Q1, 2026 Trading Statement
INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the first quarter of 2026.
Based on unaudited management information INEOS reports that EBITDA for the first quarter of 2026 was €421 million, compared to €416 million for Q1, 2025 and €212 million for Q4, 2025. The fourth quarter results were adversely impacted by approximately €60 million due to the scheduled major turnaround at the Lavera facility in the quarter.
North American markets were mainly solid, taking full benefit from their current cost advantage. Markets in Europe were mainly stable, whereas market conditions in Asia remained soft in the quarter.
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. North American markets have become more cost advantaged as ethane prices remain low. Utilisation rates in North America have improved on the back of strong export demand, leading to significant margin expansion. European markets have seen a significant reduction in import pressures and prices and margins have improved accordingly. The Group has experienced a significant improvement in performance for the month of March, and these conditions are currently expected to continue into the second and third quarters of the year.
O&P North America reported EBITDA of €136 million compared to €172 million in Q1, 2025. Ethylene markets were generally stable in the quarter with steady domestic demand. Polymer demand was also generally stable, whilst downstream pipe markets were firm on strong demand.
O&P Europe reported EBITDA of €120 million compared to €71 million in Q1, 2025. Markets for olefins in the quarter were generally stable although they tightened towards the end of the quarter due to the combination of the industry turnaround season and the impact of Middle East conflict curtailing imports. Markets for butadiene were firm in the quarter with tight supply and strong demand, particularly for rubber in Asia. European polymer markets were balanced with reasonable market demand. The results for the quarter were adversely impacted by the scheduled major turnaround at Lavera.
Chemical Intermediates reported EBITDA of €165 million compared to €173 million in Q1, 2025. 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 but improved at the end of the quarter. Demand for the Nitriles business was mixed, with solid demand in the USA and Europe, but softer demand in Asia due to industry oversupply. Markets for the Phenol business were stable in the USA and Europe but continued to be weak in Asia. Demand for both the Phenol and Nitriles business improved at the end of the quarter.
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 €12.3 billion at the end of March 2026 (including the SECCO Term Loan and Project One Facilities). Cash balances at the end of the quarter were €2,239 million, and availability under undrawn working capital facilities was €598 million. Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 6.8 times as at the end of March 2026. The Group will continue to evaluate potential ongoing refinancing opportunities in order to preserve its liquidity position and manage its maturity profile.
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.