LyondellBasell Industries (LYB) investor relations material

Executive summary

• Q3 2025 reported a net loss of $890 million, primarily due to $1.2 billion in non-cash asset write-downs in O&P-EAI and APS segments, while adjusted net income was $330 million and adjusted EPS was $1.01.

• EBITDA was $835 million excluding identified items, with cash from operations reaching $983 million and a 135% cash conversion rate.

• $443 million was returned to shareholders via dividends in Q3, and $2 billion over the last 12 months through dividends and buybacks.

• Safety performance improved, with a recordable incident rate of 0.12 YTD.

• Discontinued operations include the closure of the Houston refinery and the pending sale of select European assets.

Financial highlights

• Q3 2025 sales and operating revenues were $7.73 billion, down from $8.60 billion in Q3 2024; net loss was $890 million, with diluted loss per share of $(2.77).

• Adjusted EBITDA was $835 million, and adjusted net income was $330 million.

• Cash from operations for Q3 was $983 million; cash balance at quarter-end was $1.8 billion.

• Capital expenditures for Q3 were $406 million.

• Net debt at September 30, 2025 was $11.86 billion; total liquidity was $6.5 billion.

Outlook and guidance

• Q4 2025 expected to be impacted by year-end seasonality, lower operating rates, and continued weak demand in Europe.

• North America faces higher feedstock costs, pressuring polyolefins margins; European demand remains weak.

• Cash Improvement Plan targets $600 million in 2025 and at least $1.1 billion by end of 2026.

• Capital expenditures to be reduced to $1.2 billion in 2026, with further flexibility expected post-European asset sales.

• Planned maintenance shutdowns in Germany and Texas to align production with demand and reduce working capital.