Financial Data and Key Metrics Changes - The fourth quarter average realized price was $331 per ton, with produced sales of approximately 2.4 million tons, generating Adjusted EBITDA of $186 million and an adjusted net loss of $11 million [6][12] - Adjusted EBITDA decreased compared to the third quarter of 2025 due to higher sales being offset by a lower average realized price and immediate fixed cost recognition related to plant outages [6][12] Business Line Data and Key Metrics Changes - Methanol production was higher in the fourth quarter compared to the third quarter, with 216,000 tons produced at Beaumont and 186,000 tons from Natgasoline [9][10] - In Geismar, production was slightly higher, while in Chile, both plants operated at full rates for most of the fourth quarter, despite a temporary restriction on gas supply due to a third-party pipeline failure [10][11] Market Data and Key Metrics Changes - Global demand for methanol increased by about 4% in China, while demand outside of China remained relatively flat [7] - Spot methanol pricing in Asia Pacific and Europe increased, with Chinese methanol prices trading above $300 per metric ton and European spot prices close to $400 per ton [8] Company Strategy and Development Direction - The company remains focused on maintaining a strong balance sheet and ensuring financial flexibility, with a near-term capital allocation priority directed towards repaying the Term Loan A facility [12][13] - The integration of newly acquired assets is ongoing, with a target of realizing $30 million in synergies by the end of 2026 [46][47] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring the impact of current events in the Middle East on global markets and the company's business [6][7] - The current escalation in the Middle East brings significant uncertainty to the reliability of methanol supply, with expectations of reduced supply from Iran impacting operations and trade flows [8][20] Other Important Information - The company ended the year with a strong cash position of $425 million on the balance sheet and has since repaid an additional $50 million of the Term Loan A facility [12] - Expected equity production for 2026 is approximately 9 million tons of methanol, with actual production varying by quarter based on various factors [11][12] Q&A Session Summary Question: Can you talk about costs and what they look like into the first half of this year? - Management noted that unabsorbed costs were recognized due to outages, but fixed costs are expected to decrease moving forward [16] Question: What do you think will happen in the market with the current situation in the Middle East? - Management emphasized the importance of supply reliability and noted that pricing has increased globally due to anticipated tightness [19] Question: How opportunistic can the company be with price spikes? - The company primarily operates on term contracts but can adjust prices monthly based on market conditions [23] Question: Are you aware of any damage to methanol assets in Iran? - Management confirmed no awareness of damage to methanol facilities but noted that gas imports from Israel to Egypt have ceased [26] Question: What are the key factors in deciding to mothball the New Zealand plant? - The decision hinges on gas production and development from mature fields, with current operations being marginally profitable [55] Question: Are you realizing the benefits of the OCI acquisition? - Management indicated that while the acquisition was expected to provide significant EBITDA, current methanol prices are lower than anticipated, impacting results [59]

Financial Data and Key Metrics Changes - In Q4 2025, the average realized price was $331 per ton, with produced sales of approximately 2.4 million tons, resulting in an Adjusted EBITDA of $186 million and an adjusted net loss of $11 million [5][11] - Adjusted EBITDA decreased compared to Q3 2025 due to higher sales being offset by a lower average realized price and immediate fixed cost recognition related to plant outages [5] Business Line Data and Key Metrics Changes - Methanol production was higher in Q4 compared to Q3, with 216,000 tons produced at Beaumont and 186,000 tons from Natgasoline [8] - Production in Egypt increased in Q4 due to stabilization of gas availability, while New Zealand produced 171,000 tons, although structural gas supply challenges remain [10] Market Data and Key Metrics Changes - Global demand for methanol increased by about 4% in China, while demand outside of China remained flat [6] - Spot methanol pricing in Asia Pacific and Europe increased, with Chinese prices above $300 per metric ton and European prices close to $400 per ton [8] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and ensuring financial flexibility, with priorities for 2026 centered on safe operations and integration plans [11][12] - The company is closely monitoring the impact of geopolitical events in the Middle East on methanol supply and pricing [6][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the current escalation in the Middle East brings significant uncertainty to methanol supply, impacting operations and trade flows [7] - The company expects slightly higher Adjusted EBITDA in Q1 2026 compared to Q4 2025, based on stable pricing and produced sales [12] Other Important Information - The company achieved zero Tier 1 process safety incidents over the past two years, highlighting a strong commitment to safety [4] - The integration of newly acquired assets is progressing well, with a target of realizing $30 million in synergies by the end of 2026 [45][46] Q&A Session Summary Question: Can you talk about costs in Q4 and expectations for Q1? - Management indicated that unabsorbed costs were recognized due to outages, but fixed costs are expected to decrease moving forward [16] Question: What do you expect in the market given the situation in the Middle East? - Management emphasized the importance of supply reliability and noted that pricing has increased due to anticipated tightness in the market [19] Question: How opportunistic can the company be with price spikes? - The company primarily operates on term contracts but can adjust prices monthly based on market conditions [22][23] Question: Are there any damages to methanol assets in the Middle East? - Management confirmed no damage to methanol facilities but noted that gas supply from Israel to Egypt has ceased [26] Question: What are the production expectations for 2026? - The company expects approximately 9 million tons of methanol production, with regional breakdowns provided [31] Question: How is the integration of OCI assets progressing? - Management reported positive operational performance and noted that synergies are being realized, although some costs are higher during the integration phase [45][58]

彭杰斌表示，预计1月我国甲醇进口量大幅缩减至106.74万吨，环比下降约38.6%，中东货源进口量可能 腰斩，港口大概率进入去库周期。库存去化有望为港口甲醇价格带来有力的支撑。 "目前甲醇市场基本面有三个特点：一是进口下降预期较强，1月供应和库存压力有望下降；二是需求边 际改善，MTO领域的青海盐湖、宁波富德装置1月重启，联泓格润装置开工负荷提升，传统下游刚需保 持稳定；三是冬季运费坚挺叠加煤炭价格止跌回升，甲醇成本支撑较强。不过，当前下游处于传统淡 季，若进口下降幅度不及预期或需求复苏缓慢，将限制甲醇价格上行空间。"彭杰斌说。 汤剑林认为，地缘政治风险升温为甲醇市场增添了不确定性。近期伊朗内乱愈演愈烈，若局势持续发 酵，可能推迟伊朗甲醇装置重启时间，进而加剧供应短缺。此外，甲醇期货价格上行空间取决于下游 MTO装置的利润表现。当前烯烃利润偏低，若甲醇价格持续反弹压缩MTO企业利润，可能引发装置降 负或停车，进而制约甲醇价格涨幅。 近期，甲醇期货走出了一波亮眼的反弹行情。从盘面表现来看，甲醇期货主力合约本周二逼近2300元/ 吨的阶段性高点，但最近两个交易日价格有所回落。 "甲醇期货盘面的表现符合市场预期。" ...