Core Insights - The New Zealand energy market is experiencing a structural supply squeeze, exacerbated by weather conditions leading to a significant reduction in hydro generation, which has dropped from 60-70% of the power mix to around 40% [1] - Wholesale electricity prices surged from NZ$300 (US$175)/MWh to NZ$800 (US$467)/MWh between July and August 2024, while gas prices also increased significantly due to supply constraints [1] - The government has initiated steps to revive upstream gas investment by repealing the 2018 offshore exploration ban and committing up to NZ$200 million (US$116.5 million) over four years [7] Supply and Demand Dynamics - New Zealand's gas market has shifted from self-sufficiency to structural tightness, with domestic output nearly halving from 415 million m³/month in 2017 to 215 million m³/month in 2025 [4] - The closure of the Taranaki Combined Cycle gas-fired power plant in late 2025 will reduce national gas generation capacity from 1,385 MW to 1,000 MW, increasing market sensitivity to hydro outcomes [5] - The chemical sector accounts for over 40% of New Zealand's total gas demand, with Methanex being the largest consumer, significantly impacting the national gas demand [6] Policy and Investment Landscape - The 2018 Crown Minerals Amendment Act and the introduction of perpetual decommissioning liability have led to a significant slowdown in exploration, with only five wells drilled since 2019 [2] - Recent policy changes aim to stabilize the market, but challenges remain due to reserve confidence and the long lead times required for offshore discoveries [8][9] - The government has approved new applications for offshore exploration, with decisions expected in early 2026, but the first incremental supply may arrive too late to address the anticipated tightening in 2027 [7][9] Future Outlook - LNG imports are being considered as a potential solution, but the timeline for establishing import infrastructure could extend to 2028-2029, leading to continued price volatility and industrial demand curtailment in the interim [10] - The industrial sector, particularly Methanex, may face economic pressures if domestic gas is replaced by higher-priced imported LNG, while residential and commercial demand is expected to be more resilient [11] - The New Zealand gas market will remain sensitive to weather conditions until new domestic supply or import capacity is established, with dry winters likely leading to higher prices and industrial curtailment [11]

Transaction Overview - OCI and Orascom Construction are combining to form a single Abu Dhabi-listed entity named "Orascom", with a secondary listing in Egypt[20] - OCI will receive 97,201,359 new Orascom Construction shares, resulting in approximately 47% ownership of Orascom Construction post-deal[20] - OCI shareholders will receive 04634 Orascom Construction shares for every 1 OCI share[20] Strategic Rationale and Value Creation - The combined entity aims to create a scalable infrastructure platform, delivering recurring sustainable income and strong returns by integrating concessions, EPC, and financing expertise[5] - The platform has a proven investment track record generating 39% IRR since 1999[7] - OCI realized over $116 billion in gross proceeds from divestments between 2023-2025 and has returned ~$7 billion to shareholders since 2022[29] - Orascom Construction's backlog reached $86 billion in 9M 2025, an 8% year-over-year growth[31] Market Positioning and Growth - Orascom Construction's 9M 2025 revenue was $34 billion, a 47% year-over-year growth, with EBITDA of $224 million, a 98% year-over-year growth[31] - The combined entity is strategically positioned to benefit from mega trends in infrastructure, water, energy, and mobility[17] - Weitz Company, acquired by Orascom Construction in 2012, has quadrupled its backlog and experienced a 58% CAGR in data centers[48] BESIX Group - OC acquired 50% of BESIX in 2004 for EUR 1875 million and has since received cumulative dividends of approximately EUR 280 million[57] - BESIX Group's backlog reached EUR 72 billion in 9M 2025[54]

Core Insights - Methanex Corporation has appointed Don Marchand to its Board of Directors, effective December 1, 2025 [1][4] Company Overview - Methanex is the world's largest supplier of methanol and is publicly traded on the Toronto Stock Exchange under the symbol "MX" and on the Nasdaq under "MEOH" [5] Leadership Background - Don Marchand has nearly four decades of experience in finance and energy infrastructure, having held significant roles at TC Energy, including Executive Vice President and Chief Financial Officer from 2010 to 2021 [2] - Marchand holds a Bachelor of Commerce from the University of Manitoba and is a Chartered Accountant and Chartered Financial Analyst [3]

Methanex Corporation 2025 Investor Day Summary Company Overview - **Company**: Methanex Corporation - **Event**: 2025 Investor Day - **Date**: November 13, 2025 - **Location**: Toronto, Canada Key Industry Insights - **Methanol Market Dynamics**: The methanol market is described as "quietly constructive" due to existing supply constraints and no new methanol plants being built, leading to a tighter market in the next three to five years [20][21][22] - **Demand Forecast**: The demand for methanol is projected to be moderated, with significant contributions from China, which has an annualized demand of approximately 60 million tonnes, while total global demand is around 100 million tonnes [28][29][30] - **Supply Constraints**: Current methanol capacity is around 160 million tonnes, but effective capacity is estimated to be closer to 110 million tonnes due to mothballed plants and structural constraints [40][41][42] - **Pricing Outlook**: Short-term pricing will be influenced by the marginal cost of production, with expectations of a gradual rebalancing in the market over the next few years [44][46] Company Strategy and Performance - **Acquisition of OCI**: The acquisition of OCI's methanol business is highlighted as a transformative opportunity, providing access to North American assets with abundant gas supply at a lower cost than brownfield reinvestment [16][17] - **North American Production Capacity**: Methanex has built a significant production capacity of 6.7 million metric tonnes in North America, accounting for 65% of its global capacity and 75% of its earnings [54][78] - **Gas Supply Outlook**: The company is confident in the long-term availability of low-cost gas in North America, supported by a large resource base and ongoing productivity improvements in shale gas production [60][62][64] Financial and Operational Highlights - **Cash Flow Generation**: The focus on free cash flow generation is emphasized, with plans for disciplined capital allocation and deleveraging to strengthen the balance sheet [15][46] - **Global Supply Chain**: Methanex's global supply chain is positioned to enhance its leadership in the industry, with a strong emphasis on integrating newly acquired assets [18][19] Regional Insights - **Chile and Egypt**: Both regions are expected to benefit from upstream activity, with Chile's production increasing significantly due to developments in the Vaca Muerta formation in Argentina [70][72] - **New Zealand and Trinidad**: These regions face challenges due to declining gas supplies and mature basins, but Trinidad has potential for future production increases through cross-border developments with Venezuela [75][77] Conclusion - **Future Outlook**: Methanex is well-positioned for future growth with a strong North American asset base, a constructive methanol market, and ongoing efforts to enhance operational efficiency and cash flow generation [78]

Financial Data and Key Metrics Changes - The company reported a solid performance in Q3 2025, with expectations to grow EPS by $1 to $2 in 2026, even in a flat demand environment [6][7]. - Working capital has been a source of cash amounting to $250 million this year, with expectations for free cash flow in 2026 to be at least $700-$800 million [35][37]. Business Line Data and Key Metrics Changes - In the engineered materials segment, consolidated volumes were down 8% year-over-year, primarily affecting engineered thermoplastics like POM and nylon, while thermoplastic elastomers showed resilience [17][28]. - Pricing pressures were noted in the acetyl chain, particularly in Europe, while stabilization was observed in China [15][16]. Market Data and Key Metrics Changes - The company is experiencing a lower demand base compared to historical levels, with no significant accelerated destocking observed across the board, although some pockets exist [31][33]. - The U.S. assets are running at high rates, with the potential for increased utilization if demand improves [85]. Company Strategy and Development Direction - The company is focused on increasing cash flow, improving cost efficiencies, and driving top-line growth, particularly through its EM pipeline [6][7]. - A divestiture target of $1 billion by the end of 2027 has been set, with the recent Micromax transaction contributing significantly towards this goal [51][52]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving EPS growth despite a challenging demand environment, emphasizing the importance of cost actions and pipeline success [6][7]. - The company is actively evaluating its portfolio for potential divestitures, particularly in areas that do not align with its core business strategies [50][51]. Other Important Information - The company announced a closure of the Narco facility, expected to yield $20 million-$30 million in productivity savings by 2027 [40]. - An impairment related to Zytel and nylon was recorded due to a reduction in market cap, not cash flow projections [69][70]. Q&A Session Summary Question: Early look at 2026 earnings control - Management highlighted priorities for 2026, focusing on cash flow, cost improvements, and top-line growth, with an EPS growth expectation of $1 to $2 [6][7]. Question: Operating rates in the acetyl chain - The lowest-cost assets are running at full capacity, while other assets are flexibly operated based on demand [11][12]. Question: Sequential pricing pressure in the acetyl chain - Pricing pressure has been noted in Europe, with stabilization in China and relative stability in the U.S. [15][16]. Question: Volume decline in engineered materials - The decline is mainly in engineered thermoplastics, while thermoplastic elastomers have shown growth [17][28]. Question: Free cash flow expectations for 2026 - Free cash flow is expected to be at least $700-$800 million, with working capital actions contributing to this [35][37]. Question: Divestiture strategy and portfolio actions - The company is committed to divesting non-core assets, with a target of $1 billion by 2027, and is actively pursuing additional divestitures [50][51]. Question: Impact of European acetate tow closure - Management indicated that the closure would not have ripple effects across the acetates network [98].

Financial Performance - Methanex reported a net loss of $7 million for Q3 2025, a significant decline from a net income of $64 million in Q2 2025 [3][12] - Adjusted EBITDA for Q3 2025 was $191 million, slightly up from $183 million in Q2 2025 [3][12] - The average realized price for methanol decreased to $345 per tonne in Q3 2025 from $374 per tonne in Q2 2025 [7][12] Production Highlights - Total methanol production in Q3 2025 was 2,212,000 tonnes, an increase from 1,621,000 tonnes in Q2 2025, driven by new contributions from the Beaumont and Natgasoline plants [7][12] - Beaumont plant produced 239,000 tonnes of methanol and 88,000 tonnes of ammonia in Q3 2025, compared to 11,000 tonnes of methanol in Q2 2025 [17][18] - Natgasoline plant produced 222,000 tonnes of methanol in Q3 2025, up from 10,000 tonnes in Q2 2025 [17][18] Sales and Revenue - Total methanol sales volume for Q3 2025 was 2,476,000 tonnes, compared to 2,133,000 tonnes in Q2 2025 [8][12] - Revenue for Q3 2025 was $927 million, an increase from $797 million in Q2 2025 [8][12] - The company returned $14.3 million to shareholders through dividends in Q3 2025 [7][12] Operational Developments - The company successfully completed the first full quarter of operations at the newly acquired Beaumont and Natgasoline plants, with operations proceeding safely and reliably [4][7] - Chile I operated at full rates throughout the Southern Hemisphere winter for the first time in over ten years, while Chile IV resumed operations after a planned turnaround [7][18] - Methanex ended Q3 2025 with a cash balance of $413 million and repaid $125 million of its Term Loan A [7][12] Future Outlook - Methanex expects production for 2025 to be approximately 8.0 million tonnes, with higher production anticipated in Q4 2025 [23][24] - The company forecasts a meaningful increase in Adjusted EBITDA for Q4 2025 compared to Q3 2025, despite a slightly lower average realized price [24]

Public Health & Safety - Methanol poisoning survivor indicates influencer campaign is insufficient [1]

Core Points - Methanex Corporation will host an Investor Day on November 13, 2025, in Toronto at 12:30 PM Eastern Time [1] - The event will feature a business update from Methanex's executive leadership team followed by a live Q&A session [1] - A live webcast of the presentations and Q&A will be available on the company's website and can be replayed after the event [2] Company Information - Methanex is the world's largest supplier of methanol and is based in Vancouver, Canada [3] - The company's shares are traded on the Toronto Stock Exchange under the symbol "MX" and on the Nasdaq under "MEOH" [3] - Additional information about Methanex can be found on their official website [3]

Group 1 - Methanex Corporation (NASDAQ:MEOH) is recognized as one of the top NASDAQ stocks with low P/E ratios [1] - The company established strategic alliances on September 23 to provide methanol bunkering services in South Korea and the Amsterdam-Rotterdam-Antwerp (ARA) area [1][2] - Methanex collaborated with TankMatch to offer barge-to-ship methanol bunkering services in the ARA region, building on a previous agreement involving OCI Global and UniBarge [2] Group 2 - The collaborations in South Korea and ARA leverage Methanex's existing supply chain and local knowledge from nearby bunkering operators [2] - Methanex ensures that all partners meet its operational and safety requirements, providing safety packages and technical advice for companies using methanol as marine fuel [3] - Methanex operates as a methanol manufacturer with a presence in Asia Pacific, North America, Europe, and South America [3]

Core Insights - Technip Energies has been awarded two engineering services contracts by Repsol for the Ecoplanta project, a pioneering waste-to-methanol facility in El Morell, Spain [1][4] - The facility will be the first in Europe to convert non-recyclable municipal solid waste and biomass into renewable methanol at scale, contributing to CO2 emissions reduction and supporting circular economy goals [2][6] - The project is expected to process up to 400,000 tons of municipal waste annually, producing approximately 240,000 tons of methanol, which can be used for manufacturing circular materials and advanced biofuels [3][5] Company Involvement - Technip Energies will provide engineering and procurement services, overseeing the integration of Enerkem's gasification technology, which transforms non-recyclable waste into renewable fuels [5][7] - The contracts will be recorded in the Q3 2025 backlog within the Technology, Products & Services segment, highlighting the company's commitment to sustainable solutions [7] Financial and Environmental Impact - The project is co-funded by the European Union's Innovation Fund and is projected to reduce greenhouse gas emissions by 3.4 million tons of CO2-equivalent over its first decade of operation [6] - Technip Energies generated revenues of €6.9 billion in 2024, indicating a strong financial position to support innovative projects like Ecoplanta [9]