Ineos reports weaker earnings in Q1

Ineos Group Holdings reported a year-on-year decline in first-quarter unaudited EBITDA to €416 million, down from €516 million, though earnings improved from €353 million in the previous quarter. In Europe, olefin markets were stable despite trimmed cracker operations, and butadiene markets were firm on tight supply and stable demand. However, European polymer markets remained subdued despite reasonable underlying demand.

Ineos Quattro Holdings, which oversees the group’s styrenics, acetyls, vinyls, and aromatics units, also posted lower quarterly EBITDA at €235 million, down from €291 million a year ago. Still, this marked a recovery from €155 million in the previous quarter. While European operations remained under pressure from high energy costs and weak demand, sales volumes for polyvinyl chloride (PVC) were supported by the introduction of antidumping duties.

In its Inovyn vinyls business, Ineos reported a year-on-year drop in EBITDA due to subdued global and European demand. Nonetheless, the company saw improvements in sales volumes and operating rates during the quarter. Volumes recovered as European production replaced US and Egyptian imports, following the imposition of EU antidumping duties in July 2024.