The adjusted EBITDA was broadly in line with the median analyst consensus, booked at €864m. Despite a sizeable decline (31%) in the upstream segment compared to the previous quarter, the doubling in the performance of the downstream business kept the results flat qoq. The high concentration of taxes depressed operating cash flow, which found some support from the working capital release of €275m.
29 May 2023
Q1: Downstream remains supportive
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Q1: Downstream remains supportive
- Published:
29 May 2023 -
Author:
Elif Binici -
Pages:
3
The adjusted EBITDA was broadly in line with the median analyst consensus, booked at €864m. Despite a sizeable decline (31%) in the upstream segment compared to the previous quarter, the doubling in the performance of the downstream business kept the results flat qoq. The high concentration of taxes depressed operating cash flow, which found some support from the working capital release of €275m.