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Chemtrade Logistics Income Fund (CHE-UN) investor relations material
Chemtrade Logistics Income Fund Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record financial and operational performance in 2025, with Adjusted EBITDA reaching $507.4 million and revenue at $1,997.8 million, driven by strong results in merchant acid, water solutions, and Regen acid, as well as employee contributions and strategic acquisitions.
Expanded Water segment through acquisitions of Polytec and Thatcher Group assets for $180 million, supporting inorganic growth.
Optimized capital structure and returned $100.8 million to unitholders via distributions and unit repurchases in 2025.
Financial highlights
2025 revenue rose 12% year-over-year to $1,997.8 million; Adjusted EBITDA up 8% to $507.4 million; net earnings increased 10% to $139.4 million.
Distributable cash after maintenance capex for 2025 was $228.0 million ($1.99/unit), up 7% year-over-year.
Net debt at year-end 2025 was $1.18 billion, with a net debt to Adjusted EBITDA ratio of 2.3x.
Maintenance capex for 2025 was $123.5 million; growth capex was $48.2 million.
Payout ratio for 2025 was 35%, with distributable cash per unit up 11% year-over-year.
Outlook and guidance
2026 Adjusted EBITDA guidance is $485–$525 million, reflecting normalization of acid prices and increased maintenance activity.
2026 maintenance capex expected at $120–$150 million; growth capex at $35–$55 million.
Q2 and Q3 2026 are expected to be the strongest quarters, though Q2 will be negatively impacted by the North Vancouver turnaround.
Vision 2030 targets mid-cycle Adjusted EBITDA of $550–$600 million by 2030, aiming for 5–10% annual growth.
Guidance assumes no major unplanned downtime, labor disruptions, or adverse trade/tariff impacts.
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