OCI N.V.

OCI Global’s continuing operations generated $567 million of revenue in H1 2025 and $1 million of adjusted EBITDA, with European Nitrogen contributing $21 million and corporate entities costing $20 million. Continuing operations posted a net loss attributable to shareholders of $331 million; management said this reflected noncash FX losses, a $98 million cost overrun at Beaumont New Ammonia, and debt modification adjustments tied to early repayment of the 2033 bonds. European Nitrogen EBITDA was $21 million versus $48 million in H1 2024, impacted by a 38% year-on-year increase in European natural gas prices and maintenance. Net cash was $1.03 billion at June 30, 2025, down from $1.37 billion at 2024 year-end. Beaumont New Ammonia project spend was $336 million in H1, with total spend at $1.29 billion and expected total investment cost now about $1.65 billion including contingencies. For the future, management said Beaumont first ammonia is expected later this year and handover to Woodside is now anticipated in early 2026; the European Nitrogen business remains under strategic review with an update expected by year-end, and the OCI-Orascom Construction transaction remains at the early due diligence/structure-discussion stage with no exact timeline given.

Hassan Badrawi framed the period as a transition toward a simpler platform after major portfolio actions, emphasizing the completed methanol sale, near-complete Beaumont New Ammonia construction, and continued review of the remaining European Nitrogen assets. He said the company is considering all options, including selling Nitrogen Europe in parts or as a whole, and reiterated that the proposed Orascom Construction combination is still early and subject to independent board oversight, adviser review, and later approvals. His tone was confident about the strategic flexibility and shareholder value created so far, while acknowledging that capital allocation decisions now depend on multiple moving pieces.

Beshoy Guirguis highlighted that results are now shown on a continuing-operations basis after the methanol sale, with H1 revenue of $567 million, adjusted EBITDA of $1 million, and a $331 million net loss attributable to shareholders. He attributed the loss to noncash FX losses, the $98 million Beaumont New Ammonia cost overrun, and debt-related adjustments, and noted European Nitrogen EBITDA declined to $21 million from $48 million due to gas prices and maintenance. On cash, he said net cash fell to $1.03 billion from $1.37 billion, driven by $1.3 billion of methanol proceeds, a $1 billion distribution, $141 million of methanol-related outflows, and $336 million of Beaumont spend; total project cost is now expected at about $1.65 billion. He also said gross debt increased by $73 million in H1 due to bond redemption accruals.

Analysts focused on the remaining cash flows, corporate cost run-rate, the timing and structure of the Orascom Construction deal, and whether OCI might still sell European Nitrogen separately. Management said the HoldCo cost run-rate has fallen to about $20 million to $25 million, that future cash could come from European Nitrogen operations, Beaumont receivables, contingencies, and post-closing adjustments, and that the merger timing is still unknown. On the Nitrogen review, management said a sale in parts is structurally possible and that the interplay with the merger is still being evaluated. They also said the merger currently does not require a cash component, no secondary European listing is contemplated, and the Methanex stake is not expected to see major near-term monetization.