METHANEX CORP
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
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Jun 30, 2025 · Filed Jul 30, 2025
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Adjusted EBITDA
Adjusted EBITDA differs from the most comparable GAAP measure, net income attributable to Methanex shareholders, because it excludes the mark-to-market impact of share-based compensation, depreciation and amortization, gas contract settlement, finance costs, finance income and other expenses, income taxes and asset impairment charge. Adjusted EBITDA includes an amount representing our 63.1% share of the Atlas facility and 50% share of the Natgasoline facility and excludes the non-controlling shareholders' interests in entities which we control but do not fully own.
Adjusted EBITDA and Adjusted net income exclude the mark-to-market impact of share-based compensation related to the impact of changes in our share price on SARs, TSARs, deferred share units, restricted share units and performance share units. The mark-to-market impact related to share-based compensation that is excluded from Adjusted EBITDA and Adjusted net income is calculated as the difference between the grant-date value and the fair value recorded at each period-end. As share-based awards will be settled in future periods, the ultimate value of the units is unknown at the date of grant and therefore the grant-date value recognized in Adjusted EBITDA and Adjusted net income may differ from the total settlement cost.
The following table shows a reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA:
| Three Months Ended · Six Months Ended | |||||
|---|---|---|---|---|---|
| ($ millions) | Jun 302025 | Mar 312025 | Jun 302024 | Jun 302025 | Jun 302024 |
| Net income attributable to Methanex shareholders | $64 | $111 | $35 | $176 | $88 |
| Mark-to-market impact of share-based compensation | (7) | (32) | 8 | (39) | (2) |
| Depreciation and amortization | 102 | 106 | 101 | 208 | 196 |
| Finance costs | 51 | 51 | 28 | 102 | 55 |
| Finance income and other expenses | (8) | (4) | (3) | (13) | (7) |
| Income tax expense | 3 | 36 | 5 | 39 | 11 |
| Earnings of associates adjustment 1 | 3 | 2 | 16 | 6 | 26 |
| Non-controlling interests adjustment 2 | (25) | (22) | (26) | (48) | (43) |
| Adjusted EBITDA | $183 | $248 | $164 | $431 | $324 |
1 This adjustment represents the add-back of depreciation and amortization, finance costs, finance income and other expenses and income taxes associated with our 63.1% interest in the Atlas and 50% interest in the Natgasoline methanol facilities which are included in net income attributable to Methanex shareholders but excluded from Adjusted EBITDA.
2 This adjustment represents the deduction of the portion of depreciation and amortization, finance costs, finance income and other expenses and income taxes associated with our non-controlling interests' share which has been added back above but is excluded from Adjusted EBITDA.
MANAGEMENT’S DISCUSSION AND ANALYSIS PAGE 16
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