After-tax profit rose 6% to HUF 222 billion. In a separate statement, MVM said revenue fell on the back of lower gas and electricity prices as well as a decline in gas consumption due to mild winter weather.

MVM noted that around 85% of the electricity it generated was carbon-free, and it was continuing to expand its solar park portfolio.

To reduce Hungary’s energy dependence, MVM said it was making investments to boost the output of local gas fields and was looking for alternative energy sources, including new LNG contracts, and alternative energy delivery routes.

MVM pointed to its recent acquisition of a stake in the Shah Deniz gas field in Azerbaijan among efforts to diversify supply.