Methanex (MX) Q4 2024 earnings summary

Executive summary

• Achieved record safety performance in 2024, with strong operational execution and commercial production at G3.

• Q4 2024 net income was $45 million and Adjusted EBITDA was $224 million, with full-year Adjusted EBITDA of $764 million and Adjusted net income of $252 million.

• Q4 production rose to 1,868 kmt, driven by higher output in Chile, New Zealand, Geismar, and Egypt.

• Completed financing for the OCI Global methanol business acquisition, including a $650 million term loan and $600 million bond.

• Ended 2024 with $892 million in cash after repaying a $300 million bond and returning $50 million to shareholders via dividends.

Financial highlights

• Q4 average realized price: $370/ton, up from $356/ton in Q3; produced sales: ~1.5 million tons.

• Q4 Adjusted net income: $84 million ($1.24/share); full-year Adjusted net income: $252 million ($3.72/share).

• Q4 sales volume: 2,564 kmt, with Methanex-produced methanol sales at 1,455 kmt.

• Ended Q4 with $892 million in cash and access to a $500 million undrawn credit facility.

• Repaid $300 million bond in Q4; issued $600 million bond and secured $650 million term loan for OCI acquisition.

Outlook and guidance

• 2025 equity production guidance: ~7.5 million tons, factoring in turnarounds and gas availability, excluding OCI assets.

• Q1 2025 average realized price forecasted at $395–$405/ton, with significantly higher Adjusted EBITDA expected.

• Three turnarounds planned in the first three quarters of 2025 may impact production.

• Plan to repay $550–$600 million in debt over 18 months post-OCI acquisition, assuming $350/ton realized price.