Except where otherwise noted, all currency amounts are stated in United States dollars.
Financial and Production Highlights
- Net income attributable to Methanex shareholders of $64 million and Adjusted EBITDA of $183 million in the second quarter. Our average realized price in the second quarter was $374 per tonne compared to $404 per tonne in the first quarter of 2025.
- On June 27, 2025, we closed the acquisition of OCI Global's international methanol business ("OCI Acquisition") including an interest in two world-scale methanol facilities in Beaumont, Texas. Both plants have been operating safely and at 100% rates since acquisition.
- Production in the second quarter was 1,621,000 tonnes compared to 1,619,000 tonnes in the first quarter of 2025. Higher production from Geismar and Trinidad in the second quarter was offset by lower production from Chile, New Zealand, and Egypt as well as a planned turnaround at Medicine Hat.
- In the second quarter, $12.5 million was returned to shareholders through regular dividends. We ended the second quarter with $485 million in cash or $459 million excluding the non-controlling interest portion of $50 million but including our share of cash held by joint ventures of $24 million.
VANCOUVER, British Columbia, July 30, 2025 (GLOBE NEWSWIRE) -- For the second quarter of 2025, Methanex (TSX:MX) (NASDAQ: MEOH) reported net income attributable to Methanex shareholders of $64 million ($0.93 net income per common share on a diluted basis) compared to net income of $111 million ($1.44 net income per common share on a diluted basis) in the first quarter of 2025. Adjusted EBITDA for the second quarter of 2025 was $183 million and Adjusted net income was $66 million ($0.97 Adjusted net income per common share). This compares with Adjusted EBITDA of $248 million and Adjusted net income of $88 million ($1.30 Adjusted net income per common share) for the first quarter of 2025.
Rich Sumner, President & CEO of Methanex, said, "This quarter represents an important milestone for the business with the closing of the OCI Acquisition. This expands our production footprint and strengthens our position in North America where we benefit from access to a stable and economic supply of natural gas feedstock. Our focus is now on completing a seamless integration and capturing the full strategic value of the acquisition. Methanol markets and pricing have been strong year to date, and while we continue to navigate macro uncertainty, we are focused on the reliable and cost efficient operation of our assets and supply chain to create long-term value for shareholders."
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex's key financial and operational data for the second quarter of 2025. It is not a complete source of information for readers and is not in any way a substitute for reading the second quarter 2025 Management’s Discussion and Analysis ("MD&A") dated July 30, 2025 and the unaudited condensed consolidated interim financial statements for the period ended June 30, 2025, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended June 30, 2025 are also available on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
FINANCIAL AND OPERATIONAL DATA
| Three Months Ended | Six Months Ended | ||||||||||
($ millions except per share amounts and where noted) | Jun 30 2025 | Mar 31 2025 | Jun 30 2024 | Jun 30 2025 | Jun 30 2024 | ||||||
| Production (thousands of tonnes) (attributable to Methanex shareholders) 1 | 1,621 | 1,619 | 1,422 | 3,240 | 3,143 | ||||||
| Sales volume (thousands of tonnes) | |||||||||||
| Methanex-produced methanol | 1,528 | 1,703 | 1,580 | 3,231 | 3,261 | ||||||
| Purchased methanol | 451 | 382 | 766 | 833 | 1,573 | ||||||
| Commission sales | 154 | 132 | 266 | 286 | 448 | ||||||
| Total sales volume | 2,133 | 2,217 | 2,612 | 4,350 | 5,282 | ||||||
| Methanex average non-discounted posted price ($ per tonne) 2 | 605 | 639 | 499 | 623 | 485 | ||||||
| Average realized price ($ per tonne) 3 | 374 | 404 | 352 | 390 | 348 | ||||||
| Revenue | 797 | 896 | 920 | 1,693 | 1,836 | ||||||
| Net income (attributable to Methanex shareholders) | 64 | 111 | 35 | 176 | 88 | ||||||
| Adjusted net income 4 | 66 | 88 | 42 | 154 | 86 | ||||||
| Adjusted EBITDA 4 | 183 | 248 | 164 | 431 | 324 | ||||||
| Cash flows from operating activities | 277 | 315 | 163 | 592 | 246 | ||||||
| Basic net income per common share | 0.95 | 1.65 | 0.52 | 2.60 | 1.30 | ||||||
| Diluted net income per common share | 0.93 | 1.44 | 0.52 | 2.36 | 1.27 | ||||||
| Adjusted net income per common share 4 | 0.97 | 1.30 | 0.62 | 2.27 | 1.27 | ||||||
| Common share information (millions of shares) | |||||||||||
| Weighted average number of common shares | 68 | 67 | 67 | 68 | 67 | ||||||
| Diluted weighted average number of common shares | 68 | 68 | 67 | 68 | 68 | ||||||
| Number of common shares outstanding, end of period | 77 | 67 | 67 | 77 | 67 | ||||||
| 1 | Methanex-produced methanol represents our equity share of volume produced at our facilities and excludes volume marketed on a commission basis related to the 36.9% of the Atlas facility and 50% of the Egypt facility that we do not own. | ||||||||||
| 2 | Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe, China and Asia Pacific weighted by sales volume. Current and historical pricing information is available at www.methanex.com. | ||||||||||
| 3 | The Company has used Average realized price ("ARP") throughout this document. ARP is calculated as revenue divided by the total sales volume. It is used by management to assess the realized price per unit of methanol sold, and is relevant in a cyclical commodity environment where revenue can fluctuate in response to market prices. | ||||||||||
| 4 | Note that Adjusted net income, Adjusted net income per common share, and Adjusted EBITDA are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to the Additional Information - Non-GAAP Measures section on page 16 of our second quarter MD&A dated July 30, 2025 for a description of each non-GAAP measure. | ||||||||||
- A reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA, Adjusted net income and the calculation of Adjusted net income per common share is as follows:
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| ($ millions) | Jun 30 2025 | Mar 31 2025 | Jun 30 2024 | Jun 30 2025 | Jun 30 2024 | |||||||||||||||
| Net income attributable to Methanex shareholders | $ | 64 | $ | 111 | $ | 35 | $ | 176 | $ | 88 | ||||||||||
| Mark-to-market impact of share-based compensation | (7 | ) | (32 | ) | 8 | (39 | ) | (2 | ) | |||||||||||
| Depreciation and amortization | 102 | 106 | 101 | 208 | 196 | |||||||||||||||
| Finance costs | 51 | 51 | 28 | 102 | 55 | |||||||||||||||
| Finance income and other expenses | (8 | ) | (4 | ) | (3 | ) | (13 | ) | (7 | ) | ||||||||||
| Income tax expense | 3 | 36 | 5 | 39 | 11 | |||||||||||||||
| Earnings of associates adjustment | 3 | 2 | 16 | 6 | 26 | |||||||||||||||
| Non-controlling interests adjustment | (25 | ) | (22 | ) | (26 | ) | (48 | ) | (43 | ) | ||||||||||
| Adjusted EBITDA | $ | 183 | $ | 248 | $ | 164 | $ | 431 | $ | 324 | ||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| ($ millions except number of shares and per share amounts) | Jun 30 2025 | Mar 31 2025 | Jun 30 2024 | Jun 30 2025 | Jun 30 2024 | ||||||||||||||
| Net income attributable to Methanex shareholders | $ | 64 | $ | 111 | $ | 35 | $ | 176 | $ | 88 | |||||||||
| Mark-to-market impact of share-based compensation, net of tax | (4 | ) | (26 | ) | 7 | (30 | ) | (2 | ) | ||||||||||
| Mark-to-market impact of gas contract revaluations, net of tax | 6 | 3 | — | 8 | — | ||||||||||||||
| Adjusted net income | $ | 66 | $ | 88 | $ | 42 | $ | 154 | $ | 86 | |||||||||
| Diluted weighted average shares outstanding (millions) | 68 | 68 | 67 | 68 | 68 | ||||||||||||||
| Adjusted net income per common share | $ | 0.97 | $ | 1.30 | $ | 0.62 | $ | 2.27 | $ | 1.27 | |||||||||
- We recorded net income attributable to Methanex shareholders of $64 million in the second quarter of 2025 compared to net income of $111 million in the first quarter of 2025. Net income in the second quarter of 2025 was lower compared to the prior quarter primarily due to a lower average realized price and lower sales of produced product, partially offset by higher New Zealand gas sale net proceeds.
- We sold 2,133,000 tonnes in the second quarter of 2025 compared to 2,217,000 tonnes in the first quarter of 2025. Sales of Methanex-produced methanol were 1,528,000 tonnes in the second quarter of 2025 compared to 1,703,000 tonnes in the first quarter of 2025.
- Production of methanol for the second quarter of 2025 was 1,621,000 tonnes compared to 1,619,000 tonnes for the first quarter of 2025. Production was similar in the second quarter of 2025 compared to the first quarter of 2025. Higher production from Geismar and Trinidad in the second quarter was offset by lower production from Chile, New Zealand, and Egypt due to lower gas supply as well as a planned turnaround in Medicine Hat.
- In the second quarter of 2025 we paid a quarterly dividend of $0.185 per common share for a total of $12.5 million.
- At June 30, 2025, we had a strong liquidity position including a cash balance of $485 million, or $459 million excluding non-controlling interests and including our share of cash in joint ventures. We also have access to a revolving credit facility which upon acquisition close increased to $600 million.
- On June 27, 2025 we closed on the OCI Acquisition. The acquired business includes an interest in i) two methanol facilities in Beaumont, Texas which have access to a stable and economic supply of natural gas feedstock and one of which also produces ammonia, ii) a low-carbon methanol production and marketing business, and iii) a currently idled methanol facility in the Netherlands. The acquisition was funded through a combination of cash and shares issued. The four days of operations and results of the acquired business post-close have been included in the quarterly results ended June 30, 2025.
PRODUCTION HIGHLIGHTS
| Q2 2025 | Q1 2025 | Q2 2024 | YTD Q2 2025 | YTD Q2 2024 | |||||||||
(thousands of tonnes) | Operating Capacity 1 | Production | Production | Production | Production | Production | |||||||
| USA | |||||||||||||
| Geismar | 1,000 | 829 | 617 | 514 | 1,446 | 1,085 | |||||||
| Beaumont 2 | 228 | 11 | — | — | 11 | — | |||||||
| Natgasoline (50% interest) 2 | 213 | 10 | — | — | 10 | — | |||||||
| Chile | 425 | 295 | 429 | 229 | 724 | 620 | |||||||
| Trinidad 3 | 215 | 216 | 137 | 231 | 353 | 489 | |||||||
| New Zealand 4 | 215 | 53 | 160 | 178 | 213 | 455 | |||||||
| Egypt (50% interest) | 158 | 124 | 136 | 129 | 260 | 212 | |||||||
| Canada (Medicine Hat) | 140 | 83 | 140 | 141 | 223 | 282 | |||||||
| Total Methanol | 2,594 | 1,621 | 1,619 | 1,422 | 3,240 | 3,143 | |||||||
| Beaumont Ammonia 5 | 85 | 4 | — | — | 4 | — | |||||||
| Total Production | 2,679 | 1,625 | 1,619 | 1,422 | 3,244 | 3,143 | |||||||
| 1 | The operating capacity of our production facilities may be higher or lower than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than operating capacity due to a number of factors, including natural gas availability, feedstock composition, the age of the facility's catalyst, turnarounds and access to CO2 from external suppliers for certain facilities. We review and update the operating capacity of our production facilities on a regular basis based on historical performance. | ||||||||||||
| 2 | The annual operating capacity of the Beaumont and Natgasoline facilities are 910,000 tonnes and 850,000 tonnes (50% interest), respectively. The actual production for Q2 2025 reflects 4 days of ownership. | ||||||||||||
| 3 | The operating capacity of Trinidad consists of the Titan facility (100% interest). The Atlas facility (63.1% interest) is excluded as it is currently idle. Refer to the Trinidad section below. | ||||||||||||
| 4 | The operating capacity of New Zealand consists of one Motunui facility, with the other excluded as it is currently idle. Refer to the New Zealand section below. | ||||||||||||
| 5 | The annual operating capacity of Beaumont ammonia facility is 340,000 tonnes. The actual production for Q2 2025 reflects 4 days of ownership. | ||||||||||||
Key production and operational highlights during the second quarter include:
United States
Geismar produced 829,000 tonnes in the second quarter of 2025 compared to 617,000 tonnes in the first quarter of 2025. Production was higher in the second quarter as G1 and G2 operated at full rates for the second quarter and G3 successfully restarted in early May. Towards the end of June, we experienced utilities and power outages which reduced methanol production in Geismar. All plants returned to production in early July and are currently operating at full rates.
Following the closing of the acquisition on June 27, 2025 the Beaumont plant produced 11,000 tonnes of methanol and 4,000 tonnes of ammonia and the Natgasoline plant produced 10,000 tonnes of methanol (Methanex share). Both plants have been operating safely and at 100% rates since acquisition.
Chile
Chile produced 295,000 tonnes in the second quarter of 2025 compared to 429,000 tonnes in the first quarter of 2025. As planned, we idled the Chile 4 plant on May 1, 2025 leading to lower production in the second quarter compared to both plants running at full rates in the first quarter. Chile 1 has continued to operate at a 100% rate while we are taking the opportunity to complete maintenance on Chile 4. Natural gas imports from Argentina are supporting higher operating rates through the Southern Hemisphere winter months. We have gas contracts in place with Chilean and Argentinean gas producers until 2030 and 2027, respectively, which underpin approximately 55% of the site's gas requirements year-round. While seasonality in production is expected to continue, we are seeing generally positive developments in natural gas availability.
Trinidad
In Trinidad, the Titan plant produced 216,000 tonnes in the second quarter of 2025 compared to the 137,000 tonnes in the first quarter of 2025. The plant operated at full rates in the second quarter while the first quarter was impacted by an unplanned outage.
New Zealand
New Zealand produced 53,000 tonnes in the second quarter of 2025 compared to 160,000 tonnes in the first quarter of 2025. Second quarter production declined compared to the first quarter due to the temporary idling of operations in mid-May through the end of June under a short-term commercial agreement to redirect contracted natural gas to the New Zealand electricity market. The plant successfully restarted in early July and we have adjusted our forecasted production for 2025 for New Zealand to approximately 400,000 tonnes. Future production will be dependent on the performance of existing wells, future upstream development and any on-selling of gas into the electricity market to support New Zealand’s energy needs. Gas supply availability in New Zealand continues to be challenged and we continue to work with our gas suppliers and the government to sustain our operations in the country.
Egypt
Egypt produced 248,000 tonnes (Methanex interest - 124,000 tonnes) in the second quarter of 2025 compared to 272,000 tonnes (Methanex interest - 136,000 tonnes) in the first quarter of 2025. Production was lower compared to the first quarter as operating rates were impacted by gas availability due to import disruptions. Gas availability in Egypt is influenced by several factors, including domestic production levels, gas imports, and seasonal demand fluctuations. We are monitoring the gas market closely and would expect to experience some curtailments in 2025, particularly in the summer months, depending on gas supply and demand conditions.
Canada
Medicine Hat produced 83,000 tonnes in the second quarter of 2025 compared to 140,000 tonnes in the first quarter of 2025. Production was lower in the second quarter due to a planned turnaround which was successfully completed in May.
Outlook
We expect our 2025 production, inclusive of our newly acquired assets, to be approximately 8.0 million tonnes (Methanex interest). Actual production may vary by quarter based on gas availability, turnarounds, unplanned outages and unanticipated events.
In the third quarter of 2025, we expect higher Adjusted EBITDA compared to the second quarter, with higher produced sales offset by a lower average realized price. Based on our July and August posted prices we expect that our average realized price range will be approximately $335 to $345 per tonne for these two months.
CONFERENCE CALL
A conference call is scheduled for July 31, 2025 at 11:00 am ET (8:00 am PT) to review these second quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (647) 932-3411, or toll free at (800) 715-9871. The conference ID for the call is #2019292. A simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com/investor-relations/events and will also be available following the call.
ABOUT METHANEX
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to customers globally. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH".
FORWARD-LOOKING INFORMATION WARNING
This second quarter 2025 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the second quarter 2025 Management's Discussion and Analysis for more information which is available from the Investor Relations section of our website at www.methanex.com, the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
NON-GAAP MEASURES
Throughout this document, the Company has used the terms Adjusted EBITDA, Adjusted net income, and Adjusted net income per common share. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price, the impact of the Egypt and New Zealand gas contract revaluation and the impact of certain items associated with specific identified events. Refer to Additional Information - Non-GAAP Measures on page 16 of the Company's MD&A for the period ended June 30, 2025 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
For further information, contact:
Jessica Wood-Rupp
Director, Corporate Development and Investor Relations
Methanex Corporation
604-661-2600
