February 19, 2026 [Reuters]- Polish energy group Orlen reported a lower-than-expected fourth-quarter net profit on Thursday, as a surge in refining margins failed to fully counter lower gas and oil prices and asset impairments.

The company reported a net profit of 3.13 billion zlotys ($875.4 million) in the quarter, falling short of the 4.8 billion zlotys forecast by analysts in a company-compiled consensus.

Orlen’s model refining margin spiked in the fourth quarter as sanctions and Ukrainian drone attacks on Russian infrastructure curbed diesel exports, though some analysts have warned this boost was likely to be temporary as supply chains adjust.

This downstream boost cushioned a broader commodity slump, with Brent crude falling nearly 15% and gas prices retreating from year-ago highs.

The results included a 2.2 billion zloty impairment in the downstream segment, which includes refining and petrochemical business and “New Chemistry”, a scaled-down version of Orlen’s Olefins petrochemical investment designed to cut costs.

Orlen said it planned capital spending of 36.3 billion zlotys for 2026, up from 32.6 billion zlotys last year. Key projects set to be completed this year include Poland’s first offshore wind farm on the Baltic Sea and a gas-fired power plant in the city of Grudziadz in northern Poland.

The state-controlled company’s earnings before interest, taxes, depreciation and amortisation adjusted for the value of inventories and impairments, or EBITDA LIFO, rose 15% to 12.15 billion zlotys in the final quarter of the year.