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OCI (OCI) investor relations material
OCI Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 featured significant portfolio transformation, including the $1.6B sale of the methanol business to Methanex, making the company the second largest Methanex shareholder with a 13% stake.
Focus shifted to the European nitrogen segment and corporate entities, with a strategic review of European assets ongoing and potential sale updates expected by year-end.
Distributed $1.7B to shareholders YTD, totaling $7B over four years, and fully retired 2033 bonds, eliminating all outstanding debt.
Announced early-stage merger discussions with Orascom Construction to create a global infrastructure platform anchored in Abu Dhabi, with independent directors and external advisors engaged.
Safety performance remained strong, with a 12-month rolling recordable incident rate of 0.31, well below industry average.
Financial highlights
H1 2025 revenue from continuing operations was $567M, up 11% year-over-year.
Adjusted EBITDA from continuing operations was $1M, with European nitrogen contributing $21M and corporate costs offsetting $20M.
Net loss attributable to shareholders from continuing operations was $330.5M, impacted by noncash FX losses, a $98M cost overrun at Beaumont New Ammonia, and debt modification costs.
Free cash flow from continuing operations was negative $82.8M, reflecting higher maintenance capex and strategic review costs.
Net cash position at June 30, 2025, was $1.03B, down from $1.37B at year-end 2024.
Outlook and guidance
European nitrogen outlook is positive, supported by healthy supply-demand, normalizing gas markets, and new EU regulations including CBAM and tariffs on Russian imports.
First ammonia production at Beaumont New Ammonia expected late 2025, with project handover to Woodside in early 2026; total project investment now estimated at $1.65B.
Strategic review of European nitrogen assets is ongoing, with an update expected by year-end, including a potential sale.
Nitrate and premium product prices expected to remain strong, supported by demand, regulatory changes, and decarbonization trends.
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