MOL Posts $786M Profit as NIS Deal Nears Final Stage

Net profit at MOL Group after tax reached $786 million in the second quarter of 2026, and in the half year report published on August 7, the Hungarian company officially stated, for the first time since signing the Shareholders’ Agreement, how far the purchase of NIS has progressed.

In the section of the report covering corporate events, MOL Group states:

“Among the key corporate events during the quarter was the signing of the Shareholders’ Agreement regarding NIS between MOL and the Republic of Serbia on June 16, while negotiations with the seller and the relevant authorities are moving into their final stage.”

The seller is Gazprom Neft, and the relevant authorities include the US Office of Foreign Assets Control (OFAC), whose approval has been listed in the agreements so far as a condition for closing the deal. The phrase “final stage” is the first timeline marker the buyer itself has put on paper since the June signing.

Quarterly Numbers: Growth Driven from Outside

MOL’s quarterly results:

• EBITDA of $1.47 billion, up 141%
• operating profit of $1 billion, up 406%
• refining and petrochemicals segment EBITDA of $964 million, up 89%
• exploration and production segment EBITDA of $375 million, up 36%

Most of that growth came from outside the company itself. The average realized hydrocarbon price topped $93 per barrel of oil equivalent, refining margins were strong, and petrochemical margins improved after a weak previous year. Production held at 95,600 barrels of oil equivalent per day, despite an extended shutdown in Iraqi Kurdistan, as higher volumes from Hungary, Azerbaijan and Pakistan covered part of the shortfall.

The consumer services segment was the only one to pull results down: fuel sales volumes rose, but price and margin caps in several markets cut into unit margins. The Fresh Corner retail network reached 1,421 locations.

On the cost side, repairs at the AV3 unit of the Danube Refinery remain ongoing. MOL received the first installment of its insurance payout, $100 million, and expects the work to be completed in September.

What Do These Results Mean for the Deal Itself?

For a buyer entering the final stage of negotiations, balance sheet strength matters more than a single quarter’s profit. Operating cash flow before working capital changes came to $1.9 billion in the first six months of 2026. The net debt to EBITDA ratio fell to 0.49 by the end of June, and available liquidity stood at around $5 billion.

That is a balance sheet that can absorb an acquisition without a capital increase, which matters because buying the stake in NIS is not the only cost involved. If MOL becomes the majority owner, it has committed to launching a takeover bid for the remaining NIS shares, so the final price tag does not end with the sum agreed with Gazprom Neft.

Timeline: From January to the Final Stage

The deal has moved forward in publicly confirmed steps:

• January 2026: MOL signs a Heads of Agreement to buy 56.15 percent of NIS from Gazprom Neft
• June 16, 2026: MOL and the Republic of Serbia sign the Shareholders’ Agreement on managing the company
• August 7, 2026: MOL states in its report that negotiations with the seller and the relevant authorities are entering their final stage

Under the agreement, Serbia would gain an additional 5 percent of NIS once the transaction closes, conditional on OFAC approval. That would leave the state with a larger stake than it held before the Hungarian company entered the picture.

Pancevo Works on Weekly Deadlines

While Budapest counts by the quarter, Pancevo counts by the month. NIS has announced processing of 330,000 tons for August, as we previously reported, and the refinery operates on a schedule built around short term permits.

That difference in pace is the clearest illustration of what this deal looks like. On one side is a buyer with $5 billion in liquidity and acquisitions lined up through the end of the decade, including the purchase of Shell’s Cyprus subsidiary and a 35 percent stake in the Aphrodite gas field. On the other is a target running its plant permit by permit.

MOL Group President and CEO Zsolt Hernadi spoke alongside the results about volatility in the energy industry and preparing for the toughest conditions. The next date that can be named in this story is not another quarterly report but a regulatory decision, without which the signatures from January and June remain just paper.