INEOS Quattro Holdings Limited (‘INEOS Quattro’ or the ‘Group’) announces its trading performance for the second quarter of 2026.
Based on unaudited management information, INEOS Quattro reports that EBITDA for the second quarter of 2026 was €407 million, compared to €228 million for Q2, 2025 and €222 million for Q1, 2026.
The start of the Middle East conflict created supply concerns and supported higher prices and margins across all businesses. These market conditions started toward the end of Q1, 2026 and continued for most of Q2, 2026. Market sentiment paused at the end of the quarter as supply chains re-organised and customers started to wait for the cease-fire to bring prices down, resulting in a lower performance in Europe and Asia. American markets were less impacted by the Middle East conflict and delivered a strong performance in Q2, 2026 across all segments.
Styrolution reported EBITDA of €170 million compared to €87 million in Q2, 2025. Polymer margins improved across all three regions following supply constraints due to the Middle East conflict. Reduced import volumes from Asia into the other regions resulted in increased ABS margins and sales volumes. Specialties margins improved while sales volumes remained stable. Polystyrene sales volumes reduced in a weak business environment but with a margin uplift in all regions. Non-cash inventory holding gains were €70 million in Q2, 2026 compared to a loss of €38 million in Q2, 2025.
Inovyn reported EBITDA of €133 million compared to €70 million in Q2, 2025. The performance was primarily driven by a significant improvement in sentiment following the escalation of the Middle East conflict. Despite substantial gains in feedstock and energy prices, product spreads over ethylene more than compensated for the higher production costs allowing margins to expand, especially in the domestic PVC market. However, the rapid increase did suppress some buying appetite and demand. Price gains began to reverse during the quarter as supply concerns eased, first in export and then in domestic markets as well. Caustic soda margins followed a similar trend. In domestic markets, short‑term tightening driven by maintenance‑related supply constraints helped raise prices initially but improved availability over the period saw prices peak mid-quarter before retreating in June 2026 despite higher energy costs. Fixed costs continued to trend down and further supported profitability in the quarter.
Aromatics reported EBITDA of €31 million compared to €23 million in Q2, 2025. Margins improved in all regions, supported by supply constraints due to the Middle East conflict. Global PTA sales volumes were in line with the previous quarter, however they were lower than the same quarter last year due to PX feedstock limitations in our Asian operations. Non-cash inventory holding losses were €3 million in Q2, 2026 compared to a gain of €1 million in Q2, 2025.
Acetyls reported EBITDA of €73 million compared to €48 million in Q2, 2025. The Middle East conflict impacted all regions, with Asian Acetic Acid prices and margins spiking in April 2026 before falling back in May/June 2026. Asian VAM prices also rose quickly underpinning an improvement in our Korean joint venture’s performance. In the US, sales volumes were robust as some competitors experienced production issues and export opportunities returned. European prices and margins also picked up as imports from the US eased and prices rose ahead of feedstock costs.
The Group has continued to focus on cash management and liquidity. The Group has implemented and maintained a number of measures to conserve cash during this period, including policies to control all discretionary fixed costs across the businesses and a review of all capital projects. The Group has also implemented ongoing business restructuring initiatives to review its asset portfolio. As part of this operational review, in June 2026 the Styrolution business announced its decision to permanently close its polystyrene production site in Channahon, US, with decommissioning and an orderly closure process expected to be completed in the fourth quarter of 2026. In April 2026 the Inovyn business agreed to sell its Italian chlor-alkali business to Esseco Industrial. The disposal is subject to customary regulatory approvals and is expected to be completed during 2026.
Net debt was approximately €5,637 million at June 30, 2026. Cash balances at the end of the quarter were €1,576 million. During the quarter, the Group repaid part of the outstanding balances on the Senior Secured Notes due 2027 for €32.0 million and on the Euro Term Loan due 2027 for €50.0 million. There was availability under undrawn receivables securitization facilities of €547 million. Net debt leverage was approximately 6.4 times EBITDA at the end of June 2026.