ABU DHABI, UAE – 29 October 2025: Borouge Plc (ADX symbol: BOROUGE / ISIN AEE01072B225) today announced a 52% quarter-on-quarter (QoQ) net profit increase to $295 million in Q3 2025, exceeding market expectations and driven by record production, strong sales, and resilient margins following the successful Borouge 3 plant turnaround in Q2.
Adjusted EBITDA for Q3 rose to $565 million, representing an industry-leading 39% margin, up from 34% in the previous quarter. The higher margin reflects strong sales volumes, first quartile operating costs and robust quality pricing premia. Despite benchmark prices declining QoQ, Borouge achieved $233/t for polyethylene (PE) and $142/t for polypropylene (PP) during the first nine months of 2025, remaining above guidance and reflecting the strength of its differentiated and innovative product portfolio.
Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented:
“Our exceptional Q3 results reinforce Borouge’s position as the world’s most profitable polyolefins company. We delivered over 50% net profit growth despite softer markets, underpinned by our resilient business model, record production following the planned Q2 turnaround, and strong cost discipline. Our cash generation underpins one of the highest dividend yields on the ADX - and we reaffirm our intention to increase Borouge’s dividend to 16.2 fils per share for 2025.”
Q3 record operational performance and strong margins
Borouge’s improved profitability in the quarter was driven by disciplined execution and operational resilience following the successful completion of the Borouge 3 plant turnaround earlier in the year, concluded ahead of schedule. Following the turnaround, utilisation rates returned quickly to above design capacity levels of 110% for PE and 112% for PP, supporting a 19% increase in Sales volumes quarter-on-quarter to 1.4 million tonnes.
Infrastructure and advanced packaging segments continued to drive 36% of total volumes reinforcing Borouge’s differentiated market positioning. The Asia Pacific region accounted for 61% of sales, up from 57% in the previous quarter.
9-Month (9M) performance supports increased dividend and commitment to shareholder returns
Sales volumes totalled 3.8 million tonnes, broadly flat year-on-year, reflecting strong utilisation rates and with record quarterly production in Q3. Borouge generated 9M revenue of $4.17 billion in 2025 compared to $4.41 billion recorded for the same period in 2024 due to lower average selling prices, mitigated by increased production volumes. Adjusted EBITDA stood at $1.57 billion, while net profit reached $769 million, supported by disciplined cost control and higher operating efficiency.
Borouge reaffirmed its FY2025 dividend intention of 16.2 fils per share, which is expected to be maintained by Borouge Group International, when launched, through to at least 2030, with upside potential from an intended 90% dividend payout ratio of net profit, subject to relevant approvals. The company continues to execute its share buyback programme, with over 158 million shares repurchased by the end of Q3, reflecting strong confidence in its long-term outlook.
Unlocking innovation, shareholder growth and value
Borouge continues to advance its growth projects. The Borouge 4 expansion project is over 90% complete, with the first plant expected to start to come online by the end of this year. Once fully operational, the project will add 1.4 million tonnes of annual capacity and significantly enhance Borouge’s earnings power and market reach. It would also serve as a core asset within Borouge Group International, to which it is expected to be transferred at cost, upon completion.
Expanding its innovation pipeline to drive value generation, the company reintroduced an enhanced version of its BorSafe™ products, a next-generation PE100-RC pipe grade, earning ‘New Product of the Year’ at the Asian Oil and Gas awards. In the advanced packaging sector, the company introduced a block polypropylene (PP) Borstar® grade that enables up to 50% post-consumer recycled content, reflecting Borouge’s focus on circular, high-performance solutions.
Borouge has delivered $477 million in year-to-date value through its AI, Digitalisation and Technology (AIDT) programme, and is targeting $575 million in value generation for 2025. The company is also collaborating with Yokogawa and Honeywell to conduct a proof-of-concept for AI-powered autonomous control room operations at its Ruwais facility in Abu Dhabi and is set to deliver the petrochemical industry’s first AI-driven control room.
At the inaugural ADNOC Investor Majlis held on 8 October, transaction updates regarding the proposed creation of Borouge Group International were provided by ADNOC, including:
- The transactions remain on track to complete in Q1 2026, with the majority of pre-completion regulatory approvals received.
- ADNOC and OMV successfully secured financing from global banks for BGI, amounting to $15.4 billion, including the acquisition of Nova Chemicals.
- The shareholders have undertaken a confidential exercise and received confirmation that BGI will have strong investment grade ratings.
- Synergies in excess of $500 million annually have been identified as part of the planned transactions, representing significant new value generation for shareholders. Asset base optimisation brings long-term CAPEX efficiencies.
Outlook
Borouge remains focused on high-margin, differentiated products across its core regions, supporting strong quality price premia and performance outlook for the remainder of 2025. The company continues to optimise volume allocation to the most attractive netback markets. Following record quarterly production, Borouge is well positioned to maximise capacity utilisation and capture upside from improving market dynamics when they emerge.
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