Borouge (BOROUGE) Q3 2026 earnings summary

Executive summary

• Q3 production rose 32% QoQ to 949 kt and sales increased 22% to 1,069 kt as feedstock supply and asset availability improved; adjusted EBITDA was $279m and net profit was $108.6m.

• Lower benchmark prices and elevated feedstock and logistics costs weighed on Q3 earnings; Q4 is expected to be FY2026’s strongest quarter, supported by higher volumes and stronger pricing.

Financial highlights

• Revenue was $1,444m, flat YoY and up 3% QoQ as higher sales volumes offset lower average selling prices.

• Adjusted EBITDA was $279m, down 51% YoY and 30% QoQ, with a 19% margin; net profit was $108.6m, down 63% YoY.

• 9M revenue was $4,025m, adjusted EBITDA $1,023m and net profit $455m; all were lower YoY.

• Q3 gross profit was $427m and operating profit $172m, down 30% and 62% YoY, respectively.

Outlook and guidance

• Q4 adjusted EBITDA is expected to be significantly higher than Q3, with Q4 forecast as FY2026’s strongest quarter.

• October utilisation exceeded 90% as feedstock supply improved; high Q4 utilisation and production remain subject to feedstock availability.

• Q4 polyolefin benchmarks and realised PE and PP prices are expected above Q3 levels; logistics costs are expected to improve but remain above historical levels.

• FY2026 dividend intention remained 16.2 fils per share, with the H2 dividend expected in May 2027.