LyondellBasell Industries (LYB) Company Report

Dividend reduced to $0.69/share (≈50% cut) to bolster financial flexibility while maintaining an attractive yield for income-focused investors.
Delivered 95% cash conversion in 2025 with $2.3 billion of cash from operations, ending the year with $3.4 billion of cash and $8.1 billion of total liquidity.
Issued $1.5 billion of debt to pre-finance 2026–27 maturities, extending the next near-term maturity to 2030 and de-risking the balance sheet.
Exceeded the 2025 cash improvement target of $600 million by realizing $800 million, and set a 2026 target of $500 million with strong over-delivery visibility.
Highlighted supportive industry dynamics: polyethylene inventories 4 days below 2025 average, accelerating rationalizations of 23 million metric tons of capacity since 2020, and ongoing MoReTec-1 chemical recycling investment.

1 day ago

Transcript

LyondellBasell outlines 2025 cash generation, dividend cut and market outlook

LYB

Dividends

Debt Issuance

Record cash conversion of 95% in 2025 with $2.3 billion cash from operations, ending the year with $3.4 billion cash and $8.1 billion total liquidity.
Dividend cut of ~50% to $0.69 per share to enhance financial flexibility and support investment-grade ratings, while retaining an attractive yield for income-focused investors.
Pre-financed upcoming maturities by issuing $1.5 billion of debt, eliminating maturities until 2030 and de-risking the debt profile.
Over-delivered on cost-saving initiatives with $800 million cash improvement in 2025 (vs $600 million target) and targeting $500 million in 2026 with visibility to exceed.
Positive demand indicators: PE inventories 4 days below 2025 average, supporting $0.05/lb price increase, and 23 million mt closures since 2020 improving supply/demand balance.

1 day ago

Transcript

LyondellBasell outlines dividend cut and 2025 cash performance

LYB

Dividends

Debt Issuance

New Projects/Investments

LyondellBasell reduced its quarterly dividend by 50% to $0.69 per share, improving financial flexibility while maintaining an attractive yield.
In 2025, the company achieved a 95% cash conversion ratio, generated $2.3 billion of operating cash flow, and closed the year with $3.4 billion of cash and $8.1 billion of total liquidity.
For 2026, LYB announced a $500 million cash improvement target (expected to be significantly over-achieved) and pre-financed $1.5 billion of debt maturities, leaving no maturities until 2030.
The company maintains mid–high 80% operating rates in polyolefins to maximize cash conversion, emphasizing value over volume amid cyclical market conditions.
LYB is advancing its MoReTec-1 chemical recycling project in Germany (50 kt start-up planned H1 2027), supported by favorable EU single-use plastics regulation.

1 day ago

Transcript

LyondellBasell reports 2025 financial highlights at Bank of America conference

LYB

Earnings

2025 net loss of $0.7 B, while net income excluding identified items was $0.6 B and diluted EPS ex items $1.70
EBITDA excluding identified items of $2.5 B versus reported EBITDA of $1.1 B in 2025
$2.3 B cash from operating activities with 95% cash conversion amid challenging market conditions
$8.1 B available liquidity and net debt to EBITDA ex items of 3.7x at December 31, 2025
Dividend yield of 4.9% as of February 20, 2026, based on a $2.76 annual dividend and $56.67 share price

1 day ago

Presentation

LyondellBasell cuts dividend amid chemicals downturn

LYB

Dividends

Share Buyback

Demand Weakening

Quarterly dividend halved to $0.69 from $1.37 as the company recalibrates capital returns amid one of the longest downturns in the chemicals industry.
New dividend will be paid March 9 (record March 2; ex-dividend Feb. 27) and implies an annualized yield near 5%.
Returned about $2 billion to shareholders in 2025 from existing cash and operations and plans to return roughly 70% of free cash flow through the cycle; share repurchases are restricted in 2026.
Management believes the chemicals cycle likely bottomed in Q4 2025, citing early demand recovery, a slowdown in new plant construction in China, and potential supply tightening in Europe.

8 days ago

Bloomberg

LyondellBasell reduces quarterly dividend to $0.69

LYB

Dividends

The board declared a $0.69 per share quarterly dividend, down $0.68 from Q4 2025 levels.
The dividend will be paid on March 9, 2026, with an ex-dividend and record date of March 2, 2026.
CEO Peter Vanacker noted LYB returned approximately $2 billion to shareholders in 2025 despite industry headwinds.
For 2026, the company is prioritizing safety, reliability, further cost reductions and new profitability opportunities while targeting 70% shareholder return of free cash flow through the cycle.

8 days ago

Press Release

LyondellBasell reports Q4 and full-year 2025 results

LYB

Earnings

Guidance Update

Generated $2.3 billion of cash from operations, $2.5 billion EBITDA, and $1.70 diluted EPS in 2025, with a 95% cash conversion ratio.
Value Enhancement Program delivered $1.1 billion of recurring annual EBITDA in 2025 (exceeding plan) and is extended to $1.5 billion by 2028.
Cash Improvement Plan conserved $800 million versus a $600 million target and aims to deliver an additional $500 million in 2026 (cumulative $1.3 billion by year-end).
Q4 EBITDA of $417 million was weighed down by seasonal volume declines, higher feedstock/energy costs, maintenance downtime, and net identified items of $61 million (net of tax) plus $52 million of LIFO charges.
2026 outlook includes ~$1.2 billion of CapEx, an effective tax rate of ~10%, and a normalization of working capital rebuilding through seasonal recovery.

Jan 30, 2026, 4:00 PM

Transcript

LyondellBasell reports Q4 and full-year 2025 results

LYB

Earnings

Guidance Update

Divestments

Full-year 2025: $2.3 billion cash from operations, 95% cash conversion, $1.70 EPS, $2.5 billion EBITDA
Q4 2025 EBITDA of $417 million, down on seasonal volume headwinds, higher feedstock/energy costs, and maintenance downtime
Cash Improvement Plan: conserved $800 million vs. $600 million target, driven by $400 million working capital reduction and 7% workforce cut
2026 outlook: $1.2 billion CapEx ($400 million growth, $800 million sustaining) and $500 million incremental cash improvement
Strategic progress: sale of four European assets on track for Q2 2026 and VEP extended to $1.5 billion recurring EBITDA by 2028

Jan 30, 2026, 4:00 PM

Transcript

LyondellBasell reports Q4 and full year 2025 results

LYB

Earnings

Guidance Update

New Projects/Investments

LyondellBasell generated $2.3 billion in cash from operations in 2025 with a 95% cash conversion ratio, $1.70 earnings per diluted share, and $2.5 billion of EBITDA.
In Q4 2025, the company delivered $417 million of EBITDA; Olefins & Polyolefins Americas contributed $164 million, EAI segment posted a $61 million loss, and Technology segment EBITDA was $80 million.
The 2025 cash improvement plan outperformed a $600 million savings target by delivering $800 million, and the cumulative target through 2026 was increased to $1.3 billion (including $500 million additional in 2026).
2026 capital expenditure guidance is set at $1.2 billion (comprising $800 million of sustaining and $400 million of growth spend), with an expected 10% effective tax rate.
The Value Enhancement Program achieved $1.1 billion of recurring annual EBITDA in 2025 and is being extended to target $1.5 billion by 2028 at mid-cycle margins and rates.

Jan 30, 2026, 4:00 PM

Transcript

LyondellBasell reports Q4 2025 results

LYB

Earnings

Debt Issuance

Full-year 2025: net loss of $0.7 B, diluted loss per share of $2.34, EBITDA of $1.1 B, EBITDA ex-identified items of $2.5 B and 95% cash conversion.
4Q 2025 EBITDA ex-identified items was $345 M, down from $835 M in 3Q 25, driven by lower seasonal demand and higher maintenance costs.
Generated $2.3 B in operating cash flow, ended 2025 with $3.4 B cash and $8.1 B available liquidity, supporting an investment-grade balance sheet.
Q4 segment EBITDA ex-identified items: O&P Americas $162 M, Intermediates & Derivatives $205 M, Technology $80 M.