Borouge PLC Management Discussion and Analysis Report for the Period Ended March 31,2026

Borouge reported Q1 2026 revenue of $1,175 million, a 17% year-on-year (YoY) decrease, and adjusted EBITDA of $343 million, down 39% YoY with a 29% margin, primarily due to lower pricing in January and February and logistics disruptions in March.
Sales volumes declined 13% YoY and 34% quarter-on-quarter to 1,085 kt, largely reflecting reduced shipments following the closure of the Strait of Hormuz; however, production remained stable YoY at 1,208 kt with a 98% utilization