Ineos Q1 Report 2023

The decrease in revenues was driven by lower selling prices and decreased volumes. Overall sales volumes for the Group were approximately 14% lower in the three month period ended March 31, 2023 as compared to the same
period in 2022 as all businesses apart from O&P North America and Oligomers experienced a decrease in volumes.

Selling prices were also lower in the first quarter of 2023 as compared to the same period in 2022 as these followed the decrease in crude oil prices, which decreased to an average of $81/bbl for the three month period ended March 31, 2023 as compared to $100/bbl in the same period in 2022. Partially offsetting these decreases was the appreciation of the US dollar by approximately 5% against the euro in the three month period ended March 31, 2023 as compared to the same period in 2022, which has increased the reported euro results.