沙特基础工业公司：业绩稳健，FY25资本支出削减，项目进展顺利

Investment Rating - The report indicates a positive outlook for Saudi Basic Industries Corporation (SABIC) with a focus on stable performance and ongoing project progress [1][2]. Core Insights - SABIC's Q2 2025 performance was favorable, with adjusted net income of 480 million SAR, slightly below consensus expectations, but strong performance in petrochemicals and agricultural nutrients [1][2]. - The company has revised its FY25 capital expenditure guidance down from 3.5-4.0 billion USD to 3.0-3.5 billion USD, while emphasizing that key projects in China and Saudi Arabia are progressing on budget and schedule [1][2]. - Revenue reached 35.6 billion SAR, exceeding market expectations, driven by strong performance in petrochemicals and agricultural nutrients [2][4]. Summary by Sections Financial Performance - Net revenue for Q2 2025 was 35,570 million SAR, a 3% increase quarter-over-quarter, and stable year-over-year [4]. - Adjusted EBITDA was 5,220 million SAR, reflecting a 109% increase from the previous quarter, with a margin of 15% [4]. - Adjusted net income was 480 million SAR, showing a significant recovery from a loss of 1,210 million SAR in Q1 2025 [4]. Business Segments - Petrochemicals & Specialties: Revenue was 32,400 million SAR, a 3% increase quarter-over-quarter, with a strong EBITDA of 3,980 million SAR, marking a 180% increase [4]. - Agri-Nutrients: Revenue reached 3,160 million SAR, a 2% increase quarter-over-quarter and a 32% increase year-over-year, with EBITDA of 1,240 million SAR, a 15% increase [4]. Project Updates - Key growth projects, including the Petrokemya MTBE plant and the SABIC Fujian complex, are on track for completion, with the latter expected to commence production in the second half of 2026 [2][4].