Methanex (MX) Q4 2025 earnings summary

Executive summary

• Achieved best two-year safety performance in company history, with zero Tier 1 process safety incidents and recordable injury rates well below industry average in 2024 and 2025.

• Fourth quarter 2025 production reached 2,364,000 tonnes, up from 2,212,000 tonnes in Q3 2025, driven by higher output in Chile and New Zealand.

• Net loss attributable to shareholders was $89 million, mainly due to an $82 million non-cash impairment in New Zealand.

• Adjusted EBITDA for Q4 2025 was $186 million, with an adjusted net loss of $11 million.

• Integration of newly acquired Texas and OCI Global assets progressed, with production rates exceeding acquisition assumptions and contributing to portfolio growth.

Financial highlights

• Q4 2025 revenue was $969 million, with an average realized price of $331/ton and produced sales of ~2.4 million tons.

• Adjusted EBITDA for Q4 was $186 million; adjusted net loss was $11 million.

• Cash position at year-end was $425 million after repaying $75 million of Term Loan A; $200 million repaid in 2025.

• $54 million returned to shareholders via dividends in 2025; quarterly dividend of $0.185 per share paid in Q4.

• Access to a $600 million revolving credit facility and adjusted debt at year-end of $3.7 billion.

Outlook and guidance

• Q1 2026 average realized price expected between $330 and $340/ton, with slightly higher Adjusted EBITDA than Q4 2025.

• 2026 production expected at approximately 9.0 million tonnes of methanol and 0.3 million tonnes of ammonia, with regional breakdowns provided.

• All free cash flow in near term prioritized for Term Loan A repayment.