Methanex (MX) Q3 2025 earnings summary

Executive summary

• Achieved adjusted EBITDA of $191 million and adjusted net income of $0.06 per share in Q3 2025, with higher sales of produced product offset by lower realized prices compared to Q2 2025.

• Completed integration of newly acquired Beaumont and Natgasoline assets, which operated at high rates and contributed significantly to production.

• Production increased to 2,212,000 tonnes in Q3 2025 from 1,621,000 tonnes in Q2 2025, driven by new assets and higher output from Geismar, Medicine Hat, and New Zealand.

• Global methanol demand remained flat quarter-over-quarter, with high operating rates in China and increased supply from Iran leading to inventory builds.

• Net loss attributable to shareholders was $7 million, with adjusted net income of $5 million.

Financial highlights

• Q3 average realized price was $345 per ton; produced methanol sales reached approximately 1.9 million tons.

• Revenue for Q3 2025 was $927 million, up from $797 million in Q2 2025.

• Adjusted EBITDA rose sequentially due to higher sales volumes, despite lower average realized prices.

• Ended Q3 with $413 million in cash on the balance sheet after repaying $125 million of the Term Loan A facility; maintained access to a $600 million revolving credit facility.

• Cash from operations totaled $184 million in Q3 2025.

Outlook and guidance

• Forecasts Q4 average realized price between $335 and $345 per ton based on posted prices.

• Expects meaningfully higher adjusted EBITDA in Q4 2025 as sales align with run-rate equity production from new assets.

• 2025 equity production guidance is approximately 8 million tons (7.8 million methanol, 0.2 million ammonia), subject to operational variables.

• No significant growth capital anticipated over the next few years; focus remains on deleveraging and financial flexibility.