By Tristan Veyet Feb 4 (Reuters) - Austrian oil, gas and chemicals group OMV beat market expectations for annual net income on Wednesday, driven by its chemicals arm, and said recently merged Borouge
OMV Exceeds Profit Expectations, Plans Borouge Listing in Vienna by 2027
OMV's Financial Performance and Future Plans
By Tristan Veyet
Overview of OMV's Profit Results
Feb 4 (Reuters) - Austrian oil, gas and chemicals group OMV beat market expectations for annual net income on Wednesday, driven by its chemicals arm, and said recently merged Borouge would be listed in Vienna in 2027.
Details on Borouge Listing
Shares of OMV were up 3% at 1325 GMT, with analysts pointing to good results in a tough market environment.
Chemicals Division Growth
Abu Dhabi National Oil Company (ADNOC) and OMV agreed in March last year to merge their polyolefin businesses to create a chemicals powerhouse, Borouge Group International, with an enterprise value of $60 billion.
Dividend Proposal
"We need a couple of quarters to consolidate the companies, create all the synergies, create all the market opportunities, and then be able to list first in Abu Dhabi, later on in Vienna," OMV's finance chief Reinhard Florey said in a post-earnings press conference.
"We expect the listing in Vienna to happen in 2027, probably at the later end," he added.
OMV reported a clean net income of 1.94 billion euros ($2.29 billion) for 2025, 2.6% above analysts' average estimate in a company-provided poll. A clean result is based on the current cost of supply and excludes one-off items and short-term gains and losses from energy inventory holdings.
OMV's chemicals division posted a clean operating profit of 784 million euros for the year, up 71% compared to 2024 and above analysts' expectations of 767 million euros.
The chemicals business, viewed as a growth engine as OMV transitions away from polluting fossil fuels, produces chemicals used in gas and water pipes, car parts and medical syringes.
The company said it would propose a total dividend of 4.40 euros per share, slightly above market expectations of 4.35 euros per share.
($1 = 0.8465 euros)
(Reporting by Tristan Veyet in Gdansk, editing by Milla Nissi-Prussak)
