METHANEX CORP
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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Mar 31, 2026 · Filed Apr 29, 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 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.
MANAGEMENT’S DISCUSSION AND ANALYSIS PAGE 15
The following table shows a reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA:
| Three Months Ended | |||
|---|---|---|---|
| ($ millions) | Mar 312026 | Dec 312025 | Mar 312025 |
| Net income (loss) attributable to Methanex shareholders | $(14) | $(89) | $111 |
| Mark-to-market impact of share-based compensation | 45 | (1) | (32) |
| Depreciation and amortization | 120 | 127 | 106 |
| Finance costs | 55 | 57 | 51 |
| Finance income and other expenses | 3 | (10) | (4) |
| Income tax expense | 3 | 16 | 36 |
| Asset impairment charge | — | 71 | — |
| Earnings of associates adjustment 1 | 34 | 41 | 2 |
| Non-controlling interests adjustment 2 | (26) | (26) | (22) |
| Adjusted EBITDA | $220 | $186 | $248 |
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.
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