• Record sales volumes of 5.4 million tonnes, supported by production above nameplate capacity of 5.1 million tonnes and continued strong demand for Borouge’s differentiated product portfolio
  • Highest quarterly production on record in Q4, with sales volumes rising 21% QoQ, driving a 16% increase in revenue and a 12% increase in net profit
  • Borouge reiterates its intention to pay an increased dividend of 16.2 fils per share for FY2025
  • Formation of proposed Borouge Group International on track to complete in Q1 2026

ABU DHABI, UAE: Borouge Plc (ADX symbol: BOROUGE / ISIN AEE01072B225) today announced exceptional financial results for FY2025, with net profit of $1.1 billion, an industry-leading adjusted EBITDA margin of 37% and a net profit margin of 19% for the full year. Q4 2025 net profit increased 12% quarter on quarter (QoQ) to $330 million, driven by record quarterly production, sales volumes and utilisation rates, supporting the company’s industry-leading margin performance.

Borouge delivered full-year production of 5.1 million tonnes, above nameplate capacity, and executed the largest turnaround in the company’s history in Q2. A continued strategic focus on high-value products, including infrastructure solutions, combined with regional sales optimisation, supported strong pricing premia. Despite a decline in benchmark prices, Borouge demonstrated strong commercial resilience, achieving price premia of $224 per tonne for Polyethylene (PE) and $134 per tonne for Polypropylene (PP) in FY2025.

Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, said:

“Borouge continues to lead the industry as the world’s most profitable polyolefins company, demonstrating our resilience, supported by record production and sales volumes over the quarter. In 2025, we delivered strong and sustained pricing premia above industry benchmarks despite softer market conditions. We are well positioned to capture new opportunities and create further long-term shareholder value, reaffirming our intention to pay a 16.2 fils per share dividend for the year.”  

Record quarterly production volumes and utilisation rates in Q4 2025

Borouge delivered a standout operational performance in Q4, achieving its highest-ever quarterly production volume of 1.46 million tonnes and record utilisation rates. Production capabilities were also strengthened as facilities benefitted from the successful completion of the Borouge 3 plant turnaround in Q2, the most complex in the company’s history, completed ahead of schedule and on budget.

Increased output for the period enabled a 21% rise in sales volumes to a record figure of 1.64 million tonnes, supporting a 16% QoQ uplift in revenue to $1.68 billion and a 12% QoQ increase in net profit. The company continued to achieve robust premia above benchmark prices, supported by its differentiated product portfolio.

Borouge maintained its strategic focus on high-value segments including infrastructure solutions, which accounted for 39% of total sales volumes in Q4 2025, an increase of 3 percentage points QoQ. Borouge continued to channel sales into markets offering the most attractive netbacks, with Asia Pacific representing 59% of sales volumes, and the Middle East and Africa accounting for 32%.

Performance for the full year reflects stable demand and resilient margins

Borouge recorded $5.85 billion in revenue for FY2025. Whilst benchmark prices moved lower in the second half, premia remained robust for PE and PP at $224/tonne and $134/tonne respectively. Full-year sales volumes of 5.4 million tonnes represented the highest annual sales in Borouge’s history.

Adjusted EBITDA for FY2025 totalled $2.17 billion, with a strong 37% margin supported by Borouge’s differentiated products and the strength of resilient customer demand in high-value segments. Net profit for the year reached $1.1 billion and achieved a strong margin of 19% in FY2025. Borouge continued to maintain strong cost discipline, underscoring the company’s production and operational strength.

FY2025 dividend intention confirmed at 16.2 fils per share

Borouge reaffirmed its intention to deliver an increased 16.2 fils per share dividend for FY2025, with the second-half distribution expected in April 2026, subject to shareholder approval. The dividend is expected to be maintained by Borouge Group International, when launched, through to at least 2030, subject to relevant approvals. The company continued its share buyback during the year, with 212 million shares repurchased by the end of Q4, reflecting confidence in Borouge’s long-term business performance and cash-generation profile.

Borouge’s strong dividend track record and attractive yield were further recognised through its inclusion in the FTSE ADX Dividend Stars Index; a reflection of the company’s record of delivering one of the highest and most consistent dividends on the Abu Dhabi Securities Exchange (ADX).

Value creation through stringent cost control, AI, digitalisation, innovation and growth

After achieving an exceptional $607 million in efficiencies through its 2023 Value Enhancement Programme and sustaining momentum in 2024, Borouge has continued its strict cost control measures and revenue improvements in 2025, which contributed to robust operational results despite challenging market conditions.

Borouge achieved $717 million in value generation in FY2025 through its AI Digitalisation & Technology programme, well in excess of its $575 million target. The company has also successfully delivered a proof of concept with Honeywell, positioning Borouge to deliver the petrochemical industry’s first fully AI-driven autonomous control room at its Ruwais site.

The company is advancing several growth projects. Once fully operational, the Borouge 4 mega 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, with flexibility retained on the timing of its transfer.

Commissioning activities for XLPE 2, the first facility within the Borouge 4 mega project, commenced at the end of 2025, ready for start-up from Q1 2026. The plant is designed to produce highly specialised wire and cable solutions. Commissioning of the additional Borouge 4 plants is expected through 2026.

Under the expansion of its second ethane cracker (EU2), the Front-End Engineering Design (FEED) services have been completed and the company will now seek to award an Engineering, Procurement, and Construction (EPC) contract later this year. Borouge has awarded an EPC contract for the expansion and refurbishment of its PE4 and PE5 production units. The company has also completed the feasibility study for the expansion of its third ethane cracker (EU3) and is now progressing with pre-FEED activities.

Demonstrating its commitment to innovation, Borouge expanded its differentiated product offering with 10 new products released in 2025 including its first made-in-UAE healthcare Low Density Polyethylene (LDPE) product, advanced material solutions for ROX Motors new-energy vehicle development, as well as circular product solutions: the Recleo™ portfolio made from mechanically recycled polyolefins, and a Borstar®  new product for advanced packaging applications, enabling energy savings and a reduction in food wastage. These recent additions enabled our innovation portfolio to generate a record $94 million of value in 2025.

Sales of Borouge’s circular product solutions have increased by 20% in 2025 reflecting the growing contribution of this segment. Since starting its energy efficiency roadmap in 2018, Borouge has achieved cumulative reductions of over 500 kilotonnes of CO₂ emissions per year by 2025. The company has also expanded its reporting to include Scope 3 emissions, strengthening its ability to target carbon reductions across the value chain.

Borouge Group International

The planned creation of Borouge Group International remains on track to complete in Q1 2026, with the majority of pre-completion regulatory approvals received. The global polyolefins powerhouse is set to be formed through the combination of Borouge, Borealis and the acquisition of NOVA Chemicals, subject to receipt of the final regulatory approvals. Following the completion of the Borouge Group International transactions, synergies are expected to be delivered, representing in excess of $500 million in additional annual EBITDA, with 75% of these synergies projected to be realised within three years post completion.

Outlook

While near-term market pricing is expected to remain dynamic, the company’s focus on differentiated products, cost discipline and operational excellence positions it well to navigate market volatility. Demand growth in Asia Pacific and the Middle East is expected to outperform developed regions. The expected ramp-up of new Borouge 4 facilities planned for 2026, coupled with ongoing cost control, digitalisation and efficiency initiatives, is expected to strengthen Borouge’s long-term earnings capacity and support sustained shareholder returns.