Methanex Reports Fourth Quarter 2025 Results

Executive Summary

• Methanex reported a Q4 2025 net loss attributable to shareholders of $89 million ($1.15 per diluted share), driven primarily by an $82 million non‑cash impairment charge on New Zealand operations.
• Adjusted EBITDA for the quarter was $186 million, down from $191 million in Q3 2025, while adjusted net loss was $11 million ($0.14 per diluted share).
• The company paid a quarterly dividend of $0.185 per share ($14.3 million) and repaid $75 million of Term Loan A, ending the year with $425 million in cash and a $600 million revolving credit facility.

Key Details

• Production & Sales
• Q4 2025 methanol production: 2.364 million tonnes (up from 2.212 Mt in Q3 2025).
• Total methanol sales volume Q4 2025: 2.689 million tonnes (up from 2.476 Mt in Q3 2025).

• Average realized price fell to $331/tonne (down $14 vs. Q3 2025).

• Financial Highlights

• Adjusted EBITDA: $186 M (Q4 2025) vs. $191 M (Q3 2025).
• Adjusted net loss: $(11 M) (Q4 2025) vs. $5 M gain (Q3 2025).
• Net loss attributable to shareholders: $(89 M), compared with $(7 M) in Q3 2025 and a $45 M profit in Q4 2024.

• Impairment expense (New Zealand): $82 M (incl. tax).

• Cash & Debt

• Cash balance end‑2025: $425 M (down from $892 M end‑2024).
• Term Loan A repayment Q4 2025: $75 M.

• Revolving credit facility availability: $600 M.

• Dividends

• Quarterly dividend declared: $0.185 per common share, total $14.3 M paid in Q4 2025.

• Operating Highlights by Region

• USA (Geismar) produced 953 k t (Q4) vs. 931 k t (Q3).
• Chile production rose to 354 k t after a gas‑supply restriction earlier in the year.
• New Zealand output increased to 171 k t (up from 123 k t) but remains constrained by gas availability.

• Egypt production grew to 330 k t (Methanex share 165 k t).

• Outlook

• Expected 2026 production: ~9.0 million tonnes of methanol and 0.3 million tonnes of ammonia.
• Anticipated Q1 2026 Adjusted EBITDA slightly higher than Q4 2025, with average realized price range $330‑$340/tonne.

Notable Quotes

• Rich Sumner, President & CEO: “2025 was a year of significant achievement… we delivered the best two‑year safety performance… grew our asset portfolio through the successful acquisition of OCI Global’s methanol business, and progressed integration while focusing on deleveraging.”

Materiality Assessment: Material – Negative (substantial quarterly loss and impairment impact).