SEDAR Interim Financial Statements

Methanex Corporation Consolidated Statements of Income (unaudited) (thousands of U.S. dollars, except number of common shares and per share amounts) Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Revenue $ 927,435 $ 934,801 $ 2,620,414 $ 2,770,869 Cost of sales and operating expenses (748,096) (794,296) (1,909,611) (2,275,181) Depreciation and amortization (110,871) (99,275) (319,206) (295,136) New Zealand gas sale net proceeds (note 9) 11,420 71,395 39,117 71,395 Egypt insurance recovery (note 10) — 59,065 — 59,065 Asset impairment charge (note 2) — (124,788) — (124,788) Operating income 79,888 46,902 430,714 206,224 Earnings (losses) of associates (14,281) 14,122 (22,176) 44,062 Finance costs (note 3) (60,879) (27,824) (162,792) (83,184) Finance income and other expenses (note 8) 3,257 42,235 15,803 48,922 Income before income taxes 7,985 75,435 261,549 216,024 Income tax (expense) recovery: Current (15,060) (28,399) (9,265) (51,342) Deferred 11,266 17,868 (33,269) 30,258 (3,794) (10,531) (42,534) (21,084) Net income (loss) $ 4,191 $ 64,904 $ 219,015 $ 194,940 Attributable to: Methanex Corporation shareholders $ (7,072) $ 31,074 $ 168,633 $ 118,912 Non-controlling interests 11,263 33,830 50,382 76,028 $ 4,191 $ 64,904 $ 219,015 $ 194,940 Income per common share for the period attributable to Methanex Corporation shareholders Basic net income (loss) per common share $ (0.09) $ 0.46 $ 2.38 $ 1.77 Diluted net income (loss) per common share (note 5) $ (0.09) $ 0.35 $ 2.21 $ 1.62 Weighted average number of common shares outstanding (note 5) 77,339,520 67,387,492 70,904,968 67,387,492 Diluted weighted average number of common shares outstanding (note 5) 77,339,520 67,505,651 70,982,111 67,561,920 See accompanying notes to condensed consolidated interim financial statements. METHANEX CORPORATION 2025 THIRD QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 1 Methanex Corporation Consolidated Statements of Comprehensive Income (Loss) (unaudited) (thousands of U.S. dollars) Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Net income $ 4,191 $ 64,904 $ 219,015 $ 194,940 Other comprehensive income (loss): Items that may be reclassified to income: Changes in cash flow hedges and excluded forward element (note 8) (45,133) (53,863) 1,521 (84,269) Realized losses on foreign exchange hedges reclassified to revenue 1,994 1,512 12,883 19 Amounts reclassified on discontinuation of hedging relationship (note 8) — — (658) 11,702 Changes in cash flow hedges on equity-accounted investees (628) — (628) — Items that will not be reclassified to income: Actuarial loss on defined benefit pension plans — — (1,150) — Taxes on above items 9,030 5,579 (1,693) (513) (34,737) (46,772) 10,275 (73,061) Comprehensive income (loss) $ (30,546) $ 18,132 $ 229,290 $ 121,879 Attributable to: Methanex Corporation shareholders $ (41,809) $ (15,698) $ 178,908 $ 45,851 Non-controlling interests 11,263 33,830 50,382 76,028 $ (30,546) $ 18,132 $ 229,290 $ 121,879 See accompanying notes to condensed consolidated interim financial statements. METHANEX CORPORATION 2025 THIRD QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 2 Methanex Corporation Consolidated Statements of Financial Position (unaudited) (thousands of U.S. dollars) AS AT Sep 30 2025 Dec 31 2024 ASSETS Current assets: Cash and cash equivalents $ 413,375 $ 891,910 Trade and other receivables 441, --- 993 473,336 Inventories 549,566 453,463 Prepaid expenses 64,514 61,290 Other assets 38,640 30,820 1,508,088 1,910,819 Non-current assets: Property, plant and equipment (note 2) 5,348,746 4,197,509 Investment in associates 472,884 101,438 Deferred income tax assets 23,874 204,091 Other assets (note 8) 174,140 183,269 6,019,644 4,686,307 $ 7,527,732 $ 6,597,126 LIABILITIES AND EQUITY Current liabilities: Trade, other payables and accrued liabilities $ 540,224 $ 546,305 Current maturities on long-term debt (note 4) 41,178 13,727 Current maturities on lease obligations 117,563 122,744 Current maturities on other long-term liabilities 23,558 46,840 722,523 729,616 Non-current liabilities: Long-term debt (note 4) 2,788,904 2,401,208 Lease obligations 667,127 695,461 Other long-term liabilities 150,515 150,462 Deferred income tax liabilities 327,677 239,113 3,934,223 3,486,244 Equity: Capital stock 731,699 392,201 Contributed surplus 2,082 1,950 Retained earnings 1,757,402 1,629,386 Accumulated other comprehensive income 78,973 70,022 Shareholders' equity 2,570,156 2,093,559 Non-controlling interests 300,830 287,707 Total equity 2,870,986 2,381,266 $ 7,527,732 $ 6,597,126 See accompanying notes to condensed consolidated interim financial statements. METHANEX CORPORATION 2025 THIRD QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 3 Methanex Corporation Consolidated Statements of Changes in Equity (unaudited) (thousands of U.S. dollars, except number of common shares) Number of Common Shares Capital Stock Contributed Surplus Retained Earnings Accumulated Other Comprehensive Income (Loss) Shareholders' Equity Non- Controlling Interests Total Equity Balance, December 31, 2023 67,387,492 $391,924 $1,838 $1,514,264 $22,901 $1,930,927 $242,090 $2,173,017 Net income — — — 118,912 — 118,912 76,028 194,940 Other comprehensive loss — — — — (73,061) (73,061) — (73,061) Compensation expense recorded for stock options — — 119 — — 119 — 119 Dividend payments to Methanex Corporation shareholders — — — (37,401) — (37,401) — (37,401) Distributions made and accrued to non-controlling interests — — — — — — (14,199) (14,199) Realized hedge losses recognized in cash flow hedges — — — — 62,584 62,584 — 62,584 Balance, September 30, 2024 67,387,492 $ 391,924 $ 1,957 $ 1,595,775 $ 12,424 $ 2,002,080 $ 303,919 $ 2,305,999 Net income — — — 45,074 — 45,074 10,231 55,305 Other comprehensive income (loss) — — — 1,003 44,202 45,205 — 45,205 Compensation expense recorded for stock options — — 43 — — 43 — 43 Issue of shares on exercise of stock options 7,720 227 — — — 227 — 227 Reclassification of grant date fair value on exercise of stock options — 50 (50) — — — — — Dividend payments to Methanex Corporation shareholders — — — (12,466) — (12,466) — (12,466) Distributions made and accrued to non-controlling interests — — — — — — (26,443) (26,443) Realized hedge losses recognized in cash flow hedges — — — — 13,396 13,396 — 13,396 Balance, December 31, 2024 67,395,212 $ 392,201 $ 1,950 $ 1,629,386 $ 70,022 $ 2,093,559 $ 287,707 $ 2,381,266 Net income — — — 168,633 — 168,633 50,382 219,015 Other comprehensive income (loss) — — — (1,373) 11,648 10,275 — 10,275 Compensation expense recorded for stock options — — 132 — — 132 — 132 Issue of shares on acquisition 9,944,308 339,498 — — — 339,498 — 339,498 Dividend payments to Methanex Corporation shareholders — — — (39,244) — (39,244) — (39,244) Distributions made and accrued to non-controlling interests — — --- — — — — (37,259) (37,259) Realized hedge gain recognized in cash flow hedges — — — — (2,697) (2,697) — (2,697) Balance, September 30, 2025 77,339,520 $ 731,699 $ 2,082 $ 1,757,402 $ 78,973 $ 2,570,156 $ 300,830 $ 2,870,986 See accompanying notes to condensed consolidated interim financial statements. METHANEX CORPORATION 2025 THIRD QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 4 Methanex Corporation Consolidated Statements of Cash Flows (unaudited) (thousands of U.S. dollars) Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Net income $ 4,191 $ 64,904 $ 219,015 $ 194,940 Add (deduct) losses (earnings) of associates 14,281 (14,122) 22,176 (44,062) Add dividends received from associates — 6,310 — 32,181 Add (deduct) non-cash items: Depreciation and amortization 110,871 99,275 319,206 295,136 Income tax expense 3,794 10,531 42,534 21,084 Share-based compensation expense (recovery) 16,603 (13,783) (7,098) (2,528) Finance costs 60,879 27,824 162,792 83,184 Mark-to-market impact of Level 3 derivatives 3,653 (32,953) 3,945 (33,143) Asset impairment charge — 124,788 — 124,788 Other (9,585) (2,293) (3,690) (9,758) Interest received 4,037 4,432 19,769 10,603 Income taxes paid (5,243) (4,866) (60,505) (35,379) Other cash payments and receipts, including share-based compensation (100) (2,695) (32,584) (25,006) Cash flows from operating activities before undernoted 203,381 267,352 685,560 612,040 Changes in non-cash working capital (note 7) (19,189) (57,455) 90,688 (155,778) 184,192 209,897 776,248 456,262 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Dividend payments to Methanex Corporation shareholders (14,308) (12,468) (39,244) (37,401) Interest paid (55,210) (17,863) (129,406) (101,406) (Repayment) of net draw on Term Loan A (125,000) — 420,965 — Repayment of long-term debt and financing fees (note 4) (3,478) (8,202) (12,225) (15,966) Repayment of lease obligations (33,219) (35,714) (99,347) (106,416) Distributions to non-controlling interests (4,253) (4,252) (37,259) (14,199) Changes in non-cash working capital related to financing activities (note 7) (5,485) (7,391) (2,380) (24,520) (240,953) (85,890) 101,104 (299,908) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Property, plant and equipment (6,858) (29,008) (84,830) (64,481) Geismar plant under construction — (17,374) — (64,965) Loan repayment from associate — 6,648 — 36,937 Acquisition of OCI Methanol Business, net of cash acquired (note 11) — — (1,263,706) — Changes in non-cash working capital related to investing activities (note 7) (8,382) 705 (7,351) (10,756) (15,240) (39,029) (1,355,887) (103,265) Increase (decrease) in cash and cash equivalents (72,001) 84,978 (478,535) 53,089 Cash and cash equivalents, beginning of period 485,376 426,126 891,910 458,015 Cash and cash equivalents, end of period $ 413,375 $ 511,104 $ 413,375 $ 511,104 See accompanying notes to condensed consolidated interim financial statements. METHANEX CORPORATION 2025 THIRD QUARTER CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 5 Methanex Corporation Notes to Condensed Consolidated Interim Financial Statements (unaudited) Except where otherwise noted, tabular dollar amounts are stated in thousands of U.S. dollars. 1. Basis of presentation and material accounting policies: Methanex Corporation ("the Company") is an incorporated entity with corporate offices in Vancouver, Canada. --- The Company’s operations consist primarily of the production and sale of methanol, a commodity chemical. The Company is the world’s largest producer and supplier of methanol to customers in Asia Pacific, North America, Europe and South America. These condensed consolidated interim financial statements are prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB") on a basis consistent with those followed in the most recent annual consolidated financial statements except for the material accounting policy added below and except for the adoption of an amendment effective January 1, 2025 to IAS 21, The Effects of Changes in Foreign Exchange Rates regarding the lack of exchangeability. The amendment to IAS 21 did not have a material impact on the Company's consolidated financial statements. These condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and were approved and authorized for issue by the Audit, Finance & Risk Committee of the Board of Directors on October 29, 2025. These condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2024. Material accounting policies (a) Business combinations A business combination is a transaction whereby the Company acquires and obtains control of a set of activities and assets that constitutes a business. A business is an integrated set of activities and assets that consist of inputs and processes, including a substantive process, that when applied to those inputs, have the ability to create outputs that generate income. The Company accounts for business combinations using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recognized at their fair values on the acquisition date. The acquisition date is the date on which the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires control of the assets and assumes the liabilities of the acquiree. The consideration transferred is measured at fair value and allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. (b) Operating segments The Company has two operating segments consisting of methanol and ammonia. Both segments manufacture or procure commodity chemicals to sell and distribute to global end customers. Results of each operating segment are regularly reviewed by the Executive Leadership Team, who are the Chief Operating Decision Maker. The two operating segments have been aggregated into one reportable segment under IFRS 8 due to similar economic characteristics driven by product similarities, shared production inputs and manufacturing facilities, similar customers, end uses, and distribution methods. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 6 2. Property, plant and equipment: Owned Assets (a) Right-of-use assets (b) Total Net book value at September 30, 2025 $ 4,690,955 $ 657,791 $ 5,348,746 Net book value at December 31, 2024 $ 3,501,683 $ 695,826 $ 4,197,509 a) Owned assets: Buildings, Plant Installations & Machinery Ocean Going Vessels Other Total C --- ost at September 30, 2025 $ 7,591,823 $ 242,624 $ 144,276 $ 7,978,723 Accumulated depreciation at September 30, 2025 3,107,593 82,363 97,812 3,287,768 Net book value at September 30, 2025 $ 4,484,230 $ 160,261 $ 46,464 $ 4,690,955 Cost at December 31, 2024 $ 6,357,420 $ 242,459 $ 129,920 $ 6,729,799 Accumulated depreciation at December 31, 2024 3,059,060 73,219 95,837 3,228,116 Net book value at December 31, 2024 $ 3,298,360 $ 169,240 $ 34,083 $ 3,501,683 b) Right-of-use assets: Ocean Going Vessels Terminals, Tanks and Rail Other Total Cost at September 30, 2025 $ 883,230 $ 399,960 $ 68,375 $ 1,351,565 Accumulated depreciation at September 30, 2025 407,719 247,412 38,643 693,774 Net book value at September 30, 2025 $ 475,511 $ 152,548 $ 29,732 $ 657,791 Cost at December 31, 2024 $ 935,169 $ 366,549 $ 58,362 $ 1,360,080 Accumulated depreciation at December 31, 2024 406,407 222,571 35,276 664,254 Net book value at December 31, 2024 $ 528,762 $ 143,978 $ 23,086 $ 695,826 In the third quarter of 2024, the Company identified an impairment trigger as a result of the decision to restructure its New Zealand operations to a single plant operation. The restructuring and shift to a one plant operation in response to a forecasted decline in New Zealand’s gas profile resulted in the Company recording a non-cash before-tax asset impairment charge of $125 million ($90 million after-tax) for the New Zealand cash generating unit ("New Zealand CGU") in property, plant and equipment to write down the carrying value of the New Zealand CGU. 3. Finance costs: Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Finance costs $ 60,879 $ 44,308 $ 162,792 $ 131,902 Less capitalized interest related to Geismar plant under construction — (16,484) — (48,718) $ 60,879 $ 27,824 $ 162,792 $ 83,184 Finance costs are primarily comprised of interest on the unsecured notes, Term Loan A, limited recourse debt facilities, finance lease obligations, amortization of deferred financing fees, and accretion expense associated with site restoration costs. Interest during construction projects is capitalized until the plant is substantially completed and ready for productive use. The Geismar 3 plant commenced production at full operating rates during the fourth quarter of 2024, and accordingly, we ceased capitalizing interest costs related to Geismar 3 from the date that the facility commenced commercial operations. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 7 4. Long-term debt: As at Sep 30 2025 Dec 31 2024 Unsecured notes $700 million at 5.125% due October 15, 2027 $ 697,095 $ 696,104 $700 million at 5.25% due December 15, 2029 696,842 696,395 $600 million at 6.25% due March 15, 2032 586,504 585,562 $300 million at 5.65% due December 1, 2044 295,907 295,820 2,276,348 2,273,881 Term Loan A at SOFR plus applicable margin 422,606 — Other limited recourse debt facilities 5.58% due through June 30, 2031 44,956 49,450 5.35% due through September 30, 2033 55,065 59,138 5.21% due through September 15, 2036 31,107 32,466 Total long-term debt 1 2,830,082 2,414,935 Less current maturities 1 (41,178) (13,727) $ 2,788,904 $ 2,401,208 1 Long-term debt and current maturities are presented net of deferred financing fees. At September 30, 2025, the Company has access to a $600 million committed revolving credit facility, which is with a syndicate of highly rated financial institutions. Dur --- ing the three months ended September 30, 2025, the Company made repayments of $125 million on its Term Loan A facility. The facilities, comprising the existing revolving credit facility and Term Loan A, were entered into with the following significant covenants and default provisions: a) the obligation to maintain a minimum interest coverage ratio of EBITDA to net interest expense greater than or equal to 2:1 calculated on a four-quarter trailing basis and a funded debt to total capitalization ratio of less than or equal to 60%, both calculated in accordance with definitions in the credit agreement that include adjustments to limited recourse subsidiaries, b) a default if payment is accelerated by a creditor on any indebtedness of $50 million or more of the Company and its subsidiaries, except for limited recourse subsidiaries, and c) if a default occurs that permits a creditor to demand repayment on any other indebtedness of $50 million or more of the Company and its subsidiaries, except for limited recourse subsidiaries. The facilities are partially secured by certain assets of the Company, and also include other customary covenants including restrictions on the incurrence of additional indebtedness. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 8 The covenants governing the Company’s and Methanex US Operations Inc.'s unsecured notes, which are specified in an indenture, apply to the Company, Methanex US Operations Inc. and its subsidiaries, excluding the Egypt entity, the Atlas joint venture entity, and the Natgasoline joint venture entity, and include restrictions on liens, sale and lease-back transactions, a merger or consolidation with another corporation or sale of all or substantially all of the Company’s assets. The indentures also contain customary default provisions. Failure to comply with any of the covenants or default provisions of the long-term debt arrangements described above could result in a default under the applicable credit agreement that would allow the lenders to not fund future loan requests, accelerate the due date of the principal and accrued interest on any outstanding loans, or restrict the payment of cash or other distributions. As at September 30, 2025, management believes the Company was in compliance with all covenants related to long-term debt obligations. Other limited recourse debt facilities relate to financing for a certain number of our ocean going vessels which we own through less than wholly-owned entities under the Company's control. The limited recourse debt facilities are described as limited recourse as they are secured only by the assets of the entity that carries the debt. Accordingly, the lenders to the limited recourse debt facilities have no recourse to the Company or its other subsidiaries. 5. Net income per common share: Diluted net income per common share is calculated by considering the potential dilution that would occur if outstanding stock options and, under certain circumstances, tandem share appreciation rights ("TSARs") were exercised or converted to common shares. Outstanding TSARs may be settled in cash or common shares at the holder’s option and for purposes of calculating diluted net income per common share, the more dilutive of the cash-settled and equity-settled method is used, regardless of how the plan is accounted for. Accordingly, TSARs that are accounted for using the cash-settled method will req --- uire adjustments to the numerator if the equity-settled method is determined to have a dilutive effect on diluted net income per common share as compared to the cash-settled method. The equity-settled method was more dilutive for the nine months ended September 30, 2025, and three and nine months ended September 30, 2024 and an adjustment was required for the numerator. For the three months ended September 30, 2025, the cash-settled method was more dilutive, and no adjustment was required for the numerator. Stock options and, if calculated using the equity-settled method, TSARs are considered dilutive when the average market price of the Company’s common shares during the period disclosed exceeds the exercise price of the stock option or TSAR. For the nine months ended September 30, 2025 and three and nine months ended September 30, 2024, stock options were dilutive, resulting in an adjustment to the denominator. For the three months ended September 30, 2025, stock options were dilutive, however, as there was a net loss attributable to Methanex shareholders, no adjustment was made to the denominator. For the nine months ended September 30, 2025, and the three and nine months ended September 30, 2024, TSARs were dilutive, resulting in an adjustment to the denominator. For the three months ended September 30, 2025, TSARs were not dilutive, resulting in no adjustment to the denominator. A reconciliation of the numerator used for the purposes of calculating diluted net income per common share is as follows: Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Numerator for basic net income (loss) per common share $ (7,072) $ 31,074 $ 168,633 $ 118,912 Adjustment for the effect of TSARs: Cash-settled (recovery) expense included in net income — (6,540) (7,877) (5,694) Equity-settled expense — (858) (3,737) (3,516) Numerator for diluted net income (loss) per common share $ (7,072) $ 23,676 $ 157,019 $ 109,702 METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 9 A reconciliation of the denominator used for the purposes of calculating diluted net income per common share is as follows: Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Denominator for basic net income per common share 77,339,520 67,387,492 70,904,968 67,387,492 Effect of dilutive stock options — 4,332 1,689 6,557 Effect of dilutive TSARs — 113,827 75,454 167,871 Denominator for diluted net income per common share 77,339,520 67,505,651 70,982,111 67,561,920 6. Share-based compensation: a) Share appreciation rights ("SARs") and TSARs: (i) Outstanding units: Information regarding units outstanding at September 30, 2025 is as follows: SARs TSARs (per share amounts in USD) Number of Units Weighted Average Exercise Price Number of Units Weighted Average Exercise Price Outstanding at December 31, 2024 366,274 $ 45.77 1,820,098 $ 45.21 Granted 75,900 41.37 273,650 40.71 Exercised — — (7,440) 29.27 Expired (87,800) 54.65 (272,400) 54.65 Outstanding at June 30, 2025 354,374 $ 42.63 1,813,908 $ 43.17 Expired — — (12,500) 73.65 Outstanding at September 30, 2025 354,374 $ 42.63 1,801,408 $ 42.96 Units Outstanding at September 30, 2025 Units Exercisable at September 30, 2025 Range of Exercise Prices (per share amounts in USD) Weighted Average Remaining Contractual Life (Years) Number of Units Outstanding Weighted Average Exercise Price Number of Units Exercisable --- Weighted Average Exercise Price SARs: $29.27 to $38.79 1.79 90,318 $ 32.73 90,318 $ 32.73 $41.37 to $50.49 5.31 237,796 44.74 89,344 47.54 $57.60 0.43 26,260 57.60 26,260 57.60 4.05 354,374 $ 42.63 205,922 $ 42.32 TSARs: $29.27 to $38.79 1.99 617,015 $ 33.29 598,765 $ 33.35 $41.37 to $50.49 4.99 921,883 45.27 444,941 47.87 $57.60 0.43 262,510 57.60 262,510 57.60 3.30 1,801,408 $ 42.96 1,306,216 $ 43.17 (ii) Compensation expense related to SARs and TSARs: Compensation expense for SARs and TSARs is measured based on their fair value and is recognized over the vesting period. Changes in fair value each period are recognized in net income for the proportion of the service that has been rendered at each reporting date. The fair value at September 30, 2025 was $18.2 million compared to the recorded liability of $15.6 million. The difference between the fair value and the recorded liability of $2.6 million will be recognized over the weighted average remaining vesting period of approximately 1.5 years. The weighted average fair value was estimated at September 30, 2025 using the Black-Scholes option pricing model. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 10 For the three months and nine months ended September 30, 2025, compensation expense related to SARs and TSARs included an expense in cost of sales and operating expense of $5.9 million (2024 - a recovery of $7.7 million) and a recovery of $9.3 million (2024 - a recovery of $5.4 million), respectively. This included an expense of $5.3 million (2024 - a recovery of $8.7 million) and a recovery of $14.0 million (2024 - a recovery of $10.2 million), related to the effect of the change in the Company’s share price for the three and nine months ended September 30, 2025 and 2024, respectively. b) Deferred, restricted and performance share units: Deferred, restricted and performance share units outstanding at September 30, 2025 are as follows: Number of Deferred Share Units Number of Restricted Share Units Number of Performance Share Units Outstanding at December 31, 2024 154,794 315,355 601,502 Granted 23,869 137,408 233,579 Performance factors impact on redemption 1 — — 79,240 Granted in-lieu of dividends 1,919 3,625 6,521 Redeemed — (99,210) (272,512) Cancelled — (6,822) (6,677) Outstanding at June 30, 2025 180,582 350,356 641,653 Granted 1,429 — — Granted in-lieu of dividends 844 1,650 3,005 Redeemed — (801) (801) Cancelled — (5,859) (9,167) Outstanding at September 30, 2025 182,855 345,346 634,690 1 The number of performance share units that ultimately vest are determined by performance factors as described below. The performance factors impact relates to performance share units redeemed in the quarter ended March 31, 2025. Performance share units are redeemable for cash based on the market value of the Company's common shares and are non-dilutive to shareholders. Units vest over three years and include two equally weighted performance factors: (i) relative total shareholder return of Methanex shares versus a specific market index (the market performance factor) and (ii) three year average modified return on capital employed (the non-market performance factor). The market performance factor is measured by the Company at the grant date and reporting date using a Monte-Carlo simulation model to determine fair value. The non-market performance factor reflects management's best estimate to determine the expected number o --- f units to vest. Based on these performance factors, the performance share unit payout will range between 0% to 200%. Compensation expense for deferred, restricted and performance share units is measured at fair value based on the market value of the Company’s common shares and is recognized over the vesting period. Changes in fair value are recognized in net income for the proportion of the service that has been rendered at each reporting date. The fair value of deferred, restricted and performance share units at September 30, 2025 was $44.5 million compared to the recorded liability of $33.2 million. The difference between the fair value and the recorded liability of $11.3 million will be recognized over the weighted average remaining vesting period of approximately 1.8 years. For the three and nine months ended September 30, 2025, compensation expense related to deferred, restricted and performance share units included in cost of sales and operating expenses was an expense of $10.7 million (2024 - a recovery of $5.9 million) and an expense of $2.0 million (2024 - an expense of $2.8 million), respectively. This included an expense of $7.8 million (2024 - a recovery of $9.1 million) and a recovery of $11.6 million (2024 - a recovery of $9.8 million), related to the effect of the change in the Company’s share price for the three and nine months ended September 30, 2025 and 2024 respectively. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 11 7. Changes in non-cash working capital: The impact on cash of changes in non-cash working capital for the three and nine months ended September 30, 2025 and 2024 were as follows: Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Changes in non-cash working capital: Trade and other receivables $ 42,312 $ (116,932) $ 31,343 $ (148,466) Inventories (32,179) 49,494 (96,103) 17,920 Prepaid expenses (23,844) (15,431) (3,224) (2,170) Trade, other payables and accrued liabilities (22,513) 76,073 (6,081) (1,089) (36,224) (6,796) (74,065) (133,805) Adjustments for items not having a cash effect, working capital changes relating to taxes and interest paid, and amounts acquired 3,168 (57,345) 155,022 (57,249) Changes in non-cash working capital having a cash effect $ (33,056) $ (64,141) $ 80,957 $ (191,054) These changes relate to the following activities: Operating $ (19,189) $ (57,455) $ 90,688 $ (155,778) Financing (5,485) (7,391) (2,380) (24,520) Investing (8,382) 705 (7,351) (10,756) Changes in non-cash working capital $ (33,056) $ (64,141) $ 80,957 $ (191,054) 8. Financial instruments: Financial instruments are either measured at amortized cost or fair value. In the normal course of business, the Company's assets, liabilities and forecasted transactions, as reported in U.S. dollars, are impacted by various market risks including, but not limited to, natural gas prices and currency exchange rates. The time frame and manner in which the Company manages those risks varies for each item based on the Company's assessment of the risk and the available alternatives for mitigating risks. The Company uses derivatives as part of its risk management program to mitigate variability associated with changing market values. Changes in fair value of derivative financial instruments are recorded in earnings unless the instruments are designated as cash flow hedges. The Company designates as cash flow hedges derivative --- financial instruments to hedge its risk exposure to fluctuations in natural gas prices and fluctuations in the Euro compared to the U.S. dollar. The fair value of derivative instruments is determined based on industry-accepted valuation models with those using market observable inputs classified within Level 2 of the fair value hierarchy and those using significant unobservable inputs classified as Level 3. The fair value of all of the Company's derivative contracts as presented in the consolidated statements of financial position are determined based on present values and the discount rates used are adjusted for credit risk. The effective portion of the changes in fair value of derivative financial instruments designated as cash flow hedges is recorded in other comprehensive income as the change in fair value of cash flow hedges. The change in the fair value of the forward element of forward contracts is recorded separately in other comprehensive income as the forward element is excluded from the hedging relationships. Once a commodity hedge settles, the amount realized during the period and not recognized immediately in the statement of income is reclassified from accumulated other comprehensive income (equity) to inventory and ultimately through cost of goods sold. Foreign currency hedges settled, are realized during the period directly to the statement of income, reclassified from the statement of other comprehensive income. Until settled, the fair value of Level 2 derivative financial instruments will fluctuate based on changes in commodity prices or foreign currency exchange rates and the fair value of Level 3 derivative financial instruments will fluctuate based on changes in the observable and unobservable valuation model inputs. North American natural gas forward contracts The Company manages its exposure to changes in natural gas prices for a portion of its North American natural gas requirements by executing a number of fixed price forward contracts: both financial and physical. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 12 The Company has entered into forward contracts designated as cash flow hedges to manage its exposure to changes in natural gas prices for Geismar and Beaumont. Natural gas is fungible across the Geismar and Beaumont plants. Other costs incurred to transport natural gas from the contracted delivery point to the relevant production facility represent an insignificant portion of the overall underlying risk and are recognized as incurred outside of the hedging relationship. As at Sep 30 2025 Dec 31 2024 Maturities 2025 - 2034 2025 - 2032 Notional quantity 1 327,150 310,520 Notional quantity per day, annualized 1 40 - 220 50 - 210 Notional amount $ 1,110,477 $ 1,048,973 Net fair value $ 95,802 $ 89,632 1 In thousands of Million British Thermal Units (MMBtu) Information regarding the gross amounts of the Company's natural gas forward contracts designated as cash flow hedges in the unaudited consolidated statements of financial position is as follows: As at Sep 30 2025 Dec 31 2024 Other current assets $ 30,079 $ 25,760 Other non-current assets 97,603 100,683 Other current liabilities (7,809) (14,708) Other long-term liabilities (24,071) (22,103) Net fair value $ 95,802 $ 89,632 Euro forward exchange contracts The Company manages its foreign currency exposure to euro denominated sales by executing a number of forward contracts which it has --- designated as cash flow hedges for its highly probable forecast euro collections. As at September 30, 2025, the Company had outstanding forward exchange contracts designated as cash flow hedges to sell a notional amount of $23.9 million euros (December 31, 2024 - $29.7 million euros). The euro contracts had a positive fair value of $0.2 million included in Other current assets (December 31, 2024 - positive fair value of $2.0 million included in Other current assets). Changes in cash flow hedges and excluded forward element Information regarding the impact of changes in cash flow hedges and cost of hedging reserve in the consolidated statement of comprehensive income is as follows: Three Months Ended Nine Months Ended Sep 30 2025 Sep 30 2024 Sep 30 2025 Sep 30 2024 Change in fair value of cash flow hedges $ (43,725) $ 61,842 $ (93,351) $ (34,077) Forward element excluded from hedging relationships (1,408) (115,705) 94,872 (50,192) $ (45,133) $ (53,863) $ 1,521 $ (84,269) Fair value - Level 2 instruments The fair value of the Company’s North American natural gas forward contracts and Euro forward exchange contracts are derivative financial instruments determined based on Bloomberg quoted market prices and confirmations received from counterparties, which are adjusted for credit risk. The table below shows the nominal net cash flows for derivative hedging instruments, excluding credit risk adjustments, based upon contracted settlement dates. The amounts reflect the maturity profile of the hedging instruments and are subject to change based on the prevailing market rate at each of the future settlement dates. Financial asset derivative positions are held with investment-grade counterparties and therefore the settlement day risk exposure is considered to be minimal. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 13 Cash inflows (outflows) by term to maturity - undiscounted Carrying amount Contractual cash flows 1 year or less 1-3 years 3-5 years More than 5 years Natural gas forward contracts assets $ 127,682 $ 139,798 $ 30,716 $ 67,708 $ 28,335 $ 13,039 Natural gas forward contracts liabilities (31,880) (41,127) (7,881) (3,495) (3,109) (26,642) Euro forward exchange contracts 200 200 200 — — — $ 96,002 $ 98,871 $ 23,035 $ 64,213 $ 25,226 $ (13,603) The carrying values of the Company’s financial instruments approximate their fair values, except as follows: September 30, 2025 December 31, 2024 As at Carrying Value Fair Value Carrying Value Fair Value Long-term debt excluding deferred financing fees $ 2,850,157 $ 2,819,673 $ 2,437,286 $ 2,348,705 Long-term debt consists of limited recourse debt facilities and unsecured notes. There is no publicly traded market for the limited recourse debt facilities. The fair value of the limited recourse debt facilities as disclosed on a recurring basis and categorized as Level 2 within the fair value hierarchy is estimated by reference to current market rates as at the reporting date. The fair value of the unsecured notes disclosed on a recurring basis and also categorized as Level 2 within the fair value hierarchy is estimated using quoted prices and yields as at the reporting date. The carrying value of Term Loan A approximates fair value. The fair value of the Company’s long term debt will fluctuate until maturity. Fair value - Level 3 instrument - Egyptian natural gas supply contract The Company holds a long-term natural gas supply c --- ontract expiring in 2035 with the Egyptian Natural Gas Holding Company, a State-Owned enterprise in Egypt. The natural gas supply contract includes a base fixed price plus a premium based on the realized price of methanol for the full volume of natural gas to supply the plant through 2035. As a result of an amendment in 2022, the contract is being treated as a derivative measured at fair value. There is no observable, liquid spot market or forward curve for natural gas in Egypt. In addition, there are limited observable prices for natural gas in Egypt as all natural gas purchases and sales are controlled by the government and the observed prices differ based on the produced output or usage. Due to the absence of an observable market price for an equivalent or similar contract to measure fair value, the contract's fair value is estimated using a Monte-Carlo model. The Monte-Carlo model includes significant unobservable inputs and as a result is classified within Level 3 of the fair value hierarchy. We consider market participant assumptions in establishing the model inputs and determining fair value, including adjusting the base fixed price and methanol based premium at the valuation date to consider estimates of inflation since contract inception. At September 30, 2025 the fair value of the derivative associated with the remaining term of the natural gas supply contract is $20.6 million recorded in Other non-current assets (December 31, 2024 - $14.3 million). Changes in fair value of the contract are recognized in Finance income and other expenses. The table presents the Level 3 inputs and the sensitivities of the Monte-Carlo model valuation to changes in these inputs: Sensitivities Valuation input Input value or range Change in input Resulting change in valuation Methanol price volatility (before impact of mean reversion) 35% +/- 5% $+/-6 million Methanol price forecast Regional pricing relevant to term of contract +/- $25 per MT $-6/+7 million Discount rate 7.14% +/- 1% $-/+1 million It is possible that the assumptions used in establishing fair value amounts will differ from future outcomes and the impact of such variations could be material. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 14 9. New Zealand gas sale net proceeds: Since the third quarter of 2024, the Company has entered into short-term commercial arrangements to provide the natural gas available to the Company into the New Zealand electricity market. As a result, the Company has recognized $11.4 million of net proceeds in the three months ended September 30, 2025 and $39.1 million of net proceeds in the nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - $71.4 million) relating to gas provided. The net proceeds do not consider deductions for fixed costs and the impact of lost margin on the sale of methanol that was not produced in the period and any additional supply chain costs incurred. 10. Egypt insurance recovery: We experienced an outage at the Egypt plant from October 2023 to February 2024. For the three and nine months ended September 30, 2024, $59 million ($30 million - attributable to Methanex) was recorded in insurance recovery which had partially offset repair costs charged to earnings and lost margins incurred in the fourth quarter of 2023 and first quarter of 2024. 11. Agreement to acquire OCI Global's methanol business: On June 27, 2025 we closed on th --- e OCI Acquisition. The acquired business includes an interest in i) two methanol facilities in Beaumont, Texas which have access to a stable and economic supply of natural gas feedstock and one of which also produces ammonia, ii) a low-carbon methanol production and marketing business, and iii) a currently idled methanol facility in the Netherlands. Total consideration is comprised of cash of $1.18 billion as per the purchase agreement and equity consideration of 9.9 million common shares, valued at $0.34 billion or $34.14 per share. The initial adjustments for debt and working capital have been updated to $0.01 billion and $0.09 billion, respectively. These are still preliminary and subject to final agreement as part of the normal course acquisition process. Total consideration is based on the fair value of the business at the acquisition date and is subject to customary closing adjustments. The Company funded the cash consideration through a combination of cash on hand and financing arrangements established in 2024 to support the acquisition. These arrangements included the issuance of $600 million in senior unsecured notes and a term loan on which $550 million was initially drawn. This purchase has been accounted for as a business combination using the acquisition method of accounting. No contingent consideration arrangements were part of the transaction. The following table summarizes the fair value of identified assets and liabilities assumed at the date of acquisition. The provisional allocation of consideration is based on management's estimates, judgments and assumptions. These estimates, judgments and assumptions are subject to change and may be refined based on final customary closing adjustments, and as such, all values below are preliminary. The purchase price allocation adjustments can be made through to the end of the Company’s measurement period, which is not to exceed one year from the acquisition date. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 15 ($ millions except per share amounts) Jun 27 2025 Cash and cash equivalents $ 31,093 Trade and other receivables 138,087 Inventories 94,353 Prepaid expenses 2,161 Other assets 6,584 Deferred income tax assets 3,090 Property, plant, and equipment 1,334,637 Investment in associates 393,936 Total Assets 2,003,941 Trade, other payables, and accrued liabilities (118,980) Lease obligations (16,587) Deferred income tax liabilities (237,457) Other long-term liabilities (10,800) Total Liabilities (383,824) Net assets acquired $ 1,620,117 It is impracticable to disclose the amount of revenue and profit that the acquired business has contributed to the Company’s consolidated results since acquisition because methanol is a fungible product and the acquired business is integrated into our global operations. Acquisition costs of $30 million were incurred in connection with the acquisition in the current year. These costs have been expensed as incurred with $24 million recorded within cost of sales and operating expenses and $6 million recorded in other expenses in the consolidated statement of income. Proforma disclosures Pro forma amounts reflect the results of Methanex and the acquired OCI business as if the acquisition had occurred on January 1, 2025. Nine months ended September 30, 2025 (millions) Pro forma Revenue $ 3,089,034 Net Income 245,972 The pro forma financial information above is presented for illustrat --- ive purposes only and is based on unaudited financial information. It not intended to represent what the actual results of operations would have been had the acquisition occurred on January 1, 2025, nor is it necessarily indicative of future results of operations. METHANEX CORPORATION 2025 THIRD QUARTER NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) PAGE 16