Q4, 2025 Trading Statement
INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the fourth quarter of 2025.
Based on unaudited management information INEOS reports that EBITDA for the fourth quarter of 2025 was €212 million, compared to €353 million for Q4, 2024 and €375 million for Q3, 2025. Full year EBITDA was €1,315 million compared to €2,048 million for 2024. The fourth quarter results were adversely impacted by non-cash inventory holding losses of approximately €20 million as a result of the decline in raw material and product prices in the quarter. In addition, the fourth quarter results were adversely impacted by approximately €83 million due to scheduled major turnarounds at the Lavera facility, together with the Mobile and Pasadena plants in the Phenol business in the quarter.
North American markets were mainly solid, taking full benefit from their current cost advantage. Markets in Europe have been mainly stable, whereas market conditions in Asia have remained soft in the quarter. Markets in Europe continue to be hindered by high energy costs and carbon taxes. The business saw some seasonal weakness in demand during the fourth quarter with elevated levels of year-end inventory management by downstream customer markets.
In response to the challenging market conditions 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 to defer or reduce discretionary expenditure and scheduled turnarounds where it is safe to do so. In addition, the Group has implemented ongoing business restructuring initiatives to review its asset portfolio and close or mothball specific plants where considered appropriate to improve utilisations and reduce fixed costs.
O&P North America reported EBITDA of €102 million compared to €153 million in Q4, 2024. Full year EBITDA was €565 million compared to €796 million for 2024. Ethylene markets were generally stable in the quarter with steady domestic demand. Polymer demand was subdued but generally stable and downstream pipe markets remained solid on firm demand.
O&P Europe reported EBITDA of €40 million compared to €66 million in Q4, 2024. Full year EBITDA was €252 million compared to €470 million for 2024. Markets for olefins in the quarter were long, and most industry crackers remain trimmed across Europe. Markets for butadiene were also long in the quarter. European polymer markets were subdued with soft market demand. The results for the quarter were adversely impacted by the scheduled major turnaround at Lavera.
Chemical Intermediates reported EBITDA of €70 million compared to €134 million in Q4, 2024. Full year EBITDA was €498 million compared to €782 million for 2024. Markets in both the US and Europe were softer due to end of year downstream inventory management. Overall demand in the Oligomers business was generally solid in all regions and across all product lines with firm demand from the drilling fluids, surfactants, and detergents segments. Demand across most market sectors for the Oxide business was subdued. Demand for the Nitriles business was mixed, with good demand in the USA, subdued conditions in Europe and softer demand in Asia due to industry oversupply. Markets for the Phenol business were stable in the USA but weaker in Europe and Asia. The results for Phenol were adversely impacted by scheduled turnarounds at the Mobile and Pasadena plants in the quarter.
The Group has continued to focus on cash management and liquidity. Net debt was approximately €11.7 billion at the end of December 2025 (including the SECCO Term Loan and Project One Facilities). Cash balances at the end of the year were €2,579 million, and availability under the undrawn trade receivables securitisation facility was €435 million. The Group has now extended its €800 million trade receivables securitisation programme for a further three years to December 2028. Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 6.4 times as at the end of December 2025.