H2 2024 Results Report
Amsterdam, The Netherlands / 14 March 2025
Financial Highlights
FY 2024 Key Highlights
• OCI Global (Euronext: OCI) reported FY 2024 Total Operations (Continuing and Discontinued Operations)
revenue of $4,084 million compared to $5,022 million in FY 2023, and FY 2024 Total Operations adjusted EBITDA
of $826 million compared to $1,214 million in FY 2023.
• OCI reported FY 2024 Continuing Operations (European Nitrogen and Corporate Entities segments) revenue of
$975 million, an increase of 3% YoY and an FY 2024 adjusted EBITDA loss of $32 million compared to a loss of
$126 million in the prior year.
• FY 2024 adjusted EBITDA for European Nitrogen (OCI's sole operating segment within Continuing Operations
today) was $55 million compared to an adjusted EBITDA loss of $51 million in FY 2023. Earnings benefited from
an improvement in volumes and lower average natural gas prices in 2024 compared to 2023 despite an increase in
gas pricing in H2 2024.
H2 2024 Key Highlights
• OCI reported H2 2024 Total Operations revenue of $1,648 million, a decrease of 28% compared to the same
period last year and H2 2024 Total Operations adjusted EBITDA of $234 million compared to $552 million in H2
2023, largely reflecting the deconsolidation of IFCo and Fertiglobe in the period.
• OCI reported H2 2024 Continuing Operations revenue of $466 million, a 13% increase YoY while Continuing
Operations adjusted EBITDA saw a $39 million loss in H2 2024 compared to a $14 million loss in H2 2023.
Given recent divestments, OCI’s corporate cost base does not yet fully reflect the reduced scope and scale of
the Continuing Operations. As such, underlying corporate costs reported within Corporate Entities more than offset
earnings from European Nitrogen in the period.
• H2 2024 revenue for European Nitrogen was $466 million while adjusted EBITDA was $7 million; this compares
to $415 million and $20 million in H2 2023, respectively. Notwithstanding a +40% YoY increase in own-produced
sales, European Nitrogen adjusted EBITDA deteriorated YoY as a result of lower nitrate pricing, higher and more
volatile gas prices, other cost inflation and a reduced benefit from natural gas hedge gains.
• H2 2024 underlying corporate costs excluding one-offs within Corporate Entities were $46 million compared to
$34 million in H2 2023. The YoY increase primarily reflects the cessation of corporate recharges for divested
businesses, combined with a lag in achieved cost savings relative to the timing of transaction closings in 2024.
Corporate costs also include certain stranded and restructuring costs not considered as one-offs. OCI continues to
make substantial progress in right-sizing its corporate cost base to better serve the continuing structure and scale
of the business, with corporate headcount 70% lower today compared to its peak in 2023. OCI expects to beat its
previously guided target of $30 - $40 million of corporate costs on a run-rate basis by the end of 2025.
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