PKN Orlen reported stronger-than-expected 3Q06 figures this morning, significantly above market consensus on both EBIT and net profit lines. IFRS consolidated net income came in at PLN 1,025.6m for 3Q06, up 4.6% y/y, and up 16.4% q/q. The figure beat the consensus forecast of PLN 667m by some 53.8% (estimates ranged between PLN 451m–840m according to Polish Press Agency) and exceeded our own estimate by 41.3%. We expect positive market reaction.