# OCI Global Q1 2026 Trading Update

- Link: https://www.thailand-business-news.com/pr-news/oci-global-q1-2026-trading-update
- Published: 2026-05-29T23:35:00+07:00
- Author: PR Newswire

AMSTERDAM, May 30, 2026 /PRNewswire/ — **Hassan Badrawi, CEO of OCI Global:**

"During the first quarter, OCI made continued progress in executing its strategic
priorities, including the completion of the sale of OCI Ammonia Holding to AGROFERT,
the handover of Beaumont New Ammonia to Woodside, and the monetisation of our entire
Methanex stake through a series of transactions during the quarter and thereafter.
These steps reflect further progress on key strategic executions.

Looking ahead, our focus remains on disciplined cost and balance sheet management
and advancing our current strategic priorities, including a potential transaction
for OCI Nitrogen. The Company continues to support the ongoing Enterprise Chamber
process and will provide further updates as appropriate in line with its disclosure
obligations."

**Statement from the Enterprise Chamber Appointed Directors:**

"Over the past months, we have discharged our special mandate in constructive collaboration
with the Company. We aim to be in a position to determine by the end of June whether
to submit the Orascom transaction for shareholder approval. Any further updates 
will be provided as and when appropriate, in accordance with applicable disclosure
requirements."

**Key Financial Highlights**

 ◦ Adjusted EBITDA for OCI’s residual operating business **OCI Nitrogen** ("OCIN")
   on a standalone basis (excluding **OCI Ammonia Holding** "OCI AH") was USD 52
   million in the quarter. Total own-produced sales volumes were 539 thousand tonnes
   in the quarter compared to 484 thousand tonnes in Q1 2025. Q1 2026 operating 
   free cash flow for OCIN on a standalone basis (excluding OCI AH) was negative
   at USD 33 million, reflecting a USD 76 million working capital outflow. This 
   primarily relates to the reversal of late‑2025 payables and receivables optimisation.
 ◦ Within** Corporate Entities**, the Company’s corporate cost base remains above
   the previously guided run-rate, reflecting ongoing strategic processes, including
   the Enterprise Chamber proceedings, the potential sale of OCI Nitrogen and the
   completion of strategic review activities, as well as related non-recurring items.
   Corporate costs at Corporate Entities were USD 18.5 million in Q1 2026.
 ◦ The Group’s net cash position stood at USD 695 million as of 31 March 2026 (excluding
   net proceeds from Methanex shares sold after that date), compared to a net debt
   position of USD 54 million as of 31 December 2025. The movement reflects net 
   proceeds from the handover of **Beaumont New Ammonia** ("BNA"), the closing of
   the **OCI Ammonia Holding** sale, and the partial monetisation of OCI’s Methanex
   equity consideration, offset by ongoing HoldCo costs, including one-offs and 
   operational cash flows, as well as the elimination of OCI AH net cash post-divestment.
   As of the 29 May 2026, the Group had a net cash position of approximately USD
   1.08 billion.

**Key Strategic and Business Highlights**

 ◦ Following the Beaumont New Ammonia divestment and handover to Woodside on 25 
   March 2026, as part of the divestment, OCI has received the USD 470 million deferred
   consideration, representing 20% of total proceeds, subject to outstanding construction
   obligations, certain closing related adjustments, and remaining estimated close-
   out costs. Significant progress has been made in finalising these close-out costs,
   with the majority of subcontractor claims now settled, and the residual cost 
   exposure having narrowed meaningfully. OCI continues to estimate a total cost
   to completion of approximately USD 1.8 billion, inclusive of all close-out costs.
 ◦ On 31 March 2026, OCI announced the successful completion of the sale of 100%
   of its equity interests in OCI AH to AGROFERT, a.s. ("AGROFERT"), a significant
   European nitrogen products manufacturer. The transaction was valued at EUR 290
   million. Net proceeds, including Q1 2026 cash flows, are expected to be approximately
   USD 319 million after contractually agreed closing adjustments. 
 ◦ OCI has fully unwound its equity position in Methanex Corporation (9,944,308 
   shares, representing approximately 12.9% of the issued and outstanding share 
   capital) through a series of block trades during the quarter and subsequently,
   achieving a net weighted average price of USD 54.56 per share, 21% above OCI’s
   entry price at the time of the **OCI Methanol** transaction signing in September
   2024. Total net proceeds amounted to approximately USD 543 million, after customary
   fees and expenses. 
 ◦ OCI continues to evaluate and pursue a strategic transaction for **OCI Nitrogen**
   consistent with the strategic review process and will update the market as appropriate.
 ◦ There have been no material developments in respect of the **Fertiglobe **contingent
   consideration. Accordingly, the provision remains consistent with the position
   previously reported in the audited 2025 annual accounts. The Board continues 
   to consider the provision of USD 361.6 million to represent the best estimate
   of the present exposure.

**Key Operational Highlights**

Continuing Operations, as presented in this trading update, reflect the performance
of the European Nitrogen segment and Corporate Entities.

**European Nitrogen**

 ◦ Performance benefited from a supportive pricing environment and to a modest extent
   some gas hedges, with nitrogen prices increasing during the period, although 
   margins remained constrained by higher gas input costs. The period also reflected
   cost pressure and some demand softness across certain segments, driven by elevated
   nitrogen and energy prices.

 ◦ Additional working capital outflows were driven by pricing effects (natural gas
   and selling prices), resulting in higher receivables and inventory balances, 
   which more than offset the EBITDA generated in the period. Near‑term cash flow
   performance is expected to be impacted by planned turnarounds and the normalisation
   of working capital.

 ◦ The quarter was impacted by a temporary operational disruption affecting one 
   ammonia line, resulting in ammonia imports to cover the shortfall. The affected
   line has since been restarted, and downstream operations remained consistent 
   throughout.

 ◦ Looking ahead, performance remains subject to external factors, including geopolitical
   developments and energy market conditions, with pricing continuing to reflect
   disruption in global trade flows; against this backdrop, fertiliser prices have
   softened from April peaks, reflecting geopolitical developments. In this context,
   OCI Nitrogen operates in a structurally volatile, high operating leverage environment,
   where relatively small changes in natural gas costs, commodity pricing, plant
   reliability and other macroeconomic factors can have a disproportionate impact
   on earnings and valuation. The Company continues to actively monitor and respond
   to these dynamics.

**Corporate Entities**

 ◦ The Company’s ability to achieve its previously guided HoldCo cost run-rate has
   been deferred, reflecting continued costs related to managing the close-out of
   the BNA project claims, the Enterprise Chamber proceedings, the potential transaction
   for OCI Nitrogen and the completion of ongoing strategic review activities, together
   with associated non-recurring items, including employee severance and contractual
   commitments, as well as transaction, banking, legal and advisory fees, and other
   related expenses. Based on the above and project related committed costs, corporate
   costs for 2026 are expected to exceed the annualised Q1 figure.

**Product sales volumes (‘000 metric tonnes)**

  |

**‘000 metric tonnes **

  |

**Q1 ’26**

  |

**Q1 ’25**

  |

**% Δ**

  |  
 |

**Own Product**

  |   |   |   |  
 |

Ammonia

  |

59.2

  |

72.5

  |

-18 %

  |  
 |

CAN

  |

287.3

  |

248.5

  |

16 %

  |  
 |

UAN

  |

121.5

  |

97.7

  |

24 %

  |  
 |

**Total Fertilizer**

  |

**468.0**

  |

**418.7**

  |

**12 %**

  |  
 |

Melamine

  |

14.4

  |

17.2

  |

-16 %

  |  
 |

DEF / AdBlue

  |

57.0

  |

48.5

  |

18 %

  |  
 |

**Total Own Product Sold**

  |

**539.4**

  |

**484.4**

  |

**11 %**

  |  
 |

**Traded third Party**

  |   |   |   |  
 |

Ammonia

  |

21.6

  |

53.2

  |

-59 %

  |  
 |

UAN

  |

–

  |

6.4

  |

-100 %

  |  
 |

AS

  |

18.8

  |

29.7

  |

-37 %

  |  
 |

**Total Traded Third Party**

  |

**40.4**

  |

**89.3**

  |

**-55 %**

  |  
 |

**Total Own Product and Traded Third Party**

  |

**579.8**

  |

**573.7**

  |

**1 %**

  |

**Benchmark prices^([1])**

  |   |   |   |

** Q1 ’26 **

  |

** Q1 ’25 **

  |

** % Δ **

  |

**Q4 ’25**

  |

** % Δ **

  |  
 |

**Ammonia**

  |

NW Europe, CFR

  |

$/mt

  |

**697**

  |

**570**

  |

22 %

  |

**613**

  |

14 %

  |  
 |

**Ammonia**

  |

US Gulf Tampa contract

  |

$/mt

  |

**612**

  |

**491**

  |

25 %

  |

**554**

  |

10 %

  |  
 |

**CAN**

  |

Germany, CIF

  |

€/mt

  |

**381**

  |

**360**

  |

6 %

  |

**332**

  |

15 %

  |  
 |

**UAN**

  |

France, FCA

  |

€/mt

  |

**382**

  |

**322**

  |

19 %

  |

**335**

  |

14 %

  |  
 |

**Natural gas**

  |

TTF (Europe)

  |

$/mmBtu

  |

**13.6**

  |

**14.0**

  |

-3 %

  |

**10.8**

  |

26 %

  |  
 |

**Natural gas**

  |

Henry Hub (US)

  |

$/mmBtu

  |

**3.5**

  |

**3.9**

  |

-10 %

  |

**3.5**

  |

0 %

  |

**^([1] )Source: CRU, Bloomberg**

**Notes**

This report contains unaudited first quarter highlights of OCI Global (‘OCI,’ ‘the
Group’ or ‘the Company’), a public limited liability company incorporated under 
Dutch law, with its head office located at Honthorststraat 19, 1071 DC Amsterdam,
the Netherlands.

OCI Global is registered in the Dutch commercial register under No. 56821166 dated
2 January 2013. The Group is primarily involved in the production of nitrogen-based
fertilizers and industrial chemicals.

**Auditor**

The reported data in this report have not been audited by an external auditor.

**Market Abuse Regulation**

This press release contains inside information as meant in clause 7(1) of the Market
Abuse Regulation.

**About OCI Global**

Learn more about OCI at [www.oci-global.com](https://oci-global.com/). You can also
follow OCI on [LinkedIn.](https://www.linkedin.com/company/ociglobal/mycompany/)

OCI stock symbols: OCI / OCI.NA / OCI.AS

---

  |  This article was produced by Cision PR Newswire, our trusted news partner. The views expressed and the content presented here are solely those of the author and may not fully reflect the opinions of Thailand Business News. |

---

 
**Read the original article :** [OCI Global Q1 2026 Trading Update ](http://www.prnasia.com/story/archive/4971167_AE71167_0?rand=184833)