Trading Statements

Trading Statement Q2, 2022

Q2, 2022 Trading Statement

INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the second quarter of 2022.

Based on unaudited management information INEOS reports that EBITDA for the second quarter of 2022 was €943 million, compared to €1,034 million for Q2, 2021 and €995 million for Q1, 2022.  LTM June 2022 EBITDA was €3,813 million.

All of the Group’s sites have continued to operate fully during the current COVID-19 virus pandemic and supply chains have operated without significant disruption.  Market conditions have been generally healthy throughout the quarter, with firm demand in all regions and markets. 

O&P North America reported EBITDA of €372 million compared to €428 million in Q2, 2021. Ethylene markets were generally good with strong derivative demand partly offset by improved industry supply availability in the quarter.  Polymer markets were solid with strong demand from a healthy US economy, although there was some erosion of margins for polymers in the quarter.

O&P Europe reported EBITDA of €223 million compared to €272 million in Q2, 2021. Markets for olefins in the quarter were largely balanced, with healthy demand across most products. Demand for butadiene was particularly strong in the quarter. European polymer markets enjoyed solid margins, although some lengthening occurred during the quarter as industry supply improved. The results for the quarter were adversely impacted by the scheduled major turnaround of the Rafnes, Norway cracker.


Chemical Intermediates reported EBITDA of €349 million compared to €334 million in Q2, 2021. Overall demand in the Oligomers business was strong across the product portfolio, with particular strength in co-monomers. Volumes benefited from additional production from the new LAO facility in Chocolate Bayou, USA. Demand was good across most market sectors for the Oxide business with solid markets for most products. Demand for the Nitriles business was mixed, with strong demand in the USA, particularly in the key market sector of ABS, and softer demand in Europe due to high energy costs.  Markets for the Phenol business were firm in the USA, but weaker in Europe.  There was some length in acetone globally.


The Group has continued to focus on cash management and liquidity. Net debt was approximately €5.2 billion at the end of June 2022 (including the Gemini Term Loan).  Cash balances at the end of the quarter were €2,698 million, and availability under undrawn working capital facilities was €781 million.  Net debt leverage was approximately 1.4 times as at the end of June 2022.