ALPEK (ALPEKA) Q3 2026 earnings summary

Executive summary

• Q3 comparable EBITDA was $276 million, up 101% YoY and down 18% QoQ, supported by strong execution and elevated PET margins and South America freight rates.

• Full-year 2026 comparable EBITDA guidance rose to $990 million; leverage improved to 1.8x from 2.2x in 2Q26.

Financial highlights

• Reported EBITDA was $303 million, up 161% YoY; the figure included a $27 million inventory adjustment.

• Volume was 1.172 million tons, flat QoQ and up 4% YoY; revenue was $2.179 billion, up 31% YoY.

• YTD comparable EBITDA was $762 million, up 96% YoY; Operating Free Cash Flow was $5 million after a $226 million net working capital investment.

Outlook and guidance

• FY26 guidance: comparable EBITDA of $990 million, volume of 4.6 million tons, Operating Free Cash Flow of $300–350 million and CAPEX of $150 million; EBITDA guidance excludes potential non-strategic asset sales.

• 4Q26 assumptions: PET margins of $225/ton, PP margins of 17 cpp, South America ocean freight of $200/ton and FX of $18.00.

• PET margins and ocean freight are expected to moderate gradually with typical 4Q seasonality, while remaining above expectations set in 2Q26.