 bear a fixed interest rate of 6.250% per annum until, but excluding, December 9,
2025, which is the first call date of tranche 2. From December 9, 2025 (including), tranche 2 will bear an interest
rate per annum at the relevant five-year swap rate for the relevant interest period plus a specified margin and a
step-up of 100 basis points.
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Interest is due and payable annually in arrears on December 9 of each year, unless OMV elects to defer the
relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in
particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
On June 19, 2018, OMV issued a hybrid bond with a principal amount of EUR 500 mn. OMV called and redeemed
the hybrid bond at its nominal value plus interest on the first call date, i.e., June 17, 2024.
On September 1, 2020, OMV issued hybrid notes with an aggregate principal amount of EUR 1,250 mn, in two
tranches (tranche 1: EUR 750 mn; tranche 2: EUR 500 mn) with the following interest payable:
(iii) The hybrid notes of tranche 1 bear a fixed interest rate of 2.500% per annum until, but excluding, September 1,
2026, which is the first reset date of tranche 1. From the first reset date (including) until, but excluding,
September 1, 2030, the hybrid notes of tranche 1 will bear interest per annum at a reset interest rate which is
determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030
(including), the hybrid notes of tranche 1 will bear an interest rate per annum at the relevant five-year swap rate
for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
(iv) The hybrid notes of tranche 2 bear a fixed interest rate of 2.875% per annum until, but excluding, September 1,
2029, which is the first reset date of tranche 2. From the first reset date (including) until, but excluding,
September 1, 2030, the hybrid notes of tranche 2 will bear interest per annum at a reset interest rate which is
determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030
(including), the hybrid notes of tranche 2 will bear an interest rate per annum at the relevant five-year swap rate
for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
Interest is due and payable annually in arrears on September 1 of each year, unless OMV elects to defer the
relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in
particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
The hybrid notes outstanding as of December 31, 2024, do not have a scheduled maturity date and they may be
redeemed at the option of OMV under certain circumstances. OMV has, in particular, the right to repay the hybrid
notes at certain call dates. Any accrued unpaid interest becomes payable when the notes are redeemed. In the case
of a change of control, for example, OMV may call the hybrid notes for redemption or else the applicable interest
rate will be subject to an increase according to the terms and conditions of the hybrid notes.
10. The material financing agreements to which OMV is a party and bonds issued by OMV contain typical change of
control clauses.
11. There are no agreements between the Company and members of the Executive Board and Supervisory Board or
employees regarding the payment of compensation in the event of a public takeover bid.
12. The most important elements of the internal control system regarding the accounting process are the following:
Governance for the internal control system is defined by internal corporate regulations (ICS Directive and its
Annexes). Corporate Internal Audit controls the compliance with these principles and requirements through regular
audits, based on the annual audit plan approved by the Audit Committee of the Supervisory Board, or through ad
hoc audits. For details regarding our risk management system, please refer to the chapter > Risk Management.
The results of those audits are presented to the Audit Committee of the Supervisory Board. For the main “end-to-
end” processes (e.g., purchase-to-pay, order-to-cash), Group-wide Minimum Control Requirements are defined.
Based on a defined time plan, the implementation and the effectiveness are being monitored. The establishment of
Group-wide standards for the preparation of annual and interim financial statements by means of the corporate
IFRS Accounting Manual is also regulated by an internal corporate regulation. The Group uses a comprehensive risk
management system. The essential processes of the financial reporting system have been identified and analyzed.
In addition, the effectiveness of the risk management system is regularly evaluated by external auditors. The results
of the evaluation are reported to the Audit Committee of the Supervisory Board.
Sustainability
Statement
96—423
Management Review
26
Sustainability Statement
General Information
97
Environmental Information
156
Social Information
274
Governance Information
380
OMV Aktiengesellschaft Data
414
Independent Assurance Report
419
OMV’s Consolidated Directors’ Report contains two parts:
the Management Review and the Sustainability Statement
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BP-1 General Basis for Preparation of Sustainability
Statements
OMV has published a Sustainability Report every year since 2008, with the most recent being published on
April 7, 2025. The 2024 Sustainability Statement describes our management and performance of the material
environmental, social, and governance issues for OMV. It covers the operations of OMV, headquartered in Vienna,
Austria, for the 2024 business year.
[ESRS-2-BP-1.5a] [ESRS-2-BP-2.15] This non-financial statement was prepared in accordance with Section 267a of the
Austrian Commercial Code (UGB) as part of the management report of the consolidated financial statements in line
with the requirements of the Austrian Nachhaltigkeits- und Diversitätsverbesserungsgesetz (Sustainability and
Diversity Improvement Act; NaDiVeG). In line with NaDiVeG’s reporting requirements (Section 243b of the Austrian
Commercial Code), data particularly relevant for OMV Aktiengesellschaft is reported separately in an annex in
Governance Information under OMV AG Data.
The non-financial statement was further prepared in accordance with the European Sustainability Reporting
Standards (ESRS) in readiness for the reporting obligation under the CSRD (Corporate Sustainability Reporting
Directive). As the report fully complies with the ESRS for the first time, comparative information is not required
according to ESRS 1.136. Comparative information is only reported for data that was previously reported and where
the definition has not changed.
OMV’s 2024 Sustainability Statement includes disclosures required by the European Union (EU) Taxonomy
Regulation EU 2020/852. Our Sustainability Statement is also guided by the “Sustainability reporting guidance for
the oil and gas industry” developed by Ipieca, API, and IOGP. Reporting on OMV’s alignment with the UN Sustainable
Development Goals (SDGs) has been informed by the Business Reporting on the SDGs published by the Global
Reporting Initiative (GRI) and the UN Global Compact (UNGC). The document also serves as our Communication on
Progress for the UNGC. As the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD)
such as governance, strategy, risk management, and metrics related to climate risks and opportunities have been
integrated into ESRS, OMV will no longer have a separate Index for TCFD disclosures.
Report Scope and Boundaries
[ESRS-2-BP-1.5b] In principle, the data presented in the Sustainability Statement is consolidated at Group level and
covers all fully consolidated entities, analogous to the Company’s financial statements. In the following aspects, the
Sustainability Statement extends the scope applied for the Group Financial Statements: subsidiaries that are not
consolidated in the Group Financial Statements due to their immateriality are included in the Sustainability
Statement based on their topical relevance. This boundary applies to all material topics, unless clearly indicated
otherwise in the text of this report for a particular material topic. Where an entity is not included in the reporting, it
is denoted in a footnote. Health, Safety, Security, and Environment (HSSE) data, including greenhouse
gas (GHG) data for Scope 1, Scope 2, and Scope 31 GHG emissions, is reported (100%) for activities that OMV
operates or where OMV holds a stake of more than 50% and exerts a controlling influence. The exception to this is
Scope 3 Category 15 “Investments,” which follows the equity approach. OMV’s share of the investment’s Scope 1, 2,
and, where relevant, Scope 3 emissions are accounted for in this category. If an investment is a business partner in
OMV’s upstream or downstream value chain, the respective Scope 3 emissions are included in the appropriate
category.
1 For Scope 3 categories 10, 11, and 12, the operational control approach is applied. For example, in OMV’s Energy division, when an OMV Group company participates in joint
operations and is fully consolidated, 100% of the respective OMV Group company sales are accounted. However, this value usually only represents the OMV Group’s share in the
joint operation.
ESRS 2 General Information
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[ESRS-2-BP-2.13a-13c] [ESRS-2-BP-2.14] The Sustainability Statement was prepared in accordance with the ESRS for the
first time. Where possible comparative figures are disclosed in the topical chapters. For metrics introduced by
ESRS, n.a. will be used to indicate the absence of comparative data, unless otherwise stated. If applicable, the
difference between the figure disclosed in the preceding period and the revised comparative figure is disclosed in
the metrics section in the topical chapters. As this is the first report to conform with the ESRS, no data has been
restated due to changes in calculation methodology or material errors.
[ESRS-2-BP-1.5c] Business relationships in the upstream and downstream value chain have been considered in
identifying our material impacts, risks, and opportunities as part of our materiality assessment. Materiality has been
determined according to the nature of activities, business relationships, or geographical focus. Relevant information
in this statement concerning the value chain includes actual and potential material impacts, risks, and opportunities
that may affect or arise from upstream and downstream business relationships, as well as policies and actions
extending beyond our own operations. Whenever value chain information is included, it is clearly specified.
BP-2 Disclosures in Relation to Specific Circumstances
Time Horizons
[ESRS-2-BP-2.9a, 2.9b] OMV follows a comprehensive sustainability impact, risk, and opportunity assessment process
across various time horizons in alignment with OMV’s strategy and business model. The short-term horizon,
referring to up to one year, focuses on managing actual and potential impacts and risks affecting daily operations.
The mid-term horizon, extending up to five years, integrates impacts, risks, and opportunities with the Group’s mid-
term plan. The long-term horizon, spanning beyond five years, is linked to OMV’s strategy execution, offering
management an objective perspective that enhances the decision-making process.
Sources of Estimation and Outcome Uncertainty
[ESRS-2-BP-2.10a-10d] [ESRS-2-BP-2.11a, 11b] In 2024, all disclosed data related to our own operations and value chain, such
as health and safety indicators for our contractors, was measured or calculated based on actual data, unless
specified otherwise. To help readers better understand the data, we have included all relevant contextual
information related to the calculation of metrics alongside them. Specific metrics in the report include upstream
and downstream value chain data, which is estimated using indirect sources, such as sector-average emission
factors. This metric is: Scope 3 GHG emissions – encompasses indirect emissions that occur in the upstream and
downstream value chain, such as those reported under Category 3.15 “Investments”.
[ESRS-2-BP-2.12] Our Sustainability Statement contains forward-looking statements. Forward-looking statements can
usually be identified by the use of terms such as “outlook,” “expect,” “anticipate,” “intend,” “plan,” “target,”
“objective,” “estimate,” “goal,” “may,” “will,” and similar terms, or by their context. These forward-looking statements
are based on beliefs, estimates, and assumptions currently held by and information currently available to OMV. By
their nature, forward-looking statements are subject to risks and uncertainties, both known and unknown, because
they relate to events and depend on circumstances that will or may occur in the future and are outside the control
of OMV. Consequently, the actual results may differ materially from those expressed or implied by the forward-
looking statements. Therefore, recipients of this report are cautioned not to place undue reliance on these forward-
looking statements. Neither OMV nor any other person assumes responsibility for the accuracy and completeness
of any of the forward-looking statements contained in this report.
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Incorporation by Reference
[ESRS-2-BP-2.16] Within this Sustainability Statement, OMV references other sections of the Combined Annual Report
for 2024, particularly the Notes on Financial Situations. We are adhering to ESRS requirement 9.1, and the following
disclosure requirements are included in the Notes on Financial Situations:
[ESRS-2-SBM-1.40d-i, 40d-ii] in Note 7 – Sales Revenues;
[ESRS-2-SBM-3.48d], [E1-4.34f AR 30c] in Note 3 – Effects of climate change and the energy transition;
[E1-IRO-1.AR 12c], [E1-IRO-1.AR 13a-13d], [E1-IRO-1.AR 15], [E1-SBM-3.AR 7a-7c], [E1-SBM-3.AR 8a-8b], [E1-8.AR 65a-65c] in Note 3 –
Effects of climate change and the energy transition;
[E1-5.AR 36c, AR 36e], [E1-5.AR 38], [E1-6.55], [E1-6.AR 55b] in Note 7 – Sales Revenues;
[E2-2.18a], [MDR-A.68a-68c, 68e], [E1-3.29c-i] in the Consolidated Statement of Cash Flows in the Consolidated Financial
Statements and Notes.
GOV-1 Role of the Administrative, Management, and
Supervisory Bodies
OMV has a two-tier governance structure consisting of an Executive Board and a Supervisory Board. The Executive
Board, composed of the CEO (who has also been appointed as Chairman of the Executive Board), CFO, Executive
Vice President (EVP) Chemicals, EVP Fuels & Feedstock, and EVP Energy, is the highest managing body of the
Company and is responsible for setting and implementing the Company strategy, including climate and other
sustainability targets. The Executive Board holds meetings at least every two weeks to exchange information and
issue decisions on all matters requiring plenary approval.
[ESRS-2-GOV-1.21a-1.21b] OMV’s Supervisory Board generally consists of ten members elected by the general meeting
of shareholders (shareholder representatives) and five members delegated by the employee representation body
(employee representatives). Following a resignation in June 2024, the Supervisory Board currently only consists of
nine shareholder representatives. One of the Supervisory Board members serves as Chairperson after being elected
by the Supervisory Board.
The Supervisory Board appoints members of the Executive Board, monitors and supervises its decisions, and advises
the Executive Board on relevant matters, including strategy development. Certain decisions made by the Executive
Board are subject to approval by the Supervisory Board. The Supervisory Board also assesses the performance of
the Executive Board, including on sustainability criteria. The Executive Board reports to the Supervisory Board on a
regular and ad hoc basis. [ESRS 2-GOV-1.22] As shown in more detail in the chapter Roles and Responsibilities, the
Supervisory Board appoints among its members qualified expert committees that support its decision-making
process. The Chairman of OMV’s Supervisory Board regularly receives external feedback on the OMV Group’s
strategy, for example through the Corporate Governance Roadshows they attend or at the Annual General Meeting,
among other events.
The management of the Company is vested with the Executive Board. Members are appointed by the Supervisory
Board for a period of up to five years; re-appointments are possible. Currently, the Executive Board comprises four
members whose tenure runs as follows:
Alfred Stern (CEO), contractual term of office: September 1, 2021–August 31, 2026
Reinhard Florey (CFO), contractual term of office: July 1, 2016–June 30, 2027
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Martijn Arjen van Koten (Executive Vice President Fuels & Feedstock and, following Daniela Vlad’s resignation
from the Executive Board, also ad-interim Executive Vice President Chemicals effective March 1, 2025),
contractual term of office: July 1, 2021–June 30, 2026
Berislav Gašo (Executive Vice President Energy), contractual term of office: March 1, 2023–February 29, 2028
Daniela Vlad was a member of the Executive Board as Executive Vice President Chemicals until February 28, 2025,
which is the effective date of her resignation from the Executive Board.
Experience and Expertise
[ESRS-2-GOV-1.21c] The administrative, management, and supervisory bodies at OMV have a broad range of sector-
relevant experience and international expertise:
Executive Board
Members of the Executive Board who served on the Executive Board during 2024 are of three different nationalities,
showcasing extensive international management experience in all relevant business segments:
Alfred Stern has been the Chairman of the Executive Board and Chief Executive Officer of OMV AG since
September 2021. Prior to joining OMV Aktiengesellschaft in April 2021 as board member for Chemicals, Alfred
Stern was the CEO of Borealis from July 2018. During his tenure of 14 years, Stern held a series of other executive
positions at Borealis, latterly as a board member for Polyolefins and Innovation & Technology. He started his
career at DuPont de Nemours, which was just the beginning of his extensive international experience in
Switzerland, Germany, and the US across research and development, sales and marketing, and quality and
business management.
Reinhard Florey: Since July 1, 2016, Reinhard Florey has been the CFO of OMV Aktiengesellschaft. He started his
career in corporate consulting and strategy consulting. From 2002 to 2012 he worked in a number of positions
worldwide for thyssenkrupp Steel. His most recent post prior to joining OMV was as CFO and deputy CEO of
Outokumpu.
Daniela Vlad has been a member of the Executive Board of OMV Aktiengesellschaft since February 1, 2023, until
February 28, 2025, and served as Executive Vice President Chemicals. She has held management positions at
Shell and Philips, and most recently, before her tenure at OMV, was responsible for the management of key global
business areas such as powder coatings and industrial coatings at AkzoNobel. Thanks to her many years of
international experience in the chemical business and in leading strategic transformations, Daniela Vlad combines
chemical and financial know-how with experience in the field of sustainable technical solutions.
Martijn Arjen van Koten has been a member of the OMV Aktiengesellschaft Executive Board since July 1, 2021,
and is responsible for the Fuels & Feedstock division. He began his professional career at Shell in 1994, taking on
several management and technical positions in the refining and downstream business in the UK, Germany, and the
Netherlands. From 2004, Martijn van Koten assumed Manufacturing Site General Manager positions at Shell in
Sweden and Singapore, before becoming Vice President Manufacturing East & Middle East in Singapore in 2009
and Vice President Supply & Distribution Americas in the United States in 2013. In 2013, Martijn van Koten joined
Borealis as Executive Board Member Operations, HSE & PTS. From 2018 to June 2021, he served as Borealis’
Executive Board Member Base Chemicals & Operations.
Berislav Gašo: On March 1, 2023, Berislav Gašo assumed his role of member of the Executive Board of OMV
Aktiengesellschaft, where he is responsible for the Energy division. He held various management positions in the
MOL Group after working as a junior partner at McKinsey & Company. Most recently, he served as the Executive
Vice President in charge of the MOL Group’s Exploration & Production division.
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Supervisory Board
[ESRS-2-GOV-1.21c] The members of the Supervisory Board elected by the shareholders in a general meeting
(shareholders’ representatives) have significant experience in leading roles across various sectors:
Lutz Feldmann is an independent business consultant and chairman of the supervisory boards of EnBW Energie
Baden-Württemberg AG and Thyssen’sche Handelsgesellschaft mbH. During the course of his over 40-year
career span, Lutz Feldmann has held various executive and management positions at Aral AG, BP AG (Germany),
and E.ON AG (marketing, retail, and corporate management).
Edith Hlawati was appointed as CEO of Österreichische Beteiligungs AG (ÖBAG), a holding company that
manages the shares of the Republic of Austria in various companies, in 2022. Prior to joining ÖBAG, Edith
Hlawati’s career as a registered attorney and managing/senior partner of one of the leading corporate law firms in
Austria focused on stock corporation law, corporate governance, capital market law, mergers and acquisitions,
and banking and finance. Edith Hlawati holds supervisory board seats at VERBUND AG (deputy chairwoman),
Telekom Austria AG (chairwoman), and EuroTeleSites AG.
Khaled Salmeen is Chief Executive Officer Downstream at the Abu Dhabi National Oil Company (ADNOC). After
his employment as deputy plant manager at Borouge, he became a project manager at the Abu Dhabi Future
Energy Company. He later served as COO of Tabreed, CEO of Khalifa Industrial Zone Abu Dhabi, and Executive
Director of Marketing, Supply, and Trading at ADNOC. Khaled Salmeen holds board seats in multiple companies of
the ADNOC Group.
Khaled Al Zaabi is CFO of the Abu Dhabi National Oil Company Group. Prior to emerging as the Group CFO, he
was the Senior Vice President for financial planning, budgeting, and reporting. He serves as a board member in
various listed and non-listed companies of the ADNOC Group.
Dorothée Deuring is the CEO of Deuring Corporate Advisory. Having initially trained as a chemist, she gained
substantial knowledge in the business and corporate world during her employment as a strategy consultant at
McKinsey & Company and as the Managing Director for investment at CoCap AG. Subsequently, she became the
Vice Director for corporate development at F. Hoffmann La Roche AG. At Bankhaus Sal. Oppenheim, she
supervised the chemical and health care M&A department as a Managing Director. Dorothée Deuring worked at
UBS AG as the head of the Europe Corporate Advisory Group. She held numerous board seats in the past and
currently serves as a board member at Elementis plc, Temenos SA, and Cornucopia SIVAC.
Patrick Lammers is the CEO of Skyborn Renewables GmbH. At Royal Dutch Shell, he took on roles such as Global
Business Development Manager and Commercial Director. He then became the CEO of Dyson Group plc in the
United Kingdom and worked for AEA Investors in the USA. Upon his return to Europe, he worked for the Essent
N.V. group, including tenures as Chief Commercial Officer and Chief Executive Officer. Additionally, he also
served as the Senior Vice President for digital transformation and the Executive Senior Vice President for retail at
innogy SE. He was on the board of management of E.ON SE until May 2024.
Jean-Baptiste Renard is an independent business consultant who worked for BP plc for over 20 years. His roles
ranged from operational retail roles and supply to marketing. He was also the supply manager for Europe and the
group’s vice president for business marketing and new markets. In his last years at BP plc, he was the regional
group vice president for Europe and Southern Africa. Jean-Baptiste Renard is a founding partner of 2PR
Consulting and holds various positions as a non-executive board member, including at Exolum group. Until 2022,
he also served as non-executive director of Neste.
Elisabeth Stadler holds supervisory board positions at voestalpine AG, Österreichische Post AG (chairwoman) and
Andritz AG (deputy chairwoman). Elisabeth Stadler spent her professional career in the insurance industry,
including positions as board member of UNIQA Personenversicherung AG and Raiffeisen Versicherung AG.
Elisabeth Stadler served as the CEO of Ergo Versicherungsgruppe AG, Donau Versicherung AG, and most recently
of VIG Vienna Insurance Group AG (until June 2023).
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Robert Stajic is Executive Director of Österreichische Beteiligungs AG (ÖBAG) and has a board seat at VERBUND
AG. He was also Engagement Manager at McKinsey & Company. At OMV Aktiengesellschaft, he worked as a
member of the transformation office and was head of procurement steering and services. Furthermore, he was
also a business partner for corporate strategy for the upstream division. Following his career at OMV
Aktiengesellschaft (from 2013 to 2018), he became director of corporate development (strategy) and
transformation at Semperit AG.
Stefan Doboczky, who resigned from the Supervisory Board in June 2024, was CEO of the Heubach Group. In the
past, he held various management positions in the DSM Group and was appointed member of the board of Royal
DSM, Netherlands and Singapore, between 2011 and 2015. From 2015 to 2021, he served as CEO of Lenzing AG.
Karl Rose, whose appointment as a Supervisory Board member of OMV Aktiengesellschaft expired with effect
from the end of the General Meeting held on May 28, 2024, started his career at Royal Dutch Shell, where he rose
to the role of Chief Strategist, which he held until 2010. Karl Rose has been a professor of strategic management
and applied business economics at the Karl-Franzens University of Graz, Austria, since 2010 and held various
other positions, including Senior Director Policy and Scenarios at the World Energy Council. From 2017 to 2022,
he was a strategy advisor of the Abu Dhabi National Oil Company (ADNOC), U.A.E. Karl Rose is also chairman of
the supervisory board of Energie Steiermark AG.
Gertrude Tumpel-Gugerell, whose appointment as Supervisory Board member of OMV Aktiengesellschaft expired
with effect from the end of the General Meeting held on May 28, 2024, pursued her career in the Oesterreichische
Nationalbank (OeNB), the central bank of the Republic of Austria, where she rose to the position of Vice Governor,
which she held from 1998 to 2003. From 2003 to 2011, Ms. Tumpel-Gugerell was a member of the executive
board of the European Central Bank, responsible for market operations (until 2006), payment systems and market
infrastructure, staff, budget, and organization. Furthermore, she is a member of the supervisory boards of
Commerzbank Aktiengesellschaft, Vienna Insurance Group AG, and AT&S Austria Technologie & Systemtechnik
Aktiengesellschaft.
Alyazia Ali Al Kuwaiti, whose appointment as Supervisory Board member of OMV Aktiengesellschaft expired with
effect from the end of the General Meeting held on May 28, 2024, was Executive Director for energy at Mubadala
Investment Company and UAE Industries. Before that she held various leadership positions in International
Petroleum Investment Company (IPIC) and GASCO Abu Dhabi Gas Industries Ltd.
Saeed Al Mazrouei, whose appointment as Supervisory Board member of OMV Aktiengesellschaft expired with
effect from the end of the General Meeting held on May 28, 2024, held leadership roles at Mubadala Investment
Company (including deputy CEO responsible for direct investments) and most recently served as Managing
Director and CEO of the Abu Dhabi Investment Council. He also had a board seat at Abu Dhabi Commercial Bank.
These individuals bring a wealth of expertise in executive positions, business consultancy, and leadership roles in
major companies, which is relevant to OMV’s sectors and products.
[ESRS-2-GOV-1.23a] The administrative, management, and supervisory bodies at OMV ensure that appropriate skills and
expertise are available or will be developed to oversee sustainability matters through several mechanisms. A self-
assessment of the Supervisory Board to review the activities of the Supervisory Board and its Committees with
support from an external consultant is performed on an annual basis. The 2024 assessment showed positive results
overall. The Sustainability & Transformation Committee specifically, which concentrated on ESG compliance
throughout 2024, received high ratings for its role in overseeing environmental processes and performance.
Through annual training programs on relevant topics, including ESG-related fields, the Supervisory Board gains the
experience required to oversee ongoing and upcoming sustainability matters. For instance, in 2023, the program
included an external presentation on the IPCC Sixth Assessment Report on Climate Change. In 2024, the
Supervisory Board had a training session on the requirements of the CSRD and ESRS and a risk awareness training
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session focused on OMV’s Enterprise-Wide Risk Management program. The members of the Executive Board also
participated in this training. In 2024, the Sustainability & Transformation Committee had deep dives on
sustainability topics such as circularity and human rights. [ESRS-2-GOV-1.23b] The skills and experience within the
Company are connected to sustainability impacts, risks, and opportunities through the qualifications and expertise
of individuals involved in reviewing and proposing policy creation, actions, and targets. The 2024 training session for
the Supervisory Board on the CSRD and ESRS also focused on the double materiality principle for identifying and
assessing impacts and risks, as well as discussing the results of OMV’s materiality assessment.
Employee Representation
[ESRS-2-GOV-1.21b] The Supervisory Board incorporates employee representation through the employee
representation body. Austrian law requires that for every two shareholder representatives, the employee
representation body nominates one employee representative to serve on the Supervisory Board. If the number of
shareholder representatives is uneven, an additional employee representative can be nominated by the employee
representation body. Therefore, there are currently five employee representatives on the Supervisory Board,
ensuring that the workforce’s interests and perspectives are represented in decision-making processes.
Members of the Supervisory Board – employee representatives
Employee
representatives
(as of June 2024)
Position in
Supervisory
Board
Committee membership
Term of office
Angela Schorna
Member
Chairwoman of the Employees Works Council of OMV
Aktiengesellschaft
First appointed in 2018
Alexander Auer
Member
Chairman of the Company Works Council of OMV Downstream
GmbH
First appointed in 2021
Nicole Schachenhofer
Member
Chairwoman of the Employees Works Council of Austria Exploration
& Production GmbH
First appointed in 2021
Hubert Bunderla
Member
Deputy of the Group Works Council of OMV Aktiengesellschaft
First appointed in 2021
Alfred Redlich
Member
Chairman of the Group Works Council of OMV Aktiengesellschaft
First appointed in 2013, 2023
Board Diversity
[ESRS-2-GOV-1.21d] OMV falls within the scope of Section 86(7) of the Austrian Stock Corporation Act and, therefore,
the Supervisory Board has to fulfill the minimum quota mentioned therein (i.e., 30% women and 30% men).
Currently, six of the shareholder representative seats are held by men and three are held by women, meaning the
minimum quotas required by law are currently fulfilled.
The Supervisory Board of OMV Aktiengesellschaft comprised 63% male and 37% female members, with 25% aged
below 50 and 75% aged over 50, while 68% were Austrian and 32% non-Austrian.
The Executive Board of OMV Aktiengesellschaft was composed of 80% male and 20% female members throughout
the year 2024 and until February, 28, 2025, its members were 20% aged between 30 and 50 and 80% aged over 50.
In terms of nationality, 40% of the Executive Board members were Austrian and 60% were non-Austrian throughout
the year 2024 and until February, 28, 2025.
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Independence
[ESRS-2-GOV-1.21e] All (100%) shareholders’ representatives on the Supervisory Board have declared their
independence from the Company in line with the criteria of independence published on the / OMV website. If
conflicts of interest should arise with respect to certain matters, the dedicated legal regime under Austrian law
applies. The affected Supervisory Board member has to disclose the conflict of interest and, depending on the
intensity of the conflict, further measures are taken (ranging from the member concerned refraining from voting on
the matter to as far as the affected member not being allowed to receive information on the matter and participate
in group discussions about it).
GOV-2 – Information Provided to and Sustainability Matters
Addressed by OMV’s Administrative, Management, and
Supervisory Bodies
Sustainability Governance
[ESRS-2-GOV-1.22c] Sustainability is central to OMV’s Strategy 2030, evidenced by the net zero ambition for 2050,
ambitious decarbonization targets, and the roadmap for 2030/2040, as well as the OMV Sustainability Framework
2030, which covers all ESG-related material topics relevant to OMV. Strategy, targets, and incentives are well-
defined, and the maturity of the ESG management system is regularly reviewed to address gaps identified in the
sustainability operating model. For details see > G1 Business Conduct and > ESRS 2 GOV-1-5a/b.
Sustainability topics are fully integrated into the overall governance structure of the Company. These topics have
the same weight as any other business consideration and, following the Company’s responsible approach to
business, are integrated into the daily operation and management processes of the Company. For instance,
sustainability criteria form part of the Capital Allocation Framework (see > E1 Climate Change). ESG due diligence
is also part of mergers and acquisitions.
Roles and Responsibilities
[ESRS 2-GOV-1.22a, 22c-i, 22c ii] OMV has several management-level positions and committees responsible for
governance processes, controls, and procedures to monitor, manage, and oversee impacts, risks, and opportunities.
Oversight of these roles and committees is conducted through regular meetings, reporting to the Executive Board,
and presentations to the Supervisory Board and its committees. The oversight of sustainability-related impacts,
risks, and opportunities at OMV is primarily managed by the following bodies and individuals:
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Supervisory Level
[ESRS-2-GOV-1.22a-22c] The Supervisory Board is the highest organizational level performing oversight of sustainability-
related risks and impacts and fulfills its duties in accordance with the applicable law, particularly the Austrian Stock
Corporation Act, the Company’s Articles of Association, and the Internal Rules for the Supervisory Board. The
Supervisory Board, including through the Sustainability & Transformation Committee, focuses its efforts on
embedding effective sustainability initiatives into strategy execution and ensuring oversight of sustainability-related
impacts, risks, and opportunities. The Supervisory Board also annually reviews and approves OMV’s Sustainability
Statement.
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The Supervisory Board appoints among its members qualified expert committees and determines their tasks and
powers. The task of the committees is to formulate recommendations for the purpose of preparing resolutions to be
passed by the Supervisory Board itself, without thereby preventing the entire Supervisory Board from dealing with
matters delegated to the committees. As regards the oversight of sustainability-related impacts, risks, and
opportunities at OMV, the Supervisory Board has appointed the following committees in particular:
Sustainability & Transformation Committee
[ESRS 2-GOV-1.22c-i; 1.22c-ii] The Supervisory Board’s Sustainability & Transformation Committee focuses its efforts on
embedding effective sustainability initiatives into strategy execution. It meets on a quarterly basis to discuss and
steer topics such as regulatory ESG requirements, which include non-financial reporting requirements, ESG-related
capital market activities, ESG governance and steering, and critical concerns related to sustainability.1 The purpose
of the Sustainability & Transformation Committee is to support the Company’s Supervisory Board in reviewing and
monitoring OMV’s strategy with regard to sustainability, ESG-related standards, and performance, as well as
processes and, specifically, performance in HSSE (health, safety, security, the environment) and, in particular,
climate change. Furthermore, the committee serves to support and oversee the transformation process toward a
more sustainable business model, including the cultural integration of strategically significant acquisitions.
At the meetings of the Supervisory Board, the Chairman of the Sustainability & Transformation Committee gives a
report to the entire plenary on a quarterly basis. The evaluation of the Sustainability & Transformation Committee
conducted as part of the Supervisory Board’s self-assessment highlighted strong development since its formation in
2022. For instance, the committee has been actively responsible for monitoring the progress made with regard to
OMV’s Sustainability Framework.
[ESRS-2-GOV-2.26a, 26b] The Sustainability & Transformation Committee is informed by Group Sustainability, as the
owner of the materiality assessment process, on a regular basis, at least annually, about the outcome of the
materiality analysis, including all identified material impacts, risks, and opportunities as well as the implementation
of due diligence, and the results and effectiveness of policies, actions, metrics, and targets adopted to address
them. ESG aspects are part of the motions for all major transactions subject to OMV Executive Board and
Supervisory Board decisions and are taken into account in decision-making for all major transactions, as well as
being part of due diligence processes for M&A activities. As part of the decision-making process, there is always a
balance between the potential risks and the opportunities to ensure sustainable growth. Strategic decision-making
involves evaluating the trade-offs between taking risks, addressing impacts, and seizing opportunities.
Audit Committee
[ESRS-2-GOV-1.22c-i, 22c-ii] The Audit Committee is responsible for monitoring the effectiveness of the Company’s
internal control, internal audit, and risk management systems. It reviews the functioning of these systems and
reports its findings to the Supervisory Board. Additionally, the committee monitors the independence of auditors
and reviews audit fees and activities. Internal Audit, which reports to the Executive Board and Audit Committee,
provides an evaluation of the effectiveness of governance, risk management, and internal control processes,
ensuring that appropriate controls and processes are in place and operating effectively.
[ESRS-2-GOV-2.26a-26b] The Audit Committee is informed twice per year by the Corporate Risk Management function
about the risk profile of OMV. Additionally, the committee diligently oversees the implementation, efficacy, and
efficiency of risk management processes and receives an overview of the main risks, impacts, and opportunities
through the annual enterprise risk exercise. The Audit Committee approves decisions on major transactions or
1 Critical concerns are cases that have attracted significant attention from key stakeholders, have validity (e.g., legal decisions, allegations with significant proof, etc.), are in OMV’s
direct operations or value chain, and that would constitute a violation of one of the ten principles of the UN Global Compact. In 2023, three such concerns were flagged and discussed
by the Sustainability & Transformation Committee. These concerns included a fatality at the Petrobrazi refinery, climate litigation, and an update on the Borealis Kallo case.
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strategic decisions which includes the evaluation of potential trade-offs between taking risks, addressing impacts
and seizing opportunities.
Management Level
[ESRS-2-GOV-1.22c-i, 22c-ii] The Executive Board is responsible for managing OMV’s impact on the economy,
environment, and people, including oversight of material topics such as climate change mitigation, human rights,
and safety. The Executive Board takes a proactive stance in overseeing and enhancing OMV’s risk management
processes, ensuring a strong risk culture across OMV. It drives the risk management program and sets the tone for a
strong risk culture. The CEO and CFO are specifically involved in human rights oversight, receiving biannual
briefings on human rights impacts. Additionally, management is involved in assessing and managing climate-related
risks and opportunities, as outlined in the TCFD recommendations index. The Executive Board also oversees OMV’s
compliance management system, which includes business ethics, anti-corruption, competition law, and trade
sanctions.
[ESRS-2-GOV-2.26a, 26b] The Executive Board approves the results of the materiality assessment process, including all
identified material impacts, risks, and opportunities. As part of this approval process, the Executive Board is
informed by Group Sustainability, as the owner of the materiality assessment process, at least annually, about the
outcome of the materiality analysis, including all identified material impacts, risks, and opportunities, as well as the
implementation of due diligence, plus the results and effectiveness of policies, actions, metrics, and targets adopted
to address them. ESG aspects are considered for all major transactions subject to OMV Executive Board decisions
and in decision-making for all major transactions, as well as being part of due diligence processes for M&A
activities. As part of the decision-making process, there is always a balance between the potential risks and the
opportunities to ensure sustainable growth. Strategic decision-making involves evaluating the trade-offs between
taking risks, addressing impacts and seizing opportunities.
[ESRS-2-GOV-1.22b] The Executive Board fulfills its duties, including risk management oversight, in accordance with the
applicable law, particularly the Austrian Stock Corporation Act, the Company’s Articles of Association, and the
Internal Rules for the Executive Board. As an incentive for the Executive Board, the Remuneration Policy effective in
2024 integrates GHG and ESG targets into the annual bonus and Long-Term Incentive Plan (LTIP), as approved at
the June 2022 Annual General Meeting. OMV has implemented various regulations applicable to the whole Group
that define the minimum requirements for sustainability and social responsibility at OMV. OMV Aktiengesellschaft
also complies with the Austrian Code of Corporate Governance, which aims to establish a system of management
and control that is accountable and oriented toward creating sustainable, long-term value.
[ESRS-2-GOV-1.22d] The Executive Board is responsible for setting and implementing the Company strategy, including
sustainability targets. It meets at least every two weeks to exchange information and make decisions on matters
requiring plenary approval. Accountability for OMV’s strategic targets lies with the OMV Executive Board. Corporate
functions such as Investor Relations & Sustainability, Group HSSE, Strategic Planning & Projects, People & Culture,
Compliance, and Procurement, all of which report directly to the Executive Board, have ownership for material
topics and are responsible for defining and implementing sustainability initiatives in collaboration with Group
Sustainability and the business divisions. These functions regularly report on the progress of the implementation of
OMV’s Sustainability Framework to the Executive Board. The Remuneration Committee evaluates the performance
of the Executive Board, including sustainability criteria, and establishes criteria derived from OMV’s Strategy 2030,
with a focus on GHG emissions reduction.
Risk Committee
[ESRS-2-GOV-1.22 c-i, 22c-ii] The Risk Committee, chaired by OMV’s CFO, ensures that the risk management process
effectively captures and manages material risks across OMV. Management is tasked with implementing appropriate
mitigation strategies for identified risks and is responsible for ensuring the effectiveness of these strategies through
a structured process of risk identification, assessment, and evaluation. Additionally, management ensures that
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processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s
overall risk management framework.
[ESRS-2-GOV-2.26a, 26b] Twice per year, the Risk Committee is informed by Group Sustainability about the identified
material impacts, risks, and opportunities. The Risk Committee evaluates the risk mitigation measures in terms of
effectiveness and timely implementation when addressing major risks, recommending actions to the OMV
Executive Board in the event that risk tolerance levels are breached. The results of OMV’s risk profile are further
reported to the Executive Board and Audit Committee. The Risk Committee approves decisions on major
transactions or strategic decisions, which includes the evaluation of potential trade-offs between taking risks,
addressing impacts, and seizing opportunities.
Sustainability Coordination Forum
[ESRS-2-GOV-1.22c-i. 22c-ii] In 2023, a committee called the Sustainability Coordination Forum was formed under the
Executive Board. This committee is chaired by OMV’s CFO and consists of senior managers with responsibility and
ownership for material topics, as well as relevant business representatives responsible for implementing OMV’s
sustainability and transformation agenda. Its mandate is to coordinate the development of the sustainability agenda
across OMV, monitor progress on target achievement, propose measures in the event of deviations and prepare
sustainability topics to be discussed by the Executive and Supervisory Boards. The committee meets at least
bimonthly.
[ESRS-2-GOV-2.26a, 26b] The Sustainability Coordination Forum is informed at least twice per year by Group
Sustainability during the materiality assessment process about the material impacts, risks, and opportunities and
the results and effectiveness of policies, action, metrics, and targets. The Sustainability Coordination Forum also
defines the materiality thresholds for OMV. The overall results of the materiality assessment are approved by the
Sustainability Coordination Forum and prepared for Executive Board approval. The Sustainability Coordination
Forum approves decisions on major transactions or strategic decisions, which includes the evaluation of potential
trade-offs between taking risks, addressing impacts, and seizing opportunities.
The Sustainability Coordination Forum ensures that material impacts, risks, and opportunities are well understood
and managed in line with OMV’s sustainability targets. It reviews OMV’s exposure to impacts, risks, and
opportunities and the related action plans, ensuring they align with sustainability targets. The oversight and
escalation processes support continuous monitoring of OMV’s sustainability risk profile.
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The effective management of identified impacts and risks is reviewed at the second line of defense through well-
established communication between the Sustainability Coordination Forum and the Risk Committee. The
Sustainability Coordination Forum aids decision-making by reviewing material ESG impacts, risks, and opportunities
by discussing them during the bimonthly meetings. ESG impacts, risks and opportunities information is fully
integrated into OMV’s risk profile and discussed by the Risk Committee before being reported to the Executive
Board. While material impacts, risks, and opportunities were identified in the reporting year through a top-down
materiality assessment exercise, sustainability matters are already addressed locally across the organization. The
existing risk management reporting process will be further adapted to incorporate local risk registers based on
material impacts and risks according to the ESG criteria established by responsible experts.
Group Sustainability Department
[ESRS 2-GOV-1.22c-i, 22c-ii] Under the responsibility of the CFO, the Group Sustainability department develops OMV’s
Sustainability Framework, defines the minimum requirements for sustainability management in OMV, ensures
governance and ownership of material topics, and is responsible for ESRS-compliant sustainability reporting and
ESG disclosure. The Group Sustainability department, in close collaboration with the material topic owners, who act
as experts for their respective topics, drives the overarching sustainability agenda for all material topics, integrated
into the overall execution of OMV’s strategy. Group Sustainability reports quarterly on the progress of the
implementation of OMV’s Sustainability Framework to the Executive Board and Supervisory Board. Further details
are disclosed in the Governance descriptions of each material topic found throughout this report.
[ESRS-2-GOV-1.22d] ESG risks can manifest themselves in various forms that have already been identified within the
organization, while ESG impacts can intersect with different risk management activities across OMV. The
Sustainability Risk Management program was established by Group Sustainability to support the Company in
assessing and mitigating ESG risks and impacts that could jeopardize the achievement of mid-term and long-term
objectives while embracing opportunities. For each material topic, a material owner has been assigned at various
levels of the organization. The owner of a material topic is the key driver of that topic and is responsible for
translating the ESRS requirements into business action plans, and implementing dedicated resources, controls, and
procedures to manage the respective impacts, risks, and opportunities. They define, monitor, and report the targets
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and metrics related to the material topic, in line with the sustainability agenda defined by Group Sustainability, and
report the associated material impacts, risks, and opportunities. Additionally, Internal Audit provides assurance that
the Group’s risk management program is functioning effectively, supporting the Group Sustainability department
with recommendations for potential improvements. This ensures that the sustainability risk management process is
structured, consistent, and continuously applied across OMV.
[ESRS-2-GOV-2.26a, 26b] OMV Group Sustainability is the owner of the materiality assessment process and ensures that
the other relevant administrative, management, and supervisory bodies receive information about the material
impacts, risks, and opportunities. Group Sustainability, together with material topic owners, defines the policies,
actions, metrics, and targets to address material impacts, risks, and opportunities, and ensures the implementation
of due diligence. Group Sustainability supports the decision-making regarding major transactions by providing
specialized oversight and guidance on sustainability aspects.
Corporate Risk Management Function
[ESRS-2-GOV-1.22c-i, 22c-ii, 22c-iii] This independent function within the CFO area reports directly to the Executive Board
and is independent of the business lines, thus ensuring effective risk governance. OMV has established
comprehensive risk management processes that integrate the management of impacts, risks, and opportunities into
other internal functions. The risk management process combines bottom-up and top-down approaches, ensuring
that every employee is responsible for implementing appropriate mitigation strategies. Risks are identified and
assessed using a standardized methodology that includes environmental aspects and impacts. The process is
facilitated by a Group-wide IT system supporting risk identification, analysis, evaluation, treatment, and review,
guided by the ISO 31000/27000 series. The integration with internal functions is reinforced through a cross-
functional Risk Committee chaired by the OMV CFO, involving senior management members. This committee
ensures that material risks are captured and managed effectively across OMV. The process also involves regular
discussions by the Executive Board regarding environmental, climate, and energy-related policies and regulations,
as well as progress on sustainability-related targets. Moreover, the risk management processes are centrally
coordinated by the Treasury and Risk & Insurance Management departments to ensure consistent application of
risk management tools and techniques across the organization.
[ESRS-2-GOV-1.22d] OMV’s Enterprise-Wide Risk Management (EWRM) program focuses on assessing and addressing
material impacts and risks, including those related to environmental, social, and governance (ESG) topics. The
sustainability risk management activities provide a systematic approach to addressing ESG-related risks and
opportunities for the Company’s objectives or impacts on the environment or society over various time horizons,
fully integrated within the Enterprise-Wide Risk Management framework applicable to OMV. OMV continually
enhances this process based on internal and external requirements. The same risk management information
technology application used for Enterprise-Wide Risk Management, the Active Risk Management System, is
employed to collect, analyze, manage, and report material impacts, risks, and opportunities. Effective risk
governance is crucial for successfully navigating the uncertainties inherent in OMV’s operations.
[ESRS-2-GOV-2.26a, 26b] The Corporate Risk Management function integrates the material impacts, risks, and
opportunities into OMV’s risk profile twice per year based on the information provided by Group Sustainability and
the related actions. For major transactions, the Corporate Risk Management function proposes trade-off strategies
to mitigate identified risks and seize opportunities.
[ESRS-2-GOV-2.26c] The list of all material impacts, risks, and opportunities addressed in the reporting period by
relevant OMV administrative, management, and supervisory bodies (Supervisory Board, Executive Board,
Sustainability & Transformation Committee, Audit Committee, Sustainability Coordination Forum, Risk Committee)
as described above are all material impacts, risks, and opportunities as disclosed in section SBM 3 – Material
impacts, risks, and opportunities and their interaction with the strategy and business model.
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GOV-3 Integration of Sustainability-Related Performance in
Incentive Schemes
[ESRS-2-GOV-3.29a] [E1-GOV-3.13] The Supervisory Board assesses the performance of the Executive Board, including on
the implementation of the sustainability strategy. The Remuneration Committee is authorized to determine the
Executive Board’s remuneration, including the structure of the remuneration system and actual target achievement.
The Executive Board remuneration consists of fixed and variable remuneration elements. Selected employees at
senior management level are also eligible to participate in the Long-Term Incentive Plan (LTIP). The variable
remuneration – LTIP and the annual bonus – includes performance criteria related to the Company’s sustainability
and greenhouse gas (GHG) emissions performance. Long-term shareholder and other stakeholder interests are
reflected in the performance-related remuneration, which includes both long-term and short-term elements.
[ESRS-2-GOV-3.29b-29d] [E1-GOV-3.13] The Remuneration Policy for the Executive Board was approved at the Annual
General Meeting in June 2022 and was effective in 2023. It sets out GHG and ESG targets as forming part of the
annual bonus and LTIP. The proportion of variable remuneration linked to sustainability-related targets comprises
15% of the annual bonus, based on achieving the defined reduction in net absolute Scope 1 and 2 GHG emissions,
and 30% of the Long-Term Incentive Plan (LTIP), based on achieving ESG targets. These ESG targets are to reduce
the net carbon intensity of energy supply (weighted with 20%) and improve diversity at the OMV Group (weighted
with 10%). The GHG targets in the annual bonus (i.e., reducing Scope 1 and 2 emissions) and the LTIP (i.e., reducing
the carbon intensity of energy supply) are clearly linked and directly derived from the OMV GHG emissions
reduction targets for 2030 and the required reduction pathways up to 2030 compared to the base year 2019. This
means the achievement of the GHG targets set out in the annual bonus and the LTIP requires OMV to implement
the defined decarbonization pathway to achieve its 2030 GHG emissions reduction targets, which include the
reduction of absolute Scope 1 and 2 emissions by 30%, the reduction of Scope 3 emissions by 20%, and the
reduction of the carbon intensity of energy supply by 20% – all compared to the base year 2019.
[ESRS-2-GOV-3.29b, 29c; 29e] [ESRS-2-GOV-3.13] The Remuneration Committee has established an OMV-specific catalog of
criteria derived from OMV’s Strategy 2030, among which are strategic GHG emissions reduction KPIs that steer
OMV’s decarbonization actions up to 2030. These include the reduction of Scope 1 and 2 GHG emissions and the
reduction of the carbon intensity of energy supply. The Remuneration Committee chooses and approves the
specific ESG targets and their weighting for each LTIP tranche based on this catalog. The catalog is reviewed and, if
needed, updated each year following a process defined and owned by the OMV People & Culture department. GHG
emissions reduction will always constitute an ESG target in the LTIP. GHG and ESG targets and their weighting are
published in the Remuneration Report for the grant year, which can be found on the / OMV website. Based on
predefined criteria (e.g., fatalities, TRIR, process safety) and in comparison to industry benchmarks, a health and
safety malus of between 0.8 and 1.0 is applied to the overall target achievement for both the annual bonus and the
LTIP. In the event of severe incidents, the Remuneration Committee may reduce the payout to zero. This malus
considers OMV’s commitment to health and workplace safety. An external review of actual target achievement is
performed by OMV’s auditor, and the results are communicated to the Remuneration Committee and Supervisory
Board.
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GOV-4 Statement on Due Diligence
Due Diligence
[ESRS 2-GOV-4.30] [ESRS 2-GOV-4.32]
Core Elements
of Due
Diligence
Paragraphs in the Sustainability Statement
Embedding due
diligence in
governance,
strategy, and
business model
ESRS 2 GOV-2 Sustainability matters addressed by management, GOV-2.26a.
ESRS 2 GOV-3 Incentive schemes, GOV 3.29a-29e.
ESRS 2 SBM-3 Material impacts, risks and opportunities and their integration with strategy and business model, ESRS 2 SBM
3-48a-48b.
Due diligence is integrated into the Company’s governance, strategy, and business model. Detailed information on this is
outlined in the Management and Due Diligence Processes sections of each Material Topic.
Engaging with
affected
stakeholders in
all key steps of
due diligence
ESRS 2 GOV-2 Sustainability matters addressed by management, GOV-2.26a.
ESRS 2 SBM-2, Interests and views of stakeholders, SBM2.45a-i-45-v, S1.SBM-2.12, S2.SBM-2.9, S3.SBM-2.8
Topical ESRS, ESRS S1-12, S1-1.19, S1-2.27, ESRS S2-2, ESRS S3-2
ESRS 2 IRO-1 Materiality assessment process, ESRS2-IRO-1.53b-iii
ESRS 2 MDR-P Policy overview, ESRS E5-1.14, ESRS E4-2.22, E4-2, ESRS E3-1.14, ESRS E2-1, ESRS S1-2.24, ESRS S2-1.16,
S2-1, ESRS S3-1
The Company engages with affected stakeholders in all key steps of the due diligence process. The human rights due
diligence process includes continuous engagement and consultation with external stakeholders, including those being
impacted. This engagement is part of assessing actual and potential human rights impacts, integrating and acting on due
diligence findings, tracking the effectiveness of actions, and communicating how these impacts are being addressed.
Details on human rights due diligence are available in the Statement on Modern Slavery and Human Trafficking.
Identifying and
assessing
adverse impacts
ESRS 2 SBM-2 Interests and views of stakeholders, SBM2.48a, 48b
ESRS 2 IRO-1 Materiality assessment process, ESRS 2 IRO-1.53a, 53e, 53g, E1.20a, 20b-ii, 20c-i; E1.21; E2.11a; E4.17c
The Statement on Modern Slavery and Human Trafficking 2023 explains that OMV’s human rights due diligence (DD)
encompasses four steps, the first of which is assessing actual and potential human rights impacts associated with current
and future business activities. This indicates that OMV’s due diligence processes include identifying and assessing adverse
impacts, specifically related to human rights.
Taking actions
to address
those adverse
impacts
Topical ESRS, ESRS E1-3, ESRS E2-2, ESRS E3-2, ESRS E4-3, ESRS E5-2 , ESRS S1-4, ESRS S2-4 , ESRS S3-4
OMV takes actions to address adverse impacts identified during the due diligence process, as detailed in the Statement on
Modern Slavery and Human Trafficking 2023. OMV’s human rights due diligence (DD) process comprises four steps: assessing
actual and potential human rights impacts associated with current and future business activities, integrating and acting on
the findings in our activities, tracking the effectiveness of our actions, and communicating how these impacts are being
addressed.
Tracking and
communicating
the
effectiveness of
these efforts
ESRS 2 MDR-T Tracking effectiveness of these efforts through targets,
ESRS E1-4, ESRS E2-3, ESRS E5-3, ESRS S1-5, ESRS S2-5, ESRS S3-3
OMV tracks the effectiveness of its efforts in addressing the adverse impacts identified during the due diligence process, and
this information can be found in the Statement on Modern Slavery and Human Trafficking 2023. The statement outlines
OMV’s human rights due diligence process, which encompasses four steps: assessing actual and potential human rights
impacts associated with current and future business activities, integrating and acting on the due diligence findings in our
activities, tracking the effectiveness of our actions, and communicating how these impacts are being addressed.
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GOV-5 Risk Management and Internal Controls over
Sustainability Reporting
[ESRS-2-GOV-5.36a] OMV has developed a robust internal control system over the years, which encompasses all major
end-to-end processes to ensure the integrity and reliability of both our financial and sustainability reporting. Our
commitment to maintaining high standards of governance and transparency is reflected in our active
implementation of a four lines of defense model. Operational management forms the first line of defense by owning
and managing risks. The second line includes the Risk Management, Corporate ICS, and Compliance functions that
oversee and monitor these practices. Our Internal Audit function serves as the third line of defense, providing
independent assurance on the effectiveness of risk management and internal controls. Additionally, OMV views
external auditors as a fourth line of defense, ensuring close alignment with ICS-related topics. This approach
ensures that risk management and internal control responsibilities are clearly defined and distributed across the
organization to maintain the integrity and accuracy of sustainability data and to mitigate any risks that may be
related to our sustainability reporting process.
OMV’s sustainability reporting process is defined and owned by Group Sustainability. It is evaluated on an annual
basis and if there have been any changes, the process is updated. The process is subject to both internal and
external audits to ensure that it is effective. Additionally, in alignment with the evolving regulatory landscape, OMV
has recently established internal controls specifically designed for EU Taxonomy compliant reporting. These
controls ensure that our sustainability activities and disclosures meet the stringent requirements set forth by the
EU, thereby enhancing the credibility and transparency of our sustainability reporting.
[ESRS-2-GOV-5.36b] Our risk management and internal control processes are designed to identify, assess, and mitigate
risks that could affect our financial and sustainability reporting. We perform annual risk assessments to pinpoint
potential risks of material misstatements based on criteria such as materiality, process complexity, and likelihood of
errors. OMV’s internal control framework encompasses policies, procedures, and controls that are reviewed annually
and updated to address emerging risks and comply with regulatory requirements. Adhering to the principles in the
Enterprise-Wide Risk Management (EWRM) process, risks related to sustainability reporting are prioritized based on
their potential impact on regulatory compliance, our strategic objectives, and stakeholder expectations. OMV’s
sustainability reporting process will be reassessed in 2025 to make all the necessary updates related to the
requirements outlined in the ESRS. This will also include a process on the materiality assessment. Additional internal
controls to meet the minimum ESRS disclosure requirements will be implemented gradually. The initial focus is on
implementing robust internal controls for quantitative data related to greenhouse gas (GHG) emissions, health,
safety, security, and environment (HSSE), own workforce, human rights, and sustainable procurement. This phased
approach allows us to build a solid foundation for comprehensive and accurate sustainability reporting.
[ESRS-2-GOV-5.36c] Potential risks related to the sustainability reporting process include the misstatement of
quantitative data, incompleteness of data, and untimely delivery of data. To mitigate these risks, several controls
are implemented. Data validation controls are put in place to ensure accuracy through automated checks and
manual reviews. Data completeness controls are implemented via comprehensive data collection procedures and
regular audits to ensure all necessary data is captured. Timeliness controls are established by setting strict
reporting timelines and monitoring adherence to deadlines. The implementation of additional controls for
sustainability reporting is in its early stages and will be gradually developed to include comprehensive internal
controls to effectively address current and emerging risks. [ESRS-2-GOV-5.36d] OMV’s robust internal control system
(ICS) continuously reassesses risks through regular reviews, conducted every three years for all end-to-end
processes within its scope, including the sustainability reporting process. However, if a major change occurs during
this period, an ad hoc review is conducted, and the three-year cycle restarts from that point. Internal controls are
embedded into these processes to ensure comprehensive risk management. When a new risk emerges, it is
assessed by the relevant function and, if deemed significant, an internal control is designed and integrated into the
Company’s internal control system.
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[ESRS-2-GOV-5.36e] OMV’s ICS is based on the COSO framework, which ensures effective controls, the identification of
deficiencies and remediation, continuous improvement, and regulatory compliance. OMV has established a process
for spot-checking internal controls and an annual internal review. The outcomes of these reviews are reported to
top management and the Audit Committee. If issues are identified, remediation actions are implemented and
monitored, with their status reported regularly, coinciding with the frequency of Audit Committee meetings, which
occur at least four times a year. For ICS, there is a dedicated slot in the Audit Committee meetings for updates and
urgent queries if needed, ensuring continuous improvement. OMV’s Internal Audit reviews the Group Sustainability
processes, ensuring the completeness, accuracy, and quality of GHG accounting and confirming that Scope 1, 2,
and 3 emissions are correctly reported in alignment with international standards. This thorough audit maintains
high standards of transparency and accountability in sustainability reporting. The Audit Committee oversees the
internal control environment, ensuring controls are effective and aligned with strategic objectives. Additionally,
external assurance on financial and sustainability data further enhances the reliability of OMV’s reporting.
SBM -1 Strategy, Business Model, and Value Chain
About OMV
[ESRS-2-SBM-1.40a-i-40a-iii] [ESRS-2-SBM-1.40e-40g] OMV is an integrated company with three pillars: Chemicals, Fuels &
Feedstock, and Energy. In the Chemicals segment, OMV is among the largest producers of ethylene and propylene
in Europe and is one of the top ten polyolefin producers worldwide. OMV delivers advanced and circular polyolefin
solutions globally through OMV and Borealis, as well as its joint ventures Borouge and Baystar™. Including joint
ventures, OMV has significant production capacities in base chemicals, polyolefins, and compounding. The business
operates in consumer products, energy, health care, infrastructure, and mobility sectors.
In the Fuels & Feedstock segment, OMV processes hydrocarbons in four countries and operates three refineries in
Europe with a total global processing capacity of around 500 kbbl/d. OMV also holds a share in ADNOC Refining
and ADNOC Global Trading in the UAE. By the end of 2024, the retail network included 1,702 filling stations across
eight European countries.
In the Energy segment, OMV extracts hydrocarbons in the regions North, CEE, and South, and it includes the Low
Carbon Business and gas operations. In 2024, hydrocarbon production reached 340 kboe/d, with nearly equal
shares of liquids and gas. OMV’s Gas Marketing & Power activities include supplying, marketing, and trading gas in
Western and Eastern Europe. OMV operates natural gas storage facilities with a capacity of around 30 TWh and a
gas-fired power plant in Romania.
OMV has the following head count of employees by geographical areas. For detailed information, see the > S1 Own
Workforce metrics section.
Employees broken down by regions and countries1
[ESRS 2 SBM-1-40a-iii]
Head count
December 31, 2024
Austria
5,407
Rest of Europe
16,723
Middle East & Africa
639
Rest of the world
788
TOTAL
23,557
1 OMV Petrom investment in May 2024 (Renovatio Asset Management SRL) is excluded – 10 employees
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OMV plans to transform into an integrated sustainable chemicals, fuels, and energy company, achieving net zero
emissions by 2050. The Company has set interim targets for 2030 and 2040, aiming to reduce Scope 1 and 2
emissions by 30% by 2030 and 60% by 2040, and Scope 3 emissions by 20% by 2030 and 50% by 2040, all compared
to 2019 levels. OMV also aims to reduce the carbon intensity of its energy supply by up to 20% by 2030 and by 50%
by 2040. These reductions will be driven by increasing zero-carbon energy sales, sustainable base chemicals,
polyolefins, and products, as well as using Carbon Capture and Storage while decreasing fossil fuel sales. OMV aims
to phase out routine flaring and venting by 2030. For more information, see > E1 Climate Change.
OMV maintains a strong foundation in its traditional business while actively pursuing growth opportunities in
sustainable sectors. Strong cash flows from current operations support growth and transformation, balancing
investments in new areas and optimizing the traditional business. The primary objective is to respond to market
dynamics and customer expectations while ensuring economic sustainability and reliable supply.
The Strategy 2030 is built on four strategic pillars:
Strengthen, expand, and diversify the chemicals portfolio
Establish a leading position in renewable and circular economy solutions
Become a leading European producer of renewable fuels
Focus on gas and low-carbon solutions
In Chemicals, OMV aims to grow its sustainable products, targeting up to 1.4 mn t of sustainable base chemicals
and polyolefins by 2030, with significant volumes derived from recycling. OMV’s ReOil® project plans to scale up to
an industrial plant by 2029. The Company also focuses on renewable biobased chemicals and polyolefins,
leveraging integration with Fuels & Feedstock, and sustainable projects to offer competitive returns. In Fuels &
Feedstock, OMV is targeting a renewable fuels and chemical feedstock production capacity of around 1.5 mn t,
focusing on SAF, biodiesel, and chemical feedstocks. Key projects include co-processing plants and SAF/HVO
plants in various locations, while further capacities around the world are being explored. [ESRS 2-SBM-1.40a-iv] Under
the EU chemical legislation REACH, none of the substances manufactured in the three OMV refineries are subject to
bans in the 27 EU and three EEA countries.
OMV aims to expand e-mobility, targeting 5,000 fast and ultra-fast charging points by 2030 and the development of
a network of EV chargers for heavy-duty vehicles. A production target of around 350 kboe/d by 2030 will be
maintained, focusing on gas as a transition fuel. The Company seeks to build a profitable low-carbon business,
targeting geothermal energy, renewable power, and Carbon Capture and Storage. OMV is aiming for 3–4 TWh of
renewable power and around 4 TWh of geothermal energy by 2030, with projects across Europe. In Carbon Capture
and Storage, OMV is targeting a capacity of 3 mn t of CO₂ annually by 2030. For more details, see Net Zero
Transformation.
Building and retaining a talented and skilled team of employees for international and integrated growth is a key
factor in the success of OMV’s strategy. We developed a new People & Culture Strategy in 2022, which fully
supports the transformation of OMV and is centered around “People make it happen.” At the core of this is our
purpose: “Re-inventing essentials for sustainable living.” We have developed four strategic drivers: Employee
Experience, Growing Talent, Organizational Evolution, and New Ways of Working. These are all powered by a solid
foundation of Transformational Leadership, driven by our leaders. To ensure that no employee is left behind in the
implementation of our strategy, we are committed to a Just Transition. To facilitate this, we offer low-carbon
training solutions and continue to expand our efforts to upskill our workforce. Our aim is to keep skills up to date,
recognizing that existing skills can be transferred to new energy solutions.
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Revenues from Fossil Fuels
[ESRS-2-SBM-1.40d-i, 40d ii] The total revenue derived from fossil fuels (including a breakdown of revenue from oil and
gas) and chemicals production is presented in detail in Note 7 – Sales Revenues in the Consolidated Financial
Statements for year-end December 31, 2024. OMV does not generate any revenue from coal, and therefore it is not
reflected in the table. In the current reporting year, none of the revenue was from Taxonomy-aligned activities
related to fossil gas, details of which can be found in the EU Taxonomy section.
Disaggregation of revenues derived from oil, gas and chemical
In EUR mn
2024
Crude Oil, NGL, condensates, fuel and heating oil, other refining products
14,920
Natural gas and LNG
7,270
Chemical products
8,388
Total
30,578
Business Model and Value Chain
[ESRS-2-SBM-1.42] OMV is an integrated sustainable chemicals, fuels and energy company with a diverse business
model that spans the entire value chain. The key components of OMV’s business model are the exploration and
production of oil and natural gas and the development of low-carbon energy projects such as geothermal energy;
the refining of crude oil and sustainable feedstocks into various products, including fuels, heating oil, biobased fuels,
and petrochemical feedstocks; the marketing and retail business for its refined fuel products; the transportation,
storage, and marketing of natural gas; the production of electricity; the production and marketing of high-quality
plastics and chemicals; the mechanical and chemical recycling of plastic waste, and research and development in
the field of sustainable chemicals and materials, fuels, and energy.
OMV’s petrochemical activities in Austria and Germany are backward integrated into its refineries. Naphtha is used
as feedstock for the steam crackers operated by OMV. Key products are ethylene and propylene, which are mainly
supplied to OMV’s subsidiary Borealis for further processing into polyolefins. By making use of the latest chemical
and mechanical recycling technologies, OMV aims to establish a circular business model. An increasing share of the
polyolefins OMV produces will thus be based on recycled feedstock. This way, OMV will continue its integrated
business approach in the future.
[ESRS-2-SBM-1.42a] OMV’s business model relies on a variety of inputs, which are essential for its operations across the
value chain. The key inputs and OMV’s approach to gathering, developing, and securing them are:
Natural resources: crude oil, natural gas, and other hydrocarbons obtained through exploration and production
activities by our own operations and purchases from global markets; biobased feedstock and plastic waste
obtained from national and international markets; petrochemical products obtained from OMV’s own operations
and purchased from global markets.
Technology and innovation: Advanced technologies and innovative solutions are crucial for efficient exploration,
production, refining, and chemical processes. OMV invests in research and development to enhance its
technological capabilities.
Human capital: Skilled and experienced employees are vital for OMV’s success. OMV focuses on attracting,
developing, and retaining talent through comprehensive training programs and career development opportunities.
Financial capital: OMV requires substantial financial resources for investments in exploration, production, refining,
and sustainable energy projects. OMV secures funding through a mix of equity, debt, and reinvested earnings.
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Partnerships and collaborations: Strategic partnerships with other companies, research institutions, and
governments are essential for accessing new resources, technologies, and markets.
[ESRS-2-SBM-1.42b] OMV’s outputs and outcomes are designed to create value for a wide range of stakeholders,
including customers, investors, employees, and society at large. The current and expected key benefits for the
stakeholder groups are as follows:
Customers
Driving the energy transformation: OMV’s Strategy 2030 emphasizes the transformation into a sustainable,
integrated chemicals, fuels, and energy company, achieving significant emissions reductions while responding to
market and customer needs.
Reliable energy supply: OMV ensures a stable and secure supply of energy products, including oil, gas,
petrochemicals, and sustainable energy products, which are essential for various industries and daily life.
Quality products: OMV focuses on delivering high-quality fuels and chemicals, meeting stringent environmental
and safety standards.
Innovation and sustainability: OMV invests in innovative solutions such as green hydrogen and circular economy
initiatives, aiming to provide more sustainable energy options for customers.
Investors
Financial performance: OMV has a strong track record of financial performance, providing returns through
dividends and share price appreciation.
Strategic growth: OMV’s Strategy 2030 emphasizes growth in sustainable and innovative energy solutions,
positioning the Company for long-term success.
Transparency and governance: OMV maintains high standards of corporate governance and transparency,
fostering trust and confidence among investors.
Employees
Competitive compensation: OMV offers competitive wages and benefits, contributing to the economic well-being
of its employees.
Career development: OMV provides opportunities for professional growth and development, including training
programs and career advancement.
Safe work environment: OMV prioritizes health and safety, ensuring a safe working environment for all employees.
Just Transition: We ensure that no employee is left behind in the implementation of our strategy, and we are
committed to a Just Transition. Our aim is to keep skills up to date, recognizing that existing skills can be
transferred to new energy solutions.
Society
Economic contribution: OMV contributes to the economy through job creation, taxes, and investments in local
communities.
Environmental stewardship: OMV is committed to reducing its environmental impact, investing in renewable energy
projects and sustainable practices.
Community engagement: OMV supports various social projects, sponsorships, and donations, enhancing the quality
of life in the communities where it operates.
OMV’s integrated approach ensures that it creates value across its entire value chain, benefiting all stakeholders.
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[ESRS-2-SBM-1.42c] Our value chain is centered around our suppliers, contractors, assets, employees, customers, and
partners.
In OMV’s Fuels & Feedstock and Chemicals divisions and the gas sales business, our suppliers and contractors form
the upstream value chain, primarily providing feedstock and components, such as crude oil, intermediates, natural
gas, and LNG, as well as (petro)chemicals. These inputs are sourced from national and international energy,
chemical, and trading companies. In the Energy segment, we primarily procure equipment, components, and
services for our exploration, development, and drilling operations from our – in line with our geographical footprint –
predominantly European supplier base.
More information on our own operations can be found in the OMV value chain illustration below and the About OMV
section in this report, including a description of our business operations and further information on the geographical
breakdown of our operations.
Our customers, forming the downstream value chain, range from energy companies and wholesalers to industry
and end customers. Roughly half of the oil and gas produced by the Energy segment is further processed internally,
with the other half mainly sold to national and international energy companies and markets. In the F&F segment,
products are primarily distributed through our retail network or industrial sales. Through our industrial sales, F&F
directly and indirectly serves end customers in the mobility segment, such as the road transport, aviation, and
marine sectors or industry customers, such as the construction industry. Additionally, F&F provides feedstock to our
Chemicals division. The Chemicals division sells base chemicals to European chemical companies, while polyolefins
are sold to industry customers in more than 100 countries worldwide, primarily focusing on European markets. This
division serves end users in various industries, including consumer products, energy, health care, infrastructure, and
mobility.
OMV’s partners along the value chain operate joint venture assets with OMV, provide feedstocks and intermediates,
develop and improve technologies, or cooperate in selling our products. Moving forward, as we transition our
business model and the products offered to our customers evolve, the value chain will expand to encompass our
sustainable business models.
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The impacts, risks, and opportunities in our own business model and value chain identified during the materiality
assessment can be found in the section > SBM-3 Material Impacts, Risks, and Opportunities and Their Interaction
With the Strategy and Business Model.
SBM-2 Interests and Views of Stakeholders
[ESRS-2-SBM-2.45; 2.45a-i-45a ii; 45a-iv] OMV is committed to proactive stakeholder engagement. The purpose of OMV’s
stakeholder engagement is to foster mutual respect, transparency, and open dialogue with various stakeholders.
This approach helps OMV identify and manage relationships with individuals, groups, or organizations that might be
affected by our activities or have an impact on our business. By engaging with stakeholders, OMV can address
concerns, share information, and build strong, collaborative relationships. OMV’s key stakeholders, how the
engagement takes place for each category of stakeholders, and the specific topics of the stakeholder engagement
are shown in the table below.
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Stakeholder Engagement
Stakeholder Groups
Examples of OMV Engagement
Examples of Key Topics and Concerns Raised by
Stakeholders
Capital market
participants
• Regular reports and presentations, roadshows, Annual
General Meetings, conferences
• Socially responsible investor (SRI) meetings
• Share price and overall Company performance
• Creditworthiness
• Valuation compared to peers
• Climate strategy
• Significant ESG-related controversies
Customers
• Advertising
• Events
• Customer surveys
• Price and quality of products and services
• Customer service
Employees
• Town hall events, small update events with an
Executive Board member
• Internal newsletters, info screens, intranet, internal
blog
• Employee surveys
• Career and development opportunities
• Transparent communication and information
• Supportive management
Government
authorities
• Information exchange
• Relationship management
• Regular reporting (as required by law
• Regulatory framework
• Business environment
• Security of (energy) supply
Industry association
• Information exchange and regular contact
• Regulatory framework
• Business environment
Local communities
• Sustainability projects, sponsorships, and donations
• Grievance mechanisms
• Social and environmental standards and impacts
• Engagement with local community
Media
• Press releases and conferences Interviews
• Overall Company strategy, performance, and results
NGOs/NPOs
• Social projects, sponsorships, and donations
• Stakeholder dialogue and grievance mechanisms
• Meetings between OMV CEO and key NGOs
• Environmental, social, and climate performance
and risks
• Long-term OMV strategy
Peer companies,
competitors, JVs, and
other business
partners
• Industry meetings
• Contracts
• Participation in working groups such as Ipieca,
• IOGP
• Industry-wide standards for sustainability topics
• Good practice in exploration, development, and production
activities
Scientific and
research institutions
• Joint projects with industry partners, scientific
organizations, and universities
• Conferences and lectures
• Information on and best practice for new technologies
Suppliers and
contractors
• Negotiations and contracts
• Supplier audits and assessments
• Supplier events
• Fair contracts
• On-time payment
• Decent working conditions
[ESRS-2-SBM-2.45a-iii] OMV’s stakeholder engagement is organized around identifying and managing
relationships with various stakeholder groups that might be affected by its activities or have an impact on
its business. Key aspects of our approach are:
Stakeholder identification: OMV identifies stakeholders such as capital market participants, customers, employees,
government authorities, industry associations, local communities, media, NGOs/NPOs, peer companies, scientific
institutions, and suppliers.
Engagement channels: OMV uses various channels to engage with stakeholders, including regular reports,
presentations, roadshows, townhall events, internal newsletters, press releases, conferences, direct meetings, and
social projects.
Key topics and concerns: OMV addresses topics and concerns raised by stakeholders, such as company
performance, regulatory frameworks, social and environmental impacts, and industry standards.
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Transparency and dialogue: OMV promotes mutual respect, transparent behavior, and open dialogue as the
foundation for good relationships with stakeholders.
The OMV management team recognizes its fundamental responsibility to represent and promote shareholder
interests and understands its accountability for the Company’s performance and actions. This accountability is
achieved through dialogue with shareholders and potential investors, which in 2024 included the attendance of
top management and the Investor Relations team at conferences and analyst and investor calls that aimed to
maintain an active presence in both local and international capital markets. Additionally, top management
participated in conferences and meetings with investment fund representatives to regularly update investors and
analysts on quarterly operational and financial performance, strategy execution, and plans. Maintaining a dialogue
with trade unions is crucial for our Company’s social harmony. The OMV Executive Board and senior management
continue to work constructively with employee representatives and in dialogue with trade unions to develop
shared approaches, and this remains a key element in OMV’s decision-making process. We also actively engage in
meetings and discussions with NGOs to ensure we address broader societal concerns.
In addition, a comprehensive consultation process with both external and internal stakeholders is conducted by
OMV at least every three years for the materiality assessment. This process, run by Group Sustainability, is designed
to gather feedback on our material topics and, where necessary, establish new sustainability priorities.
[ESRS-2-SBM-2.45a-v] The outcome of stakeholder engagement is taken into account by integrating it into OMV
decision-making processes in several ways. For example, we address investors’ concerns on ESG issues through one-
on-one conversations, group meetings, participation in external events, and active involvement with key
stakeholders, working groups, and partnerships. Stakeholder feedback is also taken into account when performing
the materiality assessment to identify and prioritize the most relevant issues based on stakeholder input, and we
transparently report on how stakeholder feedback has influenced our decisions and actions in our sustainability
reporting. Feedback from stakeholders is also considered when developing or updating OMV’s strategies and
policies. This is especially relevant for the engagement between employees and Executive Board members occurring
quarterly and through additional ad hoc events addressing internal stakeholder concerns and expectations.
Stakeholder feedback is also used to continuously improve our performance, particularly in areas like environmental
impact, social responsibility, and governance, for example through regular engagement meetings with environmental
NGOs, conducting environmental and social impact assessments for new projects, and engaging with our local
community via our social investment projects or concerns raised via Community Grievance Mechanisms.
[ESRS-2-SBM-2.45b] During our materiality assessment process, our key stakeholders were identified with the purpose
of understanding their interests and views. Ten different key stakeholder groups were consulted during the
materiality assessment by using online questionnaires. These groups included employees, customers, suppliers,
contractors, business partners, capital market participants, NGOs, authorities, communities, associations, networks,
media, and science and research organizations. With this engagement, OMV wanted to ensure that the topics most
relevant to both OMV and its stakeholders are identified and prioritized. The questionnaire sent to stakeholders
contained the list of key topics OMV had identified during its materiality assessment. Stakeholders were requested
to rate those topics depending on their views and interests. Feedback was received from more than 900
stakeholders. The views and interests of the stakeholders expressed as rating results of material topics were used
to validate or adapt, where needed, OMV’s views on the material topics. In the materiality assessment process, the
overall key stakeholder feedback confirmed OMV’s internal views on material topics.
[ESRS-2-SBM-2.45d] The Executive Board of OMV is kept informed about the views and interests of affected
stakeholders during the approval process of the materiality assessment. Additionally, they receive continuous
updates on stakeholder perspectives through regular meetings with Company experts who interact directly with all
stakeholder groups listed in table above. This includes the results of our annual Pulse Check and direct engagements
with employees, as well as meetings with representatives from investors, media, business partners, and academia.
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S1 Own Workforce
[S1-SBM-2.12] At OMV, the views, interests, and rights of our workforce, including respect for their human rights
significantly influence our strategy and business model. This influence is reflected in our Code of Conduct and
comprehensive approach to human rights, as outlined in our Human Rights Policy Statement. Our own employees
have always been our primary focus, and ensuring safe and favorable working conditions, as well as talent
attraction and retention, equal treatment and opportunities, training and skills development are an ongoing part of
our People & Culture Strategy. [S1-SBM-2.AR 4] Therefore, our material impacts, risks, and opportunities related to our
own workforce are already embedded in our strategy and business model. Additionally, our People & Culture
Strategy integrates employee interests and supports our Strategy 2030, adapting our business model to evolving
needs. [S1-SBM-2.12] We prioritize respecting human rights and ensuring that employees’ perspectives are heard and
valued through engagement activities, such as the annual Pulse Check survey, which gathers feedback on various
aspects of their work environment and overall satisfaction. Direct interactions between the Executive Board and
Company experts, along with regular meetings with employee representatives, ensure continuous updates on
employee concerns and suggestions. By integrating these insights into our strategic planning, we aim to reflect our
employees’ values and expectations. [S1-SBM-2.AR 4] We recognize the significant impact our strategy and business
model have on our workforce. This includes ensuring just and favorable working conditions, promoting equal
treatment and opportunities for all, and attracting talented and skilled staff. Additionally, our strategy is important
in mitigating the risk associated with inefficient reskilling and training of our employees. For details,
see > S1 Human Rights, > S1 Own Workforce, and > S1 Health, Safety & Well-Being.
S2 Workers in the Value Chain
[S2-SBM-2.9] [S2-SBM-2.AR 4] At OMV, we recognize that our value chain workers are essential stakeholders whose
interests, views, and rights significantly influence our strategy and business model. To ensure their voices are heard
and respected, we established two anonymous feedback channels: the SpeakUp Channel dedicated to working
conditions and human rights-related issues, and the Integrity Platform, which focuses on business ethics-related
concerns. Both channels are accessible for value chain workers. The Code of Conduct was updated in 2024 to
explicitly address workers in the value chain, occupational safety, human trafficking, forced labor, and child labor in
line with applicable international standards. Additionally, we conduct regular assessments and audits (e.g., HSSE,
human rights) of our supply chain to identify and address potential human rights impacts, engaging directly with
value chain workers and their representatives to understand their concerns and perspectives. We collaborate with
our suppliers and business partners to promote fair labor practices and ensure compliance with international
human rights standards. The insights gained from these interactions are integrated into our strategic planning and
business model to align our operations with the values and needs of our value chain workers, supporting their rights
and well-being while contributing to sustainable development. [S2-SBM-2.AR4] We understand the role our strategy
and business model may play in creating material impacts on value chain workers, particularly through active
engagement on safety, strong human rights principles, and access to skilled personnel across the value chain. The
strategy and business model may help mitigating the negative impacts and risks associated with the loss of skilled
personnel throughout the value chain. We are aware of our impacts, risks, and opportunities, and are committed to
addressing them with appropriate actions. However, at this stage, these measures will not alter our overall strategy
and business model. For details, see > S2 Workers in the Value Chain.
S3 Affected Communities
[S3-SBM-2.7] [S3-SBM-2.AR 3] At OMV, we take account of the views, interests, and rights of affected communities,
including indigenous communities, by conducting Social Impact Assessments with free, prior, and informed consent
from local stakeholders. These assessments are sometimes combined with Environmental and Social Impact
Assessments to ensure the perspectives of local and indigenous communities are integrated into all project phases.
We engage with communities, including indigenous communities, through stakeholder engagement activities,
public consultations, meetings, projects and partnerships, and community grievance channels to maintain open and
transparent communication. This commitment to respecting and incorporating their feedback into our strategic
planning and business model helps us align our operations with the values and needs of these communities,
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supporting sustainable development and enhancing our social license to operate. [S3-SBM-2.AR 3] We recognize that
our strategy and business model may impact affected communities, including indigenous peoples. By respecting
their civil and political rights and creating business opportunities for local populations, we aim to foster positive
relationships. Our approach also seeks to mitigate potential impacts such as failure to respect communities’ social,
economic, and cultural rights, disturbance of cultural heritage, inability to avoid involuntary settlements, and limited
employment opportunities. We are fully aware of our positive and negative impacts and are committed to
addressing them by fostering sustainable community development and enhancing our community trust. For details,
see > S3 Affected Communities.
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SBM-3 Material Impacts, Risks, and Opportunities and Their
Interaction with the Strategy and Business Model
The materiality assessment carried out by OMV was based on the ESRS-compliant double materiality principle,
which considers both impact and financial materiality. The identified material topics for OMV are allocated to the
five defined focus topics of OMV’s Sustainability Framework. The following topics and sub-topics were identified as
material for OMV:
1 Not material for OMV, material only for Borealis. The El sub-topic “climate adaption” and G1 sub-topic “business ethics incl corruption and bribery” are identified as material
subtopics in OMV’s subsidiary Borealis by the Borealis-specific Double Materiality Assessment (DMA)
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[ESRS-2-SBM-3.48g] OMV’s materiality assessment, conducted in 2023 and reviewed in 2024, was the first under the
ESRS framework, applying the double materiality principle to consider both impact and financial materiality. In
previous reporting years, OMV had used the Sustainability and Diversity Improvement Act (NaDiVeG) and the GRI
guidelines to determine its material topics, as disclosed in our past Sustainability Reports (available on our website).
A direct comparison with material impacts, risks, and opportunities (IROs) from a previous reporting period can
therefore not be made. OMV plans to conduct an annual review of the material impacts, risks, and opportunities. An
extensive materiality analysis involving internal and external stakeholders will be repeated at least every three
years or if significant changes in the business or market environment occur. [ESRS-2-IRO-1.53h] Compared to the
previous year, Biodiversity and Ecosystems, Workers in the Value Chain, Cybersecurity, and Economic Impact, along
with their associated impacts, risks, and opportunities, were identified as additional material topics. For all impacts,
risks, and opportunities (IROs) identified for each material topic (such as Climate Change, Pollution, Water, Own
Workforce, Affected Communities, Waste and Circular Economy, Workers in the Value Chain, Biodiversity and
Ecosystems, and Business Conduct), the ESRS disclosure requirements and NaDiVeG have been addressed
wherever applicable. Where additional entity-specific disclosures have been included within the report, the
standards from which these disclosures stem have been included. All additional information included that is
relevant to the nature of our industry but does not stem from the aforementioned sources has been defined as a
voluntary disclosure. For more details, please see the IROs tables.
[ESRS-2-SBM-3.48b], [S1-SBM-3.13a-ii], [S2-SBM-3.10a-ii], [S3-SBM-3.8a-ii] OMV is aware of its current and anticipated negative
impacts, risks, and opportunities related to climate and the environment and takes these very seriously. As a
consequence, OMV’s Strategy 2030 places emphasis on transforming into a sustainable, integrated chemicals, fuels
and energy company and achieving significant emissions reductions while responding to market and customer
needs. In line with this strategic redirection, our business model and core business processes are continuously
adapting. There were no identified current or anticipated effects of material IROs on the business model, value
chain strategy, or decision-making in 2024, and therefore no changes were made to the strategy and business
model. More details about our strategic focus and business model aligned with our sustainability targets can be
found in the Strategy, Business Model, and Value Chain section [ESRS 2-SMB-1].Concrete actions we are taking to
mitigate negative environmental impacts and risks and seize opportunities are well-aligned with our strategic goals.
Read more about our actions related to our material impacts, risks, and opportunities in the respective chapters
about Environment, Social, and Governance.
[S1-SBM-3.13a-ii] Our own employees have always been our primary focus, and ensuring safe and conducive working
conditions and talent attraction and retention is a continuous part of our People & Culture Strategy. Therefore, all
our material impacts, risks, and opportunities related to our own workforce are already embedded in our strategy
and business model, and no major changes are foreseeable. Continuous quality maintenance and improvement
measures are screened and implemented as needed; however, they do not impact our strategy and business model
as such. For more details, please see > the IROs table for S1 Own Workforce (S1-SBM-13a-i).
[S2-SBM-3.10a-ii] When it comes to material impacts, risks, and opportunities related to workers in the value chain, we
have noticed a need to adapt the associated measures. With the materiality assessment, we identified S2 Workers
in the Value Chain as a material topic. We are very aware of all our material impacts, risks, and opportunities and
are very focused on addressing them with appropriate measures. However, at this stage the measures will not
affect our strategy and business model. For more details, please see > the IROs table for S2 Workers in the Value
Chain (S2-SBM-10a-i).
[S3-SBM-3.8a-ii] Regarding affected communities, OMV is aware that transparency, trust, and partnership-based
relationships with local communities are key to ensuring that we are a responsible and welcomed neighbor wherever
we operate. OMV’s strategy is informed by both positive and negative impacts, such as the failure to respect
communities’ economic, social, and cultural rights, and respecting civil and political rights. These are reflected in our
Code of Conduct and comprehensive approach to human rights, as outlined in our Human Rights Policy Statement.
The impacts inform our strategy through the measurement and fulfillment of our targets. For details see > the IROs
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
126
table for S3 Affected Communities (S3-SBM-10a-i). OMV’s strategy in this context is well suited to addressing the
identified impacts, risks, and opportunities, with no immediate adjustments planned.
Among our material impacts, risks, and opportunities related to business conduct, one risk requires our heightened
attention: geopolitical and economic uncertainty. Given our operations and value chain connections in countries
with political instability, we are closely monitoring the situation on the ground to realistically assess business
continuity implications. At this stage we do not see a need to change our strategy and/or business model, and we
are closely monitoring the impacts, risks, and opportunities.
[ESRS 2-AR.17] The assessment of the impacts, risks and opportunities reflects the complexity of OMV’s value chain,
mapped according to the OMV operating model. The potential risk exposure of suppliers, customers, and JV
partners is assessed by mapping global ESG risks and the geographies of the supply chain. This ESG risk
assessment is conducted using a global risk intelligence external platform, which provides a detailed list of indices
grouped as follows: climate and environment, geopolitics, and social factors, including human rights. For details,
see > Strategy, Business Model, and Value Chain.
The value chain assessment helps OMV understand its geographical concentration and identify key vulnerabilities
along the supply chain, leading to the identification of adaptation measures that increase resilience to short-term
challenges and megatrends. This holistic approach enables OMV to pinpoint vulnerabilities in the value chain and
engage with key suppliers and customers to address potential issues. Detailed mapping of the material impacts,
risks, and opportunities within the value chain can be found under each material topic.
[ESRS-2-SBM-3.48c-i] Besides the effects of the impacts, risks, and opportunities on our strategy and business model,
the impacts reflect OMV’s inside-out effect on the environment and people. OMV’s material impacts, both negative
and positive, significantly affect people and the environment. Due to the nature of OMV’s business, operations
impact people and the environment through emissions, spills and pollution, and resource depletion. OMV’s
adherence to strict environmental regulations and continuous improvement of safety measures aim to minimize
these adverse effects. Future positive impacts in this context are expected to result from OMV’s environmental
initiatives, such as reducing GHG emissions and investing in renewable energy, which demonstrate OMV’s
commitment to sustainable practices and benefit both the planet and future generations through responsible
stewardship. OMV’s commitment to safety, human rights, just and favorable working conditions, and community
development positively affects employees, workers in the value chain, and local communities. Continued adherence
to and enhancement of OMV’s internal framework in these areas are expected to continuously benefit people in
future. More information on the effect of material impacts on people and the environment can be found under each
material topic.
[ESRS-2-SBM-3.48c-ii] OMV’s impacts are closely linked to its strategy and business model. As an energy company,
OMV’s activities in oil and gas exploration, production, refining, and chemicals result in environmental impacts such
as emissions and resource depletion. Conversely, OMV also promotes sustainability, investing in renewable energy
and GHG emission reduction initiatives. This dual approach seeks to balance economic growth with environmental
stewardship, aligning short-term profitability with long-term responsibility, and positively impacting communities
and ecosystems through sustainable transitions. OMV’s commitment to low-carbon operations and achieving net
zero emissions by 2050 aims to mitigate negative environmental impacts.
[ESRS-2-SBM-3.48c-iii] The reasonably expected time horizons of OMV’s impacts vary depending on the nature of
activities and initiatives. “Short-term” refers to up to one year and includes immediate operational efficiencies,
positive environmental effects, and short-term economic contributions to local communities. Medium-term
impacts, spanning up to five years, involve more significant shifts such as reductions in carbon emissions,
improvements in working conditions, and advancements in renewable energy investments. The effects of strategic
shifts toward sustainability and circular economy practices will become more evident in this period. Long-term
impacts, with a time horizon longer than five years, focus on achieving net zero emissions by 2050, substantial
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
127
environmental restoration, and lasting socio-economic benefits through sustainable development practices and
technologies. These time frames reflect OMV’s strategic planning and regulatory compliance efforts.
[ESRS-2-SBM-3.48c-iv] OMV may be involved with material impacts through its direct activities and business
relationships. Direct activities, such as refining, chemical manufacturing, or extraction, can cause environmental and
social impacts like emissions, resource depletion, or labor practice issues. For example, exploration activities might
result in pollution. OMV can be linked to impacts through business relationships, such as those with suppliers or
partners. If suppliers engage in unethical labor practices or cause environmental harm, OMV is indirectly implicated.
Both direct operations and business relationships necessitate careful monitoring and management to mitigate
negative impacts and enhance positive contributions. More information on whether OMV is involved with a material
impact through its activities or because of its business relationships can be found under each impacts, risks, and
opportunities table.
[ESRS-2-SBM-3.48d] The material risks and opportunities identified did not have any material, measurable impact on
OMV’s current financial position, financial performance, and cash flows. CAPEX incurred in 2024 for actions to
prevent or mitigate these risks or to benefit from these opportunities is included in the tables summarizing the key
actions in the respective chapters, including mapping of CAPEX to the respective impacts, risks, and opportunities.
Current financial effects of material risks and opportunities for which there is a significant risk of a material
adjustment to the carrying amounts of assets within the next annual reporting period, considering the base case
scenario used for mid-term planning, are disclosed in the Consolidated Financial Statements, Note 3 – Effects of
climate change and the energy transition.
[ESRS-2-SBM-3.48f] The resilience of OMV’s strategy and business model is crucial in addressing material impacts and
risks while seizing opportunities. OMV’s strategic framework is designed to be adaptable, enabling the Company to
navigate the dynamic and often volatile energy market. By integrating sustainability into its core operations, OMV
takes a proactive approach to mitigating environmental risks, such as carbon emissions and resource depletion. The
Company’s commitment to achieving net zero emissions by 2050 highlights its long-term vision and dedication to
environmental stewardship. Furthermore, OMV employs robust risk management practices to identify and mitigate
human rights and operational risks within its supply chain.
This resilience is bolstered by significant investments in renewable energy and technological innovation, positioning
OMV to capitalize on emerging opportunities in the sustainable energy sector. By transparently disclosing its
strategies and initiatives, OMV reassures stakeholders of its ability to sustain economic growth while maintaining
environmental responsibility. The resilience framework that OMV applies to any potential crisis or unpredictable
threat follows the same principles of assessment, testing, monitoring, and continuous improvement.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
128
E1 Climate Change Related Material Impacts, Risks, and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3.48a]
Further details
[SBM-3.48c-i] [SBM-3.48c-ii] [SBM-3.48c-iv]
Time Horizon
[SBM 3-48c-iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
(IRO-E1-CC1): GHG emissions from operations, products sold and low energy efficiency in our operations
High emissions and significant energy consumption from continued operations and business activities under
the current business model
Direct and indirect GHG emissions from operations, products and low energy efficiency
contribute to global warming and climate change and negatively impact people and the
environment. The impact originates in OMV´s business model and strategy as the release of
GHG emissions results from its core activities.
OMV is involved with the impact through emissions caused by suppliers, from own operations
and from the use of our products.
Short, Mid-,
Long-term
I
-
Actual
●
●
●
Code of Conduct;
GHG Management
Framework;
Environmental
Management
Standard
Controlling of
Investment Directive
Covered by ESRS
disclosure
requirements
(IRO-E1-CC2): Reduction of GHG emissions through the energy transition
Supporting society's shift from a linear to a circular economy by offering diversified products with a lower
carbon footprint and gradually moving away from fossil fuels towards a net zero business by 2050
Providing a diversified, less carbon intensive product portfolio leads to an reduction in GHG
emissions and thus positively impacts people and the environment. The impact originates from
OMV´s strategy through its target of gradually replacing fossil with sustainable feedstock
OMV is involved with the impact through its relationships with suppliers (e.g., sourcing
sustainable feedstock), its own operations (e.g., gradually adjusting product portfolio) and its
customers (e.g., lower emissions from use of OMV’s products).
Long-term
I
+
Actual and
Potential
●
●
●
Code of Conduct
Environmental
Management
Standard
GHG Management
Framework
Controlling of
Investment Directive
Covered by ESRS
disclosure
requirements
IRO-E1-CC3): Loss of investors’ trust due to inability to implement our Strategy 2030
Inability to implement our strategic roadmap towards climate neutrality with intermediate targets due to
regulatory uncertainties and lack of technological advancement required to achieve our transformation
(NaDiVeG-allocation: Environmental concerns)
-
Long-term
R
○
●
○
EWRM
Code of Conduct
Covered by ESRS
disclosure
requirements
(IRO-E1-CC4): Reputational benefits from implementing nature-based solutions Reputational benefits from
implementing nature-based solutions that capture CO2 and potentially use it as a resource
-
Long-term
O
○
●
○
EWRM
Code of Conduct
Covered by ESRS
disclosure
requirements
(IRO-E1-CC5): Energy transition and circular technologies
Competitive advantage from participating in the clean energy transformation process
(NaDiVeG-allocation: Environmental concerns
-
Long-term
O
○
●
○
EWRM
Code of Conduct
Covered by ESRS
disclosure
requirements
IRO-E1-CC6): Higher costs due to regulatory changes across the value chain
Financial implications from implementing new mandatory changes in the value chain, for example limiting the
ability to shift to a more sustainable business faster or leading to significant additional costs
-
Mid-term
R
○
●
○
EWRM
Code of Conduct
Covered by ESRS
disclosure
requirements
(IRO-E1-CC7): Competitive advantage and lower costs driven by the renewable energy generation for our own
sites
Effective management of energy consumption and expansion of renewable energy generation for own
electricity consumption, reducing environmental cost of our operations, increasing financial savings through
energy efficiency measures, preventing non-compliance with regulatory requirements on energy use, and
reducing GHG emissions
-
Long-term
O
○
●
○
EWRM
Code of Conduct
Covered by ESRS
disclosure
requirements
E1: Climate Adaptation (Borealis-Specific) For more details about the Borealis IROs, see the Borealis Group Annual Report 2024 – Group Management Report – Non-Financial Statement
(IRO-E1-CC8): Value chain takes action to adapt to climate change becoming more resilient
Ensures the consistent delivery of essential feedstock from upstream to its own operations, as well as the
dependable delivery of products in downstream
Mid- and Long
term
I
`+
Actual
●
●
●
Mergers and
Acquisitions Policy
Covered by ESRS
disclosure
requirements
(IRO-E1-CC9): Available products and solutions that support climate adaptation
Borealis provides products and solutions that support climate adaptation, increasing climate resilience for
customers and society with products enabling cooling, rainwater management, and more
Short-term
O
○
●
○
EWRM
Covered by ESRS
disclosure
requirements
(IRO-E1-CC10): Higher feedstock costs
Borealis’ suppliers will shift more of their climate change adaptation costs onto Borealis
Long-term
R
○
●
○
EWRM
Covered by ESRS
disclosure
requirements
[E1-SBM-3.18] All material climate related risks mentioned in the table above are climate related transition risks.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
129
E2 Pollution Related Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3.48a]
Further details
[SBM-3.48c-i] [SBM-3.48c-ii] [SBM-3.48c-iv]
Time Horizon
[SBM- 3.48c-
iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[E2-P-IRO-1] Impact of non-GHG emissions along the value chain
Non-GHG emissions to air from suppliers, from our own operations, and from the use of OMV’s products,
negatively impacting air quality and consequently human and environmental health
Pollution of air from non-GHG emissions leads to reduction of air quality and negatively impacts
people and the environment.
The impact originates in OMV´s business model and strategy, as non-GHG emissions result from
OMV’s core activities.
OMV is involved with the impact through emissions caused by suppliers, from own operations
and from the use of our products.
Short-term
I
-
Actual
●
●
●
Code of Conduct
Environmental
Management Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E2-P-IRO-2] Reduction of non-GHG emissions through the energy transition
Reduced non-GHG emissions from the energy transition, based on new businesses causing little to no air
pollution
(NaDiVeG-allocation: Environmental concerns)
Long-term
O
○
●
○
Code of Conduct
Environmental
Management Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E2-P-IRO-3] Reduction of water and soil pollution by suppliers and business partners
Reduced water and soil pollution in our supply chain through OMV’s active engagement with suppliers
and business partners, leading to a positive impact on the environment
Engagement processes with suppliers and business partners and related audits improve
pollution performance and lead to positive impact on people and environment.
The impact is connected to OMV´s business model through internal regulations regarding
business standards.
OMV is involved with the impact through its business relationships with suppliers and business
partners.
Long-term
I
+
Actual
●
○
●
Code of Conduct
Spills Preparedness and
Response Planning
Standard
Environmental
Management Standard
Covered by ESRS
disclosure
requirements
[E2-P-IRO-4]: Water pollution from routine operations
Water pollution from our own operations or suppliers’ activities, such as drill cuttings, drill fluids, or
processed water discharge, or triggered by deviations from environmental compliance rules in the
downstream value chain
Pollution of water compromises water quality and negatively impacts people and the
environment.
The impact originates in OMV´s business model, as the risk of pollution is inherent to our
operations when prevention measures are not consistently followed.
OMV is involved with the impact through own operations (e.g., discharge water, incident
prevention) as well as suppliers, contractors or downstream services (e.g., drill cuttings, drill
fluids).
Short-term,
Mid- term
I
-
Actual
●
●
●
Code of Conduct
Spills Preparedness and
Response Planning
Standard
Environmental
Management Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E2-P-IRO-5]: Water pollution from operations
Water pollution due to asset integrity failure at our onshore operations, leading to environmental and
social consequences, costly remediation, and reputational damage
(NaDiVeG-allocation: Environmental concerns)
Short-term
R
○
●
○
EWRM
Environmental
Management Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E2-P-IRO-6] Impacts of incidents on soil pollution
Inability to prevent incidents resulting in soil pollution by suppliers or within our own operations, both from
routine and non-routine operations
Incidents during operations lead to soil pollution, which negatively impacts people and the
environment.
The impact originates in OMV´s business model as the risk of incidents is inherent to our
operations, when prevention measures are not consistently followed.
OMV is involved with the impact through its own operations and its business relationships with
suppliers.
Short-term,
Mid- term
I
-
Actual
●
●
○
Code of Conduct
Spills Preparedness and
Response Planning
Standard
Environmental
Management Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E2-P-IRO-7] Pollution from plastic waste and pellets
Pollution due to inadequate handling of plastic waste, including the failure to properly collect, sort, and
dispose of plastic waste, including pellet spills during transport and littering by users after the use
phase
Pollution from plastic waste negatively impacts people and the environment.
The impact is connected with OMV´s business model (Chemical segment.)
OMV is involved with the impact through its downstream business relationships and customers.
Short-term,
Mid- term,
Long-term
I
-
Actual
○
○
●
Code of conduct
Environmental
Management)
Responsible Care Policy
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E2-P-IRO-8]
Positive impact from transition to new, cleaner energy sources
Reduction of air pollution compared to fossil sources (e.g. , hydrogen, geothermal) from the transition to
new, clean energy sources
Use of cleaner energy sources leads to reduction of air pollution and to positive impact on
people and environment.
The impact originates in OMV´s strategy to source energy used in operations from cleaner
energy sources.
OMV is involved with the impact through its energy consumed for its business activities.
Long-term
I
+
Potential
○
●
○
Code of conduct
Environmental
Management Standard
Covered by ESRS
disclosure
requirements
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
130
Entity-Specific: Process safety Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3.48a]
Further details
[SBM-3.48c-i] [SBM-3.48c-ii] [SBM-3.48c-iv]
Time Horizon
[SBM- 3.48c-
iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
E2- PS- IRO-1): Pollution from spills
Process safety incidents, leading to spills, property damage and pollution in the vicinity of our operations
Process safety incidences negatively impacts people and the environment.
The impact originates in OMV´s business model, which is exposed to spills if regulations on
process safety and incident prevention are not consistently applied. Incidences may have
financial and reputational consequences.
OMV is involved with the impact through the safety performance in its own operations.
Short-term
I
-
Actual
○
●
○
Process Safety
Management
Standard
HSSE directive
HSSE Risk
Management
Contractor HSSE
Management,
Management of
Hazardous
Substances,
Personnel
Transportation,
Investigation, and
Classification of
Incident Standard
Covered by
entity-specific
disclosure
requirements
E3 Water and Marine Resources Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
(SBM-3-48a)
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
(SBM 3-48c-iii)
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
E3- W- IRO-1): Use of water from water stressed areas
Freshwater withdrawals for products and/or services in water-stressed areas, leading to regional implications
on the availability of water for nature and local communities
The use of water from stressed areas negatively impacts people (availability of water) and the
environment.
The impact originates in OMV´s business model and strategy through its dependency on water
for its core activities.
OMV is involved with the impact through its core activities and related business relationships
with suppliers.
Short Term
I
-
Actual
●
●
○
Code of Conduct
Environmental
Management
Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
(E3- W- IRO-2): Endangering of water resources
Negative effect on water resources due to inadequate wastewater practices and water pollution
Reduction of water quality and negatively impact people and the environment The impact
originates in OMV´s business model as water quality is compromised during operations, when
pollution prevention measures and wastewater practices are not consistently applied. OMV is
involved with the impact through its core activities.
Mid-Term
I
-
Actual
○
●
○
Code of Conduct
Environmental
Management
Standard
Covered by ESRS
disclosure
requirements
and company
specific
disclosures
(E3- W- IRO-3): Impact of water availability on operations
Operational disruptions due to insufficient water availability, resulting from inadequate assessment of water-
related constraints, such as baseline water stress, groundwater stress, and seasonal variability
(NaDiVeG-allocation: Environmental concerns)
Long-term
R
○
●
○
Code of Conduct
Environmental
Management
Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
131
E4 Biodiversity and Ecosystems Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3.48a]
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
[SBM- 3.48c-
iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[E4-BE-IRO-1]: Biodiversity and ecosystems impact
Impacts on biodiversity, ecosystems, and ecosystem services from various impact drivers, including GHG
emissions, land use change, water and other resource use, release of pollutants, spills, introduction of invasive
species, and disturbances
(NaDiVeG-allocation: Environmental concerns
Negative impacts on biodiversity and ecosystems affect people and the environment.
The impact originates in OMV´s core business as activities impact biodiversity and ecosystems
directly.
OMV is involved with the impact through its core activities and business relationships with
suppliers and contractors as well as customers through the use of its products.
Mid-term,
Long-term
I
-
Potential
●
●
●
Code of Conduct
Environmental
Management
Standard
Covered by ESRS
disclosure
requirements
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
132
E5 Resource Use and Circular Economy Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3.48a]
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
[SBM- 3.48c-
iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
E5-CE-IRO-1] Substitution of fossil inputs
Positive effects on nature and society through sustainable products and business practices implemented
within our own operation and value chain
The use of sustainable instead of fossil inputs saves resources and reduces emissions, thereby
positively impacting people and the environment.
The impact originates from OMV´s strategy through its target of gradually replacing fossil with
sustainable feedstock.
By procuring, processing and selling sustainable products, OMV is involved with the impact
through its activities and related business relationships with suppliers and customers.
Mid-term
I
+
Actual
●
●
●
Code of Conduct
Environmental
Management Standard
Renewables Sustainability
Management
Requirements
Covered by ESRS
disclosure
requirements
[E5-CE-IRO-2] Environmental impacts from competition for sustainable inputs
Environmental and social effects from growing demand for alternative feedstock, including land use
change, nature and forest degradation, or human rights violations
Increasing demand for biobased feedstock negatively impacts people and the environment.
The impact originates from OMV´s strategy through its target of gradually replacing fossil with
sustainable feedstock.
OMV is involved with the impact through its business relationships with customers, as
sustainable products become scarce.
Long-term
I
-
Actual
○
○
●
Code of Conduct
Environmental
Management Standard
Renewables Sustainability
Management
Requirements
Covered by ESRS
disclosure
requirements
[E5-CE-IRO-3] Use of primary fossil–based resources
Procurement and use of primary fossil-based resources, generating a negative impact on the environment
Procurement and use of primary fossil-based resources (vs. sustainable feedstock) contributes
to emissions which negatively impact people and the environment.
The impact originates in OMV’s strategy and business model as core activities involve the use of
primary fossil-based resources.
OMV is involved with the impact through its business relationships with suppliers, from who
fossil feedstock is procured.
Mid-term
I
-
Actual
●
○
○
Code of Conduct
Environmental
Management Standard
Renewables Sustainability
Management
Requirements
Covered by ESRS
disclosure
requirements
[E5-CE-IRO-4] Reduction of emissions from using captured carbon
Reducing emissions by utilizing captured carbon as a valuable input for energy solutions and industrial
processes
(NaDiVeG-allocation: Environmental concerns)
Long-term
O
○
●
○
EWRM
Covered by ESRS
disclosure
requirements
E5-CE-IRO-5] Circular economy best practices
Achieving cost efficiencies through best practices related to circularity and resource efficiency
(NaDiVeG-allocation: Environmental concerns)
Long-term
O
○
●
○
EWRM
Covered by ESRS
disclosure
requirements
[E5-CE-IRO-6] Reduction of emissions due to sustainable products
Lower emissions from sustainable products made from renewable inputs or recycled plastic waste
The use of sustainable instead of fossil inputs may save resources and reduces emissions,
thereby positively impacting people and the environment.
The potential impact originates from OMV´s strategy through its target of gradually replacing
fossil with sustainable feedstock.
OMV is involved with the impact through its activities of producing sustainable products.
Long-term
I
+
Potential
○
●
○
Environmental
Management Standard
Covered by ESRS
disclosure
requirements
[E5-CE-IRO-7] Improper waste management
Negative impact on environment and nearby communities from improper waste disposal from our
operations or supply chain
Inappropriately disposed waste negatively impacts people and the environment.
The impact is connected to OMV´s business model, as operations generate waste that requires
disposal.
OMV is involved with the impact through own operations and business relationships with
suppliers.
Short-term
I
-
Actual
●
●
○
Environmental
Management Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[E5-CE-IRO-8] Use of waste materials and waste management
Increasing the reuse of waste materials from operations, reducing waste leakages in operations, waste
management, and process optimization to minimize waste residue
Minimization of waste residue reduces emissions and pollution, thereby positively impacting
people and the environment.
The impact originates from OMV´s strategy, with energy efficiency and decarbonization targets
being pursued. OMV is involved with the impact through its activities of reducing waste
leakages, improving waste management or reusing waste materials.
Short-term,
Mid-term
I
+
Actual
○
●
○
Environmental
Management, Code of
Conduct
Covered by ESRS
disclosure
requirements and
company specific
disclosures
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
133
S1 Human Rights Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3-48a]
Further details
[SBM-3 48c-i , 48c-ii, 48c-iv]
Time Horizon
[SBM 3-48c-iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[S1-HR-IRO-1]:
Inadequate application of human rights standards Inadequate application of human rights standards could
negatively impact our workforce’s rights.
This includes inaccessible grievance mechanisms, disregard for freedom of association where legislation
prohibits formal employee representation, and failure to address the economic and social consequences of
staff release. Insufficient identification and resolution of human rights impacts that also increase the risks of
forced labor, right to privacy or human trafficking. (NaDiVeG-allocation: Respect for human rights concerns)
Human rights violations negatively impact people and lead to less engagement and productivity.
The impact is connected to OMV´s strategy through reputational damages and loss of talent
attraction and retention as a consequence of human rights violations.
OMV is involved with the impact through its activities in form of initiatives and feedback
mechanisms or regulations and procedures to protect the rights and interests of people.
Short-term
Mid-term
I
-
Actual and
potential
○
●
○
Human Rights Policy
Statement; Code of
conduct
Covered by ESRS
disclosure
requirements and
company specific
disclosures
S1 Health and Safety Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3-48a]
Further details
[SBM-3 48c-i , 48c-ii, 48c-iv]
Time Horizon
[SBM 3-48c-iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[S1-HSW-IRO-1]: Inadequate occupational safety & health management
Complex shift and rotation patterns, project-related pressures, and challenges in accessing grievance
mechanisms can negatively impact workers’ health
(NaDiVeG-allocation: Employees and social concerns)
Failure to establish proper safety and health standards negatively impacts people.
The impact is connected to OMV´s strategy through reputational damages and loss of talent
attraction and retention as a consequence of inadequate occupational safety & health
management.
OMV is involved with the impact through its activities in form of internal regulations and
standards (e.g., on rest time, training hours), grievance mechanism or occupational health
initiatives,
Short-term
I
-
Actual and
potential
○
●
○
Code of Conduct;
Human Rights Policy
Statement;
HSSE Directive
Health Care Standard
Reporting,
Investigation, and
Classification of
Incidents Standard;
Occupational Safety
Management
Standard
Covered by ESRS
disclosure
requirements
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
134
S1 Own Workforce Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
(SBM-3-48a)
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
(SBM 3-48c-iii)
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
(S1- OW- IRO-1): Just and favorable working condition
Increased employee satisfaction, productivity, and health by ensuring just and favorable working conditions,
promoting work-life balance and health and safety, increasing opportunities for the employees that represents
a minority share
NaDiVeG-allocation: Employees and social concerns)
The impact leads to increased employee retention and engagement, as well as talent attraction
The impact is connected to OMV´s strategy as building and retaining skilled and engaged
employees is considered a key factor of its success.
OMV is involved with the impact through its activities in form of initiatives and feedback
mechanisms, training programs and internal communication channels (intranet)
Short-
term, Mid term
I
+
Actual and
Potential
○
●
○
Code of Conduct
Human Rights Policy
Human Resources
Directive
Covered by ESRS
disclosure
requirements
(S1- OW- IRO-2): Equal treatment and opportunities for all
Increased employee satisfaction, productivity, and health through a comprehensive and inclusive workforce
strategy.
The impact leads to increased employee retention and engagement, as well as talent attraction
The impact is connected to OMV´s strategy as building and retaining skilled and engaged
employees is considered a key factor of its success.
OMV is involved with the impact through its activities in form of initiatives and processes (e.g.,
talent management, development conversations) or training programs.
Mid-term
I
+
Actual
○
●
○
People & Culture
Ethics Policy on Non-
Discrimination
Human Resources
Directive
Code of Conduct
Human rights policy
Statement
Covered by ESRS
disclosure
requirements and
company specific
disclosures
(S1- OW- IRO-3): Attraction of talents and trained staff
Competitive advantage, talent attraction and retention resulting from training opportunities for our staff.
(NaDiVeG-allocation: Employees and social concerns)
The opportunity is connected to OMV´s strategy as attraction and retention of skilled employees
is considered a key factor of its success.
Mid-term
o
○
●
○
EWRM
Human Resources
Directive
Covered by ESRS
disclosure
requirements
(S1- OW- IRO-4): Inefficient reskilling and training
Inability to successfully execute our strategy and comply with legal requirements due to insufficient training
(NaDiVeG-allocation: Employees and social concerns)
The risk is connected to OMV´s strategy as insufficiently trained staff might jeopardize its
successful implementation.
Long Term
R
○
●
○
EWRM
Covered by ESRS
disclosure
requirements
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
135
S2 Workers in the Value Chain Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
(SBM-3-48a)
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
(SBM 3-48c-iii)
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[S2-WV-IRO-1]: Inadequate application of human rights principles
Failure to ensure adequate health and safety conditions or to provide accessible grievance channels or other
mechanisms to address factors causing discrimination and harassment for workers in the value chain
(NaDiVeG allocation: respect for human rights concerns)
Human rights violations in the value chain may negatively impact people and lead to less
engagement and productivity.
The potential impact is connected to OMV’s strategy, as Human Rights violations might lead to
loss of skilled workers and reputation, which are critical factors for strategy implementation.
OMV is involved with the impact through its business relationships with suppliers and
contractors in the upstream and downstream value chain.
Short-term
I
-
Potential
●
○
●
Code of Conduct
Human Rights Policy
Statement
HSSE Directive
Contractor HSSE
Management
Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S2-WV-IRO-2]: Active business partners engagement on safety
Ensuring safe handling of OMV’s products and services, leading to a safe and healthy environment. (NaDiVeG-
allocation: Respect for human rights, and social
concerns)
Engagement processes on safety aspects of products and services may lead to positive impact
on people and environment.
The potential impact is connected to OMV´s business model, as product safety founds the basis
for sustainable business operations.
OMV is involved with the impact through its business relationships in the downstream value
chain.
Mid-term
I
+
Potential
○
○
●
Code of Conduct
Human Rights Policy
Statement
HSSE Directive
Contractor HSSE
Management
Standard
Covered by ESRS
disclosure
requirements
[S2-WV-IRO-3]: Strong human rights principles along the value chain
Promotion and protection of human rights across the supply chain through supplier engagement and
customer excellence.
Strong Human Rights principles along the value chain positively impact working conditions,
skills and people engagement.
The impact is connected to OMV´s strategy as positive working conditions support attraction
and retention of skilled value chain workers, which are critical factors for strategy
implementation.
OMV is involved with the impact through its business relationships with suppliers and
contractors in the upstream and downstream value chain.
Short-term
I
+
Actual
●
○
●
Code of Conduct
Human Rights Policy
Statement
Corporate
Procurement
Directive
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S2-WV-IRO-4]: Potential reputational erosion related to unequal treatment
Risk of reputational erosion caused by unequal treatment and opportunities for workers in the value chain.
(NaDiVeG-allocation: Respect for human rights concerns)
The risk is connected to OMV´s strategy as reputational erosion might lead to a loss of skilled
vale chain workers, which might jeopardize successful strategy implementation.
Short-term
R
○
●
○
Code of Conduct
Human Rights Policy
Statement
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S2-WV-IRO-5]: Loss of skilled employees
Loss of skilled employees and decreasing quality of work carried out by suppliers and contractors, resulting
from unequal rights and opportunities.
(NaDiVeG-allocation: Respect for human rights, employees and social concerns)
The risk is connected to OMV´s strategy as to a loss of skilled vale chain workers might
jeopardize its successful implementation.
Short-term
R
○
●
○
Code of Conduct
Human Rights Policy
Statement
Covered by ESRS
disclosure
requirements
[S2-WV-IRO-6]: Competitive advantage
Competitive advantage from applying OMV’s social principles and promoting them to workers in the value
chain. (NaDiVeG-allocation: Respect for human rights, employees and social concerns)
The opportunity is connected to OMV´s strategy as the application of OMV’s social principles
might contribute to increased workers satisfaction and productivity, thus enabling strategy
implementation.
Short-term
O
○
●
○
Code of Conduct
Human Rights Policy
Statement
Covered by ESRS
disclosure
requirements
[S2-WV-IRO-7]: Access to skilled personnel across the value chain
Enhanced profitability through access to skilled workforce across the value chain.
(NaDiVeG-allocation: Respect for human rights, employees and social concerns)
The opportunity is connected to OMV´s strategy as access to skilled personnel across the value
chain is a key factor its successful implementation
Short-, and
Mid-term
O
○
●
○
Code of Conduct
Human Rights Policy
Statement
Covered by ESRS
disclosure
requirements
[S2-WV-IRO-8]: Just Transition for the workers in the value chain
OMV contributes to promoting a Just Transition by implementing timely measures that aim to develop
workers’ skills and improve their employability in other sectors. (NaDiVeG-allocation: Respect for human
rights, employees and social concerns
The opportunity is connected to OMV´s strategy through supporting industries required for
OMV’s transition to a sustainable business model through timely reskilling of value chain
workers.
Mid-term
O
○
●
○
Code of Conduct
Human Rights Policy
Statement
Covered by ESRS
disclosure
requirements
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
136
S3 Affected Communities’ Rights Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
(SBM-3-48a)
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
(SBM 3-48c-iii)
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[S3-AC-IRO-1]: Failure to respect communities’ economic, social, and cultural rights
Failure to respect, protect and fulfill economic, social, political, civil, and cultural rights or to ensure
community consultation, compensation and reparation related to the supply chain or own operations, with
effects from process safety incidents or dust and noise disturbance of surrounding communities from
construction and transport.
(NaDiVeG-allocation: Respect for human rights, and social concerns)
Failure to address communities’ rights, establish a respect- and trustful relationship and find
mutually acceptable solutions negatively impacts people and the environment.
The impact is connected to OMV´s strategy as trustful relationships with local communities
support in creating a conducive operating environment and avoiding reputational damages.
OMV is involved with the impact through its business relationships with local communities.
Short-and Mid-
term
I
-
Actual and
potential
●
●
○
Human Rights Policy
Statement; Code of
conduct;
Sustainability
Directive
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S3-AC-IRO-2]: Inability to avoid involuntary resettlement
Inability to avoid involuntary resettlement, leading to negative effects on economic, social, or cultural well-
being of the right holders in the affected communities
(NaDiVeG-allocation: Respect for human rights, and social concerns)
Involuntary resettlement and the failure to find mutually acceptable solutions and establish a
respect- and trustful relationship may negatively impact people.
The potential impact is connected to OMV´s strategy as trustful relationships with local
communities support in creating a conducive operating environment and avoiding reputational
damages.
OMV is involved with the impact through its business relationships with local communities.
Long-term
I
-
Potential
●
●
○
Code of Conduct;
Human Rights Policy
Statement;
Sustainability
Directive;
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S3-AC-IRO-3]: Business opportunities for local communities
Supporting local employment and business development through OMV business initiatives, leading to tangible
positive results for local communities
Supporting local community development leads to a respect- and trustful relationship and
positively impacts people.
The impact is connected to OMV´s strategy as trustful relationships with local communities
support in creating a conducive operating environment.
OMV is involved with the impact through its business relationships with local communities.
Short- and
Mid-term
I
+
Actual and
potential
●
●
○
Code of Conduct;
Human Rights Policy
Statement;
Sustainability
Directive
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S3-AC-IRO-4]: Communities’ civil and political rights
Respecting the right to protest and possibility for expression of opinion are encouraged and promoted, while
no-lethal-weapons policy and graduated force response model are implemented
Respecting communities’ civil and political rights leads to leads a respect- and trustful
relationship positively impacts people.
The impact is connected to OMV´s strategy as trustful relationships with local communities
support in creating a conducive operating environment.
OMV is involved with the impact through its business relationships with local communities.
Short-term
I
+
Actual
●
●
○
Code of Conduct;
Human Rights Policy
Statement;
Sustainability
Directive
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S3-AC-IRO-5]: Disturbance of cultural heritage
Potential disturbance of cultural heritage sites of indigenous people and other communities as a result of
business development could have an adverse impact on the preservation of local cultural heritage and its
tangible and intangible values (e.g., damage, interference, restriction of access)
(NaDiVeG-allocation: Respect for human rights, employees and social concerns)
Disturbance of cultural heritage may harm the establishment of respect- and trustful
relationships and negatively impact people.
The potential impact is connected to OMV´s strategy as trustful relationships with local
communities support in creating a conducive operating environment and avoiding reputational
damages.
OMV is involved with the impact through its business relationships with local communities.
Mid-term
I
+
Potential
●
○
○
Code of Conduct;
Human Rights Policy
Statement;
Sustainability
Directive
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[S3-AC-IRO-6]: Limited employment opportunities
Failure to provide employment opportunities to local communities due to inability to identify or acquire the
skills needed can lead to unaffordable housing, inadequate transportation options, or inaccessible work.
Limited employment opportunities or community development negatively impacts people.
The impact is connected to OMV´s strategy as promoting local community development and
providing employment opportunities support in creating a conducive operating environment.
OMV is involved with the impact through its business relationships with local communities.
Short- and
Mid-term
I
-
Actual
●
●
○
Code of Conduct;
Human Rights Policy
Statement;
Sustainability
Directive
Covered by ESRS
disclosure
requirements and
company specific
disclosures
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
137
G1 Business Conduct Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
(SBM-3-48a)
Further details
(SBM-3 48c-i , 48c-ii, 48c-iv)
Time Horizon
(SBM 3-48c-iii)
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[G1-BE-IRO-1]: Integrity, ethical and transparent business
Positive workplace environment from fostering integrity, ethical practices, and transparency within the
business environment
(NaDiVeG-allocation: Corruption prevention concerns)
Mid-term
O
○
●
○
Code of Conduct;
Ethics & Integrity
Policy
Covered by ESRS
disclosure
requirements
[G1-BE-IRO-2]: Protection of whistleblowers
Promotion of integrity, ethical and transparent business environment through secure, accessible
whistleblowing
Mechanism for protection of whistleblowers helps to identify, report, investigate and prevent
illegal or unethical practices affecting people and environment.
This impact is connected to OMV´s business model and strategy by ensuring integrity and
transparency as a fundamental basis for sustainable business activities.
OMV is involved with the impact through business relations and activities including protection
against any form of retaliation within OMV.
Short-term
I
+
Actual
○
●
○
Code of Business
Ethics;
Whistleblowing
Directive
Covered by ESRS
disclosure
requirements
[G1-BE-IRO-3]: Corporate culture
Through its corporate culture, OMV remains a strong employer in the sector, promoting a compliant and
ethical corporate culture as well as fostering a positive working environment and employment opportunities.
Strong Corporate Culture positively impacts people, leading to increased employee retention
and engagement, as well as talent attraction.
The impact is connected to OMV´s strategy as building and retaining talented and skilled
employees is considered a key enabler for its success.
OMV is involved with the impact through its activities in form of initiatives and feedback
mechanisms, training programs and internal communication channels (intranet).
Mid-term
I
+
Actual and
potential
○
●
○
Code of Conduct;
Code of Business
Ethics; Ethics
&Integrity Policy
Covered by ESRS
disclosure
requirements
G1: Business Conduct | Corruption & Bribery (Borealis-specific) For more details about the Borealis IROs, see the Borealis Group Annual Report 2024 – Group Management Report – Non-Financial Statement
Incidents of corruption and bribery caused by upstream and downstream value chain
Hinders economic development, undermines institutions, rule of law is dysfunctional, society has no trust in its
governments and institutions, increasing social inequality, social and economic instability, and rising hardship
Incidents of corruption and bribery may lead to negative impact on people and the environment
due to increased violations of legitimate business practices. The potential impact is connected
to Borealis’ strategy through potential decrease in reputation. Borealis is involved with the
impact through business relations with suppliers and activities in form of supplier
prequalification process, investigation of potential Mid- term I - Potential Y N Y Borealis Ethics
Policy for Business Partners infringements, due diligence process incl. screening business
partners against sanctions, watchlists, and adverse media.
Mid-term
I
-
Potential
●
○
●
Borealis Ethics Policy
for Business Partners
Covered by ESRS
disclosure
requirements
A solid anti-corruption and anti- bribery culture, along with legal enforcement, is in place
Foster society’s trust in its institution, social justice, fair distribution of wealth, economic and social welfare
Promoting anti-corruption and anti-bribery culture may positively impact people and
environment by upholding legitimate business practices. The potential impact is connected to
Borealis´ strategy through maintaining the company´s reputation. Borealis is involved with the
impact through business relations with suppliers and activities such as specific anti-corruption
and anti-bribery e-learnings and trainings, contract provisions certifications and monitoring.
Mid-term
I
+
Potential
●
○
○
Borealis Ethics Policy
for Business Partners
Covered by ESRS
disclosure
requirements
A strong applied ethics culture with clear policies, processes, and effective tools in place
Mitigation of corruption and bribery risks, strengthening Borealis’ reputation, increasing supplier and employee
confidence in handling unethical offers, enhancing legal compliance, avoiding financial and reputational
damage, and fostering trustful relationships with business partners
Short-term
O
○
●
○
Borealis Ethics Policy
Covered by ESRS
disclosure
requirements
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
138
G1 Business conduct – Supplier Relationship Material Impacts, Risks And Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3-48a]
Further details
[SBM-3 48c-i , 48c-ii, 48c-iv]
Time Horizon
[SBM 3-48c-iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Link to other
material topics
US
OO
DS
(G1- SR- IRO-1): High business standard Ethical and transparent business environment fostered by strong
internal regulations regarding business standards, benefiting both people and the environment.
Supply chain engagement processes (e.g. CoC, General Purchase Conditions, ESG Audits, CGMs)
lead to positive impact on people and environment. The impact is connected to OMV´s business
model through internal regulations regarding business standard. OMV is involved with the
impact through its business relationships with suppliers.
Mid-Term
I
+
Actual
●
○
○
Corporate
Procurement
Directive; Purchase to
Pay Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
G1- SR- IRO-2) Sustainability awareness building with suppliers Engagement with suppliers/business partners
to establish and, develop a good corporate culture while continuously promoting it across the business
partners
ESG supplier assessments lead to positive impact on corporate culture in the supply chain.
Potentially they can lead to improvement of working conditions/quality of live for workers in the
supply chain in countries with lower standards than in AUT/EU. The impact is connected to
OMV´s business model and strategy through engagement with suppliers. OMV is involved with
the impact through its business relationships with suppliers.
Mid-Term
I
+
Actual and
Potential
●
○
○
Corporate
Procurement
Directive
Purchase to Pay
Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
[G1-SR-IRO-3] Dependence and economic instability of business partners Economic instability of business
partners due to strong dependence on OMV payments (NaDiVeG-allocation: Social concerns)
Potential negative impact due to late payments may lead to dependence and subsequent
economic instability of suppliers and contractors, The impact is connected to OMV´s business
model and strategy through engagement with suppliers. OMV is involved with the impact
through its business relationships with suppliers.
Short-term
I
-
Actual
●
○
○
Corporate
Procurement
Directive; Purchase to
Pay Standard
Covered by ESRS
disclosure
requirements and
company specific
disclosures
Entity-specific: Cybersecurity Material Impacts, Risks and Opportunities Resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3-48a]
Further details
[SBM-3 48c-i , 48c-ii, 48c-iv]
Time Horizon
[SBM 3-48c-iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[G1-CS-IRO-1]: Potential advanced cyberattack
An advanced cyberattack targets the IT/OT convergence systems, causing malfunctions and disruption in
essential plant process control systems. This may result in incorrect information about production process
parameters and, in a chain reaction, could lead to physical accidents with an environmental impact such as
fires, gas leaks, or oil spills. Depending on the underlying intrusive software, the attack vector could also affect
systems hosting data under confidentiality and privacy classification, resulting in a data leakage scenario.
(NaDiVeG-allocation: Environmental, employees and social concerns)
Disruption of essential plant process control systems may have a negative impact on people and
the environment.
Short-term
I
-
Potential
●
●
○
IT/OT Security
Directive; Data
Protection Policy
Covered by
entity-specific
disclosure
requirements
[G1-CS-IRO-2] Mature information security management system
A mature information security management system enhances the security of personal information and
protects the right to privacy.
Protection of personal data and privacy rights by operating mature systems may positively
impacts people.
The potential impact is connected to OMV´s business model and strategy through internal
regulations on data governance.
OMV is involved with the impact through its activities which involve holding personal data of
employees, customers and stakeholders
Short-term
I
+
Potential
○
●
●
IT/OT Security
Directive; Data
Protection Policy
Covered by
entity-specific
disclosure
requirements
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139
Entity-Specific: Economic Impact Material Impacts, Risks and Opportunities resulting from OMV Materiality Assessment 2024
[SBM-3.48a] [SBM-3.48c-i, 48c-ii, 48c-iii, 48c-iv] [SBM-3-48h]
Description
[SBM-3-48a]
Further details
[SBM-3 48c-i , 48c-ii, 48c-iv]
Time Horizon
[SBM 3-48c-iii]
IRO
-/+
Actual/
Potential
Value Chain
Relevant Policies
Type of
disclosure
US
OO
DS
[G1-EI-IRO-1]: Upside potential from OMV’s contribution to local economy
New business opportunities potentially driven by OMV’s active contribution to the local economy.
Short-term
O
○
●
●
Taxes Directive
Covered by
entity-specific
disclosure
requirements
[G1-EI-IRO-2]: Positive contribution to local economy
Positive impact on community investments due to OMV’s contribution to the local economy
Investments into community development strengthen local economies and positively impact
people. The impact is connected to OMV´s strategy as a just division of economic value supports
sustainable business relationships which facilitate strategy implementation. OMV is involved
with the impact through its community investment programs as well as its business
relationships with local suppliers4.
Mid-term
I
+
Actual and
potential
●
●
○
Taxes Directive
Covered by
entity-specific
disclosure
requirements
[G1-EI-IRO-3]: Lower contribution to communities
Lower contributions to communities resulting from reduced payment of local taxes and royalties in times of
economic downturns (NaDiVeG-allocation: Employees and social concerns)
Lower community income may lead to reduced public services and community development
and therefore negatively impact people and the environment. The potential impact is
connected to OMV´s business model that might be exposed to economic downturns. OMV is
involved with the impact through its activities, including payment of taxes, royalties and duties.
Mid-term
I
-
Potential
○
●
○
Taxes Directive
Covered by
entity-specific
disclosure
requirements
[G1-EI-IRO-4]: Geopolitical and economic uncertainty
Higher taxes due to geopolitical and economic uncertainty, along with regulatory changes
Short- term
R
○
●
○
Enterprise-Wide Risk
Management
Covered by
entity-specific
disclosure
requirements
[G1-EI-IRO-5]: Reputation loss due to lower economic value distribution
OMV missing opportunities and reputation erosion due to lower contribution to communities and investors
(e.g., reduced payment to local budgets)
Short- term
R
○
●
○
Enterprise-Wide Risk
Management
Covered by
entity-specific
disclosure
requirements
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140
IRO-1 Description of the processes to identify and assess
material impacts, risks and opportunities
[ESRS 2-IRO-1.53a] Our materiality assessment helps us to identify and prioritize key ESG topics and material impacts,
risks, and opportunities. This ensures our ESG strategy aligns with stakeholder expectations and external
requirements. During the materiality assessment in 2024, changes to our material topics were made to align with
the ESRS, including regrouping and renaming (sub-)topics and adding new (sub-)topics such as “other work-related
rights” and “workers in the value chain.” Based on the impacts, risks and opportunities identified during the
materiality assessment, it was determined that nine out of the ten sustainability topics outlined by the ESRS are
considered material for OMV. Additionally, entity-specific topics such as process safety, cybersecurity, and
economic impact were found to be material. The ESRS sub-topics climate adaptation and corruption and bribery
are not material for OMV, but they are material for OMV’s subsidiary Borealis. More information on these sub-topics
is included in the E1 and G1 topical chapters.
[ESRS 2-IRO-1.53a] The materiality assessment was carried out at Group level, covering all fully consolidated entities,
similar to the Company’s financial statements. To gain a comprehensive view of key sustainability topics, the
materiality analysis was conducted in five steps, considering impacts, risks, opportunities, and stakeholder
expectations.
First, a long list of topics from ESRS, GRI, and SASB sector standards was developed, excluding non-relevant topics,
with input from subject matter experts. Second, expert interviews were conducted to identify and formulate
impacts, risks, and opportunities for different topics and sub-topics. Third, ten internal and external stakeholder
groups, including employees, customers, suppliers, capital market participants, NGOs, authorities, communities,
associations, media, and science/research, were consulted to determine their most relevant sustainability topics.
The results of the stakeholder consultation were taking into consideration and generally validated the experts’
assessment. Fourth, identified impacts, risks and opportunities across the defined sustainability topics were
assessed and scored by subject matter experts in dedicated workshops to determine impact materiality and
financial materiality. Finally, topics were prioritized by defining a threshold and considering the results of the
previous steps.
This process included a high-level value chain assessment to identify potential impacts, risks, or opportunities likely
to arise in OMV’s business divisions and value chain steps. Each impact, risk, and opportunity is linked to at least one
OMV business segment (Energy, Fuels & Feedstock, Chemicals) and applicable value chain steps.
The resources we used included internal data (e.g., data collection: quantitative data reports, qualitative reports,
internal regulations), third-party data, the judgment of internal subject matter experts, and stakeholder
consultations through an online survey to validate and inform subject matter experts’ evaluations.
[ESRS 2-IRO-1.53b-i] The materiality impact assessment was conducted for all three of OMV’s business segments,
Chemicals, Fuels & Feedstock, and Energy, including the value chain as described under ESRS 2-SBM-1.42c. OMV’s
business segments geographical footprint spans Europe, the Middle East, North America, and Asia. OMV prioritized
high-risk areas, including regions with stringent regulatory environments or sensitive ecosystems, and closely
monitors operations involving resource extraction and refining.
[ESRS 2-IRO-1.53d] The results of the materiality assessment were presented and discussed with Senior Management in
the Sustainability Coordination Forum and finally approved. The final results were then approved by the OMV
Executive Board. The sustainability reporting process, shaped by the results of the materiality assessment, is
governed by the Sustainability Directive and the “manage sustainability reporting” process. Both the Directive and
the process are integral components of OMV’s overall management framework. The Sustainability Statement,
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included in the OMV Annual Report, is approved by the OMV Executive Board and the Supervisory Board. ESG topics
are also integrated into investment decision-making processes aiming to align investments with sustainability
targets. Motions for Executive Board investment decisions include core Environmental and Social (E&S) elements.
These elements encompass a wide range of factors that ensure negative impacts and risks are addressed while
affirming OMV’s commitment to making positive contributions.
[ESRS 2-IRO-1.53b, 53b-iv] The inside-out impact refers to the positive or negative effects of OMV’s regular business or
unplanned events and impacts on the environment (air, water, soil, resources, biodiversity) or people (health, safety,
socio-economic development and equity, employees, human rights). Impacts were assessed across the Company’s
operations and business relationships using the criteria: scale (seriousness of impact), scope (extent), remediability
(possibility and extent of restoring the environment or affected individuals), and likelihood (potential impacts), all
rated on a scale of 1 to 5. Additionally, potential human rights impacts were considered. Negative impacts were
scored based on their severity (scale, scope, and remediability) and likelihood. Positive impacts were scored based
on their scale, scope and likelihood. For a potential human rights negative impact, severity took precedence over
likelihood. The evaluation considered both positive or negative impacts and their time horizons. For environmental
topics, an impact threshold of 8, as recommended by EFRAG, was used due to the availability of established data.
For social and governance aspects, OMV adopted a threshold of 5, in order to ensure comprehensive oversight.
[ESRS 2-IRO-1.53b-ii] OMV evaluates impacts arising from its own operations as described in IRO 1.53a (e.g., data
collection: quantitative data reports, qualitative reports, internal regulations, the judgment of internal subject
matter experts) and those resulting from its business relationships. For business relationships, OMV scrutinizes
partners and suppliers to ensure alignment with ethical practices and compliance with human rights standards.
Regular assessments and audits help identify and address potential risks for both our own operations and business
relationships. This holistic approach ensures responsible practices throughout OMV’s value chain, fostering
sustainability and minimizing adverse impacts on communities and the environment.. [ESRS 2-IRO-1.53b-iii] As described
in more detail above, OMV consulted with internal and external stakeholders through an online survey during the
materiality assessment. The materiality assessment process was carried out using a top-down approach, relying
mainly on the expertise and knowledge of subject matter experts. .[ESRS 2-IRO-1.53c-ii] OMV’s definition of risk
(outside-in view) represents the uncertainty in OMV objectives, measured by the likelihood or frequency of an event
and its consequences, which can result in opportunities (upside) or threats (downside). The risks and opportunities
identified refer to potential future events that could adversely affect or enhance OMV’s objectives over various time
horizons. Dependencies on natural, human, and social resources, such as regulations related to emissions, energy
efficiency, and the increasing share of renewables in the energy mix – which might result in decreased fossil fuel
production and loss of sales/revenue – were considered.
The risks and opportunities were assessed against the following set of criteria: magnitude of financial effect (on a
scale of 0-none to 3-high) and likelihood of occurrence (on a scale from 0-never to 5-guaranteed). Risk
management experts were consulted during the assessment as needed. The financial materiality threshold was
defined as 1.5, covering the high and upper range of medium financial effects as material.
The OMV Risk Universe was adapted to incorporate the full spectrum of ESG impacts, risks, and opportunities that
can manifest in different forms and change from year to year. The OMV Risk Universe is reviewed annually based on
Group requirements. The top-down strategic risk management process is conducted annually to assess and
manage risks related to OMV’s strategy, considering internal and external contexts to preserve shareholder and
stakeholder value. This process involves long-term risk evaluations and opportunities recognized as part of OMV’s
strategic risk profile, identified through scenario modeling or interviews with top management. This process is
complemented by a bottom-up, operational mid-term risk management process, which focuses on business
uncertainties at the affiliate level and resulting uncertainties around mid-term plan objectives.
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Potential risks are linked with those assessed across the organization according to the Enterprise-Wide Risk
Management (EWRM) process. Major risks are collected and documented twice a year in a centralized repository,
the Active Risk Management System (ARMS), and reported to top management.
[ESRS 2-IRO-1.53c i] [S1-AR.45] Understanding the connection between impacts, dependencies, and risks is crucial for
effective risk management. When assessing risks, we evaluated the potential impacts on various aspects of OMV
and the environment where OMV operates, such as financial, operational, or strategic. On the other side,
dependencies can influence the likelihood and severity of risks, and were therefore considered for financial
materiality. This means that understanding these dependencies helps in identifying potential points of failure and
their cascading effects through the risk events, considering internal and external developments (future
requirements for the labor market).
[ESRS 2-IRO-1.53c-iii] ESG risks are part of the OMV Risk Universe and they are prioritized in the same manner as any
other type of risk by evaluating the potential impact and likelihood to determine which ones require the most
attention. The materiality assessment uses existing risk and opportunity data, historical incidents, stakeholder
engagement, audits, and sustainable practices to identify material topics and interlinked dependencies. This
integrated approach ensures sustainability-related risks are prioritized alongside other risks, supporting informed
decision-making and resilient strategy execution. Also see Sustainability Governance.
[ESRS 2-IRO-1.53e] The process to identify, assess, and manage impacts and risks is fully integrated into OMV’s overall
risk management process and used to evaluate OMV’s overall risk profile and risk management processes. Risks are
potential events that, if they occur, can affect OMV’s objectives and have an impact on the environment and society.
Details about the process can be found under ESRS 2-IRO-1.53c-i-ii.
[ESRS 2-IRO-1.53f] The OMV risk program also includes a structured opportunity management process to identify,
mature, and deliver business opportunities across the organization. OMV incorporates this process into its strategic
planning, operational reviews, and investment decisions. Cross-functional teams collaborate to identify potential
opportunities, assessing their feasibility and alignment with corporate objectives. This holistic approach enables
OMV to proactively capture value-adding opportunities, fostering sustainable growth and long-term resilience.
[ESRS 2-IRO-1.53g] Information from internal reports, feedback from community grievance mechanisms, operational
data, and third-party data were also used during the materiality assessment. This information was primarily sourced
from existing ESG topic reporting and workshops with subject matter experts involved in ESG management.
Additionally, standards such as GRI and SASB were reviewed to inform the materiality assessment regarding sector-
specific impacts. External and internal stakeholders were also included in the assessment. Each value chain
segment (upstream, own operations, downstream) was thoroughly evaluated.
[ESRS 2-IRO-1.53h] In previous reporting years, OMV used the Sustainability and Diversity Improvement Act (NaDiVeG)
and the GRI guidelines to determine its sustainability materiality. In preparation for CSRD-compliant reporting, OMV
completed a comprehensive materiality assessment in accordance with ESRS requirements in 2023, which was
thoroughly reviewed in 2024. OMV intends to repeat the materiality assessment at least every three years or if
significant changes in the business or market environment occur.
E1 Climate Change
[E1-IRO-1.20a] [E1-IRO-1.21] [E1-IRO-1.AR 11a] The assessment of climate-related impacts, risks, and opportunities as part of
our materiality assessment followed the multiple-step process outlined under data point ESRS 2-IRO-1.53a. The
Group Sustainability department, responsible for GHG accounting and reporting and sustainability risk
management, conducted the impact assessment. Utilizing experts’ judgment and internal qualitative and
quantitative reports within the Company, our experts screened operations and plans (short, medium, and long-term)
to identify potential and future climate change and energy impacts. Risks and opportunities were evaluated
following the same approach. The entire value chain was included in the assessment, aiming to identify both actual
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and potential impacts, as well as risks and opportunities.[E1-IRO-1.AR 9a] Actual and potential GHG emission sources
were identified by screening OMV activities and plans only for our own operations as described under E1, e.g., in the
Locked-in Emissions section. [E1-IRO-1.AR 9b] The actual and potential impacts on climate change were assessed as
part of the materiality assessment process. See the details in IRO-1-53a/b.
[E1-IRO-1-.20b], [E1-IRO-1.21], [E1-IRO-1.AR 11c] The assessment of physical climate risks follows the Enterprise-Wide Risk
Management process. Group Sustainability and Corporate Risk Management collaboratively coordinate a
comprehensive analysis of these risks, focusing on several key aspects. They begin by selecting a list of climate
change hazards specific to the geographical locations of OMV’s own business operations, based on Commission
Delegated Regulation (EU) 2021/2139. Next, the specificity and criticality of OMV’s activities are assessed to better
understand how these may be impacted by climate change hazards. Additionally, they evaluate the lifespan of the
assets and businesses at risk. The approach to risk management is then developed while bearing in mind that the
potential impacts of climate change risks may change over the duration of the business or asset’s life.
With the support of an external consultant who has extensive knowledge and experience, OMV models the physical
climate risks, focusing on surface water and riverine flooding, coastal inundation, soil movement, extreme wind,
wildfire, freeze-thaw, and extreme heat. The climate change model projects how selected climate-related perils
could evolve over time and quantifies the physical damage that could be expected for the asset portfolio. The peril
severity is mapped with the percentage of property damage for each asset included in the analysis to understand
the potential estimated financial loss, considering the standardized archetypes used to represent OMV asset
specifications. The physical risk assessment assumes no significant changes in the replacement value of the assets
at risk. [E1–IRO-1.AR 11c] We have considered the potential exposure of our assets to climate-related hazards.
[E1-IRO-1.20b] For the supply chain, an indication of exposure to physical climate-related risks is obtained using a set
of climate change risk indicators mapped to the suppliers and their geographical location, in conjunction with the
type of services and products supplied.
[E1-IRO-1.20a, 20bb] [E1-IRO-1.21], [E1-IRO-1.AR 11a, 11b] For 2024, the result of the physical risk assessment indicates that
the assets analyzed will be largely unaffected by any of the natural hazards until the middle of the century. Up to
2030, the OMV assets analyzed won’t need to adapt to unavoidable impacts of climate change, which confirms that
the OMV portfolio is climate-resilient on short-, medium-, and long-term time horizons until 2030, as applicable to
business model and strategy.
[E1-IRO-1.21] [E1-IRO-1.AR 11d] The frequency and severity of natural hazards were determined according to the
following IPCC climate change pathways: RCP 8.5, a very high baseline emission scenario referred to as “business as
usual,” and RCP 4.5, an intermediate emission scenario where global emissions peak around 2040 and decline,
stabilizing greenhouse gas concentration by 2100. In addition, OMV performs a robust physical climate vulnerability
assessment annually in accordance with the EU Taxonomy. The EU Taxonomy-aligned activities (18.7% of OMV’s
total CAPEX was Taxonomy-aligned in 2024) are screened based on business specificity and their geographical
location using a set of indices specifically aimed at providing a robust understanding of the changes in future
environmental conditions for the respective businesses. For details, see the EU Taxonomy section.
[E1-IRO-1.20b][E1-IRO-1.AR 12a-12c] OMV performs strategic risk management analysis using the risk scenarios to
understand the uncertainties around the pace of the energy transition that could affect OMV’s strategy and
business model. The main climate-related risks and opportunities (transition and physical) are considered by OMV in
its strategic planning or risk management process to determine potential financial implications.
[E1-IRO-1.20c] [E1-IRO-1.AR 12a-12b] The transition risks and opportunities are assessed over short-, medium-, and long-
term time horizons as described in the basis for preparation (BP-2.9a), and assessed in the context of the OMV
strategy and business model. The transition risks are transversal and thus already well covered by the Enterprise-
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Wide Risk Management process through a range of financial, operational, and strategic measures that are driven by
the transition to a sustainable economy. The following types of transition risks and opportunities are assessed:
Regulatory, related to policies that promote adaptation to climate change or limit the actions that contribute to the
adverse effects of climate change (challenges related to value chain adaptation to the regulatory changes).
Technological, capturing the downside and upside potentials emerging from technological improvements or
innovations that support the transition to a lower-carbon future or energy efficiency.
Market uncertainties, with a focus on positive or negative market shifts for certain commodities, products, or
services (e.g., carbon pricing, oil and gas product demand).
Reputation, driven by changes in consumer behavior, perceptions of OMV’s contribution to the transition to a
sustainable economy, or detraction from the transition to a lower-carbon economy.
[E1-IRO-1.AR 12c-12d] For information about climate transition risk scenario analysis, please refer to Note 3 – Effects of
climate change and the energy transition in the Annual Report 2024. Information on identified assets and business
activities that are incompatible with or need significant efforts to be compatible is included in section E1, e.g., in the
Locked-in Emissions section. [E1-IRO-1.AR 13a-13d] Information on climate scenario analysis is included in Note 3 –
Effects of climate change and the energy transition to the Consolidated Financial Statements for year-end
December 31, 2024. [E1-IRO-1.AR 15] For further information on base case and “net zero emissions by 2050”
assumptions, please refer to Note 3 to the Consolidated Financial Statements for year-end December 31, 2024.
E2 Pollution
[E2-IRO-1.11a] For the identification of OMV’s pollution-related impacts, risks, and opportunities, during the materiality
assessment, OMV environmental experts, who are also responsible for pollution-related reporting, screened OMV
business activities for actual and potential pollution aspects relating to all dimensions, i.e., air, water, and soil. The
screening process involved the assessment of past incidents and potential future scenarios to identify impacts.
OMV’s robust environmental governance framework was used for a comprehensive top-down qualitative
assessment of impacts, risks, and opportunities. Business-specific inputs have been considered, as have specific
inputs from our Community Feedback Mechanisms. Given the complexity and interdependency of environmental
pollution matters, OMV acknowledges the importance of a structured and systematic identification and assessment
method, such as the LEAP (Locate, Evaluate, Assess, Prepare) approach prescribed by the ESRS. For the first ESRS-
compliant materiality assessment carried out in 2024, we have not yet applied this systematic approach guided by a
clear methodology. However, in parallel to the materiality assessment and in preparation for reporting, a dedicated
workstream has started to develop a LEAP approach that will be used in subsequent years for pollution-, water-,
and biodiversity-related matters.
[E2-IRO-1.11b] Internal and external stakeholders, including affected communities, through their proxies were involved
during the materiality assessment process. [E2-IRO-1.AR 9a-9b] - 9.b] [E2-IRO-1.AR 3] The materiality assessment was
carried out mainly using a top-down methodology. While the assessment did not incorporate detailed information
about specific site locations, it did rely heavily on the expertise and knowledge of subject matter experts. The
identified pollution-related material IROs are linked to OMV’s three business divisions.
[E2-IRO-1.AR 3] During the materiality assessment process for impacts, risks, and opportunities, OMV took into account
the provisions outlined in ESRS 2 IRO-1 and IRO-2. [E2-IRO-1.AR 4a] All sub-topics included in the materiality
assessment were pollution of air, water, and soil, and they were identified as material for OMV. [E2-IRO-1.AR4b] During
the assessment, no dependencies on ecosystems were identified to potentially help to mitigate pollution-related
impacts.
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E3 Water and Marine Resources
[E3-IRO-1.8a] During the materiality assessment process, OMV environmental experts evaluated business activities for
actual and potential impacts, risks, and opportunities related to water and marine resources. The impacts, risks, and
opportunities were assessed based on a robust environmental governance framework, with business division-level
information considered for the top-down qualitative assessment. The value chain was also included in the
evaluation. To identify operations with nature sensitivities, such as activities in areas at risk of water scarcity or
water stress, Verisk Maplecroft’s Water Stress Index was considered, the aim being to screen the state of nature
including water resources. Risk assessments conducted so far indicate a low to medium water risk level for the
majority of OMV’s own operations. The assessment process to scientifically delimit areas at water risk is ongoing,
with further details to be analyzed based on the LEAP (Locate, Evaluate, Assess, Prepare) approach and other tools
such as the WWF Water Risk Filter and the Aqueduct Water Risk Atlas tool from the World Resources Institute
(WRI).
[E3-IRO-1.8b] Internal and external stakeholders, including representatives of affected communities, through their
proxies, were involved in the materiality assessment through the online survey. [E3-IRO-1.AR 3] During the materiality
assessment process for impacts, risks, and opportunities, OMV took into account the provisions outlined in ESRS 2
IRO-1 and IRO-2. [E3-IRO-1.AR 4a-AR 4b] All water sub-topics, which include the consumption of surface water and
groundwater, as well as water withdrawals and discharges, were considered in the materiality assessment. The
following water-related sub-topics were identified as material: water consumption, water withdrawal, water
discharge, water use, water produced, and generated flowback.
[E3-IRO-1.AR 6] The materiality process concentrated on broader, more comprehensive evaluations and therefore,
specific river basins were not considered for the applied top-down approach. However, specific river basin
information is considered in the site-specific water management plans for our operations. [E3-IRO-1.AR7] In the
materiality assessment OMV did not consider the criteria for defining the status of water bodies according to the
relevant Annexes of Directive 2000/60/EC (Water Framework Directive) or the guidance documents provided for its
implementation. We will review and consider incorporating these criteria in future assessments.
[E3-IRO-1.AR 15a], [E3-IRO-1.AR 15d] The primary business sectors within our operations related to this material topic are
Refining (F&F), Chemicals, and Energy (exploration and production). The materiality assessment utilized a top-down
approach, concentrating on broader, overarching evaluations, and did not incorporate detailed information about
specific site locations. [E3-IRO-1.AR 10], [E3-IRO-1.15b] Our business does not rely on commodities related to marine
resources, given the nature of our operations.
E4 Biodiversity and Ecosystems
[E4-IRO-1.17a] For the identification of impacts, risks, and opportunities, during the materiality assessment, OMV
environmental experts applied a top-down qualitative approach to screen OMV’s business activities for actual and
potential biodiversity and ecosystem aspects. The value chain was also included in the analysis. In parallel to our
materiality assessment, we started to map OMV sites against biodiversity-sensitive areas and to conduct an internal
formal assessment for biodiversity risks, in accordance with Environmental Management System policies and the
LEAP (Locate, Evaluate, Assess, Prepare) approach.
[E4-IRO-1.17a, 17b] The materiality assessment results will be consolidated with a more specific approach in the coming
years, which will continue to follow the guidance and phases of LEAP as recommended by the TNFD. In 2023, OMV
started to perform a Group-wide TNFD LEAP assessment to identify and assess nature-related impacts and risks. In
the Locate step, all OMV sites were subjected to geospatial analysis to prioritize sites based on ecosystem integrity
and biodiversity importance. Various biodiversity data layers provided by integrated biodiversity assessment tools
such as layers on protected areas, key biodiversity areas, and IUCN red listed species, as well as freely available layers
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such as Esri land cover, mean species abundance and water stress were applied. The results of the Locate phase were
also used to select six pilot sites across all divisions.
The Evaluate step is based on the direct drivers of biodiversity loss, which include climate change, land use changes,
freshwater use changes, and sea use changes, direct exploitation, invasive alien species, pollution of air, water, and
soil, and other factors such as disturbances. Additionally, it considers the impacts on the state of species, as well as
impacts on the extent and condition of ecosystems, including issues like land degradation, desertification, and soil
sealing. During this stage, a corporate impact and dependency register was established by aligning OMV’s activities
with data from the ENCORE tool and TNFD sector guidance. The corporate register is used as a starting point for the
site-level assessments for the six pilot sites, where the impact drivers are correlated with nature impacts, that is
impacts on species, habitats, and ecosystems. To rate the site-level impacts, the magnitude of the effect of nature
impacts and receptor sensitivity need to be scored. Dependencies are evaluated in a similar way. The results of the
Evaluate phase were used as an input for the Assess step, where risks and opportunities are analyzed. To assess
biodiversity risks, OMV makes use of a biodiversity-specific corporate risk register, which is integrated into OMV’s
existing HSSE risk management framework.
In the Prepare step, we focused on disclosure, work related to metrics and targets, updating the biodiversity policy,
and defining a roadmap for further rollout. As our LEAP assessment is not completed, we cannot disclose a list of
material sites yet, nor can we conclude that OMV contributes directly to the impact drivers of land-use changes,
freshwater-use changes, and/or sea-use changes. In 2025, we will continue to roll out the LEAP assessment to the
remaining priority sites to ultimately yield a list of material sites.
[E4-IRO-1.17c] Following the same scenario used for climate change analysis, the IPCC highlighted how climate
change could alter the ecosystems and cause a loss of biodiversity exacerbated by pollution or land use change. By
reducing its carbon footprint, OMV intends to minimize the additional stress on nature. In addition, the biodiversity
initiatives to which OMV commits are intended to ensure ecosystems protection or restoration that reduces the risk
to biodiversity. Nevertheless, OMV commits to further understand the impact of fossil fuel-based business and
microplastic on biodiversity. The OMV analysis of biodiversity considers the following dimensions:
Climate change-related analysis is well covered in E1
Water is a relevant impact driver to understand OMV resilience using the IPCC climate change scenarios and
OMV’s water consumptions
Potential changes to natural habitats in addition to the factors mentioned above are assumed to have limited
implications on OMV activities, considering the nature of the business. This review refers only to the long-term
potential implications on OMV’s business, with no analysis of the economic and social resilience in the context of
various scenarios used
The materiality assessment determined that there are no transition risks or opportunities associated with
biodiversity and ecosystems. This conclusion was reached after applying assessment criteria based on the
biodiversity impacts and dependencies.
[E4-IRO-1.17d] The assessment concluded that there are no systemic risks associated with biodiversity. However, it is
important to note that systemic risks were thoroughly evaluated and incorporated into the physical climate change
analysis. This ensures a comprehensive understanding of potential threats and their broader implications.
[E4-IRO-1.17e-i, 17e-ii] Internal and external stakeholders, including representatives of affected communities, through
their proxies, were involved in the materiality assessment through an online survey. The materiality assessment
process followed a top-down approach, mainly leveraging the expertise and knowledge of subject matter experts.
Consequently, not all relevant criteria were considered, such as specific sites, raw materials production, or sourcing,
as our LEAP assessment is still ongoing. [E4-IRO-1.17e-iii] Internal and external stakeholders, including representatives
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of affected communities, through their proxies, were involved in the materiality assessment through an online
survey. The materiality assessment process followed a top-down approach, mainly leveraging the expertise and
knowledge of subject matter experts. Consequently, not all relevant criteria were considered, such as specific sites,
raw materials production, or sourcing, as our LEAP assessment is still ongoing.
[E4-IRO-1.19, 19a] The assessment by the experts was performed by mapping OMV sites with biodiversity-sensitive
areas. We operate inside or near various types of biodiversity-sensitive areas, such as nationally protected areas
(NPA), Natura 2000 sites, and key biodiversity areas (KBA). Most of these sensitive areas are Natura 2000 sites.
According to our assessments, the total site area in or near sensitive areas accounts for a total operational surface
as summarized in the table below. It is important to emphasize that the information provided in the table below is
not a statement about negative impacts on sensitive areas. Rather, it merely indicates the proximity of OMV
operations to such areas. As our LEAP assessment is still ongoing, we currently cannot say whether the activities
conducted at our sites negatively affect biodiversity-sensitive areas.
Mapping OMV sites with biodiversity-sensitive areas
In ha
Division
Country
Area of sites in or near
biodiversity-sensitive areas
Types of biodiversity-sensitive areas
Chemicals
AT
75
NPA, Natura 2000, KBA
BE
168
NPA, Natura 2000, KBA
BR
0
n.a.
DE
7
NPA, Natura 2000
FI
79
NPA, Natura 2000
IT
0
n.a.
NL
0
n.a.
SE
52
NPA
US
0
n.a.
Fuels & Feedstock
AT
318
NPA, Natura 2000, KBA
DE
160
NPA, Natura 2000, KBA
HU
9
Natura 2000
RO
25
NPA, Natura 2000, KBA
Energy
AT
25
NPA, Natura 2000, KBA
NO
0
n.a.
NZ
2
KBA
RO
222
NPA, Natura 2000, KBA
TN
0
n.a.
YE
0
n.a.
Total
1,141
n.a.
Area of sites located in or near biodiversity-sensitive areas in aggregated form (by division and country) is defined
as the total area of OMV sites (in ha) that are located within 1 km of biodiversity-sensitive areas. The analysis does
not consider the portion of OMV sites that fall within the boundaries of a sensitive area expanded by a 1 km buffer
zone. Instead, if any part of the site lies within the 1 km buffer zone, the entire site area is included. In contrast, if
any part of the site falls within the 1 km buffer zone, the entire site is considered. For industrial sites in our Fuels &
Feedstock and Chemicals divisions, the geospatial analysis was carried out for the entire industrial site as defined
by the perimeter fence. This approach cannot be applied to our Energy division sites, as these are made up of a
very large number of smaller facilities spread over a large area. Here, a granular analysis based on individual wells
and facilities was performed. Since all wells and majority of our facilities are entered as point data (i.e., without
area) in our GIS systems, proxy polygons with average areas had to be created and used in the geospatial analysis.
For wells, an average proxy area of 900 m² and for facilities an average proxy area of 5,000 m² was used in the
analysis.
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Assumptions and limitations on this analysis were mainly related to the use of proxy areas for OMV facilities and
wells in the Energy division. In addition, we made the assumption that filling stations, pipelines, and certain types of
facilities (e.g., office buildings outside of industrial sites) do not have a impact on biodiversity and ecosystems and
therefore were excluded from the analysis. The analysis is performed once per year and as 2024 is the first year
that OMV has reported. Primary data (OMV operations) and publicly available data on biodiversity-sensitive areas is
used in the assessment.
[E4-IRO-1.19b] In the assessment, we did not consider biodiversity mitigation measures as outlined in various directives
and standards, including Directive 2009/147/EC, Council Directive 92/43/EEC, the Environmental Impact
Assessment (EIA) as defined in Directive 2011/92/EU, or equivalent national provisions and international standards
such as the IFC Performance Standard 6. The directives will be evaluated and potentially integrated in the future.
Impacts and mitigation measures in OMV are defined in accordance with the permits obtained for each of our sites.
Mitigation measures are applied for significant impacts identified in agreement with the environmental authorities
during the regulatory assessment procedure. Permitting and assessment procedures are applicable in all countries
in which we operate. When significant impacts are observed or predicted, the mitigation hierarchy is followed, and
action planning prioritizes the avoidance and minimization of impacts.
E5 Resources Use and Circular Economy
[E5-IRO-1.11, 11a] The assessment of impacts, risks, and opportunities related to resource use and circular economy was
conducted as part of the materiality assessment. The materiality process was carried out using a top-down
methodology. While the assessment did not incorporate detailed information about specific site locations, it did rely
heavily on the expertise and knowledge of subject matter experts. [E5-IRO-1.11b] One of the steps in the materiality
process was consultation with internal and external stakeholders via an online survey. The views of affected
communities, through their proxies, were taken into account in the materiality assessment via questionnaires, and we
relied on the conclusions from OMV’s community grievances and regular consultations with affected communities to
understand their concerns, needs, and priorities. During the materiality assessment process for impacts, risks, and
opportunities, OMV took into account the provisions outlined in ESRS 2 IRO-1 and IRO-2.
[E5-IRO-1.AR 7a] All three OMV business segments, Chemicals, Fuels & Feedstock, and Energy, were considered, with a
particular focus on Chemicals and F&F, as they are closely associated with resource use and circularity according
to the results of the materiality assessment. [E5-IRO-1-AR 7b] We prioritized materials that are relevant for OMV in the
circular economy context, such as polymers and chemicals. For waste, we followed the list of existing waste
categories in our operations. [E5-IRO-1.AR 7c], [E5-IRO-1.AR 7d] Risks and opportunities were considered as part of the
EWRM internal process. The impacts of maintaining a business-as-usual approach regarding the circular economy
were not considered as OMV is committed to a net zero transformation journey. [E5-IRO-1.AR 7e] During the materiality
assessment, no material risks were identified for the circular economy. [E5-IRO-1.AR 7f] The negative impacts and
opportunities are concentrated in the upstream and own operations value chain, including raw materials and
services, processing, and manufacturing activities.
G1 Business Conduct
[G1-IRO-1.6] The materiality assessment was carried out using a top-down approach, relying mainly on the expertise
and knowledge of subject matter experts, and therefore not all relevant criteria were used in the process, such as
location, activity, sector, and the structure of the transactions.
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IRO-2 Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
[ESRS 2-IRO-2.56]
ESRS Disclosure Requirement
Incorporation by reference
Page
ESRS 2 General Disclosures
BP-1 General basis for preparation of sustainability statements
97
BP-2 Disclosures in relation to specific circumstances
98
GOV-1 The role of the administrative, management and supervisory bodies
99
GOV-2 Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
104
GOV-3 Integration of sustainability-related performance in incentive schemes
111
GOV-4 Statement on due diligence
112
GOV-5 Risk management and internal controls over sustainability reporting
113
SBM-1 Strategy, business model and value chain
Incorporation by Reference: Note 7- Sales
Revenues
114
SBM-2 Interests and views of stakeholders
119
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
Incorporation by Reference: Note 3-Effects of
climate change and the energy transition
124
IRO-1 Description of the processes to identify and assess material impacts, risks
and opportunities
Incorporation by Reference: Note 3-Effects of
climate change and the energy transition
125
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s
sustainability statement
125
E1: Climate Change
GOV-3 Integration of sustainability-related performance in incentive schemes
183
E1-1 Transition plan for climate change mitigation
184
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
Incorporation by Reference: Note 3- Effects of
climate change and the energy transition
125
IRO-1 Description of the processes to identify and assess material impacts, risks
and opportunities
125
E1-2 Policies related to climate change mitigation and adaptation
194
E1-3 Actions and resources in relation to climate change policies
Incorporation by Reference: Consolidated
Statement of Cash Flows in the Consolidated
Financial Statements and Notes
197
E1-4 Targets related to climate change mitigation and adaptation
Incorporation by Reference: Note 3 - Effects of
climate change and the energy transition
203
E1-5 Energy consumption and mix
Incorporation by Reference: Note 7- Sales
Revenues
210
E1-6 Gross Scope 1, 2, 3 and Total GHG emissions
Incorporation by Reference: Note 7- Sales
Revenues
213
E1-7 GHG removals and GHG mitigation projects financed through carbon
credits
220
E1-8 Internal carbon pricing
Incorporation by Reference: Note 3- Effects of
climate change and the energy transition
221
E2 Pollution
IRO-1 Description of the processes to identify and assess material pollution-
related impacts, risks and opportunities
223
E2-1 Policies related to pollution
223
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E2-2: Actions and resources related to pollution
Incorporation by Reference: Consolidated
Statement of Cash Flows in the Consolidated
Financial Statements and Notes.
229
E2-3 Targets related to pollution
230
E2-4 Pollution of air, water and soil
233
Entity-specific: Process safety
236
E3 Water and Marine Resources
IRO-1 Description of the processes to identify and assess material water and
marine resources-related impacts, risks and opportunities
243
E3-1 Policies related to water and marine resources
246
E3-2 Actions and resources related to water and marine resources
247
E3-3 Targets related to water and marine resources
248
E3-4 Water consumption
248
E4 Biodiversity and Ecosystems
E4-1 Impact metrics related to biodiversity and ecosystems change
252
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
252
IRO-1 Description of processes to identify and assess material biodiversity and
ecosystem-related impacts, risks and opportunities
253
E4-2 Policies related to biodiversity and ecosystems
255
E4-3 Actions and resources related to biodiversity and ecosystems
255
E4-4 Targets related to biodiversity and ecosystems
256
E4-5 Impact metrics related to biodiversity and ecosystems change
256
E5: Resource Use and Circular Economy
IRO-1 Description of the processes to identify and assess material resource use
and circular economy-related impacts, risks and opportunities
258
E5-1 Policies related to resource use and circular economy
263
E5-2 Actions and resources related to resource use and circular economy
265
E5-3 Targets related to resource use and circular economy
268
E5-4 Resource inflows
270
E5-5 Resource outflows
270
S1: Own Workforce
SBM-2 Interests and views of stakeholders
122
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
276
288
306
S1-1 Policies related to own workforce
277
291
309
S1-2 Processes for engaging with own workers and workers’ representatives
about impacts
295
313
S1-3 Processes to remediate negative impacts and channels for own workers to
raise concerns
281
S1-4 Taking action on material impacts on own workforce, and approaches to
mitigating material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
282
296
316
S1-5 Targets related to managing material impacts, advancing positive impacts,
as well as to risks and opportunities
285
297
320
S1-6 Characteristics of the undertaking’s employees
333
S1-7 Characteristics of non-employee workers in the undertaking’s own
workforce
334
S1-8 Collective bargaining coverage and social dialogue
336
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S1-9 Diversity metrics
122
S1-10 Adequate wages
337
S1-11 Social protection
337
S1-12 Persons with disabilities
337
S1-13 Training and skills development metrics
338
S1-14 Health and safety metrics
302
S1-15 Work-life balance metrics
339
S1-16 Compensation metrics (pay gap and total compensation)
341
S1-17 Incidents, complaints and severe human rights impacts
343
S2 Workers in the Value Chain
SBM-2 Interests and views of stakeholders
356
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
346
S2-1 Policies related to value chain workers
351
S2-2 Processes for engaging with value chain workers about impacts
352
S2-3 Processes to remediate negative impacts and channels for value chain
workers to raise concerns
353
S2-4 Taking action on material impacts on value chain workers, and approaches
to managing material risks and pursuing material opportunities related to value
chain workers, and effectiveness of those action
356
S2-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
356
S2 Entity-specific metrics
360
S3 Affected Communities
SBM-2 Interests and views of stakeholders
122
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
363
S3-1 Policies related to affected communities
364
S3-2 Processes for engaging with affected communities about impacts
367
S3-3 Processes to remediate negative impacts and channels for affected
communities to raise concerns
369
S3-4 Taking action on material impacts on affected communities, and
approaches to managing material risks and pursuing material opportunities
related to affected communities, and effectiveness of those actions
372
S3-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
375
S3 Entity-specific metrics
378
G1: Business Conduct
GOV-1 The role of the administrative, management and supervisory bodies
99
IRO-1 Description of the processes to identify and assess material impacts, risks
and opportunities
382
G1-1 Corporate culture and business conduct policies and corporate culture
383
G1-2 Management of relationships with suppliers
395
G1-3 Prevention and detection of corruption and bribery
387
G1-4 Confirmed incidents of corruption or bribery
391
G1-6 Payment practices
400
Entity-specific topic: Cybersecurity
402
Entity-specific topic: Economic Impact
407
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List of datapoints in cross-cutting and topical standards that derive from other EU legislation
Disclosure requirement and related datapoint
SFDR reference1
Pillar 3 reference2
Benchmark Regulation reference3
EU Climate Law
reference4
Materiality
Type of
Disclosure
requirement
Page
ESRS 2 GOV-1
Board's gender diversity paragraph 21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated Regulation
(EU) 2020/181627, Annex II
material
103
ESRS 2 GOV-1
Percentage of board members who are independent paragraph 21 (e)
Delegated Regulation (EU) 2020/1816,
Annex II
material
103
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10
Table #3 of Annex 1
material
111
ESRS 2 SBM-1
Involvement in activities related to fossil fuel activities paragraph 40 (d) i
Indicators number 4 Table
#1 of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/245328Table 1:
Qualitative information on Environmental risk and Table 2:
Qualitative information on Social risk
Delegated Regulation (EU) 2020/1816,
Annex II
material
116
ESRS 2 SBM-1
Involvement in activities related to chemical production paragraph 40 (d) ii
Indicator number 9 Table
#2 of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
material
103
ESRS 2 SBM-1
Involvement in activities related to controversial weapons paragraph 40 (d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation (EU)
2020/181829 , Article 12(1) Delegated
Regulation (EU) 2020/1816, Annex II
not material
n.a.
ESRS 2 SBM-1
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation
(EU) 2020/1816, Annex II
not material
n.a.
ESRS E1-1
Transition plan to reach climate neutrality by 2050 paragraph 14
Regulation (EU)
2021/1119, Article 2(1)
material
103
ESRS E1-1
Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 1: Banking
book[1]Climate Change transition risk: Credit quality of
exposures by sector, emissions and residual maturity
Delegated Regulation (EU) 2020/1818,
Article12.1 (d) to (g), and Article 12.2
not material
n.a.
ESRS E1-4
GHG emission reduction targets paragraph 34
Indicator number 4 Table
#2 of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 3: Banking
book – Climate change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 6
material
202
ESRS E1-5
Energy consumption from fossil sources disaggregated by sources (only high climate
impact sectors) paragraph 38
Indicator number 5 Table
#1 and Indicator n. 5
Table #2 of Annex 1
material
211
ESRS E1-5
Energy consumption and mix paragraph 37
Indicator number 5 Table
#1 of Annex 1
material
210
ESRS E1-5
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43
Indicator number 6 Table
#1 of Annex 1
material
212
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 1: Banking
book – Climate change transition risk: Credit quality of
exposures by sector, emissions and residual maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
material
213
ESRS E1-6
Gross GHG emissions intensity paragraphs 53 to 55
Indicators number 3 Table
#1 of Annex 1
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 Template 3: Banking
book – Climate change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
material
213
ESRS E1-7
GHG removals and carbon credits paragraph 56
Regulation (EU)
2021/1119, Article 2(1)
material
220
ESRS E1-9
Exposure of the benchmark portfolio to climate-related physical risks paragraph 66
Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation (EU)
2020/1816, Annex II
material
phasing in
applied
n.a.
ESRS E1-9
Disaggregation of monetary amounts by acute and chronic physical risk
paragraph 66 (a)
ESRS E1-9
Location of significant assets at material physical risk paragraph 66 (c).
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 paragraphs 46 and
47; Template 5: Banking book – Climate change physical risk:
Exposures subject to physical risk.
material
phasing in
applied
n.a.
ESRS E1-9
Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013; Commission
Implementing Regulation (EU) 2022/2453 paragraph 34;
Template 2:Banking book – Climate change transition risk:
Loans collateralised by immovable property – Energy efficiency
of the collateral
material
phasing in
applied
n.a.
ESRS E1-9
Degree of exposure of the portfolio to climate- related opportunities paragraph 69
Delegated Regulation (EU) 2020/1818,
Annex II
material
phasing in
applied
n.a.
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List of datapoints in cross-cutting and topical standards that derive from other EU legislation
ESRS E2-4
Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer
Register) emitted to air, water and soil, paragraph 28
Indicator number 8, Table
#1 of Annex 1, Indicator
number 2, Table #2 of
Annex 1, Indicator
number 1, Table #2 of
Annex 1, Table #2 of
Annex 1
material
232
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7 Table
#2 of Annex 1
material
232
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8 Table
2 of Annex 1
material
243
ESRS E3-1
Sustainable oceans and seas paragraph 14
Indicator number 12
Table #2 of Annex 1
not material
n.a.
ESRS E3-4
Total water recycled and reused paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
material
248
ESRS E3-4
Total water consumption in m3 per net revenue on own operations paragraph 29
Indicator number 6.1
Table #2 of Annex 1
material
248
ESRS 2- IRO 1 - E4 paragraph 16 (a) i
Indicator number 7 Table
#1 of Annex 1
material
131
ESRS 2- IRO 1 - E4 paragraph 16 (b)
Indicator number 10
Table #2 of Annex 1
material
131
ESRS 2- IRO 1 - E4 paragraph 16 (c)
Indicator number 14
Table #2 of Annex 1
material
131
ESRS E4-2
Sustainable land/agriculture practices or policies paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
not material
n.a.
ESRS E4-2
Sustainable oceans/seas practices or policies paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
not material
n.a.
ESRS E4-2
Policies to address deforestation paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
not material
n.a.
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
material
271
ESRS E5-5
Hazardous waste and radioactive waste paragraph 39
Indicator number 9 Table
#1 of Annex 1
not material
n.a.
ESRS 2- SBM3 - S1
Risk of incidents of forced labour paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
material
310
ESRS 2- SBM3 - S1
Risk of incidents of child labour paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
material
310
ESRS S1-1
Human rights policy commitments paragraph 20
Indicator number 9 Table
#3 and Indicator number
11 Table #1 of Annex I
material
309
277
ESRS S1-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 2020/1816,
Annex II
material
309
277
ESRS S1-1
Processes and measures for preventing trafficking in
human beings paragraph 22
Indicator number 11
Table #3 of Annex I
material
313
ESRS S1-1
Workplace accident prevention policy or management system
paragraph 23
Indicator number 1 Table
#3 of Annex I
material
294
ESRS S1-3
Grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table
#3 of Annex I
material
315
281
ESRS S1-14
Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)
Indicator number 2 Table
#3 of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
material
302
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)
Indicator number 3 Table
#3 of Annex I
material
302
ESRS S1-16
Unadjusted gender pay gap paragraph 97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
material
341
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8 Table
#3 of Annex I
material
341
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ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Indicator number 7 Table
#3 of Annex I
material
343
ESRS S1-17
Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)
Indicator number 10
Table #1 and Indicator n.
14 Table #3 of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818 Art 12 (1)
material
342
ESRS 2- SBM3 – S2
Significant risk of child labour or forced labour in the value chain paragraph 11 (b)
Indicators number 12 and
n. 13 Table #3 of Annex I
material
122
ESRS S2-1
Human rights policy commitments paragraph 17
Indicator number 9 Table
#3 and Indicator n. 11
Table #1 of Annex 1
material
348
ESRS S2-1
Policies related to value chain workers paragraph 18
Indicator number 11 and
n. 4 Table #3 of Annex 1
material
348
ESRS S2-1
Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
material
360
ESRS S2-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 2020/1816,
Annex II
material
349
ESRS S2-4
Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36
Indicator number 14
Table #3 of Annex 1
material
360
ESRS S3-1
Human rights policy commitments paragraph 16
Indicator number 9 Table
#3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
material
365
ESRS S3-1
Non-respect of UNGPs on Business and Human Rights,
ILO principles or and OECD guidelines paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
material
378
ESRS S3-4
Human rights issues and incidents paragraph 36
Indicator number 14
Table #3 of Annex 1
material
378
ESRS S4-1 Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table
#3 and Indicator number
11 Table #1 of Annex 1
not material
n.a.
ESRS S4-1
Non-respect of UNGPs on Business and Human Rights
and OECD guidelines paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
not material
n.a.
ESRS S4-4
Human rights issues and incidents paragraph 35
Indicator number 14
Table #3 of Annex 1
not material
n.a.
ESRS G1-1
United Nations Convention against Corruption paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
material
390
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
Indicator number 6 Table
#3 of Annex 1
material
386
ESRS G1-4
Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II)
material
391
ESRS G1-4
Standards of anti- corruption and anti- bribery paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1
material
382
1 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).
2 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).
3 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
4 Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (“European Climate Law”) (OJ L 243, 9.7.2021, p. 1).
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[ESRS 2-IRO-2.58] Substances of concern and substances of very high concern are not material for OMV because of the
low likelihood of incidents due to high process safety standards, prevention of contamination and strict regulatory
requirements. This assessment is based on data and information such as incident data, as well as, taking EU
legislation into account. Furthermore, regulatory conditions (e.g., permits, inspections) and mitigation measures are
also in place and governed by Seveso requirements at all locations. All our produced and purchased products are
certified, and safety datasheets are publicly disclosed on our website.
[ESRS 2-IRO-2.59] The first Sustainability Statement prepared in accordance with CSRD and ESRS includes the
minimum disclosure requirements as specified by ESRS 2, as well as the mandatory reporting requirements for the
initial year. Based on the materiality assessment results, we analyzed the materiality for all disclosure requirements.
The detailed process is described under IRO-1-53a/b. Consequently, all disclosure requirements and data points
related to topics and sub-topics identified as immaterial during the materiality assessment have been excluded
from this statement.
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Environmental
Information
156–273
EU Taxonomy Reporting
157
E1 – Climate Change
182
E2 – Pollution
222
E2 – (Entity-Specific) Process
Safety Process Safety
236
E3 – Water
243
E4 – Biodiversity and Ecosystems
252
E5 – Resource Use and Circular
Economy
257
The Environmental Information chapter encompasses the Net Zero Transformation and Natural
Resources Management strategic focus areas, covering the following material topics: Climate
Change, Environment, and Resource Use and Circular Economy.
By 2050, OMV aims to transform into a net-zero business. Our impact on the environment – and
responsibility to act – extends beyond our greenhouse gas emissions. As an oil, gas, and chemicals
company, OMV’s environmental footprint is significant due to its water use, potential environmental
degradation caused by spills, biodiversity impacts, and waste. However, we also have the
technological know-how to present solutions to reduce this impact, in particular by fostering the
circular economy. In contrast to the linear “take – make – waste” model, which will lead to more
plastic waste and environmental pollution while putting pressure on the planet’s limited resources, a
circular economy is regenerative by design and aims to decouple growth from the consumption of
finite resources. OMV is fully committed to taking action when it comes to reducing our emissions
and responsible natural resources management and we are proactively expediting the transition from
a linear to a circular economy. OMV aims to minimize environmental impacts by preventing water and
soil pollution, reducing emissions, using natural resources efficiently, and avoiding the disruption of
biodiversity.
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EU Taxonomy Reporting
The EU Taxonomy is a key instrument for the European Union to redirect capital flows toward sustainable
investments and to create market transparency. It encourages increased channeling of investments by companies,
investors, and policymakers to where they are most needed for sustainable development. Therefore, the EU
Taxonomy Regulation will play an important role in scaling up sustainable investments and implementing the
European Green Deal.
As part of the European Commission’s Action Plan on Financing Sustainable Growth, Regulation (EU) 2020/852
established an EU classification system for environmentally sustainable economic activities (EU Taxonomy) and
came into force in 2020. Since then, delegated acts on all six environmental objectives have been published.
The six relevant environmental objectives of the Taxonomy Regulation are:
1. Climate change mitigation
2. Climate change adaptation
3. Sustainable use and protection of water and marine resources
4. Transition to a circular economy
5. Pollution prevention and control
6. Protection and restoration of biodiversity and ecosystems
For OMV, the EU Taxonomy provides a means to assess which of our current and future economic activities can be
classed as environmentally sustainable.
OMV’s Process for Identifying and Assessing EU Taxonomy Activities
EU Taxonomy Eligibility Assessment
An economic activity is considered to be taxonomy-eligible if it matches the description of the activity given in the
EU Taxonomy. In order to identify eligible activities/products at OMV, we performed a screening of the full portfolio
of OMV activities and compared our activities to the description of the economic activities/products listed in Annex
I or II of the EU Taxonomy Climate Delegated Act and Annex I–IV of the EU Taxonomy Environmental Delegated Act.
The assessment of eligible activities and products at OMV is carried out by an interdisciplinary project team, using
both a bottom-up and a top-down approach. A series of internal meetings and training sessions with management
and experts was held in order to give OMV businesses an introduction to the new EU Taxonomy and disclosure
requirements. A further series of workshops was held with all business segments and corporate entities to ensure the
bottom-up identification of eligible activities, assets, processes, and related eligible CAPEX/OPEX/turnover.
OMV’s identified EU Taxonomy-eligible economic activities are mainly related to the environmental objective of
climate change mitigation. An analysis of all our economic activities is performed on an annual basis and includes an
update of the previous year’s assessment.
EU Taxonomy Alignment Assessment
According to the Taxonomy Regulation, every aligned activity identified in this category must make a substantial
contribution to at least one of the EU’s environmental objectives, in addition to not significantly harming any of the
objectives and meeting the defined minimum social safeguards.
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In 2022, OMV carried out an alignment assessment based on the EU Taxonomy criteria for the first time. The
assessment had the purpose of identifying whether any newly identified eligible activities fulfilled the criteria for
substantial contribution to the climate mitigation objective or climate adaption environmental objective, the do no
significant harm (DNSH) criteria of the other environmental objectives, and the minimum social safeguards criteria.
Since 2024, the alignment assessment also includes activities pursuant to the EU Taxonomy Environmental
Delegated Act. The alignment assessment is updated on an annual basis. The economic activities that OMV identified
as aligning with the EU Taxonomy are all related to the environmental objective of climate change mitigation.
Responsibility for the alignment checks and evidence gathering was clearly defined in the OMV Group’s EU Taxonomy
Guidance. The project/asset managers for the respective eligible project/activity were responsible for assessing
compliance with the criteria for substantial contribution and the respective DNSH criteria. Support was provided by
the OMV Group Sustainability team and sustainability experts from OMV Petrom and Borealis. The required physical
climate risk and vulnerability assessments to comply with the DNSH climate change adaptation criteria were
performed centrally by OMV Group Sustainability in conjunction with Corporate Risk Management, and with the
support of an external provider in line with the OMV Group’s Enterprise-Wide Risk Management approach.
In general, the main taxonomy-eligible business activities for OMV relate to activity “3.14 Manufacture of organic
basic chemicals”, activity “3.17 Manufacture of plastics in primary form,” and activity “4.13 Manufacture of biogas
and biofuels for use in transport and of bioliquids.” More detailed information can be found in the respective KPI
section (Turnover, CAPEX, OPEX).
The assessment of compliance with the minimum social safeguards and governance criteria was performed by
OMV Group Sustainability by assessing whether the clauses in relevant OMV policies (Human Rights Policy, Code of
Conduct, Code of Business Ethics, Tax Strategy) are in line with the international standards referred to in the EU
Taxonomy. It was further assessed whether OMV’s human rights management system and its related processes
(e.g., grievance mechanisms, community consultation) are established in line with these international standards. The
detailed assessment showed no gaps between the OMV Group’s approach to human rights policies and due
diligence and the social safeguard requirements laid out in the EU Taxonomy. For more details on the unadjusted
gender pay gap and the Board gender diversity, please refer to > S1 Own Workforce and > ESRS 2 General
Information respectively.
Given the competition law investigations in Moldavia and Ukraine against OMV’s subsidiaries it is important to note
that OMV has implemented preventive, detective and reactive measures which are aimed at preventing and
mitigating risks from non-compliance in the area of competition law within the organization. Preventive measures
include developing binding rules to avoid compliance violations and to conduct trainings in this regard. Besides,
advice is provided to employees on competition law topics and compliance checks are implemented in business
processes. To detect misconduct, compliance violations can be reported via the Whistleblowing system and
external developments are closely monitored to identify risks. Any indication of misconduct, is investigated and
where appropriate, take reactive measures.
OMV’s compliance system is regularly evaluated and has been certified according to the IDW PS 980 standard by
external auditors. The last certification was conducted in 2023 whereby OMV’s compliance system has been
considered as best practice and suitable for identifying, controlling, and managing all significant competition law
risks. For details, see > G1 Business Conduct.
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Definition of Financial KPIs
OMV’s values for the KPIs are derived from the figures reported in the Group’s consolidated IFRS financial
statements.
The KPIs are calculated based on the sales revenues, CAPEX, and OPEX of all fully consolidated subsidiaries of the
OMV Group. Subsidiaries that are not consolidated, associated companies, and joint ventures were excluded from
the calculation of KPIs as per the reporting requirements of the EU Taxonomy Regulation.
The proportion of taxonomy-aligned economic activities in the sales revenues, CAPEX, and OPEX (the “alignment
ratio”) has been calculated as the part of sales revenues, CAPEX, and OPEX derived from products and services
associated with taxonomy-aligned economic activities (numerator) divided by the total sales revenues, CAPEX, and
OPEX (denominator). The same logic applies to the calculation of the “eligibility ratio.”
The denominators of the financial KPIs were defined and can be reconciled with the IFRS Consolidated Financial
Statements as follows:
The denominator of the turnover KPI is based on OMV’s consolidated sales revenues (OMV Consolidated Financial
Statements 2024, Note 7).
The denominator of the CAPEX KPI consists of additions to intangible assets (including oil and gas properties with
unproved reserves), property, plant, and equipment, and IFRS 16 right-of-use assets. For further details, please
refer to the Notes to the Consolidated Financial Statements (> Note 16 – Intangible assets and > Note 17 –
Property, plant, and equipment). Additions from business combinations are included in the denominator, except
for additions to goodwill. Decommissioning assets are not included in the denominator. Furthermore, the
denominator includes additions to non-current assets held for sale. Additions included in the denominator deviate
from additions recognized in the IFRS Consolidated Financial Statements because government grants are not
considered in the denominator while the net presentation option is applied for the IFRS Consolidated Financial
Statements.
Total OPEX consists of R&D expenses, maintenance and repair costs, other direct expenditure related to day-to-
day servicing of assets, and short-term leases. R&D expenses include the research and development expenses
recognized in accordance with IAS 38 and reported in the line “Other operating expenses” in the income
statement. For further details, please refer to the Notes to the Consolidated Financial Statements (> Note 11 –
Other operating expenses). Maintenance and repair costs and other direct expenditure related to day-to-day
servicing of assets mainly include costs for external services, personnel expenses, and material costs related to
regular and unplanned maintenance, repairs, and servicing measures. The related cost items can be found in the
line items “Production and operating expenses” and “Selling, distribution, and administrative expenses” in the
income statement. Expenses for short-term leases have been determined and included in line with IFRS 16. Direct
costs for training and other human resources improvement needs are immaterial and therefore excluded from the
denominator and the numerator.
For most of the activities, sales revenues, CAPEX, and OPEX for aligned and eligible activities could be allocated
directly to individual activities listed in the taxonomy based on data available in the Group entities’ ERP systems.
This ensured that there was no double counting of aligned or eligible sales revenues, CAPEX, and OPEX. In the
refineries, CAPEX for assets used for the joint production of organic basic chemicals and fuels has been allocated to
the taxonomy-eligible activity “3.14 Manufacture of organic basic chemicals.” This has also been allocated to non-
eligible activities using an allocation key reflecting the yield, size, and complexity of the different refinery plants
used for this purpose. The same approach was used for repair and maintenance expenses for cost centers, which
are involved in the production of organic basic chemicals and fuels.
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EU Taxonomy – Overview KPIs 2024
2024
Turnover
CAPEX
OPEX
EUR mn
%
EUR mn
%
EUR mn
%
Environmentally sustainable (taxonomy-aligned) activities
66
0.2
756
18.7
3
0.5
Taxonomy-eligible, but not taxonomy-aligned activities
7,684
22.6
908
22.4
358
49.1
Taxonomy-non-eligible activities
26,230
77.2
2,388
58.9
367
50.4
Total
33,981
4,052
728
EU Taxonomy – Overview KPIs 2023
2023
Turnover
CAPEX
OPEX
EUR mn
%
EUR mn
%
EUR mn
%
Environmentally sustainable (taxonomy-aligned) activities
69
0.2
415
10.5
3
0.3
Taxonomy-eligible, but not taxonomy-aligned activities
7,135
18.1
1,096
27.7
347
42.1
Taxonomy-non-eligible activities
32,259
81.7
2,441
61.8
474
57.5
Total
39,463
3,952
824
Taxonomy-Eligible and Taxonomy-Aligned Turnover
In 2024, 22.6% (2023: 18.1%) of OMV’s total turnover was classified as taxonomy-eligible (non-aligned), while 0.2%
(2023: 0.2%) of OMV’s total turnover was classified as taxonomy-aligned. In 2024, all taxonomy-eligible/aligned
turnover was related to the objective of climate change mitigation.
Taxonomy-Eligible and Taxonomy-Aligned Turnover 2024
The eligible turnover arose from activities “3.17 Manufacture of plastics in primary form,” which reflects the
activities of our Chemicals segment (e.g., production of polyolefins), and “3.14 Manufacture of organic basic
chemicals,” also coming from the Chemicals segment (e.g., production of ethylene and propylene), as well as
activity “4.29 Electricity generation from fossil gaseous fuels,” mainly from power sales from the Brazi gas-fired
power plant in Romania. Furthermore, the activities “4.30 High-efficiency co-generation of heat/cool and power
from fossil gaseous fuels” and “5.9 Material recovery from non-hazardous waste” contributed to the taxonomy-
eligible turnover. In 2024, eligible turnover from activity “4.22 Heat generation from geothermal energy” was
realized, representing our geothermal activities in the Vienna basin.
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Taxonomy-Aligned Turnover 2024
In EUR mn
Most of the aligned turnover in 2024 was derived from the activity “4.25 Production of heat/cool using waste heat,”
which reflects the waste heat supplies from the Schwechat refinery. Another contribution arose from the activity
“3.17 Manufacture of plastics in primary form,” with Ecoplast Kunststoffrecycling GmbH processing post-consumer
plastics and turning them into high-quality LDPE recyclates. Further contributions to aligned turnover resulted from
the activity “4.13 Manufacture of biogas and biofuels for use in transport and of bioliquids,” which covers the sales
of sustainable aviation fuels, as well as from the activity “6.15 Infrastructure enabling low-carbon road transport
and public transport,” which covers hydrogen and electricity sales for mobility purposes.
The split of aligned and eligible turnover between revenue from contracts with customers and revenue within the
scope of IFRS 9 is included in the following table. Eligible revenue from transactions within the scope of IFRS 9
includes power sales from the gas-fired power plant in Romania.
EU Taxonomy – Taxonomy-eligible and taxonomy-aligned turnover
In EUR mn
2024
2023
Aligned
turnover
Eligible
(not
aligned)
turnover
Aligned
turnover
Eligible
(not
aligned)
turnover
Revenue from contracts with customers (IFRS 15)
66
7,173
69
6,624
Revenue from transactions within the scope of IFRS 9
–
511
–
511
Total
66
7,684
69
7,135
Taxonomy-Eligible and Taxonomy-Aligned CAPEX
In 2024, 22.4% (2023: 27.7%) of OMV’s total CAPEX was classified as taxonomy-eligible (non-aligned). Of OMV’s
total CAPEX, 18.7% (2023: 10.5%) was classified as taxonomy-aligned. Lower taxonomy-eligible (non-aligned)
CAPEX in 2024 compared to 2023 was related to a decrease in activity “3.14 Manufacture of organic base
chemicals” and “3.17 Manufacture of plastics in primary form,” while the same activities present higher aligned
CAPEX in 2024 compared to 2023. A further increase in aligned CAPEX stems from activities “6.15 Infrastructure
enabling low-carbon road transport and public transport,” mainly reflecting electric vehicle (EV) charging station
projects at various locations, and increased CAPEX for the manufacture of hydrogen and photovoltaic projects.
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In 2024, the majority of taxonomy-eligible/aligned CAPEX was related to the objective of climate change
mitigation, with only a minor part of eligible CAPEX being related to the environmental objective of the transition to
a circular economy.
Taxonomy-Eligible and Taxonomy-Aligned CAPEX 2024
Most of the eligible CAPEX was derived from the activities “3.17 Manufacture of plastics in primary form” and “3.14
Manufacture of organic basic chemicals,” both reflecting the activities of our Chemicals segment. Other
contributors were activities in Section 6 (e.g., “6.2 freight rail transport,” “6.10 sea freight water transport,” and “6.14
Infrastructure for rail transport”) and the activity “3.10 Manufacture of hydrogen” and various activities in Section 4
Energy (e.g., production of heat/cool from geothermal energy, electricity generation using solar and photovoltaic
technology, electricity generation from fossil gaseous fuels, manufacture of biogas and biofuels for use in transport
and public transport, transmission and distribution of electricity, etc.). In the construction and real estate sector
activities “7.2 Renovation of existing buildings” (mainly filling station buildings), “7.3 Installation, maintenance, and
repair of energy efficiency equipment” (at filling stations), and “7.7 Acquisition and ownership of buildings” (e.g.,
acquisition of Benzinol filling stations in Slovakia) are reported.
The largest contributors to aligned CAPEX were activities “3.14 Manufacture of organic basic chemicals,” which
reflects our investment in Borealis’ propane dehydrogenation unit 2 (PDH2) in Kallo, and “3.17 Manufacture of
plastics in primary form” reflecting, for example, the investment into pre-treatment plant Walldürn, aiming to build
and operate Europe’s largest sorting facility for chemical recycling. The sorting facility was reclassified from the
circular economy objective in 2023 to climate change mitigation in 2024 and reached alignment status in 2024.
EUR 116 mn has been invested in photovoltaic activities, mainly in Romania. Other important contributors to
taxonomy-aligned CAPEX were the following activities: “3.10 Manufacture of hydrogen” (e.g., UpHy project), which
increased compared to 2023, “4.13 Manufacture of biogas and biofuels for use in transport and of bioliquids” (e.g.,
production facilities for sustainable aviation fuels and glycerin to propanol activities), “6.15 Infrastructure enabling
low-carbon road transport and public transport” (e.g., hydrogen filling stations, electric charging points at filling
stations, acquisition of Renovatio, owner of the largest electric charging network in Romania), and “9.1 Close to
market research, development, and innovation,” which stems from the investment in the ReOil®-plant at the
Schwechat refinery and R&D for chemical recycling and e-fuels. Other minor activities are “4.9 Transmission and
distribution of electricity” (e.g., renewable electricity transmission line to Edvard Grieg field), “4.25 Production of
heat/cool using waste heat” (e.g., district heating hub at the Schwechat refinery), and “7.6 Installation, maintenance,
and repair of renewable energy technologies” (e.g., installation of PV panels and heat pumps at filling stations).
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Taxonomy-Aligned CAPEX 2024
In EUR mn
Aligned and eligible CAPEX can be disaggregated into additions to the different asset classes in the table below.
Additions to right-of-use assets are included in additions to property, plant, and equipment. The majority of eligible
and aligned additions to property, plant, and equipment were related to the activity “3.14 Manufacture of organic
basic chemicals” in 2024 and 2023.
EU Taxonomy – Taxonomy-eligible and taxonomy-aligned CAPEX
In EUR mn
2024
2023
Aligned
CAPEX
Eligible
(not
aligned)
CAPEX
Aligned
CAPEX
Eligible
(not
aligned)
CAPEX
Additions to property, plant, and equipment
690
883
338
1,031
Additions to capitalized development costs
62
15
75
19
Additions to other intangible assets
4
11
2
46
Total
756
908
415
1,096
Thereof additions from business combinations
89
41
–
107
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EU Taxonomy – 5-Year CAPEX Plan
In EUR mn
Environmental objective
Activity
code
Activity
EU Taxonomy-
aligned
CAPEX 2024
Planned
CAPEX
2025–2029
Climate change mitigation
3.10
Manufacture of hydrogen
41
832
3.14
Manufacture of organic basic chemicals
323
674
3.17
Manufacture of plastics in primary form
107
996
4.1
Electricity generation using solar photovoltaic
technology
116
629
4.3
Electricity generation from wind power
0
51
4.9
Transmission and distribution of electricity
5
600
4.13
Manufacture of biogas and biofuels for use in
transport and of bioliquids
30
1,416
4.25
Production of heat/cool using waste heat
4
10
6.15
Infrastructure enabling low-carbon road
transport and public transport
61
251
7.3
Installation, maintenance, and repair of energy
efficiency equipment
2
3
7.6
Installation, maintenance, and repair of
renewable energy technologies
5
–
8.2
Data-driven solutions for GHG emissions
reductions
0
–
9.1
Close to market research, development, and
innovation
61
38
Total
756
5,500
1 The activity code list contains all activities that have been declared aligned between 2022 and 2024. The CAPEX plan contains Sustainability CAPEX from MTP for the expansion of
the activities already declared as aligned between 2022 and 2024. For the EU Taxonomy CAPEX plan, government grants are not deducted from CAPEX (gross approach). Eligible
activities that are not yet aligned in 2024 but are likely to be aligned at a later stage are not included.
Taxonomy-Eligible and Taxonomy-Aligned OPEX
In 2024, 49.1% (2023: 42.1%) of OMV’s total OPEX was classified as taxonomy-eligible (non-aligned). Of OMV’s total
OPEX, 0.5% (2023: 0.3%) was classified as taxonomy-aligned. In 2024, all taxonomy-eligible/aligned OPEX was
related to the objective of climate change mitigation.
Taxonomy-Eligible and Taxonomy-Aligned OPEX 2024
The largest contributors to eligible OPEX were the activities “3.17 Manufacture of plastics in primary form” and
“3.14 Manufacture of organic basic chemicals,” both reflecting the activities of our Chemicals segment, as well as
the activity “4.29 Electricity generation from fossil gaseous fuels.” Other contributors were the activity “9.1 Close to
market research, development, and innovation” (e.g., R&D for ReOil®).
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Taxonomy-Aligned OPEX 2024
In EUR mn
Aligned OPEX was mainly derived from the activities “3.17 Manufacture of plastics in primary form” (reflecting our
Chemicals segment), “4.1 Electricity generation using solar photovoltaic technology,” “4.25 Production of heat/cool
using waste heat” (district heating hub at the Schwechat refinery), and “6.15. Infrastructure for low carbon road
transport” (EV charging points at our filling stations).
EU Taxonomy – Taxonomy-eligible and taxonomy-aligned OPEX
In EUR mn
2024
2023
Aligned
OPEX
Eligible
(not
aligned)
OPEX
Aligned
OPEX
Eligible
(not
aligned)
OPEX
Research and development expenses
–
48
–
43
Expenses for maintenance and repairs
3
301
3
299
Short-term lease expenses
0
9
–
5
Total
3
358
3
347
EU Taxonomy Data Tables
EU Taxonomy - CAPEX Reconciliation to Consolidated Financial Statements
In EUR mn
2024
2023
Additions to intangible assets and PPE according to consolidated financial statements
3,697
3,736
Additions consolidated group to intangible assets and PPE according to consolidated financial statements
275
-
less additions to goodwill
-106
132
plus additions to assets held for sale
178
92
plus additions to government grants
7
13
Total
4,052
3,973
CAPEX according to EU Taxonomy Reporting
4,052
3,952
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EU Taxonomy – Turnover
Financial Year 2024
2024
Substantial contribution criteria
DNSH criteria (Do no significant harm)
Economic activities (1)
Code(s)
(2)
Turnover
(3)
Proportion of
Turnover
(4)
Climate
change
mitigation
(5)
Climate
change
adaptation
(6)
Water and
marine
resources
(7)
Circular
economy
(8)
Pollution
(9)
Biodiversity
and
ecosystems
(10)
Climate
change
mitigation
(11)
Climate
change
adaptation
(12)
Water and
marine
resources
(13)
Circular
economy
(14)
Pollution
(15)
Biodiversity
and
ecosystems
(16)
Minimum
safeguards
(17)
Proportion of taxonomy-
aligned (A.1.) or eligible
(A.2.) turnover, year 2023
(18)
Category
(enabling
activity)
(19)
Category
(transition
al activity)
(20)
EUR mn
in %
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities
(taxonomy-aligned)
Manufacture of plastics in primary form
CCM 3.17.
21
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.1
T
Manufacture of biogas and biofuels for transport
CCM 4.13.
10
0.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.0
Production of heat/cool using waste heat
CCM 4.25.
32
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.1
Infrastructure for low-carbon road transport
CCM 6.15.
3
0.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.0
E
Turnover of environmentally sustainable
activities (taxonomy-aligned) (A.1)
66
0.2
100.0
0.0
0.0
0.0
0.0
0.0
Y
Y
Y
Y
Y
Y
Y
0.2
Of which Enabling
3
0.0
100.0
0.0
0.0
0.0
0.0
0.0
0.0
E
Of which Transitional
21
0.1
100.0
0.1
T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned
activities)
EUR mn
in %
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Manufacture of organic basic chemicals
CCM 3.14.
1,528
4.5
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.4
Manufacture of plastics in primary form
CCM 3.17.
5,633
16.6
EL
N/EL
N/EL
N/EL
N/EL
N/EL
13.3
Transmission and distribution of electricity
CCM 4.9.
0
0.0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0
Heat generation from geothermal energy
CCM 4.22.
2
0.0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
-
Electricity generation from fossil gaseous fuels
CCM 4.29.
511
1.5
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.3
High-efficiency co-generation of heat/cool and power from fossil gaseous fuels
CCM 4.30.
1
0.0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0
Material recovery from non-hazardous waste
CCM 5.9.
7
0.0
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0
Turnover of taxonomy-eligible but not environmentally
sustainable activities (not taxonomy-aligned activities) (A.2)
7,684
22.6
18.1
Total (A.1 + A.2)
7,750
22.8
18.3
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of taxonomy-non-eligible activities (B)
26,230
77.2
Total (A + B)
33,981
100.0
Y Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; N No, taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective; EL Eligible, Taxonomy-eligible activity for the relevant objective; N/EL Not eligible, taxonomy-non-eligible activity for the relevant environmental objective
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167
EU Taxonomy – CAPEX
Financial Year 2024
2024
Substantial contribution criteria
DNSH criteria (Do no significant harm)
Economic activities (1)
Code(s)
(2)
CAPEX
(3)
Proportion
of
CAPEX
(4)
Climate
change
mitigation
(5)
Climate
change
adaptation
(6)
Water
and
marine
resources
(7)
Circular
economy
(8)
Pollution
(9)
Biodiversity
and
ecosystems
(10)
Climate
change
mitigation
(11)
Climate
change
adaptation
(12)
Water
and
marine
resources
(13)
Circular
economy
(14)
Pollution
(15)
Biodiversity
and
ecosystems
(16)
Minimum
safeguards
(17)
Proportion of
taxonomy-aligned
(A.1.) or eligible
(A.2.) CAPEX,
year 2023
(18)
Category
(enabling
activity)
(19)
Category
(transition
al activity)
(20)
EUR mn
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
Manufacture of hydrogen
CCM 3.10.
41
1.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.1
Manufacture of organic basic chemicals
CCM 3.14.
323
8.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
7.0
T
Manufacture of plastics in primary form
CCM 3.17.
107
2.7
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.0
T
Electricity generation using solar photovoltaic technology
CCM 4.1.
116
2.9
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.0
Electricity generation from wind power
CCM 4.3.
0
0.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.2
Transmission and distribution of electricity
CCM 4.9.
5
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.0
E
Manufacture of biogas and biofuels for transport
CCM 4.13.
30
0.7
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.4
Production of heat/cool using waste heat
CCM 4.25.
4
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.1
Infrastructure for low-carbon road transport
CCM 6.15.
61
1.5
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.7
E
Installation, maintenance and repair of energy efficiency equipment
CCM 7.3.
2
0.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.1
E
Installation, maintenance and repair of renewable energy technologies
CCM 7.6.
5
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.2
E
Data-driven solutions for GHG emissions reductions
CCM 8.2.
0
0.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
–
E
Close to market research, development and innovation
CCM 9.1.
61
1.5
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
1.6
E
CAPEX of environmentally sustainable activities (taxonomy-aligned) (A.1)
756
18.7
100.0
0.0
0.0
0.0
0.0
0.0
Y
Y
Y
Y
Y
Y
Y
10.5
Of which Enabling
134
3.3
100.0
0.0
0.0
0.0
0.0
0.0
2.6
E
Of which Transitional
431
10.6
100.0
7.1
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)
EUR mn
%
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Manufacture of hydrogen
CCM/CCA 3.10.
15
0.4
EL
EL
N/EL
N/EL
N/EL
N/EL
0.1
Manufacture of organic basic chemicals
CCM/CCA 3.14.
274
6.8
EL
EL
N/EL
N/EL
N/EL
N/EL
9.9
Manufacture of plastics in primary form
CCM/CCA 3.17.
315
7.8
EL
EL
N/EL
N/EL
N/EL
N/EL
10.5
Electricity generation using solar photovoltaic technology
CCM/CCA 4.1.
–
–
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Transmission and distribution of electricity
CCM/CCA 4.9.
15
0.4
EL
EL
N/EL
N/EL
N/EL
N/EL
0.5
Manufacture of biogas and biofuels for transport
CCM/CCA 4.13.
48
1.2
EL
EL
N/EL
N/EL
N/EL
N/EL
3.1
Production of heat/cool from geothermal energy
CCM/CCA 4.22.
8
0.2
EL
EL
N/EL
N/EL
N/EL
N/EL
0.1
Electricity generation from fossil gaseous fuels
CCM/CCA 4.29.
39
1.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.8
High-efficiency co-generation of heat/cool and power from fossil gaseous fuels
CCM/CCM 4.30.
1
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Renewal of water collection, treatment and supply systems
CCM/CCA 5.2
3
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
–
Freight rail transport
CCM/CCA 6.2.
21
0.5
EL
EL
N/EL
N/EL
N/EL
N/EL
0.5
Transport by motorbikes, passenger cars and light commercial vehicles
CCM/CCA 6.5.
11
0.3
EL
EL
N/EL
N/EL
N/EL
N/EL
0.3
Freight transport services by road
CCM/CCA 6.6.
1
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
–
Sea and coastal freight water transport, vessels for port operations and auxiliary activities
CCM/CCA 6.10.
62
1.5
EL
EL
N/EL
N/EL
N/EL
N/EL
0.8
Infrastructure for rail transport
CCM/CCA 6.14.
7
0.2
EL
EL
N/EL
N/EL
N/EL
N/EL
0.3
Infrastructure for low-carbon road transport
CCM/CCA 6.15.
2
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
–
Construction of new buildings
CCM/CCA 7.1.
4
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
–
Renovation of existing buildings
CCM/CCA 7.2.
19
0.5
EL
EL
N/EL
N/EL
N/EL
N/EL
0.2
Installation, maintenance and repair of energy efficiency equipment
CCM/CCA 7.3.
15
0.4
EL
EL
N/EL
N/EL
N/EL
N/EL
0.1
Acquisition and ownership of buildings
CCM/CCA 7.7.
41
1.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.1
Data processing, hosting and related activities
CCM/CCA 8.1.
6
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
0.1
Close to market research, development and innovation
CCM/CCA 9.1.
–
–
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Sorting and material recovery of non-hazardous waste
CE 2.7.
–
–
N/EL
N/EL
N/EL
EL
N/EL
N/EL
0.3
Provision of IT/OT data-driven solutions
CE 4.1.
0
0.0
N/EL
N/EL
N/EL
EL
N/EL
N/EL
–
CAPEX of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned
activities) (A.2)
908
22.4
27.7
Total (A.1 + A.2)
1,664
41.1
38.2
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CAPEX of taxonomy-non-eligible activities (B)
2,388
58.9
Total (A + B)
4,052
100.0
Y Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; N No, taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective; EL Eligible, Taxonomy-eligible activity for the relevant objective; N/EL Not eligible, taxonomy-non-eligible activity for the relevant environmental objective
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168
EU Taxonomy – OPEX
Financial Year 2024
2024
Substantial contribution criteria
DNSH criteria (Do no significant harm)
Economic activities (1)
Code(s)
(2)
OPEX
(3)
Proportion of
OPEX
(4)
Climate
change
mitigation
(5)
Climate
change
adaptation
(6)
Water and
marine
resources
(7)
Circular
economy
(8)
Pollution
(9)
Biodiversity
and
ecosystems
(10)
Climate
change
(11)
Climate
change
adaptation
(12)
Water and
marine
resources
(13)
Circular
economy
(14)
Pollution
(15)
Biodiversity
and
ecosystems
(16)
Minimum
safeguards
(17)
Proportion of
taxonomy-aligned
(A.1.) or eligible
(A.2.) OPEX,
year 2023
(18)
Category
(enabling
activity)
(19)
Category
(transition
al activity)
(20)
EUR mn
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
Manufacture of plastics in primary form
CCM 3.17.
2
0.3
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.2
T
Electricity generation using solar photovoltaic technology
CCM 4.1.
0
0.0
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.0
Production of heat/cool using waste heat
CCM 4.25.
1
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
0.1
Infrastructure for low carbon road transport
CCM 6.15.
1
0.1
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
–
E
OPEX of environmentally sustainable activities (taxonomy-aligned) (A.1)
3
0.5
100.0
0
0
0
0
0
Y
Y
Y
Y
Y
Y
Y
0.3
Of which Enabling
1
0.1
100.0
0
0
0
0
0
–
E
Of which Transitional
2
0.3
100.0
0.2
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned
activities)
EUR mn
%
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
%
Manufacture of hydrogen
CCM/CCA 3.10.
1
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Manufacture of organic basic chemicals
CCM/CCA 3.14.
111
15.2
EL
EL
N/EL
N/EL
N/EL
N/EL
13.3
Manufacture of plastics in primary form
CCM/CCA 3.17.
167
22.9
EL
EL
N/EL
N/EL
N/EL
N/EL
20.5
Transmission and distribution of electricity
CCM/CCA 4.9.
3
0.4
EL
EL
N/EL
N/EL
N/EL
N/EL
0.4
Storage of hydrogen
CCM/CCA 4.12.
1
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
–
Electricity generation from fossil gaseous fuels
CCM/CCA 4.29.
19
2.6
EL
EL
N/EL
N/EL
N/EL
N/EL
2.1
High-efficiency co-generation of heat/cool and power from fossil gaseous fuels
CCM/CCM 4.30.
0
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Underground permanent geological storage of CO2
CCM/CCA 5.12.
4
0.6
EL
EL
N/EL
N/EL
N/EL
N/EL
0.5
Freight rail transport
CCM/CCA 6.2.
0
0.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Transport by motorbikes, passenger cars and light commercial vehicles
CCM/CCA 6.5.
2
0.2
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Sea and coastal freight water transport, vessels for port operations and auxiliary activities
CCM/CCA 6.10.
7
1.0
EL
EL
N/EL
N/EL
N/EL
N/EL
0.3
Infrastructure for rail transport
CCM/CCA 6.14.
4
0.5
EL
EL
N/EL
N/EL
N/EL
N/EL
0.6
Renovation of existing buildings
CCM/CCA 7.2.
1
0.1
EL
EL
N/EL
N/EL
N/EL
N/EL
0.0
Close to market research, development and innovation
CCM/CCA 9.1.
39
5.3
EL
EL
N/EL
N/EL
N/EL
N/EL
4.4
OPEX of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned
activities) (A.2)
358
49.1
42.1
Total (A.1 + A.2)
361
49.6
42.4
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OPEX of taxonomy-non-eligible activities (B)
367
50.4
Total (A + B)
728
100.0
Y Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; N No, taxonomy-eligible but not taxonomy-aligned activity with the relevant environmental objective; EL Eligible, Taxonomy-eligible activity for the relevant objective; N/EL Not eligible, taxonomy-non-eligible activity for the relevant environmental objective
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EU Taxonomy Data – Summary per Sustainability Goal
in %
2024
Proportion of
turnover/Total turnover
Proportion of
CAPEX/Total CAPEX
Proportion of
OPEX/Total OPEX
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
CCM1
0.2
22.8
18.7
41.1
0.5
49.6
CCA2
-
-
-
41.1
-
49.6
WTR3
-
-
-
-
-
-
CE4
-
-
-
0.0
-
-
PPC5
-
-
-
-
-
-
BIO6
-
-
-
-
-
-
EU Taxonomy Data – Summary per Sustainability Goal
in %
2023
Proportion of
turnover/Total turnover
Proportion of
CAPEX/Total CAPEX
Proportion of
OPEX/Total OPEX
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
CCM1
0.2
18.3
10.5
37.9
0.3
42.5
CCA2
-
-
-
37.9
-
42.5
WTR3
–
–
–
–
–
–
CE4
–
–
–
0.3
–
–
PPC5
–
–
–
–
–
–
BIO6
–
–
–
–
–
–
1 Climate change mitigation
2 Climate change adaptation
3 Sustainable use and protection of water and marine resources
4 Transition to a circular economy
5 Pollution prevention and control
6 Protection and restoration of biodiversity and ecosystems
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EU Taxonomy – Nuclear and fossil gas-related activities
Row
Nuclear energy-related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best available technologies.
NO
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production
from nuclear energy, as well as their safety upgrades.
NO
Row
Fossil gas-related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
YES
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool
and power generation facilities using fossil gaseous fuels.
YES
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
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EU Taxonomy – Taxonomy-aligned economic activities (denominator) – Turnover
2024
Proportion of Turnover
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
–
–
–
–
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
–
–
–
–
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
–
–
–
–
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
–
–
–
–
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
–
–
–
–
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
–
–
–
–
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6
above in the denominator of the Turnover KPI
66
0.2
66
0.2
–
–
8
Total Turnover
33,981
100.0
33,981
100.0
33,981
100.0
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
172
EU Taxonomy – Taxonomy-aligned economic activities (denominator) – CAPEX
2024
Proportion of CAPEX
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
–
–
–
–
–
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
–
–
–
–
–
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
–
–
–
–
–
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
–
–
–
–
–
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
–
–
–
–
–
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
–
–
–
–
–
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6
above in the denominator of the CAPEX KPI
756
18.7
756
18.7
–
-
8
Total CAPEX
4,052
100.0
4,052
100.0
4,052
100.0
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
173
EU Taxonomy – Taxonomy-aligned economic activities (denominator) – OPEX
2024
Proportion of OPEX
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
–
–
–
–
–
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
–
–
–
–
–
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
–
–
–
–
–
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
–
–
–
–
–
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
–
–
–
–
–
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and
II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
–
–
–
–
–
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6
above in the denominator of the OPEX KPI
3
0.5
3
0.5
–
–
8
Total OPEX
728
100.0
728
100.0
728
100.0
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
174
EU Taxonomy – Taxonomy-aligned economic activities (numerator) - Turnover
2024
Proportion of Turnover
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the Turnover KPI
–
-
–
-
–
-
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the Turnover KPI
–
-
–
-
–
-
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the Turnover KPI
–
-
–
-
–
-
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the Turnover KPI
–
-
–
-
–
-
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the Turnover KPI
–
-
–
-
–
-
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the Turnover KPI
–
-
–
-
–
-
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6
above in the numerator of the Turnover KPI
66
100.0
66
100.0
–
-
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the Turnover
KPI
66
100.0
66
100.0
–
-
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
175
EU Taxonomy – Taxonomy-aligned economic activities (numerator) – CAPEX
2024
Proportion of CAPEX
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the CAPEX KPI
–
-
–
-
–
-
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the CAPEX KPI
–
-
–
-
–
-
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the CAPEX KPI
–
-
–
-
–
-
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the CAPEX KPI
–
-
–
-
–
-
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the CAPEX KPI
–
-
–
-
–
-
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the CAPEX KPI
–
-
–
-
–
-
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6
above in the numerator of the CAPEX KPI
756
100.0
756
100.0
–
-
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the CAPEX
KPI
756
100.0
756
100.0
–
-
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
176
EU Taxonomy – Taxonomy-aligned economic activities (numerator) – OPEX
2024
Proportion of OPEX
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the OPEX KPI
–
-
–
-
–
-
2
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the OPEX KPI
–
-
–
-
–
-
3
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the OPEX KPI
–
-
–
-
–
-
4
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the OPEX KPI
–
-
–
-
–
-
5
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the OPEX KPI
–
-
–
-
–
-
6
Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and
II to Delegated Regulation 2021/2139 in the numerator of the OPEX KPI
–
-
–
-
–
-
7
Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6
above in the numerator of the OPEX KPI
3
100.0
3
100.0
–
-
8
Total amount and proportion of taxonomy-aligned economic activities in the numerator of the OPEX KPI
3
100.0
3
100.0
–
-
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
177
EU Taxonomy – Taxonomy-eligible but not taxonomy-aligned economic activities – Turnover
2024
Proportion of Turnover
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
-
–
-
–
-
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
-
–
-
–
-
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
-
–
-
–
-
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
511
1.5
511
1.5
–
-
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
1
0.0
1
0.0
–
-
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the Turnover KPI
–
-
–
-
–
-
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the denominator of the Turnover KPI
7,171
21.1
7,171
21.1
–
-
8
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the
denominator of the Turnover KPI
7,684
22.6
7,684
22.6
–
-
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
178
EU Taxonomy – Taxonomy-eligible but not taxonomy-aligned economic activities – CAPEX
2024
Proportion of CAPEX
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
–
-
–
-
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
–
-
–
-
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
–
-
–
-
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
39
1.0
39
1.0
39
1.0
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
1
0.0
1
0.0
1
0.0
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
–
-
–
-
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the denominator of the CAPEX KPI
869
21.4
869
21.4
869
21.4
8
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the
denominator of the CAPEX KPI
908
22.4
908
22.4
908
22.4
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
179
EU Taxonomy – Taxonomy-eligible but not taxonomy-aligned economic activities – OPEX
2024
Proportion of OPEX
CCM + CCA
Climate change mitigation
(CCM)
Climate change adaptation
(CCA)
Row
Economic activities
EUR mn
%
EUR mn
%
EUR mn
%
1
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
–
-
–
-
2
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
–
-
–
-
3
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
–
-
–
-
4
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
19
2.6
19
2.6
19
2.6
5
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
0
0.0
0
0.0
0
0.0
6
Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
–
-
–
-
7
Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the denominator of the OPEX KPI
339
46.5
339
46.5
339
46.5
8
Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the
denominator of the OPEX KPI
358
49.1
358
49.1
358
49.1
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
180
EU Taxonomy Data – Taxonomy-non-eligible economic activities: Turnover
2024
Turnover
Row
Economic activities
EUR mn
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the Turnover KPI
–
–
7
Amount and proportion of other taxonomy-non-eligible economic activities not
referred to in rows 1 to 6 above in the denominator of the Turnover KPI
26,230
77.2
8
Total amount and proportion of taxonomy-non-eligible economic activities in the
denominator of the Turnover KPI’
26,230
77.2
EU Taxonomy Data – Taxonomy-non-eligible economic activities: CAPEX
2024
CAPEX
Row
Economic activities
EUR mn
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the CAPEX KPI
–
-
7
Amount and proportion of other taxonomy-non-eligible economic activities not
referred to in rows 1 to 6 above in the denominator of the CAPEX KPI
2,388
58.9
8
Total amount and proportion of taxonomy-non-eligible economic activities in the
denominator of the CAPEX KPI’
2,388
58.9
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
181
EU Taxonomy Data – Taxonomy-non-eligible economic activities: OPEX
2024
OPEX
Row
Economic activities
EUR mn
%
1
Amount and proportion of economic activity referred to in row 1 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
2
Amount and proportion of economic activity referred to in row 2 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
3
Amount and proportion of economic activity referred to in row 3 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
4
Amount and proportion of economic activity referred to in row 4 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
5
Amount and proportion of economic activity referred to in row 5 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
6
Amount and proportion of economic activity referred to in row 6 of Template 1 that is
taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the OPEX KPI
–
-
7
Amount and proportion of other taxonomy-non-eligible economic activities not
referred to in rows 1 to 6 above in the denominator of the OPEX KPI
367
50.4
8
Total amount and proportion of taxonomy-non-eligible economic activities in the
denominator of the OPEX KPI
367
50.4
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
182
Net Zero Transformation
E1 Climate Change
Material Topic: E1 Climate Change
Material Sub-topics: Climate Change Mitigation; Climate Change Adaptation (Borealis-specific);
Energy
Supporting the goals of the Paris Agreement by reducing the carbon footprint of our operations, for
example by improving energy efficiency, reducing the venting and routine flaring of gas, and reducing
the carbon footprint of our energy supply, and more specifically by increasing sales of zero-carbon
energy products such as renewable mobility fuels and renewable power
Relevant SDGs:
SDG targets:
7.2 By 2030, increase substantially the share of renewable energy in the global energy mix
7.3 By 2030, double the global rate of improvement in energy efficiency
13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries.
[E1-1 AR 1] [E1-1.14] [E1-1.16] OMV fully supports the goals set forth by the Paris Agreement and addressing climate
change is central to our Group strategy. We are committed to transforming into an integrated sustainable
chemicals, fuels, and energy company, with the ambition of becoming a net-zero business by 2050.1 This
commitment includes not just our own operations (Scopes 1 and 2) but also our product portfolio and other
emissions along the value chain (Scope 3). OMV is committed to both climate change mitigation and adaptation and
aims to support and accelerate the energy transition.
Impacts, Risks, and Opportunities (IROs)
OMV acknowledges that GHG emissions resulting from our operations and products sold contribute to high
emissions and significant energy consumption. These challenges are inherent in our current business model. To
address them, OMV is committed to reducing GHG emissions through the energy transition, supporting society’s
shift from a linear to a circular economy. This involves offering diversified products with a reduced carbon footprint
and gradually moving away from fossil fuels, with the goal of achieving a net-zero business by 2050. This transition
not only mitigates negative environmental impacts but also offers potential opportunities for OMV. By participating
in the clean energy transformation process and adopting energy transition and circular technologies, OMV can gain
a competitive advantage. Additionally, OMV aims to capitalize on these opportunities and reduce costs by
expanding renewable energy generation for its own electricity consumption. Effective management of energy
consumption and increased use of renewable energy will reduce the environmental impact of our operations,
1 The commitment “net-zero business by 2050” covers the greenhouse gas (GHG) emissions of our operations (Scopes 1 and 2) and our product portfolio and other Scope 3 emissions
along the value chain. For our interim GHG targets for 2030 and 2040, Scopes 1 and 2 and the following Scope 3 categories are included: Category 11: “Use of sold products” for
energy supply, Category 1: “Purchased goods” (feedstocks) from OMV’s Chemicals business segment, and Category 12: “End-of-life treatment of sold products” for non-energy use.
Shareholders
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OMV Combined Annual Report 2024
183
increase financial savings through energy efficiency measures, prevent non-compliance with regulatory
requirements on energy use, and lower GHG emissions. These opportunities align with our strategic goals and
enhance both our operational efficiency and environmental stewardship. For further information on material
impacts, risks, and opportunities related to E1 Climate Change, see > ESRS 2 General Information.
Governance
Ultimate responsibility for reducing carbon emissions lies with OMV’s Executive Board. The Chief Executive
Officer (CEO) is responsible for overall management and coordination and is therefore also responsible for
overseeing climate-related issues. OMV Executive Board members meet regularly (at least quarterly) to discuss
current and upcoming environmental, climate, and energy-related policies and regulations, related developments in
the fuels and gas market, the financial implications of carbon emissions trading obligations, the status of innovation
project implementation, and progress on achieving climate targets. The Executive Board’s remuneration is linked to
the achievement of OMV’s GHG emissions reduction targets (for more information, see > Sustainability
Governance). OMV’s Supervisory Board also oversees the carbon emissions reduction topic. The Sustainability &
Transformation Committee was formed in 2021 to support the Company’s Supervisory Board in reviewing and
monitoring OMV’s sustainability strategy, ESG-related standards, performance, and processes, and specifically, the
Group’s performance in HSSE (Health, Safety, Security, Environment) and climate change. For example, one of their
responsibilities is to review and evaluate the progress we are making toward OMV’s objectives in relation to our
carbon footprint, climate change, and the energy transition.
[E1-1.16i] The Sustainability & Transformation Committee (STC) of the Supervisory Board was established in
November 2021. Meeting quarterly, the STC oversees strategy related to sustainability, ESG standards,
performance, processes, HSSE, and OMV’s climate action and transition plan. The Sustainability Coordination Forum
was formed under the Executive Board in 2023. This committee is chaired by OMV’s CFO and consists of senior
managers with responsibility and ownership for material topics, as well as relevant business representatives
responsible for implementing OMV’s sustainability and transformation agenda. Its mandate is to coordinate the
development of the sustainability agenda at OMV, monitor progress on target achievement, propose measures in
the event of deviations, discuss emerging business opportunities, and prepare sustainability topics to be discussed
by the Executive and Supervisory Boards. The committee meets at least twelve times per year. For more details,
see > Sustainability Governance in General Information.
The Strategy department is responsible for developing the OMV strategy in collaboration with business segments
and corporate functions, aligning the strategic ambitions, priorities, and opportunities across OMV into a coherent
and holistic corporate strategy. This strategy is approved by the OMV Executive Board and ratified by the
Supervisory Board. It encompasses OMV’s entire value chain and explores new business areas and market
opportunities, such as organic and inorganic growth, partnerships, technology, and innovation. Strategy
implementation roadmaps are developed in close cooperation with the business segments.
Additionally, the Strategy department conducts the annual Strategy Implementation Review (SIR), which addresses
strategic guidance on potential portfolio decisions based on major market disruptions or threats, reviews changes in
the strategy implementation portfolio, and assesses the impact on implementation roadmaps. It includes gap
analyses, deep dives, and segmental analyses to address identified gaps and identify new strategic projects. This
review also encompasses a health check, including risk and opportunity assessment and associated risk mitigation
actions, conducted in cooperation with Risk Management.
[E1-1.16i] Strategic actions to follow OMV’s transition plan and achieve our climate targets are approved by the OMV
Executive Board through OMV’s mid-term planning and investment approval processes. OMV’s risk management is
a central element of these processes and comprehensively addresses both physical and transition climate-related
risks, including risks related to locked-in emissions. It ensures a systematic approach to identifying, assessing, and
mitigating potential impacts on the company’s operations and assets.
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At Group level, the responsibility for GHG accounting and management, sustainability reporting, and ESG
governance lies with Group Sustainability within Investor Relations & Sustainability, overseen by the CFO. The
Group Sustainability department is tasked with generating OMV’s GHG inventory based on international standards
and best practices to ensure a consistent approach across the Group. The main responsibilities of the team involve
defining, implementing, and managing OMV’s GHG Management Framework, including the Group’s climate targets,
monitoring, calculating, and reporting OMV’s GHG emissions (Scopes 1–3), and defining the GHG accounting and
reporting protocols and tools. The team coordinates activities across the business, providing guidance and training
on GHG and energy-related topics to subsidiaries, business units, and assets. This comprehensive approach ensures
alignment and effectiveness in OMV’s sustainability efforts across the entire organization.
E1-1 Transition Plan for Climate Change Mitigation
[E1-1.16h] [E1-4.34 AR 31] To support OMV’s ambition of becoming a net-zero business by 2050, OMV has developed a
transition plan. This plan is an integral part of the OMV Strategy 2030 and complemented by concrete short-, mid-,
and long-term targets. OMV’s targets are set at both absolute and intensity levels, with the ultimate goal of
achieving net zero greenhouse gas (GHG) emissions in Scopes 1, 2, and 3 by 2050. For Scopes 1 and 2, OMV is
aiming for an absolute reduction of 30% by 2030 and 60% by 2040. For the defined categories in Scope 3, OMV is
aiming for an absolute reduction of 20% by 2030 and of 50% by 2040. These absolute GHG emission reductions and
the increase in zero-carbon energy sales are key in reducing the carbon intensity of our energy supply, pursuing a
decline of 15–20% by 2030 and of 50% by 2040. These targets were set in 2021 and are approximated to the IEA’s
Sustainable Development Scenario (SDS) for 2030. However, our target of achieving net zero emissions by 2050 is
significantly more ambitious than the emission reduction pathway of the Sustainable Development Scenario. The
base year 2019 is used for these targets, as it was the last full year before the COVID-19 pandemic and the majority
of OMV’s assets were operating throughout that year.
[E1-1.16b] To achieve our targets, OMV is committed to taking climate action across various areas of operation,
including our product and service portfolio, circular economy activities, innovations and R&D efforts, working
environment, and social investments. Reaching our targets for 2030 and beyond will demand considerable effort
from all our business units, leveraging our existing strengths and expertise.
The reduction in greenhouse gases (GHGs) will be achieved through several key initiatives:
Decrease in fossil fuel and natural gas sales: significant decrease in fossil fuels and a less steep decline in natural
gas sales.
Increase in zero-carbon energy sales: significant increase in sustainable and biobased fuels, green gas sales, and
build-up of photovoltaic electricity capacity, as well as geothermal energy.
Increase in sales volumes of sustainable (renewable and recycled) chemicals and polymers to up to 1,400 kta by
2030.
Improved energy and operational efficiency, and zero routine flaring and venting, thereby reducing methane
emissions.
All electricity purchases in the Chemicals segment will be sourced from 100% renewable energy.
In addition to these efforts, OMV plans to establish capacity of approximately 3 mn t per year of Carbon Capture
and Storage (CCS) by 2030, which will help us achieve our GHG targets.
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[E1-1.16d] [E1-4.34f] [E1-4.34 AR 30a] OMV has integrated potential transition risks related to locked-in emissions into its
strategic risk management process, addressing financial and operational concerns tied to the transition to a
sustainable economy. OMV’s emission reduction activities are categorized according to decarbonization levers,
which are described below. These decarbonization levers group investments identified as part of OMV’s mid-term
planning as contributing to the implementation of the OMV Strategy 2030 and achievement of its climate targets.
Decarbonization Lever
Estimated contribution to
absolute GHG reduction
targets 2019–2030
Scopes 1 & 2
Scope 3
Improvement of operational
efficiency
This decarbonization lever includes initiatives that aim to optimize and
decarbonize our operational processes, increase energy efficiency, electrify
operations, install photovoltaic systems to power our own operations, reduce
flaring and venting, and reduce methane emissions through leak detection and
improvements to asset integrity.
60%
Increase in renewable
energy purchases
OMV is increasingly turning to renewable sources of electricity to power our
own operations. One way of doing this is by purchasing renewable energy,
which subsequently reduces our Scope 2 emissions.
20%
Additional petrochemicals
production and lower fossil
fuel sales
OMV anticipates a reduction in crude oil processing at its refineries while
increasing the chemical yield at its refineries. OMV aims to optimize the
interface between oil and chemicals, focusing on the integrated sites in
Schwechat and Burghausen. Reconfiguring plants and sites to maximize high-
value fossil hydrocarbon resources and incorporate a growing share of
sustainable feedstock for chemical production will support OMV’s
decarbonization strategy.
49%
Increase in recycled and
sustainable feedstock
Increasing the use of recycled and sustainable feedstock reduces the demand
for virgin raw materials. Adopting a circular economy will greatly diminish GHG
emissions. Circular products made from biobased renewable input or recycled
plastic waste offer lower emissions than products made from primary fossil
feedstock. OMV’s flagship project in this area is ReOil®. Other initiatives in this
field include mechanical recycling and plastic waste processing.
3%
Increase in zero-carbon
sales
Incorporating renewables into our sales portfolio by significantly increasing
sustainable and biobased fuels, green gas sales, and building up our
photovoltaic electricity capacity alongside geothermal energy means we are
actively reducing the carbon intensity of our energy supply.
No absolute GHG impact, but
contribution to reduction of
carbon intensity of energy
supply
Portfolio changes
Implementing any other strategic portfolio changes through acquisitions and
investments, decommissioning and divesting assets, and optimizing our oil and
gas portfolio focusing on gas as a transition fuel will help us reduce emissions
and achieve our climate targets.
20%
38%
CCS/CCU
Utilizing Carbon Capture and Storage (CCS) capacity as an abatement measure
will support our efforts to achieve climate targets.
10%
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Decarbonization Measures to Meet OMV’s 2030 Climate Targets with the Ambition of Reaching Net Zero
by 2050
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[E1-1.16c] To support OMVs climate targets and Strategy 2030, the company plans to allocate an average yearly
organic CAPEX of approximately EUR 3.8 bn between 2024 and 2030. Of this, 40–50% will be directed toward
sustainable projects like geothermal, CCS, renewable electricity, mechanical and chemical recycling, and biofuels
to achieve our ambitious decarbonization targets. Approximately 40% of the CAPEX for sustainable projects will be
dedicated to OMV’s Energy segment, and 30% each to Chemicals and Fuels & Feedstock. [E1-1.16e] OMV also has a
CAPEX plan in line with the EU Taxonomy to further expand Taxonomy-aligned activities. It is based on the latest
Supervisory Board-approved business plan and adheres to the five-year maximum period for CAPEX planning as
stipulated in annexes 1–5 of the Commission Delegated Regulation (EU) 2020/852. Planned CAPEX is subject to
review and potential changes. The plan does not account for CAPEX planned for Taxonomy-eligible activities that
were not claimed as Taxonomy-aligned since 2022, but which may align with Taxonomy criteria in the future, such
as geothermal and Carbon Capture and Storage (CCS) activities. [E1 AR 4] The alignment of economic activities
supports OMV’s transition to a sustainable economy. The Group has earmarked on average 40–50% of its organic
investments for sustainable projects for the period 2024–2030. Over the mid-term plan period from 2025 to 2029,
on average around 64% of the sustainable project investments are likely to be EU Taxonomy-aligned. A project is
considered “sustainable” when it is either EU Taxonomy-aligned or it contributes to the achievement of OMV’s GHG
targets as outlined in its Sustainability Framework. In 2024, OMV’s EU Taxonomy-aligned CAPEX represented an
18.7% share of total CAPEX, and this is likely to increase within the next five-year period to 29%. For more details,
see > EU Taxonomy. [E1-1.16f AR 5] E1-1.16g] OMV is excluded from the EU Paris-aligned benchmarks. Significant
CAPEX invested in 2024 in economic activities related to oil and gas amounted to EUR 2 bn.
Progress on Transition Plan Implementation
[E1-1.16j] OMV is actively progressing with the implementation of its transition plan. For details on progress on
sustainability projects, see the chapter Key Actions. Additionally, in alignment with the energy transition, OMV has
decreased its oil and gas production levels and reduced crude distillation throughput. This has been achieved
through activities that include the divestment of Exploration and Production operations in Malaysia. OMV has
improved its energy and operational efficiency, reducing absolute Scope 1 and 2 emissions by 23% compared to
2019. Scope 3 emissions have been reduced by 17% compared to 2019, driven by lower fossil fuel sales. OMV’s
methane intensity continued decreasing to 0.2% in 2024, while there were also significant reductions in flaring and
venting. To achieve this progress, OMV invested EUR 1 bn in 2024. These investments primarily focused on recycled
and sustainable feedstock and zero-carbon products. [E1-1.16c] In 2024, 22.4% (2023: 27.7%) of OMV’s total CAPEX
was classified as Taxonomy-eligible (non-aligned) and 18.7% (2023: 10.5%) as Taxonomy-aligned.
Scenario Analysis
[E1-4.34f AR 30c] Scenario analysis lays the foundation for OMV to develop its strategy, offering insights into potential
future pathways within which OMV can position its strategy. Continuous scenario analysis supports the Group in
strengthening the resilience of our business model and strategy: scenarios are used to identify risks and
opportunities (e.g., risks and opportunities for business development arising from a slower or a faster energy
transition, risks and opportunities for current and future businesses arising from policies and regulations), stress test
the business model (e.g., in different pricing environments), and support capital allocation decisions (e.g., to ensure
cash flow resilience in different scenarios).
OMV’s strategy development is informed by an underlying market base case, which is based on the IEA APS
scenario and other external and internal market analysis. This base case is used to evaluate strategic options, define
our mid-term strategy and planning, and for estimates relating to the measurement of various items in the Group
financial statements (including the impairment testing of non-financial assets and the measurement of provisions).
For investment decisions, business cases are based on the base case scenario. Additionally, investments undergo a
stress test based on a “net zero emissions by 2050” scenario that is primarily influenced by the IEA NZE scenario.
For details, see > Note 3: Effects of climate change and the energy transition.
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[E1-1.16a, 16h] When assessing the alignment of OMVs climate targets with a 1.5°C world, several scenarios and
approaches were explored, as no guidance is available for an integrated oil, gas, and chemicals company. One of the
main starting points for OMV’s assessment was the suite of scenarios developed by the Intergovernmental Panel on
Climate Change (IPCC), particularly its C1 scenarios, in which global warming is limited to 1.5°C with no or limited
overshoot (>50% probability). By examining global energy-related GHG emissions (CO2, CH4, and N2O) but excluding
emissions from coal to better reflect OMV’s business, a wide range of around 70 scenarios opens up to 2030 and
beyond. The emissions were normalized to 100% for 2019, the base year for OMV’s climate targets. Then, 5% each
of the extreme lower and upper outliers were removed to condense this spectrum of scenarios. All OMV’s targets
fall within this range, indicating alignment with a 1.5°C world (see figure below). For OMV’s Scope 3 targets in 2030
and 2040, approximately 40% and over 20%, respectively, of the analyzed IPCC scenarios are characterized by less
ambitious CO2 emissions reductions.
Alignment of Greenhouse Gas Reduction Targets
The second key source for OMV’s assessment of its climate targets is the IEA’s World Energy Outlook (WEO 2024).
The key IEA scenarios used are the Net Zero Emissions (NZE) scenario, corresponding to a 1.5°C temperature
increase, the Announced Pledges Scenario (APS), associated with a 1.7°C increase, and the Stated Policies Scenario
(STEPS), pointing toward a 2.4°C rise in temperature. OMV’s 2030 Scope 3 target is very close to being aligned with
the oil and gas-related emissions pathway in the NZE scenario, while the 2040 targets fall between the NZE and
APS pathways.
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Looking at sectoral decarbonization pathways, the IEA’s 2023 special report on The Oil and Gas Industry in Net Zero
Transitions is another critical reference. For a company like OMV that remains active in oil and gas and maintains its
production target of 350 kboe/d for 2030, the IEA suggests that a capital budget share exceeding 50% should be
allocated to clean energy technologies by 2030. This is considered a key criterion for making a fair contribution to
achieving net zero emissions by 2050. As the IEA notes, this capital share would only be feasible for oil and gas
companies if governments were to significantly reduce their tax revenues and shareholders were willing to accept
lower dividends. This compares with OMV’s commitment to allocating, on average, 40–50% of organic investments1
to sustainable projects in the period to 2030, while also maintaining competitive shareholder returns. The IEA report
also provides Scope 1 and 2 emission pathways for oil and gas, which were combined with emissions from
chemicals from the World Energy Outlook by weighting them based on OMV’s Scope 1–3 emissions according to
the respective business segment in 2019. This indicates that OMV’s 2030 and 2040 targets align with the resulting
APS pathway, but not the NZE. In the NZE scenario, for oil and gas operations alone, Scope 1 and 2 emissions should
fall by more than 60% by 2030. Recognizing that achieving this could be challenging for companies with extensive
past reduction efforts, the IEA suggests alternative 2030 emissions intensity targets for upstream oil and natural
gas as well as oil refining. Based on the intensity targets, OMV’s Scope 1 and 2 targets are over 80% aligned with the
outcomes of the NZE scenario.
However, the comparison with the intensity targets covers only about one-third of OMV’s current total target-
relevant Scope 1 and 2 emissions and thus doesn’t encompass a significant portion of OMV’s operations. In general,
the IEA’s guidance for the oil and gas industry on alignment with the NZE scenario does not fully apply to OMV, as it
excludes OMV’s chemicals business. This limitation specifically applies to the IEA’s emissions intensity target, which
is designed for conventional oil refineries. To make a meaningful comparison with the IEA’s targets, it is necessary
to exclude the chemicals business and its associated emissions from OMV’s petrochemical integrated sites at
Schwechat and Burghausen. This exclusion results in a somewhat narrower scope for the remaining oil refinery
business, with lower associated emissions and thus a more positive outcome.
To complete the picture, the One Earth Climate Model (OECM) is used as a reference. Commissioned by the UN-
convened Net-Zero Asset Owner Alliance and the European Climate Foundation, the OECM provides sectoral
decarbonization roadmaps for oil, gas, and chemicals. Compared to the IEA’s NZE scenario, it assumes a lower
carbon budget, no fossil fuels for energy use by 2050, and no role for any carbon capture technologies such as CCS.
Consequently, especially looking toward 2040, the role of oil and gas is significantly lower than in the IEA’s NZE
scenario. The OECM’s exclusion of CCS is not in line with OMV’s strategy, which considers CCS crucial for achieving
net zero by 2050. However, this implies that successful global deployment of carbon capture technologies may
increase the available carbon budget, providing more leeway to the OECM sectoral decarbonization pathways.
As for the IEA scenarios, the OECM oil, gas, and chemicals pathways were weighted and combined to reflect OMV’s
business structure. This demonstrates clear alignment with a 1.5°C pathway to 2030 for Scope 1 and 2 emission
targets. By 2040, OMV would miss the combined OECM pathway. However, by then OMV’s business is expected to
have evolved in line with the political realities and business environment in which OMV operates, rendering the
2019 weighting no longer applicable. As the share of OMV’s business related to gas is expected to increase and oil
to decrease, this improves OMV’s alignment, as the OECM Scope 1 and 2 pathway for gas is less ambitious than
OMV’s targets. In contrast, OMV’s Scope 3 targets do not align with the combined OECM pathway.
1 Potential additional inorganic investments for mergers and acquisitions are strategically selected to accelerate OMV’s transition in alignment with its Strategy 2030 and its path to
net zero by 2050.
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Temperature Alignment of OMV 2030 Targets
Scope 1 & 2
Alignment Criterion
Temperature Outcome
Alignment
Paris Agreement
well below 2°C
Aligned
IEA
APS Pathway
1.7°C
Aligned
NZE CAPEX
1.5°C
90% of target value
NZE Intensities1
>80% aligned
NZE Pathway
Not aligned
OECM Pathway
1.5°C
Aligned
1 Limitations regarding applicability to OMV as outlined in text.
Scope 3
Alignment Criterion
Temperature Outcome
Alignment
Paris Agreement
well below 2°C
Aligned
IPCC Pathways
1.5°C
Within range
IEA
APS Pathway
1.7°C
Aligned
NZE Pathway
1.5°C
Nearly aligned
OECM Pathway
1.5°C
Not Aligned
In conclusion, while OMV’s climate targets are clearly aligned with the Paris Agreement’s goal of limiting global
warming to well below 2°C, assessing compatibility with a 1.5°C world presents a more nuanced picture due to the
lack of binding guidance for the oil, gas, and chemicals industry and the limited number of credible sector-specific
decarbonization pathways. At this stage, OMV is confident that its Scope 3 emission reduction targets for 2030 are
compatible with limiting global warming to 1.5°C, while Scope 1 and 2 targets come close to the ambition of
making a fair contribution. As new scenarios and guidance become available, OMV will revisit its 1.5°C assessment
and adjust conclusions accordingly.
Locked-in Emissions
Key Assets, Associated Sources of Emissions, and Reduction Measures
[E1-1.16d] Locked-in emissions refer to future greenhouse gas emissions expected to arise from OMV’s active and
firmly planned key assets or products sold throughout their operational lifespans. OMV’s key assets concerning
locked-in emissions can be classified as follows:
the refineries in Schwechat, Burghausen, and Petrobrazi
the chemicals businesses in Kallo, Stenungsund, and Porvoo
the Brazi power plant
the Exploration & Production (E&P) businesses in Romania and Austria
Around half of the locked-in emissions up to 2030 are associated with the refineries, while the key chemicals assets
contribute around one-fifth to the total, with the Brazi power plant and key E&P assets contributing the remainder.
Jointly, these key assets account for over 90% of OMV’s total Scope 1 and 2 greenhouse gas emissions from 2024 to
2030. To reduce these emissions, OMV continuously optimizes its operations and facilities to improve their energy
efficiency. These four asset types are briefly introduced below, along with their main emission sources and potential
emission reduction measures.
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Locked-In Scope 1 and 2 Emissions From Key Assets From 2024 to 2030, After Implementation of
Emission Reduction Measures
Refineries
[E1-1.16d] OMV’s refineries, especially those in Austria (Schwechat) and Germany (Burghausen), are petrochemically
integrated sites. They supply Borealis and other customers with petrochemical monomers in addition to the
traditional fuels business in road and aviation fuels. Greenhouse gas emissions from the refineries include emissions
from the process plants for fuel production (such as hydrotreating facilities, crude distillation, etc.), which are
partially required for petrochemical upstream processes, plus emissions mainly from steam crackers producing
petrochemicals and from the utility plants required for electricity and steam generation.
Emission reduction measures to be implemented between now and 2030 focusing on the electrification of drives,
the optimization of used fuels, the handling of refinery residues, and the use of green hydrogen are currently being
examined. Additionally, OMV is decreasing the crude oil throughput, which will also lower associated emissions
across all scopes. Looking beyond 2030, OMV will continue to reduce CO2 emissions by adapting the future product
portfolio to more sustainable and recycled products and by decarbonizing the remaining process units, through
means such as electrification, CCS, or more sustainable process fuels.
Chemicals Business in Kallo, Stenungsund, and Porvoo
[E1-1.16d] Key sources of greenhouse gas emissions in OMV’s chemicals business are the generation of process heat
(from district heating) and steam to operate the propane dehydrogenation (PDH) unit in Kallo (second unit currently
under construction), and the steam crackers in Stenungsund and Porvoo. Power and steam are used to drive
compressors and pumps. Most of the current Scope 1 emissions from the PDH unit and steam crackers can be
considered locked in until 2030.
Emission reduction measures for Scope 2 offer significant potential by shifting toward renewable external
electricity supply and implementing efficiency improvements. Looking toward 2040, CCS and boiler electrification
can be considered as options to significantly lower direct emissions. For 2050, the technologies for the
electrification of furnaces used in the PDH unit and steam crackers plus carbon-neutral hydrogen as an alternative
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fuel may eventually become available. These options could significantly bring down associated emissions. Some of
the locked-in emissions are due to third-party steam and power supplies through direct lines from the supplier.
Such emissions will need to be reduced in close collaboration with these suppliers.
Brazi Power Plant
[E1-1.16d] OMV Petrom’s Brazi power plant is a combined cycle power plant with a total capacity of 860 MW,
covering approximately 10% of Romania’s electricity consumption. Its locked-in emissions are directly related to
gas consumption for electricity generation over its lifetime.
OMV was able to reduce emissions through various technical pathways, such as operating at a lower capacity
factor or incorporating clean fuel sources as a complement to natural gas (such as biomethane or hydrogen).
However, prospects must consider the viability and maturity of these technical pathways and the evolution of the
market (including demand, pricing, and the regulatory environment).
Exploration & Production
[E1-1.16d] OMV Petrom’s E&P business in Romania operates around 150 commercial oil and gas fields with
approximately 6,000 production wells, 9,000 km of pipelines, and around 900 processing facilities. Collectively,
these operations currently produce around 110 kboe/d. From 2027 onward, the Neptun Deep project is anticipated
to add up to 70 kboe/d to OMV Petrom’s natural gas production. In Austria, some 1,000 wells produce over
16 kboe/d. The largest share of the Scope 1 emissions from E&P Romania (~70%) and Austria (~60%) are caused by
the fuel gas consumption for producing and processing oil and gas, such as in the operation of compressors and
steam generation. Scope 2 emissions are associated with power consumption.
Emission reductions are expected to naturally occur in line with the production decline over the lifetime of the oil
and gas fields. In E&P Romania, energy efficiency improvements, process optimization, field modernization, and
integrity improvements are the main measures considered to reduce Scope 1 emissions by 2030. In E&P Austria, the
replacement of gas-driven compressors with electric ones is the main measure considered to reduce Scope 1
emissions by 2030 and beyond, in addition to the production decline. By 2040, emissions associated with the
current operations are expected to significantly reduce to less than half of current levels. This is mostly due to the
production decline, but also the switch to renewable power consumption.
Overall, the measures identified across all key assets will bridge the gap to meet OMV’s 2030 Scope 1 and 2
targets, with around two-thirds of the reductions of the locked-in emissions up to 2030 coming from the Brazi
power plant and the Schwechat refinery.
Emissions of Sold Products
[E1-1.16d] The locked-in emissions associated with the products OMV sold in the reporting year (Scope 3, Category
11), as defined by ESRS, represented over 55% of OMV’s total Scope 3 emissions (79.9 out of 145.9 mn t CO2e) in
2024. These emissions are directly related to the combustion of the oil and gas products sold for energy use,
meaning they occur largely in the reporting year and are not locked in for many years to come. Instead, they reduce
year by year in line with OMV’s Strategy 2030 and emission targets. For more information, see General Information
and Key Actions.
Impact of Locked-In Emissions on GHG Reduction Targets
[E1-1.16d] [E1-IRO-1 AR 12d] OMV’s emission targets cover 100% of Scope 1 and 2 greenhouse gases from the key assets
listed previously and 99% of the emissions from sold products (as Chemicals is excluded). OMV’s 2030 climate
targets are integral to the Strategy 2030 and associated business objectives, as well as being a key element of the
Executive Board’s remuneration. To align with these goals, OMV utilizes a unified planning process to achieve both
business and climate objectives. The locked-in emissions from OMV’s key assets and sold products are factored
into OMV’s strategy and its implementation, ensuring they do not jeopardize meeting OMV’s 2030 emissions targets
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in line with current expectations. Looking toward 2040 and 2050, further options for reducing emissions in line with
OMV’s climate targets include switching to more sustainable fuels and feedstocks, as well as decarbonization
measures like increased electrification, carbon capture technologies, and other emerging solutions. The final
selection of measures for implementation will depend on how legal frameworks evolve, the availability of
technologies and supporting infrastructure (e.g., pipelines for hydrogen or CCS), and the market demand for, and
supply of, more sustainable products. By 2050, OMV expects to compensate for any remaining locked-in emissions
to achieve net zero emissions. Implementing sophisticated decarbonization projects presents challenges in terms of
financing, timing, and duration. These projects may take many years from planning to operation, requiring highly
skilled personnel and comprehensive process modifications. Consequently, project delays are factored into OMV’s
risk management to avoid jeopardizing the achievement of OMV’s emission reduction targets, as detailed in > Risk
Management.
Resilience Analysis
[E1-SBM-3 AR 7a, 7b, 7c] [E1-SBM-3 AR 6] [E1-SBM-3.19a, 19b] OMV’s resilience framework for managing potential climate
change crises or unpredictable threats adheres to the principles of assessment, testing, monitoring, and continuous
improvement. This framework includes a stress test based on a “net zero emissions by 2050” scenario to identify
the challenges OMV’s entire value chain may face before 2030 related to the energy transition, including the risk of
stranded assets, and to develop the necessary capabilities to address these challenges. The assumptions for this
scenario are consistent with the IEA Net Zero Emissions (NZE) scenario. Further information on our market outlook
scenarios, which are based on the assumptions about how the transition to a lower-carbon and more resilient
economy is affected by surrounding macroeconomic trends, energy consumption and mix, and technology
deployment assumptions, can be found in Market Environment. The resilience analysis was performed in line with
the consolidated financial statements prepared in accordance with IFRS as of December 31, 2024. Further details
can be found in Note 3 to the Consolidated Financial Statements for year-end December 31, 2024, in the Annual
Report 2024. The critical assumptions for a low-carbon and resilient economy were set for OMV using sensitivities
calculated based on the IEA Net Zero Emissions (NZE) price assumptions. Further details about time horizons and
financial effects, as well as the mitigation measures and resources needed, can be found in Note 3 to the
Consolidated Financial Statements for year-end December 31, 2024, in the Annual Report 2024.
[E1-SBM-3 AR 8a] Details about the uncertainties of the resilience analysis and to what extent the assets and business
activities at risk are considered within the definition of the OMV’s strategy, investment decisions, and current and
planned mitigation actions can be found in Note 3 to the Consolidated Financial Statements for year-end December
31, 2024, in the Annual Report 2024. [E1-SBM-3 AR 8b] OMV has committed to addressing climate change with climate
targets introduced in 2022, supported by its Strategy 2030. Significant CAPEX is allocated to climate action across
operations, products, circular economy initiatives, innovation and R&D, working environment, and social
investments. OMV is evolving its product portfolio to include sustainable and biobased fuels and green gas sales.
The Company aims to lead in the circular economy by increasing sales volumes of sustainable (renewable and
recycled) chemicals and polymers. OMV is also developing renewable energy and low-carbon projects, including
geothermal energy, renewable power, and CCS. Key assets include OMV’s refineries, which are upgraded to meet
future demand for sustainable products. Innovations like ReOil® technology process plastic waste into high-quality
base chemicals and plastics. Further details can be found in Note 3 to the Consolidated Financial Statements for
year-end December 31, 2024, in the Annual Report 2024.
OMV continues to be in close dialogue with financial institutions and the investor community regarding its
transformation toward a net zero company by 2050 and the necessary steps to follow the decarbonization pathway.
In order to ensure access to attractive debt and equity financing OMV continuously demonstrates strong ESG
performance and its active approach to shaping its sustainability strategies to ensure alignment with global climate
goals. To reach that goal OMV follows a robust sustainability transition plan, enhances sustainability reporting
capabilities, and strengthens ESG governance and risk management, inter alia. While aligning with ESRS
requirements and enhancing sustainability practices, OMV is aiming at a broad diversification of its investor base
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and its funding sources, and at the same time ensuring that its funding measures support its strong investment-
grade credit rating and its long-term financial ratio targets. The Company fosters investor confidence and
continuously assesses ESG-aligned funding options to ensure ongoing access to funding and liquidity at attractive
rates, in line with market developments.
E1-2 Specific Policies and Commitments
As there is a high degree of overlap between the material topics Climate Change, Environment (including all its
material sub-topics, waste management, and process safety), and Health, Safety & Well-Being, covered in the Social
chapter, the overarching policies that govern these topics are also the same. This section details all the general
policies relevant to the material topics and sub-topics that fall under our Net Zero Transformation focus area, while
specific policies pertaining to individual material topics and sub-topics are located within their respective chapters.
In support of OMV’s transition into a net-zero business in line with the Paris Agreement and EU climate strategies
and targets, OMV has developed the following policies and frameworks to guide its actions.
Code of Conduct
Our Code of Conduct outlines our commitments to reducing GHG emissions and supporting society’s shift from a
linear to a circular economy. We aim to achieve this by offering diversified products with a reduced carbon
footprint, gradually moving away from fossil fuels, and reaching net zero emissions by 2050.
[E1-2.24] [MDR-P 65a] Our process management systems and our corporate regulations and directives constitute the
mandatory detailed implementation of OMV’s policies. They represent the conscientious translation of the Code of
Conduct into practice and form the basis of our monitoring systems. OMV has implemented appropriate due
diligence systems, measures, and ongoing checks to ensure that the spirit and the terms of our Code of Conduct
are also applied in practice, including in our operations and value chain. Our Code of Conduct outlines our
commitments to reducing operational emissions by improving both operational and energy efficiency. It includes
transitioning to cleaner energy sources within our operations and sourcing renewable energy in accordance with
the OMV Strategy 2030. By increasing the deployment of established renewable energy technologies and
developing innovative solutions in the fields of low- and zero-carbon technologies for energy supply, mobility, and
industry, OMV aims to enhance the production and sales of low- and zero-carbon energy. By working collaboratively
with our suppliers and customers, we aim to reduce emissions across the entire value chain. Additionally, we ensure
that our products and their emissions reduction potential are marketed accurately and transparently, avoiding any
misleading statements. OMV is also aware of the social impacts associated with the energy transition and is
committed to facilitating a Just Transition for our employees and communities, addressing the social and economic
effects of the shift toward an environmentally sustainable economy.
Our process for monitoring the effectiveness of our Code of Conduct is an ongoing exercise. It includes performing
human rights impact assessments, evaluating the effectiveness of our Community Grievance Mechanisms (CGMs),
and conducting internal audits, compliance checks, spot checks, and supplier assessments. These efforts ensure
transparency, accountability, and ethical behavior across our Company, reinforcing our dedication to responsible
business practices.
[MDR-P 65b, 65c – E1, E2, E3, E4, E5, S1, S2, S3, G1] The OMV Code of Conduct, which is approved by OMV’s Executive Board,
applies worldwide in all our business segments and consolidated subsidiaries. Adjustments specific to companies
and/or certain segments and countries are welcomed, provided they harmonize with the OMV Code of Conduct.
The document is an annex to the OMV Group Sustainability Directive. The CoC is applicable globally across all
business segments and fully consolidated subsidiaries. Adherence to the Code of Conduct is mandatory for
everyone working for OMV or acting on behalf of, with, and for OMV. All business partners and other individuals
acting on behalf of OMV must comply with all relevant laws and regulations and follow our Code of Conduct or
equivalent standards if they have their own adequate regulations in place. This includes all workers in the value
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chain, such as those of extractive business partners, JV partners, suppliers, agents, consultants, sales
representatives, dealers, contractors, sub-contractors, contract workers, and affiliates.
[MDR-P 65d– E1, E2, E3, E4, E5] Our Code of Conduct is guided by various international standards for sustainable
development and OMV is a signatory to the United Nations Global Compact (UNGC). We are committed to
upholding the values of the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for
Multinational Enterprises, and fully support the goals of the Paris Agreement, the Kunming-Montreal Global
Biodiversity Framework’s 2050 vision and 2030 mission, and the UN Sustainable Development Goals (SDGs). [MDR-P
65e– E1, E2, E3, E4, E5] The Code of Conduct was revised in 2024, during which certain key stakeholders including OMV
subject matter experts and employees, among others, were consulted either directly (e.g., through meetings) or
indirectly (e.g., Community Grievance Mechanism). Feedback received from key stakeholders was considered to
ensure that, wherever possible, their interests were not undermined. [MDR-P 65f– E1, E2, E3, E4, E5] The Code of Conduct
is publicly available on the OMV website and is also embedded within our General Purchase Conditions. It is
supplemented with further documents and training to ensure that employees and business partners understand our
commitments and know how to apply them in practice.
Environmental Management Standard
[MDR-P 65a – E1, E2, E3, E4, E5] The Environmental Management (EM) Standard provides detailed guidelines on managing
the negative impacts of GHG emissions from our operations and products sold, as well as addressing the low energy
efficiency of our operations. This includes mitigating the high emissions and significant energy consumption in
continued operations and business activities under the current business model. It stipulates an assessment of
environmental impacts and risks, and adherence to environmental performance requirements in terms of emissions
into the atmosphere, water use and discharge, pollution resulting from spills, the use of raw materials, waste
management, hazardous substance handling, and biodiversity and ecosystem protection. Specifically, it covers
substances and pollutants that include, but are not limited to: GHG and non-GHG air emissions, spills, plastic
particles, hazardous substances, naturally occurring radioactive material, noise and vibrations, and non-hazardous
waste. Over the past few years, the EM Standard has been enhanced to include minimum requirements on odor
emissions and H2S in vented gas, and two new annexes on the Water Management Plan Framework and Water
Management Plan Template. The OMV EM Standard also defines the process of carrying out Environmental and
Social Impact Assessments (ESIAs), mainly for projects. The OMV Environmental Management Standard requires
that all OMV businesses and activities use energy responsibly, conserve primary energy resources, and implement
energy management plans in accordance with ISO 50001. It also provides requirements for flaring and venting in
existing and future operations.
[MDR-P 65b– E1, E2, E3, E4, E5] The EM Standard is approved by OMV’s CEO, who has overall accountability for its
implementation, and is applicable globally across all OMV business segments and fully consolidated subsidiaries,
with the exception of SapuraOMV. It also applies to all external consultants that provide environmental services to
OMV companies. [MDR-P 65d– E1, E2, E3, E4, E5] The general principles for environmental management at OMV include
complying with all applicable environmental laws and regulations, and observing internationally accepted best
practice industry guidelines, for instance the International Standards Organization (ISO), the International
Association of Oil & Gas Producers (IOGP) and the global oil and gas association for advancing environmental and
social performance across the energy transition (Ipieca) best practices, among others. The EM Standard requires
that all relevant OMV businesses and activities (including investment, acquisitions, and divestment) implement an
Environmental Management System (EMS) consistent with ISO 14001 and adhering to the minimum requirements
listed. [MDR-P 65e] OMV subject matter experts and relevant employees were either directly involved in the
development of the Standard or their feedback on the draft Standard was sought during the internal consultation
process. [MDR-P 65f – E1, E2, E3, E4, E5] The EM standard is available on OMV’s Regulations Alignment Platform and is
supplemented with training to ensure that all affected employees and contractor employees understand our
general guidelines and know how to apply them in practice. Please also refer to > E2 Pollution, > E3 Water, > E4
Biodiversity and Ecosystems, and > E5 Resource Use and Circular Economy.
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Greenhouse Gas Management Framework Standard
The Greenhouse Gas Management Framework Standard complements the guidelines provided in the EM Standard
to give a detailed approach to how to manage the negative impacts related to GHG emissions from our operations
and products sold, and address the low energy efficiency within our operations. This includes mitigating the high
emissions and significant energy consumption of continued operations and business activities under the current
business model.
[E1-2.24] [MDR-P 65a] The GHG Management Framework is an OMV standard that defines how to measure, report, and
manage greenhouse gas emissions. It contains the definitions, boundaries, and rules for OMV’s strategic GHG
reduction targets and “net zero by 2050” ambition. The Standard defines reduction measures such as Carbon
Capture and Storage (CCS) and Carbon Capture and Utilization (CCU), as well as the requirements for purchasing
voluntary carbon offsets and their contribution to achieving the Group’s GHG targets. It also provides guidance on
the management of methane emissions, and the accounting and reporting of biogenic CO2 emissions. [MDR-P 65b] It
applies to OMV including Borealis and OMV Petrom, but excludes SapuraOMV Upstream Sdn. Bhd. [MDR-P 65c] The
CFO as the person who approves the GHG Management Framework is accountable for its implementation, while
responsibility for implementation lies with the SVP Investor Relations & Sustainability. [MDR-P 65d] The GHG
Management Framework references the GHG Protocol, the OGMP 2.0 framework, IPCC, and the Integrity Council
for the Voluntary Carbon Market. [MDR-P 65e] OMV subject matter experts and relevant employees were either
directly involved in the development of the Standard or their feedback on the draft Standard was sought during the
internal consultation process. [MDR-P 65f] The Standard is made available to all OMV employees via OMV’s
Regulations Alignment Platform on the OMV Intranet.
Controlling of Investment Directive
[E1-2.24] [MDR-P 65a] The Controlling of Investment Directive regulates the process of investment decision-making and
reporting within OMV, more specifically defining CAPEX for controlling purposes. The Directive also regulates the
investment criteria for sustainability projects that are aimed at mitigating the negative impacts and risks identified,
including projects to reduce GHG emissions from operations, products sold, and low energy efficiency in our
operations. The goal is to promote and facilitate investments in projects aligned with our climate targets, including
our long-term net zero target. OMV defines CAPEX for sustainability projects as investments that meet one of the
following two criteria: either they are aligned with the EU Taxonomy, or they are investments that support the
implementation of OMV’s 2030 Sustainability Framework. The latter includes investments related to methane
leakage detection and repair, energy efficiency programs, chemical recycling, and community investments
classified as strategic social investments, among others. For sustainability projects to pass the final investment
decision, different financial hurdles apply compared to those applicable to the rest of the projects in the portfolio.
“Sustainability CAPEX” projects use distinct “weighted average cost of capital (WACC)” rates that consider the
specific risks of sustainability projects (usually lower compared to other projects) and a payback period of <20 years
(longer than for other projects).
[MDR-P 65b] The scope of the Controlling of Investment Directive covers OMV including all its fully consolidated
subsidiaries. [MDR-P 65c] The Directive is approved by the OMV Executive Board, which is accountable for its
implementation. Responsibility for implementation lies with the SVP Group Controlling & Performance
Management. [MDR-P 65e] OMV subject matter experts and relevant employees were either directly involved in the
development of the Directive or their feedback on the draft Directive was sought during the internal consultation
process. [MDR-P 65f] The Directive is made available to all OMV employees via OMV’s Regulations Alignment Platform
on the OMV Intranet.
Borealis Policies for Climate Change Adaptation
Borealis, a part of the OMV Group, is actively taking steps to adapt to climate change, thereby enhancing its
resilience across the value chain. It has several policies (Responsible Care Policy, HSE Management System Policy,
Energy Management System Policy, Commercial Operations for Energy, Utilities, and CO2 Emission Allowances
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Policy) related to climate change mitigation and adaptation, which ensure the consistent delivery of essential
feedstock from upstream operations to its own facilities, as well as the reliable delivery of products downstream.
Borealis offers products and solutions that support climate adaptation, thereby increasing climate resilience for
customers and society. These products include solutions for cooling, rainwater management, and more. However, it
is anticipated that Borealis’ suppliers will pass on more of their climate change adaptation costs, leading to higher
feedstock costs for Borealis. There is no policy addressing climate change adaptation at the OMV Group level.
Mergers and Acquisitions Policy
This policy enhances the framework for managing material IROs identified through the due diligence process
required to assess the impacts and risks of M&A projects on the company’s carbon footprint, and to prevent
reputational damage and loss of customers. [E1-2.24] [E1-2.25] [MDR-P 65a-65d, 65f] The objective of this policy is to
outline the minimum requirements for the planning, approval, and execution of M&A projects at Borealis. It also
includes requirements regarding climate change mitigation and adaptation during an M&A project. According to the
policy, the impact of the M&A project on Borealis’ corporate carbon footprint, transition plan, and climate change
mitigation and adaptation risks needs to be assessed during the due diligence phase. The policy scope applies to
the following M&A projects: acquisition of all or parts of the shares or assets of entities not under the control of
Borealis; divestments of Borealis-controlled tangible and intangible assets or shares; and mergers involving the
contribution of shares or existing assets. The Mergers and Acquisitions Policy requires the due diligence phase of an
M&A project to assess its impact on Borealis’ corporate carbon footprint, transition plan, and risks related to both
climate change mitigation and adaptation. The Vice President for Strategy & Group Development of Borealis is
accountable for implementing the policy. Any material deviation from the procedure must be brought forward by
the project owner and approved by the Executive Board of Borealis. This policy does not refer to third-party
standards. No other areas were identified. The policy is made available internally to Borealis employees.
E1-3 Actions and Resources in Relation to Climate Change Policies
[E1-3.28] [MDR-A 68a, 68b, 68c, 68d, 68e] [E1-3.29a, 29b] [E1-4.34f] [AR 30a, 30b] Reducing emissions and sustainable energy
solutions play a major role in our transformational path to meet society’s energy needs. To prevent and wherever
applicable mitigate the impacts and risks identified for E1 Climate Change, OMV has defined the following key
actions.1 By increasing zero-carbon sales, using more recycled and sustainable feedstock, implementing Carbon
Capture, Utilization, and Storage (CCUS), and improving operational efficiency, we address the negative impacts
related to GHG emissions from our operations and products sold, as well as the low energy efficiency within our
operations. These efforts help mitigate the high emissions and significant energy consumption in continued
operations and business activities under the current business model. This has a positive impact on reducing GHG
emissions through the energy transition, supporting society’s shift from a linear to a circular economy by offering
diversified products with a reduced carbon footprint, and gradually moving away from fossil fuels toward achieving
a net-zero business by 2050.
Innovation is a key element in OMV’s implementation of its Strategy 2030 and critical to the transformation of the
value chain from a linear to a circular model. OMV is always looking for innovative solutions to optimize operations,
evaluate business opportunities, and develop new business models to make OMV a sustainable company. The key
actions listed in the table build on OMV’s existing expertise as well as on the latest available technologies, which
are central to OMV’s implementation of its Strategy 2030 and achieving our GHG emissions reduction targets.
1 [MDR-A 69b] Key actions are defined as those requiring CAPEX of EUR ≥5 mn for their implementation. CAPEX includes additions to property, plant, and equipment and to intangible
assets (incl. IFRS 16 right-of-use assets) and expenditures for acquisitions, as well as equity-accounted investments and other interest for pre-defined sustainability CAPEX categories.
Decommissioning assets, government grants, borrowing costs, and other additions that by definition are not considered capital expenditure are not included in CAPEX figures. Within
the boundaries of applicable accounting standards, expenditure incurred during project implementation is generally capitalized, thus included in the CAPEX figures. Figures are not
validated by external bodies. For the material topic E1 Climate Change Mitigation, the key actions mainly refer to activities in Europe, the majority of them being in Austria, Germany,
and Romania. Due to the threshold of EUR ≥5 mn per key action, the presented CAPEX figures do not represent the total CAPEX of OMV for actions addressing climate mitigation.
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Decarbonization
lever
Key action
(Summary of individual actions requiring
individual CAPEX of EUR ≥5 mn for their
implementation)
Status
Expected outcome
Contribution to policy objective/target
Scope
Time
horizon
Remedy
Progress
CAPEX
2024
CAPEX
2025–
2029
Related IROs
Achieved GHG
reduction, mn
tCO2e
(2024 vs. base
year 2019)
Planned GHG
reduction, mn
tCO2e
(2030 vs. base
year 2019)
EUR bn
Increase in
zero carbon
sales
Electricity generation from PV and wind,
generation of heat/cooling from waste
Actual &
planned
Increase in zero carbon energy sales
contributing to reduction of the carbon
intensity of the energy supply.
Contributes to strategic pillar targets 2030 to
'Become a leading European producer of
sustainable fuels'; Scope 3 reduction target
and Carbon intensity energy supply target; key
initiatives undertaken to achieve the targeted
reductions by 2030; increase in zero-carbon
energy sales: significant increase in
sustainable and renewable biobased fuels,
green gas sales, and build-up of photovoltaic
electricity capacity as well as geothermal
energy.
Own
Operations
Mid-term
n.a.
Assessment,
Execution
0.4
9.2
E1-1, E1-2, E1-7, E2-9
No absolute GHG impact, but
contribution to reduction of carbon
intensity of energy supply
Geothermal activities
Actual &
planned
Mid- to
long-term
Assessment,
Execution
E1-1, E1-2, E1-3, E1-5,
E1-6, E1-7, E2-9
Infrastructure enabling low-carbon transport
Actual &
planned
Increase in biobased zero-carbon energy sales
contributing to reduction of the carbon
intensity of the energy supply.
Short- to
long-term
Assessment,
Execution,
Completion
Manufacture of biogas and biofuels
Actual
Short- to
mid-term
Execution,
Completion
E1-1, E1-2, E1-3, E1-5,
E1-6, E1-7, E5-1, E2-9
Sustainable fuels and feedstock, e-fuels
Actual &
planned
Increase in renewable zero-carbon energy
sales.
Short- to
long-term
Assessment,
Execution,
Completion
Manufacture of hydrogen
Actual
Mid-term
Execution
E1-1, E1-2, E1-7
Increase in
recycled
and sustainable
feedstock
Manufacture of organic basic chemicals
Actual &
planned
Reduction of GHG (Scopes 1 & 2) and Scope 3
emissions.
Supports OMV’s target strategic 2030 to
increase renewable chemical feedstock
production capacity and to increase equity
product and third-party product sales of
sustainable polyolefins and other chemicals to
enhance the circular economy; also
contributes to: GHG Scopes 3 target (and to
some extent GHG Scope 1 & 2 target).
Own
Operations
Mid- to
long-term
n.a.
Assessment,
Execution
0.5
E1-1, E1-2, E1-3, E1-5,
E1-6, E1-7, E5-1
0.0
1.0
Manufacture of plastics in primary form
Actual
Increase recycling capacity to increase sales
volumes of sustainable polymers. Reduction of
GHG (Scope 1 & 2) and Scope 3 emissions.
Adopting a circular economy will greatly
diminish GHG emissions. Circular products
made from renewable input or recycled plastic
waste generate lower emissions than products
made from primary fossil fuel.
Contributes to OMV’s strategic pillar to grow
sustainable products, the ambition to establish
a leading position in circular economy
solutions and the aim to increase sales
volumes of sustainable base chemicals and
polymers to up to 1,400 kta by 2030: based on
renewable and recycled feedstock; also
contributing to GHG Scope 3 target (and, to
some extent, to the GHG Scope 1 & 2 target).
Mid-term
Execution
E1-1, E1-2, E1-3, E1-5,
E1-6, E1-7, E5-1, E5-3,
E5-5, E5-6
Mechanical recycling and plastic waste
processing
Actual &
planned
Short- to
long-term
Assessment,
Execution,
Completion
Chemical recycling
Planned
Long-term
Assessment
Close to market research, development, and
innovation
Actual &
planned
Short- to
long-term
Assessment,
Completion
E1-1, E1-2, E1-3, E1-5,
E1-6, E1-7, E5-1, E5-5,
E5-6
CCS/CCU
Carbon Capture and Storage (CCS)
Planned
Reduction of CO₂ emissions released into the
atmosphere through storage underground in
geological formations. This process helps
mitigate climate change by preventing large
amounts of CO₂ from contributing to global
warming.
Contributes to OMV’s strategic pillar to
“Reduce fossil production and processing”;
contribution to strategic target 2030; OMV is
aiming for a total capacity of around 3 mn t
p.a. by 2030; contribution to Scope 1 & 2
reduction target, Scope 3 reduction target and
carbon intensity energy supply target.
Own
Operations
Mid- to
long-term
n.a.
Assessment
0
E1-1, E1-2, E1-3, E1-5,
E1-6, E1-7, E5-4
0.0
3.0
Improve
operational
efficiency
Energy efficiency programs
Actual &
Planned
Reduction of energy consumption and
improving energy efficiency in operations.
Energy efficiency result in lower GHG Scope 1
& 2 emissions and enhanced sustainability.
Strategic target for 2030 and contribution to
Scope 1 & 2 reduction target and carbon
intensity of energy supply target.
Own
Operations
Short- to
long-term
n.a.
Assessment,
Execution,
Completion
0.1
E1-1, E1-7, E2-9
1.5
2.9
Other Scope 1 & 2 reductions
Actual &
Planned
Improving operational efficiency resulting in
lower GHG Scope 1 & 2 emissions and
enhanced sustainability.
Mid- to
long-term
Assessment,
Execution
Electricity generation from PV, wind, and
waste heat
Actual &
Planned
Reduction of Scope 1 & 2 emissions through
production and use of renewable electricity.
Improving operational efficiency resulting in
lower GHG Scope 1 & 2 emissions and
enhanced sustainability.
Short- to
long-term
Assessment,
Execution,
Completion
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[MDR-A 69b] [E1-3.29c-i] In 2024, the implementation of key actions related to E1 Climate Change required CAPEX of
EUR 1,046 mn. For OMV’s total CAPEX and its reconciliation to the investments shown in the cash flow statement,
refer to the chapters Capital Expenditure (CAPEX) in the Directors’ Report and Consolidated Statement of Cash
Flows in the Consolidated Financial Statements. [MDR-A 69b] [E1-3.29c-ii] Of the total 2024 CAPEX for implementing
key actions, 71% is EU Taxonomy-aligned. Of the total planned CAPEX for implementing key actions between 2025
and 2029, 60% will likely be EU Taxonomy-aligned and part of the EU Taxonomy CAPEX plan. For details, see > EU
Taxonomy.
[MDR-A 69a] OMV seeks to align its long-term funding policy with the Company’s sustainability strategy. For this
reason, OMV is assessing opportunities of sustainable financing and sustainability-linked funding, which links the
cost of a financing instrument to the achievement of specific strategic sustainability targets. A first step toward
sustainable financing was taken in 2021 with a green loan for the ReOil® 2000 chemical recycling plant in
Schwechat, Austria. This loan was issued in alignment with the green loan principles and is based on a project-
specific green financing framework and a second party opinion. For the implementation of other key actions
included in the table above, no sustainable finance instrument is currently outstanding.
[E1-3 AR 21] OMV has a strong cash position (around EUR 5.8 bn reported as of the end of Q3/24). Furthermore, it
typically relies on debt capital markets as its main funding source due to their efficiency, liquidity, and the
availability of long(er) tenors. It aims for a broad diversification of its investor base and its funding sources and
wants to maintain a balanced debt maturity profile. OMV targets efficient financing while at the same time ensures
that its funding measures support its investment-grade credit rating and its long-term leverage ratio target (12%
reported at the end of Q3/24). OMV also maintains committed and uncommitted bank lines to cover short-term
cash flow fluctuations. Structures that enable OMV to optimize working capital complement the palette of funding
tools. Funding of future growth and the transformation process will mainly rely on a mixture of operating cash
flows, contributions from further cost optimizations, and disposals. Any additional financing can be raised via the set
of tools depicted above, in line with the cash flow profile of the investment as well as OMV’s financial priorities and
long-term targets. Hybrid capital will also remain a solid pillar of our capital structure in the long term.
Progress on Specific Key Actions
Increasing Zero-Carbon Products
Scaling up zero-carbon and renewable energy product sales while reducing fossil fuel sales is crucial for reducing
the carbon footprint of our energy supply. These products include biofuels, electricity, waste heat, and emerging
options like geothermal heat.
In our Energy division, the Low Carbon Business (LCB) team is active in the fields of geothermal energy and
renewable power solutions. Over the past few years, initiatives in these areas have gained considerable momentum.
Currently, many of these projects are in the assessment or initial investment stage, with plans to increase the level
of investment after 2027.
We are working with Wien Energie in a joint venture called “deeep” to develop deep geothermal plants in the
greater Vienna area. The first plant will be in Aspern, northeast of Vienna. The plant will have a capacity of 20 MW
in combination with heat pumps. This capacity will be enough to supply around 20,000 households. Drilling of the
first deep geothermal well started in December 2024. The wells will reach depths of over 3,000 meters to use the
hot formation water for heat generation. The first geothermal plant of deeep will serve as the basis for the further
expansion of geothermal energy in Vienna. Overall, OMV and Wien Energie want to develop up to seven geothermal
plants with a capacity of up to 200 MW as part of a field development. This will enable the production of climate-
neutral district heating for the equivalent of up to 200,000 Viennese households.
In our Fuels & Feedstock (F&F) division, we contribute to developing a sustainable energy system by identifying and
maturing innovative solutions, especially for markets that are difficult to electrify with batteries and for customer
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segments like heavy road transport or air travel. These markets share a need for energy-dense, climate-friendly
fuels with minimal downtime. Our portfolio promotes waste-based and advanced biofuels, hydrogen, and e-fuels,
leveraging synergies with existing refinery assets and expertise in scalable and feasible green technology rollouts.
The successful execution of these projects will lower our overall emissions, create innovative and sustainable
products and services for society, and differentiate OMV as a leader in the green energy transition.
In June 2024 OMV, started up the coprocessing plant at the Schwechat refinery, where up to 160,000 t of liquid
biomass per year will be converted into a high-quality renewable diesel blending component. Almost EUR 200 mn
was invested and savings generated by the produced renewable fuel are around 360,000 t CO2e.
Also in June 2024, OMV Petrom made the final investment decision to build a plant for sustainable aviation fuels
(SAF) and renewable diesel (HVO) and two plants to produce green hydrogen, which will be used in the production
of biofuels. Starting in 2028, OMV Petrom plans to supply around 250 kt/a of sustainable fuels. In the same month,
OMV Petrom signed a new acquisition for photovoltaics projects in Romania and expanded its partnership with
Renovatio through the acquisition of a 50% stake in renewable energy projects totaling 130 MW.
OMV is recovering waste heat in its Schwechat refinery and delivering it to Vienna Airport and Wien Energie. A total
of 836,446 MWh was delivered in 2024.
In 2024, OMV’s Chemicals division continued to invest in its ReOil® technology and Borealis’ mechanical recycling
processes to broaden the range of applications where recycled plastics or renewable feedstocks can be used as
input sources, with a focus on waste supply, sorting, and treatment. Furthermore, Borealis invested in the cracker
furnaces of its olefin unit in Porvoo, Finland, to increase the use of renewable and recycled raw materials in base
chemicals production.
In our Retail business, OMV successfully continued its electromobility journey and implemented a full operating
system including CPO (Charge Point Operator), eMSP (eMobility Service Provider), and app modules in Austria,
Hungary, Romania, and Slovakia. In addition, in May OMV Petrom successfully finalized its acquisition of Renovatio
Asset Management, the leading EV charging company in Romania. By the end of 2024, OMV was operating 804
(2023: 292) high-performance charging points. For an overview of where these charging stations are located,
see > Fields of Activity.
Carbon Capture and Storage
OMV aims to store around 3 mn t of CO2 per year by 2030. Together with Aker BP, we hold the Poseidon license to
store CO2 in the Norwegian North Sea (OMV Norge 50%). The project has the potential for over 5 mn t of CO2 to be
stored annually. We intend to use the site as storage for CO2 captured from various industrial plants across
northwest Europe, including from Borealis’ European facilities. A 3D seismic survey was successfully carried out in
late 2023. By 2025/26, a drill-or-drop decision will be made. In partnership with Vår Energi (operator) and Lime
Petroleum AS, we were awarded a second CO2 storage license in 2024 (OMV Norge 30%). The license, called Iroko,
is located in the central Norwegian North Sea and can store around 215 mn t of CO2, with the injection capacity
expected to exceed 7.5 mn t of CO2 per year.
In June 2024, OMV Petrom started testing an innovative capture and utilization technology at the Petrobrazi
refinery. The testing of the new technology is part of a demonstration campaign carried out in three countries –
Denmark, Romania, and Greece – as part of an innovation project financed by the European Commission through
the Horizon 2020 program.
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Energy Efficiency Measures
Effective carbon and energy management helps reduce GHG emissions and associated liabilities, thus lowering
environmental costs, boosting financial savings through energy efficiency, and ensuring regulatory compliance.
Government authorities require compliance with EU Emissions Trading System (EU ETS) regulations, national
implementations of the EU Energy Efficiency Directive, and mandatory energy audits every four years. OMV’s
comprehensive approach to managing GHG emissions is embedded within OMV’s strategy formulation and
implementation. It is based on GHG and energy accounting and reporting, inventory management, audits,
assessment plans, and training for employees.
Energy efficiency measures in OMV operations are closely linked with technical improvements directed at reducing
energy use while achieving the same operational output. Process optimization and increasing energy efficiency to
reduce costs and CO2 emissions are also a priority at our refineries. At the Burghausen refinery, a project was
implemented in 2024 to use the waste steam condensate stream from the Metathesis plant to heat the cooler
steam condensate from the crack-gas compressor, increasing the energy efficiency of the process and resulting in
an annual reduction of approximately 1,000 t CO2e.
The potential for reducing energy use is identified through annual campaigns aimed at improving environmental
performance, including through energy consumption. We set targets for refineries to achieve specific energy
intensity index ratings, which are monitored yearly. Based on these ratings, we pinpoint areas for energy efficiency
improvements and decide on measures to reduce consumption as part of our environmental governance.
Borealis accounts for 20% of OMV’s energy consumption and views energy efficiency as crucial to its climate
strategy, aiming for a 10% reduction from 2015 levels by 2030. Joint facilities in Schwechat and Burghausen have
initiatives to increase synergies, such as replacing the Schwechat refinery’s boiler feed water with cheaper, colder,
fully desalinated water, resulting in energy and CO2 savings.
Phasing Out Routine Flaring
[MDR-A 68a, 68b, 68c] During oil production, associated gas is produced alongside the oil. While much of this gas is
utilized, some is flared due to technical or economic constraints, releasing greenhouse gases like CO2 and methane.
Around 1% of OMV’s total direct GHG emissions and around 6% of OMV Energy’s direct GHG emissions result from
routine flaring. In 2017, OMV voluntarily endorsed the World Bank’s “Zero routine flaring by 2030” initiative. Existing
sites where the routine flaring of associated and free gas still occurs are required to develop a phase-out plan to
eliminate legacy routine flaring as soon as possible, but no later than 2030. New production sites are developed
with the appropriate gas utilization solutions in place and without routine flaring. We report to the World Bank on
our progress on this initiative annually. All OMV operations are also required to minimize methane emissions from
point sources, as well as fugitive emissions and technically avoidable emissions (such as those from well testing and
well workover, among other events). In 2024, we routinely flared 32,914 thousand m³ of associated gas. [MDR-A 68e]
Since 2017, we have reduced routine flaring amounts by 77%.
Fugitive Emissions Monitoring and Leak Detection and Repair
[MDR-A 68a, 68b, 68c] OMV systematically monitors and controls fugitive methane emissions and other non-methane
volatile organic compounds (NMVOCs) through Leak Detection and Repair (LDAR) programs. Routine audio, visual,
and olfactory inspections, along with soap bubble testing and optical gas imaging, are used for leak detection.
Advanced methods such as infrared cameras and collaborations with third parties using drones, satellite data, and
acoustic leak imaging enhance monitoring efforts.
Leaks are repaired promptly based on prioritization and risk assessments. Key initiatives include the pipeline
integrity program and modernizing facilities like compressor stations. OMV implements LDAR programs in both
upstream (OMV Energy) and downstream (OMV Fuels & Feedstock) sectors to address fugitive emissions. LDAR
programs in OMV Energy align with the GHG Management Framework, the OGMP 2.0 Framework, and the UN
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program for the reduction of methane emissions, which OMV joined in April 2024. An internal LDAR team in OMV
Austria uses advanced technologies for regular site screenings, while OMV Petrom’s internal LDAR program covers
over 300 facilities, focusing on methane screening and leak mitigation. Global and local methane management
programs, including Ops CH4llenge at OMV Petrom, prepare operations for new methane detection, measurement,
and reporting requirements.
Sourcing Renewable Energy for Operations
[MDR-A 68a, 68b, 68c] OMV is increasingly turning to renewable sources of electricity to power our operations. One
approach is purchasing renewable energy, which subsequently reduces our Scope 2 emissions. For instance,
electricity contracts for our refineries in Schwechat and Burghausen stipulate that 50% of purchased electricity
must come from renewable sources. In 2024, 53% of the purchased electricity at the Schwechat refinery and 75% at
the Burghausen refinery, including tank farms and pumping stations, came from renewable sources. All electricity
purchased by OMV’s Austrian filling stations and the head office is obtained from renewable sources. For OMV’s
refineries and the AWP, the electricity contracts are generally spot-indexed and contracted on a one- to three-year
basis. Commodity pricing risk is managed using financial risk instruments.
OMV will continue to increase the sourcing of renewable electricity to power our operations. To reduce our Scope 2
emissions and achieve Borealis’ target of sourcing 100% renewable electricity by 2030 (status 2024: >50%), OMV
has continued to establish several Power Purchase Agreements (PPAs) for long-term renewable electricity sourcing,
securing the necessary electricity and utilities for production processes. OMV plans to increase our renewable
electricity sourcing by an additional 580–780 GWh per year through more PPAs and solar power investments. In the
Chemicals segment, which consumes the most energy, our goal is to ensure all purchased electricity is renewable
by 2030. In 2024, electricity purchased in Chemicals accounted for 2,731 GWh (2023: 2,771 GWh), approximately
73% (2023: 73%) of OMV’s total electricity purchased. Where local regulations allow, OMV also plans to produce
renewable energy and feed it into the grid for third-party use, with potential evaluations ongoing in our operational
countries.
In 2024, OMV concluded Power Purchase Agreements (PPAs) with VERBUND and ImWind and secured an annual
purchase of 67 GWh of sustainable electricity. This volume corresponds to the annual power consumption of
around 16,000 households. With this supply of green energy, OMV will be able to cover over 35% of the external
electricity requirements of the Schwechat refinery and the AWP. This enables OMV to reduce its carbon footprint
and accelerate the use of renewable energy sources. In Germany, OMV has partnered with Statkraft, one of
Europe’s largest renewable energy producers. This five-year agreement will see OMV sourcing 73 GWh of wind
power annually to decarbonize its operations in Germany. In addition, Borealis entered into long-term PPAs with
Finnish energy companies Fortum and Axpo Nordic, a subsidiary of Switzerland’s largest renewable energy provider,
to source renewable energy from onshore wind parks. Starting in mid-2024, Borealis will receive 800 GWh of
renewable power from Fortum over eight years to support its production operations in Porvoo, Finland. Additionally,
Borealis will receive more than 130,000 MWh of wind power annually from Axpo Nordic for its production location
in Stenungsund, Sweden, over the next ten years. This electricity will be generated by the new Hultema onshore
wind farm in central Sweden, with delivery having commenced in January 2024.
Borealis’ Actions to Manage Impacts, Risks, and Opportunities for Climate Change Adaptation
[E1-3.28] [E1-3 AR 19d] [MDR-A 68a, 68b, 68c] Borealis has initiated a program on climate change adaptation. This program
began with an initial high-level desk exercise for all of Borealis’ assets to identify locations with significant risks. A
more in-depth desk analysis will be delivered in 2025, resulting in an overview of the locations where climate change
poses a significant physical risk to Borealis’ assets.
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E1-4 Targets Related to Climate Change Mitigation
GHG emissions from our operations and the products we sell contribute to high emissions and significant energy
consumption, challenges inherent in our current business model. To address this, OMV has set absolute GHG
emission reduction targets for Scope 1 and 2 (combined), as well as Scope 3, and aims to reduce the carbon
intensity of its energy supply. Additionally, we have set a target to lower our methane intensity and achieve zero
routine flaring and venting by 2030.
[MDR-T-80f] To ensure consistency and comparability in tracking our progress toward these GHG reduction targets,
we perform a baseline recalculation whenever significant changes in GHG emissions occur due to mergers,
acquisitions, or divestments. This recalculation also applies to the assessment of GHG target achievement,
including LTIP and EB annual bonus target achievement. A significant change means that the cumulative effect of
mergers, acquisitions, or divestments in the reporting year represents a higher effect than 5% on baseline year
absolute Scope 1–3 emissions that are in the scope of the GHG targets. This includes Scope 1 and 2 GHG emissions
(market-based), OMV Energy and F&F Scope 3 indirect GHG emissions from Category 11 (3.11): Use of sold
products to third parties on an equity production basis, OMV Chemicals Scope 3 indirect GHG emissions from
Category 1Purchased goods and services (3.1) on a 100% operator/majority-owned basis, and Chemicals (Borealis)
Scope 3 indirect GHG emissions from Category 12 “End of life treatment of sold products” to third parties on an
equity production basis (3.12).
All our GHG targets were approximated to the IEA’s Sustainable Development Scenario (SDS) in 2021 but are more
ambitious by aiming to achieve net zero by 2050. This and the base year recalculation approach also apply to our
targets on Scope 3 GHG emissions and the carbon intensity of energy supply.
[MDR-T-80g] There is no science-based guidance for the oil and gas industry available for setting climate targets or
for evaluating the alignment of climate targets with conclusive scientific evidence. However, when setting climate
targets and evaluating the compatibility of OMV’s climate targets with a 1.5°C world, OMV explored several
scenarios and approaches that consider or are based on scientific evidence, such as the suite of scenarios
developed by the Intergovernmental Panel on Climate Change (IPCC), particularly its C1 scenarios, which limit
global warming to 1.5°C with no or limited overshoot (>50% probability). This applies to all our targets.
[MDR-T-80h] All the climate targets were initially proposed by Group Sustainability to the Executive Board (EB) and
Supervisory Board (SB). They were subsequently discussed and agreed upon with internal stakeholders, including
Group Strategy and relevant business functions, during internal strategy alignment meetings. Finally, the targets
were approved by the Executive Board (EB).
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Absolute target: Scopes 1 & 2
[E1-4.32] [MDR-T-80a-80j] [E1-7.60] [E1-4.34a-34c] [E1-4.34 AR 23-24, 36]
[MDR-T-80a] In OMV’s Code of Conduct, we are committed to reducing operational emissions, including by improving
operational and energy efficiency, and to switching to cleaner energy in our operations and sourcing renewable
energy in accordance with the OMV Strategy 2030. OMV will therefore work toward decarbonizing our operations
to become a net-zero business by 2050. This target is connected to our strategic and mid-term planning, and its
achievement is incentivized through the EB’s bonus.
2030
At least 30% absolute Scope 1 and 2
GHG emission reduction
2040
At least 60% absolute Scope 1 and 2
GHG emission reduction
2050
Net-zero Scope 1 and 2 GHG
emissions
Absolute Target
Value chain activities
Own operations and upstream value chain (electricity generation)
In scope
100% Scope 1 and 2 GHG emissions (market-based) from fully owned assets and assets where the
Group’s interest is less than 100% but more than 50%, and where the Group’s interest is 50% or
less if OMV is the operator of a joint venture
Out of scope
Scope 1 and 2 GHG emissions of assets not operated/not majority owned by OMV
Geographical coverage
Group-wide
Base year
2019
Baseline value in mn t CO2e
13.9
[MDR-T-80f] Scope 1 and 2 GHG emission reductions by 2030 and 2040 include own measures and CCU/S; GHG
removals (according to ESRS definitions), avoided emissions, and carbon credits are excluded as means of achieving
the 2030 and 2040 GHG emission reduction targets. For the net zero Scope 1 and 2 emissions by 2050 target,
residual GHG emissions (after GHG emissions are reduced by approximately 90–95%) are intended to be neutralized
by methods such as GHG removals and storage in own operations and the upstream value chain (electricity
generation), and carbon credits. [MDR-T-80i] In 2024, we revised our methodology for achieving the GHG emission
reduction targets for 2030 and 2040 to align with ESRS guidelines by using CCU/S, while GHG removals, avoided
emissions, and carbon credits are excluded. Base year data 2019 was restated due to a change in the calculation
methodology 3.1 Purchased goods and services from feedstock emissions. No recalculation of the base year due to
mergers, acquisitions, or divestments was necessary.
Status 2024
[MDR-T- 80j] Absolute Scope 1 and 2 emissions reduced by 23% vs. 2019 (2023: –26%)
For OMV’s GHG emission targets, the same boundaries as those used for the GHG inventory are applied, ensuring
consistency between target setting and reporting. The target covers 100% of Scope 1 and 2 emissions from OMV’s
GHG inventory and thus includes the same greenhouse gases: CO₂, CH₄, and N₂O. In 2024, the share of Scope 1
emissions in the combined Scope 1 and 2 emissions (market-based) was 91%, while Scope 2 emissions accounted
for 9%. In relation to the total Scope 1–3 GHG emissions (market-based), the share of Scope 1 emissions was 7%
and the share of Scope 2 emissions was 1%. This voluntary target is monitored and reviewed annually.
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Absolute target: Scope 3
[E1-4.32] [MDR-T-80a-80j] [E1-7.60] [E1-4.34a-c] [E1-4.34 AR 23-24, 36]
[MDR-T-80a] In OMV’s Code of Conduct, we are committed to reducing Scope 3 emissions from our product portfolio
and other emissions along the value chain. We are committed to increasing production and sales of low-/zero-
carbon energy by scaling up the deployment of mature renewable energy technologies and developing new
solutions in the fields of low- and zero-carbon technologies for energy supply, mobility, and industry. OMV’s
strategic objective is to decarbonize its product portfolio to become a net-zero business by 2050. This target is
aligned with the OMV Strategy 2030 and fully linked to OMV’s strategic and mid-term-planning.
2030
At least 20% absolute Scope 3 GHG
reduction
2040
At least 50% absolute Scope 3 GHG
reduction
2050
Net-zero GHG Scope 3 emissions
Absolute Target
Value chain activities
Own operations, upstream value chain (feedstock) and downstream value chain (product use &
end-of-life)
In scope
Energy and F&F Scope 3 indirect GHG emissions from Category 11 (3.11) “Use of sold products” to
third parties on an equity production basis; Chemicals Scope 3 indirect GHG emissions from
Category 1 "Purchased goods and services" (3.1) on a 100% operator/majority owned basis,
Chemicals (Borealis) Scope 3 indirect GHG emissions from Category 12 “End of life treatment of
sold products” to third parties on an equity production basis (3.12)
Out of scope
Intracompany sales and purely financial traded volumes, intracompany supply, intracompany sales
and purely financial traded volumes; other Scope 3 indirect GHG emissions
Geographical coverage
Group-wide
Base year
2019
Baseline value in mn t CO2e
114.9
[MDR-T-80f] Scope 3 GHG emission reductions by 2030 and 2040 will include our own measures as well as CCU/S in
the value chain and any additional established CCS capacity. GHG removals (according to ESRS definitions), avoided
emissions, and carbon credits are excluded as means of achieving the 2030 and 2040 GHG emission reduction
targets. For the net zero Scope 3 emissions by 2050 target, residual GHG emissions (after GHG emissions are
reduced by approximately 90–95%) are intended to be neutralized by methods such as GHG removals and storage
in the upstream and downstream value chain, any additional established CCS capacity, and carbon credits.
[MDR-T-80g] Scope 3 GHG emission reductions by 2030 and 2040 will include our own measures as well as CCU/S in
the value chain and any additional established CCS capacity. GHG removals (according to ESRS definitions), avoided
emissions, and carbon credits are excluded as means of achieving the 2030 and 2040 GHG emission reduction
targets. For the net zero Scope 3 emissions by 2050 target, residual GHG emissions (after GHG emissions are
reduced by approximately 90–95%) are intended to be neutralized by methods such as GHG removals and storage
in the upstream and downstream value chain, any additional established CCS capacity, and carbon credits. [MDR-T-
80i] In 2024, we revised our methodology for achieving the GHG emission reduction targets for 2030 and 2040 to
align with ESRS guidelines by using CCU/S, while GHG removals, avoided emissions, and carbon credits are
excluded. Base year data 2019 was restated due to a change in the calculation methodology 3.1 Purchased goods
and services from feedstock emissions. No recalculation of the base year due to mergers, acquisitions, or
divestments was necessary.
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Status 2024
[MDR-T-80j] Absolute Scope 3 emissions were reduced by 17% vs. 2019 (2023: –10%)
For OMV’s GHG emission targets, the same boundaries as those used for the GHG inventory are applied, ensuring
consistency between target setting and reporting. In 2024, the share of the Scope 3 emissions covered by the
target for the total Scope 3 emissions of OMV’s GHG inventory was 65%. In relation to the total Scope 1–3 GHG
emissions (market-based), the share of Scope 3 emissions was 61%. This voluntary target is monitored and reviewed
annually.
Carbon intensity of energy supply (Scopes 1–3) Target
[E1-4.32] [MDR-T-80a-80j] [E1-7.60] [E1-4.34a-34c] [E1-4.34 AR 23-24, 36]
[MDR-T-80a] In OMV’s Code of Conduct, we are committed to decarbonizing our operations and product portfolio to
become a net-zero business by 2050. This commitment includes not just our own operations (Scopes 1 and 2) but
also our product portfolio and other emissions along the value chain (Scope 3). The target is aligned with the OMV
Strategy 2030 and fully linked to OMV’s strategic and mid-term-planning. Target achievement is incentivized
through LTIP and the EB annual bonus.
2030
15-20% carbon intensity of energy
supply reduction
2040
At least 50% carbon intensity of
energy supply reduction
2050
Net-zero carbon intensity of energy
supply
Relative Target
Value chain activities
Own operations, upstream value chain (electricity generation), and downstream value chain
(product use)
In scope
Scope 1 direct GHG emissions from 100% operator/majority-owned assets from Energy and F&F;
Scope 2 indirect GHG emissions (market-based) from third-party energy purchases (such as
electricity, heat, steam) from 100% operator/majority-owned assets from Energy and F&F; Scope 3
indirect GHG emissions from Category 11 “Use of sold products” to third parties on an equity
production basis
Out of scope
Scope 1 direct GHG emissions of Chemicals, Petchem-related Scope 1 direct GHG emissions in
Refining, Energy, and F&F assets not operated/not majority owned by OMV; Scope 2 indirect GHG
emissions (market-based) from third-party energy purchases (such as electricity, heat, steam) of
Chemicals, petrochemicals-related Scope 1 direct GHG emissions in Refining, Energy, and F&F
assets not operated/majority owned by OMV; Scope 3 indirect GHG emissions from Category 11
“Use of sold products”: intracompany sales and purely financial traded volumes, and other Scope 3
indirect GHG emissions
Geographical coverage
Group-wide
Base year
2019
Baseline value in g CO2e/MJ
70.0
[MDR-T-80f] Carbon intensity of energy supply emission reductions by 2030 and 2040 will include our own measures
as well as CCU/S (in our own operations and in the value chain, and any additional established CCS capacity). GHG
removals (according to ESRS definitions), avoided emissions, and carbon credits are excluded as a means of
achieving the 2030 and 2040 GHG emission reduction targets. For the net zero carbon intensity of energy supply by
2050 target, residual GHG emissions (after GHG emissions are reduced by approximately 90–95%) are intended to
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be neutralized by methods such as GHG removals and storage in our own operations, in the upstream and
downstream value chain, any additional established CCS capacity, and carbon credits.
[MDR-T-80i] As OMV’s portfolio has evolved, some of our project timelines have shifted and the Group has revised its
target for the carbon intensity of energy supply from 20% to 15–20% by 2030. For 2040, OMV continues to target a
50% decrease in its carbon intensity of energy supply. In 2024, we revised our methodology for achieving the GHG
emission reduction targets for 2030 and 2040 to align with ESRS guidelines by using CCU/S, while GHG removals,
avoided emissions, and carbon credits are excluded. Base year data 2019 was restated due to a change in the
calculation methodology 3.1 Purchased goods and services from feedstock emissions. No recalculation of the base
year due to mergers, acquisitions, or divestments was necessary.
Status 2024
[MDR-T-80j] Carbon intensity of energy supply reduced by 1% vs. 2019 (2023: –1%)
This voluntary target is monitored and reviewed annually.
Zero routine flaring and venting target
[E1-4.32] [MDR-T-80a-80j] [E1-4.34a-34c] [E1-4.34 AR 23-24]
[MDR-T-80a] In OMV’s Code of Conduct, we are committed to reducing operational emissions, including by improving
operational and energy efficiency as outlined in the Strategy 2030. In our Environmental Management Standard, we
have embedded the requirement to phase out routine flaring and venting by 2030. The target supports OMV’s
strategic objective to decarbonize its operations and to become a net-zero business by 2050.
2030
Zero routine flaring and venting
2050
Net-zero Scope 1 GHG emissions
Absolute Target
Value chain activities
Own operations
In scope
100% routine flaring and routine venting emissions from fully owned assets and assets where the
Group’s interest is less than 100% but more than 50%, and where the Group’s interest is 50% or
less if OMV is the operator of a joint venture
Out of scope
Energy-operated power plants, F&F, and Chemicals; routine flaring and routine venting of assets
not operated/not majority owned by OMV
Geographical coverage
OMV Energy
Base year
2019
Baseline value in mn Sm3
514
[MDR-T-80f, 80i] OMV defines routine flaring in accordance with the Global Flaring and Methane Reduction Partnership
(GFMR) and the World Bank’s Zero Routine Flaring by 2030 Initiative. Routine flaring and venting amounts are
reported at the E&P country/asset level, including gas storage, and are aggregated at OMV Energy level. In 2024, no
changes were made to this target.
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Status 2024
[MDR-T-80j] Volume of gas routinely flared and vented decreased from 53 mn Sm3 in 2023 to 37 mn Sm3 in 2024
This voluntary target is monitored and reviewed annually.
Methane intensity target
[E1-4.32] [MDR-T-80a-80f] [E1-4.34a-34c] [E1-4.34 AR 23-24]
[MDR-T-80a] In OMV’s Code of Conduct, we are committed to reducing operational emissions, including by improving
operational and energy efficiency. In our Environmental Management Standard, we have embedded the
requirement to phase out routine flaring and venting by 2030. The target supports OMV’s strategic objective to
decarbonize its operations and to become a net-zero business by 2050.
2025
Achieve less than 0.2% methane
intensity
2030
Achieve less than 0.1% methane
intensity
2050
Net-zero Scope 1 GHG emissions
Absolute Target
Value chain activities
Own operations
In scope
Energy E&P activities comprising all operations from exploration to production, gas processing and
gas storage (up to the first point of sale PoS), including LNG liquefaction plants if located before
the first point of sale. The POS is defined as the place/device of transfer of ownership of the
product to the downstream player, which may be a third party or a downstream business unit
within OMV. It can be described broadly as “from wellhead to point of sale”. 100% methane
emissions (as part of Scope 1 direct GHG emissions) and total (gross) marketed gas (sales) from
fully owned assets and assets where the Group’s interest is less than 100% but more than 50%, and
where the Group’s interest is 50% or less if OMV is the operator of a joint venture. All methane
emissions from operated upstream assets marketing oil and/or gas are included, including
operated gas storage. Methane emissions from fugitives, venting and incomplete combustion, for
example in flares and turbines, are all included. Following this approach, emissions linked to force
majeure events or sabotage are also included.
Out of scope
Methane emissions and marketed gas of assets not operated/not majority owned by OMV.
Exploration drilling activities are considered outside of the boundary for inclusion (as this activity
can be seen as separate from the value chain for marketed gas and oil), while production drilling
and completions are considered within the boundary for inclusion. Energy operated power plants,
F&F and Chemicals.
Geographical coverage
OMV Energy
Base year
2019
Baseline value in % (Sm3/Sm3)
1.3
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209
[MDR-T-80f] The methane intensity reduction target arises from the need to reduce methane emissions in the oil and
gas sector, in accordance with EU requirements (EU methane regulations) and IEA expectations for the industry.
The method for calculating methane intensity is aligned with the Oil and Gas Climate Initiative’s (OGCI) approach,
defined as: Methane intensity [%] = Methane emissions [Sm3] / Marketed gas (sales) [Sm3]. [MDR-T-80h] The GHG
targets were initially proposed by Group Sustainability to the EB and SB and were then discussed and agreed upon
with internal stakeholders, including Group Strategy, and relevant business functions during the internal strategy
alignment meetings. The targets were then approved by the Executive Board (EB). [MDR-T-80i] In 2024, no changes
were made to this target.
Status 2024
[MDR-T-80j] 0.2% methane intensity (2023: 0.3%)
This voluntary target is monitored and reviewed annually.
[E1-4.33] Additional performance parameters that contribute to managing OMV’s decarbonization include:
Reducing carbon intensity of operations (Scope 1) (status 2024: 79% vs. 100% in 2010)
Achieving significant CO2 reductions from operated assets between 2020 and 2025 (Scope 1) through concrete
reduction initiatives and divestment (status 2024: 0.8 mn t CO2e)
reducing the carbon intensity of the product portfolio (Scope 3) (status 2024: 2.6 mn t GHG per mn t oil
equivalent)
[E1-4.34c AR 25a] OMV uses 2019 as its base year for all three scopes of emissions and for our 2030, 2040, and 2050
targets because 2019 was the last full year before the COVID-19 pandemic and the majority of OMV’s assets were
operating for the whole of 2019. The reporting boundaries, covered activities, and methodologies for metrics and
targets remain consistent over time. If there are changes in methodologies, their significance is assessed, and
baseline data is adjusted whenever possible.
[E1-4.34c AR 25b] In 2024, no base year recalculation was triggered. For further details on expected decarbonization
levers and their overall quantitative contributions to achieving the GHG emission reduction targets, refer to the
transition plan.
[MDR-T-72] Borealis does not yet have a target for climate change adaptation because they initiated a program to
address this in 2024. It included a high-level assessment of all Borealis assets to identify locations with significant
climate-related risks. A more detailed desk analysis will be completed in 2025, providing an overview of the
locations with significant physical risks due to climate change for Borealis assets.
Metrics
[Voluntary] 59% of sites are ISO 50001 certified (2023: 57%)
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Metrics Definitions and Methodologies
[Voluntary] [MDR-M.77a-77c] Percentage of sites ISO 50001 certified: Calculated as percentage of sites that are ISO
50001 certified over the total number of operational sites. Aside from the assurance provider, this metric is not
validated by an external body.
E1-5 Energy Consumption and Mix
Energy consumption
[E1-5.37a, 37b, 37c] [E1-5.38a, 38b, 38c, 38d, 38e] [E1-5.39] [E1-5 AR 34] [GRI 302-1] [GRI 302-2]
In MWh
2024
2023
Total energy consumption
46,265,174
38,994,387
of which non-renewable energy consumption
43,775,979
37,399,001
of which nuclear energy consumption
281,639
n.a.
of which renewable energy consumption
2,207,556
1,595,387
thereof total energy consumption from fossil fuel sources
41,851,084
33,916,489
thereof from coal and coal products
0
n.a.
thereof from crude oil and petroleum products
4,030,888
4,214,558
thereof from natural gas
35,805,770
28,082,617
thereof from other fossil fuel sources
2,014,426
1,619,314
thereof total consumption of purchased electricity, heat, steam, and cooling from fossil sources
1,924,895
3,482,512
thereof electricity
1,146,867
2,059,688
thereof heating
4,626
237,429
thereof cooling
0
0
thereof steam
773,401
1,185,394
thereof total energy consumption from nuclear sources
281,639
n.a.
thereof self-generated non-fuel renewable energy for own consumption
39,775
34,497
thereof total fuel consumption of renewable sources, including biomass
82,628
0
thereof total consumption of purchased electricity, heat, steam, and cooling from renewable sources
2,085,153
1,560,890
thereof electricity
2,050,046
1,558,048
thereof heating
803
1,644
thereof cooling
0
0
thereof steam
34,304
1,197
Share of fossil fuel sources in total energy consumption (%)
95%
96%
Share of consumption from nuclear sources in total energy consumption (%)
1%
n.a.
Share of renewable sources in total energy consumption (%)
5%
4%
Energy consumption outside the organization
Total energy production (to market)
344,166,550
380,740,954
thereof from non-renewable sources
335,524,028
375,023,036
thereof fuels
327,592,038
367,322,279
thereof electricity
7,095,544
6,896,826
thereof heating
836,446
803,931
thereof cooling
0
0
thereof steam
0
0
thereof from renewable
8,642,522
5,717,918
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Metrics Definitions and Methodologies
[E1-5.37a, 37b, 37c] [E1-5.38a, 38b, 38c, 38d, 38e] [E1-5.39] [E1-5 AR 34] [GRI 302-1] [GRI 302-2]
[MDR-M.77b] The measurement of all metrics below, unless otherwise specified, is not validated by an external body
other than the assurance provider.
[MDR-M.77a; 77c] Total energy consumption: The aggregated total energy consumption is derived from site-specific
information, utilizing a combination of direct measurements, calculations, and estimations. When direct
measurements or calculations are not feasible, estimations are used to determine the energy consumption.
Potential limitations of the methodology include the accuracy and reliability of estimations when direct
measurements and calculations are not feasible. The total energy consumption is reported separately for non-
renewable, nuclear, and renewable energy consumption. The shares of fossil fuel, nuclear, and renewable sources
are calculated by dividing the respective energy consumption by the total energy consumption. The data related to
energy consumption is reported with the same reporting boundaries as described for Scope 1 and 2 GHG
emissions. [MDR-M.77b] Some data included in this metric undergoes verification by an external body when the fuel
consumption is directly correlated with GHG emissions under a regulated emission trading system.
[MDR-M.77a, 77c] Total energy consumption from fossil fuel sources: The aggregated energy consumption from
fossil fuel sources is derived from site-specific information, utilizing a combination of direct measurements,
calculations, and estimations. When direct measurements or calculations are not feasible, estimations are used to
determine the energy consumption. Potential limitations of the methodology include the accuracy and reliability of
estimations when direct measurements and calculations are not feasible. The total is also reported separately for
four source types of fuels, from coal and coal products, from crude oil and petroleum products (refers to diesel,
heating oil, and residue/waste oil, as well as other liquid fuels), from natural gas (refers to natural gas, residual gas,
and other gaseous fuels), and from other fossil fuel sources (refers to FCC coke and other solid fuels). [MDR-
M.77b] Some data included in this metric undergoes verification by an external body when the fuel consumption is
directly correlated with GHG emissions under a regulated emission trading system.
[MDR-M.77a, 77c] Total consumption of purchased electricity, heat, steam, and cooling from fossil sources: the
aggregated total consumption of purchased electricity, heat, steam, and cooling is derived from site-specific
measurements recorded and invoiced by the energy providers. Potential limitations of this method include
discrepancies or errors in provider invoices, variations in measurement accuracy, and possible delays in reporting.
Determining the fossil part of the purchased energy involves using either a market-based approach, which utilizes
the supplier-specific mix, or a location-based approach, using the general energy mix of the location if the supplier-
specific mix is not available. A limitation of this methodology is the potential misalignment in timelines for
suppliers to publish their energy mix compared to the reporting schedule for a company’s sustainability statement.
Consequently, the energy mix from the previous period may need to be used, potentially leading to discrepancies
or a less accurate representation of the current renewable energy consumption. The total consumption is also
reported separately for electricity, heat, steam, and cooling.
[MDR-M.77a, 77c] Total energy consumption from nuclear sources: The aggregated energy consumption from
nuclear sources refers to consumption of purchased electricity from nuclear sources. Determining this portion of
the purchased electricity involves using site-specific electricity purchased and electricity mixes, either market-
based with the supplier-specific mix, or location-based with the general energy mix of the location if the supplier-
specific mix is not available. A key limitation of this methodology is the potential misalignment in timelines for
suppliers to publish their energy mix compared to the reporting schedule for a company’s sustainability statement.
Consequently, the energy mix from the previous period may need to be used, potentially leading to discrepancies
or a less accurate representation of the current renewable energy consumption.
[MDR-M.77a, 77c] Self-generated non-fuel renewable energy for own consumption: The aggregated self-generated
non-fuel renewable energy for own consumption refers to the generation of electricity using solar photovoltaic
(PV) technology for own consumption in operated assets. This is derived from site-specific measurements
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recorded at the solar PV station. A potential limitation of such measurements is the accuracy and reliability of the
meter equipment.
[MDR-M.77a, 77c] Total fuel consumption from renewable sources, including biomass: The aggregated fuel
consumption from renewable sources is derived from site-specific information, utilizing a combination of direct
measurements, calculations, and estimations. When direct measurements or calculations are not feasible,
estimations are used to determine the fuel consumption. Potential limitations of the methodology include the
accuracy and reliability of estimations when direct measurements and calculations are not feasible.
[MDR-M.77a, 77c] Total consumption of purchased electricity, heat, steam, and cooling from renewable sources: The
aggregated total consumption of purchased electricity, heat, steam, and cooling from renewable sources is derived
from site-specific measurements recorded and invoiced by the energy providers. Potential limitations of this
method include discrepancies or errors in provider invoices, variations in measurement accuracy, and possible
delays in reporting. Determining the renewable part of the purchased energy involves using either a market-based
approach, which utilizes the supplier-specific mix, or a location-based approach, using the general energy mix of
the location if the supplier-specific mix is not available. A limitation of this methodology is the potential
misalignment in timelines for suppliers to publish their energy mix compared to the reporting schedule for a
company’s sustainability statement. Consequently, the energy mix from the previous period may need to be used,
potentially leading to discrepancies or a less accurate representation of the current renewable energy
consumption. The total consumption is also reported separately for electricity, heat, steam, and cooling.
[MDR-M.77a, 77c] Total energy production (to market): The aggregated value is determined by invoiced amounts and
documented transactions for all energy products produced and sold to third-party customers. Intracompany sales
are excluded from this measurement. The total energy production (to market) from non-renewable and renewable
sources is reported separately. Whereas renewables refer to our biofuels in sold products (such as sustainable
aviation fuels), non-renewables refer to fossil fuel energy sales, reported separately for fuels (such as diesel,
gasoline), and electricity/heat/cooling/steam (such as electricity produced at the Brazi power plant using natural
gas).
Energy intensity
[E1-5.40] [E1-5.41] [E1-5 AR 36a-36e] [E1-5 AR 37] [E1-5 AR 38]
Energy intensity per unit of sales revenue
2024
Total energy consumption per unit of sales revenue from activities in high and low climate impact sectors
MWh/EUR
0.001
Total energy consumption from activities in high and low climate impact sectors
MWh
46,265,174
Revenues from contracts with customers
EUR mn
32,411
Revenues from other sources
EUR mn
1,569
Total sales revenues from activities in high and low climate impact sectors (see Note 7 Sales Revenues)
EUR mn
33,981
Metrics Definitions and Methodologies
The metric below also refers to metrics reported under [E1-5.37a-37c] [E1-5.38a-38e] [E1-5.39 AR 34]
[MDR-M.77a-77d] Total energy consumption per unit of sales revenue from activities in high and low climate impact
sectors: The energy intensity per unit of sales revenue refers to the total energy consumption in both high and low
climate impact sectors over the total sales revenues in EUR. A breakdown of the energy consumption from
activities in the high climate impact sectors and low climate impact sectors is not available. The sales revenues are
disclosed in the financial statement. The measurement of these metrics is not validated by an external body other
than the assurance provider.
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[E1-5.42] [E1-5 AR 33] OMV’s main NACE codes are C.19.2. Manufacture of refined petroleum products, B.6.2. Extraction
of natural gas, B.6.1. Extraction of crude petroleum, C.29.2. Manufacture of refined petroleum products, and C.20.16
Manufacture of plastics in primary forms. All disclosed energy consumption numbers reflect consumption in both
high and low climate impact sectors.
E1-6 Gross Scope 1, 2, 3, and Total GHG Emissions
[E1-6.44 AR 39] [E1-AR 32a] [E1-6 AR 46h-i, 46h-ii, 46h-iii] Health, Safety, Security, and Environment (HSSE) data, including
consumed energy and greenhouse gas (GHG) data for Scope 1, Scope 2, and Scope 31 emissions, is reported (100%)
for activities that OMV operates or where OMV holds a stake of more than 50% and exerts a controlling influence.
The exception to this is Scope 3 Category 15 “Investments,” which follows the equity approach. OMV’s share of the
investment’s Scope 1, 2, and, where relevant, Scope 3 emissions are accounted for in this category. If an investment
is a business partner in OMV’s upstream or downstream value chain, the respective Scope 3 emissions are included
in the appropriate category. OMV calculates its corporate carbon footprint (Scope 1, 2, and 3 emissions) following
the principles, requirements, and guidance provided by the GHG Protocol Corporate Standard (version 2004), the
GHG Protocol Scope 2 Guidance (version 2015), and the GHG Protocol Corporate Value Chain (Scope 3) Accounting
and Reporting Standard (Version 2011).
Scope 1: This refers to direct emissions from sources that are owned or controlled by OMV. OMV uses emission
factors from various sources, such as the IPCC and API GHG Compendium. OMV includes the greenhouse gases
CO₂, CH₄, and N₂O in its Scope 1 calculations. Since 2024, OMV has been applying the global warming potentials
(GWPs) from the IPCC Sixth Assessment Report (AR6 – 100 years) to calculate CO2e emissions of non-CO2 gases.
Assets subject to EU-ETS report in accordance with the EU-ETS methodology.
Scope 2: This refers to indirect emissions resulting from the generation of purchased or acquired electricity,
heating, cooling, or steam. OMV reports according to both the location-based and market-based methods, using
emission factors from different sources, including the International Energy Agency and supplier-specific emission
factors.
Scope 3: This covers other indirect emissions occurring outside the organization, including both upstream and
downstream emissions. OMV uses emission factors from various sources, such as the IPCC, Plastics Europe, and
DBEIS. The data includes Scope 3 emissions from the use and processing of sold products, excluding pure
“trading margin” sales and intracompany sales. Since 2015, emissions from purchased goods, services, and capital
goods have been included. Since 2018, the net import of refinery feedstock has also been included.
Scope 1 and 2 emissions, divided into consolidated Group and partners’ share in joint operations controlled by OMV
[E1-6.50a, 50b] [E1-6.50 AR 40]
In t CO2e
2024
Scope 1
Scope 2
(market-based)
Scope 2
(location-based)
Total OMV Group emissions
9,778,526
991,275
1,036,020
Consolidated Group
9,605,122
989,062
1,033,789
Partners’ share in joint operations controlled by OMV
173,403
2,213
2,231
1 For Scope 3 categories 10, 11, and 12, the operational control approach is applied. For example, in OMV’s Energy division, when an OMV company participates in joint operations, and
is fully consolidated, 100% of the respective OMV company sales are accounted, however this value usually only represents OMV’s share in the joint operation.
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Metrics Definitions and Methodologies
The metrics below refer also to metrics reported under [E1-6.44a, 44b] [E1-6.48a] [E1-6.48 AR 43] [E1-6.44-52]
[E1-6.49a, 49b] [E1-6.52a, 52b] [E1-6.49 AR 45] [E1-6.47].
[MDR-M.77a-c] Scope 1 and 2 emissions, divided into consolidated Group and not fully consolidated entities with
operational control: Scope 1 and 2 GHG emissions from the consolidated accounting group includes 100% of gross
Scope 1 and 100% of gross Scope 2 emissions from the parent and subsidiaries, as well as OMV’s proportionate
share of emissions from joint operations that it operationally controls. Scope 1 and Scope 2 emissions reported
under “not fully consolidated entities with operational control” include partners’ shares in joint operations where
OMV has operational control. Some data included in this metric undergoes verification by an external body when
GHG emissions are regulated under an emission trading system.
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GHG Emissions
[E1-6.44a, 44b, 44c, 44d] [E1-6.48a] [E1-6.48a AR 43] [E1-6.48b AR 44] [E1-6.44-52] [E1-6.49a, 49b] [E1-6.52a, 52b] [E1-6.49 AR 45] [E1-6.51 AR 46] [E1-6.52 AR 47] [E1-6 AR-41] [E1-6.47]
In t CO2e
Retrospective
Milestones and target years
2019 (Base year)
2023
2024
% N/N-1
2030 1
2040 1
Annual %
target/Base year
Scope 1 & 2 GHG emissions (market-based)
13,920,157
10,297,163
10,769,800
105%
9,744,110
5,568,063
3.00%
Scope 1 GHG emissions
Gross Scope 1 GHG emissions
12,648,004
9,307,079
9,778,526
105%
–
–
–
of which from OMV’s Energy business segment
9,516,872
6,523,692
6,675,721
102%
–
–
–
of which is CO2
7,790,533
6,161,600
6,384,552
104%
–
–
–
of which is CH4 2
1,708,657
353,402
282,589
80%
–
–
–
of which is N2O
17,682
8,690
8,580
99%
–
–
–
of which from OMV’s non-Energy business segment
3,131,132
2,783,387
3,102,805
111%
–
–
–
of which is CO2
3,126,781
2,778,850
3,098,710
112%
–
–
–
of which is CH4
2,020
2,255
1,909
85%
–
–
–
of which is N2O
2,332
2,281
2,186
96%
–
–
–
Percentage of Scope 1 GHG emissions from regulated emissions trading schemes (%)
67%
83%
85%
102%
–
–
–
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions
906,219
778,761
1,036,020
133%
–
–
–
Gross market-based Scope 2 GHG emissions
1,272,153
990,084
991,275
100%
–
–
–
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions (t.r.)
114,857,247
103,850,767
95,362,239
92%
91,885,798
57,428,624
2.00%
Total gross indirect (Scope 3) GHG emissions (all significant categories)
135,579,824
120,512,791
145,906,773
121%
–
–
–
1 Purchased goods and services 3
13,274,484
13,156,102
13,494,945
103%
–
–
–
of which from feedstock (t.r.) 3
6,638,325
6,764,709
5,755,170
85%
2 Capital goods 3
536,442
503,792
462,182
92%
–
–
–
3 Fuel and energy-related activities (not included in Scope 1 or Scope 2)
212,529
221,034
161,192
73%
–
–
–
5 Waste generated in operations
1,142,347
263,685
216,402
82%
–
–
–
10 Processing of sold products
12,195,100
8,486,094
9,541,912
112%
–
–
–
of which from oil for non-energy use
7,775,223
5,144,729
4,918,252
96%
–
–
–
of which from gas for non-energy use
2,042,525
1,295,459
472,575
36%
–
–
–
of which from chemicals
2,377,352
2,045,906
4,151,085
203%
–
–
–
11 Use of sold products
96,466,758
88,170,050
79,908,065
91%
–
–
–
of which from oil for energy use (t.r.)
64,543,321
56,799,969
56,038,351
99%
–
–
–
of which from gas for energy use (t.r.)
31,923,436
30,574,054
23,025,700
75%
–
–
–
of which from chemicals
–
796,026
844,014
106%
–
–
–
12 End-of-life treatment of sold products (t.r.)
11,752,165
9,712,034
10,543,018
109%
–
–
–
15 Investments4
–
–
31,579,057
0%
–
–
–
Total GHG emissions
Total GHG emissions (location-based)
149,134,047
130,598,631
156,721,318
120%
–
–
–
Total GHG emissions (market-based)
149,499,981
130,809,954
156,676,573
120%
–
–
–
1 OMV’s targets are defined as a percentage reduction compared to the base year 2019. If significant changes occur (as specified in our targets), the base year values will be recalculated, and the absolute target values will be adjusted accordingly.
2 Methane emissions may be updated in future in light of the recent adoption of the EU Methane Regulation.
3 3.1 Purchased goods and services from feedstock emissions have been restated for the years 2019 and 2023 due to a change in the calculation methodology. In Scope 3.1 Purchased Goods and Services and 3.2 Capital Goods, an error in the calculations was identified, requiring a restatement of the 2023 values for these categories. The year 2019 remains unaffected.
4 Scope 3.15 emissions of OMV excluding OMV Petrom and excluding Borealis have been estimated in 2024 for the first time, and the methodology may be refined for future reporting.
t.r. = target relevant
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[E1-6 AR 45d] OMV uses various contractual instruments1 to manage the sale and purchase of energy, both bundled
with attributes about energy generation and unbundled energy attribute claims. These contractual instruments
form the basis of the Scope 2 market-based emissions. Of the 4,291,687 MWh of purchased electricity, heat, and
steam, 55% is covered by contractual instruments. The main types of contractual instruments OMV uses are full
supply contracts, Power Purchase Agreements, and Guarantees of Origin. Some 36% of the purchased energy is
bundled with attributes about energy generation and 64% is unbundled.
[E1-6 AR 46g] In 2024, 0.1% of Scope 3.1 “Purchased goods and services” and 1% of Scope 3.2 “Capital goods” were
calculated using data obtained from suppliers. This corresponds to 0.02% of total Scope 3 emissions.
Metrics Definitions and Methodologies
[MDR-M.77b] The measurement of all metrics below, unless otherwise specified, is not validated by an external body
other than the assurance provider.
[MDR-M.77a, 77c] Scope 1 and 2 GHG emissions (market-based): The aggregated Scope 1 and 2 GHG emissions
(market-based) is the sum of 100% of gross Scope 1 and 100% of gross Scope 2 (market-based) emissions. Some
data included in this metric undergoes verification by an external body when GHG emissions are regulated under
an emission trading system.
[MDR-M.77a, 77c] Gross Scope 1 GHG emissions: The aggregated gross Scope 1 GHG emissions include emissions
source types such as stationary combustion, mobile combustion, flaring and venting, process emission, and fugitive
emissions. Scope 1 GHG emissions are calculated by multiplying activity data with emission factors. Activity data is
derived from site-specific information, utilizing a combination of direct measurements, calculations, and
estimations. When direct measurements or calculations are not feasible, estimations are used to determine the
energy consumption. Potential limitations of the methodology include the accuracy and reliability of estimations
when direct measurements and calculations are not feasible. Further potential limitations include the accuracy of
measurement devices, the reliability of estimation methods, variations in emission factors, and potential gaps in
data collection from all relevant sources. The total Scope 1 emissions are reported separately for OMV’s Energy
business segment (Energy and F&F) and OMV’s non-energy business segment (Chemicals) for each of the reported
greenhouse gases, CO2, CH4, and N2O, converted to t CO2e with the respective GWP. Some data included in this
metric undergoes verification by an external body when GHG emissions are regulated under an emission trading
system.
[MDR-M.77a, 77c] Scope 1 GHG emissions from regulated emissions trading schemes in %: The percentage of Scope
1 GHG emissions from regulated emissions trading schemes is calculated by dividing the sum of GHG emissions
from EU ETS installations and non-EU ETS installations by the total Scope 1 GHG emissions. Limitations can arise
when emissions are reported in the company’s annual sustainability statement before the final verification report is
issued by an external body due to differing reporting deadlines. Emission trading systems may also vary in terms of
specific deadlines and processes, tailored to their respective regulatory environments. The measurement of the
nominator of this metric (GHG emissions from EU ETS installations and non-EU ETS installations) is validated by an
external body other than the assurance provider. Where not specified, the measurement of the metric has not been
validated by any external body other than the assurance provider.
1 According to the GHG protocol Scope 2 Guidance, “contractual instruments include any type of contract between two parties for the sale and purchase of energy bundled with
attributes about the energy generation, or for unbundled attribute claims.”
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[MDR-M.77a, 77c] Gross location-based and market-based Scope 2 GHG emissions: Scope 2 emissions are reported
separately applying the location-based and the market-based approach. Aggregated Scope 2 GHG emissions are
calculated in t CO2e based on activity data (MWh of electricity consumption) multiplied by GHG emission factors.
The market-based method reflects emissions from electricity that companies have purposefully chosen. It derives
emission factors from contractual instruments. Where no contractual data is available, residual mix or location-
based emission factors is used.
One limitation of this methodology is the potential misalignment of timelines for suppliers to publish their energy
mix and emission factor compared to the reporting schedule for a company’s sustainability statement.
Consequently, an emission factor from the previous period may need to be used, potentially leading to
discrepancies or a less accurate representation of the current renewable energy consumption.
[MDR-M.77a, 77c] Total gross indirect (Scope 3) GHG emissions (t.r. – target-relevant): This metric is an aggregated
value of target-relevant Scope 3 emissions in the following categories: Scope 3.1 from feedstock of OMV’s non-
energy business segment (Chemicals), Scope 3.11 from OMV’s energy business segment (Energy and Fuels &
Feedstock), and Scope 3.12 emissions from OMV’s non-energy business segment (Chemicals).
[MDR-M.77a, 77c] Total gross indirect (Scope 3) GHG emissions (all significant categories): This metric is an
aggregated emissions value of all significant Scope 3 categories.
[MDR-M.77a, 77c] 1 Purchased goods and services: The aggregated Scope 3.1 emissions from purchased goods and
services are derived from purchased feedstock, goods, and services with a combination of an average data method
for purchased feedstock, and a hybrid method (average emission factors and supplier-specific factors if available)
for purchased goods and services. The primary sources of emission factors are DBEIS, Ecoinvent©, and other
sources. OMV actively engages with suppliers to increase the proportion of emissions calculated using supplier-
specific emission factors.
[MDR-M.77a, 77c] 2 Capital goods: The aggregated Scope 3.2 emissions from capital goods are derived from the
expenditure on capital goods using a hybrid method (average emission factors and supplier-specific factors if
available). The primary source of emission factors is DBEIS. OMV actively engages with suppliers to increase the
proportion of emissions calculated using supplier-specific emission factors.
[MDR-M.77a, 77c] 3 Fuel- and energy-related activities (not included in Scope 1 or Scope 2): The aggregated Scope
3.3 emissions are derived from the amount of purchased and consumed fuels, electricity, heat, steam, and cooling
and appropriate emission factors from the IEA, DEFRA, or other sources on a country basis.
[MDR-M.77a, 77c] 5 Waste generated in operations: The aggregated Scope 3.5 emissions are derived from waste
data and appropriate emission factors from DEFRA, Ecoinvent©, and other sources.
[MDR-M.77a, 77c] 10 Processing of sold products (t.r.): The aggregated Scope 3.10 emissions are derived from the
volume of sold products to third parties and estimated emission factors. Scope 3.10 emissions are reported
separately for oil to non-energy, gas to non-energy, and chemicals.
[MDR-M.77a, 77c] 11 Use of sold products (t.r.): The aggregated Scope 3.11 emissions are derived from the volume of
sold products to third parties and appropriate emission factors from IPCC or other sources. Scope 3.11 emissions
are reported separately for oil to energy, gas to energy, and chemicals.
[MDR-M.77a, 77c] 12 End-of-life treatment of sold products (t.r.): The aggregated Scope 3.12 emissions are derived
from the recycled and biogenic content of Borealis products. This conservative and transparent approach, known
as the circular product offering cut-off methodology, ensures that Borealis assumes the burden of recycling and
end-of-life emissions in its own GHG calculation, rather than relying on the efforts of other organizations to
achieve climate neutrality or drive circularity.
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[MDR-M.77a, 77c] 15 Investments: The aggregated Scope 3.15 emissions include Scope 1, 2, and 3 emission
estimates and are derived from a combination of primary data from investments, and activity data multiplied with
appropriate emission factors from the IMF or other sources.
[MDR-M.77a-77c] Total GHG emissions: The total GHG emissions are reported separately as location-based and
market-based total GHG emissions. Both metrics are calculated as the sum of 100% of gross Scope 1, 100% of
gross Scope 2 (location-based and market-based respectively) emissions, and 100% of gross indirect (Scope 3)
GHG emissions (all significant categories). Some data included in this metric undergoes verification by an external
body when GHG emissions are regulated under an emission trading system.
[E1-6 AR 46i] Certain categories are excluded from our Scope 3 emissions, with justifications as follows: Category 3.4
“Upstream transportation and distribution” is excluded based on Ipieca guidelines, which suggest that upstream
transportation and distribution emissions should not be counted separately, as the fuels used are already accounted
for in Scope 3 Category 11, “Use of sold products”. This prevents double counting and applies to OMV including
Borealis, although it may be relevant for Borealis as an independent company.
Similarly, Category 3.6 “Business travel,” Category 3.7 “Employee commuting,” and Category 3.9 “Downstream
transportation and distribution” are excluded to avoid double counting because the fuels involved are included
under Category 11 “Use of sold products.” These exclusions apply to OMV including Borealis but may be relevant
for Borealis independently.
Category 3.8 “Upstream leased assets” are not separately accounted for as offshore platforms and joint ventures
are already accounted for under Scope 1 emissions for OMV. For Borealis, this category is not included as it falls
under the 0.5% cutoff criterion of their total Scope 3 emissions.
Category 3.13 involves emissions from “Downstream leased assets” owned by OMV, which are, however, already
included in Scope 1 or 2, with no emissions allocated to this category. Lastly, OMV does not have any franchise
activities, so there are no emissions for Category 3.14 “Franchises. ”
GHG intensity
[E1-6.53-54 AR 53a, AR 53b, AR 53c, AR 53d, AR 53e] [E1-6.AR 55b] [E1-6.55]
2024
GHG intensity per unit of sales revenue
Total GHG emissions (location-based) per unit of sales revenue
tCO2e/EUR
0.005
Total GHG emissions (market-based) per unit of sales revenue
tCO2e/EUR
0.005
Total sales revenues (see Note 7- Sales Revenues)
EUR mn
33,981
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Metrics Definitions and Methodologies
The metrics below refer also to metrics reported under [E1-6.44a-44d] [E1-6.48a] [E1-6.48a AR 43] [E1-6.44-52]
[E1-6.49a-49b] [E1-6.52a-52b] [E1-6.48 AR 43] [E1-6.49 AR 45] [E1-6.51 AR 46] [E1-6.52 AR 47] [E1-6.47]
[MDR-M.77a-77d] Total GHG emissions per unit of sales revenue: The GHG intensity per unit of sales revenue refers
to the total GHG emissions, separated by location-based and market-based, over the total sales revenues in EUR.
The total sales revenues are disclosed in the financial statement. The measurement of these metrics is not
validated by an external body other than the assurance provider.
Biogenic CO2 emissions
[E1-6 AR 43c] [E1-6 AR 45e] [E1-6 AR 46j]
In t CO2
2024
2023
Biogenic emissions of CO2 not included in Scope 1 GHG emissions
16,219
n.a
Biogenic emissions of CO2 not included in Scope 2 GHG emissions (market-based)
205,337
n.a
Biogenic emissions of CO2 not included in Scope 3 GHG emissions1
2,713,258
1,900,541
1 2023 restated due to updated of conversion factors
Metrics Definitions and Methodologies
The metric below also refers to metrics reported under [E1-5.37a, 37b, 37c] [E1-5.38a, 38b, 38c, 38d, 38e] [E1-5.39
AR 34]
[MDR-M.77a-77c] Biogenic CO2 emissions: Biogenic CO2 emissions are calculated by measuring the CO2 released
from the combustion or decomposition of organic materials, such as biomass and biofuels. This is reported
separately referring to each scope of GHG emissions. Biogenic CO2 emissions not included in Scope 1 GHG
emissions are derived by site-specific consumption of renewable fuels, including biomass, and established
emission factors published by IPCC. Biogenic CO2 emissions not included in Scope 2 GHG emissions are derived
from site-specific energy purchases under consideration of the biomass share in the energy mix (either market-
based, or location-based in the absence of supplier-specific information) and established emission factors
published by IPCC. Biogenic CO2 emissions not included in Scope 3 GHG emissions are derived from energy sales
from renewable sources such as biofuels, and established emission factors published by IPCC. Aside from the
assurance provider, the measurement of all metrics in this table is not validated by an external body.
Flaring and venting
[GRI 305-1]
In t
2024
2023
Hydrocarbons flared
87,912
100,162
Hydrocarbons vented
6,228
8,967
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Metrics Definitions and Methodologies
[MDR-M.77a-77c] Hydrocarbons flared and vented: The aggregated hydrocarbons flared and vented are determined
from site-specific information, using a combination of direct measurements, calculations, and estimations of gas
directed to flares or vents, factoring in the hydrocarbon content in the gas composition. When direct
measurements or calculations are not feasible, estimations are employed to determine the amount of gas flared or
vented. Potential limitations of this methodology include the accuracy and reliability of estimations in the absence
of direct measurements and calculations, as well as the frequency of gas analyses. Aside from the assurance
provider, the measurement of all metrics in this table is not validated by an external body.
E1-7 GHG Removals and GHG Mitigation Projects Financed Through Carbon Credits
[E1-7.56a] [E1-7 AR 57] [E1-7.58a-58f] In 2024, OMV did not have any GHG removals and storage resulting from projects in
its own operations nor in its upstream or downstream value chain.
Carbon Credits cancelled in the reporting year
[E1-7.AR 64] [E1-7.59a, 59b] [E1-7.AR-64] [E1-7.AR-62a, 62b, 62c, 62d, 62e]
2024
Total
t CO2e
346,094
Share from removal projects
%
0
Share from reduction projects
%
100
Share from projects within the EU
%
0.03
Share of carbon credits that qualify as corresponding adjustments under Article 6 of the Paris Agreement.
%
0
Recognized quality standards
CDM (Clean Development Mechanism)
%
18.4
Gold Standard
%
0.13
VCS (Verified Carbon Standard)
%
81.4
Voluntary Carbon Offsetting
[E1-7.56b] [E1-7.56 AR 56-57] [E1-7.59a-59b] [E1-7.61a-61c] OMV offers customers voluntary carbon offsetting and works
closely with ClimatePartner, an internationally trusted service partner based in Munich. OMV selects certified
carbon offsetting projects and ClimatePartner provides them, ensuring that OMV customers who use this option are
able to contribute a dedicated amount to these projects. The criteria for these carbon offset credits to be used for
voluntary offsetting are clearly defined in OMV’s GHG Management Framework. In 2024, the biggest contributors in
terms of CO2 offsets in OMV’s portfolio were wind projects in India and China, and forest protection in Brazil. The
climate protection projects used for CO2 offsetting consisted of: hydropower projects (5.68%) in Turkey, India, and
China; solar projects (5.49%) in China and India; wind energy projects (71.15%) in Bulgaria, Turkey, China, and India;
nature-based projects (15.53%) in Brazil; and a waste heat recovery project (2.15%) in Pakistan. These carbon offsets
are verified according to one or more of the following internationally recognized standards: Gold Standard (GS),
Verified Carbon Standard (VCS), Clean Development Mechanism (CDM), and Climate, Community & Biodiversity
Standard (CCBS).
None of these voluntary carbon offsets have been accounted to contribute toward achieving OMV’s GHG reduction
target. OMV’s GHG Management Framework Standard provides minimum requirements for voluntary carbon offset
credits. [E1-7.59b] The total amount of carbon credits outside of OMV’s value chain that are due to be canceled in the
future is 612,288 t of CO2e. All of these credits are based on existing contractual agreements.
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Metrics Definitions and Methodologies
[MDR-M.77b] The metrics in this table are validated by an external body other than the assurance provider in line
with the respective recognized quality standards.
[MDR-M.77a, 77c] Total carbon credits canceled in the reporting year: Total carbon credits canceled in the reporting
year is determined by documenting the number of carbon credits officially retired or canceled within the reporting
year. This is done by tracking credit transactions and ensuring they meet regulatory and voluntary offset program
requirements. The total value is reported separately for the share by type of project, the share of projects within
the EU, and the share of carbon credits that qualify as corresponding adjustment. Potential limitations include the
accuracy and completeness of the records, possible delays in the credit cancelation processing, and adherence to
evolving regulatory standards.
[MDR-M.77a,77c] Recognized quality standards: The metric for reporting total carbon credits canceled in the
reporting year per recognized quality standard is determined by tracking and verifying the number of carbon
credits that have been officially retired or canceled within the reporting period, ensuring they meet the criteria of
established standards such as the Verified Carbon Standard (VCS) or the Gold Standard. This process involves
detailed documentation and validation of credit transactions against the recognized quality standards. Potential
limitations include the accuracy and completeness of the documentation, delays in the validation and cancelation
processes, and the consistency in applying and interpreting the quality standards across different projects and
registries.
[MDR-M.77a,77c] Total carbon credits to be canceled in the future: This metric is determined by identifying the
number of carbon credits allocated for cancelation based on an estimation of future needs. Potential limitations
include uncertainties regarding future regulatory changes, market volatility affecting the availability and cost of
carbon credits, and the accuracy of estimating future needs.
E1-8 Internal Carbon Pricing
[E1-8.62] [E1-8.63a-63c] OMV applies internal carbon pricing for investment decisions across all business segments. In
the base case, the costs of CO2 emissions are included wherever carbon pricing schemes are in place within the
respective countries. Additionally, a stress test based on a “net zero emissions by 2050” scenario is conducted. For
this stress test, for the period 2025–2030, shadow prices are applied to all of OMV’s Scope 1 emissions worldwide,
except for EU assets that fall outside of the EU ETS. From 2031 onward, the internal carbon prices are applied to
100% of Scope 1 emissions. As internal carbon prices are applied for future investments, they do not apply to the
reporting year in which actual carbon prices are considered. These actual carbon prices covered 85% of OMV’s
reported Scope 1 emissions in 2024, equivalent to 8.3 mn t of CO2.
The internal carbon prices applied are consistent with the carbon prices included in the mid-term planning (MTP),
as well as with the carbon prices used for accounting purposes including impairment testing, calculation of
depreciation, and assessments of the useful life according to IFRS. Base case carbon prices are informed by the
IEA’s Announced Pledges Scenario (APS) and other external and internal market analyses, while the “net zero
emissions by 2050” case prices are largely based on the IEA’s Net Zero Emissions by 2050 (NZE) scenario. [E1-8 AR
65a-65c] The applied carbon prices are detailed in > Note 3 – Effects of climate change and the energy transition in
the Consolidated Financial Statements.
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Natural Resources Management
Our impact on the environment – and responsibility to act – extends beyond our greenhouse gas emissions. As an
oil, gas, and chemicals company, OMV’s environmental footprint is significant due to its water use, environmental
degradation caused by spills, potential biodiversity impacts, and waste. However, we also have the technological
know-how to present solutions to reduce this impact, in particular by fostering the circular economy. In contrast to
the linear “take-make-waste” model, which will lead to more plastic waste and environmental pollution while
putting pressure on the planet’s limited resources, a circular economy is regenerative by design and aims to
decouple growth from the consumption of finite resources.
The Natural Resources Management strategic focus area combines our commitments and actions relating to
environmental preservation under one umbrella. The first step is to manage our operational footprint, as described
in the Environment section below. The Resource Use and Circular Economy material topic then describes the
strategies and technologies we are applying to recover and reuse by-products or waste to make new materials and
products, resulting in a cleaner environment.
E2 Pollution
Material Topic: E2 Pollution
Material Sub-Topics: E2 Pollution (Pollution of Air, Pollution of Water, Pollution of Soil, and
Microplastics) and E2 (Entity-specific) Process Safety
Minimize negative environmental impacts by preventing water and soil pollution, where possible, and
reducing emissions to air
Relevant SDGs:
SDG targets:
6.3 By 2030, improve water quality by reducing pollution, eliminating dumping, and minimizing release of hazardous chemicals and materials, halving the
proportion of untreated wastewater and substantially increasing recycling and safe reuse globally
12.4 By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international
frameworks, and significantly reduce their release to air, water, and soil in order to minimize their adverse impacts on human health and the environment
14.1 By 2025, prevent and significantly reduce marine pollution of all kinds, in particular from land-based activities, including marine debris and nutrient pollution
OMV is committed to protecting people and nature through measures such as preventing air, water, and soil
pollution. We take responsibility for the environmental impact of our activities, recognizing that breaching
environmental regulations at local, national, and international levels can result in financial losses and damage to our
reputation. Our license to operate relies on compliance with environmental protection regulations, which is of
critical importance to governmental authorities, shareholders, and stakeholders, including the public, local
communities near our operations, and environmental NGOs and NPOs. OMV’s Code of Conduct and HSSE Policy
formalize our public commitments to safeguarding the environment.
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With the addition of Borealis to OMV, addressing microplastic pollution has become a priority. Every Borealis
polyolefin production site produces microplastics in the form of plastic pellets, as well as flakes, powder, “angel
hair,” and dust. These microplastics are typically smaller than 5 mm and accumulate in the environment because
they are not biodegradable. This raises growing concerns about their potential long-term negative impacts on both
ecosystems and human health. Most microplastics produced leave Borealis production sites as products packaged
within primary containment. However, incidents involving the loss of primary containment and unintentional,
unrecovered pellet loss can result in microplastics being emitted into the environment.
Impacts, Risks, and Opportunities (IROs)
OMV recognizes that non-GHG emissions along the value chain, originating from suppliers, our own operations, and
the use of OMV’s products, negatively impact air quality and consequently human and environmental health. The
energy transition provides an opportunity to reduce non-GHG emissions by pursuing new businesses that cause
little to no air pollution. This transition to new, cleaner energy sources, such as hydrogen and geothermal, results in
reduced air pollution compared to fossil sources. Through engagement with suppliers and business partners to
reduce water and soil pollution within our supply chain, OMV can achieve positive environmental impacts.
Nevertheless, water pollution can still arise from routine operations, such as the release of drill cuttings, drill fluids,
and processed water discharge, or from deviations from environmental compliance rules in the downstream value
chain. Additionally, water and/or soil pollution due to asset integrity failure at our onshore or offshore operations,
from routine or non-routine operations, can lead to severe environmental and social consequences, costly
remediation, and reputational damage.
Potential pollution from plastic waste and pellets caused by inadequate handling, including the failure to properly
collect, sort, and dispose of plastic waste, can lead to environmental contamination. Furthermore, pellet spills
during transport and littering by users after the use phase may further contribute to this issue. Microplastics, in the
form of plastic pellets, are produced at every Borealis polyolefin production site. These microplastics can appear as
resin pellets, flakes, powder, “angel hair,” and dust. The majority of the microplastics produced are transported from
the production sites as products within primary containment. However, an incident involving the loss of primary
containment could lead to an unintentional and unrecovered release of pellets, potentially resulting in the emission
of microplastics into the environment. By addressing these actual and potential negative impacts and risks, OMV is
committed to reducing the negative impact on air, water, and soil, while transitioning to cleaner energy sources to
ensure a positive environmental impact. For details on the material IROs related to E2 Pollution, see > ESRS 2
General Information.
Governance
There is a high degree of overlap between the material topic Environment (including all its material sub-topics, E2
Pollution, E3 Water, E4 Biodiversity, and E5 Waste Management) and S1 Health, Safety & Well-Being, covered in the
Social chapter, so these distinct material topics are governed centrally by Group HSSE. For more details, see
Governance in > S1 Health, Safety & Well-Being.
E2-1 Specific Policies and Commitments
Pollution (Air, Water, and Soil)
Code of Conduct
[E2-1.14] [MDR-P 65a] The OMV Code of Conduct underscores our commitment to applying responsible natural
resources management by conducting all activities in an environmentally responsible manner and with the
aspiration to cause no damage to the environment. This includes a commitment to implement prevention and
control measures to prevent losses to water and soil, by following the best recognized industry practices, beyond
those provided by authoritative standards and guidance, in the operation of our activities. Where spills have
occurred, they shall be assessed and cleaned up promptly after their occurrence to limit their impact on the
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environment and/or society. This policy highlights our overarching commitments to mitigate the negative impact
identified in relation to water and soil pollution, as well as non-GHG emissions.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
[E2-1.15b] Additionally, as part of our commitment outlined in the Code of Conduct, we are dedicated to substituting
hazardous substances with less hazardous alternatives where reasonably practicable. To support this effort,
processes should be designed, modified, and applied to minimize the production and use of hazardous substances,
including the reduction of hazardous byproducts or waste, as well as minimizing quantities or concentrations for
handling and storage.
Environmental Management Standard
[E2-1.14] [MDR-P 65a] The Environmental Management (EM) Standard provides guidelines for the effective management
of the negative impacts related to non-GHG emissions from our own operations and the use of OMV’s products, as
well as water and soil pollution resulting from asset integrity failure at our onshore or offshore operations. The OMV
EM Standard stipulates that all OMV businesses and activities must understand the impacts of their air emissions
on local and regional ambient air quality. Air emissions are required to be monitored, controlled, and minimized in
order to mitigate the potential effects on human health and harm to the environment. All our refineries and major
chemical plants are located in the EU, where stringent legal requirements, such as the National Emissions Ceiling
(NEC) Directive and the Ambient Air Quality Directive, govern air emissions. Air emissions must be systematically
monitored or estimated, and appropriate monitoring systems or estimation models must be in place. Any new
developments or significant changes to existing operations must consider emissions reduction at all decisional
phases through value improvement practices and engineering. Our commitment to improving air quality around
operational sites to ensure the right of communities to a clean, healthy, and sustainable environment, as well as
work with our suppliers and customers to reduce emissions throughout the value chain, is also reaffirmed in our
Code of Conduct. To monitor this process, an internal Environmental Management System (EMS) audit should be
conducted annually, and a full environmental management audit carried out by an external auditor or OMV
Environmental Advisor/Expert every three years for sites without ISO 14001 certification.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the EM Standard, unless otherwise specified, the scope of the policy, involvement of
senior-level management, reference to third-party standards (where relevant), interests of key stakeholders in
setting the policy (where relevant), and how the policy is made available to potentially affected stakeholders are
covered in > E1 Climate Change. Within OMV’s EM Standard, processes and mechanisms have been defined to
prevent, mitigate, and remediate potential negative impacts and risks. These include:
Risk Management
[MDR-P 65a] The management of safety and environmental impacts and risks allows OMV to pursue opportunities
while assuring the protection of people, the environment, and Company assets, giving priority to all Company
activities to ensure business integrity. Pollution-related risks are an integral part of our corporate and HSSE risk
management framework. As part of the biannual EWRM process, water/pollution-related risks and mitigation
measures are assessed in a larger strategic context, while local environmental impacts, risks, and opportunities are
identified, analyzed, and evaluated by all OMV businesses, as prescribed in our Environmental Management
Standard. Asset integrity risks that can lead to the pollution of air, water, and soil are managed via our Integrated
Risk Register (IGRR).
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Asset integrity risks related to a potential loss of primary containment exist for both our offshore and onshore
operations. Due to the several layers of protection implemented, major offshore oil spills are very unlikely but have
the potential to significantly impact the marine environment. The mitigation strategy aims to minimize the
probability of such risks occurring and maximize preparedness so that we can provide timely remediation measures
in the unlikely event of an oil spill. OMV allocates significant resources to prevention and mitigation measures. Any
new or existing offshore drilling activity is accompanied by third-party analysis evaluating the magnitude of a
potential major event and its possible consequences. In OMV, onshore integrity events have a higher probability of
occurrence, but the impact magnitude is lower. Asset integrity programs are in place to identify and remediate the
associated impacts and risks.
Safety and environmental risk management focuses on managing risks to make them as low as reasonably
practicable, assessing hazards, with a preference for elimination over management, and preventing hazardous
events rather than merely mitigating them. Once a pollution-related risk is identified, the business implements
response measures in accordance with the Group framework, while also taking into account local legal
requirements and the complexity of the facility or asset.
Monitoring
[MDR-P 65a] In all our refineries, we monitor emissions of pollutants such as sulfur oxides (SOx), nitrogen oxides
(NOx), carbon monoxide (CO), particulate matter/dust, and non-methane volatile organic compounds (NMVOCs) as
required by European and national legislation and the respective permits. If emissions are found to be in excess of
nationally prescribed limits and/or limits defined in a permit, additional monitoring stations are installed, and
measures are implemented.
OMV has a Well Integrity Management System (WIMS) in place covering all active wells operated by OMV. The
WIMS enables a uniform and structured approach to describing, documenting, and reporting the status of well
integrity throughout the production phase of a well in a predefined operating envelope. The WIMS therefore
ensures that we operate our wells safely for people and the environment.
Prevention and Treatment
[MDR-P 65a] Air emissions must be systematically monitored or estimated and controlled. Appropriate monitoring
systems or estimation models should be established. OMV has long implemented technologies to reduce emissions,
such as installing end-of-pipe abatement technologies and floating roofs to reduce emissions. Over the past few
years, we have focused on upgrading such technologies to ensure that they are still effective and reducing
emissions. For instance, a SNOx flue gas cleaning plant was installed at the Schwechat refinery. With the
SNOx Refurbishment of Wet Sulfuric Acid (WSA) program, in which a solution patented by OMV (two-layer PFA film
structure with monitoring system) was implemented, both the reliability and the availability of the flue gas cleaning
system could be increased. The flue gas cleaning plant at the Schwechat refinery is used for the removal of dust,
and for denitrification and desulfurization of flue gases from the two power plants before they are emitted via the
stack. This enables the separation of 98% of dust, the recovery of over 96% of sulfur, and the prevention of
approximately 95% of NOx emissions.
Identified leaks are addressed immediately or within defined time frames in accordance with the site’s maintenance
processes and based on the risk assessment outcome and other factors, such as feasibility of repair during
operation. To strengthen our response to and reduce the environmental impact of oil spills, we continue to perform
emergency drills, including pollution scenarios. At our Petrobrazi, Schwechat, and Burghausen refineries, we have
implemented Leak Detection and Repair (LDAR) programs. These programs involve both external partners and
internal staff who continually monitor installations for leaking equipment. Whenever leaks are identified, they are
repaired as quickly as possible, and the effectiveness of these repairs is thoroughly verified.
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Corrosion Management Framework
[E2-1.14] [MDR-P 65a, 65b] The Corrosion Management Framework provides guidelines for the effective management of
our assets and facilities to prevent negative impacts, such as water and soil pollution, resulting from asset integrity
failure at our onshore or offshore operations. To complement the EM Standard, OMV’s Energy division has
developed a Corrosion Management Framework (CMF) to provide a proactive and consistent approach to corrosion
monitoring and management across the entire division. Covering the full life cycle of the equipment exposed to the
risk of corrosion in both oil and gas facilities, from the well to the sales point, this framework encompasses the
entire value chain of our business. This standard, endorsed by the Head of Development of OMV, applies to all
employees and contractors involved in corrosion management during the design, engineering, construction,
commissioning, and operation phases of oil and gas fields at OMV Energy and OMV Petrom Exploration &
Production (including its affiliates) globally, but excludes SapuraOMV. The CMF stipulates that all protective
coatings and claddings shall comply with international standards such as ISO 14879, ISO 16961, and/or ISO 12944.
Spills
Spills Preparedness and Response Planning Standard
[E2-1.14] [MDR-P 65a, 65b] Oil spills1 are a critical environmental issue for our industry. Spill management is defined as
the prevention of spills in operations and those caused by incidents such as sabotage or natural hazards, and the
management and remediation of spills resulting from an incident. Our key commitment is to prevent spills from
happening in the first place. However, if spills to soil or water do occur, the Spills Preparedness and Response
Planning Standard provides clear guidelines on how to handle and clean them up to ensure the lowest possible
impact from the incident. The Spills Preparedness and Response Planning Standard, which is an annex to the
Environmental Management Standard, applies to all OMV sites globally, Borealis AG, and OMV Petrom S.A., but
excludes SapuraOMV Upstream Sdn. Bhd. and all its fully consolidated subsidiaries (entity regulation existing). The
target group includes all employees and external experts involved in providing subject matter advice to OMV
companies and all contractor employees. Multiple stakeholder groups are affected by our spill management
activities. Government authorities are involved through potential breaches of environmental regulations, while
employees and contractors are impacted by potential health and safety issues arising from accidents and damage
to the environment and society. NGOs/NPOs are interested in potential damage to the environment and society,
society may suffer as a result of damage to the surrounding environment, and shareholders may have to deal with
direct financial losses due to the costs of remediation measures and reputational damage. Furthermore, as OMV is
diversifying, oil spills are no longer the only spills we need to deal with. For our subsidiary Borealis, preventing pellet
spills is also a key issue.
[MDR-P 65c, 65d, 65e, 65f] Unless otherwise specified, the involvement of senior-level management, reference to third-
party standards (where relevant), interests of key stakeholders in setting the policy (where relevant), and how the
policy is made available to potentially affected stakeholders are covered in > E1 Climate Change.
[E2-1.15a] The EM Standard, Corrosion Management Framework, and Spills Preparedness and Response Planning
Standard are key policies providing guidelines to mitigate the negative impacts related to pollution of air, water, and
soil. These policies cover prevention and control measures identified in our materiality assessment and are listed in
the IRO table, and currently apply exclusively to OMV operations. Additionally, our Code of Conduct, an overarching
policy, underscores our commitment to implementing prevention and control measures to protect water and soil.
We aim to follow the best-recognized industry practices beyond those provided by authoritative standards and
guidance in our operations. Any spills are to be promptly assessed and cleaned up to minimize their impact on the
environment and society.
1 Oil spills are defined as hydrocarbon liquid spills that reach the environment.
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[E2-1.15c] To avoid incidents and emergency situations, and, if they occur, control and limit their impact on people
and the environment, OMV adheres to the Environmental Management Standard. This mandates that spill
prevention and control plans be tailored to the specific characteristics of each business. All onshore and offshore
operations must identify and analyze activities that pose a risk of liquid spills with adverse environmental effects.
When such risks are identified, operations must develop written spill prevention, control, and response procedures
for all hazardous substances on site, particularly oil and hydrocarbons. These procedures can be annexed to the
overall Response Procedure or form a standalone Spill Prevention, Control, and Response Plan, depending on legal
requirements, facility complexity, and spill response needs. Any spill response system must include hazard
identification, risk assessment, prevention, control, and response plans, command and control arrangements, and
training and testing. Contingency planning is central to spill preparedness and involves gathering information,
conducting risk assessments, identifying threatened environmental and socio-economic receptors, and developing
response strategies. Additionally, procedures are established to ensure adequate response capabilities are
mobilized according to the identified risks and to manage the responsible disposal of recovered materials. By
following these guidelines, OMV is committed to preventing incidents and effectively controlling and mitigating
their impact when they do occur.
Within OMV’s policies, processes and mechanisms have been defined to prevent, mitigate, and remediate potential
negative impacts and risks related to the pollution of air, water, and soil. These include:
Emergency Response and Contingency Plans
[MDR-P 65a] We conduct spill responses according to a plan that identifies appropriate resources (persons in charge
and intervention materials) and expertise. This plan assists on-site personnel with dealing with spills by clearly
setting out the responsibilities for the actions necessary to stop and contain the spill and to mitigate its effects. This
includes techniques for preventing the spill from moving beyond the immediate site and collecting the spilled
substance and contaminated material. Clear communication and coordination protocols are set out in the local
plans, particularly where national or international response resources may be required. We carry out regular oil spill
response drills and training.
Clean-Up and Remediation
[MDR-P 65a] All oil spills occurring on land or in water are assessed and cleaned up immediately after their occurrence
in accordance with the Spill Preparedness and Response Planning annex of our EM Standard. In particularly difficult
cases, we rely on third-party support for capping and containment, surface clean-up, and emergency management.
Leaks are repaired immediately or within defined time frames in accordance with the site’s maintenance processes
and based on the risk assessment outcome and other factors, such as feasibility of repair during operation. We
approach remediation measures in line with the relevant legal requirements, which include clean-up, restoration,
rehabilitation, and/or replacement of damaged environmental receptors.
We ensure that the affected land is fit for the intended use by implementing remediation measures, including
cleaning up spills (e.g., by excavation and clean earth filling), as well as relying on natural attenuation (recovery)
based on the respective decision of the environmental authorities. Provisions are included in our accounts for the
liabilities related to spills and cover cleaning and remediation costs.
Microplastics
Responsible Care Policy
[E2-1.14] [MDR-P 65a] [E2-1.15a] Borealis has identified microplastic pollution through unintentional pellet loss from its
operations as a material impact. Borealis manages this impact through its Responsible Care policy. The impacts of
unintentional pellet loss from the subsidiary Borealis’ operations are specifically managed through the polyolefin
(PO) production sites’ compliance with the Operation Clean Sweep (OCS) standard. OCS is a voluntary industry
initiative, specifically designed to reduce and prevent plastic pellet, flake, or powder loss throughout the entire
plastics supply chain, from production to handling and transport. It does this by committing its participants to best
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practices when handling plastic pellets and requiring external certification of compliance with the standard. [MDR-P
65b] The requirements of the OCS standard are integral to Borealis’ EMS and therefore its Responsible Care policy,
which applies to all Borealis entities and affiliates globally involved in the processing, handling, or management of
polyolefins (PO sites). Newly acquired entities are required to follow a comprehensive implementation plan that
includes adherence to Responsible Care principles and the implementation of the OCS standard.
[MDR-P 65a] The policy aims to reduce the emission of plastic particles into the environment as far as possible. The
key content and objectives of the policy include deploying the OCS standard at all of Borealis’ PO sites, obtaining
external OCS certification of all PO sites in Europe (recycling plants are currently excluded from the certification
process), and implementing the following pellet loss hierarchy as a guiding principle for avoiding pellet spills to the
environment: zero loss of pellets from primary containment, mitigation of impacts in case of pellet spills, and
cleaning up spillages to prevent unrecoverable pellet loss to the environment. [E2-1.15c] Additionally, the policy
involves implementing the six key OCS requirements at every PO site, which improve the worksite setup to prevent
and address pellet spills, creating and publishing internal procedures to achieve zero pellet loss, providing employee
training and accountability for spill prevention, containment, clean-up, and disposal, auditing performance regularly,
complying with all applicable local and national regulations governing pellet containment, and encouraging
partners to pursue the same objectives. [MDR-P 65c] The Responsible Care policy is owned by the Borealis CEO, who
is also accountable for its implementation and the OCS standard at all PO sites.
[MDR-P 65d, 65e, 65f] It is aligned with the Operation Clean Sweep standard and ISO 14001 for environmental
management systems. When establishing this policy, Borealis accounted for the interests of key stakeholders,
including its owners through consultation with the Supervisory Board, and its employees through consultation with
the works council. The OCS standard is managed by a steering committee comprising representatives from the
European Commission, EU member states, and NGOs, thus ensuring their interests and perspectives are considered.
This policy is not available to external stakeholders. However, the OCS standard, which underpins the policy, is
publicly available through the OCS website. Within Borealis, the OCS standard is integrated into their Group-wide
management system and is translated into local languages and contexts to ensure it is accessible and
understandable for every Borealis employee. All Borealis employees are regularly trained on complying with the
requirements and working toward preventing pellet loss. For more information, see the / Borealis Group Annual
Report 2024 – Group Management Report – Non-financial Statement.
[E2-1.15a] Pollution of water and soil due to unintentional pellet loss is addressed in Borealis’ Responsible Care policy
and its adoption of the Operation Clean Sweep (OCS) standard. Additionally, all environmental topics related to
Borealis’ operations are managed through their environmental management system, which aligns with the
Responsible Care policy. Borealis’ management system is structured into five levels. The first level, “policy,”
establishes the framework for areas such as Environment, Health & Safety, and Product Stewardship, as outlined in
the Responsible Care policy. The second level includes management handbooks, the third level describes
processes, the fourth level provides detailed instructions, and the fifth level covers meeting charters. [E2-1.15c] To
avoid incidents and emergency situations involving the unintentional loss of plastic pellets, every PO site
implements the six key requirements of the Operation Clean Sweep (OCS) standard, as detailed in the Group’s
operational instruction on OCS implementation. Each Borealis site must also establish and annually review a risk
management plan. This plan includes protocols and procedures to prevent and address spills, incorporating
preventive measures such as preventive maintenance and double sealings, containment measures like catch trays
and housings, and cleaning or reaction measures, including vacuum cleaners and street sweepers. The plan outlines
responsibilities, actions, timeframes, and documentation procedures for instances where pellets are found outside
the designated primary containment. It clarifies who is responsible, who handles the cleanup and how, and who
reports and follows up both within Borealis and externally, such as with the authorities.
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E2-2 Actions and Resources Related to Pollution
All businesses and activities within OMV aim to minimize air emissions from both point sources and fugitive
emissions through the application of the precautionary principle, international best industry practices, and/or Best
Available Technology (BAT). We also aim to prevent and reduce oil spills and leakage in our operations at sea as
well as on land. Appropriate spill prevention and control plans that account for specific business conditions have
been put in place, including proactive management plans comprising risk assessments, preventive measures, and
inspections, as well as reactive management plans comprising control, response, and clean-up procedures.
Geographically, the majority of our oil spills occurred in Romania, where we are concentrating our efforts on
safeguarding and maintaining our infrastructure and improving the reliability of our facilities.
Key Actions
[E2-2.18a] [MDR-A 68a, 68b, 68c, 68e] [E1-3.29c-i] To prevent and, wherever applicable, mitigate the negative impacts and
risks identified for the material topic E2 Pollution, such as the negative impact associated with non-GHG emissions
and that of soil and/or water pollution resulting from asset integrity failure, OMV has defined the following key
action.1 [MDR-A 69b] In 2024, the implementation of key actions for E2 Pollution required CAPEX of EUR 35 mn. For
the Group’s total CAPEX and their reconciliation to the investments shown in the cash flow statement, refer to the
chapters “Capital Expenditure (CAPEX)” in the Directors’ Report and “Consolidated Statement of Cash Flows” in the
Consolidated Financial Statements and Notes.
[MDR-A 69a] OMV seeks to align its long-term funding policy with the Company’s sustainability strategy. For this
reason, OMV is assessing the opportunities of sustainable financing and sustainability-linked funding, which links
the cost of a financing instrument to the achievement of specific strategic sustainability targets. For the
implementation of the key actions included in the table below, no sustainable finance instrument is currently
outstanding.
Key action
(Summary of individual actions requiring individual CAPEX
of EUR ≥5 mn for their implementation)
Pollution prevention
Status
Actual & planned
Expected outcome
Reducing pollutants released to air, soil, and water
Contribution to policy objective/target
Pollution prevention, minimization of environmental impacts, and efficient use
of natural resources
Scope
Own operations
Time horizon
Mid-term
Remedy
n.a.
Progress
Assessment, Execution
CAPEX 2024
EUR mn
35
CAPEX 2025-2029
EUR mn
~100
Related IROs
E2-1, E2-2, E2-4, E2-5, E2-6, E2-8
Non-GHG Air Emissions Reduction
[E2-2.18a] [MDR-A 68a, 68b, 68c] Based on the guidelines for prevention and treatment in our EM Standard, our sites
regularly identify the potential for upgrades that will reduce non-GHG air emissions. In 2024, the optimization of the
flare system at the Burghausen refinery involved implementing a combination of improvements that have led to a
1 [MDR-A 68b] Key actions are defined as those requiring CAPEX of EUR ≥5 mn for their implementation. CAPEX includes additions to property, plant, and equipment and to intangible
assets (incl. IFRS 16 right-of-use assets), expenditures for acquisitions, and equity-accounted investments and other interest for pre-defined sustainability CAPEX categories.
Decommissioning assets, government grants, borrowing costs, and other additions that by definition are not considered capital expenditure are not included in CAPEX figures. Within
the boundaries of applicable accounting standards, expenditure incurred during project implementation is generally capitalized, thus included in the CAPEX figures. Figures are not
validated by external bodies. For the material topic E2 Pollution, the key actions mainly refer to activities in Austria, Germany, and Romania.
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reduction in flared gas and associated non-GHG air emissions, including NOx, VOC, and CO. These actions included
increasing the working volume of the flare gas holder, optimizing the backup gas algorithm, and diverting a
nitrogen-rich stream from the flare to the refinery process. Additionally, a fully digital guard vessel was used at the
Berling development in Norway to protect the laid pipeline. By employing digital technology instead of a physical
vessel, significant reductions in GHG and non-GHG air emissions, including NOx, VOC, and CO, were achieved. This
action is limited to our own operations at the Burghausen refinery in Germany, and was completed in 2024.
Microplastic Pollution
[E2-2.18a, 18b] [MDR-A 68a] One objective of the Responsible Care policy is to ensure that all Borealis polyolefin (PO)
sites comply with the Operation Clean Sweep (OCS) standard, and all PO sites within Europe (excluding recycling
plants) are OCS certified. In adherence with the OCS standard, several Borealis sites, such as Borealis Antwerpen
N.V. in Belgium, Borealis Polymers Beringen in Belgium, Borealis Polymers Burghausen in Germany, among others,
were selected for OCS certification through an external audit. Key actions were also planned or taken at site level.
For instance, Borealis Antwerpen N.V. in Belgium plans to purchase a leaf vacuum tool, Borealis Polymers Beringen
plans to install speed bumps as an additional measure to shake off pellets before trucks leave the site, and Borealis
Kallo N.V. in Belgium plans to install sieves in trenches. For more details about all other sites, see the / Borealis
Group Annual Report 2024 – Group Management Report – Non-financial Statement. [MDR-A 68b] These defined
actions are concentrated on Borealis’ own operations at its PO production sites worldwide, where it has operational
control. [E2-2 AR 13] There are no microplastics emissions upstream of Borealis’ operations, and therefore no action
has been taken related to pollution in its upstream value chain, aside from conducting regular supplier assessments
and ratings by external providers, which cover pollution-related criteria. Borealis’ actions regarding microplastics do
not extend to its downstream value chain.
[E2-2.19b] The OCS program is aimed at prevention and all actions are focused on avoiding plastic pellets leaking into
the environment. However, since zero pellet loss has not yet been achieved, all OCS activities are classified under
pollution reduction. [MDR-A 68c] All the actions defined by Borealis for its individual sites were completed over the
course of 2024, with the exception of Borealis Plastomers B.V. Geleen in the Netherlands, whose actions were
postposed to 2025. [MDR-A 69a] All OCS actions in 2024 involved either small investments or incurred no cost, and as
a result, none of the actions, individually or cumulatively, exceeded the EUR 2.5 mn threshold set by Borealis for its
key actions. For more details, refer to the / Borealis Group Annual Report 2024 – Group Management Report –
Non-financial Statement.
E2-3 Targets Related to Pollution
Obtain external certification of all European polyolefin (PO) sites (excluding recycling facilities)
according to the OCS scheme
[E2-3.22] [MDR-T 80a-80j]
[MDR-T-80a] [E5-3.25] This voluntary target relates to the policy objective of achieving zero loss of pellets from primary
containment and supports Borealis’ key goal of minimizing plastic particle emissions to the environment as much as
possible. [MDR-T 80b] The target applies to all of Borealis’ polyolefin production sites (excluding recycling facilities) in
Europe, encompassing all activities related to processing and handling plastic pellets. The number of OCS
certificates issued is used as a measurement. The baseline value for target 1 is the result for 2024: 9.
2024
All Borealis’ European PO sites externally certified in accordance with the European OCS standard
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Absolute Target
Value chain activities
Own operations
In scope
The target applies to all of Borealis’ polyolefin production sites, encompassing all activities related
to processing and handling plastic pellets
Out of scope
Borealis’ recycling facilities
Geographical coverage
Europe PO sites
Base year
2024
Baseline value
9 (based on 2024 result)
[MDR-T 80f]The target is defined using data from the number of OCS certificates issued by external certification
bodies. A steering committee of Borealis’ senior managers evaluated and finalized the target, which was then
approved and enforced by the highest management body for operations [MDR-T 80i] As the target was set in 2024,
Borealis has not changed its targets, metrics, or methodologies. Borealis periodically review its methodologies to
ensure they align with evolving scientific and regulatory standards. The target for minimizing pellet loss and spills is
not based on conclusive scientific evidence. [MDR-T 80g] It was established through internal benchmarking,
considering industry best practices, achievable levels, existing technologies, and operational improvements. [MDR-T
80h] No stakeholders were directly involved in setting this target.
Status 2024
[MDR-T-80j] Out of the 14 Borealis PO sites, external OCS certification was completed for 9, postponed for 1, and not applicable
for 4. Borealis monitors performance through quarterly on-site meetings of local OCS teams. The target is reviewed annually
during management reviews as part of the integrated environmental management system, and adjustments made based on
performance trends and operational developments. For details, see the / Borealis Group Annual Report 2024 – Group
Management Report – Non-financial Statement.
Total number of pellet spills to the environment is ≤1 per polyolefin (PO) site per year
[E2-3.22] [MDR-T 80a-80j]
[MDR-T 80a] [E5-3.25] This voluntary target aligns with the policy objective of mitigating impacts from pellet loss and
supports Borealis’ key goal of minimizing plastic particle emissions to the environment as much as possible. [MDR-T
80b] The target applies to all of Borealis’ PO production sites globally, covering all activities related to processing
and handling plastic pellets. All incidents are tracked in Borealis’ internal reporting tool. Performance against the
target is measured by the number of cases reported per year per site. The baseline value for target 2 is the 2024
result: 7. This target has been in effect since 2024, which serves as the baseline year.
2025
Achieve ≤ 1 pellet spills to the environment per PO site per year
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Absolute Target
Value chain activities
Own operations
In scope
The target applies to all of Borealis’ polyolefin production sites, encompassing all activities related
to processing and handling plastic pellets
Out of scope
n.a.
Geographical coverage
Borealis’ polyolefin sites
Base year
2024
Baseline value
7 (based on 2024 result)
[MDR-T 80f] The target is based on data from non-conformities with site-specific OCS procedures that are observed
and documented during off-site inspections by local OCS teams, as well as observations from all site personnel,
contractors, and neighbors. A steering committee of Borealis’ senior managers evaluated and finalized the target,
which was then approved and enforced by the highest management body for operations.
[MDR-T 80i] As the target was set in 2024, Borealis has not changed its targets, metrics, or methodologies. Borealis
periodically reviews its methodologies to ensure they align with evolving scientific and regulatory standards. [MDR-T
80g] The target for minimizing pellet loss and spills is not based on conclusive scientific evidence. It was established
through internal benchmarking, considering industry best practices, achievable levels, existing technologies, and
operational improvements. [MDR-T 80h] No stakeholders were directly involved in setting this target.
Status 2024
[MDR-T-80j] 5 of the 14 Borealis PO sites reported pellet spills. This included Borealis Polymers Beringen (1 spill), Borealis
Polymers Oy (Porvoo: 1 spill), Borealis AB Stenungsund (2 spills), Borealis Compounds Port Murray & Taylorsville (2 spills), and
1 spill at mtm plastics Niedergebra und Fürstenwalde. For details, see the / Borealis Group Annual Report 2024 – Group
Management Report – Non-financial Statement.
[E2-3.23a] Neither of the targets relates to air pollutants and respective loads. In the EU, where OMV’s main
operations are located, air emissions are strictly regulated. We plan to analyze the air emissions of our plants and,
based on the analysis, will decide whether an air emissions target beyond the strict legal requirements is necessary.
Target 2 addresses both emissions to water and specific loads, as well as pollution to soil and specific loads, with
the aim of reducing plastic pellet spills to the environment. Due to their lack of biodegradability, microplastics tend
to accumulate in the environment, including in water and soil. Neither target is related to the prevention and control
of substances of concern and substances of very high concern. Our target related to pellet spills aims to reduce
plastic discharge to the environment, in particular to water. [E2-3.23c] At OMV, our spill management approach is
designed to minimize pollution to soil, maintaining the integrity of the environment around our operations. While we
are committed to this objective, a specific target for minimizing soil pollution caused by spills is yet to be
developed.
E2-4 Metrics Related to Pollution of Air, Water, and Soil
[E2-4.29] [E2-4.30b] All pollution data is obtained from site-specific information and measurements carried out in
accordance with national legal requirements regarding measurement methods and frequencies. Data for air
pollutants is derived using a mixed methodology: continuous measurements, spot measurements extrapolated to
annual values, and data calculated using standard factors. Pollutants to water are measured via spot sampling and
internal or external lab analysis. Soil pollution caused by hydrocarbon spills is measured using various
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methodologies, depending on the type and severity of the spill and data availability. Assumptions and limitations are
mainly related to the use of estimates, standard factors, and the extrapolation from spot measurements.
[E2-4.30c] Environmental data, including pollution-related data, is gathered in OMV’s environmental reporting system
either on a continuous basis (e.g., reporting of spill incidents they occur) or through defined data collection
campaigns. To ensure data accuracy, a different person from the one who recorded or entered the data at site level
should check, validate, and approve it, applying the four-eyes principle. This is required before data can be used or
consolidated at the divisional or Group level. Local management retains ownership of the data.
[E2-4.31] All measurement methodologies comply with national legal requirements and industry standards. The more
significant the respective pollutant load is in the regional and national context, the more accurate a measurement
method is typically required and applied. However, increased accuracy requires more sophisticated and costly
measurement technology and methods. Thus, to make the most efficient use of resources, it is acceptable and
reasonable to use less accurate methods for small and insignificant amounts of pollutants. The resources that are
freed up in this way can be used in a more meaningful way within the framework of the environmental management
system.
Pollutants emitted to air, water, and soil
[MDR-M.77c] [E2-4.28a, 28b] [E2-4 AR 22]
kg/year
2024
Pollutant
to air
to water
to soil
Hydrofluorocarbons (HFCs)
110.5
n.a.1
n.a.1
Non-methane volatile organic compounds (NMVOC)
3,808,131
n.a.1
n.a.1
Nitrogen oxides (NOx/NO2)
4,458,812
n.a.1
n.a.1
Sulfur oxides (SOx/SO2)
2,387,598
n.a.1
n.a.1
Total Nitrogen
n.a.1
51,599
n.a.2
Total Phosphorus
n.a.1
n.a.3
n.a.2
Arsenic and compounds (as As)
n.a.3
55.9
n.a.2
Cadmium and compounds (as Cd)
20
n.a.3
n.a.2
Chromium and compounds
n.a.3
n.a.3
n.a.2
Copper and compounds (as Cu)
n.a.3
93.1
n.a.2
Mercury and compounds (as Hg)
n.a.3
n.a.3
n.a.2
Nickel and compounds (as Ni)
103
20.7
n.a.2
Lead and compounds (as Pb)
n.a.3
n.a.3
n.a.2
Zinc and compounds (as Zn)
n.a.3
1,560
n.a.2
Halogenated organic compounds (as AOX)
n.a.1
n.a.3
n.a.2
Benzene
63,159
n.a.3
n.a.2
Di-(2-ethylhexyl) phthalate(DEHP)
n.a.3
n.a.3
n.a.2
Phenols (as total C)
n.a.
177.8
n.a.2
Polycyclic aromatic hydrocarbons (PAHs)
n.a.3
n.a.3
n.a.2
Total organic carbon (as total C or COD/3)
n.a.1
n.a.3
n.a.2
Chlorides (as total Cl)
n.a.1
2,882,950
n.a.2
Fluorides (as total F)
n.a.1
2,711
n.a.2
Particulate matter (PM10)
59,000
n.a.1
n.a.1
1 The pollutant is not applicable for the specific environmental receptor
2 This type of emission is not applicable at OMV
3 Value below the threshold
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Total non-GHG air emissions
[GRI 305-7]
kg/year
2024
2023
SO2
2,461,811
2,580,742
NOx
7,560,341
8,539,003
NMVOC
7,673,828
8,089,970
Particulate emissions
139,384
100,434
Ozone-depleting substances
134
280
[Voluntary] 30 sites certified according to ISO 14001
[Voluntary] 0.0125 mg/l dispersed oil concentration in discharged water
Microplastics
[E2-4.28b] [MDR-M.77c] In 2024, Borealis generated 4,024,286.9 t of microplastics in the form of produced plastic pellets
at its PO sites, while emitting 0.018 t of microplastics as unrecovered pellet spills. [E2-4.30a] Borealis began specific
investigation and data collection activities regarding unintentional pellet spill incidents in 2024 through the
implementation of the OCS standard at all PO sites, and therefore did not have information on changes over time.
[E2-4.30b, 30c] The total mass of microplastics generated refers to the production output of each of Borealis’ extruders
(virgin polyolefin, compounding, and recycling plant), which is measured and reported in its environmental and
energy data management system. The total mass of unrecovered microplastics resulting from a significant pellet
spill1 is primarily estimated by trained on-site personnel during routine inspections.
A thorough root cause investigation, required when substantial evidence of a spill exists, may provide a more
precise weight estimate. This methodology complies with OCS Europe certification requirements. Estimations are
based on the difference between recovered and weighed spills and the spill source. A quick response from staff
typically limits spill size and allows for full recovery. [E2-4.31] No standardized, scientifically recognized methods for
directly measuring unrecovered pellets spilled from Borealis’ operations currently exist. Therefore, quantification is
based on estimation following a thorough root cause investigation. A standardized methodology for measuring
microplastics emissions has been proposed in recent EU regulations, and Borealis will adopt it once it has been
established and is applicable. For more details, see / the Borealis Group Annual Report 2024 – Group Management
Report – Non-financial Statement.
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all the metrics below, unless specified, is not validated by an external body other
than the assurance provider.
[E2-4.1] [E2-4.2] [E2-4.28b] [E2-4 AR 22] [MDR-M.77a] For pollutants to air and water listed in the table on pollutants
emitted to air, water, and soil, OMV employs the pollutant definitions as prescribed in national and international
environmental frameworks and legislation, such as the EPRTR regulation.2 Pollutant loads to air and water are
1 Pellet spills refer to an incident that leads to any accidental or unplanned release of more than 0.5 kg of pellets from primary containment or the recovery system, into the
environment outside of the fence.
2 Regulation (EC) No 166/2006 of the European Parliament and of the Council concerning the establishment of a European Pollutant Release and Transfer Register
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quantified as annual loads. The unit of measurement is tons. Hydrocarbon spills are quantified as total volumes.
The unit of measurement is liters.
[E2-4-28b] [E2-4 AR 22] [E2-4 AR 20] [MDR-M.77a] The amount of microplastics generated or used is the total
production output (virgin polyolefin, compounding, and recycling plant) plus the unrecovered accidental spills of
microplastics to the environment as documented in the reporting system by all our sites. The polyolefin production
process is designed to produce microplastics in the form of pellets to make it possible to further convert the
pellets for applications such as water pipes, cable insulation, and health care products. Therefore, all of Borealis’
polyolefin production operations fall under the category “microplastic generated.” The production output of each
of our extruders (virgin polyolefin, compounding, and recycling plant) is measured and reported in our
environmental and energy data management system. Accidental spills of microplastics (pellets, flakes, powder, or
dust) are documented and followed up in our internal incident management tool. More information can be found in
the / Borealis Annual Report 2024 – Management Report – Sustainability chapter.
Spills
[Entity-specific] [GRI 306-3] [MDR-M.77c]
2024
2023
Spills
number
2,305
2,027
of which major (i.e., severity levels 3 to 5)
number
4
4
Spills volume released
liters
127,015
185,745
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all metrics below is not validated by an external body other than the assurance
provider.
[Entity-specific] [MDR-M.77a] The total number of spills refers to the total number of spills documented in the
reporting system within the reporting boundaries for the reporting year,
• of which major (i.e., severity levels 3 to 5): the OMV incident classification system consists of five severity levels,
where level 1 is the lowest severity and level 5 the highest severity. A level 3 incident is defined as medium
environmental damage within a large area outside the boundaries, for which actions for remediation/restoration
are required.
[Entity-specific] [MDR-M.77a] Volume of spills released: the volume of liquid released in liters. Depending on the type
and severity of spill and data availability, there are different methods employed to determine the spill volume. For
larger volumes of spilled material, process data can be used to determine the spill volume (e.g., tank volumes and
levels, flow measurements and similar). For smaller volumes of spilled material, the volume of excavated soil and
the specific hydrocarbon loading of the soil can be used. For very small volumes of spilled material that don’t
require soil recovery, estimates will be employed.
Environmental Expenditures
Voluntary
Unit
2024
2023
Environmental protection expenditures, excluding depreciation
EUR mn
555
624
Environmental investments for assets put into operation
EUR mn
592
422
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E2 (Entity-Specific) Process Safety
Material Topic: E2 Pollution
Material Sub-Topic E2 (Entity-Specific): Process Safety
Reduce pollution-related incidents and safety risks by implementing effective hazard and process
safety management
Relevant SDG:
SDG target:
3.9 By 2030, substantially reduce the number of deaths and illnesses from hazardous chemicals and air, water, and soil pollution and contamination.
Process safety management comprises the systematic application of standardized instructions, practices, and
specifications to achieve and maintain safe and reliable production. The fundamental components of this include
our organization, resources, management processes, people and equipment performance, the prevailing safety
culture, and documented regulations and practices. It covers the management of hazards associated with the
chemical and physical properties of the substances we handle in our oil, gas, and chemical activities. OMV and
Borealis process large quantities of flammable and/or toxic materials at high pressures and temperatures and, if not
properly handled, they could potentially cause serious process safety incidents. In a worst-case scenario, leaks,
fires, or explosions could also cause fatalities. Further consequences include a substantial disruption to the supply
to customers, along with additional costs. OMV’s Process Safety Management Standard serves as a framework and
reference for the implementation and maintenance of effective process safety regulations.
Impacts, Risks, and Opportunities (IROs)
The material negative impact identified is related to unplanned releases from process safety incidents that may
lead to property damage and pollution in the vicinity of our operations. These process safety incidents and spills are
critical issues that require rigorous management and mitigation strategies to minimize their impact on both the
environment and property surrounding OMV’s operations. From a strategic perspective, maintaining robust process
safety measures is crucial for OMV to safeguard operations, protect the environment, and ensure the safety of our
employees, contractors, business partners, and other external stakeholders. It is also essential for regulatory
compliance, upholding OMV’s reputation and achieving long-term success. For details on the material IROs related
to E2 Process Safety, see > ESRS 2 General Information.
Governance
Process safety is handled by Group HSSE led by the VP HSSE, who reports directly to the Chief Executive
Officer. The OMV HSSE department comprises a team specialized in process safety management. Additionally,
there are local HSSE officers at each site, along with local subject matter experts. For example, at each refinery, we
have a dedicated employee who oversees process safety management. This individual is in direct contact with and
actively collaborates and communicates with all departments that manage process safety as part of their daily
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business. This individual also receives process safety guidance from a centralized Process Safety Advisor
overseeing the whole of the Refining business unit. In addition, there are HSSE departments at OMV Petrom and
Borealis that oversee their specific issues and coordinate their local HSSE officers and experts. The OMV Petrom
and Borealis HSSE departments report functionally to the VP HSSE at Group level.
E2-1 Specific Policies and Commitments Related to Process Safety
Process Safety Management Standard
[MDR-P 65a] OMV’s Process Safety Management Standard serves as a framework and reference for the
implementation and maintenance of effective process safety regulations by defining the minimum requirements
and providing guidance on how process safety is integrated into the management of health, safety, security, and
environment (HSSE). The Process Safety Management Standard focuses on minimizing risks associated with
handling hazardous substances in oil, gas, energy, and chemical activities to prevent accidents that could harm
humans, the environment, assets, and OMV’s reputation. The framework involves proactive risk identification and
management through the analysis and evaluation of hazards to control risks within acceptable limits. It promotes a
strong safety culture through leadership commitment, employee participation, and continuous learning. By
integrating the Standard into the HSSE management system, OMV ensures compliance with legal and industry
standards. The framework provides clear guidelines on the mitigation of and emergency response mechanisms to
handle accidents.
[MDR-P 65b] The Process Safety Management Standard, HSSE Directive, and all the additional relevant standards
mentioned in this section apply to OMV globally, with specific provisions for local legal compliance taken into
consideration. This includes OMV Aktiengesellschaft and all its subsidiaries, Borealis AG, and OMV Petrom S.A.,
along with their respective subsidiaries, but excludes SapuraOMV Upstream Sdn. Bhd. and its subsidiaries. Minor
exclusions apply, for instance within Borealis, where separate guidelines that cover entity-specific operational
incidents are provided. As there is a high degree of interdependence between the policies that govern the material
topic Process Safety and other material environmental topics, please refer to > Pollution for details on our
overarching commitments in the Code of Conduct and the scope of our Environmental Management Standard, and
to > S1 Health, Safety & Well-Being for details on our HSSE Strategy.
[MDR-P 65c, 65d, 65e, 65f] All the policies that govern process safety management within OMV are approved by the
Executive Board. Responsibility for implementing these policies lies with the respective business units or the
respective members of the board of directors. The corporate functions are responsible for supporting the
implementation and, to a certain degree, overseeing their governance and monitoring. The HSSE Directive and
related corporate policies are made available to all OMV employees via OMV’s Regulations Alignment Platform on
the OMV Intranet.
To mitigate the negative impact of unplanned releases from process safety incidents, which can lead to property
damage and pollution in the vicinity of our operations, OMV adheres to the Process Safety Management Standard.
This standard provides comprehensive guidelines and procedures for preventing and managing process safety
incidents and spills, ensuring strict controls are in place to minimize their likelihood and impact, thereby
safeguarding the environment and property surrounding our operations.
Within OMV’s Process Safety Management Standard, processes and mechanisms have been defined to prevent,
mitigate, and remediate the actual negative impact. These include:
Risk Management
[MDR-P 65a] Process safety risks are systematically evaluated through a variety of process hazard assessments such
as HAZOP studies, QRAs (Quantitative Risk Assessments), and risk assessments according to the Seveso Directive,
which is the main EU regulation covering the control of major onshore accident hazards involving dangerous
substances.
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Recommendations from process hazard analyses (PHAs), audits, reviews, and incident investigations addressing
process safety risks are centrally recorded and prioritized systematically in OMV Integrated Risk Register. This is
linked to the mid-term planning process to ensure there is budget available to implement the recommendations.
Prior to the start-up of a new facility, after major modifications, or following a turnaround, we conduct an
independent pre-start-up safety review to ensure that the facility is safe for start-up and operations.
In 2024, to identify and manage risks, a register containing risk reduction measures identified as a result of various
process hazard analyses (PHAs), assessments, and safety studies was established in each operated production unit
and populated with data, including from Borealis sites. This provides a consolidated overview to support the
prioritization and further development of risk reduction plans. A software tool to manage the results of process
hazard analyses, recommendation tracking, and workflows was rolled out at OMV.
Emergency Management Plans
[MDR-P 65a] Process safety incidents can at times affect communities in the vicinity of our operations. For this reason,
we have robust emergency management plans in place that are coordinated with the surrounding communities.
Different levels of emergency management plan outline roles and responsibilities, structures, communications, and
the interfaces required for emergency and incident management teams. Emergency response plans include specific
emergency procedures and alerting and notification requirements to ensure that an emergency response is
managed in a coordinated manner.
Inspection and Maintenance
[MDR-P 65a] Comprehensive inspection and maintenance programs are carried out by dedicated departments for
inspection, maintenance, and plant integrity. They conduct regular inspections of process equipment, pipelines,
tanks, and more, and manage the testing of safety equipment plus plant maintenance and turnarounds.
Investigations and Audits
[MDR-P 65a] Regular audits, reviews, and updates to our safety systems and procedures are mandated in the policies.
OMV’s commitment to enhancing our safety protocols not only ensures a secure working environment but also
prevents damage to our assets and mitigates negative impacts on our personnel, surrounding communities, and the
environment. All incidents are identified and reported in an appropriate and timely manner. Work-related incidents
with potential consequences for people, the environment, assets, or our reputation are investigated in a suitable
manner to determine direct causes, root causes, and systemic causes so we can learn from them and prevent the
recurrence of similar incidents. Tier 1 and Tier 2 process safety events1 are measured, tracked, and investigated
continuously for a consistent overview of OMV’s process safety performance. In addition to Tier 1 and 2 process
safety incidents, we monitor Tier 3 process safety events for a better assessment of the critical barriers. The
monitoring and reporting of process safety events provides an overview of the challenges to safety systems so that
weaknesses within the barriers can be identified and corrected at facility level.
In 2024, Borealis conducted regular Blue Audits throughout the year to assess compliance with Health, Safety,
Security, and Environment (HSSE) standards. These comprehensive audits involve a detailed three- to four-day
examination with subject matter experts to validate and monitor corrective actions. The effectiveness of these
actions is evaluated in an audit cycle to ensure continuous health and safety improvement.
HSSE Directive
[MDR-P 65a] The HSSE Directive sets out the principles and rules for the management of HSSE-related risks and
activities throughout the life cycle of the Group’s business and activities, including capital projects, mergers, and
acquisitions. The Directive also defines key HSSE responsibilities for all OMV employees, partners, and contractors.
Additionally, it stipulates the continuous improvement of HSSE performance. The HSSE Directive defines core
1 Tier 1 and Tier 2 process safety events classified according to API RP 754
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aspects of HSSE management, grouped into twelve elements centering around the Plan-Do-Check-Act cycle. For
each element, the HSSE Directive defines the approach to follow for effective HSSE management, which includes
process safety management. [MDR-P 65b, 65c, 65d, 65e, 65f] For the HSSE Directive, unless otherwise specified, the scope
of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > S1 Health, Safety & Well-Being.
To mitigate the negative impact of unplanned releases from process safety incidents, which can lead to property
damage and pollution in the vicinity of our operations, the HSSE Directive provides guidance on how process safety
incidents and accidents should be reported, analyzed to identify the root cause, and prevented from recurring. In
addition, the HSSE Directive stipulates that organizational arrangements, facilities, training, and exercises shall be
provided to effectively manage emergencies and crisis situations.
Additional Relevant Standards
[MDR-P 65a] Other corporate regulations governing process safety in OMV are HSSE Risk Management, Contractor
HSSE Management, Management of Hazardous Substances, Personnel Transportation, as well as Reporting,
Investigation, and Classification of Incidents. Collectively, these provide the framework for safety management and
mandate regular reviews and updates of risk registers and action plans to ensure compliance and continuous
improvement of our safety culture. Our Major Accident Prevention Policy sets out the overall aims and guidelines
for controlling the risk of a major accident as part of OMV’s operations. Acknowledging that the risk of major
accidents in onshore or offshore operations related to oil and gas extraction, transportation, refining, and
distribution activities is significant, and recognizing that such major accidents can have severe consequences for
the environment and affected persons, OMV firmly believes that if a strong awareness of HSSE is embedded in the
company culture, this will lay the foundation for all its operations and relationships with contractors.
Our Contractor HSSE Management Standard defines the minimum requirements for integrating HSSE issues into all
phases of the contract life cycle and into the contractor management process. This standard aims to define a
structured process for the HSSE management of contractors, from selection through to contract close-out.
Together, these policies offer comprehensive guidelines and measures to mitigate the negative impact of
unplanned releases from process safety incidents, which can result in property damage and pollution in the vicinity
of our operations.
[MDR-P 65f] OMV’s HSSE management engages with employees and their representatives, such as works councils and
trade unions, to address critical issues and identify areas for improvement. For example, Borealis conducts HSE
Forums at each location, where employee representatives are consulted and informed about the HSE management
system. The HSSE department organizes HSSE Days for various OMV units to educate employees on HSSE topics,
including process safety. Additionally, OMV collaborates regularly with local authorities and regulators to ensure
that policies comply with legal requirements. Furthermore, the Safety Training Centers established at the sites
provide a platform for interaction and exchange.
E2-2 Actions and Resources Related to Process Safety
Key Actions
[MDR-A 66] Our target of maintaining a leading position in terms of our Process Safety Event Rate supports our
strategic goal of maintaining a strong focus on traditional risk control while preparing for the new technologies
defined in the OMV HSSE Strategy 2030. By providing training and enhancing our safety culture, we ensure that our
operations continue to prioritize safety and effectively manage risks from unplanned releases due to process safety
incidents. This action is defined in our Process Safety Management Standard, through which we reinforce our
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commitment to safeguarding both our workforce and the environment. The action related to E2 Process Safety falls
outside OMV’s definition of key actions.1
Training and Safety Culture
[MDR-A 68a, 68b, 68c] As outlined in our Process Safety Management Standard, training programs are crucial to
ensuring that all operating personnel and employees are familiar with our safety procedures. Employee
competence in process safety is ensured through a well-defined training plan, continuous communication, and
sharing lessons learned. Scenario-based emergency drills involving the site emergency management team are
conducted periodically at the refineries alongside regular fire service drills.
We have set up an OMV Process Safety Network with an online collaboration platform including a reference library
and discussion board. Regular virtual sessions facilitate knowledge exchange across the Group, with participants
coming from various OMV countries and fields of expertise. This helps foster continuous learning. Top management
participation in these online sessions sends a clear message that process safety is important and demonstrates
process safety leadership and commitment.
In 2024, a project to improve process safety competency was initiated for OMV employees, with specific training for
operational personnel in development. Periodic Group Process Safety Committee meetings with Executive Board
member involvement took place, during which performance, achievements, and challenges were reviewed.
Quarterly half-day events and the annual Process Safety Day fostered knowledge sharing, with up to 200
participants, including senior management.
In the F&F division, the new LOTOTO (Lock out, tag out, try out) system was introduced at the Lobau Tank Farm and
Schwechat refinery, alongside comprehensive training. Regular feedback rounds and practical exercises ensured
ongoing improvement, while P&ID (Pipe & Instrumentation diagram) training was organized for shift staff.
Employees and contractors were sensitized to the process, leading to a positive response and exemplary usage of
the new system.
To enhance our safety culture, assessments of the Group-wide Life-Saving Rules were conducted at our operated
sites in 2024 (including Borealis), focusing on process safety. Action plans were developed for identified
deficiencies, and good practices were shared. OMV Petrom improved the quality of data in the risk register and
prioritized process safety actions based on risk reduction and effort required. Our HSSE Strategy supports our
transformation by expanding our product portfolio, entering new markets, and collaborating with partners to
develop joint safety cultures. Safety Centers at the Burghausen, Schwechat, and Petrobrazi refineries, established in
2024, play a crucial role in implementing and practicing our Life-Saving Rules This annual training targets blue-
collar employees and contractors that are working in our refineries in Austria, Germany, and Romania.
E2-3 (Entity-Specific) Targets Related to Process Safety
Process Safety Event Rate
[MDR-T-80a-80j]
[MDR-T-80a] Our voluntary target for maintaining a leading position in terms of Process Safety Event Rate aligns with
our commitment to keeping our workplaces and processes safe for our employees, contractors, business partners,
external stakeholders, and the environment, as stipulated in our Code of Conduct and Process Safety Management
Standard.
1 Key actions are defined as those requiring CAPEX of EUR ≥5 mn for their implementation. CAPEX includes additions to property, plant, and equipment and to intangible assets (incl.
IFRS 16 right-of-use assets), expenditures for acquisitions, and equity-accounted investments and other interest for pre-defined sustainability CAPEX categories. Decommissioning
assets, government grants, borrowing costs, and other additions that by definition are not considered capital expenditure are not included in CAPEX figures. Within the boundaries of
applicable accounting standards, expenditure incurred during project implementation is generally capitalized, thus included in the CAPEX figures. Figures are not validated by external
bodies.
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2025
Maintain leading position in Process Safety Event rate
2030
Maintain leading position in Process Safety Event rate
Relative target
Value chain activities
Own operations
In scope
100% for fully owned assets and for assets where the Group’s interest is less than 100% but more
than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Joint ventures where OMV does not have control or operatorship
Geographical coverage
Group-wide
Base year
2023
Baseline value
0.23
[MDR-T-80f] The methodology for classification of the Process Safety Event Rate follows a tiered concept as outlined
in API 754. This rate is calculated as the normalized rate of Tier 1 and Tier 2 process safety events per 1,000,000
hours worked by applicable company functions within the reporting scope, excluding hours worked by corporate
functions. [MDR-T-80g] This target is based on comparing our performance with peer groups, using data published by
industry associations such as IOGP and Concawe for the previous year.
[MDR-T-80h] The target was set following consultations with Executive Board (EB) members, SVPs, and HSSE, and
approved by the EB. [MDR-T-80i] There were no changes to the target in 2024. All data is still collected via our
internal incident reporting tool.
Status 2024
[MDR-T.80j] 0.20 (2023: 0.23)
Metrics
Process safety events
[Entity-specific] [GRI 403-9] [MDR-M-77a]
2024
2023
Tier 1
number
8
12
thereof Energy
number
5
2
thereof F&F
number
3
7
thereof Chemical
number
0
3
Tier 2
number
13
15
thereof Energy
number
5
3
thereof F&F
number
0
5
thereof Chemical
number
8
7
Process Safety Event Rate1
per 1 mn hours worked
0.20
0.23
1 Process Safety Event Rate: number of Tier 1 and Tier 2 process safety events per 1 mn hours worked. Work hours from the corporate functions General Management
(OMV)/Executive Office (OMV, OMV Petrom, Borealis), and Corporate Finance (OMV)/Finance Office (OMV, OMV Petrom, Borealis) are excluded.
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Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all the metrics below, unless specified, is not validated by an external body other
than the assurance provider.
[Entity-specific] [MDR-M.77a, 77c] The metrics for Tier 1 and Tier 2 process safety events are based on the
classification of Process Safety Events (PSE) following a tier concept according to API Recommended Practice No.
754 or IOGP Report 456. Tiers 1 and 2 provide lagging indicators on process safety performance, while Tiers 3 and
4 serve as leading indicators.
• Tier 1 PSEs are incidents with greater consequences and represent the most lagging performance indicator
within the four-tier approach. This concept is derived from API 754 Recommended Practice. The count of Tier 1
PSEs reflects process safety performance and involves losses of primary containment (LoPC) events with
significant consequences. Even when captured within secondary containment, Tier 1 PSEs indicate weaknesses
in the barrier system and provide an assessment of the company’s process safety performance. A Tier 1 PSE is an
unplanned or uncontrolled release of any material, including non-toxic and non-flammable substances (e.g.,
steam, hot water, nitrogen, compressed CO2, or compressed air) from a process that causes significant
consequences for employees, the community, or the business.
• Tier 2 PSEs involve LoPC events with lesser consequences compared to Tier 1.
Both Tier 1 and 2 process safety events are reported cumulatively and as a split for our three business segments:
Energy, F&F, and Chemicals. These are based on a count reported in the HSSE reporting tool.
[Entity-specific] [MDR-M.77a, 77c] The Process Safety Event Rate (PSER) is calculated as the normalized rate of
process safety events to aid comparability over time and between facilities or companies, calculated for Tier 1 and
Tier 2 PSEs jointly.
Since there is no uniformly applicable normalization factor for process safety indicators based on facility
configuration, the industry uses worker exposure hours, similar to personal injury rates, as a convenient and easily
obtained factor. The total hours worked include employees and contractors for applicable company functions
within the scope of reporting.
For upstream, hours worked on operated assets are included, while for downstream, hours worked on all
operations are considered. Hours worked by corporate functions, including general management and finance at
OMV and Petrom, are excluded. Due to the likely low frequency of PSEs, care should be taken when assessing the
PSER, as the rates are likely only statistically valid for comparisons at an industry or company level. This ensures
the normalized rate accounts for variations in worker exposure hours and supports accurate comparisons.
Reporting Formula: [PSER = PSE (Tier 1 + Tier 2) / work hours * 1,000,000
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E3 Water
Material Topic: E3 Water
Material Sub-Topic: E3 Water
Use water efficiently in our operations and minimize the impact of water use and discharge on the
environment and local communities.
Relevant SDGs:
SDG targets:
6.3 By 2030, improve water quality by reducing pollution, eliminating dumping, and minimizing the release of hazardous chemicals and materials, halving the
proportion of untreated wastewater, and substantially increasing recycling and safe reuse globally.
6.4 By 2030, substantially increase water use efficiency across all sectors and ensure sustainable withdrawals and supply of freshwater to address water scarcity
and substantially reduce the number of people suffering from water scarcity.
12.2 By 2030, achieve the sustainable management and efficient use of natural resources.
14.1 By 2025, prevent and significantly reduce marine pollution of all kinds, in particular from land-based activities, including marine debris and nutrient pollution.
Impacts, Risks, and Opportunities (IROs)
The actual negative impacts identified include the use of water from water-stressed areas, such as freshwater
withdrawals for products and/or services in regions with limited water availability. This can have significant regional
implications for the availability of water for nature and local communities, which in turn can endanger water
resources and negatively affect them due to inadequate wastewater practices and water pollution. Additionally,
disruptions to operations can occur due to insufficient water availability resulting from inadequate assessment of
water-related constraints such as baseline water stress, groundwater stress, and seasonal variability. For details on
the material IROs related to E3 Water, see > ESRS 2 General Information.
E3-1 Specific Policies and Commitments Related to Water
Code of Conduct
[E3-1.12] [E3-1.14] [MDR-P 65a] The Code of Conduct helps us manage the actual negative impacts identified, which
include the use of water from water-stressed areas, such as freshwater withdrawals for products and/or services in
regions with limited water availability. This can have significant regional implications for the availability of water for
nature and local communities. Our commitment to respecting water as a precious limited resource and focus on its
sustainable and efficient use is clearly outlined in our Code of Conduct. We respect the right of our stakeholders,
especially our local communities, to water, minimize the impact of water use (for instance by reducing freshwater
withdrawals, especially in water-scarce areas), and discharge (for instance by improving (waste) water quality). The
Code of Conduct focuses on OMV’s commitments as a company, and we seek to work with business partners who
share and subscribe to our values and respect our principles, especially in our operations and value chain.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Code of Conduct unless otherwise specified, the process for monitoring, the scope
of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
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interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
Environmental Management Standard
[E3-1.14] [MDR-P 65a] OMV’s EM Standard requires all OMV businesses and activities to minimize the impact of effluent
on the environment and on local communities, and outlines specific requirements for wastewater discharge
onshore and offshore. The guidelines and measures in this policy help address the negative impacts identified
related to the use of water from water-stressed areas involving freshwater withdrawals for products and/or
services in regions with limited water availability. Direct discharges of wastewater to land, wetlands, or water
bodies without prior treatment are prohibited, and wherever possible, all business units and activities within OMV
are required to assess and apply Best Available Technologies (BATs) and international standards to reduce the
volume of wastewater and the load of pollutants, and to optimize the efficiency of water according to the reduce,
reuse, recycle principle. No discharge may alter or diminish the value of the receiving environment and must be
systematically monitored based on national legislation and permits. Any environmental impact must be managed
appropriately. Local regulatory and river basin authorities are involved to ensure that OMV complies with local
environmental regulations and has obtained all the required permits.
OMV’s EM Standard also covers detailed guidance on the development and implementation of Water Management
Plans. Our Water Ambition Statement is OMV’s public commitment to water management, and is publicly available
on our / website. Every OMV employee is responsible for minimizing the impact of our activities on water
resources.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the EM Standard, unless otherwise specified, the scope of the policy, involvement of
senior-level management, reference to third-party standards (where relevant), interests of key stakeholders in
setting the policy (where relevant), and how the policy is made available to potentially affected stakeholders are
covered in > E1 Climate Change.
Within OMV’s EM Standard, processes and mechanisms have been defined to prevent, mitigate, and remediate the
actual and potential negative impacts and risks identified. These include:
Risk Management
[MDR-P 65a] High-level water stress assessments are conducted annually. In order to identify operations in areas
affected by water scarcity and water stress, OMV uses international tools and indexes such as the Verisk
Maplecroft Water Stress Index, which is based on the World Resources Institute (WRI) Aqueduct Baseline Water
Stress Index, and its own assessments as required. Some regions where OMV operates have already experienced
water stress in dry years and a further decline in water availability is expected, mainly due to climate change.
A bottom-up approach in the assessment of water-related risks is followed in accordance with OMV’s Group-wide
Environmental Risk Assessment (ERA) guideline to ensure consistent qualitative assessments of operational risks
and impacts related to the environment, including water. Significant risks are integrated into OMV’s Enterprise-
Wide Risk Management (EWRM) system. When entering a new country or considering new operational activities,
OMV primarily uses the World Resources Institute (WRI) Aqueduct tools and Verisk Maplecroft indices to identify
future potential water-related constraints, such as baseline water stress, groundwater stress, and seasonal
variability. Water management-related risks are closely linked with the topic of spill prevention. Read more about
spill prevention in the section > E2 Pollution.
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Water Management Plans
[MDR-P 65a] [E3-1.12a] Water Management Plans are an essential tool for OMV to address all water-related topics,
issues, and tasks, with the aim of improving water management performance. They provide information about
current water uses and chart a course for water efficiency improvements, conservation activities, and water
reduction goals.
Every location in OMV must develop, implement, and maintain a Water Management Plan, which should include at
least the following elements: the scope and objectives, including a site description; applicable legislation, other
requirements, and permits; identification of water sources, discharges, including water quality parameters, and
monitoring plans; a water map, inventory, and balance, including discharges; water transport, storage, and
treatment systems; significant water-related risks and mitigation measures; and water conservation and water
efficiency measures, including an action plan.
Operating facilities located in areas affected or likely to be affected by water scarcity issues, and operations
utilizing significant water resources (e.g., Tunisia), were prioritized when developing and implementing Water
Management Plans. These plans aim to allow sustainable long-term production with minimal effects on the
environment.
Best Available Technologies
[MDR-P 65a] [E3-1.12a] We implement measures to reduce freshwater withdrawal to a minimum. These include
reduction of operational complexity, upgrading equipment (boilers), maintenance of equipment to reduce water
loss, the use of desalinated seawater rather than freshwater, the installation of recirculating cooling systems, the
use of air or glycol as a cooling agent instead of water (e.g., at Oltenia’s 2 Bustuchin compressor station asset), and
optimization of pipeline routes for water supply. In addition to implementing measures to reduce freshwater
withdrawal, we implement the Best Available Technology (BAT) to sustainably treat water. We also aim to improve
water efficiency in our daily operations at our filling stations. Water recycling technology in our car wash business is
an important element in using and conserving OMV’s water resources efficiently and sustainably, as it is one of the
main consumers of water in this business segment.
In 2024, OMV Tunisia implemented a series of water withdrawal optimization measures at the Nawara Central
Processing Facility (CPF). These measures included a combination of smaller improvements, such as enhanced
monitoring and tracking, automation, and minor design changes. These actions were aimed at reducing emissions
and reusing water, ultimately contributing to a significant reduction in water withdrawal.
Stakeholder Engagement
Our impact on water resources is important to various stakeholders. We engage with government authorities, such
as river basin management authorities, on compliance with water use rules and environmental parameters relating
to any wastewater generated. We also engage with local water utility companies to discuss the supply of
freshwater for OMV operations and the treatment of wastewater. We also work with NGOs on environmental
preservation and water resource conservation, as well as with local communities on the sharing of details regarding
local water resources and the quality of discharged wastewater. For instance, in Austria, where local people fish in
the Danube in Schwechat, close to both the refinery and the Lobau Tank Farm, and in the harbor there, with which
we have maintained active and open dialogue for several years. In areas where OMV operations require large
amounts of water, or areas that suffer from water stress, it is particularly important to include local stakeholders in
water management activities to secure a “social license to operate.” OMV’s water management activities pursue
socially equitable water use, and OMV regularly carries out supplier audits to ensure compliance with our human
rights requirements.
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To ensure that the interests of local communities are known and taken into account during the project life cycle,
OMV conducts social baseline studies and community needs assessments as part of Social Impact Assessments
(SIAs). If these assessments identify the need, OMV launches community projects aimed at increasing access to
clean water for local communities. Our Community Grievance Mechanisms also enable communities to raise
concerns about water-related issues. For more information, see > S3 Affected Communities.
E3-2 Actions and Resources Related to Water
[E3-2.19] OMV uses significant amounts of water for its operations in its upstream and downstream activities.
Freshwater is used for processes such as drilling, steam generation, and cooling. Smaller amounts of water are also
used for non-industrial purposes. Any produced water is treated for reinjection into pressurized hydrocarbon
reservoirs to optimize the extraction rate. Desalinated water is used in some offshore operations. Refineries and
various other operating facilities also use brackish and/or recycled water for various operational purposes. Some of
OMV’s operating facilities are in areas experiencing water stress.1
Key Actions
[MDR-A 68a, 68b, 68c, 68e] [MDR-A 69b] To prevent and, wherever applicable, mitigate the aforementioned negative impact
that has been identified for the material topic E3 Water, OMV has defined the following key action.2 It is
implemented and planned for the future in order to achieve our policy objectives mentioned below. Our planned key
action to manage the impacts related to E3 Water reflects our commitments to applying Best Available
Technologies (BATs) to reduce the load of pollutants and to not diminish the value of the receiving environment.
This action helps mitigate the negative impacts on water resources due to inadequate wastewater practices and
water pollution. For more details on actions to mitigate water pollution, see E2 Pollution. In 2024, no action related
to the material topic of E3 Water exceeded our key action monetary threshold of EUR 5 mn. Consequently, this
topic is not referenced to the financial statement.
[MDR-A 69a] OMV seeks to align its long-term funding policy with the Company’s sustainability strategy. For this
reason, OMV is assessing the opportunities of sustainable financing and sustainability-linked funding, which links
the cost of a financing instrument to the achievement of specific strategic sustainability targets. For the
implementation of the key actions included in the table below, no sustainable finance instrument is currently
outstanding.
1 Water stress occurs when the demand for water exceeds the available amount during a certain period or when poor quality restricts its use. Water stress causes deterioration
of freshwater resources in terms of quantity (aquifer over-exploitation, dry rivers, etc.) and quality (eutrophication, organic matter pollution, saline intrusion, etc.).
Source /: European Environmental Agency.
2 [MDR-A 68b] Key actions are defined as those requiring CAPEX of EUR ≥ 5 mn for their implementation. CAPEX includes additions to property, plant, and equipment and to intangible
assets (incl. IFRS 16 right-of-use assets), and expenditures for acquisitions, as well as equity-accounted investments and other interest for pre-defined sustainability CAPEX
categories. Decommissioning assets, government grants, borrowing costs, and other additions that by definition are not considered capital expenditure are not included in CAPEX
figures. Within the boundaries of applicable accounting standards, expenditure incurred during project implementation is generally capitalized, thus included in the CAPEX figures.
Figures are not validated by external bodies. For the material topic E3 Water, the key actions mainly refer to activities in Germany.
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Key action
(Summary of individual actions requiring individual CAPEX
of EUR ≥5 mn for their implementation)
Water management
Status
Planned
Expected outcome
Reliable and state-of-the-art improvements to wastewater treatment
Contribution to policy objective/target
Minimization of environmental impacts and efficient use of natural resources
Scope
Own operations
Time horizon
Mid-term
Remedy
n.a.
Progress
Assessment
CAPEX 2024
EUR mn
No actions above key actions threshold
CAPEX 2025-2029
EUR mn
~20
Related IROs
E3-2
E3-3 Targets Related to Water
Our Ambition
[MDR-T.81b-i] OMV has not yet established an ESRS-aligned target for the material topic E3 Water as we do
not consider it to be of strategic priority for our current operations. However, we have been reporting on freshwater
withdrawal since 2021 and our ambition is to reduce freshwater withdrawal and minimize the impact of water use,
particularly in water-scarce areas. This commitment is outlined in our Code of Conduct and Environmental
Management Standard. We track the effectiveness of our efforts by measuring the year-on-year reduction of
freshwater withdrawal within our operations, without using a specific base year.
Status 2024
[ESRS 2 MDR-T.81b-ii] 44,998 megaliters of freshwater withdrawn (2023: 154,583 megaliters)
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E3-4 Water Consumption Metrics
Water and wastewater
[MDR-M.77c] [E3-4.26] [E3-4.28a-28c] [E3-4.29] [E3-4-28 AR 28] [GRI 303-3] [GRI 303-4] [GRI 303-5]
m3
2024
2023
Water consumption
Total water consumption
68,126,854
70,614,415
thereof in areas at water risk, including areas of high water stress
1,706,154
672,000
Water reuse
Water recycled and reused
314,056,151
255,783,878
Water intensity (in m3/MEUR)
2,005
n.a.
Water withdrawn
568,598,186
612,206,000
thereof groundwater
27,228,924
24,707,212
thereof freshwater (≤1,000 mg/l total dissolved solids)
22,439,019
18,214,709
thereof other water (>1,000 mg/l total dissolved solids)
4,789,905
6,492,503
thereof surface water
18,623,214
131,850,347
thereof freshwater (≤1,000 mg/l total dissolved solids)
18,623,214
131,850,347
thereof once-through cooling water
1,636,279
102,986,662
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof water from public supply systems
3,951,688
4,517,697
thereof freshwater (≤1,000 mg/l total dissolved solids)
3,951,688
4,517,697
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof seawater
469,922,685
400,380,304
thereof once-through cooling water
467,992,793
399,751,510
thereof produced water
48,871,675
50,760,395
Water withdrawn in areas at water risk, including areas of high water stress
3,153,508
1,898,000
thereof groundwater
1,018,748
1,121,693
thereof freshwater (≤1,000 mg/l total dissolved solids)
1,018,748
1,121,693
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof surface water
n.a.
346,000
thereof freshwater (≤1,000 mg/l total dissolved solids)
n.a.
346,000
thereof other water (>1,000 mg/l mg/l total dissolved solids)
n.a.
n.a.
thereof water from public supply systems
1,816,026
58,000
thereof freshwater (≤1,000 mg/l total dissolved solids)
1,816,026
58,000
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof seawater
n.a.
n.a.
thereof produced water
318,735
372,000
Water discharges
Water discharged by destination
500,662,842
541,746,811
thereof to groundwater1
n.a.
208,817
thereof freshwater (≤1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
208,817
thereof to surface water
21,902,446
132,912,865
thereof freshwater (≤1,000 mg/l total dissolved solids)
17,258,804
128,663,330
thereof once-through cooling water
1,636,279
102,986,662
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
4,249,535
thereof to seawater
472,296,220
402,388,687
thereof once-through cooling water
467,992,793
399,751,510
thereof to third party
6,464,156
6,236,441
thereof to others
34,798
58,453
Water discharged by destination to all areas with water stress
1,500,979
1,245,000
thereof to groundwater
n.a.
n.a.
thereof freshwater (≤1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof to surface water
734,904
527,000
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E3-4 Water Consumption Metrics
Water and wastewater
[MDR-M.77c] [E3-4.26] [E3-4.28a-28c] [E3-4.29] [E3-4-28 AR 28] [GRI 303-3] [GRI 303-4] [GRI 303-5]
m3
thereof freshwater (≤1,000 mg/l total dissolved solids)
734,904
527,000
thereof other water (>1,000 mg/l total dissolved solids)
n.a.
n.a.
thereof to seawater
590,378
n.a.
thereof to third party
140,899
660,000
thereof to others
34,798
58,453
Water discharges – quality
Hydrocarbons (oil) discharged (in t)
6
7
Produced water
Produced water generated
48,871,675
50,760,395
Produced water injected
46,546,754
479,279,945
Produced water discharged
846,203
749,992
n.a. This type of water is not used in our own operations.
1 No water discharged to groundwater in OMV. Borealis nitrogen business was divested in 2023.
[Voluntary] Water Management Plans completed for 77% of sites
Metrics Definitions and Methodology
[E3-4.28e] [GRI 303-3] [GRI 303-4] [GRI 303-5] [MDR-M.77a, 77b]
[E3-4.28a] [MDR-M.77a, 77b] All water data is derived from site-specific information based on own measurements,
third-party measurements, and invoices, calculations, and estimations. Measurements are used, but if not available,
data is calculated. If measurements are not available, data is calculated, e.g., based on a water balance approach or
based on pump specifications and running hours. If neither measurements nor calculations are available, water
data is estimated. Assumptions related to water metrics are about fixed factors for distribution within a network,
fixed pump specifications, or other use of fixed factors, in particular for calculating water discharges. The main
limitation for water data relates to the unavailability of dedicated meters for each water stream. The measurement
of all metrics below is not validated by an external body other than the assurance provider. Total water
consumption in cubic meters (m³) is calculated as the total water withdrawal (see E3-3.4 AR 32), minus the total
water discharge (see E3-3.4 AR 32).
[E3-4.28b] [MDR-M.77a, 77c] thereof water consumed in areas at water risk, including areas of high water stress (m³)
is the total water consumption (see E3-4.28a) of sites located in areas at water risk. Areas at water risk are
determined based on the Water Stress Index from Verisk Maplecroft, which measures total water use in relation to
total annual available flow.
[E3-4.28c] [MDR-M.77a, 77c] Total water recycled and reused in cubic meters (m³) is calculated and reported at site
level. The value for OMV is obtained by adding up the respective data reported from all the operational sites.
[E3-4.29] [MDR-M.77a, 77c] The water intensity ratio is calculated as total water consumption in OMV’s own
operations in cubic meters divided by the net revenue in EUR mn.
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[E3-3.4 AR 32] [MDR-M.77a, 77c] Total water withdrawal is calculated as the sum of water withdrawal from all
sources including freshwater, non-freshwater, and produced water. Rainwater and recycled water are excluded
from the total water withdrawal because they were not deliberately withdrawn from nature for OMV's needs.
• Freshwater withdrawal consists of the following components: groundwater withdrawal (fresh), surface water
withdrawal (fresh), freshwater withdrawal from public supply, and freshwater withdrawal from other sources
(rainwater used, recycling).
• Non-freshwater withdrawal consists of the following components: groundwater withdrawal (non-freshwater),
seawater withdrawal, and non-freshwater withdrawal from other sources (recycling).Total water withdrawn in
areas at water risk, including areas of high-water stress, is the total water withdrawal of sites located in areas at
water risk.
• Freshwater is defined as water with ≤1,000 mg/l total dissolved solids
• Non-freshwater is defined as water with >1,000 mg/l total dissolved solids
• Surface water is defined as any water withdrawn from surface water bodies (including water from wetlands,
lakes, ponds, streams, and rivers, as well as seas and oceans) into the boundaries of the reporting organization for
any use over the course of the reporting period.
• Groundwater is defined as any water withdrawn from groundwater bodies into the boundaries of the reporting
organization for any use over the course of the reporting period
• Water from public supply systems is defined as any water withdrawn from public supply systems (municipal
water supplies) or other water utilities into the boundaries of the reporting organization for any use over the
course of the reporting period.
• Once-through cooling water is defined as water from any source used for once-through cooling purposes.
[E3-3.4 AR 32] [MDR-M.77a, 77c] Total water discharge is calculated as the sum of water discharges to any of the
destinations listed below.
• Water discharge destinations include freshwater destinations, non-freshwater destinations, and other
destinations.
• Freshwater destinations consist of groundwater aquifers (fresh) and fresh surface water bodies.
• Non-freshwater destinations consist of groundwater aquifers (non-fresh), non-fresh surface water bodies, and
seawater.
• Other destinations consist of offsite water treatment facilities (third party), beneficiaries or other users (third
party), and evaporation ponds.
[E3-3.4 AR 32] [MDR-M.77a, 77c] Water discharged by destination to all areas with water stress is the total water
discharged from sites located in areas at water risk.
[Voluntary] [MDR-M.77a, 77c] Water discharge – quality is calculated as hydrocarbons (oil) discharged, as defined
below.
Hydrocarbons (oil) discharged is calculated as the quantity of hydrocarbon discharges through wastewater
effluents, according to Ipieca E9 standards. This metric measures the quantities of hydrocarbons discharged into a
water environment, whether inland water or to the sea. The scope of this indicator includes the quantity of
hydrocarbons discharged in wastewater as process effluent from facilities, such as process water, cooling water,
oil-based mud and cutting losses, boiler blow-down water, and surface run-off water. For refining and other oil and
gas processing facilities, it refers to the quantity of hydrocarbons in discharged process wastewater and
stormwater. Inland discharges to drainage structures that connect to waterways are also included. The following
are excluded from this metric: oil discharged in produced water (ENV_90d); hydrocarbons discharged by
wastewater disposal injection in reservoirs; spills, including hydrocarbons, chemicals, and/or oil-based drilling fluids
and cuttings; and spills of drilling and production chemicals.
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[Voluntary] [MDR-M.77a, 77c] Produced water is calculated as the water that is brought to the surface during the
production of hydrocarbons, including formation water, flow-back water, and condensation water (Source:
Ipieca/IOGP).
• Produced water generated is calculated as the water that is brought to the surface during the production of
hydrocarbons including formation water, flow-back water, and condensation water.
• Produced water injected is calculated as the sum of the produced water injected for Enhanced Oil Recovery
(EOR) or pressure maintenance, and produced water injected for disposal. Produced water refers to water that
enters the organization’s boundary as a result of the extraction, processing, or use of any raw material, and is
used for injection for EOR or pressure maintenance. EOR refers to the recovery of oil by methods beyond the
primary stage of oil production, defined as the production of crude oil from reservoirs through processes taken to
increase the primary reservoir drive. These processes may include pressure maintenance, injection of displacing
fluids, or other methods such as thermal techniques. EOR techniques aim to increase cumulative oil production
as much as possible. Additionally, produced water injected for disposal refers to water that enters the
organization’s boundary as a result of the extraction, processing, or use of any raw material, and is injected into
other reservoirs or geological formations for disposal purposes.
• Produced water discharged is calculated as the produced water sent to lined evaporation pits or discharged for
diverse operations.
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E4 Biodiversity and Ecosystems
Material Topic: ESRS E4 Biodiversity and Ecosystems
Material Sub-Topics: Direct impact drivers of biodiversity loss, impacts on the state of species,
impacts on the extent and condition of ecosystems, and impacts and dependencies on ecosystem
services
Minimize disturbance, disruption, and impacts on biodiversity and ecosystems at or in the vicinity of all
our projects and operations in alignment with the Global Biodiversity Framework (GBF) and the EU’s
biodiversity strategy
Relevant SDGs:
Impacts, Risks, and Opportunities (IROs)
Impacts on biodiversity, ecosystems, and ecosystem services arise from various impact drivers. These include GHG
emissions, land use change, water and other resource use, the release of pollutants, spills, the introduction of
invasive species, and disturbances. Each of these factors can significantly alter natural habitats and the services
they provide, leading to adverse effects on both the environment and local communities. OMV is committed to
addressing these impact drivers to minimize their negative consequences on biodiversity and ecosystems within our
operations. For details on the material IROs related to E4 Biodiversity and Ecosystems, see > ESRS 2 General
Information.
E4-1 Transition Plan and Consideration of Biodiversity and Ecosystems in the Strategy and Business
Model
[E4-1.11] [E4-1.13] The assessment of the resilience of OMV’s strategy and business model to biodiversity impacts has
not been conducted yet because the TNFD LEAP assessment is still ongoing. The results will provide a better
understanding of OMV’s biodiversity impacts, dependencies, risks, and opportunities, and will be essential in
conducting this analysis. The results of the sites that have been assessed thus far show potential changes in natural
ecosystems are expected to have a limited influence on OMV’s activities, given the nature of the business.
Nonetheless, our biodiversity commitments in line with the Global Biodiversity Framework (GBF) and the EU’s
biodiversity strategy oblige us to act on our impacts, irrespective of the operational risks to OMV. However, as bio-
feedstock will play an increasingly important role in OMV’s strategy and business model, dependency on the
ecosystem service of biomass provision will require more attention in the coming years.
ESRS 2 SBM-3 Interaction of Material IROs with the Strategy and Business Model
[E4-SBM 3-4.16a] Geospatial analysis revealed that several OMV sites are within or near biodiversity-sensitive areas. A
corresponding summary table can be found in > ESRS 2 General Information. To determine material sites, impacts
and risks have to be analyzed at site level. OMV started to perform this analysis in the last quarter of 2023 by
applying the TNFD LEAP approach to its operational sites. Before disclosing material sites, a full picture of all sites
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has to be established. We are still in the process of performing this analysis, and therefore a list of material sites
cannot be disclosed yet. The activities that have the potential to negatively affect biodiversity are typical for our
industry, such as exploring and developing new oil and gas resources, and producing, transporting, and refining
these resources. The final use of these resources contributes to climate change, one of the impact drivers of
biodiversity loss. New OMV activities, such as the development of geothermal resources or building plants to
generate and convert circular feedstock, also have the potential to impact biodiversity (if not managed well).
These activities may also lead to indirect and cumulative impacts on biodiversity in both the short and long term.
The effects on biodiversity can limit the availability, accessibility, or quality of natural resources, which may, in turn,
negatively affect the well-being and livelihoods of local communities. The degradation of biodiversity and
ecosystems is driven by terrestrial freshwater and marine ecosystem use, water and other resource use, climate
change, pollution of air, soil, and water, and the potential introduction of invasive alien species, and requires our
attention.
[E4-SBM 3-4.16a-ii] To determine site-level impacts and dependencies, a TNFD LEAP assessment has been ongoing
since the last quarter of 2023. After working with six pilot sites in the first phase from Q3 2023 to Q3 2024, we plan
to continue the roll-out of this assessment to all operational sites (excl. filling stations) in 2025. [E4-SBM 3-4.16a-iii]
OMV operates in or near various types of biodiversity-sensitive areas such as national protected areas according to
the common database on designated areas, Natura 2000 sites, and key biodiversity areas. The Evaluate step of the
LEAP assessment needs to be completed for all sites to provide a list of material sites that impact biodiversity-
sensitive areas. OMV is still in the process of completing the Evaluate step and therefore cannot yet provide this list.
However, OMV has decided to disclose in aggregate all sites in or near biodiversity-sensitive areas, regardless of
their impact on biodiversity-sensitive areas. For details, see > ESRS 2 General Information.
[E4-SBM 3-4.16b] We are in the process of evaluating impacts, risks, and opportunities (TNFD LEAP). For the existing
sites examined so far, we have not identified material negative impacts with regards to land degradation,
desertification, or soil sealing. [E4-SBM 3-4.16c] Based on the ongoing LEAP assessment, we currently have not
identified any potential impact of our operations that would affect threatened species. We conduct our business
under the assumption that our operations do not affect threatened species, however, deeper, site-level
investigations will need to be performed to verify this assumption.
E4-2 Specific Policies and Commitments
Code of Conduct
[E4-1.22] [MDR-P 65a] Impacts on biodiversity, ecosystems, and ecosystem services arise from various drivers including
GHG emissions, land use change, water and resource use, pollutant releases, spills, the introduction of invasive
species, and disturbances. These factors significantly alter natural habitats and their services, adversely affecting
both the environment and local communities. In alignment with OMV’s Code of Conduct, which emphasizes ethical
and responsible business practices, OMV is committed to addressing these impact drivers to minimize their
negative consequences for biodiversity and ecosystems within our operations. Our Code of Conduct clearly
stipulates our commitment to preserving and restoring biodiversity and ecosystems in alignment with the Kunming-
Montreal Global Biodiversity Framework (GBF) and the EU’s biodiversity strategy. We apply the mitigation hierarchy,
with priority given to avoidance and minimization over restoration and offsetting. OMV cooperates with business
partners to ensure that the impacts of our value chain do not compromise this commitment.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
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Environmental Management Standard
[E4-1.22] [MDR-P 65a] By providing clear guidelines, the Environmental Management (EM) Standard aims to manage the
negative impact on biodiversity, ecosystems, and ecosystem services that may arise from various impact drivers,
including GHG emissions and land use change. It mandates that all OMV activities should be carried out with
minimal disturbance to protected areas and the local flora and fauna. Biodiversity and ecosystem services (BES)
screenings are mandated within the policy to identify potential threats to nationally or globally threatened species,
fragile ecosystems, and legally protected or internationally recognized areas. In cases where significant biodiversity
impacts are observed or predicted, a biodiversity action plan must be incorporated into the Environmental
Management Plan. This plan should cover the social, regulatory, and ecosystem context, establish partnerships with
external stakeholders, conduct biodiversity baseline surveys and impact assessments, and implement mitigation
and conservation measures along with monitoring.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the EM Standard, unless otherwise specified, the process for monitoring, the scope of
the policy, involvement of senior-level management, reference to third-party standards (where relevant), interests
of key stakeholders in setting the policy (where relevant), and how the policy is made available to potentially
affected stakeholders are covered in > E1 Climate Change. Within OMV’s EM Standard, processes and
mechanisms have been defined to prevent, mitigate, and remediate the potential negative impact that was
identified. These include:
Biodiversity Site-Level Assessments
[MDR-P 65a] Biodiversity and ecosystem services (BES) screenings are mandated within the EM Standard. Our
approach to performing these assessments is applying the Locate, Evaluate, and Assess steps of the TNFD LEAP
assessment. In the last quarter of 2023, we initiated work on BES screenings with six pilot sites as part of the
ongoing TNFD LEAP assessment.
Biodiversity Action Plans
[MDR-P 65a] OMV is a member of Ipieca’s Biodiversity Task Force, which has issued a guide on how to develop
Biodiversity Action Plans (BAPs). In 2024, OMV developed a BAP template that is aligned with the Ipieca guide and
also fulfills TNFD and CSRD requirements. As stipulated in OMV’s EM Standard, OMV aims to start developing BAPs
for all operations and projects where significant impacts or risks are identified in 2025.
Mitigation Hierarchy
[MDR-P 65a] In the event of significant observed or predicted impacts, we apply the mitigation hierarchy, and action
planning gives priority to avoidance and minimization over the restoration and offsetting of the impact. Examples of
mitigation measures include the rerouting of pipelines or scheduling projects during seasons when the impact on
breeding populations can be avoided. A good practice example in biodiversity management can be taken from the
Berling development project in offshore Norway. The aim was to avoid any damage to sensitive cold-water coral.
Building on available know-how and technology, biodiversity screening and baseline studies were executed as part
of the environmental impact assessment. The mitigation hierarchy was applied by selecting a well location,
template location, and pipeline routing as far away from any coral colonies as possible. The best available
technologies were utilized to minimize any impact on the environment.
OMV also works with third parties on local nature restoration and rehabilitation projects. Through active
collaboration with local communities, biodiversity-related projects in New Zealand have been implemented as part
of our wider Stakeholder Engagement and Corporate Social Responsibility portfolio. Examples include a partnership
with Ngāti Rāhiri hapū to regenerate the two Pohokura wetlands that neighbor the Pohokura Production Station and
with the Ngāti Tara Sandy Bay Society for dune planting and restoration near the Māui Production Station.
[E4-2.23a, 23b, 23c] Our EM Standard mandates the assessment of environmental impacts, risks, and dependencies, as
well as adherence to environmental performance requirements concerning energy use, emissions into the
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atmosphere, water use and discharge, raw materials usage, waste management, hazardous substance handling, and
biodiversity and ecosystem protection. However, as of 2024, the assessment of material impacts and dependencies
on biodiversity and ecosystem services is not detailed in the EM Standard, as it follows a top-down process. The
management of risks and opportunities (including systemic and transition risks) is governed by OMV’s Enterprise-
Wide Risk Management process. At site level, the assessment of IROs is conducted through a bottom-up process as
part of the TNFD LEAP approach. Environmental impact assessments (EIAs) describe and analyze observed or
predicted direct and indirect impacts on biodiversity and ecosystem services (BES). This level of detail is not
currently included in the EM Standard. However, once the evaluation phase is complete, the integration of this
information into our policies will be assessed.
[E4-2.23d-23e] OMV’s key products (e.g., oil, gas, refined products) and raw materials are not derived from ecosystem
services. Consequently, their production and sourcing do not rely on ecosystems and there is no immediate need for
traceability policies or for policies that demonstrate regular monitoring and reporting of biodiversity status and
gains or losses. However, as some materials sourced from ecosystems may become increasingly important in our
long-term strategy, we plan to expand or adapt our policies to ensure transparent traceability across the entire
value chain and the regular monitoring and reporting of biodiversity status in the coming years. All renewable bio-
based inputs are ISCC PLUS or ISCC EU certified, ensuring sustainability, traceability, and transparency. For details,
see > E5 Resource Use and Circular Economy.
[E4-2.23f] We recognize that our potential impacts on biodiversity can also affect ecosystems’ ability to provide
essential services, leading to possible social consequences. The degradation of biodiversity and ecosystems, driven
by factors such as climate change, pollution of air, soil, and water, land use changes, and interactions with
vulnerable or threatened species, as well as the potential for invasive alien species, requires our attention. Our EM
Standard mandates that EIAs, which also cover impacts on biodiversity and ecosystems, are performed prior to
initiating new operational activities. The current policies do not provide detailed guidelines on assessing social
consequences resulting from biodiversity degradation. Once the LEAP assessment is completed and the magnitude
of our impacts is better understood, we may consider including such guidelines in our policies.
[E4-2.24a, 24b, 24c, 24d] Our EM Standard applies to our operational sites, including those situated in or near
biodiversity-sensitive areas. OMV has not adopted any specific policies related to sustainable land or agricultural
practices, sustainable ocean or sea practices, or deforestation, because during our most recent materiality
assessment, no impacts, risks, or opportunities were identified.
E4-3 Actions and Resources Related to Biodiversity and Ecosystems
[E4-3.25] [ESRS 2.62] Biodiversity and ecosystems-related actions have not yet been adopted because the TNFD LEAP
assessment is still in progress.
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E4-4 Targets Related to Biodiversity and Ecosystems
Our Ambition
[MDR-T.81b-i] OMV has not yet established an ESRS-aligned target for the material topic E4 Biodiversity and
Ecosystems because the LEAP assessment is still ongoing. However, we have an ambition to preserve and restore
biodiversity and land and marine ecosystems in alignment with the Kunming-Montreal Global Biodiversity
Framework (GBF). We apply the mitigation hierarchy, with priority given to avoidance and minimization over
restoration and offsetting. The effectiveness of our Environmental Management Standard, which specifically
addresses biodiversity, cannot be tracked because our Group-wide LEAP assessment is still ongoing.
Status 2024
[MDR-T.81b-ii] Six sites were assessed using the LEAP approach, and no biodiversity action plans have been developed and
implemented yet.
E4-5 Impact Metrics Related to Biodiversity and Ecosystem Change
[E4-5.33] Metrics related to our material impact on biodiversity and ecosystems will be defined once the LEAP
assessment has been concluded. For more details, see > ESRS 2 General Information.
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E5 Resource Use and Circular Economy
Material Topic: E5 Resource Use and Circular Economy
Material Sub-Topics: Resource inflows, including resource use, resource outflows related to products
and services, and waste
Decoupling economic growth from resource depletion by switching to renewable raw materials and
reusing products or recovering waste to make new materials and products, for example chemicals and
polymers from recycled or renewable inflows and feedstock and fuels from renewable sources
Relevant SDGs:
SDG targets:
8.4 Improve progressively, through 2030, global resource efficiency in consumption and production and endeavor to decouple economic growth from
environmental degradation, in accordance with the 10-Year Framework of Programmes on Sustainable Consumption and Production Patterns, with
developed countries taking the lead
9.4 By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource use efficiency and greater adoption of clean and
environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities
12.5 By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse
12.6 Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their
reporting cycle
14.1 By 2025, prevent and significantly reduce marine pollution of all kinds, in particular from land-based activities, including marine debris and nutrient pollution
Impacts, Risks, and Opportunities (IROs)
Through sustainable products and business practices implemented within our own operations and value chain, we
can have a positive impact on nature and society. However, the growing demand for alternative feedstock can lead
to environmental and social impacts, such as land use change, nature and forest degradation, and potential human
rights violations. Additionally, the procurement and use of primary fossil-based resources continue to generate
negative environmental impacts. To address these challenges, OMV is committed to reducing emissions by
substituting primary fossil-based resources with renewable and recycled alternatives, while working to avoid other
negative impacts that come from making this switch, further demonstrating our commitment to environmental
stewardship. Additionally, OMV views utilizing captured carbon in the future as a valuable input for products, energy
solutions (e.g., e-fuels), and industrial processes. This innovative approach will help to lower our carbon footprint
and create more sustainable products and energy solutions.
Achieving cost efficiencies through best practices related to circularity and resource efficiency is a key aspect of
our strategy. By adopting circular economy principles, OMV can reduce waste and optimize resource use
throughout our operations. Additionally, increasing the reuse of waste materials from our operations, reducing
waste leakages, and optimizing waste management processes are essential steps in our efforts to minimize waste
and enhance sustainability. By integrating these sustainable practices, OMV strives to create a positive impact on
the environment and society, promoting a more sustainable and responsible value chain. Further information on
material impacts, risks, and opportunities related to workers in the value chain is included in > ESRS 2 General
Information.
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Governance
Responsibility for the material topic of Resource Use and Circular Economy within OMV is shared across various
departments. OMV Group Sustainability jointly owns this topic along with the OMV business units Fuels &
Feedstock and Chemicals. The Group Sustainability department is tasked with screening regulatory requirements,
advising on their implementation within OMV, defining methodologies to effectively measure resource use and
circular economy, and externally reporting on progress. Meanwhile, the business units are responsible for
implementing actions, creating policies and targets, and monitoring progress. Formally, ownership is shared among
the SVP Investor Relations & Sustainability, the SVP Circular Economy (OMV Chemicals), and the VP Business &
Digital Transformation and SVP Value Chain Optimization (Fuels & Feedstock). For the topics of waste and
wastewater, ownership is shared between the SVP Investor Relations & Sustainability and the VP OMV Group HSSE.
E5-1 Specific Policies and Commitments
Code of Conduct
[E5-1.14] [MDR-P 65a] OMV’s Code of Conduct highlights its commitment to shifting from a linear to a circular economy
in order to conserve natural resources and reduce waste. OMV recognizes the necessity of shifting from the
traditional “take – make – waste” model to a circular one. OMV’s specific commitments related to waste
management include ensuring that waste management practices do not pose harmful risks to the workforce, local
communities, or the environment. OMV is committed to substituting hazardous substances with less hazardous
alternatives where reasonably practicable, and designing processes to minimize the production and use of
hazardous substances. Additionally, the Company is addressing plastic pollution by promoting the circular economy
and gradually reducing the use of virgin non-renewable resources while increasing the recycled and renewable
content in its products. These commitments are integral to OMV’s broader strategy to conduct business in an
environmentally responsible manner and contribute to a sustainable economy. The CoC is an overarching policy
aimed at managing the negative impacts resulting from improper waste management, use of primary fossil-based
resources and environmental impacts resulting from competition for alternative feedstock, as well as the
opportunities from transitioning from a linear to a circular economy which help preserve natural capital and
minimize waste. This policy also underscores OMV’s commitment to progressively reducing the use of virgin non-
renewable resources, increasing the recycled and renewable content in our products, and tackling plastic pollution
through the promotion of a circular economy.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the scope
of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
Environmental Management Standard
[E5-1.14] [MDR-P 65a] Improper waste management can negatively impact the environment and nearby communities
due to improper waste disposal from our operations or supply chain. To address this, we are committed to
increasing the reuse of waste materials from operations, reducing waste leakages, and optimizing processes to
minimize waste residue. Our waste management efforts are guided by OMV’s Environmental Management (EM)
Standard, which mandates that our business must identify and use the least hazardous material options, minimize
raw material use, and reduce waste generation. It ensures that waste management practices do not pose risks to
the workforce, local communities, or the environment. The disposal of liquids to landfills and the open burning of
solid and liquid materials is strictly prohibited. All waste must be processed or disposed of in licensed facilities or
through reputable licensed contractors, who are regularly audited based on their risk profile. Additionally, OMV
supports third parties in developing their waste management capabilities where local, regional, or national facilities
are inadequate. OMV’s EM Standard further requires that environmental and social components be identified for the
entire life cycle of facilities, including decommissioning and abandonment, so that any future adaptation measures
can be identified and planned for. The needs of local communities, including indigenous peoples, are incorporated,
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and addressed throughout all phases of the project life cycle, including during decommissioning or abandonment.
Each site is required to develop, implement, and maintain a comprehensive waste management plan, following the
guidelines provided in the EM Standard, which includes adherence to applicable legislation, waste avoidance and
minimization measures, and detailed procedures for waste collection, segregation, labeling, storage, and treatment.
To monitor this process, an internal Environmental Management System (EMS) audit should be conducted annually,
and a full environmental management audit carried out by an external auditor or OMV Environmental
Advisor/Expert every three years for sites without ISO 14001 certification.
[E5-1.AR 9a, AR 9b] A waste management plan, as defined in the Environmental Management Standard, mandates the
management and monitoring of waste contractors and facilities, applying a waste control hierarchy that prioritizes
prevention followed by preparation for reuse, recycling, other recovery methods such as energy recovery, and
controlled disposal. The standard also specifies that the waste hierarchy must be applied in waste control,
emphasizing the prevention of waste as the most relevant measure, before recovery or treatment options. A
dedicated waste management officer monitors waste data and legal compliance at the site level. The waste
management officer must ensure that waste is only transferred to waste contractors that are certified for the type
of waste they receive, among other things. Waste quantities, types, hazardous nature and method of disposal are
determined and recorded by the contractor and reported to OMV.
This plan should align with country-specific waste management strategies where they exist. In the absence of local
or national requirements, the plan must ensure compliance with applicable legislation and requirements by
adhering to all relevant laws and regulations. It must also incorporate avoidance and minimization measures and
implement strategies to prevent and reduce waste generation; focus on the identification, recording, and tracing of
waste streams, providing detailed tracking until final recovery or disposal; and cover the collection, segregation,
labeling, storage, and treatment of waste, ensuring proper handling and processing. Lastly, it must include the
management and monitoring of waste contractors and facilities, ensuring that waste contractors are reputable and
licensed, with regular audits conducted based on risk profiles.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the EM Standard, unless otherwise specified, the scope of the policy, involvement of
senior-level management, reference to third-party standards (where relevant), interests of key stakeholders in
setting the policy (where relevant), and how the policy is made available to potentially affected stakeholders are
covered in E1 Climate Change.
The Environmental Management Standard stipulates the application of best practices and contains guidance on the
recycling of operational waste.
Application of Best Practices
[E5-1.14] [MDR-P 65a] International industry best practice is applied for the management and treatment of waste,
including drilling waste. Where existing local, regional, or national waste management facilities are inadequate,
OMV supports third parties in developing their capabilities. Following these practices enables OMV to manage the
impact of improper waste management, which could have negative impacts on the environment and nearby
communities.
Recycling of Operational Waste
[E5-1.15a] Waste is recovered and recycled where possible, including during site closure and decommissioning. These
guidelines enable OMV to increase the use of own operational waste materials, positively managing the associated
impact. If recycling is not possible, waste is processed and/or disposed of only in licensed facilities or via reputable
licensed contractors. Waste contractors are regularly audited. This ensures that waste leakages are reduced and
that by way of process optimization, waste residue is minimized.
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Enterprise-Wide Risk Management Standard
[MDR-P 65a-65d, 65f] The Enterprise-Wide Risk Management (EWRM) standard addresses the uncertainties impacting
OMV Group objectives related to environmental, social, or governance matters. These uncertainties are measured
by the combination of the likelihood or frequency of an event and its consequences or magnitude. This process not
only identifies potential threats to success (downside) but also highlights opportunities for benefit (upside),
including those arising from the circular economy, which can drive innovation, emissions reduction, resource
efficiency, and sustainable growth. It applies globally to all entities and fully consolidated subsidiaries of OMV
Aktiengesellschaft, but excludes some Borealis subsidiaries such as mtm plastics GmbH, Ecoplast
Kunststoffrecycling GmbH, DYM Solution Co. Ltd., and Etenförsörjning i Stenungsund AB. The standard is approved
by the OMV Executive Board, and the most senior level accountable for its implementation is the SVP Finance, Tax,
Treasury, and Risk Management. The EWRM standard is based on the international risk management standard ISO
31000. The EWRM standard is available on OMV’s Regulations Alignment Platform and is supplemented with
training to ensure that all affected employees understand our general guidelines and know how to apply them in
practice.
Renewables Sustainability Management Requirements
[E5-1.14] [MDR-P 65a] The OMV Renewables Sustainability Management Requirements refer to an internal procedure
that defines general rules and responsibilities regarding the requirements for sustainable management of
renewables, such as the process of checking certifications of suppliers. This policy is aimed at managing the
negative material impacts that are associated with land use changes, nature and forest degradation, and potential
human rights violations that may arise as a result of competition for sustainable inputs, by ensuring correctness and
traceability of sustainability certifications of suppliers of renewable biobased inputs. It is applicable to all biobased
renewable components, intermediates, Renewable Fuels of Non-Biological Origin (RNFBO) used as biofuel or
intermediates and biofuels for the transport sector. Implementation of the OMV Renewables Management
Requirements is under the responsibility of the SVP Value Chain Optimization, who also has shared formal
responsibility for the material topic Resource Use and Circular Economy. Furthermore, OMV is preparing process
instructions for its relevant assets that detail the specific handling of sustainable secondary or renewable inputs. A
digital Renewables Tracing Platform has been implemented to manage OMV’s renewable balances and flows of
Proofs of Sustainability (PoS) and Sustainability Declarations (SDs) from suppliers to customers. This platform is
being gradually rolled out across products and locations.
Impact of the Policies on Resource Use and Circular Economy
[E5-1.15a] OMV believes that adopting a circular economy will greatly reduce its environmental footprint and GHG
emissions. A circular economy decouples economic growth from resource depletion by ensuring that materials,
resources, and products remain in use for as long as possible and at their highest value, thereby minimizing their
leakage into the environment, especially into oceans and landfills. Transitioning from a linear “take – make – waste”
model to a circular “reduce – reuse – recycle” model will also help mitigate global warming. By effectively utilizing
valuable resources, we can recover, reuse, and repurpose by-products or waste into new materials and products.
This approach has the potential to significantly reduce GHG emissions throughout product value chains. In addition
to increasing the use of secondary resources, such as recycling of plastic waste to make new materials and
products, OMV also sees chemicals, polymers, and fuels made from renewable inputs as playing a key role in the
circular economy. The use of renewable inputs lowers demand for primary fossil-based inputs and considerably
decreases carbon footprints.
For monomers and polymers made from renewable sources, OMV focuses on utilizing waste biomass, such as
residual forestry matter that is not in competition with the food and feed chain and thus does not require the use of
additional natural resources such as land or water. If then recycled, such second-generation bioplastics can play a
vital role in a sustainable, circular economy and reduce greenhouse gas emissions on two fronts, cutting emissions
in the input and in the end-of-life phase. Furthermore, OMV plans to become a leading producer of renewable fuels,
focusing on renewable diesel and SAF (sustainable aviation fuel).
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The creation of an effective circular economy also has wider societal implications. For instance, it may lower the
financial burden of ineffective waste management systems and pollution management, while generating new
business opportunities and employment at various stages along the value chain. If implemented effectively, a
circular economy can contribute to improved living and working conditions, and an overall cleaner environment. By
2030, OMV aims to sell up to 1,400 kt of sustainable (including renewable and recycled) polymers and chemicals
per year, i.e., polyolefin products or other chemicals derived from plastic waste (either through a mechanical or
chemical recycling process) or from renewable inputs. In parallel, the use of fossil fuels will decrease, as the aim is
to reduce oil and gas production levels to around 350 kboe/d and reduce crude distillation throughput by 2.5 mn t
by 2030. These primary fossil-based inputs would ordinarily also be used to make polymers; instead, more polymers
will be based on recycled waste or renewable resources such as biobased feedstock. In 2024, OMV achieved sales
of 150.92 kt of sustainable (including recycled and renewable) polymers and other chemicals.
Processes and Mechanisms
Certification
[E5-1.15] The use of reputable certification schemes provides concrete proof for claims of origin for renewable and
secondary inputs, boosting consumer trust in OMV’s products. OMV only considers materials as being sustainable if
they are certified by a relevant sustainability certification scheme, as detailed in OMV’s internal procedure on
“Renewables Sustainability Management Requirements.” OMV uses the following certification schemes for its
sustainable (renewable and recycled) inflows and products:
The Borealis recycling businesses mtm plastics, Ecoplast, Rialti, and Integra are certified according to the Europe-
wide EuCertPlast/RecyClass program for companies that recycle post-consumer plastic waste, which provides a
system for reliable traceability of the origin of plastic waste.
The ReOil® pilot plant and the ReOil® plant (2000) are both certified according to ISCC PLUS. ISCC PLUS is a
sustainability certification that is well-recognized by all stakeholders in recycled and renewable biobased materials,
providing traceability along the supply chain by establishing a chain of custody and verifying that companies meet
environmental and social standards. Compliance with the certification means that for each ton of sustainable input
fed into a plant and replacing fossil fuels, a certain proportion of the output can be classified as sustainable by using
the mass balance approach. Applying the mass balance allocation model means that the primary fossil-based and
renewable or recycled materials are not physically segregated in the production processes throughout the entire
supply chain, but that they are separated in bookkeeping to provide a verifiable basis for tracking the amount and
sustainability characteristics of recycled and/or renewable content in the value chain. This certification system
ensures the traceability of the renewable or recycled sustainably produced feedstock from its point of origin
through the entire chain of custody.
Applying the mass balance approach enables OMV to provide a verifiable basis for tracking the amount of its
renewable and chemically recycled raw materials in the value chain. Providing more products that are certified by
ISCC PLUS is crucial for the transition to a more circular economy. OMV’s cracker in Burghausen was one of the
first 20 worldwide to be ISCC PLUS certified for the production of renewable benzene, butadiene, and isobutylene.
Additionally, the production of ethylene and propylene at OMV’s crackers in Burghausen and Schwechat is
also ISCC PLUS certified. The Borealis Bornewables™ portfolio, Borcycle™ C, and Borvida™ are also certified
according to ISCC PLUS by applying the mass balance approach.
All biofuels purchased by OMV in 2024 and used for blending met the requirements of the EU’s Renewable Energy
Directive (EU) 2018/2001 (REDII). The ISCC EU certification allows for the verification of compliance with the legal
requirements for sustainability and greenhouse gas (GHG) emissions-savings criteria for sustainable fuels, as well as
those governing the production of electricity, heating, and cooling from biomass, as outlined in the updated
Renewable Energy Directive (REDII) for all European Union Member States. Since 2013, the ISCC EU certificate
issued for OMV Downstream GmbH has been renewed on an annual basis. OMV Petrom, OMV Hungary, OMV Czech
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Republic, OMV Germany, and OMV Slovakia are also certified according to the ISCC EU standard. Since 2024, OMV
has also been an ISCC EU certified producer of biocomponents for fuels and SAF at its Schwechat refinery.
Technology
Renewable Inputs to Fuels
[E5-1.15a] More details on OMV’s technological advancements in the area of low- and zero-carbon products using
renewable inputs can be found in > E1 Climate Change.
Complementarity of Recycling Technologies
[E5-1.15a] OMV is fully committed to broadening the range of applications where recycled plastic waste can be used
as an input source. Currently, mechanical recycling is the primary method for recycling post-consumer plastics,
involving shredding and remelting. As chemical recycling targets hard-to-recycle plastics, the two technologies are
complementary. Additionally, chemical recycling, particularly through pyrolysis, can produce higher-quality plastics,
equivalent to virgin materials. OMV’s ambitions in the area of mechanical recycling lie with its subsidiary Borealis,
which continues to work with partners to develop new technologies for mechanical recycling, with the objective of
delivering products with near-virgin quality where possible, and with the smallest carbon footprint.
Chemical recycling can extract value from residual waste streams from mechanical recycling and mixed plastic
waste streams, which would otherwise be sent to landfill or incinerated. This process involves changing the
chemical composition of the plastic. The resulting pyrolysis oil is then further processed and refined to create a
base chemical that replaces fossil hydrocarbons as chemical feedstock for the production of new plastic. Since it is
practically comparable to virgin plastics, it can also serve a more diverse field of applications compared to
mechanically recycled plastic.
Mechanical Recycling
[E5-1.15a] OMV is committed to further innovating in advanced mechanical recycling technologies, with the goal of
improving recyclate quality such that it can be used in more demanding applications like contact sensitive
packaging, or increasing the recyclate content in products.
Chemical Recycling
ReOil®
[E5-1.15a] Plastic is an excellent heat isolator with poor heat transfer properties compared to glass or metal. These
properties, which make plastic desirable in everyday life, also make it difficult to break down. OMV’s proprietary
ReOil® technology is based on pyrolysis, a well-known refinery process during which thermoplastics are first melted
and then cracked at a temperature of around 400–450°C. This means that long-chain hydrocarbons are cracked
into shorter-chain light hydrocarbons. One of the inherent challenges in pyrolysis stems from the fact that,
compared with glass or metal, plastics are notoriously difficult to melt, and once melted they are highly viscous,
which impairs the heat transfer necessary for pyrolysis. The ReOil® technology is unique compared to that of
competitors because of the use of an innovative heat transfer technology, which allows the viscosity of the molten
plastic to be reduced and thus heat transfer to be improved. As a result, the ReOil® process is scalable for industrial
use. Thanks to the integration into OMV’s refinery in Schwechat, ReOil® also achieves higher yields than other non-
integrated chemical recycling technologies.
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Feedstock Selection
[E5-1.15b] The ReOil® facility can process different forms of plastic waste, ranging from household waste to waste
from commercial and industrial sources. The main feedstocks are polyethylene (e.g., films), polypropylene (e.g., food
packaging and car parts), and polystyrene (e.g., packaging and insulation materials). Currently, the feedstock is
sourced almost exclusively from Austrian waste sorting facilities. With regard to the ambition of developing an
industrial-scale ReOil® plant and the resulting need for more feedstock, the geographical scope for feedstock
sourcing will be expanded and countries neighboring Austria are being explored. The scalability of the ReOil®
technology and its integration into the refinery will facilitate the achievement of exponential economies of scale
and optimize resource and energy balance.
OMV and Borealis have entered into long-term feedstock supply agreements for their recycling facilities with
TOMRA Feedstock, a subsidiary of leading sorting technology producer TOMRA. These agreements ensure a
consistent supply of sustainable and high-quality raw materials for OMV’s recycling operations. OMV will process
feedstock supplied from TOMRA Feedstock plants in its ReOil® plants in Austria, while Borealis will process
feedstock produced by TOMRA at its mechanical recycling operations in Europe. The feedstock will be produced
from mixed post-consumer plastic material that would otherwise be lost to landfill and incineration at a first-of-its-
kind sorting facility currently being developed by TOMRA in Germany, allowing OMV to substitute primary fossil-
based inputs with a steady supply of high-quality input from plastic waste.
E5-2 – Actions and Resources Related to Resource Use and Circular Economy
Key Actions
[E5-2.19] [MDR-A 68a, 68b, 68c, 68e] To increase our positive impact on nature and society by replacing fossil inputs with
sustainable (recycled and renewable) alternatives, we have defined key actions to boost the use of sustainable
inputs. This initiative will help us achieve our target of 1,400 kta of sustainable (recycled and renewable) sales
volumes. This action and target also contribute to reducing the negative environmental impact resulting from the
procurement and use of primary fossil-based resources. [MDR-A 69b] As these key actions also contribute to the
Group’s objectives related to > E1 Climate Change, the financial resources required for their implementation are
included there. The key actions1 implemented and planned to achieve our policy objectives and targets are
mentioned in the table. Additional actions that do not meet the required threshold but are strategically relevant to
achieving this target are included after the table.
[MDR-A 69a] OMV seeks to align its long-term funding policy with the Company’s sustainability strategy. For this
reason, OMV is assessing opportunities of sustainable financing and sustainability-linked funding, which links the
cost of a financing instrument to the achievement of specific strategic sustainability targets. A first step toward
sustainable financing was taken in 2021 with a green loan for the ReOil® plant (2000) for chemical recycling in
Schwechat, Austria. This loan was issued in alignment with the green loan principles and is based on a project-
specific green financing framework and a second party opinion. For the implementation of other key actions (see
table), no sustainable financing instrument is currently outstanding.
1 Key actions are defined as those requiring CAPEX of EUR ≥5 mn for their implementation. CAPEX includes additions to property, plant, and equipment and to intangible assets (incl.
IFRS 16 right-of-use assets), and expenditures for acquisitions, as well as equity-accounted investments and other interest for pre-defined sustainability CAPEX categories.
Decommissioning assets, government grants, borrowing costs, and other additions that by definition are not considered capital expenditure are not included in CAPEX figures. Within
the boundaries of applicable accounting standards, expenditure incurred during project implementation is generally capitalized, which is why it is included in the CAPEX figures. For the
material topic E5 Resource Use and Circular Economy, the key actions mainly refer to activities in Europe, the majority of them being in Austria and Germany.
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Decarbonization lever
Key action
(Summary of individual actions
requiring individual CAPEX of EUR ≥5
mn for their implementation)
Status
Expected outcome
Contribution to policy objective/
target
Scope
Time horizon
Remedy
Progress
CAPEX 2024
CAPEX 2025-2029
Related IROs
EUR bn
Increase in recycled and sustainable
feedstock
Manufacture of plastics in primary
form
Actual
Increase recycling capacity to
increase sales volumes of sustainable
polymers. Reduction of Scope 1 & 2,
and Scope 3 GHG emissions. Adopting
a circular economy will greatly
diminish GHG emissions. Circular
products made from renewable input
or recycled plastic waste generate
lower emissions than products made
from primary fossil fuel.
Contributes to OMV’s strategic pillar
to grow sustainable products, the
ambition to establish a leading
position in circular economy solutions,
and the aim to increase sales volumes
of sustainable base chemicals and
polymers to up to 1,400 kta by 2030:
based on renewable and recycled
feedstock; also contributes to Scope 3
GHG target (and, to some extent, to
the Scope 1 & 2 GHG target)
Own
Operations
Mid-term
n.a.
Execution
See chapter E1
See chapter E1
E5-1, E5-3,
E5-5, E5-6,
E1-1, E1-2,
E1-3, E1-5,
E1-7
Mechanical recycling and plastic
waste processing
Actual &
planned
Short- to
long-term
Assessment,
Execution,
Completion
Chemical recycling
Planned
Long-term
Assessment
Close to market research,
development, and innovation
Actual &
planned
Short- to
long-term
Assessment,
Completion
E5-1, E5-5,
E5-6, E1-1,
E1-2, E1-3,
E1-5, E1-7
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Life Cycle Assessments (LCAs)
[MDR-A 68a] The increasing use of Life Cycle Assessments (LCAs) for its assets and marketed products enables OMV
to obtain concrete data that complies with accepted international standards to support sustainability claims, such
as reduced emissions from sustainable products made from renewable inputs or inputs from recycled plastic waste.
The LCAs contribute to OMV’s strategic pillar to increase the volume of sustainable products, our ambition to
establish a leading position in renewable and circular economy solutions, and our target to increase sales volumes
of sustainable base chemicals and polyolefins to up to 1,400 kt by 2030 based on renewable and recycled
feedstock. In 2024, the first Life Cycle Assessment for the whole of the Burghausen refinery according to ISO
14040/14044, focusing on the products ethylene, propylene, benzene, butadiene, and isobutene, was conducted by
an external consultant. It investigated several impact categories (climate change, acidification, eutrophication,
radiation, land use, ozone depletion, particulate matter, photochemical ozone formation, resource use, and water
use). LCAs for the integration of sustainable renewable products into the cracker in the Burghausen refinery were
performed. Currently, the results of the LCAs are undergoing third-party review. Once they have been completed,
LCAs will be conducted for the other refinery sites as well.
[MDR-A 68b, 68c] The target group for the LCA results primarily includes petrochemical customers in the downstream
value chain. For the activity data, primary datasets from OMV were used. For the feedstocks (crude oil,
intermediates, hydrogenated vegetable oil), current country-specific datasets from validated commercial databases
were used. The datasets for all incoming resources (e.g., crude oil) were taken from location-based commercial
datasets. Conducting LCAs is an ongoing process.
E5-3 Targets Related to Resource Use and Circular Economy
[E5-3.23] [E5-3.27] [MDR-T-80a-80j]
[MDR-T-80a] In OMV’s Code of Conduct, we are committed to gradually reducing the use of primary fossil-based
resources and increasing the recycled and renewable content in our products. Building on this commitment, OMV
has set itself a voluntary target to increase the sales volumes of sustainable products, which includes polymers and
other chemicals made from recycled or renewable inputs. OMV will work toward increasing equity product and
third-party product sales of sustainable chemicals and polymers to enhance the circular economy, as defined in the
OMV Strategy 2030. It should be noted that the OMV Circular Economy target only relates to renewable input and
input from recycled plastic waste going into chemicals and polymers. It does not include fuels.
2030
Achieve up to 1,400 kta of sustainable (recycled & renewable) sales volume
Absolute Target
Value chain activities
OMV’s own operations, as well as the upstream value chain (trading, sorting, treating,
transportation, and processing of plastic waste) and downstream value chain (provision of recycled
plastic flakes, pyrolysis oils, and renewable feedstock for production and sales of sustainable
polymers and other chemicals)
In scope
Sustainable (including recycled and renewable) polyolefins or other chemicals sales based on
equity production and third-party volumes, volumes from joint ventures not marketed by
OMV/Borealis based on OMV equity share
Out of scope
Renewable feedstock for fuels and renewable fuels; intercompany sales are not counted toward
the target
Geographical coverage
OMV Chemicals (Global)
Base year
2022
Baseline value in kt
92.1
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[MDR-T-80f] This target is defined according to the OMV Strategy 2030 and fully linked to OMV’s strategic and mid-
term planning to increase sustainable chemical and polymer volumes. Results from the existing project funnel
outlook include contributions from OMV Chemicals’ own group projects as well as third-party volumes to be
acquired from the market. The 1,400 kt target is split into 950 kt of recycled volumes and 450 kt of renewable
volumes. Upcoming regulations at EU level, such as the Packaging and Packaging Waste Regulation (PPWR) and the
Single-Use Plastics Directive (SUPD), for recycling targets have been taken into consideration, as well as allocation
methods for chemical recycling as discussed in the context of SUPD. Polyolefins that are wholly or partially based
on renewable or recycled input are classified as sustainable products and thus counted toward the target, as long
as the sustainable content is higher than 25%. The target includes recycled input from both post-consumer and
post-industrial plastic waste.
[MDR-T-80h] The target was proposed by OMV Chemicals and aligned with Group Strategy, OMV Executive Board and
the Supervisory Board. [MDR-T-80i] During the Capital Markets Day 2024 in June 2024, OMV announced the revision of
its 2030 target related to sustainable chemicals and polymers from establishing a production capacity of
approximately 2,000 kta of sustainable (including recycled and biobased) polyolefins and other chemicals by 2030
to achieving sales of up to 1,400 kta of sustainable (including recycled and renewable) polymers and other
chemicals by 2030. As such, the intermediate target of establishing a production capacity of 600 kta of sustainable
(including recycled and biobased) polyolefins and other chemicals by 2025 no longer applies.
Status 2024
[MDR-T-80j] 150.92 kta of sustainable (including recycled and renewable) polymers and other chemicals sold
To monitor OMV’s performance against its target, both the OMV Chemicals segment and the Borealis Circular
Economy Solutions and Base Chemicals departments continuously gather data. The data is gathered daily and
consolidated into monthly reports. This data is aggregated at the beginning of each calendar year, compared with
the Group’s targets, and prepared for publication. OMV conducts strategic reviews of its targets as needed, with the
most recent review completed in June 2024.
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[E5-3.24a] The target relates to the increase of circular design by supporting the availability of raw materials
(chemicals and polymers) for downstream value chain partners who want to make products from inputs that are
renewable or secondary in nature. Downstream customers looking to follow circular product design principles find
adequate raw materials processed by OMV that enable circular characteristics throughout the whole life of a
product. As OMV is a raw material producer, the increase of circular product design in terms of durability,
dismantling, reparability, and recycling does not apply. [E5-3.24b] The EU’s Circular Material Use Rate tracks how
much of the total material used in the economy comes from recycled waste. OMV aims to increase this rate, as its
target includes both renewable and secondary products. About one-third of this target is made up of renewable
products, while the remaining two-thirds come from secondary products derived from plastic waste. OMV’s ReOil®
technology specifically processes plastic waste that cannot be recycled mechanically and would otherwise be sent
to landfills or incinerated. By doing so, OMV’s efforts contribute to increasing the amount of recycled waste in the
economy, thereby enhancing the Circular Material Use Rate.
[E5-3.24c] The target relates directly to the minimization of primary raw material use, as OMV aims to substitute
sustainable (recycled or renewable) products for a certain amount of primary fossil material. [E5-3.24d] In
collaboration with partners, OMV is pursuing the development of large-scale projects to produce biofuels,
biochemicals, and bioplastics from renewable feedstock, including waste streams. Waste biomass, such as residual
agricultural, forestry, and wood processing matter, or mixed municipal waste, does not compete with the food and
feed chain. Although converting this waste biomass into high-value products is technically challenging, it
significantly reduces CO2 emissions compared to fossil fuels and utilizes local resources effectively. OMV uses only
secondary inputs such as used cooking oil for its chemicals production, whereas in the production of fuels, primary
inputs such as vegetable oils are also used. OMV’s subsidiary Borealis uses biobased feedstock derived entirely from
waste biomass, such as residual agricultural processing matter or collected waste streams, to produce sustainable
polyolefins. These polyolefins are marketed under the portfolio name Bornewables™. The sustainable sourcing of
OMV products is ensured through ISCC PLUS or ISCC EU certification for all renewable input products. Inputs from
recycled plastic waste are certified through ISCC PLUS or EuCertPlast/RecyClass. The only plastic waste inputs
OMV uses for its ReOil® chemical recycling technology are those that cannot be mechanically recycled, thus
ensuring available plastic waste material is paired with the most sustainable recycling technology available.
OMV purchases biofuels mainly from European producers and excludes palm oil as a feedstock. International
Sustainability & Carbon Certification (ISCC) standards require that no deforestation took place from January 2008
onward for any feedstock that is used for biodiesel generation. Since July 2021, OMV has also complied with the
Austrian legal requirement not to use palm oil-based biofuels for target fulfillment. In 2024, of all biofuels placed on
the market by OMV, 0.0% were based on palm oil. The sources with the highest input quantities were used cooking
oil (UCO) (23.02%), rapeseed oil (24.43%), and corn (18.76%). A total of 59.44% of OMV’s renewable biobased inputs
came from conventional sources that are considered to be in competition with food and feed production, 23.02% of
inputs were waste-based, 7.25% was derived from animal fats, and 10.29% was derived from advanced sources,
such as wheat straw, bagasse (a residue of sugar cane crushing), brown liquor (a by-product from paper production),
or POME (palm oil mill effluent).
[E5-3.24e] The target directly relates to waste management, as about two-thirds of the target volume will be made up
of chemicals and polymers made from secondary recycled input from plastic waste. OMV’s ReOil® technology
specifically targets plastic waste inputs that cannot be recycled mechanically and would otherwise have gone to
landfill or incineration. In order to secure enough plastic waste as input material for its recycling processes, in 2023
OMV founded a joint venture with Interzero to build and operate Europe’s largest sorting facility for chemical
recycling. The plant will have a capacity of up to 260,000 t per year and will process previously unrecyclable mixed
plastics into feedstock for OMV’s chemical recycling. Start-up is planned for 2026.
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[E5-3.24f] Working with value chain partners is a necessity in order to come up with more sustainable, resource-
efficient, and innovative product solutions. OMV and Borealis frequently seek out value chain collaborations to
make a positive impact together. The target in this sense affects OMV’s own operations, as well as its upstream
value chain (trading, sorting, treating, transporting, and processing of plastic waste) and downstream value chain
(provision of recycled plastic flakes, pyrolysis oils, and renewable feedstock for production and sale of sustainable
polymers and other chemicals).
[E5-3.25] The target relates to the recycling layer of the waste hierarchy. [E5-3.27] The OMV target for Resource Use
and Circular Economy is voluntary. [E5-AR 15] OMV’s target for Resource Use and Circular Economy defines an
absolute value it plans to reach. [E5-AR 16] OMV’s target for Resource Use and Circular Economy refers to the
production phase of products and materials.
[E5-AR 17] [E5-AR 20] During target-setting, the potential impact on biodiversity loss was not specifically considered.
However, as stipulated in our Code of Conduct, OMV is committed to minimizing disturbance, disruption, and
impacts on biodiversity and ecosystems at or in the vicinity of all our projects and operations in alignment with the
Global Biodiversity Framework (GBF) and the EU’s biodiversity strategy. For more information, see > E4 Biodiversity
and > Ecosystems.
Our Ambition
[ESRS 2.81b-i] To support the commitment to gradually reducing the use of virgin fossil resources and
increasing the recycled and renewable content in its products, OMV aims to reduce the use of natural resources by
lowering oil and gas production levels to approximately 350 kboe/d and to enhance the amount of waste reused
and recycled from its operations. These goals are an integral part of OMV’s Strategy 2030 but are not fully aligned
with the ESRS target requirements. [MDR-T.81b-ii]We track their effectiveness by measuring the year-on-year
development of OMV’s waste recovery or recycling rate in our operations, as well as OMV’s oil and gas production
levels, without using a specific base year.
Status 2024:
Waste recovery or recycling rate: 74% (2023: 74%)
Production: 340 kboe/d (2023: 364 kboe/d)
E5-4 Resource Inflows
[E5-4.30] OMV’s material inflows are primary fossil materials such as crude oils and petroleum products. The Group’s
sustainable inflows consist of plastic waste, synthetic crude such as pyrolysis oil, and renewable biobased inflows
such as FAME, bioethanol, raw glycerin, hydrotreated vegetable oils, or used cooking oil. OMV maintains a list of all
critical raw materials used for its business activities, including their location and application.
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Resource inflows and outflows
[E5-4.31a, 31b, 31c]
2024
2023
Overall total weight of products and technical and biological materials used during the reporting
period
t
24,831,597
n.a.
Percentage of biological materials (and biofuels used for non-energy purposes)
%
2.85
n.a.
The absolute weight of secondary reused or recycled components, secondary intermediary products
and secondary materials used to manufacture the undertaking’s products and services (including
packaging)
t
191,938
n.a.
Percentage of secondary reused or recycled components, secondary intermediary products and
secondary materials
%
0.77
n.a.
Metrics Definitions and Methodology
[MDR-M.77a, 77b, 77c] [E5-4.31a] The overall total weight of products and technical and biological materials used during
the reporting period is calculated by adding the absolute volume of renewable certified input (in tons), the absolute
volume of certified recycled input from plastic waste (in tons), and the absolute volume of primary fossil-based input (in
tons). Notably, this total weight of products made from technical and biological materials also constitutes the total input
volume to OMV’s products, which is used to determine the percentages of biological materials and secondary materials as
inputs. OMV defined the scope for measuring metrics based on the OMV Value Chain and IRO Assessment 2024. For
certified sustainable inflows, such as pyrolysis oils derived from plastic waste or renewable biobased inputs for fuels,
chemicals, and polymers, the Proof of Sustainability (PoS) or Sustainability Declaration (SD) can be provided by suppliers
up to one quarter after the quarter in which the physical delivery occurred. Consequently, this may result in delays in
monthly and quarterly closings. OMV will disclose metrics under the assumption that POS or SD will be received for all
sustainable inflows purchased and booked as such. Any deviations will be corrected in the next reporting cycle.
The calculation of input metrics excludes semifinished products, refining chemicals and materials, additives, by-products,
purely traded volumes, and volumes without certification. Inter-company sales are also excluded to prevent double
counting. The reported data represents the material in its original state with no further data manipulation. ISCC
certifications consider a 0.5% deviation between the physical stock and stock accounting according to mass balances or
sustainability declarations as acceptable (ISCC EU Guideline 203 Traceability and Chain of Custody). The measurement of
metrics is validated by an external body. For sustainable certified inputs, such as renewable certified inputs to chemicals
and polymers and pyrolysis oil from plastic waste, the consumption data at OMV is compiled into a monthly report, which
is audited by TÜV SÜD. Borealis sustainable inputs are externally audited by SGS.
[MDR-M.77a, 77b, 77c] [E5-4.31b] The percentage of biological materials (and biofuels for non-energy purposes) is
calculated as the volume (in tons) of renewable certified input divided by the total input volume (in tons), expressed as a
percentage. Significant assumptions and limitations include: OMV defined the scope for measuring metrics based on the
OMV Value Chain and IRO Assessment 2024. For certified sustainable inflows, such as pyrolysis oils derived from plastic
waste or renewable biobased inputs for fuels, chemicals, and polymers, the Proof of Sustainability (PoS) or Sustainability
Declaration (SD) can be provided by suppliers up to one quarter after the quarter in which the physical delivery occurred.
This may cause delays in monthly and quarterly closings. OMV will disclose metrics under the assumption that the POS or
SD will be received for all sustainable inflows purchased and booked as such. Any deviations will be corrected in the
following reporting cycle. The calculation of input metrics excludes semifinished products, refining chemicals and
materials, additives, by-products, purely traded volumes, and volumes without certification. OMV also ensures that inter-
company sales are excluded to avoid double-counting. The reported data represents the material in its original state with
no further data manipulation. ISCC certifications consider a 0.5% deviation between the physical stock and stock
accounting according to mass balances or sustainability declarations as acceptable (ISCC EU Guideline 203 Traceability
and Chain of Custody). Measurement of Metric Validated by External Body: For sustainable certified inputs, such as
renewable certified inputs to chemicals and polymers and pyrolysis oil from plastic waste, the consumption data at OMV
is compiled into a monthly report, which is audited by TÜV SÜD. Borealis sustainable inputs are externally audited by SGS.
[E5-4.31c] [MDR-M.77a, 77b, 77c] The absolute weight of secondary reused or recycled components, secondary
intermediary products, and secondary materials is calculated as the absolute volume of certified recycled input
from plastic waste (in tons). The percentage of secondary reused or recycled components, secondary intermediary
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products, and secondary materials is calculated as the volume (in tons) of certified recycled input from plastic
waste divided by the total input volume (in tons), expressed as a percentage. Significant assumptions and
limitations: OMV defined the scope for measuring metrics based on the OMV Value Chain and IRO Assessment
2024. For certified sustainable inflows, such as pyrolysis oils derived from plastic waste or renewable biobased
inputs for fuels, chemicals, and polymers, the Proof of Sustainability (PoS) or Sustainability Declaration (SD) can be
provided by suppliers up to one quarter after the quarter in which the physical delivery occurred. This may cause
delays in monthly and quarterly closings. OMV will disclose metrics under the assumption that the POS or SD will
be received for all sustainable inflows purchased and booked as such. Any deviations will be corrected in the next
reporting cycle. The calculation of this metric excludes by-products, additives, fillers, and renewable waste-based
volumes. OMV also ensures that inter-company sales are excluded to avoid double-counting. The reported data
represents the material in its original state with no further data manipulation. ISCC certifications consider a 0.5%
deviation between the physical stock and stock accounting according to mass balances or sustainability
declarations as acceptable (ISCC EU Guideline 203 Traceability and Chain of Custody). Measurement of Metric is
validated by External Body: For sustainable certified inputs from pyrolysis oil from plastic waste, the consumption
data at OMV is compiled into a monthly report, which is audited by TÜV SÜD. Borealis sustainable inputs are
externally audited by SGS.
E5-5 Resource Outflows
[E5-5.35] OMV produces fuels from both primary fossil and renewable inputs, such as road fuels and aviation fuels.
The Group also produces base chemicals, such as olefins and aromatics, and polyolefin products in the form of
pellets, for which primary fossil inputs, renewable inputs, or recycled plastic waste inputs may be used. More details
can be found in the Fuels & Feedstock and Chemicals chapters.
[E5-5.36c] The polyolefin products sold by OMV subsidiary Borealis are 100% recyclable before the Group’s
customers convert them into end products. During conversion into end products, they may be mixed with
incompatible and inseparable components, which could impair their recyclability.
[E5-5.38a, 38b] Our production activities generate both solid and liquid waste, including hazardous materials like oily
sludge, waste chemicals, and catalysts. Examples of non-hazardous waste include excavated soil, mixed municipal
waste, paper, and metal. Unmanaged plastic waste is often dumped in unsanitary landfills or incinerated, increasing
the risk of leakage into waterways, lakes, or oceans, which negatively impacts the environment, marine life, and
potentially human health.
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Waste
[E5-5.37a-37d] [E5-5.39] [E5-5.40] [GRI 306-3] [GRI 306-4] [GRI 306-5]
2024
2023
Total amount of waste
t
1,001,027
853,937
thereof non-hazardous waste
t
628,992
582,419
thereof hazardous waste
t
372,034
271,518
Total waste diverted from disposal
t
736,803
634,485
thereof non-hazardous waste
t
455,971
455,521
thereof preparation for reuse
t
1,180
8,311
thereof preparation for other recovery operations
t
380,682
394,782
thereof for recycling
t
74,108
60,731
thereof hazardous waste
t
280,165
177,608
thereof preparation for reuse
t
n.a.
n.a.
thereof preparation for other recovery operations
t
4,249
1,688
thereof for recycling
t
275,916
175,920
Total waste directed to disposal
t
264,224
219,452
thereof non-hazardous waste
t
172,913
126,899
thereof for incineration (with energy recovery)
t
15,012
16,058
thereof for incineration (without energy recovery)
t
2,246
1,767
thereof to landfill
t
150,965
102,486
thereof for other disposal operations
t
4,690
6,588
thereof hazardous waste
t
91,549
92,554
thereof for incineration (with energy recovery)
t
15,572
17,166
thereof for incineration (without energy recovery)
t
6,204
3,114
thereof to landfill
t
16,747
20,060
thereof for other disposal operations
t
52,360
52,014
thereof transboundary movement of hazardous waste (Basel convention)
t
666
1,356
Total waste recovery or recycling rate
%
74
74
Total amount of non-recycled waste
t
264,224
219,452
Percentage of non-recycled waste
%
26
26
n.a. No such stream in our operations in 2024, 2023
Metrics Definitions and Methodology
[MDR-M.77a,77c] [E5-5.40] [GRI 306-3] [GRI 306-4] [GRI 306-5]
[MDR-M.77a, 77b] All waste data disclosed is derived from site-specific information, which is based on a mix of
calculations and estimations. When estimations are used, the waste amount in tons is primarily based on the
number of waste containers and trucks. In some instances, not every container and truckload is weighed, and fixed
factors may be assumed to estimate the waste amount. A key limitation of OMV’s waste data is the mixture of
waste materials within a certain category, as defined by the waste code. The measurement of all metrics below is
not validated by an external body other than the assurance provider.
[E5-5.37a] Total amount of waste is the sum of hazardous and non-hazardous waste across various categories,
including waste sent to landfill, waste for recycling, waste for incineration, waste for other disposal options, waste
for other recovery options, waste prepared for reuse, and hazardous waste moved across borders.
• Thereof non-hazardous waste refers to all waste classified as non-hazardous according to local legislation and
regulations. In the absence of specific local regulations and definitions, other definitions such as those provided
by the Basel Convention should be applied.
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• Thereof hazardous waste refers to all waste classified as hazardous according to local legislation and
regulations. In the absence of specific local regulations and definitions, other definitions such as those provided
by the Basel Convention should be applied. “Local” refers to the point of waste generation.
[E5-5.37b] [E5 AR 31] [GRI 306-4] [GRI 306-5] Total waste diverted from disposal is calculated as the sum of hazardous
and non-hazardous waste designated for recycling, preparation for reuse, other recovery options, and hazardous
waste moved across borders. This is further split into the following:
• Thereof non-hazardous waste is the sum of non-hazardous waste designated for recycling, preparation for reuse,
and other recovery options and therefore diverted away from disposal.
• Thereof preparation for reuse refers to the sum of all non-hazardous waste that is used for the same purpose for
which it was conceived, after being checked, cleaned, or repaired.
• Thereof other recovery operations refers to all non-hazardous waste that is prepared to fulfill a purpose in place
of new products, components, or materials that would otherwise have been used for that purpose.
• Thereof recycling refers to the sum of all non-hazardous waste that is put through the recycling process, which
reintroduces the waste into commercial and/or productive cycles.
• Thereof hazardous waste is the sum of hazardous waste designated for recycling, preparation for reuse, and
other recovery options and therefore diverted away from disposal.
• Thereof preparation for reuse refers to the sum of all hazardous waste that is used for the same purpose for
which it was conceived, after being checked, cleaned, or repaired.
• Thereof other recovery operations refers to all hazardous waste that is prepared to fulfill a purpose in place of
new products, components, or materials that would otherwise have been used for that purpose.
• Thereof recycling refers to the sum of all hazardous waste that is put through the recycling process, which
reintroduces the waste into commercial and/or productive cycles.
• [Voluntary] Thereof transboundary movement of hazardous waste (Basel convention) refers to the movement of
waste between nations (e.g., transport, import, export) that is deemed hazardous under the terms of the Basel
Convention Annex I, II, III, and VIII.
Note: where applicable, the waste processed onsite and offsite is also disclosed. Onsite refers to locations within
the physical boundary or under the administrative control of the reporting organization, while offsite pertains to
locations outside the physical boundary or administrative control of the reporting organization.
[E5-5.37b] [E5-5.39] [E5 AR 32] [GRI 306-4] [GRI 306-5] Total waste directed to disposal is the sum of hazardous and non-
hazardous waste across various categories, including hazardous waste on landfill, hazardous waste for incineration,
hazardous waste for other disposal options, non-hazardous waste on landfill, non-hazardous waste for incineration,
non-hazardous waste for other disposal options, non-hazardous waste prepared for reuse, and non-hazardous
waste for other recovery options. This is further split into the following:
• Thereof non-hazardous waste is the sum of non-hazardous waste to landfill, non-hazardous waste for
incineration, and non-hazardous waste for other disposal options.
• Thereof incineration (with energy recovery) is the sum of all material classified as non-hazardous waste that is
sent to be incinerated and whereby energy is recovered to be used or sold.
• Thereof incineration (without energy recovery) is the sum of all material classified as non-hazardous waste that is
sent to be incinerated and whereby energy is not recovered.
• Thereof landfill refers to sum of all non-hazardous waste that is disposed of at an approved landfill facility.
Landfills are defined as waste disposal sites where waste is deposited onto or into the land. This includes waste
amounts resulting from bioremediation processes that are disposed of by landfill.
• Thereof other disposal operations refers to any approved final non-hazardous waste disposal method other than
landfill, recycling, and incineration. Examples of such disposal methods include the disposal of drill cuttings from
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an offshore installation to the seabed, reinjection into geological formations, landfarming, off-site disposal for
bioremediation by a third party followed by subsequent disposal, and unspecified treatment, provided it is legally
permissible (e.g., under Austrian waste regulation).
• Thereof hazardous waste refers to the sum of hazardous waste to landfill, hazardous waste for incineration, and
hazardous waste for other disposal options. OMV does not generate radioactive waste, so this metric is not
material.
• Thereof incineration (with energy recovery) is the sum of all material classified as hazardous waste that is sent to
be incinerated and whereby energy is recovered to be used or sold.
• Thereof incineration (without energy recovery) is the sum of all material classified as hazardous waste that is
sent to be incinerated and whereby energy is not recovered.
• Thereof landfill refers to sum of all hazardous waste that is disposed of at an approved landfill facility. Landfills
are defined as waste disposal sites where waste is deposited onto or into the land. This includes waste amounts
resulting from bioremediation processes that are disposed of by landfill.
• Thereof other disposal operations refers to any approved final hazardous waste disposal method other than
landfill, recycling, and incineration. Examples of such disposal methods include the disposal of drill cuttings from
an offshore installation to the seabed, reinjection into geological formations, landfarming, off-site disposal for
bioremediation by a third party followed by subsequent disposal, and unspecified treatment, provided it is legally
permissible (e.g., under Austrian waste regulation).
[Voluntary] Total waste recovery or recycling rate is calculated by considering the amount of waste diverted from
disposal or directed to disposal after data consolidation from each site.
[Voluntary] Total amount of non-recycled waste is calculated as the sum of all waste that is not recycled.
[Voluntary] Percentage of non-recycled waste is calculated as the sum of all waste that is not recycled but is
expressed as a percentage.
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Social
Information
274—379
S1 – Human Rights
275
S1 – HSSE
288
S1 – Own Workforce
305
S2 – Workers in the Value Chain
345
S3 – Affected Communities
362
The Social Information chapter encompasses Health, Safety & Well-Being and the strategic focus
area People and Their Human Rights. The latter is further split into five material sub-topics, which
include S1 Human Rights, S1 HSSE, S1 Own Workforce, S2 Workers in the Value Chain, and S3
Affected Communities.
As a signatory to the United Nations Global Compact (UNGC), OMV is fully committed to the UN
Guiding Principles on Business and Human Rights, and aims to contribute to the UN’s 2030 Agenda
for Sustainable Development by pursuing a social investment strategy that addresses local needs
and the UN Sustainable Development Goals (SDGs). We are aware that the energy transition is also
having social impacts. OMV is committed to contributing to a Just Transition for our employees and
communities and addressing the social and economic effects of the transition to an environmentally
sustainable economy.
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S1 Human Rights
Material Topic: S1 Human Rights
Respecting and fulfilling the human rights (e.g., labor rights, freedom of association, and land rights) of
OMV Group employees, business partners, and third parties, such as affected communities including
indigenous peoples, in relation to our business activities
Relevant SDGs:
SDG targets:
4.7 By 2030, ensure that all learners acquire the knowledge and skills needed to promote sustainable development, including, among others, through education
for sustainable development and sustainable lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence, global citizenship,
and appreciation of cultural diversity and of culture’s contribution to sustainable development
8.7 Take immediate and effective measures to eradicate forced labor, end modern slavery and human trafficking, and secure the prohibition and elimination of
the worst forms of child labor, including recruitment and use of child soldiers, and by 2025 end child labor in all its forms
8.8 Protect labor rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those
in precarious employment
16.1 Significantly reduce all forms of violence and related death rates everywhere
Our operations impact our employees and the communities where we operate. These impacts can be positive, for
example employment opportunities, fostering local business and infrastructure, or negative, for example
competition for land use, dust production, privacy, and community dependence on the Company, among other
things. Our social license to operate is based on upholding human and labor rights and developing positive
relationships with our employees and communities.
Human rights are universal values that guide our conduct in every aspect of our activities. OMV strives to be a fair
and responsible employer and recognizes its responsibility to respect, fulfill, and support human rights in all
operations. We are committed to addressing any adverse human rights impacts we are involved in and to
implementing adequate measures for their prevention, mitigation, and, where appropriate, remediation. OMV holds
itself responsible for respecting the human rights of our employees, as well as those of people directly impacted by
or involved with our business, for example our suppliers and contractors, communities, and indigenous peoples. Our
responsibilities in terms of human rights include, and are not limited to, equality and non-discrimination, decent
living wages, adequate working hours, employee representation, security, occupational health and safety, labor
rights in the supply chain, education, land rights, and free, prior, and informed consent (FPIC). We specifically
concentrate on the impact of our activities on the human rights of individuals and groups that are more likely to be
in vulnerable situations, such as indigenous peoples, women, or children.
Impacts, Risks, and Opportunities (IROs)
Inadequate application of human rights standards can negatively impact our workforce's rights. This includes issues
such as inaccessible grievance mechanisms, disregard for freedom of association in places where legislation
prohibits formal employee representation, and failure to address the economic and social consequences of staff
release. Additionally, insufficient identification and resolution of human rights impacts can increase the risks of
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forced labor, violations of the right to privacy, and human trafficking. For details on our material IROs for S1 Human
Rights, see > ESRS 2 General Information.
ESRS 2-SBM-3 Interaction of Material IROs with the Strategy and Business Model
[S1-SBM-13] OMV’s Strategy 2030 outlines the Company’s plans to transition toward a lower carbon future. The
actual and potential human rights material impact on the Company’s workforce is linked to our business model and
our strategic plans, which can only be implemented safely and sustainably through its people. People & Culture and
HSSE Strategies are crucial for achieving OMV’s Purpose and Strategy. OMV continually strives to mitigate negative
human rights impacts on its workforce. Recognizing the high safety risks of its industry, OMV fosters a culture of
human rights principles. The Company aims to build an adaptable, innovative, and resilient organization with
modern structures, lean processes, and digital solutions suited to a low-carbon and renewable future. [SBM-3.14a] All
people in our own workforce who could be materially impacted by OMV are included in the scope of its disclosure
under ESRS 2. All OMV employees and non-employees (e.g., leased personnel) relevant to the human rights material
topic are detailed in the Own Workforce section. To carry out its business activities, OMV directly employs
specialized staff and, when necessary, utilizes leased personnel (e.g., consultants), classified as non-employees
under ESRS S1.
[S1-3.14] [SBM-3.14b-i, b-ii] The negative impact, widely identified, was within limited groups of employees such as those
in complex shift patterns at refineries or other operations, and in jurisdictions where formal employee
representation is legally prohibited. Isolated events that impact a specific location or operation were identified in
the reporting period (e.g., isolated events can be triggered by the lack of a centralized grievance channel,
inadequate protection of personal data, inappropriate accommodation, a lack of access to privacy). [SBM-3.14f] OMV
has operations (e.g., production of ethylene and propylene, oil and gas exploration and production, refining) in the
following regions where weak enforcement of labor laws leads to a heightened risk of forced labor: Middle East,
Eastern Europe, North Africa, Asia, South Africa, and the Americas. [SBM-3.14g] OMV has operations (e.g., oil and gas
exploration and production, chemical-related activities) in the following regions where weak enforcement of labor
laws leads to a heightened risk of child labor: Middle East, North Africa, Asia, and Latin America.
Governance
[S1-1.19c] Accountability for human rights is entrenched in our Company leadership. The Corporate Human Rights
Experts team is integrated into the Group Sustainability team, reporting to the CFO through the Head of Group
Sustainability and SVP of Investor Relations and Sustainability. Our CEO remains the key owner of human rights,
with the CFO as co-owner. The CEO and CFO are briefed on a biannual basis on achievements, challenges, and
critical concerns related to human rights. At the end of 2022, OMV renewed its commitment to human rights with
the revised Human Rights Policy Statement, approved and endorsed by the Executive Board.
Below Board level, ensuring accountability for our compliance with human rights is the responsibility of the
respective business heads. Locally based human rights focal persons conduct due diligence at the operating
facilities with the support of three human rights experts at OMV Petrom and OMV, plus a team of four social
compliance experts at Borealis. Action plans and mitigation measures are implemented and reported by the
respective functions, depending on which aspect of human rights is in question. This means the People & Culture
(P&C) department deals with human rights issues related to labor rights, the Procurement department steers the
management of human rights issues in supplier relationships, the HSSE department deals with health, safety,
security, and environment-related human rights issues, and the corporate Community Relations and Development
function oversees OMV responsibilities related to the human rights impact on communities and indigenous peoples.
Read more about our approach to these topics in > S1 Health, Safety & Well-Being, > S2 Workers in the Value
Chain, and > S3 Affected Communities.
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S1-1 Specific Policies and Commitments Related to Own Workforce
Code of Conduct
[S1-1.17] [S1-1.19a] [MDR-P-65a] In our updated Code of Conduct, we have detailed OMV’s commitment to human rights,
and we expect and request that our business partners adhere to the same principles. They shall identify and
manage human rights risks and impacts and cascade this due diligence requirement down to their own suppliers
and contractors. The Code of Conduct is our commitment to conducting our business in a responsible way,
respecting the environment as well as human rights, and adding value to the societies in which we operate. In the
area of People & Their Human Rights, the Code of Conduct lays down our human rights commitments to our own
workforce, value chain workers, and affected communities. These include freedom of association, freedom from
forced labor, child labor, and human trafficking, favorable working conditions, access to grievance mechanisms,
freedom from discrimination and harassment, and security setups that respect human rights. OMV has
implemented appropriate due diligence systems, measures, and ongoing checks to ensure that the spirit and the
terms of our Code of Conduct are also applied in practice, including in our operations and value chain. The process
for monitoring compliance with our human rights commitments and requirements laid down in the Code of
Conduct is defined in the Human Rights Management System.
[MDR-P-65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
Human Rights Policy Statement
[S1-1.17] [S1-1.19] [MDR-P 65a] The Human Rights Policy Statement provides guidelines to ensure that the negative
impact on our workforce, related to the inadequate application of human rights standards, such as inaccessible
grievance mechanisms, disregard for freedom of association in places where legislation prohibits formal employee
representation, and failure to address the economic and social consequences of staff release, can be prevented.
As part of our Human Rights Policy Statement, OMV has summarized the salient human rights responsibilities
related to our relevant stakeholders (especially our own employees, contractors and their employees) in the areas
of our own and value chain workers’ rights, communities and vulnerable groups (including indigenous people),
security provisions, and human rights related to the environment and climate change. They are mapped out in more
detail in a comprehensive Human Rights Responsibility Matrix, which is part of our internal Human Rights
Management System, constitutes the basis for our activities in the field of human rights, and serves as a
fundamental tool for their implementation. OMV adopts a rights holder’s perspective, ensuring that both business-
related risks and human rights impacts are professionally identified, assessed and addressed. This ongoing due
diligence (DD) process includes continuous engagement with external stakeholders, utilizing both internal and
external resources. The results of the human rights self-assessments and human rights spot checks, which are an
ongoing process, are used to monitor the effectiveness of this policy.
[MDR-P 65b, 65c] This policy applies to all OMV Group employees, and we expect our business partners to comply with
the same principles. By integrating these human rights commitments into our Code of Conduct, which is part of our
contractual relations, it becomes binding for our business partners as well. The Human Rights Policy Statement is
approved by OMV’s CEO, who has overall accountability for its implementation, and is applicable globally across all
OMV Group business segments and fully consolidated subsidiaries.
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[MDR-P 65d] [S1-1.AR 10, AR 13] OMV respects human rights as contained in the Universal Declaration of Human Rights
and in internationally recognized treaties, including the International Labour Organization (ILO) core treaties.1
Accordingly, OMV, Borealis and OMV Petrom have signed the UN Global Compact and are fully committed to the
UN Guiding Principles on Business and Human Rights as well as the OECD Guidelines for Multinational Enterprises
on Responsible Business Conduct. This includes a commitment to upholding labor rights, such as decent living
wages, working hours, employee representation, and provisions against forced labor, child labor, and human
trafficking. We therefore also fully support the aims of the UK Modern Slavery Act 2015 and are committed to
operating our business and supply chain free from forced labor, slavery, and human trafficking. The OMV Statement
on Modern Slavery and Human Trafficking explains in detail the countermeasures taken in all parts of the business
and supply chain. Our commitment to human rights is embedded in each business approach and supports
adherence to the UN Sustainable Development Goals (SDGs).
[MDR-P 65e, 65f] Our Human Rights Policy Statement is updated based on feedback from peer reviews, benchmarking
and ESG rating agencies, reporting standards, internal and external expert consultation, and existing and upcoming
legal requirements. The OMV Human Rights Policy Statement and the OMV Human Rights Management System are
coordinated with key internal stakeholders from various departments such as People & Culture, HSSE, Security,
Procurement, Business, Community Relations & Development, Environment, and Data Protection. The works council
is also consulted during the development or revision of the Human Rights Policy Statement. During the drafting and
major review phases of this policy, input from external independent human rights experts is also incorporated. It is
publicly available on our / website. Within the Company, it is communicated to all employees via our intranet
through internal blogs, training material and OMV’s Regulations Alignment Platform.
The specific human rights commitments outlined within this policy are detailed below.
Labor Rights
[S1-1.20a] [S1-1.2.27d] This includes decent living wages, working hours, employee representation, collective bargaining,
and provisions against forced labor, child labor, and human trafficking. We support the five fundamental principles
and rights at work outlined in the ILO’s Declaration. We are committed to respecting workers’ rights, in line with the
ILO’s fundamental conventions on rights at work, and we expect our contractors, suppliers, and the joint ventures
we participate in to do the same. Where local labor rights standards fall short of OMV’s standards, based on
international human rights law, OMV is guided by its higher standards unless this is forbidden by law.
OMV strives to be a fair and responsible employer. Upholding and promoting labor rights is essential to achieving
legal compliance in a local and international environment. It is also essential to ensuring that our global workforce
can develop professionally and fulfill their personal aspirations in line with our business needs. Read more about our
approach to this topic under Operational Changes and Minimum Notice Periods in > S1 Own Workforce.
Security
[S1-1.20a] This includes preventive, defensive, and community-oriented approaches to security, clear guidelines,
supervision, and training, all in a manner consistent with relevant laws and international standards or initiatives,
including the Voluntary Principles on Security and Human Rights (VPs) and the International Code of Conduct for
Private Security Service Providers (ICoC).
1 Freedom of Association and Protection of the Right to Organise Convention No. 87 2. Right to Organise and Collective Bargaining Convention No. 98 3. Forced Labour Convention No.
29 4. Abolition of Forced Labour Convention No. 105 5. Minimum Age Convention No. 138 6. Worst Forms of Child Labour Convention No. 182 7. Equal Remuneration Convention No
100 8. Discrimination (Employment and Occupation) Convention No. 111
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Health and Safety
[S1-1.20a] [S1-1.23] This covers the OMV’s health and safety management including its workplace accident prevention
policy and management system, as well as community arrangements. Read more about our approach to this topic
in > S1 Health, Safety & Well-Being and > S3 Affected Communities.
Property and Land Rights
[S1-1.20a] We follow international best practices, which require avoiding involuntary resettlement, or at least keeping
it to a minimum, and we furthermore have a zero-tolerance policy for illegitimate land grabbing. Where
resettlement is unavoidable, all people affected should be compensated fully and fairly. We are committed to a fair
and transparent procedure for land use and compensation paid to local communities or authorities. If exploration,
development, or production activities have the potential to impact communities and/or their land, we consult with
all relevant stakeholders ahead of time and obtain permission to use the land either temporarily or permanently.
Read more about our approach to engaging with our communities in > S3 Affected Communities.
Local Communities and Indigenous Peoples
[S1-1.20a] We are committed to community consultation based on free, prior, and informed consent (FPIC) in
accordance with IFC Performance Standard 7 and ILO Convention 169. We are aware of indigenous communities in
the proximity of our operations in Māui, Pohokura, and Maari in New Zealand, as well as in the Arma district in
Yemen. Read more about our approach to engaging with our communities in > S3 Affected Communities.
Environment and Climate Change
[S1-1.20a] OMV recognizes the right to a clean, healthy, and sustainable environment as a human right that is
intrinsically linked to a wide range of others. With our OMV Strategy 2030, we are fully committed to supporting
and accelerating the energy transition, practicing responsible resource management, and minimizing the
environmental impacts of our operations. Cognizant of the social impacts that the energy transition entails, OMV is
committed to contributing to a Just Transition for our employees and communities, and to addressing the social and
economic effects of the transition to an environmentally sustainable economy.
Human Rights Management System
[S1-1.20a] The OMV Human Rights Policy Statement is our commitment to respecting human rights in our business
operations, to identifying any potential or actual adverse impact, and to addressing it adequately. The OMV Human
Rights Management System is our internal guidance document, mapping out the salient human rights issue areas in
a Human Rights Responsibility Matrix, that explains the due diligence process and tools and defines roles and
responsibilities. [S1-1 AR 10] In 2024, the Human Rights Management System was reviewed to comply with new and
impending legal requirements (CSRD, CSDDD), as well as to align with the updated OMV Human Rights Policy
Statement, which was revised in 2022.
[S1-1.20a] OMV is committed to respecting the human rights and labor rights of all employees, as stipulated in the
Universal Declaration of Human Rights (UDHR), the International Labour Organization (ILO) conventions, and the
United Nations Guiding Principles on Business and Human Rights (UNGPs).
Our due diligence process and tools as documented in the Human Rights Management System help us to ensure
compliance with our human rights commitments, including through monitoring measures such as the Human Rights
Self-Assessment (HRSA), providing access to grievance channels, and other activities. We have identified our salient
human rights issue areas at Group level and mapped them out in the Human Rights Responsibility Matrix, which is
part of our internal Human Rights Management System. They are also reflected in our Human Rights Policy
Statement:
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Equality and non-discrimination: OMV is committed to ensuring fair treatment and equal opportunities for all
employees. Employees in our workforce and job applicants are not discriminated against on any grounds, and
OMV has zero tolerance for discrimination, bullying, and sexual and other harassment in working relationships. We
prohibit discrimination based on race, gender, sexual identity, age, color, ethnic or social origin, genetic features,
language, religion or belief, political or any other opinion, membership of a national minority, indigenous origin,
property, family status, disability, health status, including mental health, or any other status.
Freedom from modern slavery and child labor: We are committed to contributing to the elimination of all forms of
forced labor, modern slavery, and human trafficking, as well as child labor.
Just and favorable working conditions: We are committed to transparent and fair approaches to hiring and
dismissal, the provision of locally applicable decent living wages, adequate working hours and rest times, and
providing safe and healthy workplaces for our workforce.
OMV respects the right to form and join trade unions, meaning it will not discourage membership or participation in
trade unions and refrains from actions that undermine adequate collective representation, including collective
bargaining. In the case of national law prohibiting the establishment of formal employee representation, OMV seeks
to allow alternative forms of adequate representation of employees’ interests, always within the relevant legal
framework.
[S1-1.20b] We engage with our workforce by continually informing and consulting employee representatives about
Company developments that may impact their interests. The works council is consulted on all matters related to
employees, such as workplace conditions and data protection. When reviewing our human rights policies and
processes, including the Human Rights Policy Statement in 2022 and the Human Rights Management System in
2024, we involved a variety of internal stakeholders in the gap analysis and consultation phase. Employee
representatives were also consulted and endorsed our proposal to make human rights e-learning a mandatory
training requirement for all employees.
[S1-1.20c] OMV has publicly committed to addressing adverse human rights impacts in which we are involved, and to
taking appropriate measures for their prevention, mitigation, and, where necessary, remediation. We view grievance
mechanisms as vital tools for preventing and managing negative impacts on local communities, employees, and
other stakeholders. Our goal is to address all grievances received, whether they are based on actual or perceived
issues, and regardless of whether the complainant is known or anonymous, in accordance with the UN Effectiveness
Criteria.
[S1-1.21] OMV respects human rights as contained in the Universal Declaration of Human Rights and internationally
recognized treaties, including the International Labour Organization (ILO) core treaties. We have integrated specific
requirements related to aspects such as working hours and rest times, adequate living wages, occupational health
and safety, all in line with international human rights standards, into our Human Rights Responsibility Matrix, which
forms the basis of all our due diligence activities. We also inform our workforce about these in the mandatory
human rights e-learning. Wherever we identify gaps in the implementation of these international standards as
mapped in UDHR, ILO, or OECD, we develop action plans to close them and be fully compliant with our
commitment. Having signed the UN Global Compact, we are fully committed to the UN Guiding Principles on
Business and Human Rights and the OECD Guidelines for Multinational Enterprises. [S1-1.22] Our Code of Conduct
and Human Rights Policy Statement explicitly address our stance on forced labor, child labor, and human trafficking
and refer to the respective ILO conventions.
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Human Rights Due Diligence
[S1-1.21] The human rights due diligence process follows the steps defined in the UN Guiding Principles in Business
and Human Rights and can be summarized in four steps: identify, address, track, and remediate.
First, human rights impacts and risks associated with our current and future business activities are identified
based on the Human Rights Responsibility Matrix and various tools we have developed, such as Country Entry
Checks, Impact & Risk Mapping, and Compliance Checks for business partners.
To address adverse impacts, we develop actions and mitigation plans based on the outcomes of the initial stage.
This process involves cooperation between Group Human Rights Experts, local focal persons, and subject matter
experts, and is informed by consultations with internal stakeholders, external experts, and affected rights holders.
The effectiveness of our mitigation measures is tracked using the Human Rights Self-Assessment, which helps
identify gaps and formulate further strategies.
When necessary, we are committed to remediating adverse impacts through our grievance mechanisms, such as
the SpeakUp Channel and community grievance mechanisms.
Human Rights Responsibility Matrix
The Human Rights Responsibility Matrix is a preventive tool that helps us to identify and address the negative
impacts that have been identified in connection with the application of human rights principles. At all stages of the
ongoing human rights due diligence process, we use it as a universal standard, mapping out reality on the ground
against the specific responsibilities as defined in the matrix, and identifying any gaps we need to focus on. This
approach helps us identify any potential human rights impacts of our business activities, whether they relate to
non-discrimination and diversity, labor-related issues (e.g., decent living wage standards and adequate rest times),
indigenous peoples’ rights, or human rights in the supply chain, such as freedom from forced labor, child labor, and
human trafficking. It also enables us to prioritize impact management activities.
The Human Rights Responsibility Matrix maps our responsibilities related to all our salient human rights issue areas,
including those we identified as material negative impacts. This helps us to identify and address adverse human
rights impacts throughout our human rights’ due diligence process. This includes access to grievance mechanisms
for all impacted rights holders, the freedom of association, protection against forced labor, human trafficking, and
child labor, as well as fair and transparent hiring and release procedures.
Since 2008, we have mapped out our salient human rights responsibilities in a comprehensive Human Rights
Responsibility Matrix designed to serve as the foundation for our activities in this area. We use this tool to identify
impacts, assess our human rights challenges and activities, and prioritize our actions as essential, expected, or
desirable. In 2023, we initiated an update of the Human Rights Responsibility Matrix as a follow-up to our review of
the OMV Group Human Rights Policy Statement in the previous year. Keeping the overall structure of our Human
Rights Responsibility Matrix, we have improved the alignment of its content and language with international human
rights due diligence standards and legislation. The update was completed in 2024 and integrated into the Human
Rights Management System.
S1-3 Processes to Remediate Negative Impacts and Channels for Own Workers to Raise
Concerns
Grievance Mechanisms
[S1-3.30] [S1-3.32b, 32c] [S1-3.34] [S1-3.AR 30] We regard grievance mechanisms as a key tool for preventing, managing, and
remediating adverse impacts on employees, workers in our value chain, local communities, and other stakeholders.
In accordance with the UN Effectiveness Criteria, we aim to address all grievances received, regardless of whether
they stem from real or perceived issues and whether the complainant is identified or anonymous. The aim of our
mechanisms is to offer a channel for identifying potential adverse impacts, resolving grievances, and, where we
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have caused or contributed to a negative impact, remedying the impact for rights holders. Reported grievances
might be related to any human rights issue area we are committed to, such as discrimination or harassment,
inadequate working or living conditions, nontransparent or unfair dismissal processes, any indications of human
trafficking, forced labor or child labor, disturbance of local communities, among others. We acknowledge that this
does not impede stakeholders’ rights to seek judicial or other remedies. All employees have access to all channels,
either through our website or on site. Our Code of Conduct and Whistleblowing Directive include protection for our
employees against retaliation. For more details on the Integrity Platform and protection of Whistleblowers,
see > G1 Business Conduct.
In October 2024, OMV launched a new SpeakUp Channel, which provides a process and tool for raising concerns
regarding serious work-related misconduct, including discrimination, harassment, unequal employment
opportunities, and any violations of work-related human rights (such as forced labor, child labor, and human
trafficking), and having them addressed. It was established by OMV and is open to any internal or external
stakeholder and as such is a common channel for our own workforce and value chain workers. OMV employees
were informed about the new channel as part of an internal communication campaign, and we will launch
communication activities addressing our business partners in 2025 to enhance accessibility for value chain workers.
More information about the / SpeakUp Channel will become available on the OMV website in 2025. [S1-3.32a, 32b,
32c, 32d, 32e] [S1-3.33] For details on our general approach and processes for providing and supporting the availability
of the SpeakUp Channel, our approach to tracking, monitoring, and ensuring its effectiveness, and how we assess
whether employees in our own workforce are aware of and trust it, see > S1 Own Workforce.
S1-4 Actions to Manage the IROs Related to Own Workforce
[S1-4.35] [S1-4.37] To address the material negative impact of inadequate application of human rights standards, we
have defined the following actions: identifying and assessing impacts and risks, tracking effectiveness through
human rights self-assessments, and conducting training and awareness-raising on human rights. [S1-4.39] These
actions are developed based on the outcomes of the initial stage of the human rights due diligence process. This
process involves cooperation between Group Human Rights Experts, local focal persons, and subject matter
experts, and is informed by consultations with internal stakeholders, external experts, and affected rights holders.
[MDR-A 69a, 69b] For the material topic S1 Human Rights, none of our actions exceeded our key action monetary
threshold of EUR 5 mn, and therefore these data requirements have not been addressed.
[S1-4.40b] No material risks or opportunities were identified regarding the topic of human rights during the materiality
assessment. [S1-4.AR 43] To mitigate the negative impact on our workforce resulting from the inadequate application
of human rights standards, OMV has allocated the following resources: three human rights experts – two at OMV
and one at OMV Petrom. Additionally, a team of four social compliance experts at Borealis steers and supports the
implementation of human rights due diligence. They provide tools, guidance, training, and subject matter expertise
to conduct the human rights due diligence steps as described above. These efforts are supported by human rights
focal persons and respective subject matter experts within the business. [S1-4.AR 45] For information on whether and
how external developments have been considered regarding dependencies turning into risks, see > ESRS 2 General
Information.
Impact and Risk Identification and Assessments
[S1-4.41] Impact and Risk Identification and Assessments serve as preventive measures to ensure our business
activities do not cause or contribute to negative impacts on impacted rights holders, including our own workforce,
value chain workers, and communities, and that we address negative human rights impacts wherever they cannot
be prevented sufficiently. OMV has therefore developed due diligence tools and techniques to identify and assess
actual and potential human rights impacts and risks related to our business, even before we launch or acquire a
business in a new country or region. Human rights are one of the components considered when making the decision
to engage in a new country or a major project. The relevant human rights impacts and related risks are presented to
the respective Executive Board member to factor into the decision on whether or not to enter a country. We use
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these assessments to derive concrete due diligence measures to ensure an activity’s compliance with our human
rights responsibilities.
Due diligence starts with an initial risk mapping at country level: every country we operate in (or plan to operate in)
is assessed based on comprehensive human rights-related data and rated as a low, medium, high, or extreme risk
country. Based on this rating, further due diligence actions and human rights training needs are defined with the
objective of ensuring we don’t cause or contribute to negative human rights impacts on our rights holders and
addressing all potential adverse impacts accordingly. Internationally recognized third-party experts support OMV in
conducting human rights due diligence in countries with high human rights risks.
The Human Rights Compliance Check is a tool used to identify potential human rights impacts and risks related to
business relationships. With this questionnaire-based assessment, we aim to identify a potential business partner’s
capability to comply with our commitments and responsibilities as outlined in our Human Rights Policy Statement
and Human Rights Responsibility Matrix. The goal is to prevent contributing to negative human rights impacts
through our business relationships. The assessment examines a business partner’s policies and processes
addressing human rights issues such as forced labor, child labor, human trafficking, just and favorable working
conditions, communities and indigenous peoples, diversity and non-discrimination, and the availability of grievance
mechanisms.
[MDR-A 68a] In 2024, we conducted three country entry checks that included assessments of human rights risks
related to OMV’s potential business activities in that country and proposals for concrete mitigation measures in the
case of positive entry. As part of these checks, we analyzed to what extent OMV could potentially be involved in
adverse human rights impacts on its own workforce, value chain workers or affected communities when deciding to
engage in a planned activity, and how to address them.
Furthermore, we conduct dedicated country risk assessments regarding the labor rights of our own workforce to
determine and monitor the legal situation and future changes. As well as monitoring relevant labor rights risks, we
work closely with various employee representatives according to the type of risk and potential impacts. With our
annual initial risk ranking, we also identify countries with elevated risks of severe human rights abuse such as forced
labor, child labor, or restrictions on the freedom of association. Within our country portfolio, 12 out of 484 (25%)
countries (e.g., Yemen, Libya, and Brazil) show an elevated risk of child labor. Some 18 out of 48 (38%) countries (e.g.,
Yemen, Libya, and China) have an elevated risk of forced labor. The freedom of association is generally limited in 14
out of 48 (29%) countries (e.g., UAE, China, and Malaysia). We inform the respective General Managers and human
rights focal persons about the elevated risk levels in their countries and recommend specific mitigation measures,
for example human rights training for employees and discussing the mentioned human rights issues and adequate
management measures in contractor meetings. [MDR-A-68b; 68c] This process is relevant for our current and future
business activities globally and focuses on our own workforce as well as our business partners’ activities. It is an
ongoing process.
Tracking Effectiveness
[S1-4.37] [S1-4.38a] [MDR-A 68a, 68b, 68c] In 2024, we conducted a Human Rights Self-Assessment in OMV Tunisia with the
support of external human rights experts. The findings and key recommendations were discussed with the team
and external experts during workshops. The review showed that OMV Tunisia has some formalized systems in place
to manage human rights impacts, which help in integrating and implementing human rights commitments.
However, a detailed human rights impact assessment is recommended to identify the actual and potential impacts
of business activities and operations on workers and communities in more depth. This would help in better
understanding the severity of the impacts and adjusting human rights impact management measures where
applicable. Additionally, engagement with rightsholders and effective monitoring of management measures should
be strengthened. This action applies to our own operations in Tunisia, and was finalized in 2024.
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[S1-4.41] OMV is committed to ensuring that our practices do not cause or contribute to material negative impacts on
our own employees by conducting regular assessments of our current and future operations. These assessments
are designed to identify and evaluate actual and potential human rights impacts and risks, including those related to
diversity and non-discrimination, just and favorable working conditions for our employees, and freedom from forced
labor, child labor, and human trafficking. [S1-4.AR 42] Conducting Human Rights Self-Assessments is crucial in
tracking the effectiveness of our measures to address human rights impacts on our workforce. As a result, no
severe human rights incidents or incidents related to child labor or forced labor have been reported since 2017.
Training
[S1-4.37] [S1-4.38a] [MDR-A-68a] We pay special attention to training and awareness raising to bring our human rights
commitment to life and prevent negative impacts related to the application of human rights principles. We provide
training on human rights, which helps equip our employees with an understanding of our human rights management
process and gives them a space to work on concrete operational issues and business-specific challenges. These
range from human rights in armed conflict environments and human rights due diligence responsibilities in joint
ventures and other business relationships to personal legal liability and employee human rights (incl. freedom of
association), risks of forced labor, human trafficking and child labor, and grievance channels.
All employees are required to complete our interactive e-learning course on human rights, which is part of the
training curriculum and as such mandatory for all our employees worldwide. The course provides a basic
understanding of human rights in the business context and insights into our specific responsibilities, for example
related to diversity and non-discrimination, the labor rights of our own and contractors’ employees, human rights in
security setups, and the rights of our communities, as well as severe human rights violations such as child labor,
forced labor, and human trafficking. It also provides an insight into our due diligence tools and what to do in the
event of observed or alleged human rights abuse.
Our subsidiary Borealis provides a mandatory human rights e-learning course for the entire Borealis workforce in
nine languages, covering all relevant human rights aspects and including transparent information and lessons
learned from the PDH Kallo incident in 2022. In addition, the Borealis ethics Code of Conduct e-learning covers
human rights topics including discrimination, harassment, diversity, inclusion, bribery, and corruption.
Regarding specific labor rights issues, the rights and obligations of our employees are set out in employment
contracts. We keep our employees up to date via our various internal channels of communication (e.g., employee
intranet, emails, and news feed) in the event of legal changes or new available information. For questions and
specific information, local P&C contacts and employee support hotlines are available. In 2024, 6,8681 employees
completed the human rights e-learning, and a total of 23 participants in instructor-led sessions learned about
human rights in the business context, new and upcoming regulatory requirements, the OMV Human Rights
Management System, and additional focus topics, aligned with the participants’ backgrounds and needs. As an
example, we had a webinar for a project team working with a lot of contractors, where we focused on value chain
workers’ rights, including diversity and non-discrimination, just and favorable working conditions (e.g., working
hours, decent wages), and the risks of forced labor, child labor, and human trafficking, and how to detect them.
By the end of 2024, 80% of employees of Borealis, OMV Petrom and OMV had been trained in human rights. To
track the effectiveness of our training, we ask participants for feedback in a standardized questionnaire, which
includes questions about the perceived usefulness and relevance of the training experience, if it seemed easy to
apply, and an open question for key take-aways. Additionally, 85% of the Borealis workforce completed the ethics
Code of Conduct e-learning covering human rights in 2024. [MDR-A-68b, 68c] The target group of the training
described in this section is employees in our own workforce. However, training is also provided to workers in our
1 The absolute figures include board, external and leased personnel, and interns.
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upstream value chain. To learn more about our training offers for workers in the value chain, see > S2 Workers in
the Value Chain. This is an ongoing process.
[MDR-A-68e] Since its launch in 2023, all OMV employees have had access to a dedicated Human Rights Learning Path
in the Sustainability Academy, which provides learning materials about human rights in general and in the business
context, human rights at OMV, human rights of employees (our own as well as those of contractors and suppliers),
human rights of external stakeholders, and human rights and security. The provision of additional resources (e.g.,
links to online webinars and reading material from renowned external providers such as the ILO, UN, Ipieca, ICRC)
allows colleagues to delve further into specific topics which include, for example, diversity and non-discrimination,
labor conditions, forced labor, child labor, human trafficking, and other human rights issues.
Awareness Raising
[S1-4.37] [S1-4.38a] [MDR-A-68a] We also implement internal awareness-raising campaigns throughout the Group to
inform our staff about our policies and activities related to salient human rights issue areas like child labor and
human trafficking.
In 2024, we continued working on engaging the highest level of management in human rights. As the key figures
and co-owners of human rights in the OMV Group, the CEO and CFO actively participated in two in-person briefing
sessions with our Group human rights experts, discussing updates to our policies and due diligence activities.
Human rights topics were also discussed in two quarterly meetings of the Supervisory Board Sustainability &
Transformation Committee and at several meetings of the OMV Sustainability Coordination Forum in 2024. [MDR-A-
68b; 68c] Our awareness raising campaigns target our own employees and occur throughout the year.
[S1-4.38b, 38c] Wherever applicable, we are committed to remediating adverse negative impacts on our own
workforce through our grievance mechanisms, such as the SpeakUp Channel. This process is relevant for our
current and future business activities globally spanning our entire value chain and is an ongoing process. The
effectiveness of our mitigation measures is tracked using the Human Rights Self-Assessment, which helps identify
gaps and formulate further strategies.
[S1-4.38d] The Human Rights Self-Assessment is used to evaluate the effectiveness of our Human Rights
Management System and due diligence approach. Such assessments create internal awareness, capture how we
perceive our human rights performance, and facilitate the identification of gaps and further actions. Identified gaps
can relate to any of the human rights issues mapped in our Human Rights Responsibility Matrix, such as inaccessible
grievance mechanisms, non-respect for the freedom of association, unfair or nontransparent dismissal processes, or
failure to address modern slavery risks. Based on the outcomes of these assessments, we develop action plans,
which might include further capacity building for local experts or peer and business partner initiatives to tackle
local challenges, among other activities.
S1-5 Targets Related to Own Workforce
Train OMV Group employees in human rights
[S1-5.44] [MDR-T-80a-80j]
By training OMV Group employees in human rights, we aim to ensure adequate application of human rights
standards. In e-learning modules and webinars they learn about our human rights policies and due diligence
approach and how to prevent and mitigate negative human rights impacts, including those that have been identified
as material, such as the freedom from forced labor, child labor and human trafficking or access to grievance
mechanisms.
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[MDR-T-80a] Professional training on and raising awareness of human rights are crucial to bringing our human rights
commitment, as documented in our OMV Human Rights Policy Statement, to life. It is essential that our workforce
understands their own rights as well as those of value chain workers and communities. This knowledge enables
them to identify and address potential or actual impacts on fair working conditions, non-discrimination, economic,
social, and cultural rights, indigenous peoples’ rights, health and safety of workers and communities, and to
contribute to a value chain free from forced labor, human trafficking, and child labor. Therefore, our mandatory
human rights e-learning is a vital part of the training curriculum for all employees worldwide.
2025
Train all OMV Group employees in human rights
2030
Train all OMV Group employees in human rights
Absolute Target
Value chain activities
Own operations
In scope
All employees of OMV (based on head count)
Out of scope
Employees of suppliers/contractors
Geographical coverage
All employees Group-wide
Base year
2019
Baseline value in %
47
[MDR-T-80f] The target was established with the aim of creating a measurable and comparable KPI, as well as
enhancing human rights management skills through training and awareness initiatives. At the time of setting this
target, only a few peers had measurable goals related to human rights, and we recognized the training target as a
valuable tool to support the implementation of our commitment.
Initially, the KPI focused on a specific target group (employees in corporate functions managing human rights risks,
as well as corresponding functions in countries with elevated human rights risks) with a baseline of 4% trained in
2017. By 2019, we had already achieved 82% training within this group and decided to expand the scope to include
the entire workforce, establishing a new baseline of 47% trained in 2019. [MDR-T-80h, 80i] Internal stakeholders
involved in setting this target include EB members (e.g., during Board Workshops, as part of the Sustainability
Strategy Development in 2017/18), the Works Council (discussion and approval for mandatory e-learning in 2022),
and the P&C Learning Department (ongoing expert consultation and coordination). The targets were approved by
the OMV EB. There were no changes made to this target or related metrics during the reporting year.
Status 2024
[MDR-T-80j] The target is monitored bi-annually and reported annually. 80% (2023: 71%) of employees were trained in human
rights. In 2024, 6,868 employees (2023: 7,124) completed the human rights e-learning course, and 23 employees (2023: 170)
participated in (virtual) classroom training on human rights1.
1 The absolute figures include board, external and leased personnel, and interns.
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[S1-5.47a, 47b, 47c] The target-setting process includes a thorough assessment of our current performance,
identification of key areas for improvement, engagement directly with business divisions, top management, and
workforce representatives through meetings and workshops to gather input and understand their concerns,
benchmarking against industry standards to set realistic targets, regularly tracking progress to review the
effectiveness of measures and making adjustments as needed. The bi-annual review of progress, combined with
year-on-year figures, provides an insight into the achievement of this target. Our CEO and CFO are updated during
our biannual human rights briefing sessions on the progress made. Only select employees are involved in tracking
OMV’s performance against this target, including OMV human rights experts, who discuss progress and measures
to improve the level of achievement both among themselves and with Learning & Development experts.
Metrics
[Voluntary] [MDR-M.77c] 7 human rights grievances (2023: 19), thereof 2 external (2023: 19) and 5
internal (2023: 0). 0 (2023: 0) proven violations
Metrics Definitions and Methodology
[Voluntary] [MDR-M.77a, 77b, 77c] Number of human rights grievances, thereof external and internal, and number
of proven violations are calculated based on human rights grievances received through Community Grievance
Mechanisms and grievances received in the internal human rights mailbox. The measurement of this metric (unless
otherwise specified) is not validated by an external body other than the assurance provider.
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S1 Health, Safety & Well-Being
Material Topic: S1 Health, Safety & Well-Being
Reducing health and safety risks for OMV employees, workers in the value chain, customers, and third
parties, such as communities, and promoting physical and mental health in an integrative way
Relevant SDGs:
SDG targets:
3.9 By 2030, substantially reduce the number of deaths and illnesses from hazardous chemicals and air, water, and soil pollution and contamination
8.8 Protect labor rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those
in precarious employment.
Health, safety, and well-being constitute an integral part of our commitment to conducting our business in a
responsible way. We continuously aim to improve our employees’ health and ability to work through integrated
health management. We build on sustainable safety measures to protect people by providing a safe and healthy
workplace and ensuring the safety and reliability of our plants. We also protect people and assets from the
possibility of intentional malicious threats.
OMV’s long-term business success is dependent on our ability to continually improve the quality of our business
activities while protecting people, the environment, assets, and our reputation. The Health, Safety & Well-Being
strategic areas focus on reducing health and safety risks for OMV employees, contractors, customers and suppliers,
as well as protecting assets, information, and operations against any threat. Particularly in times of geopolitical
unrest, our Company’s resilience is dependent on our emergency and crisis management capabilities.
Impacts, Risks, and Opportunities (IROs)
Ensuring the health, safety, and security of our employees, contractors, and assets is fundamental to OMV’s
dedication to maintaining workplace safety. Inadequate occupational health and safety management, combined
with complex shift and rotation patterns, project-related pressures, and challenges in accessing grievance
mechanisms, can negatively impact workers’ health. For details on our material IROs for > S1 Health, Safety &
Well-Being, see > ESRS 2 General Information.
ESRS 2-SBM-3 Interaction of Material IROs with the Strategy and Business Model
[S1-SBM-3.14a] All OMV employees (e.g., engineering and technical staff, operational field staff, HSSE, project
managers, supply chain and procurement, legal and compliance) and non-employees (leased personnel, self-
employed people, or people provided by third-party undertakings primarily engaged in employment activities) are
included in the scope of the disclosure. All other workers on OMV sites, called contractors and sub-contractors, are
subject to the material impacts of our operations and reflected according to ESRS requirements under the S1-14
disclosure regarding health and safety metrics. [S1-SBM-3.14b] The potential negative impact identified is widespread
within limited groups of employees, such as those working complex shift patterns in refineries or offshore
operations which could potentially be triggered by insufficient health and safety management.
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[S1-SBM-3.14d] No material risks and opportunities were identified for this reporting period. However, we do recognize
the benefit of the continuous developments that align with our “Committed to Zero Harm” vision and prioritize
health and safety. [S1-SBM-3.15] We have identified that those who work in the field in exploration, refining, and
chemicals generally have, due to the nature of the job, a higher potential for negative impacts, especially in the
event of unexpected incidents, than those who are not involved in operations. These potential negative impacts can
be reduced/mitigated to a minimum by robust health and safety management. The identification was conducted
based on the results of internal consultation and assessments with P&C, and Human Rights and HSSE experts.
[S1-SBM-3.16] No material risks and opportunities were identified for the topic of health and safety during the
materiality assessment. Under the internally used claim “Protecting what we care for,” we commit ourselves to a
health and safety culture of care. A variety of actions and projects derive from this and are being implemented
under this motto.
HSSE Strategy
The OMV Group HSSE Strategy sets out the mid-term strategic goals and targets to support the Group’s business
strategy. In light of the comprehensive update to the OMV’s transformational business strategy (OMV Strategy
2030) in 2022 and the significant changes in the regulatory environment, a major review of the HSSE Strategy was
conducted in 2023, leading to an updated HSSE Strategy 2030. While proven HSSE management concepts will be
continued and enhanced, the review identified a need for a stronger and more up-to-date strategic focus on HSSE
culture, contractor management, and certain aspects of safety and environmental management in the coming
years. The strategy revision process involved numerous stakeholders, particularly managers that are specifically
affected by the change to our traditional business approach, such as the low-carbon and recycling business.
Proposed strategy updates were then discussed with all Executive Board members of OMV, OMV Petrom, and
Borealis and approved.
The updated HSSE Strategy 2030 is strongly linked to the Company Values and can be summarized as follows:
We care about safety and the physical and mental well-being of our people; for the planet we live on; for the
people we interact with; for our locations and assets.
We’re curious about our future partners, contractors, and technologies so we can develop the business
relationship together to achieve the highest HSSE standards.
We progress to enable the successful transformation of our Company toward sustainability and to become an
industry leader in HSSE.
Through our revised HSSE Strategy, we will continue to improve the health and well-being of our employees, with
an added focus on mental health. In high-risk industries like ours, it is also crucial that everyone contributes to our
goal of zero incidents. We are committed to preventing work-related fatalities and fostering a culture where safe
behavior and caring for yourself and others are deeply embedded in the mind of everyone working for us.
While we have a solid foundation for the strategic development and integration of various HSSE disciplines in the
business, we have identified key areas that will require significantly more focus on how we manage HSSE in the
future.
We aim to cultivate a company culture where HSSE shapes decision-making at all times and at every
organizational level, founded on highly committed leaders, a competent workforce of employees and contractor
employees, and an atmosphere of openness where everybody has the confidence to speak up.
Given the high degree of contractor work in our business, we will further strengthen our supplier and contractor
management capabilities. We aim to improve the selection process to ensure that only contractors with
appropriate HSSE capabilities work with us. When needed, we will put effort (e.g., training, supervision) into
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helping contractors reach the expected HSSE performance levels. We will focus our efforts on long-term, trust-
based relationships with our key contractors and further grow our HSSE culture.
We will leverage the opportunities afforded by new technologies to improve our systems and tools to manage
HSSE, including product stewardship.
The HSSE Strategy encompasses all white- and blue-collar employees of OMV, regardless of their contract type, as
well as all non-employees that are crucial to our business, which includes all our suppliers and contractors.
Governance
[S1-2.27c] There is a high degree of overlap between the Environment material topic (including all its material sub-
topics, waste management, and process safety) and the material topic Health, Safety & Well-Being, meaning they
are both governed centrally by Group HSSE.
The HSSE Strategy and its implementation are aligned with and fully embedded in the corporate strategy and the
corporate governance structure. Leadership responsibility is assigned to the members of the Executive Board and
senior leaders. The Executive Board’s remuneration is subject to a Health & Safety Malus (read more on this in
Sustainability Governance). An Executive Board member is assigned as the owner of a certain HSSE topic.
Group HSSE is led by the VP HSSE, who reports directly to the Chief Executive Officer. The department is organized
into specialized teams with experienced experts in various areas of HSSE to ensure comprehensive management
and oversight of health, safety, security, and environmental (HSSE) aspects. This includes the development and
implementation of OMV’s HSSE Strategy, regulations, and processes, conducting HSSE risk assessments, incident
investigation, HSSE data analysis and reporting, health management, occupational safety management, process
safety management, security and resilience management, and environmental management. Each team is
specialized in its respective area and strong collaboration ensures the maintenance and enhancement of the overall
HSSE performance of the organization.
This is supplemented by local HSSE officers at each site, along with local subject matter experts. There are also
corporate HSSE departments at OMV Petrom and Borealis which ensure compliance with health, safety, and
environmental regulations, promote a safe work environment, mitigate risks to employees and the environment, and
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coordinate their local HSSE officers and experts. The OMV Petrom and Borealis HSSE departments report
functionally to the VP HSSE at Group level. In line with the HSSE Directive, clear roles and responsibilities are
defined for all staff, line management, and senior management. Line management is responsible for ensuring that
HSSE issues are integrated into all business decisions and activities. They are required to demonstrate commitment
and leadership by acting as role models and taking appropriate measures to control and manage all HSSE risks in
their spheres of responsibility.
OMV’s HSSE management involves interaction with employees or their representatives (works councils, trade
unions) as a channel of engagement regarding issues that are particularly important and necessary for
improvement. Health, safety, well-being, and environmental awareness is promoted across the Group through
various activities. For instance, regular exchanges on environmental management are held, during which
environmental experts and interested colleagues from the whole Group can learn about the best practices being
implemented at other sites and gain inspiration. All business divisions and the subsidiaries have HSSE Forums,
where employee representatives are consulted regularly and informed about the HSSE management system. Group
HSSE also organizes HSSE Days for OMV’s various units to inform employees about HSSE topics.
S1-1 Specific Policies and Commitments
[S1-1.17] [S1-1.19] OMV’s HSSE vision is “Committed to Zero Harm – Protect People, Environment, and Assets.” This
vision is embedded in the / HSSE Policy, which is OMV’s public commitment to health, safety, security, and the
environment. Our chemicals subsidiary, Borealis, is committed to implementing the guidelines of the Responsible
Care Global Charter, which is the chemical industry’s voluntary initiative aimed at continuous improvement in
health, safety, and environmental performance. To manage the identified negative material HSSE impact related to
our own workforce and value chain workers, our Code of Conduct and Human Rights Policy Statement act as
overarching documents outlining our general commitments. The HSSE Directive, Health Care Standard, Reporting,
Investigation, and Classification of Incidents standard, and the Occupational Safety Management Standard outline
specific requirements for employees and contractors that are part of OMV’s own workforce.
Code of Conduct
[MDR-P 65a] As part of our Code of Conduct, we are committed to eliminating hazards and threats by identifying them
and preventing, controlling, or reducing risks to an acceptable level. To achieve this and make our workplace safe
for all our employees, we provide training and personal protective equipment. We aim to support our employees in
improving both their mental well-being and physical health. Additionally, we are dedicated to training, empowering,
and encouraging people to work safely. We invest in technology, programs, and processes to ensure that our
facilities and operations are safe for employees, external stakeholders, and the environment. These commitments
form the foundation of our HSSE policies, which provide guidelines to address the negative impact on our own
workforce and workers in our value chain resulting from inadequate occupational safety and health management.
MDR-P-65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the scope
of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
Human Rights Policy Statement
[MDR-P 65a] Ensuring a high level of care for our employees’ well-being and physical and mental health across the
Group is a commitment outlined in our Human Rights Policy Statement. OMV aims to adhere to the committed
OMV Group health standards to provide its employees and contractors/suppliers with safe workplaces within OMV.
Our Safety Management System is based on the OMV HSSE Policy, the HSSE Directive, and various corporate
regulations. [MDR-P 65b, 65c, 65d, 65e, 65f] For the Human Rights Policy Statement, unless otherwise specified, the
process for monitoring, the scope of the policy, involvement of senior-level management, reference to third-party
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standards (where relevant), interests of key stakeholders in setting the policy (where relevant), and how the policy is
made available to potentially affected stakeholders are covered in > S1 Human Rights.
HSSE Directive
[MDR-P 65a] This directive and its annexes set out the principles and rules for the management of Health, Safety,
Security & Resilience, and Environment (HSSE) throughout the life cycle of the OMV Group’s business and activities,
including capital projects, mergers, and acquisitions. It provides a framework for how we, as OMV, manage all HSSE
aspects to protect people, the environment, assets, and our reputation in line with our HSSE Policy and in view of
our HSSE vision: “Committed to Zero Harm – Protect People, Environment, and Assets.” This directive also defines
the key HSSE responsibilities of all OMV Group employees, partners, and contractors; the HSSE Policy; the Major
Accident Prevention Policy; HSSE Terms and Definitions; Life-Saving Rules; and the continuous improvement of
HSSE performance.
The HSSE Directive is underpinned by a set of HSSE regulations and processes that include, HSSE Risk
Management, Process Safety Management, Occupational Safety Management, Contractor HSSE Management,
Management of Hazardous Substances, and Personnel Transportation, as well as Reporting, Investigation, and
Classification of Incidents. Together, they form the safety management framework. Our Major Accident Prevention
Policy outlines the main goals and guidelines for managing the risk of major accidents in OMV’s operations.
Recognizing the significant risk of major accidents in onshore and offshore oil and gas activities, and their potential
severe impact on people and the environment, OMV believes that strong HSSE awareness embedded in company
culture is essential. Our Contractor HSSE Management Standard sets the minimum requirements for addressing
HSSE issues throughout the contract life cycle and contractor management process, from selection to contract
close-out. Spot checks and internal audits are used to monitor the effective implementation of the policy.
[MDR-P 65b] All HSSE policies apply to all employees of OMV globally, with specific provisions for local legal
compliance being considered. This includes OMV Aktiengesellschaft and all its subsidiaries, Borealis AG, and OMV
Petrom S.A., along with their respective subsidiaries, but excludes SapuraOMV Upstream Sdn. Bhd. and its
subsidiaries. Minor exclusions apply, for instance within Borealis, where separate guidelines that cover entity-
specific operational incidents are provided. The HSSE policies also apply to value chain workers, including external
experts who provide subject matter advice to OMV Group companies, as well as all contractor employees. [MDR-P
65c] Members of the Executive Board (EB) represent the most senior level accountable for approving and
implementing the HSSE Directive, Health Care Standard, Reporting, Investigation, and Classification of Incidents
Standard and the Occupational Safety Management Standard. This also includes all the environmental policies
providing guidelines on minimizing our operational environmental impact. Responsibility for their implementation
lies with the respective business units or the members of the Executive Board. The corporate functions are
responsible for supporting the implementation and, to a certain degree, overseeing their governance and
monitoring.
[MDR-P 65e] OMV subject matter experts and employees from business functions (e.g., refineries, legal) were either
directly involved in the development of the HSSE policies or consulted during the internal consultation process to
seek their feedback to the draft policies to ensure that, wherever possible, their interests were not undermined.
[MDR-P 65f] All the HSSE policies that are governed by the HSSE Directive are made available to all OMV employees
via OMV’s Regulations Alignment Platform in OMV’s Intranet and training sessions. Relevant aspects for suppliers
are incorporated into the contractual agreements and detailed health and safety management aspects are covered
during contractor onboarding.
Risk Assessments
[MDR-P 65a] Our risk management approach involves identifying hazards, assessing risks, and implementing
appropriate controls. Risk management regulations are developed, maintained, and applied. HSSE risks for
acquisitions and divestments are evaluated to enable robust decision-making. All sites and activities are
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systematically and periodically reviewed. Processes and regulations are assessed for their HSSE impact.
Occupational health examinations are conducted to prevent harm to employees from their specific work or work
environment. Risks are controlled according to the hierarchy: Eliminate – Tolerate – Reduce – Transfer. The process
of hazard identification and risk assessment is documented, maintained, and available at the point of use. Findings
are reported and addressed, with follow-up actions implemented in a timely manner according to their priority, and
their effectiveness verified. Individuals exposed to hazards are made aware of the risks, the controls implemented,
and their responsibilities. Hazard registers and risk assessments are regularly updated and reviewed as part of the
management of change process.
Major risks and the respective mitigation measures are evaluated and monitored within the Enterprise-Wide Risk
Management (EWRM) system, and documented in the Group-wide Active Risk Management System (ARMS)
database. They are reported to top management twice a year or as necessary whenever issues arise. Senior
management are directly involved in reviewing risks identified as a top priority. This preventive measure manages
all our material impacts.
Audits
[MDR-P 65a] To assess the effective implementation of HSSE regulations and identify areas for improvement, we have
established an audit and review system. This system ensures that HSSE relevant information and data are regularly
gathered, reported, compiled, and analyzed. Our HSSE regulations are subject to independent review to achieve
continuous improvement. HSSE aspects of all activities undergo regular self and independent audits according to
established procedures. We ensure that sufficient and competent resources are available to conduct these audits
and reviews. Actions arising from audits and reviews are assessed for quality and monitored until they are
satisfactorily resolved. We determine that systems, design, work processes, activities, or tasks conform to specified
regulations and verify the ability to access valid HSSE regulations.
Incident Reporting and Investigation as a Remediation Measure
[MDR-P 65a] All employees and contractors are encouraged to report any unsafe conditions and behaviors to line
management to identify and resolve potential issues that could lead to future incidents or accidents. We
acknowledge these suggestions for improvement submitted by employees and contractors locally. All incidents,
hazards, HSSE walks, audits, findings, and defined actions are reported and tracked within a central HSSE reporting
tool. Online training is regularly organized via the My Success Factors learning platform to ensure the effective use
of the tool, emphasizing the importance data quality.
We investigate incidents and accidents using the expertise of our incident investigator pool members and other
technical experts. Our goal is to identify the root causes of incidents and implement measures to prevent more
severe incidents in the future. This includes focusing on near misses that could have led to serious accidents under
different circumstances. Additionally, we verify the effectiveness of actions implemented after severe and high-
potential incidents (HiPos), including process safety incidents, by updating our reporting tool with information about
past safety events. The incident investigation process has been further developed, and a subprocess to share HSSE
information and promote organizational learning has been established. Our Incident Investigation Panel meets
quarterly to review the process and implement practical improvements.
Health Standard
[MDR-P 65a] The OMV Health Standard provides guidelines to mitigate the negative impact on workers’ health caused
by inadequate occupational health and safety management, complex shift and rotation patterns, or project-related
pressures. It ensures effective employee health care across OMV with a specific focus on occupational health and
safety management for both our own force and value chain workers. It stipulates that OMV Group health care is
based on four pillars: occupational health, curative medicine, emergency care and preparedness, and preventive
programs and sets out the main principles, roles, and responsibilities, lines of communication within the
OMV Group, a framework for managing preventive health measures and curative health care, and collaboration
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among HSSE specialists. It supplements local legal requirements, allowing us to establish a harmonized level of
health care services and access to medical facilities at all OMV sites.
The OMV Group Health Standard governs the work of operative medical service providers in relation to planning
human resources, medical facilities and services, and local health plans. It involves operational health risk
assessment and management, emergency preparedness, preventive initiatives such as targeted health promotion
campaigns, health programs, and training sessions, as well as curative care. This involves ensuring a minimum level
of equipment and materials for our clinics, both onshore and offshore, such as ECG machines, defibrillators, suction
units, rescue devices, and emergency medication. Regular checks and supplier audits are conducted on medical
suppliers, food facility hygiene, and customer satisfaction. Reporting and collaboration with contractors and
subcontractors on health and safety are also integral parts of our process.
Active and collaborative health management by OMV, contractors, and their subcontractors is essential to
effectively manage health in the workplace where multiple organizations work together. Before such collaboration
begins, it is necessary to agree upon and organize the requirements, deliverables, and service levels, clearly define
roles and responsibilities, and establish an information policy and reporting requirements.
[MDR-P 65b] In addition to what has been disclosed under the HSSE Directive, OMV’s Health Standard also applies to
medical staff including value chain workers involved in providing medical services and advice to OMV Group
companies. [MDR-P 65b, 65c, 65d, 65e, 65f] For the Health Care Standard, unless otherwise specified, the scope of the
policy, involvement of senior-level management, reference to third-party standards (where relevant), interests of
key stakeholders in setting the policy (where relevant), and how the policy is made available to potentially affected
stakeholders are covered under > HSSE Directive.
Reporting, Investigation, and Classification of Incidents Standard
[MDR-P 65a] OMV aims to adhere to the highest standards to provide its employees and contractors with a safe
workplace. This is not only a moral obligation but also necessary to ensure seamless operations, without costly
shutdowns or delays due to incidents. OMV’s Reporting, Investigation, and Classification of Incidents Standard
clearly outlines the systematic approach to be followed (beyond local/national laws) and the regulations, roles, and
responsibilities when notifying, reporting, investigating, and classifying incidents within OMV. It also identifies
appropriate preventive and corrective actions. It aims to ensure that all incidents are identified and reported in a
timely manner. Work-related incidents with potential impacts on human health and safety, the environment, quality,
customers, financial and asset loss, reputation, media attention or compliance are thoroughly investigated to
determine their direct, root, and systemic causes. Security incidents, including malicious acts, are also investigated
to identify the involved parties and circumstances, with serious suspicions addressed similarly. Preventive and
corrective actions are implemented to reduce the likelihood of incident recurrence to as low as reasonably
practicable (ALARP). All OMV facilities are required to comply with the relevant local incident reporting and
investigation laws. Country-specific legal requirements will always take precedence. Despite this, OMV will always
share lessons learned and define actions to prevent recurrence of similar incidents as quickly as possible within the
Group.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Reporting, Investigation, and Classification of Incidents Standard, unless otherwise
specified, the scope of the policy, involvement of senior-level management, reference to third-party standards
(where relevant), interests of key stakeholders in setting the policy (where relevant), and how the policy is made
available to potentially affected stakeholders are covered under > HSSE Directive.
Occupational Safety Management
[MDR-P 65a; 65d] Occupational safety management is an integral part of the Group’s overall approach to managing
HSSE, utilizing standardized instructions, practices, and specifications to ensure safe work. Key components include
organization, resources, management processes, performance, safety culture, and documented practices, aligned
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with ISO 45001. Its aim is to provide a framework for managing the prevention of work-related incidents,
developing and implementing occupational safety objectives, demonstrating top management leadership and
commitment to occupational safety management, and establishing systematic processes that consider safety risks
and opportunities for improvement. This involves identifying hazards, assessing occupational safety risks, and
establishing operational controls to minimize these risks. Additionally, it includes raising awareness of occupational
safety hazards and how to mitigate them through information, communication, and training, continuously
evaluating and improving safety performance, developing the necessary competencies, fostering a mature safety
culture, and ensuring the involvement, informing, consultation, and participation of employees and contractors.
[MDR-P 65b, 65c, 65e, 65f] For Occupational Safety Management, unless otherwise specified, the scope of the policy,
involvement of senior-level management, interests of key stakeholders in setting the policy (where relevant), and
how the policy is made available to potentially affected stakeholders are covered under > HSSE Directive.
[S1-1.23] The OMV Group has a workplace accident prevention policy and management system in place. The policies
addressing workplace accident prevention are the HSSE Policy, the HSSE Directive, and the Occupational Safety
Management Standard, all guided by our HSSE vision and mission: “Committed to ZERO Harm – Protect People,
Environment, and Assets.” HSSE management system has 12 important elements, some of them specifically
addressing workplace accidents in terms of prevention. The OMV Group emphasizes open and transparent
reporting of incidents, thorough root cause investigations, and implementing lessons learned to prevent recurrence.
Root-cause analyses cover all causes and management failures. Lessons learned are shared within OMV and with
external stakeholders. Investigations use proven methodologies and competent teams.
S1-2 Processes for Engaging with Own Workers and Workers’ Representatives About
Impacts
[S1-2.27a, 27b] [AR 24a, 24b] Safety walks and HSSE awareness raising campaigns targeting both employees and value
chain workers are conducted on an ongoing basis to ensure safety is embedded within our corporate culture.
Greater focus is placed on improving the HSSE walks by encouraging open dialogue while they are in progress. This
promotes understanding of the challenges in the operating fields and increases trust between the workforce and
management. Feedback is fed into the HSSE plans (at local level and at Group level) and monitored in our HSSE
reporting tool. Practical Life-Saving Rules (LSRs) training will be continued and delivered systematically in the
Safety Centers, some of which were refurbished and some of which were newly built in 2024, for which the training
concept and material have been fully reviewed and updated.
The LSRs are discussed with employees and value chain workers (e.g., contractors at our facilities) on an ongoing
basis during awareness programs, workshops, management walk-arounds, safety walks, and during various team
meetings. We believe psychological safety, promoting open dialogue, and establishing a culture in which health and
safety are integrated into every employee’s role are effective ways to empower people to work safely. Workers are
engaged in initiating, implementing, evaluating, and improving health and safety programs. They work closely with
their managers to find joint solutions to common problems, which helps managers pinpoint issues while motivating
and encouraging workers to improve their own safety. Activities to promote safety are a constant focus in our
organization, with concrete actions implemented on a monthly, quarterly, and annual basis. These initiatives are
designed to ensure the ongoing safety of all employees and foster a culture of safety awareness and proactive risk
management across the organization.
[AR 24c] Engagement activities related to HSSE topics occur at multiple levels across the OMV Group. At the
corporate level, these include the development of an annual Group HSSE plan, the communication and alignment of
Points of Contact (PoC) across Safety Centers, support for HSSE systems within the organization, and the
implementation of a Group-wide communication strategy. Additionally, corporate initiatives encompass HSSE
campaigns and events such as HSSE Manager Days and the World Day for Safety and Health at Work. At the local
level, engagement activities feature regular meetings and HSSE days, ensuring that information is integrated into
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both local and Group HSSE plans and internal communication campaigns. [AR 24d] OMV allocates substantial
financial and human resources to health and safety activities. This includes funding allocated for engagement
activities such HSSE campaigns, HSSE walks, training programs and workshops, as well as dedicated health and
safety personnel.
[S1-2.27e] The effectiveness of our health and safety engagement is assessed through feedback from participants,
including both employees and contractors, as well as through annual internal audits. When negative feedback is
received or safety walks identify unsafe practices, the root cause is investigated and reported. Internal audits are
conducted to ensure our safety measures and protocols comply with our internal guidelines. Improvement ideas
identified are then incorporated into the annual HSSE plans. In addition, to ensure effective health and safety
management, our performance metrics and progress toward our targets are tracked monthly and reported
annually.
S1-4 Actions to Manage the IROs Related to Own Workforce
[S1-4.39] To determine the necessary actions to address the negative impact of inadequate health and safety
management, annual HSSE Plans are developed. The HSSE strategy is implemented through these annual plans and
targets. Using a combined top-down and bottom-up process, 44 local annual HSSE plans are created and monitored
centrally. [MDR-A 69a,69b] For the material topic S1 Health, Safety & Well-Being, none of our actions exceeded our key
action monetary threshold of EUR 5 mn, and therefore these data requirements have not been addressed. [S1-4.35]
[S1-4.37] In 2024, we defined actions focused on preventive care and training, raising awareness, and promoting
safety practices. [S1-4.AR 43] OMV dedicates significant efforts and personnel to enhancing our health and safety
management. This includes executing the actions outlined in the HSSE plans.
Preventive Care
[S1-4.37] [S1-4.38a, 38b, 38c] [MDR-A 68a] Preventive Care is our proactive measure to address the negative material impact
on our employees caused by inadequate occupational health and safety management. This is achieved by
implementing a variety of initiatives and projects across the OMV Group. OMV maintains or works with a total of
45 medical units across all locations where we have operating facilities. To mitigate occupational health risks, our
medical staff carry out specific preventive examinations in compliance with the legal regulations of the countries in
which we operate. These examinations include blood tests for employees working with specific hazardous
substances and hearing tests for employees exposed to noise. [S1-4.38d] To track the effectiveness of these medical
units, internal audits are conducted to ensure that the quality of the preventive examinations aligns with our Health
Standard and the legal regulations of the countries where we operate.
At the Health Circle in Gänserndorf, Austria, employees gather regularly to address work-related health issues and
create customized solutions in collaboration with the local health team. Local face-to-face health promotion
sessions were able to take place in some countries, with the main topics including a breast cancer awareness
campaign that continued in Romania and New Zealand and free and voluntary skin cancer screening, followed by
the availability of an examination performed by a specialist doctor in the case of abnormalities.
[MDR-A 68b; 68c; 68e] Preventive examinations that are provided by the medical units at our sites are available to our
own employees as well as to value chain workers. Additional health initiatives and awareness raising campaigns
such as skin cancer screening are reserved for our own employees. This action is an ongoing process. Over the last
few years, the Corporate Health and Learning departments have developed a new collaborative initiative to raise
awareness of health issues. In 2024, webinars were held focusing on issues such as ideas for achieving a better
work-life balance, while another was organized to discuss the promotion of mental health. The topic of mental
health was addressed extensively in 2024, with several actions, interviews, several communication sessions,
webinars and Q&A sessions, and industry health committees tackling this hot topic.
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Training, Awareness Raising, and Safety Promotion
[MDR-A 68a] [S1-4.37] [S1-4.38a, 38c] [S1-2.27 AR 24a] Training, awareness raising, and safety promotion activities are part of
our preventive and enhancement measures, addressing the negative impact arising from inadequate occupational
safety and health and safety management. [MDR-A 68b, 68c] They are provided on an ongoing basis and target all OMV
employees.
OMV employees at all levels are regularly trained in their roles and responsibilities. Education and training are
important for informing workers and managers about workplace hazards and controls, so they fully understand the
hazards, eliminate, or mitigate the risks and work safely. Following the update and Group-wide alignment of our
LSRs, we ran an intensive program of face-to-face rollout workshops led by line management to reach all
employees and contractor employees. All staff are required to be familiar with the HSSE Policy, internal HSSE
regulations, relevant legislation, and especially Life-Saving Rules. They actively contribute to and further develop
HSSE awareness as part of our corporate culture, for example, by stopping and reporting unsafe or irresponsible
acts and conditions and reporting any near misses, incidents, and non-compliance. [S1-4.38d] Through these reports,
we track the effectiveness of training, awareness-raising, and the promotion of safety practices.
Life-Saving Rules Safety Centers
[MDR-A 68a; 68b; 68c] In 2024, we rolled out and started implementing our new concept for practical training on our
Life-Saving Rules for 20 operational locations. Contractor employees and our own employees receive practical
training in the specially built safety training centers to act as a multiplier for safety on site. This helps improve the
relationship between the workforce and management and encouraged safe behavior, leading to an overall positive
impact at our sites. A major focus in the Safety Centers is increasing safety awareness and knowledge through
practical training to avoid serious incidents. Safety programs with the aim of consolidating and improving safety
performance were implemented with a wide variety of contractors. To underline their importance, they are
supported and managed by senior management as sponsors. This is an ongoing initiative.
S1-5 Targets Related to Own Workforce
[S1-5.45] [MDR-T-80a-80j] The HSSE targets in S1 Health, Safety & Well-Being (excluding the target on preventive health
programs with a focus on mental well-being) and S2 Workers in the Value Chain apply to all our own employees
and non-employees (leased personnel e.g., engineering and technical staff, operational field staff, HSSE, project
managers, supply chain and procurement, legal and compliance) and all other workers working on OMV sites, called
contractors and sub-contractors. To ensure comparability of these indicators across the industry, the targets are
established based on best practice guidelines for the oil, gas, and chemicals industry. All targets are monitored
monthly and reviewed annually to evaluate our year-on-year performance and identify potential areas for
improvement.
Total Recordable Injury Rate
[S1-5.44] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] This target supports our strategic goal to “Ensure the safety, physical and mental integrity of people”
that is defined in the OMV Group HSSE Strategy 2030.
2025
At least second quartile in the respective business segment
2030
First quartile in the respective business segment
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Relative Target
Value chain activities
Own employees and contractor employees
In scope
100% for fully owned assets and for assets where the Group’s interest is less than 100% but more
than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture.
We compare to each business segment and region (usually continent) we are operating in.
Relevant industrial association (e.g., IOGP, Concawe, Cefic, Solomon, NACE)
Out of scope
Joint ventures where OMV does not have control or operatorship; where OMV has no management
control, M&A in the integration phase
Geographical coverage
Group-wide
Base year
2024
Baseline value
The KPI is calculated independently for each year, without reference to prior years.
[MDR-T-80f] The Total Recordable Injury Rate (TRIR) is the number of recordable injuries (fatalities, lost workday cases,
restricted workday cases, and medical treatment cases) per 1,000,000 hours worked. The TRIR is calculated on an
annual basis and reported as a combined rate including both employee and contractor data. The following sources
are used to define or benchmark this KPI: OMV HSSE Policy/Directive, OMV Group HSSE Policy, and the internal
HSSE reporting tool. Reporting follows IOGP safety and environmental data reporting, Concawe reporting
guidelines, and Ipieca/IOGP Health Performance Indicators, which provide guidance for the oil and gas industry.
[MDR-T-80h] The target was proposed during internal workshops involving relevant internal stakeholders and business
functions and approved by the OMV Executive Board (EB). [MDR-T-80i] As the target was set in 2024, no changes to
the target, metrics, or methodologies apply.
Status 2024
[MDR-T-80j] TRIR: 1.33 per 1 mn hours worked (2023: 1.381)
Engagement walks/HSSE walks
[S1-5.44a] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] This target supports our strategic goal of “Enhancing the effectiveness and efficiency of processes,
regulations, and tools” as defined in the OMV Group HSSE Strategy 2030. It aims to ensure safe work on site, share
positive observations, eliminate unsafe situations and behavior, and generate commitment.
2025
30% of the HSSE Engagement Walk (EW) should be
associated with the following focus areas:
1. EW with LSR focus, 2. EW with contractors, 3. EW for
training newcomers and less experienced employees
2030
EW with positive observations rewarded to be added by
2030
1 2023 TRIR restated from 1.37 to 1.38 due to reclassification of 2 Borealis incidents (1 employee and 1 contractor).
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Relative Target
Value chain activities
Own operations (including contracted services when applicable)
In scope
100% for fully owned assets and for assets where the Group’s interest is less than 100% but more
than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Joint ventures where OMV does not have control or operatorship
Geographical coverage
Group-wide
Base year
2025
Baseline value
n.a.
[MDR-T-80f] The target is calculated as (Number of EW LSR + Number EW Contractors + Number EW Coached) /
(Total Number of EW) * 100. Number of EW with LSR focus refers to engagement walks (EW) with a focus on the
Life-Saving Rules, EW with contractors refers to engagement walks with contractors, and EW coached refers to EW
for training newcomers and less experienced employees. [MDR-T-80h] The target was proposed during internal
workshops involving relevant internal stakeholders including Group HSSE (e.g., in the refineries), Group
Sustainability and specific business functions. It was approved by the OMV Executive Board (EB). [MDR-T-80i] The
target focuses on reducing negative impacts on safety. This is a new target established to ensure safe work on site
to reduce material impacts on our own and the contractor workforce.
Status 2024
[MDR-T-80j] The development, coordination, and rollout of this Leading KPI (LeKPI) took place in 2024. The necessary reporting
platform was expanded to enable the entry and processing of the planned and actual values to enable its tracking. The initial
tracking will start from 2025.
Preventive health programs with a focus on mental well-being
[S1-5.44a] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] This target supports the strategic goal to “Improve workability through integrated health management”
as defined in the OMV Group HSSE Strategy 2030 and is in line with our commitment to supporting our employees
in improving both their mental well-being and physical health.
2025
At least 3 Group actions (webinars, surveys, lectures)
targeting mental health topic
2030
Reaching at least 30% exposure of total employees’ number
to at least to 1 mental health activity
Relative target from 2025-2030; Absolute target from 2030 onward
Value chain activities
Own employees
In scope
100% for fully owned assets and for assets where the Group’s interest is less than 100% but more
than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Joint ventures where OMV does not have control or operatorship
Geographical coverage
Group-wide
Base year
2023
Baseline value
0
[MDR-T-80f] The methodology for calculating achievements in 2025 involves reporting the quantitative number of
each type of mental health event organized per year by the Health Management Department, including internal
communications (blogs, MyNews), webinars, and mental health training. For 2030, the methodology involves
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calculating the percentage of the total number of people exposed to at least one of the activities organized on the
mental health topic in the last five years, relative to the total number of employees. The assumption regarding the
number of participants attending the online events is based on the number of individuals who accepted the training
invitation.
[MDR-T-80h] The target was proposed during internal workshops involving relevant internal stakeholders and business
functions and approved by the OMV Executive Board (EB). [MDR-T-80i] As the target was set in 2024, no changes to
the target, metrics, or methodologies apply.
Status 2024
[MDR-T-80j] In 2024, nearly 500 people attended at the peak of participation. On average, 350 people attended the mental
health webinars. During the year, four webinars were conducted, and four on-request training sessions were organized for the
business divisions. Additionally, seven blogs and two MyNews articles were published to raise awareness of this topic on
OMV’s Intranet. The first session for mental health first aiders was implemented, training 12 participants over three full days to
recognize acute signs of mental health disorders. Furthermore, a leadership training session on the impact of leadership on
mental health was conducted for CEO Line 1 managers.
Work-related fatalities
[S1-5.44a] [S1-5.45] MDR-T-80a-80j]
[MDR-T-80a] This target supports our strategic goal to “Ensure the safety, physical and mental integrity of people”
that is defined in the OMV Group HSSE Strategy 2030.
2025
0
2030
0
Absolute Target
Value chain activities
Own employees and contractor employees
In scope
100% for fully owned assets and for assets where the Group’s interest is less than 100% but more
than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Joint ventures where OMV does not have control or operatorship; where OMV has no management
control, M&A in the integration phase
Geographical coverage
Group-wide
Base year
2023
Baseline value
1
[MDR-T-80f] The methodology to derive work-related fatalities is based on the guidelines outlined in the OMV Group
HSSE Policy and follows reporting standards such as the Global Reporting Initiative (GRI), IOGP safety and
environmental data reporting, Concawe reporting guidelines, and Ipieca/IOGP Health Performance Indicators, which
serve as a guide for the oil and gas industry. [MDR-T-80h] The target was proposed during internal workshops
involving relevant internal stakeholders and business functions and approved by the OMV Executive Board (EB).
[MDR-T-80i] There were no changes to this target in 2024.
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Status 2024
[MDR-T-80j] 0 work-related fatalities (2023: 1)
[S1-5.47a] The process for setting our HSSE targets on incidents, engagement walks/HSSE walks, preventive health
programs with a focus on mental well-being, and work-related fatalities included an evaluation of the results from
reported HSSE incidents, internal audits, and contractor assessments to identify areas for improvement. This was
followed by consultations with internal stakeholders like EB members and the Group Sustainability department, as
well as benchmarking against IOGP and Concawe best practices and guidelines. We did not directly engage with
workers in our value chain or their representatives. [S1-5.47b] We monitor our performance against these targets
monthly and review them annually. [S1-5.47c] The monthly review of progress toward these targets, combined with
year-on-year figures, provides insight into the effectiveness of the actions taken to achieve them. If a negative trend
is observed, we investigate the root cause and ensure the lessons learned are shared with affected stakeholders
(e.g., employees, partners, and contractors).
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S1-14 – Health and Safety Metrics
Health and safety metrics1
[S1-14.88] [S1-14.89] [S1-14.AR90] [GRI 403-9] [MDR-M.77c]
2024
2023
Percentage of people in own workforce who are covered by a health and
safety management systems based on legal requirements and/or
recognized standards or guidelines
%
100
100
Occupational Safety – Own workforce
Fatalities
number
0
0
Fatality rate
per 100 mn hours worked
0.00
0.00
Number of hours worked
hours (thousand)
36,976
36,429
Lost-Time Injury Rate (LTIR)
per 1 mn hours worked
1.05
1.04
High-consequence
number
2
0
High-consequence
per 1 mn hours worked
0.05
0.00
Lost-time injury severity
average number of LWDs per LWDI
29.23
21.47
Total recordable injuries
number
52
55
Total Recordable Injury Rate (TRIR)
per 1 mn hours worked
1.41
1.51
Occupational Safety – Contractors
Fatalities
number
0
1
Fatality rate
per 100 mn hours worked
0.00
1.17
Number of hours worked
hours (thousand)
72,562
85,120
Lost-Time Injury Rate (LTIR)
per 1 mn hours worked
0.87
0.80
High-consequence
number
1
2
High-consequence
per 1 mn hours worked
0.01
0.02
Lost-time injury severity
average number of LWDs per LWDI
32.41
35.34
Total recordable injuries
number
94
113
Total Recordable Injury Rate (TRIR)
per 1 mn hours worked
1.30
1.33
Occupational Safety – Employees and Contractors
Fatalities
number
0
1
Fatality rate
per 100 mn hours worked
0.00
0.82
Number of hours worked
hours (thousand)
109,540
121,549
Lost-Time Injury Rate (LTIR)
per 1 mn hours worked
0.93
0.87
High-consequence
number
3
2
High-consequence
per 1 mn hours worked
0.03
0.02
Lost-time injury severity
average number of LWDs per LWDI
31.20
30.37
Total recordable injuries
number
146
1682
Total Recordable Injury Rate (TRIR)
per 1 mn hours worked
1.33
1.382
1 The table displays statistics for all incidents involving our own workforce and employees within the value chain under OMV Management Control. There was one fatality within the
Borealis value chain, which was outside our Management Control and therefore not included in the statistics in accordance with OMV’s reporting guidelines.
2 2023 minor data correction based on incident reclassifications
[S1-14.90] [MDR-M.77c] 41.7% of our sites are certified to ISO 45001 (covering 30.59% of OMV employees)
[Voluntary] 10 clinics audited by OMV Corporate Health in 2024
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Metrics Definitions and Methodologies
[MDR-M.77b] The measurement of the metrics is not validated by an external body other than the assurance
provider.
[S1-14.88a] [MDR-M.77a; 77c] Percentage of people in own workforce who are covered by health and safety
management systems based on legal requirements and (or) recognized standards or guidelines: This is a legal
requirement applicable to all employees.
[S1-14.88c] [MDR-M.77a; 77c] Rate of recordable work-related accidents for own workforce: the sum of injuries
resulting in fatalities, permanent total disabilities, lost workday injuries, restricted work injuries, and medical
treatment injuries.
[S1-14.88b] [MDR-M.77a; 77c] Number of fatalities as a result of work-related injuries for own workforce: a death of a
company employee resulting from a work-related injury when the person concerned dies within 12 months as a
result of the injury.
[S1-14.88c] [MDR-M.77a; 77c] Number of recordable work-related accidents for own workforce/Total Recordable
Injuries: the sum of injuries resulting in fatalities, permanent total disabilities, lost workday injuries, restricted work
injuries, and medical treatment injuries.
[S1-14.88c] [MDR-M.77a; 77c] Rate of recordable work-related accidents for own workforce/Total Recordable Injury
Rate: the number of recordable injuries (fatalities + lost workday cases + restricted workday cases - medical
treatment cases) per 1,000,000 hours worked.
[S1-14.88e] [MDR-M.77a; 77c] Number of days lost to work-related injuries for own workforce/Lost workdays: the sum
total of calendar days after the day on which the occupational injury occurred, where a person reported under lost
time injury was unfit for work, including days off work. The maximum lost workdays reportable for each lost
workday case is 180.
[S1-14.88e] [MDR-M.77a; 77c] Number of fatalities as a result of work-related injuries for own workforce: a death of a
company employee resulting from a work-related injury when the person concerned dies within 12 months as a
result of the injury.
[S1-14. 90] [MDR-M.77a; 77c] Percentage of own workforce covered by a health and safety management system
which is based on legal requirements and/or recognized standards or guidelines and which has been internally
audited and/or audited or certified by an external party: sum of the number of all own employees from ISO 45001-
certified sites divided by the sum of own employees (head count), multiplied by 100.
[GRI 403-9], [MDR-M.77a; 77c] Fatality rate for own workforce/contractors: the number of employees and/or
contractor fatalities per 100 mn hours worked.
[GRI 403-9] [MDR-M.77a; 77c] Number of hours worked for own workforce/contractors: the total number of hours
performed by employees/contractors. Contractor hours worked should include all hours worked by contractor
personnel on company premises and all work-related activities. Hours worked are calculated in the following
manner: ► For Austrian and German companies: ► Working hours p.a. for OMV employees = Number of
employees * 1,570 ► Working hours p.a. for contractors = Number of contractor employees * 2,000 (The different
factors are due to the fact that contractors generally work on a 10-hours-per-day basis on premises while the
factor for own employees is based on a 38-hour working week.) ► For companies in other countries, the hours
worked can vary considerably. Average hours worked in a year will generally lie between 1,600 and 2,300 per
person and will depend upon the regional conditions of employment and on/off shift ratio.
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[GRI 403-9] [MDR-M.77a; 77c] Lost-Time Injury Rate (LTIR) for own workforce/contractors: the number of lost time
injuries (fatalities and lost workday injuries) per one million hours worked.
[GRI 403-9] [MDR-M.77a; 77c] High-consequence for own workforce/contractors (number): lost-time injuries that
resulted in 180 (or more) lost workdays or permanent total disabilities.
[GRI 403-9] [MDR-M.77a; 77c] High-consequence for own workforce/contractors (per 1 mn hrs worked): lost-time
injuries that resulted in 180 (or more) lost workdays or permanent total disabilities.
[GRI 403-9] [MDR-M.77a; 77c] Lost-time injury severity for own workforce/contractors: the average number of actual
lost workdays per lost workday injury.
[GRI 403-9] [MDR-M.77a; 77c] Total recordable injuries for own workforce/contractors: the sum of injuries resulting in
fatalities, permanent total disabilities, lost workday injuries, restricted work injuries, and medical treatment injuries.
[GRI 403-9] [MDR-M.77a; 77c] Total Recordable Injury Rate (TRIR) for own workforce/contractors: the number of
recordable injuries (fatalities + lost workday cases + restricted workday cases + medical treatment cases) per
1,000,000 hours worked.
[GRI 403-9] [MDR-M.77a; 77c] Total recordable injuries for own workforce and contractors: the sum of injuries
resulting in fatalities, permanent total disabilities, lost workday injuries, restricted work injuries, and medical
treatment injuries.
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S1 Own Workforce
Material Topic: S1 Own Workforce
Material Sub-Topics: Working conditions, Equal treatment and opportunities for all, and Other work-related rights.
Our aim is to build and retain a talented and skilled workforce by creating stable jobs and good working conditions,
contributing to a Just Transition via upskilling, and actively ensuring equal opportunities for all, and in doing so cultivating
an environment of respect and psychological safety to enable all employees to be their full selves.
Relevant SDGs:
SDG targets:
4.4 By 2030, substantially increase the number of young people and adults who have relevant skills, including technical and vocational skills, for employment,
decent jobs and entrepreneurship
5.1 End all forms of discrimination against women and girls everywhere
5.5 Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life
8.2 Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high value
added and labor-intensive sectors
8.5 By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal
pay for work of equal value
10.2 By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or
economic or other status
Following the announcement of OMV Group’s Strategy 2030, all Human Resources functions Group-wide were
renamed People & Culture (P&C). The aim of this department is to fully support OMV’s Strategy 2030 by prioritizing
key aspects that enable us to unlock our organization’s full potential. The new name emphasizes that people and
culture are central to achieving our strategy’s targets. Our new P&C Strategy is centered around “People make it
happen,” supporting OMV’s transformation. At the core is our purpose, “Re-inventing essentials for sustainable
living.” The four strategic drivers are Employee Experience, Growing Talent, Organizational Evolution, and New
Ways of Working, all of which are powered by Transformational Leadership Competencies. This ensures employees
can thrive and develop skills to meet business demands. Initiatives like the launch of our new OMV Values make a
significant contribution to this.
Building and retaining a talented, skilled team for international and integrated growth is vital for our strategy’s
success. We are committed to creating an environment where every employee can learn, grow, connect, and
collaborate, as well as live a safe and healthy life. OMV contributes to a Just Transition by keeping skills up to date,
preparing our employees in the traditional oil and gas business to transition and become future-ready for roles in
our low-carbon business. OMV’s core commitments to its employees, detailed in the Code of Conduct, include
promoting learning and development and creating an environment for professional and personal aspirations in line
with our business needs. Diversity is a strength we actively leverage. We believe that diverse teams are more
creative, resourceful, and knowledgeable, generating broader perspectives and ideas. DE&I significantly impact
engagement and job satisfaction, which in turn directly contributes to the Group’s profitability and sustainability.
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Impacts, Risks, and Opportunities (IROs)
OMV aims to provide just and favorable working conditions, which can lead to increased employee satisfaction,
productivity, and health. By promoting a work-life balance and increasing opportunities for employees who
represent a minority share, we strive to create a positive and inclusive work environment. Our comprehensive and
inclusive workforce strategy focuses on equal treatment and opportunities for all, enhancing employee satisfaction
and productivity. These efforts have a positive impact on our workforce, fostering a supportive and equitable
workplace culture that benefits both employees and OMV.
Attracting and retaining talented and trained staff is one of our key opportunities. By offering competitive training
opportunities, we aim to gain an advantage in talent attraction and retention, which is crucial for our ongoing
success. Recognizing the risk to our progress by not having up-to-date knowledge and skills, we are committed to
continuously improving our training programs to ensure our workforce remains skilled and compliant. This is
essential for successfully executing our strategy and complying with legal requirements. For details on our material
IROs for > S1 Own Workforce, see > ESRS 2 General Information.
ESRS 2 SBM-3 Interaction of Material IROs with the Strategy and Business Model
We have developed a People & Culture Strategy that fully supports the transformation of OMV as captured in the
Strategy 2030. At the core of the new People & Culture Strategy is our purpose, i.e., “Re-inventing essentials for
sustainable living.” We have developed four strategic drivers: Employee Experience, Growing Talent, Organizational
Evolution, and New Ways of Working. These are all powered by a solid foundation of Transformational Leadership,
driven by our leaders.
Building and retaining a talented and skilled team of employees for international and integrated growth is a key
factor in the success of the Group’s strategy. We are committed to creating an environment in which every
employee can learn, grow, connect, and collaborate, as well as live a safe and healthy life. The measures include
promoting learning and development and creating an environment where people can develop professionally and
fulfill their personal aspirations in line with our business needs.
[SBM-3.14a] All OMV employees, including our own employees (e.g., pipeline engineers, field technicians, chemical
engineers, rig operators, financial analysts, project managers) and non-employees (e.g., leased personnel, self-
employed people, or people provided by third-party undertakings primarily engaged in employment activities) are
subject to material impacts. [SBM-3.14b-i, 3.14b-ii] Some of the negative impacts identified were widespread within
limited groups of employees (e.g., formal employee representation legally forbidden in some jurisdictions). Isolated
events that impact a specific location or operation were identified in the reporting period (e.g., lack of a centralized
grievance channel, inappropriate accommodation, access to privacy).
[SBM-3.14c] The actions implemented by OMV for the positive material impacts identified regarding just and favorable
working conditions and equal treatment and opportunities for all are applicable across the whole Group. Training and
skills development programs aimed at both blue-collar workers and white-collar workers support talent attraction
and retention among our employees and non-employees. Performance management and career development
actions are focused on our own employees. Special DE&I actions are developed in six workstreams (Accessibility,
Gender, Generations, Intercultural, LGBTQ+, and Parenting/Caregivers). Development of transformational leadership
competencies is available for leaders among employees. [S1 SBM-3.14f, 3.14g] Details regarding operations at significant
risk of incidents of forced labor or child labor can be found in the Human Rights section.
Talent Program
[SBM-3.14c] The OMV Leading Ahead program is run together with Borealis and OMV Petrom to offer the Group’s top
talents a wide-ranging leadership development journey and a broad career platform. The first participants
graduated in 2023. An annual base nomination continues for the next program run.
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Supporting Leaders to Drive the Transformation and Change
[SBM-3.14c] The Change Management Toolkit provides our teams with comprehensive guidance and supportive
interventions to navigate various change processes. It equips our teams with the essential resources and strategies
to lead organizational transformations effectively, ensuring a smooth and successful transition for both employees
and stakeholders.
A vital component in strengthening a new team structure is the team effectiveness training in January 2023
implemented. This training is designed to arm teams with the skills and tools necessary to thrive in the evolving
structure, promoting a seamless transition and fostering a more cohesive and effective working environment. The
training is delivered annually in alignment with workforce requirements and is tailored to the specific business unit
needs.
To equip leaders with transformation skills, a new Transformational Leadership program was launched in 2024. It
focuses on how to achieve our OMV strategy, staying self-motivated, and encouraging the team to drive the
transformation forward. This activity addresses the impact of ensuring just and favorable working conditions and
mitigates the risk related to inefficient reskilling and training of staff.
Employee Well-Being
Maintaining the well-being of our employees is critical during the OMV transformation. In transitioning our business,
employees may experience uncertainty about the impact on their work and stress due to the frequent changes of
structure or new processes. Therefore, OMV has placed significant focus on managing work-life balance by
supporting flexible ways of working, like working from home or part-time models, and invested in psychological
support and a well-being training program. We monitor our employees’ well-being through our yearly Pulse Check,
and in 2024 it showed an increase compared to the previous year – currently 72% of the OMV Group’s employees
feel that the balance between their work and personal commitments is right.
[S1 SMB-3.14d, 3.14e] Employee well-being is not only determined by work-life balance but also by the sense that OMV
is ensuring they are prepared and have the right skills for the business now and in the future. Our commitment to a
Just Transition is demonstrated in preventing one of the key material risks, identified as the inefficiency of reskilling
our employees in alignment with the strategic transformation needs. We need to prevent a potential shortage of
skilled staff, for our existing and future business, as that could lead to reduced productivity, economic disparity, and
job insecurity among employees.
It is crucial that we include all employees in our upskilling strategy so that we promote fairness and inclusivity,
providing equal opportunities for all employees to gain the necessary skills for existing and new roles. Aligning
training programs with OMV’s strategic needs helps maintain economic stability, reducing the risk of job losses and
economic hardship. Furthermore, effective training can bridge socio-economic gaps, promoting social equity and
supporting sustainable growth. By addressing these risks and leveraging the opportunities, OMV can contribute to a
Just Transition in a way that will benefit both our workforce and the broader community.
As part of our upskilling strategy, we provide training solutions that prepare our employees in the traditional oil and
gas business to transition and become future-ready for roles in our low-carbon business. The aim is to keep skills up
to date, recognizing that existing skills can be transferred to new energy solutions as well as being highly sought
after for existing energy solutions. For example, our Sustainability Academy, a SharePoint-based platform for all
employees, provides training for all OMV employees to expand their knowledge on ESG topics and cultivate a
mindset aligned with our journey to net zero. Our Operational Excellence programs provide our operations
managers with the support needed to keep our existing refining and energy business as effective as possible.
Through initiatives like these, we are fostering a culture of continuous learning and development, empowering our
team to thrive in the evolving landscape of energy solutions.
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[S1 SMB-3.14d] OMV’s transition plan aims to achieve climate-neutral operations by 2050 and might have substantial
material impacts on our own workforce. These impacts and risks include restructuring and potential changes to job
descriptions due to efforts to reduce carbon emissions in accordance with international agreements. Our personnel
policy promotes long-term employment, aiming to benefit both staff and the organization through sustained
working relationships. For more details, see Operational Changes and Minimum Notice Periods.
[S1 SBM-3.15] OMV is committed to ensuring fair treatment and equal opportunities for all employees, with zero
tolerance for discrimination and harassment. We celebrate our differences and use our diversity as a catalyst for
growth and creativity. Through our People & Culture (P&C) Strategy, we are adapting current practices to foster an
inclusive and purposeful workplace, promoting diversity and mobility within OMV.
Based on the OMV DE&I survey conducted in 2021 and consultations with P&C, DE&I, and human rights experts, we
identified certain groups at greater risk of harm due to their characteristics, contexts, or job activities. These include
LGBTQ+ individuals, disabled employees, ethnic and racial minorities, older workers (over 50), those with caregiving
responsibilities, women, and pregnant employees. We also recognized increased risks for lone workers, those in
remote or conflict areas, and environments with different cultural values. Additionally, employees in hazardous
roles and working night shifts, especially pregnant women, are at higher risk. By addressing these risks, OMV aims
to create a safer, more inclusive workplace where everyone can thrive, for example [SBM-3.16] the recent pandemic
demonstrated that OMV can maintain high levels of service through our digital methods of working. For our blue-
collar workers, we organized different shifts and reduced contact between groups of operators to ensure service
continuity.
The workforce of OMV comprises more than 50% Generation X and Baby Boomer individuals. This has led to
concerns as large groups are set to retire in the next five years. To address this risk, OMV is concentrating on
improving knowledge transfer between generations and nurturing the next generation of managers through our
Operational Excellence programs. In an effort to create a safer, more inclusive workplace, OMV has implemented
several initiatives. These include intercultural training to prepare employees for business trips or relocations,
ensuring they are well-equipped to navigate different cultural environments. To enhance intercultural awareness
further, management is encouraged to gain international experience through job rotation. Additionally, OMV
organizes DE&I awareness events and learning sessions on significant occasions such as International Women’s
Day, International Day of Persons with Disabilities, Pride Month, and Generations awareness, as well as celebrating
various intercultural days.
To support new parents, the Company has introduced training programs aimed at increasing awareness for both
genders regarding the availability of part-time models and other work adjustments. These programs aim to ensure a
safe and supportive workplace for all employees, promoting flexibility and understanding in balancing work and
family commitments.
Governance
[S1-2.27c] OMV’s People & Culture (P&C) department is responsible for a wide range of functions that are crucial to
our organizational success. These include talent acquisition, which focuses on attracting the right candidates to join
our team. People development is another key area, encompassing strategic competency development, talent
management, and learning management to ensure our employees have the skills and knowledge needed for their
roles. People relations involves managing payroll, employee administration, and employment law and contracts,
maintaining smooth and compliant operations. The P&C department also handles rewards and global mobility,
ensuring our employees are recognized and can move across different regions as needed. Finally, the P&C
representatives coordinate the activities of various units and countries where we operate, bringing synergy and
alignment to our global operations.
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The organizational setup of the local P&C departments in the various countries is aligned with the principles of
being fit for purpose, operating as efficiently as possible and generating the broadest possible synergies. We
promote the strategic exchange of talent between OMV and Borealis to offer employees additional job
opportunities and support the development of new skill sets. The OMV P&C leadership team reports directly to the
OMV Group Senior Vice President (SVP) of P&C. The SVP reports directly to the CEO.
Responsibility for the diversity topic is anchored at the highest level, as the achievement of diversity targets forms
part of the ESG targets in the Long-Term Incentive Plan (LTIP) for the remuneration of the Executive Board. The
OMV Group’s People & Culture (P&C) department is responsible for implementing the Group’s DE&I Strategy. A
governance team comprising P&C, Communications, and sponsors from Board level across OMV was formed in
2022 to work on our DE&I Strategy and reach the milestones defined in our roadmap. In addition, during DE&I
workshops, Employee Resource Groups (ERGs) consisting of volunteer OMV employees have been established to
achieve our DE&I goals. The ERGs support our actions by promoting the initiatives within their own teams, creating
the voice of the DE&I community and increasing visibility.
S1-1 Specific Policies and Commitments Related to Own Workforce
[S1-1.19] All the policies addressed in this section apply to all employees in our own workforce, unless otherwise
specified. Generally, the IROs related to Own Workforce are governed by the Code of Conduct and the Human
Rights Policy, which publicly underline our commitments regarding our own employees. S1 Own Workforce material
IROs are addressed and managed though specific policies like the Human Resources Directive, the People & Culture
Ethics Policy on Non-Discrimination, and our DE&I Vision.
Code of Conduct
[S1-1.19] [MDR-P 65a] OMV aims to be a fair and responsible employer that promotes equal opportunities, modern forms
of employee development, and a positive and dynamic working environment. By providing just and favorable
working conditions, employee satisfaction, productivity, and health care can increase the positive overall impact on
both the employees and OMV. We ensure compliance with local wage standards, working and rest times, and
overtime payment provisions to guarantee a dignified standard of living for our employees and their families, in line
with International Labour Organization standards. Where legal protections are insufficient, we ensure at least one
uninterrupted day off per week and adequate compensation.
By promoting a work-life balance and increasing opportunities for employees who represent a minority share, we
strive to create a positive and inclusive work environment. Our comprehensive and inclusive workforce strategy
focuses on equal treatment and opportunities for all, enhancing employee satisfaction and productivity. Our Code
of Conduct clearly states that discrimination based on race, color, sexual identity, gender identity or expression,
age, ethnic or social origin, genetic features, language, religion or belief, political opinion, membership of a national
minority, indigenous origin, property, marital or family status, disability, health status, or any other status, is not
tolerated.
Regarding parental leave, we comply with national law and ILO Convention 183, providing a minimum of 14 weeks of
maternity leave. We ensure a fair and effective reward system that supports equal pay for equal work through
Group-wide governance, and maintain a fair and transparent approach to dismissal, sanctions, deductions, and
complaints, in line with national law and fair proceedings standards. Recognizing the importance of job security, OMV
makes every effort to meet our responsibilities through contingency planning. These efforts have a positive impact
on our workforce, fostering a supportive and equitable workplace culture that benefits both employees and OMV.
[MDR-P-65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
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[S1-1.24a, 24c] Our Code of Conduct highlights the critical importance of diversity within our organization. We are
committed to ensuring that employees and job applicants are not discriminated against on the basis of age, race,
faith or religion, skin color, nationality, ethnic origin, political or other beliefs, gender, sexual orientation, disabilities,
or family status.
Human Rights Policy Statement
[S1-1.19] [S1-1.20] [MDR-P 65a] OMV is committed to respecting workers’ rights as outlined in the eight Fundamental
Conventions and the Declaration on Fundamental Principles and Rights at Work of the ILO. This includes freedom of
association, the right to collective bargaining, the elimination of forced labor and modern slavery, the abolition of
child labor, the elimination of discrimination, and ensuring a safe and healthy working environment. We respect the
right to form and join trade unions and refrain from actions undermining collective bargaining. Where national laws
prohibit formal employee representation, OMV seeks alternative forms of representation within the relevant legal
framework. We comply with local standards for decent living wages, working and rest times, and overtime
payments. When local labor standards fall short of OMV’s higher standards based on international human rights
law, we adhere to our higher standards while complying with applicable laws. OMV is dedicated to fair treatment
and equal opportunities for all employees, with zero tolerance for discrimination, bullying, and harassment in the
workplace. By promoting a work-life balance and increasing opportunities for employees who represent a minority
share, we strive to create a positive and inclusive work environment. Our comprehensive and inclusive workforce
strategy focuses on equal treatment and opportunities for all, enhancing employee satisfaction and productivity.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Human Rights Policy Statement, unless otherwise specified, the process for
monitoring, the scope of the policy, involvement of senior-level management, reference to third-party standards
(where relevant), interests of key stakeholders in setting the policy (where relevant), and how the policy is made
available to potentially affected stakeholders are covered in > S1 Human Rights.
[S1-1.24a] The OMV Human Rights Policy Statement affirms our commitment to equality for all individuals,
irrespective of any characteristics such as race, gender, sexual identity, age, color, ethnic or social origin, genetic
features, language, religion or belief, political or any other opinion, membership of a national minority, indigenous
origin, property, family status, disability, health status (including mental health), or any other status. [S1-1.21] [S1-1.22
[S1-1.24a, 24b, 24c, 24d] For details on our human rights commitments and the measures we have in place for
preventing and addressing human rights impacts within our own workforce, see > S1 Human Rights. Own
Workforce material impacts are addressed and managed though specific policies like the Human Resources
Directive, the People & Culture Ethics Policy on Non-Discrimination, and our DE&I Vision, which include more details
regarding the management of just and favorable working conditions, equal treatment and opportunities for all,
attraction of talent and trained staff, reskilling, and training.
Human Resources (HR) Directive
[S1-1.19] [MDR-P 65a, 65b] OMV’s Human Resources Directive (HR Directive) establishes a unified framework for HR
processes and regulations across the organization, excluding Borealis AG and SapuraOMV Upstream Sdn. Bhd. It
outlines the main principles, values, and organizational setup for HR functions, detailing roles and responsibilities,
HR processes, and governance. The directive aims to ensure consistency, internal equity, and transparency in HR
practices, supporting the business strategy and adding value by engaging the business in HR-related matters. It
covers areas such as reward management, talent acquisition, people development, international mobility, and HR
administration, while respecting local legislation and country-specific regulations that address the opportunity to
attract and retain talented and trained staff. By offering competitive training opportunities, we aim to gain an
advantage in talent attraction and retention, which is crucial for our ongoing success.
The directive outlines the principles and processes for managing employee rewards, including salary reviews,
performance evaluations, and benefits, to ensure transparency and consistency in recognizing and rewarding
employees for their contributions. It underscores the importance of employee development through structured
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learning and development programs, encompassing performance reviews, succession planning, and talent
management, to provide opportunities for growth and career advancement. Additionally, the directive emphasizes
the significance of diversity, with the goal of increasing female representation in senior leadership roles and
promoting initiatives such as mentoring, succession planning, and specific training programs. Furthermore, it
includes provisions for managing labor relations and providing HR law-related services, ensuring compliance with
local and international labor laws, protecting employees’ rights, and ensuring fair treatment in all HR-related
matters. By promoting a work-life balance and increasing opportunities for employees who represent a minority
share, we strive to create a positive and inclusive work environment. Our comprehensive and inclusive workforce
strategy focuses on equal treatment and opportunities for all, enhancing employee satisfaction and productivity.
Spot checks and internal audits are used to monitor the effective implementation of the policy.
[MDR-P 65c] The Senior Vice President of the People & Culture department holds the most senior position
accountable for the implementation of the HR Directive and the People & Culture Ethics Policy. [MDR-P 65e] OMV
subject matter experts (e.g., from the P&C department, human rights experts, legal experts, etc.) were either
directly involved in the development of the Directive and P&C Ethics Policy or consulted during the internal review
process to seek their feedback on the draft policies. [MDR-P 65f] The HR Directive and P&C Ethics Policy are made
available to all OMV employees via OMV’s Regulations Alignment Platform on the OMV Intranet, and where
required, during training sessions. [S1-1.24a] The HR Directive at OMV emphasizes the importance of managing
diversity, recognizing it as a significant strength that we are actively building on. We are committed to continuously
developing new initiatives and measures to promote diversity and equal opportunities within the organization. This
directive is supported by Annex 1, which contains the P&C Ethics Policy outlining OMV’s zero-tolerance stance on
any form of abuse, harassment, or discrimination in any work-related setting.
[S1-1.24] This policy ensures that all employees can work in an environment that is free from harassment, unlawful
discrimination, and retaliation. [S1-1 AR 10] In 2024, Annex 3 was incorporated into the existing HR Directive to outline
the setup, principles, and processes for the new SpeakUp Channel, ensuring its applicability to the OMV and OMV
Petrom subsidiaries. Using our SpeakUp Channel, employees can also raise concerns regarding serious work-related
misconduct online.
Working Hours and Flexibility
[S1-1.20a] [MDR-P 65a] We are committed to complying with applicable local working time and overtime payment
provisions, which is essential for a professional working environment. Part-time work is offered. In general, our part-
time employees are entitled to the same benefits as full-time employees, except where benefits are linked to the
amount of time worked (e.g., number of home office days per month, with full-time employees being entitled to
more home office days than part-time employees). In line with local legal provisions, we offer further flexible work
options such as special part-time work for certain age groups and options to work from home that provide greater
time flexibility for our staff. We offer various forms of long- and short-term breaks from work such as sabbaticals
and parental and other care leave.
Operational Changes and Minimum Notice Periods
[S1-1.20a] [MDR-P 65a] Our personnel policy is based on long-term employment. Both staff and the organization should
benefit from long-term working relationships. We are also aware that job security represents a major concern not
only for the individual employee, but also for society and the region concerned, and we therefore make every effort
to meet these responsibilities by means of contingency planning. Where business, organizational, or security
changes require adaptations in the workplace, or even a termination of employment, we evaluate all the options,
engage in constructive dialogue, and respond with the maximum possible care and sensitivity. Almost all our
employees are covered by mandatory notice periods under employment law or collective bargaining agreements in
the event of restructuring. In situations where staff release becomes unavoidable, we make every effort to consider
the economic and social consequences of those affected. We are committed to complying with local legislation
regarding minimum notice periods in each country where we operate.
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Wages
[S1-1.20a] [MDR-P 65a] We are committed to paying locally adequate wages in the regions where we operate. For
almost all our employees, minimum wages or salaries are fixed by law or agreed by way of collective bargaining. [S1-
1 AR 10] The HR Directive was updated with guidance on an internal grievance channel (SpeakUp Channel), which is
also dedicated to our own employees.
Rewards
[S1-1.20a] [MDR-P 65a] To promote and support OMV’s strategy, OMV aims to ensure compensation and benefits
packages that are competitive within relevant labor markets in the oil, gas, and chemical industry. Annual
remuneration reviews are conducted for this purpose. OMV continuously monitors market trends and international
best practices to attract, motivate, and retain the best-qualified talent from around the world. Base salaries are set
in accordance with internationally accepted methods for determining market levels of remuneration, and comply
with the relevant legal regulations, for example collective bargaining agreements. Base salaries are market-
oriented, fair, and tailored to the position and expertise of the employee. OMV encourages equal pay at all career
stages, for instance by setting standardized entry-level salaries that are reviewed each year in line with the local
market situation.
OMV strives for long-lasting employment relationships. We ensure the consistent, fair, and objective evaluation of
positions across all divisions and countries by applying a clearly defined methodology and process, validated by
external consultants for specific roles. The outcome of the evaluation forms the basis of the remuneration decisions
for every employee. Remuneration includes a balanced and transparent mix of fixed and variable monetary and non-
monetary components.
A new bonus program for employees – the Group Incentive Plan (GIP) – was introduced in 2024 with the aim of
incentivizing joint success as a Company. This newly designed annual incentive plan is based entirely on Company
goals and provides full alignment between the key financial and non-financial OMV strategic priorities and the
bonus payout to employees. While implementing the GIP, OMV will continue the annual goal-setting process.
Performance management will continue to play a crucial role in OMV’s business success by ensuring a shared
understanding of priorities and driving individual performance and development.
The portfolio of benefits is further customized for each of the countries in which OMV operates to meet the needs
of the local employees. Depending on local circumstances, additional incentives may include the following:
retirement plans, subsidized cafeteria, health centers, kindergartens (childcare facilities), kids’ summer camp, and
anniversary payments.
People & Culture Ethics Policy on Non-Discrimination
[S1-1.19] [MDR-P 65a] With our P&C Ethics Policy we aim to ensure equal employment opportunities without
discrimination or harassment on the basis of race, color, religion, sex, sexual orientation, gender identity or
expression, age, disability, marital or family status, political or other belief, citizenship, national origin, genetic
information, or any other characteristic protected by law. OMV prohibits any such discrimination or harassment.
OMV encourages reporting of all perceived incidents of discrimination, harassment, or retaliation, regardless of the
offender’s identity or position. OMV has established dedicated channels through which stakeholders may voice
concerns. Any reported allegations of harassment, discrimination, or retaliation will be investigated promptly with
commitment to the principles of confidentiality, anonymity, fair and equal treatment, and bona fide protection,
among other things. By promoting a work-life balance and increasing opportunities for employees who represent a
minority share, this policy provides guidelines for creating a positive and inclusive work environment. Spot checks
and internal audits are used to monitor the effective implementation of this policy.
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[MDR-P 65b, 65c, 65e, 65f] For the P&C Ethics Policy, unless otherwise specified, the scope of the policy, involvement of
senior-level management, interests of key stakeholders in setting the policy (where relevant), and how the policy is
made available to potentially affected stakeholders are all covered under the HR Directive.
Diversity, Equity & Inclusion (DE&I) Vision
[MDR-P 65a] [S1-1.24a] The OMV Group’s DE&I vision is built upon three key pillars: Diversity of Thought and Experience,
Equitable Opportunity, and Inclusive and Safe Spaces. We aim to become an organization where our differences are
embraced and used as a catalyst for growth and creativity. Our actions are focused on actively removing barriers so
that each of us can grow and contribute to the success of our Company. Additionally, we strive to build a culture of
trust and respect, working together so everyone can bring their full selves to work. This vision is supported by the
following policies, which state OMV’s zero-tolerance stance on any form of abuse, harassment, or discrimination in
any work-related setting: the Code of Conduct, the HR Directive (including the P&C Ethics Policy), and the Human
Rights Policy Statement.
[S1-1.24b] The OMV Code of Conduct, Human Rights Policy Statement, and P&C Ethics Policy explicitly outline OMV’s
stance against multiple grounds for discrimination, ensuring protection against any unfair treatment based on racial
and ethnic origin, color, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national
extraction, social origin, or other forms of discrimination covered by European Union regulations and national law.
[S1-1.24c] Furthermore, OMV is committed to inclusive practices and positive action for groups at higher risk of
vulnerability within its workforce. Specifically, for women, we ensure gender equality in recruitment, hiring, and
promotion through our equal opportunity initiatives. OMV has also introduced supportive policies that encourage
work-life balance, provide maternity leave, and support career development for women. For instance, we offer the
SHEnergy program, a leadership development initiative tailored for women, and the New Parents program, an
information session for new parents (all genders) to inform them about available support, part-time work models,
and other supporting practices. [S1-1.24d] These policies are implemented through a Group-wide DE&I governance
structure and volunteer Employee Resource Groups (ERGs). Additionally, the achievement of diversity targets is
incorporated into the ESG targets within the Long-Term Incentive Plan (LTIP) as part of the remuneration of the
Executive Board. To ensure female talent is identified and supported throughout their careers, we have embedded
diversity targets into our people processes, including recruitment, talent, and succession planning, learning, and
leadership development.
S1-2 Processes for Engaging with Own Workers and Workers’ Representatives about
Impacts
[S1-2.27a, 27b] [AR 24a] We engage with our employees and workers’ representatives through direct engagement and
value creation initiatives, annual Pulse Check surveys, and quarterly events with top management. These quarterly
events include discussions of financial results and Q&A sessions, while town hall meetings facilitate open
communication. Additionally, OMV uses collective bargaining to effectively represent and protect employee
interests and rights.
Employee Engagement
[S1-2.28] At OMV, gaining an insight into the perspectives of our workforce, particularly those who may be
marginalized or vulnerable to impacts, is crucial to our commitment to DE&I. To achieve this, we have established
DE&I volunteer networks and Employee Resource Groups (ERGs) that actively engage with employees across
various levels and functions. OMV has six different Employee Resource Group workstreams that provide insights
and share what is needed to reduce marginalization: Accessibility, Gender, Generations, Intercultural, LGBTQ+, and
Parenting/Caregivers. These groups are complemented by DE&I Ambassadors within the business, who serve as
advocates and ensure that DE&I principles are integrated into daily operations and strategic decisions.
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This year’s annual Pulse Check contains a new standard on inclusion, and at the OMV Group, 64% agree that we
strive to include and fully utilize the diverse talents, experiences, and backgrounds of all employees. Additionally,
we host Group-wide events with dedicated Q&A sections to provide a platform for open dialogue and address any
concerns or suggestions from our diverse workforce. Generations focus group discussions are organized to
understand and address the specific needs and perspectives of different age groups within our Company. To further
facilitate communication, we have established a dedicated email address for all employees where they can share
their experiences and ideas related to DE&I.
Our commitment to transparency is reflected in our DE&I reporting, which provides detailed information on gender,
age, and nationality. These reports are shared during the talent management process at our annual Group People
Days, ensuring that our progress and challenges are visible to all stakeholders and guiding our ongoing efforts to
foster an inclusive and equitable workplace. Through these comprehensive steps, OMV strives to create an
environment where all employees feel valued and heard.
Pulse Check Survey
[S1-2.27a] [S1-2.AR 24b] Based on the feedback we receive from the Pulse Check survey, focus areas are defined at
Group level to be followed up in the next year. This feedback is also integrated into action plans, which are
communicated back to employees through meetings, internal communications, and updates. This ensures
transparency and continuous engagement. Reflecting on the results of the 2023 Pulse Check (64% engagement
score), we introduced several initiatives in 2024. For example, to increase clarity on our purpose and strategy, we
have rolled out strategy engagement sessions across the Group, ensuring that everyone is informed and can
actively participate. Additionally, in response to feedback about employee development, we have encouraged line
managers and employees to create individual development plans. This has resulted in an increase in development
plans of 44%, which demonstrates our commitment to continuous learning and growth.
[S1-2.AR 24c] The Pulse Check is one of our most important tools for measuring the engagement of our employees
and it is an essential part of our People & Culture Strategy relating to Employee Experience. It is also a chance for
our employees to have their say and an opportunity to share their thoughts and ideas. The Pulse Check assesses
several key indices, including Safety, Innovation, Line Manager, Employee Development, Strategy,
Empowerment/Involvement, Well-being, Values, Sustainability, Transformational Leadership, and Inclusion. The
Pulse Check is conducted annually at Group level. Quarterly webcasts on financial results, which are available to all
employees and non-employees, address key focus topics and allow for questions. We host loyalty ceremonies for
long-serving employees and dedicated “North Star” sessions provide a more personal setting for pre-registered
employees to engage directly with the Executive Board. There are Fuels & Feedstock and Energy quarterly updates
with the respective Board members.
[S1-2.27] [S1-2.AR 24d] OMV allocates substantial financial and human resources specifically to engagement activities
with our own employees. This includes funding for engagement activities such as the Pulse Check, training
programs and workshops, and dedicated personnel. Although the P&C team organizes the yearly Pulse Check with
an external provider, its main purpose is to enable line managers to discuss with their teams how to improve
engagement. Each line manager receives access to the reporting tool, enablement sessions, and a practitioner’s
guide to not only support understanding of the results but also best practices to improve our ways of working. Line
managers usually organize workshops with their teams to share the results and develop an action plan of
improvements for the next year. Functional and divisional leads gather these action plans and look into what can be
done to improve on an organizational level. Each year we share the results, the actions taken, and the
improvements that were instigated by each organization and division on the intranet. Although the external costs
are a fraction of our yearly P&C budget, the impact of the Pulse Check on OMV as a whole is pivotal.
[S1-2.AR 24e] As OMV is undergoing its transformation, the Pulse Check allows us to keep a critical eye on not only
the engagement of our employees but also the extent to which they feel they can contribute to the strategy, that
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they receive the right skills for the future, and understand the sustainability goals we are all pursuing. In 2024, we
achieved a 3% increase on Strategy, a 3% increase on Employee Development, and a 2% increase on Sustainability
at Group level, based on the respective key indicators.
[S1-2.27e] An indication of the effectiveness of the measures the organization takes can be given by the Pulse Check
response rate, as employees feel that we listen and take action. In the Pulse Check 2024, we achieved a very high
response rate of 86% at Group level. Compared to 2023, 3% of employees in the OMV Group (OMV 7%) moved from
actively disengaged/passive to moderately/highly engaged, meaning a 3% increase in the overall engagement score
for the OMV Group. This positive trend can be seen across both gender groups. Since 2022, disengagement has
been consistently decreasing, and the disparity with the benchmark for the Oil, Gas & Consumable Fuels sector is
narrowing. All divisions have implemented several measures, including promoting bottom-up business development
initiatives, creating individual development plans for each employee, and holding Values workshops to reinforce our
commitment to a culture of integrity and respect.
In addition to Employee Engagement, the key indices we have chosen for the Pulse Check, Safety, Employee
Development, Well-Being, and Inclusion, are indices for which the OMV Group actively has measures in place to
prevent risks related to our workforce.
Safety: HSSE training is a well-developed preventive standard for each employee in the OMV Group. Every year,
these programs are updated for specific job families. In 2024, HSSE piloted the use of virtual reality for the first
time to expand the group that could practice how to respond to dangerous situations.
Employee Development: as discussed in the Employee Development section, specific programs have been
developed to prevent a situation in which employees are not ready for the future.
Well-being: the OMV Group has a comprehensive learning program for employees to prevent physical, mental, or
social difficulties in their work environment. In addition to this, the OMV Group offers external psychological
services for additional support.
Inclusion: to prevent vulnerable employees or employees from minorities from feeling excluded or discriminated
against, the OMV Group has several preventive measures in place. These focus on creating an inclusive culture
through DE&I awareness events and foster learning about International Women’s Day, Pride Month, accessibility,
generations, and intercultural days. In addition, we have set management KPIs for gender balance as well as
international experience and nationality. Finally, several processes are in place to prevent discrimination in
recruitment, talent identification, and succession planning.
S1-3 Processes to Remediate Negative Impacts and Channels for Own Workers to Raise
Concerns
SpeakUp Channel
[S1-3.32a, 32b, 32c, 32e] [S1-3.AR 30] Our employees and other stakeholders play a crucial role in identifying work-related
misconduct. OMV fosters a culture of openness and accountability, encouraging all stakeholders to report any
suspected misconduct. OMV employs a comprehensive remediation process to address and resolve any work-
related grievances. For example, if an employee reports instances of harassment or discrimination, or if there are
concerns about unsafe working conditions, these grievances are investigated.
The channels available for registering work-related grievances include local reporting mechanisms at Company
level and our online / SpeakUp Channel. The SpeakUp Channel provides employees and other stakeholders with a
secure platform to confidentially and, if necessary, anonymously share information about any potential work-
related misconduct they have perceived or observed. The P&C department is responsible for operating the SpeakUp
Channel and managing communication on workplace-related grievances with reporters through the associated IT
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tool. Trained P&C personnel oversee the grievance handling process, ensuring that all complaints are treated
consistently and fairly.
All grievances reported through our SpeakUp Channel are promptly investigated using the following process: an
initial pre-screening to prioritize cases, assignment, planning, internal investigation, appropriate resolution actions,
clear communication of outcomes, follow-up to ensure effective implementation (where necessary), and
documentation following closing. This approach ensures that all grievances are handled fairly and transparently,
fostering a supportive and safe work environment. It also ensures that every concern is thoroughly addressed, and
appropriate actions are taken to resolve any issues identified. OMV evaluates the effectiveness of the remedies
provided by gathering feedback from employees and other stakeholders, tracking the time taken to resolve issues,
and assessing whether similar problems arise again.
To prevent recurrence, OMV ensures that implemented measures are continuously monitored and improved as
necessary. For example, spot checks and internal audits are conducted to identify the effectiveness of the measure
and any gaps or areas for enhancement. This approach helps OMV protect our people, our Company, our Values,
other stakeholders, and society as a whole. We view grievance mechanisms as vital tools for preventing and
managing negative impacts on employees. OMV has therefore established dedicated channels for stakeholders to
voice their concerns regarding workplace misconduct.
[S1-3.32d] With the recent introduction of our SpeakUp Channel, we are providing comprehensive training to
employees involved in overseeing and supporting the grievance handling process. All our employees and
management are informed about the availability of these channels through our internal communication tools,
emphasizing the importance of using grievance channels and maintaining open communication. Our intranet and
internet pages contain detailed information on the functioning, processes, and purposes of grievance handling,
helping to manage expectations, ensure proper reporting, and support reliable investigations.
[S1-3.33] [S1-3.34] To ensure that our workforce can trust this channel as a means for raising their concerns, we are
also working on implementing effective feedback mechanisms, such as making SpeakUp Channel topics a regular
agenda item at meetings with the works council. Provisions to ensure protection against retaliation for individuals
reporting work-related misconduct are stipulated in our P&C Ethics Policy and our P&C Misconduct Reporting
Procedure. These provisions specifically protect employees from experiencing negative consequences related to
their professional advancement, further training, income, or other professional development opportunities, such as
dismissal, demotion, denial of promotion, negative performance appraisals, or disciplinary actions for reports made
in good faith.
[S1-3 AR 30] In addition to our SpeakUp Channel, we offer various other local channels at Company level, such as
employee hotlines and designated contact persons depending on the issue at hand (e.g., People & Culture,
Compliance, or HSSE representatives, PetrOmbudsman). Many of our companies have established employee
representation bodies like works councils, which offer further support in the event of grievances.
S1-4 Actions to Manage IROs related to Own Workforce
[S1-4.35] [S1-4.37] To address the material IROs related to our workforce, specifically enhancing employee satisfaction
and productivity by ensuring equal treatment and opportunities for all, attracting and retaining talented and trained
staff, and mitigating the risk of stagnation due to outdated knowledge and skills, we have defined specific actions.
These actions include training and skills development, developing transformational leadership competencies, talent
attraction and retention, performance management and career development, and raising awareness on DE&I. [S1-
4.43] [MDR-A 69a,69b] For the material topic S1 Own Workforce, none of our actions exceeded our key action monetary
threshold of EUR 5 mn, and therefore these data requirements have not been addressed.
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[S1-4.39] Guided by our P&C Strategy, we prioritize projects for execution annually. [S1-4.43] OMV allocates substantial
financial and human resources to mitigate material risks and contribute to people and culture development in the
areas where we operate. This includes an annual budget to implement the actions defined in the People & Culture
Strategy and dedicated P&C personnel throughout the Group.
[S1-4.41] OMV is committed to ensuring that our practices do not cause or contribute to material negative impacts on
our own workforce. We prioritize data privacy and security, ensuring that employee information is handled
responsibly, ethically and in line with all applicable regulations by granting access rights only to eligible persons. Spot
checks and internal audits are conducted to ensure that only authorized individuals have access to personal data.
[S1-4.AR 43] Cognizant of the social impacts that the energy transition entails, OMV is committed to contributing to a
Just Transition1 for our employees and to addressing the social and economic effects of the transition to an
environmentally sustainable economy. As part of our P&C Strategy and ongoing transformation, employee
development has become a top priority. We need to identify and integrate employees with a diverse skill set. It is
essential to balance reskilling employees to develop new energy solutions while retaining and training those with
the skills necessary to support our legacy business. [S1-4.AR45] For information on whether and how external
developments have been considered regarding dependencies turning into risks, see ESRS 2 General Information.
[S1-4.AR 47] All P&C-related risks are assessed, addressed, and monitored as part of the regular Enterprise-Wide Risk
Management (EWRM) process. For details see > ESRS 2 General Information.
Training and Skills Development
[S1-4.37] [S1-4.38a, 38c] [S1-4.40a] [MDR-A 68a] [S1-4.AR 43] [S1-2.27] [S1-4.AR 24e] Training and skills development is both a
preventive and an enhancement measure for the opportunity related to talent attraction and retention. By offering
competitive training opportunities, we aim to gain an advantage in talent attraction and retention, which is crucial
for our ongoing success. Recognizing the risk to our progress by not having up-to-date knowledge and skills, we are
committed to continuously improving our training programs to ensure our workforce remains skilled and compliant.
To expand our employees’ skill sets to meet the demands of our dynamic business and pave the way to becoming a
net-zero company by 2050, we are focusing on several key areas. To enhance our employees’ skills in sustainability,
OMV offers a wide range of online learning materials, with learning journeys regularly added to better prepare
employees for the evolution of our business. The Sustainability Academy provides curated materials on
sustainability topics, expanding ESG knowledge among employees. In 2024, a new learning path focused on
hydrogen was launched.
To mitigate the negative impact on our workforce resulting from the transition to a greener, climate-neutral
economy, specific initiatives to upskill employees in technical areas are being continued, with a particular focus on
transitioning to a low-carbon business, e.g., training on geothermal energy, Carbon Capture & Storage, hydrogen
and renewable electricity.
The Data Academy, a global initiative for all finance employees, offers data related training fully integrated with
competence management, skill definition, and DataCamp curricula, providing comprehensive courses for all skill
levels. Additionally, a global Data Analytics program supports upskilling in data analytics and science. OMV has also
created a global artificial intelligence (AI) learning path via LinkedIn Learning for all skill levels. These initiatives
prepare employees for a rapidly evolving professional landscape and the growing field of digitalization.
OMV’s leadership portfolio offers programs for new and current leaders to enhance their leadership skills. In 2024,
the Transformational Leadership program for senior leaders was introduced to enable them to lead their teams
through the sustainable transformation. The SHEnergy program, aimed at female leaders, continues to advance
critical leadership skills for women. The OpsXcelerate program was also implemented to prepare future operations
1 “Just Transition” refers to addressing social and economic effects of the transition to an environmentally sustainable economy as stated in the ILO Guidelines for a Just Transition.
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managers in our legacy business assets to drive operational excellence. Leadership development is a key
enhancement measure. [MDR-A 68b] This action is aimed at all employees within our own workforce. [MDR-A 68c] This is
an ongoing process and is part of our 2030 target to increase the average number of annual learning hours to a
minimum of 30 hours per employee. [S1-4.38d] To track the effectiveness of the quality of training provided, all
employees who complete online or in-person training are requested to complete a survey. This survey gathers
feedback on various aspects of the training, including content relevance, instructor effectiveness, and overall
satisfaction. The results help us identify areas for improvement and ensure that training programs are continuously
updated to meet the evolving needs of our workforce.
Transformational Leadership Competencies
[S1-4.37] [S1-4.38a] [S1-4.40a] [MDR-A 68a] To ensure the transformation of OMV will be a success, we need to adapt our
current methods to fit our new aspirations. By building on our capabilities, we are reinventing how we lead as well
as our way of working. Therefore, linked to our purpose and Values, we have implemented Group-wide
Transformational Leadership Competencies (TLCs). Our TLCs define our expectations of our leaders and complete
our transformational framework to successfully drive the implementation of our strategy. The four TLCs for all
leaders across the Group are Lead self, Grow people, Drive change, and Deliver impact. The new TLCs are being
integrated into the respective P&C processes, such as leadership assessment and development (Group People Day
Process), our talent programs, talent acquisition, and performance processes.
As part of our ongoing commitment to developing a resilient and competent leadership team, we introduced a
Group-wide mandatory leadership assessment as part of the recruitment process for key managerial and project
management positions. This leadership assessment, conducted by an external partner, is based on the OMV
Transformational Leadership Competencies. By employing rigorous and standardized evaluation methods, we aim
to identify and select candidates who not only possess the necessary skills and expertise but also align with our
commitment to sustainable leadership practices. In 2024, we conducted over 100 leadership assessments based on
our Transformational Leadership Competencies. [MDR-A 68b; 68c] This action specifically targets leaders within our
workforce. This is an ongoing process and supports our 2030 target of increasing the share of women at senior
management level to 30%.
[S1-4.38d] The Transformational Leadership Competencies, applied in our training programs and assessed using the
training evaluation forms, help track and assess the effectiveness of this action. By incorporating these
competencies into our training programs and evaluating them consistently, we can measure how well our
leadership development efforts are fostering effective leaders. This process allows us to gauge the impact of our
training on employee performance, engagement, and overall organizational culture, ensuring that our initiatives are
driving positive outcomes for our workforce.
Talent Attraction and Retention
[S1-4.37] [S1-4.38a, 38c] [MDR-A 68a] [S1-4.40b] Our employees are selected exclusively based on their qualifications,
suitability, and professional experience. Internally, we focus on job rotation, promotions, and upskilling to tackle
challenges (e.g., transitioning to a low-carbon business), and develop innovative solutions to enhance our workforce.
In OMV, we use shared internal job boards to offer a wide range of internal job opportunities to our employees. This
is a measure to mitigate the risk concerning the inability to successfully execute our strategy due to inadequate
training. Externally, we concentrate on building robust talent pipelines through cooperation with key universities in
our locations. In addition, we aim to build a talent pool by providing apprenticeship programs and internships, which
are mainly focused on the technical and commercial aspects of our business. The Petrochemical School program in
Romania is a pilot project that aims to assure a constant and sustainable flow of high-quality blue-collar workers.
In both the Energy and Fuels & Feedstock segments, we regularly conduct graduate programs for highly qualified
university graduates, supporting them in establishing their careers. In Energy, the Integrated Graduate Development
Program (IGD) focuses on enhancing understanding of the energy value chain and developing soft and technical
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skills, with a new emphasis on the Low Carbon Business. The program, with a focus on cross-discipline and
immersive learning, is tailored to various skill pools, aiming to achieve a similar skill set for all graduates. The Fuels
& Feedstock Fresh Graduate Program targets graduates in engineering or business administration, providing virtual
and F2F training, combined with leadership meetings and site visits. Both programs enable young employees to
improve the specific technical and business skills needed for outstanding job performance and support them in
building up their future careers. In 2024, 55 employees participated in the IGD program and 56 in the Fuels &
Feedstock program. [S1-4.38d] To track the effectiveness of the quality of these programs, all participants are
required to provide feedback through a survey conducted at the end of the course. [MDR-A 68b, 68c] This action is
aimed at all employees within our workforce, as well as external stakeholders interested in pursuing a career at
OMV. This is an ongoing process.
[MDR-A 68a, 68b, 68c, 68e] To retain talent, we have ongoing leadership programs in place that are designed to support
all employees who take on new management roles, as well as current leaders who want to upgrade their basic
knowledge of leadership. The OMV Leading Ahead program launched in 2022 in partnership with Borealis and OMV
Petrom to offer the Group’s top talent a wide-ranging leadership development journey and a broad career platform.
As part of our ongoing transformation, we are committed to ensuring that no one is left behind. To facilitate this, we
offer low-carbon training solutions and are continuing to expand our efforts to upskill our workforce. The aim is to
keep skills up to date, acknowledging that existing skills can be transferred to new energy solutions. We also
launched the Sustainability Academy, a SharePoint-based platform for all employees so they can expand their
knowledge of ESG topics. Through initiatives like these, we are fostering a culture of continuous learning and
development, empowering our team to thrive in the evolving landscape of sustainable energy solutions.
In Romania, scholarships through OMV Petrom’s Petrochemical School and Oilmen School dual programs are
offered to students. OMV Petrom supported four vocational classes, offering an updated curriculum, company
internships, scholarships, and training by employees. Students receive a monthly scholarship of up to RON 700 from
OMV Petrom and RON 200 from the government. After three years, students will have a recognized professional
qualification and employment opportunities within the company.
In 2024, we developed our new Employer Value Proposition (EVP), with rollout planned for 2025. This will serve as a
statement or framework that outlines what OMV stands for as an employer. It will highlight the unique qualities and
benefits that we offer to our employees. Moreover, it will help us attract and engage potential candidates who align
with our new purpose and OMV Values, and the opportunities we provide. Essentially, it’s a way for us to
communicate why our Company is a great place to work and why people should consider joining our team.
Performance Management and Career Development
[S1-4.37] [S1-4.38a] [MDR-A 68a, 68b, 68c] OMV strives to maintain a uniform organizational structure that provides clarity
and transparency in relation to responsibilities and the hierarchical classification of positions. We have developed
Company-wide career paths that outline the experience and skills required for each position. OMV has an annual
review process in place to support our employees and managers in the structured, systematic planning of
performance and personal development within the Company. Employees and their managers work together to set
performance and development goals, review progress, and evaluate achievements, with employees ultimately being
rewarded and recognized annually.
“Personal Impact x Potential” is used as an evaluation tool to provide structured feedback in performance reviews
and in succession planning (Group People Days Process). Managers evaluate their employees according to personal
impact and potential (Transformational Leadership Competencies; TLCs) and identify successors for business-
critical positions. Based on this, an employee’s development plan is created so they can improve the skills needed
for their future role. As part of the annual performance review process, Company goals, including the achievement
of sustainability goals (e.g., HSSE, GHG emission reductions, diversity), are cascaded down to employees in the
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relevant departments. Individual monetary and non-monetary rewards are granted for extraordinary achievements
at individual and team levels. In 2024, 15,560 performance reviews were completed for the previous performance
cycle, with some employees having more than one review. [S1-4.38d] Succession planning is a key component in
tracking and assessing the effectiveness of this action. By ensuring that candidates for available positions are
selected from a well-defined succession plan, we can measure the success of our talent development programs,
leadership training, and career progression initiatives. This process helps us evaluate how effectively we are
preparing our employees for future roles, thereby supporting our overall strategy for workforce development and
organizational resilience.
Diversity, Equity & Inclusion
[S1-4.37] [S1-4.38a] [MDR-A 68a] In 2024, we further developed our DE&I initiatives to support our 2030 targets of
increasing the representation of women in management to 30%, ensuring at least 20% (stretch target 30%) of
Executive Board members are female, and creating an inclusive and accessible work environment for people with
disabilities.
Diversity is now promoted in six workstreams across OMV: Accessibility, Gender, Generations, Intercultural,
LGBTQ+, and Parenting/Caregivers. The cross-company Employee Resource Groups organized several events:
International Women’s Week, Pride Month celebrations, the Generations event, and the Positively Purple event.
Moreover, several focus group discussions were established, community lunches were held, and internal blog
articles were published that contributed to the growing visibility of DE&I within the OMV Group.
The new DE&I Playbook was launched in 2024. It is a comprehensive toolkit that supports line managers in building
an inclusive work environment, ensuring that all members feel valued and supported. Additionally, the DE&I Learning
Hub offers a vast array of LinkedIn training modules designed to enhance the skills of both leaders and employees.
Our Accessibility stream continued awareness raising, for example accessibility-focused DE&I training sessions
were launched for specific target groups. The training and accessibility guides are key elements in improving the
understanding of the needs of people with disabilities. Moreover, we continued with the OMV Ability school project,
an initiative that welcomes teenagers from a special needs school twice a year, fostering valuable exchange that
offers insights into the corporate world and promotes inclusivity. [MDR-A 68b; 68c] This action is aimed at all
employees within our workforce. Promotion and raising awareness of DE&I is an ongoing process.
[S1-4.38d] The score of the DE&I question on inclusion in the Pulse Check and our training evaluation forms are
essential tools for tracking and assessing the effectiveness of our DE&I programs. These tools help us measure how
well we are fostering a diverse and inclusive environment, the effectiveness of our training sessions related to DE&I,
and our overall progress toward our DE&I targets.
S1-5 Targets Related to Own Workforce
Women at Management Level
[S1-5.44b, 44c] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] OMV is committed to increasing the share of women at management level to ensure equal employment
opportunities, as stated in the P&C Ethics Policy. This target is derived from OMV’s DE&I vision and supports OMV’s
objective of ensuring fair treatment and equal opportunities for all employees, maintaining zero tolerance for
discrimination and fostering gender balance.
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2025
Increase share of women at senior management level to
25%
2030
Increase share of women at senior management level to
30%
Absolute Target
Value chain activities
Own operations
In scope
Absolute head count of OMV
Out of scope
Excluding acquisitions, head counts of DUNATÀR Köolajtermék Tároló és Kereskedelmi Kft. and
SapuraOMV
Geographical coverage
Group-wide
Base year
2021
Baseline value in %
20.9
[MDR-T-80f] Management is defined as OMV Grade 15 and higher levels, and Borealis Grade 14 and higher levels,
moving toward the EU Directive on improving gender balance on corporate boards (2022/2381). [MDR-T-80h] This
target was developed during internal consultations by the P&C department. It was then presented for review to the
Executive Board, DE&I sponsors of OMV, Group Sustainability, and other relevant corporate and business functions
within OMV, OMV Petrom, and Borealis. The OMV Executive Board subsequently approved the target. [MDR-T-80i] It
focuses on advancing the positive impacts concerning equal opportunities for all in OMV’s culture through gender
balance in management. There were no changes made to the target and related metrics during the reporting year.
Status 2024
[MDR-T-80j] 23.7% women at management level (2023: 24.4%). The target is monitored quarterly and reviewed annually.
Female Executive Board members
[S1-5.44b, 44c] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] OMV is committed to increasing the number of female members on the Executive Boards of OMV, OMV
Petrom, and Borealis. In our P&C Ethics Policy, we commit ourselves to ensuring equal employment opportunities
without discrimination or harassment on the basis of race, color, religion, sex, sexual orientation, gender identity or
expression, age, disability, marital or family status, political or other belief, citizenship, national origin, genetic
information, or any other characteristic protected by law. OMV prohibits any such discrimination or harassment.
2030
Min. 20% of Executive Board members (stretch target 30%) are female
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Absolute Target
Value chain activities
Own operations
In scope
Executive Boards of OMV, OMV Petrom, and Borealis
Out of scope
Executive Boards of non-operated assets and minority shareholdings
Geographical coverage
Group-wide
Base year
2021
Baseline value in %
26.7
[MDR-T-80f] The methodology is based on the EU Directive on improving gender balance on corporate boards
(2022/2381) and is aimed at moving towards compliance with this directive. [MDR-T-80h] This target was developed
during internal consultations by the P&C department. It was then presented for review to the Executive Board, DE&I
sponsors of OMV, Group Sustainability, and other relevant corporate and business functions within OMV, OMV
Petrom, and Borealis. The OMV Executive Board subsequently approved the target. [MDR-T-80i] The target focuses on
advancing the positive impacts concerning equal opportunities for all in the OMV culture through gender balance in
management. There were no changes to the target and metrics during the reporting year.
Status 2024
[MDR-T-80j] 20% female Executive Board members (2023: 26.8%). The target is monitored quarterly and reviewed annually.
Executives with international experience
[S1-5.44b, 44c] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] OMV is devoted to increasing the share of executives with international experience. In our P&C Ethics
Policy, we commit ourselves to ensuring equal employment opportunities without discrimination or harassment on
the basis of race, color, religion, sex, sexual orientation, gender identity or expression, age, disability, marital or
family status, political or other belief, citizenship, national origin, genetic information, or any other characteristic
protected by law. OMV prohibits any such discrimination or harassment.
2025
Keep share of executives with international experience to
75%
2030
Keep share of executives with international experience to
75%
Absolute Target
Value chain activities
Own operations
In scope
Absolute head count of OMV
Out of scope
Excluding acquisitions, head counts of DUNATÀR Köolajtermék Tároló és Kereskedelmi Kft., and
SapuraOMV
Geographical coverage
Group-wide
Base year
2021
Baseline value in %
71.8
[MDR-T-80f] The methodology is based on the EU Directive on improving gender balance on corporate boards
(2022/2381) and is aimed at moving towards compliance with this directive. This target applies to Executives,
defined as OMV Senior Vice Presidents, OMV Petrom and Borealis Executive Board members. International
experience is defined as a minimum of 3 years of work experience in countries of which a person does not hold a
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citizenship. [MDR-T-80h] This target was developed during internal consultations by the P&C department. It was then
presented for review to the Executive Board, DE&I sponsors of OMV, Group Sustainability, and other relevant
corporate and business functions within OMV, OMV Petrom, and Borealis. The OMV Executive Board subsequently
approved the target. [MDR-T-80i] It focuses on both reducing negative impacts and enhancing positive impacts on
OMV culture through international management. There were no changes to the target and metrics during the
reporting year.
Status 2024
[MDR-T-80j] 72.3% executives with international experience (2023: 71.4%). The target is monitored quarterly and reviewed
annually.
International management
[S1-5.44b, 44c] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] OMV is devoted to increasing the share of non-Austrian citizens at management level. In our P&C Ethics
Policy, we commit ourselves to ensuring equal employment opportunities without discrimination or harassment on
the basis of race, color, religion, sex, sexual orientation, gender identity or expression, age, disability, marital or
family status, political or other belief, citizenship, national origin, genetic information, or any other characteristic
protected by law. OMV prohibits any such discrimination or harassment.
2030
Increase share of international management to 65%
Absolute Target
Value chain activities
Own operations
In scope
Absolute head count of OMV
Out of scope
Excluding acquisitions, head counts of DUNATÀR Köolajtermék Tároló és Kereskedelmi Kft. and
SapuraOMV
Geographical coverage
Group-wide
Base year
2021
Baseline value in %
60
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[MDR-T-80f] This target applies to all management, defined as OMV Grade 15 and higher levels, and Borealis Grade 14
and higher levels. [MDR-T-80h] This target was developed during internal consultations by the P&C department. It was
then presented for review to the Executive Board, DE&I sponsors of OMV, Group Sustainability, and other relevant
corporate and business functions within OMV, OMV Petrom, and Borealis. The OMV Executive Board subsequently
approved the target. [MDR-T-80i] It focuses on both reducing negative impacts and enhancing positive impacts on
OMV culture through international management. There were no changes to the target and metrics during the
reporting year.
Status 2024
[MDR-T-80j] International management: 60.3% (2023: 59.2%) The target is monitored quarterly and reviewed annually.
Build an inclusive accessible work environment for people with disabilities
[S1-5.44b, 44c] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] OMV is devoted to building an inclusive, accessible work environment that enables people with disabilities
to work for OMV. In our P&C Ethics Policy, we commit ourselves to ensuring equal employment opportunities without
discrimination or harassment on the basis of disability. OMV prohibits any such discrimination or harassment.
2025
Pulse Check Inclusion improvement of baseline by +1%
Reported number of employees with disability at OMV
Group legal entities in Vienna show an improvement
2030
Pulse Check inclusion improvement of baseline by +5%
Reported number of employees with disability at OMV
Group legal entities in Vienna has increased by +1%
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Relative Target
Value chain activities
Own operations
In scope
All countries are in scope for building an inclusive work environment.
Out of scope
Countries without disability legislation are out of scope for employee disability reporting.
Geographical coverage
Group-wide
Base year
2024
Baseline value
Pulse Check DE&I value of 64% and % of employees with a disability at OMV legal entities in
Vienna: 0.3–1.6%
[MDR-T-80f] The significant assumptions used in defining the target include the following: countries have varying
disability legislation, definitions, and directives on employment law (e.g., minimum percentage of employees), and in
some cases, there is no legislation at all. Not all assets of legal entities have sufficient safe job opportunities
available for employees with disabilities, and therefore, the OMV Group cannot achieve 100% compliance across all
entities. Only OMV Group entities with sufficient safe job opportunities within countries that have disability
legislation are eligible. [MDR-T-80h] This target was developed during internal consultations by the P&C department. It
was then presented for review to the Executive Board, DE&I sponsors of OMV, Group Sustainability, and other
relevant corporate and business functions within OMV, OMV Petrom, and Borealis. The OMV Executive Board
subsequently approved the target. [MDR-T-80i] It focuses on reducing negative impacts on our own workforce related
to an accessible and inclusive work environment. The target was updated during the reporting period to address
material impacts and risks related to an accessible and inclusive work environment by extending the time horizon
and specifying the particular geographical scope.
Status 2024
[MDR-T-80j] 64% according to the Pulse Check. An average of 0.9% of employees at OMV Group legal entities in Austria have
disabilities. The target is monitored quarterly and reviewed annually.
Annual learning hours
[S1-5.44b, 44c] [S1-5.45] [MDR-T-80a-80j]
[MDR-T-80a] OMV is committed to contributing to a Just Transition for our employees, and to addressing the social
and economic effects of the transition on an environmentally sustainable economy. The target aims to both
reducing negative impacts and enhancing the positive impacts for own employees with no changes to the target
and metrics during the reporting year.
2030
Increase average number of annual learning hours to a min. of 30 hours per employee
Absolute Target
Value chain activities
Own operations
In scope
OMV workforce
Out of scope
Head counts of DUNATÀR Köolajtermék Tároló és Kereskedelmi Kft., SapuraOMV, and OMV Russia;
excluding DYM Solutions, mtm, Rialti, Renasci
Geographical coverage
Group-wide
Base year
2022
Baseline value in hours
23
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[MDR-T-80f] Increasing employees’ learning hours will sufficiently support the necessary skills development. An
increase in the number of learning hours is required to meet the need for mandatory/HSSE training and to guarantee
the necessary upskilling and reskilling. Based on a comparison with industry peers and the assumption that an annual
increase of 3-4 hours on average per year is realistic and manageable, we defined the target of 30 hours. The metric
used is the total number of training hours provided to employees divided by the total number of employees (head
count as of December 31). [MDR-T-80h] This target was developed during internal consultations by the P&C
department. It was then presented for review to the Executive Board, DE&I sponsors of OMV, Group Sustainability,
and other relevant corporate and business functions within OMV, OMV Petrom, and Borealis. The OMV Executive
Board subsequently approved the target. [MDR-T-80i] It focuses on the negative impact on our own workforce related
to reskilling and attraction of talent and trained staff. No changes were made to this target in the reporting year.
Status 2024
[MDR-T-80j] 23 average number of annual learning hours (2023: 30). The target is monitored quarterly and reviewed annually.
[S1-5.47a, 47b, 47c] The process for setting our DE&I targets includes an evaluation of past data, external best practice
analysis, and legal requirements. This is followed by consultations with the Group Sustainability department, Group
DE&I Governance, and finally approval by the Group Executive Board. We monitor our performance against these
targets quarterly and review them annually. The quarterly review of progress toward these targets, combined with
year-on-year figures, provides an insight into the effectiveness of the actions taken to achieve them. DE&I targets,
and their results are shared with the leadership team and the Executive Board during Group People Days to discuss
potential positive or negative trends and actions to take for improvement. In addition, they are shared with our
Employee Resource Groups which represent the impacted workers, to provide input and plan measures for
improvements.
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Metrics
S1-6 OMV Employees
Employees broken down by gender1
[S1-6.50a] [MDR-M.77a, 77c]
Head count
2024
2023
Male
17,557
14,890
Female
6,000
5,702
Other
–
–
Not reported
–
–
Total
23,557
20,592
1 OMV Petrom investment in May 2024 (Renovatio Asset Management SRL) is excluded – 10 employees
Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-6.50a] [S1-6.52] [MDR-M.77a, 77c] Employees broken down by gender is calculated based on the total number of
employees and split by gender. Total number of employees is calculated as the sum of head count as described in
internal regulations and refers to employees, temporary absentees, outgoing expats, and apprentices as at
December 31, 2024. Incoming expats and leased personnel are not included in the head count.
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Employees1 broken down by regions and countries, and local nationalities
[S1-6.50a] [S1-6.51] [Voluntary]
Head count
Female
Male
Other
Not
reported
Total head
count
(31.12.2024)
Thereof
local
nationality2
%
Total head
count
(31.12.2023)
Thereof
local
nationality2
%
Austria
Austria
1,599
3,808
–
–
5,407
3,991
73.81
5,242
3,911
74.61
Rest of Europe
Belgium
238
1,027
–
–
1,265
1,176
92.96
1,331
1,242
93.31
Bulgaria
73
129
–
–
202
201
99.50
65
65
100.00
Croatia
–
1
–
–
1
1
100.00
1
1
100.00
Czech Republic
21
25
–
–
46
43
93.48
43
40
93.02
Denmark
–
1
–
–
1
1
100.00
1
1
100.00
Finland
223
720
–
–
943
910
96.50
953
923
96.85
France
5
13
–
–
18
15
83.33
20
17
85.00
Germany
118
792
–
–
910
792
87.03
883
778
88.11
Hungary
34
59
–
–
93
93
100.00
93
93
100.00
Italy
19
180
–
–
199
163
81.91
193
163
84.46
Moldova
23
21
–
–
44
41
93.18
47
44
93.62
Netherlands
10
107
–
–
117
108
92.31
113
105
92.92
Norway
40
47
–
–
87
69
79.31
83
67
80.72
Poland
2
5
–
–
7
7
100.00
7
7
100.00
Romania
2,855
8,488
–
–
11,343
11,280
99.44
8,448
8,394
99.36
Russia
1
2
–
–
3
3
100.00
15
15
100.00
Serbia
25
22
–
–
47
47
100.00
46
46
100.00
Slovakia
140
46
–
–
186
164
88.17
169
146
86.39
Slovenia
–
1
–
–
1
1
100.00
–
–
0.00
Spain
2
9
–
–
11
8
72.73
9
7
77.78
Sweden
246
740
–
–
986
957
97.06
1,002
973
97.11
Switzerland
5
60
–
–
65
2
3.08
66
2
3.03
Turkey
24
32
–
–
56
56
100.00
55
55
100.00
United Kingdom
20
72
–
–
92
77
83.70
89
76
85.39
Middle East & Africa
Iran
–
3
–
–
3
3
100.00
3
3
100.00
Libya
5
24
–
–
29
28
96.55
29
29
100.00
Morocco
–
1
–
–
1
1
100.00
1
1
100.00
South Africa
1
–
–
–
1
1
100.00
1
1
100.00
Tunisia
44
225
–
–
269
267
99.26
277
276
99.64
United Arab
Emirates
23
69
–
–
92
1
1.09
26
–
0.00
Yemen
14
230
–
–
244
243
99.59
293
292
99.66
Rest of the world
Argentina
–
1
–
–
1
1
100.00
1
1
100.00
Australia
–
–
–
–
–
–
0.00
3
3
100.00
Brazil
50
98
–
–
148
148
100.00
127
127
100.00
Chile
3
2
–
–
5
4
80.00
6
5
83.33
China
1
1
–
–
2
2
100.00
3
3
100.00
Colombia
4
3
–
–
7
7
100.00
5
5
100.00
Malaysia
–
–
–
–
–
–
0.00
241
215
89.21
Mexico
1
3
–
–
4
4
100.00
3
3
100.00
New Zealand
65
173
–
–
238
179
75.21
249
192
77.11
Singapore
1
9
–
–
10
2
20.00
–
–
0.00
South Korea
19
87
–
–
106
87
82.08
102
84
82.35
United States
46
221
–
–
267
246
92.13
248
245
98.79
TOTAL
6,000
17,557
–
–
23,557
21,430
90.97
20,592
18,656
90.60
1 OMV Petrom investment in May 2024 (Renovatio Asset Management SRL) is excluded – 10 employees
2 Employees who are nationals of the country in which they are employed
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Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-6.50a] [Voluntary] [MDR-M.77a] Employees broken down by regions and countries and local nationalities is
calculated based on the total number of employees and gender, countries, regions, and local nationalities split.
Total number of employees is calculated as the sum of head count as described in internal regulations and refers
to employees, temporary absentees, outgoing expats, and apprentices as at December 31, 2024. Incoming expats
and leased personnel are not included in the head count. Local nationality refers to employees whose nationality
matches the country in which they are employed.
Employees1 broken down by gender, region, employment, and contract type
[S1-6.50b-i, b-ii, b-iii] [S1-6.50d] [S1-6.51] [S1-6.52a, 52b] [GRI 2-7] [MDR-M.77a, 77c]
Head count
December 31, 2024
Austria
Rest of
Europe
Middle East
and Africa
Rest of the
world
TOTAL
Contract type
permanent employees
4,961
16,154
633
770
22,518
thereof female
1,467
3,972
85
183
5,707
thereof male
3,494
12,182
548
587
16,811
thereof other4
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
temporary employees2
446
569
6
18
1,039
thereof female
132
152
2
7
293
thereof male
314
417
4
11
746
thereof other4
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
Employment type
full-time employees3
4,924
16,186
612
769
22,491
thereof female
1,222
3,967
84
177
5,450
thereof male
3,702
12,219
528
592
17,041
thereof other4
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
part-time employees
483
537
27
19
1,066
thereof female
377
157
3
13
550
thereof male
106
380
24
6
516
thereof other4
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
Employees with non-guaranteed hours
–
–
–
–
–
1 OMV Petrom investment in May 2024 (Renovatio Asset Management SRL) is excluded – 10 employees
2 A temporary contract of employment is of limited duration and terminated by a specific event, such as the end of a project, the return of replaced personnel, etc.
3 In OMV Petrom, employees have the option to reduce their daily working hours to raise a child up to the age of two or three. These employees are reported as full-time.
4 Gender as specified by the employees themselves
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Employees broken down by gender, region, employment, and contract type
Head count
December 31, 2023
Austria
Rest of
Europe
Middle East
and Africa
Rest of the
world
TOTAL
Contract type
permanent employees
4,834
13,394
630
969
19,827
thereof female
1,428
3,695
81
263
5,467
thereof male
3,406
9,699
549
706
14,360
thereof other3
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
temporary employees1
408
338
–
19
765
thereof female
128
98
–
9
235
thereof male
280
240
–
10
530
thereof other3
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
Employment type
full-time employees2
4,777
13,222
630
969
19,598
thereof female
1,193
3,640
81
257
5,171
thereof male
3,584
9,582
549
712
14,427
thereof other3
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
part-time employees
465
510
–
19
994
thereof female
363
153
–
15
531
thereof male
102
357
–
4
463
thereof other3
–
–
–
–
–
thereof not disclosed
–
–
–
–
–
Employees with non-guaranteed hours
–
–
–
–
–
1 A temporary contract of employment is of limited duration and terminated by a specific event, such as the end of a project, the return of replaced personnel, etc.
2 In OMV Petrom, employees have the option to reduce their daily working hours to raise a child up to the age of two or three. These employees are reported as full-time.
3 Gender as specified by the employees themselves
Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external body.
[S1-6.50b-i, b-ii, b-iii] [S1-6.50d] [S1-6.51] [S1-6.52a, 52b] [GRI 2-7] [MDR-M.77a, 77c] Employees broken down by gender,
region, employment, and contract type is calculated based on the total number of employees in the head count at
year-end as described above.
[S1-6.50bi, b-ii, b-iii, AR 56, AR 58] [GRI 2-7] [MDR-M.77a, 77c] At OMV, we use the following definitions for contracts:
• Permanent contract types are employment agreements that do not have a predetermined end date.
• Temporary contract types are employment agreements with limited duration and terminated by a specific event,
such as the end of a project, the return of replaced personnel, etc.
• Employees with non-guaranteed hours: not applicable for OMV. OMV only has contracts with defined working
hours.
Note: The sum of all permanent and temporary employees, as well as employees with non-guaranteed hours,
together will result in the total head count.
• [S1-6.52a, 52b] [GRI 2-7] [MDR-M.77a, 77c]
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• Employment type: full-time, part-time, non-guaranteed hours.
• A full-time employee is FTE=1, and performs the defined working hours specified by the country.
• A part-time employee is FTE<1 and performs fewer than the defined working hours specified by the country.
• Note: The sum of full-time and part-time employees together will result in the total head count.
Number of employees who have left and employee turnover rate1
[S1-6.50c] [GRI 401-1] [Voluntary] [MDR-M.77a, 77c]
Head count
2024
Austria
Rest of
Europe
Middle East
and Africa
Rest of the
world
TOTAL
Total number of employees who have left2
276
1,071
76
128
1,551
Turnover rate
5.10%
6.40%
11.89%
16.24%
6.58%
Voluntary leavers
106
173
38
57
374
Voluntary attrition rate
1.96%
1.03%
5.95%
7.23%
1.59%
Number of employees who have left by gender
female
90
296
11
30
427
male
186
775
65
98
1,124
other
–
–
–
–
–
not disclosed
–
–
–
–
–
Number of employees who have left by age group
Under 30 years old
39
201
–
19
259
Between 30 and 50 years old
144
311
60
79
594
Over 50 years old
93
559
16
30
698
Turnover rate by gender
female
5.63%
7.18%
12.64%
15.79%
7.12%
male
4.88%
6.15%
11.78%
16.39%
6.40%
other
–
–
–
–
–
not disclosed
–
–
–
–
–
Turnover rate by age group
Under 30 years old
6.27%
16.86%
0%
32.20%
13.80%
Between 30 and 50 years old
4.15%
4.33%
11.63%
15.90%
5.09%
Over 50 years old
7.09%
6.70%
13.45%
12.93%
6.98%
1 Excluding divestment Sapura (240 Employees)
2 Employees who leave voluntarily, due to dismissal, retirement, or death.
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332
Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external body.
[S1-6.50c] [MDR-M.77a, 77c] Number of employees who have left (head count) is calculated as leavers during the full
year, broken down by age group, gender, and region.
[S1-6.50c] [Voluntary] [MDR-M.77a, 77c] [GRI 401-1] Employee turnover rate figures contain turnover rate and voluntary
attrition rate as described below:
• Turnover rate is calculated as the number of all employees (head count) who left during the respective year
divided by the total head count at the end of the year.
• Voluntary attrition rate is calculated as the number of employees (head count) who left voluntarily during the
respective year divided by the total head count at the end of the year.
Note: Figures above for the leavers have been presented in a gender, region, and age range split, both in absolute
numbers and percentages.
New hires by region, gender, age, and management level
[GRI 401-1a]
2024
Austria
Rest of Europe
Middle East
and Africa
Rest of the world
Total
Head
count
%
Head
count
%
Head
count
%
Head
count
%
Head
count
%
Total by region
444
9.69
3,973
86.75
20
0.44
143
3.12
4,580
100.00
Gender
Male
312
70.27
3,376
84.97
16
80.00
104
72.73
3,808
83.14
Female
132
29.73
597
77.33
4
20.00
39
27.27
772
16.86
Other
–
–
–
–
–
Not reported
–
–
–
–
–
Total
444
100.00
3,973
100.00
20
100.00
143
100.00
4,580
100.00
Age
<30
145
32.66
2,433
61.24
–
0.00
31
21.68
2,609
56.97
30–50
270
60.81
1,486
37.40
20
100
99
69.23
1,875
40.94
>50
29
6.53
54
1.36
–
0.00
13
9.09
96
2.10
Total
444
100.00
3,973
100.00
20
100.00
143
100.00
4,580
100.00
Level
Top management1
3
0.68
–
–
–
3
0.07
Advanced
15
3.38
22
0.55
–
0.00
1
0.70
38
0.83
Core
107
24.10
182
4.58
1
5.00
20
13.99
310
6.77
Primary
129
29.05
291
7.32
7
35.00
27
18.88
454
9.91
Entry
172
38.74
3,265
82.18
11
55.00
78
54.55
3,526
76.99
Not classified
18
4.05
213
5.36
1
5.00
17
11.89
249
5.44
Total
444
100.00
3,973
100.00
20
100.00
143
100.00
4,580
100.00
1 Executives include OMV Senior Vice Presidents, OMV Petrom and Borealis Group Board Members
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New hires by region, gender, age, and management level
2023
Austria
Rest of Europe
Middle East and
Africa
Rest of the world
Total
Head
count
%
Head
count
%
Head
count
%
Head
count
%
Head
count
%
Total by region
498
27.05
1,105
60.02
65
3.53
173
9.40
1,841
100.00
Gender
Male
321
64.46
767
69.41
58
89.23
119
68.79
1,265
68.71
Female
177
35.54
338
30.59
7
10.77
54
31.21
576
31.29
Other
–
–
–
–
–
–
–
–
–
–
Not reported
–
–
–
–
–
–
–
–
–
–
Total
498
100.00
1,105
100.00
65
100.00
173
100.00
1,841
100.00
Age
<30
145
29.12
316
28.60
3
4.62
38
21.97
502
27.27
30–50
315
63.25
627
56.74
58
89.23
113
65.32
1,113
60.46
>50
38
7.63
162
14.66
4
6.15
22
12.72
226
12.28
Total
498
100.00
1,105
100.00
65
100.00
173
100.00
1,841
100.00
Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external body.
[GRI 401-2] [MDR-M.77a] New hires by region: employees (only head count) who started working at the OMV Group in
the respective year (2024), expressed both as a total number and as a percentage of the total new hires for that
year.
[GRI 401-2] [MDR-M.77a] New hires broken down by gender: employees who started working at OMV in the
respective year broken down by gender, expressed both as a total number and as a percentage of the total new
hires for that year.
[GRI 401-2] [MDR-M.77a] New hires broken down by age: employees who started working at OMV in the respective
year broken down by age, expressed both as a total number and as a percentage of the total new hires for that
year.
[GRI 401-2] [MDR-M.77a] New hires broken down by career level: employees who started working at OMV in the
respective year broken down by career level.
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S1-7 Non-Employee Workers in OMV’s Own Workforce
Non-employees in own workforce data
[S1-7.55a] [MDR-M.77a, 77c]
Number1
December
31, 2024
December
31, 2023
Total number of non-employee workers in own workforce – self-employed workers – leased personnel2
182
191
1 Numbers: Leased personnel are counted as manpower (MP/MP-FTE) and not as head count.
2 Workforce employed through a third-party staffing company and performing regular work duties under OMV management supervision (i.e., get tasks from and report to OMV
management). “Leased personnel” have a direct employment relationship with the third-party staffing company, not with OMV.
Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-7.55a] [MDR-M.77a, 77c] Number of non-employees in own workforce (self-employed or people provided by
agencies primarily engaged in “employment activities” (NACE Code N78)) (as manpower) is calculated as the total
number of leased personnel at year-end. Leased personnel are defined as workforce employed through a third-
party staffing company and performing regular work duties under OMV management supervision (i.e., receiving
tasks from and reporting to OMV management).
S1-8 Collective Bargaining Coverage and Social Dialogue
[S1-8.60a, 60b] 92% of all our employees are covered by collective bargaining agreements. In the EEA, we have more
than one collective bargaining agreement.
Collective bargaining and social dialog
[S1-8.60a, 60b, 60c] [S1-8.63a, 63b] [S1 AR 70] [MDR-M.77c]
2024
Collective bargaining coverage
Social dialogue
Coverage rate
Employees – EEA only (for countries
with >50 employees and representing
>10% total employees)
Employees – Non-EEA (estimate for
regions with >50 employees and
representing >10% total employees)
Workplace representation – EEA only
(for countries with >50 employees and
representing >10% total employees)
0–19%
Rest of Europe (0.13%); Rest of the
world (19%)
20–39%
40–59%
60–79%
Romania (79.4%)
80–100%
Austria (100%), Romania (100%)
Middle East & Africa (80%)
Austria (99%)
[S1-8.63b] OMV concluded an agreement on the establishment of a European Works Council with the employee
representatives in 2013 and renewed it in 2021. The European Works Council and its Steering Committee meet
regularly. Management representatives including members of the Executive Board of OMV Aktiengesellschaft
participate upon invitation of the European Works Council.
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Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-8.60a] [MDR-M.77a, 77c] Percentage of total employees covered by collective bargaining agreements: number of
employees covered by collective bargaining agreements/total number of employees (head count) X 100.
Employees covered by collective bargaining agreements are those individuals to whom we are obliged to apply the
agreement.
[S1-8.60b] [MDR-M.77a, 77c] Percentage of own employees covered by collective bargaining agreements by country
with significant employment (in the EEA): number of employees covered by collective bargaining agreements in
country (representing > 10% total employees)/total number of employees (head count) from that respective
country X 100. OMV reports on whether one or more collective bargaining agreements are relevant, and the
percentage of employees covered by such agreements for each country with significant employment according to
the above formula.
[S1-8.60c] [MDR-M.77a, 77c] Percentage of own employees covered by collective bargaining agreements by region
(non-EEA): percentage of employees covered by collective bargaining agreements by region according to above
formula.
[S1-8.63a] [MDR-M.77a; 77c] Global percentage of employees covered by worker representation, reported at the
country level for each EEA country in which the undertaking has significant employment. Employees covered by
workers representation per country / total headcount per country x100.
[S1-8.60a; 60b] [MDR-M.77a; 77c] Own workforce in regions (non-EEA) covered by collective bargaining and social
dialogue agreements broken down by coverage rate and by region: Number of employees from non-EEA by region
covered by collective bargaining agreement/total head count by region x 100. Employees covered by collective
bargaining agreements are those individuals to whom we are obliged to apply the agreement.
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S1-9 Diversity Metrics
Diversity metrics1
[S1-9.66a, 66b] [S1-9 AR 71] [GRI 405-1b] [MDR-M.77c]
December 31, 2024
Age group
Gender
Total
Under 30
years old
Between 30 and
50 years old
Over 50
years old
Female
Male
Other
gender
Not
reported
OMV Supervisory Board2
Number
–
2
7
3
6
–
–
9
%
0.00
22.22
77.78
33.33
66.67
0
0
100.00
OMV Executive Board
Head count
–
1
4
1
4
–
–
5
%
0.00
20.00
80.00
20.00
80.00
0
0
100.00
Top Management (Executives)3
Head count
–
17
30
8
39
–
–
47
%
0.00
36.17
63.83
17.02
82.98
0
0
100.00
Advanced
Head count
–
505
376
212
669
–
–
881
%
0.00
57.32
42.68
24.06
75.94
0
0
100.00
Core
Head count
19
2,286
1,140
1,073
2,372
–
–
3,445
%
0.55
66.36
33.09
31.15
68.85
0
0
100.00
Primary
Head count
290
3,548
1,851
2,105
3,584
–
–
5,689
%
5.10
62.37
32.54
37.00
63.00
0
0
100.00
Entry
Head count
1,441
4,975
6,349
2,453
10,312
–
–
12,765
%
11.29
38.97
49.74
19.22
80.78
0
0
100.00
Not classified
Head count
127
345
253
148
577
–
–
725
%
17.52
47.59
34.90
20.41
79.59
0
0
100.00
Diversity in general
Head count
1,877
11,677
10,003
6,000
17,557
–
–
23,557
%
7.97
49.57
42.46
25.47
74.53
0
0
100.00
1 OMV Petrom investment in May 2024 (Renovatio Asset Management SRL) is excluded – 10 employees
2 Supervisory Board members are not Employees
3 Executives include OMV Senior Vice Presidents, OMV Petrom & Borealis Group Board members
Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-9.66a] [MDR-M.77a; 77c] Gender distribution in number and percentage in top management: top management is
equivalent to career level executives, which include OMV Senior Vice Presidents, OMV Petrom and Borealis Group
Board members/top management, and is then broken down by gender.
[S1-9.66b] [MDR-M.77a; 77c] Diversity in general, broken down by age group (<30, 30–50, and >50): sum of employees
per age group/total head count at year end.
[GRI 405-1b] [MDR-M.77a; 77c] Diversity in general, broken down by gender (female/male/other gender/not disclosed)
and age group (<30, 30–50, and >50): number of employees (Group)/total head count at year end.
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[GRI 405-1b] [MDR-M.77a; 77c] Diversity in general, broken down by career level: number of employees (age
group)/total number in career level. Top management = career level executives, which include OMV Senior Vice
Presidents, OMV Petrom and Borealis Group Board members.
S1-10 Adequate Wages
[S1-10.69] All of the OMV Groups employees are paid an adequate wage, in line with applicable benchmarks.
S1-11 Social Protection
[S1-11.74] All our employees are covered by social protection against loss of income due to major life events, except
the following types of employees for the specified major life events in the countries listed in this table.
Social Protection Metrics
[S1-11.75]
New Zealand
United Kingdom
Yemen
Head count as of December 31, 2024
238
39
244
Sickness
White collar
●
●
Blue collar
●
Executives
●
Unemployment¹
White collar
●
●
Blue collar
●
●
Executives
●
●
Employment injury and
acquired disability
White collar
●
Blue collar
Executives
Parental leave
White collar
●
●
Blue collar
●
Executives
●
Retirement
White collar
●
Blue collar
Executives
1 Starting from when the own worker is working for the undertaking
Metrics Definitions and Methodologies
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[MDR-M.77a] [S1-11.74a, 74b, 74c, 74d, 74e] [S1-11.75] All our employees are covered by social protection against loss of
income due to major life events, except the mentioned types of employees for the specified major life events in the
countries listed in the above table.
S1-12 Persons with Disabilities
[S1-12.77] [S1-12.79] [S1-12.AR 76] Globally, 0.7% of the OMV Group’s employees are individuals with disabilities. The
number of employees with disabilities is reported per country subject to local legal legislation. The reported
numbers in 2024 form a base year, based on which countries can aim to increase these numbers. Countries without
disability legislation are out of scope for employee disability reporting. With our head office based in Austria, the
OMV Group legal entities in Austria aim to increase relative to the 2024 baseline +1% of employees with disabilities
by 2030. In 2024, the OMV Group legal entities in Austria had an average of 0.9% of employees with disabilities.
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Furthermore, we measure how employees experience our inclusive accessible workplace via the yearly Pulse
Check. In 2024, we received a 64% positive response on this.
Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-12.79] [MDR-M.77a, 77c] Percentage of employees with disabilities at eligible OMV Group entities dependent on
local legislation. This figure excludes contractors and non-employees. The metric was calculated as the number of
employees with disabilities/the total number of employees X 100. The counting was done for those countries
where a legislative quota regarding persons with disabilities exists, and the sum was calculated at Group level.
S1-13 Training and Skills Development Metrics
Performance and career development, reviews, broken down by employee category, average training hours, and gender
[S1-13.83a, 83b, AR 77] [S1-13 AR 77b] [MDR-M.77a, 77c]
Head count
2024
Female
Male
Other
gender
Not
reported
Total
Percentage of employees that participated in regular performance and career
development reviews1
91.53%
86.82%
–
–
88.31%
Total number of training hours for all employees2
158,778
375,064
–
–
533,842
Average number of training hours per employee
27
22
–
–
23
Number of employees trained in health and safety standards within the last year
4,502
12,949
–
–
17,451
Average number of hours of health, safety, and emergency response training for
employees
7
9
–
–
8
Average number of training hours by employee category
Top management (executives)
60
49
–
–
51
Advanced level
41
28
–
–
31
Core level
33
26
–
–
28
Primary level
31
29
–
–
30
Entry level
20
18
–
–
18
Not classified
15
17
–
–
17
Number of participants in training
5,737
15,011
–
–
20,748
Training expenditure (EUR)
3,397,045
7,830,491
–
–
11,227,536
1 Eligible employees for performance reviews (excluding OMV Petrom Blue collars): Performance management not rolled out in Ecoplast, MTM, DYM, Integra, Rialit,
Renasci (no performance management in place or non-BIP) and not done for new entries in the currently ongoing cycle – those are excluded from the overall percentages
2 Training Figures: excl. conferences; trainings for OMV Supervisory and Executive Board and external employees excl. OMV Russia Upstream, OMV Orient Upstream;
excl. DYM Solutions, Integra, Rialti, Renasci
[S1-13 AR 77a; 77b] OMV reports that there were 15,560 performance and development reviews in the reporting year,
with some employees having more than one review. 14,226 employees (91.5% of eligible female employees and
86.8% of eligible male employees) participated in performance and development reviews at least once during the
year. These employees represent approximately 88.3% of all employees eligible to receive reviews in the dedicated
IT platform. Excluded are office-based employees at OMV Petrom as they do not have access to the platform, and
thus are not included in the calculation of this percentage.
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Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external body.
[S1-13.83a, AR 77b] [MDR-M.77a, 77c] The percentage of employees that participated in regular performance and
career development reviews is calculated by dividing the total number of employees who had at least one
evaluation per year by the employees eligible to receive reviews in the dedicated IT platform.
[S1-13.83a, b] [MDR-M.77a, 77c] Average number of training hours by gender (male and female) is calculated as
average training hours for female (male) employees: total number of training hours provided to female (male)
employees/total number of female (male) employees (head count as of December 31).
[Voluntary] Total number of training hours for all employees is calculated as the total number of training hours
provided to employees.
[Voluntary] Number of employees trained in health and safety standards within the last year is calculated as the
number of employees who received at least one HSSE training session.
[Voluntary] Average number of hours of health, safety, and emergency response training for employees is calculated
as total number of training hours on HSSE provided to employees/total number of employees (head count as of
December 31).
[GRI 404-1] [MDR-M.77a, 77c] Average number of training hours per employee is calculated as the total number of
training hours provided to employees/total number of employees (head count as of December 31).
[GRI 404-1] [MDR-M.77a, 77c] Average number of training hours by position is calculated as the total number of
training hours provided to employees by employee category (career level)/total number of employees per
employee category (career level) (head count as of December 31).
[Voluntary] Number of participants in training is calculated as the number of employees who received at least one
training session.
[Voluntary] Training expenditure (EUR) is calculated as the total amount of money spent on training (incl. variable
and fixed costs).
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S1-15 Work-Life Balance Metrics
Percentage of employees entitled to take family-related leave vs. those who took it
[S1-15.93a, 93b] [S1-15.94] [MDR-M.77a, 77c]
In %
2024
Gender
entitled
took
Female
100.00
8.22
Male
98.67
5.29
Other
–
–
Not reported
–
–
Total
99.01
6.05
Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-15.93a] [MDR-M.77a] Percentage of employees entitled take to family-related leave are employees who are
entitled to family-related leave in the head count and as at year-end. The metric was calculated as the total of the
entitled head count at year-end/total head count at year-end.
[S1-15.93b] [MDR-M.77a] Percentage of entitled employees who took family-related leave in the respective year > 1
month were considered in the figures and it was calculated as the total head count in the respective year/total
entitled head count at year-end.
Both metrics are in Gender split
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S1-16 Compensation Metrics (Pay Gap and Total Compensation)
Gender pay gap
[S1-16-98] [S1-16.97a] [MDR-M.77c]
Head count at December 31, 2024 / GPG 2024
Country
Top management
Advanced level
Primary level
Core level
Entry level
Not classified
Total
HC
Male-
female
pay gap
(%)
HC
Male-
female
pay gap
(%)
HC
Male-
female
pay gap
(%)
HC
Male-
female
pay gap
(%)
HC
Male-
female
pay gap
(%)
HC
Male-
female
pay gap
(%)
HC
Male-
female
pay gap
(%)
Austria
40
13.53
472
12.48
1,625
8.93
1,401
6.96
1,774
4.97
62
24.45
5,374
9.79
Belgium
n.a.
n.a.
79
19.06
333
8.01
241
3.07
583
0.55
29
5.07
1,265
-2.53
Germany
2
n.a.
30
19.06
222
23.38
152
3.46
264
-52.36
235
5.43
905
16.95
Finland
n.a.
n.a.
31
-11.55
224
-1.02
155
0.82
507
2.81
26
-7.04
943
-8.43
Romania1
5
n.a.
109
13.37
2,244
8.63
857
5.89
7,905
0.63
124
20.14
11,244
-16.84
Sweden
n.a.
n.a.
30
12.54
255
2.38
128
3.93
573
5.45
n.a.
n.a.
986
1.93
Total all countries
23,296
1.41
1 OMV Petrom investment in May 2024 (Renovatio Asset Management SRL) is excluded – 10 employees
n.a. The pay gap will not be published due to data protection concerns if the target group by career level is too small
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[S1-16.97a]. Gender pay gap including all employees: 1.41%. [MDR-M.77c] [S1-16.97b, 97c] CEO-to-median employee pay
ratio: 76:1 (2023: 78:1).
Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[MDR-M.77a; 77c] [S1-16.97a] Gender pay gap: the difference in average pay levels between female and male
employees, expressed as a percentage of the average pay level of male employees. For this calculation, the total
yearly remuneration per employee (head count only) was taken into consideration. Total yearly remuneration
includes the annual base salary, guaranteed allowances, variable allowances, overtime payments, one-time
payments, bonuses, the LTIP, and benefits in cash paid out in the respective year. The total yearly remuneration is
calculated based on working full-time and for the full year. The hourly rate is calculated by dividing the total yearly
remuneration by the yearly actual working hours per employee (if no actual working hours exist, contractual hours
were used instead).
[S1-16.97b] [S1-16 AR 101] Ratio of annual total remuneration of the highest-paid individual to the median annual
total remuneration for all employees (excluding the highest-paid individual) For this calculation, the total
remuneration per employee (head count only) was taken into consideration. Total yearly remuneration is
calculated as mentioned above for the gender pay gap metric
[S1-16.98] [MDR-M.77a] Gender pay gap broken down by employee category and ordinary basic salary and
complementary/variable components: the breakdown is provided based on employee category and country level.
[S1-16.98] [MDR-M.77a] Gender pay gap broken down by employee category and/or country/segment: the
breakdown is provided based on employee category and country level. The following employees are excluded from
the calculation of the gender pay gap and the ratio of the annual total remuneration of the highest-paid individual
to the median annual total remuneration for all employees:
• Employees on unpaid leave for the full respective year
• International employees hired from abroad for projects in any of the OMV countries – where they are subject to
income tax and/or social security contributions. These employees have an international background, with net
salary agreements to achieve consistency and transparency on the salary levels. The local income tax and social
security contributions apply according to the work location and are paid by the Company.
[S1-16.AR 100] Base salaries are market-oriented, fair, and tailored to the position and expertise of the employee.
OMV encourages equal pay at all career stages, for instance by setting standardized entry-level salaries that are
reviewed each year in line with the local market situation.
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S1-17 Incidents, Complaints, and Severe Human Rights Impacts
[S1-17.104] [MDR-M.77c] 0 incidents related to child labor (2023: 0)
[S1-17.104] [MDR-M.77c] 0 incidents related to forced labor (2023: 0)
[S1-17.104] [MDR-M.77c] 0 severe human rights cases where undertaking played a role in securing a remedy for those
affected
[S1-17.103b] [MDR-M.77c] 0 complaints filed with National Contact Points for OECD Multinational Enterprises
[S1-17.104a] [MDR-M.77c] 0 severe human rights issues and incidents connected to own workforce
[S1-17.104a] [MDR-M.77c] 0 severe human rights issues and incidents connected to own workforce that are cases of non-
respect of the UN Guiding Principles and OECD Guidelines for Multinational Enterprises
[S1-17.104b] [MDR-M.77c] 0 material fines, penalties, and compensation for damages for severe human rights issues and
incidents connected to own workforce
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all metrics below (unless otherwise specified) is not validated by an external body
other than the assurance provider. [MDR-M.77a] For all the metrics, we collect the figures from assigned subject
matter experts within the Group under the assumption they fully understand and comply with the respective data
request.
[S1-17.104] [MDR-M.77a, 77c] Number of incidents related to child labor and Number of incidents related to forced
labor are based on the figures of severe human rights incidents, which include child labor and forced labor
according to the official definitions respectively, and the analysis of supporting information provided to the human
rights expert on request in the case of severe human rights incidents.
[S1-17.104] [MDR-M.77a, 77c] Number of severe human rights cases where undertaking played a role in securing a
remedy for those affected is based on the figure of severe human rights incidents and the analysis of supporting
information provided to the human rights expert on request in the case of severe human rights incidents.
[S1-17.103b] [MDR-M.77a, 77c] Number of complaints filed with National Contact Points for OECD Multinational
Enterprises are derived from the cases counted on the basis of information from the Head of Group Sustainability.
[S1-17.104a] [MDR-M.77a, 77c] Number of severe human rights issues and incidents connected to own workforce
refers to the count of such incidents reported to local and Group P&C managers. We have defined the severity of
human rights incidents based on categories of scale (e.g., forced labor, child labor, human trafficking), scope
(significant number of people being affected), and irremediability (difficult or impossible to remediate), while each
one of them on their own can also make an impact severe.
[S1-17.104a] [MDR-M.77a, 77c] Number of severe human rights issues and incidents connected to own workforce that
are cases of non-respect of the UN Guiding Principles and OECD Guidelines for Multinational Enterprises is a count
of reported severe human rights incidents and the analysis of supporting information provided to the human rights
expert on request in the case of severe human rights incidents.
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Incidents, complaints and severe human rights impacts
[S1-17-103a, 103b, 103c] [S1-17 AR 106] [MDR-M.77c]
2024
2023
Number of incidents of discrimination
number
31
n.a.
Number of complaints filed through channels for own workforce to raise concerns
number
27
n.a.
Amount of fines, penalties, and compensation for damages for severe human rights incidents connected to
own workforce
EUR mn
0
n.a.
Amount of fines, penalties, and compensation for damages as a result of incidents of discrimination, including
harassment and complaints filed and a reconciliation of such monetary amounts disclosed, with the most
relevant amount presented in the financial statement
EUR mn
0
n.a.
Metrics Definitions and Methodology
[MDR-M.77b] Aside from the assurance provider, the measurement of the metrics is not validated by an external
body.
[S1-17.103a] [MDR-M.77a, 77c] Number of incidents of discrimination, including harassment, is calculated as the total
reported cases where individuals have been discriminated against or harassed, country-by-country reporting on
incidents in 2024.
[S1-17.103b] [MDR-M.77a; 77c] Number of complaints filed through channels for own workforce to raise concerns:
country-by-country reporting on incidents in 2024.
[S1-17.103c] [MDR-M.77a, 77c, 77d] Number of fines, penalties, and compensation for damages as a result of incidents
of discrimination, including harassment and complaints filed: sum of all paid fines and penalties.
[S1-17.104c] [MDR-M.77a, 77c, 77d] Amount of material fines, penalties, and compensation for damages for severe
human rights incidents connected to own workforce: sum of all paid fines.
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345
S2 Workers in the Value Chain
Material Topic: S2 Workers in the Value Chain
Material Sub-Topic: Working conditions, Equal treatment & opportunities, Training & skills
development, Other work-related rights (e.g., child labor)
Respecting the fundamental rights of workers in our value chain, including labor rights such as
freedom of association, non-discrimination, while creating stable jobs and ensuring safe working
conditions in relation to our business activities
Relevant SDGs:
SDG targets:
4.7 By 2030, ensure that all learners acquire the knowledge and skills needed to promote sustainable development, including, among others, through education
for sustainable development and sustainable lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence, global citizenship,
and appreciation of cultural diversity and of culture’s contribution to sustainable development
8.3 Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage
the formalization and growth of micro-, small-, and medium-sized enterprises, including through access to financial services
8.7 Take immediate and effective measures to eradicate forced labor, end modern slavery and human trafficking, and secure the prohibition and elimination of
the worst forms of child labor, including recruitment and use of child soldiers, and by 2025 end child labor in all its forms
8.8 Protect labor rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those
in precarious employment
Impacts, Risks, and Opportunities (IROs)
OMV’s policies, actions, and targets are designed to address material positive and negative impacts, risks, and
opportunities that are identified in relation to workers in the value chain. Inadequate application of human rights
principles, such as failure to ensure adequate health and safety conditions or provide accessible grievance channels
to address factors causing discrimination and harassment, could have a negative impact on workers in our value
chain. This can result in potential reputational erosion driven by unequal treatment and opportunities for these
workers, posing a substantial risk to OMV. Additionally, the loss of skilled employees and the decreasing quality of
work carried out by suppliers and contractors due to unequal rights and opportunities could further exacerbate this
risk.
Conversely, active supplier engagement on safety ensures the safe handling of OMV’s products and services,
leading to a safe and healthy environment, which could have a positive impact on workers in our value chain. By
promoting and protecting human rights across the supply chain through supplier engagement and customer
excellence, OMV will achieve strong human rights principles along the value chain, resulting in another positive
impact. By applying OMV’s social principles and promoting them to workers in the value chain, we can gain a
competitive advantage. This approach enhances profitability through access to a skilled workforce across the value
chain. Furthermore, OMV contributes to promoting a Just Transition by implementing timely measures that aim to
develop workers’ skills and improve their employability in other sectors. OMV’s policies, actions, and targets are
designed to address these material positive and negative impacts, risks, and opportunities that have been identified
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in relation to workers in the value chain. For details on our material IROs for S2 Workers in the Value Chain,
see > ESRS 2 General Information.
ESRS 2 SBM-3 Interaction of Material IROs with the Strategy and Business Model
[S2-SBM-3.11a-i, 11a-ii, 11a-iii, 11a-iv] All the workers in the upstream and downstream value chain materially impacted by
OMV are included in the scope of disclosure. In the upstream sector, this includes workers of contractors (Tier 1)
and subcontractors (Tier n) performing services at OMV’s sites or on behalf of OMV, such as drilling, road, water,
and air transportation, maintenance, engineering, facility management, catering, security, drivers, and consultants
working from their own offices. It also includes workers of Tier 1 suppliers delivering goods and materials to OMV,
such as compressors, raw materials, pipes, and engines. In the downstream sector, this includes workers who
handle our products and services, even if they do not work directly on our sites. Both upstream and downstream
workers are subject to material impacts, including the potential inadequate application of human rights principles,
promotion of strong human rights principles, and active engagement on safety. For detailed information on OMV’s
material sustainability impacts, risks, and opportunities across our value chain, see ESRS 2 General Information.
[S2-SBM-3.11a-v] Workers identified as potentially vulnerable to negative impacts include migrant workers, people
with special needs, minorities, women, young and elderly workers, workers from indigenous communities, those in
hazardous roles or high-risk locations such as conflict zones and remote areas, workers with care responsibilities,
and LGBTQ+ individuals.
[S2-SBM-3.11b] In order to identify countries with a high risk for workers in the value chain from a human rights
perspective, we use the Maplecroft global risk scoring system (Verisk Maplecroft is a company specialized in
assessing and mapping geopolitical, environmental, social, and economic risks). Based on Maplecroft data, we
consider countries with a high risk from a human rights perspective to be those countries scoring up to 5 out of 10
(the Verisk Maplecroft index score is presented on a scale of 0.00 to 10.00, where 0.00 represents the highest risk
and 10.00 represents the lowest risk). These are Yemen, Libya, India, and China [S2-SBM-3.11c] The potential negative
impact related to the inadequate application of human rights principles is systemic and tends to occur in countries
with a high risk from a human rights perspective. Our approach to managing our impact on workers in the value
chain aims to avoid, mitigate, and remedy negative impact and to create a lasting positive impact. [S2-SBM-3.11a-iv] [S2-
SBM-3.11d] [S2-SBM-3.13] The material risks and opportunities stemming from impacts and dependencies on our value
chain apply to all our value chain workers.
[S2-SBM-3. 10] Some of the aspects of the negative impact are widespread and related to the insufficient monitoring
of suppliers, JV partners, and other business partners, as well as the previous lack of access to an OMV grievance
mechanism for all value chain workers before one was launched in Q4/2024. Other negative impacts are related to
individual incidents that can occur related to health and safety conditions, discrimination, or harassment. [S2-SBM-
3.11d] To address identified material positive impacts, such as improving working conditions, we implement various
actions. These include audits, impact and risk assessments, human rights compliance checks, and contractor safety
improvements. Workers performing services at OMV’s sites or on behalf of OMV could be positively affected.
Furthermore, we provide training, awareness raising, and skills development through webinars, HSSE training, and
access to the TfS Academy and EcoVadis Academy platforms for workers performing services at OMV’s sites or on
behalf of OMV and workers who handle our products and services, thus affecting them positively. Our own
employees also receive awareness training on value chain workers’ rights through programs like mandatory human
rights e-learning, which also contributes to the positive impact on workers in the value chain.
[S2-SBM-3.11e] The material risks and opportunities arising from impacts and dependencies on value chain workers
are related to access to qualified workers and to competitive advantage when entering business relationships. A
significant risk identified is the potential loss of skilled employees and the diminishing quality of work carried out by
suppliers and customers if they don’t benefit from equal rights and opportunities. Failing to ensure that the global
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workforce can develop professionally may lead to reduced work quality. Another risk involves reputational damage
linked to working conditions, equal treatment, opportunities, and other work-related rights for value chain workers.
Conversely, several material opportunities have been identified: offering higher wages and opportunities for training
and skills development enhances our access to a skilled workforce. Having skilled workers enables higher work
efficiency and quality, thereby improving OMV’s profitability. Furthermore, our approach of supporting workers on a
non-discriminatory basis by planning for a just transition – including timely measures to develop their skills and
enhance their employability in other sectors – can lead to improved work quality enhanced by diversity and non-
discrimination.
[S2-SBM-3.12] To understand how certain workers may be at greater risk of harm, OMV has identified several risk
groups based on exposure to poorly regulated or monitored labor law and standards. Migrant workers might be at
greater risk of harm due to their dependency on a specific job to keep their residence permit and their greater
likelihood of not having a supportive social and family network nearby. People with special needs might rely on
additional conditions to ensure equal opportunities, such as barrier-free access to facilities. Minorities, women,
LGBTQ+ individuals, and workers from indigenous communities might face unequal opportunities and working
conditions in contexts where they are structurally or routinely discriminated against. Young and elderly workers
often face heightened vulnerability due to their greater dependence on their job, either from lack of experience or
limited options to find alternative employment if needed. Lone workers, lacking opportunities for professional
exchange, are thus more at risk of harm. Workers exposed to hazardous substances, working at height, on offshore
platforms, or in other challenging environments are more prone to health and safety impacts than others. Those in
conflict zones or remote areas face risks to their security, physical, and mental integrity due to their location in
high-risk areas. Workers with care responsibilities are more vulnerable due to the challenge of balancing
professional duties with care responsibilities, particularly in cases involving the care of the elderly, those with
permanent or long-term illnesses, or when single caretakers bear the sole responsibility for their dependents. All
these groups are more likely to be exposed to harm in contexts of poorly regulated or monitored labor law and
standards. We apply a thorough methodology to identify risks for these potentially vulnerable groups. This involves
using surveys and data analysis, such as supplier risk reports and monitoring, and the internal incident reporting
system. Monitoring and continuous improvement are achieved through regular assessments, including workplace
audits, supplier and contractor audits, and feedback from workers in the value chain (e.g., Synergi, audits). An
example of how we integrate the feedback from workers in the value chain is the HSSE annual plan.
[S2-SBM-3.13] In line with OMV’s materiality assessment process (see IRO-1 in General Information) and the results of
the assessment for the topic related to Workers in the Value Chain (see S2 Material IRO table), the material risks
arising from impacts and dependencies on value chain workers relate to workers with particular characteristics
described above, primarily in regard to the application of human rights principles.
Governance
[MDR-P 65c] The Executive Board holds overall accountability for compliance with human rights within their
respective entities. Responsibilities for contractor HSSE management are shared among Business, Procurement,
and HSSE, ensuring that all aspects of our HSSE regulations are integrated and upheld throughout the contractor
management process. All the key policies that are relevant for managing our impacts, risks, and opportunities with
regard to workers in our value chain are endorsed by the OMV Executive Board. There is a shared responsibility
between the Group Sustainability department (for human rights) and the Group Procurement, OMV Value Chain
Optimization and Legal departments related to the workers in our value chain. Group Sustainability defines human
rights commitments through the Code of Conduct, the Human Rights Policy Statement, and the Human Rights
Responsibility Matrix. Sustainability requirements related to value chain workers for suppliers managed by OMV
Group Procurement are integrated into activities such as supplier pre-qualification, sourcing, supplier monitoring
and engagement. Regarding impacts on contractors’ health and safety, the HSSE department has developed and
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oversees the implementation of the Contractor HSSE Management Standard. For more details, refer to > Human
Rights, > Health, Safety & Well-Being, and > Business Conduct.
S2-1 Specific Policies and Commitments Related to Value Chain Workers
[S2-1.14] [S2-1.16] To manage the identified material impacts, risks and opportunities related to Workers in the Value
Chain, our Code of Conduct and Human Rights Policy Statement act as overarching documents outlining our
general commitments to value chain workers. The HSSE Directive and Corporate Procurement Directive outline
specific requirements for value chain workers hired by OMV, including those providing outsourced services (e.g.,
security, catering) and equipment suppliers performing regular maintenance at OMV-controlled sites, as specified in
their contracts. For details on the IROs see > ESRS 2 General Information.
Code of Conduct
[MDR-P 65a] In our Code of Conduct, we outline OMV’s commitment to human rights and expect our business partners
to adhere to the same principles. They are required to identify and manage human rights risks and impacts, and to
extend this due diligence requirement to their own suppliers and contractors. These specific requirements address
all our material negative and positive impacts related to the human rights of value chain workers, with the objective
of ensuring the adequate application of our human rights principles throughout the value chain. OMV respects
workers’ rights to form and join trade unions and engage in collective bargaining. Where formal representation is
prohibited, OMV facilitates alternative representation within legal constraints and refrains from actions that
undermine collective representation. Forced or compulsory labor, human trafficking, slavery, and servitude are
strictly prohibited, ensuring all work is voluntary and that workers do not pay recruitment fees.
OMV expects its business partners not to employ workers under 15 years old, or under 14 in countries specified in
ILO Convention 138 exceptions, and to ensure that no hazardous work is carried out by workers under 18.
Discrimination based on race, color, sexual or gender identity, age, origin, religion, opinion, disability, or any other
status is prohibited, and any form of abuse, harassment, or discrimination in the workplace is not tolerated. OMV
upholds and requests its business partners to uphold the highest health and safety standards, aiming for zero harm
and ensuring safe workplaces for employees, contractors, and business partners.
[MDR-P-65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
[S2-1 AR 12] The last Code of Conduct was written in 2018. Since then, OMV has introduced a new strategy with
sustainability at its core. Consequently, the Code of Conduct was revised in the current reporting year to
incorporate additional values and commitments. These changes aim to enhance accountability for both our
organization and our business partners in implementing responsible and sustainable business practices. This update
was also necessary to meet new supplier expectations and to integrate recent legislative changes into our internal
policies. With the updated Code of Conduct, we have introduced more specific and precise commitments and
requirements, e.g., referring to the provision of grievance channels and a non-retaliation clause to protect anyone
reporting grievances and whistleblowers.
Human Rights Policy Statement
[MDR-P 65a] The Human Rights Policy Statement contains guiding principles and commitments that address both the
negative and positive impacts regarding the application of human rights. As part of this policy, OMV has identified
its key human rights responsibilities related to relevant stakeholders, including contractors and their employees, in
a comprehensive Human Rights Responsibility Matrix. This matrix forms the foundation of our human rights
activities and serves as a crucial tool for their implementation. To ensure the adequate application of human rights
principles, such as ensuring adequate health and safety conditions, OMV aims to adhere to the highest standards to
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ensure safe workplaces for its employees and contractors/suppliers. For more details, see > S1 Human Rights
and > S1 Health, Safety & Well-Being. [MDR-P 65b, 65c, 65d, 65e, 65f] For the Human Rights Policy Statement, unless
otherwise specified, the process for monitoring, the scope of the policy, involvement of senior-level management,
reference to third-party standards (where relevant), interests of key stakeholders in setting the policy (where
relevant), and how the policy is made available to potentially affected stakeholders are covered in > S1 Human
Rights.
Commitments for Workers in Our Value Chain
[S2-1.17a] OMV’s commitments to respecting workers’ rights according to the ILO’s Fundamental Conventions and
Declaration on Fundamental Principles and Rights at Work are summarized in > S1 Human Rights. Specifically, for
our value chain workers, we are committed to upholding the highest standards to ensure safe workplaces. Our
Safety Management System is founded on the OMV HSSE Policy, the HSSE Directive, and various corporate
regulations. By signing our General Purchase Conditions, contractors and suppliers commit to adhering to the
human rights standards outlined in our Code of Conduct. We only enter into partnerships with suppliers and
contractors who align with our values. For more details, see > S1 Human Rights.
[S2-1.17b] In line with the UN Guiding Principles on Business and Human Rights, our human rights due diligence (DD)
activities involve continuous engagement and consultation with external stakeholders, including those impacted by
our operations. We are dedicated to adopting a rights-holder perspective, ensuring that, alongside business-related
risks, the actual and potential impacts on human rights are professionally assessed and appropriately addressed.
OMV engages with value chain workers through annual surveys and regular town hall meetings. Some examples of
this engagement include running supplier audits and assessments, holding service quality meetings, hosting forums
and safety performance meetings with contractors, conducting HSSE walks with contractor managers at their
facilities, and organizing annual meetings with strategic suppliers and sustainability supplier day events. [S2-1.17c] To
remediate negative human rights impacts that may affect our value chain workers, we provide grievance
mechanisms that allow them to report their concerns anonymously. For more details, see > Processes to remediate
negative impacts and channels for value chain workers to raise concerns.
[S2-1.17] [S2-1.19] [S2-1.AR 14] The OMV Human Rights Policy Statement and the OMV Human Rights Management
System are grounded in international human rights standards and laws, including the International Bill of Human
Rights, international humanitarian law (where applicable), International Labour Organization (ILO) core treaties, the
UN Global Compact, the UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for
Multinational Enterprises. We also commit to acting in accordance with the Voluntary Principles on Security and
Human Rights (VPs) and the International Code of Conduct for Private Security Service Providers (ICoC). [S2-1.18] We
strongly oppose forced labor, slavery, child labor, and human trafficking. This is clearly outlined in our Code of
Conduct, which our supply chain partners are required to sign as part of their contract. OMV reserves the right to
terminate relationships with suppliers if any instances of non-compliance with our Code of Conduct are discovered
and if non-compliance is not addressed in a timely manner. For details, see > S1 Human Rights.
HSSE Directive and Contractor HSSE Management Standard
[MDR-P 65a] The HSSE Directive and the Contractor HSSE Management Standard provide guidelines to manage the
negative impact arising from failure to ensure adequate health and safety conditions, and therefore help to ensure
the safety of our value chain workers. They define key HSSE responsibilities for all OMV employees, partners, and
contractors who are expected to adhere to the guidelines stipulated in the HSSE Policy and our management
system. OMV’s HSSE vision is “Committed to Zero Harm – Protect People, Environment, and Assets.” This vision is
embedded in the HSSE Policy, which is OMV’s public commitment to health, safety, security, and the environment.
Our chemicals subsidiary, Borealis, is committed to implementing the guidelines of the Responsible Care Global
Charter, which is the chemical industry’s voluntary initiative aimed at continuous improvement in health and safety
performance. For more details, see > S1 Health, Safety & Well-Being.
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[MDR-P 65e] OMV HSSE experts, the Sustainability and Procurement teams and representatives from the business
divisions, were either directly involved in developing the HSSE Directive and Contractor HSSE Management
Standard or consulted during the internal review process. Where relevant, their feedback was incorporated. [MDR-P
65b- 65c, 65d, 65f] For the HSSE Directive and Contractor HSSE Management Standard, unless otherwise specified, the
process for monitoring, the scope of the policy, involvement of senior-level management, reference to third-party
standards (where relevant), and how the policy is made available to potentially affected stakeholders are covered
in > S1 Health, Safety and Well-Being.
[S2-1 AR 15] The minimum requirements for incorporating HSSE issues into all phases of the contract life cycle and
the contractor management process are covered in our Contractor HSSE Management Standard. It defines a
structured approach to managing the HSSE facets of contractors, from selection through to contract close-out.
Employees and their representatives are consulted and involved in health and safety matters.
Corporate Procurement Directive and Purchase to Pay Standard
[MDR-P 65a] The Corporate Procurement Directive outlines the framework, principles, and rules for managing
procurement activities within OMV, including supplier relationship management, procurement processes, and
contract management. It emphasizes the importance of early procurement involvement, ethical values, and
compliance with legal requirements, ensuring transparency, efficiency, and value creation. The document outlines
the overall process of supplier engagement and management, detailing how human rights aspects are integrated
into supplier prequalification, audits, and meetings. For example, during prequalification, we ask suppliers if they
have a CSR or human rights policy and request they share it with us, while during TfS audits and assessments, the
suppliers’ approach to human rights is reviewed as a distinct category. By embedding human rights in these key
procurement activities, we ensure that our supply chain operates ethically and responsibly, upholding the highest
standards of human rights. This approach leads to improved working conditions and opportunities for workers
throughout the value chain, and further reduces the risk of reputational erosion that could arise from unequal
treatment.
Additionally, our Purchase to Pay Standard defines the minimum requirements for the Group-wide Purchase to Pay
process, encompassing all existing regulations within the process scope. This standard pertains to activities such as
requesting, purchasing from external suppliers (excluding inter-company purchases), receiving, accounting, and
paying for goods and services. Both policies manage the identified material impacts related to the application of
human rights principles, and the principles and minimum standards that are stipulated therein apply to all
purchasing activities within the OMV Group, except for purchasing of goods and services that are not managed by
Procurement (e.g., fuels and feedstock, trading activities, etc.), as listed in the annex for Purchases out of
Procurement Scope to this directive.
[MDR-P 65b, 65c, 65d, 65e, 65f] For the Corporate Procurement Directive and Purchase to Pay Standard, unless otherwise
specified, the process for monitoring, the scope of the policy, involvement of senior-level management, reference to
third-party standards (where relevant), interests of key stakeholders in setting the policy (where relevant), and how
the policy is made available to potentially affected stakeholders are covered in > G1 Supplier Relationships. [S2-1.16]
These policies apply to suppliers and contractors. They address the material IROs related to competitive advantage,
application of the human rights principles, and loss of skilled personnel.
Prequalification
[MDR-P 65a] The Corporate Procurement Directive requires a comprehensive prequalification process for suppliers to
identify and mitigate negative impacts and risks. This ensures that all potential suppliers meet our standards for
environmental, social, and economic performance, aligning with our commitment to sustainable and responsible
procurement practices. Such measures address both the negative and positive impacts related to the application of
human rights principles, loss of skilled employees, and mitigate the risk of unequal treatment for workers in the
value chain. During the reporting period, OMV maintained a strong focus on social and human rights topics in the
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prequalification process. Moving forward, OMV aims to continuously improve this process to further enhance
human rights standards within the value chain. For more details, see > G1 Supplier Relationships.
Supplier Selection
[MDR-P 65a] Supplier selection serves as a specific ongoing preventive action addressing all identified negative
impacts and risks concerning upstream value chain workers. Governed by the Corporate Procurement Directive,
this process handles both negative and positive impacts related to human rights principles, mitigates the loss of
skilled employees, and reduces the risk of unequal treatment for workers in the value chain. For more details,
see > G1 Supplier Relationships.
S2-2 Processes for Engaging with Value Chain Workers about Impacts
[S2-2.22a, 22b] OMV promotes collaboration and engagement with contractors and sub-contractors on health, safety,
and other sustainability topics. Engagement with workers in the value chain occurs in all stages of our business
relationship and at all stakeholder levels (both management and on-site workers). To increase awareness of
embedding HSSE and sustainability principles in our operations, we organize annual contractor forums and training
sessions, where we engage with management representatives from our contractors and suppliers. Furthermore, we
conduct quarterly service meetings between business representatives in OMV, Procurement, and HSSE, and
selected contractor representatives to review and improve service performance. To gain a better understanding of
on-site conditions, we annually conduct joint HSSE or safety walks and on-site human rights checks. Furthermore,
to evaluate the effectiveness of mitigation measures that have been put in place, we conduct annual HSSE audits,
TfS audits, and contractor audits with external auditors. During the reporting period, OMV continued its efforts to
protect workers in the value chain by implementing robust ethical standards and thorough engagement actions.
Moving forward, OMV aims to continuously improve by enhancing grievance mechanisms, increasing training on
human rights, and fostering stronger engagement with suppliers to ensure fair treatment. In a nutshell, our
engagement actions address all identified material positive and negative impacts and mitigate associated risks.
[S2-2.22c] The roles and responsibilities for contractor HSSE management are shared between Business,
Procurement, and HSSE. The HSSE VPs, who report directly to the CEO, and the Procurement and Investor Relations
& Sustainability SVPs, who report directly to the CFO, oversee this engagement with workers in the value chain.
[S2-2.22e] The effectiveness of the engagement with workers in the value chain or their representatives is assessed
using a range of tools. A 360-degree evaluation is conducted to understand if the regularity and format of the
supplier engagement methods used by OMV meet expected requirements. As part of our human rights due
diligence in line with the UN Guiding Principles on Business and Human Rights (UNGPs), we utilize the Human Rights
Self-Assessment tool to track the effectiveness of a business entity’s human rights management. The self-
assessment questionnaire, based on our Human Rights Responsibility Matrix, covers topics including rights-holder
engagement, working conditions, and occupational health and safety. As an example, we include questions about
the steps being taken by the business to engage suppliers, contractors, and business partners in identifying and
managing modern slavery incidents, to establish monitoring systems, and to track the effectiveness of measures
being taken. The Human Rights Self-Assessment questionnaire is filled in by local management, before being
analyzed and assessed by independent external human rights professionals. Based on the findings, we develop an
action plan to address the concerns raised and to close the gaps in the implementation of our human rights
commitments that have been identified. We utilize third-party services to conduct the Human Rights Self-
Assessment, ensuring compliance with the UNGP (United Nations Guiding Principles) requirement to assess the
effective of the engagement.
[S2-2.23] OMV takes specific steps to gain insights into the perspectives of workers who may be particularly
vulnerable. We identify these vulnerable groups and have established feedback mechanisms through our grievance
channels and TfS audits to gather insights from workers who may be especially susceptible to impacts or
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marginalized. Additionally, we conduct interviews with contractors’ blue-collar workers during audits to further
understand their perspectives and identify any potential issues. Each audit finding classified with a red flag is
followed up and analyzed by the Procurement team in collaboration with business representatives and any other
relevant function (e.g., HSSE, Legal, Internal audit, and Compliance). Information on the outcome of the audit is
made available to the supplier, and the supplier is requested to submit a proposed corrective plan with concrete
measures and an implementation timeline.
S2-3 Processes to Remediate Negative Impacts and Channels for Value Chain Workers to
Raise Concerns
[S2-3.27a] We regard grievance mechanisms as a crucial tool for preventing and managing adverse impacts on local
communities, employees, and other stakeholders, including workers in our value chain. Following the UN
Effectiveness Criteria, we aim to address all grievances received, whether they arise from real or perceived issues
and whether the complainant is identified or anonymous. These mechanisms provide a channel for identifying
potential adverse impacts, resolving grievances, and offering remedies to rights holders where we have caused or
contributed to a negative impact. We recognize that these mechanisms do not impede stakeholders’ rights to
access judicial or other remedies. Each value chain worker’s reported grievance is thoroughly investigated with a
commitment to confidentiality, data protection, protection against retaliation, equal treatment, objectivity, and
impartiality. Wherever OMV has caused or contributed to a negative human rights impact, we take remedial actions
to counteract or mitigate it, e.g., through financial or non-financial compensation, restitution, restoration,
rehabilitation, or other remedial actions. We engage with the affected rights holder while implementing the
proposed remedy and ensure that the remedy is rights compatible and does not lead to secondary harm. The
following channels are available for our value chain workers to raise their concerns: the SpeakUp Channel,
Community Grievance Mechanisms, and our Integrity Platform for whistleblowing. These channels are all
established by OMV.
SpeakUp Channel
[S2-2.27a, 27b] [S2-3.27b] [S2-3 AR 23] Our general approach and process to remediating an identified material negative
impact related to value chain workers is through the provision of grievance mechanisms. In October 2024, OMV
established a new SpeakUp Channel, which provides a process and tool to all workers in our value chain to raise
concerns regarding serious work-related misconduct, including discrimination, harassment, unequal employment
opportunities, and any violations of work-related human rights (such as forced labor, child labor, and human
trafficking), and have them addressed. It is available to any internal or external stakeholder and as such is a
common channel for our own workforce and value chain workers. [S2-2.27c] OMV will launch communication
activities addressing our business partners in 2025 to enhance accessibility of the Speak-Up Channel for value
chain workers. More information about the / SpeakUp Channel will become available on the OMV website in 2025.
[S2-2.27d] For details on the process through which we support the availability of the SpeakUp Channel, as well as our
approach to tracking, monitoring, and ensuring effectiveness, see > S1 Own Workforce.
Community Grievance Mechanisms (CGMs)
[S2-3.27b] For issues related to human rights or any other concerns associated with OMV’s operations, such as noise,
land degradation, or water pollution, any external parties, including value chain workers, can utilize the locally
available Community Grievance Mechanisms (CGM). These mechanisms are developed in line with the UN Guiding
Principles on Business and Human Rights Effectiveness Criteria and applicable national regulations on grievance
procedures and are available at our operational sites to enable the reporting of grievances, identification of
potential adverse impacts, resolution of issues, and provision of remedies where OMV has caused or contributed to
a negative impact. The CGM, managed by community relations teams or focal points, are available at our sites to
handle grievances from external stakeholders. Following OMV’s Code of Conduct, business partners shall, to the
extent permissible by law, also have an accessible and effective grievance mechanism (or other mechanism in
accordance with the applicable law) in place for their own workers and other stakeholders to report any breaches
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of human rights. During human rights monitoring activities (e.g., on-site checks), we check the accessibility of
workers’ grievance mechanisms. [S2-3.27c, 27d] We aim to resolve all grievances promptly. Depending on the severity
and type of issue, response times can range from within 24 hours for urgent cases to a maximum of 45 days for
those requiring detailed investigations. Our approach aligns with Ipieca’s best practice and the UN Guiding
Principles on Business and Human Rights Effectiveness Criteria, ensuring our grievance mechanism is legitimate,
accessible, predictable, equitable, transparent, rights-compatible, continuously improving, and based on dialogue.
For details on the process through which we support the availability of our CGMs as well as our approach to
tracking, monitoring, and ensuring its effectiveness, see > S3 Affected Communities.
Integrity Platform
[S2-3.27b] Our value chain workers are valuable sources of information in identifying breaches of ethical standards.
OMV has introduced a whistleblower mechanism called the Integrity Platform to encourage workers to share their
concerns. [S2-3.27c] [S2-2.27d] For details on the process through which we support the availability of the Integrity
Platform, as well as our approach to tracking, monitoring, and ensuring its effectiveness, see > G1 Ethical Business
Practices.
[S2-3.28] The awareness and trust in the grievance channels are assessed during audit interviews with blue-collar
workers. In addition to the current way of working, we are in the process of defining a method to measure the
effectiveness of the implementation of all three channels. OMV has several grievance channels and mechanisms in
place for workers in the value chain to address issues that concern them. All these channels are protected against
retaliation, employing methods such as “whistleblower protection,” as legally required by OMV. They are
communicated through training sessions, meetings, and events, and are publicly available on our website and at site
locations (e.g., CGM). During audits, interviews with blue-collar workers are conducted to assess their trust in these
grievance channels.
S2-4 Actions to Manage the IROs Related to Value Chain Workers
[S2-4.31] To address the material IROs related to our value chain workers, such as inadequate application of human
rights principles, including failing to ensure health and safety or providing grievance channels, and reputational
damage due to unequal treatment and opportunities, specific actions have been defined. These include conducting
impact and risk assessments, human rights compliance checks, audits, providing training and awareness-raising
activities, and actively engaging with contractors on safety topics. [MDR-A 69a, 69b] For the material topic S2 Workers
in the Value Chain, none of our actions exceeded our key action monetary threshold of EUR 5 mn, and therefore
these data requirements have not been addressed. [S2-4.AR 41] For information on whether and how external
developments have been considered regarding dependencies turning into risks, see ESRS 2 General Information.
Impact and Risk Assessments and Human Rights Compliance Checks
[MDR-A 68a] [S2-4.32a] [S2-4.33a] [S2-4.35] [S2-4 AR 28a, 28c] The processes through which OMV identifies what action is
needed and appropriate in response to a particular actual or potential negative impact on value chain workers
include impact and risk assessments and human rights compliance checks. These serve as ongoing preventive
actions addressing identified negative impacts and risks concerning upstream value chain workers, in alignment
with the Corporate Procurement Directive. Such impacts and risks include inadequate application of human rights
principles, failure to ensure adequate health and safety conditions, and lack of accessible grievance channels to
address discrimination and harassment.
In 2024, 20 (2023: 13) human rights compliance checks and assessments were conducted across the OMV Group.
The findings of these, both positive and negative, are compiled in reports that are shared with the responsible
managers. Our Group human rights experts support local management in developing action plans to address any
identified issues or risks and further strengthen the integration of human rights into our business activities and
relationships. Compliance checks of about 15 potential suppliers of renewable materials (renewable feedstock,
GHG tickets, and renewable products such as sustainable aviation fuel) were also carried out. The purpose of these
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compliance checks is to find out if these suppliers have commitments, systems, and processes in place to comply
with OMV’s human rights commitments.
[S2-4.33d] We track the effectiveness of these actions by regularly monitoring alerts about registered suppliers. The
risk assessment results help us mitigate the risk of unequal treatment and opportunities for workers, reduce the
likelihood of decreased work quality from suppliers and contractors, and address negative impacts related to
human rights principles. Our on-site human rights checks focus on vulnerable groups and material negative
impacts, with a checklist addressing issues related to migrant and young workers. The newly introduced on-site
human rights check, launched in 2024, serves as a stand-alone tool for ongoing monitoring and verifying human
rights allegations. In regular update meetings, we monitor activities and provide guidance and training to overcome
challenges in implementing these action plans.
[MDR-A68b, 68c] This process is relevant for our current and future business activities and relationships globally, and
focuses on our own workforce and those of our business partners, primarily those working as contractors on site or
in the upstream value chain. It is an ongoing process applied to our activities globally and is part of our goal to
conduct human rights assessments in 100% of high-risk countries by 2030, with action plans developed every five
years. [MDR-A 68e] [S2-4.34a] Understanding a supplier’s risk is an important factor in deciding whether and how we
conduct business with them. Since 2019, we have been receiving daily alerts about our registered suppliers
through SAP Ariba. These enable us to monitor their risks in four categories: Environmental and Social, including
workers in the value chain topics, Finance, Regulatory and Legal, and Operations. These risk alerts help us track the
effectiveness of this preventive risk management process. Furthermore, OMV has a screening process in place to
ensure that parties sanctioned by the EU or international organizations, such as the United Nations, are not
accepted as procurement partners.
Audits
[MDR-A68a, 68b] [S2-4.32a] [S2-4.33a, 33b] [S2-4-35] [S2-4 AR 28a, AR 28c] Audits are preventive and monitoring measures that
address the negative impacts and risks from inadequate application of human rights principles, such as failing to
ensure health and safety or provide grievance channels to report discrimination and harassment. They aim to verify
whether our strong human rights principles are upheld along the value chain and to prevent potential reputational
damage related to unequal treatment.
[S2-4.32d] Every year, OMV conducts two types of audits for selected suppliers and contractors of OMV: on-site TfS
audits focusing on sustainability performance, and remote audits performed by external auditors. The audits
performed by external auditors pay particular attention to financial stability, strategy, organization, supply chain,
sustainability, and cybersecurity performance. They help track and assess compliance with our suppliers’
environmental and social responsibility commitments, mitigate potential issues such as the inability to apply human
rights principles, ensure accessible grievance channels, prevent the loss of skilled employees and decreasing work
quality, and address unequal treatment for workers in the value chain.
[MDR-A 68c] Both types of audits are conducted on an ongoing basis during prequalification or contract execution and
aim to measure and improve supplier performance so as to meet OMV standards. It is also part of our target to
extend sustainability evaluations to all suppliers covering 90% of Procurement spend by 2030. [MDR-A.68e] Since
2021, OMV has been a member of Together for Sustainability (TfS), a global network of 53 companies that sets the
standard for environmental, social, and governance performance in chemical supply chains. The TfS program is
based on the principles of the UN Global Compact and Responsible Care®. Being a TfS member helps OMV further
embed sustainability in its day-to-day business operations and cascade sustainability requirements within our
supply chain.
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Training and Awareness Raising
[MDR-A68a] [S2-4.32a, 32c] [S2-4 AR 28a, AR 28b, AR 28c, AR 28d] Enhancing measures such as training sessions, webinars, and
special events for suppliers and contractors are connected to all material impacts and opportunities and align with
our internal policies, such as Contractor Safety Management and the Corporate Procurement Directive. These
measures ensure that social principles promoted by OMV are applied to workers in the value chain. This includes
the promotion and protection of human rights, access to skilled personnel across the value chain, a just transition
for workers, and active engagement with business partners on safety. During the reporting period, OMV continued
its actions to protect workers in the value chain by implementing robust ethical and safety standards and audit
practices. Moving forward, OMV aims to continuously improve by enhancing grievance mechanisms, increasing
training on human rights, and fostering stronger engagement with suppliers to ensure fair treatment.
When a supplier is invited to complete an EcoVadis assessment, they also gain access to an e-learning platform
with a robust catalog of courses on sustainable business practices (including labor practices and human rights).
Furthermore, our suppliers can also register on the TfS Academy platform, where a wide variety of courses are
available on topics such as discrimination and harassment, human trafficking, modern slavery, child labor,
recognizing and preventing forced labor, etc. In addition, training our own staff on human rights ensures that they
are equipped to uphold and advocate for these standards throughout the value chain, thereby contributing to better
working conditions and fair treatment of all workers. In 2024, a total of 26 suppliers were trained on social issues.
[MDR-A68b, 68c] [S2-4.32d] OMV also collaborates with its suppliers on awareness-raising activities to enhance overall
sustainability performance. Providing training and raising awareness for value chain workers is crucial for our global
business activities. This effort primarily focuses on business partners in our upstream value chain, especially those
working as on-site contractors. This is an ongoing process and to track its effectiveness, OMV monitors suppliers’
progress through improved EcoVadis scores. This allows us to measure enhancements in their sustainability
performance.
[S2-4.38] OMV dedicates resources to training and raising awareness among value chain workers. Since 2022, the
Sustainable Procurement and Supplier Innovation departments have organized webinars and training sessions to
increase sustainability awareness. Human rights management is integrated throughout the organization, including in
Procurement, Security, HSSE, and Community Relations. We also utilize external resources for assessments, audits,
and other related activities.
Contractor Safety
[S2-4 AR 28a, 28b] Improving contractor safety is included in the Contractor HSSE Management Standard, mitigates
the loss of skilled employees, and prevents a decline in the quality of work from suppliers and contractors and the
failure to ensure adequate health and safety conditions for workers. It also enhances active engagement with
business partners on safety issues.
[MDR-A68a] [S2-4.34a] [S2-4 AR 28c] Safety programs aimed at consolidating and improving safety performance have been
implemented with various contractors. To emphasize their importance, these programs are supported and managed
by senior management as sponsors. The focus on contractor safety is part of our preventive measure that
addresses the negative actual and potential material impacts identified for workers in the value chain concerning
safety management. [S2-4 AR 43] The process to manage material risks related to the value chain, particularly
contractors and suppliers, is integrated into our existing HSSE (Health, Safety, Security, and Environment) risk
management system. Through this established framework, OMV systematically identifies, assesses, and mitigates
potential risks associated with value chain workers. Key components of this process include regular audits,
stringent prequalification procedures, and continuous stakeholder engagement, ensuring that all potential risks are
proactively managed and addressed.
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[MDR-A 68a] The safety of our contractors is just as important as the safety of our own employees. For this reason, we
have established processes that require contractors to work according to our standards. Our Contractor HSSE
Management Process begins with issuing the scope of work, related risks, information about HSSE requirements,
and the HSSE key performance indicators (KPIs). The process continues through the tender stage with the HSSE
evaluation and capability audit, if needed. Once the contract terms are agreed and the contract is awarded, and
before work begins at the site, we reinforce our expectations and requirements during kick-off meetings, HSSE
inductions, site-specific training, and other joint meetings.
Every contractor employee is onboarded with dedicated safety training. The presence of contractors at our sites is
monitored around the clock using an electronic registration system (e.g., in the refineries) or paper sign-in system
(e.g., attendance sheet, permit to work, and induction sheet). During the contract period, we monitor our contractors
by way of supervision, audits, inspections, joint HSSE or safety walks, service quality meetings, forums, and
workshops, using the outcomes to share information and encourage improvement of our HSSE performance as a
team. To increase the awareness and knowledge of contract owners, contract holders (i.e., the beneficiaries in need
of external services), procurement staff, and HSSE experts regarding our Contractor HSSE Management Process,
we have continued to deliver specific training explaining how HSSE requirements and tools are embedded in the
source-to-contract process. OMV has introduced the HSSE Contractor Awards to recognize and incentivize
contractors who demonstrate exceptional safety practices. In 2024, this initiative contributed to reducing incidents
through increased safety awareness and best practices among our contractors. OMV actively participates in
industry networks to share best practices in occupational health and safety and regularly learn from industry
leaders, e.g., within the International Association of Oil & Gas Producers (IOGP).
[MDR-A68b, 68c] [S2-4.32d] This process is relevant for our current business activities globally and focuses on business
partners in our upstream value chain, primarily those working as contractors on site. Prioritizing contractor safety is
an ongoing process applied to our activities globally, and its effectiveness is tracked through the performance of
our target on contractor onboarding. [S2-4 AR 28d] In the coming years, OMV aims to continuously enhance contractor
safety by providing dedicated safety training. The HSSE Contractor Awards will continue to recognize and
incentivize contractors who demonstrate exceptional safety practices.
[S2-4.32b] [S2-4.33c] To mitigate the negative impact on contractors that may arise from inadequate application of
human rights principles, such as failing to ensure adequate health and safety conditions or provide accessible
grievance channels to address discrimination and harassment, OMV implemented the SpeakUp Channel in 2024.
This grievance mechanism serves as a remediation measure through which value chain workers can raise their
concerns. [S2-4.34b] To pursue our material opportunities of promoting and protecting human rights across the
supply chain through supplier engagement and the application of OMV’s social principles, we have outlined our
expectations regarding work-related human rights in our Code of Conduct. These expectations include diversity
and non-discrimination, as well as health, safety, and well-being. By adhering to these standards that are also part
of our GPCs, our business partners are encouraged to strengthen their own commitments in these areas, thereby
positively impacting the quality of work for workers in our value chain.
S2-5 Targets Related to Value Chain Workers
Conduct human rights assessments
[S2-5.41] [MDR-T-80a-80j]
[MDR-T-80a] The OMV Code of Conduct and Human Rights Policy Statement outline our full commitment to the UN
Guiding Principles on Business and Human Rights. Our voluntary target of conducting human rights assessments for
100% of high-risk countries by 2030, along with developing an action plan every five years, underscores our
commitment to identifying and addressing human rights impacts in our value chain. These assessments enable us
to identify, prevent, and mitigate actual and potential adverse human rights impacts related to our business
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activities and relationships, particularly in high-risk countries and among value chain workers. This allows us to
more effectively define and implement our action plans.
2030
Human rights assessments for 100% of high-risk countries by 2030 and develop action plan every 5 years
Absolute Target
Value chain activities
Own operations (including contracted services when applicable)
In scope
JV, Operating Partners, Own operations, Operating Partners with OMV share of more than 10%
Out of scope
minority shareholdings of 10% and less,
Geographical coverage
Group-wide
Base year
2022
Baseline value
4/15 countries: 26.6%
[MDR-T-80f] To avoid human rights risks and prevent negative impacts on rights holders, including our workforce and
communities, OMV adheres to the UN Guiding Principles on Business and Human Rights (UNGP) and the UN Global
Compact (UNGC) requirements for human rights due diligence, now also included in the European Sustainability
Reporting Standards (ESRS). For our upstream value chain, local supplier procedures are integrated into country- or
asset-level due diligence activities. We document all activities that identify human rights impacts, risks, and
mitigation and remediation measures, including action plans for our business activities annually. [MDR-T-80h] The
target was set following consultations with Executive Board (EB) members, SVPs, and HSSE, and approved by the
EB. Value chain workers were not involved in setting the target. [MDR-T-80i] No changes were made to targets in the
current reporting year. Methodologies are periodically reviewed to ensure they reflect the latest safety standards
and practices.
Status 2024
[MDR-T-80j] Over the last five years, a human rights assessment has been conducted and action plans developed in 70% (7 out
of 10) of our operations in high-risk countries. This target is monitored and reviewed annually.
[S2-5.42a] The target-setting process involves a comprehensive evaluation of our current performance, identification
of key improvement areas, and extensive consultations with business divisions, HSSE subject matter experts, senior
management, and our Executive Board. Although we did not directly engage with workers in our value chain or their
representatives, the target was established with the understanding that human rights assessments are essential to
identify any actual or potential human rights impacts on rights holders (including value chain workers, our own
workforce, and affected communities), related business risks, and to address them accordingly. [S2-5.42b]
Benchmarking exercises were conducted against industry standards to set realistic targets. Value chain workers are
not involved in tracking OMV’s performance against the set targets. [S2-5.42c] The year-on-year figures provide an
insight into the effectiveness of our actions. When a negative trend is observed, we analyze the causes and identify
actions to improve performance. For example, we may hold workshops to raise internal awareness of our human
rights responsibilities and the importance of thorough assessments.
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TfS and supplier sustainability evaluations
[S2-5.41] [MDR-T-80a-80j]
[MDR-T-80a] As stipulated in our Code of Conduct, OMV is committed to continuously improving our sustainability
management and performance. We report and verify our performance against specific goals, measures, and
benchmarks, and are committed to transparently reporting on our progress. By 2025, our target is to be an active
member of TfS and run sustainability evaluations for all suppliers covering over 80% of Procurement spend. By
2030, we aim to extend these evaluations to all suppliers covering 90% of Procurement spend. Through this
commitment, we aim to enhance sustainability in daily procurement activities, provide a better overview of the
environmental, social, and economic impacts of purchased goods and services, and embed more ambitious
sustainability targets in the supply chain.
2025
Be an active member of TfS and run sustainability
evaluations for all suppliers covering >80% of Procurement
spend
2030
Extend sustainability evaluations to all suppliers covering
90% of Procurement spend
Absolute Target
Value chain activities
Upstream value chain – Tier 1 suppliers
In scope
Suppliers in Procurement scope, according to Procurement Directive
Out of scope
All suppliers that are not in Procurement scope, according to Procurement
Directive
Geographical coverage
Group-wide
Base year
2022
Baseline value in %
36
[MDR-T-80f] This target has been established as part of OMV’s commitments to TfS and in alignment with other TfS
members. The goal is to focus on suppliers with the highest spend for EcoVadis assessments and those from high-
risk countries in terms of human rights or labor rights (e.g., Southeast Asia) for TfS audits. Each year, in addition to
suppliers covering 80% of Procurement spend, suppliers with an EcoVadis score below 45 points are invited to
undergo a new EcoVadis evaluation to improve their performance. [MDR-T-80h] Internal stakeholders, such as EB
members and the Group Sustainability department, along with external stakeholders, including the TfS
organization, were involved in the target-setting process through consultations. The target was approved by the
OMV Executive Board. [MDR-T-80i] No changes were made to targets in the current reporting year. Methodologies are
periodically reviewed to ensure they reflect the latest sustainable procurement standards and practices.
Status 2024
[MDR-T-80j] Suppliers covering 65% of procurement spend assessed (2023: 40.6%). This target is monitored monthly and
reviewed annually.
[S2-5.42a] The target-setting process includes a thorough evaluation of our current performance, identification of key
improvement areas, and consultations with internal stakeholders like EB members and the Group Sustainability
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department, as well as external stakeholders such as the TfS organization. We did not directly engage with workers
in our value chain or their representatives. As a TfS member, we ask our suppliers to conduct sustainability
assessments (via EcoVadis) and audits to evaluate ESG performance. [S2-5.42b] Sharing results within the TfS
network reduces duplication and benefits the entire supply chain. We do not involve value chain workers in tracking
OMV’s performance against the targets. [S2-5.42c] The monthly review of the progress toward this target, as well as
the year-on-year figure provides insight into the effectiveness of our actions. When the figure indicates a negative
trend, we analyze the reasons and identify possible actions to improve our performance against this target. For
example, additional training with our contractors may be implemented, to raise awareness of the importance of
completing the TfS sustainability assessments (via EcoVadis).
Contractor onboarding
[S2-5.41] [MDR-T-80a-80j]
[MDR-T-80a] The target supports the strategic goal of “developing supplier and contractor management capabilities
on all levels, internally and externally,” as defined in the OMV HSSE Strategy 2030. This includes ensuring the
onboarding of key contractors and providing dedicated HSSE support during the ramp-up phase. The HSSE Strategy
2030 serves as the foundation for all the guidelines provided in our HSSE policies. For details, see > S1 Health,
Safety & Well-Being [MDR-T-80c] This target includes all contractors (self-employed individuals) within our workforce,
as defined in S1-AR3. It also includes value chain workers working on OMV sites, including those providing
outsourced services (e.g., security, catering) and equipment suppliers performing regular maintenance at OMV-
controlled sites, as specified in their contracts.
2025
Completion Rate (CR) of Life-Saving Rule training within Safety Centers for external workforce (Phased Roll-out)
Target: 85% of contractor employees trained according to division plans.
Relative Target
Value chain activities
Own operations (including contracted services when applicable)
In scope
100% for fully owned assets and for assets where the Group’s interest is less than 100% but more
than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Joint ventures where OMV does not have control or operatorship, where no Safety Center is
available
Geographical coverage
Group-wide
Base year
2025
Baseline value
n.a.
[MDR-T-80f] The methodology applied to determine the contractor onboarding rate (CR) is based on the following
calculation: Number of contractor employees trained in the Life-Saving Rules (LSR) Safety Center divided by the
number of contractor employees planned to train in the LSR Safety Center, multiplied by 100, and the result should
be 85% or over. This approach is aligned with the OMV HSSE Policy and Directive, HSSE Strategy 2030 and industry
best practices. This target aims to address the potential negative impact of inadequate application of human rights
principles, such as failing to ensure adequate health and safety conditions for value chain workers. By proactively
onboarding contractors into our approach to health and safety best practices, OMV can foster a safer and more
ethical working environment, which enhances our reputation and builds trust with stakeholders.
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[MDR-T-80h] The metric and target were proposed within the Leading KPI Framework during internal workshops that
involved internal stakeholders from HSSE and Group Sustainability and specific business functions that work
closely with value chain workers (e.g., in the refinery). The Leading KPI Framework was subsequently approved by
the OMV Executive Board (EB). The target focuses on reducing negative impacts on safety. [MDR-T-80i] This is a new
target established to address our material impacts concerning contractors and suppliers.
Status 2024
[MDR-T-80j] development, coordination, and rollout of the new Leading KPI (LeKPI) Framework was finalized in 2024.
Additionally, the reporting platform was expanded to allow for the entry and processing of planned and actual values,
facilitating KPI tracking. The first real tracking will commence in 2025. As this is a new LeKPI, its applicability will be closely
monitored, especially in the first year, with improvements made as necessary, to ensure it becomes a meaningful and effective
tool. The target is monitored quarterly and reviewed annually.
[S2-5.42a] The process for setting the target on contractor onboarding included an evaluation of the results from
contractor assessments and audits, to identify areas for improvement. This was followed by consultations with
internal stakeholders like EB members and the Group Sustainability department, as well as benchmarking against
IOGP and Concawe best practices and guidelines. We did not directly engage with workers in our value chain or
their representatives. [S2-5.42b] We monitor our performance against this target annually. [S2-5.42c] The quarterly
review of progress toward this target, along with the year-on-year figures, provides insight into the effectiveness of
our actions. When a negative trend is identified, we communicate and implement lessons learned and
improvements at the sites with contractors and share safety best practices.
Entity-specific Metrics Related to Value Chain Workers
Workers in the value chain
[S2-4.36] [S2-1.19] [Entity-specific] [Voluntary] [MDR-M.77c]
2024
2023
Audits performed by OMV Procurement with an external auditor
number
42
40
TfS (re)assessments performed by EcoVadis
number
570
224
TfS audits performed
number
13
8
Suppliers with a valid EcoVadis score (no more than 3 years old)
number
697
303
Suppliers with improved EcoVadis score
%
67
57
Buyers across all locations that attended awareness sessions on sustainable procurement
number
155
205
New suppliers screened for social criteria (e.g., child labor, forced labor, and collective bargaining) and
environmental criteria
number
1,531
1,022
New suppliers assessed with negative social impacts in the supply chain that were disqualified
%
1
1
Suppliers that were trained on social issues
number
26
na.
Spend with local suppliers
%
71.10
71.20
Cases of non-respect of international standards reported in OMV’s value chain1
number
0
0
Severe human rights issues and incidents connected to our upstream and downstream value chain
number
0
na.
1 For Borealis, the approach to define this metric is different and the figures deviate from OMV Group figures. For more information, refer to the Borealis Group Annual Report 2024 –
Group Management Report – Non-financial Statement
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Metrics and Methodologies
[MDR-M.77b] The metrics are not validated by an external body other than the assurance provider, with the exception of TfS-
related metrics, where the data is validated by TfS.
[Entity-specific] [MDR-M.77a, 77c] Number of audits performed by OMV Procurement with an external auditor: the number of
audits performed with an external auditor is measured at the end of the year.
[Entity-specific] [MDR-M.77a. 77c] Number of TfS (Re)Assessments performed by EcoVadis: the number is measured/collected
directly from the Tableau platform (provided by TfS). The scope of suppliers assessed in 2024 via EcoVadis is: First assessment,
Reassessment and Re-use from outside (supplier already assessed via EcoVadis at the request of other companies, but only
entered in our database in 2024).
[Entity-specific] [MDR-M.77a, 77c] Number of TfS audits performed: the number of suppliers who performed a TfS audit at our
request is measured/collected from the OASIS platform. This includes full audits and follow-up audits.
[Entity-specific] [MDR-M.77a, 77c] Number of suppliers with a valid EcoVadis score: data generated from the TfS Tableau platform
plus selection of suppliers who responded to the assessment in the past three years.
[Entity-specific] [MDR-M.77a, 77c] Percentage of suppliers with improved EcoVadis score: this represents the total number of
suppliers that have improved their overall score, compared to their previous evaluations. The information is taken from Tableau
platform (provided by TfS).
[Entity-specific] [MDR-M.77a, 77c] Number of buyers across all locations who attended awareness sessions on sustainable
procurement: this is measured based on attendance lists.
[Entity-specific] [MDR-M.77a, 77c] Number of new suppliers screened for social criteria (e.g., child labor, forced labor, and
collective bargaining) and environmental criteria (e.g. environmental certifications: ISO 14001, ISO 50001 etc.): the data is
downloaded as an excel file from SAP Ariba platform.
[Entity-specific] [MDR-M.77a, 77c] Percentage of new suppliers assessed with negative social impacts (related to human rights,
e.g., modern slavery, forced labor, child labor, etc., and improper business practices, e.g., bribery and corruption) in the supply
chain that were disqualified: this is calculated based on the number of suppliers in prequalification who were disqualified vs. the
total number of suppliers who participated in prequalification.
[Entity-specific] [MDR-M.77a, 77c] Suppliers that were trained on social issues: the data for sustainability trainings performed by
suppliers is downloaded from EcoVadis platform, then filtered for trainings focused on social issues. While in previous years we
took into consideration all sustainability trainings (overall ESG issues), in 2024 the emphasis is solely on social issues, in
connection with our IROs.
[Voluntary] [MDR-M.77a, 77c] Percentage of spend with local suppliers: this is calculated automatically by Power BI based on total
Procurement spend in the OMV. The term “local”: refers to the supplier country where the payment is made.
[S2-4.36] [MDR-M.77a, 77c] Number of severe human rights issues and incidents connected to our upstream and downstream
value chain refers to the count of such incidents reported through our Community Grievance Mechanisms, as well as legal cases.
We have defined the severity of human rights incidents based on categories of scale (e.g., forced labor, child labor, human
trafficking), scope (significant number of people being affected), and irremediability (difficult or impossible to remediate), while
each one of them on their own can also make an impact severe. One of the limitations of this current approach is that findings
from due diligence activities in the value chain workforce such as third-party audits or assessments (e.g., issues related to working
and living conditions or ineffective grievance management) are not yet fully included in the current reporting period. Over the
course of 2025, we plan to further improve the process of compiling value chain due diligence findings and to integrate them in
the count of human rights incidents connected to our value chain workforce.
[S2-1.19] [MDR-M.77a, c] Cases of non-respect of international standards reported in OMV’s value chain: in the reporting year, no
cases of non-respect of international standards were reported, based on the limitations mentioned above.
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S3 Affected Communities
Material Topic: S3 Affected Communities
Material Sub-Topics: Communities’ economic, social, and cultural rights, communities’ civil and
political rights, and rights of indigenous peoples
Managing the impact of activities on local communities (e.g., local employment and skills
development, infrastructure impacts, environmental, health, and well-being impacts), including
through targeted social investments
Relevant SDGs:
SDG targets:
3.8 Achieve universal health coverage, including financial risk protection, access to high-quality essential health-care services and access to safe, effective, high-
quality, and affordable essential medicines and vaccines for all
8.3 Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage
the formalization and growth of micro-, small-, and medium-sized enterprises, including through access to financial services
16.6 Develop effective, accountable, and transparent institutions at all levels
16.7 Ensure responsive, inclusive, participatory, and representative decision-making at all levels
Impacts, Risks, and Opportunities (IROs)
For OMV, transparency, trust, and partnership-based relationships with local communities are key to ensuring that
we are a responsible and welcomed neighbor wherever we operate. The business strategy and business model
could impact communities where OMV is active. Adding value to affected communities is essential to safeguard our
operations for the future. OMV secures its social license to operate by upholding human and labor rights and
fostering positive relationships with surrounding communities. In the interest of being a responsible international
company, we contribute positively to the fulfillment of human rights in our immediate surroundings through several
projects and initiatives. Investments in community relations and development specifically address identified
community needs. They are designed to mitigate social risks that could result from company operations and initiate
positive change in neighboring communities and OMV’s sphere of influence.
Failure to respect, protect, and fulfill economic, social, political, civil, and cultural rights, or neglecting community
consultation, compensation, and reparation related to our value chain or own operations can, however, result in
negative impacts. Additional effects may stem from process safety incidents or from dust and noise disturbances
affecting surrounding communities due to construction and transport activities. Additionally, limited employment
opportunities due to the lack of necessary skills could negatively impact the development of the communities in the
vicinity of our operations. Business development can potentially disturb cultural heritage sites of indigenous people
and other communities, adversely affecting the preservation of local cultural heritage and its tangible and
intangible values through damage, interference, or restriction of access. The inability to avoid involuntary
resettlement can also lead to negative impacts on the economic, social, or cultural well-being of the rights holders
in the affected communities, further exacerbating the challenges they face.
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Respecting communities’ civil and political rights by encouraging and promoting the right to protest and the
possibility for expression of opinion, while implementing a no lethal weapons policy and a graduated force response
model, has a positive impact. Additionally, supporting local employment and business development through OMV
business initiatives leads to tangible positive results for local communities. For details on our material IROs for S3
Affected Communities, see > ESRS 2 General Information.
ESRS 2-SBM-3 Interaction of the Material IROs with the Strategy and Business Model
[S3-SBM-3.9] Communities are defined as entities or individuals who can be significantly impacted by the
organization’s activities, products, and services, and whose actions can influence the organization’s ability to
implement its strategies and achieve its objectives. This includes various communities or individuals whose legal
rights or rights under international conventions grant them legitimate claims against the organization: local
communities, remote communities, communities engaged in or affected by our value chain Communities are
exposed to impacts from OMV’s own operations and upstream value chain. Environmental impacts include process
safety incidents and social impacts includes dust and noise disturbances, involuntary resettlement, limited
employment opportunities, and the preservation of local cultural heritage.
[S3-SBM-3.9a-i] Local communities subject to our material impacts include those living near OMV’s operating sites and
facilities, such as drilling sites, refineries, and pipeline routes, who are directly affected by our operations. Remote
communities situated further from our primary sites indirectly impacted by OMV’s activities are also considered.
This includes all individuals living near OMV’s operations, and landowners impacted by our business activities.
Influential community members, such as tribal, political, or religious leaders, are also affected. These stakeholders
play a crucial role in the social fabric of the communities and their perspectives are integral to our engagement
processes. Our approach includes regular consultations and dialogues with these groups to understand their
concerns and aspirations. This helps us to mitigate any adverse impacts and to foster positive relationships built on
trust and mutual respect.
[S3-SBM-3.9a-ii, 3.9a-iii] The material impacts are connected to the business model in various ways. The upstream value
chain and the following communities are also subject to OMV’s identified material impacts:
remote communities (populations situated further from our primary operational sites and directly and indirectly
affected by our upstream value chain activities such as communities impacted by traffic transport due to
construction or oil leaks on the road);
communities engaged in or affected by our value chain, including those in regions where we source raw materials,
and develop extraction operations, as well as areas involved in the transportation and distribution network such
as communities at upstream endpoints of the value chain.
[S3-SBM-3.9a-iv] Operating in rural landscapes and offshore, affected communities generally include neighboring
farmers, indigenous tribes with connections to the land and sea within which we operate, and neighboring tribes
whose areas may be negatively affected in the unlikely event of a spill. Indigenous communities are known to reside
in proximity to our operations in Māui, Pohokura, and Maari in New Zealand, as well as in the Arma district in Yemen.
[S3-SBM-3.9b] The identified potential negative material impacts on the communities in the vicinity of our operations
are generally connected to individual incidents in OMV’s own operations or those from business relationships, e.g.,
communities’ health, safety, and quality of life, although some widespread impacts may materialize if certain
procedures are not followed. Systemic impacts may be connected to problems or challenges prevalent within the
local context and driven by root causes outside of OMV’s immediate control, e.g., lack of control over public security
forces. However, they nonetheless increase the risk of adverse impacts within OMV’s own operations or value chain.
Grievances can be communicated on behalf of another individual or as a collective case. In widespread cases,
grievances may be submitted by a group of community members through a joint letter, by a major representative
approaching OMV on behalf of the community, or via a union representing value chain workers.
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Due to the profile of our industry, our value chain and logistics can impact local communities negatively by causing
traffic congestion and increasing air pollution levels, which may affect their health and well-being. Our grievance
register has previously recorded significant negative impacts on health, safety, quality of life, and the environment,
highlighting issues related to dust and noise disturbances from our operations and competition for land. These are
generally individual events related to landowners and pollution incidents like spills, noise, and dust. Process Safety
Management (PSM) remains a crucial focus for the Company as both a moral and business imperative. A process
safety incident could significantly impact community health, safety, quality of life, and the environment, for example
through water contamination from drilling or exposure to hazardous substances. To mitigate these risks, effective
prevention measures are implemented.
Most of the grievances received through OMV’s Community Grievance Mechanisms (CGMs) to date have been
registered in OMV Petrom’s Exploration & Production (E&P) division. In 2024, we conducted several evaluations and
analyses focusing on managing recurrent grievances, particularly relating to historically polluted sites. We are
working to address the root causes of recurring grievances more efficiently, such as claims related to land rentals
and environmental compensation. Failure to provide employment opportunities for local communities (skilled and
unskilled) and a lack of control over public security forces can increase the risk of adverse impacts within OMV’s
own operations or value chain. These impacts generally tend to be systemic in nature.
[S3-SBM-3.9c] In addition to these negative impacts, positive effects on local communities have also been confirmed,
such as local procurement, access to grievance channels, respect for communities and human rights, first aid for
disadvantaged communities, business and employment opportunities, and contributions to local development
through social and community investments (e.g., social investments in Romania and Austria). Our social investments
aim to support communities and areas in the countries where we operate, with community development projects
designed as investments expected to generate returns for the communities or society as a whole. Priority is given to
projects with the potential to create long-term societal value and bring lasting positive changes to the lives of
beneficiaries. [S3-SBM-3.10] OMV is committed to constant community engagement, grounded in mutual respect,
transparency, and open dialogue. Our approach involves identifying and managing relationships with individuals,
groups, or organizations affected by our activities or impacting our business. Stakeholder analysis is a crucial part of
our Social and Human Rights Impact Assessment (SHIA), which provides information on our community strategy
and annual engagement plans outlined in the Community Relations and Development (CR&D) handbook. The
community grievance mechanism is an ongoing process for monitoring local needs and concerns. For instance, we
identified indigenous groups (iwi and hapū) in New Zealand as high-priority stakeholders due to the cultural
significance of the environment, and regularly engage with them through our ongoing stakeholder engagement
program for OMV NZ. This engagement is tailored to various assets and projects, involving multiple groups to
ensure their voices are heard.
[S3-SBM-3.11] No material risks and opportunities were identified for the topic of Affected Communities during the
materiality assessment. However, we recognize reputational benefits of providing ad-hoc support and humanitarian
aid to communities affected by natural disasters or war.
Governance
[MDR-P-65c] The Community Relations and Development function aims to steer partnership-orientated community
relations and development to obtain and maintain the social license to operate around OMV sites. It is integrated
into the Group Sustainability team, reporting to the CFO through the Head of Group Sustainability and SVP of
Investor Relations and Sustainability.
S3-1 Policies Related to Affected Communities
[S3-1.14] To manage the identified material impacts, risks and opportunities related to all affected communities near
our operations, our Code of Conduct and Human Rights Policy Statement, serve as overarching documents outlining
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our general commitments to affected communities and their human rights. The Sustainability Directive outlines
specific processes and covers social responsibility, including community relations, development and social
investments, human rights, volunteering, and NGO relations for OMV. Additionally, the Community Relations and
Development handbook is available for all OMV community relations managers. For details on the IROs,
see > ESRS 2 General Information.
Code of Conduct
[MDR-P-65a] OMV’s Code of Conduct (CoC) outlines several commitments that recognize the direct and indirect
interdependencies between our activities and the communities surrounding our operations. To address the negative
impact related to the failure to respect, protect, and fulfill economic, social, political, civil, and cultural rights, or
neglecting community consultation, compensation, and reparation related to our supply chain or our own
operations, OMV is committed to ensuring that affected communities are informed about safety risks stemming
from our operations, including appropriate communication and procedures in emergency situations. Up-to-date
safety measures are developed within the Group for use in ecologically sensitive or densely populated areas. We
also respect the rights of access to information, public participation in decision-making, and access to justice.
Affected stakeholders, such as relevant local communities, are proactively informed of planned and ongoing works
and their impacts, as well as mitigation measures being taken by OMV.
Our business development can potentially disturb cultural heritage sites of indigenous people and other
communities, adversely affecting the preservation of local cultural heritage and its tangible and intangible values
through damage, interference, or restriction of access. The inability to avoid involuntary resettlement can also lead
to negative impacts on the economic, social, or cultural well-being of the rights holders in the affected
communities, further exacerbating the challenges they face. In the event of OMV interference with the rights of
relevant local communities, especially those of indigenous peoples, we are committed to developing adequate
mitigation, reparation, and compensation plans in close consultation with all relevant stakeholders, including the
host government. Indigenous peoples are acknowledged as social groups with identities distinct from mainstream
groups in national societies and are often among the most marginalized and vulnerable. We are committed to
addressing any adverse impacts on local culture, religion, customs, traditions, indigenous peoples’ rights, legitimate
land, or livelihoods in our business activities and through our community funding projects.
[MDR-P-65b, 65c, 65d, 65e, 65f] For the Code of Conduct, unless otherwise specified, the process for monitoring, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
Human Rights Policy Statement
[MDR-P-65a] The OMV Human Rights Policy Statement stipulates our commitments to affected communities and
indigenous people which are embedded within our Code of Conduct.
To address the negative impacts related to the failure to respect, protect, and fulfill economic, social, political, civil,
and cultural rights, our Human Rights Policy Statement mandates that local security and community engagement
strategies, particularly in high-risk areas, follow a preventive, defensive, and community-focused approach. We also
actively involve surrounding communities and consider their security concerns when planning and implementing
security-related activities. Our social license to operate relies on upholding human and labor rights and fostering
positive relationships with affected communities Therefore, we commit to respecting, fulfilling, and supporting the
human rights of our communities, while avoiding or mitigating any risks to health or safety from project-related
activities. Individuals and groups likely to be in vulnerable situations, such as children, women, indigenous peoples,
and human rights defenders are prioritized.
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[MDR-P 65b, 65c, 65d, 65e, 65f] For the Human Rights Policy Statement, unless otherwise specified, the process for
monitoring, the scope of the policy, involvement of senior-level management, reference to third-party standards
(where relevant), interests of key stakeholders in setting the policy (where relevant), and how the policy is made
available to potentially affected stakeholders are covered in S1 Human Rights.
Commitments for Affected Communities and Indigenous Peoples
[S3-1.15] OMV is dedicated to addressing any adverse impacts on local culture, religion, customs, traditions,
indigenous peoples’ rights, legitimate lands, or livelihoods caused by our business operations and community
investment projects.
[S3-1.16a] OMV adheres to the principle of free, prior, and informed consent, in line with the International Finance
Corporation (IFC) Performance Standard 7 and ILO Convention 169. This commitment includes community
consultations to ensure that the rights, culture, and traditions of indigenous peoples are respected and protected.
OMV is dedicated to avoiding involuntary resettlement and maintains a zero-tolerance policy for illegitimate land
grabbing. We respect legitimate tenure rights related to land and natural resources, including water, as per IFC
Performance Standard 5. In cases where OMV’s activities might interfere with the rights of affected communities,
particularly indigenous peoples, we commit to developing mitigation, reparation, and compensation plans in
consultation with relevant stakeholders, including the host government.
[S3-1.16b, 16c] We maintain regular dialogue with various stakeholders, including individuals from our local
communities, whom we regard as crucial partners in achieving our objectives. We engage with these communities
regarding our human rights impacts through the Social and Human Rights Impact Assessment process and regular
consultation sessions. Local needs identified through this process and feedback received during consultations guide
our investment priorities. The negative and positive impacts on affected communities are addressed and managed
through specific policies such as the Group Sustainability Directive and the Community Grievance Mechanism at
the local level. See > Processes to remediate negative impacts and channels for affected communities to raise
concerns.
[S3-1.17] The OMV Human Rights Policy Statement and Human Rights Management System are specifically aligned
with the International Bill of Human Rights, international humanitarian law (where applicable), International Labour
Organization (ILO) core treaties, the UN Global Compact, the UN Guiding Principles on Business and Human Rights,
and the OECD Guidelines for Multinational Enterprises to ensure the rights of affected communities and indigenous
peoples are respected and protected. For more details, see > S1 Human Rights.
Sustainability Directive
[MDR-P-65a] To ensure that local communities near our operations benefit from our presence, the Sustainability
Directive outlines the requirements for obtaining and maintaining the social license to operate through partnership-
oriented relations and development with affected communities around OMV operations. Social investments in
community relations and development address identified community needs and are designed to mitigate social
risks from company operations while managing positive change for affected communities, as well as creating
valuable business opportunities by fostering trust, collaboration, and mutual benefit between OMV and the
communities it impacts. [MDR-P-65b] This Directive applies to OMV’s global operations, including Borealis and OMV
Petrom, but excludes certain subsidiaries such as SapuraOMV.
[MDR-P-65c] Community relations development responsibilities are assigned to each deliverable to ensure the
function is managed according to the Sustainability Directive, which is approved by the Executive Board. Key
responsibilities include supporting the implementation of community relations and development activities to secure
social acceptance of business operations in the country. This involves supporting the implementation of community
relations and development activities at the field site as per the approved strategy and plan by the general manager
on site, assisting the community relations manager in planning, budgeting, and reporting these activities in the
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country, establishing and maintaining relationships with local community stakeholders, and addressing local
concerns and complaints in accordance with community grievance management systems. Additionally, it involves
monitoring community stakeholders’ attitudes toward the Company to mitigate negative impacts on the business
and informing line management of any serious social issues that have wider implications for project activities. The
community relations and engagement process, which is governed by the Sustainability Directive, is used to monitor
effectiveness.
[MDR-P-65d] The OMV Sustainability Strategy and related activities are aligned to contribute to the achievement of
the SDGs. In line with these efforts, we prioritize investments in community relations and development to address
the needs of affected communities and manage positive changes resulting from our operations.
S3-2 Processes for Engaging with Affected Communities about Impacts
[S3-2.21a] Engagement with affected communities varies depending on the stage of the project and its level of
establishment. For new business projects, engagement with affected communities would normally be through their
legitimate representatives, while for mature projects such as at the refineries or production sites, engagement may
also occur directly with the affected community. Regular dialogue is maintained with various stakeholders,
including individuals from our local communities, whom we regard as crucial partners in achieving our objectives.
We engage with them on our human rights impacts through the Social and Human Rights Impact Assessment
process and regular consultation sessions. Local needs identified through this process and feedback received
during consultations guide our social investment priorities.
Our community relations and development management process is based on centralized policies and targets and is
implemented by locally responsible persons using local resources. In line with our community relations and
development procedure, which is applied in all countries in which we are active, we engage with local communities
through tailored programs. For instance, all projects from OMV’s Energy segment require community consultation
in the development phase.
We maintain regular communication with the communities that live where we operate and strive to inform them in
advance of any planned business activities that may affect them. For example, in the vicinity of our refineries,
stakeholders such as local authorities and neighbors are proactively informed in advance of any work that may
cause a disturbance (e.g., noise from turnarounds) by way of stakeholder meetings, social media, leaflets, and other
channels as appropriate. An example of this in action is the “green phone” at the Schwechat refinery, which has
ensured 24/7 direct contact for all neighbors for several years now. Every call is answered by the shift supervisor,
and in cases of perceived noises or odors, the shift supervisor checks the refinery immediately for potential sources
so that the issue can be resolved as quickly as possible.
When plants are decommissioned or we exit a location, our community relations team ensures that potential social
impacts are addressed by drawing up targeted community engagement plans, a Social and Human Rights Impact
Assessment, management plans, and exit strategies for ongoing community development projects. Protection
against retaliation is a preventive measure to address negative impacts related to communities’ rights, disturbance
of the cultural heritage, and inability to avoid involuntary resettlement.
[S3-2.21b] We engage with local communities at every stage of our business projects, ensuring their perspectives are
integrated into our operations. Our engagement process begins with conducting a Social and Human Rights Impact
Assessment before project initiation, including pre-emptive, informed consultation and consent from local
stakeholders. This continuous engagement extends throughout the project life cycle – during commissioning,
operational phases, decommissioning, and even abandonment – to ensure community viewpoints are consistently
integrated and addressed. The frequency of engagement is based on the Stakeholder Engagement Plan and varies
by project and depends on several factors, such as the size and nature of the project, geography, and specific
characteristics of each project. For example, in some locations, engagement may be less frequent because the
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projects are already well established or OMV is already recognized as a valuable partner, while in others, it may
occur more often due to the need for ongoing development and communication.
[S3-2.21c] The Community Relations and Development function within Group Sustainability has the most senior role
that governs and steers community relations at Group level and implements development activities in the countries
in which we operate. It also receives quarterly reporting and feedback from social responsibility teams including
human rights experts and local teams, and monitors and ensures adherence to the Group’s guidelines on
community relations and development. We hold quarterly structured alignment meetings and, where necessary, on-
demand meetings with our local community relations managers to monitor and steer local implementation of our
site-specific global community relations and development commitments, as well as organizing regular exchanges
between all countries in order to share challenges and best practice experiences as a supplement to the guidance
provided. According to our Sustainability Directive, each business area and all subsidiaries can act as an initiator of
community development investments and social investments within the framework of the OMV’s Sustainability
Strategy processes.
Stakeholder engagement involves enhancing measures for the positive impacts that we have on our surrounding
communities. Constant dialogue with communities is a valuable source of support for local employment and
business development and promotes respecting the right to expression of opinion by tailoring our initiatives to meet
the community’s needs.
[S3-2.21d] The effectiveness of our stakeholder engagement is systematically assessed through the collection and
evaluation of stakeholder feedback, which is gathered after resolving an issue or launching a social investment
program. This feedback is collected through surveys, or direct engagement, and is then consolidated and
summarized in the annual stakeholder engagement report. This process enables us to measure the impact of our
engagement activities. By analyzing this feedback, we identify areas for improvement, track progress against our
engagement objectives, and ensure that our interactions with communities are productive and meaningful. Our
community and social investments are guided by the needs identified as part of Social and Human Rights Impact
Assessments and ongoing community consultations. Each year, we prioritize collaborative projects with local
stakeholders in an effort to maximize the social return on our investments.
Social and Human Rights Impact Assessment
[S3-2.22] The Social and Human Rights Impact Assessment (SHIA) framework mandates consultations at the outset
and during each project phase, so as to promote continuous dialogue. Additionally, our community grievance
mechanism facilitates prompt feedback and addresses concerns. The frequency of these engagements is
determined by the project’s timeline and the evolving needs of the community. We start by conducting a SHIA,
which includes the free, prior, and informed consent (FPIC) of local stakeholders. Sometimes, the SHIA is integrated
into an Environmental and Social Impact Assessment (ESIA) to foster synergies and efficiencies. The purpose of the
SHIA is to ensure that the views of the affected communities, especially of indigenous peoples, are incorporated
into and addressed throughout all phases of the project life cycle: commissioning, operation, and decommissioning
or abandonment. We also pay particular attention to any possible impact on human rights, particularly of individuals
and groups that are more likely to be in vulnerable situations, such as indigenous peoples, women, and children.
Whenever possible, we conduct Social and Human Rights Impact Assessments in a participatory manner by directly
consulting with potentially affected communities.
Based on the internal guidelines for conducting SHIAs, we include a baseline study, community needs assessments,
stakeholder analyses, and a study of social risks associated with the project. Where possible, SHIAs are conducted
in a participatory manner by directly consulting with potentially affected communities. Our standards require the
outcomes of the SHIAs to be communicated to affected stakeholders. Based on these outcomes, site-specific
strategies for community relations and development, stakeholder engagement plans, and Community Grievance
Mechanisms are developed and implemented. In addition to the SHIAs, we conduct cultural impact assessments for
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specific communities, such as indigenous communities. For instance, to avoid negatively impacting culturally
significant sites, we have altered the initial planning of business projects, including adjusting well drilling
trajectories.
Community Engagement
[S3-2.22] We engage with NGOs through various social projects, sponsorships, and donations to gather insights into
the vulnerabilities of specific groups within our communities. Our stakeholder dialogue, grievance mechanisms, and
SHIAs facilitate the collection of direct feedback from communities, ensuring their concerns are heard and
addressed. This collaborative approach allows us to identify and protect vulnerable groups, such as children and
women.
[S3-2.23] In some countries where we operate, such as New Zealand, the affected communities are indigenous
peoples. Our commitment to respecting and fulfilling their human rights, specifically, their cultural, intellectual,
religious and spiritual property, the activities affecting their lands and territories, and the legislative or
administrative measures that affect them, is stated in our Human Rights Policy Statement. We are committed to
community consultation and recognize the principle of free, prior, and informed consent (FPIC) in accordance with
International Finance Corporation (IFC) Performance Standard 7 and ILO Convention 169. OMV recognizes and
respects legitimate tenure rights related to the ownership and use of land and natural resources (including water)
as set out in IFC Performance Standard 5. We are committed to avoiding involuntary resettlement and follow a
zero-tolerance policy for illegitimate land grabbing, while respecting the right to water. In the event of OMV
interference with the rights of local communities, especially those of indigenous peoples, we are committed to
developing adequate mitigation, reparation, and compensation plans in close consultation with all relevant
stakeholders, including the host government.
OMV New Zealand’s assets have long been established, with affected communities identified as including farming
neighbors and indigenous groups connected to the land and sea. Māori, recognized as the original people of New
Zealand and governed by the Treaty of Waitangi, retain the right to protect their way of life and resources. The
Treaty influences OMV NZ’s operations, emphasizing close collaboration with iwi (tribes) and hapū (sub-tribes) to
maintain an ongoing license to operate. A long-standing relationship with iwi and hapū is built on mutual respect
and two-way communication, with iwi preferring to engage separately from broader community groups at times.
Engagement methods include phone calls, face-to-face meetings, multi-group forums, site visits, and emails. The
frequency of these interactions depends on the activities at the site or ongoing projects, with some occurring
monthly and others on an as-needed basis. Discussions address impacts and mitigation measures, particularly
cultural impacts, and often require cultural impact assessments from the indigenous group. Opportunities for
collaboration, such as cultural monitors, cultural inductions, and employment opportunities, are also explored.
S3-3 Processes to Remediate Negative Impacts and Channels for Affected Communities to
Raise Concerns
Community Grievance Mechanism
[S3-3.27a, 27b, 27c] At OMV, a CGM is a key tool for preventing and managing our potential impacts on local
community dependence on OMV, potential failure to respect community rights, and any associated social risks. Our
management of community grievances aims to be fully aligned with the Ipieca best practice guidelines and with the
Effectiveness Criteria of the UN Guiding Principles on Business and Human Rights. The Effectiveness Criteria
require a grievance mechanism to be legitimate, accessible, predictable, equitable, transparent, rights-compatible, a
source of continuous learning, and based on engagement and dialogue.
The Community Grievance Management process at OMV is integrated into the OGMS system, which ensures that
our grievance management is in line with the UNGP effectiveness criteria. This aims to increase the efficiency and
effectiveness of our dialogue with stakeholders and communities in particular and to reduce non-compliance risks
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and financial consequences for the Company. It involves implementation of an adequate and accessible grievance
channel for affected communities at the field site by the general manager on site, establishing and maintaining
relationships with local community stakeholders, and addressing local concerns and complaints according to
community grievance management systems.
Through the mechanism, OMV aims to respect the United Nations Guiding Principles on Business and Human Rights.
The Community Grievance Mechanism is applicable across OMV ’s operations and its consolidated subsidiaries.
OMV’s localized Community Grievance Mechanism (CGM) procedures stipulate a stringent approach to
systematically receiving, documenting, addressing, and resolving grievances in all the countries where we operate.
OMV subject matter experts and relevant employees were either directly involved in the development of the
Community Grievance Mechanisms or consulted during the internal consultation process to provide feedback on
the draft policies. Details about the available channels can be found on our corporate website and at site locations.
[S3-3.28] [S3-3 AR 21] OMV does not seek retaliation against any community members who lodge a grievance. The
availability of the grievance mechanism is communicated to all external stakeholders and is designed to be readily
accessible to all community members, particularly vulnerable groups. We recognize the specific role and
vulnerability of human rights defenders, so we strongly oppose any threats, intimidation, and physical, verbal, or
legal attacks against human rights defenders in relation to our operations. For example, to ensure that communities
affected by OMV are not only aware of our grievance processes but also trust in their effectiveness, we monitor the
number and types of grievances submitted. We analyze the ratio of received grievances versus resolved grievances
to gain an insight into the reliability of our process and track the number of resolved grievances as an indicator of
the process’ effectiveness in providing remediation. This close monitoring of grievances at OMV is communicated
to the stakeholders involved for transparency and accountability.
[S3-1.16c] [S3-3.27a) OMV’s Community Grievance Mechanism (CGM) provides a systematic, timely, fair, and consistent
process for receiving, investigating, responding to, and resolving complaints or grievances from affected
communities. Our grievance management system is primarily based on dialogue with our stakeholders and is
designed to prevent retaliation. For instance, in cases of concerns or complaints related to compensation for the
non-utilization of land (such as above-ground pipes, overhead lines, concrete blocks), we ensure appropriate
monetary compensation for land use, or where feasible, offer a substitute piece of land. Additionally, when a site is
decommissioned after project completion, we make sure it is properly restored and rehabilitated. [S3-3.AR 22] We
ensure the provision of remedy through our Community Grievance Mechanism, which is designed to increase the
efficiency and effectiveness of our dialogue with stakeholders and communities. This mechanism enables
remediation where needed and reduces non-compliance risks and financial consequences for OMV. Based on our
commitments to indigenous peoples in the Human Rights Policy Statement, the grievance management process is
structured to be transparent, credible, and equitable. It fosters trust by considering their customs, traditions, rules,
and legal systems.
[S3-3.27a] Our approach to managing community grievances follows the precautionary principle of obtaining local
approval of OMV operations. This involves identifying and resolving the issues of concern to the local community
early on. We strive to conduct our operations in a way that reduces any disruption to our neighboring communities
to a minimum; however, grievances can still arise. We manage these grievances through localized CGMs. The
CGMs help OMV and those potentially impacted by its operations to resolve issues in a non-judicial manner and,
depending on the case, offer access to a solution. [S3-3.27c] OMV ensures the availability of grievance channels not
only within our direct operations but also through our business relationships. CGMs are fully operational in all
operated E&P assets, at all OMV refineries (Schwechat in Austria, Burghausen in Germany), and at OMV Petrom’s
Petrobrazi refinery and Brazi power plant in Romania. A Community Feedback Mechanism (CFM) is in place at
SapuraOMV. Borealis has a hotline system through which grievances can be reported by both internal and external
stakeholders.
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[S3-3.27a] [S3-3.27d] At OMV, CGMs are a key tool for preventing and managing our potential impacts on affected
communities and any associated social risks. Our management of community grievances aims to be fully aligned
with the Ipieca best practice guidelines and with the Effectiveness Criteria of the UN Guiding Principles on Business
and Human Rights. The Effectiveness Criteria require a grievance mechanism to be legitimate, accessible,
predictable, equitable, transparent, rights-compatible, a source of continuous learning, and based on engagement
and dialogue. OMV has set a target to assess the CGMs at all sites against the UN Effectiveness Criteria for Non-
Judicial Grievance Mechanisms by 2025. The CGM assessments review the existing processes and practices in
place, and identify practical improvement measures. During these assessments, internal and external stakeholders
are consulted, including via interviews, on the current performance of CGMs and design improvements that may be
necessary. The main findings (e.g., key strengths, areas for improvement, and proposed actions) are included in the
CGM Assessment Report. The action plans are implemented by local management and monitored by the Group
Community Relations and Development function.
[S3-3.27d] We have a systematic approach to tracking and monitoring issues raised through our grievance
mechanisms. By maintaining a detailed record of all grievances, we can register the number of grievances by
category and subcategory, calculate the number of received grievances versus resolved grievances, and ascertain
the number of grievances resolved through remediation. Each grievance is thoroughly investigated and addressed
in a non-judicial manner, ensuring that community members have access to appropriate remedies tailored to their
specific case. Finally, we assess the effectiveness of our grievance mechanism by evaluating the resolution
outcomes and the satisfaction of the stakeholders involved. This evaluation helps us continuously improve our
processes and ensure that our channels remain accessible, responsive, and effective in addressing the concerns of
the communities we engage with.
[S3-3.27a] We aim to resolve all grievances promptly. Depending on the severity and type of issue, response times can
range from within 24 hours for urgent cases to a maximum of 45 days for those requiring detailed investigations.
Our grievance mechanism, integrated into the Compliance Management System, ensures the provision of remedies.
This integration enhances the efficiency and effectiveness of dialogue with stakeholders and communities, enabling
the implementation of the necessary remedies and reducing non-compliance risks and financial consequences for
the Company. The grievance management process is designed to be transparent, credible, and equitable, fostering
trust and improving our social performance in community relations. Remediation means counteracting or
remedying a negative impact caused by our activities. For affected communities, this could include apologies,
financial or non-financial compensation, harm prevention through injunctions or guarantees of non-repetition,
punitive sanctions (such as fines), restitution, restoration, and rehabilitation. When a grievance from the community
is resolved, it should be determined whether the resolution was achieved through a remedial action or by other
means. OMV is committed to addressing and resolving grievances effectively to ensure the well-being and
satisfaction of affected communities. [S3-3.27b] The CGM channels are established and managed by OMV. The
CGMs stipulate a stringent approach to systematically receiving, investigating, documenting, addressing, and
resolving grievances in all the countries where we operate in a timely, fair, and consistent manner, thereby laying
the foundation for our social license to operate.
Our grievance management system is based on dialogue with our stakeholders first and foremost and is designed to
prevent any risk of retaliation. The CGMs help OMV and those potentially impacted by its operations to resolve
issues without resorting to the legal system. However, OMV’s CGMs do not hinder or prevent affected stakeholders,
including local communities, from accessing judicial solutions or other remedies for their complaints or grievances.
What they do offer is a channel for resolving grievances out of court and, depending on the case, a remedy for
community members.
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S3-4 Actions to Manage the IROs Related to Affected Communities
[S3-4.30] [S3-4.32a] To address the material IROs related to affected communities, such as social risks from OMV’s
operations, potential disturbance of cultural heritage sites of indigenous people and other communities through our
business development, and the inability to avoid involuntary resettlement, we have defined specific actions based
on our commitments in the OMV Code of Conduct and Human Rights Policy Statement and following the guidelines
in our Sustainability Directive. These actions are aligned with our targets of assessing the Community Grievance
Mechanisms (CGMs) at all sites against the UN Effectiveness Criteria for Non-Judicial Grievance Mechanisms by
2025, and direct at least 1% of the previous year’s reported net income attributable to stockholders of the parent
toward social goals. The actions include consulting with communities, conducting social and human rights impact
assessments, and assessing community grievance mechanisms. Additionally, through our social investments, which
encompass community development initiatives, we provide both monetary and non-monetary support. These
activities, beyond our core business, aim to contribute to the social welfare and progress of society in general. [MDR-
A 69a,69b] For the material topic S3 Affected Communities, none of the described actions exceeded our key action
monetary threshold of EUR 5 mn, and therefore these data requirements have not been addressed.
[S3-4.38] OMV allocates substantial financial and human resources to mitigating social risks and contributing to local
social, economic, and environmental advancement in the areas where we operate. This includes an annual budget
to implement the actions defined in the Community Relations and Development plans and dedicated Community
Relations personnel throughout the Group.
Community Consultation and Social and Human Rights Impact Assessments
[MDR-A-68a, 68b, 68c] [S3-4.32a] [S3-4.33a, 33b] [S3-4.35] Our primary preventive measures to address the identified negative
material impacts on affected communities, such as negative impacts arising from OMV’s operations and potential
disturbance of cultural heritage sites of indigenous people and other communities through our business
development, include Community Consultations and Social and Human Rights Impact Assessments. These ongoing
measures are guided by our Human Rights Policy Statement and Sustainability Directive, and enable us to mitigate
disturbances related to planning, land acquisition and exploitation, oil and gas production, use of natural resources,
and management of environmental impacts. This includes addressing issues such as cultural rights, limited
employment opportunities, involuntary resettlement, and failures to respect the communities’ economic, social, and
cultural rights. The results from the Social and Human Rights Impact Assessments (SHIAs) guide us in determining
the necessary actions to address any actual or potential negative impacts on affected communities. We identify
appropriate responses through a thorough analysis of the findings.
In 2024, a total of five (2023: 5) out of nine (2023: 13) development projects that are part of OMV’s Energy division
were in the scope of community consultation. For example, OMV has been engaging in cooperative partnerships in
the Weinviertel region, Lower Austria, since 1950. In July 2023, OMV confirmed a new gas discovery at Wittau Tief-
2a, with production starting in 2026. The ESIA conducted in March 2024 showed negligible environmental and
societal impacts, balanced out by significant public interest benefits. Identified affected stakeholders include
landowners who have shown concerns about temporary forced land use. OMV developed a stakeholder
engagement plan and the Managing Director of OMV Austria conducted meetings, which led to an eventual
agreement with landowners and thereby mitigated human rights and reputational risks. All material impacts are
addressed through these community consultation actions, as this is the direct way to mitigate potential negative
impacts and adjust the business plan, taking into account community rights, avoiding disturbance to cultural
heritage, and preventing involuntary resettlement. Additionally, these actions enhance positive impacts by
supporting local employment and business development through various initiatives and respecting the
communities’ rights to express their opinions.
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[MDR-A-68a, 68b, 68c] In addition, a Human Rights Self-Assessment was conducted in 2023 by OMV Tunisia with two
aims: tracking the measures in place to manage actual and potential human rights impacts on our rights holders,
including communities, and providing an independent, external assessment of the management’s perception of
OMV Tunisia’s human rights due diligence activities. In the final report received in 2024, the existing community
reporting mechanism procedure was highlighted as a strength, as it enables the reporting and investigation of
human rights impacts on community members. [S3-4.32d] We track the effectiveness of our community consultation
and social and human rights impact assessments by collecting feedback and performance evaluations. This
includes gathering input from stakeholders and analyzing the outcomes of consultations.
Community Grievance Mechanism Assessments
[MDR-A-68a, 68b, 68c] [S3-4.32a, 32b, 32d] [S3-4.33c] [S3-4.AR 25a, AR 25c, AR 25d] Community Grievance Mechanisms, guided by
our Sustainability Directive, are available as a remediation measure for local communities near our operations,
providing them with the opportunity to raise any concerns they may have, such as those related to the effects of
process safety incidents or disturbances from dust and noise. For details, see > S3-3 Community Grievance
Mechanisms. OMV has set a target to assess the CGMs at all sites against the UN Effectiveness Criteria for Non-
Judicial Grievance Mechanisms by 2025. The CGM assessments are used to track the effectiveness of the existing
processes and practices in place and identify practical improvement measures. During these assessments, internal
and external stakeholders are consulted, including via interviews, on the current performance of CGMs and design
improvements that may be necessary. The main findings (e.g., key strengths, improvement areas, and proposed
actions) are included in the CGM Assessment Report. The action plans are implemented by local management and
monitored by the Group Community Relations and Development function.
CGM assessments have so far been completed in OMV’s Energy segment in Austria, Tunisia, New Zealand, and
Malaysia, as well as at the Schwechat and Burghausen refineries and OMV Petrom sites. To ensure continuous
improvement, we are currently implementing the follow-up actions derived from the findings. The sites already
assessed account for 89% of all registered grievances at OMV in 2024. The CGM assessments are an ongoing
process and are relevant to our current global business activities, with a focus on the communities near our
operations. For details on our CGM, see Processes to remediate negative impacts and channels for affected
communities to raise concerns.
Social Investments
[MDR-A 68a, 68b, 68c] [S3-4.32c] [S3-4.AR 25b, AR 25c] OMV has adopted the umbrella term “social investments” to cover any
activities that involve monetary or non-monetary support and activities beyond the core business that aim to
contribute to the social welfare and progress of society in general. Our social investments (including community
development projects), guided by our Sustainability Directive, aim to create long-term societal value for local
communities impacted by our business. We strive to mitigate negative impacts and enhance positive impacts by
integrating stakeholder consultations and community needs assessments into this ongoing process.
Our community relations processes and projects help us establish mutual trust and respect between OMV and
affected communities, thus supporting us in maintaining our social license to operate and creating win-win
situations for all. We track the effectiveness of the outcome based on the “Input, Output, Outcome, Impact” (IOOI)
methodology developed. Through tailor-made questionnaires received from participants in projects, we gain
insights and perform a quality check of social projects. This enables us to really gauge the success of our efforts to
address societal challenges. Through our social investment projects, we reached 1.1 mn beneficiaries in 2024 (2023:
1 mn) and invested EUR 36.1 mn (2023: EUR 45.2 mn).
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2024 Investments by Main SDGs and by Beneficiaries
Community Development Investments
[MDR-A 68a, 68b, 68c] [S3-4.32c] Community development investments are always aligned with identified local needs and
made following consultation with local stakeholders, as well as taking into consideration country-specific priorities
in relation to the Sustainable Development Goals (SDGs). We focus on projects with the potential to generate long-
term societal value and make a lasting change to beneficiaries’ lives. Community and social investments are aligned
with the SDGs and the community’s needs identified during Social and Human Rights Impact Assessments, or with
broader societal priorities (e.g., by consulting the Social Progress Index).1
We aim to implement our projects in partnership with locally active stakeholders or non-governmental
organizations to ensure a maximum social return on our investment. We implement our community development
projects as investments, and thus expect each project to generate a return for our communities, or society more
broadly. These initiatives often also include knowledge transfer aimed at expanding the local technical capacity of
potential workforce or value chain partners.
1 The Social Progress Index, developed by the Social Progress Imperative, is a comprehensive measure of real quality of life, independent of economic indicators across countries. More
details can be found at: / www.socialprogress.org
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Consistent communication ensures a single strategic approach and supports OMV’s social responsibility objectives.
OMV has defined three key focus areas for our community and social investments:
Access to basic services:
Education, entrepreneurship, and employment:
Climate action and circular resource management:
In addition to the priorities defined by the Group, individual countries or subsidiaries also identify priorities that are
specific to them. For instance, the Borealis Social Fund has defined three areas of social engagement that
contribute to SDGs 14, 6, 7, and 4.
Corporate volunteering represents a set of diverse activities taken to deliver positive impacts for affected
communities. OMV employees are encouraged to personally play an active part in sustainability initiatives, including
through volunteering. We offer OMV employees the opportunity to actively engage in responsible and sustainable
behavior and facilitate employee involvement with charitable partners. Group-wide volunteering activities that align
with specific targets are part of our community and social investments.
S3-5 Targets Related to Affected Communities
[S3-5.39a,39b] To address the negative impacts related to social risks arising from OMV’s operations, the potential
disturbance of cultural heritage sites of indigenous people and other communities through our business
development, and failure to provide community consultation or accessible grievance channels where issues related
to safety incidents or pollution, we have set two targets. The first is to ensure that 100% of the Community
Grievance Mechanisms (CGMs) available at our sites have been assessed against the UN Effectiveness Criteria,
thereby reducing the negative impact on affected communities residing near our sites. The second target focuses
on enhancing the positive impacts OMV has on these communities through strategic community investment. This
involves voluntary contributions or actions by OMV to support communities in their areas of operation, addressing
local needs and improving people’s lives while maintaining a connection to OMV’s business.
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Community Grievance Mechanisms of sites assessed against UN Effectiveness Criteria
[S3-5.39] [S3-5.41] [S3-5.41b] [MDR-T-80a-80j]
[MDR-T-80a] In OMV’s Code of Conduct, we fully commit to the UN Guiding Principles on Business and Human Rights
and to engage with surrounding communities when planning and implementing activities. Our approach to
managing community grievances focuses on establishing and maintaining positive relations with affected
communities and those potentially impacted by our operations, resolving issues in a non-judicial manner, and, when
appropriate, providing access to a solution.
2025
100% Community Grievance Mechanism of all sites
assessed against UN Effectiveness Criteria
2030
100% Community Grievance Mechanism of all sites
assessed against UN Effectiveness Criteria
Absolute Target
Value chain activities
Own operations
In scope
9 defined 100% operator/majority-owned assets from the upstream, refinery, and power business
segments (scope liable to change based on operatorship/divestments)
Out of scope
Non-operated/majority-owned assets/company by OMV; Chemicals business currently out of
scope. We will review the target after 2025 to adjust or redefine it in light of expansion of our JV
grievance channels.
Geographical coverage
Group-wide
Base year
2018
Baseline value
0
[MDR-T-80f] Between 2015 and 2017, the Community Grievance Mechanism (CGM) was implemented at OMV’s
upstream (now Energy), power, and refinery business sites. Since 2018, it has been fully operational in OMV Energy,
at the three refineries (Schwechat in Austria, Burghausen in Germany, and Petrobrazi in Romania), and at two power
plants (Samsun in Turkey and Brazi in Romania). OMV has set a target to assess 80% of the CGMs at all its sites
against the UN Effectiveness Criteria for Non-Judicial Grievance Mechanisms by 2020 and 100% by 2030. The UN
Effectiveness Criteria require the grievance mechanism to be legitimate, accessible, predictable, equitable,
transparent, rights-compatible, a source of continuous learning, and based on engagement and dialogue. [MDR-T-80h]
The target was proposed by Group Sustainability with the support of an external consultant. The proposed target
was then discussed in internal meetings with relevant business functions such as Group Strategy, Finance, and
HSSE. It was approved by the EB and SB. [MDR-T-80i] OMV has not made any changes to this target, related metrics,
or methodologies.
Status 2024
[MDR-T-80j] 89%1 of the Community Grievance Mechanisms at all sites assessed against UN Effectiveness Criteria. The target is
monitored quarterly and reviewed annually.
1 8 out of 9 sites in scope assessed. CGM assessments have so far been completed in OMV’s Energy segment in Austria, Romania, Tunisia, New Zealand, and Malaysia, as well as at the
Schwechat, Burghausen, and Petrobrazi refineries.
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Direct at least 1% of the previous year’s reported net income attributable to stockholders of
the parent toward social investments to achieve social goals
[S3-5.39] [S3-5.41] [MDR-T-80a-80j]
[MDR-T-80a] In OMV’s Code of Conduct, we fully commit to the UN Guiding Principles on Business and Human Rights.
We are aware of the social impacts that the energy transition entails, which is why OMV is committed to
contributing to a just transition for our communities and to addressing the social and economic effects of the
transition on an environmentally sustainable economy. By recognizing our potential impact on communities local to
where we operate, our goal is to foster and sustain positive relations with these communities. We are committed to
implementing community development projects that address local needs and contribute to the UN Sustainable
Development Goals (SDGs). This target is focused on reducing negative and advancing positive impacts on affected
communities.
2030
At least 1% strategic social investment (based on previous year’s reported net income attributable to stockholders of the
parent) by 2030
Relative Target
Value chain activities
Own operations
In scope
All 100% operator/majority-owned assets from all OMV business segments
Out of scope
Excluding sports and cultural sponsorships, as well as management costs
Geographical coverage
Group-wide
Base year
2020
Baseline value in EUR mn
16.8
[MDR-T-80f] As a result of an internal benchmark conducted in 2020, we developed a KPI at the Group level in 2021, in
alignment with the Group Finance department. This KPI is based on the previous year’s reported net income
attributable to stockholders of the parent company. The target was defined according to the OMV Strategy 2030,
fully linked to OMV’s strategic and mid-term planning to increase social investments. We will review the target
periodically with the aim of adjusting or redefining it in response to economic and socio-political changes. [MDR-T-
80h] The target was proposed by Group Sustainability with the support of an external consultant. The proposed
target was then discussed in internal meetings with relevant business functions such as Group Strategy, Finance,
and HSSE. It was approved by the EB and SB. [MDR-T-80i] OMV has not made any changes to this target, related
metrics, or methodologies.
Status 2024
[MDR-T-80j] We directed 2.4% social investments, based on the previous year’s reported net income attributable to
stockholders of the parent toward social goals. The target is monitored quarterly and reviewed annually.
[S3-5.42a; 42b; 42c] The target-setting process for both our targets involves a comprehensive evaluation of our current
performance, identification of key improvement areas, and extensive consultations with business divisions, HSSE
subject matter experts, senior management, and our Executive Board. Although we did not directly engage with
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affected communities or their representatives, the target was established with the understanding that human rights
assessments are essential to identify any actual or potential human rights impacts on rights holders (including
affected communities), related business risks, and to address them accordingly. Benchmarking exercises were
conducted against industry standards to set realistic targets. We monitor performance against this target annually.
The year-on-year figures provide insight into the effectiveness of this action. This target is largely dependent on the
previous year’s reported net income attributable to stockholders of the parent company.
Entity-specific Metrics Related to Affected Communities
Affected communities' data
[GRI 203-1] [GRI 11.15.4] [GRI 410-1] [S3-1.17] [S3-4.36] [Voluntary] [Entity-specific][MDR-M.77c]
2024
2023
Total amount of community and social investments
EUR mn
36.1
45.2
Number of beneficiaries
number
in mn
1.1
1.0
Number of employee volunteers
number
1,625
2,471
Security forces trained in human rights
%
61.9
n.a.
Total number of current production assets that required community consultation
number
16
n.a.
Current production assets that required community consultation
%
84
n.a.
Total number of development projects in the process of consultation
number
5
5
Development projects in the process of consultation
%
56
38
Total external grievances
number
733
732
thereof grievances received related to our impact on society
number
500
494
Total resolved
number
432
432
thereof grievances received concerning an impact on the environment
number
233
238
Total resolved
number
196
178
Grievances resolved through remediation1
number
220
n.a.
Severe Human rights incidents connected to affected communities
number
0
n.a.
Cases of non-respect of international standards reported regarding affected communities2
number
0
n.a.
1 In 2024, 35% of resolved grievances were resolved through remediation
2 For Borealis, the approach to define this metric is different and the figures deviate from OMV Group figures. For more information, refer to the Borealis Group Annual Report 2024 –
Group Management Report – Non-financial Statement
Metrics Definitions and Methodology
[MDR-M.77b] The metrics for affected communities are not validated by an external body other than the assurance
provider. [MDR-M.77d] Currency is only applicable to community and social investments.
[GRI 203-1] [MDR-M.77a] Total amount of community and social investments refers to the sum of actual investments
by the end of the year for the implemented social and community projects.
[Entity-specific] [MDR-M.77a] Total number of beneficiaries refers to the total number of individuals who directly
received or benefited from the services, resources, or training provided by social investment projects.
[Voluntary] [MDR-M.77a] Total employee volunteers refers to the total number of OMV employees who contribute
with time, skills, and effort to support the activities of a social or community project.
[GRI 410-1] [MDR-M.77a] The security forces trained in human rights percentage is measured with caveat based on
the Excel file completed by local security managers.
[Entity-specific] [MDR-M.77a] Current production assets that required community consultation refers to the total
number of current production assets in the Energy division that required community consultation.
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[Entity-specific] [MDR-M.77a] Current production assets that required community consultation as % is calculated as
the total number of current production assets in the Energy division that required community consultation/total
number of all current production assets x 100.
[Entity-specific] [MDR-M.77a] Total number of development projects in process consultation refers to the number of
development projects in the Energy division during the reporting period that affect local communities.
[Entity-specific] [MDR-M.77a] Development projects in the process of consultation as % is calculated as the total
number of development projects in the Energy division that required community consultation/total number of all
development projects x 100.
[Entity-specific] [MDR-M.77a] Total external grievances: Sum of all grievances received through the CGM
mechanisms.
• [Entity-specific] [MDR-M.77a] Thereof received grievances related to our impact on society received: Sum of all
grievances with regard to societal issues (e.g., human rights, odor, noise) received through the CGM mechanisms.
• [Entity-specific] [MDR-M.77a] Thereof grievances concerning an impact on the environment received: Sum of all
grievances with regard to environment issues (e.g., pollution, spills) received through the CGM mechanisms.
[Entity-specific] [MDR-M.77a] Total resolved grievances is the sum of grievances received through the Community
Grievance Mechanisms that have been addressed and resolved within a specific reporting period.
[GRI 11.15.4 ] [MDR-M.77a] Grievances resolved through remediation is the sum of all grievances received through the
CGMs resolved through remediation (e.g., compensation, rehabilitation).
[S3-4.36] [MDR-M.77a] Severe human rights incidents connected to affected communities refers to the count of such
incidents reported through our Community Grievance Mechanisms, as well as legal cases. We have defined the
severity of human rights incidents based on categories of scale (e.g., forced labor, child labor, human trafficking),
scope (significant number of people being affected), and irremediability (difficult or impossible to remediate), while
each one of them on their own can also make an impact severe.
[S3-1.17] [MDR-M.77a] Reported cases of non-respect of international standards regarding affected communities: in
the reporting year, no cases of non-respect of international standards were reported.
OMV Combined Annual Report 2024
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Governance
Information
380–418
G1 – Corporate Culture, Business
Ethics, and Anti-Corruption
and Anti-Bribery
381
G1 – Supplier Relationships
395
(Entity-Specific) Cybersecurity
402
(Entity-Specific) Economic Impact
408
The Governance chapter encompasses the Ethical Business Practices strategic focus area, which
includes the following material topics: Corporate Culture, Business Ethics, Anti-Corruption and Anti-
Bribery, Supplier Relationships, Cybersecurity, and Economic Impact.
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381
Ethical Business Practices
OMV generates direct economic value (e.g., through taxes) and indirect economic value (e.g., through local
procurement that fosters local job creation) in numerous countries worldwide. It is therefore imperative that we act
in accordance with ethical standards on an international level, everywhere we operate, and enforce these standards
throughout our value chain. Unethical behavior, such as corruption, hinders economic and sustainable development.
G1 Corporate Culture, Business Ethics, and Anti-Corruption
and Anti-Bribery
Material Topic: G1 Business Conduct
Material Sub-Topics: G1-1 Corporate culture, G1-1 Business ethics, G1-1 Protection of
whistleblowers, and G1-3 Prevention and detection of corruption and bribery
Cultivating a corporate culture that prioritizes innovation, sustainability, integrity, transparency, and a
supportive work environment, and compliance with anti-corruption and other legal requirements.
Relevant SDG:
SDG target:
16.5 Substantially reduce corruption and bribery in all their forms.
Corporate Culture
[G1-1.9] Our corporate culture is rooted in our core values: “We Care,” “We’re Curious,” and “We Progress.” By
considering the impact of everything we do, showing respect, speaking up, and acting responsibly toward each
other, our customers, and the environment, we demonstrate our commitment to caring. Our curiosity is reflected in
being inclusive, asking questions, sharing our knowledge, and having the courage to try new things. We progress by
taking ownership, trusting, and empowering each other to make bold decisions to deliver safely and at speed. Our
Values underpin our culture and signal what’s important. Building a corporate culture based on these Values will
give us a competitive advantage, enable new and better ways of working, and lead us towards a successful,
sustainable future.
We integrate our Values into everything we do, from the way we conduct our meetings to how we connect with
others outside our teams, and incorporate external thinking across OMV. Our Values are also part of our HSSE and
wellbeing programs. Through our regulations, actions, and resources, we strive to uphold a healthy corporate
culture with a high level of integrity. We provide guidance to all employees on the expected behavior at OMV and in
interactions with stakeholders. Acting ethically and with integrity is a fundamental aspect of OMV’s corporate
culture and guides decision-making at all levels of the organization. We aim to base our daily decisions on our
ethical standards, acknowledging that trust and integrity are essential assets for a company. [G1-1.7] To foster our
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corporate culture and evaluate the integration of our Values, we regularly engage with employees through various
initiatives and feedback mechanisms, including the annual Pulse Check survey, training programs, and internal
communication channels such as our intranet. This ensures that our Values are deeply ingrained and reflected in
our daily activities and long-term strategic goals. This approach aligns with our transformation strategy, fostering
an environment where innovative, ethical, and responsible behaviors thrive, ensuring that our Values are upheld and
evolve to meet new challenges and opportunities, and supporting our mission of sustainable success.
Business Ethics and Anti-Corruption and Anti-Bribery
OMV is defined by the way our people behave. Conducting business sustainably and ethically is crucial for OMV in
creating and protecting value in the long term, in building trusting partnerships, and in attracting customers and the
best suppliers, investors, and employees. We strive to comply with the most stringent legal requirements in areas
such as anti-corruption and tax law, and to be transparent and implement sound corporate governance to ensure
ethical behavior. The principles of corporate governance are a key element for the sustainable growth of the
business, enhancing long-term value for shareholders, and strengthening stakeholder confidence.1
While the OMV Group is headquartered in Austria, a country with high standards of business ethics, we also operate
in several countries in the Middle East, North Africa, Asia-Pacific, the Americas, and Europe that are defined as high
risk by the Transparency International Corruption Perceptions Index. We strive to avoid the risks of bribery and
corruption that are specific to our sector. We also highly value our reputation. Therefore, our main priority is
ensuring uniform compliance with our business ethics standards wherever we operate.
[G1-1.7a] [G1-1.9] Compliance with ethical standards is a non-negotiable value that supersedes any business interest.
Absolute commitment to this objective is embedded at all levels of the OMV Group, from top management to every
employee. Our business partners are also expected to share the same understanding of and commitment to ethical
standards. Every Company activity, from planning business strategy to daily operations, is assessed for compliance
with ethical standards such as the Code of Conduct, the Code of Business Ethics, and the Ethics & Integrity Policy
(see > Specific Policies and Commitments).
[G1-1.10b] OMV is a signatory to the United Nations (UN) Global Compact, and we believe that sustainability starts
with our value system and a principles-based approach to doing business. Our business partners are also expected
to share the same understanding of and commitment to ethical standards. The Ethical Business Practices strategic
focus area brings together our commitments and actions relating to the integrity of our employees and business
partners. Establishing a culture of integrity is the basis for the further adoption of the UN Agenda for Sustainable
Development, whether that is achieved by promoting local economic development through local procurement, or
ensuring that our public policy engagement and work with suppliers is in line with OMV’s climate commitments.
Impacts, Risks, and Opportunities (IROs)
OMV promotes a positive workplace environment by fostering inclusion, integrity, ethical practices, and
transparency within its business operations. By creating a safe and accessible whistleblowing channel, OMV ensures
the promotion of these values. This strong corporate culture allows OMV to remain a leading employer in the
sector, encouraging a positive working environment and creating employment opportunities.
At OMV, compliance and ethical commitment are integrated at all levels of the Group, with the expectation that our
business partners share the same understanding and dedication to ethical standards. OMV operates an ambitious,
well-established, mature compliance program for the entire Group that is state of the art by international industry
standards. Due to this current robust compliance governance across the Group, anti-corruption and anti-bribery
were assessed below the materiality threshold at the OMV Group level. However, for Borealis, a fully consolidated
subsidiary of the OMV Group, these issues are material due to its specific operational context. With operations
1 Read more in our separate > Corporate Governance Report.
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383
spanning various industries, including automotive, energy, infrastructure, health care, and consumer products, and a
presence in 120 countries, Borealis faces diverse challenges regarding ethical business practices, which
subsequently elevates the potential risk of bribery and corruption in its value chain. To address these material
impacts and risks, Borealis has incorporated anti-corruption and anti-bribery measures into its Ethics Policy and has
obtained ISO 37301 and ISO 37001 certifications.
ESRS 2 GOV-1 Governance
[ESRS 2-GOV-1-5a, 5b] [G1-3.21c] The administrative, management, and supervisory bodies at OMV are crucial in ensuring
ethical business conduct within the Group. The Executive Board (EB) sets and upholds OMV’s ethical standards,
while both the Executive and Supervisory Boards (SB) hold ultimate responsibility for ensuring OMV’s ethical
conduct while generating economic value. Members of these boards possess substantial expertise in business
conduct matters, as they receive comprehensive training from the Compliance team on all relevant compliance
topics. This covers, inter alia, inclusion of the members of the Executive Board in the target group for the Business
Ethics e-learning program and Compliance onboarding training sessions. Furthermore, there are regular meetings
with the entire EB and with each individual member of the EB, regular Audit Committee meetings with the SB, and
meetings with the chairman of the SB, during which compliance-related matters are reported and discussed.
Responsibility for managing the IROs related to economic impacts and business principles is distributed across
several departments rather than being centralized in one. For instance, the OMV Compliance Management System
is implemented Group-wide through collaboration between central management units and local compliance
officers in all countries in which OMV operates. The Group’s approach to tax and the risks related to it are
monitored by the tax function (as part of Group Finance) and overseen by the CFO and the Supervisory Board. Tax
compliance is generally dealt with by finance managers, and at legal entity level by local tax managers, shared
service centers, or external tax advisors. OMV’s Tax Compliance functions and departments report to OMV’s CFO.
For more information, see > Economic Impact. The responsibility for defining and embedding our corporate culture
within the company lies with the People & Culture (P&C) team, which reports directly to the OMV Group Senior Vice
President (SVP) of P&C. The final endorsement of the values and policies that guide our corporate culture lies with
the Executive Board. For more information, see > S1 Own Workforce.
The Company’s management is committed to establishing and maintaining an ethical standard of trust and integrity
in our day-to-day business. Our senior management signs a Compliance Declaration to confirm that their conduct is
in line with the Code of Business Ethics. New members of senior management also receive personal onboarding
conducted by Compliance to introduce OMV’s integrity standards. In addition, once a year, all managers and
employees in particularly exposed positions must sign a conflict of interest and business ethics conformity
declaration.
G1-1 Specific Policies and Commitments
Code of Conduct
[G1-3.18c] [G1-1.7] [G1-1.9] [MDR-P 65a] To ensure that OMV’s commitment to business integrity is clear, OMV has
introduced a Code of Conduct, 1 which reflects both the required standards and the high expectations of our
shareholders. The Code of Conduct expresses OMV’s values and defines OMV’s mindset in conducting business
responsibly, with the focus on ethical and legal standards, among other things. This overarching policy addresses
our commitment to promoting a positive workplace environment by fostering integrity, ethical practices, and
transparency within our business operations and ensuring that our values reinforce a culture of compliance and
ethics. [MDR-P 65b, 65c, 65d, 65e, 65f] Unless otherwise specified, in reference to the Code of Conduct, the scope of the
policy, involvement of senior-level management, reference to third-party standards (where relevant), interests of
1 Borealis’ Ethics Policy is in line with the OMV Code of Conduct and Code of Business Ethics. For the workforce and business partners of the Borealis Group, the Borealis Ethics Policy
remains applicable as the relevant work instruction for ethical behavior and business conduct.
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384
key stakeholders in setting the policy (where relevant), and how the policy is made available to potentially affected
stakeholders are covered in > E1 Climate Change.
People & Culture (P&C) Ethics Policy
[MDR-P 65a] The P&C Ethics Policy on Non-Discrimination addresses the importance of OMV’s value-based decision-
making and our commitment to providing a work environment in which all individuals are treated with respect and
dignity. Each individual has the right to work in a professional atmosphere that promotes equal employment
opportunities and prohibits unlawful discriminatory practices, including harassment. This approach strengthens
corporate culture, which in turn enhances employee retention, engagement, and well-being. Without a strong
corporate culture, there is a higher risk of unethical behavior, low engagement, and reduced productivity, which can
harm employee quality of life. This is monitored through the concerns raised to immediate management, members
of the P&C department, grievances registered through the SpeakUp Channel, along with concerns reported to any
ombudsman or designated local committees. [MDR-P 65b, 65c, 65d, 65e, 65f] Unless otherwise specified, in reference to
this policy, the key contents, scope of the policy, involvement of senior-level management, reference to third-party
standards (where relevant), interests of key stakeholders in setting the policy (where relevant), and how the policy is
made available to potentially affected stakeholders are covered in > S1 Own Workforce.
Code of Business Ethics
[MDR-P 65a] The Code of Business Ethics provides guidelines on how integrity, ethical practices, and transparency
within the business environment can be fostered, ensuring that all employees adhere to the highest standards of
conduct and accountability. It describes how OMV fulfills ethical and legal responsibilities internally and defines the
rules and procedures for conflicts of interest, gifts and invitations, donations and sponsorships, intermediaries and
lobbyists, and for other areas of law such as trade sanctions, money laundering, and fair competition. OMV has also
implemented regulations for compliance with capital markets law, including the prevention of insider trading. These
regulations are included in a separate guideline: the Issuer Compliance Standard. For the process for monitoring,
please refer to Compliance Management System. The Code of Business Ethics complements the Whistleblowing
Directive and addresses the positive impact of promoting integrity and fostering an ethical, transparent business
environment through a secure and accessible whistleblowing channel.
We require compliance with international business principles from all parties with whom we enter into partnership
agreements, such as joint ventures. Companies performing services for OMV (i.e., suppliers) must follow anti-bribery
and anti-corruption procedures that are consistent with the principles of OMV’s Code of Business Ethics and with
OMV’s business ethics standards, as defined in the Code of Conduct. The guidelines in the Code of Business Ethics
are supplemented by a series of organizational measures. For instance, managers are required annually to disclose
conflicts of interest or to confirm that there are no such conflicts. Furthermore, managers and employees in
particularly exposed positions need to confirm compliance with the rules of the Code of Business Ethics by signing
the Compliance Declaration. New employees are also required to acknowledge the rules of the Code of Business
Ethics, expressly commit to adhering to these rules, and are obliged to complete the Business Ethics e-learning
program when joining OMV. Acting ethically and with integrity is part of OMV’s culture and guides decision-making
at all levels of the organization. To this end, the principles within the Ethics & Integrity Policy outline the acceptable
and desired behavior that go beyond compliance with laws and internal regulations, complementing the Code of
Business Ethics.
[MDR-P 65b, 65c] The most senior level that signs the Code of Business Ethics, the Ethics & Integrity Policy, and the
Whistleblowing Directive is the OMV Executive Board, which also has legal accountability. Responsibility for the
implementation and management of the respective processes and policies lies with the SVP Internal Audit &
Compliance. These policies apply to all employees in all countries where OMV does business. The procedures
established in these documents are implemented at every fully consolidated subsidiary of OMV and apply to
everyone who works for or on behalf of OMV. They are communicated to all employees via all available internal
communication channels within the organization and are also part of the compliance training provided to OMV
employees.
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[G1-1.9] [MDR-P 65d] OMV’s Code of Business Ethics sets out a zero-tolerance policy on bribery, embezzlement,
facilitation payments, fraud, theft, and other forms of corruption, as well as money laundering, and prohibits any
support of political parties or donations to them. It is designed to comply with the standards set by both national
and international anti-corruption legislation (mainly the OECD Anti-Bribery Convention and the UK Bribery Act).
OMV is a signatory to the UN Global Compact and is committed to upholding the values of the OECD Guidelines for
Multinational Enterprises. These guidelines reflect the government expectations of responsible conduct by
businesses. They cover all key areas of business responsibility, including bribery, competition, and taxation. OMV
has also published a separate Tax Policy. For more information, see > Economic Impact.
[G1-1.7] [MDR-P 65e, 65f] OMV uses its standardized know-your-customer (KYC) questionnaire to request information
from counterparties so it can assess the risk of corruption, money laundering, sanctions, and other illicit conduct.
Such requests are key for OMV to factor in the expectations of its business partners and stakeholders in setting up
and further developing OMV’s Compliance Management system and underlying policies and procedures. OMV’s
Code of Business Ethics and the Ethics & Integrity Policy lay out our commitments to responsible and ethical
business conduct and are publicly available on our website. Within the Company, these policies are communicated
on our intranet through internal blogs, training, and our Compliance app to ensure all employees are aware of and
understand their content. Externally, the content of these policies and their importance to how OMV does business
is communicated through regular meetings and contract negotiations with local communities and other external
stakeholders (e.g., contractors, suppliers).
Ethics & Integrity Policy
[G1-1.7] [G1-1.9] [MDR-P 65a, 65d] The Ethics & Integrity Policy defines the principles of what it means to act ethically and
with integrity, and is applicable to all OMV Group employees. It aims to guide the way that business is conducted
within OMV by providing guidelines on what is considered acceptable or desirable behavior, above and beyond
compliance with laws and regulations, and forms a part of OMV’s Values and underpins the Value “We care.” The
Ethics & Integrity Policy is supported by the Ethics & Integrity Committee, which shall provide reassurance that the
organization is living up to its ethical values and commitments. The guidelines outlined in this policy include how
integrity, ethical practices, and transparency within the business environment can be fostered, ensuring that all
employees adhere to OMV’s standards of conduct and accountability. For the process of monitoring, please refer to
Compliance Management System. Through the implementation of the Ethics & Integrity Policy, OMV reaffirms its
commitment as a signatory to the United Nations Global Compact (UNGC). [MDR-P 65b-65c, 65e-65f] For this policy,
unless otherwise specified, the scope of the policy, involvement of senior-level management, interests of key
stakeholders in setting the policy (where relevant), and how the policy is made available to potentially affected
stakeholders are covered in > Code of Business Ethics.
Whistleblowing Directive
[G1-1.10a, 1.10e] [G1-1.10c-i, 10c-ii] The positive impact related to safe whistleblowing is addressed in detail in the
Whistleblowing Directive and complemented in the Code of Business Ethics. Whistleblowing plays an important
role in detecting misconduct. For details, see Integrity Platform: Protection of Whistleblowers.
[G1-1.7] [G1-1.9] [G1-1.10a] [MDR-P 65a] The internal Whistleblowing Directive lays out how employees and external
stakeholders can confidentially and anonymously make a whistleblowing report, particularly regarding corruption
and bribes, conflicts of interest, competition law, and capital markets law. The Directive also specifies how cases
are handled and defines special protection for whistleblowers against any form of retaliation within OMV, which
comprises all actions or omissions in a work-related context such as dismissal, demotion, denial of promotion,
negative performance appraisal, or disciplinary measures. [G1-1.11] [MDR-P 65a, 65d] This Directive and the Integrity
Platform are specifically designed to implement the EU Whistleblowing Directive (Directive (EU) 2019/1937), which
protects individuals who report breaches of Union law. For the process of monitoring, please refer to Compliance
Management System and respective external audits on the effectiveness of the Compliance Management System.
[MDR-P 65b-65c, 65e-65f] For this policy, unless otherwise specified, the scope of the policy, involvement of senior-level
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management, interests of key stakeholders in setting the policy (where relevant), and how the policy is made
available to potentially affected stakeholders are covered in > Code of Business Ethics.
Integrity Platform: Protection of Whistleblowers
[G1-3.18a] [G1-1.10a] [G1-1.10c-I, 10c-ii] [G1-1.10e] We have established channels to help identify ethical misconduct as early
as possible. Timely notification is crucial in order to take precautionary measures directed at avoiding or mitigating
major financial loss or reputational harm. If an employee observes or becomes aware of potential or actual
misconduct or violation of internal rules or statutory regulations, whether committed by other employees or by a
business partner, that employee is encouraged to speak up and report the incident. Besides employees, other
stakeholders also represent a valuable source of information, and can help identify breaches of ethical standards.
To this end, the OMV Group has introduced a whistleblower mechanism – the Integrity Platform. Anyone can access
it online (omv-group.integrityplatform.org) and confidentially report an issue, be it related to topics such as
corruption, bribes, conflicts of interest, antitrust law, or capital markets law. The report can be filed anonymously, if
desired.
[G1-1.10c-i, 10c-ii] Special protection is given to employees in their capacity as whistleblowers when information is
provided in good faith, which in turn enhances the “speak up” culture in the Company. Reporting will not lead to any
disadvantages within OMV for the whistleblower at any time. Whistleblowers are protected from any form of
retaliation, which comprises all actions or omissions in a work-related context such as dismissal, demotion, denial of
promotion, negative performance appraisal, or disciplinary measures. Whistleblowing and whistleblower protection
are repeatedly the subject of internal communication campaigns and are also part of the business ethics training
that is either offered via e-learning or classroom training sessions. [G1-3.18b] Employees are encouraged to come
forward with information on misconduct. To this end, the possibility to submit anonymous reports, the protection of
the identity of whistleblowers, and the assurance of confidentiality, plus specific whistleblower protection against
retaliatory measures, are stipulated in OMV’s internal Whistleblowing Directive. All whistleblowing reports are
treated with the strictest confidence, carefully checked in all regards, and further handled by the Whistleblowing
Committee, which includes members of senior management and is separate from the chain of management
involved in the matter. Information on the Integrity Platform, the underlying processes, and whistleblower
protection can be found on the Integrity Platform itself, in a dedicated information section on the intranet, and in
the Compliance application.
Borealis Ethics Policy
[MDR-P 65a] [G1-1.7a] The Borealis Ethics Policy provides guidance to Borealis’ employees and sets out its ethical
principles, most importantly including human rights, ethical business conduct based on respect, honesty, and
integrity, and compliance with applicable laws. The key contents of the Ethics Policy are ethical principles, anti-
corruption, business and personal integrity, compliance with competition laws, and data privacy. To maintain anti-
corruption and anti-bribery standards, Borealis does not accept bribes, kickbacks, or any other kind of improper
payments, and keeps accurate books and records to honestly describe payments. The Ethics Policy highlights the
importance of value-based decision-making in business operations, managing misinformation risks, and fostering
stakeholder trust and engagement, while guiding individual actions toward ethical principles. This approach helps
build a strong corporate culture, without which there is a higher risk of unlawful and unethical behavior, and an
increased risk of Borealis losing stakeholder trust, suffering reputational damage, and facing fines, legal claims, loss
of business, contracts, or licenses, or even the imprisonment of involved management and employees. [G1-1.7b] The
Borealis Ethics Policy is available in ten languages and applies to the entire Borealis workforce globally.
[G1-1.7c]The Borealis Chief Executive Officer (CEO) and Executive Board are responsible for implementing the Ethics
Policy and upholding Borealis’ values. The Compliance & Ethics function and the Borealis Ethics Council also play a
key role. However, ensuring ethical compliance is a collective effort that involves all hierarchical and functional
levels within Borealis. [G1-1.7d] Borealis has committed to respecting a range of third-party standards [G1-1.7e] and
initiatives in implementing its Ethics Policy and considers the interests of key stakeholders during its review. [G1-1.7f]
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The / Borealis Ethics Policy is available on its corporate website. For further details, refer to the
/ Borealis Group Annual Report 2024 – Group Management Report – Non-financial Statement.
G1-3 Prevention and Detection of Corruption and Bribery
Compliance Management System
[G1-3.16] [G1-3.18a] OMV has set up a comprehensive Compliance Management System based on the requirements
of IDW PS 980, including policies, audits, and training particularly to prevent, detect, monitor, and address
allegations or incidents of corruption and bribery. The system aims to anchor OMV’s business ethics policies
throughout the organization and to ensure their correct implementation. The design and implementation of OMV’s
Compliance Management System have been externally audited for adequacy and effectiveness. The result of each
audit was that OMV’s system is appropriately designed and effectively implemented to prevent, detect, and
respond to systematic misconduct in the legal areas of business ethics/anti-corruption, capital market law,
competition law, and trade sanctions. The most recent audit was conducted in 2023 by Ernst & Young (EY) in
accordance with the Auditing Standard (PS) 980 of the Institute of Public Auditors in Germany (IDW), confirming
that OMV operates an ambitious, well-established, and mature compliance program that is appropriately designed
for all compliance areas and effectively implemented across the OMV Group. In addition, in 2024 Borealis was
recertified under ISO 37301 (Compliance Management) and ISO 37001 (Anti-Bribery Management Systems) and
replaced and updated existing compliance policies including the Ethics Policy and the Investigation and Disciplinary
Procedure. It furthermore strengthened efforts and made investments in integrating newly acquired companies in
Bulgaria and Italy.
[G1-3.18c] Compliance topics, including any allegations on corruption and bribery incidents, are regularly reported
and addressed during regular scheduled and ad hoc meetings. These sessions involve either the entire Executive
Board, individual members of the Executive Board, regular Audit Committee meetings with the Supervisory Board,
and meetings with the chairman of the Supervisory Board.
Addressing Misconduct
[G1-3.18a] [G1-1.10c-i, 10c-ii] OMV has established a strict zero-tolerance policy for violations of the rules stipulated in
the Code of Business Ethics. Results of compliance investigations are assessed based on this principle. Should an
investigation reveal that an employee has actually engaged in misconduct, potential labor law measures will be
discussed with management and Human Resources and will depend on the nature and severity of the offence and
take into account all circumstances of the individual case. Compliance-related matters are regularly discussed and
reported at regular meetings with either the entire Executive Board and with each individual member, regular Audit
Committee meetings with the Supervisory Board, and meetings with the Chairman of the Supervisory Board.
Risk Management
[G1-3.18a] Both external and internal risk factors, in particular changes to the regulatory framework and recent
developments or incidents, are monitored on an ongoing basis to evaluate their possible impact on OMV’s current
risk exposure. This ongoing risk analysis also includes an institutionalized semi-annual risk analysis, which is part of
OMV’s Enterprise-Wide Risk Management (EWRM). If new risks are identified, OMV undertakes measures to address
them.
Before we launch activities in a new country, we perform an analysis of business ethics and sanction law issues in
that country. The Business Ethics Entry Assessment includes an analysis of the Corruption Perceptions Index
assigned by Transparency International to a given country. Based on the outcome of the assessment, corporate
governance in local operations is adapted to assure compliance with OMV’s ethical standards. OMV has
implemented a process for screening both potential new and existing business partners using EU and US sanction
lists. In addition to these sanction checks, more exhaustive due diligence assessments are conducted prior to
engaging with a business partner or during the business relationship as needed. Critically, counterparties in M&A
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transactions, strategic partnerships, or business partners that have been in the media spotlight in the context of
illegal conduct are assessed in greater depth. This type of assessment involves the potential business partner, their
direct and indirect shareholders, other investors, and the ultimate beneficiaries of directly or indirectly involved
legal entities.
[G1-1.7] The main red flags are connections to government officials, other individuals, and companies referred to in
high-attention media reports on political and corruption cases, sanctioned entities, or any other suspected
involvement in illegal conduct. In cases where intermediaries, lobbyists, or consultants are engaged, we use a third-
party service provider to carry out comprehensive research, including source inquiries. Furthermore, vendor
assessments are conducted by the OMV Procurement department.
Training
[G1-3.18a] [G1-3.21a, 21c] [G1-1.9] [G1-1.10g] It is important for us to make sure that every single employee is fully aware of
our ethical values and principles. Training is an essential element in informing employees about our rules on anti-
corruption and anti-bribery and raising awareness of ethical issues. Business ethics training focuses in particular on
anti-bribery and corruption and includes training employees on dealing with invitations, gifts, and potential conflicts
of interest, as well as the expectation of employees to factor in the Ethics & Integrity Principles in their daily work
and decision-making. In addition, employees are trained on the topics of donations and sponsorships, as well as the
requirements for dealing with intermediaries and lobbyists. All compliance training programs are part of and
governed by our comprehensive Compliance Management System and are mandatory for those employees
identified as being in a respective training target group.
[G1-3.21c] The online training module in business ethics, which is rolled out biannually is aimed at all employees
(including full-time and part-time employees) of the OMV Group, while participants in classroom training courses
are selected according to risk-specific criteria, such as employees working in the Sales or Procurement
departments. The training we provide on antitrust law focuses on the rules for dealing with competitors, customers,
and suppliers. Participants in online and face-to-face training sessions are selected and invited to attend a regular
training cycle according to risk-specific criteria (e.g., budget responsibility, decision-making authority regarding
third parties, and exposed functions, like procurement and sales).
[G1-1.10h] The employees who are being assigned a compliance training (i.e., training target groups) are defined at the
beginning of the training cycle based on the existing organization and the level of their risk exposure, and include
members of the Executive Board, Senior Vice Presidents, Vice Presidents, and department heads. Furthermore,
target groups also comprise all employees who report directly to members of the above-mentioned management
functions. In addition, all employees from the Procurement department are required to participate in mandatory
business ethics training. Organizational and personnel changes that occur during a training cycle are taken into
account on a rolling basis. In 2024, Compliance consistently further embedded the Ethics & Integrity Policy within
the Group through additional training activities. Bespoke in-person workshops and training sessions were held with
leadership teams and staff at 14 local branch offices to present to them the Ethics & Integrity principles.
Compliance also engaged with local staff during meetings on compliance-related matters and priorities. In the
future, OMV will integrate OMV’s expectations of Ethics & Integrity standards into ongoing key strategic supplier
meetings.
Consulting
[G1-3.18a] All employees of OMV have the opportunity to receive advice on compliance topics. Consultations
complement the training sessions. Training raises awareness among employees so that they are in a position to
identify potential risks and seek further advice. The task of consulting is to assess compliance-critical situations and
to offer legally compliant solutions. For advice, employees can either contact the local compliance officers on site
or the staff in the Compliance department at OMV headquarters directly.
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Integration in Business Processes
[G1-3.18a] Another preventive measure is the implementation of compliance checks in business processes. The
design and degree of automation of these compliance checks vary depending on the compliance area. For example,
in the area of trade sanctions, the fully automated screening against sanctions lists of all data contained in the
master data systems is carried out on a daily basis. In certain countries where OMV operates, an automated
integrity check of business partners is carried out. In other areas, the compliance check is carried out by explicitly
involving the Compliance Organization due to process requirements defined in the Code of Business Ethics.
Examples of this are checks and approvals of gifts, invitations, and sponsorship and donation activities, the
performance of background investigations before engaging sensitive business partners (e.g., intermediaries), and
new country entry checks. In addition to the processes stipulated in the Code of Business Ethics, the Compliance
Organization is brought in on an ad hoc basis in cases such as the development of new business strategies, business
models, or the implementation of (major) projects. This means projects benefit from a compliance check at an early
stage.
Raising Awareness
[G1-3.21, 21a] It is of strategic importance for OMV to make sure that every single employee is fully aware of OMV’s
ethical values and principles and the underlying policies. Training is an essential element in informing employees
about our rules and policies on business ethics, anti-corruption and bribery and raising awareness of ethical issues.
In addition, there is a dedicated Compliance section on the intranet where OMV employees can find detailed
information, guidance, and policies related to all compliance areas and in particular referring to business ethics and
anti-corruption matters. Moreover, compliance-related topics such as whistleblowing and whistleblower protection,
speaking up, and business ethics-related topics are recurrently the subject of internal communication measures
published on the intranet. For more details, refer to > Metrics.
[G1-3.18a] [G1-3.21, 21a] [G1-1.9] [G1-3.20] Furthermore, OMV has launched a compliance application that employees can
use on their cell phones, providing easy access to resources, policies, and related tools for all compliance-related
matters. Employees can submit inquiries on all ethics topics, for instance gifts, invitations, or conflicts of interest,
have their sponsorships or donations checked and registered, have new business partners checked against trade
sanction and embargo lists, learn how to deal with inside information and file for trading approval, submit inquiries
with regard to antitrust matters and obtain guidance, retrieve useful guidance on all ethics topics, and submit
reports on ethical misconduct via the secure Integrity Platform messaging service.
Borealis
[G1-1.10g] At Borealis, all new employees must complete a mandatory 30-minute e-learning course on the company’s
values and ethics. Tailored classroom or virtual training sessions on ethics and compliance are provided by the
Borealis Ethics & Compliance function or local Ethics Ambassadors. Additionally, tailored training sessions are
offered to employees exposed to specific ethical risks, such as corruption and bribery, competition law, data privacy
regulations, and issuer compliance related to the misuse of inside information. [G1-1.10h] Functions within Borealis
that are most at risk in respect of corruption and bribery are identified by the line manager and include
Procurement, Sales, Customer Service, Logistics Sourcing, the Customs team, the Legal team, the Location Leaders,
the Dispatch Leaders, the Treasury team, the Hydrocarbons Risk Officer, Group Tax, and the Executive and Senior
Management. [G1-3.20] For these employees, Borealis has developed a mandatory anti-bribery and anti-corruption e-
learning course. This course offers an overview of the global anti-corruption landscape, emphasizing key aspects of
international anti-bribery laws. Through interactive exercises and real-world scenarios, learners gain insights into
best practices for combating bribery and maintaining integrity in international business. For more details, please see
the / Borealis Group Annual Report 2024 – Group Management Report – Non-financial Statement.
[G1-3.18a] All Borealis employees are responsible for adhering to the Borealis Ethics Policy and the Group’s anti-
bribery and anti-corruption guidelines, which outline the fundamental elements and framework of Borealis’
compliance rules in these areas. Business partners that violate anti-bribery or anti-corruption laws can expose
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Borealis to reputational damage, fines, and penalties. Therefore, Borealis investigates potential infringements in the
same manner as ethics cases. This process involves whistleblowing or reporting suspected violations, case intake,
investigation, and, where necessary, disciplinary action and remediation. [G1-3.18b] Investigators handling corruption
or bribery reports are part of the Ethics & Compliance department and are independent of the management chain
involved in the matter. To prevent and mitigate conflicts of interest, the process outlined in the Borealis Ethics
Policy ensures that investigators’ interests do not interfere with their duty to act in Borealis’ best interests.
[G1-3.20] The Ethics Policy guides Borealis employees in complying with anti-corruption and anti-bribery laws.
Additionally, the annual mandatory general ethics training for all employees includes a section on preventing
corruption. [G1-3.21a] This mandatory e-learning for all employees raises awareness of bribery and corruption within
Borealis, highlighting Borealis’ risks, including loss of stakeholder trust, reputational damage, fines, legal claims, etc.
For more details, please see the / Borealis Group Annual Report 2024 – Group Management Report – Non-financial
Statement.
Targets
Promote awareness of ethical values and principles
[S1-5.44] [MDR-T-80a-80h] To address the positive impact of ensuring uniform compliance with our business
ethics policies across all locations, an action related to training employees has been defined with the aim of
promoting awareness of ethical values and principles among all targeted employees by 2030.
[MDR-T-80a] Through OMV’s Code of Conduct, we are committed to respecting and upholding the principles of the
United Nations Convention against Corruption, the OECD Anti-Bribery Convention, and all applicable national anti-
corruption legislation. Ensuring uniform compliance with our business ethics standards across all operations is our
highest priority. We achieve this by conducting in-person or online ethics training for all targeted employees and
promoting awareness of ethical values and principles among them.
2025
Conduct in-person or online business ethics trainings for all
targeted employees
2030
Promote awareness of ethical values and principles
amongst all targeted employees
Absolute target
Value chain activities
Own operations
In scope
All targeted employees of OMV 100% operator/majority-owned (excl. Borealis) assets from all
OMV business segments
Out of scope
Employees of non-operated/majority-owned assets/company by OMV and Borealis
Geographical coverage
Group-wide
Base year
2022
Baseline value
Targeted employees of OMV and Petrom (excluding Borealis)
[MDR-T-80f] This target aligns with our commitment to conducting business sustainably and ethically, which is crucial
for OMV in creating and protecting long-term value, building trusting partnerships, and attracting customers, top
suppliers, investors, and employees. The targeted employees include all those identified within the defined risk-
based target groups for business ethics training. [MDR-T-80i] There were no changes made to this target or its
corresponding metrics in 2024.
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Status 2024
[MDR-T-80j] A total of 1,201 OMV employees were trained in person in business ethics/anti-corruption in 2024. In addition,
1,107 OMV employees were trained in competition law in 2024. This number consists of 296 OMV employees who were
trained in person in competition law and 811 employees who completed the e-learning program on competition law. This
target is reviewed annually.
A total of 629 employees (2023: n.r.) at Borealis received bespoke classroom/virtual training sessions on anti-corruption
(2024: 323)/competition law (2024: 306)
G1-4 Metrics
OMV uses the following metrics to evaluate its performance and effectiveness:
[MDR-M.77a, 77c-77d] [G1-3.21b] [G1-4.22, 24a] [G1-4.25a-25c]
In-person trainings 2024:
• 39% of functions at risk currently covered in the ongoing training cycle for the in-person business
ethics/anti-corruption training program.
• 38% of functions at risk currently covered in the ongoing training cycle for the in-person competition
law training program.
E-Learning program 2024:
• 95% of functions at risk covered in the e-learning program on competition law.
0 convictions for violation of anti-corruption and anti-bribery laws1
EUR 0 mn in fines for violation of anti-corruption and anti-bribery laws
0 confirmed incidents of corruption or bribery
0 confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-
related incidents
0 confirmed incidents relating to contracts with business partners that were terminated or not
renewed due to violations related to corruption or bribery
[Voluntary] 602 whistleblowing cases in the OMV Group brought to the attention of the Compliance
department via OMV’s whistleblowing mechanisms
1 [G1-4.24b] Including Borealis. As we had no convictions for violation of anti-corruption and anti-bribery laws in 2024, no actions to address breaches in procedures and standards of
anti-corruption and anti-bribery were applicable.
2 Excluding Borealis
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Business ethics/anti-corruption training (in-person)
[G1-3.21b][G1-3 AR-8][MDR-M.77c]
2024
At-risk
functions
Managers
Administrative
Management
and Supervisory
Bodies (AMSB)
Other own
workers
Training coverage
Total target group
number
920
723
59
n.a.
Total receiving training in the year 2024
number
357
344
22
844
Delivery method and duration
Classroom training
hours
1
1
1
1
Computer-based training
hours
n.a.
n.a.
n.a.
n.a.
Voluntary computer-based training
hours
n.a.
n.a.
n.a.
n.a.
Frequency
How often training is required
Three-year
training cycle
Three-year
training cycle
Three-year
training cycle
n.a.
Topics covered
Definition of corruption
x
x
x
x
Policies (Code of Business Ethics, Ethics & Integrity Policy,
Whistleblowing Directive)
x
x
x
x
Procedures regarding prevention and detection of corruption
and bribery
x
x
x
x
Protection of whistleblowers
x
x
x
x
Competition law training (in-person)
[G1-3.21b][G1-3AR 8]
2024
At-risk
functions
Managers
Administrative
Management
and Supervisory
Bodies (AMSB)
Other own
workers
Training coverage
Total target group
number
642
209
38
n.a.
Total receiving training in the year 2024
number
245
73
17
51
Delivery method and duration
Classroom training
hours
1.5
1.5
1.5
1.5
Computer-based training
hours
n.a.
n.a.
n.a.
n.a.
Voluntary computer-based training
hours
n.a.
n.a.
n.a.
n.a.
Frequency
How often training is required
Three-year
training cycle
Three-year
training cycle
Three-year
training cycle
n/a
Topics covered
Horizontal relationships/cartels
x
x
x
x
Vertical relationships
x
x
x
x
Abuse of dominance
x
x
x
x
Dawn-raid procedures
x
x
x
x
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Competition law training (e-learning program)
[G1-3.21b] [G1-3AR 8]
2024
At-risk
functions
Managers
Administrative
Management
and Supervisory
Bodies (AMSB)
Other own
workers
Training coverage
Total target group
number
858
201
27
n.a.
Total receiving training in the year 2024
number
811
188
23
n.a.
Delivery method and duration
Classroom training
hours
n.a.
n.a.
n.a.
n.a.
Computer-based training
hours
0.75
0.75
0.75
n.a.
Voluntary computer-based training
hours
n.a.
n.a.
n.a.
n.a.
Frequency
How often training is required: OMV
Bi-annually
Bi-annually
Bi-annually
n.a.
Topics covered
Horizontal relationships/cartels
x
x
x
n.a.
Vertical relationships
x
x
x
n.a.
Abuse of dominance
x
x
x
n.a.
Dawn-raid procedures
x
x
x
n.a.
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all metrics below is not validated by an external body other than the assurance
provider.
[G1-21b] [MDR-M.77a, 77c] The percentage of functions at risk covered by training programs is calculated as follows:
the number of employees (full-time and part-time) who have attended training programs divided by the total
number of employees identified in the target group for training programs, multiplied by 100.
[G1-4.22, 24a] [MDR-M.77a, 77c] The number of convictions for violations of anti-corruption and anti-bribery laws is
counted on a case-by-case basis for these specific violations.
[G1-4.24a, 24c-24d] [MDR-M.77a, 77c, 77d] Fines in EUR mn for violations of anti-corruption and anti-bribery laws is
based on the total amount of fines received for these specific violations.
[G1-4.25a] [MDR-M.77a, 77c] The number of confirmed incidents of corruption or bribery refers to cases where an
employee verifiably gives, agrees to give, promises or offers a financial advantage to another person to obtain
business with OMV or a third party.
[G1-4.25b] [MDR-M.77a, 77c] The number of confirmed incidents in which own workers were dismissed or disciplined
for corruption or bribery-related incidents refers to cases where an employee verifiably gives, agrees to give,
promises, or offers a financial advantage to another person to obtain business for OMV.
[G1-4.25c] [MDR-M.77a, 77c] The number of confirmed incidents relating to contracts with business partners that
were terminated or not renewed due to violations related to corruption or bribery refers to incidents whereby a
business partner verifiably gives, agrees to give, promises, or offers a financial advantage to another person to
obtain business with OMV or a third party.
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[Voluntary] The number of whistleblowing cases in the OMV Group refers to the number of reports regarding
alleged misconduct/breach of law or internal regulations brought to the attention of the Compliance department
via OMV’s whistleblowing mechanisms.
[G1-3.21b] [G1-3 AR 8] [MDR-M.77c] Table on business ethics training (in-person training and/or e-learning)
• Total receiving training in the year 2024 refers to the total number of employees that completed the in-person
and/or e-learning business ethics training.
• Voluntary computer-based training: the term “voluntary” refers to training that is not mandatory in the reporting
cycle.
[G1-3.21b] [G1-3 AR 8] [MDR-M.77c] Table on competition law training (in-person training and/or e-learning)
• Total receiving training in the year 2024 refers to the total number of employees that completed the in-person
and/or e-learning competition law training program.
Borealis
G1 Borealis Business Ethics and Anti-Corruption and Anti-Bribery
[G1-3.21b] [G1-3 AR-8] [MDR-M.77c]
At-risk functions 2024
Training coverage
Total
537
Total receiving training
166
Delivery method and duration
Classroom training (hours)
n.a.
Computer-based training (hours)
0.5
Voluntary computer-based training (hours)
n.a.
Frequency
How often training is required
Annually
G1 Borealis metrics to evaluate its performance and effectiveness
[MDR-M77a]
Metric and definition
Unit
Methodology
2024
Percentage of Borealis employees
completing the e-learning on the Borealis
Ethics Policy
%
The number of Borealis employees who complete the training as a percentage
of the number of Borealis employees assigned to the training.
85
The number of ethics reports filed through
the whistleblower hotline by Borealis’ own
workforce
Number
The data is sourced from EQS, the external service provider for the Borealis
whistleblower hotline.
Non-substantiated cases are counted, unless the reported grievance obviously
does not violate the Borealis Ethics Policy.
62
The number of non-compliances or
recommendations from recertification or
surveillance audits based on ISO
37301/37001
Number
The external auditor pursues the mandatory annual audit of Borealis AG.
Thereafter, a report is issued and shared, in which each instance of non-
compliance is described
2
[MDR-M77b] The number of instances of non-compliance or recommendations from recertification or surveillance
audits based on ISO 37301/37001 is validated by the Austrian Standards certification body. The ISO certificates can
be downloaded from the Borealis website: / www.borealisgroup.com. For more details, see Borealis Group Annual
Report 2024 – Group Management Report – Non-financial Statement.
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G1-2 Management of relationships with suppliers
Material Topic: Supplier Relationships
Material Sub-Topic: G1-2 Management of relationships with suppliers including payment practices
Foster strong supplier relationships to ensure a resilient and innovative supply chain that supports our
overall progress and success, and incorporate social and environmental considerations (e.g., business
ethics, human rights, safety, and carbon footprint of suppliers) into supply chain management.
Relevant SDGs:
SDG targets
13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries
16.5 Substantially reduce corruption and bribery in all their forms
[G1-2.12] At OMV, we aim to foster innovation, maximize value contribution, and enable supply chain growth. We
achieve this by applying our sourcing and logistics expertise to ensuring that the highest-quality materials and
services are provided throughout our supply chain. This involves working closely with our partners, contractors, and
suppliers. It is of paramount importance to our organization to be fully compliant with all applicable legal
requirements, as well as with our internal safety, environmental protection, and human rights standards, when
managing our supply chain. By integrating sustainability requirements throughout our supply chain (e.g., audits,
assessments, sustainability criteria in sourcing) we aim to drive a positive change in the sustainability performance
of our suppliers and contractors while mitigating potential negative impacts such as economic disruption due to
delays in payment. Our supplier portfolio management focuses on supplier collaboration, innovation, and risk
management in order to drive value and reduce risks. The process provides the necessary overview to identify and
maximize supplier innovation potential and sustainability initiatives, while taking risk factors into account. To
mitigate supply chain risks, including forced labor, slavery, human trafficking, and corruption, OMV imposes the
legal requirements and internal rules and standards applicable to OMV on its suppliers.
Impacts, Risks, and Opportunities (IROs)
OMV upholds high business standards by fostering an ethical and transparent business environment founded on
strong internal regulations. This commitment benefits both people and the environment. Additionally, active
engagement with suppliers and business partners to establish a positive corporate culture and continuously
promote sustainability awareness across our network is largely beneficial to all involved parties. However, the
economic instability of business partners, due to their strong dependence on OMV payments, may have a negative
impact. All the IROs identified under G1 Supplier Relationships are linked to our entire Upstream value chain. For
details on our material IROs for G1 Supplier Relationships, see > ESRS 2 General Information.
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Governance
OMV Group Procurement is organized as an integrated function and covers day-to-day procurement activities
across the entire OMV Group. OMV Group Procurement is led by the Chief Procurement Officer (CPO), who reports
to the Chief Financial Officer (CFO). In OMV Petrom and Borealis there are local CPOs reporting to the respective
CFOs. From an organizational perspective, OMV Group Procurement is split into several procurement units that
cover aspects such as Operations & Materials, Energy & Technology, Business Services, Chemicals & Packaging, and
Projects & Engineering. The Sustainable Procurement & Supplier Innovation department works toward meeting the
sustainable procurement ambitions and targets for 2025 and 2030.
Specific Policies and Commitments
Code of Conduct
[MDR-P 65a] Our suppliers are obligated to fully comply with the content of the OMV Code of Conduct, and our supply
chain partners are required to sign it. Our activities, both through direct operations and indirectly through our value
chain, may have an impact on society, the environment, and the economy. Business partners are therefore
requested to extend all applicable requirements to their respective business partners, thereby ensuring the
application of our Values and the principles of our Code of Conduct, including ethical behavior, throughout our
entire value chain. The positive impacts of upholding OMV’s business standards by fostering an ethical and
transparent business environment through strong internal regulations, as well as active engagement with suppliers
and business partners to establish a positive corporate culture and continuously promote sustainability awareness,
are addressed through this overarching policy. [MDR-P-65b-f] For the Code of Conduct, unless otherwise specified, the
scope of the policy, involvement of senior-level management, reference to third-party standards (where relevant),
interests of key stakeholders in setting the policy (where relevant), and how the policy is made available to
potentially affected stakeholders are covered in > E1 Climate Change.
Corporate Procurement Directive and Purchase to Pay Standard
[MDR-P 65a] OMV’s Corporate Procurement Directive describes the overall process of supplier engagement and
supplier management, including how human rights aspects are embedded in supplier prequalification, audits, and
meetings. By following the guidelines on active engagement with suppliers and business partners, a positive
corporate culture can be established and sustainability awareness can be continuously promoted across our
network. The Purchase to Pay Standard defines the minimum requirements for the Group-wide Purchase to Pay
process, encompassing all existing regulations within the process scope. This standard pertains to activities such as
requesting, purchasing from external suppliers (excluding inter-company purchases), receiving, accounting, and
paying for goods and services. The dependence and economic instability of business partners, resulting from their
strong reliance on OMV payments, are addressed through the Purchase to Pay Standard and the Corporate
Procurement Directive. Biannual checks are implemented by the Governance & Analytics and Strategy &
Digitalization procurement units to monitor the implementation of the Procurement Directive. These documents
outline the procedures and payment terms that guide the timeframe within which invoices from our suppliers and
contractors should be paid, thereby mitigating the risks associated with economic instability and fostering a more
stable relationship with our business partners.
[MDR-P 65b] Both the Corporate Procurement Directive and the Purchase to Pay Standard apply to OMV
Aktiengesellschaft and all its fully consolidated subsidiaries, including Borealis AG and OMV Petrom S.A. and their
subsidiaries. They also partially apply to SapuraOMV Upstream Sdn. Bhd. and its subsidiaries. The principles and
minimum standards stipulated in this Directive apply to all purchasing activities within the OMV Group, that are
managed by OMV Group Procurement, while some goods and services, such as renewable fuels and feedstock and
trading activities, are purchased through other departments. OMV’s Corporate Procurement Directive and Purchase
to Pay Standard are signed and approved by the Executive Board. [MDR-P 65c] The most senior level with
accountability for the Corporate Procurement Directive is the Chief Procurement Officer, while for the Purchase to
Pay Standard it is the Chief Information Officer, who reports directly to the CFO.
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[MDR-P 65e] The Corporate Procurement Directive and the Purchase to Pay Standard have been developed through
extensive alignment with internal stakeholders, including accounts payable and business representatives, and are
also based on information acquired during our collaboration with external partners CDP and EcoVadis. [MDR-P 65f]
They are made available to all OMV employees via OMV’s Regulations Alignment Platform on the OMV intranet.
Relevant aspects for suppliers are incorporated into contractual agreements. For details on how we engage with
our value chain workers, see > S2 Workers in the Value Chain.
[G1-2.14] To ensure we have a standardized approach to payment conditions for all our suppliers and contractors,
including those from small and medium-sized enterprises (SMEs), we stipulate 60-day standard payment terms in
the Corporate Procurement Directive and Purchase to Pay Standard. We continuously monitor payment terms to
ensure the 60 days payment term is not exceeded for our suppliers. To prevent such occurrences, one day prior to
expiry of the payment term, the SAP system proposes for payment all invoices that are due, and they are paid
automatically the next day without the need for manual intervention. Where invoices are blocked for payment (e.g.,
for tax reasons), the reasons are analyzed, and remediation measures are initiated.
The Corporate Procurement Directive outlines specific processes related to supplier engagement and
management, which are detailed in the following section.
Supplier Relationship Management (SRM)
[G1-2.15a] OMV’s SRM framework not only focuses on managing strategic relationships with our suppliers and
contractors but also incorporates sustainability into supplier segmentation, performance, meetings, and innovation.
To support OMV on its transformation journey to becoming a leader in innovative sustainable fuels, chemicals,
materials, and the circular economy, it is crucial to ensure that suppliers are encouraged to innovate. This helps
unlock their potential, and the innovative solutions they develop provide an opportunity to enhance and strengthen
partnerships between the Company, Procurement, and suppliers. OMV responsibly manages supplier relationships,
ensuring fair behavior, by incorporating sustainability requirements into supply chain and procurement processes,
such as purchase to pay, supplier audits and assessments, supplier segmentation, performance, meetings, and
innovation. This approach fosters positive change and addresses potential negative impacts such as economic
disruptions from delayed payments.
To enhance supply chain resilience and compliance with Corporate Sustainability Reporting Directive (CSRD) and
Corporate Sustainability Due Diligence Directive (CSDDD) requirements, we revised our supplier risk management
process in 2024 and built a new risk profile in our internal IT systems for Tier 1 suppliers. This risk profile considers
three criteria: sustainability risk, procurement risk, and HSSE risk.
Prequalification
[G1-2.15b] Supplier prequalification is part of precontractual activities, during which OMV collects information from a
potential supplier with the purpose of evaluating compliance with our HSSE and sustainability requirements. The
goal of the prequalification process is to screen potential suppliers before bringing them on board to ensure that
only those suppliers that meet our HSSE and sustainability standards are considered for future collaboration.
Prequalification is based on a standardized list of elements and objectives that align with the OMV Group’s HSSE
Management System (e.g., HSSE Policy, ISO 9001, 14001, 45001) and our Sustainability Framework (e.g.,
Sustainability Policy, Human Rights Policy, and Grievance Mechanisms).
Supplier Selection
[G1-2.15b] Following prequalification, Procurement and business representatives select the best suppliers based on a
predefined set of commercial and technical criteria during a tender process. To support the overall OMV Group
Sustainability Targets 2030 and the Sustainable Procurement ambition to give sustainability a “value” in sourcing,
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the Procurement department has included two criteria to assess the sustainability performance of the bidders in
their commercial evaluation: the EcoVadis score and completion of our climate change questionnaire.
In 2024, OMV invited more than 1,400 suppliers to respond to a simplified climate change questionnaire, which was
developed internally based on the CDP structure. In addition to reporting their emissions, we asked suppliers
whether they have carbon reduction targets in place and invited them to share with us any initiatives or projects to
reduce carbon emissions in which they would like us to participate. Suppliers were selected based on spend,
estimated carbon emissions volume, and the carbon intensity of the goods and services purchased from them. In
addition, individual meetings and webinars were offered to our suppliers to help them better understand the
requirements of the climate change questionnaire or the TfS assessment, and why this information is important to
OMV.
Risk Assessments
[G1-2.15a] Understanding a supplier’s risk is an important factor in deciding whether and how we conduct business
with them. OMV Procurement has built a new Risk Profile to enhance supply chain resilience and compliance with
the requirements of the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due
Diligence Directive (CSDDD), based on three major risk areas: Sustainability, Procurement, and HSSE. Furthermore,
OMV has a screening process in place to ensure that parties sanctioned by the EU or international organizations,
such as the United Nations, are not accepted as procurement partners.
Audits
[G1-2.15a] OMV conducts two types of audits of its suppliers and contractors: on-site Together for Sustainability
audits that focus on the sustainability performance of a company, and audits performed by an external auditor. The
audits are carried out as part of the prequalification process and/or during contract execution. The aim of the audits
is to measure the performance of our suppliers and define actions that will enable them to optimize their
performance and meet OMV requirements. During the external audits, we pay special attention to the financial
stability of our suppliers, their strategy and organization, supply chain, sustainability (e.g., social and environmental
issues), and their cybersecurity performance.
Each audit finding classified with a red flag is followed up and analyzed by the Procurement team in collaboration
with business representatives and any other relevant function (e.g., HSSE, Legal, Internal auditing, and Compliance).
Information on the outcome of the audit is made available to the supplier, and the supplier is requested to submit a
proposed corrective plan with concrete measures and an implementation timeline. In 2024, 13 audits (2023: 22)
resulted in follow-up measures.
Supply Chain Carbon Transparency
[G1-2.15a] We aim to continuously manage and decrease the carbon volume of our purchased goods and services.
OMV is fully committed to climate change mitigation and responsible resource management. Only by working
together with our suppliers will we be able to define joint low-carbon initiatives to continuously decrease the
carbon emissions in the supply chain and meet our Paris Agreement commitments.
Supplier Capacity Building
[G1-2.15a] OMV works together with its suppliers to improve overall sustainability performance by inviting them to
individual meetings or webinars to increase awareness of the importance of participating in TfS assessments or
completing our climate change questionnaire. We also include topics related to sustainability and low-carbon
procurement in our annual strategic supplier meetings and invite key suppliers to deep dive workshops on
innovation.
In 2024, the topics of sustainable and low-carbon procurement were also included on the agenda for our annual
strategic supplier meetings (e.g., Innovation – How can we create sustainable value through innovation? Climate
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Change – How can we build successful alliances on the path to net zero? Circular Economy – How can we
collaborate to effectively implement circular solutions?).
We actively engaged not only with our suppliers, but also with buyers on sustainable procurement and supplier
innovation practices. A total of 155 buyers (2023: 205) from OMV, OMV Petrom, and Borealis participated in several
awareness-raising sessions throughout the year. The focus was on engaging buyers on sustainable procurement,
supplier relationship management, and supplier innovation. In 2024, nine meetings were organized with our
strategic suppliers, during which commercial, technical, HSSE, and sustainability topics were discussed. In total,
seven deep dive workshops on innovation were also held with key suppliers.
Local Content
[G1-2.15a] We aim to support the local communities in the locations where we operate by fostering economic
development. Local procurement strengthens the local economy and meets the local procurement expectations of
neighboring communities. Increased local procurement has had the added benefit of reducing business disruption in
recent years, as well as the potential for a smaller carbon footprint due to the reduced transportation distance of
the goods purchased. In 2024, the spend with local suppliers at Group level was 71.1% (2023: 71.2%).
Targets
Engage with suppliers and assess their carbon footprint
[S1-5.44] [MDR-T-80a-80j]
To address the positive impact of actively engaging with suppliers and business partners to establish a positive
corporate culture and continuously promote sustainability awareness, we have defined an action focused on
engaging with suppliers regarding their carbon emission reduction targets and sustainability practices. This annual
engagement with numerous suppliers supports our goal of ensuring that 100% of our suppliers, covering 80% of
Procurement spend, have carbon reduction targets in place by 2030.
[MDR-T-80a] Our goal of engaging with suppliers that cover 80% of procurement spend by 2025 to assess their carbon
footprint, and ensuring that 100% of suppliers, covering 80% of our procurement spend, have carbon reduction
targets in place by 2030, aligns with our commitment to transforming into a net-zero business by 2050. This
commitment encompasses not only our own operations but also our product portfolio and other emissions along
the value chain. To achieve this, we are dedicated to collaborating with our suppliers and customers to reduce
emissions throughout the entire value chain.
2025
Carbon footprint assessment of 80% of Procurement spend
2030
100% suppliers covering 80% of Procurement spend have
carbon reduction targets in place
Absolute target
Value chain activities
Upstream value chain – tier 1 suppliers
In scope
Suppliers within Procurement scope, according to Procurement Directive
Out of scope
All suppliers that are not within Procurement scope, according to Procurement Directive
Geographical coverage
Group-wide
Base year
2021
Baseline value in %
33
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[MDR-T-80f] This KPI has been established to enhance the accuracy and transparency of Scope 3 emissions from
purchased goods and services. We have adopted the 80/20 approach, focusing on suppliers that account for 80% of
procurement spend to maximize impact. [MDR-T-80i] There were no changes made to this target or its corresponding
metrics in 2024.
Status 2024
[MDR-T-80j] 100% of suppliers covering >80% of Procurement spend engaged to assess their carbon footprint and define and
run joint low-carbon initiatives. This target is reviewed annually.
G1-6 Metrics
Supplier Relationships Metrics
[MDR-M.77a; 77c][G1-6.31][G1-6.33a; 33b; 33c][Entity-Specific][Voluntary]
2024
2023
Suppliers invited to respond to the climate change questionnaire
number
1,450
394
Total suppliers assessed with negative environmental impacts in the supply chain that were disqualified
%
0.1
1
Suppliers’ operations covered by a certified ISO 14001 or EMAS environmental management system
%
68.90
n.a.
Payments aligned with standard payment terms
%
75.50
n.a.
Average time to pay an invoice from the date when the contractual or statutory term of payment starts
day
56.10
n.a.
Legal proceedings currently ongoing for late payments
number
1
n.a.
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all metrics below is not validated by an external body other than the assurance
provider.
[Entity-Specific] [MDR-M.77a] Suppliers invited to respond to the climate change questionnaire refers to all the
strategic suppliers (covering 80% of Procurement spend) who were invited and completed the climate change
questionnaire.
[Entity-Specific] [MDR-M.77a] Total suppliers assessed with negative environmental impacts (e.g., in terms of resource
use, waste management, energy management, etc.) in the supply chain that were disqualified: this is calculated
based on the number of suppliers in prequalification who were disqualified vs. the total number of suppliers who
participated in prequalification.
[Voluntary] [MDR-M.77a] Suppliers’ operations covered by a certified ISO 14001 or EMAS environmental management
system: this is extracted from the EcoVadis portal.
[G1-6.33b] [MDR-M.77a] Payments aligned with standard payment terms is calculated based on how many payments
have been made according to the standard payment term of 60 days.
[G1-6.31] [G1-6.33a, 33d] [MDR-M.77a] The average time to pay an invoice (in days) is determined using the framework
agreement weighted average payment terms (baseline date). This is calculated as the difference between the
baseline date and the clearing date, weighted by the respective invoice value in EUR. If the clearing date occurs
before the baseline date, it is adjusted to 0 and excluded from the calculation. In cases where no framework
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agreement exists and only a purchase order (PO) is present, the respective PO payment term days are used instead
of the difference between the baseline date and the clearing date. These figures are reported and tracked in an
internal digital tool managed by Procurement and are calculated based on POs with payment terms of 60 days or
less.
[G1-6.33c] [MDR-M.77a] Legal proceedings currently ongoing for late payments are counted on a case-by-case basis
and refer to those that exceed our payment terms of 60 days or less.
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Cybersecurity
Material Topic (Entity-Specific): Cybersecurity
Protecting people, assets, operations, information, and reputation against any cyber threats, incidents,
or crises, thereby ensuring business continuity
In an increasingly interconnected global environment, information is exposed to a rapidly expanding variety of risks,
threats, and vulnerabilities. OMV invests in information security and cybersecurity to protect technology, assets,
critical information, and our reputation, and to avoid any damage or financial loss resulting from unauthorized
access to our systems and data. Keeping OMV free of security vulnerabilities and protected against potential
security risks is essential for the whole business.
Impacts, Risks, and Opportunities (IROs)
A potential advanced cyberattack on OMV’s IT/OT convergence systems could cause malfunctions and disruptions
in essential plant process controls. This may result in incorrect information about production process parameters
and could trigger a chain reaction leading to physical accidents with environmental impacts, such as fires, gas leaks,
or oil spills. Additionally, depending on the intrusive software, the attack could affect systems hosting confidential
and private data, resulting in a data leakage scenario. To mitigate the risk of potential data leakage or loss, OMV
employs a mature information security management system, which enhances the security of personal information
and protects privacy rights. Both IROs for OMV identified under G1 Cybersecurity are linked to all three OMV
divisions (Energy, Fuels & Feedstock, and Chemicals) within our own operations. Furthermore, both these impacts
extend to our Upstream and/or Downstream value chain. For details on our material IROs for Cybersecurity,
see > ESRS 2 General Information.
Governance
IT security is managed by the Group IT & Digital Office led by the Chief Information Officer (CIO). The CIO reports
directly to the Chief Financial Officer. The Group CIO is supported by the Group OMV Chief Information Security
Officer (CISO) and Group IT/OT Governance team. Data Protection is handled by the Group Data Protection Office.
Specific Policies and Commitments related to Cybersecurity
IT/OT Security Directive
[MDR-P 65a] OMV’s IT1/OT2 Security Directive provides comprehensive guidelines and preventive measures for
protecting the integrity and security of IT/OT systems. These help address the negative impact associated with
potential advanced cyberattacks on our IT/OT convergence systems. This directive is crucial in safeguarding critical
infrastructure and ensuring the resilience of process control systems against a potential advanced cyberattack.
Such an attack could cause malfunctions and disruptions in essential plant process controls, leading to incorrect
information about production process parameters and potentially triggering a chain reaction that could result in
physical accidents with environmental impacts, such as fires, gas leaks, or oil spills. Our internal IT/OT Security
1 Information technology (IT) security is a set of cybersecurity strategies that prevents unauthorized access to organizational assets, such as computers, networks, and data. It
maintains the integrity and confidentiality of sensitive information, blocking the access of sophisticated hackers.
2 OT security is defined as operational technology (OT) hardware and software that detect or cause a change through the direct monitoring and/or control of physical devices,
processes, and events in the enterprise. OT is common in industrial control systems (ICS), such as a SCADA system.
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Directive lays out the details of the IT/OT Security Framework, through which topic- or security domain-related
security standards and policies are continually aligned and managed. The Security Framework consists of
approximately 50 regulatory documents in total and is harmonized with the ISO 27000 series of recommendations
for IT controls and domains (specifically ISO/IEC 27001:2022), all of which means we can maintain certification
through external monitoring and annual recertification processes. A full recertification assessment was
successfully completed in July 2022 and the OMV certification period was extended until 2025. One of the basic
principles of an Information Security Management System (ISMS) is incorporating a continuous improvement cycle
in order to identify, prevent, mitigate, and remediate potential information security leaks or weaknesses. The
framework also covers OMV’s commitment to securing the operation of its services in dedicated areas, such as
within the filling station retail business and the related PCI DSS1 requirements.
The IT/OT Security Directive is complemented by additional internal standards and regulations that detail how we
implement, maintain, and monitor the ISMS according to the adopted framework. The ISMS is continuously
monitored and designed to minimize risks resulting from cyber threats that could materialize in production
disruptions, legal non-compliance, and reputational damage. The IT/OT Security Directive reflects our commitment
to safeguarding the confidentiality, integrity, and availability of all information and IT/OT cyber assets within the
organization.
[MDR-P 65b, 65c] This directive applies to the whole of the OMV Group globally, including our subsidiaries and OMV
Petrom S.A., and take into account, wherever necessary, any local laws and regulations that may apply. However, it
excludes SapuraOMV Upstream Sdn. Bhd. and its respective subsidiaries. The directive is approved by the OMV
Executive Board, and the most senior level accountable for its implementation is the CIO.
[MDR-P 65e, 65f] The IT/OT Security Framework and Data Protection Directive were both developed through extensive
consultation with internal stakeholders, including representatives of our own workforce, the works council, and the
business division representatives. All IT/OT policies and internal standards and procedures that guide OMV in the
safeguarding of the confidentiality, integrity, and availability of all of the organization’s information and IT/OT cyber
assets are regularly communicated to all OMV employees via internal communication channels and via OMV’s
Regulations Alignment Platform on the OMV intranet. Relevant aspects for certain external stakeholders, such as
suppliers, are incorporated into the contractual agreements.
Data Protection Directive
[MDR-P 65a] To mitigate the risk of potential data leakage or loss through an advanced cyberattack, OMV employs a
mature information security management system that aligns with the Data Protection Directive. This directive is the
primary source of privacy principles, procedures, and responsibilities within the OMV Group, ensuring compliance
with GDPR and other relevant privacy regulations. It consists of a main document and a series of seven annexes that
explore relevant issues and regulatory obligations for OMV. The directive includes a broad introduction to principles
applicable to the processing of personal data derived from the GDPR, as well as the rights of data subjects and the
procedures for exercising these rights. It provides clarifications on contractual relations with suppliers and the use
of data for the Company’s marketing purposes. It also addresses cases where personal data is processed by third
parties under Article 28 GDPR or transmitted to countries outside the EU with a lower level of data protection than
within the Union. Additionally, it offers detailed information on essential procedures and tasks resulting from the
GDPR, such as maintenance of the register of processing, performance of a DPIA (Data Protection Impact
Assessment), management of possible data breaches, as well as the correct ways of using company devices and the
related possible consequences for employees of their misuse.
[MDR-P 65b, c] This directive applies to the whole of OMV Aktiengesellschaft globally, including our subsidiaries
Borealis AG and OMV Petrom S.A., and takes into account, wherever necessary, any local laws and regulations that
may apply. The Data Protection Directive excludes anonymized data or data related to state security, national
1 Payment Card Industry Data Security Standard
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defense, and public safety. Every employee, contractor, and business partner of OMV shall follow the guidelines in
this directive. The directive is approved by the OMV Executive Board, which is also accountable for its
implementation. Responsibility for implementation lies with the SVP Finance, Tax, Treasury, and Risk Management.
[MDR-P 65d, 65f] This OMV Data Protection Directive applies to all systems used Group-wide that process personal
data, and to all OMV companies and data processing activities to which Regulation (EU) 2016/679 of the European
Parliament and of the Council of April 27, 2016 on the protection of natural persons with regard to the processing
of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data
Protection Regulation or GDPR) applies (see Section 7 of this Directive, below). The Data Protection Directive is
made available to all OMV employees via OMV’s Regulations Alignment Platform on the OMV intranet and serves as
a reference for specific employee awareness training sessions. A summary of the key contents and scope of the
policy is also available for all OMV employees via the intranet. Relevant aspects for external stakeholders, such as
suppliers and business partners, are incorporated into contractual agreements. Additionally, our data protection
policy is available on our / website. For the Data Protection Directive, the interests of key stakeholders are covered
under the IT/OT Security Directive.
Actions to Manage IROs Related to Cybersecurity
Key Actions
[MDR-A 68a-68e] The key actions1 implemented and planned to achieve our policy objectives and targets are
mentioned below. The ambition to reach an overall cybersecurity maturity level of 4.0 (in a range of 1 to 5) indicates
in direct correlation the efficiency of the ISMS-related policy framework and the resulting threat resilience, which is
reflected in the number of noteworthy cybersecurity incidents. As the human factor is key to ensuring cybersecurity
in daily operations, awareness raising measures in a range of formats are developed and released to train our
employees accordingly. [MDR-A 69b] In 2024, no action related to the material topic of cybersecurity exceeded our
key actions monetary threshold of EUR 5 mn. Consequently, this topic is not referenced to the financial statement.
[MDR-A 69a] OMV seeks to align its long-term funding policy with the Company’s sustainability strategy. For this
reason, OMV is assessing opportunities of sustainable financing and sustainability-linked funding, which links the
cost of a financing instrument to the achievement of specific strategic sustainability targets. For the
implementation of the key actions included in the table below, no sustainable financing instrument is currently
outstanding.
1 Key actions are defined as those requiring CAPEX of EUR >5 mn for their implementation. CAPEX includes additions to property, plant, and equipment and to intangible assets (incl.
IFRS 16 right-of-use assets), expenditures for acquisitions, and equity-accounted investments and other interest for pre-defined sustainability CAPEX categories. Decommissioning
assets, government grants, borrowing costs, and other additions that by definition are not considered capital expenditure are not included in CAPEX figures. Within the boundaries of
applicable accounting standards, expenditure incurred during project implementation is generally capitalized, thus included in the CAPEX figures. Figures are not validated by external
bodies.
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Key action
(Summary of individual
actions requiring individual
CAPEX of EUR ≥5 mn for their
implementation)
Manage and improve cybersecurity1
Status
Planned
Expected outcome
Manage and/or improve cybersecurity
Contribution to policy
objective/target
Contributes to OMV ambition to reach an overall cybersecurity maturity level of 4.0 (from the range 1–5)
based on the Capability Maturity Model Integration (CMMI) reference model. A high maturity level reflects our
overall ability to withstand cyber threats and protect our technology, assets, and critical information from
risks, which could have a range of impacts, such as reputation damage, financial loss, or data leakage.
Scope
Own operations
Time horizon
Mid-term
Remedy
n.a.
Progress
Assessment
CAPEX 2024
EUR mn
No actions above key actions threshold
CAPEX 2025-
2029
EUR mn
~5
Related IROs
G1-5
1 Related to activities in Germany
[MDR-A 68] In addition to the key actions defined to address the material IROs, actions that do not meet this threshold
but are equally important in addressing the negative impact related to a potential advanced cyberattack on OMV’s
IT/OT convergence systems which could result in malfunctions and disruptions in essential plant process controls
are also included.
Risk Assessments and Audits
[MDR-A 68a-68c, 68e] An important aspect stipulated in the IT/OT Security Directive is to assess risks related to cyber
assets in IT and OT. OMV has been managing an information security/excellence program since 2019. Each year,
various projects are conducted based on pre-evaluation processes that consider resource allocation principles and
their impact on reducing cyber risks. The implementation of these projects increases the overall information
security maturity level of OMV, helping reduce exposure to cyber threats. The scope is focused on our own
operations. Risk assessments are an ongoing process, while the OMV ISMS operations are subject to yearly external
audits to verify its compliance and efficiency with a related certification. The latest certification according to
ISO/IEC 27001:2022 was granted in June 2024.
Technical, Detective, and Reactive Measures
[MDR-A 68a-68e] Based on the guidelines of the IT/OT Security Directive, the risk of security breaches is lowered by
introducing new tools, individual detection strategies, and response plans to maintain a strong perimeter for our
physical and cloud environments. Technical housekeeping measures ensure a solid foundation in the form of up-to-
date hardware and software, as do adequate information security processes. We implement security patches and
offer guidelines to provide consistent hardware and software life cycles.
Detective and reactive measures are designed and executed on an ongoing basis to create transparency around
existing risks, security gaps, and vulnerabilities. We integrate these measures to protect our assets from intruders,
mitigate possible damage, and ensure a fast and full recovery. Examples of such measures include continuous
vulnerability scans of cyber assets, breach and attack simulations to evaluate potential attack surfaces, continuous
internal and external penetration tests on critical applications/systems, and external audits as quality assurance
(ISO 27000, PCI-DSS NIS, etc.). This comprehensive approach ensures that we proactively address potential threats
and maintain robust security across our systems. The scope is focused on our own operations. The introduction and
identification of new tools, individual detection strategies, and response plans is an ongoing process. In 2024,
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approximately 500 IT projects were guided by the IT security governance function (2023: 400) to ensure defined
security requirements are covered, thereby protecting OMV assets according to their specific needs.
Training
[MDR-A 68a-68c, 68e] Raising awareness of and providing training on cybersecurity to employees within our own
operations is an essential requirement outlined in the IT/OT Security Directive. OMV runs regular and intensive
training sessions annually to maintain an adequate level of employees’ awareness of information security. These
awareness efforts cover a range of topics, including general information security issues, ad hoc demands as timely
countermeasures for specific use cases, and target group-focused subjects. The training formats include mandatory
e-learning sessions with knowledge checks, topic-based videos, classroom training sessions, anti-phishing email
campaigns, and sharing news via the MyNews platform on the intranet and internal blog posts. This multifaceted
approach ensures comprehensive and continuous learning to effectively enhance our employees’ knowledge of
information security. In 2024, more than55 different types of awareness measures were conducted (e.g., classroom
exercises, online training sessions, email phishing campaigns, mandatory e-learning, MyNews published on the
Intranet) to help mitigate the risks of advanced cybersecurity and at the same time contribute to the positive
impact related to the mature information management system regarding personal data protection (2023:
approximately 65).
IT Business Continuity
[MDR-A 68a-68c] The information security continuity of our own operations is embedded in OMV’s business continuity
management systems, as outlined in our IT/OT Security Directive. OMV tests its IT business continuity plans and IT
incident response procedures annually through cyber emergency exercises. These are run on specific formats (i.e.,
in 2024 by participating in the Cyber Europe 24 exercise) and focus on realistic threat scenarios in order to test the
corresponding mitigation procedures and processes. These exercises consist of a series of “injects.” Each inject
represents an event or a piece of information that is discovered as the scenario unfolds and is related to the
security incident at hand. The audience for this scenario usually consists of representatives from several functions
including IT Security, senior IT Management, OT Security teams, and Communications. After each inject, a
corresponding review and evaluation of the process is conducted, including an appraisal determining lessons
learned.
Targets Related to Cybersecurity
Our Ambition
[MDR-T-81b-i] Our ambition is that all services, assets, and infrastructure delivered by OMV Group IT should be
provided in accordance with their respective protection needs and monitored and maintained accordingly. In order
to meet these objectives, a variety of measures are implemented, either on the people and awareness side, through
process- and cyber risk-based initiatives, or with technological implementations (tools, cyber defense capabilities,
endpoint detection, etc.), to ensure appropriate cyber resilience. To track the effectiveness of our measures, we
regularly assess the maturity level of our security services through external audits based on given standards
(CMMI). In addition, other indicators to evaluate our progress and the efficiency of the information security policies
relate to the number of training sessions conducted, the frequency of these sessions, the overall IT risk exposure,
and the number of noteworthy cybersecurity incidents.
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Status 2024
[MDR-T-81b-ii] Ransomware, phishing attacks, and targeted cyberattacks on critical infrastructure threaten companies in an
increasingly digitalized world. Deepfakes and the spread of misinformation and disinformation through the increased use of AI
are coming more and more into focus and pose new challenges for OMV as well. With targeted measures such as the
implementation of the latest IT security technologies, comprehensive training measures for our employees, and holistic
business cyber resilience concepts, OMV believes it is well prepared for the new challenges.
Metrics
[Entity-specific] [MDR-M.77c] >55 training sessions on cybersecurity
[Entity-specific] [MDR-M.77c] 0 noteworthy cybersecurity incidents
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all metrics below is validated by an external body during the yearly ISO 27K audit
assessments to evaluate the effectiveness of the implemented ISMS operations.
[Entity-specific] [MDR-M.77a,77c] The number of training sessions on cybersecurity refers to the number of training
sessions, e-learning programs, and email phishing awareness campaigns conducted, and to the number of MyNews
and blog articles released. These vary in frequency depending on the training subject – from monthly (e.g., for new
hires) to annually (mandatory e-learning).
[Entity-specific] [MDR-M.77a, 77c] The number of noteworthy cybersecurity incidents refers to incidents defined by
given legal conditions (from the Network and Information Systems Directive) which OMV, as a critical
infrastructure provider, is obliged to report.
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Economic Impact
Material Topic: (Entity-specific) Economic Impact
Creation of direct and indirect economic value through OMV business activities for sustainable growth
and building strong community relations
Relevant SDG:
Our business activities generate a substantial amount and variety of taxes. We pay corporate income taxes,
royalties, production taxes, stamp duties, plus employment and other taxes. In addition, we collect and pay payroll
taxes, and indirect taxes such as excise duties and VAT. The taxes we collect and pay represent a significant part of
our economic contribution to the countries in which we operate.
Impacts, Risks, and Opportunities (IROs)
The material impacts, risks, and opportunities identified are related to our positive contribution to the local
economy, which involves the responsible and equitable distribution of economic value among various stakeholders,
potentially enhancing our reputation and offering increased incentives for investors. However, reduced payment of
local taxes and royalties due to economic downturns or business contraction could impact contributions to
communities, while low economic value distribution leads to fewer incentives for different major stakeholders.
OMV’s active contribution to the local economy can drive new business opportunities, showcasing the upside
potential of such involvement. This positive contribution also yields a positive impact on community investments,
demonstrating the benefits of OMV’s economic activities in local development efforts. Additionally, geopolitical and
economic uncertainty can lead to higher taxes and regulatory changes. These challenges can result in a loss of
reputation for OMV, as lower economic value distribution reduces opportunities and erodes the Company’s standing
with communities and investors, with examples including reduced payments to local budgets. Each of the IROs for
the OMV Group identified under G1 Economic Impact is linked to all three OMV divisions (Energy, Fuels &
Feedstock, and Chemicals) within our own operations. Furthermore, some of these IROs also extend to our
upstream and/or downstream value chain.
Governance
Tax transparency is handled by the Tax department, and reporting of the distribution to stakeholders and financial
assistance is handled by Finance Group Reporting, both of which report directly to the Chief Financial Officer.
Reporting of significant fines and instances of non-compliance is handled by the Corporate Legal team, which
reports directly to the Chief Executive Officer. The Corporate Taxes Directive governs tax activities, ensuring
processes and responsibilities related to tax transparency are clear. The strategy is overseen by the Vice President
of the Tax Group and reviewed annually, with significant changes requiring approval from the CFO. The Vice
President of the Tax Group is the senior individual responsible for this sustainability matter, with policy approvals
made by the CFO.
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Further Information
OMV Combined Annual Report 2024
409
Specific Policies and Commitments Related to Economic Impact
OMV’s active contribution to the local economy can drive new business opportunities, showcasing the upside
potential of such involvement, and it is guided by the principles outlined in the OMV Taxes and Sustainability
Directives. This positive contribution also leads to a positive impact on community investments, demonstrating the
benefits of OMV’s economic activities in local development efforts. The policies ensure that OMV adheres to local
tax regulations and makes timely payments, which supports financial stability and growth. However, in times of
economic downturns, contributions to communities may be lower as a result of reduced payments of local taxes
and royalties, highlighting the importance of the Taxes and Sustainability Directives in maintaining consistent and
responsible tax and social investment practices.
Taxes Directive
[MDR-P 65a] At OMV, we are committed to complying with tax laws in a responsible manner and to having open and
constructive relationships with tax authorities, which is also reflected in OMV’s / Tax Strategy. OMV’s Tax Strategy
is embedded in and reflects the values of our Code of Conduct, and both are publicly available. This policy defines
the minimum requirements for taxes, levies and contributions, tax planning and tax accounting, as well as transfer
pricing and VAT governance. Our tax planning supports OMV’s business and reflects our commercial and economic
activity. OMV does not engage in tax planning, which consists of artificial structures put in place merely to save
taxes or transactions lacking economic substance aimed at obtaining undue tax advantages. OMV Group
companies are established in jurisdictions deemed to be suitable based on our business activities and the prevailing
regulatory environment.
[MDR-P 65b-65d] The directive applies globally to all entities and fully consolidated subsidiaries of the OMV Group, but
excludes some Borealis subsidiaries such as Rosier S.A. Belgium, mtm plastics GmbH, Kunststoffrecycling GmbH,
DYM Solution Co. Ltd., and Etenförsörjning i Stenungsund AB. OMV does not establish its subsidiaries in countries
that do not follow international standards of transparency and exchange of information on tax matters, unless
justified by operational requirements in line with OMV’s Code of Business Ethics and our Code of Conduct. The
Global Tax Directive is the key internal guidance document governing taxes within the OMV Group. The Directive is
approved by the OMV Executive Board, and the most senior level accountable for its implementation is the SVP
Finance, Tax, Treasury, and Risk Management. We comply with applicable tax laws and seek to limit the risk of
uncertainty or disputes. We perform transactions between OMV Group companies on an arm’s length basis and in
accordance with the OECD principles currently in force.
[MDR-P 65e, 65f] OMV fosters open dialogue with governments and tax authorities, aiming for transparency and
mutually agreed solutions. The Company actively participates in legislative processes and provides input on the
development of tax laws. OMV adheres to financial reporting regulations by preparing its accounts in accordance
with International Financial Reporting Standards (IFRS). The Company ensures transparency by disclosing payments
made to governments and submitting a Country-by-Country Report (CbCR) to Austrian authorities in compliance
with the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan, Action 13. Regular risk reviews, which include
tax risks, are conducted and the key risks are reported to the Supervisory Board. The Executive Board promotes a
strong risk culture, and the Tax Strategy is reviewed annually by internal experts. The Taxes Directive is available on
OMV’s Regulations Alignment Platform and is supplemented with training to ensure that all affected employees
understand our general guidelines and know how to apply them in practice.
Enterprise-Wide Risk Management Standard
[MDR-P 65a] Geopolitical and economic uncertainty can result in higher taxes and regulatory changes. These
challenges can damage OMV’s reputation, as reduced distribution of economic value diminishes opportunities and
weakens the Company’s standing with communities and investors. Examples include decreased payments to local
budgets. To effectively address these risks and negative impacts, OMV follows the Enterprise-Wide Risk
Management (EWRM) standard. This standard ensures that geopolitical and economic risks are proactively
identified, assessed, and managed.
Shareholders
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Further Information
OMV Combined Annual Report 2024
410
The Enterprise-Wide Risk Management (EWRM) standard is the policy that directly manages impacts and
opportunities within OMV, particularly addressing risks related to geopolitical and economic uncertainties and
lower economic value distribution. This standard provides guidance to corporate functions, business divisions, and
their subsidiaries within the OMV Group on assessing, managing, and reporting risks at all levels. It includes
instructions on identifying, analyzing, evaluating, and addressing risks to ensure a balance between risks and
potential returns. The framework encourages continuous risk assessment, mitigation, and reporting, integrating risk
management into daily operations.
MDR-P 65b-65f] For the EWRM Standard, unless otherwise specified, the scope of the policy, involvement of senior-
level management, reference to third-party standards (where relevant), interests of key stakeholders in setting the
policy (where relevant), and how the policy is made available to potentially affected stakeholders are covered
in > E5 Resource Use and Circular Economy.
Within OMV’s EWRM Standard, processes and mechanisms are defined to prevent, mitigate and remediate potential
negative impacts and risks. These include:
Risk Assessments
We continuously carry out risk reviews, which incorporate tax risks, in order to assess our current and future
financial and non-financial risks, evaluate how these trends will impact OMV, and then develop appropriate
responses. We report key risks internally to the Supervisory Board at least twice a year through a very clearly
defined process. The Executive Board drives OMV’s commitment to the risk management program and sets the
tone for a strong culture of risk awareness across the organization.
We apply OMV’s risk management system as part of our internal control processes. We identify, assess, and
manage tax risks by implementing risk management measures at the operational level in the form of a robust and
complex set of controls and procedures. These guarantee that the correctness of data included in the relevant tax
returns, tax payments, and communications with tax authorities is verified in a timely manner. The effectiveness and
relevance of these controls and procedures is periodically assessed in order to promptly undertake any necessary
mitigation measures and modifications. These measures are implemented to minimize the significant negative risks
and impacts identified, which are related to the reduced payment of local taxes and royalties, as well as geopolitical
and economic uncertainties.
Sustainability Directive
[MDR-P 65a] The Sustainability Directive serves as an overarching policy that manages all significant sustainability
matters within the OMV Group. [MDR-P 65b, 65c, 65d, 65e, 65f] For the Sustainability Directive, unless otherwise specified,
the scope of the policy, involvement of senior-level management, reference to third-party standards (where
relevant), interests of key stakeholders in setting the policy (where relevant), and how the policy is made available
to potentially affected stakeholders are covered in > S3 Affected Communities.
Actions to Manage IROs Related to Economic Impact
[MDR-A 69a,69b] For the material topic Economic Impact, none of the described actions exceeded our key action
monetary threshold of EUR 5 mn, and therefore these data requirements have not been addressed.
Tax Reporting
[MDR-A 68a] An important aspect of the Taxes Directive is that OMV should perform quarterly tax reporting. The
reporting measures are implemented to prevent and mitigate the negative impact identified related to the potential
reduced payment of local taxes and royalties. Since 2016, OMV has been providing mandatory disclosures under
the Payment to Governments Directive (in accordance with Section 267c of the Austrian Commercial Code) and
publishes any payments made to governments in connection with exploration and extraction activities, such as
Shareholders
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Further Information
OMV Combined Annual Report 2024
411
production entitlements, taxes, or royalties, in its consolidated financial statements (for more details, see
the > Consolidated Report on the Payments Made to Governments in the Annual Report). In addition, OMV reports
payments made to public authorities, such as taxes or royalties associated with exploration and extraction
activities, in countries that are members of the Extractive Industries Transparency Initiative (EITI). We also file a
Country-by-Country Report (CbCR) for the OMV Group with the Austrian tax authorities. This is carried out in
accordance with Action 13 of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan. The CbCR is an
annual tax return that breaks down key elements of the financial statements by tax jurisdiction. OMV will release a
public Country-by-Country Report in accordance with the requirements of the relevant EU Directive for the
financial year 2025.
[MDR-A 68b-68c, 68e] The reporting obligation applies to OMV’s own operations globally. All tax reporting is performed
annually. The publication of annual and quarterly financial reports serves to promote transparency in financial
performance, strategic initiatives, and operational outcomes. This practice demonstrates our commitment to good
corporate governance. By regularly sharing these reports, we ensure that stakeholders are well-informed about our
financial health and strategic direction, thereby fostering trust and accountability within the organization.
Targets Related to Economic Impact
Our Ambition
[MDR-T.81b-i] OMV has not yet defined a target for the material topic Economic Impact. However, to support our
commitment to delivering an attractive and predictable shareholder return through the business cycle, OMV
amended its shareholder distribution policy in December 2022, introducing additional variable dividends1 as a new
instrument to supplement the existing progressive dividend policy. In accordance with its progressive dividend
policy, OMV’s ambition is to increase its regular dividend every year or at least to maintain the level of the
preceding year. OMV aims to distribute approximately 20% to 30% of the OMV Group’s operating cash flow
including net working capital effects per year through its regular dividend, as a priority, and additionally, if sufficient
funds are available, through an additional variable dividend.
Status 2024
[MDR-T.81b-ii] In 2024, OMV distributed a regular dividend of EUR 2.95 per share, plus an additional dividend of EUR 2.10 per
share, adding up to a total per-share dividend amount of EUR 5.05 for the financial year 2023. In addition, the Executive Board
is planning to propose a regular dividend of EUR 3.05 per share, plus an additional dividend of EUR 1.70 per share for 2024, at
the upcoming Annual General Meeting to be held on May 27, 2025.
1 Previously called the special dividend.
Shareholders
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Financial Statements
Further Information
OMV Combined Annual Report 2024
412
Metrics
Distribution to stakeholders
[GRI 201-1][MDR-M.77c, 77d]
2024
2023
Stakeholders
Category of distributed value
EUR mn
%
EUR mn
%
Suppliers
Operating expenses (excl. royalties;
incl. depreciation, impairments, and
write-ups; FX result)
27,672
78
32,109
79
Governments
Taxes (income and royalties)
2,886
8
3,989
10
Employees
Employee wages and benefits
2,144
6
2,023
5
Capital providers
Interest expenses and other financial
results
482
1
553
1
Shareholders (and hybrid capital
holders)
Dividend distribution
2,461
7
2,333
6
Society
Social spending
38
0
47
0
Total
35,683
100
41,054
100
Value retained1
–422
–1.2
–240
–0.6
1 The value retained considers dividends paid to shareholders from the previous year. Value retained before dividend payments would be EUR 2,039 mn (2023: EUR 2,093 mn).
Financial assistance received from governments or governmental organizations
[GRI 201-4] [MDR-M.77c; 77d]
2024
Company name
Countries
EUR mn
Total: EUR mn
Details
OMV Petrom S.A.
Romania
11.2
11.2
Other financial benefits
Borealis Group
Finland
12.9
14.0
Investment grants
Austria
0.6
Belgium
0.5
Austria
0.4
0.5
Other financial benefits
Belgium
0.1
OMV Downstream GmbH
Austria
9.1
9.1
Investment grants
Austria
0.2
0.2
Other financial benefits
OMV Deutschland Operations GmbH & Co. KG
Germany
0.2
0.2
Investment grants
Germany
3.3
3.3
Other financial benefits
OMV (NORGE) AS
Norway
6.0
6.0
Investment grants
OMV Austria Exploration & Production GmbH
Austria
0.1
0.1
Other financial benefits
OMV Exploration & Production GmbH
Austria
0.1
0.1
Investment grants
Austria
0.0
0.0
Other financial benefits
OMV Slovensko s.r.o.
Slovakia
0.9
1.0
Other financial benefits
Total
45.7
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OMV Combined Annual Report 2024
413
Metrics Definitions and Methodology
[MDR-M.77b] The measurement of all the metrics below is not validated by an external body other than the
assurance provider.
[GRI 201-1] [MDR-M.77a, 77c, 77d] Distribution to stakeholders: the Economic Value Generated and Distributed
(EVG&D) in OMV is reported in accordance with the Global Reporting Initiative (GRI) Standards. OMV’s EVG&D
figures are based on audited financial statements. Economic Value Generated (EVG) includes sales revenues, other
income, and net income from at-equity accounted investments. This is compared to the Economic Value
Distributed (EVD), which covers the value distributed to suppliers, employees, shareholders, and other
stakeholders. The difference between EVG and EVD is the Economic Value Retained (EVR).
[GRI 201-1] [MDR-M.77a, 77c, 77d] Financial assistance: Financial assistance received from governments or
governmental organizations refers to the total monetary value of support provided by any government during the
reporting period. This includes various forms of financial assistance, such as investment grants, research and
development grants, tax relief and other financial benefits. The total amount received, along with a breakdown of
the types of assistance and their respective values, is disclosed in accordance with the Global Reporting Initiative
(GRI) Standards.
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Financial Statements
Further Information
OMV Combined Annual Report 2024
414
Environment
OMV Aktiengesellschaft
Environmental1 - Key Figures
2024
2023
Water consumed
m3
13,693
13,773
Total waste
t
159
119.0
Energy consumption
TJ
31.77
33.9
thereof electricity
MWh
6,580
6,929
thereof heat
MWh
2,246
2,495
Percentage of energy consumption from renewable sources2
%
84
91
Scope 2 emissions
t CO2 equivalent
49
55
1 Environmental data is collected per site, not per legal entity. The OMV Head Office in Vienna was thus used as a proxy for the legal entity OMV Aktiengesellschaft. Environmental
data displayed above refers to the Head Office and only data relevant for the Head Office has been selected. Environmental data reported elsewhere in the Sustainability Report,
such as GHG Scope 1 emissions and other air emissions, is not relevant for the Head Office.
2 Electricity consumption is 100% from renewable sources.
Occupational Safety
OMV Aktiengesellschaft
Occupational safety - Key figures
2024
2023
Occupational safety – employees
Fatalities
number
0
0
Number of hours worked
hours (thousand)
1,560
1,493
Lost-Time Injury Rate (LTIR)
per 1 mn hours worked
0.64
0.67
Lost-time injury severity
per 1 mn hours worked
30.00
8.00
Total recordable injuries
number
1
1
Total Recordable Injury Rate (TRIR)
per 1 mn hours worked
0.64
0.67
Occupational safety – contractors
–
–
Fatalities
number
0
0
Number of hours worked
hours (thousand)
280
278
Lost-Time Injury Rate (LTIR)
per 1 mn hours worked
3.58
0.00
Lost-time injury severity
per 1 mn hours worked
1.00
0.00
Total recordable injuries
number
1
0
Total Recordable Injury Rate (TRIR)
per 1 mn hours worked
3.58
0.00
Occupational safety – employees and contractors
Fatalities
number
0
0
Number of hours worked
hours (thousand)
1,840
1,771
Lost-Time Injury Rate (LTIR)
per 1 mn hours worked
1.09
0.56
Lost-time injury severity
per 1 mn hours worked
15.50
8.00
Total recordable injuries
number
2
1
Total Recordable Injury Rate (TRIR)
per 1 mn hours worked
1.09
0.56
OMV Aktiengesellschaft (AG) Data
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Further Information
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415
Workforce
Total Head Count by Employment Type
OMV Aktiengesellschaft
Year End Headcount by Gender as well as Employment and Contract Type
2024
2023
Employees
Total (incl. apprentices)
number
959
937
Employment type
Full-time
number
819
796
thereof male
number
438
415
thereof female
number
381
381
Part-time
number
140
141
thereof male
number
13
12
thereof female
number
127
129
Gender
Male
number
451
427
Female
number
508
510
Contract type
Temporary1
number
78
91
thereof male
number
41
40
thereof female
number
37
51
Permanent
number
881
846
thereof male
number
410
387
thereof female
number
471
459
Non-guaranteed hours employees
thereof male
number
–
–
thereof female
number
–
–
1 A temporary contract of employment is of limited duration and terminated by a specific event, such as the end of a project, the return of replaced personnel, etc.
Local Employment (National Local Employees)1
OMV Aktiengesellschaft
Local Employment (National Local Employees)1 in %
2024
2023
Austria
63.40
66.06
1 According to nationality
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416
Parental Leave
OMV Aktiengesellschaft
Parental Leave (Head count)
2024
2023
Total employees entitled to parental leave as at December 31
Male
451
427
Female
508
510
Took parental leave
Male
18
12
Female
36
22
Returned from parental leave
Male
17
12
Female
10
24
Employees whose parental leave ended1 and who were still employed 12 months after their return to work
Male
12
13
Female
22
28
Employees with agreement to return after parental leave2
Male
17
12
Female
10
26
Retention rate
Male
100%
93%
Female
92%
100%
Return-to-work rate
Male
100%
100%
Female
100%
92%
New Hires by Gender and Age
OMV Aktiengesellschaft
New Hires by Gender and Age
2024
2023
Abs.
%
Abs.
%
Gender
Male
48
59.26
38
40.86
Female
33
40.74
55
59.14
Total
81
100.00
93
100
Age
<30
16
19.75
16
17
30–50
58
71.60
67
72.04
>50
7
8.64
10
10.75
Total
81
100
93
100
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Further Information
OMV Combined Annual Report 2024
417
Ended Contracts by Gender and Age
OMV Aktiengesellschaft
Ended Contracts by Gender and Age
2024
2023
Abs.
%
Abs.
%
Gender
Male
21
42
35
44
Female
29
58
44
56
Total
50
100
79
100
Age
<30
6
12
9
11
30–50
34
68
47
59
>50
10
20
23
29
Total
50
100
79
100
Fluctuation Rate by Gender and Age
OMV Aktiengesellschaft
Turnover Rate by Gender and Age1
2024
2023
Abs.
%
Abs.
%
Gender
Male
21
4.66
35
8.38
Female
29
5.71
44
8.81
Total
50
5.21
79
8.62
Age
<30
6
12.00
9
16.34
30–50
34
4.82
47
6.88
>50
10
4.90
23
12.89
Total
50
5.21
79
8.62
1 2024 turnover rate is calculated with Year End figures. 2023, 2022, and 2021 are calculated with average figures.
Labor Practice Indicators
OMV Aktiengesellschaft
Labor Practice Indicators - Key Figures
2024
2023
Percentage of employees who have the right to exercise freedom of association and collective bargaining
99.27%
100%
Percentage of employees represented by local trade unions or works council
97.91%
100%
Percentage of employees for whom minimum wages or salaries were fixed by law or agreed upon by way of
collective bargaining
99.27%
100%
Percentage of employees covered by mandatory period of notice under employment law or collective
bargaining agreements in case of restructuring
100%
100%
Business Principles
OMV Aktiengesellschaft
Business Principles – Key Figures
2024
2023
Number of employees trained in business ethics1
147
828
Number of employees trained in human rights
189
410
1 As the e-learning for business ethics follows a two-year training/implementation cycle, the numbers of people trained vary accordingly per year.
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418
Vienna, March 14, 2025
The Executive Board
Alfred Stern m.p.
Chairman of the Executive Board
and Chief Executive Officer
Reinhard Florey m.p.
Chief Financial Officer
Martijn van Koten m.p.
Executive Vice President Fuels & Feedstock,
and Executive Vice President Chemicals
Berislav Gaso m.p.
Executive Vice President Energy
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419
We have performed a limited assurance engagement in connection with the consolidated non-financial statement
pursuant to Sections 243b and 267a of the Austrian Commercial Code (UGB) in the group management report in
section Sustainability Statement for the financial year 2024 of the1
OMV Aktiengesellschaft, Vienna,
(hereinafter also referred to as „Company”).
Conclusion with limited assurance
Based on our procedures performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the consolidated non-financial statement pursuant to Sections 243b and 267a UGB
(hereinafter referred to as „non-financial reporting”) in the group management report in section Sustainability
Statement is not prepared, in all material respects, in compliance with the statutory provisions of Article 19a and
Article 29a of Directive 2013/34/EU and the statutory provisions of the Austrian Sustainability and Diversity
Improvement Act (Sections 243b and 267a UGB), including
the requirements of the delegated regulation (EU) 2023/2772 (hereinafter referred to as „ESRS”),
the reporting requirements according to Article 8 of the EU Regulation 2020/852 (hereinafter referred to as „EU-
Taxonomy-Regulation”), and
the process carried out by the company to identify the information to be included in the consolidated non-financial
reporting in accordance with the legal requirements and standards for non-financial reporting (hereinafter referred
to as „double materiality assessment process”); with the description set out in disclosure ESRS 2-IRO-1.53.
Basis for conclusion with limited assurance
Our limited assurance engagement on the non-financial reporting was conducted in accordance with the statutory
requirements and Austrian Standards on Other Assurance Engagements and additional expert opinions as well as
the International Standard on Assurance Engagements (ISAE 3000 (Revised)) applicable to such engagements. An
independent assurance engagement with the purpose of expressing a conclusion with limited assurance („limited
assurance engagement”) is substantially less in scope than an independent assurance engagement with the
purpose of expressing a conclusion with reasonable assurance („reasonable assurance engagement”), thus
providing reduced assurance.
Our responsibility under those requirements and standards is further described in the „Responsibility of the auditor
of the consolidated non-financial reporting” section of our assurance report.
We are independent of the Company in accordance with the Austrian professional regulations and Article 22 et
seqq. of Directive 2006/43/EG and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
1 This English language assurance report is a translation provided for information purposes only. The original German text shall prevail in the event of any discrepancies between the
English translation and the German original. We do not accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may
derive from the translation.
Independent assurance report on the non-financial
reporting pursuant to Sections 243b and 267a
UGB1
Independent assurance report on the non-financial
reporting pursuant to Sections 243b and 267a
UGB1
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420
Our audit firm is subject to the provisions of KSW-PRL 2022, which essentially corresponds to the requirements of
ISQM 1, and applies a comprehensive quality management system, including documented policies and procedures
for compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We believe that the evidence we have obtained up to the date of the limited assurance report is sufficient and
appropriate to provide a basis for our conclusion as of that date.
Other information
Management is responsible for the other information. The other information comprises all information included in
the Annual Report but does not include non-financial reporting and our independent assurance report.
Our conclusion on the non-financial reporting does not cover the other information and we will not express any
form of assurance conclusion thereon. In connection with our limited assurance engagement on the non-financial
reporting, our responsibility is to read the other information when available and, in doing so, consider whether the
other information is materially inconsistent with the non-financial reporting, or our knowledge obtained in the
limited assurance engagement or otherwise appears to be misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this context.
Responsibility of the management
Management is responsible for the preparation of a non- financial reporting including the determination and
implementation of the double materiality assessment processes in accordance with legal requirements and
standards. This responsibility includes:
identification of the actual and potential impacts, as well as the risks and opportunities associated with
sustainability aspects and assessing the materiality of these impacts, risks and opportunities,
preparing of a non-financial reporting in compliance with the requirements of the statutory provisions of the
Austrian Sustainability and Diversity Improvement Act pursuant to Sections 243b and 267a UGB and the statutory
provisions of Article 19a and Article 29a of Directive 2013/34/EU, including compliance with the ESRS,
inclusion of disclosures in the consolidated non-financial reporting in accordance with the EU-Taxonomy-
Regulation, and
designing, implementing and maintaining of internal controls that management consider relevant to enable the
preparation of sustainability report that is free from material misstatement, whether due to fraud or error; and to
enable the double materiality assessment process to be carried out in accordance with the requirements of the
ESRS.
This responsibility includes also the selection and application of appropriate methods for non-financial reporting
and the making of assumptions and estimates for individual sustainability disclosures that are reasonable in the
circumstances.
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Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
421
Inherent limitations in the preparation of non-financial
reporting
When reporting forward-looking information, the company is obliged to prepare this forward-looking information
based on disclosed assumptions about events that could occur in the future and possible future actions by the
company. Actual results are likely to differ as expected events often do not occur as assumed.
When determining the disclosures in accordance with the EU-Taxonomy-Regulation, the management is obliged to
interpret undefined legal terms. Undefined legal terms can be interpreted differently, also regarding the legal
conformity of their interpretation and are therefore subject to uncertainties.
Responsibility of the auditor of the consolidated non-financial
reporting
Our objectives are to plan and perform a limited assurance engagement to obtain limited assurance about whether
the non-financial reporting, including the procedures performed to determine the information to be reported and
the reporting in accordance with the EU-Taxonomy-Regulation, is free from material misstatement, whether due to
fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken based on this non-financial reporting.
In a limited assurance engagement, we exercise professional judgement and maintain professional scepticism
throughout the assurance engagement.
Our responsibilities include
performing risk-related assurance procedures, including obtaining an understanding of internal controls relevant to
the engagement, to identify disclosures where material misstatements are likely to arise, whether due to fraud or
error, but not for the purpose of expressing a conclusion on the effectiveness of the Company's internal controls;
design and perform assurance procedures responsive to disclosures in the non-financial reporting, where material
misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Procedures - Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the non-financial
reporting.
Our engagement does not include the assurance of prior period figures, printed interviews or other additional
voluntary information of the company, including references to websites or other additional reporting formats of the
company and other non-financial reportings.
The nature, timing and extent of assurance procedures selected depend on professional judgement, including the
identification of disclosures likely to be materially misstated in the non-financial reporting, whether due to fraud or
error.
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Directors’ Report
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Financial Statements
Further Information
OMV Combined Annual Report 2024
422
In conducting our limited assurance engagement on the non-financial reporting, we proceed as follows:
We obtain an understanding of the company's processes relevant to the preparation of non-financial reporting.
We assess whether all relevant information identified by the double materiality assessment process carried out
by the company has been included in the non-financial reporting.
We evaluate whether the structure and presentation of the non-financial reporting is in compliance with the
requirements of the statutory provisions of the Austrian Sustainability and Diversity Improvement Act as of
Sections 243b and 267a UGB, including the ESRS.
We perform inquiries of relevant personnel and analytical procedures on selected disclosures in the non-financial
reporting.
We perform risk-oriented assurance procedures, on a sample basis, on selected disclosures in the non-financial
reporting.
We reconcile selected disclosures in the non-financial reporting with the corresponding disclosures in the
consolidated financial statements and group management report.
We obtain evidence on the methods for developing estimates and forward-looking information.
We obtain an understanding of the process to identify taxonomy-eligible and taxonomy-aligned economic
activities and the corresponding disclosures in non-financial reporting.
Limitation of liability, publication and terms of engagement
This limited assurance engagement is a voluntary assurance engagement.
We issue this conclusion based on the assurance contract concluded with the client, which is also based, with
effect on third parties, on the „General Conditions of Contract for the Public Accounting Professions” issued by the
Chamber of Tax Advisors and Auditors. These can be viewed online on the website of the Chamber of Tax Advisors
and Auditors (currently at https://ksw.or.at/berufsrecht/mandatsverhaeltnis/).
With regard to our responsibility and liability under the contractual relationship, point 7 of the General Conditions of
Contract for the Public Accounting Professions applies.
Our assurance report may only be distributed to third parties together with the consolidated non-financial reporting
contained in the Sustainability Statement section of the group management report and only in complete and
unabridged form.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
423
Auditor responsible for the assurance engagement
The auditor responsible for the assurance engagement of the non-financial reporting is Mr. Gerhard Wolf.
Vienna, March 17, 2025
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Gerhard Wolf m.p,
Wirtschaftsprüfer
(Austrian Chartered Accountant)
424
OMV Combined Annual Report 2024
OMV Group Report January–June and Q2 2024 – July 31, 2024
425
425—438
Consolidated
Corporate
Governance
Report
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
426
As a publicly listed company with its headquarters in Austria, OMV is dedicated to the principles of
sound corporate governance and has always sought to comply with best practice in corporate
governance to ensure responsible management and control of the OMV Group, a high level of
transparency for all stakeholders, and, ultimately, the sustainable and long-term creation of value.
Austrian law, the Articles of Association of the company, the Internal Rules for the corporate bodies, and the
Austrian Code of Corporate Governance (ACCG) provide the core legal framework for OMV’s corporate
governance. OMV adheres to the ACCG set out by the Austrian Working Group for Corporate Governance. The
code is publicly accessible at www.corporate-governance.at. OMV’s compliance with the ACCG was evaluated
externally by independent advisors for the 2024 financial year. The report on the evaluation is available at
www.omv.com and confirms OMV’s compliance with the ACCG in relation to all so-called “comply or explain” rules
(the “C-rules”) and all recommended rules (the “R-rules”). In relation to C-rules 27 and 28, explanations concerning
the structure of the remuneration of the OMV Executive Board and the Supervisory Board are given in the
Remuneration Policy. The implementation of this policy and the performance outcomes of the financial year under
review are set out in the Remuneration Report for OMV’s Executive Board and Supervisory Board, which has been
prepared annually since the 2020 financial year. The Remuneration Policy and the Remuneration Report are
published on www.omv.com. The next external evaluation of compliance with the ACCG is scheduled to be carried
out for the 2026 financial year.
For OMV Petrom S.A., a company consolidated in the OMV Group and the shares of which are publicly listed on the
Bucharest Stock Exchange, the relevant Corporate Governance Report can be found at
www.omvpetrom.com/en/about-us/corporate-governance-aboutus.
In accordance with the recommendation in the AFRAC opinion on the Corporate Governance Report, the Corporate
Governance Report of OMV as the parent company and the consolidated Corporate Governance Report are
combined in one report.
Executive Board
Alfred Stern, born 1965
Date of initial appointment: April 1, 2021
End of the current period of tenure: August 31, 2026
Chairman of the Executive Board and Chief Executive Officer
Alfred Stern has been Chairman of the Executive Board and Chief Executive Officer of OMV Aktiengesellschaft
since September 2021. Prior to joining OMV Aktiengesellschaft in April 2021 as Board member for the Chemicals &
Materials segment, he was CEO of Borealis since July 2018. During his 14 years at Borealis, Alfred Stern held a
series of other executive positions at Borealis, and before his appointment as CEO of Borealis, he was Board
member for the Polyolefins and Innovation & Technology divisions. He started his career at DuPont de Nemours,
which led to extensive international experience in Switzerland, Germany, and the US across the spectrum of
Research and Development, Sales and Marketing, and Quality and Business Management.
Alfred Stern studied at the Montanuniversität Leoben in Austria. He holds a PhD in Material Science and a Master’s
in Polymer Engineering and Science.
Consolidated Corporate Governance Report
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
427
Positions in major subsidiaries and participations of OMV
Company
Position
OMV Petrom S.A.
President of the Supervisory Board
Borealis AG
Chairman of the Supervisory Board (since March 1, 2025)
Other relevant positions
Company
Position
Air Products and Chemicals, Inc.
Non-executive member of the Board of Directors (since January 23, 2025)
Reinhard Florey, born 1965
Date of initial appointment: July 1, 2016
End of the current period of tenure: June 30, 2027
Chief Financial Officer
Reinhard Florey graduated in mechanical engineering and economics from Graz University of Technology while also
completing his music studies at the University of Music and Performing Arts Graz. He started his career in corporate
and strategy consulting.
From 2002 to 2012, he worked in various positions worldwide for thyssenkrupp Steel. Prior to his appointment to
the Executive Board of OMV his most recent post was as Chief Financial Officer and deputy Chief Executive Officer
of Outukumpu Oyj.
Positions in major subsidiaries and participations of OMV
Company
Position
OMV Petrom S.A.
Member of the Supervisory Board
OMV Petrom Global Solutions SRL
President of the Supervision Body
Borealis AG
Member of the Supervisory Board
Bayport Polymers LLC
Non-executive member of the Board of Directors
Other relevant positions
Company
Position
Wiener Börse AG
Member of the Supervisory Board
Alfred Umdasch Privatstiftung
Member of the Foundation Board
Voith GmbH & Co. KGaA
Member of the Shareholders' Committee (since December 5, 2024)
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
428
Daniela Vlad, born 1970
Date of initial appointment: February 1, 2023
End of the period of tenure: February 28, 20251
Executive Board member for the Chemicals business segment.
Romanian-born Daniela Vlad holds a Master's degree in Chemical Engineering from the Technical University of
Timisoara in Romania and a cum laude Master’s in Business Administration from Twente University in the
Netherlands. Following her studies, she held management positions at Shell and Philips, and most recently was
responsible for key global businesses at AkzoNobel, including Powder Coatings and Industrial Coatings.
Thanks to her many years of international experience in the chemicals industry and in leading strategic
transformations, Daniela Vlad combines chemical and financial know-how with expertise in the field of sustainable
technical solutions.
Positions in major subsidiaries and participations of OMV
Company
Position
Borealis AG
Chairwoman of the Supervisory Board (until February 28, 2025)
OMV Downstream GmbH
Managing Director (until February 28, 2025)
Borouge PLC
Non-executive member of the Board of Directors (until February 28, 2025)
Martijn van Koten, born 1970
Date of initial appointment: July 1, 2021
End of the current period of tenure: June 30, 2026
Executive Board member for the Fuels & Feedstock business segment and, in the interim, for the Chemicals
business segment, effective March 1, 2025
Martijn van Koten was born in the Netherlands, where he studied chemical engineering at Delft University of
Technology.
He began his professional career at Shell in 1994, taking on several management and technical positions in the
refining and downstream business in the UK, Germany, and the Netherlands. Starting 2004, Martijn van Koten
assumed the General Manager positions at the Shell production facilities in Sweden and Singapore, before
becoming Vice President Manufacturing East & Middle East in Singapore in 2009 and Vice President Supply &
Distribution Americas in the USA in 2013.
Also in 2013, Martijn van Koten joined Borealis in Austria as Executive Board member for Operations, HSE & PTS.
From 2018 to June 2021, he was the Borealis Executive Board member for the Base Chemicals & Operations
business segment.
Positions in major subsidiaries and participations of OMV
Company
Position
OMV Petrom S.A.
Deputy President of the Supervisory Board
Borealis AG
Member of the Supervisory Board
OMV Downstream GmbH
Managing Director
Abu Dhabi Oil Refining Company (Takreer)
Non-executive member of the Board of Directors
1 Daniela Vlad has resigned from the Executive Board with effect from 28 February 2025.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
429
Berislav Gašo, born 1974
Date of initial appointment: March 1, 2023
End of the current period of tenure: February 29, 2028
Executive Board member for the Energy business segment.
Berislav Gašo holds a Master's degree in Mechanical Engineering from the Technical University of Munich, Germany,
and a PhD in Business Administration from the University of St. Gallen, Switzerland. After working as a junior partner
at McKinsey & Company, he held various management positions in the MOL Group. Before he joined OMV, he was
Executive Vice President in charge of the MOL Group’s Exploration & Production division.
Positions in major subsidiaries and participations of OMV
Company
Position
OMV Petrom S.A.
Member of the Supervisory Board
SapuraOMV Upstream Sdn. Bhd.
Chairman of the Board of Directors (until December 9, 2024)
OMV Downstream GmbH
Managing Director
OMV Exploration & Production GmbH
Managing Director
OMV Austria Exploration & Production GmbH
Chairman of the Supervisory Board
Working practices of the Executive Board
The approval requirements, responsibilities of individual Executive Board members, decision-making procedures,
and the approach to conflicts of interest are governed by the Internal Rules of the Executive Board. The Executive
Board holds meetings at least every two weeks to exchange information and issue decisions on all matters requiring
plenary approval.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
430
Supervisory Board
OMV’s Supervisory Board currently1 consists of nine members elected by the Annual General Meeting
(shareholders’ representatives) and five members delegated by the Group’s Works Council. Four of the current
shareholders’ representatives were elected at the 2022 Annual General Meeting (AGM), one at the 2023 AGM, and
four at the 2024 AGM. The members of OMV’s Supervisory Board in 2024 and their appointments to supervisory
boards of other domestic or foreign listed companies, as well as any management positions held, are shown below.
Lutz Feldmann, born 1957
Chairman
(Independent business consultant)
Seats: EnBW Energie Baden-Württemberg AG
Edith Hlawati, born 1957
Deputy Chairwoman
(Chief Executive Officer, Österreichische Beteiligungs AG)
Seats: VERBUND AG, Telekom Austria AG, EuroTeleSites AG
Khaled Salmeen, born 1973
Deputy Chairman (since May 28, 2024)
(Chief Executive Officer, Downstream, Abu Dhabi National Oil Company)
Seats: ADNOC Logistics & Services PLC, Borouge PLC, Abu Dhabi National Oil Company for Distribution PJSC,
Fertiglobe PLC, ADNOC Gas PLC
Saeed Al Mazrouei, born 1980
Deputy Chairman (until May 28, 2024)
(Managing Director and CEO, Abu Dhabi Investment Council)
Seats: Abu Dhabi Commercial Bank (ADCB)
Alyazia Ali Al Kuwaiti, born 1979
(until May 28, 2024)
(Executive Director, UAE Industries, UAE Investments Platform)
No seats in domestic or foreign listed companies
Khaled Al Zaabi, born 1985
(since May 28, 2024)
(Group Chief Financial Officer, Abu Dhabi National Oil Company)
Seats: ADNOC Gas PLC, ADNOC Drilling Company P.J.S.C., Borouge PLC, ADNOC Logistics & Services PLC, Abu
Dhabi National Oil Company for Distribution PJSC
Dorothée Deuring, born 1968
(since May 28, 2024)
(Independent Corporate Finance and M&A Advisor)
Seats: Elementis plc, Temenos SA
1 Prior to Stefan Doboczky’s resignation in June 2024, the Supervisory Board consisted of ten shareholders’ representatives.
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Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
431
Stefan Doboczky, born 1967
(until June 11, 2024)
(Chief Executive Officer, Heubach Group until May 19, 2024; Chief Executive Officer, Borealis AG since July 1, 2024)
No seats in domestic or foreign listed companies
Patrick Lammers, born 1964
(since May 28, 2024)
(Chief Executive Officer, Skyborn Renewables GmbH since June 1, 2024; Member of the Board of Management,
E.ON SE until May 31, 2024)
No seats in domestic or foreign listed companies
Jean-Baptiste Renard, born 1961
(Independent business consultant)
No seats in domestic or foreign listed companies
Karl Rose, born 1961
(until May 28, 2024)
(Independent business consultant)
No seats in domestic or foreign listed companies
Elisabeth Stadler, born 1961
Seats: voestalpine AG, Österreichische Post AG, Andritz AG (since March 21, 2024)
Robert Stajic, born 1979
(Executive Director, Österreichische Beteiligungs AG)
Seats: VERBUND AG
Gertrude Tumpel-Gugerell, born 1952
(until May 28, 2024)
Seats: Commerzbank Aktiengesellschaft, VIENNA INSURANCE GROUP AG – Wiener Versicherung Gruppe, AT&S
Austria Technologie & Systemtechnik Aktiengesellschaft
Delegated by the Group’s Works Council (employee representatives)
Alexander Auer, born 1969
Hubert Bunderla, born 1965
Alfred Redlich, born 1966
Nicole Schachenhofer, born 1976
Angela Schorna, born 1980
More detailed information about all members of OMV’s Supervisory Board, including their professional careers, can
be downloaded from OMV’s website at www.omv.com > Company > Leadership > Supervisory Board.
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Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
432
Diversity
The main considerations in selecting the members of the Supervisory Board are relevant knowledge, personal
integrity, and experience in executive positions. Furthermore, aspects of the diversity of the Supervisory Board with
respect to the internationality of the members, the representation of both genders, and the age structure are taken
into account. The Supervisory Board includes five women and five non-Austrian nationals (as of December 31,
2024). The members of the Supervisory Board are aged between 39 and 67.
Independence
The Supervisory Board has defined the criteria that constitute independence (resolutions dated March 21, 2006, and
March 25, 2009). In addition to the guidelines set out in Annex 1 of the ACCG, the Supervisory Board has established
the following criteria with regard to its members elected by the Annual General Meeting:
A Supervisory Board member shall not serve on the Executive Board of an OMV Group company.
A Supervisory Board member shall not hold stock options issued by the Company or any affiliated company or
receive any other performance-related remuneration from an OMV Group company.
A Supervisory Board member shall not be a shareholder with a controlling interest in the meaning of EU Directive
83/349/EEC (i.e., an interest of more than 50% of the voting rights or a dominant influence, e.g., through the right
to appoint Board members) or represent such a shareholder.
All members elected by the Annual General Meeting declared their independence from the Company and its
Executive Board during the 2024 financial year and up to the time of making such declarations (C-rule 53 of the
ACCG). Under C-rule 54 of the ACCG, Lutz Feldmann, Dorothée Deuring, Stefan Doboczky, Patrick Lammers, Jean-
Baptiste Renard, Karl Rose, Elisabeth Stadler and Gertrude Tumpel-Gugerell have made declarations to the effect
that they were not shareholders with a stake of more than 10% and did not represent such shareholders’ interests
during the 2024 financial year and up to the time of making such declarations. Furthermore, the above-mentioned
members of the Supervisory Board were nominated for election as Supervisory Board members by Österreichische
Beteiligungs AG, which must comply with the strict independence and incompatibility criteria of the Austrian Code
of Corporate Governance when nominating or appointing persons as members of the supervisory boards of its
affiliated companies, and ensure that they exercise their activities on the supervisory boards of the affiliated
companies independently of their own interests or those of legal entities closely associated with them.
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Financial Statements
Further Information
OMV Combined Annual Report 2024
433
Positions and committee memberships in 20241
Name
Supervisory Board and committees 20241
Term of office
SB
PNC
PPC
AC
RC
STC
Lutz Feldmann
C
C
–
M
C
–
May 31, 2023, to 2027 AGM
Edith Hlawati
DC
DC
–
–
DC
–
June 3, 2022, to 2026 AGM
Khaled Salmeen
DC
DC
DC
–
DC
M
May 28, 2024, to 2027 AGM
Saeed Al Mazrouei
DC
DC
DC
–
DC
–
June 2, 2021, to May 28, 2024
Alyazia Ali Al Kuwaiti
M
M
M
DC
–
M
May 22, 2018, to May 28, 2024
Khaled Al Zaabi
M
M
M
DC
–
–
May 28, 2024, to 2027 AGM
Dorothée Deuring
M
–
–
C
M
–
May 28, 2024, to 2027 AGM
Stefan Doboczky
M
–
M
M
–
C
May 14, 2019, to June 11, 2024
Patrick Lammers
M
–
M
–
–
M
May 28, 2024, to 2026 AGM
Jean-Baptiste Renard
M
–
C
–
–
DC
June 3, 2022, to 2025 AGM
Karl Rose
M
–
M
–
–
–
May 18, 2016, to May 28, 2024
Elisabeth Stadler
M
–
–
DC
M
M
May 14, 2019, to 2025 AGM
Robert Stajic
M
–
DC
M
–
M
June 3, 2022, to 2025 AGM
Gertrude Tumpel-Gugerell
M
–
–
C
M
–
May 19, 2015, to May 28, 2024
Alexander Auer
M
M
M
M
–
–
Since September 1, 2021
Hubert Bunderla
M
–
–
M
–
M
Since January 18, 2021
Alfred Redlich
M
M
M
–
–
–
Since August 30, 2023
Nicole Schachenhofer
M
–
M
–
–
M
Since January 18, 2021
Angela Schorna
M
–
–
M
–
M
Since March 23, 2018
1 Abbreviations: SB = Supervisory Board, PNC = Presidential and Nomination Committee, PPC = Portfolio and Project Committee, AC = Audit Committee,
RC = Remuneration Committee, STC = Sustainability and Transformation Committee, C = Chairman/Chairwoman, DC = Deputy Chairman/Chairwoman, M = Member, AGM = Annual
General Meeting
Working practices of the Supervisory Board
The Supervisory Board fulfills its duties – in particular supervising the Executive Board and advising it on strategy –
by discussing the Company’s situation and objectives during board meetings. Decisions are also taken at these
meetings, except in urgent cases where resolutions can be taken by circular vote. Five committees ensure that the
best possible use is made of the Supervisory Board members’ expertise. Brief descriptions of these committees are
given below (see also the report of the Supervisory Board for an overview of the individual committees’ main
activities in 2024). In 2024, eight meetings of the Supervisory Board and 31 committee meetings were held. In
particular, the Executive Board and the Supervisory Board also discussed OMV’s strategy. Alyazia Al Kuwaiti
attended less than half of the meetings of the Supervisory Board.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
434
Attendance at Supervisory Board and committee meetings in 2024 was as follows:
Attendance at Supervisory Board and committee meetings in 20241
Name
SB
PNC
PPC
AC
RC
STC
Lutz Feldmann
8/8
6/6
6/6
8/8
Edith Hlawati
8/8
6/6
8/8
Khaled Salmeen²
3/45
5/5
1/4
3/5
2/2
Saeed Al Mazrouei³
1/26
0/1
0/3
0/3
Alyazia Ali Al Kuwaiti³
0/26
0/1
3/3
1/3
0/2
Khaled Al Zaabi²
4/45
5/5
4/4
3/3
Dorothée Deuring²
4/5
3/3
5/5
Stefan Doboczky4
3/3
3/3
3/3
2/2
Patrick Lammers²
5/5
4/4
2/2
Jean-Baptiste Renard
8/8
7/7
4/4
Karl Rose³
3/3
3/3
Elisabeth Stadler
6/8
4/6
6/8
3/4
Robert Stajic
8/8
7/7
6/6
4/4
Gertrude Tumpel-Gugerell³
3/3
3/3
3/3
Alexander Auer
8/8
6/6
7/7
6/6
Hubert Bunderla
8/8
6/6
4/4
Alfred Redlich
8/8
6/6
7/7
Nicole Schachenhofer
8/8
7/7
4/4
Angela Schorna
8/8
6/6
4/4
1 Abbreviations: SB = Supervisory Board, PNC = Presidential and Nomination Committee, PPC = Portfolio and Project Committee, AC = Audit Committee, RC = Remuneration
Committee, STC = Sustainability and Transformation Committee
2 Since May 28, 2024
3 Until May 28, 2024
4 Until June 11, 2024
5 Due to a conflict of interest, it was not possible to attend the meeting on July 15, 2024.
6 Due to a conflict of interest, it was not possible to attend the meeting on January 31, 2024.
Pursuant to C-rule 36 of the ACCG, the Supervisory Board is tasked with discussing the efficiency of its activities
annually, in particular its organization and working practices (self-evaluation).
Presidential and Nomination Committee
This committee is empowered to take decisions on matters of urgency. The Supervisory Board may transfer other
duties and powers of approval to the Presidential and Nomination Committee on an ad hoc or permanent basis. In
its capacity as the Nomination Committee, this body makes proposals to the Supervisory Board for the appointment
or replacement of Executive Board members and deals with succession planning. It also makes recommendations
for appointments to the Supervisory Board. There were six meetings of the Presidential and Nomination Committee
in 2024, in which discussions focused on Executive and Supervisory Board matters.
Audit Committee
This committee performs the duties set out in section 92 (4a) of the Austrian Stock Corporation Act. The committee
held six meetings during the reporting year. It predominantly dealt with preparations for the audit of the annual
financial statements, a review of the auditors’ activities, internal audit, the internal control and risk management
systems, and the presentation of the annual financial statements. Until her resignation from the Supervisory Board
on May 28, 2024, Gertrude Tumpel-Gugerell was the financial expert on the Audit Committee within the meaning of
section 92 (4a) (1) of the Austrian Stock Corporation Act. On May 28, 2024, Dorothée Deuring took over this
position.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
435
The Audit Committee monitors the auditors’ independence and reviews a breakdown of the audit fees and fees for
additional services besides auditing activities. In the financial year 2024, KPMG Austria GmbH Wirtschaftsprüfungs-
und Steuergesellschaft (including members of their network within the meaning of section 271b of the Austrian
Commercial Code) received EUR 5.70 mn for the annual audit, EUR 1.67 mn for other assurance services, EUR 2.51
mn for tax advisory services, and EUR 0.55 mn for other engagements.
Portfolio and Project Committee
In this committee, decisions on the most important investment and M&A projects are prepared based on extensive
information and intensive discussions, and any recommendations are made to the Supervisory Board. In 2024, seven
meetings of the Portfolio and Project Committee were held.
Sustainability and Transformation Committee
The purpose of the Sustainability and Transformation Committee is to support the Supervisory Board in reviewing
and monitoring OMV’s strategy with regard to sustainability, as well as ESG-related standards, performance, and
processes. It also focuses on performance specifically in terms of HSSE (Health, Safety, Security, and Environment)
and in particular regarding climate change. Furthermore, the committee serves to support and oversee the process
of transformation toward a more sustainable business model, including the cultural integration of strategically
significant acquisitions. The committee held four meetings during the reporting year.
Remuneration Committee
This committee deals with all aspects of the remuneration of Executive Board members and with their employment
contracts. The committee’s membership does not include employee representatives. The committee is empowered
to conclude, amend, and terminate Executive Board members’ employment contracts and to make decisions on the
awarding of bonuses (variable remuneration components) and other such benefits to them. The Remuneration
Committee met eight times during 2024. Executive Board members were invited to attend some of the meetings of
the Remuneration Committee.
Mercer | hkp///group provided remuneration advice to the Remuneration Committee on the appropriate structure
and level of Executive Board compensation in line with regulatory requirements and market practice, and supported
the revision of the Remuneration Policy for the Supervisory Board.
Mercer | hkp///group also advised on the creation of OMV’s Remuneration Report. The consulting company did not
advise the OMV Executive Board on matters relating to Executive Board remuneration, ensuring independence
within the meaning of the Austrian Code of Corporate Governance.
Conflicts of interest and dealings by members of the Supervisory Board requiring approval in accordance
with section 95(5) (12) of the Austrian Stock Corporation Act
Appropriate handling of conflicts of interest is a matter of course for OMV, and OMV also ensures such an approach
at the level of the Supervisory Board with clear rules and processes. Supervisory Board members are obliged to
disclose any conflicts of interest to the Chairman of the Supervisory Board without delay. If the Chairman of the
Supervisory Board gets into conflicts of interest, he must disclose them immediately to his deputies. Depending on
the nature and intensity of the conflict of interest, the measures necessary in each individual case will be taken to
protect OMV's interests. In addition to the disclosure of the conflict of interest, which is required in any case, these
measures include, in particular, abstention from voting by the Supervisory Board member concerned, his or her non-
participation in deliberations and decisions regarding the matter giving rise to the conflict of interest, and a
restricted provision of (sensitive) information to the Supervisory Board member affected by the conflict of interest.
It should be noted that Abu Dhabi National Oil Company (ADNOC) P.J.S.C became a shareholder of OMV
Aktiengesellschaft on February 28, 2024. ADNOC and OMV have had successful business relationships and
partnerships in the Chemicals, Fuels & Feedstock and Energy divisions for many years, which are occasionally the
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subject of deliberations and/or decisions by the Supervisory Board. OMV attaches great importance to handling
potential conflicts of interest in this context in the Supervisory Board carefully and in accordance with the
principles set out above.
In the 2024 financial year, no transactions were concluded that would have required the approval of the Supervisory
Board in accordance with Section 95 (5) (12) of the Austrian Stock Corporation Act (AktG).
Employee representative participation
The Group’s Works Council holds regular meetings with the Executive Board in order to exchange information
about employees and developments affecting them. Furthermore, the Group’s Works Council has made use of its
right to delegate members to the Supervisory Board (one employee representative for every two members elected
by the Annual General Meeting, and one additional employee representative if the number of shareholder
representatives is uneven). Therefore, out of the 14 Supervisory Board members, five members are currently
employee representatives.
Rights of minority shareholders
General Meeting: An Extraordinary General Meeting must be convened at the request of shareholders holding not
less than 5% of the shares.
Agenda items must be included at the request of shareholders holding not less than 5% of the shares.
Shareholders holding not less than 1% of the shares may submit resolution proposals on all agenda items. Such
resolution proposals must be posted on the website upon request of the respective shareholders.
Shareholders holding not less than 10% of the shares may require an extraordinary audit in the event of grounds
for suspicion of irregularities, or gross violations of the law or the Articles of Association.
All shareholders, having duly provided evidence of their shareholding, are entitled to attend General Meetings, ask
questions, and vote.
Election of the Supervisory Board: If elections for two or more positions on the Supervisory Board are held at the
same General Meeting, separate votes must be held for each position. If elections for three or more seats on the
Supervisory Board are held at the same General Meeting, and if prior to the vote on the last position to be
assigned it is found that at least one-third of all the votes have been cast in favor of the same person but they
have not been elected, then this person must be declared as a Supervisory Board member.
Diversity, Equity, and Inclusion 2024
Diversity is an enormous strength that OMV actively leverages to create business value. OMV strongly believes that
culturally diverse teams are more creative, resourceful, and knowledgeable, and that they generate broader
perspectives, ideas, and options. Diversity, equity, and inclusion (DE&I), therefore, have a strong impact on people
and teams, improving engagement and job satisfaction, and directly contributing to the Group’s profitability and
sustainability.
DE&I has become an integral part of our sustainability commitments, and OMV Group is developing with our
dedicated employee resources groups and cross workstream activities. Together, we embrace DE&I and contribute
to an inclusive work environment and sense of belonging. The workstreams established for this purpose focus on
accessibility, gender, generations, LGBTQ+, parenting/caregiving, and, since 2024, intercultural inclusion, thus
ensuring holistic representation for all. The DE&I Ambassadors were introduced in 2024. They facilitate
understanding of DE&I within the organization, generate ideas to increase the sense of belonging, and serve as
multipliers for DE&I initiatives. This year’s annual Pulse Check contained a new question on inclusion, and at the
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OMV Group, 64% of respondents agreed that we strive to include and fully utilize the diverse talents, experiences,
and backgrounds of all employees.
As part of our new brand strategy, DE&I is now integrated with new icons and colors. The newly launched DE&I
Playbook provides employees and line managers with resources to understand and promote the main components
of an inclusive work environment, while our Learning Hub offers opportunities to deepen knowledge and support a
sense of belonging among employees. Diversity has been incorporated into all leadership development programs
and embedded into the OMV People & Culture Strategy.
To enhance communication and knowledge-sharing related to DE&I initiatives, we updated our DE&I SharePoint
site. The platform serves as a central hub for employees to access resources such as e-learning modules on DE&I,
recordings of past events and knowledge-sharing sessions, stay informed about ongoing initiatives of each DE&I
stream, and actively participate in fostering an inclusive workplace.
The SpeakUp Channel was introduced in 2024, providing a mechanism through which any serious work-related
misconduct or unlawful behavior related to OMV and OMV Petrom can be reported, including the option to report
anonymously. Reporting concerns helps us maintain a workplace based on trust, respect, and integrity.
OMV is committed to supporting women’s advancement to managerial positions. The proportion of women in the
Group as a whole is 25.5% (2023: 27.7%). The aim is to increase the proportion of women in management roles from
23.7%1 (2023: 24.4%) to 25% by 2025, and to 30% by 2030, through a number of initiatives such as mentoring,
succession planning, specific training, and those that promote a healthy work-life balance. In OMV’s leadership
development programs, the proportion of women was 45.6% (2023: 42.8%). In OMV’s Upstream integrated graduate
development program for technical skill pools, the proportion of women was 36%2 in 2024 (2023: 27%), and in the
Fuels & Feedstock Fresh Graduate Program, it was 41%.3 OMV especially supports the recruitment and
development of women in technical positions.
Our Accessibility workstream raised awareness by launching accessibility-focused DE&I training sessions for
specific target groups, with training and guides being key to understanding the needs of people with disabilities. Our
Executive Board has approved new ESRS-compliant accessibility targets to create an inclusive work environment,
aiming to increase the percentage of employees with disabilities in eligible OMV entities by 2050.
Throughout 2024, several events were organized to enhance the awareness of our employees and the ambition to
focus on our DE&I goals. The OMV Group organized an International Women’s Week, Pride Month celebrations, an
intergenerational event, and the Positively Purple event during activities to promote accessibility. Moreover, OMV
continued the New Parents Program and the OMV Ability school project, where teenagers with disabilities joined
the Company for a week. Another highlight of the year was the LGBTQ+ Business Forum, which OMV hosted in
collaboration with Pride Biz AT, promoting inclusion and belonging in the corporate world.
The Executive Board and Supervisory Board consider the described measures and programs for fostering the
diversity of the workforce as a key factor in strengthening the diversity of the internal pool of Executive Board
succession candidates. The Presidential and Nomination Committee concerns itself regularly with the identification
and development of high-potential employees. In addition to internal succession planning, the Supervisory Board
also makes use of external recruitments in order to best fill open Executive Board positions. When selecting
Executive Board members – be it internally or externally – special attention is paid to the balance of gender, age,
and international experience, in addition to professional skills.
1 Advanced & Executive career levels
2 Without guests
3 Including 21 OMV Petrom employees who are considered as externals
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As of December 31, 2024, the Executive Board members of OMV Aktiengesellschaft – one woman and four men of
three different nationalities, with extensive international management experience – were between 50 and 59 years
old.
With regard to the election of Supervisory Board members, the selection of potential candidates is based on various
criteria, particularly the candidates’ professional skills, personal integrity, independence, and impartiality. In
addition, diversity aspects such as the representation of both genders, balanced age distribution, industry, and
technical expertise, and internationality of members is taken into consideration.
On December 31, 2024, the Supervisory Board of OMV included five women, corresponding to a share of 36%. In line
with the strategic orientation of the Company, particular focus will be given to further strengthening industry-
specific expertise and the internationality of the Supervisory Board. With members aged between 39 and 67, the
Supervisory Board’s age structure is balanced.
External evaluation of Corporate Governance
An external evaluation of OMV’s compliance with the provisions of the ACCG is performed biennially. For the 2024
financial year, OMV engaged Deloitte Legal (Jank Weiler Operenyi Rechtsanwälte GmbH, attorney Johannes
Lutterotti). The official questionnaire of the Austrian Working Group for Corporate Governance was used for the
evaluation, and the result was that OMV is in full compliance with the Austrian Code of Corporate Governance
including all non-compulsory recommendations. The report on the evaluation is available for download on OMV’s
website (www.omv.com).
Vienna, March 14, 2025
The Executive Board
Alfred Stern m.p.
Reinhard Florey m.p.
Martijn van Koten m.p.
Berislav Gaso m.p.
Consolidated Financial Statements
Auditor’s Report
440
Consolidated Income Statement
for 2024
452
Consolidated Statement of
Comprehensive Income for 2024
453
Consolidated Statement of Financial
Position as of December 31, 2024
454
Consolidated Statement of
Changes in Equity in 2024
455
Consolidated Statement of
Cash Flows for 2024
456
Notes to the Consolidated
Financial Statements
457
Oil and Gas Reserve Estimation
and Disclosures (unaudited)
570
439—580
Consolidated
Financial
Statements and
Notes
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Report on the Consolidated Financial Statements
Audit Opinion
We have audited the consolidated financial statements of
OMV Aktiengesellschaft, Vienna,
and its subsidiaries (“the Group” or “OMV”), which comprise the Consolidated Statement of Financial Position as of
December 31, 2024, the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income,
the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year then
ended, and the Notes to the Consolidated Financial Statements, except for “Oil and Gas Reserve Estimation and
Disclosures (unaudited)”.
In our opinion, the consolidated financial statements comply with the legal requirements and present fairly, in all
material respects, the consolidated financial position of the Group as at December 31, 2024, and its consolidated
financial performance and consolidated cash flows for the year then ended in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU, and the additional requirements pursuant to Section
245a UGB (Austrian Commercial Code).
Basis for our Opinion
We conducted our audit in accordance with the Regulation (EU) No. 537/2014 (“AP Regulation”) and Austrian
Standards on Auditing. These standards require the audit to be conducted in accordance with International
Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the “Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent
of the audited Group in accordance with Austrian company law and professional regulations, and we have fulfilled
our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have
obtained up to the date of the auditor’s report is sufficient and appropriate to provide a basis for our audit opinion
on this date. Our liability as auditors is guided under Section 275 UGB.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements. These matters were addressed in the context of our audit of the consolidated
financial statements as a whole, however, we do not provide a separate opinion thereon.
Climate change and the energy transition has a significant impact on OMV’s business and represents a strategic
challenge. It is correspondingly a matter with overarching importance for the consolidated financial statements and
potentially has an impact on a number of individual line items of the consolidated financial statements and on
disclosures included in the notes to the consolidated financial statements. These effects had a significant impact on
our overall audit strategy. As a result, we have identified the following key audit matters that are related to climate
change and the energy transition:
Disclosures on the effects of climate change and the energy transition;
Recoverability of oil and gas assets with proved reserves;
Recoverability of equity-accounted investments;
1 This English language audit report is a translation provided for information purposes only. The original German text shall prevail in the event of any discrepancies between the English
translation and the German original. We do not accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from
the translation.
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Valuation of provisions for decommissioning and restoration obligations; and
Recoverability of refining assets.
These individual key audit matters are described in detail below in addition to other key audit matters.
Disclosures on the effects of climate change and the energy transition
Refer to Note 3 – Effects of climate change and the energy transition.
Risk for the Consolidated Financial Statements
As part of its strategy 2030 presented in 2022, the Group is fully committed to supporting the energy transition.
The Group aims to become a net-zero emissions company by 2050.
In Note 3 of the consolidated financial statements the Group describes how management considers both
climate-related impacts and emission reduction targets in key areas of the consolidated financial statements and
how this impacts the valuation of assets and measurement of liabilities.
OMV considers two different scenarios:
the base case, whose assumptions in terms of demand and oil and gas prices are consistent with IEA Announced
Pledges Scenario (APS), is used for the mid-term planning as well as for estimates for various areas of the
consolidated financial statements, including impairment testing of non-financial assets and the measurement of
provisions; and
the “net zero emissions by 2050” case, whose assumptions are consistent with the IEA Net Zero Emissions (NZE)
scenario, is used to perform a sensitivity analysis for the valuation of non-financial assets and the measurement of
provisions.
These scenarios differ in the underlying expectations about the pace of the future worldwide decarbonization and
lead to different assumptions for demand and prices of oil and gas as well as CO2 prices.
2024 Price assumptions
The main areas impacted by the effects of climate change and the energy transition are:
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the recoverability of assets;
the useful lives of assets; and
the valuation of provisions for decommissioning and restoration obligations.
Because of the high level of uncertainty and the complexity of the transformation in a “net zero emissions by 2050”
scenario for refinery assets in the Fuels & Feedstock segment and assets in the Chemicals segment, the disclosure
is focused on sensitivities and qualitative analysis.
The disclosures on the above areas have high public attention and involve a high degree of judgment and significant
macroeconomic assumptions. Therefore, we have identified the disclosures on the effects of climate change and
the energy transition as a key audit matter.
Our response
We evaluated the disclosures on the effects of climate change and the energy transition as follows:
We evaluated the design and implementation of internal controls in the estimation process, with a focus on how
the effects of climate change and the energy transition were considered for the key assumptions in the impacted
areas of the consolidated financial statements.
We implemented a climate change panel comprising a group of experienced international KPMG Partners with
specific climate change, energy transition, technical audit or accounting expertise to provide an independent
challenge to our key decisions and conclusions with respect to the key assumptions to this key audit matter.
We performed inquiries to understand the impacts of climate change and the energy transition on the
consolidated financial statements.
We compared the assumptions for oil and gas as well as CO2 prices used in the base case and the “net zero
emissions by 2050” case with publicly available information (the IEA APS and NZE scenarios).
We evaluated whether the impacts of climate change and the energy transition were reflected in the respective
disclosures for the recoverability of assets, the useful lives of assets, and the valuation of provisions for
decommissioning and restoration obligations.
We read the consolidated sustainability statement and assessed whether there are inconsistencies with the
consolidated financial statements.
We evaluated the accuracy of these disclosures in the consolidated financial statements.
Recoverability of oil and gas assets with proved reserves
Refer to Note 3 – Effects of climate change and the energy transition, Note 9 – Depreciation, amortization,
impairments and write-ups and Note 17 – Property, plant, and equipment.
Risk for the Consolidated Financial Statements
The carrying value of oil and gas assets with proved reserves amounts to EUR 8,278 mn as of December 31, 2024.
The assets’ operational performance and external factors have a significant impact on the estimated future cash
flows and, therefore, the recoverable amount of the oil and gas assets with proved reserves. The recoverable
amount is highly judgmental and complex to estimate. The key assumptions considered by the Group in assessing
the value in use include oil and gas prices, CO2 prices, oil and gas reserves, and discount rates. As described in
Note 3 these significant assumptions are forward-looking and can be affected by future economic and market
conditions, including matters related to climate change and the energy transition.
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The Group recorded impairments of EUR 495 mn on oil and gas assets with proved reserves as of December 31,
2024.
Oil and gas assets with proved reserves (in EUR mn)
There is a risk for the consolidated financial statements that the valuation of oil and gas assets with proved
reserves is inadequate and the related impairment loss is misstated.
Our response
We assessed the recoverability of oil and gas assets with proved reserves as follows:
We obtained an understanding and evaluated the design and implementation of key internal controls over the
process for evaluating the recoverable amount of oil and gas assets with proved reserves. Our work included
testing control activities over the identification of triggering events and the determination of key management
assumptions underlying the recoverable amount of the assets tested.
Future cash flows
We compared the main assumptions (future oil and gas prices, future CO2 prices, production volumes, future
production costs) used within the future cash flow models to those included in mid-term planning approved by
the Supervisory Board.
We assessed the consistency of the assumptions on future production costs by analyzing cost-to-production
ratios and comparing them year over year.
Price assumptions
We assessed the reasonableness of future short and long-term oil and gas price assumptions by comparing these
to available industry information, especially IEA’s APS scenario.
We examined the CO2 price assumptions included in the future cash flows by comparing them with current
market data and available industry information.
Oil and gas reserves
We obtained an understanding of the Group's Petroleum Resource Evaluation Standard and performed a
walkthrough of the reserve estimation process and controls.
We compared production forecasts to the internal evaluations of proved and probable oil and gas reserves.
We reviewed for selected assets prior period reserves estimates made by the independent expert DeGolyer &
MacNaughton and inquired about differences to internal estimations.
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We assessed the competence and objectivity of internal reservoir engineers responsible for estimating oil and gas
reserves, as well as the independent expert DeGolyer & MacNaughton, through understanding their relevant
professional qualifications and experience.
We inquired about the reasons for significant changes in oil and gas reserves for certain assets.
Discount rates
With the assistance of our valuation specialists, we assessed input assumptions for determining discount rates by
comparing them with market and industry-specific benchmarks.
Other procedures
We assessed the determination of cash generating units based on industry practice and how cash flows are
generated.
We assessed management’s identification of indicators for impairments and write-ups.
We verified the mathematical accuracy of relevant discounted cash flow models.
We assessed the adequacy of the disclosures in the consolidated financial statements.
Recoverability of equity-accounted investments
Refer to Note 18 – Equity-accounted investments.
Risk for the Consolidated Financial Statements
The carrying value of equity-accounted investments amounts to EUR 6,661 mn as of December 31, 2024, including
mainly Borouge PLC (part of Borouge Investments), Abu Dhabi Oil Refining Company (ADNOC Refining) and Bayport
Polymers LLC (Baystar).
Equity-accounted investments as of December 31, 2024 (in EUR mn)
Borouge PLC is listed on the Abu Dhabi stock exchange. As the pro rata market capitalization significantly exceeds
the carrying value of the investment and the investment regularly makes high dividend distributions from current
earnings, we do not assume a valuation risk for this investment.
For ADNOC Refining and Baystar the assessment of the recoverable amount requires judgment and estimates in the
following areas:
determining whether there is an indication that the investment should be impaired, or there is an indication that
an impairment loss recognized in prior periods may no longer exist or may have decreased; and
measuring any such impairment loss or impairment reversal.
The key assumptions considered by the Group in assessing the recoverable amount of ADNOC Refining and Baystar
include margin forecasts, future utilization rates or production volumes, discount rates as well as perpetual growth
rates. Given the complexity of the impairment model, the estimation uncertainty over input data and parameters
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used and the immanent judgment, the recoverability of the equity-accounted investments ADNOC Refining and
Baystar is considered a key audit matter.
Overall, there is a risk for the consolidated financial statements that the valuation of equity-accounted investments
is misstated.
Our response
We assessed the recoverability of the equity-accounted investments ADNOC Refining and Baystar as follows:
We obtained an understanding over the process regarding the identification of indicators for impairment and the
determination of key assumptions underlying the recoverable amount of the equity-accounted investments.
We compared the main assumptions for future utilization rates or production volumes used within the future cash
flow models to those included in available budgets.
We analyzed margin forecasts with external market data and other publicly available information.
We challenged the assumptions in the discounted cash flow model by performing a sensitivity analysis,
considering a range of likely outcomes based on various scenarios.
With the assistance of our valuation specialists, we assessed a range of reasonable input assumptions for
determining discount rates and perpetual growth rates.
We verified the mathematical accuracy of the valuation models.
We assessed the adequacy of the disclosures in the consolidated financial statements.
Valuation of provisions for decommissioning and restoration obligations
Refer to Note 25 – Decommissioning and other provisions.
Risk for the Consolidated Financial Statements
Provisions for decommissioning and restoration obligations of EUR 4,093 mn are recorded in the consolidated
financial statements as of December 31, 2024.
Provisions for decommissioning and restoration obligations (in EUR mn)
As described in Note 25, the Group’s core activities regularly lead to obligations related to dismantling and removal,
asset retirement, and soil remediation activities. Most of these activities are planned to occur many years in the
future and may also be affected by climate change and the energy transition, while decommissioning technologies,
costs, and regulations are constantly changing.
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The estimation of provisions for decommissioning and restoration obligations is thus a judgmental area as it
involves a number of key estimates related to future costs and timing of decommissioning, inflation, and discount
rate assumptions.
There is a risk for the consolidated financial statements that the valuation of provisions for decommissioning and
restoration obligations is misstated.
Our response
We assessed the valuation of provisions for decommissioning and restoration obligations as follows:
We obtained an understanding, evaluated the design and implementation, and tested the operating effectiveness
of key internal controls over the Group’s process to calculate the present value of the estimated future costs for
decommissioning and restoration obligations in accordance with local regulation and requirements.
We assessed the completeness of the assets subject to decommissioning and restoration obligations, especially
by understanding the process to determine whether a legal or constructive obligation exists at the reporting date
and by comparing the significant additions to property, plant, and equipment to the Group’s assessment of new
decommissioning and restoration obligations.
We inquired about changes in the regulatory and legal environment in the respective countries and evaluated
whether any changes had an impact on the decommissioning and restoration obligations.
Future costs and timing of decommissioning
We confirmed that the estimated dates used for decommissioning are consistent with assumptions in other areas,
especially impairment testing on oil and gas assets and estimation of oil and gas reserves.
We verified the supporting evidence for any material revision in cost estimates during the period.
We compared cost estimates to actual decommissioning costs incurred during the period.
Discount and inflation rates
With the support of our valuation specialists, we analyzed inflation rates and discount rates by comparing them
with market and industry-specific benchmarks.
Other procedures
We tested the mathematical accuracy of the decommissioning and restoration obligation calculation.
We assessed the adequacy of the disclosures in the consolidated financial statements.
Recoverability of refining assets
Refer to Note 3 – Effects of climate change and the energy transition, Note 9 – Depreciation, amortization,
impairments and write-ups and Note 17 – Property, plant, and equipment.
Risk for the Consolidated Financial Statements
Refining assets are recorded in the consolidated financial statements as of December 31, 2024 with an amount of
EUR 3,508 mn. No impairment was recorded.
Due to changes in supply and demand which arise as a consequence of macroeconomic fluctuations in addition to
the impacts from climate change and the energy transition, economic benefits from refining assets fluctuate over
time. In addition, there are uncertainties which require judgment and estimates in the following areas:
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the level of investments into refining assets to shift their output towards the production of sustainable chemical
feedstock and renewable fuels;
future cash flows from the sale of output from the refining assets;
economic useful lives of refining assets which depend on the speed of society’s move towards net zero emissions.
There is a risk for the consolidated financial statements that the valuation of refining assets is inadequate, and the
related impairment loss is misstated.
Our response
We assessed the recoverability of refining assets as follows:
We obtained an understanding and evaluated the design and implementation of key internal controls over the
process for evaluating the recoverable amount of refining assets. Our work included testing control activities over
the identification of triggering events and the determination of key management assumptions underlying the
recoverable amount of the assets tested.
We obtained an overall understanding of OMV’s strategy for their refining assets.
We reviewed internal and external market studies of future supply and demand to evaluate the impact of
potential changes in supply and demand on the group’s refining portfolio.
For refining assets included in cash-generating units without goodwill, we assessed management’s analysis of
indicators for impairment.
We assessed the reasonableness of assumptions (future utilization rates, future refining margins) used within the
future cash flow models by comparing them with available industry information.
We compared the main assumptions used within the future cash flow models to those included in mid-term
planning approved by the Supervisory Board.
With the assistance of our valuation specialists, we assessed input assumptions for determining discount rates by
comparing them with market and industry-specific benchmarks.
We evaluated management’s ability to forecast future cash flows and margins by comparing actual results to
historical forecasts.
We assessed the mathematical accuracy of the discounted cash flow models.
We assessed the economic useful lives by comparing them to industry peers.
We evaluated the appropriateness of the remaining economic useful lives by considering the forecasts for
demand for refined petroleum products under the IEA Announced Pledges Scenario.
We assessed the adequacy of the disclosures in the consolidated financial statements.
Accounting for complex transactions in the gas supply and trading function
Refer to Note 8 – Other operating income and net income from equity-accounted investments, Note 13 – Net
financial result, Note 28 – Contingent liabilities and contingent assets, Note 29 – Risk management, Note 30 – Fair
value hierarchy and Note 37 – Subsequent events.
Risk for the Consolidated Financial Statements
The Group’s activities are exposed to a number of market risks including gas price and volume risks, which are
managed using gas forward and future contracts, classified as derivative financial instruments or for which the
own-use exemption is applied. As of December 31, 2024 derivative assets related to gas sales and purchases are
recorded in the amount of EUR 133 mn and derivative liabilities of EUR 231 mn.
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In addition, the Group was involved in arbitration proceedings related to long-term gas supply contracts with
Gazprom Export LLC that resulted in positive impacts in other operating income of EUR 234 mn and interest
income of EUR 25 mn in 2024, as well as a contingent asset of EUR 48 mn as of December 31, 2024.
We considered the accounting for complex transactions in the gas supply and trading function as a key audit
matter due to the volume of gas supply and trading transactions, volatility in energy markets, complexity of
underlying accounting systems, significant judgements required for the own-use exemption application, and
different types of transactions including those requiring offsetting adjustments due to the nature of the supply and
trading contractual arrangements.
There is a risk for the consolidated financial statements that derivative assets and liabilities as well as provisions for
contracts, for which the own-use exemption is applied, are misstated. Additionally, there is a risk that the results of
arbitration proceedings related to long-term gas supply contracts with Gazprom Export LLC are inappropriately
reflected in the consolidated financial statements.
Our response
We evaluated the accounting for complex transactions in the gas supply and trading function as follows:
We obtained an understanding of the energy trading process including the system landscape, evaluated the
design and implementation, and tested the operating effectiveness of key internal controls in the gas supply and
trading function.
We inspected significant long-term supply contract agreements and assessed the accounting implications of
arbitral awards related to the long-term supply contract agreements with Gazprom Export LLC.
We evaluated the completeness, integrity, and accuracy of gas supply and trading transactional data.
We assessed whether the methodology adopted for the accounting of gas trading and supply derivative financial
instruments are consistent with IFRS 9 – Financial Instruments and IAS 32 – Financial Instruments: Presentation.
We assessed the accounting treatment of different types of supply and trading portfolios.
We recalculated the offsetting adjustments impacting consolidated statement of financial position, consolidated
income statement, and consolidated statement of comprehensive income.
Other Information
Management is responsible for other information. Other information is all information provided in the annual report,
other than the consolidated financial statements, the group management report and the auditor’s report.
Our opinion on the consolidated financial statements does not cover other information and we do not provide any
kind of assurance thereon.
In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on
knowledge gained during our audit, it contains any material inconsistencies with the consolidated financial
statements or any apparent material misstatement of fact.
If, based on the work we have performed, we conclude that there is a material misstatement of fact in other
information, we must report that fact. We have nothing to report in this regard.
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Responsibilities of Management and the Audit Committee for
the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in
accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, the additional
requirements pursuant to Section 245a UGB (Austrian Commercial Code) and for such internal controls as
management determines are necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
Management is also responsible for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting, unless management
either intents to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The audit committee is responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our audit opinion. Reasonable assurance represents a high level of assurance but provides no guarantee that an
audit conducted in accordance with the AP Regulation and Austrian Standards on Auditing (and therefore ISAs), will
always detect a material misstatement, if any. Misstatements may result from fraud or error and are considered
material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise
professional judgment and maintain professional skepticism throughout the audit.
Moreover:
We identify and assess the risks of material misstatement in the consolidated financial statements, whether due
to fraud or error, we design and perform audit procedures responsive to those risks and obtain sufficient and
appropriate audit evidence to serve as a basis for our audit opinion. The risk of not detecting material
misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations or override of internal control.
We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group's internal control.
We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
We conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our audit report to the respective note in the consolidated
financial statements. If such disclosures are not appropriate, we will modify our audit opinion. Our conclusions are
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based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
We evaluate the overall presentation, structure and content of the consolidated financial statements, including
the notes, and whether the consolidated financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We plan and conduct the audit of the consolidated financial statements in order to obtain sufficient appropriate
audit evidence on the financial information of the components within the Group, in order to form an audit opinion.
We are responsible for directing, supervising and reviewing the audit activities carried out for the purposes of
auditing the consolidated financial statements. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of
our audit as well as significant findings, including any significant deficiencies in internal control that we identify
during our audit.
We communicate to the audit committee that we have complied with the relevant professional requirements in
respect of our independence, that we will report any relationships and other events that could reasonably affect
our independence and, where appropriate, the related safeguards.
From the matters communicated with the audit committee, we determine those matters that were of most
significance in the audit i.e. key audit matters. We describe these key audit matters in our auditor’s report unless
laws or other legal regulations preclude public disclosure about the matter or when in very rare cases, we
determine that a matter should not be included in our audit report because the negative consequences of doing
so would reasonably be expected to outweigh the public benefits of such communication.
Report on Other Legal and Regulatory Requirements
Group Management Report
In accordance with Austrian company law, the group management report is to be audited as to whether it is
consistent with the consolidated financial statements and prepared in accordance with legal requirements.
It is our responsibility to determine whether the consolidated non-financial statement has been prepared as part of
the group management report, to read and assess whether, based on knowledge gained during our audit, it contains
any material inconsistencies with the consolidated financial statements or any apparent material misstatement of
fact.
Management is responsible for the preparation of the group management report in accordance with Austrian
company law.
We have conducted our audit in accordance with generally accepted standards on the audit of group management
reports.
Opinion
In our opinion, the group management report is consistent with the consolidated financial statements and has been
prepared in accordance with legal requirements. The disclosures pursuant to Section 243a UGB (Austrian
Commercial Code) are appropriate.
Statement
Based on our knowledge gained in the course of the audit of the consolidated financial statements and our
understanding of the Group and its environment, we did not note any material misstatements in the group
management report.
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Additional information in accordance with Article 10 AP Regulation
We were elected as auditors at the Annual General Meeting on May 28, 2024 and were appointed by the
supervisory board on August 22, 2024 to audit the consolidated financial statements of the Company for the
financial year ending on December 31, 2024.
We have been auditors of the Company, without interruption, since the consolidated financial statements as of
December 31, 2023.
We declare that our opinion expressed in the “Report on the Consolidated Financial Statements” section of our
report is consistent with our additional report to the Audit Committee, in accordance with Article 11 AP Regulation.
We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 AP Regulation) and
that we have ensured our independence throughout the course of the audit, from the audited Group.
Engagement Partner
The engagement partner is Mr Karl Braun.
Vienna
March 17, 2025
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Karl Braun m.p.
Wirtschaftsprüfer
(Austrian Chartered Accountant)
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Consolidated Income Statement
In EUR mn
Note
2024
2023
Sales revenues
6, 7
33,981
39,463
Other operating income
8
688
742
Net income from equity-accounted investments
8, 18
299
326
Total revenues and other income
34,968
40,531
Purchases (net of inventory variation)
19
–19,787
–24,222
Production and operating expenses
–3,851
–4,004
Production and similar taxes
–691
–925
Depreciation, amortization, impairments and write-ups
9
–2,994
–2,463
Selling, distribution, and administrative expenses
–2,814
–3,006
Exploration expenses
9, 10
–151
–222
Other operating expenses
11
–426
–462
Operating Result
4,254
5,226
Dividend income
32
7
10
Interest income
13, 32
455
473
Interest expenses
13, 32
–412
–415
Other financial income and expenses
13, 32
–69
–138
Net financial result
–19
–70
Profit before tax prior to solidarity contribution
4,235
5,156
Solidarity contribution on refined crude oil
2
—
–552
Profit before tax
4,235
4,604
Taxes on income and profit
14
–2,211
–2,687
Net income for the year
2,024
1,917
thereof attributable to stockholders of the parent
1,389
1,480
thereof attributable to hybrid capital owners
64
72
thereof attributable to non-controlling interests
571
366
Basic Earnings Per Share in EUR
15
4.25
4.53
Diluted Earnings Per Share in EUR
15
4.24
4.52
Consolidated Income Statement for 2024
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Consolidated Statement of Comprehensive Income
In EUR mn
Note
2024
2023
Net income for the year
2,024
1,917
Currency translation differences
511
–542
Gains (+)/losses (–) arising during the year
22
551
–542
Reclassification of gains (–)/losses (+) to the income statement
4
–40
–0
Gains (+)/losses (–) on hedges
29
–8
–360
Gains (+)/losses (–) arising during the year
–82
–320
Reclassification of gains (–)/losses (+) to the income statement
74
–40
Share of other comprehensive income of equity-accounted investments
18
2
–4
Total of items that may be reclassified (“recycled”) subsequently to
the income statement
505
–907
Remeasurement gains (+)/losses (–) on defined benefit plans
24
–16
–58
Gains (+)/losses (–) on equity investments
20
–3
–2
Gains (+)/losses (–) on hedges that are subsequently transferred to the carrying
amount of the hedged item
29
4
–27
Share of other comprehensive income of equity-accounted investments
18
2
5
Total of items that will not be reclassified (“recycled”) subsequently to
the income statement
–14
–83
Income taxes relating to items that may be reclassified (“recycled”)
subsequently to the income statement
2
83
Income taxes relating to items that will not be reclassified (“recycled”)
subsequently to the income statement
0
14
Total income taxes relating to components of other comprehensive income
22
2
97
Other comprehensive income for the year, net of tax
22
493
–893
Total comprehensive income for the year
2,517
1,025
thereof attributable to stockholders of the parent
1,808
737
thereof attributable to hybrid capital owners
64
72
thereof attributable to non-controlling interests
645
216
Consolidated Statement of Comprehensive
Income for 2024
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454
Assets
In EUR mn
Note
2024
2023
Intangible assets
16
2,023
1,779
Property, plant, and equipment
17
20,426
20,081
Equity-accounted investments
18
6,661
6,668
Other financial assets
20
2,116
1,704
Other assets
21
200
165
Deferred taxes
14
1,252
1,164
Non-current assets
32,679
31,559
Inventories
19
3,936
3,529
Trade receivables
20
2,842
3,455
Other financial assets
20
1,074
2,130
Income tax receivables
72
48
Other assets
21
1,603
1,351
Cash and cash equivalents
27
6,182
6,920
Current assets
15,709
17,432
Assets held for sale
5
425
1,671
Total assets
48,813
50,663
Equity and Liabilities
In EUR mn
Note
2024
2023
Share capital
327
327
Hybrid capital
1,986
2,483
Reserves
15,554
15,428
Equity of stockholders of the parent
17,868
18,238
Non-controlling interests
23
6,749
7,131
Total equity
22
24,617
25,369
Provisions for pensions and similar obligations
24
956
966
Bonds
26
5,720
5,534
Lease liabilities
26
1,534
1,404
Other interest-bearing debts
26
717
1,043
Provisions for decommissioning and restoration obligations
25
4,022
4,079
Other provisions
25
387
422
Other financial liabilities
26
238
316
Other liabilities
26
92
102
Deferred taxes
14
1,070
962
Non-current liabilities
14,735
14,826
Trade payables
26
3,723
3,955
Bonds
26
850
540
Lease liabilities
26
233
181
Other interest-bearing debts
26
353
427
Income tax liabilities
679
859
Provisions for decommissioning and restoration obligations
25
71
69
Other provisions
25
940
777
Other financial liabilities
26
1,047
1,424
Other liabilities
26
1,507
1,613
Current liabilities
9,404
9,846
Liabilities associated with assets held for sale
5
56
622
Total equity and liabilities
48,813
50,663
Consolidated Statement of Financial Position
as of December 31, 2024
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Consolidated Statement of Changes in Equity in 2024¹
In EUR mn
Share
capital
Capital
reserves
Hybrid
capital
Revenue
reserves
Currency
translation
differences
Hedges
Share of other
compr. income of
equity-accounted
investments
Treasury
shares
Equity of
stockholders
of the parent
Non-
controlling
interests
Total
equity
January 1, 2024
327
1,520
2,483
14,835
–844
-0
–81
–2
18,238
7,131
25,369
Net income for the year
—
—
—
1,453
—
—
—
—
1,453
571
2,024
Other comprehensive income for the year
—
—
—
–17
434
–1
3
—
419
74
493
Total comprehensive income for the year
—
—
—
1,436
434
–1
3
—
1,872
645
2,517
Dividend distribution and hybrid coupon
—
—
—
–1,732
—
—
—
—
–1,732
–711
–2,443
Changes in hybrid capital
—
—
–496
–14
—
—
—
—
–510
—
–510
Share-based payments
—
2
—
—
—
—
—
1
3
—
3
Increase (+)/decrease (–) in non-controlling interests
—
—
—
—
—
—
—
—
—
–316
–316
Reclassification of cash flow hedges to balance sheet
—
—
—
—
—
–2
—
—
–2
0
–2
December 31, 2024
327
1,522
1,986
14,525
–410
–4
–78
–1
17,868
6,749
24,617
Consolidated Statement of Changes in Equity in 2023¹
In EUR mn
Share
capital
Capital
reserves
Hybrid
capital
Revenue
reserves
Currency
translation
differences
Hedges
Share of other
compr. income of
equity-accounted
investments
Treasury
shares
Equity of
stockholders
of the parent
Non-
controlling
interests
Total
equity
January 1, 2023
327
1,517
2,483
15,076
–370
200
–82
–2
19,149
7,478
26,628
Net income for the year
—
—
—
1,551
—
—
—
—
1,551
366
1,917
Other comprehensive income for the year
—
—
—
–46
–474
–223
1
—
–743
–150
–893
Total comprehensive income for the year
—
—
—
1,505
–474
–223
1
—
808
216
1,025
Dividend distribution and hybrid coupon
—
—
—
–1,746
—
—
—
—
–1,746
–609
–2,355
Share-based payments
—
3
—
—
—
—
—
1
3
—
3
Increase (+)/decrease (–) in non-controlling interests
—
—
—
—
—
—
—
—
—
36
36
Reclassification of cash flow hedges to balance sheet
—
—
—
—
—
23
—
—
23
9
32
December 31, 2023
327
1,520
2,483
14,835
–844
-0
–81
–2
18,238
7,131
25,369
1 See Note 22 – Equity of stockholders of the parent and Note 23 – Non-controlling interests
Consolidated Statement of Changes in Equity in 2024
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Consolidated Statement of Cash Flows
In EUR mn
Note
2024
2023
Net income for the year
2,024
1,917
Depreciation, amortization, impairments and write ups
9
3,079
2,619
Deferred taxes
14
15
175
Current taxes
14
2,195
2,512
Income taxes paid
–2,374
–3,920
Tax refunds
22
41
Losses (+)/gains (–) from disposal of non-current assets and businesses
8, 11
–0
–2
Income from equity-accounted investments and other dividend income
8, 20, 32
–307
–336
Dividends received from equity-accounted investments and other companies
18, 35
784
793
Interest expenses
13, 32
148
148
Interest paid
–177
–181
Interest income
13, 32
–446
–459
Interest received
444
400
Increase (+)/decrease (–) in personnel provisions
24
–13
–102
Net change in other provisions and emissions certificates
3, 25
23
–72
Other changes
27
–110
1,106
Cash flow from operating activities excluding net working capital effects
5,308
4,638
Decrease (+)/increase (–) in inventories
19
–72
1,320
Decrease (+)/increase (–) in receivables
20, 21
729
1,043
Increase (+)/decrease (–) in liabilities
26
–508
–1,293
Changes in net working capital components
148
1,071
Cash flow from operating activities
5,456
5,709
Investments
Intangible assets and property, plant, and equipment
16, 17
–3,513
–3,487
Investments, loans, and other financial assets
20
–605
–635
Acquisitions of subsidiaries and businesses, net of cash acquired
4
–199
–52
Divestments and other investing cash inflows
Cash inflows in relation to non-current assets and financial assets
350
183
Cash inflows from the sale of subsidiaries and businesses, net of cash disposed
4
814
965
Cash flow from investing activities
–3,152
–3,027
Increase in long-term borrowings
27
990
0
Repayments of long-term borrowings
27
–1,047
–1,477
Repayment hybrid bond
27
–500
—
Increase (+)/decrease (–) in short-term borrowings
27
–113
40
Decrease in non-controlling interest
—
–1
Dividends paid to stockholders of the parent (incl. hybrid coupons)
22
–1,744
–1,746
Dividends paid to non-controlling interests
23
–717
–587
Cash flow from financing activities
–3,132
–3,771
Effect of foreign exchange rate changes on cash and cash equivalents
0
–25
Net increase (+)/decrease (–) in cash and cash equivalents
–828
–1,114
Cash and cash equivalents at beginning of year
27
7,011
8,124
Cash and cash equivalents at end of year
27
6,182
7,011
Thereof cash disclosed within assets held for sale
—
91
Cash and cash equivalents presented in the consolidated statement of
financial position
6,182
6,920
Consolidated Statement of Cash Flows for 2024
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1 | Basis of preparation
OMV Aktiengesellschaft (registered in the Austrian Register of Companies with its office based at Trabrennstraße
6–8, 1020 Vienna, Austria) is an integrated, international oil, gas, and chemicals company with activities in the
divisions Chemicals, Fuels & Feedstock, and Energy.
These financial statements have been prepared and are in compliance with IFRS Accounting Standards (IFRS) as
adopted by the EU and in accordance with the supplementary accounting regulations pursuant to Sec. 245a,
Para. 1 of the Austrian Commercial Code (UGB). The financial year corresponds to the calendar year.
The consolidated financial statements are in general based on the historical cost principle, except for certain
positions that have been measured at fair value. The accounting policies adopted are consistent with those of the
previous financial year, except where otherwise indicated.
The consolidated financial statements have been prepared in million EUR (EUR mn, EUR 1,000,000). Accordingly,
there may be rounding differences.
The consolidated financial statements for 2024 were prepared by the Executive Board of OMV on March 14, 2025
and submitted to the Supervisory Board for approval.
2 | Accounting policies, judgments, and estimates
Significant judgments and estimates
Preparation of the consolidated financial statements requires management to make estimates and judgments that
affect the amounts reported for assets, liabilities, income, and expenses, as well as the amounts disclosed in the
notes. These estimates and assumptions are based on historical experience and other factors that are deemed
reasonable at the date of preparation of these financial statements. Actual outcomes could differ from these
estimates.
Key accounting estimates, assumptions, and judgments that are involved in preparing the consolidated financial
statements are listed in the table below.
Note
Key accounting estimates and judgments
Estimate/Judgment
Note 3 – Effects of climate change and the energy
transition
Assumptions on decarbonisation pathways and commodity
prices for valuation of assets and liabilities
Estimate
Note 9 – Depreciation, amortization, impairments and
write-ups
Recoverability of non-financial assets
Estimate
Note 14 – Taxes on income and profit
Recoverability of deferred tax assets
Estimate
Note 16 – Intangible assets
Recoverability of unproved oil and gas assets
Estimate
Note 17 – Property, plant, and equipment
Estimate of oil and gas reserves
Estimate
Note 17 – Property, plant, and equipment
Prolongation and termination options in lease contracts
Judgment
Note 20 – Financial assets
Recoverability and fair value measurement of financial
assets
Estimate
Note 24 – Provisions for pensions and similar obligations
Assumptions for measurement of provisions for pensions
and similar obligations
Estimate
Note 25 – Decommissioning and other provisions
Assumptions for measurement of decommissioning and
onerous contract provisions
Estimate
Note 29 – Risk management
Classification of contracts for the purchase or sale of
natural gas as "own use contracts" outside of the scope of
IFRS 9
Judgment
Notes to the Consolidated Financial Statements
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Significant accounting policies
The accounting policies for the individual items in the balance sheet and the income statement are presented in the
respective sections of the Notes.
Principles of consolidation
The consolidated financial statements comprise the financial statements of OMV Aktiengesellschaft and the
entities it controls as well as OMV’s interests in jointly controlled and equity-accounted investments.
The financial statements of all consolidated companies are prepared in accordance with uniform Group-wide
accounting policies.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. Assets and liabilities of subsidiaries
acquired are included at their fair value at the time of acquisition. The non-controlling interests are measured at the
proportionate share of the acquiree’s identifiable net assets.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, the amount recognized for
non-controlling interest in the acquiree, and, if applicable, the fair value of the equity previously held by OMV in the
acquired entity over the net identifiable assets acquired and liabilities assumed.
Any gain on a bargain purchase is recognized in profit or loss immediately.
Associated companies and joint arrangements
Associated companies are those entities in which the Group has a significant influence, but no control or joint
control over the financial and operating policies. Joint arrangements, which are arrangements of which the Group
has joint control together with one or more parties, are classified into joint ventures or joint operations. Joint
ventures are joint arrangements in which the parties that share control have rights to the net assets of the
arrangement. Joint operations are joint arrangements in which the parties that share joint control have rights to the
assets, and obligations for the liabilities, relating to the arrangement.
Investments in associated companies and joint ventures are accounted for using the equity method, under which
the investment is initially recognized at cost and subsequently adjusted for the Group’s share of the profit or loss
less dividends received and the Group’s share of other comprehensive income and other movements in equity.
Significant joint exploration and production activities in the E&P business in the Energy segment are conducted
through joint operations that are not structured through a separate vehicle. For these joint operations, OMV
recognizes in the consolidated financial statements its share of the assets held and liabilities and expenses incurred
jointly with the other partners, as well as the Group’s income from the sale of its share of the output and any
liabilities and expenses that the Group has incurred in relation to the joint operation. Acquisitions of interests in a
joint operation, in which the activity of the joint operation constitutes a business, are accounted for according to the
relevant IFRS 3 principles for business combination accounting.
In addition, there are contractual arrangements similar to joint operations that are not jointly controlled and
therefore do not meet the definition of a joint operation according to IFRS 11. This is the case when the main
decisions can be taken by more than one combination of affirmative votes of the involved parties or where one
other party has control. OMV assesses whether such arrangements are within or outside the scope of IFRS 11 on
the basis of the relevant legal arrangements such as concession, license, or joint operating agreements which
define how and by whom the relevant decisions for these activities are taken. The accounting treatment for these
arrangements is basically the same as for joint operations. As acquisitions of interests in such arrangements are not
within the scope of IFRS 3, OMV’s accounting policy is to treat such transactions as asset acquisitions.
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Foreign currency translation
Monetary foreign currency balances are measured at closing rates, and exchange gains and losses accrued at the
statement of financial position date are recognized in the income statement.
The financial statements of Group companies with functional currencies that differ from the Group’s presentation
currency are translated using the closing rate method. Differences arising from statement of financial position
items translated at closing rates are disclosed in other comprehensive income. Income statement items are
translated at average rates for the period. The use of average rates for the income statement creates additional
differences compared to the application of the closing rates in the statement of financial position, and these are
directly adjusted in other comprehensive income.
The most significant rates applied in translating currencies to EUR were as follows:
Foreign currency translation
2024
2023
Statement of
financial
position date
Average
Statement of
financial
position date
Average
Hungarian forint (HUF)
411.350
395.300
382.800
381.850
New Zealand dollar (NZD)
1.853
1.788
1.750
1.762
Norwegian krone (NOK)
11.795
11.629
11.241
11.425
Romanian leu (RON)
4.974
4.975
4.976
4.947
Swedish krona (SEK)
11.459
11.433
11.096
11.479
US dollar (USD)
1.039
1.082
1.105
1.081
Solidarity contribution on refined crude oil
As a direct consequence of the energy crisis in Europe, regulatory measures like price caps, subsidy schemes, and
the EU solidarity contribution have been implemented in some of the countries in which the OMV Group is active.
The Council Regulation (EU) 2022/1854 introduced a solidarity contribution, which was transposed into the local
legislation of the member states and was applicable for 2022 and/or 2023.
On May 12, 2023, law no. 119/2023 for the approval of the Government Emergency Ordinance 186/2022 to
implement the EU regulation regarding the solidarity contribution was published in the Official Gazette in Romania.
For companies that produce and refine crude oil, the law introduced the obligation to pay a contribution of RON 350
for each ton of crude oil processed during 2022 and 2023.
In 2023, a solidarity contribution totaling EUR 552 mn was recognized for the quantities of crude oil processed
during 2022 (EUR 300 mn) and 2023 (EUR 252 mn).
The aim of the EU regulation was to introduce a solidarity contribution that tackles surplus profits. However, the
solidarity contribution in Romania was not based on profits but on quantities of processed crude oil and therefore
did not fall within the scope of IAS 12 – Income taxes. Due to its specific nature, the solidarity contribution in
Romania was not presented in the Consolidated Income Statement as part of the operating result, but as a separate
line above the “Taxes on income and profit” line.
Changes in accounting policies
The Group adopted the following amendments to IFRS starting on January 1, 2024:
Amendments to IAS 1: Classification of Liabilities as Current and Non-Current
Amendments to IAS 1: Non-Current Liabilities with Covenants
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Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements
The amendments did not have any material impact on OMV’s Group financial statements.
New and amended accounting standards that are not yet mandatory
OMV has not applied the following standards and amendments to standards that have been issued but are not yet
effective. EU endorsement is still pending in some cases.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 – Presentation of Financial Statements and applies for annual reporting periods beginning
on or after January 1, 2027. Even though IFRS 18 will not impact the recognition or measurement of items in the
financial statements, its impacts on presentation and disclosure are expected to be significant.
OMV is currently assessing the detailed implications of applying the new standard on the Group’s consolidated
financial statements. From the high-level preliminary assessment performed, the following potential impacts have
been identified:
OMV expects that grouping items of income and expenses in the income statement into the new categories will
impact how the operating result is calculated and reported. The main impact will be related to the net income
from equity-accounted investments, which will, in the future, be reported in the investing category and therefore
no longer included in the operating result. However, there will not be any impact on the Group’s net income.
In the cash flow statement, the main impact will come from changes to the presentation of interest received and
paid and dividends received. Interest and dividends received will be presented as cash flows from investing
activities, which is a change from their current presentation as part of cash flow from operating activities. Interest
paid will be presented as cash flow from financing activities and no longer presented within cash flow from
operating activities.
New disclosures will be required for management-defined performance measures. In addition, a break-down of
the defined nature of expenses for line items presented by function in the operating category of the consolidated
income statement will be disclosed.
OMV will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective application is
required, and so the comparative information for the financial year ending December 31, 2026, will be restated in
accordance with IFRS 18.
Other accounting standards
The following amended accounting standards are not expected to have a significant impact on the Group’s
consolidated financial statements:
Amendments to IFRS
IASB effective date
Amendments to IAS 21: Lack of Exchangeability
January 1, 2025
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11
January 1, 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
January 1, 2026
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3 | Effects of climate change and the energy transition
OMV has considered the short- and long-term effects of climate change and the energy transition in preparing the
consolidated financial statements. They are subject to uncertainty, and they may have a significant impact on the
assets and liabilities currently reported by the Group.
The Group is exposed to climate risks and risks associated with the energy transition, including risks for stranded
assets, decrease in demand for fossil products, and regulatory risks. The risks from climate change and their
management are described in the Directors’ Report.
OMV’s targets and commitments to decarbonization
In 2022, OMV defined quantitative short-, medium-, and long-term targets for its emissions reductions and
committed to becoming a net-zero emissions company by 2050 (Scopes 1, 2, and 3). For Scope 1 and 2 emissions,
OMV is aiming for an absolute reduction of at least 30% by 2030 and of at least 60% by 2040. For the defined
categories in Scope 3 emissions, OMV is striving for a reduction of at least 20% by 2030 and of 50% by 2040.1 These
absolute GHG emissions reductions and the increase in zero-carbon product energy sales are the key to reducing
the carbon intensity of OMV’s energy supply. In 2024, OMV revised its carbon intensity target until 2030 due to a
shift in the timeline of projects and pursues now a decline of 15- 20% by 2030. For 2040, OMV continues to target a
50% decrease in its carbon intensity of energy supply.2
According to the most recent mid-term planning, OMV plans to invest organic capital expenditure of approximately
EUR 9.2 bn in 2025–2029 for projects relating to sustainable business transformation, development of low-carbon
business solutions, and energy efficiency measures.
Effects on estimation uncertainty
The significant accounting estimates performed by management incorporate the future effects of OMV’s own
strategic decisions and commitments on having its portfolio aligned with the energy transition targets, short and
long-term impacts of climate risks and the energy transition to lower carbon energy sources, together with
management’s best estimate on global supply and demand, including forecast commodities prices.
Nevertheless, there is significant uncertainty surrounding the changes in the mix of energy sources over the next 30
years and the extent to which such changes will meet the ambitions of the Paris Agreement. While companies can
commit to such ambitions, financial reporting under IFRS requires the use of assumptions that represent
management’s current best estimate of the range of expected future economic conditions, which may differ from
such targets. These assumptions include expectations of future worldwide decarbonization efforts and the
transition of economies to net zero emissions.
OMV uses two different scenarios: the base case and the “net zero emissions by 2050” case. The scenarios differ in
the underlying expectations of the pace of future worldwide decarbonization and lead to different assumptions for
demand, prices, and margins of fossil commodities.
The base case is guided by the IEA Announced Pledges Scenario (APS), which assumes that all decarbonization
pledges announced by governments around the world will be implemented in full and on time.3 In this scenario, the
temperature increase by 2100 will be limited to 1.7°C with a probability of 50%. Underlying supply and demand are
1 The following Scope 3 categories are included: category 11 – Use of sold products for energy supply, category 1 – Purchased goods (feedstocks), and category 12 – End of life of sold
products for non-energy use.
2 The base for the emissions reduction targets are the Group’s emissions in 2019 adjusted for the emissions of Borealis in which OMV acquired a majority stake in 2020.
3 Based on the World Energy Outlook 2024 report published by the IEA.
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inspired by APS and the corresponding price assumptions were developed by the internal Strategic Intelligence
department. The base case is used for mid-term planning as well as for estimates relating to the measurement of
various items in the Group financial statements, including impairment testing of non-financial assets and the
measurement of provisions.
The “net zero emissions by 2050” case, which is based on a faster decarbonization path than the base case is used
for calculating sensitivities in order to recognize the uncertainty of the pace of the energy transition and to better
understand the financial risk of the energy transition on OMV’s existing assets. The assumptions used in this case
are in line with the Net Zero Emissions by 2050 (NZE) scenario modeled by the IEA, where available.3 It shows a
pathway for the global energy sector to achieve net zero GHG emissions by 2050 and is compatible with limiting
the temperature increase to 1.5°C.
For investment decisions, business cases are calculated using the price and demand assumptions according to the
base case, along with the aim to reach a net-zero status by 2050. These assumptions are the same as for mid-term
planning and impairment tests. In addition, a stress test based on the commodity price assumptions of the “net zero
emissions by 2050” scenario is mandatory for all investment decisions in order to assess the risk of stranded assets
in this decarbonization scenario.
Recoverability of assets
The following table summarizes the carrying amounts of the Group’s intangible assets (incl. goodwill), PPE, and
equity-accounted investments disaggregated according to the type of assets:
Carrying amounts as of December 31
In EUR mn
Segment
Intangible
assets (incl.
goodwill)
Property, plant
and equipment
Equity-
accounted
investments
2024
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
1,047
6,087
4,777
Refining
F&F
185
3,508
1,524
Retail
F&F
45
1,285
—
Oil and gas exploration and evaluation
Energy
285
—
—
Oil and gas production
Energy
360
8,679
288
Gas storages and power plant
Energy
16
515
0
Other
85
352
72
Total
2,023
20,426
6,661
2023
Chemical production and recycling (incl. chemical part of refineries)
Chemicals
975
5,643
4,747
Refining
F&F
101
3,255
1,655
Retail
F&F
23
1,129
—
Oil and gas exploration and evaluation
Energy
270
—
—
Oil and gas production
Energy
356
9,313
264
Gas storages and power plant
Energy
17
523
0
Other
38
217
2
Total
1,779
20,081
6,668
Commodity price assumptions have a significant impact on the recoverable amounts of E&A assets, PPE, and
goodwill. For the impairment tests, the price set as defined for mid-term planning and derived from the base case
as described above was used. Costs for CO2 emissions are taken into account to the extent that carbon pricing
schemes are in place in the respective countries. Disclosures on the impairment tests are included in
Note 9 – Depreciation, amortization, impairments and write-ups.
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The base case price assumptions and the EUR–USD exchange rates used for impairment testing are listed below (in
2024 real terms for 2024 and 2023 real terms for 2023):
2024 Price assumptions for base case and impairment testing
2025
2026
2027
2028
2029
2030
2040
2050
Brent oil price (USD/bbl)
73
72
71
69
68
67
63
56
EUR–USD exchange rate
1.10
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
67
63
61
60
59
58
55
48
Gas price THE (EUR/MWh)
32
30
26
23
23
22
24
24
CO2 price EUA (EUR/t)
69
86
104
111
118
125
147
147
2023 Price assumptions for base case and impairment testing
2024
2025
2026
2027
2028
2030
2040
2050
Brent oil price (USD/bbl)
78
71
65
64
59
59
55
55
EUR–USD exchange rate
1.10
1.10
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
71
65
57
56
51
51
48
48
Gas price THE (EUR/MWh)
44
38
34
25
22
22
22
22
CO2 price EUA (EUR/t)
92
99
106
112
118
130
144
144
Sensitivities based on the “net zero emissions by 2050” climate scenario have been calculated to test the resilience
of assets against the risks of the energy transition.
The assumptions used in the sensitivity analysis are included in the table below (prices in 2024 real terms):
2024 Price assumptions for “net zero emissions by 2050” sensitivities
2025
2026
2027
2028
2029
2030
2040
2050
Brent oil price (USD/bbl)
64
58
52
47
42
38
30
23
EUR–USD exchange rate
1.10
1.15
1.15
1.15
1.15
1.15
1.15
1.15
Brent oil price (EUR/bbl)
58
50
45
41
37
33
26
20
Gas price THE (EUR/MWh)
24
22
20
18
16
14
14
14
CO2 prices (EUR/t):
EUA/Advanced economies with net zero pledges
88
98
107
117
125
134
191
231
Emerging and developing economies with net zero
pledges
35
44
53
64
74
86
149
185
Selected emerging and developing economies
8
11
13
17
20
24
79
166
Other emerging and developing economies
4
6
8
10
12
14
33
51
The “net zero emissions by 2050” sensitivities for oil and gas assets were calculated using a simplified method and
are based on a discounted cash flow model in line with the impairment testing calculations. The cash flows are
based on adjusted mid-term planning for the next five years and life of field planning for the remaining years until
abandonment. The “net zero emissions by 2050” case does not include any changes to input factors other than
prices and volumes. The calculation considers an earlier economic cut-off date for oil and gas fields if the revenues
impacted by lower prices are not sufficient to cover the costs. But it especially does not take into account any
restructurings, cost reduction measures, divestments, or other changes in the business plans that are not included
in the base case. The amounts presented therefore should not be seen as a best estimate of an expected
impairment impact following such a scenario.
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The CO2 costs considered for oil and gas assets are based on the CO2 prices in the IEA NZE by 2050 scenario. CO2
costs are included for 100% of OMV’s share of direct emissions, except for emissions from E&P Austria and Romania
where CO2 costs are only considered to the extent that the activities are within the scope of the European
Emissions Trading Scheme (ETS) in the years until 2030 and for 100% of OMV’s share of direct emissions after 2030.
The sensitivities calculated based on the “net zero emissions by 2050” case indicate that there is a risk of
impairments of oil and gas assets. The carrying amounts of the oil and gas assets with proved reserves (incl. E&P at-
equity investments) would decrease by EUR 4.2 bn and goodwill would decrease by EUR 0.1 bn. In addition, all oil
and gas assets with unproved reserves would be abandoned with a pre-tax loss of EUR 0.3 bn. The total post-tax
impact on profit or loss would be EUR 3.1 bn.
As far as the Chemicals segment is concerned, management would not foresee negative effects on the overall
demand of polyolefin solutions in the accelerated decarbonization scenario. Pricing of polyolefins is mainly driven
by base chemical markets like naphtha, ethane, and propane. An accelerated change in the world’s energy
landscape might lead to different price movements in those relevant base chemicals, temporarily affecting the
profitability of some assets in the polyolefin value chain. Due to the expected strong demand for polyolefin
solutions, management does not foresee any substantial negative effects on the overall integrated value chain.
OMV plans to transform its European refineries so that they will stay competitive as the decarbonization of the fuels
and chemical sector progresses. Crude oil distillation throughput will be decreased. The product mix will be
adapted to reduce heating oil and diesel output while increasing the chemical yield. In parallel, a production
portfolio of renewable fuels and sustainable chemical feedstocks will be developed. It is expected that declines in
demand for fossil products caused by the energy transition will progress more slowly in the markets in the Middle
East and Asia to which ADNOC Refining has access.
Given the high level of uncertainty and the complexity of the interplay between various driving factors in a “net zero
emissions by 2050” climate scenario for refineries, sensitivities based on changes in margins and utilization rates are
disclosed.
OMV refining indicator margins applied for impairment testing by reference to value in use average USD 6.0/bbl for
the six years until 2030 and gradually decline thereafter. All other things being equal, a change of USD –1.0/bbl or
+1.0/bbl to refining margins over the entire cash flow projection period and in the terminal value would result in a
pre-tax impairment of EUR 0.3 bn or no impairment reversals of the refinery Petrobrazi in Romania and no
impairment or impairment reversal of the refineries in Austria and Germany.
The utilization rates assumed in the impairment tests of the European refineries average 91% for the six years until
2030 and gradually decline in the long term. All other things being equal, a change of –10% or +10% in the utilization
rates over the entire cash flow projection period and in the terminal value would result in a pre-tax impairment of
EUR 0.2 bn or no impairment reversals of the refinery Petrobrazi in Romania and no impairment or impairment
reversal of the refineries in Austria and Germany.
In the impairment test for the investment in ADNOC Refining (including ADNOC Trading), gross refining margins are
assumed at an average of USD 9.4/bbl for the six years until 2030 and slightly lower thereafter. All other things
being equal, a change of USD –1.0/bbl or +1.0/bbl to gross refining margins over the entire cash flow projection
period and in the terminal value would result in an impairment of the investment in ADNOC Refining of EUR 0.3 bn
or an impairment reversal of up to EUR 0.6 bn, respectively.
For retail, cash flows of less than ten years were sufficient to demonstrate the recoverability of the carrying
amounts of the assets currently held. Consequently, there was no need to perform a calculation under the “net zero
emissions by 2050” scenario.
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Useful life
The pace of the energy transition may have an impact on the remaining useful life of assets. The majority of fixed
assets in the Chemicals business will be fully depreciated over the next 10 years or less. The depreciable fixed
assets in the refineries will in average be fully depreciated over the next 9 years and in retail over the next 5 to 11
years. Demand for petroleum and chemical products is expected to stay robust over this period of time. In addition,
OMV has already started implementing an investment program to transform its refinery and retail assets. It is
therefore predicted that the energy transition will not have a material impact on the expected useful life of existing
property, plant, and equipment in the F&F and Chemicals segments.
In the Energy segment, oil and gas assets are depreciated using the unit-of-production method which is based on
proved reserves. According to the current production plans, 41% of proved reserves as of December 31, 2024, will
be left by 2030, 8% by 2040, and 2% by 2050. The existing oil and gas assets with proved reserves (without
considering any future investments) will therefore be significantly depreciated by 2030 and, with the exception of
one field, fully depreciated by 2050.
Decommissioning provisions
The carrying amounts and maturity profile of decommissioning provisions are as follows:
Estimation of maturities and cash outflows of decommissioning and restoration obligations1
In EUR mn
2024
2023
Carrying
amount
Undiscounted
inflated costs
Carrying
amount
Undiscounted
inflated costs
≤1 year
71
76
69
78
1–10 years
1,617
2,340
1,239
1,762
11–20 years
1,923
4,315
2,421
4,673
21–30 years
296
791
233
730
>30 years
187
753
185
679
Total
4,093
8,275
4,148
7,922
1 Mainly related to decommissioning and restoration obligations in the Energy business segment
The speed of the energy transition will influence the timing of the decommissioning of oil and gas facilities. In the
“net zero emissions by 2050” scenario, some oil and gas fields could be shut down earlier. Given the low real
interest rates used in the calculation and assuming a similar yearly abandonment capacity, there would not be any
material impact on the book value of the decommissioning provisions.
For refinery and chemical sites built on owned land, no decommissioning provisions are recognized because these
plants are long-lived assets that will continue to be used in an energy transition scenario. For OMV’s European
refinery sites, there are significant investments planned in the coming years with the goal of transforming them in
the direction of renewable fuels and chemical feedstock production with deeper chemicals integration.
Furthermore, ADNOC Refining is expected to continue to operate under a Paris-aligned scenario because of its
favorable positioning in the market.
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Deferred tax assets
In the “net zero emissions by 2050” scenario, based on the simplified recoverability analysis, deferred tax assets
related to additional impairments would for the most part be considered recoverable. No material effects with
respect to the net deferred tax asset position of the Austrian tax group would be expected.
Impact on ability to pay dividends
The management assessed the impact of the “net zero emissions by 2050” scenario on the ability of OMV
Aktiengesellschaft to pay dividends. The potential impairment loss in this scenario in the period 2024 would not
impact the ability to pay dividends in 2025 because of the strong result and financial reserves at the level of the
stand-alone financial statements of OMV Aktiengesellschaft which are the basis for dividend payments.
Emissions certificates and CO2 costs
Accounting policy
Emission allowances are measured at cost and presented within other short-term assets. Certificates
received free of charge from government authorities (EU Emissions Trading Scheme for greenhouse
gas emission allowances) are recognized with acquisition costs of zero.
The emissions caused create an obligation to surrender emission rights. A provision is created for this
obligation, which is valued at the acquisition costs of the emissions certificates held, forward prices of
open forward purchases, and, for any remaining shortfall, at the market value.
Directive 2003/87/EC of the European Parliament and the European Council established a greenhouse gas
emissions trading scheme, requiring member states to draw up national plans to allocate emissions certificates. The
directive sets up a cap-and-trade system, where a cap is placed on the total amount of certain greenhouse gases
that can be emitted by installations covered by the system. Companies report their emissions annually and
surrender enough allowances to cover their emissions. Under this scheme, affected OMV Group companies are
entitled to a yearly allocation of free emissions certificates and purchase additional certificates for any remaining
shortfall.
The New Zealand government established a greenhouse gas emissions trading scheme under the Climate Change
Response Act 2002. Under this scheme, New Zealand companies are not entitled to receive free emissions
certificates. OMV has purchased certificates to meet its own use liability. Apart from purchased certificates, each
sale of gas to domestic customers in New Zealand creates an obligation for OMV. To meet this obligation, OMV
receives emissions certificates from these customers. The certificates received are treated as pass-through items.
In Germany, the Fuel Emissions Trading Act (BEHG; Brennstoffemissionshandelsgesetz) is the basis for the national
emissions trading scheme for the heating and transport sectors. It obliges companies that place fuels on the market
to acquire fee-based certificates from the German Emissions Trading Authority (DEHSt, Deutsche
Emissionshandelsstelle). The certificates are currently not eligible for trading and there are no free allocations.
Total expensed CO2 costs and carbon taxes amounted to EUR 474 mn in 2024 (2023: EUR 368 mn). The provisions
for CO2 emissions are presented within current other provisions and amounted to EUR 509 mn in 2024 (2023:
EUR 437 mn).
In 2025, OMV expects to surrender 8,194 thousand emissions certificates from the European Emissions Trading
Scheme, 3,867 thousand BEHG certificates, and 1,683 thousand NZ certificates for (not yet externally verified)
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emissions, of which 1,506 thousand emissions certificates are expected to be received from customers in New
Zealand.
Emissions certificates1
Number of certificates, in thousands
2024
2023
European
Trading
Scheme
NZ
Trading
Scheme
DE
Trading
Scheme
European
Trading
Scheme
NZ
Trading
Scheme
DE
Trading
Scheme
Certificates held as of January 1
11,506
2,079
3,472
13,569
1,901
3,183
Free allocation for the year
3,588
—
—
5,541
—
—
Certificates surrendered2
–7,618
–2,730
–3,668
–9,743
–2,292
–3,504
Net purchases and sales during the year
3,424
26
3,836
3,429
156
3,793
Certificates received from customers
—
1,983
—
—
2,314
—
Changes in the consolidated group3
—
—
—
–1,292
—
—
Certificates held as of December 31
10,899
1,358
3,640
11,506
2,079
3,472
1 One certificate entitles the holder to emit 1 t of green house gases (in CO2e) during a defined period of time.
2 According to verified emissions for the prior year.
3 Relates to the sale of the nitrogen business in Borealis in 2023.
4 | Significant changes in Group structure
A full list of OMV investments and changes in the consolidated group can be found in Note 38 – Direct and indirect
investments of OMV Aktiengesellschaft. Major changes to the consolidated Group are described below.
Acquisitions – Business Combinations
During 2024, OMV finalized the acquisition of 100% of the shares in the following companies, for which the rules of
IFRS 3 – Business Combinations have been applied. They have been fully consolidated in the Group’s financial
statements:
March 28, 2024: Integra Plastics AD (after acquisition renamed Integra Plastics EAD), which operates a modern
advanced mechanical recycling plant built in 2019 with state-of-the-art equipment and an annual output capacity
of more than 20 kt. Integra Plastics EAD has the ability to transform post-consumer waste into high-quality
polyolefin recyclates suitable for demanding applications.
May 31, 2024: Renovatio Asset Management S.R.L, which owns the largest charging network for electric vehicles
in Romania.
July 25, 2024: AP-NewCo GmbH (after acquisition renamed AP Truck Mobility GmbH), which owns a filling
stations network in Austria.
September 27, 2024: Intertrans Karla S.R.L., Bridgeconstruct S.R.L., and ATS Energy S.A., which owns 18 MW
operational capacity of renewable energy assets consisting of wind power and hydropower plants.
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Aggregated financial information for those acquisitions is displayed in the following table:
Fair values of net assets acquired
In EUR mn
2024
Non-current assets
89
Current assets
34
Total assets
123
Non-current liabilities
16
Current liabilities
42
Total liabilities
58
Net assets acquired
65
Total purchase price consideration
167
Goodwill
102
Consideration and fair value of the assets acquired and liabilities assumed for the above mentioned business
combinations, with exception of AP-NewCo GmbH, are measured on a provisional basis. The goodwill of
EUR 102 mn was mainly associated with the acquisition of AP-NewCo GmbH and primarily arises from expected
synergies, leveraging refinery utilization and enhanced planning flexibility provided by AP filling stations as volume
outlets.
Divestments
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn.
Bhd. to TotalEnergies. The transaction led in 2024 to a gain of EUR 59 mn recognized in the line “Other operating
income” in the Consolidated Income Statement in the Energy segment and included FX recycling effects.
Cash flow impact of changes in Group structure
In addition to the acquisitions accounted for as business combinations, the line “Acquisitions of subsidiaries and
businesses, net of cash acquired” in the Consolidated Statement of Cash Flows contained the acquisitions of
subsidiaries outside the scope of IFRS 3. In 2024, acquisitions outside the scope of IFRS 3 were mainly related to JR
Constanta SRL, JR Solar Teleorman SRL and JR TELEORMAN SRL. See Note 38 – Direct and indirect investments of
OMV Aktiengesellschaft for further details.
Cash flow from investing activities contained an inflow of EUR 766 mn related to the divestment of SapuraOMV
Upstream Sdn. Bhd., consisting of EUR 886 mn consideration received less EUR 120 mn cash disposed.
Further details are presented in the following tables:
Cash impact from the acquisition of subsidiaries and businesses
In EUR mn
2024
Consideration paid
–213
Less cash acquired
14
Acquisitions of subsidiaries and businesses, net of cash acquired
–199
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Cash impact from the sale of subsidiaries and businesses
In EUR mn
2024
Consideration received
934
Less cash disposed
–120
Cash inflows from the sale of subsidiaries and businesses, net of cash disposed
814
Net assets of disposed subsidiaries and businesses
In EUR mn
2024
Non-current assets
1,500
Current assets
236
Non-current liabilities
407
Current liabilities
151
Net assets
1,178
5 | Assets and liabilities held for sale
Accounting policy
Non-current assets and disposal groups are classified as held for sale if their carrying amounts are to
be realized by sale rather than through continued use. This is the case when the sale is highly probable,
and the asset or disposal group is available for immediate sale in its present condition. At OMV, these
conditions are normally considered not to be fulfilled before binding offers from interested parties are
received.
Non-current assets and disposal groups classified as held for sale are measured at the lower of
carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets
once classified as held for sale are no longer amortized or depreciated and investments in associates
and joint ventures are no longer accounted for at equity.
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Assets and liabilities held for sale
In EUR mn
Energy
OMV
Group
2024
Intangible assets
31
31
Property, plant and equipment
385
385
Non-current assets
416
416
Inventories
2
2
Other assets
7
7
Current assets
9
9
Total assets
425
425
Provisions for decommissioning and restoration obligations
2
2
Other liabilities
18
18
Non-current liabilities
19
19
Other liabilities incl. provisions
37
37
Current liabilities
37
37
Total liabilities
56
56
Assets and liabilities held for sale
In EUR mn
Sapura
OMV
Yemen
Energy
OMV
Group
2023
Intangible assets
272
—
272
Property, plant, and equipment
1,059
8
1,067
Other assets incl. deferred taxes
4
2
6
Non-current assets
1,335
10
1,345
Inventories
1
21
22
Trade receivables
30
0
30
Other assets
153
31
184
Cash at bank and in hand
88
3
91
Current assets
272
55
327
Total assets
1,607
65
1,671
Provisions for pensions and similar obligations
—
15
15
Provisions for decommissioning and restoration obligations
6
—
6
Other liabilities incl. provisions
0
10
10
Deferred taxes
319
—
319
Non-current liabilities
325
25
351
Trade payables
208
9
217
Provisions for decommissioning and restoration obligations
2
—
2
Other liabilities incl. provisions
36
17
52
Current liabilities
245
26
271
Total liabilities
571
51
622
Energy
On December 9, 2024, the sale of OMVs 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to
TotalEnergies was finalized. For further details please refer to Note 4 – Significant changes in Group structure.
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In 2024, OMV decided to no longer pursue the sale of its Yemen entities and consequently they were reclassified
back from assets held for sale and liabilities associated with assets held for sale.
A divestment process that has been initiated in 2024 for an oil and gas asset in the Energy segment, which led to
the reclassification to held for sale. Based on the fair value less costs to sell, an impairment in the amount of
EUR 125 mn was recognized. Assets held for sale and liabilities associated with assets held for sale as of December
31, 2024 were fully related to this divestment process.
6 | Segment Reporting
Accounting Policy
For business management purposes, OMV is divided into three operating business segments as well as
the segment Corporate and Other (C&O). Each segment represents a strategic unit and operates in
different markets. Each Business Segment is managed independently. Strategic business decisions are
made by the Executive Board of OMV. With the exception of C&O, the reportable segments of OMV
are the same as the operating segments.
Total assets include intangible assets as well as property, plant, and equipment. Sales to external
customers are split up according to geographical areas on the basis of where the risk is transferred to
customers. The net revenues of commodity trading activities within the scope of IFRS 9 and hedging
results are reported in the country in which the reporting subsidiary is located. Accounting policies of
the operating segments are the same as those described in the summary of significant accounting
policies, with certain exceptions for intra-group sales and cost allocations by the parent company,
which are determined in accordance with internal OMV policies. Management is of the opinion that the
transfer prices of goods and services exchanged between segments correspond to market prices.
Business transactions not attributable to operating segments are included in the results of the C&O
segment.
Business operations and key markets
The Chemicals business segment is one of the world’s leading providers of advanced and circular polyolefin
solutions and a European market leader in base chemicals and plastics recycling.
OMV Group has a production capacity, including joint ventures, of 7.0 mn t of base chemicals, 6.4 mn t of
polyolefins, and 0.8 mn t of compounding. The majority of production is located in Europe, with two overseas
manufacturing facilities in the United States, one in Brazil, and one in South Korea. In addition, OMV holds minority
stakes in various equity-accounted investments, the most significant ones being Borouge (United Arab Emirates), a
Borealis joint venture with ADNOC that operates the largest petrochemical complex in the world, and the Baystar
joint venture (Pasadena, United States), which has operated an ethane cracker since 2022 and started up an
additional polyethylene plant using the unique Borstar® technology in 2023.
OMV Group is pursuing various initiatives in mechanical and chemical recycling and renewable polyolefins. Borealis
is building a propane dehydrogenation plant in Belgium to leverage expected growth in propylene demand in
Europe. The new facility will have a production capacity of 0.7 mn t of propylene. Together with ADNOC, Borealis is
building Borouge 4 (Ruwais, United Arab Emirates), an ethane-based steam cracker with a capacity of 1.5 mn t
(OMV share 0.6 mn t) and polyolefin plants with a capacity of 1.4 mn t (OMV share 0.6 mn t) using the unique
Borstar® technology.
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The Fuels & Feedstock (F&F) business segment refines and markets crude oil and other feedstock. It operates
refineries with an annual capacity of 17.8 mn t in Schwechat (Austria), Burghausen (Germany), and Petrobrazi
(Romania). In these refineries, crude oil is processed into petroleum products, which are sold to commercial and
private customers.
OMV has a strong position in the markets located within the areas of its supply, serving commercial customers and
operating a retail business of 1,702 filling stations.
OMV holds minority stakes in various equity-accounted investments, the most significant being the 15%
participation in ADNOC Refining (United Arab Emirates) with an annual capacity of 7.1 mn t (OMV share).
Energy operates three businesses in three core regions: North, CEE, and South. The Exploration & Production
business focuses on the exploration, development, and production of crude oil, natural gas liquids, and natural gas.
The Gas business manages a comprehensive natural gas sales and logistics network from the wellhead to the end
customer, including trading and the Group’s power activities. The Energy segment’s Low Carbon Business develops
sustainable energy sources, such as geothermal projects, Carbon Capture and Storage, and renewable power
solutions.
Group management, financing, and insurance activities, as well as certain service functions, are concentrated in the
Corporate & Other (C&O) segment.
One of the key measures of operating performance for the Group is the Clean CCS Operating Result.
The disclosure of special items is considered appropriate in order to facilitate analysis of ordinary business
performance. To reflect comparable figures, certain items affecting the result are added back or deducted. These
items can be divided into four subcategories: personnel restructuring, unscheduled depreciation and write-ups,
asset disposals, and other.
Furthermore, to enable effective performance management in an environment of volatile prices and comparability
with peers, the CCS effect is eliminated from the accounting result. The CCS effect, also called inventory holding
gains and losses, is the difference between the cost of sales calculated using the current cost of supply, and the
cost of sales calculated using the weighted average method after adjusting for any changes in valuation
allowances. In volatile energy markets, measuring of the costs of petroleum products sold based on historical
values (e.g., weighted average cost) can have distorting effects on reported results. This performance measurement
enhances the transparency of results and is commonly used in the oil industry. OMV therefore publishes this
measure in addition to the Operating Result determined according to IFRS.
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Segment reporting
In EUR mn
2024
Chemicals
F&F
Energy
C&O
Total
Consoli-
dation
OMV
Group
Sales revenues1
9,431
18,765
12,587
503
41,286
–7,305
33,981
Intersegmental sales
–1,007
–2,210
–3,603
–485
–7,305
7,305
—
Sales to third parties
8,424
16,554
8,984
18
33,981
—
33,981
Other operating income
102
90
433
63
688
—
688
Net income from equity-accounted investments
178
79
43
—
299
—
299
Depreciation and amortization
599
489
1,307
41
2,435
—
2,435
Impairment losses (incl. exploration & appraisal)
16
18
620
1
654
—
654
Write-ups
—
16
–0
—
15
—
15
Operating Result
404
709
3,205
–80
4,238
16
4,254
Special items for personnel restructuring
8
0
6
—
15
—
15
Special items for unscheduled depreciation and
write-ups
16
16
472
—
504
—
504
Special items for asset disposal
—
—
–23
—
–23
—
–23
Other special items
31
82
149
6
268
—
268
Special items
55
98
605
6
764
—
764
Clean Operating Result
459
808
3,810
–73
5,003
16
5,018
CCS effect
—
119
—
—
119
4
123
Clean CCS Operating Result
459
927
3,810
–73
5,122
19
5,141
Segment assets2
7,134
5,023
10,031
261
22,449
—
22,449
Additions to PPE/IA3
1,087
871
1,679
59
3,697
—
3,697
Equity-accounted investments4
4,777
1,530
355
—
6,661
—
6,661
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
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Segment reporting
In EUR mn
2023
Chemicals
F&F
Energy
C&O
Total
Consoli-
dation
OMV
Group
Sales revenues1
9,650
20,186
17,038
471
47,346
–7,883
39,463
Intersegmental sales
–1,305
–2,433
–3,694
–451
–7,883
7,883
—
Sales to third parties
8,345
17,753
13,344
20
39,463
—
39,463
Other operating income
129
336
208
69
742
—
742
Net income from equity-accounted investments
101
296
–71
—
326
—
326
Depreciation and amortization
541
425
1,434
40
2,439
—
2,439
Impairment losses (incl. exploration & appraisal)
126
7
231
1
365
—
365
Write-ups
—
—
189
0
189
—
189
Operating Result
–120
1,671
3,771
–65
5,257
–31
5,226
Special items for personnel restructuring
5
0
—
—
6
—
6
Special items for unscheduled depreciation and
write-ups
135
—
–91
—
44
—
44
Special items for asset disposal
12
–221
—
—
–208
—
–208
Other special items
62
74
677
14
827
—
827
Special items
214
–146
586
14
668
—
668
Clean Operating Result
94
1,525
4,357
–51
5,925
–31
5,894
CCS effect
—
126
—
—
126
4
130
Clean CCS Operating Result
94
1,651
4,357
–51
6,050
–27
6,024
Segment assets2
6,618
4,508
10,488
246
21,859
—
21,859
Additions to PPE/IA3
1,110
986
1,585
54
3,736
—
3,736
Equity-accounted investments4
4,747
1,655
266
—
6,668
—
6,668
1 Including intersegmental sales
2 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
3 Excluding additions to assets reclassified to held for sale and additions to decommissioning assets
4 Excluding assets held for sale
In 2024, special items for unscheduled depreciation and write-ups were mainly attributable to impairments of
E&P assets in the Energy segment. For further details on impairments and write-ups, see Note 9 – Depreciation,
amortization, impairments and write-ups.
Special items for asset disposals were related to the sale OMV’s 50% share in the Malaysian SapuraOMV Upstream
Sdn. Bhd. For further details see Note 4 – Significant changes in Group structure.
Other special items mainly consisted of temporary valuation effects.
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Information on geographical areas
In EUR mn
2024
2023
Sales to third
parties
Segment
assets1
Equity-
accounted
investments2
Sales to third
parties
Segment
assets1
Equity-
accounted
investments2
Austria
7,154
5,109
12
9,097
4,918
13
Belgium
717
2,840
25
814
2,384
29
Germany
5,371
1,391
25
6,302
1,301
30
New Zealand
303
339
—
451
676
—
Norway
861
941
—
1,045
1,056
—
Romania
6,003
6,480
70
6,728
6,013
—
United Arab Emirates
1,511
1,547
5,644
1,459
1,682
5,638
Rest of CEE3
5,072
676
—
5,677
568
—
Rest of Europe
4,785
1,841
23
5,545
1,859
24
Rest of the world4
2,205
1,286
862
2,344
1,072
934
Allocated
33,981
22,449
6,661
39,463
21,529
6,668
Unallocated assets
—
—
—
—
330
—
Total
33,981
22,449
6,661
39,463
21,859
6,668
1 Property, plant, and equipment (PPE), intangible assets (IA), excluding assets reclassified to assets held for sale
2 Equity-accounted investments are allocated based on the seat of the registered office of the parent company, excluding assets held for sale.
3 Including Türkiye
4 Rest of the world: principally Algeria, Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Egypt, Ghana, India, Libya, Malaysia, Mexico, Morocco, Nigeria, Peru, Saudi Arabia,
South Africa, South Korea, Taiwan, Tunisia, and the United States of America
In 2023, the unallocated assets contained goodwill in the amount of EUR 330 mn related to the cash-generating
unit “Middle East and Africa”. This goodwill was reallocated in 2024 to the countries Libya, the United Arab
Emirates, and Tunisia. For further details see Note 16 – Intangible assets.
7 | Sales revenue
Accounting policy
Revenues from contracts with customers
Revenue is generally recognized when control over a product or a service is transferred to a customer.
It is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties.
When goods such as crude oil, LNG, oil and chemical products and similar goods are sold, the delivery
of each quantity unit normally represents a single performance obligation. Revenue is recognized when
control of the goods has transferred to the customer, which is the point in time when legal ownership
and the risk of loss have passed to the customer and is determined on the basis of the Incoterm agreed
in the contract with the customer. These sales are conducted with normal credit terms according to
the industry standard.
Revenue from the production of crude oil, in which OMV has an interest with other producers, is
recognized according to the sales method. This means that revenue is recognized based on the actual
sales to third parties, regardless of the Group’s percentage interest or entitlement. An adjustment of
production costs is recognized at average cost for the difference between the costs associated with
the output sold and the costs incurred based on entitlement to output, with a counter entry in the
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other assets or liabilities.
In the F&F retail business, revenues from the sale of fuels are recognized when products are supplied
to customers. Depending on whether OMV is principal or agent in the sale of shop merchandise,
revenue and costs related to such sales are presented gross or net in the income statement. OMV is
principal if it controls the goods before they are transferred to the customer, which is mainly indicated
by OMV having the inventory risk. At filling stations, payments are due immediately at the time of
purchase or, in the case of payments using fuel cards, in the month following the purchase.
OMV’s gas and power supply contracts include a single performance obligation that is satisfied over
the agreed delivery period. Revenue is recognized according to the consumption by the customer and
in line with the amount OMV has a right to invoice.
In some customer contracts for the delivery of natural gas, the fees charged to the customer comprise
a fixed charge plus a variable fee depending on the volumes delivered. These contracts contain only
one performance obligation, which is to stand ready for the delivery of gas over a certain period. The
revenue from the fixed charges and the variable fees is recognized in line with the amount chargeable
to the customer. Gas and power deliveries are billed and paid on a monthly basis.
Gas storage contracts contain a stand-ready obligation to provide storage services over an agreed
period of time. Revenue is recognized according to the amount OMV has a right to invoice. These
services are billed and paid on a monthly basis.
There are some customer contracts at OMV for the delivery of oil and gas and for the provision of gas
storage services that have a term of more than one year. In principle, IFRS 15 requires the disclosure of
the total amount of transaction prices allocated to unperformed performance obligations for such
contracts. Contracts for the delivery of oil contain variable prices based on market prices on the
delivery date, as is common in the oil industry. For these contracts it is therefore not possible to
allocate the transaction price to unsatisfied performance obligations. For gas delivery and gas storage
contracts OMV applies the practical expedient according to IFRS 15.121 (b), based on which this
information need not be disclosed for contracts where revenue is recognized in the amount the entity
has a right to invoice. OMV, therefore, does not disclose this information.
Revenues from other sources
Revenues from other sources include revenues from commodity contracts that are within the scope of
IFRS 9. Sales and purchases of commodities are reported net, when the forward sales and purchase
contracts are determined to be for trading purposes and not for the final physical delivery.
In addition, revenues from other sources include an adjustment of revenues related to certain
production sharing agreements in the E&P business because the national oil company’s profit share is
considered as income tax. Realized and unrealized results from the hedging of sales transactions are
also included in this line item.
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Sales revenues
In EUR mn
2024
2023
Revenues from contracts with customers
32,411
37,451
Revenues from other sources
1,569
2,012
Sales revenues
33,981
39,463
Revenues from contracts with customers
In EUR mn
Chemicals
Fuels &
Feedstock
Energy
Corporate &
Other
OMV
Group
2024
Crude oil, NGL, and condensates
—
319
846
—
1,166
Natural gas and LNG
—
7
7,263
—
7,270
Fuel, heating oil, and other refining products
—
13,754
—
—
13,754
Chemical products
8,330
58
—
—
8,388
Other goods and services1
91
958
768
16
1,833
Revenues from contracts with customers
8,422
15,097
8,877
16
32,411
2023
Crude oil, NGL, and condensates
—
508
1,050
—
1,558
Natural gas and LNG
—
4
10,947
—
10,950
Fuel, heating oil, and other refining products
—
14,928
—
—
14,928
Chemical products
8,193
40
—
—
8,233
Other goods and services1
135
872
756
18
1,782
Revenues from contracts with customers
8,329
16,351
12,753
18
37,451
1 Mainly retail non-oil business in Fuels & Feedstock and power sales in Energy
8 | Other operating income and net income from equity-
accounted investments
Other operating income and net income from equity-accounted investments
In EUR mn
2024
2023
Foreign exchange gains from operating activities
169
200
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets
74
237
Residual other operating income
445
305
Other operating income
688
742
Income from equity-accounted investments
497
580
Expenses from equity-accounted investments
–197
–254
Net income from equity-accounted investments
299
326
Foreign exchange gains from operating activities were mainly impacted by the development of the USD foreign
exchange rate in 2024 and 2023.
Gains from the disposal of businesses, subsidiaries, and tangible and intangible assets related mostly to gains
from the divestment of OMV’s 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. For further details see
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Note 4 – Significant changes in Group structure. 2023 gains were mostly related to gains from the divestment of
OMV’s filling station and wholesale business in Slovenia.
Following concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export
under International Chamber of Commerce (ICC) rules in November 2024, OMV received an arbitral award that
granted damages to OMV which were set off against liabilities under the Austrian gas supply contract. This led to a
positive impact of EUR 259 mn in the Consolidated Income Statement, thereof EUR 234 mn reflected in the line
items “Other operating income” (included in “Residual other operating income” in the above table) and EUR 25 mn
in “Interest income”.
Residual other operating income also contained governmental grants in both years. In addition, the position
included storage income related to Erdöl-Lagergesellschaft m.b.H. of EUR 46 mn (2023: EUR 42 mn).
Income from equity-accounted investments was mainly impacted by the Borouge investments and ADNOC Global
Trading. Expenses from equity-accounted investments predominantly stemmed from Bayport Polymers LLC, while
2023 was additionally impacted by an impairment within Pearl Petroleum Company Limited. For further details see
Note 18 – Equity-accounted investments.
9 | Depreciation, amortization, impairments and write-ups
Accounting policy
Impairment of assets
Intangible assets, property, plant, and equipment (including oil and gas assets), and investments in
associated companies and joint ventures are tested for impairment whenever events or changes in
circumstances indicate that an asset may be impaired. Impairment tests are performed on the level of
the asset or the smallest group of assets that generates cash inflows that are largely independent of
those from other assets or groups of assets, called cash-generating units (CGUs).
If assets are determined to be impaired, the carrying amounts are written down to their recoverable
amount, which is the higher of fair value less costs of disposal or value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a
post-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset or CGU. The cash flows are generally derived from the recent budgets and
planning calculations, which are prepared separately for each of the Group’s CGUs to which the
individual assets are allocated.
The fair value less costs of disposal is determined on the basis of recent market transactions, if
available. If no such transactions can be identified, an appropriate valuation model is used.
If the reasons for impairment no longer apply in a subsequent period, a reversal is recognized in profit
or loss. The increased carrying amount related to the reversal of an impairment loss shall not exceed
the carrying amount that would have been determined (net of amortization and depreciation) had no
impairment loss been recognized in prior years.
Impairment losses are part of the income statement line “Depreciation, amortization, impairments and
write-ups,” except for impairment losses related to exploration and appraisal assets, which are shown
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in “Exploration expenses.”
Significant estimates: recoverability of assets
Evaluating whether assets or CGUs are impaired or whether past impairments should be reversed,
requires the use of various estimates and assumptions such as price and margin developments,
production volumes and discount rates.
Changes in the economic situation, expectations of climate-related risks or other facts and
circumstances might require a revision of these assumptions and could lead to impairments of assets
or reversals of impairments within the next financial year. The management performs this analysis for
each material CGU.
The price and margin assumptions used in impairment testing are reviewed annually by management
and approved by the Supervisory Board as part of mid-term planning (MTP). They are based on
management’s best estimate and consistent with external sources. Whereas prices in the near term
are anchored in recent forward prices and market developments, long-term price assumptions are
developed using a variety of long-term forecasts by reputable experts and consider long-term views of
global supply and demand. OMV’s long-term assumptions take into consideration the impacts of
climate change and the energy transition to lower-carbon energy sources (see more information in
Note 3 – Effects of climate change and the energy transition).
The key valuation assumptions for the recoverable amounts of E&P assets are oil and gas prices,
production volumes, and exchange and discount rates. The production profiles were estimated based
on reserves estimates (see Note 17 – Property, plant, and equipment) and past experience and
represent management’s best estimate of future production. The cash flow projections for the first five
years are based on the mid-term plan and thereafter on “life of field” planning and therefore cover the
whole life span of the field.
In the F&F and Chemicals business segments, the main assumptions for the calculation of the
recoverable amounts are the relevant margins and volumes plus discount, inflation, and growth rates.
The value in use calculation is based on the cash flows of the five-year mid-term plan and a terminal
value.
The price sets used for the value in use calculations are included in Note 3 – Effects of climate change
and the energy transition.
The following tables provide a reconciliation to the amounts reported in the income statement.
Depreciation, amortization, impairments (excluding exploration & appraisal) and write-ups
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
Write-ups
–15
–189
Impairment losses (excl. exploration & appraisal)
575
213
Depreciation, amortization, impairment losses (excluding exploration & appraisal) and write-ups
2,994
2,463
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Impairment losses (including exploration & appraisal)
In EUR mn
2024
2023
Impairment losses (excl. exploration & appraisal)
575
213
Impairment losses (exploration & appraisal)
79
152
Impairment losses (including exploration & appraisal)
654
365
Depreciation, amortization, impairments and write-ups – split by function
In EUR mn
2024
2023
Depreciation and amortization
2,435
2,439
attributable to exploration expenses
—
—
attributable to production and operating expenses
2,121
2,152
attributable to selling, distribution and administrative expenses
314
287
Write-ups
–15
–189
attributable to exploration expenses
—
-1
attributable to production and operating expenses
–15
–116
attributable to selling, distribution and administrative expenses
–0
–72
Impairment losses (incl. exploration & appraisal)
654
365
attributable to exploration expenses
80
158
attributable to production and operating expenses
555
203
attributable to selling, distribution and administrative expenses
19
4
Impairments in Chemicals
In 2024, Borealis recognized impairments totaling EUR 16 mn, including EUR 10 mn for idle tangible assets at
Renasci N.V. and EUR 6 mn for intangible assets.
In 2023, the sale of the nitrogen business unit in the Borealis Group, including fertilizer, technical nitrogen, and
melamine products, to AGROFERT, a.s. was completed. To reflect the fair value less cost of disposal, based on the
Sales Purchase Agreement with AGROFERT, a.s., an impairment of EUR 57 mn was recognized.
Also in 2023, the acquisition of the additional 48.55% stake in Renasci N.V. on November 30, 2023, triggered a
reassessment, which led to an impairment in the amount of EUR 54 mn, of which EUR 23 mn was allocated to the
equity-accounted investment BlueAlp Holding B.V.
Impairments and write-ups in Energy
In 2024, an impairment of EUR 222 mn was recognized for certain gas assets with proved reserves in New Zealand.
This impairment was driven by expected lower production volumes. The recoverable amount of related assets,
determined based on the value in use, was EUR 40 mn. The after-tax discount rate applied was 8.25%.
An impairment of EUR 121 mn was recognized for several CGUs in Romania, primarily affecting oil and gas assets,
mainly driven by updated general operating costs increases in the context of high inflationary pressure. The
recoverable amount of related assets, determined based on the value in use, was EUR 671 mn. The after-tax
discount rate applied was 9.50%.
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A divestment process was initiated for certain oil and gas assets in the Energy segment, leading to their
reclassification to assets held for sale in Q2/24. Due to revaluation to fair value less costs to sell, an impairment of
EUR 125 mn was recognized.
Reported impairment losses attributable to exploration and appraisal amounted to EUR 79 mn, mainly related to
unsuccessful exploration wells in Austria and Norway.
Other impairments in 2024 included EUR 65 mn related mainly to unsuccessful workovers and obsolete or replaced
assets in Romania.
In 2023, a write-up of EUR 114 mn was recognized in some CGUs in Libya following stabilized production in recent
years. Moreover, an impairment test was performed for the Etzel gas storage facility in Germany in 2023, resulting
in a write-up of EUR 72 mn due to the improved market environment for gas storage facilities in Europe.
Impairment losses in 2023 included impairments of EUR 152 mn mainly related to unsuccessful exploration wells
and expired exploration licenses in Malaysia and Norway.
Also in 2023, other impairments were mainly related to unsuccessful workovers and obsolete or replaced assets in
Romania (EUR 55 mn).
10 | Exploration expenses
Accounting policy
Exploration expenses relate exclusively to the E&P business in the Energy segment and comprise the
costs associated with unproved reserves. These include geological and geophysical costs for the
identification and investigation of areas with possible oil and gas reserves and the administrative, legal,
and consulting costs associated with exploration. They also include all impairments on exploration
wells where no proved reserves could be demonstrated.
The following financial information reflects the amounts included in the Group totals for the exploration and
appraisal of oil and natural gas resources. These activities are all accounted for within the Energy segment.
Exploration and appraisal of mineral resources
In EUR mn
2024
2023
Impairment losses (exploration & appraisal)
79
152
Other exploration expenses
72
70
Exploration expenses
151
222
Net cash used in operating activities
71
75
Net cash used in investing activities
141
171
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11 | Other operating expenses
Other operating expenses
In EUR mn
2024
2023
Foreign exchange losses from operating activities
185
182
Losses from the disposals of businesses, subsidiaries, and tangible and intangible assets
–9
31
Net impairment losses on financial assets measured at amortized cost
16
38
Personnel reduction schemes
19
9
Research and development expenses
87
76
Residual other operating expenses
127
125
Other operating expenses
426
462
Foreign exchange losses from operating activities were mainly impacted by the development of the USD foreign
exchange rate in 2024 and 2023.
Net impairment losses on financial assets measured at amortized cost were mainly related to impairments of
receivables in Tunisia amounting to EUR 17 mn (2023: EUR 26 mn).
Residual other operating expenses contained expenses relating to various digitalization initiatives amounting to
EUR 12 mn (2023: EUR 22 mn) as well as expenses related to the minimum stockholding obligation outsourced to
Erdöl-Lagergesellschaft m.b.H. in the amount of EUR 56 mn (2023: EUR 46 mn). In addition, this position included a
tax on turnover amounting to EUR 43 mn, which was introduced in Romania in 2024.
12 | Personnel expenses and average number of employees
Personnel expenses
In EUR mn
2024
2023
Wages and salaries
1,498
1,418
Costs of defined benefit plans
38
29
Costs of defined contribution plans
66
62
Personnel reduction schemes
19
9
Other employee benefits
263
230
Taxes and social contributions
260
275
Personnel expenses
2,144
2,023
Share-based payments were part of other employee benefits. For further information please refer to Note 33 –
Share-based payments. Additional details on defined benefit plans are included in Note 24 – Provisions for
pensions and similar obligations.
Average number of employees1
2024
2023
OMV Group excluding OMV Petrom Group and Borealis Group
6,959
6,724
OMV Petrom Group
8,337
7,711
Borealis Group
6,110
6,859
OMV Group
21,406
21,295
1 Calculated as the average of the number of employees at month-end during the year
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13 | Net financial result
Accounting Policy
For OMV Petrom SA, the unwinding expenses for decommissioning provisions are included net of the
unwinding income from receivables recoverable from the Romanian State.
Interest income
In EUR mn
2024
2023
Cash and cash equivalents
300
355
Discounted receivables
9
14
Other financial and non-financial assets
63
35
Loans
83
69
Interest income
455
473
Interest income on cash and cash equivalents in 2024 was primarily related to interest income on EUR, RON, and
USD bank deposits.
Interest income from other financial and non-financial assets included interest income of EUR 25 mn following
concluded arbitration proceedings in relation to the German gas supply contract with Gazprom Export. For further
details see Note 8 – Other operating income and net income from equity-accounted investments.
Interest income from loans included EUR 64 mn (2023: EUR 59 mn) from the loan agreement with Bayport
Polymers LLC, with remaining income attributable to other loans made to at-equity consolidated companies. For
further details see Note 35 – Related parties.
Interest expenses
In EUR mn
2024
2023
Bonds
108
104
Lease liabilities
44
36
Other financial and non-financial liabilities
34
49
Provisions for decommissioning and restoration obligations
205
204
Provisions for jubilee payments, personnel reduction schemes, and other employee benefits
4
5
Provisions for pensions and severance payments
30
33
Provisions for onerous contracts
5
5
Other
8
3
Interest expenses, gross
439
437
Capitalized borrowing costs
–26
–23
Interest expenses
412
415
For further details on bonds and lease liabilities see Note 26 – Liabilities.
Interest expenses on provisions for decommissioning and restoration obligations in 2024 were impacted by
unwinding effects in the amount of EUR 174 mn (2023: EUR 181 mn). The remaining part of the interest expenses on
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provisions for decommissioning and restoration obligations related entirely to the negative reassessment effects of
receivables recoverable from the Romanian State amounting to EUR 31 mn (2023: EUR 23 mn).
Interest expenses on provisions for pension and severance payments were netted against interest income on
pension plan assets, which amounted to EUR 21 mn (2023: EUR 19 mn).
Capitalized borrowings costs applied to the carrying value of qualifying assets were mainly related to the propane
dehydrogenation plant under construction at the Borealis production site in Kallo, Belgium, and construction of the
ReOil® and co-processing plants in Austria.
Other financial income and expenses
In EUR mn
2024
2023
Carrying amount of sold trade and other receivables
–11,881
–11,825
Proceeds on sold trade and other receivables
11,801
11,748
Financing charges for factoring and securitization
–80
–77
Net foreign exchange gains (+)/losses (–)
20
–29
Other
–8
–32
Other financial income and expenses
–69
–138
In 2024, the net foreign exchange result was predominantly impacted by USD.
The position Other was mainly related to bank charges. In 2023, it additionally included negative fair value
adjustments of investments in Russia in the amount of EUR 23 mn.
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14 | Taxes on income and profit
Accounting policy
In addition to corporate income taxes and trade earnings taxes, typical E&P taxes from oil and gas
production like the country/national oil company’s profit share for certain EPSAs are disclosed as
income taxes.
Exploration and production sharing agreements (EPSAs) are contracts for oil and gas licenses in which
the oil or gas production is shared between one or more oil companies and the host country/national
oil company in defined proportions. Exploration expenditures are carried by the oil companies as a rule
and recovered from the state or the national oil company through what is known as “cost oil” in a
successful case only. Under certain EPSA contracts the host country’s/national oil company’s profit
share represents imposed income taxes and is treated as such for the purpose of the income
statement presentation.
Deferred taxes are recognized for temporary differences. Deferred tax assets (hereinafter: DTA) are
recognized to the extent that it is probable that taxable profit will be available against which the
unused tax losses, unused tax credits, and deductible temporary differences can be utilized.
The Group has applied the mandatory temporary exception to recognizing and disclosing information
about DTA and deferred tax liabilities (hereinafter: DTL) arising from Pillar Two income taxes.
Significant estimates: recoverability of DTA
The recognition of DTA requires an assessment of when those assets are likely to reverse, and an
evaluation as to whether or not there will be sufficient taxable profits available to offset the assets
when they reverse. This assessment of recoverability requires assumptions regarding future taxable
profits and is therefore uncertain. At OMV, this assessment is based on detailed tax planning that
covers the life span of fields in E&P entities and a five-year period in the other entities.
In both 2024 and the previous year, a valuation allowance for the DTA of the Austrian tax group was
recognized. The DTA recognized for the Austrian tax group as of December 31, 2024, reflects the
expected utilization of deductible temporary differences of balance sheet items and tax losses carried
forward based on the mid-term plan for the period 2025–2029. A limitation to the usage of tax losses
of 75%, as stipulated by the Austrian Corporate Income Tax Act, was considered in the assessment of
the recoverable DTA within and after the planning period.
Changes in the assumptions regarding future taxable profits can lead to an increase or decrease in the
amount of DTA recognized, which has an impact on the net income in the period in which the change
occurs.
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Taxes on income and profit
In EUR mn
2024
2023
Profit before tax
4,235
4,604
Current taxes
2,195
2,512
thereof related to previous years
–8
–57
Deferred taxes
15
175
Taxes on income and profit
2,211
2,687
Taxes on income and profit accounted for in other comprehensive income
In EUR mn
2024
2023
Deferred taxes
–2
–97
Current taxes
—
—
Taxes on income and profit accounted for in other comprehensive income
–2
–97
Changes in deferred taxes1
In EUR mn
2024
2023
Deferred taxes as of January 1
–114
–78
Deferred taxes as of December 31
182
–114
Changes in deferred taxes
297
–36
Deferred taxes accounted for in OCI or directly in equity
3
87
Changes in the consolidated group, currency translation differences and other changes2
309
52
Deferred tax expenses per income statement
–15
–175
The deferred taxes per income statement comprise the following elements:
Change in tax rate
–2
–4
Non-recognition and changes in valuation allowance of DTA
–45
–327
Adjustments within loss carryforwards (not recognized in prior years, expired loss
carryforwards and other adjustments)
–3
10
Additions to and usage of loss carryforwards
–52
–98
Origination and reversal of temporary differences
86
243
1 Deferred tax balances also include deferred tax balances reclassified to held for sale.
2 In 2024, these effects were mainly related to the deconsolidation of SapuraOMV (EUR 349 mn). For further details see Note 4 – Significant changes in Group structure.
OMV Aktiengesellschaft forms a tax group in accordance with Section 9 of the Austrian Corporate Income Tax Act
1988 (KStG), which aggregates the taxable profits and losses of all the Group’s main subsidiaries in Austria and
possibly arising losses of one foreign subsidiary (OMV AUSTRALIA PTY LTD).
Dividend income from domestic subsidiaries is in general exempt from taxation in Austria. Dividends from EU and
EEA participations as well as from subsidiaries whose country of residence has a comprehensive mutual
administrative assistance agreement with Austria are exempt from taxation in Austria if certain conditions are met.
Dividends from other foreign investments that are comparable to Austrian corporations, for which the Group holds
a 10% investment share or more for a minimum period of one year, are also excluded from taxation at the level of
the Austrian parent company.
The change in the valuation allowance of deferred taxes for the Austrian tax group was reported in the income
statement, except to the extent that the DTA arose from transactions or events that were recognized outside profit
or loss, i.e., in other comprehensive income or directly in equity.
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Solidarity contribution
Based on the EU Council Regulation 2022/1854, a solidarity contribution was introduced and was transposed into
the local law of the member states. It represents a contribution for surplus profits of companies operating in the
crude petroleum, natural gas, coal, and refinery sectors and was applicable for 2022 and 2023.
In January 2024, despite the EU rules expiring at the end of 2023, the Austrian federal government decided to
extend the solidarity contribution retroactively into 2024. The solidarity contribution (Energy Crisis Contribution) is
calculated based on the taxable profits of the relevant companies, as determined under the Austrian national tax
rules, that are more than 5% higher (2023: 10% higher) than the average taxable profits generated in the period
2018 to 2021. OMV Group companies in Austria were not subject to a solidarity contribution in 2024, as the taxable
profit of the relevant companies did not exceed the average taxable profit generated in the period 2018 to 2021.
Details with respect to the solidarity contribution in Romania are provided in Note 2 – Accounting policies,
judgments, and estimates.
Global minimum tax
In December 2023, the Pillar Two legislation (Mindestbesteuerungsgesetz) effective from January 1, 2024, was
enacted in Austria, where the ultimate parent company of the Group is incorporated. Under this legislation, Group
companies are subject to Pillar Two income taxes on profits that are taxed at an effective tax rate of less than 15%.
Certain subsidiaries of the Group are subject to a qualified domestic minimum tax in the countries where Pillar Two
rules were transposed into national law.
The Group has performed a preliminary calculation of transitional safe harbors for Pillar Two purposes. Based on
the preliminary safe harbor calculation and the detailed Pillar Two calculation for those jurisdictions not qualifying
for the safe harbors, no material exposure to Pillar Two income taxes is expected. The relevant jurisdictions in which
insignificant exposure to Pillar Two taxes exist are Bulgaria and Moldova, where the statutory tax rates are 10% and
12%, respectively, as well as Gibraltar where the statutory tax rate was 12.5% for the first half of 2024 and
afterwards increased to 15%.
Effective tax rate
The effective tax rate is the ratio of income tax to profit before tax. The tables below reconcile the effective tax
rate and the standard Austrian corporate income tax rate of 23% (2023: 24%) showing the major influencing factors.
Tax rate reconciliation
2024
2023
In EUR mn
In %
In EUR mn
In %
Theoretical taxes on income based on Austrian income tax rate
974
23.0
1,105
24.0
Tax effect of:
Differing foreign tax rates
1,152
27.2
1,359
29.5
Non-deductible expenses
273
6.5
258
5.6
Non-taxable income and tax incentives
–53
–1.2
–128
–2.8
Income and expenses related to equity-accounted investments
–137
–3.2
–128
–2.8
Change in tax rate
2
0.0
4
0.1
Permanent effects within tax loss carryforwards
15
0.3
5
0.1
Tax write-downs and write-ups on investments in subsidiaries
–32
–0.8
–1
–0.0
Non-recognition and changes in valuation allowance of DTA
45
1.1
327
7.1
Taxes related to previous years
–7
–0.2
–5
–0.1
Other
–21
–0.5
–108
–2.4
Total taxes on income and profit
2,211
52.2
2,687
58.4
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Differing foreign tax rates effects in 2024 mostly related to subsidiaries operating in tax jurisdictions with high
corporate income tax rates (Norway, United Arab Emirates, and Libya). The decrease in the effects related to
differing foreign tax rates compared to 2023 was mostly due to the lower profit before tax of those subsidiaries.
Non-deductible expenses related mostly to the impairment of an oil and gas asset in the Energy segment for which
the divestment process was initiated in 2024, and the gross-up effects related to exploration and production
sharing agreements. 2023 was predominantly impacted by the solidarity contribution on refined crude oil in
Romania.
Non-taxable income and tax incentives in 2024 mainly related to government grants and investment allowances,
while in 2023 those effects related mostly to the write-up of tangible assets.
Income and expenses related to equity-accounted investments effects in 2024 and 2023 were mainly related to
the share of profit from equity-accounted investments.
Non-recognition and changes in valuation allowance of DTA in 2023 was mainly impacted by the increase in
valuation allowance on DTA in Austria.
Other effects in 2024 related mostly to hybrid bond interest. 2023 was predominantly impacted by the reversal of
outside basis differences with respect to Nitro business and tax credits.
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Deferred taxes
Deferred taxes
In EUR mn
Deferred tax
assets total
Deferred tax
assets not
recognized
Deferred tax
assets
recognized
Deferred tax
liabilities
2024
Intangible assets
112
—
112
214
Property, plant, and equipment
223
86
137
2,255
Inventories
47
—
47
33
Derivatives
22
—
22
49
Receivables and other assets
113
22
92
253
Provisions for pensions and similar obligations
209
97
112
109
Provisions for decommissioning, restoration
obligations, and environmental costs
1,208
25
1,183
—
Other provisions
103
—
103
1
Liabilities
345
36
308
0
Tax impairments according to Section 12 (3)/2 of the
Austrian Corporate Income Tax Act (KStG)
476
—
476
—
Tax loss carryforwards
1,438
1,075
364
—
Outside basis differences
141
—
141
—
Total
4,438
1,340
3,097
2,915
Netting (same tax jurisdictions)
–1,845
–1,845
Deferred taxes as per statement of financial position
1,252
1,070
2023
Intangible assets
141
1
140
199
Property, plant, and equipment
57
9
48
2,259
Inventories
49
—
49
34
Derivatives
81
—
81
206
Receivables and other assets
92
20
73
313
Deferred taxes reclassified to assets and liabilities associated
with assets held for sale
127
124
3
319
Provisions for pensions and similar obligations
212
94
118
106
Provisions for decommissioning, restoration
obligations, and environmental costs
1,247
15
1,233
0
Other provisions
122
—
122
1
Liabilities
354
37
317
10
Tax impairments according to Section 12 (3)/2 of the
Austrian Corporate Income Tax Act (KStG)
574
—
574
—
Tax loss carryforwards
1,536
1,088
448
—
Outside basis differences
144
—
144
17
Total
4,737
1,387
3,350
3,464
Netting (same tax jurisdictions)
–2,183
–2,183
Deferred taxes reclassified to assets and liabilities associated
with assets held for sale
–3
–319
Deferred taxes as per statement of financial position
1,164
962
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Deferred taxes were mainly related to different valuation methods, differences in impairments, write-offs, write-ups,
and depreciation and amortization, as well as different definitions of costs.
The decrease in DTL related to assets and liabilities associated with assets held for sale was entirely driven by the
divestment of SapuraOMV. For further details see Note 5 – Assets and liabilities held for sale.
As of December 31, 2024, deductible temporary differences for which no DTA was recognized amounted to
EUR 960 mn (2023: EUR 929 mn).
The overall net DTA position of tax jurisdictions that suffered a tax loss either in the current or preceding year
amounted to EUR 10 mn (2023: EUR 503 mn, of which Austrian tax group EUR 464 mn).
Tax loss carryforwards
As of December 31, 2024, OMV recognized tax loss carryforwards of EUR 6,108 mn before allowances (2023:
EUR 6,257 mn), of which EUR 1,539 mn (2023: EUR 1,842 mn) is considered recoverable for the calculation of
deferred taxes.
The eligibility of losses to be carried forward expires as follows:
Tax loss carryforwards1
In EUR mn
2024
2023
Base
amount
(before
allowances)
thereof not
recognized
Base
amount
(before
allowances)
thereof not
recognized
2024
—
—
2
2
2025
11
11
11
11
2026
3
3
3
3
2027
3
3
52
3
2028
2
2
2
2
2029
4
3
—
—
After 2029/2028
0
—
2
2
Unlimited
6,085
4,547
6,185
4,393
Tax loss carryforwards
6,108
4,569
6,257
4,415
1 Tax loss carryforwards related to disposal groups reclassified to held for sale are excluded.
In certain tax jurisdictions local tax laws stipulate limitations on the usage of tax losses carried forward. These
limitations range from 50% up to 80% of the taxable profit for the year. As of December 31, 2024, tax loss
carryforwards related to tax jurisdictions with the aforementioned limitations amounted to EUR 5,725 mn (2023:
EUR 5,813 mn), of which EUR 1,470 mn (2023: EUR 1,717 mn) is considered recoverable for the calculation of
deferred taxes.
The majority of tax loss carryforwards not recognized referred to the Austrian tax group and France.
Outside basis differences
As of December 31, 2024, the aggregate amount of temporary differences associated with fully consolidated and
equity-accounted investments for which deferred tax liabilities have not been recognized amounted to
EUR 9,667 mn (2023: EUR 9,317 mn). The exception criteria as per IAS 12 for not recognizing these deferred tax
liabilities is deemed to be fulfilled due to the fact that the Group is able to control or influence the relevant
decisions with respect to the timing of the reversal and it is not probable that temporary differences will reverse in
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the foreseeable future or the Group intends to reinvest undistributed profits. Capital gains on disposals of
investments may be realized on various levels of the Group depending on the structuring of potential divestments.
Due to the complexity of the Group and the associated tax implications, simplifying assumptions for the calculation
have been made that aim to diminish cascade effects.
15 | Earnings Per Share
Accounting policy
The calculation of diluted Earnings Per Share takes into account the weighted average number of
shares in issue following the conversion of all potentially diluting ordinary shares.
Earnings Per Share (EPS)
2024
2023
Basic
Diluted
Basic
Diluted
Earnings attributable to stockholders of the parent in EUR mn
1,389
1,389
1,480
1,480
Weighted average number of shares outstanding
327,001,732
327,226,795
326,940,897
327,169,060
Earnings Per Share in EUR
4.25
4.24
4.53
4.52
The potentially diluting ordinary shares included 225,063 (2023: 228,163) contingently issuable bonus shares
related to Long-Term Incentive Plans and the Equity Deferral.
16 | Intangible assets
Accounting policy
Intangible assets including goodwill
Intangible assets are stated at cost, less accumulated amortization and impairment. Development
costs are capitalized if the recognition criteria according to IAS 38 are fulfilled. All other research and
development costs are recognized as an expense in the period in which they incur. Software, licenses,
concessions, and similar intangible assets are amortized on a straight-line basis over the contract or
license period or the useful economic life, which is between 3 and 20 years.
Goodwill acquired in a business combination is tested for impairment at least yearly. Impairments are
recorded immediately through profit or loss; subsequent write-ups are not possible.
Oil and gas assets with unproved reserves
E&P activities are recorded using the successful efforts method. The acquisition costs of geological
and geophysical studies before the discovery of proved reserves are recognized in the period in which
they are incurred. The costs of wells are capitalized and reported as intangible assets until the
existence or absence of potentially commercially viable oil or gas reserves is determined. Wells that
are not commercially viable are expensed. The costs of exploration wells whose commercial viability
has not yet been determined continue to be capitalized as long as the following conditions are fulfilled:
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1.
Sufficient oil and gas reserves have been discovered that would justify completion as a production
well.
2.
Sufficient progress is being made in assessing the economic and technical feasibility to justify
beginning field development in the near future.
3.
The period for which the entity has the right to explore in the specific area has not expired.
Exploratory wells in progress at year-end that are determined to be unsuccessful subsequent to the
statement of financial position date are treated as non-adjusting events, meaning that the costs
incurred for such exploratory wells remain capitalized in the financial statements of the reporting
period under review and will be expensed in the subsequent period.
License acquisition costs and capitalized exploration and appraisal activities are not amortized as long
as they are related to unproved reserves, but tested for impairment when there is an indication of
potential impairment.
When the decision to develop a particular asset is made, the related intangible exploration and
evaluation assets are reclassified to Property, plant and equipment.
Significant estimates: recoverability of unproved oil and gas assets
There may be cases when costs related to unproved oil and gas properties remain capitalized over
longer periods while various appraisal and seismic activities continue in order to assess the size of the
reservoir and its commerciality. Further decisions on the optimum timing of such developments are
made from a resource and portfolio point of view. As soon as there is no further intention to develop a
discovery, the assets are immediately impaired.
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Intangible assets
In EUR mn
Concessions,
software,
licenses,
rights
Development
costs
Oil and gas
assets
with unproved
reserves
Goodwill
Total
2024
Development of costs
January 1
1,385
695
963
384
3,428
Currency translation differences
–3
0
17
21
34
Changes in the consolidated group
20
—
—
106
125
Additions
93
101
139
—
333
Transfers
30
0
–15
—
16
Assets held for sale
—
—
–41
—
–41
Disposals
–12
–1
–42
—
–55
December 31
1,512
795
1,022
511
3,840
Development of amortization
January 1
842
119
688
—
1,649
Currency translation differences
–2
–0
15
—
13
Amortization
98
36
0
—
134
Impairments
0
6
89
—
95
Transfers
–7
—
—
—
–7
Assets held for sale
—
—
–15
—
–15
Disposals
–12
–0
–40
—
–53
December 31
920
161
737
—
1,817
Carrying amount January 1
543
576
275
384
1,779
Carrying amount December 31
593
635
285
511
2,023
2023
Development of costs
January 1
1,330
572
1,811
585
4,298
Currency translation differences
–3
–0
–28
–17
–48
Changes in the consolidated group
28
—
—
21
49
Additions
39
112
201
—
352
Transfers
20
14
–583
—
–549
Assets held for sale
–0
—
–243
–205
–448
Disposals
–28
–3
–195
—
–225
December 31
1,385
695
963
384
3,428
Development of amortization
January 1
769
86
934
—
1,788
Currency translation differences
–2
—
–21
—
–23
Amortization
93
34
0
—
127
Impairments
11
3
158
—
171
Transfers
–0
—
–14
—
–14
Assets held for sale
–0
—
–173
—
–173
Disposals
–29
–3
–195
—
–227
Write-ups
—
—
–1
—
–1
December 31
842
119
688
—
1,649
Carrying amount January 1
562
486
878
585
2,510
Carrying amount December 31
543
576
275
384
1,779
Changes in the consolidated group in 2024 were mainly due to the acquisition of AP-NewCo GmbH, which led to
EUR 94 mn of changes in the consolidated group in intangible assets, including EUR 82 mn goodwill, and the
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acquisition of Renovatio Asset Management SRL, which resulted in EUR 10 mn of goodwill. Both acquisitions were
related to the Fuels & Feedstock segment. Further details can be found in Note 4 – Significant changes in Group
structure.
Additions to intangible assets in 2024 included EUR 35 mn (2023: EUR 37 mn) of additions to internally generated
assets, mainly related to capitalized development costs.
In 2023, transfers were mainly related to OMV Petrom following the final investment decision for the Neptun Deep
project. Consequently, the related oil and gas assets in the amount of EUR 483 mn were reclassified from intangible
assets to property, plant, and equipment.
In 2024, intangible assets reclassified to assets held for sale were mainly related to certain oil and gas assets in the
Energy segment for which a divestment process was initiated. In 2023, these assets were mainly related to the
SapuraOMV disposal group. For details see Note 5 – Assets and liabilities held for sale.
Further details on impairments and write-ups can be found in Note 9 – Depreciation, amortization, impairments and
write-ups.
Goodwill allocation
In EUR mn
2024
2023
Goodwill allocated to Energy
357
330
Goodwill allocated to Fuels & Feedstock
125
33
Goodwill allocated to Chemicals
29
21
Goodwill
511
384
In August 2024, OMV implemented a new target operating model for the Energy segment, transitioning from a
regional split to a structure based on operated and non-operated countries. As a result, the goodwill that was
previously assigned to the region Middle East and Africa was reallocated to the countries Libya, the United Arab
Emirates, and Tunisia. The reallocation was based on the relative fair value of the operations in these countries. This
reallocation did not result in any impact on the income statement. As of December 31, 2024, the goodwill balances
of these countries consisted of EUR 198 mn for Libya, EUR 120 mn for the United Arab Emirates, and EUR 33 mn for
Tunisia, and are included in the Energy segment.
Goodwill impairment tests based on a value in use calculation were performed and did not lead to any impairments.
For details on contractual obligations for the acquisition of intangible assets, refer to Note 17 – Property, plant, and
equipment.
17 | Property, plant, and equipment
Accounting policy
Property, plant, and equipment are recognized at costs of acquisition or construction (including costs
of major inspection and general overhauls).
Borrowing costs directly attributable to the acquisition, construction, or production of qualified assets
are capitalized until these assets are substantially ready for their intended use or sale. All other costs
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of borrowing are expensed in the period in which they are incurred.
The present value of the expected cost for the decommissioning of an asset after its use is included in
the cost of the respective asset when a decommissioning provision is recognized (see Note 25 –
Decommissioning and other provisions). Costs for replacing components are capitalized and the
carrying values of the replaced parts are derecognized. Costs relating to minor maintenance and
repairs are treated as expenses in the year in which they are incurred.
Property, plant, and equipment (except for oil and gas assets) are amortized or depreciated on a
straight-line basis over the useful economic life.
Useful life
Years
Intangible assets
Software
3–7 or license duration
Concessions, licenses, contract-related intangible assets, etc.
3–20 or contract duration
Business-specific property, plant and equipment
Chemicals
Chemical production facilities
15–20
F&F
Pipelines
20–30
Storage tanks
40
Refinery facilities
25
Filling stations
5–20
Energy
Oil and gas wells
Unit-of-production method
Gas power plant
8–30
Other property, plant and equipment
Production and office buildings
20–50
Other technical plant and equipment
10–20
Fixtures and fittings
3–15
Oil and gas assets with proved reserves are included in property, plant, and equipment. They are
reclassified from intangible assets once the reserves are proved and commercial viability is
established. Development expenditure on the construction, installation, or completion of infrastructure
facilities such as platforms and pipelines and drilling development wells is capitalized within tangible
assets.
Once production of oil and gas assets starts, depreciation commences. Capitalized exploration and
development costs as well as auxiliary facilities are generally depreciated based on proved developed
reserves by applying the unit-of-production method; only capitalized exploration rights and acquired
reserves are amortized on the basis of total proved reserves, unless a different reserves basis is more
adequate. Depreciation of economically successful exploration and production assets is reported as
depreciation, amortization, impairment charges and write-ups.
Significant estimate: oil and gas reserves
The oil and gas reserves are estimated by the Group’s petroleum experts in accordance with industry
standards and reassessed at least once per year. In addition, external reviews are performed regularly.
During 2024, the reserves of the oil and gas assets in Tunisia and the Kurdistan Region of Iraq (KRI) up
to December 31, 2023, were externally reviewed by DeGolyer and MacNaughton (D&M). The reserves
of the other material oil and gas assets were externally reviewed the year before.
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The results of the external reviews did not show significant deviations from the internal estimates,
apart from a few exceptional cases. In the case of significant deviations, OMV performs further
analysis, involving additional independent experts where necessary.
Oil and gas reserve estimates have a significant impact on the assessment of the recoverability of the
carrying amounts of the Group’s oil and gas assets. Downward revisions of these estimates could lead
to impairment of the asset’s carrying amount. In addition, changes to the estimates of oil and gas
reserves prospectively impact the amount of amortization and depreciation.
Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings,
and
equipment
Assets
under
construction
Total
2024
Development of costs
January 1
3,606
26,425
13,191
2,178
2,479
47,878
Currency translation differences
–20
–8
–62
–4
–2
–96
Changes in the consolidated group
40
—
37
1
73
150
Additions
85
1,333
281
196
1,473
3,366
New obligations and change in estimates for
decommissioning
14
–141
–11
0
34
–105
Transfers
120
17
702
130
–984
–16
Assets held for sale
–0
406
1
2
11
420
Disposals
–32
–954
–65
–125
–15
–1,191
December 31
3,811
27,078
14,074
2,377
3,067
50,408
Development of depreciation
January 1
1,900
17,498
6,844
1,540
15
27,798
Currency translation differences
–11
–80
–45
–3
–0
–140
Depreciation
145
1,191
788
179
—
2,302
Impairments
5
495
36
2
14
552
Transfers
6
1
1
0
–1
7
Assets held for sale
–0
648
0
2
7
657
Disposals
–28
–953
–63
–124
–12
–1,179
Write-ups
–0
1
–16
–0
–0
–15
December 31
2,017
18,800
7,547
1,596
22
29,982
Carrying amount January 1
1,705
8,927
6,347
637
2,464
20,081
Carrying amount December 31
1,794
8,278
6,527
782
3,046
20,426
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Property, plant, and equipment including right-of-use assets
In EUR mn
Land and
buildings
Oil and
gas assets
with proved
reserves
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Assets
under
construction
Total
2023
Development of costs
January 1
3,512
26,549
12,002
2,043
2,061
46,168
Currency translation differences
–9
–700
–21
–4
–5
–738
Changes in consolidated Group
11
—
53
2
12
78
Additions
143
1,265
491
95
1,389
3,383
New obligations and change in estimates for
decommissioning
4
309
12
0
—
326
Transfers
–33
592
848
121
–969
559
Assets held for sale
–6
–1,431
0
–0
–8
–1,444
Disposals
–18
–160
–195
–79
–2
–454
December 31
3,606
26,425
13,191
2,178
2,479
47,878
Development of depreciation
January 1
1,805
17,205
6,378
1,457
6
26,851
Currency translation differences
–5
–467
–6
–3
0
–480
Changes in consolidated Group
–1
—
–4
–0
—
–5
Depreciation
159
1,330
674
150
—
2,314
Impairments
0
59
29
1
12
101
Transfers
–37
16
34
2
—
14
Assets held for sale
–6
–370
—
–0
–3
–380
Disposals
–13
–158
–191
–67
–1
–429
Write-ups
–2
–116
–70
–0
—
–188
December 31
1,900
17,498
6,844
1,540
15
27,798
Carrying amount January 1
1,706
9,344
5,624
586
2,055
19,317
Carrying amount December 31
1,705
8,927
6,347
637
2,464
20,081
The EUR 150 mn of changes in the consolidated group in 2024 was due to several acquisitions, in particular, AP-
NewCo GmbH, Integra Plastics AD, JR Constanta S.R.L., JR Solar Teleorman S.R.L., and JR Teleorman S.R.L. Further
details can be found in Note 4 – Significant changes in Group structure. In 2023, the EUR 84 mn of changes in the
consolidated group resulted mainly from the change in the consolidation method of Renasci N.V. after Borealis
increased its stake from 27.42% to 50.01% as of January 11, 2023, and the acquisition by Borealis of 100% of the
shares in Rialti S.p.A. on October 31, 2023.
In 2023, transfers were mainly related to OMV Petrom following the final investment decision for the Neptun Deep
project. Consequently, the related oil and gas assets in the amount of EUR 483 mn were reclassified from intangible
assets to property, plant, and equipment.
In 2024, property, plant and equipment with a total carrying amount of EUR 237 mn (2023: EUR 1,065 mn) were
reclassified to assets held for sale. These were mainly related to certain oil and gas assets in the Energy segment
for which a divestment process was initiated. In 2023, these assets mainly related to the SapuraOMV disposal
group. For more details see Note 5 – Assets and liabilities held for sale.
Further details on impairments and write-ups can be found in Note 9 – Depreciation, amortization, impairments and
write-ups.
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Contractual obligations for acquisitions
In EUR mn
2024
2023
Intangible assets
248
296
Property, plant, and equipment
3,221
3,345
Contractual obligations
3,470
3,640
In 2024, the contractual commitments for acquisitions of fixed assets were mainly related to activities in the Energy
segment.
OMV as a lessee
Accounting policy
As a lessee, OMV recognizes lease liabilities and right-of-use assets for lease contracts according to
IFRS 16. It applies the recognition exemption for short-term leases and leases in which the underlying
asset is of low value and therefore does not recognize right-of-use assets and lease liabilities for such
leases. Leases to explore for and use oil and natural gas, which comprise mainly land leases used for
such activities, are not in the scope of IFRS 16. The rent for these contracts is recognized as expense
on a straight-line basis over the lease term.
Non-lease components are separated from the lease components for the measurement of right-of-use
assets and lease liabilities. Lease liabilities are recognized at the present value of fixed lease payments
and lease payments that depend on an index or rate over the determined lease term with the
applicable discount rate. Right-of-use assets are recognized at the value of the lease liability plus
prepayments and initial direct costs and presented within property, plant and equipment.
Significant judgments: prolongation and termination options of lease contracts
OMV has a significant number of contracts in which it leases filling stations. Many of those contracts
include prolongation and termination options. Prolongation options or periods after termination
options are included in the lease term if it is reasonably certain that the lease will be prolonged or not
terminated. When determining the lease term, the Group takes into account all relevant facts and
circumstances that create an economic incentive for shortening or prolonging the lease term using the
available options. When assessing the lease term of leases in filling stations for periods covered by
prolongation or termination options, the assumption was applied that the lease term will not exceed
20 years.
Optional periods not taken into account in the measurement of the leases, exist mainly for E&P
equipment in Romania, office buildings, a plot of land in Belgium and gas storage caverns in Germany.
The prolongation option for the office buildings and the gas storage caverns can only be exercised in
the distant future.
Right-of-use assets mainly included leases for filling station sites and buildings, other land, vessels, pipelines, and
office buildings. In addition, OMV leases the storage infrastructure related to the propane dehydrogenation (PDH)
plant in Kallo, Belgium, a hydrogen plant at the Petrobrazi refinery in Romania, gas storage facilities in Austria and
Germany, technical equipment, and vehicles.
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Leases not yet commenced in 2024 but committed amounted to EUR 251 mn, mainly in relation to vessels (2023:
EUR 94 mn).
Right-of-use assets recognized under IFRS 16
In EUR mn
Land and
buildings
Plant and
machinery
Other
fixtures,
fittings
and
equipment
Total
2024
January 1
556
692
149
1,397
Changes in the consolidated group1
24
—
0
24
Additions
72
86
186
345
Depreciation
–63
–71
–91
–226
Other movements
10
–7
0
3
December 31
599
701
244
1,543
2023
January 1
581
504
149
1,233
Changes in the consolidated group1
—
29
—
29
Additions
123
80
81
283
Depreciation
–82
–25
–69
–176
Other movements
–66
105
–11
27
December 31
556
692
149
1,397
1 Mainly from the acquisition of JR Constanta S.R.L., JR Solar Teleorman S.R.L., JR Teleorman S.R.L., and AP-NewCo GmbH in 2024; in 2023, mainly from the change in the consolidation
method of Renasci N.V. For further details on acquisitions refer to Note 4 – Significant changes in Group structure.
For information on lease liabilities see Note 26 – Liabilities.
18 | Equity-accounted investments
Material associates and joint ventures
Borealis owns a 36% stake (2023: 36%) in Borouge PLC (PLC) and Abu Dhabi National Oil Company owns 54%, the
remaining 10% is listed on the Abu Dhabi Securities Exchange. PLC is registered in Abu Dhabi and is the holding
company for its 100% interest in Abu Dhabi Polymers Company Limited (Borouge) (ADP) and its 84.75% interest in
Borouge Pte. Ltd. (PTE).
As of December 31, 2024, the fair value of the Group’s interest in PLC, which is listed on the Abu Dhabi Securities
Exchange of the United Arab Emirates (UAE), was EUR 6,807 mn, based on the quoted market price available on the
UAE stock exchange. The corresponding book value of PLC was EUR 3,799 mn as of December 31, 2024.
The “Borouge investments” (representing the total OMV share in PLC, ADP, PTE) are a leading provider of
innovative, value-creating plastic solutions for the energy, infrastructure, automotive, health care, and agriculture
industries, as well as advanced packaging applications. They are also responsible for the marketing and sales of the
products produced. As joint control is exercised, Borouge investments are accounted for as a joint venture.
Bayport Polymers LLC (Baystar), registered in Pasadena (incorporated in Wilmington), is a petrochemical company
primarily engaged in the manufacturing and sales of polyethylene and ethylene, under the trade name Baystar. As
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OMV has joint control over Bayport Polymers LLC (50/50 share split) and rights to the net assets, it accounts for the
company as a joint venture.
OMV also holds a 15% (2023: 15%) interest in Abu Dhabi Oil Refining Company, registered in Abu Dhabi, which runs
a refinery hub with integrated petrochemicals. According to the contractual agreement between the shareholders,
OMV has strong participation rights that represent a significant influence as per the definition in IAS 28.
The tables below contain summarized financial information for the material associates and joint ventures:
Statement of comprehensive income – material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Sales revenue
25,498
29,259
Net income for the year
–101
1,187
Other comprehensive income
7
11
Total comprehensive income
–94
1,198
Statement of financial position – material associates
In EUR mn
2024
2023
Abu Dhabi
Oil Refining
Company
Abu Dhabi
Oil Refining
Company
Non-current assets
16,961
16,212
Current assets
5,328
5,846
Non-current liabilities
5,226
4,289
Current liabilities
4,403
4,456
Equity
12,661
13,313
Group’s share
1,899
1,997
Impairment of investment
–588
–553
Carrying amount of investment
1,311
1,444
Dividends received
202
206
Statement of comprehensive income – material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Sales revenue
5,566
644
5,356
577
Depreciation, amortization, impairments, and write-ups
–746
–200
–760
–135
Interest income
26
2
25
2
Interest expenses
–189
–199
–204
–107
Taxes on income and profit
–397
–1
–301
–0
Net income for the year
978
–280
764
–317
Other comprehensive income
4
—
–7
—
Total comprehensive income
982
–280
757
–317
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Statement of financial position – material joint ventures
In EUR mn
2024
2023
Borouge
investments
Bayport
Polymers LLC
Borouge
investments
Bayport
Polymers LLC
Non-current assets
7,159
3,992
7,318
3,871
Current assets
2,090
266
1,823
352
thereof cash and cash equivalents
403
22
320
41
Non-current liabilities
3,428
2,915
3,479
2,683
thereof non-current financial liabilities
(excl. other liabilities and provisions)
2,985
2,912
2,988
2,681
Current liabilities
900
363
815
343
thereof current financial liabilities
(excl. trade payables, other liabilities, and provisions)
9
178
8
195
Equity
4,922
980
4,846
1,197
Group’s share
1,784
490
1,752
598
Goodwill
2,113
—
1,986
—
Intercompany profit elimination
–2
–12
–2
–12
Carrying amount of investment
3,895
478
3,737
586
Dividends received
436
—
455
—
Carrying amount reconciliation
In EUR mn
2024
2023
Associate
Joint
Ventures
Associate
Joint
Ventures
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
Abu Dhabi
Oil Refining
Company
Borouge
investments
Bayport
Polymers LLC
January 1
1,444
3,737
586
1,524
4,030
674
Currency translation differences
83
230
32
–54
–117
–22
Additions and other changes
—
—
—
—
—
921
Net income
–15
359
–140
178
281
–158
Other comprehensive income
1
2
—
2
–1
—
Dividends distributed
–202
–434
—
–206
–455
—
December 31
1,311
3,895
478
1,444
3,737
586
1 Refers to capital contribution
Individually immaterial associates and joint ventures
OMV holds a 55.6% (2023: 55.6%) share in Erdöl-Lagergesellschaft m.b.H (ELG), registered in Lannach, which holds
the majority of the emergency stock of crude and petroleum products in Austria. In spite of holding the majority of
voting rights in the general assembly, OMV does not have control over ELG. Any major decisions on financial and
operating policies are delegated to the standing shareholder’s committee, in which a quorum of two-thirds of the
share capital is required for decisions.
Borealis owns a 40% stake (2023: 40%) in Borouge 4 LLC, registered in Abu Dhabi. The company executes the
ongoing Borouge 4 project by developing an ethane-based steam cracker, two polyolefin plants, a 1-Hexene unit, a
cross-linked polyethylene plant (XPLE), and an in-depth study for a carbon capture unit. The Borouge 4 project was
previously part of the 40% direct interest in ADP but was scoped out of Borouge PLC, following the Initial Public
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Offering in June 2022, and was therefore transferred to this newly founded company. However, it is intended to
recontribute Borouge 4 at a later point. Given that no board-reserved matters, which affect all relevant activities,
can be decided without an affirmative vote by Borealis, OMV has joint control over Borouge 4 LLC and accounts for
it as a joint venture.
OMV exercises joint control over Abu Dhabi Petroleum Investments LLC (ADPINV, OMV’s interest 25%, 2023: 25%),
registered in Abu Dhabi, and Pak-Arab Refinery Limited (PARCO; indirect interest of OMV amounts to 10%, 2023:
10%), registered in Karachi, and accounts for both investments at-equity. ADPINV is a holding company for its 40%
interest in PARCO. As unanimous consent of the parties is required for decisions about relevant activities and OMV
has rights to the net assets based on the legal structure, OMV classifies the companies as joint ventures according
to IFRS 11.
Furthermore, OMV has a 10% interest (2023: 10%) in Pearl Petroleum Company Limited, registered in Road Town,
British Virgin Islands, which is involved in the exploration and production of hydrocarbons in the Kurdistan Region of
Iraq. According to the joint venture agreement, OMV has significant influence within the meaning of IAS 28, as
unanimous consent is required for some strategic decisions. Therefore, Pearl is accounted for using the equity
method even though OMV’s share is just 10%. In 2023, exploration & appraisal assets included in OMV’s initial
purchase price allocation of its share in Pearl were partly impaired.
Statement of comprehensive income for individually immaterial associates and joint ventures – Group’s share
In EUR mn
2024
2023
Associates
Joint ventures
Associates
Joint ventures
Sales revenue
6,212
329
5,797
360
Net income for the year
122
–27
23
2
Total comprehensive income
122
–27
23
2
Carrying amount reconciliation for individually immaterial associates and joint ventures
In EUR mn
2024
2023
Associates1
Joint ventures
Associates1
Joint ventures
January 1
458
443
568
498
Currency translation differences
25
26
–15
–33
Changes in the consolidated group2
—
70
7
—
Additions and other changes
—
—
—
2
Net income
122
–27
23
2
Impairments3
—
—
–23
—
Disposals and other changes
—
—
–1
–2
Dividends distributed
–116
–24
–102
–23
December 31
488
489
458
443
1 Including associated companies accounted at-cost.
2 Changes in the consolidated group in 2024 represented the acquisitions of shares in jointly controlled entities in the area of renewable energy. For further details, please refer to
Note 38 – Direct and indirect investments of OMV Aktiengesellschaft.
3 Refers to the impairment for the investment in BlueAlp Holding B.V. in 2023
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19 | Inventories
Accounting policy
Inventories are recognized at the lower of cost and net realizable value. Costs incurred are generally
determined based on the individual costs for goods that are not interchangeable, the average price
method for oil and gas inventories, or the FIFO method for chemical products. Costs of production
comprise directly attributable material and labor costs as well as fixed and variable indirect material
and production overhead costs. In refineries, a carrying capacity approach is applied according to
which the production costs are allocated to product groups on the basis of their relative market values
at the end of the period.
Inventories
In EUR mn
2024
2023
Crude oil
652
585
Natural gas
582
367
Petrochemical feedstock
308
364
Other raw materials and supplies
416
341
Refined petroleum products (including work in progress)
1,041
1,013
Petrochemical products (including work in progress)
853
785
Other finished products
84
73
Inventories
3,936
3,529
The line item “Purchases (net of inventory variation)” in OMV’s Consolidated Income Statement includes costs of
goods and materials, inventory changes and inventory valuations. In 2024, net income from inventory valuation
amounting to EUR 294 mn was recognized, compared to net expenses of EUR 73 mn in 2023. The figures in both
years were mainly related to gas in storage.
20 | Financial assets
Accounting policy
At initial recognition, OMV classifies its financial assets as subsequently measured at amortized cost,
fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL).
The classification depends on both the Group’s business model for managing the financial assets and
the contractual cash flow characteristics of the financial assets. All regular way trades are recognized
and derecognized on the trade date, i.e., the date that the Group commits to purchasing or selling the
asset.
Debt instruments are mainly measured at amortized cost and to a small extent at fair value.
OMV recognizes allowances for expected credit losses (ECLs) for all financial assets measured at
amortized costs. The ECL calculation is based on the external or internal credit ratings of the
counterparty and associated probabilities of default or based on a probability-weighted amount that
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was determined by evaluating a range of possible outcomes in one specific case. Available forward-
looking information is considered, if it has a material impact on the amount of the valuation allowance
recognized.
ECLs are recognized in two stages. Where there has not been a significant increase in the credit risk
since initial recognition, credit losses are measured at twelve-month ECLs. The twelve-month ECL is
the credit loss that could result from default events that are possible within the next twelve months.
The Group considers a financial asset to have low credit risk when its credit risk rating is equivalent to
the definition of “investment grade”.
Where there has been a significant increase in the credit risk since initial recognition, a loss allowance
is required for the lifetime ECL, i.e., the expected credit losses resulting from possible default events
over the expected life of a financial asset. For this assessment, OMV considers all reasonable and
supportable information that is available without undue cost or effort. Furthermore, OMV assumes that
the credit risk on a financial asset has significantly increased if it is more than 30 days past due. If
credit quality improves for a lifetime ECL asset, OMV reverts to recognizing allowances on a twelve-
month ECL basis. A financial asset is considered to be in default when the financial asset is 90 days
past due, unless there is reasonable and supportable information demonstrating that a more lagging
default criterion is appropriate. A financial asset is written off when there is no reasonable expectation
that the contractual cash flows will be recovered.
For trade receivables and contract assets from contracts with customers, a simplified approach is
adopted, where the impairment losses are recognized at an amount equal to lifetime expected credit
losses. If there are credit insurances or securities held against the balances outstanding, the ECL
calculation is based on the probability of default of the insurer/securer for the insured/secured
element of the outstanding balance and for the remaining amount on the probability of default of the
counterparty.
Non-derivative financial assets classified as at fair value through profit or loss (FVTPL) include trade
receivables from sales contracts with provisional pricing and investment funds because the
contractual cash flows do not solely represent payments of principal and interest on the principal
amount outstanding. Furthermore, this measurement category includes portfolios of trade receivables
held with an intention to sell them. These assets are measured at fair value, with any gains or losses
arising on remeasurement recognized in profit or loss.
Equity instruments are either measured at fair value through profit or loss (FVTPL) or at fair value
through OCI (FVOCI). OMV decided irrevocably to classify as investments at FVOCI the majority of its
non-listed equity investments, which are held for strategic purposes and not trading.
OMV derecognizes a financial asset when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership
of the asset to another party.
Significant estimates: recoverability and fair value measurement of financial assets
The management periodically assesses the receivable related to expenditure recoverable from the
Romanian State regarding obligations for decommissioning and restoration costs in OMV Petrom SA.
The assessment process takes into consideration aspects such as the history of amounts claimed,
documentation process-related requirements, potential litigation, and arbitration proceedings.
The investments in the Russian entities JSC GAZPROM YRGM Development (YRGM) and OJSC
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Severneftegazprom (SNGP) are accounted for at fair value through profit or loss according to IFRS 9
since their deconsolidation was triggered by the Russian war on Ukraine.
On December 19, 2023, the Russian President signed a decree regarding the Yuzhno-Russkoye field.
According to this decree, OMV’s shareholdings in Russian entities and consequently its interests in the
gas field are to be transferred to new Russian companies. Those companies will ultimately be held by
the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest
to JSC SOGAZ are to be paid into a Russian special account. This decree equals a unilateral and
irreversible expropriation by seizing the interests of OMV in return for compensation that will be
determined by Russia and placed in accounts that will eventually be under Russian control. On July 1,
2024, the Russian government established the new companies. According to the public records, the
shares attributable to OMV interest have not been transferred to SOGAZ until year-end 2024. Based on
these developments and the unchanged situation with regard to the Russian war on Ukraine, OMV
considers its investments in YRGM and SNGP to have a fair value of nil as of December 31, 2024 (2023:
nil).
OMV has a contractual position toward Gazprom from the redetermination of the reserves of the
Yuzhno Russkoye gas field, which was taken over as part of the acquisition of the participation in this
field in 2017. According to this agreement, the volume of gas reserves in the Yuzhno Russkoye field is
contractually defined and if the reserves are higher or lower than what was assumed in the agreement,
either OMV could be obligated to compensate Gazprom (but would have profited in the future from
higher sales volumes) or Gazprom could be obligated to compensate OMV. The payment for the
reserve redetermination is linked to the actual amount of the gas reserves.
Based on the reserves determined by an independent expert, who was appointed according to the
swap agreement, OMV would be entitled to compensation. In the current difficult political and legal
environment in Russia, however, at this stage OMV does not expect this contractual position to be
recoverable and measures this asset with a value of zero (2023: nil).
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Financial assets
In EUR mn
Valued at
fair value
through
profit or loss
Valued at
fair value
through
other
comprehen-
sive income
Valued at
amortized
cost
Total
carrying
amount
thereof
short-term
thereof
long-term
2024
Trade receivables from contracts with
customers
128
—
2,230
2,358
2,358
—
Other trade receivables
—
—
484
484
484
—
Total trade receivables
128
—
2,714
2,842
2,842
—
Equity investments
1
105
—
106
—
106
Investment funds
29
—
—
29
—
29
Bonds
—
—
91
91
59
33
Derivatives designated as hedging instruments
—
39
—
39
27
12
Other derivatives
269
—
—
269
193
75
Loans
—
—
1,286
1,286
5
1,282
Other sundry financial assets
2
—
1,369
1,370
790
581
Total other financial assets
301
143
2,746
3,190
1,074
2,116
Financial assets
429
143
5,460
6,032
3,916
2,116
2023
Trade receivables from contracts with
customers
99
—
2,571
2,670
2,670
—
Other trade receivables
—
—
785
785
785
—
Total trade receivables
99
—
3,356
3,455
3,455
—
Equity investments
1
56
—
57
—
57
Investment funds
28
—
—
28
—
28
Bonds
—
—
285
285
245
39
Derivatives designated as hedging instruments
—
52
—
52
50
2
Other derivatives
890
—
—
890
692
198
Loans
—
—
910
910
5
905
Other sundry financial assets
2
—
1,610
1,612
1,139
474
Total other financial assets
921
108
2,805
3,834
2,130
1,704
Financial assets
1,020
108
6,160
7,288
5,584
1,704
Financial assets at fair value through profit or loss mainly consisted of financial assets held for trading.
In 2024 the position loans included loans and the related accrued interests under a member loan agreement with
Bayport Polymers LLC in the amount of EUR 769 mn (2023: EUR 701 mn) and EUR 435 mn (2023: EUR 155 mn) from
drawdowns and the related interest accrued from a shareholder loan agreement entered into with Borouge 4 LLC.
For further details please refer to Note 35 – Related parties.
Other sundry financial assets included expenditure recoverable from the Romanian State amounting to
EUR 429 mn (2023: EUR 399 mn) related to obligations for decommissioning and environmental costs in OMV
Petrom S.A. The receivables consisted of EUR 419 mn (2023: EUR 391 mn) for costs relating to decommissioning
and EUR 9 mn (2023: EUR 8 mn) for costs relating to environmental remediation.
On October 2, 2020, as party in the privatization agreement, OMV Aktiengesellschaft initiated arbitration
proceedings against the Romanian Ministry of Environment, in accordance with the International Chamber of
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Commerce (ICC) Rules, regarding certain claims unpaid by the Ministry of Environment in relation to well
decommissioning and environmental restoration obligations amounting to EUR 31 mn. On August 30, 2022, the
Arbitral Tribunal issued the Final Award on the arbitration and requested the Ministry of Environment to reimburse
to OMV Petrom S.A. the amount of EUR 31 mn and related interest. In October 2022, the Ministry of Environment
challenged the award at the Paris Court of Appeal, a procedure that was still ongoing as of December 31, 2024.
In Q4/22, OMV Aktiengesellschaft, as party in the privatization agreement, initiated arbitration proceedings against
the Romanian Ministry of Environment, in accordance with the ICC Rules, which have been further consolidated in a
single case, regarding certain claims unpaid by the Ministry of Environment in relation to well decommissioning and
environmental remediation works amounting to EUR 47 mn. On January 15, 2025, the Arbitral Tribunal issued the
Final Award on the arbitration, requesting the Ministry of Environment to reimburse OMV Petrom S.A. the full
amount requested, along with related interest.
On December 20, 2024, OMV Aktiengesellschaft, as party in the privatization agreement, initiated arbitration
proceedings against the Romanian Ministry of Environment, in accordance with the ICC Rules, regarding certain
claims unpaid by the Ministry of Environment in relation to well decommissioning works amounting to EUR 50 mn.
As of December 31, 2024, the arbitration procedure was ongoing.
Additionally, other sundry financial assets contained receivables towards partners in the Exploration & Production
business as well as seller participation notes and complementary notes in Carnuntum DAC (see Note 36 –
Unconsolidated structured entities – for further details).
Equity investments measured at FVOCI
In EUR mn
2024
2023
Investment
Fair value
Fair value
adjustment
through OCI
Dividend
recognized
as income
Fair value
Fair value
adjustment
through OCI
Dividend
recognized
as income
Eavor Technologies Inc.
53
–1
—
34
—
—
Vulcan Energy Resources Limited
19
–1
—
—
—
—
Hycamite TCD Technologies Ltd.
9
—
—
5
—
—
Wiener Börse AG
7
1
1
6
–1
1
KIC InnoEnergy SE
6
–2
—
—
—
—
Other
12
1
5
11
–1
4
Equity investments measured at FVOCI
105
–3
6
56
–2
4
Probability of default
Equivalent to external credit rating
Probability of default
2024
2023
Risk Class 1
AAA, AA+, AA,
AA–, A+, A, A–
0.13%
0.13%
Risk Class 2
BBB+, BBB, BBB–
0.44%
0.44%
Risk Class 3
BB+, BB, BB–
1.18%
1.18%
Risk Class 4
B+, B, B–
8.52%
8.52%
Risk Class 5
CCC/C
29.54%
29.54%
Risk Class 6
SD/D
100.00%
100.00%
For further details on credit risk management see Note 29 – Risk management.
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Impairments of trade receivables
In EUR mn
2024
2023
January 1
101
65
Amounts written off
–6
–3
Net remeasurement of expected credit losses
25
41
Currency translation differences
3
–1
Reclassification to/from assets held for sale
3
–1
December 31
127
101
Credit quality of trade receivables
In EUR mn
2024
2023
Risk Class 1
666
1,155
Risk Class 2
700
855
Risk Class 3
952
873
Risk Class 4
262
252
Risk Class 5
225
268
Risk Class 6
37
53
Total gross carrying amount
2,841
3,457
Expected credit losses
–127
–101
Total
2,714
3,356
Impairments of other financial assets at amortized cost
In EUR mn
12-month ECL
Lifetime ECL
not credit
impaired
Lifetime ECL
credit impaired
Total
2024
January 1
13
32
1,442
1,487
Amounts written off
–0
—
–3
–3
Net remeasurement of expected credit losses
–1
–10
155
144
Currency translation differences
–0
2
5
7
December 311, 2
12
23
1,600
1,635
2023
January 1
10
44
1,311
1,365
Amounts written off
–1
—
–5
–6
Net remeasurement of expected credit losses
4
–11
140
133
Currency translation differences
–0
–1
–3
–5
December 311, 2
13
32
1,442
1,487
1 “Lifetime ECL credit impaired” included fully impaired gross carrying amount of loan receivables including accrued interest related to the financing agreements for the Nord Stream
2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
2 “12-month ECL” included an amount of EUR 1 mn (2023: EUR 1 mn) and “Lifetime ECL credit impaired” an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable
from the Romanian State, which are outside the scope of IFRS 9.
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Credit quality of other financial assets at amortized cost
In EUR mn
12-
month
ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
12-
month
ECL
Lifetime
ECL not
credit
impaired
Lifetime
ECL
credit
impaired
Total
2024
2023
Risk Class 1
452
—
—
452
826
–
–
826
Risk Class 21
832
81
91
1,004
751
—
8
759
Risk Class 3
1,401
0
—
1,401
1,140
94
77
1,312
Risk Class 4
0
—
—
0
2
—
—
2
Risk Class 5
15
—
22
37
36
—
22
58
Risk Class 62
—
—
1,487
1,487
—
—
1,335
1,335
Total gross carrying amount
2,700
81
1,600
4,381
2,755
94
1,442
4,292
Expected credit losses3
–12
–23
–1,600
–1,635
–13
–32
–1,442
–1,487
Total
2,688
58
—
2,746
2,742
62
—
2,805
1 “12-month ECL” included an amount of EUR 430 mn (2023: EUR 401 mn) and “Lifetime ECL credit impaired” an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure
recoverable from the Romanian State, which are outside the scope of IFRS 9.
2 “Lifetime ECL credit impaired” included fully impaired gross carrying amount of loan receivables including accrued interests related to the financing agreements for the Nord
Stream 2 pipeline project in the amount of EUR 1.4 bn (2023: EUR 1.2 bn).
3 “12-month ECL” included an amount of EUR 1 mn (2023: EUR 1 mn) and “Lifetime ECL credit impaired” an amount of EUR 9 mn (2023: EUR 8 mn) related to expenditure recoverable
from the Romanian State, which are outside the scope of IFRS 9.
21 | Other assets
Other assets
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Prepaid expenses
87
12
89
13
Advance payments on fixed assets
221
13
184
—
Other payments on account
193
17
124
25
Receivables from other taxes and social security
287
43
202
40
Emission rights1
666
—
630
—
Emission rights to be received from customers1
23
—
42
—
Other non-financial assets
125
116
81
87
Other assets
1,603
200
1,351
165
1 For further details refer to Note 3 – Effects of climate change and the energy transition.
The increase in advance payments on fixed assets and other payments on account was mainly attributable to the
Neptun Deep project in Romania.
Receivables from other taxes and social security increased mainly in relation to excises in Romania, as per
changes in legislation.
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22 | Equity of stockholders of the parent
Capital stock
The capital stock of OMV Aktiengesellschaft consists of 327,272,727 (2023: 327,272,727) fully paid no par value
shares with a total nominal value of EUR 327,272,727 (2023: EUR 327,272,727). There are no different classes of
shares and no shares with special rights of control. All shares are entitled to dividends for the financial year 2024,
with the exception of treasury shares held by OMV Aktiengesellschaft.
On September 29, 2020, the Annual General Meeting authorized the Executive Board until September 29, 2025 to
increase the share capital of OMV Aktiengesellschaft with the consent of the Supervisory Board – at once or in
several tranches – by an amount of up to EUR 32,727,272 by issuing up to 32,727,272 new no-par value common
voting shares in bearer form in return for contributions in cash. The capital increase can also be implemented by
way of indirect offer for subscription after taking over by one or several credit institutions according to Section 153
Paragraph 6 of the Austrian Stock Corporation Act. The issue price and the conditions of issuance can be
determined by the Executive Board with the consent of the Supervisory Board.
Further, the Annual General Meeting authorized the Executive Board, subject to the approval of the Supervisory
Board, to exclude the subscription right of the shareholders if the capital increase serves to (i) adjust fractional
amounts or (ii) satisfy stock transfer programs, in particular long term incentive plans, equity deferrals or other
participation programs for employees, senior employees and members of the Executive Board/management boards
of the Company or one of its affiliates, or other employees stock ownership plans.
In addition, the Supervisory Board was authorized to adopt amendments to the Articles of Association resulting
from the issuance of shares according to the authorized capital.
Capital reserves
Capital reserves have been formed by the contribution of funds into OMV Aktiengesellschaft by its shareholders
over and above the capital stock, on the basis of their ownership relationship.
Hybrid capital
Accounting policy
According to IFRS, the net proceeds of the hybrid notes are treated fully as equity because the
repayment of the principal and the payments of interest are solely at the discretion of OMV.
The hybrid capital recognized in equity in the amount of EUR 1,986 mn consists of perpetual, subordinated hybrid
notes.
On December 7, 2015, OMV issued hybrid notes with an aggregate principal amount of EUR 1,500 mn, in two
tranches of EUR 750 mn each:
The hybrid notes of tranche 1, with the first call date in 2021, were called and redeemed at their principal amount
(plus interest accrued) on November 30, 2021.
The hybrid notes of tranche 2 bear a fixed interest rate of 6.250% per annum until, but excluding, December 9,
2025, which is the first call date of tranche 2. From December 9, 2025 (including), tranche 2 will bear an interest
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rate per annum at the relevant five-year-swap rate for the relevant interest period plus a specified margin and a
step-up of 100 basis points.
Interest is due and payable annually in arrears on December 9 of each year, unless OMV elects to defer the relevant
interest payments. The outstanding deferred interest must be paid under certain circumstances, in particular, if the
Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
On September 1, 2020, OMV issued hybrid notes with an aggregate principal amount of EUR 1,250 mn, in two
tranches (Tranche 1: EUR 750 mn; Tranche 2: EUR 500 mn) with the following interest payable:
The hybrid notes of tranche 1 bear a fixed interest rate of 2.500% per annum until, but excluding, September 1,
2026, which is the first reset date of tranche 1. From the first reset date (including) until, but excluding,
September 1, 2030, the hybrid notes of tranche 1 will bear interest per annum at a reset interest rate which is
determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030
(including), the hybrid notes of tranche 1 will bear an interest rate per annum at the relevant five-year swap rate
for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
The hybrid notes of tranche 2 bear a fixed interest rate of 2.875% per annum until, but excluding, September 1,
2029, which is the first reset date of tranche 2. From the first reset date (including) until, but excluding,
September 1, 2030, the hybrid notes of tranche 2 will bear interest per annum at a reset interest rate which is
determined according to the relevant five-year swap rate plus a specified margin. From September 1, 2030
(including), the hybrid notes of tranche 2 will bear an interest rate per annum at the relevant five-year swap rate
for each interest period thereafter plus a specified margin and a step-up of 100 basis points.
Interest is due and payable annually in arrears on September 1 of each year, unless OMV elects to defer the
relevant interest payments. The outstanding deferred interest must be paid under certain circumstances, in
particular, if the Annual General Meeting of OMV resolves upon a dividend payment on OMV shares.
The hybrid notes outstanding as of December 31, 2024, do not have a scheduled maturity date and they may be
redeemed at the option of OMV under certain circumstances. OMV has, in particular, the right to repay the hybrid
notes at certain call dates. Any accrued unpaid interest becomes payable when the notes are redeemed. In the case
of a change of control, for example, OMV may call the hybrid notes for redemption or else the applicable interest
rate will be subject to an increase according to the terms and conditions of the hybrid notes.
On April 3, 2024, the Executive Board approved that OMV exercises its right to call and redeem the EUR 500 mn
hybrid notes issued on June 19, 2018, with the first call date in 2024. The fair value of the hybrid note was thus
reclassified from equity to short-term bonds. In accordance with Section 5 (3) of the terms and conditions of the
hybrid note, OMV called and redeemed the hybrid note at its nominal value plus interest on the first call date, i.e.,
June 17, 2024.
Revenue reserves
The net income and losses of all companies, within the scope of consolidation are included in the Group’s revenue
reserves, adjusted for the purpose of consolidation.
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Treasury shares
Accounting policy
For repurchased own shares, the costs of repurchased shares are reflected as a reduction in equity.
Gains or losses on the re-issue of treasury shares (issue proceeds less acquisition cost) result in an
increase or a reduction in capital reserves.
Most recently, on May 28, 2024, the Annual General Meeting authorized the Executive Board to repurchase, subject
to the approval of the Supervisory Board:
1. bearer shares of no par value of the company up to a maximum of 5% of the company’s nominal capital, in
accordance with Section 65 para 1 number 8 Austrian Stock Corporation Act,
2. over a period of 15 months from the date of adoption of the resolution by the General Meeting,
3. for a minimum consideration per share being at the utmost 30% lower than the average, unweighted stock
exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares, and
a maximum consideration per share being at the utmost 20% higher than the average, unweighted stock
exchange closing price over the preceding ten trading days prior to the respective repurchase of the shares,
whereby any repurchases have to be exercised in such way that the company does not hold more than 1,300,000
treasury shares at any time.
Such repurchases may take place via the stock exchange or a public offering or by any other legal means and for
the purpose of share transfer programs, in particular Long Term Incentive Plans, Equity Deferrals, or other stock
ownership plans.
The Executive Board was further authorized to cancel stock repurchased or already held by the company subject to
the approval of the Supervisory Board but without further resolution of the General Meeting and the Supervisory
Board was authorized to adopt amendments to the Articles of Association resulting from the cancellation of shares.
On June 2, 2021, the Annual General Meeting authorized the Executive Board for a period of five years from the
adoption of the resolution, therefore, until and including June 1, 2026, subject to the approval of the Supervisory
Board, to dispose of or utilize repurchased treasury shares or treasury shares already held by the Company to grant
to employees, executive employees, and/or members of the Executive Board/management boards of the Company
or its affiliates, including for purposes of share transfer programs, in particular long-term incentive plans including
equity deferrals or other stock ownership plans, and to thereby exclude the general purchasing right of
shareholders (exclusion of subscription rights). The authorization can be exercised as a whole or in parts or even in
several tranches by the Company, by a subsidiary (Section 189a Number 7 of the Austrian Commercial Code), or by
third parties for the account of the Company.
The gains and losses recognized directly in other comprehensive income and their related tax effects were as
follows:
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Tax effects relating to each component of other comprehensive income
In EUR mn
2024
2023
Pre-tax
expense (–)
income (+)
Tax
expense (–)
benefit (+)1
Net-of-tax
expense (–)
income (+)
Pre-tax
expense (–)
income (+)
Tax
expense (–)
benefit (+)1
Net-of-tax
expense (–)
income (+)
Currency translation differences
511
0
511
–542
–0
–542
Gains (+)/losses (–) on hedges
–8
2
–6
–360
83
–277
Remeasurement gains (+)/losses (–)
on defined benefit plans
–16
0
–16
–58
7
–51
Gains (+)/losses (–) on equity
investments
–3
1
–3
–2
1
–2
Gains (+)/losses (–) on hedges that
are subsequently transferred to
the carrying amount of the
hedged item
4
–1
3
–27
6
–21
Share of other comprehensive
income of equity-accounted
investments
42
n.a.
4
02
n.a.
0
Other comprehensive income
for the year
491
2
493
–989
97
–893
1 Including valuation allowances for deferred tax assets for the Austrian tax group. For further details please refer to Note 14 – Taxes on income and profit.
2 Represents net-of-tax amounts
On May 28, 2024, the payment of a total dividend of EUR 5.05 per share was approved at the Annual General
Meeting, of which EUR 2.95 per eligible share represents the regular dividend and EUR 2.10 per eligible share an
additional dividend. The total dividend for the financial year 2023 was paid in June 2024 and amounted to
EUR 1,652 mn. In 2023, the dividend payment for the financial year 2022 amounted to EUR 1,652 mn (EUR 5.05 per
share). The interest paid for hybrid bonds recognized in equity amounted to EUR 80 mn in 2024 (2023: EUR 94 mn).
On February 4, 2025, the Executive Board of OMV Aktiengesellschaft proposed a total dividend of EUR 4.75 per
share for the financial year 2024. The proposed total dividend comprises a regular dividend of EUR 3.05 per share
and an additional dividend of EUR 1.70 per share, which are subject to approval at the Annual General Meeting in
2025.
Treasury shares
Number of shares
In EUR mn
January 1, 2023
201,674
2.2
Disposals
–59,667
–0.7
December 31, 2023
142,007
1.6
Disposals
–84,678
–0.9
December 31, 2024
57,329
0.6
Development of number of shares in issue
Number of shares
Treasury shares
Shares in issue
January 1, 2023
327,272,727
201,674
327,071,053
Used for share-based compensations
—
–59,667
59,667
December 31, 2023
327,272,727
142,007
327,130,720
Used for share-based compensations
—
–84,678
84,678
December 31, 2024
327,272,727
57,329
327,215,398
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23 | Non-controlling interests
Subgroups with material non-controlling interests (NCI)
In EUR mn
2024
2023
Subgroups
% NCI
Net income
allocated to
NCI
Accumulated
NCI
% NCI
Net income
allocated to
NCI
Accumulated
NCI
OMV Petrom Group
49%
411
3,823
49%
398
3,848
Borealis Group
25%
108
2,916
25%
–21
3,021
SapuraOMV Group
50%
50
—
50%
–13
251
Other subsidiaries
n.a.
2
11
n.a.
2
10
OMV Group
n.a.
571
6,749
n.a.
366
7,131
The proportion of ownership corresponds to the proportion of voting rights of the non-controlling interests in all
cases.
The main activities of the OMV Petrom Group, the largest integrated energy producer in Southeastern Europe, are
oil and gas exploration and production (in Romania and Bulgaria), refining of crudes (in Romania), marketing of
petroleum products (in Romania, Bulgaria, Serbia, and Moldova), and sale of natural gas as well as production and
sales of electricity (in Romania and neighboring countries).
The Borealis Group is one of the world’s leading providers of advanced and circular polyolefin solutions, a European
innovative leader in polyolefins recycling, and a major producer of base chemicals. The majority of Borealis’
production is located in Europe, with two overseas manufacturing facilities in the United States, one in Brazil and
one in South Korea.
The SapuraOMV Group is an oil and gas company based in Malaysia with strong growth prospects consisting of
sizeable discovered resources and a strong portfolio of exploration prospects. In addition to Malaysia, it has access
to exploration blocks in New Zealand, Australia, and Mexico. On December 9, 2024, OMV closed the transaction to
sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies (see Note 4 – Significant
changes in Group structure).
The following tables summarize the financial information of the subgroups with material non-controlling interests:
Statement of comprehensive income of subgroups with material NCI1
In EUR mn
2024
2023
OMV Petrom
Group
Borealis
Group
OMV Petrom
Group
Borealis
Group
Sales revenue
7,189
7,853
7,845
7,770
Net income for the year
842
424
815
33
Total comprehensive income
840
670
811
–438
Attributable to NCI
410
168
396
–138
Dividends paid to NCI
430
286
498
88
1 Figures refer to subgroup level, i.e., including at-equity consolidation and after elimination of intercompany transactions and balances within the subgroup.
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Statement of financial position as of December 31 of subgroups with material NCI1
In EUR mn
2024
2023
OMV Petrom
Group
Borealis
Group
OMV Petrom
Group
Borealis
Group
Non-current assets
7,791
12,296
7,109
11,524
Current assets
3,797
3,485
4,579
4,779
Non-current liabilities
2,083
1,996
2,064
2,646
Current liabilities
1,642
2,137
1,710
1,595
1 Figures refer to subgroup level, i.e. including at-equity consolidation and after elimination of intercompany transactions and balances within the subgroup.
Statement of cash flows of subgroups with material NCI1
In EUR mn
2024
2023
OMV Petrom
Group
Borealis
Group
OMV Petrom
Group
Borealis
Group
Operating cash flow
1,300
1,188
2,045
945
Investing cash flow
–1,160
–1,033
–1,158
–359
Financing cash flow
–968
–1,471
–1,071
–480
Net increase (+)/decrease (–) in cash and cash equivalents
–828
–1,320
–198
105
1 Figures refer to subgroup level, i.e., including at-equity consolidation and after elimination of intercompany transactions and balances within the subgroup.
24 | Provisions for pensions and similar obligations
Accounting policy
With regard to pensions and similar obligations, a distinction is made between defined benefit and
defined contribution plans. In the case of defined contribution plans, current contributions are
recognized as an expense.
In the case of defined benefit obligations, provisions for pensions, severance payments, and jubilee
payments are calculated using the projected unit credit method, which divides the costs of the
estimated benefit entitlements over the whole period of employment and thus takes future increases
in remuneration into account. Actuarial gains and losses for defined benefit pension and severance
payment obligations are recognized in full in the period in which they occur in other comprehensive
income. Such actuarial gains and losses are not reclassified to profit or loss in subsequent periods.
Actuarial gains and losses on obligations for jubilee payments are recognized in profit or loss. Net
interest expenses are calculated on the basis of the net defined benefit obligation and disclosed as
part of the financial result. The difference between the return on plan assets and interest income on
plan assets included in the net interest expenses is recognized in other comprehensive income.
Provisions for voluntary and mandatory separations under restructuring programs are recognized if a
detailed plan has been approved by management and communicated to those affected prior to the
statement of financial position date and an irrevocable commitment is thereby established. Expenses
related to such restructuring programs are included in the line “Other operating expenses” in the
Consolidated Income Statement. Voluntary modifications to employees’ remuneration arrangements
are recognized on the basis of the expected number of employees accepting the employing company’s
offer. Provisions for obligations related to individual separation agreements that lead to fixed
payments over a defined period of time are recognized at the present value of the obligation.
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Significant estimates: pensions and similar obligations
The projected unit credit method of calculating provisions for pensions, severance, and jubilee
entitlements requires estimates of discount rates, future increases in salaries, and future increases in
pensions.
The biometrical basis for calculating provisions for pensions, severance, and jubilee entitlements of
Austrian Group companies is provided by AVÖ 2018 P – Angestellte - Rechnungsgrundlagen für die
Pensionsversicherung (Biometric Tables for Pension Insurance), using the variant for salaried
employees. In other countries, similar actuarial parameters are used. Employee turnover was
computed based on age or years of service, respectively. The expected retirement age used for
calculations is based on the relevant country’s legislation.
The following tables include details on funded and unfunded pension plans (mainly in Austria, Germany, Sweden,
and Belgium) and severance plans (mainly in Austria), which are operated under broadly similar regulatory
frameworks.
Pensions and similar obligations
In EUR mn
2024
2023
Present value of funded pension obligations
867
853
Fair value of plan assets
–618
–598
Provisions for funded pension obligations
249
255
Present value of unfunded pension obligations
462
479
Present value of obligations for severance and other plans
157
145
Provisions for pensions, severance, and other plans
867
879
Present value of obligations for other long-term benefits
89
87
Total provisions for pensions and similar obligations
956
966
Other long-term benefits mainly comprise jubilee payments. Employees in Austria and Germany are entitled to
jubilee payments after completion of a given number of years of service. These plans are non-contributory and
unfunded.
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Present value of obligations
In EUR mn
2024
2023
Pensions
Severance and
other plans
Pensions
Severance and
other plans
Present value of obligations as of January 1
1,332
145
1,302
135
Current service costs
21
4
21
4
Past service costs
2
6
—
—
Interest costs
45
6
46
6
Amounts recognized in the income statement
69
16
67
9
Adjustments due to changes in demographic assumptions
1
–1
0
–0
Adjustments due to changes in financial assumptions
39
3
–20
1
Experience adjustments
–18
–1
72
12
Total remeasurements of the period (OCI)
22
2
52
13
Actual benefit payments
–89
–22
–89
–13
Changes in the consolidated group
—
—
—
1
Currency translation differences
–5
1
–1
–0
Reclassification to/from liabilities associated
with assets held for sale
—
15
—
—
Present value of obligations as of December 31
1,329
157
1,332
145
Fair value of plan assets
In EUR mn
2024
2023
Fair value of plan assets as of January 1
598
526
Interest income
21
19
Return on plan assets excluding interest income (OCI)
8
6
Actual benefit payments
–58
–57
Actual employer contributions
51
104
Currency translation differences
–1
–1
Fair value of plan assets as of December 31
618
598
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Provisions and expenses
In EUR mn
2024
2023
Pensions
Severance and
other plans
Pensions
Severance and
other plans
Provisions as of January 1
734
145
775
135
Current service costs
21
4
21
4
Past service cost
2
6
—
—
Net interest costs
24
6
27
6
Amounts recognized in the income statement
48
16
48
9
Adjustments due to changes in demographic assumptions
1
–1
0
–0
Adjustments due to changes in financial assumptions
39
3
–20
1
Experience adjustments
–18
–1
72
12
Return on plan assets excluding interest income
–8
—
–6
—
Total remeasurements of the period (OCI)
15
2
46
13
Actual benefit payments
–31
–22
–32
–13
Actual employer contributions
–51
—
–104
—
Changes in the consolidated group
—
—
—
1
Currency translation differences
–3
1
0
–0
Reclassification to/from liabilities associated with assets held for sale
—
15
—
—
Provisions as of December 31
711
157
734
145
Pensions
OMV has both defined contribution and defined benefit pension plans. In the case of defined contribution plans,
OMV has no obligations beyond payment of the agreed premiums.
In contrast, participants in defined benefit plans are entitled to pensions at certain levels and are generally based on
years of service and the employee’s average compensation. These defined benefit plans expose the Group to
actuarial risks, such as longevity risk, interest rate risk, inflation risk (as a result of the indexation of the pension),
and market risk.
Pension commitments were calculated based on country- and plan-specific assumptions. A large portion of the
pension commitments of several OMV companies was transferred to country-specific external pension funds,
however, there is also a number of unfunded plans where the benefit payment obligation lies with the Group. The
benefits provided depend on the employee’s length of service and salary in the final years leading up to retirement
and, generally, they are updated in line with the consumer price index or a similar index.
The majority of pension commitments are attributable to plans in Austria and Belgium, which are mainly funded,
and to Germany and Sweden, which are unfunded.
In Austria, the majority of pension commitments were transferred to external pension funds managed by APK
Pensionskasse AG and in Belgium to Vivium, Towers Watson LifeSight, and KBC Asset Management. The
investment of plan assets in Austria is governed by Section 25 of the Austrian Pension Fund Act and the Investment
Fund Act. In addition to these regulations, the investment guidelines of APK Pensionskasse AG regulate the spread
of asset allocation, the use of umbrella funds, and the selection of fund managers. The investment plans in Belgium
follow the investment strategy of the respective insurance company as well as local legal regulations.
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The allocation of plan assets was mainly in debt securities and insurance contracts. Aside from the insurance
contracts, which are not quoted, the majority of plan assets are invested in liquid active markets for which quoted
prices are available.
Expected contributions to post-employment benefit plans for the year 2025 total EUR 28 mn. Moreover, defined
benefit contributions related to 2024 in the amount of EUR 22 mn are expected to be paid in 2025.
Severance and other plans
Employees of Austrian Group companies whose service began before December 31, 2002, are entitled to severance
payments upon termination of employment or upon reaching the normal retirement age. The entitlements depend
on years of service and final compensation levels. Entitlement to severance payments for employees whose service
began after December 31, 2002, is covered by defined contribution plans. Similar obligations to entitlement to
severance payments also exist in other countries where the Group provides employment. These defined benefit
plans expose the Group to actuarial risks, mainly interest rate risk and inflation risk (as a result of the indexation of
the salary).
Underlying assumptions for calculating pension expenses and expected defined benefit entitlements as of December 31
2024
2023
Pensions
Severance and
other plans
Pensions
Severance and
other plans
Capital market interest rate
3.25%–4.50%
3.00%–7.00%
3.25%–5.00%
3.75%–6.25%
Future increases in salaries
3.00%–5.50%
3.00%–5.50%
2.69%–5.00%
3.25%–4.00%
Future increases in pensions
1.75%–3.25%
—
1.75%–3.50%
—
The following actuarial assumptions for calculating pension expenses and expected defined benefit entitlements
are considered as material and are stress tested within the following ranges. The increase or decrease compared to
the values accounted for defined benefit obligations in relative deviation terms and in absolute values are as
follows:
Sensitivities – percentage change
2024
Capital market interest rate
Future increases in salaries
Future increases in pensions
+0.50%
–0.50%
+0.50%
–0.50%
+0.50%
–0.50%
Pensions
–5.05%
5.54%
1.72%
–1.61%
3.67%
–3.40%
Severance and other plans
–3.68%
3.94%
3.29%
–3.13%
—
—
Sensitivities – absolute change
In EUR mn
2024
Capital market interest rate
Future increases in salaries
Future increases in pensions
+0.50%
–0.50%
+0.50%
–0.50%
+0.50%
–0.50%
Pensions
–67
74
23
–21
49
–45
Severance and other plans
–5
5
5
–4
—
—
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Duration profiles and average duration of defined benefit obligations as of December 31
In EUR mn
2024
Duration profiles
Duration
1–5 years
6–10 years
>10 years
in years
Pensions
400
343
587
11
Severance and other plans
72
51
35
8
Allocation of plan assets as of December 31
2024
2023
Asset category
Equity securities
19%
17%
Debt securities
33%
33%
Cash and money market investments
2%
5%
Insurance contracts
37%
36%
Other
9%
10%
Total
100%
100%
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25 | Decommissioning and other provisions
Accounting policy
A provision is recorded for present obligations to third parties when it is probable that an obligation
will occur, and the settlement amount can be estimated reliably. Provisions for individual obligations
are based on the best estimate of the amount necessary to settle the obligation, discounted to the
present value in the case of long-term obligations.
The Group recognizes provisions for decommissioning and environmental obligations. The Group’s
core activities regularly lead to obligations related to dismantling and removal, asset retirement, and
soil remediation activities. These decommissioning and restoration obligations are principally of
material importance in the Energy segment (oil and gas wells, surface facilities) and in connection with
filling stations on third-party property. At the time the obligation arises, it is provided for in full by
recognizing the present value of future decommissioning and restoration expenses as a provision. An
equivalent amount is capitalized as part of the carrying amount of long-lived assets. Any such
obligation is calculated on the basis of best estimates. The unwinding of discounting leads to interest
expenses and accordingly to increased obligations at each statement of financial position date until
decommissioning or restoration. For other environmental risks and measures, provisions are
recognized if such obligations are probable, and the amount of the obligation can be estimated
reliably.
Provisions for onerous contracts are recognized for contracts in which the unavoidable costs of
meeting a contractual obligation exceed the economic benefits expected to be received under the
contract. These provisions are measured at the lower amount of the cost of fulfilling the contract and
any potential penalties or compensation arising in the event of non-performance.
Significant estimates: decommissioning and onerous contract provisions
The most significant decommissioning obligations of the Group are related to the plugging of wells,
the abandonment of facilities, and the removal and disposal of offshore installations. The majority of
these activities are planned to occur many years in the future, while decommissioning technologies,
costs, regulations, and public expectations are constantly changing. Estimates of future restoration
costs are based on reports prepared by Group experts or partner companies and on past experience.
Any significant downward changes in the expected future costs or postponement in the future affect
both the provision and the related asset, to the extent that there is sufficient carrying amount.
Otherwise, the provision is reversed in income. Significant upward revisions trigger the assessment of
the recoverability of the underlying asset. Provisions for decommissioning and restoration costs
require estimates of discount and inflation rates, which have material effects on the amounts of the
provision.
Management believes that compliance with current laws and regulations and future, more stringent
laws and regulations will not have a material negative impact on the Group’s results, financial position,
or cash flows in the near future.
OMV concluded several long-term, non-cancellable contracts that became onerous due to the
negative development of market conditions. This led to the recognition of onerous contract provisions
in the Group’s financial statements for the unavoidable costs of meeting the contract obligations. The
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estimates used for calculating the positive contributions that partly cover the fixed costs were based
on external sources and management expectations.
Decommissioning and other provisions
In EUR mn
Decommissioning
and restoration
obligations
Other provisions
Total
January 1, 2024
4,148
1,200
5,347
Currency translation differences
–41
–3
–44
Changes in the consolidated group
0
1
1
Usage
–127
–725
–852
Releases
–210
–73
–283
Allocations
325
876
1,202
Transfers
–0
40
40
Reclassified to/from liabilities associated with assets held for sale
–2
11
9
December 31, 2024
4,093
1,327
5,420
thereof short-term as of December 31, 2024
71
940
1,011
thereof short-term as of January 1, 2024
69
777
846
Provisions for decommissioning and restoration obligations
Provisions for decommissioning and restoration obligations
In EUR mn
Carrying amount
January 1, 2024
4,148
Currency translation differences
–41
New obligations
84
Increase arising from revisions in estimates
48
Reduction arising from revisions in estimates
–210
Unwinding of discounting
193
Reclassified to/from liabilities associated with assets held for sale
–2
Usage, disposals, and other changes
–127
December 31, 2024
4,093
The reduction arising from revisions in estimates was mainly driven by increased real interest rates for RON and
USD compared to 2023.
Main assumptions for calculating decommissioning and restoration obligations as of December 311
2024
Discount rate
Inflation rate
Real
discount rate
Eurozone (EUR)
2.25–2.50%
2.00%
0.25–0.50%
New Zealand (NZD)
3.75–5.25%
2.25%
1.50–3.00%
Norway (NOK)
3.75%
2.00%
1.75%
Romania (RON)
7.50%
3.25%
4.25%
United States (USD)
4.50–4.75%
2.00%
2.50–2.75%
1 Based on the main currencies of the underlying obligations. Multiple discount rates per currency arise due to different maturities.
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A decrease of 1 percentage point in the real discount rates used to calculate the decommissioning provisions would
lead to an additional provision of EUR 548 mn; in the opposite case, the provision would decrease by EUR 467 mn.
For details on the estimation of maturities and cash outflows of decommissioning and restoration obligations, refer
to Note 3 – Effects of climate change and the energy transition.
The provisions for decommissioning and restoration costs included obligations attributable to OMV Petrom SA
amounting to EUR 1,726 mn (2023: EUR 1,786 mn). Part of the obligations is to be recovered from the Romanian
State in accordance with the privatization agreement. For further information see Note 20 – Financial assets.
Other provisions
Other provisions
In EUR mn
2024
2023
Short-term
Long-term
Short-term
Long-term
Environmental costs
27
98
16
119
Onerous contracts
43
158
64
194
Other personnel provisions
172
10
146
9
Emissions certificates
509
—
437
—
Residual other provisions
189
120
114
100
Other provisions
940
387
777
422
As of December 31, 2024, the provision for environmental costs included EUR 51 mn (2023: EUR 57 mn) relating to
the provision for soil remediation at the Arpechim refinery site in Romania.
The provisions for onerous contracts were mainly related to associated transportation commitments of OMV Gas
Marketing & Trading GmbH.
At the end of 2024, the provision for the related non-cancellable transportation commitments of OMV Gas
Marketing & Trading GmbH amounted to EUR 199 mn (2023: EUR 258 mn). The decrease in the provision was
mainly driven by the abolition of the gas storage neutrality charge in Germany. The calculation is based on the
difference between the fixed costs for using the capacities and the net profit from usage expected to be generated
by using the capacities. The discount rate applied was 2.25% (2023: 2.00%). Besides the discount rate, the key
assumptions are the gas prices at the relevant gas hubs, which are based on forward rates or on management’s best
estimates of future prices.
Other personnel provisions included short-term provisions related to personnel reduction schemes of EUR 17 mn
(2023: EUR 14 mn). The remaining amount was mainly related to provisions for bonuses.
Emissions certificates provisions increased in 2024, mainly due to increase in the fixed price for emission
certificates in Germany, according to the Emissions Trading Act (BEHG). For further details on emissions trading
schemes applicable to OMV Group refer to Note 3 – Effects of climate change and the energy transition.
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26 | Liabilities
Liabilities
In EUR mn
2024
2023
Short-term
Long-term
Total
Short-term
Long-term
Total
Bonds
850
5,720
6,570
540
5,534
6,073
Other interest-bearing debts
353
717
1,070
427
1,043
1,470
Lease liabilities
233
1,534
1,767
181
1,404
1,585
Trade payables
3,723
—
3,723
3,955
—
3,955
Other financial liabilities
1,047
238
1,284
1,424
316
1,740
Other liabilities
1,507
92
1,600
1,613
102
1,715
Liabilities
7,713
8,301
16,014
8,140
8,398
16,538
Other interest-bearing debts predominantly referred to bank loans, but also included private placements and other
funding instruments.
Lease liabilities increased mainly in relation to leased vessels in Finland, Sweden, and Romania and storage
infrastructure in Sweden. For further details on lease contracts please refer to Note 17 – Property, plant, and
equipment.
For further details on cash and non-cash effective changes in bonds, other interest-bearing debts, and lease
liabilities please refer to Note 27 – Consolidated Statement of Cash Flows.
Supplier finance
Accounting policy
OMV has entered into supplier finance arrangements with various finance providers. The Group has
not derecognized the majority of original liabilities to which the arrangement applies because neither
legal release was obtained nor was the original liability substantially modified while entering into the
arrangement. The liabilities are shown within trade payables and other financial liabilities until
payment. From OMV’s perspective, these arrangements do not significantly extend payment terms
beyond the normal terms agreed with other suppliers that are not participating in the programs.
Consequently, cash effects are included in the cashflow from operating activities.
OMV participates in several supplier finance programs under which its suppliers may elect to receive early payment
of their invoice from a bank by factoring their receivable from the Group to the bank. Under these arrangements,
the bank agrees to pay amounts to a supplier participating in the program in respect of invoices owed by the Group
and receives settlement from OMV later. The principal purpose of these programs is to facilitate efficient payment
processing and enable the consenting suppliers to sell their receivables due from OMV to a bank before their
maturity.
Due to access to supplier finance facilities with multiple finance providers, there is no significant liquidity risk
related to the supplier finance programs. OMV has agreements with more than one bank in place, reducing the
concentration of liquidity risk. The following table represents the impact of the supplier finance arrangements on
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the liabilities of the Group for 2024 (the carrying amount of liabilities in scope of supplier finance arrangements as
of December 31, 2023, amounted to EUR 102 mn of trade liabilities and EUR 23 mn of other financial liabilities).
Supplier finance arrangements
In EUR mn
2024
Carrying amount of
liabilities in scope of
supplier finance
arrangements
thereof already settled by
finance providers
Trade payables
66
50
Other financial liabilities
24
18
Total supplier finance arrangements
90
68
Range of payment due dates
Liabilities that are part of the arrangement
20−180 days
Comparable trade payables that are not part of the arrangement
10−90 days
Bonds
International corporate bonds
In EUR mn
2024
2023
Nominal
Coupon
Repayment
Carrying
amount
December 31
Carrying
amount
December 31
EUR 500,000,000
1.50% fixed
04/09/2024
—
505
EUR 500,000,000
0.00% fixed
07/03/2025
500
499
EUR 300,000,000
1.75% fixed
12/10/2025
305
309
EUR 1,000,000,000
1.00% fixed
12/14/2026
998
997
EUR 750,000,000
3.50% fixed
09/27/2027
754
753
EUR 500,000,000
2.00% fixed
04/09/2028
506
506
EUR 500,000,000
1.875% fixed
12/04/2028
500
500
EUR 750,000,000
0.75% fixed
06/16/2030
750
749
EUR 500,000,000
3.25% fixed
09/04/2031
501
—
EUR 750,000,000
2.375% fixed
04/09/2032
759
759
EUR 500,000,000
1.00% fixed
07/03/2034
497
497
EUR 500,000,000
3.75% fixed
09/04/2036
500
—
International corporate bonds
6,570
6,073
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Bonds and other interest-bearing debts
As of December 31, 2024, long-term bonds and other interest-bearing debts included EUR 510 mn loan
arrangements, which were subject to OMV Group complying with financial covenants.
As of December 31, 2024 and as of December 31, 2023, the OMV Group was in compliance with all those financial
covenants and had significant headroom compared to the thresholds stipulated by the loans agreements.
Bonds and other interest-bearing debts
In EUR mn
2024
2023
Short-term loan financing
6
106
Short-term component of long-term financing
1,197
860
Total short-term
1,203
967
Maturities of long-term financing
2024
—
860
2025
1,197
1,149
2026
1,188
1,189
2027
875
875
2028
1,156
1,158
2029
97
—
2030/2029 and subsequent years
3,121
2,205
Total long-term
7,634
7,436
Breakdown of bonds and other interest-bearing debts
In EUR mn
2024
2023
Weighted
average
interest rate
Weighted
average
interest rate
Bonds and other long-term interest-bearing debts1
Fixed rates
EUR
7,353
1.80%
6,911
1.53%
USD
240
4.19%
265
4.06%
Total
7,592
1.87%
7,176
1.63%
Variable rates2
EUR
26
3.61%
45
4.85%
USD
16
6.57%
183
6.64%
Other currencies
—
—
32
0.45%
Total
42
4.68%
260
5.57%
Other short-term interest-bearing debts
EUR
—
—
52
—
NOK
—
—
54
—
Other currencies
6
4.08%
—
—
Total
6
4.08%
106
—
1 Including short-term components of long-term debts
2 Rates at year-end
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Other financial liabilities
Other financial liabilities
In EUR mn
Short-term
Long-term
Total
2024
Derivative financial liabilities
302
100
403
Liabilities on derivatives designated as hedging instruments
44
16
60
Liabilities on other derivatives
258
85
342
Other sundry financial liabilities
744
137
882
Other financial liabilities
1,047
238
1,284
2023
Derivative financial liabilities
386
150
536
Liabilities on derivatives designated as hedging instruments
33
34
67
Liabilities on other derivatives
353
116
469
Other sundry financial liabilities
1,038
166
1,204
Other financial liabilities
1,424
316
1,740
The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual
undiscounted cash flows:
Financial liabilities (undiscounted cash flows)
In EUR mn
≤1 year
1–5 years
>5 years
Total
2024
Bonds
924
3,124
3,248
7,297
Other interest-bearing debts
356
592
151
1,098
Lease liabilities
277
662
1,234
2,173
Trade payables
3,723
—
—
3,723
Derivative financial liabilities
315
102
—
417
Other sundry financial liabilities1
744
82
89
916
Financial liabilities (undiscounted cash flows)
6,339
4,562
4,722
15,623
2023
Bonds
597
3,845
2,113
6,555
Other interest-bearing debts
459
857
231
1,547
Lease liabilities
219
588
1,231
2,038
Trade payables
3,955
—
—
3,955
Derivative financial liabilities
393
157
—
550
Other sundry financial liabilities1
1,039
82
139
1,260
Financial liabilities (undiscounted cash flows)
6,662
5,529
3,713
15,904
1 Including the book value of the financial guarantees issued by Borealis to Bayport Polymers LLC; for further details on the guarantees and the maximum exposure related to it please
refer to Note 29 – Risk management.
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Other liabilities
Other liabilities
In EUR mn
Short-term
Long-term
Total
2024
Other taxes and social security liabilities
934
—
934
Payments received in advance
136
32
168
Contract liabilities
201
53
253
Other sundry liabilities
237
7
245
Other liabilities
1,507
92
1,600
2023
Other taxes and social security liabilities
1,168
—
1,168
Payments received in advance
79
31
109
Contract liabilities
165
66
231
Other sundry liabilities
202
5
208
Other liabilities
1,613
102
1,715
The decrease in other taxes and social security liabilities was mainly impacted by the payment of the solidarity tax
on refined crude oil in Romania, which was introduced in 2023. Further details are included in Note 2 – Accounting
policies, judgments, and estimates.
Contract liabilities
In EUR mn
2024
2023
January 1
231
227
Revenue recognized that was included in the contract liability balance at the beginning of the period
–159
–140
Increases due to cash received, excluding amounts recognized as revenue during the period
182
144
December 31
253
231
The contract liabilities consisted mainly of non-refundable prepayments of storage fees received from Erdöl-
Lagergesellschaft m.b.H., Lannach on the basis of long-term service contracts, future product deliveries, sold
vouchers, and cash received for customer loyalty programs from OMV’s retail business.
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27 | Consolidated Statement of Cash Flows
Accounting policy
Cash and cash equivalents include cash balances, bank accounts, and highly liquid short-term
investments with low realization risk, i.e., negligible short-term exchange and interest risks. The
maximum maturity at the time of acquisition for such investments is three months.
Cash and cash equivalents
In EUR mn
2024
2023
Cash at bank and in hand
573
884
Short-term deposits
5,610
6,126
Cash and cash equivalents
6,182
7,011
Significant non-cash items
The line “Other changes” in the Consolidated Statement of Cash Flows contains several cash and non-cash
adjustments, amongst others, adjustments related to realized and unrealized derivatives as well as non-cash
valuation adjustments of inventories and receivables. Moreover, in 2024 this line contained the payment of
EUR 250 mn for the solidarity contribution on refined crude oil related to the year 2023. For further details please
refer to Note 2 – Accounting policies, judgments, and estimates.
Cash flow from operating activities excluding net working capital effects in 2024 included a positive impact of
EUR 259 mn following concluded arbitration proceedings with Gazprom Export. This positive impact did not result
from a direct cash payment, but from set off against liabilities under the Austrian gas supply contract. For further
details please see Note 8 – Other operating income and net income from equity-accounted investments.
In 2023, the line “Other changes” included the adjustment for the solidarity contribution on refined crude oil in the
amount of EUR 252 mn related to the year 2023, which was payable in 2024. Additionally, this line comprised the
deduction of the gain from the divestment of OMV’s filling station and wholesale business in Slovenia.
In 2024 and 2023, non-cash additions to fixed assets mainly included effects of new lease contracts and the
reassessment of decommissioning and restoration obligations.
Cash flow from investing activities
For details about the cash flow effect from the divestment of subsidiaries and businesses, please refer to Note 4 –
Significant changes in Group structure.
Cash flow from financing activities
2024 was positively impacted by the issuance of two bonds (EUR 500 mn each), partly offset by the repayment of a
bond with a nominal value of EUR 500 mn. Moreover, the line “Repayment of hybrid bond” comprised the repayment
of a hybrid bond with a nominal value of EUR 500 mn. For further details, please refer to Note 22 – Equity of
stockholders of the parent.
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Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2024
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
6,073
1,470
1,587
9,130
Increase in long-term borrowings
990
—
—
990
Repayments of long-term borrowings
–500
–307
–240
–1,047
Repayment of hybrid bond
–500
—
—
–500
Decrease (–)/increase (+) in short-term borrowings
—
–113
—
–113
Total cash flows related to financing activities
–10
–421
–240
–671
Currency translation differences
—
14
8
22
Changes in the consolidated group
—
18
21
39
Reclassification of hybrid bond from equity to financial liabilities
510
—
—
510
Difference between interest expenses and interest paid
8
–13
2
–3
Other changes
—
—
3901
390
Total non-cash changes
519
20
420
959
Coupon payment from hybrid bond before reclassification from equity 2
–112
—
—
–11
December 31
6,570
1,070
1,767
9,407
1 Mainly related to new lease agreements
2 Shown in the line “Dividends paid to stockholders of the parent (incl. hybrid coupons)” in the Statement of Cash Flows
Changes in liabilities arising from financing activities (incl. liabilities associated with assets held for sale)
In EUR mn
2023
Bonds
Other
interest-
bearing
debts
Lease
liabilities
Total
January 1
7,320
1,487
1,524
10,331
Repayments of long-term borrowings
–1,250
–44
–184
–1,477
Decrease (–)/increase (+) in short-term borrowings
—
40
—
40
Total cash flows related to financing activities
–1,250
–3
–184
–1,437
Currency translation differences
—
–22
–4
–25
Changes in the consolidated group
—
24
–23
1
Difference between interest expenses and interest paid
3
–15
1
–11
Other changes
—
—
2721
272
Total non-cash changes
3
–14
247
236
December 31
6,073
1,470
1,587
9,130
1 Mainly related to new lease agreements
The total cash outflow related to lease liabilities amounted to EUR 283 mn (2023: EUR 218 mn).
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As of December 31, 2024, the Group had available EUR 4,173 mn of undrawn committed borrowing facilities that
can be used for future activities (December 31, 2023: EUR 5,310 mn).
Financing commitments provided to related parties are detailed in Note 35 – Related parties.
28 | Contingent liabilities and contingent assets
OMV Management is of the opinion that litigations, to the extent not covered by provisions or insurance, either do
no present an obligation and/or the outflow is remote and/or they will not materially affect the Group’s financial
position.
OMV entered into guarantees as part of the ordinary course of the Group’s business, mainly under credit facilities
granted by banks, without cash collateral. No material losses are likely to arise from these. Further information on
financial guarantees is included in Note 29 – Risk management.
As of December 31, 2024, a proceeding was pending against OMV that related to local service contractors in one of
the subsidiaries. OMV’s share of the claimed amount is around USD 300 mn. Management currently does not believe
that any of the alleged matters will have a material effect on the financial position or results of operations.
However, this assessment is based on assumptions deemed reasonable by management including those about
future events and uncertainties. The outcome of these matters is ultimately uncertain, such that unanticipated
events and circumstances might occur that might cause management to change these assumptions and give rise to
a material adverse effect on the financial position in the future.
The Russian invasion of Ukraine and subsequent sanctions led to gas supply disruptions in Austria, causing
significant operational losses for OMV Group due to high natural gas prices and volatility. In January 2023, OMV
initiated arbitration at the Stockholm Chamber of Commerce (SCC) under the Austrian supply contract, seeking
damages from Gazprom Export LLC (GPE) due to unpredictable deliveries under the Austrian contract expiring in
2040. Following a unilateral full supply cut by GPE on November 16, 2024, OMV terminated the Austrian contract
on December 11, 2024 with immediate effect. On December 23, 2024, OMV declared a partial set-off of its open
damage claims in the amount of EUR 48 mn against liabilities under the Austrian gas supply contract. However, as
the SCC arbitration proceedings were still ongoing as of December 31, 2024, OMV did not consider the gain of such
set-off in the Consolidated Income Statement but as a contingent asset in 2024. For further details please refer to
Note 37 – Subsequent events.
29 | Risk management
Capital risk
OMV’s financial steering framework is built upon the principles of operational efficiency, capital efficiency, financing
efficiency, and sustainable portfolio management. With the focus on strengthening OMV’s balance sheet, delivering
a positive free cash flow, and growing its profitability, the financial steering framework represents sustainable, risk-
monitored, and future-oriented value creation for OMV and its stakeholders.
OMV manages its capital structure to safeguard its capital base in order to preserve investor, creditor, and capital
market confidence, as well as to provide a sustainable financial foundation for the future operational development
of the Group. OMV’s financing strategy focuses on cash flow and financial stability. The principal targets are a
positive free cash flow after dividends and a strong investment-grade credit rating on the basis of a healthy balance
sheet and a long-term leverage ratio of below 30%.
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Capital management – key performance measures
In EUR mn (unless otherwise stated)
2024
2023
Bonds
6,570
6,073
Lease liabilities
1,767
1,587
Other interest-bearing debts
1,070
1,470
Debt
9,407
9,130
Cash and cash equivalents
6,182
7,011
Net debt1
3,225
2,120
Equity
24,617
25,369
Leverage ratio2 in %
12
8
1 Including items that were reclassified to assets or liabilities held for sale
2 The leverage ratio is defined as (net debt including leases)/(equity + net debt including leases).
Liquidity risk
For the purpose of assessing liquidity risk, yearly budgeted operating and financial cash flows of the Group are
monitored and analyzed on a monthly basis. Thus, every month the Group generates a forecasted net change in
liquidity, which is then compared to the total month end balances of money market deposits and loans, as well as to
maturities of the current portfolio and the available liquidity reserves of the same month. This analysis provides the
basis for financing decisions and capital commitments.
To ensure that the OMV Group remains solvent at all times and retains the necessary financial flexibility, liquidity
reserves in the form of committed credit lines and short term uncommitted money market lines are maintained. As
of December 31, 2024, the average weighted maturity of the Group’s debt portfolio (excluding lease liabilities) was
4.5 years (as of December 31, 2023: 4.3 years).
The OMV Group’s operational liquidity management is mainly handled via cash pooling systems, which enable
optimum use of existing cash and liquidity reserves to the benefit of every individual member of the cash pooling
system and the Group as a whole.
High volatility in commodity prices can potentially lead to peak liquidity demands in order to satisfy margin calls for
exchange traded activities at short notice. In order to monitor and actively manage the OMV Group’s exposure to
margin calls and the associated liquidity risk, the targeted measures implemented in 2023 remain in effect. Trading
units of the Group are required to perform regular stress tests to evaluate the effect of predefined, extreme
commodity prices on credit exposures and margin requirements. Additionally, preference is given to over-the-
counter transactions vs. exchange traded instruments when entering new transactions.
Details of the OMV Group’s financial liabilities are provided in Note 26 – Liabilities.
Financial guarantee contracts
Borealis AG has an oustanding guarantee, which it provided for the funding of Borouge 4 LLC under the Italian
Export Credit Agency agreement.
In addition, Borealis and its joint venture partner TotalEnergies granted a guarantee for a Revolving Credit Facility
(RCF) used by Bayport Polymers LLC (Baystar) as a liquidity instrument to conduct its ordinary cause of business.
In 2022, Bayport Polymers LLC partially re-paid its loan to the Group. This repayment was facilitated through
issuance of two tranches of senior notes in the amount of EUR 337 mn and EUR 289 mn, which mature in 2027 and
2032, respectively. These senior notes, totaling EUR 626 mn, are fully guaranteed by Borealis AG.
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Furthermore, in 2022, Borealis provided a parental guarantee for a lease of railcars.
For further details see the Credit Risk Management section.
Market risk
Accounting policy
Derivative financial instruments are used to hedge market risks resulting from changes in currency
exchange rates, commodity prices, and interest rates and for trading purposes. Derivative instruments
are recognized at fair value. Unrealized gains and losses are recognized as income or expenses, except
where hedge accounting according to IFRS 9 is applied.
Those derivatives qualifying and designated as hedges are either 1) a fair value hedge when hedging
exposure to changes in the fair value of a recognized asset or liability, 2) a cash flow hedge when
hedging exposure to variability in cash flows that is attributable to a particular risk associated with a
recognized asset or liability or a highly probable forecast transaction, or 3) a net investment hedge
when hedging the foreign exchange risk in a net investment in a foreign operation.
For cash flow hedges, the effective part of the changes in fair value is recognized in other
comprehensive income, while the ineffective part is recognized immediately in the income statement.
Where the hedging of cash flows results in the recognition of a non-financial asset or liability, the
carrying value of that item will be adjusted for the accumulated gains or losses recognized directly in
OCI.
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow
hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is
recognized in OCI and accumulated in the reserve for currency translation differences. The gain or loss
relating to the ineffective portion is recognized immediately in profit or loss. Gains and losses
accumulated in equity are reclassified to profit or loss when the foreign operation is disposed of or
sold.
Contracts to buy or sell non-financial items that can be settled net in cash or another financial
instrument are accounted for as financial instruments and measured at fair value. Associated gains or
losses are recognized in profit or loss. However, contracts that are entered into and continue to be held
for the purpose of the receipt or delivery of non-financial items in accordance with the Group’s
expected purchase, sale, or usage requirements are not accounted for as derivative financial
instruments, but as executory contracts.
OMV has contracted several long-term power purchase agreements, which were entered into and
continue to be held for own use. They are therefore accounted for as executory contracts.
Significant judgment: classification of contracts for the purchase or sale of natural gas as
“own use” contracts
The classification of contracts for the purchase or sale of natural gas as “own use” contracts, which
are outside the scope of IFRS 9, requires significant judgment. OMV systematically analyzes the gas
supply and sales contracts to determine whether they fulfill the conditions for application of the own
use exemption. Contracts are classified as “own use” contracts if it can be demonstrated that they are
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entered into and continue to be held for the purpose of physical delivery or receipt of the natural gas in
accordance with the Group’s expected purchase, sale, or usage requirements and that the Group does
not have any practice of settling similar contracts on a net basis. In addition, this analysis consists of
demonstrating that the “own use” contracts do not include any written options such as volume
flexibilities that go beyond the needs of the ordinary business and therefore are financial options
according to IFRS 9. Only contracts fulfilling these criteria are treated as “own use” contracts outside
the scope of IFRS 9 and are accounted for as executory contracts.
For the purpose of mitigating market price risks, the Group enters into derivative financial instruments such as OTC
swaps, options, futures, and forwards.
Swaps do not involve an investment at the time the contracts are concluded; settlement normally takes place at
the end of the quarter or month. The premiums on purchased options are payable when the contract is concluded;
where options are exercised, payment of the difference between the strike price and average market price for the
period takes place at contract expiration.
Commodity price risk management refers to analysis, assessment, reporting, and hedging of market price risk
exposure arising from non-trading and trading activities, covering production (oil, gas, power, and feedstock prices),
refining (refinery margin, inventories up to a defined threshold), oil and gas marketing activities (marketing margin,
inventories up to a defined threshold), and producing power (spark spreads) in addition to proprietary trading
positions.
Limited proprietary trading activities may be performed for the purpose of creating market access within the oil,
power, and gas markets up to a defined threshold.
Hedges are generally placed in the legal entities where the underlying exposure exists. When certain conditions are
met, the Group may elect to apply IFRS 9 hedge accounting principles in order to recognize the offsetting effects
on profit or loss of changes in the fair value of the hedging instruments at the same time as the hedged items.
Derivatives are mostly used for economic hedging purposes and not as speculative investments. However, where
derivatives are not designated as hedging instruments (i.e., hedge accounting is not applied), they are valued at fair
value through profit or loss for accounting purposes.
The following tables show the fair values of derivative financial instruments together with their notional amounts.
The notional amount, recorded gross, is the amount of a derivative’s underlying asset, reference rate, or index and is
the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume
of the transactions outstanding at year-end and are not indicative of either the market risk or the credit risk.
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Nominal and fair value of open derivative financial instruments
In EUR mn
2024
2023
Nominal
Fair value
assets
Fair value
liabilities
Nominal
Fair value
assets
Fair value
liabilities
Commodity price risk
Oil incl. oil products
1,609
21
–1
1,120
27
–8
Gas
15
—
–1
31
—
—
Power
393
16
–48
411
13
–59
Commodity hedges (designated in
hedge relationship)1
2,017
38
–50
1,562
39
–67
Oil incl. oil products
11,232
2
–24
10,614
2
–40
Gas
17,450
133
–231
16,104
714
–386
Power
1,058
86
–68
262
47
–29
Other2
176
44
–7
190
98
–3
Commodity hedges
29,915
265
–330
27,171
861
–458
Foreign currency risk
USD
180
—
–10
159
3
–0
SEK
138
1
–1
123
7
—
Foreign currency hedges (designated in
hedge relationship)1
317
1
–11
282
10
–0
USD
1,471
1
–10
702
5
–11
NOK
800
2
–3
817
23
–0
SEK
14
0
—
35
0
–0
Other
80
0
–0
153
1
–0
Foreign currency hedges
2,366
3
–13
1,707
29
–11
Interest rate risk
Interest rate hedges (designated in
hedge relationship)1
—
—
—
100
3
—
1 Including ineffective part of hedges designated in a hedging relationship
2 Includes derivatives for European Emission Allowances
The Group’s hedging reserve disclosed in the Consolidated Statement of Changes in Equity relates to the following
hedging instruments:
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Cash flow hedging – impact of hedge accounting
In EUR mn
Forecast
purchases
Forecast
sales
Foreign
currency, firm
commit-
ments
Foreign
currency
Interest rate
Total
Thereof cost
of hedging
reserve
Commodity price risk
Foreign currency risk
Interest
rate risk
2024
Cash flow hedge reserve as
of January 1 (net of tax)
–21
9
—
7
2
–2
—
Gains (+)/losses (–) of the
period recognized in OCI
–26
–15
–21
–17
0
–79
–7
Amounts reclassified to the
income statement
44
14
21
–2
–3
74
7
Amounts reclassified to the
balance sheet
–3
—
—
—
—
–3
—
Tax effects
–4
0
—
5
1
2
—
Cash flow hedge reserve as
of December 31 (net of tax)
–9
8
—
–7
—
–8
—
2023
Cash flow hedge reserve as
of January 1 (net of tax)
245
8
—
3
7
264
—
Gains (+)/losses (–) of the
period recognized in OCI
–326
–24
—
5
–2
–347
—
Amounts reclassified to the
income statement
–62
24
—
1
–4
–40
—
Amounts reclassified to the
balance sheet
42
—
—
—
—
42
—
Tax effects
80
–0
—
–1
1
80
—
Cash flow hedge reserve as
of December 31 (net of tax)
–21
9
—
7
2
–2
—
Reserve for unrealized exchange gains (+)/losses (–) for net investment hedge1
In EUR mn
Foreign currency risk
2024
2023
Reserve as of January 1 (net of tax)
–9
–13
Valuation of the USD loans
–5
6
Tax effects
1
–1
Reserve as of December 31 (net of tax)
–13
–9
1 Included in currency translation differences within other comprehensive income
At December 31, 2024, and December 31, 2023, the Group held the following items designated in a fair value hedge
relationship:
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Impact of fair value hedge accounting on the income statement and statement of financial position
In EUR mn
Hedged item
Carrying amount of the
liability
Cumulative amount of fair
value hedge adjustment
included in the carrying
amount of the hedged
item
Effective gains (+)/
losses (–) of the period
recognized in the income
statement
Line item in the statement
of financial position
2024
Non-financial liability
40
–7
1
Other liabilities
2023
Non-financial liability
28
–8
1
Other liabilities
At December 31, 2024, and December 31, 2023, the Group held the following cash flow, fair value, and net
investment hedging relationships. The table shows the profile of the timing (maturity) of the nominal amount of the
hedging instruments:
Impact of hedge accounting on the statement of financial position
In EUR mn
Forecast
purchases
Forecast
sales
Recognized
liability
Net
investment
hedge
Foreign
currency
Interest
hedges
Commodity price risk
Foreign currency risk
Interest
rate risk
Total
2024
Nominal value
1,976
—
41
68
317
—
2,403
Below one year
1,427
—
41
29
317
—
1,814
More than one year
549
—
—
39
—
—
588
Fair value – assets
37
0
n.a.
1
—
39
Fair value – liabilities
49
1
n.a.
11
—
60
2023
Nominal value
1,447
85
29
109
282
100
2,052
Below one year
1,251
85
29
44
282
100
1,792
More than one year
196
—
—
64
—
—
260
Fair value – assets
39
—
n.a.
10
3
52
Fair value – liabilities
66
1
n.a.
0
—
67
The fair value assets and liabilities shown above are presented in the line items Other financial assets and Other
financial liabilities in OMV’s Consolidated Statement of Financial Position.
Commodity price risk
European Emission Allowances
All of OMV’s business segments are exposed to fluctuations in the price of greenhouse gas emissions (GHG
emissions) under the EU Emissions Trading Scheme (ETS). European Emission Allowance purchases are always
executed in due time and it is OMV’s highest priority to fulfill all legal obligations under the ETS. OMV monitors
price risks from emission allowances and manages them using derivative instruments (forwards) traded bilaterally
on the secondary market (known as over-the-counter or OTC transactions).
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Electricity prices
OMV’s business segments are exposed to fluctuations in electricity prices and, hence, closely monitor related price
risks. OMV’s business segments hedge parts of the forecasted electricity purchases using derivative instruments
and power purchase agreements (PPAs) in order to smooth out the effects of potentially extreme market price
movements.
Chemicals
For petrochemical production, some of the forecasted cracker feedstock purchases and finished product sales are
hedged through refined oil product swaps. Cash flow hedge accounting is applied to those derivatives, except for
the derivatives that are used to limit the price risk on the inventory held for immediate consumption. Contracts not
designated as cash flow hedges are classified as fair value through profit or loss and stated at fair value.
Borealis hedges its forecasted electricity purchases using electricity swaps. For these derivatives, cash flow hedge
accounting is applied.
Fuels & Feedstock
Fuels & Feedstock is exposed to market price risks arising from trading and non-trading activities, covering
production, refining and marketing activities associated with crude oil and oil products in addition to limited
proprietary trading positions aiming to create market access within oil and oil product markets.
In Fuels & Feedstock, derivative instruments are used for both hedging selected product sales and reducing
exposure to price risks on inventory fluctuations. Crude oil and product swaps are used to hedge the refining margin
(crack spread), which is the difference between crude oil prices and bulk product prices.
Furthermore, exchange-traded oil futures as well as OTC contracts (contracts for difference and swaps) are used to
hedge short-term purchase and sales market price risks.
Energy
Operational commodity price risk management in Energy includes hedging of market price risk exposure arising
from non-trading and trading activities of gas marketing (hedge of the price risk on inventory fluctuations and the
differences in terms and conditions of purchases and sales), as well as limited proprietary trading positions for the
purpose of creating market access within the gas markets.
No hedge accounting was applied applied for any of these derivative instruments.
Hedge accounting of commodity hedges in Chemicals and Fuels & Feedstock
In the Chemicals and Fuels & Feedstock business segments, OMV is particularly exposed to volatile refining
margins and inventory risks. In order to mitigate these risks, appropriate commodity hedging activities are taken, for
which hedge accounting may be applied.
When hedge accounting is applied, for “Forecast purchases” and the “Hedge of a recognized liability” the hedge
ineffectiveness is included in the line item Purchases (net of inventory variation) in OMV’s Consolidated Income
Statement. The hedge ineffectiveness and recycling of “Forecast sales” for hedges where a risk component of the
non-financial item is designated as the hedged item in the hedging relationship, is shown in line item ‘Sales
revenues’ in OMV’s Consolidated Income Statement.
In Chemicals, cash flow hedge accounting is applied to forecast electricity purchases and forecast natural gas
purchases, in addition to hedges conducted for future sales and purchases of the crackers which have been
designated in a cash flow hedge relationship.
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In Fuels & Feedstock, stock hedges may be used to mitigate price exposure whenever actual priced stock levels
deviate from target levels. Forecast sales for oil products and forecast purchase transactions for crude oil and oil
products are designated as the hedged item in such cases. In general, brent crude oil is typically the main risk for
stock prices, however in some cases oil products priced by Platts/Argus may be used for hedging. The hedging
relationship is established with a hedge ratio of 1:1 ratio, matching commodity derivatives to the hedged risks.
Ineffectiveness can arise from timing and pricing differences between derivatives and actual transactions. As of
December 31, 2024 there was no active hedge relationship for stock hedges.
In case of refinery margin hedges, crude oil and products can generally be hedged separately to protect future
margins. These hedging mandates and activities are documented and defined within the Annual Plan. As of
December 31, 2024 there was no active hedge relationship for refinery margin hedges.
Furthermore in 2024 as well as in 2023, physical oil product exchange contracts were concluded between the OMV
Group and the national stockholding company in Germany. In order to reduce the risk of market price fluctuations
between the withdrawal and return of products, derivative swap deals (sell fix, buy floating at the time of
withdrawal and buy fix, sell floating at the time of return) were concluded and designated in a fair value hedge
relationship (hedge of a recognized liability).
Foreign exchange risk management
OMV operates in many countries and currencies, therefore industry-specific activities and the corresponding
foreign exchange rate risks need to be analyzed precisely. The USD represents OMV’s biggest risk exposure, due to
movement of the USD against the EUR and also against OMV Group’s other main currencies (RON, NOK, NZD, and
SEK). Movements of these currencies against the EUR are also significant sources of risk. Other currencies have only
a limited impact on cash flow and the operating result. The transaction risk to foreign currency cash flows is
monitored on an ongoing basis. The Group’s long and short net position is reviewed on a semiannual basis as a
minimum and the sensitivity is calculated. This analysis provides the basis for the management of transaction risks
on currencies. Since OMV produces commodities that are mainly traded in USD, the OMV Group has an economic
USD long position.
FX options, forwards, and swaps may be used to hedge foreign exchange rate risks on outstanding receivables and
payables. The market value of these instruments will move in the opposite direction to the value of the underlying
receivable or liability if the relevant foreign exchange rate changes. When certain conditions are met, the Group
may elect to apply IFRS 9 hedge accounting principles in order to recognize the offsetting effects on profit or loss
of changes in the fair value of the hedging instruments at the same time as the hedged items. Certain hedges, that
refer to a forecasted currency position are therefore classified as cash flow hedges and stated at fair value through
other comprehensive income.
Translation risk is also monitored on an ongoing basis at Group level and the risk position is evaluated. Translation
risk arises on the consolidation of subsidiaries, associated companies and joint ventures with functional currencies
different from EUR. The largest exposure results from changes in RON, USD, NOK, and SEK denominated assets
against the EUR.
Foreign exchange translation differences relating to these net investments are recognized in other comprehensive
income.
Borealis has hedged part of its investment in a joint venture that has USD as its functional currency by designating
certain external loans in USD as hedges of the Group’s investments in its foreign operations. The hedged risk in the
net investment hedge is the risk of a weakening USD against the EUR that would result in a reduction in the carrying
amount of the Group’s net investment in the joint venture in USD. The EUR/USD impact on the measurement of the
loans is recognized in other comprehensive income.
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To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument
and the hedged item by comparing changes in the carrying amount of the debt that is attributable to a change in
the spot rate with changes in the net investment in the foreign operation due to movements in the spot rate (the
dollar-offset method). The Group’s policy is to hedge the net investment only to the extent of the debt principal.
There is an economic relationship between the hedged item and the hedging instrument, as the net investment
creates a translation risk that will match the foreign exchange risk on the USD borrowing. The Group has
established a hedge ratio of 1:1, as the underlying risk of the hedging instrument is identical to the hedged risk
component.
Interest rate management
OMV’s debt portfolio as of December 31, 2024 had only limited exposure to changes in interest rates, with almost
all liabilities having fixed interest rates. Any future financing activities will be exposed to the prevailing market
conditions at the time and this could potentially lead to higher interest expenses.
To facilitate the management of interest rate risk, OMV’s existing liabilities are analyzed in terms of fixed and
floating rate borrowings, currencies and maturities. Appropriate ratios for the various categories are established
and, where necessary, derivative instruments are used to hedge fluctuations outside predetermined ranges.
Interest rate swaps can be used to convert fixed rate debt into floating rate debt and vice versa.
The hedge ineffectiveness and recycling of interest rate swaps are both shown in the line item ”interest expenses”
in OMV’s Consolidated Income Statement.
Sensitivity analysis
For open hedging contracts, sensitivity analysis is performed to determine the effect of market price fluctuations
(+/–10%) on market value. The sensitivity of the OMV Group’s overall earnings differs from the sensitivity shown
below, since the contracts concluded are used to hedge operational exposure.
The effect of market price fluctuations on the income statement or other comprehensive income depends on the
type of derivative used and whether hedge accounting is applied. Market price sensitivity for derivatives to which
cash flow hedge accounting is applied is shown in the sensitivity table for other comprehensive income. Sensitivity
to market price fluctuations for all other open derivatives is shown in the sensitivity tables for profit before tax.
Sensitivity analysis for open commodity derivatives affecting profit before tax
In EUR mn
2024
2023
Market price
+10%
Market price
–10%
Market price
+10%
Market price
–10%
Oil incl. oil products
–22
22
–4
4
Oil incl. oil products – designated in a hedge relationship1
4
–4
3
–3
Gas
–58
58
–34
34
Power
–9
9
2
–2
Other2
21
–21
28
–28
Total
–64
64
–4
4
1 Includes hedging instruments designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany. For further details see
section Hedge Accounting of commodity hedges in Chemicals and Fuels & Feedstock section.
2 Includes derivatives for European Emission Allowances
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Sensitivity analysis for open commodity derivatives affecting other comprehensive income before tax
In EUR mn
2024
2023
Market price
+10%
Market price
–10%
Market price
+10%
Market price
–10%
Oil incl. oil products
–16
16
–34
34
Gas
1
–1
2
–2
Power
29
–29
31
–31
Commodity hedges (designated in a hedge relationship)
14
–14
–1
1
For financial instruments, sensitivity analysis is performed for changes in foreign exchange rates of currencies
material to the Group. On Group level, the EUR–RON sensitivity not only includes the net RON exposure versus the
EUR but also the net RON exposure versus the USD, since the USD–RON exposure can be split into EUR–RON and
EUR–USD exposure. The same is true for the EUR–NOK, EUR–SEK, and EUR–NZD exposure.
Sensitivity analysis for financial instruments affecting profit before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR–RON
–18
18
–12
12
EUR–USD
–6
6
–23
23
EUR–NZD
–34
34
–17
17
EUR–NOK
5
–5
7
–7
EUR–SEK
–2
2
–4
4
1 Refers only to financial instruments and is not the same as the Group’s overall foreign exchange rate sensitivity in terms of operating result.
Sensitivity analysis for financial instruments affecting other comprehensive income before tax1
In EUR mn
2024
2023
10% appreciation
of the EUR
10% depreciation
of the EUR
10% appreciation
of the EUR
10% depreciation
of the EUR
EUR–USD
25
–25
28
–28
EUR–SEK
–14
14
–12
12
1 Including sensitivity of the net investment hedge
OMV regularly analyzes the impact of interest rate changes on interest income and expenses from floating rate
deposits and borrowings. Currently, the effects of changes in interest rates are not considered to be a material risk.
Credit risk management
The main counterparty credit risks are assessed and monitored at Group and segment level using predetermined
criteria and limits for all counterparties, banks, and security providers. On the basis of a risk assessment,
counterparties, banks, and security providers are assigned a credit limit, an internal risk class, and a specific limit
validity. The risk assessments are reviewed annually as a minimum or on an ad hoc basis. The credit risk processes
are governed by guidelines at OMV Group level stipulating the Group-wide minimum requirements. The main
counterparties with contracts involving derivative financial instruments have investment-grade credit ratings. OMV
uses commercial trade insurance for parts of its receivables in some business areas to mitigate credit risk. Due to
the high economic uncertainty resulting from the current geopolitical situation, special attention is paid to early
warning signals like changes in payment behavior.
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Credit risk is the risk that the OMV Group’s counterparties will not meet their obligation under a financial
instrument or customer contract, leading to a financial loss.
Credit risk exists in relation to the financial guarantee contracts issued by Borealis to Bayport Polymers LLC and
Borouge 4 LLC, which are accounted for using the equity method, where the guaranteed amount as of December
31, 2024 amounted to EUR 1,735 mn plus interest (2023: EUR 1,234 mn plus interest). Details on guarantees
provided by Borealis AG are further described thereafter.
Borealis AG granted a guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency
agreement. The total guarantee amounts to EUR 1,228 mn plus interest (2023: EUR 1,155 mn plus interest). Based
on the already drawn financing by Borouge 4 LLC the guaranteed amount as of December 31, 2024 totaled
EUR 1,009 mn plus interest (2023: EUR 536 mn plus interest).
The guarantee granted to Bayport Polymers LLC of EUR 626 mn plus interest (2023: EUR 588 mn plus interest)
terminates earliest upon payment and/or termination of the obligation in 2027 and 2032, respectively and could be
called at any time.
In addition, a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC as a liquidity instrument
to conduct its ordinary course of business was granted by Borealis in 2023, and was utilized in the amount of
EUR 82 mn plus interest at year-end (2023: EUR 90 mn). The total guaranteed amount as of December 31, 2024
amounted to EUR 96 mn plus interest (2023: EUR 90 mn plus interest).
Furthermore, a parental guarantee for a lease of railcars by Bayport Polymers LLC with maximum exposure of
EUR 19 mn (2023: EUR 20 mn) remains in effect.
In general, a payment under the guarantee agreement is triggered by the non-performance by the guaranteed party
of the obligation covered by the guarantee. Therefore, a financial liability initially measured at fair value was
recognized.
Maximum credit exposure1
In EUR mn
2024
2023
Trade receivables
2,842
3,455
Investments
135
85
Bonds
91
285
Derivatives
307
942
Loans
1,286
910
Other sundry financial assets
1,370
1,612
Cash and cash equivalents
6,182
6,920
Financial guarantee contracts2
1,735
1,234
Total maximum credit exposure
13,950
15,442
1 Excluding items reclassified to held for sale
2 Maximum exposure of financial guarantee contracts based on drawdowns of financing facilities as of December 31 excluding interest accrued.
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30 | Fair value hierarchy
Accounting policy
The fair value is the amount for which an asset or liability could be transferred at the measurement
date, based on the assumption that such transfers take place between participants in principal
markets and, where applicable, taking the highest and best use into account.
Fair values are determined according to the following hierarchy:
Level 1: Quoted prices in active markets for identical assets or liabilities. For the OMV Group, this
category will, in most cases, only be relevant for securities, bonds, investment funds, and futures
contracts.
Level 2: Valuation technique using directly or indirectly observable inputs. To determine the fair value
for financial instruments within Level 2, forward prices of crude oil or natural gas, interest rates and
foreign exchange rates are usually used as inputs to the valuation model. In addition, counterparty
credit risk and volatility indicators, if applicable, are considered.
Level 3: Valuation techniques such as discounted cash flow models using significant unobservable
inputs (e.g., long-term price assumptions and reserves estimates).
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Fair value hierarchy of financial assets1 and net amount of assets and liabilities held for sale at fair value
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at
fair value
Total
Level 1
Level 2
Level 3
Total
2024
Trade receivables
2,714
128
2,842
—
128
—
128
Equity investments
—
106
106
19
62
25
106
Investment funds
—
29
29
29
—
—
29
Bonds
91
—
91
—
—
—
—
Derivatives designated
as hedging instruments
—
39
39
—
39
—
39
Other derivatives
—
269
269
5
264
—
269
Loans
1,286
—
1,286
—
—
—
—
Other sundry financial
assets
1,369
2
1,370
—
—
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
369
369
—
369
—
369
Total
5,460
941
6,401
52
862
27
941
2023
Trade receivables
3,356
99
3,455
—
99
—
99
Equity investments
—
57
57
—
34
23
57
Investment funds
—
28
28
28
—
—
28
Bonds
285
—
285
—
—
—
—
Derivatives designated
as hedging instruments
—
52
52
—
52
—
52
Other derivatives
—
890
890
0
890
—
890
Loans
910
—
910
—
—
—
—
Other sundry financial
assets
1,610
2
1,612
—
—
2
2
Net amount of assets and
liabilities associated with
assets held for sale
n.a.
13
13
—
13
—
13
Total
6,160
1,141
7,301
28
1,088
25
1,141
1 Excluding assets that were reclassified to held for sale
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Fair value hierarchy of financial liabilities and other liabilities at fair value1
In EUR mn
Carrying amount
Fair value level
Valued at
amortized
cost
Valued at fair
value
Total
Level 1
Level 2
Level 3
Total
2024
Trade payables
3,723
—
3,723
—
—
—
—
Bonds
6,570
—
6,570
—
—
—
—
Lease liabilities
1,767
—
1,767
—
—
—
—
Other interest-bearing debt
1,070
—
1,070
—
—
—
—
Liabilities on derivatives
designated as hedging
instruments
—
60
60
—
60
—
60
Liabilities on other derivatives
—
342
342
28
315
—
342
Other financial liabilities
865
16
882
—
16
—
16
Other liabilities at fair value2
—
40
40
—
40
—
40
Total
13,996
459
14,455
28
431
—
459
2023
Trade payables
3,955
—
3,955
—
—
—
—
Bonds
6,073
—
6,073
—
—
—
—
Lease liabilities
1,585
—
1,585
—
—
—
—
Other interest-bearing debt
1,470
—
1,470
—
—
—
—
Liabilities on derivatives
designated as hedging
instruments
—
67
67
—
67
—
67
Liabilities on other derivatives
—
469
469
37
432
—
469
Other financial liabilities
1,204
—
1,204
—
—
—
—
Other liabilities at fair value2
—
28
28
—
28
—
28
Total
14,287
564
14,851
37
528
—
564
1 Excluding liabilities that were reclassified to held for sale
2 Includes hedged items designated in a fair value hedge relationship related to product swaps with the national stockholding company in Germany.
Financial liabilities for which fair values are disclosed
In EUR mn
Carrying
amount
Fair value
Fair value level
Level 1
Level 2
2024
Bonds
6,570
6,359
6,359
—
Other interest-bearing debt
1,070
989
—
989
Financial liabilities
7,640
7,349
6,359
989
2023
Bonds
6,073
5,766
5,766
—
Other interest-bearing debt
1,470
1,349
—
1,349
Financial liabilities
7,543
7,115
5,766
1,349
The table above shows the carrying amount and fair value of financial liabilities, including their levels in the fair
value hierarchy. It does not include fair value information of other financial assets and liabilities measured at
amortized costs, as the carrying amount represents an adequate approximation to the fair value.
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31 | Offsetting of financial assets and financial liabilities
Accounting policy
Financial assets and financial liabilities are offset only when the Group has a current and legally
enforceable right to set off the recognized amounts and when there is an intention to settle on a net
basis or realize the asset and settle the liability simultaneously.
In the normal course of business, OMV enters into various master netting arrangements in the form of
International Swaps and Derivatives Association (ISDA) agreements, European Federation of Energy
Traders (EFET) agreements or other similar arrangements.
The tables below show the carrying amounts of recognized financial assets and financial liabilities that are subject
to various netting arrangements. The net column would be in the Group’s statement of financial position, if all set-
off rights were exercised.
Offsetting of financial assets
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Liabilities with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
20
1,805
–1,498
307
–38
269
Trade receivables
20
4,018
–1,176
2,842
–85
2,757
Other sundry financial assets
20
1,374
–3
1,370
–0
1,370
Total
7,197
–2,677
4,520
–123
4,397
2023
Derivative financial instruments
3,359
–2,417
942
–122
820
Trade receivables
4,535
–1,081
3,455
–65
3,390
Other sundry financial assets
1,626
–13
1,612
–1
1,611
Total
9,520
–3,511
6,009
–187
5,822
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Offsetting of financial liabilities
In EUR mn
Note
Financial
instruments
(gross)
Amounts set
off in the
statement of
financial
position
Financial
instruments in
the statement
of financial
position (net)
Assets with
right of set-off
(not offset)
Net
2024
Derivative financial instruments
26
1,900
–1,498
403
–38
365
Trade payables
26
4,899
–1,176
3,723
–85
3,638
Other sundry financial liabilities
26
885
–3
882
–0
882
Total
7,684
–2,677
5,007
–123
4,884
2023
Derivative financial instruments
2,953
–2,417
536
–122
415
Trade payables
5,035
–1,081
3,955
–65
3,890
Other sundry financial liabilities
1,217
–13
1,204
–1
1,203
Total
9,206
–3,511
5,695
–187
5,508
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32 | Result on financial instruments
Result on financial instruments
In EUR mn
Amount
Financial
instruments at
fair value
through profit
or loss
Equity
instruments
designated as
measured at
fair value
through other
comprehensive
income
Financial
assets at
amortized
cost
Financial
liabilities at
amortized
cost
2024
Fair value changes of financial assets
and derivatives
–212
–212
—
—
—
Net impairment losses on financial assets
–16
—
—
–16
—
Result on financial instruments
within operating result
–228
–212
—
–16
—
Dividend income
7
—
6
—
—
Interest income
455
—
—
448
—
Interest expenses
–412
—
—
—
–155
Fair value changes of FX derivatives
–107
–107
—
—
—
Financial charges for factoring and
securitization
–80
–80
—
—
—
Impairments of financial
instruments, net
–7
—
—
–2
—
Other
–1
—
0
0
0
Result on financial instruments
within financial result
–146
–187
6
446
–155
2023
Fair value changes of financial assets
and derivatives
111
111
—
—
—
Net impairment losses on financial assets
–38
—
—
–38
—
Result on financial instruments
within operating result
73
111
—
–38
—
Dividend income
10
—
4
—
—
Interest income
473
—
—
473
—
Interest expenses
–415
–3
—
—
–148
Fair value changes of financial instruments
–21
–21
—
—
—
Fair value changes of FX derivatives
–191
–191
—
—
—
Financial charges for factoring and
securitization
–77
–77
—
—
—
Impairments of financial instruments, net
–5
—
—
–2
—
Other
–6
–0
–1
0
–5
Result on financial instruments
within financial result
–232
–292
3
471
–153
The interest expenses not allocated mainly referred to the unwinding of provisions. For further details see
Note 13 – Net financial result.
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549
33 | Share-based payments
Accounting policy
The fair value of share-based compensation expenses arising from the Long-Term Incentive (LTI) Plan
– OMV’s main equity-settled plan – is estimated using a model based on the expected target
achievements and the expected share prices. For cash-settled awards, a provision based on the fair
value of the amount payable is built up over the vesting period, so that by the end of the vesting period
the fair value of the bonus shares to be granted is fully provided for. The provision is remeasured at the
end of each reporting period up to the date of settlement, with any changes in fair value recognized in
profit or loss. For share-settled awards, the grant date fair value is recognized as an expense (including
income tax), with a corresponding increase in equity, over the vesting period of the awards. The
amount recognized as an expense is adjusted to subsequent changes in parameters other than market
parameters.
In addition, the Equity Deferral part of the annual bonus is settled in shares. Accordingly, the related
expense is recognized against equity. For share-based awards, the award is settled net of tax to the
participants.
Long Term Incentive (LTI) plans
LTI plans with similar conditions are granted annually to the Executive Board and selected Senior Managers in the
Group. On the vesting date, shares will be granted to the participants. The number of bonus shares is determined
depending on the achievement of defined performance criteria. The performance criteria and their corresponding
typical weightings for the Executive Board members are defined in the Remuneration Policy and as of 2022 are as
follows: Relative Total Shareholder Return (30%), Clean CCS (Current Cost of Supply) ROACE (40%), ESG targets
(30%). Based on predefined criteria (e.g., fatalities, Total Recordable Injury Rate (TRIR), process safety – also in
comparison to industry benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to the overall target
achievement for Executive Board members. In case of severe incidents, the Remuneration Committee may reduce
the payout to zero. For Senior Managers, as of 2022, the following performance criteria apply: Relative Total
Shareholder Return (30%), Free Cash Flow (35%), and ESG targets/Transformation targets (35%). The defined
performance criteria may not be amended during the performance period of the LTI plans. However – in order to
maintain the incentivizing character of the program –the responsible governing body has the discretion to adjust for
Senior Managers the threshold/target/maximum levels of the Free Cash Flow, in case of material changes in
external factors such as oil and gas prices. The adjustment can be made in both directions.
Disbursement is made in cash or in shares. Since 2022, the OMV Petrom LTI plan payment has been made in shares
only. Executive Board members and Senior Managers as active participants of the plans are required to build up an
appropriate volume of shares and to hold those shares until retirement or departure from the company. For Senior
Managers, if the eligibility of the LTI plan lapses but they are still in active employment with the company, the
shareholding requirement expires when the last LTI plan is paid out. The shareholding requirement is defined as a
percentage of the annual gross base salary, for the Executive Board, and as a percentage of the respective Target
Long-Term Incentive for Senior Managers. Executive Board members have to fulfill the shareholding requirement
within five years after the initial respective appointment. Until fulfillment of the shareholding requirement,
disbursement takes the form of shares whilst thereafter the plan participants can decide between cash or share
settlement. As long as the shareholding requirements are not fulfilled the granted shares after deduction of taxes
are transferred to a trustee deposit, managed by the company.
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550
For payments in shares the grant date fair values are spread as expenses over the three years performance period
with a corresponding increase in shareholders’ equity. In the case of assumed cash-settlements, a provision is made
for the expected future costs of the LTI plans on the statement of financial position date based on fair values.
Long-Term Incentive Plans
2024 plan
2023 plan
2022 plan
2021 plan
Start of plan
01/01/2024
01/01/2023
01/01/2022
01/01/2021
End of performance period
12/31/2026
12/31/2025
12/31/2024
12/31/2023
Vesting date
03/31/2027
03/31/2026
03/31/2025
03/31/2024
Shareholding requirement
Executive Board Chairman
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary
200% of
annual gross
base salary
Executive Board Deputy Chairman
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary
175% of
annual gross
base salary
Other Executive Board members
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary
150% of
annual gross
base salary
Senior Managers
75% of the
respective
Target Long-
Term
Incentive
75% of the
respective
Target Long-
Term
Incentive
75% of the
respective
Target Long-
Term
Incentive
75% of the
respective
Target Long-
Term
Incentive
Details per Plan
Share Price (fair value) at Grant Date
47.50
42.17
43.94
—
Equity reserve (in EUR mn) as of December 31, 2024
3
3
4
—
Maximum shares as of December 31, 2024
850,210
675,790
586,370
—
Expected shares as of December 31, 2024
504,096
263,308
257,605
—
thereof settled in shares
188,325
103,918
87,384
—
thereof settled in cash
315,771
159,390
170,221
—
Fair value of plan - Average share price
36.14
37.08
38.18
—
Fair value of plan (in EUR mn) as of December 31, 2024¹
18
10
10
—
Provision (in EUR mn) as of December 31, 2024¹
4
4
6
—
1 Excluding incidental wage costs
Equity Deferral
The Equity Deferral serves as a long-term compensation instrument for the members of the Executive Board that
promotes retention and shareholder alignment in OMV. It combines the interests of management and shareholders
via a long-term investment in restricted shares. The holding period of the Equity Deferral is three years from
vesting. The plan also seeks to prevent inadequate risk-taking.
The performance criteria and their typical weightings for the Executive Board are defined in the Remuneration
Policy and are as follows: Reported Net Income (40%), Free Cash Flow (30%), Operational target (15%), and ESG
target (15%). Based on predefined criteria (e.g., fatalities, TRIR, and process safety – also in comparison to industry
benchmarks), a Health & Safety Malus of between 0.8 and 1.0 is applied to overall target achievement. In case of
severe incidents, the Remuneration Committee may reduce the payout to zero.
The Annual Bonus is capped at 180% of the target Annual Bonus. A minimum of one-third of the Annual Bonus is
granted in shares. The determined bonus achievement is settled on March 31 following the end of the period
whereby at the statement of financial position date the target achievements and the share price are estimated (the
latter on the basis of market quotes).
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551
Given the volatility of commodity prices and market conditions inherent to the industry, the variable remuneration
plans give the Remuneration Committee the authority (in line with general practices in the Oil and Gas industry) to
adjust the threshold, target, and maximum levels of the financial targets based on oil/gas prices and EUR/USD
exchange rates compared with assumptions at the time the targets were set. Adjustments can be applied in both
directions. They are determined by the Remuneration Committee and published in the Remuneration Report. The
granted shares after deduction of taxes are transferred to a trustee deposit, managed by the Company, to be held
for three years.
In 2024, expenses amounting to EUR 2 mn were recorded with a corresponding increase in equity (2023: EUR 3 mn).
Personal investment held in shares1
12/31/2024
Active Executive Board members as of December 31, 2024
Stern
41,308
Florey
54,380
van Koten
10,821
Gaso
3,550
Vlad2
3,720
Former Executive Board members
Pleininger3
14,203
Skvortsova4
7,329
Seele5
7,795
Gangl6
533
Total - Executive Board
143,639
Other Senior Managers
243,899
Total personal investment
387,538
1 Personal investment held in shares refer to open LTI plans and Equity Deferral if shares are held in the OMV trustee deposit.
2 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Total expenses
Expenses related to all share-based payment transactions are summarized in the table below.
Expenses related to share-based payment transactions1
In EUR mn
2024
2023
Cash settled
6
6
Equity settled
7
6
Total expenses arising from share based payment transactions
13
12
1 Excluding incidental wage costs
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552
34 | Expenses Group auditor
Expenses for services rendered by the Group auditor (including the international network within the meaning of
section 271b UGB) comprised the following:
Expenses for services rendered by the Group auditor (including the international network)
In EUR mn
2024
2023
Group auditor
thereof
KPMG Austria
GmbH
Wirtschafts-
prüfungs- und
Steuerberatungs-
gesellschaft
Group auditor
thereof
KPMG Austria
GmbH
Wirtschafts-
prüfungs- und
Steuerberatungs-
gesellschaft
Audit of Group accounts and year-end audit
5.70
2.55
5.40
2.38
Other assurance services
1.67
1.48
0.84
0.74
Tax advisory services
2.51
—
2.50
—
Other services
0.55
—
0.74
0.00
Total
10.44
4.03
9.48
3.12
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553
35 | Related parties
Under IAS 24, details of relationships with related parties and related enterprises not included in consolidation must
be disclosed. Enterprises and individuals are considered to be related if one party is able to control or exercise
significant influence over the business of the other. On February 28, 2024, following all conditions under the share
purchase agreement between Mubadala Petroleum and Petrochemicals Holding Company (MPPH) and Abu Dhabi
National Oil Company P.J.S.C. (ADNOC) having been fulfilled, all shares in OMV Aktiengesellschaft were transferred
from MPPH to ADNOC. Consequently, Österreichische Beteiligungs AG (ÖBAG), Vienna, holds an interest of 31.5%
and Abu Dhabi National Oil Company P.J.S.C., Abu Dhabi, holds an interest of 24.9% in OMV Aktiengesellschaft; both
are related parties under IAS 24.
In 2024 and 2023, there were the following arm’s length supplies of goods and services (including the granting of
licenses for the use of technologies belonging to the Group) between the Group and equity-accounted companies.
Transactions with equity-accounted investments – Sales and trade receivables
In EUR mn
2024
2023
Sales and
other income
Trade
receivables
Sales and
other income
Trade
receivables
Abu Dhabi Oil Refining Company
2
1
1
1
ADNOC Global Trading LTD
4
1
4
0
Bayport Polymers LLC
11
4
6
3
Borouge investments1
507
126
519
106
Borouge 4 LLC
7
2
6
2
EEX CEGH Gas Exchange Services GmbH
1
0
1
0
Erdöl-Lagergesellschaft m.b.H.
46
0
148
—
GENOL Gesellschaft m.b.H.
134
22
138
22
Kilpilahden Voimalaitos Oy
5
3
4
0
Recelerate GmbH
1
0
3
0
Société d'Intérêt Collectif Agricole Laignes Agrifluides (SICA Laignes
Agrifluides)2
—
—
1
—
Total
719
159
833
135
1 Including Borouge PLC and Borouge Pte. Ltd
2 Deconsolidated on July 5, 2023, as part of the Borealis nitrogen business unit sale.
Additional non-monetary transactions in the amount of EUR 5 mn took place with Erdöl-Lagergesellschaft m.b.H. in
2024 that are not disclosed in the above table under the position “Sales and other income” as these transactions are
outside the scope of IFRS 15. They are consequently not shown as revenues in the Consolidated Income Statement
as netting with expenses was applied (2023: EUR 51 mn).
Moreover, OMV recognized EUR 7 mn income from financial guarantees granted to equity-accounted investments
(2023: EUR 5 mn). Further details see below.
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Transactions with equity-accounted investments – Purchases and trade payables
In EUR mn
2024
2023
Purchases
and services
received
Trade
payables
Purchases
and services
received
Trade
payables
Bayport Polymers LLC
43
3
1
—
Borouge investments1
434
143
377
91
Chemiepark Linz Betriebsfeuerwehr GmbH2
—
—
2
—
Deutsche Transalpine Oelleitung GmbH
33
3
30
3
EPS Ethylen-Pipeline-Süd GmbH & Co KG
4
—
3
—
Erdöl-Lagergesellschaft m.b.H.
56
2
60
28
GENOL Gesellschaft m.b.H.
12
1
11
1
Industrins Räddningstjänst i Stenungsund AB
1
0
—
—
Kilpilahden Voimalaitos Oy
85
—
99
0
PetroPort Holding AB
4
0
4
0
Società Italiana per l'Oleodotto Transalpino S.p.A.
5
1
4
0
Recelerate GmbH
3
0
3
0
Salzburg Fuelling GmbH
1
0
2
0
Total
679
154
596
125
1 Including Borouge PLC and Borouge Pte. Ltd.
2 Deconsolidated on July 5, 2023, as part of the Borealis nitrogen business unit sale.
Dividends distributed from equity-accounted investments
In EUR mn
2024
2023
Abu Dhabi Oil Refining Company
202
206
Abu Dhabi Petroleum Investments LLC
24
23
ADNOC Global Trading LTD
76
96
Borouge investments1
434
455
Deutsche Transalpine Oelleitung GmbH
1
1
EEX CEGH Gas Exchange Services GmbH
1
1
GENOL Gesellschaft m.b.H.
0
1
Neochim AD2
—
1
Pearl Petroleum Company Limited
35
—
Società Italiana per l'Oleodotto Transalpino S.p.A.
1
1
Transalpine Ölleitung in Österreich Gesellschaft m.b.H.
1
1
Dividends distributed from equity-accounted investments
776
787
1 Including Borouge PLC and Borouge Pte. Ltd
2 Deconsolidated on July 5, 2023, as part of the Borealis nitrogen business unit sale.
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Other balances with equity-accounted investments
In EUR mn
2024
2023
Bayport Polymers LLC
769
701
Borouge 4 LLC
435
155
Electrocentrale Borzesti SRL
25
—
Kilpilahden Voimalaitos Oy
55
52
Loan receivables
1,285
909
Bayport Polymers LLC
21
24
C2PAT GmbH
1
1
Freya Bunde-Etzel GmbH & Co. KG
7
8
Other financial receivables
29
33
Borouge investments1
8
8
Contract assets
8
8
Kilpilahden Voimalaitos Oy
10
11
Advance payments
10
11
Bayport Polymers LLC
20
91
Borouge 4 LLC
1
1
Other financial liabilities
21
92
Erdöl-Lagergesellschaft m.b.H.
66
79
Contract liabilities
66
79
Erdöl-Lagergesellschaft m.b.H.
32
—
Provisions
32
—
1 Including Borouge PLC and Borouge Pte. Ltd.
As of December 31, 2024, undrawn financial commitments to Borouge 4 LLC totaling EUR 615 mn (December 31,
2023: EUR 818 mn) originated from a shareholder loan agreement (SHL) entered into on February 3, 2023, with
Borealis AG as the lender and Borouge 4 LLC as the borrower to part finance the Borouge 4 CAPEX requirements of
Borouge 4 LLC. EUR 413 mn out of the total EUR 1,028 mn commitment had been drawn as of December 31, 2024.
The SHL is structured as a facility with a five-year tenor. Borealis retains the right to accelerate the repayment of
the outstanding amounts at the point of reintegration into Borouge PLC. Furthermore, Borealis AG granted a
guarantee for the funding of Borouge 4 LLC under the Italian Export Credit Agency agreement. The total guarantee
amounts to EUR 1,228 mn plus interest. Based on the already drawn financing by Borouge 4 LLC, the guaranteed
amount as of December 31, 2024, totaled EUR 1,009 mn (December 31, 2023: EUR 536 mn).
Borealis granted a guarantee for a Revolving Credit Facility (RCF) used by Bayport Polymers LLC (Baystar) as a
liquidity instrument to conduct its ordinary course of business, which was utilized in the amount of EUR 82 mn plus
interest at year-end (December 31, 2023: EUR 90 mn). The maximum amount of the credit facility is EUR 193 mn
plus interest as of December 31, 2024 (December 31, 2023: EUR 181 mn), of which 50% (EUR 96 mn plus interest) is
guaranteed by Borealis, while the remaining amount is guaranteed by the joint venture partner TotalEnergies.
In 2022, Bayport Polymers LLC repaid a loan to the Group, which was fully financed by two tranches of senior notes.
Borealis provided a parental guarantee to Bayport Polymers LLC for the full amount of the senior notes, which
amounted to EUR 626 mn plus interest as of December 31, 2024 (December 31, 2023: EUR 588 mn). Additionally, in
2022 Borealis provided a parental guarantee for the lease of railcars by Bayport Polymers LLC with a maximum
exposure of EUR 19 mn as of December 31, 2024 (December 31, 2023: EUR 20 mn).
In September 2024, OMV Petrom finalized the acquisition of 50% shares in the joint venture Electrocentrale Borzesti
SRL, held together with RNV Infrastructure. Both partners plan to invest approximately EUR 1.3 bn in renewable
energy projects according to the shareholders’ agreement, including a large portion of external financing.
Therefore, part of the estimated investment will be financed by share capital increase and/or by shareholder loans
granted to the joint venture equally by both partners, subject to obtaining the final investment decision for the
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respective projects. As of December 31, 2024, the loan receivable by OMV Petrom from Electrocentrale Borzesti
S.R.L. amounted to EUR 25 mn.
The capital contribution payment of EUR 69 mn to Bayport Polymers LLC led to a decrease in other financial
liabilities in 2024.
The contract liabilities toward Erdöl-Lagergesellschaft m.b.H. are related to a long-term contract for rendering of
services.
Government-related entities
Based on the OMV ownership structure, the Republic of Austria has an indirect relationship with OMV via ÖBAG and
is therefore, together with companies under the control of the Republic of Austria, considered a related party. In its
normal course of business, OMV has arm’s length transactions mainly with Österreichische Post Aktiengesellschaft,
VERBUND AG, Österreichische Bundesbahnen-Holding Aktiengesellschaft, Bundesbeschaffung GmbH, and their
subsidiaries.
In 2024, OMV concluded a power purchase agreement with VERBUND for the supply of sustainable electricity
obtained from hydropower for four years starting in January 2025.
Via ADNOC, OMV has an indirect relationship with the Emirate of Abu Dhabi, which, together with the companies
under the control of Abu Dhabi, is also considered a related party. In 2024, there were supplies of goods and
services, for instance to Abu Dhabi Company for Offshore Petroleum Operations Ltd, NOVA Chemicals Corporation
(NOVA), and Abu Dhabi National Oil Company P.J.S.C. Furthermore, OMV cooperates with ADNOC in several
Exploration & Production arrangements and closed strategic equity partnerships with ADNOC, covering both the
ADNOC Refining business and a Trading joint venture.
Key management personnel compensation
Remuneration received by active members of the Executive Board as of December 31, 2024
In EUR mn
2024
Stern
Florey
Gaso
van Koten
Vlad5
Total
Short-term benefits
2.24
1.87
1.30
1.36
1.32
8.09
Fixed (base salary)
1.04
0.87
0.60
0.62
0.58
3.70
Variable (cash bonus)1
1.19
0.99
0.63
0.72
0.66
4.18
Benefits in kind2
0.01
0.01
0.073
0.034
0.093
0.21
Post-employment benefits
0.26
0.22
0.15
0.15
0.14
0.93
Pension fund contributions
0.26
0.22
0.15
0.15
0.14
0.93
Share-based benefits
1.58
1.19
0.35
0.61
0.36
4.09
Variable (Equity Deferral 2023)
0.87
0.72
0.35
0.40
0.36
2.70
Variable (LTIP 2021)
0.71
0.47
—
0.21
—
1.39
Remuneration received by the Executive Board
4.08
3.27
1.80
2.13
1.82
13.10
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Including rental, advisory costs, and related taxes
4 Including car allowances
5 Daniela Vlad resigned from the Executive Board effective February 28, 2025.
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Remuneration received by former members of the Executive Board as of December 31, 2024
In EUR mn
2024
Pleininger3
Skvortsova4
Seele5
Gangl6
Total
Short-term benefits
0.34
0.34
—
—
0.68
Variable (cash bonus)1
0.34
0.33
—
—
0.67
Benefits in kind2
—
0.01
—
—
0.01
Share-based benefits
0.88
0.61
1.80
0.11
3.39
Variable (Equity Deferral 2023)
0.27
0.18
—
—
0.46
Variable (LTIP 2021)
0.60
0.43
1.80
0.11
2.94
Remuneration received by former Executive Board
members
1.22
0.95
1.80
0.11
4.07
1 The variable components relate to target achievement in 2023, for which bonuses were paid in 2024.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
5 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
6 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by active members of the Executive Board as of December 31, 2023
In EUR mn
2023
Stern
Florey
Gaso4
van Koten
Vlad8
Total
Short-term benefits
2.16
1.83
1.24
1.31
0.86
7.39
Fixed (base salary)
0.99
0.81
0.50
0.58
0.53
3.41
Fixed (one-off payment)
—
—
0.635
—
0.269
0.89
Variable (cash bonus)1
1.16
0.97
—
0.70
—
2.83
Benefits in kind2
0.01
0.053
0.116
0.037
0.0710
0.26
Post-employment benefits
0.25
0.20
0.13
0.14
0.13
0.86
Pension fund contributions
0.25
0.20
0.13
0.14
0.13
0.86
Share-based benefits
0.68
1.04
—
0.31
—
2.04
Variable (Equity Deferral 2022)
0.68
0.57
—
0.31
—
1.56
Variable (LTIP 2020)
—
0.48
—
—
—
0.48
Remuneration received by the Executive Board
3.09
3.07
1.37
1.76
0.99
10.28
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Including schooling costs and related taxes
4 Berislav Gaso joined the Executive Board on March 1, 2023.
5 Berislav Gaso received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due
to the transfer from the MOL Group to OMV Aktiengesellschaft.
6 Including relocation, rental costs, and related taxes
7 Including car allowances
8 Daniela Vlad joined the Executive Board on February 1, 2023.
9 Daniela Vlad received a compensation payment for forfeited remuneration in the 2023 financial year in settlement of the variable remuneration that was demonstrably forfeited due
to the transfer from AkzoNobel N.V. to OMV Aktiengesellschaft.
10 Including relocation, rental costs, and related taxes
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558
Remuneration received by former members of the Executive Board as of December 31, 2023
In EUR mn
2023
Pleininger3
Skvortsova5
Seele7
Gangl8
Total
Short-term benefits
1.52
1.04
0.72
—
3.28
Fixed (base salary)
0.25
0.26
—
—
0.51
Fixed (one-off payment)
0.274
—
—
—
0.27
Variable (cash bonus)1
1.00
0.70
0.72
—
2.42
Benefits in kind2
0.00
0.086
—
—
0.08
Post-employment benefits
0.12
0.07
—
—
0.19
Pension fund contributions
0.12
0.07
—
—
0.19
Share-based benefits
1.26
0.55
2.16
0.44
4.40
Variable (Equity Deferral 2022)
0.65
0.31
0.32
—
1.27
Variable (LTIP 2020)
0.61
0.24
1.84
0.44
3.13
Remuneration received by former Executive Board
members
2.90
1.66
2.88
0.44
7.87
1 The variable components relate to target achievement in 2022, for which bonuses were paid in 2023.
2 Including cash payments for allowances
3 Johann Pleininger resigned from the Executive Board effective December 31, 2022 and his contract ended on April 30, 2023.
4 Johann Pleininger received compensation for the shortened phase-out period for the period from May 1 until August 31, 2023.
5 Elena Skvortsova resigned from the Executive Board effective October 31, 2022 and her contract ended on June 14, 2023.
6 Including rental, advisory costs, and related taxes
7 Rainer Seele resigned from the Executive Board effective August 31, 2021 and his contract ended on June 30, 2022.
8 Thomas Gangl resigned from the Executive Board effective March 31, 2021.
Remuneration received by top executives (excl. Executive Board)1
In EUR mn
2024
2023
Salaries and bonuses
27.0
28.5
Pension fund contributions
1.5
1.5
Other post-employment benefits including termination benefits
0.0
2.5
Share-based benefits
5.9
6.4
Other long-term benefits
0.1
0.1
Remuneration received by top executives (excl. Executive Board)
34.5
39.0
1 In 2024, there were on average 48 top executives (2023: 51) based on the months of service in the Group.
The members of the Executive Board and the members of the Supervisory Board are covered by directors and
officers liability insurance (D&O) and criminal legal expenses insurance. A large number of other OMV employees
also benefit from these two forms of insurance, and the insurers levy lump-sum premiums, which are not
specifically attributed to the Board members.
See Note 33 – Share-based payments for details on Long-Term Incentive Plans and Equity Deferral.
In 2024, remuneration expenses for the Supervisory Board amounted to EUR 1.1 mn (2023: EUR 1.0 mn).
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559
36 | Unconsolidated structured entities
Accounting policy
OMV sells trade receivables in a securitization program and continues to service and collect the
receivables. The risk retained by the OMV Group is insignificant and therefore the trade receivables
sold are derecognized in their entirety.
OMV sells trade receivables in a securitization program to Carnuntum DAC, based in Dublin, Ireland. Although OMV
continues to service the receivables, OMV does not control Carnuntum DAC. OMV performs the collection of the
receivables strictly according to the defined Credit & Collection Policy and any decisions related to overdue
receivables may only be taken by the Purchaser. In 2024, OMV transferred trade receivables amounting to
EUR 5,505 mn to Carnuntum DAC (2023: EUR 6,032 mn). The receivables are sold at their nominal amount less a
discount. The discount was recognized in profit or loss and amounted to EUR 51 mn in 2024 (2023: EUR 53 mn).
Interest income on the notes held in Carnuntum DAC amounted to EUR 11 mn in 2024 (2023: EUR 12 mn). In
addition, OMV received a service fee for the debtor management services provided for the receivables sold.
As of December 31, 2024, OMV held seller participation notes amounting to EUR 83 mn (2023: EUR 137 mn) and
complementary notes amounting to EUR 96 mn (2023: EUR 108 mn) in Carnuntum DAC, shown in other financial
assets. As of December 31, 2024, the maximum exposure to loss from the securitization program was EUR 107 mn
(2023: EUR 187 mn).
The seller participation notes are senior to a loss reserve and third-party investor participation. The complementary
notes are senior to seller participation notes and are of the same seniority as the senior notes issued by the
program.
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560
37 | Subsequent events
On January 3, 2025, the Stockholm Chamber of Commerce (SCC) ruled in favor of OMV in the arbitration
proceedings relating to the Austrian supply contract, awarding OMV compensation by Gazprom Export LLC. In light
of this favorable award, the financial impact of the partial set-off against liabilities under the Austrian gas supply
contract was recorded in other operating income in 2025 in the amount of EUR 48 mn, since the gain was no longer
contingent.
On March 3, 2025 OMV and ADNOC signed a binding agreement for the combination of their shareholdings in
Borealis and Borouge into Borouge Group International. ADNOC has also entered in a share purchase agreement
with Nova Chemicals Holdings GmbH, an indirectly wholly owned company of Mubadala Investment Company
P.J.S.C. for 100% of Nova Chemicals for an enterprise value of USD 13.4 bn. ADNOC and OMV have also agreed that
upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding
its footprint in North America.
OMV and ADNOC will have equal shareholdings of 46.94% each and equal partnership in Borouge Group
International following a cash injection of EUR 1.6 bn (reduced by dividends paid out until closing) by OMV into the
new company. The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in
Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX). It is intended that Borouge Group International
will have a dual listing on the Vienna Stock Exchange (ATX) in the future. The equal shareholding structure enables
joint control between OMV and ADNOC, allowing both parties to have equal decision-making rights in all strategic
matters.
Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of
2026. When combined, the three highly complementary world-class businesses will create the fourth-largest global
polyolefin group with equal shareholdings by OMV and ADNOC.
The acquisition of Nova Chemicals, a North American-based polyolefin producer and a leader in advanced
packaging solutions and proprietary technologies, will further strengthen Borouge Group International’s presence
across the Americas and increase its exposure to advantaged feedstock. Borouge Group International will be
uniquely positioned to create value and generate superior through-cycle shareholder returns, supported by
synergies and a strong pipeline of organic growth projects. The Nova Chemicals transaction will be funded through
acquisition debt, which is expected to be refinanced in the capital markets. The valuation implies an Enterprise
Value to EBITDA multiple of around 7.5 on the basis of an expected through-the-cycle EBITDA of USD 1.8 bn.
The combination of Borouge and Borealis and the acquisition of Nova Chemicals will be closed simultaneously, with
expected completion in Q1 2026 subject to regulatory approvals and other customary conditions.
This subsequent event is expected to have a significant impact on OMVs consolidated financial statements as
follows.
Based on the signed agreement, OMV is expected to lose control over Borealis group (excluding the Borouge
investments) leading to deconsolidation after closing of the transaction. Consequently, on March 3, 2025 Borealis
Group (excluding the Borouge investments) will be reclassified to “held for sale” according to IFRS 5.
Upon the reclassification to “held for sale” depreciation of non-current assets and at-equity accounting of the
disposal group will cease in line with IFRS 5 requirements.
Borealis Group (excluding the Borouge investments) represents a separate major line of business for OMV and will
therefore be reported as a discontinued operation in line with IFRS 5.32. This will trigger a restatement of the
financial statements of 2024 as comparative period and will be published as part of OMV Group Report for Q1/25.
Shareholders
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561
Borouge investments are currently jointly controlled by OMV and ADNOC and will continue to be jointly
controlled after the closing of the transaction.
Some entities of Borealis Group are members of the Austrian Tax Group and will continue to be part of the
Austrian Tax Group after closing of the transaction via joint tax grouping (Beteiligungsgemeinschaft). This joint
tax group will be formed by the Austrian shareholders of Borealis Group and the proportional share of taxable
result of the joint tax group will be attributable to the Austrian Tax Group. Expected partial disposal of Borealis
Group from the Austrian Tax Group will trigger the reassessment of the net deferred tax asset position (DTA) of
the Austrian Tax Group in OMV Aktiengesellschaft. As a consequence, DTA of the Austrian tax Group will be
decreased by approx. EUR 100 mn and will be presented in the line “Taxes on income and profit” in the
Consolidated Income Statement in Q1/25.
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OMV Combined Annual Report 2024
562
38 | Direct and indirect investments of OMV
Aktiengesellschaft
Changes in the consolidated group
Name of company
Registered office
Type of change1
Effective date
Chemicals
Integra Plastics AD
Sofia
First consolidation (A)
March 28, 2024
Petrogas International B.V.2
Eindhoven
Deconsolidation (I)
December 31, 2024
Fuels & Feedstock
OMV Renewable Fuels & Feedstock US Inc.
Wilmington
First consolidation
May 17, 2024
Renovatio Asset Management
Bucharest
First consolidation (A)
May 31, 2024
AP-NewCo GmbH3
Vienna
First consolidation (A)
July 25, 2024
Respira Verde SRL2
Cheriu
First consolidation (A)
December 30, 2024
Energy
OMV Petrom Energy Solution SRL
Bucharest
First consolidation (I)
January 1, 2024
JR Constanta SRL
Bucharest
First consolidation (A)
September 26, 2024
JR Solar Teleorman SRL
Bucharest
First consolidation (A)
September 26, 2024
JR TELEORMAN SRL
Bucharest
First consolidation (A)
September 26, 2024
ATS Energy SA
Vetis
First consolidation (A)
September 27, 2024
BridgeConstruct SRL
Iasi
First consolidation (A)
September 27, 2024
Intertrans Karla SRL
Buzau
First consolidation (A)
September 27, 2024
Electrocentrale Borzesti SRL2
Bucharest
First consolidation (A)
September 30, 2024
Cil PV Plant SRL2
Bucharest
First consolidation (A)
November 29, 2024
Enerintens Solar SRL2
Bucharest
First consolidation (A)
November 29, 2024
Tenersolar Park SRL2
Bucharest
First consolidation (A)
November 29, 2024
SapuraOMV Block 30, S. de R.L. de C.V.
Mexico City
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Americas) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Australia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Holding) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Malaysia) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Mexico) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (NZ) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Oceania) Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Sarawak) Inc.
Nassau
Deconsolidation
December 9, 2024
SapuraOMV Upstream (Western Australia) Pty Ltd
Perth
Deconsolidation
December 9, 2024
SapuraOMV Upstream Sdn. Bhd.
Kuala Lumpur
Deconsolidation
December 9, 2024
IROKO CCS ANS4
Sandnes
First consolidation
December 16, 2024
OMV Russia Upstream GmbH
Vienna
Deconsolidation (I)
December 31, 2024
1 “First consolidation” refers to newly formed companies, “First consolidation (A)” indicates the acquisition of a company, while companies marked with “First consolidation (I)” have
been included in the consolidation after originally not being consolidated due to immateriality. “Deconsolidation” refers to companies that have been excluded from the Group
investments following a sale, while “Deconsolidation (I)” refers to companies that were deconsolidated due to immateriality.
2 Company (previously) consolidated at-equity
3 Company´s legal name changed in 2025 to AP Truck Mobility GmbH
4 Accounting for OMV’s share of assets, obligations for liabilities, share of income and expenses
For further information on major disposals, refer to Note 4 – Significant changes in Group structure.
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OMV Combined Annual Report 2024
563
Number of consolidated companies
2024
2023
Full
consolidation
Equity
consolidation
Accounting
for OMV´s
share1
Full
consolidation
Equity
consolidation
Accounting
for OMV´s
share1
January 1
115
23
6
123
23
4
Included for the first time
10
5
1
6
3
2
Change in consolidation type
—
–1
—
1
–1
—
Deconsolidated during the year
–11
—
—
–15
–2
—
December 31
114
27
7
115
23
6
thereof domiciled and operating abroad
81
22
6
82
18
5
thereof domiciled in Austria and
operating abroad
9
—
—
10
—
—
1 Accounting for OMV’s share of assets, obligations for liabilities, share of income and expenses
List of investments
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at
least 20%
Parent
company
Type of
consoli-
dation1
Equity
interest
in % as of
December
31, 2024
Equity
interest
in % as of
December
31, 2023
Chemicals
Bayport Polymers LLC, Pasadena
BNOVUS
AEJ
50.00
50.00
BlueAlp Holding B.V., Groot-Ammers
BRENBE
AEA
21.25
21.25
Borealis AB, Stenungsund (BABSWE)
BSVSWE
C
100.00
100.00
Borealis AG, Vienna (BORAAG)
BHOLAT
C
39.00
39.00
OMVRM
32.67
32.67
OMV AG
3.33
3.33
Borealis Antwerpen N.V., Zwijndrecht
BORAAG
C
100.00
100.00
Borealis Argentina SRL, Buenos Aires
BORAAG
NC
98.00
98.00
BSVSWE
2.00
2.00
BOREALIS ASIA LIMITED, Hong Kong
BORAAG
NC
100.00
100.00
Borealis BoNo Holdings LLC, Houston (BBNHUS)
BUS
C
100.00
100.00
Borealis Brasil S.A., Itatiba
BORAAG
C
80.00
80.00
BOREALIS CHEMICALS ZA (PTY) LTD, Germiston
BORAAG
NC
100.00
100.00
Borealis Chile SpA, Santiago
BORAAG
NC
100.00
100.00
Borealis Chimie S.A.R.L., Casablanca
BORAAG
NC
100.00
100.00
Borealis Circular Solutions Holding GmbH, Vienna (BCIRC)
BORAAG
C
100.00
100.00
Borealis Colombia S.A.S., Bogota
BORAAG
NC
100.00
100.00
Borealis Compounds Inc., Port Murray (BCOMUS)
BUS
C
100.00
100.00
Borealis Denmark ApS, Copenhagen
BORAAG
NC
100.00
100.00
Borealis Digital Studio B.V., Mechelen
BORAAG
NC
100.00
100.00
Borealis Financial Services N.V., Mechelen
BORAAG
C
100.00
100.00
Borealis France S.A.S., Courbevoie (BFR)
BORAAG
C
100.00
100.00
Borealis Group Services AS, Bamble
BABSWE
C
100.00
100.00
Borealis Insurance A/S (captive insurance company), Copenhagen
BORAAG
C
100.00
100.00
Borealis ITALIA S.p.A., Monza
BORAAG
C
100.00
100.00
Borealis Kallo N.V., Kallo
BORAAG
C
100.00
100.00
Borealis México, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Shareholders
Directors’ Report
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Financial Statements
Further Information
OMV Combined Annual Report 2024
564
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at
least 20%
Borealis Middle East Holding GmbH, Vienna (BORMEH)
BORAAG
C
100.00
100.00
Borealis Plasticos, S.A. de C.V., Mexico City
BORAAG
NC
100.00
100.00
BCOMUS
0.00
0.00
Borealis Plastik ve Kimyasal Maddeler Ticaret Limited Sirketi, Istanbul
BORAAG
NC
100.00
100.00
Borealis Plastomers B.V., Geleen
BORAAG
C
100.00
100.00
Borealis Poliolefinas da América do Sul Ltda., Itatiba
BORAAG
NC
99.99
99.99
BSVSWE
0.01
0.01
Borealis Polska Sp. z o.o., Warsaw
BORAAG
NC
100.00
100.00
Borealis Polymere GmbH, Burghausen (BPODE)
BORAAG
C
100.00
100.00
Borealis Polymers N.V., Beringen
BORAAG
C
100.00
100.00
Borealis Polymers Oy, Porvoo
BORAAG
C
100.00
100.00
Borealis Polyolefine GmbH, Schwechat (BPOAT)
BORAAG
C
100.00
100.00
BSVSWE
0.00
0.00
Borealis Polyolefins d.o.o., Zagreb
BORAAG
NC
100.00
100.00
Borealis Polyolefins S.R.L., Bucharest
BORAAG
NC
100.00
100.00
Borealis Polyolefins s.r.o., Bratislava
BORAAG
NC
100.00
100.00
Borealis Química España S.A., Barcelona
BORAAG
C
100.00
100.00
Borealis RUS LLC, Moscow
BORAAG
NC
—
100.00
Borealis s.r.o., Prague
BORAAG
NC
100.00
100.00
Borealis Services S.A.S., Paris
BFR
NC
100.00
100.00
Borealis Sverige AB, Stenungsund (BSVSWE)
BORAAG
C
100.00
100.00
Borealis Technology Oy, Porvoo
BORAAG
C
100.00
100.00
BOREALIS UK LTD, Manchester
BORAAG
C
100.00
100.00
Borealis USA Inc., Houston (BUS)
BORAAG
C
100.00
100.00
Borouge 4 LLC, Abu Dhabi
BORMEH
AEJ
40.00
40.00
Borouge PLC, Abu Dhabi (BOROLC)
BORMEH
AEJ
36.00
36.00
Borouge Pte. Ltd., Singapore
BOROLC
AEJ
84.75
84.75
BORMEH
15.25
15.25
Circular Feedstock Walldürn GmbH, Walldürn2
OMVD
C
89.90
89.90
DYM SOLUTION CO., LTD, Cheonan
BORAAG
C
100.00
100.00
Ecoplast Kunststoffrecycling GmbH, Wildon
BORAAG
C
100.00
100.00
EPS Ethylen-Pipeline-Süd Geschäftsführungs GmbH, Munich
OMVD
NC-I
15.46
15.46
BPODE
7.73
7.73
EPS Ethylen-Pipeline-Süd GmbH & Co KG, Munich
OMVD
AEA
20.66
20.66
BPODE
10.33
10.33
Etenförsörjning i Stenungsund AB, Stenungsund
BABSWE
C
80.00
80.00
Hallbar Kemi i Stenungsund, Stenungsund
BABSWE
NC-I
20.00
20.00
Industrins Räddningstjänst i Stenungsund AB, Stenungsund
BABSWE
NC-I
25.00
25.00
Integra Plastics EAD, Sofia
BORAAG
C
100.00
KB Munkeröd 1:72, Stenungsund
BABSWE
NC
100.00
100.00
BSVSWE
0.00
0.00
Kilpilahden Voimalaitos Oy, Porvoo
BORAAG
AEA
20.00
20.00
mtm compact GmbH, Niedergebra
BORAAG
C
100.00
100.00
mtm plastics GmbH, Niedergebra
BORAAG
C
100.00
100.00
Novealis Holdings LLC, Houston (BNOVUS)
BBNHUS
C
50.00
50.00
BSBHUS
50.00
50.00
OMV Borealis Holding GmbH, Vienna (BHOLAT)
OMVRM
C
100.00
100.00
Petrogas International B.V., Eindhoven3
BRENBE
NC-I
25.00
25.00
PetroPort Holding AB, Stenungsund
BABSWE
AEJ
50.00
50.00
Recelerate GmbH, Herborn
BORAAG
AEJ
50.00
50.00
Renasci N.V., Ostend (BRENBE)
BCIRC
C
99.18
98.56
Renasci Oostende Holding N.V., Ostend (BRHOBE)
BRENBE
C
100.00
100.00
Shareholders
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Financial Statements
Further Information
OMV Combined Annual Report 2024
565
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at
least 20%
Renasci Oostende Recycling N.V., Ostend
BRHOBE
C
100.00
100.00
Renasci Oostende SCP N.V., Ostend
BRHOBE
C
100.00
100.00
Rialti S.p.A., Taino
BORAAG
C
100.00
100.00
Star Bridge Holdings LLC, Houston (BSBHUS)
BUS
C
100.00
100.00
Fuels & Feedstock
Abu Dhabi Oil Refining Company, Abu Dhabi
OMVRM
AEA
15.00
15.00
Abu Dhabi Petroleum Investments LLC, Abu Dhabi (ADPINV)
OMVRM
AEJ
25.00
25.00
ADNOC Global Trading LTD, Abu Dhabi
OMVRM
AEA
15.00
15.00
Aircraft Refuelling Company GmbH, Vienna
OMVRM
NC-I
33.33
33.33
AP Truck Mobility GmbH, Vienna4
OMVRM
C
100.00
Autobahn - Betriebe Gesellschaft m.b.H., Vienna
OMVRM
NC-I
47.19
47.19
BSP Bratislava-Schwechat Pipeline GmbH in Liqu., Vienna
OMVRM
NC-I
—
26.00
Deutsche Transalpine Oelleitung GmbH, Munich
OMVD
AEA
32.26
32.26
DUNATÀR Köolajtermék Tároló és Kereskedelmi Kft., Budapest
OHUN
C
100.00
100.00
Erdöl-Lagergesellschaft m.b.H., Lannach5
OMVRM
AEA
55.60
55.60
GENOL Gesellschaft m.b.H., Korneuburg
OMVRM
AEA
29.00
29.00
OMV - International Services Ges.m.b.H., Vienna
OMVRM
C
100.00
100.00
OMV BULGARIA OOD, Sofia
PETROM
C
99.90
99.90
OMVRM
0.10
0.10
OMV Česká republika, s.r.o., Prague
OMVRM
C
100.00
100.00
OMV Deutschland Services GmbH, Burghausen (OMVDS)
OMVD
C
100.00
100.00
OMV Downstream SLO, trgovina z nafto in naftnimi derivati, d.o.o., Ljubljana
OMVRM
NC
100.00
OMV Hungária Ásványolaj Korlátolt Felelösségü Társaság, Budapest (OHUN)
OMVRM
C
100.00
100.00
OMV PETROM Aviation S.R.L., Otopeni
PETROM
C
100.00
100.00
ROMAN
0.00
0.00
OMV Petrom Biofuels SRL, Bucharest
PETROM
C
25.00
25.00
OMVRM
75.00
75.00
OMV PETROM MARKETING SRL, Bucharest (ROMAN)
PETROM
C
100.00
100.00
OMV Refining & Marketing Middle East & Asia GmbH, Vienna
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock B.V., Beveren
OMVRM
C
100.00
100.00
OMV Renewable Fuels & Feedstock US Inc., Wilmington
OMVRM
C
100.00
OMV Slovensko s.r.o., Bratislava
OMVRM
C
99.99
99.99
OMV SRBIJA d.o.o., Belgrade
PETROM
C
99.96
99.96
OMVRM
0.04
0.04
OMV Supply & Trading Italia S.r.l., Trieste
OMVRM
C
100.00
100.00
OMV Supply & Trading Limited, London (OTRAD)
OMVRM
C
100.00
100.00
OMV Supply & Trading Singapore PTE LTD., Singapore
OTRAD
NC
100.00
100.00
OMV Switzerland Holding AG in Liquidation, Zug6
OGI
NC
100.00
100.00
Pak-Arab Refinery Limited, Karachi
ADPINV
AEJ
40.00
40.00
Petrom-Moldova S.R.L., Chisinau
PETROM
C
100.00
100.00
Renovatio Asset Management, Bucharest
PETROM
C
100.00
Respira Verde SRL, Cheriu
PETROM
AEJ
40.48
Routex B.V., Amsterdam
OMVRM
NC-I
20.00
20.00
Salzburg Fuelling GmbH, Salzburg
OMVRM
NC-I
50.00
50.00
Società Italiana per l'Oleodotto Transalpino S.p.A., Trieste
OMVRM
AEA
32.26
32.26
SuperShop Marketing Korlátolt Felelősségű Társaság, Budapest
OHUN
NC-I
50.00
50.00
TGN Tankdienst-Gesellschaft Nürnberg GbR, Nuremberg
OMVD
NC-I
33.33
33.33
Transalpine Ölleitung in Österreich Gesellschaft m.b.H., Matrei in Osttirol
OMVRM
AEA
32.26
32.26
Energy
ATS Energy SA, Vetis
PETROM
C
100.00
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566
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at
least 20%
BridgeConstruct SRL, Iasi
PETROM
C
100.00
Central European Gas Hub AG, Vienna (HUB)
OGI
C
65.00
65.00
Cil PV Plant SRL, Bucharest
PETROM
AEJ
50.00
deeep Tiefengeothermie GmbH, Vienna
OGEO
PC
49.00
49.00
EEX CEGH Gas Exchange Services GmbH, Vienna
HUB
AEA
49.00
49.00
Electrocentrale Borzesti SRL, Bucharest
PETROM
AEJ
50.00
Energy Infrastructure Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Holdings Limited, Wellington
NZEA
C
100.00
100.00
Energy Petroleum Investments Limited, Wellington
NZEA
C
100.00
100.00
Enerintens Solar SRL, Bucharest
PETROM
AEJ
50.00
Freya Bunde-Etzel GmbH & Co. KG, Bonn
OGSG
AEA
39.99
39.99
Intertrans Karla SRL, Buzau
PETROM
C
100.00
IROKO CCS ANS, Sandnes
ONOR
PC
30.00
JR Constanta SRL, Bucharest
PETROM
C
100.00
JR Solar Teleorman SRL, Bucharest
PETROM
C
100.00
JR TELEORMAN S.R.L., Bucharest
PETROM
C
100.00
JSC GAZPROM YRGM Development, St. Petersburg7,8
OMVEP
NC-I
—
—
OJSC Severneftegazprom, Krasnoselkup8
OMVEP
NC-I
24.99
24.99
OMV (Berenty) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (IRAN) onshore Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (Mandabe) Exploration GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV (NAMIBIA) Exploration GmbH, Vienna
ONAFRU
NC
100.00
100.00
OMV (NORGE) AS, Stavanger (ONOR)
OMVEP
C
100.00
100.00
OMV (Tunesien) Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (TUNESIEN) Sidi Mansour GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (Yemen Block S 2) Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV (YEMEN) Al Mabar Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV (YEMEN) South Sanau Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi E&P GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Abu Dhabi Offshore GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Abu Dhabi Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV AUSTRALIA PTY LTD, Perth (OAUST)
OMV AG
C
100.00
100.00
OMV Austria Exploration & Production GmbH, Vienna (OEPA)
OMVEP
C
100.00
100.00
OMV Austria Geothermal GmbH, Vienna (OGEO)
OGREEN
C
100.00
100.00
OMV Barrow Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beagle Pty Ltd, Perth
OAUST
NC
100.00
100.00
OMV Beteiligungsverwaltungs GmbH, Vienna
OMVRM
NC
100.00
—
OMV AG
—
100.00
OMV Bina Bawi GmbH, Vienna
PETEX
NC
100.00
100.00
OMV Block 70 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Croatia Geothermal GmbH, Vienna
OGREEN
NC
100.00
100.00
OMV East Abu Dhabi Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Enerji Ticaret Anonim Şirketi, Istanbul
OMVRM
C
100.00
100.00
OMV Exploration & Production GmbH, Vienna (OMVEP)
OMV AG
C
100.00
100.00
OMV Gas Logistics Holding GmbH, Vienna (OGI)
OMV AG
C
100.00
100.00
OMV Gas Marketing & Trading Belgium, Brussels
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Deutschland GmbH, Düsseldorf
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading GmbH, Vienna (ECOGAS)
OMVRM
C
100.00
100.00
OMV Gas Marketing & Trading Hungária Kft., Budapest
ECOGAS
C
100.00
100.00
OMV Gas Marketing & Trading Italia S.r.l., Milan
ECOGAS
NC
100.00
100.00
OMV Gas Marketing Trading & Finance B.V., Amsterdam
OFS
C
100.00
100.00
OMV Gas Storage Germany GmbH, Cologne (OGSG)
OMVDS
C
100.00
100.00
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567
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at
least 20%
OMV Gas Storage GmbH, Vienna
OGI
C
100.00
100.00
OMV Gaz Iletim A.S., Istanbul
OMVRM
C
100.00
100.00
OMV Green Energy GmbH, Vienna (OGREEN)
OMVEP
C
100.00
100.00
OMV Jardan Block 3 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Maurice Energy GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Middle East & Africa GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Myrre Block 86 Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV New Zealand Limited, Wellington (NZEA)
OMVEP
C
100.00
100.00
OMV NZ Production Limited, Wellington
NZEA
C
100.00
100.00
OMV OF LIBYA LIMITED, Douglas
OMVEP
C
100.00
100.00
OMV Offshore (Namibia) GmbH, Vienna (ONAFRU)
OMVEP
NC
100.00
100.00
OMV Offshore Bulgaria GmbH, Vienna
PETROM
C
100.00
100.00
OMV Offshore Morondava GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Oil and Gas Exploration GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Oil Exploration GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Oil Production GmbH, Vienna
OMVEP
C
100.00
100.00
OMV Orient Hydrocarbon GmbH in Liqu., Vienna6
OMVEP
NC
100.00
100.00
OMV Orient Upstream GmbH, Vienna
OMVEP
NC
100.00
100.00
OMV Petroleum Exploration GmbH, Vienna (PETEX)
OMVEP
NC
100.00
100.00
OMV Petroleum Pty Ltd, Perth
NZEA
NC
100.00
100.00
OMV PETROM E&P BULGARIA S.R.L., Bucharest
PETROM
C
100.00
100.00
OMV Petrom Energy Solution SRL, Bucharest3
PETROM
C
100.00
100.00
OMV PETROM GEORGIA LLC, Tbilisi
PETROM
C
100.00
100.00
OMV Proterra GmbH, Vienna
OEPA
NC
100.00
100.00
OMV Russia Upstream GmbH, Vienna3
OMVEP
NC
100.00
100.00
OMV Upstream International GmbH, Vienna (OUPI)
OMVEP
C
100.00
100.00
Pearl Petroleum Company Limited, Road Town
OUPI
AEA
10.00
10.00
PEI Venezuela Gesellschaft mit beschränkter Haftung, Burghausen
OMVEP
NC
100.00
100.00
PETROM EXPLORATION & PRODUCTION LIMITED, Douglas
PETROM
NC
100.00
100.00
POSEIDON EXL 005 ANS, Lysaker
ONOR
PC
50.00
50.00
Preussag Energie International GmbH, Burghausen
OMVEP
NC
100.00
100.00
S. PARC FOTOVOLTAIC ISALNITA S.A., Târgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC ROVINARI EST S.A., Târgu Jiu
PETROM
PC
50.00
50.00
S. PARC FOTOVOLTAIC TISMANA 1 S.A., Târgu Jiu
PETROM
PC
50.00
50.00
S. SOLARIST TISMANA 2 S.A., Târgu Jiu
PETROM
PC
50.00
50.00
SapuraOMV Block 30, S. de R.L. de C.V., Mexico City
SEUPMY
C
—
99.00
SEMXMY
—
1.00
SapuraOMV Upstream (Americas) Sdn. Bhd., Kuala Lumpur (SEAMMY)
SEUPMY
C
—
100.00
SapuraOMV Upstream (Australia) Sdn. Bhd., Kuala Lumpur (SEAUMY)
SEOCMY
C
—
100.00
SapuraOMV Upstream (Holding) Sdn. Bhd., Kuala Lumpur (SEUPMY)
SOUPMY
C
—
100.00
SAPURAOMV UPSTREAM (MALAYSIA) SDN. BHD., Kuala Lumpur
SEUPMY
C
—
100.00
SapuraOMV Upstream (Mexico) Sdn. Bhd., Kuala Lumpur (SEMXMY)
SEAMMY
C
—
100.00
SapuraOMV Upstream (NZ) Sdn. Bhd., Kuala Lumpur (SENZMY)
SEOCMY
C
—
100.00
SapuraOMV Upstream (Oceania) Sdn. Bhd., Kuala Lumpur (SEOCMY)
SEUPMY
C
—
100.00
SapuraOMV Upstream (Sarawak) Inc., Nassau
SEUPMY
C
—
100.00
SapuraOMV Upstream (Western Australia) Pty Ltd, Perth
SEAUMY
C
—
100.00
SapuraOMV Upstream JV Sdn. Bhd., Kuala Lumpur
SENZMY
NC
—
100.00
SapuraOMV Upstream Sdn. Bhd., Kuala Lumpur (SOUPMY)
OMVEP
C
—
50.00
Tenersolar Park SRL, Bucharest
PETROM
AEJ
50.00
Corporate & Other
ASOCIATIA ROMANA PENTRU RELATIA CU INVESTITORII, Bucharest
PETROM
NC-I
20.00
20.00
Shareholders
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568
List of subsidiaries, equity-accounted investments, and other investments of OMV Aktiengesellschaft with an interest of at
least 20%
Diramic Insurance Limited, Gibraltar
OMV AG
C
100.00
100.00
OMV Clearing und Treasury GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Services GmbH, Vienna (OFS)
SNO
C
100.00
100.00
OMV Finance Services NOK GmbH, Vienna
SNO
C
100.00
100.00
OMV Finance Solutions USD GmbH, Vienna
SNO
C
100.00
100.00
OMV Insurance Broker GmbH in Liqu., Vienna
OMV AG
NC
—
100.00
OMV International Oil & Gas GmbH, Baar
OMV AG
C
100.00
100.00
OMV Petrom Global Solutions SRL, Bucharest
SNO
C
75.00
75.00
PETROM
25.00
25.00
OMV Solutions GmbH, Vienna (SNO)
OMV AG
C
100.00
100.00
PETROMED SOLUTIONS SRL, Bucharest
PETROM
C
100.00
100.00
Assigned to multiple segments9
BTF Industriepark Schwechat GmbH, Schwechat
BPOAT
NC
50.00
50.00
OMVRM
50.00
50.00
C2PAT GmbH, Vienna
BORAAG
AEJ
25.00
25.00
OMVRM
25.00
25.00
OMV Deutschland GmbH, Burghausen (OMVD)
OMVRM
C
90.00
90.00
OMV AG
10.00
10.00
OMV Deutschland Marketing & Trading GmbH & Co. KG, Burghausen10
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Deutschland Operations GmbH & Co. KG, Burghausen
OMVD
C
99.99
99.99
OMVDS
0.01
0.01
OMV Downstream GmbH, Vienna (OMVRM)
OMV AG
C
100.00
100.00
OMV PETROM SA, Bucharest (PETROM)
OMV AG
C
51.16
51.16
1 Type of consolidation:
C Consolidated subsidiary
AEA Associated companies accounted at-equity
AEJ Joint venture accounted at-equity
PC Accounting for OMV’s share of assets, obligations for liabilities, share of income and expenses
NC-I Other non consolidated investment; associated companies and joint ventures of relatively little importance to the assets and earnings of the consolidated financial statements
NC Non-consolidated subsidiary; shell or distribution companies of relative insignificance individually and collectively to the consolidated financial statements
2 Economic share 100.00%
3 Type of consolidation was changed compared to 2023.
4 Company´s legal name changed in 2025; previously AP-NewCo GmbH
5 Despite majority interest not being fully consolidated, but accounted for at-equity due to absence of control.
6 Company’s legal name changed following the initiation of liquidation.
7 Economic share 99.99%
8 The decree of the Russian President No.965 stipulates the expropriation of the shares
9 Assigned to the relevant segments in the segment reporting
10 In the 2024 financial year, OMV Deutschland Marketing & Trading GmbH & Co. KG made use of the exemption provision for the preparation of the annual financial statement and
director’s report, audit and disclosure pursuant to Section 264b HGB in conjunction with Section 325 HGB. The company's exemption is mentioned in its notes and published in the
Federal Gazette with reference to this provision and an indication of the parent company.
All the companies that are not consolidated either have low business volumes or are distribution companies; the
total sales, net income/losses, and equity of such companies represent less than 1% of the Group totals.
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569
Material joint operations (IFRS 11)
Name
Nature of activities
Principal
place of
business
%
ownership
December
31, 2024
%
ownership
December 31,
2023
Nafoora – Augila1
Onshore development and production of hydrocarbons
Libya
100
100
Concession 1031
Onshore development and production of hydrocarbons
Libya
100
100
Pohokura
Offshore production of hydrocarbons
New
Zealand
74
74
Neptun Deep
Offshore exploration for and development of
hydrocarbons
Romania
50
50
Nawara
Onshore development and production of hydrocarbons
Tunisia
50
50
1 The percentage disclosed represents the second party share. The state-owned Libyan national oil corporation (NOC) is entitled to 88–90% of the production (“primary split”).
Other significant arrangements
Name
Nature of activities
Principal
place of
business
%
ownership
December
31, 2024
%
ownership
December 31,
2023
NC 1151
Onshore development and production of hydrocarbons
Libya
30
30
NC 1861
Onshore development and production of hydrocarbons
Libya
24
24
SK 4082
Offshore development and production of hydrocarbons
Malaysia
—
40
Aasta Hansteen
Offshore production of hydrocarbons
Norway
15
15
Edvard Grieg
Offshore production of hydrocarbons
Norway
20
20
Gullfaks
Offshore production of hydrocarbons
Norway
19
19
Berling
Offshore development of hydrocarbons
Norway
30
30
Sarb & Umm Lulu
Offshore development and production of hydrocarbons
Abu Dhabi
20
20
Ghasha
Offshore exploration for and development of
hydrocarbons
Abu Dhabi
5
5
1 The percentage disclosed represents the second party share. The state owned Libyan national oil corporation (NOC) is entitled to 88–90% of the production (“primary split”).
2 SK408 was part of the SapuraOMV disposal group that was sold on December 9, 2024. For more information refer to Note 4 – Significant changes in Group structure.
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570
The following tables provide supplementary information in respect of the Group’s oil and gas activities. In the
absence of detailed disclosure rules in this area under IFRS, the Group has elected to voluntarily disclose the data
that would have been required under the ASC 932 as if it were reporting according to US GAAP.
To the extent that information refers to financial statement data, the information is based on the primary financial
statements (IFRS financial statements).
Disclosed financial data refers to the Energy operating business segment excluding gas supply, marketing, trading,
and logistics and the Low Carbon Business. Further information on OMV’s operating segments is included in Note 6
– Segment Reporting.
The regional structure is presented below:1
Romania and Black Sea
Bulgaria and Romania
Austria
Austria
Russia
Russia (until February 2022)
North
Norway
South
Iran (evaluation on hold), Kurdistan Region of Iraq, Libya, Tunisia, United Arab
Emirates, Yemen2 (until December 2024)
New Zealand and Australia
Australia and New Zealand
Malaysia
SapuraOMV3 (until December 2024)
1 The regions Central and Eastern Europe (including Romania, the Black Sea and Austria) and Rest of the world (including New Zealand, Australia, and Malaysia) listed in the
Directors’ Report are split further in this disclosure to provide the information in a more detailed manner.
2 In 2024 OMV and its international JV partner declared their withdrawal from the joint venture in Block S2 and OMV resigned as the operator.
3 Including not only Malaysia but also SapuraOMV subsidiaries in New Zealand, Australia, and Mexico.
Acquisitions
There were no major acquisitions during 2024, 2023, and 2022.
Disposals and deconsolidation
On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn.
Bhd. to TotalEnergies. Further information is included in Note 4 – Significant changes in Group structure.
There were no major disposals during 2023.
On March 1, 2022, OMV ceased to fully consolidate JSC GAZPROM YRGM Development due to the loss of control,
following the Russian war on Ukraine.
Non-controlling interest
As OMV holds a 51% share in OMV Petrom, it is fully consolidated. Figures therefore include 100% of OMV Petrom’s
assets and results.
OMV had a share of 50% in SapuraOMV and it was fully consolidated; figures therefore include 100% of
SapuraOMV’s assets and results until its deconsolidation.
Oil and gas reserve estimation and disclosures
(unaudited)
Shareholders
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OMV Combined Annual Report 2024
571
Equity-accounted investments
OMV holds a 10% interest in Pearl Petroleum Company Limited (South).
On March 1, 2022, OMV ceased to equity account its 24.99% interest in OJSC Severneftegazprom (Russia region)
due to loss of significant influence, following the Russian war on Ukraine.
The disclosures of equity-accounted investments in the tables below represent the interest of OMV in the
companies.
Further information on significant impacts
2023 was significantly impacted by the final investment decision (FID) for the execution of the Neptun Deep project
in the Black Sea and the Hail and Ghasha development in the United Arab Emirates.
The subsequent tables may contain rounding differences.
Tables
a) Capitalized costs
Capitalized costs represent the sum of capitalized oil and gas assets, including other intangible assets and property,
plant, and equipment such as land, plant and machinery, concessions, licenses, and rights.
Capitalized costs – subsidiaries
In EUR mn
2024
2023
2022
Unproved oil and gas properties
1,068
1,197
1,811
Proved oil and gas properties
28,515
29,501
28,240
Total
29,583
30,698
30,051
Accumulated depreciation
–20,223
–20,009
–19,411
Net capitalized costs
9,360
10,689
10,640
Capitalized costs – equity-accounted investments
In EUR mn
2024
2023
2022
Unproved oil and gas properties
123
116
151
Proved oil and gas properties
380
344
292
Total
504
460
443
Accumulated depreciation
–214
–193
–76
Net capitalized costs
290
267
367
b) Costs incurred
Costs incurred include all costs, capitalized or expensed, during the year in the Group’s oil and gas property
acquisition, exploration, and development activities.
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OMV Combined Annual Report 2024
572
Costs incurred
In EUR mn
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2024
Subsidiaries
Acquisition of unproved
properties
—
—
—
—
—
—
—
—
Exploration costs
42
41
—
74
40
2
29
229
Development costs
652
48
—
159
312
15
33
1,218
Costs incurred
694
89
—
233
352
17
61
1,447
Equity-accounted
investments
—
—
—
—
14
—
—
14
2023
Subsidiaries
Acquisition of unproved
properties
—
—
—
—
—
—
—
—
Exploration costs
35
61
—
62
28
25
38
248
Development costs
338
40
—
168
252
71
154
1,024
Costs incurred
373
101
—
231
280
96
191
1,272
Equity-accounted
investments
—
—
—
—
33
—
—
33
2022
Subsidiaries
Acquisition of unproved
properties
—
—
—
—
—
—
—
—
Exploration costs
35
24
—
59
10
26
48
202
Development costs
327
21
—
159
171
188
102
969
Costs incurred
362
45
—
219
181
214
150
1,171
Equity-accounted
investments
—
—
2
—
27
—
—
29
c) Results of operations of oil and gas producing activities
The following tables represent only those revenues and expenses that occur directly in connection with OMV’s oil
and gas producing operations. The results of oil and gas activities should not be equated to Energy net income since
interest costs, general corporate overhead costs, other costs, and power production, gas supply, marketing, trading,
and logistics, and the Low Carbon Business are not allocated. Further information on OMV’s operating segments is
included in Note 6 – Segment Reporting. Income taxes are hypothetically calculated, based on the statutory tax
rates and the effect of tax credits on investments and loss carryforwards.
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573
Results of operations of oil and gas producing activities
In EUR mn
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2024
Subsidiaries
Sales to unaffiliated parties1
5
0
—
766
572
159
257
1,759
Intercompany sales
2,107
382
—
885
1,736
172
—
5,281
2,112
383
—
1,651
2,308
330
257
7,041
Production costs
–565
–89
—
–182
–173
–78
–18
–1,104
Royalties
–282
–80
—
—
–296
–25
–9
–691
Exploration expenses2
–26
–54
—
–46
–13
–2
–10
–151
Depreciation, amortization,
impairments, and write-ups
–639
–98
—
–286
–389
–389
–1
–1,802
Other costs3
–88
–18
—
–120
–87
–7
–24
–344
–1,601
–339
—
–633
–957
–501
–61
–4,092
Results before income taxes
511
44
—
1,018
1,351
–170
196
2,949
Income taxes4
–79
1
—
–808
–1,224
48
–63
–2,125
Results from oil and gas
production
432
45
—
210
127
–123
132
823
Results of equity-accounted
investments
—
—
—
—
42
—
—
42
2023
Subsidiaries
Sales to unaffiliated parties1
6
1
—
979
635
218
268
2,107
Intercompany sales
2,452
418
—
1,064
1,646
231
—
5,812
2,458
419
—
2,044
2,282
450
268
7,920
Production costs
–535
–94
—
–197
–181
–83
–18
–1,108
Royalties
–501
–84
—
—
–283
–46
–10
–925
Exploration expenses2
–23
–8
—
–60
–16
–8
–107
–222
Depreciation, amortization,
impairments, and write-ups
–475
–97
—
–333
–168
–214
–72
–1,358
Other costs3
–54
–17
—
–116
–50
–15
–19
–271
–1,587
–300
—
–707
–698
–367
–226
–3,884
Results before income taxes
871
119
—
1,337
1,584
83
42
4,036
Income taxes4
–124
–42
—
–1,063
–1,273
–23
–16
–2,542
Results from oil and gas
production
746
76
—
274
311
60
26
1,493
Results of equity-accounted
investments
—
—
—
—
–72
—
—
–72
Shareholders
Directors’ Report
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Further Information
OMV Combined Annual Report 2024
574
Results of operations of oil and gas producing activities
In EUR mn
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2022
Subsidiaries
Sales to unaffiliated parties1
5
–32
206
1,394
931
225
302
3,032
Intercompany sales
3,281
959
—
3,530
1,927
236
—
9,933
3,286
927
206
4,924
2,858
461
302
12,965
Production costs
–512
–91
—
–183
–183
–87
–16
–1,071
Royalties
–1,102
–182
—
—
–312
–46
–21
–1,663
Exploration expenses2
–28
–12
—
–118
2
–53
–41
–250
Depreciation, amortization,
impairments, and write-ups
–845
–43
–12
–416
–424
46
–91
–1,785
Other costs3
–65
–15
–60
–131
–64
–2
–22
–359
–2,552
–344
–72
–848
–980
–142
–191
–5,128
Results before income taxes
734
583
135
4,077
1,878
319
111
7,837
Income taxes4
–121
–229
–28
–3,274
–1,553
–83
–34
–5,322
Results from oil and gas
production
613
354
107
803
325
237
77
2,516
Results of equity-accounted
investments
—
—
3
—
56
—
—
59
1 Including hedging effects; the Austria region includes hedging effects of centrally managed derivatives (2024: nil, 2023: nil, 2022: EUR –33 mn).
2 Including impairment losses related to exploration and appraisal
3 Including inventory changes
4 Income taxes in the North and South include corporation tax and special petroleum tax. Income taxes for 2024, 2023, and 2022 in Austria included the EU solidarity contribution.
d) Oil and gas reserve quantities
Proved reserves are those quantities of oil and gas that, through analysis of geoscience and engineering data, can
be estimated with reasonable certainty to be economically producible from a given date forward, from known
reservoirs, and under existing economic conditions, operating methods, and government regulation before the time
at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably
certain. Proved oil and gas reserves were estimated based on a twelve-month average price, unless prices are
defined by contractual arrangements.
Proved developed reserves are those proved reserves that can be expected to be recovered through existing wells
with existing equipment and operating methods, or in which the costs of the required equipment are relatively
minor compared with the cost of a new well, and through installed extraction equipment and infrastructure
operational at the time of the reserves estimate. It should be reasonably certain that the required future
expenditure will be made to safeguard existing equipment within the current budget.
Proved undeveloped reserves are those proved reserves that are expected to be recovered from new wells on
undrilled acreage, or from existing wells where relatively major expenditure is required for recompletion, or
substantial new investment is required in order to safeguard or replace aging facilities.
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OMV Combined Annual Report 2024
575
Crude oil and NGL
In mn bbl
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
Proved developed and undeveloped reserves – Subsidiaries
January 1, 2022
258.8
31.4
—
46.4
275.7
12.9
6.5
631.7
Revisions of previous estimates
–8.4
1.9
—
15.8
32.3
1.1
0.4
43.1
Purchases
—
—
—
—
—
—
—
—
Disposals
—
—
—
—
—
—
—
—
Extensions and discoveries
0.1
—
—
—
—
—
—
0.1
Production
–20.9
–3.3
—
–14.7
–27.3
–3.0
–0.6
–69.9
December 31, 2022
229.6
30.0
—
47.6
280.6
11.0
6.2
605.0
Revisions of previous estimates
–1.6
0.7
—
6.9
89.9
0.6
2.1
98.6
Purchases
—
—
—
—
—
—
—
—
Disposals
—
—
—
—
—
—
—
—
Extensions and discoveries
0.3
—
—
—
—
—
—
0.3
Production
–20.0
–3.0
—
–13.4
–29.1
–3.6
–0.7
–69.7
December 31, 2023
208.3
27.7
—
41.1
341.5
8.0
7.6
634.2
Revisions of previous estimates
–1.8
1.1
—
3.8
13.7
0.0
0.0
16.9
Purchases
—
—
—
—
—
—
—
—
Disposals
—
—
—
—
–4.4
—
–6.9
–11.3
Extensions and discoveries
0.2
—
—
—
—
—
—
0.2
Production
–19.1
–3.0
—
–10.0
–29.5
–2.9
–0.8
–65.2
December 31, 2024
187.6
25.8
—
35.0
321.3
5.1
—
574.8
Proved developed and undeveloped reserves – Equity-accounted investments
December 31, 2022
—
—
—
—
16.0
—
—
16.0
December 31, 2023
—
—
—
—
15.1
—
—
15.1
December 31, 2024
—
—
—
—
15.7
—
—
15.7
Proved developed reserves – Subsidiaries
December 31, 2022
206.6
30.0
—
39.4
234.5
9.2
1.7
521.4
December 31, 2023
187.6
27.7
—
32.8
252.4
8.0
1.4
509.8
December 31, 2024
171.1
25.8
—
23.6
245.3
4.8
—
470.6
Proved developed reserves – Equity-accounted investments
December 31, 2022
—
—
—
—
15.4
—
—
15.4
December 31, 2023
—
—
—
—
13.4
—
—
13.4
December 31, 2024
—
—
—
—
14.8
—
—
14.8
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OMV Combined Annual Report 2024
576
Gas
In bcf
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
Proved developed and undeveloped reserves – Subsidiaries
January 1, 2022
865.5
152.4
—
289.2
145.8
274.2
514.7
2,241.7
Revisions of previous estimates
68.1
15.2
—
144.4
–1.3
9.0
–7.9
227.6
Purchases
—
—
—
—
—
—
—
—
Disposals
—
—
—
—
—
—
—
—
Extensions and discoveries
1.6
—
—
—
—
—
—
1.6
Production
–122.0
–19.7
—
–102.2
–14.7
–47.1
–60.0
–365.6
December 31, 2022¹
813.2
147.9
—
331.4
129.8
236.1
446.8
2,105.2
Revisions of previous estimates
464.3
13.7
—
37.0
195.5
–36.5
56.2
730.1
Purchases
—
—
—
—
—
—
—
—
Disposals
—
—
—
—
—
—
—
—
Extensions and discoveries
4.9
—
—
—
—
—
—
4.9
Production
–115.7
–18.0
—
–84.5
–13.6
–53.8
–57.9
–343.6
December 31, 2023¹
1,166.8
143.6
—
283.9
311.7
145.7
445.0
2,496.7
Revisions of previous estimates
65.9
20.3
—
49.5
6.6
–35.4
1.8
108.7
Purchases
—
—
—
—
—
—
—
—
Disposals
—
—
—
—
—
—
–389.9
–389.9
Extensions and discoveries
1.9
—
—
—
—
—
—
1.9
Production
–112.4
–18.2
—
–86.1
–9.2
–36.0
–56.9
–318.9
December 31, 2024¹
1,122.3
145.7
—
247.2
309.1
74.3
—
1,898.5
Proved developed and undeveloped reserves – Equity-accounted investments
December 31, 2022
—
—
—
—
303.6
—
—
303.6
December 31, 2023
—
—
—
—
292.5
—
—
292.5
December 31, 2024
—
—
—
—
307.8
—
—
307.8
Proved developed reserves – Subsidiaries
December 31, 2022
723.4
80.3
—
290.8
39.9
195.9
228.9
1,559.1
December 31, 2023
628.0
76.0
—
246.8
35.0
145.7
158.5
1,290.0
December 31, 2024
621.2
74.9
—
203.9
39.5
56.1
—
995.6
Proved developed reserves – Equity-accounted investments
December 31, 2022
—
—
—
—
288.3
—
—
288.3
December 31, 2023
—
—
—
—
259.3
—
—
259.3
December 31, 2024
—
—
—
—
268.8
—
—
268.8
1 2024: Including approximately 70.8 bcf of cushion gas held in storage reservoirs
2023: Including approximately 67.6 bcf of cushion gas held in storage reservoirs
2022: Including approximately 67.6 bcf of cushion gas held in storage reservoirs
Shareholders
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OMV Combined Annual Report 2024
577
e) Standardized measure of discounted future net cash flows
The future net cash flow information is based on the assumption that the prevailing economic and operating
conditions will persist throughout the time during which proved reserves will be produced. Neither the effects of
future pricing changes nor expected changes in technology and operating practices are considered.
Future cash inflows represent the revenues received from production volumes, including cushion gas held in
storage reservoirs, assuming that the future production is sold at prices used in estimating year-end quantities of
proved reserves (twelve-month average price). Future production costs include the estimated expenditure for
production of the proved reserves plus any production taxes without consideration of future inflation. Future
decommissioning costs comprise the net costs associated with decommissioning wells and facilities. Future
development costs include the estimated costs of development drilling and installation of production facilities. For
all three categories, year-end costs without consideration of inflation are assumed. Future income tax payments are
calculated on the basis of the income tax rate applicable in each of the countries in which the Group operates. The
present cash value results from the discounting of the future net cash flow at a discount rate of 10% per year. The
standardized measure does not purport to be an estimate of the fair value of the Group’s proven reserves. An
estimate of fair value would also take into account, among many other factors, the expected recovery of reserves in
excess of proved reserves, anticipated changes in future prices and costs, and a discount factor representative of
the risks inherent in the production of oil and gas.
Shareholders
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OMV Combined Annual Report 2024
578
Standardized measure of discounted future net cash flows
In EUR mn
Subsidiaries and equity-accounted investments
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2024
Subsidiaries
Future cash inflows
21,487
3,154
—
4,798
24,536
704
—
54,679
Future production and
decommissioning costs
–12,668
–2,071
—
–2,240
–7,589
–1,227
—
–25,795
Future development costs
–2,652
–335
—
–579
–1,551
–78
—
–5,195
Future net cash flows, before
income taxes
6,167
748
—
1,979
15,395
–601
—
23,689
Future income taxes
–783
–94
—
–1,924
–10,831
191
—
–13,442
Future net cash flows, before
discount
5,384
654
—
55
4,564
–410
—
10,247
10% annual discount for
estimated timing of cash flows
–1,864
–353
—
26
–2,237
167
—
–4,261
Standardized measure of
discounted future
net cash flows
3,519
301
—
81
2,327
–243
—
5,986
Equity-accounted investments
—
—
—
—
370
—
—
370
2023
Subsidiaries
Future cash inflows
30,238
3,656
—
6,457
28,233
1,170
2,256
72,011
Future production and
decommissioning costs
–13,937
–2,276
—
–2,397
–8,842
–1,412
–622
–29,486
Future development costs
–3,184
–378
—
–512
–1,901
–86
–71
–6,131
Future net cash flows, before
income taxes
13,117
1,002
—
3,549
17,491
–327
1,563
36,395
Future income taxes
–1,857
–129
—
–3,265
–12,340
168
–461
–17,884
Future net cash flows, before
discount
11,260
873
—
284
5,150
–159
1,103
18,511
10% annual discount for
estimated timing of cash flows
–4,546
–422
—
–11
–2,582
169
–297
–7,689
Standardized measure of
discounted future
net cash flows
6,714
451
—
273
2,568
10
806
10,821
Equity-accounted investments
—
—
—
—
475
—
—
475
Shareholders
Directors’ Report
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Financial Statements
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OMV Combined Annual Report 2024
579
Standardized measure of discounted future net cash flows
In EUR mn
Subsidiaries and equity-accounted investments
Romania
and Black
Sea
Austria
Russia
North
South
New
Zealand
and
Australia
Malaysia
Total
2022
Subsidiaries
Future cash inflows
29,864
7,435
—
14,937
26,611
2,051
2,248
83,145
Future production and
decommissioning costs
–15,951
–2,766
—
–2,711
–7,771
–1,829
–690
–31,718
Future development costs
–1,424
–246
—
–631
–890
–222
–213
–3,626
Future net cash flows, before
income taxes
12,489
4,422
—
11,594
17,950
0
1,345
47,800
Future income taxes
–1,724
–1,028
—
–10,465
–13,283
132
–380
–26,748
Future net cash flows, before
discount
10,765
3,394
—
1,129
4,667
132
965
21,053
10% annual discount for
estimated timing of cash flows
–4,718
–1,815
—
–184
–1,547
213
–296
–8,347
Standardized measure of
discounted future
net cash flows
6,048
1,579
—
945
3,120
345
669
12,705
Equity-accounted investments
—
—
—
—
451
—
—
451
f) Changes in the standardized measure of discounted future net cash flows
Changes in the standardized measure of discounted future net cash flows
In EUR mn
2024
2023
2022
Subsidiaries
Beginning of year
10,821
12,705
7,373
Oil and gas sales produced during the year, net of related production costs
–4,714
–7,049
–4,102
Net change in prices and production costs related to future periods
–4,427
–6,538
13,243
Net change due to purchases and sales of minerals in place1
–684
—
—
Net change due to extensions and discoveries
9
32
7
Development and decommissioning costs incurred during the period
1,369
823
895
Changes in estimated future development and decommissioning costs
–436
–1,912
–344
Revisions of previous reserve estimates
293
4,239
4,507
Accretion of discount
1,011
1,146
671
Net change in income taxes (incl. tax effects from purchases and sales)
2,908
7,539
–9,593
Other2
–165
–165
48
End of year
5,986
10,821
12,705
Equity-accounted investments
370
475
451
1 2024 included the impact of the divestment of SapuraOMV.
2 Contains movements in foreign exchange rates vs. the EUR. 2022 was impacted by the change of consolidation method of the Russian operations.
Shareholders
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Governance
Financial Statements
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OMV Combined Annual Report 2024
580
Vienna, March 14, 2025
The Executive Board
Alfred Stern m.p.
Chairman of the Executive Board
and Chief Executive Officer
Reinhard Florey m.p.
Chief Financial Officer
Martijn van Koten m.p.
Executive Vice President Fuels & Feedstock and
Executive Vice President Chemicals
Berislav Gaso m.p.
Executive Vice President Energy
OMV Group Report January–June and Q2 2024 – July 31, 2024
581
Consolidated Report on the Payments
Made to Governments
582
Abbreviations and Definitions
590
Contacts and Imprint
594
581—594
Further
Information
Shareholders
Directors’ Report
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Financial Statements
Further Information
OMV Combined Annual Report 2024
582
Section 267c of the Austrian Commercial Code (UGB) requires that large undertakings and public
interest entities that are active in the extractive industry or logging of primary forests prepare the
following consolidated report on payments to governments. This section implements Chapter 10 of
the EU Accounting Directive (2013/34/EU). The “Basis of preparation” paragraph provides
information to the reader about the contents of the report, including details on the type of payment
for which disclosure is required and how OMV has implemented the regulations in the preparation of
the report.
Basis of preparation
Reporting entities
Under the requirements of the regulation, OMV Aktiengesellschaft is required to prepare a consolidated report
covering payments made to governments for each financial year in relation to extractive activities by itself and any
subsidiary undertakings included in the consolidated Group financial statements.
Activities within the scope of the report
Payments made by the OMV Group (hereafter OMV) to governments as a result of from exploration, prospection,
discovery, development, and extraction of minerals, oils, and natural gas deposits or other materials during
extractive activities are presented in this report.
Government
A “government” is defined as any national, regional, or local authority of a country or a department, agency, or
undertaking that is controlled by that authority and includes national oil companies.
In cases where a state-owned entity engages in activities outside its designated home jurisdiction, it is not deemed
to be a reportable government body for these purposes, and thus payments made to such an entity in these
circumstances are not reportable.
Project definition
The regulation also requires payments to be reported on a “project” basis as well as on a government and
government body basis. A project is defined as the operational activities that are governed by a single contract,
license, lease, concession, or similar legal agreement and form the basis for payment liabilities to the government.
Where these agreements as per the aforementioned definition are substantially interconnected, these agreements
are treated for the purpose of these regulations as a single project.
“Substantially interconnected” is defined as a set of operationally and geographically integrated contracts, licenses,
leases, concessions, or related agreements with substantially similar terms that are signed with a government,
giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture agreement,
production sharing agreement, or other overarching legal agreement.
There may be instances, for example, in the case of corporate income taxes, where it is not possible to attribute the
payment to a single project and therefore these payments are shown at the country level.
Consolidated Report on the Payments Made to
Governments
Section 267c of the Austrian Commercial Code
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OMV Combined Annual Report 2024
583
Cash and payments in kind
In accordance with the regulation, payments have to be reported on a cash basis. This means that they are reported
in the period in which they are paid and not in the period in which they are accounted for on an accruals basis.
Refunds are also reported in the period in which they are received and are either be offset against payments made
in the period or be shown as negative amounts in the report.
Payments in kind made to a government are converted to an equivalent cash value based on the most appropriate
and relevant valuation method for each payment type. This can be at cost or market value and an explanation is
provided in the report to help explain the valuation method. Where applicable, the related volumes are also
included in the report.
Payment reporting methodology
The regulation stipulates that payments made to governments by OMV are to be reported. It is required that the
report reflects the substance of each transaction and activity. Based on these requirements, OMV has considered
its reporting obligation as follows:
Where OMV makes a payment directly to the government, these payments are reported in full, irrespective of
whether this is made in the sole capacity of OMV or in OMV’s capacity as the operator of a joint operation.
In cases where OMV is a member of a joint operation of which the operator is a state-owned entity (i.e., a
government), payments made to that state-owned entity are disclosed where it is possible to identify the
reportable payment from other cost recovery items.
For host government production entitlements, the terms of the agreement have to be considered; for the purpose
of providing information in this report, OMV discloses host government entitlements in their entirety where it is
the operator.
Materiality
Payments made as a single payment or a series of related payments with a total of less than EUR 100,000 within a
financial year are excluded from this report.
Reporting currency
Payments made in currencies other than euros are translated for the purposes of this report at the average
exchange rate of the reporting period.
Payment types disclosed
Production entitlements
Under production sharing agreements (PSAs), the host government is entitled to a share of the oil and gas produced
and these entitlements are often paid in kind. The report shows both the value and volume of the government’s
production entitlement for the relevant period in barrels of oil equivalent (boe).
The government share of any production entitlement also includes any entitlements arising from an interest held by
a state-owned entity as an investor in projects within its sovereign jurisdiction. Production entitlements arising from
activities or interests outside a state-owned entity’s sovereign jurisdiction are excluded.
Shareholders
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OMV Combined Annual Report 2024
584
Taxes
Taxes levied on the income, production, or profits of companies are reported. Refunds are netted against payments
and shown accordingly. Consumption taxes, personal income taxes, sales taxes, property taxes, and environmental
taxes are not reported under the regulation. Although there is a tax group in place, the reported corporate income
taxes for Austria relate entirely to the extractive activities in Austria of OMV’s subsidiaries, with no amounts relating
to OMV’s non-extractive activities in Austria being reported.
Royalties
Royalties relating to the extraction of oil, gas, and minerals paid to a government are to be disclosed. Where
royalties are paid in kind, the value and volume are reported.
Dividends
In accordance with the regulations, dividends are reported when paid to a government in lieu of production
entitlements or royalties. Dividends that are paid to a government as an ordinary shareholder are not reported, as
long as the dividends are paid on the same terms as those of other shareholders.
For the year ending December 31, 2024, OMV had no such reportable dividend payments to a government.
Bonuses
Bonuses include signature, discovery, and production bonuses in each case to the extent paid in relation to the
relevant activities.
Fees
These include license fees, rental fees, entry fees, and all other payments that are paid in consideration for access
to the area where extractive activities are performed.
The report excludes fees paid to a government that are not specifically related to extractive activities or access to
extractive resources. In addition, payments paid in return for services provided by a government are also excluded.
Infrastructure improvements
The report includes payments made by OMV for infrastructural improvements, such as the building of a road or
bridge that serves the community, irrespective of whether OMV pays the amounts to non-government entities.
These are reported in the period during which the infrastructure is made available for use by the local community.
Shareholders
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Further Information
OMV Combined Annual Report 2024
585
Payments overview
The overview table below shows the relevant payments to governments that were made by OMV in the year ending
December 31, 2024.
Of the seven payment types that must be reported according to the Austrian regulations, OMV did not pay any
dividends, bonuses, or for infrastructure improvements that met the defined accounting directive definition, and
therefore these categories are not shown.
Payments overview
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Country
Austria
—
30,259
80,669
—
110,928
Georgia
—
—
—
2,310
2,310
Malaysia
379,790
29,347
90,958
10,944
511,040
New Zealand
—
30,714
41,672
7,861
80,246
Norway
—
884,605
—
3,076
887,680
Romania
—
550,102
155,745
27,966
733,813
Tunisia
—
21,113
15,188
104
36,406
United Arab Emirates
—
618,751
292,982
1,606
913,339
United Kingdom
355
—
—
355
Yemen
—
—
—
277
277
Total
379,790
2,165,246
677,215
54,144
3,276,395
No payments have been reported for Libya for the year 2024 as OMV was not the operator.
There were no major acquisitions during 2024. On December 9, 2024, OMV closed the transaction to sell its 50%
share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies.
In Yemen, in 2024 OMV and its international JV partner declared their withdrawal from the Joint venture in Block S2
and OMV resigned as the operator.
Payments by country
Austria
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Federal Ministry of Finance
—
30,259
80,669
—
110,928
Total
—
30,259
80,669
—
110,928
Projects
Lower Austria
—
30,259
80,669
—
110,928
Total
—
30,259
80,669
—
110,928
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
586
Georgia
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
LEPL State Agency of Oil and Gas
—
—
—
2,310
2,310
Total
—
—
—
2,310
2,310
Projects
Offshore Black Sea
—
—
—
2,310
2,310
Total
—
—
—
2,310
2,310
Malaysia
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Petroliam Nasional Berhad
160,0771
—
90,9583
10,944
261,980
Ketua Pengarah Hasil Dalam Negeri
—
29,109
—
—
29,109
PETRONAS Carigali Sdn Bhd
219,7132
238
—
—
219,952
Total
379,790
29,347
90,958
10,944
511,040
Projects
Block SK408/SK310
379,7904
29,347
90,9583
10,944
511,040
Total
379,790
29,347
90,958
10,944
511,040
1 Includes payments in kind for 5,440,589 bbl of oil equivalent valued using the average monthly price per boe
2 Includes payments in kind for 8,956,357 bbl of oil equivalent valued using the average monthly price per boe
3 Includes payments in kind for 3,583,532 bbl of oil equivalent valued using the average monthly price per boe
4 Includes payments in kind for 14,396,946 bbl of oil equivalent valued using the average monthly price per boe
New Zealand
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Inland Revenue
—
30,714
—
—
30,714
Ministry of Business, Innovation and Employment
—
—
41,672
7,747
49,419
Environmental Protection Authority
—
—
—
114
114
Total
—
30,714
41,672
7,861
80,246
Projects
Maari
—
—
14,234
70
14,304
Māui
—
—
9,992
7,744
17,736
Pohokura
—
—
17,446
12
17,458
New Zealand exploration projects
—
—
—
31
31
Payments not attributable to projects
—
30,714
—
4
30,718
Total
—
30,714
41,672
7,861
80,246
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
587
Norway
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Sokkeldirektoratet
—
—
—
2,242
2,242
Skatteetaten
—
873,028
—
—
873,028
Fylkesmannen i Rogaland
—
—
—
2
2
Miljødirektoratet
—
—
—
32
32
Equinor Energy AS
—
11,576
—
800
12,376
Total
—
884,605
—
3,076
887,680
Projects
Gullfaks
—
6,961
—
226
7,187
Gudrun
—
1,929
—
521
2,450
Aasta Hansteen
—
2,549
—
53
2,602
Berling
—
—
—
631
631
Norway exploration projects
—
—
—
1,645
1,645
Payments not attributable to projects
—
873,164
—
—
873,164
Total
—
884,605
—
3,076
887,680
Romania
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
State budget
—
550,1021
155,745
—
705,847
Local councils
—
—
—
4,775
4,775
National Regulatory Authority in the Mining, Petroleum and
Geological Storage of Carbon Dioxide (ANRMPSG)2
—
—
—
4,219
4,219
National Company of Forests
—
—
—
16,209
16,209
National Company Maritime Ports Administration S.A.
—
—
—
207
207
CONPET SA
—
—
—
106
106
National Authority for Electricity Regulation (ANRE)
—
—
—
1,547
1,547
Offshore Operations Regulatory Authority (ACROPO)
—
—
—
903
903
Total
—
550,102
155,745
27,966
733,813
Projects
Onshore production zones
—
107,003
132,907
24,764
264,673
Offshore Joint Operations
—
—
—
920
920
Offshore Black Sea
—
4,496
22,839
734
28,069
Payments not attributable to projects
—
438,603
—
1,547
440,150
Total
—
550,102
155,745
27,966
733,813
1 Includes payments for solidarity contribution on refined crude oil of EUR 250,165 thousand
2 During 2024, the National Agency for Mineral Resources (NAMR) was dissolved, and a new entity was set-up – the National Regulatory Authority in the Mining, Petroleum and
Geological Storage of Carbon Dioxide (ANRMPSG), by means of GEO 81/28.06.2024.
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
588
Tunisia
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Receveur des Finances
—
20,301
6,673
104
27,079
Receveur des Douanes
—
812
—
—
812
Entreprise Tunisienne d’Activités Pétrolières
—
—
8,5151
—
8,515
Trésorerie Générale de Tunisie
—
—
—
—
—
Total
—
21,113
15,188
104
36,406
Projects
South Tunisia
—
21,113
15,1881
104
36,406
Total
—
21,113
15,188
104
36,406
1 Includes payments in kind for 128,920 bbl of oil equivalent valued using the average monthly price per boe
United Arab Emirates
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Abu Dhabi National Oil Company (ADNOC)
—
—
—
1,606
1,606
Emirate of Abu Dhabi – Finance Department
—
618,751
292,982
—
911,733
Total
—
618,751
292,982
1,606
913,339
Projects
Umm Lulu and SARB
—
618,751
292,982
993
912,726
Ghasha
—
—
—
613
613
Total
—
618,751
292,982
1,606
913,339
United Kingdom
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
His Majesty’s Revenues & Customs
—
355
—
—
355
Total
—
355
—
—
355
Projects
Offshore Joint Operations
—
355
—
—
355
Total
—
355
—
—
355
Yemen
In EUR 1,000
Production
entitlements
Taxes
Royalties
Fees
Total
Governments
Ministry of Oil & Minerals
—
—
—
277
277
Total
—
—
—
277
277
Projects
Block S2
—
—
—
277
277
Total
—
—
—
277
277
Shareholders
Directors’ Report
Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
589
Vienna, March 14, 2025
The Executive Board
Alfred Stern m.p.
Chairman of the Executive Board
and Chief Executive Officer
Reinhard Florey m.p.
Chief Financial Officer
Martijn van Koten m.p.
Executive Vice President Fuels & Feedstock,
and Executive Vice President Chemicals
Berislav Gaso m.p.
Executive Vice President Energy
Shareholders
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Governance
Financial Statements
Further Information
OMV Combined Annual Report 2024
590
A
ACCG
Austrian Code of Corporate
Governance
ADNOC
Abu Dhabi National Oil Company
AGM
Annual General Meeting
APS
Announced Pledges Scenario
ARMS
Active Risk Management System
B
bbl
Barrel (1 barrel equals approxi-
mately 159 liters)
bcf
Billion standard cubic feet
boe
Barrel of oil equivalent
C
CAGR
Compounded annual growth
rate
CAPEX
Capital expenditure
Capital employed
Equity including non-controlling
interests plus net debt
CbCR
Country-by-Country Report
CCBS
Climate, Community &
Biodiversity Standard
CCS/CCUS
Carbon Capture, (Utilization) and
Storage
CCS/CCS effects/inventory
holding gains/(losses)
Current Cost of Supply
Inventory holding gains and
losses represent the difference
between the cost of sales calcu-
lated using the current cost of
supply and the cost of sales
calculated using the weighted
average method after adjusting
for any changes in valuation al-
lowances in case the net realiz-
able value of the inventory is
lower than its cost. In volatile
energy markets, measurement of
the costs of petroleum products
sold based on historical values
(e.g., weighted average cost) can
have distorting effects on
reported results (Operating
Result, net income, etc.). The
amount disclosed as CCS effect
represents the difference
between the charge to the in-
come statement for inventory on
a weighted average basis
(adjusted for the change in val-
uation allowances related to net
realizable value) and the charge
based on the current cost of
supply; the current cost of
supply is calculated monthly
using data from supply and
production systems.
CDM
Clean Development Mechanism
CEGH
Central European Gas Hub
cf
Standard cubic feet
(60°F/16°C)
CGMs
Community Grievance
Mechanisms
CGU
Cash generating unit
Clean CCS EPS
Clean CCS Earnings Per Share
are calculated as clean CCS net
income attributable to stock-
holders divided by weighted
number of shares.
Clean CCS net income at-
tributable to stockholders
Net income attributable to
stockholders, adjusted for the
after-tax effect of special items
and CCS
Clean CCS Operating Result
Operating Result adjusted for
special items and CCS effects
The Group clean CCS Operating
Result is calculated by adding
the clean CCS Operating Result
of F&F, the clean Operating
Result of other segments and
the reported consolidation effect
adjusted for changes in valuation
allowances, in case the net re-
alizable value of the inventory is
lower than its cost.
Clean CCS ROACE
The clean CCS Return On
Average Capital Employed is
calculated as NOPAT (as a sum
of current and last three
Abbreviations and Definitions
Shareholders
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Further Information
OMV Combined Annual Report 2024
591
quarters) adjusted for the after-
tax effect of special items and
CCS, divided by average capital
employed (%).
CMF
Corrosion Management
Framework
CR&D
Community Relations and
Development
CSDDD
Corporate Sustainability Due
Diligence Directive
CSRD
Corporate Sustainability
Reporting Directive
C&O
Corporate and Other
D
DS
Downstream
E
ECL
Expected credit losses
EMS
Environmental Management
System
eMSP
eMobility Service Provider
EPCC
Engineering, Procurement,
Construction and
Commissioning
EPS
Earnings Per Share; net income
attributable to stockholders
divided by total weighted
average shares
EPSA
Exploration and Production
Sharing Agreement
Equity ratio
Equity divided by balance sheet
total, expressed as a percentage
ERGs
Employee Resource Groups
ESIA
Environmental and Social Impact
Assessment
Ethylene indicator margin
Europe
Ethylene CP WE (ICIS)
– 1.18 * Naphtha FOB Rotterdam
EVG&D
Economic Value Generated and
Distributed
EWRM
Enterprise-Wide Risk
Management
E&A
Exploration & Appraisal
E&P
Exploration & Production, part of
Energy business segment
F
FIFO method
First-in First-Out method
FPIC
Free, Prior, and Informed
Consent
FVOCI
Fair value through other com-
prehensive income
FVTPL
Fair value through the statement
of profit or loss
F&F
Fuels & Feedstock business
segment
G
GBF
Global Biodiversity Framework
GFMR
Global Flaring and Methane
Reduction Partnership
GHG
Greenhouse gas
H
HiPos
High-Potential Incidents
HVO
Hydrotreated vegetable oil
I
IAS
International Accounting Stand-
ards
ICoC
International Code of Conduct
for Private Security Service
Providers
IEA
International Energy Agency
IFRS
International Financial Reporting
Standards
ISCC
International Sustainability &
Carbon Certification
Shareholders
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Further Information
OMV Combined Annual Report 2024
592
K
kbbl
Thousand barrels
kboe
Thousand barrels of oil equiva-
lent
KStG
Austrian Corporate Income Tax
Act
L
LCA
Life Cycle Assessment
LDAR
Leak Detection and Repair
Leverage ratio
Net debt divided by capital em-
ployed, expressed as a per-
centage
LNG
Liquefied natural gas
LoPC
Losses of Primary Containment
events
LPG
Liquefied petroleum gas
LTIP
Long-Term Incentive Plan
LTIR
Lost-Time Injury Rate per million
hours worked
M
MTP
Mid-term planning
N
NCI
Non-controlling interests
NEC
National Emissions Ceiling
Net assets
Intangible assets, property, plant
and equipment, equity-ac-
counted investments, invest-
ments in other companies, loans
granted to equity-accounted
investments, and total net
working capital less provisions
for decommissioning and resto-
ration obligations
Net debt
Interest-bearing debts including
bonds and finance lease liabili-
ties less liquid funds (cash and
cash equivalents)
Net income
Net operating profit or loss after
interest and tax
NGL
Natural Gas Liquids; natural gas
that is extracted in liquid form
during the production of
hydrocarbons
NMVOCs
Non-Methane Volatile Organic
Compounds
NOPAT
Net Operating Profit After Tax
Net income + Net interest
related to financing – Tax effect
of net interest related to
financing
NOPAT is a KPI that shows the
financial performance after tax,
independent of the financing
structure of the company.
NZE
Net Zero Emissions Scenario
n.a.
Not applicable
n.m.
Not meaningful
O
ÖBAG
Österreichische Beteiligungs AG
OCI
Other comprehensive income
OECM
One Earth Climate Model
OO
Own Operations
P
Payout ratio
Dividend per share divided by
earnings per share, expressed as
a percentage
PDH
Propane dehydrogenation; a
propylene production process
Pearl
Pearl Petroleum Company Lim-
ited
PoC
Points of Contact
Polyethylene indicator margin
Europe
HD BM FD EU Domestic EOM
(ICIS low) – Ethylene CP WE
(ICIS)
Polypropylene indicator margin
Europe
PP Homo FD EU Domestic EOM
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OMV Combined Annual Report 2024
593
(ICIS low) – Propylene CP WE
(ICIS)
PoS
Proofs of Sustainability
PPE
Property, plant and equipment
Propylene indicator margin
Europe
Propylene CP WE (ICIS)
– 1.18 * Naphtha FOB Rotterdam
PSER
Process Safety Event Rate
R
RFCC
Residue fluid catalytic cracking;
technology for upgrading heavy
feedstocks into light products
ROACE
Return On Average Capital
Employed; NOPAT divided by
average capital employed ex-
pressed as a percentage
ROE
Return On Equity; net in-
come/loss for the year divided
by average equity, expressed as
a percentage
RRR
Reserve Replacement Rate; total
changes in reserves excluding
production, divided by total
production
S
SAF
Sustainable Aviation Fuel
Sales revenues
Sales excluding petroleum ex-
cise tax
SDs
Sustainability Declarations
SHIA
Social and Human Rights Impact
Assessment
SIA
Social Impact Assessments
SIR
Strategy Implementation Review
Special items
Special items are expenses and
income reflected in the financial
statements that are disclosed
separately, as they are not part
of underlying ordinary business
operations. They are being
disclosed separately in order to
enable investors to better
understand and evaluate the
OMV Group’s reported financial
performance.
STEPS
Stated Policies Scenario
T
THE
Trading Hub Europe; German
natural gas market trading hub
TRIR
Total Recordable Injury Rate per
million hours worked
TSR
Total Shareholder Return
TTF
The Title Transfer Facility; a
virtual trading point for natural
gas in the Netherlands
U
US
Upstream
V
VCS
Verified Carbon Standard
VPs
Voluntary Principles on Security
and Human Rights
W
WIMS
Well Integrity Management
System
Shareholders
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Further Information
OMV Combined Annual Report 2024
594
OMV Aktiengesellschaft
Trabrennstrasse 6–8
1020 Vienna, Austria
Tel. + 43 1 40440–0
info@omv.com
www.omv.com/
Investor Relations
Florian Greger
OMV Aktiengesellschaft
Trabrennstrasse 6–8
1020 Vienna, Austria
Tel. + 43 1 40440–21600
Fax + 43 1 40440–621600
investor.relations@omv.com
Publisher
OMV Aktiengesellschaft, Vienna
Contacts and Imprint
595
OMV Combined Annual Report 2024
OMV Aktiengesellschaft
Trabrennstrasse 6 – 8
1020 Vienna, Austria
Tel. + 43 1 40440-0
info@omv.com
www.omv.com