OCI Global: Net Income Falls to $1 Million in First Half
OCI Global published its first-half accounts on September 28, 2026, marked by the near-disappearance of net income attributable to shareholders, at $1 million compared to $343 million a year earlier.
All of the group's activities are now presented as discontinued operations as part of the merger project with Orascom Construction, while NNS has simultaneously launched a cash offer for OCI shares. The half-year combines disposal gains and an impairment charge in the nitrogen business.
Net Income Reduced to $1 Million, Between Gains and Impairment
Net income attributable to shareholders stood at $1 million in the first half of 2026, compared to $343 million a year earlier. The period's result includes a gain of $238 million on the disposal of OCI Ammonia Holding, largely offset by an impairment charge in the OCI Nitrogen business.
By comparison, the first half of 2025 result included a gain of $688 million related to the sale of OCI Methanol. The group also discontinued the adjustments of alternative performance measures (APM), deemed less relevant for assessing operational performance.
Corporate costs amounted to $58 million over the half-year, compared to $69 million a year earlier, with a substantial portion being related to strategic transactions, legal and advisory fees, and proceedings before the Business Chamber.
OCI Nitrogen: Positive Operating Result in First Half, but Deterioration Since July
The OCI Nitrogen segment generated revenue of $534 million, compared to $566 million in the first half of 2025, the latter figure including the ammonia distribution business sold in August 2025 and therefore not fully comparable. Operating income stood at a profit of $53 million, compared to a loss of $21 million a year earlier, reflecting favorable market conditions at the beginning of the period.
The segment however recorded a net loss attributable to shareholders of $175 million, compared to $12 million a year earlier, after recognition of a non-cash impairment charge of $215 million, bringing the book value down to $123 million as of June 30. This impairment reflects persistent geopolitical tensions, elevated European natural gas prices, and disruptions at major on-site customers.
Management indicates that conditions subsequently deteriorated: TTF gas prices in Europe in the third quarter through mid-September were approximately 40% higher than those in the second quarter, while ammonia and CAN prices fell by approximately 20% and 10% respectively. For July and August 2026, it estimates adjusted EBITDA at approximately $8 million and free cash flow at approximately minus $16 million.
Net Cash Position of $1.05 Billion and Timetable for Ongoing Transactions
Net cash classified as assets held for sale stood at $1.05 billion as of June 30, 2026, compared to net cash of $695 million as of March 31, 2026, and net debt of $54 million as of December 31, 2025. This change primarily reflects proceeds related to the handover of Beaumont New Ammonia to Woodside (including a deferred amount of $470 million received on March 25), the net proceeds from the disposal of OCI Ammonia Holding, and the sale of Methanex shares.
OCI monetized all 9,944,308 Methanex shares through a series of block sales, generating total proceeds of approximately $543 million, at a net weighted average price of $54.56 per share, or 21% above the reference price used in the OCI Methanol transaction.
On the strategic front, NNS published its cash offer of €4.10 per share on September 14, 2026, with the acceptance period, which opened on September 15, to close on November 17, 2026 unless extended. An extraordinary general meeting is convened for October 30, 2026 to vote on resolutions relating to the merger with Orascom Construction. The decision of the Business Chamber, seized by VEB and other shareholders, is expected by October 7, 2026 at the latest, with the merger's completion currently envisaged for the fourth quarter of 2026.
