INEOS Quattro Holdings Limited announced it has lined up approximately €500 million of new funding through a pair of inventory monetization agreements expected to deliver about €300 million over an initial two-year period to January 2028, alongside €200 million of incremental equity funding committed by shareholders.
The additional liquidity measures were disclosed in the group’s trading statement for the fourth quarter of 2025 as the company reported weaker earnings amid soft global demand, margin pressure, and the impact of scheduled maintenance.
Based on unaudited management information, the group reported EBITDA of €77 million in Q4 2025, down from €155 million in Q4 2024 and €177 million in Q3 2025. Full-year EBITDA was €717 million, compared with €912 million in 2024. The quarter reflected approximately €14 million of non-cash inventory holding losses tied to declining raw material and product prices, as well as approximately €25 million of impact from scheduled major turnarounds at the Antwerp facility within INEOS Styrolution and at the Rafnes facility within Inovyn.
The group said trading conditions remained very challenging across regions. In Europe, weak demand, elevated energy and feedstock costs, and competitive imports continued to pressure margins, while the Americas saw predominantly soft markets with downward price pressure. In Asia, oversupply in China continued to weigh on margins. The fourth quarter also saw seasonal demand weakness alongside elevated year-end inventory levels in downstream customer markets.
Management said it is maintaining a focus on operational discipline and cost control, including tighter controls on discretionary fixed costs and a review of capital projects to defer or reduce discretionary spending and scheduled turnarounds, where safe to do so. The group also said it has implemented ongoing restructuring initiatives, including reviewing its asset portfolio and closing specific plants where appropriate, to improve utilization and reduce fixed costs.
Performance varied across the portfolio in the quarter. Styrolution reported EBITDA of €31 million, slightly higher than €28 million in Q4 2024, with full-year EBITDA of €285 million compared to €298 million in 2024. Inovyn reported EBITDA of €46 million, down from €102 million in Q4 2024, with full-year EBITDA of €212 million compared to €348 million in 2024, as weak market conditions reduced volumes and unit margins, and planned maintenance in Rafnes further affected output.
INEOS Acetyls reported EBITDA of €21 million versus €23 million a year earlier, with full-year EBITDA of €220 million, broadly flat year over year, as robust Asian demand was offset by new Chinese capacity that pressured margins and export pricing. INEOS Aromatics reported EBITDA of €(21) million versus €2 million in Q4 2024, with full-year EBITDA of €nil compared with €47 million in 2024, as destocking and seasonal demand softness reduced PTA sales and new capacity in China compressed margins in Asia.
On the balance sheet, net debt was approximately €5,524 million as of December 31, 2025, with cash balances of €1,682 million and €435 million in undrawn securitization facilities. Net debt leverage was approximately 7.7 times EBITDA at year’s end. In January 2026, the group also extended its trade receivables securitization programmes for a further three years to January 2029 for a total quantum of €790 million, and said those facilities remain undrawn.
The company said it remains confident in a medium-term recovery of the chemical cycle and that available liquidity is sufficient to cover upcoming debt maturities in January 2027, while it continues to evaluate refinancing opportunities to preserve liquidity and manage its maturity profile. Against that backdrop, the newly disclosed €500 million package, combining €300 million of expected inventory monetization funding and €200 million of committed shareholder equity, represents a central pillar of its near-term liquidity plan through early 2028.
