The results were above consensus with an adj. EBIT of €2.66bn (+33% qoq) and driven by higher oil & gas prices. The adj. net income was flat qoq at €1bn, on a higher tax rate (46% vs 36% in Q4) and explained by the higher earnings in upstream. Russia is no longer consolidated, which we view as positive as it will allow the market to look at OMV’s strong fundamentals ex-Yuzhno Russkoye.
