INEOS GROUP HOLDINGS S.A.
October 22, 2026
Q3, 2026 Trading Statement
INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the third quarter of 2026.
Based on unaudited management information INEOS reports that EBITDA for the third quarter of 2026 was €703 million, compared to €375 million for Q3, 2025 and €1,133 million for Q2, 2026.
The current Middle East conflict has continued to have a significant impact on regional supply demand balances in the quarter. Exports from the Middle East region were significantly reduced and the resultant feedstock shortages have also slowed production in Asia. North American markets became more cost advantaged as ethane prices remained low in the quarter, leading to significant margin expansion. European markets were more balanced with higher prices and improved margins.
O&P North America reported EBITDA of €255 million compared to €173 million in Q3, 2025. Ethylene markets were generally stable in the quarter with steady domestic demand and increased exports as a result of the Middle East conflict. Product prices generally followed increases in naphtha prices whilst ethane feedstock prices remained low resulting in a significant increase in margins in the quarter. Polymer demand was also generally stable. Downstream pipe markets were firm on solid demand in the quarter.
O&P Europe reported EBITDA of €203 million compared to €80 million in Q3, 2025. Markets for olefins in the quarter were balanced due to the combination of customer buying caution and lower water levels on the Rhine impacting supply logistics. Markets for butadiene and benzene were firm in the quarter with tight supply and good demand. The business benefited from its ethane feedstock cost advantage at its Rafnes cracker to increase margins in the quarter. The Lavera cracker facility has continued to encounter operational issues which has impacted business performance in the quarter. European polymer markets were subdued with both lower seasonal demand and a cautious buying approach adopted by customers.
Chemical Intermediates reported EBITDA of €245 million compared to €122 million in Q3, 2025. In the Oligomers business the markets were firm in all regions, particularly in the PAO sectors, where the Middle East conflict and competitor outages kept supply constrained. Margin conditions in several product segments were at top of cycle levels. Margins for the Oxide business were good with firm market conditions in the US due to lower feedstock costs and Middle East supply constraints in the quarter. The markets for the Nitriles business in both the US and Europe were robust, aided by firm acrylamide demand. Markets for the Phenol business were stable in the USA but subdued in both Europe and Asia.
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. Net debt was approximately €12.5 billion at the end of September 2026 (including the SECCO Term Loan and Project One Facilities). Cash balances at the end of the quarter were €2,195 million, and availability under undrawn working capital facilities was €672 million. Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 3.75 times as at the end of September 2026.