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Annual report and financial statements Registered number 09922303 31 December 2025 |
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Strategic report for the year ended 31 December 20252
Directors’ report for the year ended 31 December 20254
Income statement for the year ended 31 December 20257
Balance sheet at 31 December 20258
Statement of changes in equity for the year ended 31 December 20259
Notes to the financial statements for the year ended 31 December 202510
Strategic report for the year ended 31 December 2025
The results of the Company are set out in the income statement on page 7 which shows a profit for the year of €
Principal activities
Dividend income
During the year, the Company received dividend income from INEOS Styrolution Switzerland S.A. of €
In March 2025, the Company received a dividend of €10.4 million from INEOS Quattro Financing 1 Plc. This dividend was set off against the amount outstanding on the EUR Loan Notes 2026 owed by the Company to INEOS Quattro Financing 1 Plc and did not result in any cash transfer.
Financing arrangements
In January 2025, one subsidiary of the Company, INEOS Quattro Financing 1 Plc, redeemed in full the Senior Notes due 2026 for €41.9 million. This early redemption was funded by the Company through the repayment the EUR Loan Notes 2026 for €41.9 million.
Principal risks and uncertainties
As a Holding company, the principal risks and uncertainties of the Company are limited and mainly arise from the credit risk and interest rate risk arising from its loans to/from other company undertakings. Due to the nature of its investment, the Company is exposed to typical risks associated with chemical manufacture. Chemical manufacture operations mean that the business is exposed to risks from changing market demand, adverse changes to raw material prices and increase in competition. These risks are expected from chemicals manufacturer and are continually monitored through reference to the financial performance of the underlying investments. Operating within the Chemical Industry, the businesses are highly regulated, with Environment, Health and Safety laws and regulations governing our operations and providing our license to operate. The Company places compliance with these laws and regulations as the number one priority.
Strategic report for the year ended 31 December 2025
Section 172(1) statement
The directors have the duty to promote the success of the Company for the benefit of stakeholders as a whole and remain conscious of the impact their decisions have on employees, communities, suppliers, customers, investors and the environment.
The Company’s governance and processes are operated to ensure that all relevant matters are considered by the Board in its principal decision-making, as a means of contributing to the delivery of the Company’s long-term success. In the performance of its duty to promote the success of the Company and fairness in decision making the Board have regard (amongst other matters) for:
As a subsidiary of INEOS Quattro Holdings Limited all stakeholder considerations are managed at a group level. Further detail of policies in relation to the section 172(1) duties can be found in the Annual report and financial statements of INEOS Quattro Holdings Limited which may be obtained from the Company secretary at the registered office: Hawkslease, Chapel Lane, Lyndhurst, Hampshire, SO43 7FG, United Kingdom.
The Company’s strategy is to grow profitability and cash flows within its subsidiary companies to further strengthen the value of its investment in the businesses.
The Company will continue to support the broader INEOS Quattro Holdings Limited Group with its sustainability agenda and its commitment to reduce its carbon emissions by 33%, (compared to 2019 levels) by 2030 and be Net Zero by 2050 in line with EU policy. The sustainability strategy of the Company as part of the INEOS Quattro Group is described in the Non-Financial and Sustainability Information Statement in the Strategic’ Report of INEOS Quattro Holdings Limited consolidated financial statements.
Given the straightforward nature of the business, the Company’s directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. The development, performance and position of the INEOS Quattro Holdings Limited group, which includes the Company, are discussed in the Group’s annual report which does not form part of this report. The consolidated financial statements of INEOS Quattro Holdings Limited are available to the public and may be obtained from the Company Secretary at its registered address: Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG, United Kingdom.
Approved by the Board and signed on its behalf by
G W Leask
Director
09 June 2026
Directors’ report for the year ended 31 December 2025
The Directors present their report and the financial statements of INEOS Quattro Financing Limited (the “Company”) for the year ended 31 December 2025.
Dividends
The Directors considers the long-term cash requirements of the Company as a basis for any dividend under its distribution policy.
The future developments have been disclosed in the Strategic report and forms part of this report through cross reference.
Macroeconomy
Current geopolitical instability, including ongoing conflicts within Europe and the Middle East, an over-supply of product from China and a challenging European economic landscape has led to volatility on generated margins and sales volumes which is expected to continue into the going concern period, however, the Directors have undertaken a rigorous assessment of the potential impact on demand for the Company and its fellow subsidiaries products and services and the impact on the financial results for the next 12 months and the Directors do not expect a material impact on the Company’s ability to operate as a going concern.
Going concern
The directors have considered the Company’s projected future cash flows and working capital requirements for a period of at least 12 months from signing of these financial statements. As at 31 December 2025, the Company had net current assets of €
After making enquiries, the directors have a reasonable expectation that the parent’s going concern assessment confirms that there is sufficient forecast committed liquidity headroom for the parent to provide this support and the Company will therefore have adequate resources to continue in operational existence for the foreseeable future and in any case for a period of not less than twelve months. Accordingly, the Directors continue to adopt the going concern basis in preparing its financial statements.
Directors’ report for the year ended 31 December 2025
The Directors who held office during the year, and up to the date of signing the financial statements, were as follows:
In January 2026, the Company entered into two new inventory monetisation agreement, the total of which is expected to provide approximately €300.0 million of new funding for an initial period of two years to January 2028.
In March 2026, the Company received an incremental equity funding from its shareholders of €200.0 million.
Streamlined Energy and Carbon Reporting
The Company is non-trading, does not have any employees and has no premises. Disclosures under the Streamlined Energy and Carbon Reporting requirements for the Company are contained in the Streamlined Energy and Carbon Reporting in the Strategic Report of the consolidated financial statements of INEOS Industries Limited, an intermediate parent undertaking. The consolidated financial statements of INEOS Industries Limited are available to the public and may be obtained from the Company Secretary at Hawkslease, Chapel Lane, Lyndhurst, Hampshire, SO43 7FG, United Kingdom.
Statement of Directors’ responsibilities in respect of the financial statements
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom adopted international accounting standards. The Directors have chosen to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 “Reduced Disclosure Framework”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing the financial statements, the Directors are required to:
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors’ report for the year ended 31 December 2025
INEOS Quattro Financing Limited
United Kingdom
Approved by the Board and signed on its behalf by:
G W Leask
Director
Income statement
for the year ended 31 December 2025
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Note |
2025 |
2024 |
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€m |
€m |
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Operating expenses................................... |
2 |
( |
( |
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Operating loss..................................... |
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( |
( |
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Income from shares in group undertakings................... |
4 |
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Other interest receivable and similar income.................. |
5 |
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Interest payable and similar expenses....................... |
6 |
( |
( |
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Profit before taxation................................ |
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Tax credit on profit................................... |
9 |
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Profit for the financial year............................ |
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As at
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Note |
2025 |
2024 |
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€m |
€m |
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Fixed assets |
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Investments.................................................. |
10 |
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Deferred tax assets.............................................. |
11 |
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- |
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Total fixed assets.............................................. |
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Current assets |
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Debtors: amounts due within one year................................. |
12 |
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Debtors: amounts due after more than one year........................... |
12 |
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Financial assets ................................................ |
13 |
- |
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Cash and cash equivalents.............................. |
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Total current assets.................................. |
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Financial liabilities.............................................. |
13 |
( |
- |
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Creditors: amounts falling due within one year................. |
14 |
( |
( |
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Net current assets.............................................. |
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Total assets less current liabilities................................... |
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Creditors: amounts falling due after more than one year..................... |
15 |
( |
( |
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Net assets................................................... |
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Capital and reserves |
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Called up share capital........................................... |
16 |
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Profit and loss account................................ |
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Total shareholder’s funds........................................ |
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The notes on pages 10 to 28 are an integral part of these financial statements.
These financial statements on pages 7 to 28 were approved by
G W Leask
Director
INEOS Quattro Financing Limited
Registered number: 09922303
Statement of changes in equity
for the year ended 31 December 2025
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Note |
Called up share capital |
Profit and loss account |
Total shareholder’s funds |
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€m |
€m |
€m |
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Balance at 1 January 2024........................................ |
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Profit for the financial year........................................ |
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- |
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Balance at 31 December 2024 |
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Profit for the financial year........................................ |
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- |
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Balance at 31 December 2025...................................... |
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Notes to the financial statements
for the year ended 31 December 2025
1 Material accounting policies
1.1 Overview
INEOS Quattro Financing Limited (the “Company”) is a private company, limited by shares, incorporated in the United Kingdom
1.2 Basis of preparation
These financial statements were prepared in accordance with The Companies Act 2006 as applicable to companies using Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”) on a going concern basis and under the historical cost accounting rule.
The Company is a wholly-owned subsidiary of INEOS Quattro Holdings Limited which includes the Company in its consolidated financial statements. The consolidated financial statements of INEOS Quattro Holdings Limited are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from the Company Secretary at: Hawkslease, Chapel Lane, Lyndhurst, Hampshire SO43 7FG, United Kingdom.
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the United Kingdom (“Adopted IFRSs”) but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
As the consolidated financial statements of INEOS Quattro Holdings Limited include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures:
The accounting policies set out below have, unless otherwise stated, been applied consistently on the going concern basis, to all periods presented in these financial statements and in accordance with the Companies Act 2006 as applicable to companies using FRS 101.
Notes to the financial statements (continued)
for the year ended 31 December 2025
1.3Going concern
The directors have considered the Company’s projected future cash flows and working capital requirements for a period of at least 12 months from signing of these financial statements. As at 31 December 2025, the Company had net current assets of €
After making enquiries, the Directors have a reasonable expectation that the parent’s going concern assessment confirms that there is sufficient forecast committed liquidity headroom for the parent to provide this support and the Company will therefore have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.
1.4Measurement convention
The Company financial statements have been prepared using accounting policies that are consistent with those of the previous financial year. There are no amendments to accounting standards that are effective for the year ended 31 December 2025 which have had a material impact on the Company.
1.8Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Notes to the financial statements (continued)
for the year ended 31 December 2025
1.8Financial instruments (continued)
Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other receivables, loans and receivables, loans and borrowings, trade and other payables, and borrowings.
Trade and other receivables
Loans and receivables
Loans and receivables are recognised initially at fair value plus transaction costs that are directly attributable to the acquisition or issue. If the loans and receivables meet the cash flow characteristics and business model tests as per IFRS 9, then they are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit and loss account. Any gain or loss on derecognition is recognised in profit and loss account. However, if loans and receivables do not qualify for being recognised at amortised cost, they are recognised at fair value through profit or loss.
Trade and other payables
Interest-bearing borrowings
Derivative financial instruments
1.9Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account as described below.
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Notes to the financial statements (continued)
for the year ended 31 December 2025
1.9Impairment (continued)
Financial assets
Trade and other receivables
The Company applies the simplified approach to measuring expected credit losses following the requirements of IFRS 9 for its trade receivables and contract assets, being the lifetime expected credit loss model. That means that, beside considering objective evidence (e.g. default or delinquency by a debtor, restructuring of an amount due to the Company on terms that the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, adverse changes in the payment status of borrowers or issuers, economic conditions that correlate with defaults or the disappearance of an active market for a security), the Company takes into account a forecast of future economic conditions in the calculation of the expected loss, which requires a greater extent of judgement.
Financial assets which are considered low risk are not provided for impairment by the Company.
An impairment loss in respect of a receivable carried at amortised cost is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Amounts due from related parties
For amounts due from related parties an impairment loss is recognised at inception based on the 12-month expected credit loss. Subsequently the Company assesses whether there is a significant increase in credit risk to determine whether the 12-month expected credit loss model should continue to be applied or whether the lifetime expected credit loss model should be applied.
1.10Investment
1.11Revenue
1.12Interest receivable and interest payable
Notes to the financial statements (continued)
for the year ended 31 December 2025
1.13Taxation
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. A provision is recognised for those matters for which the tax determination is uncertain but is considered probable that there will be a future outflow of funds.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
Deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously.
1.14Cash and cash equivalent
2 Operating loss
3 Staff numbers and costs
4 Income from shares in group undertakings
During the year, the Company received dividend income from INEOS Styrolution Switzerland S.A. of €
In March 2025, the Company received a dividend of €10.4 million from INEOS Quattro Financing 1 Plc. This dividend was set off against the amount outstanding on the EUR Loan Notes 2026 owed by the Company to INEOS Quattro Financing 1 Plc and did not result in any cash transfer.
Notes to the financial statements (continued)
for the year ended 31 December 2025
5 Other interest receivable and similar income
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2025 |
2024 |
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€m |
€m |
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Interest receivable from subsidiary undertakings.................................. |
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Interest receivable from external parties........................................ |
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Gains on derivatives.................................................... |
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Total other interest receivable............................................. |
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6 Interest payable and similar expenses
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2025 |
2024 |
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€m |
€m |
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Interest payable to subsidiary undertakings...................................... |
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Loss on derivatives..................................................... |
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- |
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Foreign exchange loss................................................... |
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Total other interest payable and similar charges........................ |
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7 Directors’ remuneration
8 Auditors’ remuneration
Fees payable to the Company`s auditor for the audit of the Company were €nil (2024: €
Notes to the financial statements (continued)
for the year ended 31 December 2025
9 Tax on profit
Recognised in the profit and loss account
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2025 |
2024 |
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€m |
€m |
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UK Corporation tax: |
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Current tax income........................................................ |
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Prior year adjustment...................................................... |
( |
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Total current tax (charge)/credit................................... |
( |
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Deferred tax: |
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Prior year adjustment............................................ |
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- |
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Total deferred tax credit......................................... |
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- |
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Total tax credit............................................... |
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Reconciliation of effective tax rate |
2025 |
2024 |
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€m |
€m |
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Profit before taxation.................................................... |
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Tax using the UK corporation tax rate of |
( |
( |
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Tax exempt income..................................................... |
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Deferred tax not recognised................................................ |
( |
( |
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Prior year adjustment.................................................... |
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Total tax credit............................................... |
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Deferred tax has not been recognised in respect of restricted interest expenses carried forward under the UK Corporate Interest Restriction (CIR) rules. These finance costs can be carried forward indefinitely and reactivated in future periods when excess interest capacity arises. No deferred tax asset has been recognised as current forecasts do not anticipate sufficient excess interest capacity in the foreseeable future.
The Company has applied the mandatory temporary exception to the requirements of IAS 12 regarding the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes. Based on an assessment of current legislation, the Company has no material exposure to Pillar Two top-up taxes for the period.
Notes to the financial statements (continued)
for the year ended 31 December 2025
10 Investments
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Cost and net book value |
Shares in group undertakings |
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€m |
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At 31 December 2024 and 2025............................................ |
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Management judgement is required to determine whether an indicator of potential impairment exists in relation to the Company’s investments. The directors have identified that when the carrying amount of the investments was higher than the net book value of the invested entity, this could be an indication of impairment. For those investments, the company carried out a full impairment review by comparing the carrying amount of the investments against the recoverable amount, being the value in use.
The recoverable amount is calculated on a long-term business plan for each investment with a detailed planning period of five years and a terminal value which represents the mid-cycle performance on which a terminal growth rate is applied for the 35 years thereafter based on the assumption of a total asset life of 40 years or in perpetuity depending of the nature of the business. The main assumptions for the preparation of the five-year-business plan are the economic growth developments in the main customer regions and industries of each business which drive the sales volumes and the margins. These assumptions are based on external macroeconomic sources and specific data relevant to the petrochemical industry and management's knowledge of the local markets in which it operates.
The growth of each investment is deemed closely related to the GDP growth in the regions in which the Group is operating. A terminal growth of 1.1% was used for CGUs operating in Europe, 2.0% for CGUs operating in the US and 3.9% for CGUs operating in Asia. The discount rate is determined based on external market inputs and considering the weighted average cost of capital of the INEOS Quattro Holdings Limited Group.
A reasonable downside analysis was conducted on those assumptions as included in note 20. A reasonable possible change in assumptions could cause the carrying amount of the investment in INOVYN Limited to exceed the recoverable amount of the investment. Although these changes in assumptions are considered as reasonable downside scenarios, management has assessed the assumptions used to determine the recoverable amount and considered that those assumptions are appropriate especially around the production volumes and margins. On this basis, no impairment is deemed required. Reasonable downside analysis does not indicate that the carrying amount of the other investments could exceed the recoverable amount.
Details of the Company’s direct and indirect subsidiaries and percentages of equity share capital held are set out below:
Notes to the financial statements (continued)
for the year ended 31 December 2025
10 Investments (continued)
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Company |
Country of incorporation |
Principal activity |
Class of shares held |
Ownership 2025 |
Ownership 2024 |
Registered office reference |
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UK |
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Ordinary |
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(1) |
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UK |
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Ordinary |
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(1) |
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INEOS Quattro Financing 2 Limited |
UK |
Financing company |
Ordinary |
100% |
100% |
(1) |
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Germany |
|
Ordinary |
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(2) |
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INEOS Styrolution Investment GmbH |
Germany |
Holding company |
Ordinary |
100% |
100% |
(2) |
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INEOS Styrolution America LLC |
USA |
Manufacture of styrene monomer and polymers, selling, distribution |
Members interest |
100% |
100% |
(3) |
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INEOS Styrolution Belgium NV |
Belgium |
Manufacture of styrene monomer and polymers |
Ordinary |
100% |
100% |
(4) |
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INEOS Styrolution Belgium Services bvba |
Belgium |
Sales office |
Ordinary |
100% |
100% |
(5) |
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INEOS Styrolution Canada Ltd |
Canada |
Manufacture of styrene monomer |
Common |
100% |
100% |
(6) |
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INEOS Styrolution do Brasil Polimeros Ltda. |
Brazil |
Sales office |
Equity /Ordinary |
100% |
100% |
(7) |
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INEOS Styrolution Hong Kong Company Limited. |
Hong Kong |
Sales office |
Ordinary |
100% |
100% |
(30) |
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INEOS Styrolution Europe GmbH. |
Germany |
Distribution company |
Ordinary |
100% |
100% |
(2) |
|
INEOS Styrolution France SAS. |
France |
Manufacture of polymers |
Ordinary |
100% |
100% |
(9) |
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INEOS Styrolution France Services SAS. |
France |
Sales office |
Ordinary |
100% |
100% |
(10) |
|
INEOS Styrolution Group GmbH. |
Germany |
Holding company |
Ordinary |
100% |
100% |
(2) |
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INEOS Styrolution Iberia S.L. |
Spain |
Sales office |
Ordinary |
100% |
100% |
(11) |
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Switzerland |
|
Ordinary |
|
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(12) |
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INEOS Styrolution Italia S.r.L. |
Italy |
Sales office |
Ordinary |
100% |
100% |
(13) |
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INEOS Styrolution Kimyasal Ürünler Ticaret Limited Sirketi. |
Turkey |
Sales office |
Ordinary |
100% |
100% |
(14) |
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INEOS Styrolution Köln GmbH. |
Germany |
Manufacture of polymers |
Ordinary |
100% |
100% |
(15) |
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INEOS Styrolution Korea Ltd. |
South Korea |
Manufacture of polymers |
Common |
100% |
100% |
(16) |
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KR Copolymer Co. Ltd. |
South Korea |
Manufacture of K-Resin |
Ordinary |
100% |
100% |
(17) |
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INEOS Styrolution Ludwigshafen GmbH |
Germany |
Manufacture of polymers |
Ordinary |
100% |
100% |
(2) |
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INEOS Styrolution Mexicana, S.A. de C.V. |
Mexico |
Manufacture of polymers |
Ordinary |
100% |
100% |
(18) |
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INEOS Styrolution Netherlands B.V. |
Netherlands |
Sales office |
Ordinary |
100% |
100% |
(19) |
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INEOS Styrolution OOO.(h) |
Russia |
Sales office |
Charter capital |
100% |
100% |
(20) |
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INEOS Styrolution Poland Sp. z o.o. |
Poland |
Sales office |
Ordinary |
100% |
100% |
(21) |
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INEOS Styrolution Polymers (Foshan) Co. Ltd. |
China |
Manufacture of polymers |
Registered capital |
100% |
100% |
(22) |
Notes to the financial statements (continued)
for the year ended 31 December 2025
|
Company |
Country of incorporation |
Principal activity |
Class of shares held |
Ownership 2025 |
Ownership 2024 |
Registered office reference |
|
INEOS Styrolution Polymers (Ningbo) Co. Ltd. |
China |
Manufacture of polymers |
Registered capital |
100% |
100% |
(23) |
|
INEOS Styrolution Polymers (Shanghai) Co. Ltd. |
China |
Sales office |
Registered capital |
100% |
100% |
(24) |
|
INEOS Styrolution Schwarzheide GmbH |
Germany |
Manufacture of polymers |
Ordinary |
100% |
100% |
(27) |
|
INEOS Styrolution APAC Pte Ltd. |
Singapore |
Sales office |
Ordinary |
100% |
100% |
(28) |
|
INEOS Styrolution US Holding LLC. |
USA |
Holding company |
Member interest |
100% |
100% |
(3) |
|
INEOS Styrolution Verwaltungsgesellschaft mbH. |
Germany |
Financing company |
Ordinary |
100% |
100% |
(2) |
|
INEOS Styrolution (Thailand) Co., Ltd. |
Thailand |
Manufacture of polymers |
Ordinary |
100% |
100% |
(31) |
|
INEOS Styrolution Vietnam Co., Ltd. |
Vietnam |
Sales office |
Charter Capital |
100% |
100% |
(32) |
|
INEOS (Thailand) Co., Ltd(e) |
Thailand |
Sales office |
Ordinary |
100% |
100% |
(71) |
|
Deutsche Bank Mexico F/1787 Styrolution. |
Mexico |
Securitisation vehicle |
n/a |
n/a |
n/a |
(34) |
|
INEOS Styrolution Receivables Finance Designated Activity Company. |
Ireland |
Securitisation vehicle |
n/a |
n/a |
n/a |
(70) |
|
|
UK |
|
Ordinary |
|
|
(1) |
|
INEOS Acetyls UK Limited |
UK |
Production of acetic acid and other acetyls products |
Ordinary/Preference |
100% |
100% |
(1) |
|
INEOS Acetyls International Limited |
UK |
Holding company |
Ordinary/Preference |
100% |
100% |
(1) |
|
INEOS US Petrochem LLC |
USA |
Holding company |
Ordinary |
100% |
100% |
(3) |
|
INEOS US Chemicals Company |
USA |
Production of purified terephthalic acid and paraxylene and acetic acid |
Common |
100% |
100% |
(3) |
|
INEOS Acetyls Chemicals Texas City, Inc. |
USA |
Production of acetic acid and other acetyls products |
Common |
100% |
100% |
(3) |
|
INEOS 179 Limited |
UK |
Holding company |
Ordinary |
100% |
100% |
(1) |
|
INEOS Aromatics and Acetyls Trading (Shanghai) Company Limited |
China |
Sales office |
Registered capital |
100% |
100% |
(26) |
|
INEOS Acetyls Japan KK |
Japan |
Sales office |
Ordinary |
100% |
100% |
(33) |
|
INEOS Acetyls Investments Limited |
UK |
Holding company |
Ordinary |
100% |
100% |
(1) |
|
INEOS Aromatics Asia Limited |
Hong Kong |
Sales office |
Ordinary |
100% |
100% |
(30) |
|
INEOS Acetyls (Malaysia) Sdn Bhd. |
Malaysia |
Sales office |
Ordinary |
100% |
100% |
(62) |
|
INEOS Acetyls (Korea) Limited |
UK |
Holding company |
Ordinary |
100% |
100% |
(1) |
|
INEOS Acetyls Americas Limited |
UK |
Holding company |
Ordinary |
100% |
100% |
(1) |
|
INEOS Aromatics Holdings Limited |
UK |
Holding company |
Ordinary |
100% |
100% |
(1) |
|
INEOS Aromatics Limited |
UK |
Sales company |
Ordinary |
100% |
100% |
(1) |
|
INEOS World-Wide Technical Services Limited |
UK |
Licensing services |
Ordinary |
100% |
100% |
(1) |
|
INEOS Aromatics Holding Company |
USA |
Holding company |
Common |
100% |
100% |
(3) |
Notes to the financial statements (continued)
for the year ended 31 December 2025
|
Company |
Country of incorporation |
Principal activity |
Class of shares held |
Ownership 2025 |
Ownership 2024 |
Registered office reference |
|
INEOS Zhuhai Chemical Company Limited(b) |
China |
Production of purified terephthalic acid and paraxylene |
Member interest |
91.90% |
91.90% |
(60) |
|
INEOS Aromatics Indonesia Holdings Ltd |
USA |
Holding company |
Common |
100% |
100% |
(58) |
|
INEOS Aromatics Belgium NV |
Belgium |
Production of purified terephthalic acid and paraxylene |
Ordinary |
100% |
100% |
(65) |
|
INEOS Aromatics Belgium Holdings LLC |
USA |
Holding company |
Common |
100% |
100% |
(3) |
|
PT INEOS Aromatics Indonesia |
Indonesia |
Production of purified terephthalic acid and paraxylene |
Ordinary |
100% |
100% |
(69) |
|
PT INEOS Aromatics Trading Indonesia |
Indonesia |
Trading company |
Ordinary |
100% |
100% |
(69) |
|
|
UK |
|
Ordinary |
|
|
(35) |
|
INOVYN Holdings Limited(a) |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Finance Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Group Treasury Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Europe Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Norge AS |
Norway |
Manufacture of chemicals and PVC |
Ordinary |
94.9% |
94.9% |
(36) |
|
INOVYN Sverige AB |
Sweden |
Manufacture of chemicals and PVC |
Ordinary |
94.9% |
94.9% |
(37) |
|
INOVYN Newton Aycliffe Limited |
UK |
Non-trading |
Ordinary |
94.9% |
94.9% |
(35) |
|
INEOS Newton Aycliffe Trustees Limited |
UK |
Pension trustee |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Services Limited |
UK |
Service company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Enterprises Limited |
UK |
Extraction and supply of brine and water |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN ChlorVinyls Holdings Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN Newco 2 Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
INOVYN ChlorVinyls Limited |
UK |
Manufacture of chemicals and PVC |
Ordinary |
94.9% |
94.9% |
(35) |
|
INEOS Enterprises Group Limited |
UK |
Manufacture of salt and sulphur chemicals |
Ordinary |
94.9% |
94.9% |
(35) |
|
Keuper Gas Storage Limited |
UK |
Gas storage |
Ordinary |
94.9% |
94.9% |
(35) |
|
INEOS Chlor Atlantik GmbH |
Germany |
Non-trading |
Ordinary |
94.9% |
94.9% |
(38) |
|
INOVYN Americas Inc |
USA |
Purchase and resale of chemicals |
Ordinary |
94.9% |
94.9% |
(39) |
|
INEOS Chlor Trustees Limited |
UK |
Pension trustee |
Ordinary |
94.9% |
94.9% |
(35) |
|
INEOS Vinyls UK Ltd(a) |
UK |
Non-trading |
Ordinary |
94.9% |
94.9% |
(35) |
|
INEOS Vinyls GmbH & Co KG |
Germany |
Holding company |
Ordinary |
94.9% |
94.9% |
(38) |
|
|
|
|
|
|
|
|
Notes to the financial statements (continued)
for the year ended 31 December 2025
|
Company |
Country of incorporation |
Principal activity |
Class of shares held |
Ownership 2025 |
Ownership 2024 |
Registered office reference |
|
|
INOVYN Schkopau GmbH |
Germany |
Non trading |
Ordinary |
94.9% |
94.9% |
(38) |
|
|
INOVYN Sales GmbH |
Germany |
Non trading |
Ordinary |
94.9% |
94.9% |
(38) |
|
|
EVC Pension Trustees Limited |
UK |
Pension trustee |
Ordinary |
94.9% |
94.9% |
(35) |
|
|
INOVYN Energy Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
|
Kerling Newco 1 Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
|
Kerling Newco 2 Limited |
UK |
Holding company |
Ordinary |
94.9% |
94.9% |
(35) |
|
|
INOVYN Deutschland GmbH |
Germany |
Manufacture of chemicals and PVC |
Ordinary |
94.9% |
94.9% |
(38) |
|
|
INOVYN Espana S.L. |
Spain |
Manufacture of chemicals and PVC |
Ordinary |
94.9% |
94.9% |
(40) |
|
|
INOVYN Osterreich GmbH(a) |
Austria |
Sales office |
Ordinary |
94.9% |
94.9% |
(41) |
|
|
INOVYN Belgium SA. |
Belgium |
Manufacture of chemicals |
Ordinary |
94.9% |
94.9% |
(42) |
|
|
INOVYN Olefines France SAS. |
France |
Operation of ethylene cracker |
Ordinary |
94.9% |
94.9% |
(43) |
|
|
INOVYN Portugal Lda |
Portugal |
Sales office |
Ordinary |
94.9% |
94.9% |
(44) |
|
|
INOVYN Trade Services SA |
Belgium |
Purchase and resale of chemicals |
Ordinary |
94.9% |
94.9% |
(42) |
|
|
INOVYN Manufacturing Belgium SA |
Belgium |
Manufacture of chemicals and PVC |
Ordinary |
94.9% |
94.9% |
(42) |
|
|
INOVYN France SAS |
France |
Manufacture of chlorine products |
Ordinary |
94.9% |
94.9% |
(43) |
|
|
INOVYN Italia S.p.A. |
Italy |
Commercial services |
Ordinary |
94.9% |
94.9% |
(45) |
|
|
INOVYN Produzione Italia S.p.A |
Italy |
Manufacture of chemicals |
Ordinary |
94.9% |
94.9% |
(46) |
|
|
INOVYN Quimica Espana S.L. |
Spain |
Waste treatment |
Ordinary |
94.9% |
94.9% |
(40) |
|
|
Vinyloop Ferrara S.p.A(d) |
Italy |
PVC Recycling |
Ordinary |
0% |
94.9% |
(45) |
|
|
TTE Training Limited. |
UK |
Training company |
Limited by Guarantee |
100% |
100% |
(48) |
|
|
TTE Apprenticeship Training Agency Limited |
UK |
Apprenticeship company |
Limited by Guarantee |
100% |
100% |
(48) |
|
|
INEOS Vinyls Holding (Deutschland) GmbH(f) |
Germany |
Holding Company |
Ordinary |
94.9% |
0% |
(38) |
|
|
INEOS Norway Finance Ireland Limited |
Ireland |
Securitisation vehicle |
n/a |
n/a |
n/a |
(47) |
|
# Shares held directly by INEOS Quattro Financing Limited. All other subsidiaries listed are held indirectly.
(a) In the process of being liquidated.
(b) Portion of ownership interests held by non-controlling interests is 8.1%.
(c) Portion of ownership interests held by non-controlling interests is 5.1%.
(d)The company was dissolved in September 2025.
(e)The company was sold in January 2025.
(f) The company was acquired in May 2025.
(h)The company was dissolved in March 2026.
Notes to the financial statements (continued)
for the year ended 31 December 2025
|
Investment |
Country of registration or incorporation |
Principal activity |
Class/ percentage of shares held |
Registered office reference |
|||||||||
|
Associated undertakings: |
|
|
|
|
|||||||||
|
|
UK |
|
Ordinary/ |
(35) |
|||||||||
|
|
|
|
|
|
|||||||||
|
Joint ventures: |
|
|
|
|
|||||||||
|
|
Malaysia |
|
Ordinary/ |
|
|||||||||
|
|
China |
|
Member interest/ |
(63) |
|||||||||
|
|
Korea |
|
Ordinary/ |
(64) |
|||||||||
|
|
Taiwan |
|
Common/ |
(66) |
|||||||||
|
|
China |
|
Member interest/ |
(67) |
|||||||||
|
|
Trinidad |
|
Ordinary/ |
(68) |
|||||||||
|
|
Taiwan |
|
Ordinary/ |
(59) |
|||||||||
|
|
China |
|
Register capital/ |
(23) |
|||||||||
|
|
China |
|
Register capital/ |
(72) |
|||||||||
|
|
|
|
|
|
|||||||||
|
Joint operations: |
|
|
|
|
|||||||||
|
Runcorn MCP Limited |
UK |
Cell room operator |
Ordinary/ 50% |
(35) |
|||||||||
|
GIE Cancel-Bresse |
France |
Brine solution mining services |
Ordinary/ 50% |
(54) |
|||||||||
|
Viretel SAS |
France |
Operation of ethylene pipeline |
Ordinary/ 50% |
(43) |
|||||||||
|
|
|
|
|
|
|||||||||
|
Other investments: |
|
|
|
|
|||||||||
|
Akra Polyester SA de CV |
Mexico |
Manufacture of polyester filaments and polymers |
Ordinary/6.65% |
(25) |
|||||||||
|
Tereftaltos Mexicanos SA de CV |
Mexico |
Production of purified terephthalic acid |
Ordinary B/8.55% |
(29) |
|||||||||
|
Sociedad Española de Materiales Plasticos SEMAP S.A |
Spain |
Plastic waste management |
Ordinary/8% |
(49) |
|||||||||
|
Societe Intercommunale D’Amenagement et d’Equipement Economique |
Belgium |
Economic development of province of Namur |
Ordinary/0.17% |
(50) |
|||||||||
|
BKV GmbH |
Germany |
Plastic recycling association |
Ordinary/2.0% |
(51) |
|||||||||
|
Industrins Räddningstjänst I Stenungsund AB |
Sweden |
Fire and rescue service |
Ordinary/25.0% |
(52) |
|||||||||
|
API PVC - u. Umweltberatung GesmbH |
Austria |
PVC technology solutions |
Ordinary/73.2% |
(53) |
|||||||||
|
Hållbar Kemi i Stenungsund |
Sweden |
Sustainable production association |
Ordinary/20.0% |
(55) |
|||||||||
|
Energy For Growth Societa’ Consortile A Responsabilita Limitata |
Italy |
Energy consortium |
Ordinary/7.3% |
(56) |
|||||||||
|
Consorzio Polo Tecnologico Magona |
Italy |
Decarbonisation consortium |
Ordinary/6.8% |
(57) |
(1) The Company indirectly owns shares entitling it to 60% of the voting rights but only 25% of the economic benefits.
Notes to the financial statements (continued)
for the year ended 31 December 2025
The registered office addresses of the investments disclosed in this note are:
|
Reference |
Registered office address |
|
(1) |
Hawkslease, Chapel Lane, Lyndhurst, Hampshire, SO43 7FG, United Kingdom |
|
(2) |
Mainzer Landstrasse 50, 60325 Frankfurt, Germany |
|
(3) |
Corporation Trust Center,1209 Orange Street, Wilmington DE 19801, Delaware, USA |
|
(4) |
Haven 725, Scheldelaan 600, 2040 Antwerp, Belgium |
|
(5) |
Haven 1053, Nieuwe Weg 1, 2070 Beveren-Kruibeke-Zwijndrecht, Belgium |
|
(6) |
872 Tashmoo Avenue, Sarnia ON N7T 8A3 Ontario, Canada |
|
(7) |
Rua Quintana 887 3° andar, conjuntos 33 e 34, Ciudade Moncoes, São Paulo 04569-011 |
|
(8) |
Chertsey Road, Sunbury on Thames, Middlesex, TW16 7BP, United Kingdom |
|
(9) |
Rue Albert Duplat, F-62410 Wingles, France |
|
(10) |
95 rue la Boétie, F-75008 Paris, France |
|
(11) |
Ronda General Mitre 28-30, 08017 Barcelona, Spain |
|
(12) |
Avenue des Uttins 3, CH-1180 Rolle, Switzerland |
|
(13) |
Via Della Moscova 3, 20153 Milano Cesano Maderno, Italy |
|
(14) |
Masalak Mah. Bilim Sokak Sun Plaza No:5A Kat:13, 4-NZ Maslak Sariyer, Istanbul, Turkey |
|
(15) |
Alte Strasse 201, 50769 Cologne, Germany |
|
(16) |
Sanggae-ro 143 (Sanggae-dong), Nam-gu, Ulsan, South Korea |
|
(17) |
434, Sandanjungang-ro, Yeosu-si, Jeollanam-do, South Korea |
|
(18) |
Avenida Insurgentes Sur No. 859, Piso 11, Oficina 1102, Colonia Nápoles, 03810, Mexico City, Mexico |
|
(19) |
Strawinskylaan 1647 Tower Seven, 16th floor, NL-1077 XX Amsterdam, The Netherlands |
|
(20) |
Leningradskoe shosse 112, floor 3, 16A Building 3, 125171 Moscow, Russian Federation |
|
(21) |
Ul. Wołoska 9, 02-583 Warszawa, Poland |
|
(22) |
No. 61, Jinben Industry Avenue, Xinan Sub-district, Sanshui District, Foshan, Guangdong Province, China |
|
(23) |
No. 2388, Minghai North Road, Ningbo Petrochemical Economic and Technological Development Zone, Zhenhai District, Ningbo, Zhejiang Province, China |
|
(24) |
Suite 2501&2503, No. 567 Langao Road, Putuo District, Shanghai, China |
|
(25) |
Avenida Adolfo Ruiz Cortines y Priv. Roble S/N, Col. San Pedro Lozano, Monterrey, Nuevo León, 64299, Mexico |
|
(26) |
Unit 666, 6th Floor, No. 55 Xili Road, China (Shanghai) Pilot Free Trade Zone |
|
(27) |
Schipkauer Strasse 1, 01987 Schwarzheide, Germany |
|
(28) |
111 Somerset Road, #14-16 to 21 TripleOne Somerset, Singapore 238164, Singapore |
|
(29) |
Av. Ricardo Margáin Zozaya 444, Torre Equus IZA Sur, Colonia Valle del Campestre, San Pedro Garza García, Nuevo León, 66265, Mexico |
|
(30) |
Room 1910, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong |
|
(31) |
No. 4/2, I-8 Road, T. Map Ta Phut, A Muang, 2115 Rayong, Thailand |
|
(32) |
16th floor, Daeha Business Centre, 360 Kim Ma Str., Ngoc Khanh Ward, Ba Dinh Dist, Hanoi, Vietnam |
|
(33) |
1-25-1 Nishi-Shinjuku, Shinjuku-ku, (35F, Shinjyuku Center Building), Tokyo 1630635, Japan |
|
(34) |
Torre Virreyes, Pedregal 24, Piso 20, Colonia Molino del Rey, 11040, Mexico City, Mexico |
|
(35) |
Bankes Lane Office, Bankes Lane, Runcorn, Cheshire, WA7 4JE, United Kingdom |
|
(36) |
Rafnes Industriomrade, 3966 Stathelle, Norway |
|
(37) |
444-83 Stenungsund, Sweden |
|
(38) |
Ludwigstrasse 12, 47495 Rheinberg, Germany |
|
(39) |
2036 Foulk Rd, Suite 204, Wilmington, Delaware 19801, USA |
|
(40) |
Calle Marie Curie 1-3-5, 08760 Martorell, Barcelona, Spain |
|
(41) |
Schottengasse 1, 4. Stock, 1010 Wien, Austria |
|
(42) |
Avenue des Olympiades 20, 1140 Brussels, Belgium |
|
(43) |
2 Avenue de la République, 39500 Tavaux, France |
|
(44) |
Rua do Centro Cultural nº 5 – R/C, sala 8, 1700-106 Lisboa, Portugal |
|
(45) |
Via Marconi 73, 44122 Ferrara (FE), Italy |
|
(46) |
Rosignano Marittimo (LI), Via Piave 6 CAP 57016, Italy |
|
(47) |
Kilmore House, Park Lane, Spencer Dock, Dublin 1, Ireland |
|
(48) |
New Horizons House, New Bridge Road, Ellesmere Port, Cheshire, CH65 4LT, United Kingdom |
|
(49) |
Calle Principe de Vergara 204 – Primero C – 28002, Madrid, Spain |
|
(50) |
Rue de la Religion, 10, 1400 Nivelles, Belgium |
|
(51) |
Mainzer Landstraße 55, 60329 Frankfurt am Main, Germany |
|
(52) |
Verkstadsvagen 11, 44431 Stenungsund, Sweden |
|
(53) |
Paniglgasse 24/I/19°, A-1040 Wien, Austria |
|
(54) |
12 Rue Raoul Nordling CS 7001, 92270 Bois Colombes, France |
Notes to the financial statements (continued)
for the year ended 31 December 2025
|
Reference |
Registered office address |
|
(55) |
Fregatten 3, 444-30 Stenungsund, Sweden |
|
(56) |
Via Giovanni Da Procida, 11, 20149, Milan, Italy |
|
(57) |
Via Magona, 57023 Cecina, Italy |
|
(58) |
2711 Centerville Road, Suite 400, Wilmington DE 19808, United States |
|
(59) |
6th Floor, No. 413 Section 2 Ti-Ding Blvd., Neihu, Taipei, 11493, Taiwan |
|
(60) |
No. 960, Shihua 9 Road, Nanshui Town, Jinwan District, Zhuhai City Guangdong Province, China |
|
(61) |
12th Floor, Menara Symphony No. 5, Jalan Prof Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia |
|
(62) |
Suite 21.04, Level 21, Menara IGB, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia |
|
(63) |
97 Weijiang Road (in the Petrochemical Park), Changshou District, Chongqing, China |
|
(64) |
6 3-15 Sanggae-ro, Cheongnyang-myeon, Uljugun, Ulsan, 44987, Korea |
|
(65) |
Amocolaan 2 2440 Geel, Belgium |
|
(66) |
No. 1-1Formosa Industrial Comples, Mailiao, Yunlin Hsien, Taiwan |
|
(67) |
9# Huo Ju Road, Liu He District, Nanjing, Jiangsu Province, China |
|
(68) |
Maracaibo Drive, Point Lisas Industrial Estate, Point Lisas, Trinidad and Tobago |
|
(69) |
South Quarter Building Tower C, 11th Floor Unit, GJl. R.A. Kartini Kav. 8, Cilandak Barat, Jakarta, Indonesia |
|
(70) |
Ground Floor, Two Dockland Central, Guild Street, North Dock, Dublin 1, Ireland |
|
(71) |
No. 1 Empire Tower, South Sathorn Road, Yannawa Sub-district, Sathorn District, Bangkok, Thailand |
|
(72) |
Nangang Industrial Zone, Tianjin Economic & Technological Development Zone, Tianjin, China |
|
|
|
Business models showing future estimated taxable income are the basis for recognising deferred tax assets. If the actual taxable profits do not achieve the management forecasts, the deferred tax assets may not be recovered in the expected timeframe, in part or in totality.
12 Debtors
|
|
2025 |
2024 |
|
|
€m |
€m |
|
Amounts falling due within one year |
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Amounts owed by subsidiary undertakings...................................... |
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Group relief balance owed by group undertakings................................. |
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Accrued income....................................................... |
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Other debtors......................................................... |
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Amounts falling due after more than one year |
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Amounts owed by subsidiary undertakings...................................... |
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Notes to the financial statements (continued)
for the year ended 31 December 2025
12 Debtors (continued)
The amount owed by subsidiary undertakings due after more than one year is an unsecured interest-bearing loan measured at amortised cost. It attracts interest at 2.70% and is repayable on demand or by January 2026. Management do not expect to request repayment of the loan within the next 12 months of signing these financial statements. The Directors have assessed the ability of group undertakings to pay amounts owed to the Company as they fall due, and are confident that such amounts will be received, and that any credit loss is insignificant.
13 Financial instruments
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2025 |
2024 |
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€m |
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Interest rate and cross currency swap designated as fair value through profit or loss.................................................................. |
( |
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Net financial (liabilities)/ assets designated as fair value through profit or loss |
( |
|
In March 2023, the Company entered into an interest rate swap agreement with HSBC to hedge the fair value risk in relation to the 2030 Term Loans, held by one of the Company indirect subsidiaries, INEOS US Petrochem LLP, with the notional principal amount of $500 million. Under this interest rate swap agreement, the Company exchange the variable SOFR exposure for fixed-SOFR obligations. The Company also entered into a cross currency swap contract effective July 2025 to hedge the SOFR exposure on $375.0 million of the Term Loans B denominated in USD from one of its indirect subsidiaries, INEOS US Petrochem LLP. On a quarterly basis, the Company exchange 3 month SOFR +425 bps to 3 month EURIBOR + 458 bps. The derivative instrument has a maturity of June 2027. This interest rate and cross currency swap are measured at fair value through profit and loss with no hedge accounting being applied.
14 Creditors: amounts falling due within one year
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2025 |
2024 |
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€m |
€m |
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Amounts falling due within one year |
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Amounts owed to subsidiary undertakings...................................... |
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Amounts owed to entities under common control.................................. |
- |
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Accruals and deferred income.............................................. |
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Amounts owed to the subsidiary undertakings due within one year included a loan with INEOS Quattro Holdings UK Limited of €1,064.3 million which is unsecured, attracts interest at 6.67% and is repayable on demand or by 2031.
Other amounts owed to group undertakings due within one year are unsecured, attract interest at commercial rates ranging from 2.48% to 4.35% and are repayable on demand or by end of 2026.
15 Creditors: amounts falling due after more than one year
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2025 |
2024 |
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€m |
€m |
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Amounts falling due after more than one year |
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Amounts owed to subsidiary undertakings...................................... |
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Amounts owed to entities under common control.................................. |
- |
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Amounts owed to the group undertakings due after more than one year are Unsecured Loan Notes. The Loan Notes are listed on The International Stock Exchange.
Notes to the financial statements (continued)
for the year ended 31 December 2025
15 Creditors: amounts falling due after more than one year (continued)
In January 2025, a subsidiary of the Company requested an advance partial repayment of the Loan Notes 2026 for €41.9 million. In March 2025, the Company received a dividend of €10.4 million from INEOS Quattro Financing 1 Plc. This dividend was set off against the amount outstanding on the EUR Loan Notes 2026 owed by the Company to INEOS Quattro Financing 1 Plc.
The Fixed Rate EUR Loan Notes 2031 attract interest at 6.80%. The EUR Loan Notes 2029, 2030 and 2031 bear interest at a rate per annum equal to EURIBOR plus a margin of respectively 4.55%, 4.05% and 4.30%. The USD Loan Notes 2029, 2030 and 2031 bear interest at a rate per annum equal to SOFR plus a margin of respectively 4.30%, 3.80% and 4.30%.
The USD Loan Notes 2029 and 2031 are to be repaid in quarterly instalments beginning on 30 June 2024 and 30 June 2025 respectively, equal to 0.25% of the original aggregate principal amount of the USD Loan Notes 2029 and USD Loan Notes 2031.
The EUR Loan Notes 2029 and the balance of the USD Loan Notes 2029 are repayable in 2029, the EUR and USD Loan Notes 2030 are repayable in 2030, the EUR Loan Notes 2031 and the balance of the USD Loan Notes 2031 are repayable in 2031, and the Fixed Rate Euro Loan Notes 2031 are also repayable in 2031.
As at 31 December 2025, the EUR Loan Notes 2026 were €nil (2024: €54.1 million), the USD and EUR Loan Notes 2029 were respectively $168.2 million (€143.3 million equivalent) and €142.3 million (2024: €304.8 million), the USD and EUR Loan Notes 2030 were respectively $500.0 million (€425.7 million equivalent) and €375.0 million (2024: €856.6 million), the USD and EUR Loan Notes 2031 were respectively $168.2 million (€143.2 million equivalent) and €222.2 million (2024: €385.4 million) and the Fixed Rates EUR Loan Notes 2031 were €559.2 million (2024: €559.2 million).
16 Called up share capital
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2025 |
2024 |
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€m |
€m |
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Allotted, called up and fully paid |
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£ |
0.3 |
0.3 |
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- |
- |
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17 Dividends
No dividends were declared and paid during the year (2024: €nil million).
The dividend declared in the current year equates to €nil per Ordinary share (2024: €nil per Ordinary share).
18 Contingencies
Notes to the financial statements (continued)
for the year ended 31 December 2025
19 Ultimate parent undertaking and controlling party
The immediate parent company is
The ultimate parent undertaking of the Company is
The smallest group that consolidated the Company’s financial statements as at 31 December 2025 was
The largest group in which the results of the Company are consolidated is that headed by
20 Critical accounting estimates and judgements
The Company prepares its financial statements in accordance with Financial Reporting Standard 101 (“FRS 101”), which require management to make judgements, estimates and assumptions which affect the application of the accounting policies, and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
The following areas are considered to involve a significant degree of judgement or estimation.
Critical judgements in applying the Company’s accounting policies
The key judgment relates to the recoverability of amounts due from group undertakings. The Directors have assessed the ability of group undertakings to pay amounts owed to the company as they fall due, and are confident that such amounts will be received, and that any credit loss is insignificant.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
The directors have identified that when the carrying amount of the investments was higher than the net book value of the invested entity, this could be an indication of impairment. For those investments, the company carried out a full impairment review by comparing the carrying amount of the investments against the recoverable amount, being the value in use.
Determination as to whether, and how much, an investment is impaired involves management estimates on highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, production profiles, reserves and resources, and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas and refined products.
Based on the impairment testing undertaken as at 31 December 2025, no impairment loss was recognised (see note 10). The directors recognise that in the current economic climate, reasonable downside changes could occur in the timing of the market recovery which could reduce the gross margins by 10%. Therefore under this reasonable downside scenario, there would be an impairment of €151.5 million in relation to the investment in INOVYN Limited.
Notes to the financial statements (continued)
for the year ended 31 December 2025
21 Related parties
22 Subsequent event