Methanex Reports First Quarter 2026 Results, Well-Positioned In Current Environment
Except where otherwise noted, all currency amounts are stated in United States dollars.
Financial and Production Highlights
- Net loss attributable to Methanex shareholders of $14 million, which is primarily driven by the increase in our share price and the resulting mark-to-market expense of share-based compensation in the first quarter, Adjusted EBITDA of $220 million, and Adjusted net income of $23 million.
- Our average realized price in the first quarter was $351 per tonne compared to $331 per tonne in the fourth quarter of 2025. Based on our April and May posted prices, we expect that our average realized price range will be approximately $500 to $525 per tonne for these two months.
- Produced 2,391,000 tonnes of methanol in the first quarter compared to 2,364,000 tonnes in the fourth quarter of 2025.
- Repaid $60 million of the Term Loan A in line with our goal to de-lever the balance sheet, and returned $14 million to shareholders through regular dividends. Ended the first quarter with $379 million in cash.
VANCOUVER, British Columbia, April 29, 2026 (GLOBE NEWSWIRE) -- For the first quarter of 2026, Methanex (TSX:MX) (NASDAQ:MEOH) reported a net loss attributable to Methanex shareholders of $14 million ($0.18 net loss per common share on a diluted basis) compared to a net loss of $89 million ($1.15 net loss per common share on a diluted basis) in the fourth quarter of 2025. Adjusted EBITDA for the first quarter of 2026 was $220 million and Adjusted net income was $23 million ($0.30 Adjusted net income per common share). This compares with Adjusted EBITDA of $186 million and an Adjusted net loss of $11 million ($0.14 Adjusted net loss per common share) for the fourth quarter of 2025.
Rich Sumner, President & CEO of Methanex, said, "This quarter saw the continuation of safe and reliable operations across our portfolio, including at the recently acquired assets in Beaumont, Texas. The conflict in the Middle East has meaningfully impacted global petrochemical supply chains, including methanol, and this has resulted in a rapid and significant increase in global methanol pricing into the second quarter. We believe our global asset portfolio will allow us to continue providing unmatched reliability of supply to our customers and we remain focused on delivering on our integration plan, cost-effectively operating our assets and supply chain and continuing our de-leveraging efforts while we navigate an evolving and uncertain macro environment."
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex's key financial and operational data for the first quarter of 2026. It is not a complete source of information for readers and is not in any way a substitute for reading the first quarter 2026 Management’s Discussion and Analysis ("MD&A") dated April 29, 2026 and the unaudited condensed consolidated interim financial statements for the period ended March 31, 2026, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended March 31, 2026 are also available on the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
FINANCIAL AND OPERATIONAL DATA
| Three Months Ended | |||||
| ($ millions except per share amounts and where noted) |
Mar 31 2026 |
Dec 31 2025 |
Mar 31 2025 |
||
| Production (thousands of tonnes) (attributable to Methanex shareholders)1 | 2,391 | 2,364 | 1,619 | ||
| Sales volume (thousands of tonnes) | |||||
| Methanex-produced methanol | 2,226 | 2,390 | 1,703 | ||
| Purchased methanol | 222 | 142 | 382 | ||
| Commission sales | 174 | 157 | 132 | ||
| Total methanol sales volume | 2,622 | 2,689 | 2,217 | ||
| Methanex average non-discounted posted price ($ per tonne)2 | 611 | 543 | 639 | ||
| Average realized price ($ per tonne)3 | 351 | 331 | 404 | ||
| Revenue4 | 974 | 969 | 896 | ||
| Net income (loss) (attributable to Methanex shareholders) | (14 | ) | (89 | ) | 111 |
| Adjusted net income (loss)5 | 23 | (11 | ) | 88 | |
| Adjusted EBITDA5 | 220 | 186 | 248 | ||
| Cash flows from operating activities | 132 | 239 | 315 | ||
| Adjusted free cash flow5 | 31 | 91 | 195 | ||
| Basic net income (loss) per common share | (0.18 | ) | (1.15 | ) | 1.65 |
| Diluted net income (loss) per common share | (0.18 | ) | (1.15 | ) | 1.44 |
| Adjusted net income (loss) per common share5 | 0.30 | (0.14 | ) | 1.30 | |
| Common share information (millions of shares) | |||||
| Weighted average number of common shares | 77 | 77 | 67 | ||
| Diluted weighted average number of common shares | 77 | 77 | 68 | ||
| Number of common shares outstanding, end of period | 77 | 77 | 67 | ||
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1 Methanex-produced methanol represents our equity share of methanol volume produced at our facilities and excludes volume marketed on a commission basis related to the 50% of the Egypt facility that we do not own. | |||||
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2 Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe, China and Asia Pacific weighted by total methanol sales volume. Current and historical pricing information is available at www.methanex.com. | |||||
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3 The Company has used Average realized price ("ARP") throughout this document. ARP is calculated as methanol revenue divided by the total methanol sales volume. It is used by management to assess the realized price per unit of methanol sold, and is relevant in a cyclical commodity environment where revenue can fluctuate in response to market prices. | |||||
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4 Revenue includes sales of ammonia and other products, in addition to sales of methanol. | |||||
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5 Note that Adjusted net income (loss), Adjusted net income (loss) per common share, Adjusted EBITDA, and Adjusted free cash flow are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to the Additional Information -Non-GAAP Measures section on page 15 of our first quarter MD&A dated April 29, 2026 for a description of each non-GAAP measure. | |||||
- A reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA, Adjusted net income and the calculation of Adjusted net income per common share is as follows:
| Three Months Ended | |||||||||
| ($ millions) |
Mar 31 2026 |
Dec 31 2025 |
Mar 31 2025 |
||||||
| Net income (loss) attributable to Methanex shareholders | $ | (14 | ) | $ | (89 | ) | $ | 111 | |
| Mark-to-market impact of share-based compensation | 45 | (1 | ) | (32 | ) | ||||
| Depreciation and amortization | 120 | 127 | 106 | ||||||
| Finance costs | 55 | 57 | 51 | ||||||
| Finance income and other expenses | 3 | (10 | ) | (4 | ) | ||||
| Income tax expense | 3 | 16 | 36 | ||||||
| Asset impairment charge | — | 71 | — | ||||||
| Earnings of associates adjustment | 34 | 41 | 2 | ||||||
| Non-controlling interests adjustment | (26 | ) | (26 | ) | (22 | ) | |||
| Adjusted EBITDA | $ | 220 | $ | 186 | $ | 248 | |||
| Three Months Ended | |||||||||
| ($ millions except number of shares and per share amounts) |
Mar 31 2026 |
Dec 31 2025 |
Mar 31 2025 |
||||||
| Net income (loss) attributable to Methanex shareholders | $ | (14 | ) | $ | (89 | ) | $ | 111 | |
| Mark-to-market impact of share-based compensation, net of tax | 37 | — | (26 | ) | |||||
| Mark-to-market impact of gas contract revaluations, net of tax | 1 | (7 | ) | 3 | |||||
| Asset impairment charge, net of tax | — | 82 | — | ||||||
| Earnings of associates adjustment, net of tax | $ | (1 | ) | $ | 3 | $ | — | ||
| Adjusted net income | $ | 23 | $ | (11 | ) | $ | 88 | ||
| Diluted weighted average shares outstanding (millions) | 77 | 77 | 68 | ||||||
| Adjusted net income per common share | $ | 0.30 | $ | (0.14 | ) | $ | 1.30 | ||
- We recorded a net loss attributable to Methanex shareholders of $14 million in the first quarter of 2026 compared to a net loss of $89 million in the fourth quarter of 2025. The net loss in the first quarter of 2026 was lower compared to the prior quarter primarily due to a higher average realized price, lower depreciation and the impact of the asset impairment expense recorded in the fourth quarter of 2025, partially offset by the mark-to-market impact of share based compensation and lower sales of produced product.
- We sold 2,622,000 tonnes of methanol in the first quarter of 2026 compared to 2,689,000 tonnes of methanol in the fourth quarter of 2025. Sales of Methanex-produced methanol were 2,226,000 tonnes in the first quarter of 2026 compared to 2,390,000 tonnes in the fourth quarter of 2025.
- Production of methanol for the first quarter of 2026 was 2,391,000 tonnes compared to 2,364,000 tonnes for the fourth quarter of 2025. Production was marginally higher in the first quarter of 2026 compared to the fourth quarter of 2025 due to continuing strong performance across our production assets, particularly in North America where our assets operated at high rates outside of a short period early in the quarter when production was reduced in response to high natural gas prices.
- In the first quarter of 2026 we paid a quarterly dividend of $0.185 per common share for a total of $14 million and repaid $60 million of the outstanding Term Loan A.
- At March 31, 2026, we had a strong liquidity position including a cash balance of $379 million. We also have access to a $600 million revolving credit facility.
PRODUCTION HIGHLIGHTS
| Q1 2026 | Q4 2025 | Q1 2025 | ||
| (thousands of tonnes) | Operating Capacity1 | Production | Production | Production |
| USA | ||||
| Geismar | 1,000 | 934 | 953 | 617 |
| Beaumont2 | 228 | 195 | 216 | — |
| Natgasoline (50% interest)2 | 213 | 203 | 186 | — |
| Chile | 425 | 398 | 354 | 429 |
| Trinidad3 | 215 | 215 | 174 | 137 |
| New Zealand4 | 215 | 158 | 171 | 160 |
| Egypt (50% interest) | 158 | 164 | 165 | 136 |
| Canada (Medicine Hat) | 140 | 124 | 145 | 140 |
| Total Methanol Production | 2,594 | 2,391 | 2,364 | 1,619 |
| Beaumont Ammonia2 | 85 | 85 | 90 | — |
| 1 The operating capacity of our production facilities may be higher or lower than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than operating capacity due to a number of factors, including natural gas availability, feedstock composition, the age of the facility's catalyst, turnarounds and access to CO2 from external suppliers for certain facilities. We review and update the operating capacity of our production facilities on a regular basis based on historical performance. |
| 2 The facilities were acquired on June 27, 2025. |
| 3 The operating capacity of Trinidad consists of the Titan facility (100% interest). The Atlas facility (63.1% interest) is excluded as it is currently idle. Refer to the Trinidad section below. |
| 4 The operating capacity of New Zealand consists of one Motunui facility, with the other excluded as it is currently idle. Refer to the New Zealand section below. |
Key production and operational highlights during the first quarter include:
United States
Geismar produced 934,000 tonnes in the first quarter of 2026 compared to 953,000 tonnes in the fourth quarter of 2025, while Beaumont produced 195,000 tonnes of methanol and 85,000 tonnes of ammonia in the first quarter of 2026 compared to 216,000 tonnes of methanol and 90,000 tonnes of ammonia in the fourth quarter of 2025. The Natgasoline plant produced 203,000 tonnes of methanol (Methanex share) in the first quarter of 2026 compared to 186,000 tonnes of methanol (Methanex share) in the fourth quarter of 2025. Natgasoline's production was lower in the fourth quarter of 2025 due to a 10-day planned outage. All locations operated at high rates outside of a short period early in the quarter when production was reduced in response to high natural gas prices.
Chile
Chile produced 398,000 tonnes in the first quarter of 2026 compared to 354,000 tonnes in the fourth quarter of 2025. Both quarters were partially impacted by a third-party pipeline failure that caused a temporary restriction of gas supply to our facilities. With gas supply fully restored early in January, both Chile plants ran well throughout the quarter. We have gas contracts in place with Chilean and Argentinean gas producers until 2030 and 2027, respectively, which underpin approximately 55% of the site's gas requirements year-round. While seasonality in production is expected to continue, we are seeing generally positive developments in natural gas availability to supply our Chile facilities.
Trinidad
In Trinidad, the Titan plant produced 215,000 tonnes in the first quarter of 2026 compared to 174,000 tonnes in the fourth quarter of 2025. Production was higher in the first quarter as the plant experienced disruptions from unplanned outages in the fourth quarter. We have a natural gas contract to supply the Titan plant which expires in September 2026. We are in discussions with the Natural Gas Company of Trinidad and Tobago to renew gas supply contracts to support our Trinidad operations, however there can be no assurance that we will be able to secure such contracts on commercially acceptable terms.
New Zealand
New Zealand produced 158,000 tonnes in the first quarter of 2026 compared to 171,000 tonnes in the fourth quarter of 2025. Future production in New Zealand will be dependent on the performance of existing wells, future upstream development and any on-selling of gas into the electricity market to support the country's energy needs.
Egypt
Egypt produced 328,000 tonnes (Methanex interest - 164,000 tonnes) in the first quarter of 2026 compared to 330,000 tonnes (Methanex interest - 165,000 tonnes) in the fourth quarter of 2025. Gas availability in Egypt is influenced by several factors, including domestic production levels, gas imports and seasonal demand fluctuations. We are monitoring the gas market closely and we may experience curtailments in the future, particularly in the summer months, depending on gas supply and demand dynamics in the domestic and international markets.
Canada
Medicine Hat produced 124,000 tonnes in the first quarter of 2026 compared to 145,000 tonnes in the fourth quarter of 2025. Production was lower in the first quarter due to an unplanned outage for repairs that were completed during the quarter. The plant was successfully re-started and operating at full rates by quarter-end.
Outlook
We reiterate our expectations for 2026 production to be 9.0 million tonnes (Methanex interest) of methanol and 0.3 million tonnes of ammonia. Actual production may vary by quarter based on gas availability, turnarounds, unplanned outages and unanticipated events.
Based on our April and May posted prices, we expect that our average realized price range will be approximately $500 to $525 per tonne for these two months. Based on a higher realized price and similar sales of produced methanol, we are expecting significantly higher Adjusted EBITDA in the second quarter.
CONFERENCE CALL
A conference call is scheduled for April 30, 2026 at 11:00 am ET (8:00 am PT) to review these first quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (647) 932-3411, or toll free at (800) 715-9871. The conference ID for the call is #2019292. A simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com/investor-relations/events and will also be available following the call.
ABOUT METHANEX
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to customers globally. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the Nasdaq Global Market in the United States under the trading symbol "MEOH".
FORWARD-LOOKING INFORMATION WARNING
This first quarter 2026 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the first quarter 2026 Management's Discussion and Analysis for more information which is available from the Investor Relations section of our website at www.methanex.com, the Canadian Securities Administrators' SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.
NON-GAAP MEASURES
Throughout this document, the Company has used the terms Adjusted EBITDA, Adjusted net income, and Adjusted net income per common share. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price, the impact of the Egypt and New Zealand gas contract revaluations and the impact of certain items associated with specific identified events. Refer to Additional Information - Non-GAAP Measures on page 15 of the Company's MD&A for the period ended March 31, 2026 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
For further information, contact:
Robert Winslow
Investor Relations
Methanex Corporation
604-661-2600
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