INEOS Quattro Holdings Limited (‘INEOS Quattro’ or the ‘Group’) announces its trading performance for the fourth quarter of 2025.
Based on unaudited management information, INEOS Quattro reports that EBITDA for the fourth quarter of 2025 was €77 million, compared to €155 million for Q4, 2024 and €177 million for Q3, 2025. Full year EBITDA was €717 million compared to €912 million for 2024. The fourth quarter results were adversely impacted by non-cash inventory holding losses of approximately €14 million as a result of the decline in raw material and product prices in the quarter. In addition, the fourth quarter results were adversely impacted by approximately €25 million due to scheduled major turnarounds at the Antwerp facility in the Styrolution business and at the Rafnes facility in the Inovyn business 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.
Trading conditions remained very challenging in all regions. 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 with low demand and downward price pressure. In Asia, over supply in the Chinese market continued to maintain pressure on margins. The Group saw some seasonal weakness in demand in the fourth quarter with elevated levels of year-end inventory management by downstream customer markets.
In response to the challenging market conditions the Group has continued to focus 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 business 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 €31 million compared to €28 million in Q4, 2024. Full year EBITDA was €285 million compared to €298 million for 2024. ABS and Specialty sales and margins were in line with Q4 2024, but lower than previous quarters due to seasonally low demand and significant customer destocking in the quarter. Polystyrene results continued to be weak due to challenging business conditions. Styrene margins were at bottom of cycle as producers returned from outages in the previous quarters. The Antwerp site was in a planned turnaround during most of Q4 2025. Inventory holding losses in Q4, 2025 were €13 million compared to losses of €29 million in Q4, 2024.
Inovyn reported EBITDA of €46 million compared with €102 million in Q4, 2024. Full year EBITDA was €212 million compared to €348 million in 2024. The decline in results was mainly driven by weak market conditions, resulting in lower volumes and reduced unit margins across most product lines. Volumes were further impacted in Q4, 2025 by the planned chlorine/VCM turnaround in Rafnes. European PVC over ethylene spreads remained under pressure due to soft demand and increased competition from Asian imports. Export margins and volumes also deteriorated amid heightened competition, whilst specialty PVC margins saw modest declines across all regions. Caustic soda prices and profitability were lower than Q4, 2024, reflecting softer demand conditions, increased imports from the US, and elevated energy costs. The business continued to make steady progress in reducing fixed costs through measures such as limiting discretionary spending and implementing recruitment freezes.
Acetyls reported EBITDA of €21 million compared to €23 million in Q4, 2024. Full year EBITDA was €220 million compared to €219 million for 2024. Whilst Asian demand was robust, new Chinese capacity led to weak supply/demand balances and subsequent pressure on margins and regional export pricing. European demand was weak and imports from both the US and China continued to maintain a strong foothold in a well-supplied market. The US market was long as the traditional export markets of Latin America and Europe were more difficult to access resulting in a shift in volumes into the domestic market where both margins and volumes came under pressure.
Aromatics reported EBITDA of €(21) million compared to €2 million in Q4, 2024. Full year EBITDA was €nil compared to €47 million for 2024. PTA sales reduced due to destocking in the value chain and seasonal low demand. New PTA capacity came on stream in Q4, 2025 in China, which created unsustainably low margins in Asia. Raw material prices were in line with prior year levels and stable throughout the quarter, albeit higher in Europe due to industry plant outages. Inventory holding losses in Q4, 2025 were €1 million compared to losses of €13 million in Q4, 2024.
Net debt was approximately €5,524 million as at December 31, 2025. Cash balances at the end of the quarter were €1,682 million and availability under undrawn securitization facilities was €435 million. Net debt leverage was approximately 7.7 times EBITDA at the end of December 2025.
In January 2026 the Group extended its trade receivables securitisation programmes for a further three years to January 2029 for a total quantum of €790 million on substantially the same terms as previously. These facilities remain undrawn. In addition, the Group has entered into two new inventory monetisation agreements, the total of which is expected to provide approximately €300 million of new funding for an initial period of two years to January 2028. The Group has also received a commitment from its shareholders of €200 million of incremental equity funding.
The Group remains confident in its views of the recovery of the chemical cycle in the medium term and that its available liquidity is easily sufficient to cover the upcoming debt maturities in January 2027. 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.