INEOS GROUP HOLDINGS S.A.
April 23, 2025
Q1, 2025 Trading Statement
INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the first quarter of 2025.
Based on unaudited management information INEOS reports that EBITDA for the first quarter of 2025 was €416 million, compared to €516 million for Q1, 2024 and €353 million for Q4, 2024.
North American markets were relatively robust, taking full benefit from their current cost advantage. Markets in Europe have been stable, whereas market conditions in Asia have remained soft in the quarter. Global market sentiment in the chemicals and other industries has been affected by the proposed introduction of tariffs. The principal concern is that tariffs create uncertainty and increase costs which in turn adversely affect demand. The impact on specific market sectors will not become clear whilst the tariff and counter-tariff positions remain fluid.
O&P North America reported EBITDA of €172 million compared to €227 million in Q1, 2024. Ethylene markets were generally stable in the quarter with steady domestic demand. Polymer demand was subdued but generally stable and downstream pipe markets were firm on strong demand.
O&P Europe reported EBITDA of €71 million compared to €114 million in Q1, 2024. Markets for olefins in the quarter were stable although most industry crackers are still trimmed across Europe. Markets for butadiene were firm in the quarter with tight supply and stable demand. European polymer markets were subdued with reasonable market demand.
Chemical Intermediates reported EBITDA of €173 million compared to €175 million in Q1, 2024. Markets in the Oligomers business were solid across the product portfolio, with consistent and firm demand. Demand across most market sectors for the Oxide business was subdued, although partly offset in the USA by some industry supply constraints in the quarter. Demand for the Nitriles business was mixed, with good demand in the USA and Europe, but softer demand in Asia due to industry oversupply. Markets for the Phenol business were firm in the USA and improved in Europe but continued to be weak in Asia.
The Group has continued to focus on cash management and liquidity. Net debt was approximately €11.1 billion at the end of March 2025 (including the SECCO Term Loan and Project One Facilities). Cash balances at the end of the quarter were €2,091 million, and availability under undrawn working capital facilities was €696 million. Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 4.2 times as at the end of March 2025.