MEOH · Methanex Corporation

Methanex reported a net loss of $14 million for Q1 2026, primarily driven by a $45 million mark-to-market expense on share-based compensation due to the increase in the company's share price. Adjusted EBITDA improved to $220 million from $186 million in Q4 2025, reflecting a higher average realized price of $351 per tonne versus $331 per tonne. Revenue was $974 million, slightly up from $969 million in the prior quarter. Production increased marginally to 2,391,000 tonnes, with strong performance across the portfolio, particularly in North America where assets operated at high rates except for a brief period of reduced output due to high natural gas prices. The company repaid $60 million of Term Loan A and paid $14 million in dividends, ending the quarter with $379 million in cash. Management highlighted the impact of Middle East conflict on global methanol supply chains, leading to a rapid price increase into Q2. Based on April and May posted prices, Methanex expects average realized prices of $500-$525 per tonne and significantly higher Adjusted EBITDA in the second quarter. The company reiterated its 2026 production guidance of 9.0 million tonnes of methanol and 0.3 million tonnes of ammonia.