OMV's AGM Delivers Dividend Cut, Gas Warning, and a CEO Handover to BP Veteran

OMV shareholders approved a €4.40 dividend (down from €4.75) at the AGM. Outgoing CEO Stern warned on Europe's gas storage challenges, and new CEO Emma Delaney (ex-BP) was appointed.

Alfred Stern stepped onto the stage of the OMV annual general meeting in Vienna for the last time, only to be met by singing climate activists and a room full of shareholders bracing for a smaller payout. The Austrian oil and gas group's shareholders voted through a total dividend of €4.40 per share for the 2025 financial year, payable on June 11, 2026. That sum breaks down into a regular distribution of €3.15 and a special dividend of €1.25 — a €0.35 drop from last year's €4.75 total.

The reduction stems primarily from the halving of the dividend from the Borouge chemical joint venture, which, according to the company's calculations, clips 60 to 70 cents per share from OMV's own payout. Deka Investment, which holds roughly 0.27% of the stock, criticised the lower distribution and called for greater transparency on both climate strategy and employee protections in crisis regions.

Stern's parting warning on gas storage

Stern used his final shareholder address to deliver a stark message about Europe's gas position. Short-term supply is secure, he said, but filling storage caverns over the coming months poses a serious challenge. He pointed to limited global availability of liquefied natural gas and the disruption caused by the Iran war on trade routes. On the positive side, OMV has ended Russian gas imports for the first time in more than six decades, and its Neptune Deep offshore project in Romania is expected to strengthen Europe's own production capacity over the longer term.

Board refresh and a new chief executive

The AGM re-elected Edith Hlawati and Patrick Lammers to the supervisory board and appointed two new members: Andreas Klauser, CEO of crane maker Palfinger, and Ahmed El-Hoshy. A revised executive compensation system with a stronger environmental, social and governance focus also passed, though some investors complained about a lack of transparency on individual performance metrics.

In September, Emma Delaney, a former BP executive, will take over as OMV's chief executive. In a recorded message, she emphasised her experience with deep industry transformations and the need for clear strategy, disciplined execution, and a workforce that is carried along through change.

Activists and milestones

Climate protesters disrupted the meeting several times with chants, forcing chairman Lutz Feldmann to call a pause. After repeated warnings, security staff removed the demonstrators. All other agenda items — including the board's discharge for 2025, statutory changes, and the new pay rules — passed with the required majorities.

Stern described the creation of Borouge International, the chemicals joint venture launched with Adnoc in March that pulls together Borealis, Borouge and Nova Chemicals, as a strategic milestone. Integration is under way, though the planned initial public offering has been pushed back to 2027.

Stock near highs despite dividend setback

OMV shares traded recently at €62.35, roughly 29% above their level a year ago and just shy of the 52-week high of €63.85 reached on May 19. Since the start of the year, the stock has gained around 26%. The market's reaction to Delaney's leadership will be tested when she presents her first set of quarterly results.