Oil refineries and producer of polymers & aromatics
Bazan ended 2025 with a stronger refinery core and a new U.S. oil engine, but the market still has to fund weak polymers, an only partly completed restoration story, and higher net financial debt.
Bazan ended 2025 with $667 million of net debt and 1.5x net debt to adjusted EBITDA because operating cash contribution was not enough against heavy CAPEX, interest, dividends, investments in associates, and the burden that came with Cantium.
Bazan ended 2025 with real operating recovery at the refinery, but the year’s earnings are still not clean because they combine gradually returning operations with recognized business-interruption insurance income, an additional claim not yet recognized, and a restoration proces…
Cantium is already large enough to move Bazan, but in its first five months inside the group it looks more like a reserve asset held under debt, hedging, and abandonment discipline than like a new cash box. Operating cash flow was $64.5 million, yet on an all-in basis after actu…
Carmel Olefins avoided an impairment at the end of 2025, but the cushion remains thin because the valuation already assumes a sharp recovery in volumes and EBITDA through 2030.
