The SABIC Q3 2026 results show adjusted EBITDA of SAR 4.75 billion (about $1.27 billion), up 40% from the second quarter. Selling more tonnes did the work, and it outweighed lower prices and higher logistics costs.
The Saudi chemicals giant reported on 25 October 2026 for the quarter ended 30 September 2026. The headline is strong, but the full-year picture is still deep in the red.
Key takeaways
- Adjusted EBITDA reached SAR 4.75bn, up 40% from SAR 3.38bn in the second quarter of 2026.
- Revenue rose 14% quarter on quarter to SAR 28.17bn, but stayed about 3% below the year-earlier quarter.
- Adjusted net income was SAR 840m, against an adjusted loss of SAR 380m in the second quarter.
- The nine-month net result is still a loss of SAR 320m.
What did SABIC actually report for Q3 2026?
Per The National, net profit attributable to shareholders was SAR 500m (about $133m). That follows a net loss of SAR 833m in the second quarter. Arab News also covered the swing back to profit.
Adjusted EBIT (earnings before interest and taxes, with one-offs stripped out) rose 434% to SAR 2.17bn. Net debt was SAR 3.03bn on 30 September, up from SAR 2.73bn on 30 June.
| Metric | Q2 2026 | Q3 2026 |
|---|---|---|
| Revenue | SAR 24.81bn | SAR 28.17bn |
| Adjusted EBITDA | SAR 3.38bn | SAR 4.75bn |
| Adjusted net income | -SAR 0.38bn | SAR 0.84bn |
| Reported net result | -SAR 0.83bn | SAR 0.50bn |
Why did EBITDA rise 40% when prices fell?
EBITDA is earnings before interest, tax, depreciation and amortisation. It is a rough measure of how much cash the operations throw off. Think of a factory as a bucket: price decides how much each litre earns, volume decides how many litres you sell.
According to the Quartr summary of SABIC’s slides, volume gains and cost discipline offset lower prices and higher logistics costs. The company also points to industry overcapacity, meaning too much global capacity chasing too little demand, which keeps a lid on prices.
The slides summary gives no exact volume or price percentages. Treat the split between volume and cost savings as unquantified until you check SABIC’s own presentation.
Is the recovery as strong as it looks?
Not yet. A 40% jump comes off a weak second quarter, when adjusted EBITDA had already fallen 18% from SAR 4.15bn in the first quarter. The third quarter is better, but it is not far above where the year began.
Revenue tells the same story. It sits about 3% below the third quarter of 2025. Over nine months revenue fell nearly 11% to SAR 79.13bn, and the net loss of SAR 320m is much smaller than last year’s SAR 4.84bn loss, according to The National.
What is SABIC doing about the long game?
Three priorities run through the report: portfolio optimisation, transformation and selective growth. CEO Faisal M. Alfaqeer said SABIC "demonstrated exceptional resilience, despite geopolitical developments and market headwinds."
- Portfolio: during the quarter SABIC completed the sale of its engineering thermoplastics business in the Americas and Europe, at an enterprise value of $450m.
- Transformation: SAR 3.56bn (about $950m) of recurring EBITDA benefit is delivered, against a 2030 target of SAR 11.3bn (about $3bn).
- Selective growth: capital goes only to projects the company expects to pay back.
The company’s own release is at sabic.com.
What happens next
Three things decide whether the recovery holds. First, whether prices stabilise while overcapacity persists. Second, whether shipping and distribution costs ease. Third, whether regional conflict disrupts Saudi energy infrastructure, which The National flags as a live concern. Our piece on oil markets and Iran covers the crude side.
My view, and it is only an opinion: the volume story is the encouraging part, because sales growth is harder to fake than cost cuts. But volume sold into falling prices is a thin base. For a comparable refining-and-chemicals squeeze, see our look at BPCL’s Q2 profit.
FAQ
Did SABIC make a profit in Q3 2026?
Yes. Reported net profit was SAR 500m and adjusted net income was SAR 840m. Over nine months the company is still at a net loss of SAR 320m.
What is adjusted EBITDA?
It is operating earnings before interest, tax, depreciation and amortisation, with one-off items removed. It lets you compare quarters without noise from sales of businesses or write-downs.
Why are petrochemical prices under pressure?
SABIC points to industry overcapacity and uncertainty. More supply than demand pushes down the price of polymers and chemicals.
Next step: read SABIC’s full results slides and compare volume and price lines for each business before drawing your own conclusion. This article is for information only and is not investment advice.
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