Financial Data and Key Metrics Changes - For full year 2025, the company reported net income of $49 million or $1.38 per unit, a decrease of $13 million compared to 2024 [4][7] - Fourth quarter 2025 net income was $15 million or $0.41 per unit, consistent with the fourth quarter of 2024 [6][7] - Distributable cash flow for the fourth quarter of 2025 was $19 million, an increase of $4 million from $15 million in the fourth quarter of 2024 [7] - Full year 2025 MLP distributable cash flow was $53 million, down $14 million from $67 million in 2024 [8] Business Line Data and Key Metrics Changes - The decrease in net income for 2025 was attributed to lower production and sales volumes due to a planned turnaround at the Petro 1 facility [7][11] - The Ethylene Sales Agreement with Westlake was successfully renewed through 2027 without changes, ensuring stable cash flows [8][11] Market Data and Key Metrics Changes - The company maintained a consolidated cash balance of $68 million at the end of the fourth quarter [9] - Long-term debt stood at $400 million, with a consolidated leverage ratio below 1 time [9] Company Strategy and Development Direction - The company aims to enhance long-term value through four growth levers: increasing ownership interest in OpCo, acquiring other income streams, organic growth through facility expansions, and negotiating higher fixed margins in the Ethylene Sales Agreement [12][13] - The absence of planned turnarounds in 2026 is expected to lead to production and sales volume growth, improving distributable cash flow and coverage ratios [11] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the financial and operational performance in 2025, highlighting the stability provided by the Ethylene Sales Agreement [11] - The company anticipates a recovery in coverage ratios above 1.1 times in 2026 due to no planned turnarounds [20] Other Important Information - The company has made 46 consecutive quarterly distributions since its IPO in July 2014, with a 71% increase in distributions since the original minimum [10] - The fourth quarter distribution of $0.4714 per unit was paid on February 23, 2026 [9][10] Q&A Session Summary Question: Balance sheet and cash flow regarding distribution payments - Analyst inquired about the drawdown on receivables under the Investment Management Agreement and the expectation for distribution coverage in the new year [17] - Management clarified that the drawdown reflected turnaround costs and that operating reserves were sufficient to cover distributions, expecting coverage ratios to improve in 2026 [19][20] Question: Financing growth initiatives - Analyst asked how the company plans to finance potential growth opportunities [21] - Management indicated that financing would likely involve a drop-down structure, utilizing a combination of new unit issuance and leveraging the balance sheet [21]

Financial Data and Key Metrics Changes - For full year 2025, Westlake Partners reported net income of $49 million or $1.38 per unit, a decrease of $13 million compared to 2024 [7] - Consolidated net income, including OpCo, was $299 million for the full year 2025 [4] - Fourth quarter 2025 net income was $15 million or $0.41 per unit, consistent with the fourth quarter of 2024 [6] - Distributable cash flow for the fourth quarter of 2025 was $19 million, an increase of $4 million compared to $15 million in the fourth quarter of 2024 [7] - Full year 2025 MLP distributable cash flow was $53 million, down $14 million from $67 million in 2024 [8] Business Line Data and Key Metrics Changes - The decrease in net income for 2025 was attributed to lower production and sales volumes due to the planned Petro 1 turnaround [7] - The Ethylene Sales Agreement with Westlake was successfully renewed through 2027 without changes, ensuring stable cash flows [8] Market Data and Key Metrics Changes - The partnership maintained a strong leverage ratio below 1 time at the end of the fourth quarter [9] - The consolidated cash balance and cash investments totaled $68 million at the end of the fourth quarter [9] Company Strategy and Development Direction - The company aims to evaluate growth opportunities through increasing ownership interest in OpCo, acquisitions, organic growth, and negotiating a higher fixed margin in the Ethylene Sales Agreement [12] - The absence of planned turnarounds in 2026 is expected to drive production and sales volume growth, improving distributable cash flow and coverage ratio [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the business model and cash flows, highlighting the protective provisions of the Ethylene Sales Agreement [11] - The company anticipates a recovery in the coverage ratio back to historical levels due to no planned turnarounds in 2026 [11] Other Important Information - The partnership has made 46 consecutive quarterly distributions since its IPO in July 2014, with a 71% increase in distributions since the original minimum quarterly distribution [10] - The fourth quarter distribution of $0.4714 per unit was paid on February 23, 2026 [9] Q&A Session Summary Question: Balance sheet and cash flow statement concerns - The management confirmed that the drawdown on the Investment Management Agreement was related to planned turnaround expenses, and they expect the distribution coverage ratio to improve in 2026 [16][18] Question: Financing growth initiatives - Management indicated that any growth opportunities would likely be financed through a combination of new unit issuance and leveraging the balance sheet [20]

Earnings Presentation 4Q and Full Year 2025 1 Fourth Quarter and Full Year 2025 Highlights Profitability Improvement Plan expected to deliver $600M EBITDA benefit in 2026 $2.5B 11% decrease QoQ $196M EBITDA(1,2) 37% decrease QoQ (2) $225M Net Cash Provided by Operating Activities $11.2B Net Sales 8% decrease YoY $1.1B EBITDA(1,2) 50% decrease YoY(2) $465M Net Cash Provided by Operating Activities 4Q 2025 Financial Results FY 2025 Financial Results (1) Reconciliation of EBITDA excl. Identified Item to Net In ...

13 February 2026 | 6:07PM GMT Equity Research GS EQUITY RADAR Old economy and Chemicals, AI disruption, GOAL positioning plus Week Ahead and key research from the week Old economy and Chemicals. Peter Oppenheimer wrote this week about the return of physical assets including 'old economy' areas. Chemicals are an area Georgina Fraser thinks are interesting, turning pro-cyclical in her ratings and making seven rating changes to reflect her view that the cycle is already turning despite muted company commentary ...

Olin Corporation (NYSE:OLN) is among the 15 Undervalued Momentum Stocks That Are Taking Off. Deutsche Bank raised its target price on Olin Corporation (NYSE:OLN) from $23 to $26 while maintaining its Hold rating, according to a February 10 report from The Fly. The rating was issued days after the company reported weaker Q4 2025 earnings and provided softer guidance for FY 2026. For Q4, the company reported sales of $1.67 billion, which were flat year over year (YoY) compared with the same quarter last y ...

Soda ash production capacity at Torrelavega site adjusted to market conditions Brussels, February 23, 2026 Effective in the third quarter of 2026, and pending the required consultation process, Solvay will adjust the soda ash production capacity of its Torrelavega plant in Spain to 420 kilotons (from 600 kt previously) to strengthen the competitiveness of its global assets. Sodium bicarbonate operations remain unaffected. This adjustment is a direct response to challenging market conditions, which are chara ...

Financial Data and Key Metrics Changes - Full-year adjusted EBITDA grew by 6% to $199 million, despite a challenging macro environment and raw material inflation [5][14] - Reported net income for Q4 2025 was $5 million, up 49% year-over-year, primarily due to asset sales [9] - Consolidated adjusted EBITDA for Q4 2025 was $33.8 million, a 3% decrease from the prior year [10] - Free cash flow for 2025 was positive at $25 million, compared to a negative $0.2 million in the prior year [10][14] - The leverage ratio improved from 2.8 to 2.5 times at the end of the year [5][14] Business Line Data and Key Metrics Changes - Surfactants net sales increased to $402 million from $379 million, but organic volume declined by 3% due to weaker demand [12] - Polymers net sales rose to $132 million, with an 11% volume increase driven by North America and Asia [13] - Specialty Products saw modest year-over-year results, primarily due to order timing fluctuations [13] Market Data and Key Metrics Changes - Organic volume for the full year increased by 2%, driven by growth in crop productivity and oil field sectors [15] - Demand in global consumer commodity surfactants softened, impacting overall performance [5][15] Company Strategy and Development Direction - The company is focused on four strategic pillars: customer-centric innovation, diversification into higher value-end markets, operational excellence, and improving financial position through cash flow generation [17][18] - Project Catalyst aims to deliver around $100 million in pre-tax savings over the next two years, with a focus on optimizing the asset base and enhancing competitiveness [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment, including raw material inflation and tariff impacts, but expressed confidence in the company's ability to deliver earnings resilience [5][6] - The outlook for 2026 includes expectations for EBITDA growth, with improvements anticipated in the second half of the year due to various factors including demand recovery and cost savings from Project Catalyst [41][42] Other Important Information - The company paid $8.9 million in dividends during Q4 2025, marking a 2.6% increase from the previous year [6] - The company successfully commissioned its Pasadena sulfonation facility and optimized its asset footprint through targeted divestitures [5][7] Q&A Session Summary Question: What is the current capacity utilization in the surfactants business? - Management indicated that consolidation aims to optimize cost structure and improve utilization rates at more modern sites, with no current losses from the facilities being closed [28][29] Question: How will the $100 million savings from Project Catalyst be affected by inflation? - Management acknowledged that while $60 million in savings is expected in 2026, inflation will impact net savings, particularly in fixed costs [30][32] Question: What is the impact of oleochemicals on margins? - The impact of oleochemicals worsened in Q4 2025, but prices are expected to improve in 2026, leading to margin recovery [33][36] Question: What is the expected cadence of earnings growth in 2026? - Management expects EBITDA growth in 2026, with significant improvements anticipated in the second half due to various factors including demand recovery and cost savings [41][44] Question: How will Project Catalyst affect Tier 2 and Tier 3 customers? - Management stated that Project Catalyst will facilitate growth for Tier 2 and Tier 3 customers by creating a more agile and productive organization [50][51] Question: What is the status of demand loss due to weather in Q1? - The majority of the $6 million demand loss was attributed to surfactants, with Polymers experiencing delays but not significant losses [52][54] Question: How are inventory levels being managed? - Management emphasized a focus on free cash flow and maintaining optimal inventory levels, with a normal lag expected in Q4 [56][58] Question: What is the impact of tariffs on competitiveness? - Management noted that tariffs are an evolving issue, but the company has a strong supply chain and production capabilities close to customers, which provides a competitive advantage [70][71]

Financial Data and Key Metrics Changes - The overall financial performance showed a decline in Adjusted EBITDA year-on-year, reflecting weaker macro conditions, with a gross margin decrease of 6% due to a 17% lower Rand oil price and continued pressure in chemicals pricing [8][24][25] - Net debt ended at $3.8 billion, slightly above the full-year target, but the company remains on track to achieve net debt below $3.7 billion by year-end [6][23] - Free cash flow ended positive for the first time in four years, with a more than 100% improvement from the prior period [24] Business Line Data and Key Metrics Changes - In the Southern Africa value chain, mining EBITDA was lower due to the phaseout of export coal sales, but additional income was realized from leasing coal terminal capacity [26] - Fuels EBITDA increased, supported by higher refining margins and product differentials, with improved operational performance at Secunda and increased utilization at Natref [27] - Chemicals EBITDA generation remains under pressure across Africa and America, reflecting lower prices and weaker margins, while Eurasia saw margin improvement due to a value-over-volume strategy [27] Market Data and Key Metrics Changes - The Brent crude oil price was down 14% year-on-year, contributing to a 17% decline in the Rand oil price, with the oil market remaining in surplus [16][17] - The macroeconomic environment remains volatile, with geopolitical uncertainty expected to persist, impacting oil price volatility [16][17] Company Strategy and Development Direction - The company follows a two-pillar strategy: strengthening the foundation business and positioning for long-term growth and transformation [2][3] - Progress has been made in renewable energy, securing over 1.2 gigawatts in South Africa, with a target of 2 gigawatts by 2030 [6][31] - The focus is on decarbonization while safeguarding energy security and affordability, with a commitment to value-accretive pathways [31][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment but emphasized improvements in cash flow generation and operational execution [16][24] - The company is optimistic about achieving its ramp-up towards FY 2028, with ongoing restoration programs for gasifiers showing promising results [48] - There is cautious optimism for recovery in the chemicals market, with selective end markets stabilizing [17][27] Other Important Information - The company invested approximately ZAR 200 million in social programs over the past six months, reflecting its commitment to long-term value creation and positive social impact [14] - The company has secured a EUR 350 million grant for a sustainable aviation fuel project in Germany, supporting its growth in sustainable businesses [34] Q&A Session Questions and Answers Question: Can you comment on Synfuels volumes and guidance for the next financial year? - Management indicated that the annualized run rate in the second quarter was about 7.6 million tons, with maintenance scheduled next year, and emphasized the importance of coal quality and gasifier maintenance in achieving guidance [40][42] Question: What is the company's view on the proposed carbon tax suspension? - Management expressed that while the carbon tax was instituted to protect against external tariffs, they advocate for a recycling mechanism to support the transition to lower emissions [44] Question: How does the company plan to manage its de-gearing guidance amidst a stronger rand and lower refining margins? - Management confirmed the commitment to reducing net debt below $3.7 billion by year-end, emphasizing free cash flow generation and strict cost control [56][62]

Group 1 - Johnson Matthey has agreed to sell its catalyst technologies business to Honeywell for a reduced price of £1.33 billion ($1.80 billion), down from the previously agreed value of £1.8 billion [1] - The transaction reflects a significant adjustment in valuation, indicating potential shifts in market conditions or company performance [1] Group 2 - The sale is part of Johnson Matthey's strategic focus on its core operations and may impact its future growth trajectory [1] - Honeywell's acquisition of the catalyst division is expected to enhance its portfolio in the chemicals sector, aligning with its growth strategy [1]

AdvanSix Inc. (NYSE:ASIX) reported an EPS of -$0.10, beating the estimated -$0.32.The company's revenue was $359.95 million, slightly below the forecast of $367.2 million.AdvanSix Inc. (NYSE:ASIX), a chemical company based in Parsippany, New Jersey, specializes in producing nylon 6, a polymer used in various applications, including automotive and electronics. Competing with other chemical manufacturers in the industry, ASIX reported its earnings on February 20, 2026, revealing an earnings per share (EPS) of ...