Methanex Corporation (MEOH): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear read on Methanex Corporation's strategy after the massive OCI acquisition closed in mid-2025, and honestly, the business model is now defined by two things: sheer scale and the aggressive push into marine fuel. As the world's largest methanol producer, they are targeting 8.0 million tonnes in output for 2025, but the real story is how they've layered in new bunkering partnerships in the ARA region and South Korea to sell low-carbon methanol as ship fuel. This strategic shift, combined with the newly acquired ammonia sales stream, underpins a structure that generated trailing twelve-month revenue of approximately $3.57 billion as of Q3 2025; you need to see the full canvas below to understand how their Key Resources, like the Waterfront Shipping fleet, are being deployed to support this new energy reality.

Methanex Corporation (MEOH) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Methanex Corporation maintains to secure supply, expand its market reach, and finance major strategic moves, like the big OCI acquisition that closed mid-2025. These aren't just names on a slide; they are the operational backbone for global methanol supply and the emerging marine fuel business.

Bunkering and Last-Mile Logistics

Methanex solidified its entry into the marine methanol bunkering space by establishing key local partnerships in vital trade corridors, building on the assets acquired from OCI Global. These collaborations ensure safe, end-to-end fuel solutions for ships transitioning to methanol.

• TankMatch for barge-to-ship methanol bunkering in the Amsterdam-Rotterdam-Antwerp (ARA) region.
• Alpha Maritime and Hyodong Shipping for last-mile bunkering operations in South Korea.

Financing the Strategic Acquisition

The acquisition of OCI Global's international methanol business, which closed on June 27, 2025, required significant external capital support. The Royal Bank of Canada was central to this, providing a fully committed debt package.

Here's the quick math on that financing structure:

The company repaid $125 million of its Term Loan A in the third quarter of 2025, showing a commitment to de-levering toward the target range of 2.5 to 3.0 times debt/Adjusted EBITDA within approximately 18 months of closing. That's a clear action item for the finance team.

Joint Ventures in Production and Feedstock Security

Methanex relies on joint ventures for a significant portion of its global production capacity, though operational rates can fluctuate based on local gas availability. The newly acquired Beaumont assets are now integrated, boosting production significantly starting in the second quarter of 2025.

For the third quarter of 2025, Methanex's share of production from key joint ventures was:

• Natgasoline (50% interest): 222,000 tonnes of methanol.
• Egypt facility (50% interest): 130,000 tonnes of methanol.
• Atlas facility (63.1% interest): This facility was excluded from production as it was idled in September 2024 when its legacy gas agreement expired.

The acquired OCI Beaumont facility, which Methanex now operates, produced 239,000 tonnes of methanol in Q3 2025. Anyway, securing feedstock is constant work; for instance, Egypt's gas availability is influenced by domestic levels and imports, with the government considering over 15 new LNG shipments in 2025 to bridge consumption gaps.

Also, Methanex is actively partnering on low-carbon feedstock. They executed a multi-year renewable natural gas contract for the Geismar facility, which will allow production of 40,000-60,000 tonnes of low-carbon methanol between 2025 and 2028.

For the wholly-owned facilities in North America, Methanex maintains multi-year fixed price natural gas contracts to supply Geismar and Medicine Hat, which supports the long-term operation of those sites. Still, in Chile, natural gas suppliers from Argentina have curtailed all gas supply since 2007, meaning those purchase obligations are excluded from current commitments.

Finance: draft 13-week cash view by Friday.

Methanex Corporation (MEOH) - Canvas Business Model: Key Activities

You're looking at the core engine of Methanex Corporation (MEOH) as it stands in late 2025, right after absorbing the OCI Global assets. The key activities here are all about scale, integration, and securing the raw material that fuels the whole operation.

Global methanol and ammonia production, targeting 8.0 million tonnes in 2025.

Methanex Corporation is executing on a massive production goal for the full year 2025, which includes the output from the newly acquired facilities. This target is the benchmark for operational success this year. For context, the third quarter of 2025 gave us a real-time look at the combined operational output.

• Full Year 2025 Equity Production Guidance: approximately 8.0 million tonnes (Methanex interest).
• Breakdown of 2025 Guidance: 7.8 million tonnes of methanol and 0.2 million tonnes of ammonia.
• Q3 2025 Total Production Snapshot: 2,212,000 tonnes.

The company's production capacity is now significantly larger, especially with the integration of the Beaumont assets. Here's a look at the capacity underpinning that 2025 guidance:

The Q3 2025 sales figures show the logistics network in action: produced methanol sales hit approximately 1.9 million tonnes, while total global sales for the quarter were 2,476,000 tonnes of methanol.

Managing an integrated global supply chain and logistics network.

Being the world's largest producer means you must be the world's best at moving the product. This activity centers on the physical movement of methanol from production sites to customers across North America, Asia Pacific, Europe, and South America. The backbone of this is their dedicated shipping arm.

• Logistics Owner: Waterfront Shipping Ltd., operating the world's largest fleet of methanol-dedicated ocean tankers.
• Q3 2025 Produced Methanol Sales: approximately 1.9 million tonnes.
• Q3 2025 Total Global Sales: 2,476,000 tonnes of methanol.

Sourcing and securing long-term, economic natural gas feedstock.

Methanol production is fundamentally about converting natural gas, so securing cost-advantaged, reliable supply is a non-negotiable activity. The strategic move into Beaumont, Texas, was specifically about gaining access to robust North American natural gas feedstock. This diversification helps insulate Methanex Corporation from regional gas supply shocks, which is a constant operational risk.

• North American Advantage: Access to robust North American natural gas feedstock via the new Beaumont assets.
• Long-Term Security: Contractual gas supply agreements in Chile extend through 2030 and 2027.

Integrating the OCI Global methanol business post-June 2025 acquisition.

The successful closing of the OCI Global methanol business on June 27, 2025, is a massive activity defining the second half of the year. This wasn't a small bolt-on; it was a major integration effort that immediately expanded their production footprint and logistics capabilities. The deal itself involved significant financial maneuvers.

• Acquisition Close Date: June 27, 2025.
• Transaction Consideration: Approximately $1.2 billion of cash and the issuance of about 9.9 million common shares of Methanex Corporation.
• Integration Focus: Safely and reliably operating the new assets and delivering on planned synergies.

Developing low-carbon methanol solutions and bunkering operations.

This activity positions Methanex Corporation for the future energy transition, moving beyond just commodity chemical sales. The OCI acquisition brought in a ready-made low-carbon platform, which is now being integrated into their broader strategy.

• Low-Carbon Platform: Acquisition included OCI's HyFuels business, which focuses on producing and selling low-carbon methanol.
• Emissions Intensity Benchmark: The Geismar 3 (G3) plant, which is part of their portfolio, is designed to have one of the lowest $\text{CO}_2$ emissions intensities globally, at <0.3 tonnes of $\text{CO}_2$/tonne of methanol.

Finance: review Q4 integration synergy targets by end of next week.

Methanex Corporation (MEOH) - Canvas Business Model: Key Resources

You're looking at the core assets that let Methanex Corporation deliver on its promise as the world's largest methanol supplier. These aren't just factories and ships; they're the integrated, global platform that underpins their market position.

The foundation of Methanex Corporation's physical capability rests on its global production network, which is specified as having 11 operating plants spread across 6 sites worldwide. This network is strategically positioned to serve major international markets across North America, Asia Pacific, Europe, and South America. For instance, the Geismar, Louisiana facility alone comprises three plants (G1, G2, and G3) and has an annual production capacity of 4 million tonnes of methanol.

Logistics are secured by the dedicated global shipping fleet managed by its majority-owned subsidiary, Waterfront Shipping. While recent data suggests a fleet of 30 vessels, the stated key resource is a fleet of 33 vessels. A significant portion of this fleet is future-proofed; 19 of these tankers are equipped with methanol dual fuel technology, representing approximately 60 per cent of the fleet.

A critical component of the cost advantage comes from specific production assets, such as the Geismar 3 (G3) facility in Louisiana. This plant, which successfully restarted operations in May 2025 after an unplanned outage in February, has a nameplate capacity of 1.8 million tonnes of methanol per year. The G3 plant is specifically noted for having one of the lowest $\text{CO}_2$ emissions intensity profiles in the industry.

Feedstock security is managed through long-term natural gas supply contracts. While specific details for contracts extending to 2030 are cited as a key resource, the company has actively worked to secure supply for its Chile operations, including restructuring arrangements with ENAP through 2025. The goal is to secure sufficient gas to underpin an ongoing two-plant operation in Chile.

The scale of the business is reflected in its top-line performance. Methanex Corporation reported a trailing twelve-month revenue of approximately $3.57 billion as of the third quarter ending September 30, 2025. The revenue for the third quarter of 2025 itself was reported at $927 million.

Here's a quick look at the scale of the physical and financial assets underpinning the business:

The operational strength is further detailed by the status of key production locations:

• Geismar, US: Operates three plants (G1, G2, G3) with a combined capacity of 4 million tonnes.
• Chile: Operated at full rates for the Southern Hemisphere winter months, a first in over ten years.
• Trinidad and Tobago: Titan plant resumed operations in September 2024, leading to the idling of the Atlas plant.
• Newly Acquired Assets: Beaumont and Natgasoline plants contributed production in Q3 2025.

The integrated supply chain relies on this asset base, which is supported by a global network of terminals and storage facilities. Finance: draft 13-week cash view by Friday.

Methanex Corporation (MEOH) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Methanex Corporation over competitors in late 2025. It boils down to unmatched scale, a global reach that translates to reliability, and a clear path toward lower-carbon solutions.

World's largest producer, ensuring supply reliability and scale.

Methanex Corporation is the world's largest producer and supplier of methanol, which gives you confidence in volume availability. For the full year 2025, the company expects production, inclusive of newly acquired assets, to be approximately 8.0 million tonnes (Methanex interest), with 7.8 million tonnes being methanol. This scale is significant; in 2024, Methanex sales volume represented approximately 11% of global methanol demand. Post-acquisition of OCI Global's business, the total annual operating capacity, including interests in jointly owned plants, stands at approximately 10.6 million tonnes. The Geismar complex alone, with G1, G2, and the new G3 plant, has an annual production capacity of 4 million tonnes of methanol.

Here's a snapshot of that scale and recent operational performance:

Integrated global supply chain for secure, on-time delivery.

You benefit from an integrated global supply chain that goes beyond just production. This network includes logistics assets designed for secure movement. For instance, Waterfront Shipping, the majority-owned subsidiary, manages 30 vessels to move product globally. This infrastructure allows Methanex Corporation to serve major international markets across Asia Pacific, North America, Europe, and South America, providing flexibility to meet customer needs even when local production faces constraints, such as the gas supply challenges experienced in Egypt and New Zealand during 2025.

The supply chain value is supported by:

• Global production network across multiple continents.
• Regional sales offices for local market support.
• Logistics supported by 30 managed vessels.

Low-carbon methanol as a cleaner-burning marine fuel solution.

Methanex Corporation is actively positioning itself for the energy transition, offering solutions for the emerging low-carbon market. A key focus is on marine fuel, where the company's shipping arm is a leader. As of early 2025, 19 of Waterfront Shipping's 30 operating vessels are dual-fuel, proving the technology's viability. Furthermore, the company has secured a multi-year renewable natural gas (RNG) contract to produce 40,000-60,000 tonnes of low-carbon methanol from 2025-2028 at the Geismar facility. The G1, G2, and G3 sites also hold International Sustainability & Carbon Certification (ISCC) for bio-methanol production, enabling sales under the Renewable Energy Directive II (RED II).

Cost-advantaged production from facilities like G3 (low $\text{CO}_2$ intensity).

The addition of the Geismar 3 (G3) plant, which achieved commercial production in late 2024, significantly enhances the cost-advantaged position. The G3 plant is engineered to be one of the lowest $\text{CO}_2$ emissions intensity plants in the world, targeting less than 0.3 tonnes of $\text{CO}_2$ per tonne of methanol. This low intensity is achieved by using excess hydrogen from the adjacent G1 and G2 plants and having access to abundant, low-cost natural gas in the US. This focus on efficiency and lower emissions from growth projects is a core part of the strategy to generate strong cash flow across a range of methanol prices.

High-quality chemical building block for diverse industrial applications.

Methanol itself is a fundamental, high-quality chemical building block. Global demand for methanol was approximately 97 million MT in 2024, driven by traditional chemical applications and its role as a transition-ready fuel. Methanex Corporation's leadership role includes publishing Methanex reference prices used as the basis for pricing in customer contracts across regions, which speaks to the perceived quality and benchmark status of their product.

Methanex Corporation (MEOH) - Canvas Business Model: Customer Relationships

Methanex Corporation builds its customer relationships on a foundation of safe, sustainable, and reliable supply, leveraging its position as the world's largest methanol producer and supplier. This competitive advantage underpins long-term engagements with top-tier global customers.

Long-term supply contracts with top-tier global customers

The relationship structure is heavily weighted toward securing long-term supply agreements, which provide revenue stability. For instance, Methanex Corporation holds a long-term natural gas supply contract with OMV New Zealand that is set to expire in 2029. This stability in feedstock supply is critical to maintaining reliable delivery to customers. The company's focus on operational excellence and safety is the bedrock for these enduring relationships.

The scale of Methanex Corporation's operations supports these large-volume relationships. The company is targeting an equity production of approximately 8.0 million tonnes for the full 2025 fiscal year, inclusive of newly acquired assets. As of the trailing twelve months ending September 30, 2025, Methanex Corporation reported a total revenue of approximately $3.57 billion.

Key metrics related to supply and logistics supporting customer delivery include:

• Waterfront Shipping operates a fleet made up of 30 deep-sea tankers.
• Approximately 85% of Methanex Corporation's product is transported by Waterfront Shipping.
• The company's integrated global supply chain is supported by 33 vessels managed by its majority-owned subsidiary as of April 2025.

Direct sales and relationship management via regional sales offices

Methanex Corporation manages its global customer base through a network of in-region marketing and sales offices, ensuring proximity to major international markets. The company supplies customers across North America, Asia Pacific, Europe and South America.

The direct sales structure is organized regionally to manage these diverse markets:

The company has manufacturing, marketing, and supply chain capabilities spanning North America, Latin America, Europe, the Caribbean, the Middle East, and throughout the Asia Pacific region. This extensive footprint allows for direct engagement and tailored service delivery.

Dedicated customer service for safe product handling and logistics

The commitment to customer service is explicitly tied to product stewardship and logistics reliability. Methanex Corporation strives to provide world-class customer service, supported by integrated in-region logistics capabilities. Product delivery uses several modes of transport, including tanker, barge, rail, truck and pipeline.

For specialized needs, Methanex Corporation maintains dedicated sales channels:

• Global Marine Fuels Sales contact: marinefuels@methanex.com.
• Global Green Methanol Sales contact: greenmethanol@methanex.com.

The company has developed a comprehensive methanol bunkering safety package and technical guidance based on internationally recognized protocols to support shipping companies and operators adopting methanol as a marine fuel.

Strategic, collaborative relationships for new methanol fuel adoption

Methanex Corporation is actively forming strategic partnerships to advance the adoption of methanol as a marine fuel, supporting the maritime energy transition. In September 2025, the company announced new strategic partnerships in the ARA (Amsterdam-Rotterdam-Antwerp) region and South Korea to enable safe, barge-to-ship methanol bunkering.

These collaborations include specific partners:

• In the ARA region, partnership with TankMatch for inland waterway fuel logistics.
• In South Korea, collaboration with Alpha Maritime and Hyodong Shipping for last-mile bunkering.

This focus on low-carbon solutions is supported by strategic investments. Methanex Corporation acquired OCI Global's international methanol business in May 2025 for $2.05 billion, enhancing its production capacity for low-carbon methanol. The broader Global Green Methanol Market is projected to grow significantly, from approximately USD 2.13 billion in 2024 to around USD 23.19 billion by 2032.

The company draws on over a decade of experience operating the world's largest fleet of methanol-fueled tankers through Waterfront Shipping to support these new fuel adoption relationships.

Methanex Corporation (MEOH) - Canvas Business Model: Channels

You're looking at how Methanex Corporation moves its product from production sites to the end-user, and it's a seriously integrated operation, relying heavily on its own assets.

Majority-owned subsidiary Waterfront Shipping for ocean freight

The ocean freight leg is handled by Waterfront Shipping Limited (WFS), Methanex Corporation's majority-owned subsidiary. WFS operates the world's largest methanol ocean tanker fleet, which is key to Methanex's global reach. As of early 2025, WFS operated a fleet of 33 marine vessels. Of those, 19 vessels are equipped with methanol dual fuel technology, representing about 60 per cent of the total fleet. The vessels in this fleet range in size from approximately 3,000 to 50,000 dead weight tonnes (DWT).

Here's a look at the composition of that ocean freight capacity:

This dedicated fleet underpins the delivery of the 2,476,000 tonnes of methanol Methanex sold in the third quarter of 2025.

Global network of port terminals, barges, rail cars, and trucks

Methanex Corporation's distribution relies on an extensive, integrated global supply chain. This network includes the operation of port terminals, barges, rail cars, and trucks to move product from production sites to customers. The company maintains 117 Global Terminals across 6 countries and 4 continents. The majority of Methanex Corporation's revenue is generated from Europe. This entire logistics backbone supports the movement of product that resulted in a trailing 12-month revenue of $3.57B as of September 30, 2025.

The distribution assets Methanex uses include:

• Port Terminals: 117 facilities globally.
• Marine Vessels: 33 tankers managed by Waterfront Shipping.
• Inland Logistics: Use of barges, rail cars, and trucks for final delivery legs.

Direct sales team and regional offices for industrial customers

For direct engagement with industrial customers-those using methanol as a feedstock for adhesives, foams, solvents, and windshield washer fluids, or for gasoline blending-Methanex Corporation utilizes a direct sales approach supported by regional offices. Methanex is unique as the only supplier with well-established production and sales in all major regions. The company maintains regional sales offices to support this direct channel. These teams work to retain and attract top-tier global customers, including names like Samsung, LyondellBasell, and Dow.

New methanol bunkering hubs in the ARA region and South Korea

Methanex Corporation is actively expanding its Channels to serve the emerging marine fuel market. In September 2025, the company announced new strategic partnerships to establish methanol bunkering hubs in two critical global corridors.

The specific bunkering channel expansions include:

• ARA Region (Amsterdam-Rotterdam-Antwerp): Partnering with TankMatch to provide safe, barge-to-ship methanol bunkering. This builds on a previous arrangement acquired through the OCI Global acquisition.
• South Korea: Working with Alpha Maritime and Hyodong Shipping to enable last-mile bunkering operations.

This expansion leverages Methanex Corporation's decade-plus experience operating the world's largest fleet of methanol-fueled tankers via Waterfront Shipping to offer a fully integrated, end-to-end fuel solution.

Methanex Corporation (MEOH) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Methanex Corporation (MEOH) as of late 2025, right after they closed the OCI acquisition. The customer base is diverse, but the sheer scale of their product movement gives us some hard numbers to work with.

Methanex Corporation's total sales volume for Methanex-produced methanol in the third quarter of 2025 was 1,891,000 tonnes. Their trailing twelve month revenue as of September 30, 2025, stood at $3.57B. The company expects its total 2025 equity production, including the newly acquired assets, to be approximately 8.0 million tonnes, with 7.8 million tonnes being methanol.

The global methanol market, which Methanex serves, is estimated to be growing at a compound annual growth rate of 9.1% from 2025 to 2030, reaching a projected size of $64.14 billion by 2030, up from an estimated $38.50 billion in 2024.

Here's how the major customer groups fit into the broader picture:

• The Asia Pacific region, which includes China, represents 70% to 80% of global methanol demand, and Methanex noted that market growth is being driven there.
• The global renewable methanol market is projected to grow from $2.5 billion in 2025.

Industrial Chemical Producers form a foundational segment for Methanex, using methanol as a key building block.

• Globally, the formaldehyde segment dominated end-use consumption, accounting for a market share of 23.5% in 2024.
• For renewable methanol specifically, formaldehyde production is expected to hold approximately 36% of the global market share in 2025.
• Methanex customers use methanol to produce end-products like adhesives, foams, and solvents.

The Energy Sector is a major consumer, especially with the push for cleaner fuels.

The Marine Industry is a significant growth vector, especially for low-carbon methanol.

You see this trend clearly in Asia Pacific; in 2025, China deployed the world's largest ship engine powered by methanol. Methanol is gaining acceptance in marine shipping because it helps meet net-zero emission targets.

Methanol-to-Olefins (MTO) plants, particularly in China, are a critical demand driver.

The global methanol market saw demand in China increase due to the start of a new Methanol-to-Olefin (MTO) plant in 2022. The overall methanol market growth of 2% to 3% year over year is being driven by China and Asia.

Finance: draft 13-week cash view by Friday.

Methanex Corporation (MEOH) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Methanex Corporation's costs as of late 2025. It's all about feedstock, moving product, and servicing the big acquisition.

Natural gas feedstock is the primary variable cost, and its price directly impacts profitability. Methanex Corporation models its portfolio efficiency around ~35 mmbtu/MT (million British thermal units per metric ton) of methanol produced. Here's how the cost structure was modeled for 2025, before accounting for the full impact of the OCI methanol acquisition:

Logistics and distribution expenses are significant, especially given Methanex Corporation's global supply chain. The company anticipated realizing cost savings post-acquisition.

• Anticipated annual cost synergies from lower logistics costs: ~$30 million.
• Anticipated annual cost synergies from lower selling, general and administrative expenses: ~$30 million.

Capital expenditures are split between keeping the lights on and growing the business. You see the 2025 spend forecast and the expected run-rate for the future.

Servicing the balance sheet involves both scheduled debt payments and ongoing lease obligations. The Q3 2025 results show active deleveraging.

For the 2025 financial profile modeling, Methanex Corporation projected:

• Lease Payments: ~$145 million.
• Debt Service: ~$90 million.

To be fair, the Q3 2025 actuals show the company prioritizing debt reduction, repaying $125 million of the Term Loan A facility during that quarter alone. They ended Q3 2025 with $413 million in cash.

The integration of the OCI Global methanol business, which had a purchase price of $2.05 billion (comprising $1.15 billion cash, $450 million in shares, and assumption of $450 million in debt/leases), is noted to have low integration costs expected, thanks to the similar operating model.

The purchase price breakdown for the OCI methanol business was:

The integration plan focuses on applying Methanex Corporation's global expertise to improve operating rates at the acquired facilities.

Methanex Corporation (MEOH) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for Methanex Corporation as of late 2025, which is heavily weighted toward the commodity cycle for methanol. The core of the business remains the sales of Methanol, which is the primary revenue source, but the recent OCI Acquisition has introduced a new, measurable stream.

Let's look at the recent quarterly performance to see how pricing and volume translate into dollars. For the second quarter of 2025, Methanex reported total sales volume of 2,133,000 tonnes, with sales of Methanex-produced methanol at 1,528,000 tonnes. This compares to Q1 2025 total sales of 2,217,000 tonnes and produced sales of 1,703,000 tonnes. By the third quarter of 2025, total sales volume increased to 2,476,000 tonnes, with Methanex-produced methanol sales reaching 1,891,000 tonnes.

The realized price is the key lever here. You saw the average realized price (ARP) of $374 per tonne in Q2 2025. That was a step down from the Q1 2025 ARP of $404 per tonne. The market softened further in the third quarter, with the ARP settling at $345 per tonne.

Here's a quick look at how those volumes and prices stacked up in the recent quarters:

The sales of Ammonia is a new, distinct stream following the June 27, 2025, closing of the OCI Acquisition. This is now a measurable component of the business. For the third quarter of 2025, the newly acquired Beaumont facility produced 88,000 tonnes of ammonia. Overall, the company's 2025 production guidance, inclusive of all assets, targets approximately 8.0 million tonnes (Methanex interest), which includes an estimated 0.2 million tonnes of ammonia.

You should also factor in the revenue derived from the marketing of volumes Methanex does not own, which is the commission revenue from marketing non-owned methanol volumes. This is structured around Methanex's equity stakes in joint ventures. For example, Methanex owns 63.1% of the Atlas facility and markets the remaining 36.9% of its production under a commission offtake agreement. Similarly, Methanex markets 50% of the Egypt facility's production on a commission basis.

Regarding long-term pricing stability, you should note that revenue from long-term contracts historically represented about 65% of annual revenue, providing a degree of predictability against the spot market volatility. This structure helps anchor cash flow, even when the ARP fluctuates, as seen by the drop from $404/tonne in Q1 2025 to $345/tonne in Q3 2025.

The total revenue for the last twelve months ending September 30, 2025, was $3.57B, representing a year-over-year decrease of -3.36%. For context, Q2 2025 revenue was $797 million, down from $896 million in Q1 2025.

Finance: review the impact of the Q3 2025 $345/tonne ARP on Q4 2025 revenue projections by next Tuesday.