Methanex Corporation reported a net loss attributable to shareholders of $14 million, or $0.18 per diluted share, for the first quarter of 2026. The loss narrowed sharply from the $89 million loss ($1.15 per share) recorded in the fourth quarter of 2025. Adjusted earnings, which exclude one‑time items such as mark‑to‑market share‑based compensation, were positive: adjusted EBITDA reached $220 million and adjusted net income was $23 million, or $0.30 per diluted share.
Revenue for the quarter was $974 million, slightly below the consensus forecast of $977.74 million but above the Zacks estimate of $963.94 million. The figure reflects a modest 0.3% decline from the $977 million reported in Q4 2025, driven by a 1.5% drop in methanol sales volume. The company’s average realized price rose to $351 per tonne, up from $331 per tonne in Q4 2025, largely due to supply disruptions in the Middle East that lifted global methanol prices.
The GAAP net loss was driven by a $14 million mark‑to‑market expense related to share‑based compensation. When this one‑time charge is removed, the company’s operating performance is strong, with adjusted EBITDA and net income turning positive. The company’s management highlighted that the higher realized prices and disciplined cost control were key to the turnaround in adjusted results.
Rich Sumner, President and CEO, said on the earnings call, "Our first quarter average realized price of $351 per tonne and produced methanol sales of approximately 2.2 million tonnes generated adjusted EBITDA of $220 million and adjusted net income of $23 million." He added, "We are expecting to see significantly stronger earnings and cash flows in the second quarter compared with the first quarter." Sumner also noted the company’s plan to repay the term loan of approximately $290 million in the quarter, with a focus on subsequent bond repayment and optional share buybacks.
The company’s recent acquisition of OCI Global’s international methanol business, completed on June 27 2025, includes facilities in Beaumont, Texas. The acquisition is expected to be immediately accretive to free cash flow and provides a low‑carbon methanol production and marketing platform, expanding Methanex’s global production base by more than 20%. Sumner emphasized the strategic benefit of the acquisition, stating, "We are excited to complete this important strategic acquisition and to welcome a talented team to Methanex. I want to thank the individuals that worked diligently to successfully close this acquisition. As we move forward, our focus is on ensuring a smooth integration, maintaining safe and stable operations, and delivering the strategic benefits of this acquisition."
The company’s market reaction was mixed. The stock fell 2.07% in pre‑market trading following the announcement, reflecting investor concern over the EPS miss and the GAAP net loss. However, the company’s guidance for significantly higher adjusted EBITDA in Q2, driven by expected methanol prices of $500–$525 per tonne, and the positive outlook for debt repayment and cash flow generation, helped temper the initial negative sentiment. Analysts noted that while the EPS miss was a short‑term disappointment, the company’s strong adjusted performance and forward guidance signal confidence in its operational resilience and pricing power.
In summary, Methanex’s first‑quarter 2026 results demonstrate a clear turnaround in adjusted profitability, driven by higher methanol prices and effective cost control, while the GAAP net loss remains a one‑time accounting charge. The company’s acquisition of OCI’s assets and its positive outlook for the second quarter reinforce its strategic position in the global methanol market, suggesting that the earnings release provides material insight for long‑term investors.
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