OCI (OCI) Q2 2026 earnings summary

Executive summary

• Completed sale of global ammonia distribution and terminal business to AGROFERT and monetized entire Methanex investment, finalizing strategic transformation phase.

• Entered agreement to sell initial 50% interest in OCI Nitrogen to AGROFERT, with a mechanism for full divestment by H2 2027.

• Proposed combination with Orascom Construction progressing, with an extraordinary general meeting scheduled for shareholder approval.

• NNS launched a voluntary all-cash public offer for shares, providing a cash exit alternative for shareholders.

Financial highlights

• Net profit attributable to shareholders was $1 million in H1 2026, down from $343 million in H1 2025, reflecting a $238 million gain on OCI Ammonia Holding disposal, offset by a $215 million impairment at OCI Nitrogen.

• OCI Nitrogen segment revenue was $534 million (H1 2025: $566 million); operating profit rose to $53 million from a $21 million loss year-over-year.

• OCI Nitrogen reported a net loss of $175 million (H1 2025: $12 million loss), with negative free cash flow of $2 million.

• Held-for-sale net cash at 30 June 2026 was $1.05 billion, up from $695 million at 31 March 2026, mainly due to asset sales.

Outlook and guidance

• Management expects continued margin pressure and weaker operating performance for OCI Nitrogen in the remainder of 2026 due to high gas prices and lower product prices.

• Completion of the Orascom Construction transaction is expected in Q4 2026, subject to shareholder and regulatory approvals.