LyondellBasell Industries (LYB) Company Report

Q3 results beat consensus, driven by recovery in olefins & polymers Americas and absence of the Channelview turnaround (-$200 M), with 135% cash conversion in Q3 and 90% over the last 12 months (long-term average 80%).
Launched a $1.1 B cash improvement plan for 2025–26, targeting $600 M in 2025 via $200 M working capital release, $200 M fixed-cost cuts, and $200 M in CapEx reductions.
Q4 headwinds include $110 M of planned turnarounds, an unplanned $30 M impact at the Leap JV, and ~$80 M of OPAM margin compression; absence of 2025 one-off items should drive $400–450 M EBITDA improvement in 2026.
Global polyethylene supply is expected to grow ~9% vs. 6% demand growth over the next few years, with new Chinese capacity running at ~65–70% of nameplate rates.
European asset divestiture on track to close H1 2026, requiring a $350 M equity injection and ~$100–150 M of separation costs, with negligible EBITDA loss post-deal.

2 days ago

Transcript

LyondellBasell details Q3 cash performance and 2025 outlook

LYB

Guidance Update

New Projects/Investments

Q3 cash conversion reached 135% (90% over the last 12 months) and the company launched a $1.1 billion cash improvement plan for 2025–2026, targeting $600 million in 2025 across working capital, operating rates and fixed‐cost reductions.
2025 capital expenditure reduced from $2.2 billion to $1.7 billion, with a run‐rate maintenance CapEx of $1.1 billion–$1.2 billion; 2026 CapEx is guided to $1.2 billion, including $100 million related to the European asset sale.
Q4 headwinds of ~$140 million from planned turnarounds ($110 million) and a Leap JV upset ($30 million); demand growth remains at 3% versus 9% supply additions and 6% demand expansion expected over the next two years.
Portfolio actions include a European asset sale closing H1 2026 (requiring $350 million equity injection and ~$150 million separation costs, minimal EBITDA loss) and MoReTec-1, a 50 kt chemical recycling plant on track for 2027 start with over 50% pre‐sold at a $500/ton premium.

2 days ago

Transcript

LyondellBasell outlines Q4 2025 outlook and 2026 baseline at Goldman Conference

LYB

Guidance Update

New Projects/Investments

Cash improvement plan of $1.1 billion over 2025–26, targeting $600 million in 2025 via $200 million releases each from working capital, fixed cost reductions and CapEx savings.
Q4 2025 headwinds include $110 million of scheduled turnarounds (Matagorda, Wesseling, IND), an unexpected $30 million LEAP JV outage and an $80 million OPAM margin drag from raw material cost pressures.
2026 baseline expected to improve by $400 million–$450 million year-on-year, benefiting from the absence of major turnarounds and normalized seasonal demand growth of ~3%.
CapEx forecast of $1.2 billion in 2026 (minimum $1.1 billion maintenance), supporting completion of chemical recycling projects and tight working capital management.
European asset sale on track for H1 2026 close with minimal EBITDA impact, requiring $350 million equity injection and up to $150 million separation costs (c.$80 million spent in 2025).

2 days ago

Transcript

LyondellBasell issues $1.5 billion of guaranteed senior notes

LYB

Debt Issuance

On November 13, 2025, LYB International Finance III, LLC completed an underwritten public offering of $500 million 5.125% Guaranteed Notes due 2031 and $1 billion 5.875% Guaranteed Notes due 2036, fully and unconditionally guaranteed by LyondellBasell Industries N.V.
The 2031 Notes were priced at 99.806% to yield 5.165% (spread of +145 bps to the October 2030 UST), and the 2036 Notes at 99.279% to yield 5.968% (spread of +185 bps to the August 2035 UST)
Settlement occurred on November 13, 2025 (T+2), with interest payable semi-annually on January 15 and July 15 (first payment July 15, 2026)
Notes are callable at a make-whole premium (2031: T+25 bps; 2036: T+30 bps) before the par call dates (Dec 15, 2030 and Oct 15, 2035, respectively), and at 100% thereafter; holders have a 101% change-of-control put

Nov 13, 2025, 9:07 PM

8-K

LyondellBasell reports Q3 2025 results

LYB

Earnings

Guidance Update

Dividends

Q3 EPS of $1.01, EBITDA of $835 million, and cash from operations of $983 million drove a cash conversion rate of 135%, with $443 million returned as dividends; on track to achieve a $600 million cash‐improvement target by year‐end 2025.
Third‐quarter year‐to‐date polyethylene demand strengthened, with North America up 2.5% and Europe up 3%, marking the highest domestic demand since Q3 2022, although pricing power remains contingent on further operating‐rate improvements.
Capital allocation remains disciplined: 2026 capital expenditures reduced to $1.2 billion, sustaining investment in MoReTec One recycling and acetyl catalysts while preserving an investment‐grade balance sheet and amended RCF covenant to 4.5× net debt/EBITDA through 2027.
Supply‐side rationalization continues, with over 21 million tons of global ethylene capacity (≈10%) announced for closure or idling through 2028, offsetting new additions and supporting longer‐term market balance.

Oct 31, 2025, 3:00 PM

Transcript

LyondellBasell reports Q3 2025 results

LYB

Earnings

Guidance Update

LyondellBasell achieved Q3 EBITDA of $835 million, EPS of $1.01, and $983 million in cash from operations; returned $443 million to shareholders and delivered 135% cash conversion.
Safety performance remained strong with a year-to-date total recordable incident rate of 0.12, exceeding top-decile industry benchmarks.
The company is on track to meet its $600 million 2025 cash-improvement target and forecasts $1.1 billion of incremental cash flow by end-2026; 2026 capital expenditures reduced to $1.2 billion.
Early demand trends for polyethylene are encouraging, with year-to-date volumes up 2.5% in North America and 3% in Europe, though pricing power awaits further capacity absorption.

Oct 31, 2025, 3:00 PM

Transcript

LyondellBasell reports Q3 2025 results

LYB

Earnings

Guidance Update

New Projects/Investments

Q3 EPS of $1.01, EBITDA $835 M, and cash from operations $983 M; achieved 135% cash conversion (vs. 80% target) and returned $443 M in dividends.
Year-to-date cash improvement plan delivered $150 M in fixed cost savings; on track for $600 M incremental cash flow in 2025 and $1.1 B by end-2026; 2026 CapEx reduced to $1.2 B.
Segment EBITDA: O&P Americas $428 M (+35% Q/Q at ~95% cracker rates) ; O&P EAI $48 M and Technology $15 M; signed SPA to sell select European assets, closing expected H1 2026.
Early signs of polyethylene demand recovery: North America Q3 YTD volumes up 2.5%, Europe up 3% vs. 2024; focus on specialty and sustainable polymers to capture growth.

Oct 31, 2025, 3:00 PM

Transcript

LyondellBasell reports Q3 2025 results

LYB

Earnings

Dividends

Reported a net loss of $890 million and $(2.77) diluted loss per share in 3Q 2025
Adjusted net income of $330 million and $1.01 EPS ex. identified items, with $835 million EBITDA ex. identified items
Generated $983 million cash from operating activities and achieved 99% cash conversion on a LTM basis
Olefins & Polyolefins – Americas delivered $418 million EBITDA ex. identified items, up sequentially from 2Q 2025
Returned $443 million in dividends during the quarter, exceeding the 70% free cash flow return target

Oct 31, 2025, 3:00 PM

Presentation

LyondellBasell reports Q3 2025 earnings

LYB

Earnings

Dividends

LyondellBasell reported a net loss of $890 million (–$2.77 per share), or net income of $330 million excluding identified items (EPS $1.01) for Q3 2025.
Third-quarter EBITDA was –$480 million, or $835 million excluding identified items.
Generated $983 million of operating cash flow with 135% cash conversion, ending Q3 with $1.8 billion in cash and $6.5 billion in total liquidity.
Returned $443 million to shareholders via dividends during the quarter.
Cash Improvement Plan remains on track for $600 million of savings in 2025, and the company advanced its portfolio transformation with the planned sale of European assets.

Oct 31, 2025, 10:32 AM

8-K

LyondellBasell reports Q3 2025 results

LYB

Earnings

Dividends

LyondellBasell posted a net loss of $890 million (-$2.77 per diluted share) in 3Q25; on a non-GAAP basis, net income was $330 million ($1.01 per share) excluding identified items.
Reported EBITDA of –$480 million, or $835 million excluding identified items in the quarter.
Generated $983 million in cash from operations with 135% cash conversion, and returned $443 million to shareholders via dividends in 3Q25.
Cash Improvement Plan remains on track for $600 million of savings in 2025; ended the quarter with $1.8 billion in cash and $6.5 billion of total liquidity.

Oct 31, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for LyondellBasell Industries.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Peter Vanacker say about margins?What are LyondellBasell Industries's strategic priorities?How is LyondellBasell Industries positioned vs competitors?How did LyondellBasell Industries do last quarter?

Let Fintool AI Agent track LyondellBasell Industries's earnings for you

Get instant analysis when filings drop