INEOS Quattro Finance 1 plc (subsidiary issuer): 2Q26: Big jump qoq but April followed by more benign May/June.

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INEOS Quattro Finance 1 plc (subsidiary issuer): 2Q26: Big jump qoq but April followed by more benign May/June.

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INEOS Quattro Finance 1 plc (subsidiary issuer)

2Q26: Big jump qoq but April followed by

more benign May/June.

Earnings Review

Ex. holdings gains/losses all divisions up in 2Q26. 24 July 2026

Ineos Quattro reported 2Q26 EBITDA that rose 83% qoq on a reported basis and 110% High Yield Credit

once we strip out holding gains and losses at the Styrolution and Aromatics divisions. United Kingdom

YoY reported EBITDA rose by 78%, with all divisions up. Given STYRO’s disclosure that Chemicals

the month of April generated €170mn of EBITDA, May/June seem to be less robust. Stephanie Vincent, CFA

Research Analyst

June site closure, Asset sale looks to complete in 2026. MLI+44 (UK)20 7996 1143

Styrolution announced the closure of its polystyrene (PS) asset in Channahon, USA in stephanie.a.vincent@bofa.com

June (this facility had an annual capacity of 399kt of polystyrene, but we have seen the

about 50% of the PS capacity in the Decatur, AL facility that also produces Specialities).

QoQ= quarter over quaterIn North America the company is transitioning its PS sites to two (Decatur, AL and

Altamira, Mexico). We await further news on the costs for restructuring/clean-up for this AL= Alabama

facility. Quattro also announced the sale of its chlor-alkali business to Esseco Industrial

in April 2026. During its 1Q26 call management mentioned that proceeds could exceed YoY= year over year

€80mn during 2026.

Ineos Quattro operates via four

Inovyn, Acetyls bright spots. segments: Styrolution (styrene

monomer, polystyrene, ABS); InovynInovyn reported €133mn of EBITDA for the quarter, versus €42mn in 1Q26 and €46mn

(PVC, chlorine); Aromatics (PTA);in 4Q25.