INEOS GROUP HOLDINGS S.A.

July 19, 2024

Q2, 2024 Trading Statement

INEOS Group Holdings S.A. (‘IGH’ or ‘INEOS’) announces its trading performance for the second quarter of 2024.

Based on unaudited management information INEOS reports that EBITDA for the second quarter of 2024 was €576 million, compared to €387 million for Q2, 2023 and €516 million for Q1, 2024.

North American markets were relatively robust, taking full benefit from their current cost advantage.  Markets in Europe have shown improvement due to a steady increase in demand, whereas market conditions in Asia have remained soft in the quarter. The business has continued to see an improving trend in performance throughout the quarter.

O&P North America reported EBITDA of €189 million compared to €202 million in Q2, 2023. Ethylene markets were generally stable in the quarter with a combination of steady domestic demand, reduced industry supply availability and reduced export opportunities. Polymer demand was stable and downstream pipe markets remained solid on firm demand, particularly from the oil and gas sector. One of the crackers at the Chocolate Bayou site had a scheduled turnaround during the quarter.

O&P Europe reported EBITDA of €177 million compared to €72 million in Q2, 2023. Markets for olefins in the quarter were improved although most industry crackers are still trimmed across Europe. Markets for butadiene were firm in the quarter with higher demand and some supply constraints. European polymer markets were steady in most markets with reasonable market demand and reduced levels of imports. The Group completed the acquisition of the Naphtachimie cracker and derivative assets in Lavera, France in April 2024.

Chemical Intermediates reported EBITDA of €210 million compared to €113 million in Q2, 2023. Overall demand in the Oligomers business was solid across the product portfolio, although there was some softness in co-monomers. There was modest demand improvement across most market sectors for the Oxide business, however European glycol markets remained weak. The ethylene oxide and derivatives business of LyondellBasell in the US was acquired in May 2024 and has been integrated into the Oxide business. Demand for the Nitriles business was mixed, with good demand in the USA and Europe, but softer demand in Asia due to improved industry supply.  Markets for the Phenol business were firm in the USA and Europe but weaker in Asia.

The Group has continued to focus on cash management and liquidity. Net debt was approximately €10.1 billion at the end of June 2024 (including the SECCO Term Loan and Project One Facilities).  Cash balances at the end of the quarter were €2,203 million, and availability under undrawn working capital facilities was €667 million.  Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 4.1 times as at the end of June 2024.