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Borouge (BOROUGE) investor relations material
Borouge Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY2025 net profit reached $1.1 billion, down 11% year-over-year but surpassing market expectations, with a 37% adjusted EBITDA margin and 19% net profit margin.
Achieved record annual sales volumes of 5.4 million tonnes and production of 5.1 million tonnes, with Q4 2025 production at 1.46 million tonnes and sales at 1.64 million tonnes.
Q4 2025 net profit was $330 million, up 12% quarter-over-quarter, with highest-ever utilization rates and robust commercial performance.
Major restructuring announced: planned merger with Borealis and acquisition of Nova Chemicals for $13.4 billion, forming Borouge Group International.
Continued strong execution of growth and innovation programs, with $94 million in value generated from new products and 20% growth in circular solutions sales.
Financial highlights
FY2025 revenue totaled $5.85 billion, down 3% year-over-year, with Q4 revenue at $1.68 billion, up 16% quarter-over-quarter.
Adjusted EBITDA for FY2025 was $2.17 billion (37% margin); Q4 adjusted EBITDA was $601 million (36% margin).
Net profit margin for FY2025 was 19%; Q4 net profit margin was 20%.
Operating free cash flow for FY2025 was $1.86 billion; Q4 was $502 million.
Free cash flow yield was the highest among global peers.
Outlook and guidance
2026 targets include 105% utilization and ramp-up of Borouge 4, with no major planned turnarounds.
Long-term polyolefin demand in core markets projected to grow at 4% annually through 2030, led by Asia and Middle East & Africa.
Premium guidance for PE and PP remains at $200/ton and $140/ton, respectively, through the cycle.
Dividend intention reaffirmed at 16.2 fils per share for FY2025, with payout expected in April 2026.
Restructuring and global expansion expected to enhance market reach and growth opportunities.
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Net income reached TRY 29.5 billion, with strong dividends and a robust net cash position.
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