OCI Global Reports H2 2025 and FY 2025 Unaudited Results USA - English USA - English

AMSTERDAM, March 16, 2026 /PRNewswire/ --

Foreword

Subsequent to the reporting period, geopolitical developments in the Middle East have led to an immediate and significant increase in European natural gas prices of approximately 60%, resulting in materially higher production costs for nitrogen producers, and heightened market volatility. While fertilizer prices, including nitrates have also increased, and AdBlue (DEF) prices are tracking urea, there is typically a timing lag between changes in feedstock costs and realized selling prices. Given the rapidly evolving situation, visibility on the duration of elevated gas prices and the sustainability of higher fertilizer pricing remains limited. As such, it remains too early to determine the effects on OCI Nitrogen (OCIN), including the extent of cost recovery, and whether these price increases will be sufficient to offset higher production costs partially or fully.

Hassan Badrawi, CEO of OCI Global commented:

"2025 marked the 75-year anniversary of OCI including its predecessor. During this period, the company's activities have spanned sectors including construction, select infrastructure, various building materials, cement, nitrogen fertilizers, melamine, methanol and biomethanol, and blue ammonia. OCI's most recent strategic review has generated gross proceeds of USD 11.9 billion to date, which - combined with operating cash flows - has enabled approximately USD 7 billion (EUR 31 per share equivalent) in shareholder distributions over the past four years.

In June 2025, we closed the sale of our global methanol business to Methanex Corporation. In late December, the Beaumont New Ammonia facility achieved the major milestone of first ammonia production, and today we are close to achieving Project Completion, at which time the facility will shortly thereafter be formally handed over to Woodside Energy. In November, we reached an agreement to divest OCI's ammonia distribution and terminal business to AGROFERT, a significant European nitrogen products manufacturer, with closing expected in H1 2026. Our objective remains to effect a strategic sale of the remaining OCI Nitrogen business.

In September 2025, we announced our intention to pursue a potential combination with Orascom Construction to establish a scalable infrastructure and investment platform anchored in Abu Dhabi. Agreement on the envisaged combination was reached on 9 December 2025, subject to customary conditions including shareholder approval.

In early January 2026, the Dutch association for retail shareholders (the "VEB") and a number of other shareholders petitioned the Enterprise Chamber of the Amsterdam Court of Appeals for an inquiry into the course of events and to take measures to prevent the transaction from being carried out in the short term. The Court has issued a preliminary ruling temporarily prohibiting a shareholder vote on the transaction and appointing two independent non–executive directors. These directors have the specific task of ensuring that the board of OCI, in the context of the contemplated transaction, or a similar transaction with Orascom, complies with its statutory duties, including towards minority shareholders. Only with the consent of the two court-appointed directors, the envisaged combination, or a similar transaction with Orascom Construction, can be submitted for approval of the general meeting. While the proceedings remain ongoing, the Company will communicate to stakeholders as appropriate. A decision on whether an inquiry will be ordered is subject to further proceedings."

Financial Highlights

FY 2025 Key Highlights

H2 2025 Key Highlights

Free Cash Flow and Net Debt Highlights

Key Strategic and Business Highlights

Noteworthy milestones in the second half of 2025 included:

Beaumont New Ammonia

OCI Nitrogen

OCI Methanol

Fertiglobe Contingent Consideration and Liabilities

Other Contingent Liabilities and Indemnifications

OCI Nitrogen Impairment Risk

Total Financial Results at a Glance (Continuing and Discontinued)

Financial highlights ($ million unless otherwise stated)

H2 '25

H2 '24

% Δ

12M '25

12M '24

% Δ

$ million unless otherwise stated

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Revenue

519.1

24.4

543.5

466.1

1,182.1

1,648.2

11 %

-98 %

-67 %

1,086.0

518.8

1,604.8

975.1

3,108.7

4,083.8

11 %

-83 %

-61 %

Gross profit / (loss)

55.8

24.4

80.2

(20.2)

350.4

330.2

-93 %

-76 %

23.7

107.4

131.1

2.0

1,010.2

1,012.2

1085 %

-89 %

-87 %

Gross profit /

(loss) margin

10.7 %

100.0 %

14.8 %

-4.3 %

29.6 %

20.0 %

2.2 %

20.7 %

8.2 %

0.2 %

32.5 %

24.8 %

Adjusted EBITDA 1

45.1

1.5

46.6

(38.6)

272.2

233.6

-99 %

-80 %

46.4

75.2

121.6

(31.9)

857.7

825.8

-91 %

-85 %

EBITDA

36.5

1.5

38.0

(85.2)

281.0

195.8

-99 %

-81 %

(8.9)

42.3

33.4

(125.5)

876.1

750.6

-93 %

-95 %

-96 %

EBITDA margin

7.0 %

6.1 %

7.0 %

-18.3 %

23.8 %

11.9 %

-0.8 %

8.2 %

2.1 %

-12.9 %

28.2 %

18.4 %

Adjusted net

profit / (loss)

attributable

to shareholders 1

(4.9)

1.2

(3.7)

(62.6)

9.7

(52.9)

-88 %

(51.2)

17.7

(33.5)

(166.3)

154.5

(11.8)

-69 %

-89 %

184 %

Reported net

profit / (loss)

attributable to

shareholders

(13.2)

(146.1)

(159.3)

3.8

4,965.1

4,968.9

(343.7)

527.4

183.7

(163.5)

5,142.3

4,978.8

110 %

-90 %

-96 %

Earnings per

share ($)

Basic earnings /

(loss) per share

(0.063)

(0.693)

(0.756)

0.018

23.522

23.540

(1.629)

2.500

0.871

(0.775)

24.366

23.591

110 %

-90 %

-96 %

Diluted earnings /

(loss) per share

(0.063)

(0.693)

(0.756)

0.018

23.461

23.479

(1.629)

2.500

0.871

(0.775)

24.305

23.530

110 %

-90 %

-96 %

Adjusted earnings

/ (loss) per share

(0.024)

0.006

(0.018)

(0.297)

0.046

(0.251)

-87 %

(0.243)

0.084

(0.159)

(0.788)

0.732

(0.056)

-69 %

-89 %

184 %

Capital expenditure

49.2

(0.2)

49.0

29.1

184.1

213.2

69 %

-100 %

-77 %

120.2

86.0

206.2

76.3

572.2

648.5

58 %

-85 %

-68 %

Of which:

Maintenance

Capital

Expenditure

45.1

(0.2)

44.9

24.6

60.0

84.6

83 %

-100 %

-47 %

113.8

86.0

199.8

60.6

208.3

268.9

88 %

-59 %

-26 %

Free cash flow 12

(69.6)

(0.4)

(70.0)

(389.5)

(93.3)

(482.8)

-82 %

-100 %

-86 %

(152.4)

(79.7)

(232.1)

(459.6)

23.0

(436.6)

-67 %

-47 %

1 OCI presents certain financial measures when discussing OCI's performance, which are not measures of financial performance under IFRS. These non-IFRS measures of financial performance (also known as non-GAAP or alternative performance measures) are presented because management considers them important supplemental measures of OCI's performance and believes that similar measures are widely used in the industry in which OCI operates.

2 Free cash flow is an APM that is calculated as cash from operations less maintenance capital expenditures less distributions to non-controlling interests plus dividends from equity accounted investees, and before growth capital expenditures and lease payments.

Balance sheet highlights 1.2

31-Dec-25

31-Dec-24

% Δ

$ million

NHFS

HFS

Total

NHFS

HFS

Total

NHFS

HFS

Total

Total Assets

1,700.4

139.0

1,839.4

3,413.6

915.9

4,329.5

-50 %

-85 %

-58 %

Gross Interest-Bearing Debt

62.0

9.7

71.7

682.1

-91 %

-89 %

Net (Cash) / Debt

44.1

9.7

53.8

(1,370.8)

(1.2)

(1,372.0)

1 NHFS: Entities not classified as held for sale in the consolidated financial statements.

2 HFS: Entities classified as held for sale in the consolidated financial statements.

Benchmark prices 3

H2 '25

H2 '24

% Δ

12M '25

12M '24

% Δ

H1 '25

% Δ

Ammonia

NW Europe,

CFR

$/mt

613

581

6 %

562

528

6 %

511

20 %

Ammonia

US Gulf

Tampa

contract

$/mt

554

523

6 %

503

487

3 %

452

23 %

CAN

Germany,

CIF

€/mt

332

290

14 %

333

280

19 %

334

-1 %

UAN

France,

FCA

€/mt

335

260

29 %

329

255

29 %

323

4 %

Natural gas

TTF

(Europe)

$/mmBtu

10.8

12.6

-14 %

11.9

11.0

8 %

13.0

-17 %

Natural gas

Henry Hub

(US)

$/mmBtu

3.5

2.6

35 %

3.6

2.4

50 %

3.7

-5 %

3 Source: CRU, BBG

Product sales volumes ('000 metric tonnes)

H2 '25

H2 '24

% Δ

12M '25

12M '24

% Δ

'000 metric tonnes

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Own Product

Ammonia

179.1

187.8

171.7

359.5

-5 %

-50 %

322.6

140.3

462.9

408.9

343.0

751.9

-21 %

-59 %

-38 %

CAN

478.1

421.4

13 %

1,133.4

1,041.1

9 %

UAN

174.7

179.0

-2 %

332.5

318.5

4 %

Total Fertilizer

831.9

788.2

171.7

959.9

6 %

-13 %

1,788.5

140.3

1,928.8

1,768.5

343.0

2,111.5

1 %

-59 %

-9 %

Melamine

26.7

50.2

-47 %

62.9

99.8

-37 %

DEF / AdBlue

106.1

79.5

33 %

197.0

99.0

99 %

Total Nitrogen Products

964.7

917.9

171.7

1,089.6

5 %

-11 %

2,048.4

140.3

2,188.7

1,967.3

343.0

2,310.3

4 %

-59 %

-5 %

Methanol 1

624.2

-100 %

664.9

1,320.1

-50 %

Total Own Product Sold

964.7

917.9

795.9

1,713.8

5 %

-44 %

2,048.4

805.2

2,853.6

1,967.3

1,663.1

3,630.4

4 %

-52 %

-21 %

Traded third Party

Ammonia

69.2

55.0

26 %

172.7

2.0

174.7

96.2

80 %

82 %

UAN

2.9

-100 %

6.4

7.9

-19 %

Methanol

285.8

-100 %

201.8

452.5

-55 %

Ethanol & other

40.5

-100 %

7.7

95.9

-92 %

35.1

57.0

-38 %

92.1

120.0

-23 %

Total Traded Third Party

104.3

114.9

326.3

441.2

-9 %

-76 %

271.2

211.5

482.7

224.1

548.4

772.5

21 %

-61 %

-38 %

Total Own Product and

Traded Third Party

1,069.0

1,032.8

1,122.2

2,155.0

4 %

-50 %

2,319.6

1,016.7

3,336.3

2,191.4

2,211.5

4,402.9

6 %

-54 %

-24 %

1 Including OCI's 50% share of Natgasoline volumes

Segment overview H2 '25

$ million

Nitrogen EU

Other

Group Elim.

Cont.

Disc. Nitrogen

Disc. Methanol

Clean Ammonia

Group Elim.

Disc.

Total

Total revenues

519.1

24.4

543.5

Gross profit / (loss)

54.6

1.2

55.8

24.4

80.2

Operating profit / (loss)

16.6

(35.5)

(18.9)

1.5

(17.4)

D,A&I

(54.4)

(1.0)

(55.4)

EBITDA

71.0

(34.5)

36.5

1.5

38.0

Adjusted EBITDA

66.5

(21.4)

45.1

1.5

46.6

Segment overview H2 '24

$ million

Nitrogen EU

Other

Group Elim.

Cont.

Disc. Nitrogen

Disc. Methanol

Clean Ammonia

Group Elim.

Disc.

Total

Total revenues

466.3

(0.2)

466.1

725.5

525.9

9.0

(78.3)

1,182.1

1,648.2

Gross profit / (loss)

(19.5)

(0.7)

(20.2)

228.3

114.6

9.3

(1.8)

350.4

330.2

Operating profit / (loss)

(38.5)

(102.0)

(140.5)

175.3

86.3

(8.3)

(1.8)

251.5

111.0

D,A&I

(45.6)

(9.7)

(55.3)

(7.9)

(21.5)

(0.1)

(29.5)

(84.8)

EBITDA

7.1

(92.3)

(85.2)

183.2

107.8

(8.2)

(1.8)

281.0

195.8

Adjusted EBITDA

7.2

(45.8)

(38.6)

182.7

90.9

0.4

(1.8)

272.2

233.6

Segment overview 12M '25

$ million

Nitrogen EU

Other

Group Elim.

Cont.

Disc. Nitrogen

Disc. Methanol

Clean Ammonia

Group Elim.

Disc.

Total

Total revenues

1,086.0

11.9

462.4

44.5

518.8

1,604.8

Gross profit / (loss)

23.3

0.4

23.7

1.1

59.8

44.5

2.0

107.4

131.1

Operating profit / (loss)

(6.5)

(106.2)

(112.7)

0.2

36.7

2.7

2.0

41.6

(71.1)

D,A&I

(100.8)

(3.0)

(103.8)

(0.7)

(104.5)

EBITDA

94.3

(103.2)

(8.9)

0.9

36.7

2.7

2.0

42.3

33.4

Adjusted EBITDA

87.3

(40.9)

46.4

1.2

69.3

2.7

2.0

75.2

121.6

Segment overview 12M '24

$ million

Nitrogen EU

Other

Group Elim.

Cont.

Disc. Nitrogen

Disc. Methanol

Clean Ammonia

Group Elim.

Disc.

Total

Total revenues

976.5

(1.4)

975.1

2,239.4

1,003.1

9.0

(142.8)

3,108.7

4,083.8

Gross profit / (loss)

7.4

(5.4)

2.0

836.3

169.1

6.8

(2.0)

1,010.2

1,012.2

Operating profit / (loss)

(30.4)

(202.2)

(232.6)

702.8

120.4

(19.1)

(2.0)

802.1

569.5

D,A&I

(88.5)

(18.6)

(107.1)

(11.4)

(62.0)

(0.6)

(74.0)

(181.1)

EBITDA

58.1

(183.6)

(125.5)

714.2

182.4

(18.5)

(2.0)

876.1

750.6

Adjusted EBITDA

54.9

(86.8)

(31.9)

700.3

159.0

0.4

(2.0)

857.7

825.8

Reconciliation of reported operating profit to adjusted EBITDA

Adjusted EBITDA

Adjusted EBITDA is an Alternative Performance Measure (APM) that intends to give a clear reflection of the underlying performance of OCI's operations. The main APM adjustments in the second half of 2025 and 2024 relate to:

Reconciliation of reported operating profit to adjusted EBITDA

H2 '25

H2 '24

12M '25

12M '24

$ million

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Operating profit / (loss) as reported

(18.9)

1.5

(17.4)

(140.5)

251.5

111.0

(112.7)

41.6

(71.1)

(232.6)

802.1

569.5

Depreciation, amortization and impairment

55.4

55.3

29.5

84.8

103.8

0.7

104.5

107.1

74.0

181.1

EBITDA

36.5

1.5

38.0

(85.2)

281.0

195.8

(8.9)

42.3

33.4

(125.5)

876.1

750.6

Adjustments for:

Natgasoline

21.9

57.6

41.7

Unrealized result natural gas hedging

(2.0)

(2.2)

(53.2)

(55.4)

(0.2)

(25.5)

(25.7)

(7.2)

(95.9)

(103.1)

Cost for strategic review and other corporate

one-off costs

33.7

43.7

2.7

46.4

82.3

5.2

87.5

81.8

4.0

85.8

Realized result on natural gas hedging -

discontinued operations related

3.0

(3.0)

9.5

(9.5)

Unrealized result on virtual PPA derivative

(4.0)

0.3

(4.5)

Provisions & other

(23.1)

2.1

26.8

28.9

(26.8)

(4.7)

(31.5)

9.5

45.8

55.3

Total APM adjustments at EBITDA level

8.6

46.6

(8.8)

37.8

55.3

32.9

88.2

93.6

(18.4)

75.2

Adjusted EBITDA

45.1

1.5

46.6

(38.6)

272.2

233.6

46.4

75.2

121.6

(31.9)

857.7

825.8

Adjusted net profit / (loss) attributable to shareholders

Reconciliation of reported net profit / (loss) to adjusted net profit / (loss)

H2 '25

H2 '24

12M '25

12M '24

$ million

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Adjustments

in P&L

Reported net profit /

(loss) attributable

to shareholders

(13.2)

(146.1)

(159.3)

3.8

4,965.1

4,968.9

(343.7)

527.4

183.7

(163.5)

5,142.3

4,978.8

Adjustments for:

Adjustments at

EBITDA level

8.6

46.6

(8.8)

37.8

55.3

32.9

88.2

93.6

(18.4)

75.2

Remove: Natgasoline

EBITDA adjustment

(21.9)

(57.6)

(41.7)

Result from associate

(unrealized gas hedging)

(1.3)

(32.3)

(6.1)

(Gain) / loss at

Natgasoline

Forex (gain) / loss on

USD exposure

(4.2)

(101.8)

2.3

(99.5)

171.3

(116.1)

1.5

(114.6)

Finance income

/ expense

Accelerated depreciation

and impairments of PP&E

5.7

13.5

19.2

10.5

13.5

24.0

Depreciation

& impairment

Result on MetCo sale

2.9

(684.9)

Profit from

discontinued

operations

Result on IFCo sale

(1.9)

(1,769.0)

3.2

(1,769.0)

Result on Clean Ammonia Sale

145.2

(776.2)

241.3

(776.2)

Result on Fertiglobe sale

1.1

(2,392.9)

(23.7)

(2,392.9)

Non-controlling

interests' adjustment

(9.6)

(0.2)

(2.9)

Minorities

Unrealized (gain) / loss

on interest rate hedge

(30.7)

Transaction

related expense

Other adjustments

(2.6)

2.6

72.5

5.4

77.9

(7.4)

Finance income

& expense / uncertain

tax positions

Tax effect of adjustments

3.9

16.4

5.9

22.3

(6.6)

6.2

(0.4)

9.2

11.8

21.0

Income tax

Total APM adjustments

at net profit / (loss) level

8.3

147.3

155.6

(66.4)

(4,955.4)

(5,021.8)

292.5

(509.7)

(217.2)

(2.8)

(4,987.8)

(4,990.6)

Adjusted net profit /

(loss) attributable

to shareholders

(4.9)

1.2

(3.7)

(62.6)

9.7

(52.9)

(51.2)

17.7

(33.5)

(166.3)

154.5

(11.8)

Reconciliation of EBITDA to Free Cash Flow and Change in Net Debt

H2 '25

H2 '24

12M '25

12M '24

$ million

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

Cont.

Disc.

Total

EBITDA

36.5

1.5

38.0

(85.2)

281.0

195.8

(8.9)

42.3

33.4

(125.5)

876.1

750.6

Working capital

(36.7)

(1.5)

(38.2)

(121.8)

(24.1)

(145.9)

(11.3)

(24.8)

(36.1)

(58.7)

(90.1)

(148.8)

Maintenance capital expenditure

(45.1)

0.2

(44.9)

(24.6)

(60.0)

(84.6)

(113.8)

(86.0)

(199.8)

(60.6)

(208.3)

(268.9)

Tax received / (paid)

(2.7)

(19.7)

(22.4)

(0.4)

(2.3)

(2.7)

(5.0)

(51.7)

(56.7)

Interest received/(paid)

(11.1)

0.1

(11.0)

(9.8)

(62.3)

(72.1)

2.0

(2.0)

(62.5)

(151.7)

(214.2)

Lease payments

(16.6)

(0.7)

(17.3)

(8.9)

(17.1)

(26.0)

(25.3)

(2.9)

(28.2)

(17.5)

(44.7)

(62.2)

Other

3.4

(6.5)

(3.1)

5.3

10.1

12.2

22.3

Operating Free Cash Flow

(69.6)

(0.4)

(70.0)

(249.6)

91.3

(158.3)

(152.4)

(75.7)

(228.1)

(319.7)

341.8

22.1

Dividends paid to non-controlling interest

and withholding tax

(139.9)

(184.6)

(324.5)

(4.0)

(139.9)

(318.8)

(458.7)

Free Cash Flow

(69.6)

(0.4)

(70.0)

(389.5)

(93.3)

(482.8)

(152.4)

(79.7)

(232.1)

(459.6)

23.0

(436.6)

Reconciliation to change in net debt:

Growth capital expenditure

(4.1)

(4.5)

(124.1)

(128.6)

(6.4)

(15.7)

(363.9)

(379.6)

Clean Ammonia construction payments

(292.5)

(155.3)

(628.6)

(155.3)

Final settlement of IFCo sale

(16.0)

Proceeds from disopsal of investments

(5.0)

8,716.1

1,289.8

8,716.1

Defeasance of IFCO bonds

(900.7)

843.1

(57.6)

(900.7)

843.1

(57.6)

Other non-operating and non cash items

(14.3)

(15.3)

(7.8)

(23.1)

(34.6)

(5.4)

(40.0)

(16.6)

4.1

(12.5)

Net effect of movement in exchange rates

on net debt

(0.5)

(4.3)

0.2

(4.1)

(10.6)

1.6

(9.0)

19.5

(0.2)

19.3

Buyout of Methanol Minorities

(195.1)

Settlement of OCIB Hedges

(25.0)

(29.3)

(54.3)

OCI dividend paid to shareholders and

withholding tax

(698.1)

(3,310.8)

(1,698.1)

(3,310.8)

Cash movement related to

discontinued operations

(182.6)

182.6

(115.5)

115.5

(313.7)

313.7

Net Cash Flow (Increase) / Decrease in

Net Debt

(1,084.1)

(0.4)

(1,084.5)

3,558.0

800.7

4,358.7

(1,397.4)

2.7

(1,394.7)

3,368.1

819.8

4,187.9

Notes

This report contains unaudited second half financial highlights of OCI Global ('OCI,' 'the Group' or 'the Company'), a public limited liability company incorporated under Dutch law, with its head office located at Honthorststraat 19, 1071 DC Amsterdam, the Netherlands.

OCI Global is registered in the Dutch commercial register under No. 56821166 dated 2 January 2013. The Group is primarily involved in the production of nitrogen-based fertilizers and industrial chemicals.

Auditor

The financial highlights and the reported data in this report have not been audited by an external auditor.

Investor and Analyst Conference Call

On 16 March 2026 at 14:30 CET, OCI will host a conference call for investors and analysts. Investors can find the details of the call on the Company's website at www.oci-global.com.

Market Abuse Regulation

This press release contains inside information as meant in clause 7(1) of the Market Abuse Regulation.

About OCI Global

Learn more about OCI at www.oci-global.com. You can also follow OCI on Twitter and LinkedIn.