INEOS Quattro Holdings Limited (‘INEOS Quattro’ or the ‘Group’) announces its trading performance for the first quarter of 2026.
Based on unaudited management information, INEOS Quattro reports that EBITDA for the first quarter of 2026 was €222 million, compared to €235 million for Q1, 2025 and €77 million for Q4, 2025. The first quarter results of 2025 were positively impacted by a commercial settlement with a supplier for €86 million as compensation for the termination of a product supply and related agreements.
The current Middle East conflict has had a significant impact on regional supply demand balances. Exports from the Middle East region have been significantly reduced and the resultant feedstock shortages have also slowed production in Asia. European markets have seen a reduction in import pressures and prices and margins have improved accordingly across all businesses. These conditions are currently expected to continue into the second and third quarters of the year. In Asian markets both polymers and acetyls sales have benefitted from the feedstock supply disruption. American markets have been less impacted by the Middle East conflict due to ample supply.
Styrolution reported EBITDA of €91 million compared to €73 million in Q1, 2025. ABS sales and margins have improved due to anti-dumping measures implemented in the EU and competitor supply issues as a result of the Middle East conflict. Specialties sales volumes remained stable with margins improving. Polystyrene sales and margins reduced due to the weak business environment. Styrene volumes and margins improved during the quarter due to supply interruptions in the Middle East. Non-cash inventory holding gains were €26 million in Q1, 2026 compared to a gain of €5 million in Q1, 2025.
Inovyn reported EBITDA of €41 million compared to €32 million in Q1, 2025. The quarter started with continued weak demand, which coupled with some turnarounds, meant sales were down compared to Q1, 2025. This was offset by lower fixed costs in the business. The European PVC market remained subdued with ample supply and elevated inventory levels. PVC import volumes were higher than in 2025, mainly due to imports from Asia following the implementation of anti-dumping measures on imports from the US and Egypt. PVC spreads over ethylene were broadly flat in domestic markets for both general‑purpose and specialty products, while export markets saw increased pressure driven by the availability of Asian and US export capacity compared to the same period last year. Caustic soda markets remained long, reflecting weak demand and ample supply. March did see some improvements in prices and a reduction in imports driven by the events in the Middle East.
Aromatics reported EBITDA of €45 million compared to €7 million in Q1, 2025. The PTA/PX margin spread increased in China in the quarter, which also improved margins in both US and EMEA. Feedstock prices increased as exports were impacted by the Middle East conflict. These price increases were passed on to the value chain. Sales volumes were lower due to a planned turnaround at the Zhuhai site in China. Non-cash inventory holding gains were €34 million in Q1, 2026 compared to a loss of €3 million in Q1, 2025.
Acetyls reported EBITDA of €45 million compared to €123 million in Q1, 2025. The Q1, 2025 results included the settlement of a commercial dispute of €86 million. Acid prices in China strengthened in Q1, 2026 due to short periods of localised supply tightness as several competitors announced TARs or commercial outages coupled with rising feedstock costs. The European market tightened towards the end of Q1, 2026 with limited imports into the region as some suppliers in the US experienced production issues combined with disruptions from the conflict in the Middle East. The conflict has triggered stronger buying sentiment at the end of Q1, 2026 and further improvements are expected in Q2, 2026 leading to margin increases in all regions.
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 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. In addition, the Group received €200 million of incremental equity funding from its shareholders in March 2026 and drew €139m on the new inventory monetisation facilities.
Net debt was approximately €5,280 million at March 31, 2026. Cash balances at the end of the quarter were €1,959 million. There was availability under undrawn receivables securitization facilities of €477 million. Net debt leverage was approximately 7.5 times EBITDA at the end of March 2026.
Forward Looking Statements
This statement includes “forward-looking statements” within the meaning of applicable securities laws, based on our current expectations and projections about future events. Words such as “confident,” “expect,” “will,” and similar expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions (including those set forth in our annual reports) which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Any forward-looking statement is not intended to give assurances as to future results. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.