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Borouge (BOROUGE) investor relations material
Borouge Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q3 production of 1.39M tonnes and a 52% quarter-on-quarter net profit increase to $295M, maintaining a 39% EBITDA margin, the highest in the industry.
High-value products comprised 36% of Q3 sales, exceeding guidance, and dividend guidance reaffirmed at 16.2 fils (PHP16.2) per share for 2025.
Ongoing share buyback program, with 158M shares repurchased as of September 30, reflecting confidence in valuation.
Report covers nine months ended 30 September 2025, with profit for the period at $768.77M, down from $908.22M year-over-year.
Principal activities include production and trading of polyolefins through subsidiaries in UAE, Singapore, and other countries.
Financial highlights
Q3 revenue reached $1.447B, up 11% sequentially but down 10% year-over-year due to lower benchmark prices.
Adjusted Q3 EBITDA was $565M (39% margin), up 28% quarter-on-quarter, with a net profit margin of 18%.
Operating free cash flow rose 68% quarter-on-quarter to $525M, with a 93% cash conversion ratio.
Nine-month EBITDA was $1.57B (38% margin), net profit $769M, and adjusted operating free cash flow $1.36B (down 22% year-over-year).
Revenue for the nine-month period was $4.17B, a decrease from $4.41B year-over-year.
Outlook and guidance
Stable macroeconomic environment expected in core markets for the rest of 2025; demand in target regions remains strong.
Benchmark pricing anticipated to remain soft in Q4, but differentiated products expected to sustain price premium.
Premium guidance unchanged at $200/tonne for PE and $140/tonne for PP.
High utilization rates and record production volumes expected to continue through year-end; XLPE production from new facility to commence by year-end.
Major restructuring planned: Borouge PLC and Borealis to combine into Borouge Group International, acquiring Nova Chemicals for $13.4B, with implementation expected in 2026 pending regulatory approvals.
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