INEOS GROUP HOLDINGS S.A.

Q3, 2024 Trading Statement

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

Based on unaudited management information INEOS reports that EBITDA for the third quarter of 2024 was €603 million, compared to €403 million for Q3, 2023 and €576 million for Q2, 2024.

North American markets were relatively robust, taking full benefit from their current cost advantage.  Markets in Europe have been stable, 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 €227 million compared to €177 million in Q3, 2023. Ethylene markets were generally stable in the quarter with a combination of steady domestic demand and reduced industry supply availability. Polymer demand was stable and downstream pipe markets remained solid on firm demand, particularly from the oil and gas sector. A number of the Group’s facilities in Texas were temporarily closed due to a hurricane, resulting in some lost production volumes. The estimated reduction in EBITDA for the third quarter due to the hurricane was €40 million.

O&P Europe reported EBITDA of €113 million compared to €103 million in Q3, 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 results for the quarter were adversely impacted by €28 million due to an unscheduled outage of the Lavera cracker.

Chemical Intermediates reported EBITDA of €263 million compared to €123 million in Q3, 2023. Overall demand in the Oligomers business was solid across the product portfolio, although there was some softness in co-monomers. Demand across most market sectors for the Oxide business was positive, particularly in Europe due to some industry supply constraints in the quarter. An insurance claim in relation to lost production at the Plaquemine, Louisiana site was settled in the quarter for €50 million. 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 stable in the USA and Europe but weaker in Asia.

The Group has continued to focus on cash management and liquidity. Net debt was approximately €10.0 billion at the end of September 2024 (including the SECCO Term Loan and Project One Facilities).  Cash balances at the end of the quarter were €2,374 million, and availability under undrawn working capital facilities was €636 million.  Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 3.6 times as at the end of September 2024.