OCI (OCI) Q4 2025 earnings summary

Executive summary

• Major divestments, including sales of Fertiglobe, IFCO, Clean Ammonia, Methanol, and OCI Ammonia Holding, generated significant proceeds used for debt repayment and extraordinary shareholder distributions totaling approximately $7 billion since 2022.

• Full-year 2025 revenue from continuing operations was $1.1 billion, with adjusted EBITDA of $46 million and a net loss attributable to shareholders of $344 million, reflecting weak operational performance, high gas costs, and significant one-off expenses.

• Strategic review is ongoing, with remaining assets positioned for sale and continued cost reductions in corporate operations.

• Safety performance improved, achieving a 12-month rolling recordable incident rate of 0.27 at end-2025, well below industry average.

• Extraordinary shareholder distributions in 2025 totaled $1.7 billion, with $1 billion in May and $700 million in September.

Financial highlights

• FY 2025 continuing operations revenue was $1,086 million, up 11% year-over-year; adjusted EBITDA for European Nitrogen was $87 million, up from $55 million in 2024.

• Gross profit for FY 2025 was $350 million, with a margin of 29.6%.

• Net loss attributable to shareholders from total operations was $159 million in H2 2025, compared to a $4,969 million profit in H2 2024, which included a $4,938 million gain from asset sales.

• Free cash flow for FY 2025 was negative at $(93.3) million, reflecting significant capital expenditures and distributions.

• Net cash position shifted from $1 billion in June to net debt of $44 million by year-end, mainly due to shareholder distributions and project spend.

Outlook and guidance

• Elevated European gas prices and fertilizer market volatility persist due to geopolitical instability, with limited visibility on duration and cost pass-through.

• Remaining OCI Nitrogen business is being positioned for a strategic sale; risk of asset impairment exists if high European gas prices persist without compensatory product price increases.

• No further capital reductions are possible due to negligible fiscal reserves post-September 2025 distribution.