LyondellBasell Industries NV - Ordinary Shares - Class A

Financial Performance and Dividends: LyondellBasell (LYB) reported earnings of $6.40 per share and an EBITDA of $4.3 billion for 2024. The company generated $3.8 billion in cash from operations, with a strong cash conversion ratio of 90%. They returned $1.9 billion to shareholders through dividends and share repurchases. The dividend was increased by 7%, marking the 14th straight year of growth.

Market Challenges: The company noted a challenging year in 2024 for the petrochemical industry, especially in the fourth quarter, with industry margins being about 60% of historical averages. LYB's performance was impacted by structural shifts, such as slower global growth, particularly in China, higher energy costs, and approval delays for new projects.

Strategic Initiatives and Growth Opportunities: LYB has unlocked approximately $1.3 billion of incremental normalized EBITDA through its three-pillar strategy, with significant contributions from their value enhancement program (VEP), which achieved a run rate of over $800 million in 2024. The circular and low-carbon solutions (CLCS) segment showed a 65% increase in volumes, with plans targeting $1 billion in incremental EBITDA by 2030.