LyondellBasell Industries (LYB) investor relations material

Executive summary

• Q3 net income was $758M; EBITDA was $1.420B reported and $1.512B excluding identified items, with adjusted diluted EPS of $2.54.

• Record I&D adjusted EBITDA of $795M and stronger oxyfuels results partly offset softer O&P margins as prices declined sequentially.

• Operating cash flow was $1.7B; cash rose by roughly $600M during the quarter, including the planned €500M note repayment.

Financial highlights

• Revenue was $8.499B, versus $9.177B in Q2 2026 and $7.727B in Q3 2025; nine-month revenue was $24.873B, up 8% YoY.

• Net income was $758M versus $559M in Q2 2026 and a loss of $890M in Q3 2025; 9M net income was $1.442B.

• Diluted EPS was $2.32, or $2.54 excluding identified items; 9M diluted EPS was $4.42.

• EBITDA was $1.420B reported and $1.512B excluding identified items, versus $1.252B and $2.127B, respectively, in Q2 2026.

• Cash from operating activities was $1.7B; free cash flow was $1.4B, capital expenditures were $303M and dividends were $224M.

Outlook and guidance

• Q4 target operating rates: O&P Americas ~85%, O&P EAI ~60% and I&D ~75%; planned North American polypropylene maintenance is included.

• Q4 outlook assumes normal seasonal demand, ongoing supply uncertainty and a seasonal working-capital release.

• O&P Americas announced PE price increases of $0.05/lb for October and November, and a $0.03/lb November PP spread increase; demand remained strong in October.

• I&D expects PO&D and methanol margins to normalize from Q3, while oxyfuels margins are expected to remain historically strong; APS expects 2026 adjusted EBITDA above 2025.

• 2026 modeling: CAPEX ~$1.2B, net interest expense ~$460M, D&A ~$1.4B and effective tax rate 15–20%.