{"id":93260,"date":"2026-05-08T22:22:08","date_gmt":"2026-05-08T22:22:08","guid":{"rendered":"https:\/\/www.europesays.com\/hu\/93260\/"},"modified":"2026-05-08T22:22:08","modified_gmt":"2026-05-08T22:22:08","slug":"nehezen-indult-2026-a-molnak-jelentosen-visszaesett-az-olajceg-negyedeves-eredmenye","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/hu\/93260\/","title":{"rendered":"Nehezen indult 2026 a Molnak, jelent\u0151sen visszaesett az olajc\u00e9g negyed\u00e9ves eredm\u00e9nye"},"content":{"rendered":"<p><a href=\"https:\/\/telex.hu\/szerzo\/elod-fruzsina\" class=\"author__avatar\" rel=\"nofollow noopener\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.europesays.com\/hu\/wp-content\/uploads\/2026\/04\/1709716147-temp-ogLlJg_avatar@4x.jpg\" alt=\"El\u0151d Fruzsina\" class=\"avatar\" loading=\"lazy\"\/><\/a><\/p>\n<p>Az el\u0151z\u0151 negyed\u00e9vekn\u00e9l \u00e9s az elemz\u0151i v\u00e1rakoz\u00e1sokn\u00e1l is gyeng\u00e9bben teljes\u00edtett a Mol Nyrt. 2026 els\u0151 negyed\u00e9v\u00e9ben \u2013 der\u00fcl ki a v\u00e1llalat <a href=\"https:\/\/bet.hu\/newkibdata\/129458711\/MOL_2026Q1_results_20260508_hun.pdf\" target=\"_blank\" rel=\"nofollow noopener\">friss jelent\u00e9s\u00e9b\u0151l<\/a>. A Mol els\u0151 negyed\u00e9ves \u00fajrabeszerz\u00e9si \u00e1rakkal becs\u00fclt \u201etiszta\u201d EBITDA-ja (vagyis a kamatfizet\u00e9s, ad\u00f3z\u00e1s \u00e9s \u00e9rt\u00e9kcs\u00f6kken\u00e9si le\u00edr\u00e1s el\u0151tti eredm\u00e9nye) az el\u0151z\u0151 \u00e9v azonos id\u0151szak\u00e1hoz k\u00e9pest 25 sz\u00e1zal\u00e9kkal 626 milli\u00f3 doll\u00e1rra cs\u00f6kkent. Az ad\u00f3z\u00e1s el\u0151tti nyeres\u00e9g pedig 212 milli\u00f3 doll\u00e1r lett, az eredm\u00e9nyt a p\u00e9nz\u00fcgyi m\u0171veletek 79 milli\u00f3 doll\u00e1rral rontott\u00e1k.<\/p>\n<p>A szok\u00e1sosn\u00e1l rosszabb eredm\u00e9ny egyik magyar\u00e1zata, hogy az \u00fagynevezett downstream \u00fczlet\u00e1g (ami a feldolgoz\u00e1st \u00e9s kereskedelmet fedi le) EBITDA-ja 69 milli\u00f3 doll\u00e1rra cs\u00f6kkent. Ennek h\u00e1tter\u00e9t f\u0151k\u00e9nt a <a href=\"https:\/\/telex.hu\/cimke\/baratsag-koolajvezetek\" class=\"\" rel=\"nofollow noopener\" target=\"_blank\">Bar\u00e1ts\u00e1g k\u0151olajvezet\u00e9k<\/a> le\u00e1ll\u00e1sa miatti a k\u0151olaj-ell\u00e1t\u00e1si probl\u00e9m\u00e1k, illetve a lek\u00f6sz\u00f6n\u0151 korm\u00e1ny \u00e1ltal bevezetett v\u00e9dett \u00fczemanyag\u00e1r adj\u00e1k. A Bar\u00e1ts\u00e1gon \u00e1ltal\u00e1ban \u00e9rkez\u0151, olcs\u00f3bb orosz olajat a Mol (v\u00e9lhet\u0151en magasabb \u00e1ron) vett tengeri olajjal tudta p\u00f3tolni. Emellett a sz\u00e1zhalombattai Dunai Finom\u00edt\u00f3 is cs\u00f6kkentett kapacit\u00e1son \u00fczemel, mert m\u00e9g nem siker\u00fclt teljesen helyre\u00e1ll\u00edtani a tavalyi t\u0171zeset \u00f3ta. A Portfolio r\u00e9szletes <a href=\"https:\/\/www.portfolio.hu\/uzlet\/20260508\/tobb-soron-is-nagyon-komoly-meglepetest-okozott-a-mol-835254\" target=\"_blank\" rel=\"nofollow noopener\">elemz\u00e9s\u00e9b\u0151l<\/a> l\u00e1tszik, hogy milyen nagy g\u00f6d\u00f6rbe ker\u00fclt a Mol downstream \u00fczlet\u00e1ga, a port\u00e1l 2016-ig visszany\u00fal\u00f3 adatb\u00e1zis\u00e1ban nem szerepel a mostanin\u00e1l alacsonyabb negyed\u00e9ves teljes\u00edtm\u00e9ny erre a szegmensre.<\/p>\n<p>A Mol ugyanakkor kiemeli, hogy a negyed\u00e9v sor\u00e1n bevezetett \u00e1r- \u00e9s \u00e1rr\u00e9skorl\u00e1toz\u00e1sok ellen\u00e9re a fogyaszt\u00f3i szolg\u00e1ltat\u00e1sok \u00fczlet\u00e1g EBITDA-ja 177 milli\u00f3 doll\u00e1rra emelkedett az \u00e1rfolyamhat\u00e1snak k\u00f6sz\u00f6nhet\u0151en.<\/p>\n<p>Az upstream (kitermel\u00e9si) \u00fczlet\u00e1gra sem lehet panasz, az ottani EBITDA 346 milli\u00f3 doll\u00e1rra n\u0151tt, k\u00f6sz\u00f6nhet\u0151en a magas k\u0151olaj- \u00e9s f\u00f6ldg\u00e1z\u00e1raknak, amelyek az ir\u00e1ni h\u00e1bor\u00fa \u00e9s a Hormuzi-szoros lez\u00e1r\u00e1sa \u00f3ta az egekben vannak. A k\u00f6rforg\u00e1sos gazdas\u00e1g szolg\u00e1ltat\u00e1sok (ide tartozik p\u00e9ld\u00e1ul a Mohu) EBITDA-ja a szezon\u00e1lis hat\u00e1soknak k\u00f6sz\u00f6nhet\u0151en 21 milli\u00f3 doll\u00e1rt \u00e9rt el.<\/p>\n<p>Hern\u00e1di Zsolt, a t\u00e1rsas\u00e1g eln\u00f6k-vez\u00e9rigazgat\u00f3ja az eredm\u00e9nyeket komment\u00e1lva arr\u00f3l besz\u00e9lt, hogy a tavalyi \u00e9vet meghat\u00e1roz\u00f3 geopolitikai bizonytalans\u00e1gok, ell\u00e1t\u00e1sbiztons\u00e1gi kih\u00edv\u00e1sok \u00e9s korm\u00e1nyzati beavatkoz\u00e1sok az els\u0151 negyed\u00e9vben tov\u00e1bb er\u0151s\u00f6dtek. \u201eAz ir\u00e1ni konfliktus, a Bar\u00e1ts\u00e1g k\u0151olajvezet\u00e9k le\u00e1ll\u00e1sa,<br \/>valamint a r\u00e9gi\u00f3-szerte bevezetett \u00e1rszab\u00e1lyoz\u00e1sok pr\u00f3b\u00e1ra tett\u00e9k ellen\u00e1ll\u00f3 k\u00e9pess\u00e9g\u00fcnket. Mindezt figyelembe v\u00e9ve rendk\u00edv\u00fcl b\u00fcszke vagyok a Mol-csoport teljes\u00edtm\u00e9ny\u00e9re, \u00e9s arra, hogy a sok kih\u00edv\u00e1s ellen\u00e9re er\u0151s negyed\u00e9vet z\u00e1rtunk.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Az el\u0151z\u0151 negyed\u00e9vekn\u00e9l \u00e9s az elemz\u0151i v\u00e1rakoz\u00e1sokn\u00e1l is gyeng\u00e9bben teljes\u00edtett a Mol Nyrt. 2026 els\u0151 negyed\u00e9v\u00e9ben \u2013 der\u00fcl&hellip;\n","protected":false},"author":2,"featured_media":93261,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[62,38,1385,63,35,37,44,42,40,431,641,43,41,61,32209,34,36,1048,11625,39],"class_list":{"0":"post-93260","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-hirek","8":"tag-baratsag-koolajvezetek","9":"tag-focimek","10":"tag-foldgaz","11":"tag-gazdasag","12":"tag-headlines","13":"tag-hirek","14":"tag-hu","15":"tag-hungarian","16":"tag-hungary","17":"tag-jelentes","18":"tag-koolaj","19":"tag-magyar","20":"tag-magyarorszag","21":"tag-mol","22":"tag-mol-nyrt","23":"tag-news","24":"tag-top-stories","25":"tag-uzemanyag","26":"tag-vedett-ar","27":"tag-vezeto-hirek"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@hu\/116541295384565564","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts\/93260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/comments?post=93260"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts\/93260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/media\/93261"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/media?parent=93260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/categories?post=93260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/tags?post=93260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}