METHANEX CORP
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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Dec 31, 2025 · Filed Mar 5, 2026
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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 our 50% share of the Natgasoline facility adjusted for any timing mismatch between the inventory flows of our associates to our share of ownership, 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
METHANEX CORPORATION 2025 FOURTH QUARTER NEWS RELEASE PAGE 13 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 · Years Ended | |||||
|---|---|---|---|---|---|
| ($ millions) | Dec 312025 | Sep 302025 | Dec 312024 | Dec 312025 | Dec 312024 |
| Net income (loss) attributable to Methanex shareholders | $(89) | $(7) | $45 | $80 | $164 |
| Mark-to-market impact of share-based compensation | (1) | 13 | 22 | (27) | 2 |
| Depreciation and amortization | 127 | 111 | 91 | 446 | 386 |
| Finance costs | 57 | 61 | 49 | 220 | 133 |
| Finance income and other expenses | (10) | (3) | 37 | (26) | (12) |
| Income tax expense | 16 | 4 | 9 | 58 | 30 |
| Asset impairment charge | 71 | — | — | 71 | 125 |
| Earnings of associates adjustment 1 | 41 | 34 | 3 | 82 | 43 |
| Non-controlling interests adjustment 2 | (26) | (22) | (32) | (96) | (107) |
| Adjusted EBITDA | $186 | $191 | $224 | $808 | $764 |
1 This adjustment represents the deduction 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 excluded from Adjusted EBITDA but included in net income attributable to Methanex shareholders.
2 This adjustment represents the add-back 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 deducted above but is excluded from net income attributable to Methanex shareholders.
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