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Methanex Reports Second Quarter 2025 Results

Except where otherwise noted, all currency amounts are stated in United States dollars.

Financial and Production Highlights

• Net income attributable to Methanex shareholders of $64 million and Adjusted EBITDA of $183 million in the second quarter. Our average realized price in the second quarter was $374 per tonne compared to $404 per tonne in the first quarter of 2025.

• On June 27, 2025, we closed the acquisition of OCI Global's international methanol business ("OCI Acquisition") including an interest in two world-scale methanol facilities in Beaumont, Texas. Both plants have been operating safely and at 100% rates since acquisition.

• Production in the second quarter was 1,621,000 tonnes compared to 1,619,000 tonnes in the first quarter of 2025. Higher production from Geismar and Trinidad in the second quarter was offset by lower production from Chile, New Zealand, and Egypt as well as a planned turnaround at Medicine Hat.

• In the second quarter, $12.5 million was returned to shareholders through regular dividends. We ended the second quarter with $485 million in cash or $459 million excluding the non-controlling interest portion of $50 million but including our share of cash held by joint ventures of $24 million.

VANCOUVER, British Columbia, July 30, 2025 (GLOBE NEWSWIRE) -- For the second quarter of 2025, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $64 million ($0.93 net income per common share on a diluted basis) compared to net income of $111 million ($1.44 net income per common share on a diluted basis) in the first quarter of 2025. Adjusted EBITDA for the second quarter of 2025 was $183 million and Adjusted net income was $66 million ($0.97 Adjusted net income per common share). This compares with Adjusted EBITDA of $248 million and Adjusted net income of $88 million ($1.30 Adjusted net income per common share) for the first quarter of 2025.

Rich Sumner, President & CEO of Methanex, said, "This quarter represents an important milestone for the business with the closing of the OCI Acquisition. This expands our production footprint and strengthens our position in North America where we benefit from access to a stable and economic supply of natural gas feedstock. Our focus is now on completing a seamless integration and capturing the full strategic value of the acquisition. Methanol markets and pricing have been strong year to date, and while we continue to navigate macro uncertainty, we are focused on the reliable and cost efficient operation of our assets and supply chain to create long-term value for shareholders."

FURTHER INFORMATION

The information set forth in this news release summarizes Methanex's key financial and operational data for the second quarter of 2025. It is not a complete source of information for readers and is not in any way a substitute for reading the second quarter 2025 Management鈥檚 Discussion and Analysis ("MD&A") dated July听30, 2025 and the unaudited condensed consolidated interim financial statements for the period ended June听30, 2025, both of which are available from the Investor Relations section of our website at . The MD&A and the unaudited condensed consolidated interim financial statements for the period ended June听30, 2025 are also available on the Canadian Securities Administrators' SEDAR+ website at 听and on the United States Securities and Exchange Commission's EDGAR website at .

FINANCIAL AND OPERATIONAL DATA

• 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:

• We recorded net income attributable to Methanex shareholders of $64 million in the second quarter of 2025 compared to net income of $111 million in the first quarter of 2025. Net income in the second quarter of 2025 was lower compared to the prior quarter primarily due to a lower average realized price and lower sales of produced product, partially offset by higher New Zealand gas sale net proceeds.

• We sold 2,133,000 tonnes in the second quarter of 2025 compared to 2,217,000 tonnes in the first quarter of 2025. Sales of Methanex-produced methanol were 1,528,000 tonnes in the second quarter of 2025 compared to 1,703,000 tonnes in the first quarter of 2025.

• Production of methanol for the second quarter of 2025 was 1,621,000 tonnes compared to 1,619,000 tonnes for the first quarter of 2025. Production was similar in the second quarter of 2025 compared to the first quarter of 2025. Higher production from Geismar and Trinidad in the second quarter was offset by lower production from Chile, New Zealand, and Egypt due to lower gas supply as well as a planned turnaround in Medicine Hat.

• In the second quarter of 2025 we paid a quarterly dividend of $0.185 per common share for a total of $12.5 million.

• At June听30, 2025, we had a strong liquidity position including a cash balance of $485 million, or $459 million excluding non-controlling interests and including our share of cash in joint ventures. We also have access to a revolving credit facility which upon acquisition close increased to $600 million.

• On June 27, 2025 we closed on the OCI Acquisition. The acquired business includes an interest in i) two methanol facilities in Beaumont, Texas which have access to a stable and economic supply of natural gas feedstock and one of which also produces ammonia, ii) a low-carbon methanol production and marketing business, and iii) a currently idled methanol facility in the Netherlands. The acquisition was funded through a combination of cash and shares issued. The four days of operations and results of the acquired business post-close have been included in the quarterly results ended June 30, 2025.

PRODUCTION HIGHLIGHTS

Key production and operational highlights during the second quarter include:

United States

Geismar produced 829,000 tonnes in the second quarter of 2025 compared to 617,000 tonnes in the first quarter of 2025. Production was higher in the second quarter as G1 and G2 operated at full rates for the second quarter and G3 successfully restarted in early May. Towards the end of June, we experienced utilities and power outages which reduced methanol production in Geismar. All plants returned to production in early July and are currently operating at full rates.

Following the closing of the acquisition on June 27, 2025 the Beaumont plant produced 11,000 tonnes of methanol and 4,000 tonnes of ammonia and the Natgasoline plant produced 10,000 tonnes of methanol (Methanex share). Both plants have been operating safely and at 100% rates since acquisition.

Chile

Chile produced 295,000 tonnes in the second quarter of 2025 compared to 429,000 tonnes in the first quarter of 2025. As planned, we idled the Chile 4 plant on May 1, 2025 leading to lower production in the second quarter compared to both plants running at full rates in the first quarter. Chile 1 has continued to operate at a 100% rate while we are taking the opportunity to complete maintenance on Chile 4. Natural gas imports from Argentina are supporting higher operating rates through the Southern Hemisphere winter months. 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.

Trinidad

In Trinidad, the Titan plant produced 216,000 tonnes in the second quarter of 2025 compared to the 137,000 tonnes in the first quarter of 2025. The plant operated at full rates in the second quarter while the first quarter was impacted by an unplanned outage.

New Zealand

New Zealand produced 53,000 tonnes in the second quarter of 2025 compared to 160,000 tonnes in the first quarter of 2025. Second quarter production declined compared to the first quarter due to the temporary idling of operations in mid-May through the end of June under a short-term commercial agreement to redirect contracted natural gas to the New Zealand electricity market. The plant successfully restarted in early July and we have adjusted our forecasted production for 2025 for New Zealand to approximately 400,000 tonnes. Future production will be dependent on the performance of existing wells, future upstream development and any on-selling of gas into the electricity market to support New Zealand鈥檚 energy needs. Gas supply availability in New Zealand continues to be challenged and we continue to work with our gas suppliers and the government to sustain our operations in the country.

Egypt

Egypt produced 248,000 tonnes (Methanex interest - 124,000 tonnes) in the second quarter of 2025 compared to 272,000 tonnes (Methanex interest - 136,000 tonnes) in the first quarter of 2025. Production was lower compared to the first quarter as operating rates were impacted by gas availability due to import disruptions. 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 would expect to experience some curtailments in 2025, particularly in the summer months, depending on gas supply and demand conditions.

Canada

Medicine Hat produced 83,000 tonnes in the second quarter of 2025 compared to 140,000 tonnes in the first quarter of 2025. Production was lower in the second quarter due to a planned turnaround which was successfully completed in May.

Outlook

We expect our 2025 production, inclusive of our newly acquired assets, to be approximately 8.0 million tonnes (Methanex interest). Actual production may vary by quarter based on gas availability, turnarounds, unplanned outages and unanticipated events.

In the third quarter of 2025, we expect higher Adjusted EBITDA compared to the second quarter, with higher produced sales offset by a lower average realized price. Based on our July and August posted prices we expect that our average realized price range will be approximately $335 to $345 per tonne for these two months.

CONFERENCE CALL

A conference call is scheduled for July 31, 2025 at 11:00 am ET (8:00 am PT) to review these second 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鈥檚 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 second quarter 2025 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 second quarter 2025 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 听and on the United States Securities and Exchange Commission's EDGAR website at .

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 revaluation and the impact of certain items associated with specific identified events. Refer to Additional Information - Non-GAAP Measures on page 16 of the Company's MD&A for the period ended June听30, 2025 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:
Jessica Wood-Rupp
Director, Corporate Development and Investor Relations
Methanex Corporation
604-661-2600