Orlen stock holds at PLN 83.20 as refining figures shape the outlook

Published on 09/22/2026 at 16:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Orlen stock was quoted at PLN 83.20 on September 22, 2026, with a 52-week range of PLN 62.10 to PLN 91.40. First-half EBITDA reached PLN 18.6 billion.

Orlen, PLPKN0000018, Illustration mit AI erstellt.

Orlen (ISIN PLPKN0000018) was quoted at PLN 83.20 on the Warsaw Stock Exchange on September 22, 2026, giving the stock a dated market reference for investors tracking the Polish energy group. The 52-week range stood at PLN 62.10 to PLN 91.40, placing the quote PLN 8.20 below the yearly high.

First half sets the earnings base

Orlen reported EBITDA of PLN 18.6 billion for the first half of 2026, while revenue reached PLN 128.4 billion for the same reporting period, according to the company's investor-relations information dated September 18, 2026. EBITDA therefore represented 14.5 percent of reported revenue, a ratio that puts refining and energy margins at the center of the stock's valuation discussion.

The comparison with the first half of 2025 is the key operating test. EBITDA was PLN 1.7 billion lower than the PLN 20.3 billion reported for the prior-year period, a decline of 8.4 percent. Revenue, however, was PLN 4.9 billion higher than the PLN 123.5 billion recorded in the first half of 2025, an increase of 4.0 percent.

Cash generation remains the market question

The earnings mix matters because higher revenue did not translate into higher EBITDA. For investors, that gap indicates that volume and sales growth alone are not sufficient to offset changes in refining margins, energy prices and trading conditions.

Orlen's first-half 2026 operating cash flow was PLN 12.2 billion, compared with PLN 15.1 billion in the first half of 2025. The PLN 2.9 billion reduction, equal to 19.2 percent, makes cash conversion a more important checkpoint than revenue growth in the next company update.

Stock remains below yearly high

At PLN 83.20 on September 22, 2026, Orlen stock was 34.0 percent above its 52-week low of PLN 62.10 and 9.0 percent below its 52-week high of PLN 91.40. The distance to the high shows that the market has not fully repriced the stronger revenue base while profitability remains below the comparable 2025 period.

The reference quote is PLN 83.20 on the Warsaw Stock Exchange as of September 22, 2026. The combination of a 4.0 percent revenue increase and an 8.4 percent EBITDA decline leaves margin recovery and cash flow as the most concrete operating variables for the next valuation step.