INEOS GROUP HOLDINGS S.A.
July 24, 2025
Q2, 2025 Trading Statement
INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the second quarter of 2025.
Based on unaudited management information INEOS reports that EBITDA for the second quarter of 2025 was €312 million, compared to €576 million for Q2, 2024 and €416 million for Q1, 2025. The second quarter results were adversely impacted by non-cash inventory holding losses of approximately €114 million as a result of the large decline in raw material and product prices in the quarter.
North American markets were mainly solid, taking full benefit from their current cost advantage. Markets in Europe have been stable, whereas market conditions in Asia have remained soft in the quarter. Global market sentiment in chemicals and other industries has continued to be affected by the proposed introduction of tariffs in key markets. Markets in Europe continue to be hindered by high energy costs and carbon taxes. 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.
O&P North America reported EBITDA of €118 million compared to €189 million in Q2, 2024. Ethylene markets were generally solid in the quarter with steady domestic demand. Polymer demand was subdued but generally stable, although polypropylene markets were weak. Downstream pipe markets were firm with stable demand.
O&P Europe reported EBITDA of €61 million compared to €177 million in Q2, 2024. Markets for olefins in the quarter were stable although most industry crackers are still trimmed across Europe. Markets for butadiene were relatively solid in the quarter with tight supply and stable demand. European polymer markets were subdued with demand uncertainty.
Chemical Intermediates reported EBITDA of €133 million compared to €210 million in Q2, 2024. 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, although partly offset in the USA by some industry supply constraints in the quarter. Demand for the Nitriles business was mixed, with good demand in the USA, lower but stable demand in Europe, and softer demand in Asia due to industry oversupply. Markets for the Phenol business were firm in the USA and subdued in Europe but continued to be weak in Asia. The segment’s results benefitted from the sale of some surplus EUA and UKA carbon credits in the quarter.
The Group has continued to focus on cash management and liquidity. Net debt was approximately €11.1 billion at the end of June 2025 (including the SECCO Term Loan and Project One Facilities). Cash balances at the end of the quarter were €2,023 million, and availability under undrawn working capital facilities was €585 million. Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 4.8 times as at the end of June 2025.