Methanex (MX) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 adjusted EBITDA of $183 million and adjusted net income of $0.97 per share, with produced sales of 1.5–1.62 million tons at an average realized price of $374/ton, down from Q1 due to lower prices.

• Net income attributable to shareholders was $64 million in Q2 2025, down from $111 million in Q1 2025, mainly due to lower realized prices and sales volumes, partially offset by higher New Zealand gas sale proceeds.

• Completed the strategic acquisition of OCI's methanol business on June 27, 2025, adding two world-scale facilities in Beaumont, Texas, a low-carbon methanol business, and an idled Netherlands plant.

• Integration of new assets is progressing as planned, with a focus on safe, reliable operations and customer commitments.

• $12.5 million was returned to shareholders via dividends; cash balance at quarter-end was $485 million, or $459 million excluding non-controlling interests.

Financial highlights

• Revenue for Q2 2025 was $797 million, down from $896 million in Q1 2025 and $920 million in Q2 2024.

• Adjusted EBITDA declined sequentially from Q1 2025, primarily due to lower realized methanol prices.

• Q2 average realized price was $374/ton, with July and August realized prices expected between $335 and $345/ton.

• Adjusted net income was $66 million ($0.97/share), compared to $88 million ($1.30/share) in Q1 2025 and $42 million ($0.62/share) in Q2 2024.

• Cash flows from operating activities were $277 million, up from $163 million in Q2 2024.

Outlook and guidance

• 2025 equity production guidance is approximately 8 million tons, including new Beaumont and NatGas Lean assets.

• Q3 2025 Adjusted EBITDA is expected to be higher than Q2, with higher produced sales but a lower average realized price ($335–$345/ton for July and August).

• All free cash flow will be directed to deleveraging in the near term, with no significant growth capital anticipated over the next few years.