Q2, 2026 Trading Statement
INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the second quarter of 2026.
Based on unaudited management information INEOS reports that EBITDA for the second quarter of 2026 was €1,133 million, compared to €312 million for Q2, 2025 and €421 million for Q1, 2026.
The current Middle East conflict has had 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 saw a significant reduction in import pressures and prices and margins improved accordingly.
O&P North America reported EBITDA of €373 million compared to €118 million in Q2, 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 strong demand in the quarter.
O&P Europe reported EBITDA of €452 million compared to €61 million in Q2, 2025. Markets for olefins in the quarter were generally tight due to the combination of the industry turnaround season and the impact of the Middle East conflict curtailing imports. Markets for butadiene and benzene were firm in the quarter with tight supply and strong demand. The business benefited from its ethane feedstock cost advantage at its Rafnes cracker to increase margins in the quarter. European polymer markets were balanced with reasonable market demand where a reduction in imports into the region allowed prices and margins to increase in the quarter.
Chemical Intermediates reported EBITDA of €308 million compared to €133 million in Q2, 2025. In the Oligomers business the US market was firm and the markets in Europe and Asia remained solid, especially in the detergents and PAO sectors, where supply from the Middle East remained constrained. Margin conditions in several product segments were at top of cycle levels. Margins for the Oxide business were at elevated levels in the quarter, particularly in the US markets. In the Nitriles business margins in both Europe and the US were strong, helped by very firm acrylamide demand. Markets for the Phenol business were stable in the USA and Europe but continued to be weak in 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 €12.6 billion at the end of June 2026 (including the SECCO Term Loan and Project One Facilities). Cash balances at the end of the quarter were €1,846 million, and availability under undrawn working capital facilities was €761 million. Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 4.5 times as at the end of June 2026.
During Q2, 2026 the Group issued new Senior Secured Term Loans and Senior Secured Notes of approximately €1.45 billion. The proceeds were used to redeem outstanding Senior Secured Term Loans due 2027 and 2028. The SECCO Term Loan was also refinanced in the quarter with the proceeds from a new term loan facility together with a new inventory monetisation facility in the US and available cash balances. The Group will continue to evaluate potential ongoing refinancing opportunities in order to preserve its liquidity position and manage its maturity profile.