Methanex (MX) Q3 2025 earnings summary

Executive summary

• Achieved adjusted EBITDA of $191 million and adjusted net income of $0.06 per share in Q3 2025, with higher EBITDA versus Q2 due to increased sales of produced product, despite a lower average realized price.

• Net loss attributable to shareholders was $7 million, with adjusted net income of $5 million.

• Integration of newly acquired Beaumont and Natgasoline assets is underway, with both plants operating at high rates and contributing significantly to production.

• Production increased to 2,212,000 tonnes in Q3 2025 from 1,621,000 tonnes in Q2 2025, driven by new assets and higher output from Geismar, Medicine Hat, and New Zealand.

• Global methanol demand was flat quarter-over-quarter, with high operating rates in China and increased supply from Iran leading to inventory builds in coastal China.

Financial highlights

• Q3 average realized price was $345 per ton, down from $374 in Q2 2025; produced methanol sales reached approximately 1.9 million tons.

• Revenue for Q3 2025 was $927 million, up from $797 million in Q2 2025.

• Adjusted EBITDA increased from Q2 2025, primarily due to higher sales volumes.

• Ended Q3 with $413 million in cash on the balance sheet after repaying $125 million of the Term Loan A facility; maintained access to a $600 million revolving credit facility.

• Cash from operations totaled $184 million.

Outlook and guidance

• Forecasts Q4 average realized price between $335 and $345 per ton based on posted prices in key regions.

• Expects meaningfully higher adjusted EBITDA in Q4 2025 as sales align with run-rate equity production, including new assets.

• 2025 equity production guidance is approximately 8 million tons (7.8 million methanol, 0.2 million ammonia), with actuals subject to operational factors.

• No significant growth capital anticipated over the next few years; focus remains on deleveraging and financial flexibility.