INEOS Quattro Holdings Limited (‘INEOS Quattro’ or the ‘Group’) announces its trading performance for the third quarter of 2025.
Based on unaudited management information, INEOS Quattro reports that EBITDA for the third quarter of 2025 was €177 million, compared to €191 million for Q3, 2024 and €228 million for Q2, 2025. The third quarter results were adversely impacted by non-cash inventory holding losses of approximately €15 million as a result of the decline in raw material and product prices in the quarter.
As of January 1, 2025, the Group changed the definition of EBITDA reported by the Group to include the equity share of EBITDA rather than profit / loss after tax of the Group’s joint ventures. This reporting is consistent with the way management review the performance of the business units in the Group. Comparative numbers have been updated to reflect this change in definition.
In Europe, weakness in demand, elevated energy and feedstock costs, and competitive imports continued to pressure margins across the product portfolio. The markets in the Americas were predominantly soft although certain segments benefitted from improved demand. In Asia, overall market conditions remained challenging, although some signs of improved market discipline were visible in the ABS market. In response to the challenging market conditions the Group has focused on operational discipline and cost control, 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 restructuring initiatives to review its asset portfolio and close specific plants where considered appropriate to improve utilisations and reduce fixed costs.
Styrolution reported EBITDA of €94 million compared to €56 million in Q3, 2024. Both ABS and Specialty sales were in line with Q3, 2024 (excluding the recently disposed of Thailand business), while margins improved. Margins increased in the Americas and Asia due to more discipline in the markets. Polystyrene results weakened due to the challenging business conditions. After a peak in Q2, 2025, Styrene margins softened during the third quarter as producers returned from outages. The results benefitted from the sale of some surplus EUA carbon credits in the quarter. Inventory holding losses in Q3, 2025 were €13 million compared to losses of €14 million in Q3, 2024.
Inovyn reported EBITDA of €64 million compared to €69 million in Q3, 2024. The slight decline was driven by lower overall sales volumes and higher energy costs, partly offset by stronger caustic soda pricing and modest gains in General Purpose PVC margins. European PVC over ethylene spreads improved slightly but remained well below 2020-2023 levels due to weak demand, global oversupply, and rising Asian imports. Export margins fell further amid intense competition. Specialty PVC margins declined across all regions. Caustic soda prices rose 12% year-on-year, but profitability was limited by low utilisation, soft demand, imports from outside Europe and elevated energy costs. Margins for minor products also fell year-on-year. The business continued to make steady progress in reducing fixed costs through measures such as limiting discretionary spending and implementing recruitment freezes. To build on these efforts, the business also announced plans to restructure its asset base. In Q3, 2025, the business initiated the temporary mothballing of the chloromethanes facility in Tavaux, France, and General Purpose PVC export capacity in Martorell, Spain. These steps will further lower the fixed cost base until market conditions improve, while enhancing operating rates at the chloromethanes plant in Rosignano, Italy, and across the other PVC facilities. The permanent closure of the allylics/epichlorohydrin and chlorine/caustic soda electrolysis cellroom at Rheinberg, Germany, was announced in October 2025 which will further contribute to a reduction in fixed costs and an improvement in utilisation across the remaining assets in the business.
Acetyls reported EBITDA of €27 million compared to €65 million in Q3, 2024. In Asia, new capacity in China has brought further pressures onto an already well supplied market, impacting domestic margins and pricing in the regional export markets. Europe continued to operate in a very challenging environment impacted by weak demand and higher feedstock costs compared to the US and Asian regions. In the US, weak demand and some customer outages led to lower sales volumes. With a lack of export opportunities due to global oversupply, domestic pricing and margins were also under pressure. Good plant reliability and continued global cost control measures provided some self-help for the business.
Aromatics reported EBITDA of €(8) million compared to €1 million in Q3, 2024. Revenues for the quarter were lower than the prior year, reflecting a lower price environment in 2025 with the feedstock reference price being 11% below the prior year. Global PTA sales volumes were 3% higher in Q3, 2025 mainly due to strong growth continuing in the US region though unit margins weakened in the quarter in line with weaker PTA market spreads. Raw material prices were stable throughout the quarter with an overall inventory holding loss of €2 million in Q3, 2025 compared to losses of €32 million in Q3, 2024.
Net debt was approximately €5,448 million as at September 30, 2025. Cash balances at the end of the quarter were €1,803 million. There was availability under undrawn securitization facilities of €489 million. Net debt leverage was approximately 6.9 times EBITDA at the end of September 2025.