Trading Statement Q2 2023 – INEOS Quattro Holdings Limited

Based on unaudited management information, INEOS Quattro reports that EBITDA for the second quarter of 2023 was €212 million, compared to €917 million for Q2, 2022 and €381 million for Q1, 2023. The second quarter results were adversely impacted by non-cash inventory holding losses of approximately €30 million (Q2, 2022: gains of €180 million) as a result of the large decline in raw material and product prices in the quarter.

Styrolution reported EBITDA of €32 million compared to €287 million in Q2, 2022

High energy prices, inflation and increasing interest rates weakened overall market sentiment.

The second quarter result includes a non-cash inventory holding loss of approximately €17 million in Q2, 2023 due to a decrease in raw material prices towards the end of the second quarter compared to a gain of €75 million in Q2, 2022.

Global general purpose PVC export prices were also significantly lower than Q2, 2022 with reduced domestic demand in Asia and the US forcing low cost producers from these regions into export markets

European contract price settled at €907/tonne in the second quarter of 2023 which was 21% lower than the comparative quarter.