IRPC (IRPC) Q4 2025 earnings summary

Executive summary

• Achieved strong operational performance in 2025, with improved gross integrated margin (GIM) and EBITDA year-over-year despite a challenging crude oil price environment.

• Focused on operational excellence, energy reduction, and commercial strategies, including asset monetization and specialty product growth.

• Recognized for sustainability and governance, winning multiple industry awards and maintaining a stable credit rating.

Financial highlights

• EBITDA rose 39% year-over-year to 6,204 MB; net income increased 31% to -3,571 MB, reflecting improved margins and lower OPEX.

• Market GIM improved 22% year-over-year to $8.82/bbl, driven by higher spreads in lube base oil and gas oil.

• Net sales declined 17% year-over-year to 232,671 MB, mainly due to lower crude prices and sales volumes.

• 4Q25 EBITDA dropped 55% sequentially to 1,356 MB, with a net loss of 574 MB due to stock and oil hedging losses.

Outlook and guidance

• 2026 crude oil prices expected to remain soft, with global supply surplus and moderate demand growth.

• Petrochemical spreads forecast to remain under pressure due to persistent oversupply, especially in China.

• Company aims for 20% GHG reduction by 2030 and net zero by 2050, with continued focus on circular economy and specialty products.