INEOS has reported a net loss for Q3 2025, primarily driven by a downturn in the global chemicals market, characterized by weaker sales volumes, narrower margins, and persistent oversupply. The company's EBITDA for Q3 2025 fell to €375 million, compared to €603 million in Q3 2024.

North American markets were mainly solid, taking full benefit from their current cost advantage.  Markets in Europe have been mainly stable, whereas market conditions in Asia have remained soft in the quarter.

Global market sentiment in chemicals and other industries has continued to be affected by the ongoing uncertainties surrounding tariffs in key markets. Markets in Europe continue to be hindered by high energy costs and carbon taxes.

In response to the challenging market conditions, the Group has implemented and maintained a number of measures to conserve cash during this period, including policies to control all discretionary fixed costs across the businesses and a review of all capital projects to defer or reduce discretionary expenditure and scheduled turnarounds where it is safe to do so.

O&P North America reported EBITDA of €173 million compared to €227 million in Q3, 2024. Ethylene markets were generally solid in the quarter with steady domestic demand. Polymer demand was subdued but generally stable, although polypropylene markets were weak. Downstream pipe markets were solid with stable demand.

O&P Europe reported EBITDA of €80 million compared to €113 million in Q3, 2024. Markets for olefins in the quarter were stable although most industry crackers are still trimmed across Europe. Markets for butadiene were relatively balanced in the quarter with easing domestic demand offset by exports. European polymer markets were subdued with demand uncertainty and the seasonal slowdown. The results for the quarter were adversely impacted by the start of the scheduled turnaround at Lavera and the continued increase in investment in Project One start-up costs.

Chemical Intermediates reported EBITDA of €122 million compared to €263 million in Q3, 2024. Markets in the Oligomers business were solid across the product portfolio, with consistent and firm demand. Demand across most market sectors for the Oxide business was subdued.

The results in Q3, 2024 benefitted from an insurance claim settlement in relation to lost production at the Plaquemine, Louisiana site for €50 million. Demand for the Nitriles business was mixed, with good demand in the USA, lower but stable demand in Europe, and softer demand in Asia due to industry oversupply.  Markets for the Phenol business were firm in the USA and subdued in Europe but continued to be weak in Asia.

The Group has continued to focus on cash management and liquidity. Net debt was approximately €11.3 billion at the end of September 2025 (including the SECCO Term Loan and Project One Facilities).  Cash balances at the end of the quarter were €2,636 million, and availability under undrawn working capital facilities was €525 million.  Net debt leverage (excluding the SECCO Term Loan and Project One Facilities) was approximately 5.7 times as at the end of September 2025.