{"id":4025,"date":"2026-05-12T02:15:00","date_gmt":"2026-05-12T00:15:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=c690f3c4eef1b8e8883961ab47bc0508"},"modified":"2026-05-12T02:15:00","modified_gmt":"2026-05-12T00:15:00","slug":"chemtrade-logistics-income-fund-announces-results-for-the-first-quarter-of-2026-reiterates-2026-adjusted-ebitda-guidance-of-485-to-525-million","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=4025","title":{"rendered":"Chemtrade Logistics Income Fund Announces Results for the First Quarter of 2026; Reiterates 2026 Adjusted EBITDA Guidance of $485 to $525 Million"},"content":{"rendered":"<p>TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN, OTCQX\u00ae: CGIFF) (\u201cChemtrade\u201d or the \u201cFund\u201d) today announced results for the three-month period ended March 31, 2026. The financial statements and MD&amp;A will be available on Chemtrade\u2019s website at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.chemtradelogistics.com%2F&amp;esheet=54533631&amp;newsitemid=20260511058546&amp;lan=en-US&amp;anchor=www.chemtradelogistics.com&amp;index=1&amp;md5=dcecdefab51ff349271a591c124586eb\" rel=\"nofollow\" shape=\"rect\">www.chemtradelogistics.com<\/a> and on SEDAR+ at <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedarplus.com&amp;esheet=54533631&amp;newsitemid=20260511058546&amp;lan=en-US&amp;anchor=www.sedarplus.com&amp;index=2&amp;md5=724f9aaec79ad2103f5bb37a174941d3\" rel=\"nofollow\" shape=\"rect\">www.sedarplus.com<\/a>.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260511058546\/en\/738209\/5\/chemtrade_logo_300dpi_colour.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260511058546\/en\/738209\/22\/chemtrade_logo_300dpi_colour.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260511058546\/en\/738209\/5\/chemtrade_logo_300dpi_colour.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260511058546\/en\/738209\/21\/chemtrade_logo_300dpi_colour.jpg\" \/><\/a><p>\n<b>First Quarter 2026 Highlights<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nRevenue of $503.0 million, an increase of $36.7 million or 7.9% year-over-year driven by the Polytec acquisition in the WS segment as well as higher selling prices for merchant acid, sulphur products and Regen acid in the ASP segment. This more than offset lower selling prices and volumes of chlor-alkali products and sodium chlorate in the EC segment.<\/li>\n<li>\nAdjusted EBITDA<sup>(1)<\/sup> of $113.5 million, a decrease of $6.6 million or 5.5% year-over-year. Excluding the impact of foreign exchange, Adjusted EBITDA was 0.5% lower than 2025 as EBITDA from the Polytec acquisition and higher EBITDA from merchant and Regen acid were more than offset by lower selling prices and volumes of chlor-alkali products and sodium chlorate.<\/li>\n<li>\nNet earnings of $25.4 million, a decrease of $23.7 million year-over-year primarily due to higher finance costs, unfavourable unrealized foreign exchange losses and lower Adjusted EBITDA year-over-year.<\/li>\n<li>\nCash flows from operating activities of $42.4 million, an increase of $8.0 million or 23.3% year-over-year, mainly due to a decrease in working capital compared to 2025, partially offset by lower Adjusted EBITDA.<\/li>\n<li>\nDistributable cash after maintenance capital expenditures<sup>(1) <\/sup>of $40.1 million, a decrease of $22.0 million or 35.4% year-over-year reflecting lower Adjusted EBITDA and higher maintenance capital spending<sup> (1)<\/sup>. Distributable cash after maintenance capital expenditures per unit<sup>(1)<\/sup> decreased by 33.0% to $0.36 per unit year-over-year.<\/li>\n<li>\nDuring the first quarter of 2026, Chemtrade increased its monthly distribution by approximately 4% to $0.06 per unit or $0.72 per unit per year. Chemtrade\u2019s Payout ratio<sup>(1)<\/sup> for the first quarter of 2026 was 51% and for the last twelve months was 38%.<\/li>\n<li>\nDuring the first quarter of 2026, Chemtrade purchased approximately 2.3 million units as part of its normal course issuer bid (NCIB). Subsequent to quarter end, on April 15, 2026, Chemtrade announced the early renewal of the NCIB that would have expired on August 18, 2026. Under the new NCIB, which terminates on April 16, 2027, Chemtrade is authorized to purchase approximately 5.8 million units.<\/li>\n<li>\nChemtrade continues to maintain a strong balance sheet, with a Net debt to LTM Adjusted EBITDA<sup>(1)<\/sup> ratio of 2.5x at the end of the first quarter of 2026.<\/li>\n<li>\nDue to geopolitical events, several products that Chemtrade manufactures have seen significant price volatility in the last several weeks. While this volatility makes forecasting results for the remainder of 2026 challenging, Chemtrade is maintaining its 2026 Adjusted EBITDA guidance unchanged and reiterates a range of $485.0 to $525.0 million.<\/li>\n<li>\nSubsequent to the end of the first quarter, on April 14, 2026, Chemtrade announced that the District of North Vancouver Council rejected its rezoning application, which would have allowed significant safety upgrades and continued liquid chlorine production at its North Vancouver chlor-alkali facility beyond 2030. On May 5, 2026, the District of North Vancouver issued a statement that the Mayor would be exercising his authority to bring forward a notice of reconsideration of Chemtrade\u2019s rezoning application and will be asking the Council to reconsider the rezoning application in response to new conditions brought forth by Chemtrade. The proposed changes address concerns voiced by the Mayor and Council regarding site security, quantitative risk assessments, and the permanent nature of the amendment that would allow liquid chlorine production. If Council agrees, the Mayor has indicated that he would recommend holding a new public hearing. Chemtrade continues to engage with the District of North Vancouver, and multiple stakeholders and partners on the best path to secure continued liquid chlorine operations and uninterrupted municipal water safety in Western Canada.<\/li>\n<\/ul><p>\nScott Rook, President and CEO of Chemtrade, commented \u201cFirst quarter 2026 results demonstrate the merits of our diversified product portfolio, multifaceted growth strategy, and dedicated team. Despite the elevated volatility in the prices of several of our products and their inputs, we maintained operational and commercial discipline across all segments. We continue to execute on multiple organic growth projects while focusing on the further strengthening of our operations.\u201d<\/p><p>\n\u201cThroughout the first quarter and into the second quarter, we continued the integration of Polytec, increased our reach with existing and new customers, started production at the new Augusta, GA plant, continued technical and commercial progress in UPA, and completed the chlor-alkali facility biennial turnaround while maintaining a focus on cash flow generation. I would like to thank our entire team for their efforts and dedication,\u201d continued Mr. Rook.<\/p><p>\n\u201cDespite the heightened volatility, we remain encouraged by the outlook for several key products and are focused on ensuring reliable production in the long term. We will continue to execute towards Vision 2030 targets while maintaining a strong balance sheet and robust cash flow generation which allows us to return capital to unitholders,\u201d concluded Mr. Rook.<\/p><p>\n<b>Consolidated Financial Summary of Q1 2026<\/b><\/p><p>\nThe Canadian dollar strengthened by approximately $0.06 relative to the U.S. dollar during the first quarter of 2026, compared to the first quarter of 2025, with a negative impact to consolidated revenue and consolidated Adjusted EBITDA of $18.2 million and $6.0 million, respectively.<\/p><p>\nRevenue for the first quarter of 2026 was $503.0 million, an increase of $36.7 or 7.9% year-over-year. Excluding the impact of foreign exchange, revenue was $54.9 million or 11.8% higher than in the prior year period, driven by (i) revenue from the acquisition of Polytec in the WS segment; and (ii) higher selling prices for merchant acid and sulphur products as well as higher volumes and selling prices for Regen acid in the ASP segment. These gains were partially offset by lower MECU netbacks and volumes for chlor-alkali products as well as lower sales volumes and lower selling prices for sodium chlorate in the EC segment.<\/p><p>\nAdjusted EBITDA<sup>(1)<\/sup> was $113.5 million, a decrease of $6.6 million or 5.5% year-over-year. Excluding the impact of foreign exchange, Adjusted EBITDA in the first quarter was $0.6 million or 0.5% lower than in the first quarter of 2025. The year-over-year change was primarily due to lower MECU netbacks and volumes for chlor-alkali products as well as lower sales volumes and lower selling prices for sodium chlorate in the EC segment. EBITDA contribution from (i) the Polytec acquisition in the WS segment, and (ii) merchant and Regen acid in the ASP segment provided a partial offset.<\/p><p>\nDistributable cash after maintenance capital expenditures for the first quarter of 2026 was $40.1 million or $0.36 per unit, compared with $62.1 million or $0.53 per unit in the first quarter of 2025. The year-over year change primarily reflects the same factors that impacted Adjusted EBITDA, as noted above, and higher maintenance capital expenditures partially offset by a lower number of units. Chemtrade\u2019s payout ratio for the twelve months ended March 31, 2026 was 38%.<\/p><p>\nChemtrade maintained a strong balance sheet through the first quarter of 2026. As of March 31, 2026, Chemtrade\u2019s Net debt was $1.2 billion and its Net Debt to LTM Adjusted EBITDA ratio was 2.5x. As of the end of the first quarter of 2026, Chemtrade also maintained ample financial liquidity with approximately $415 million (US$298 million) undrawn on its credit facilities, in addition to $46.5 million of cash on hand.<\/p><p>\n1) Adjusted EBITDA is a Total of Segments measure, Distributable cash after maintenance capital expenditures is a non-IFRS measure and Net debt to LTM Adjusted EBITDA, Distributable cash after maintenance and capital expenditures per unit and Payout ratio are non-IFRS ratios. Maintenance capital expenditures is a Supplementary financial measure. Please see Non-IFRS and Other Financial Measures for more information.<\/p><p>\n<b>Segmented Financial Summary of Q1 2026<\/b><\/p><p>\nAs previously reported, Chemtrade has separated the former Sulphur and Water Chemicals (SWC) segment into two new segments, the Acid and Sulphur Products (ASP) segment and the Water Solutions (WS) segment. Chemtrade now reports its results in three segments:<\/p><ul class=\"bwlistdisc\">\n<li>\nAcid and Sulphur Products, or ASP, segment markets, removes, and\/or produces merchant, regen, and ultrapure acid, sodium nitrite, all other sulphur-related products, and provides other processing services.<\/li>\n<li>\nWater Solutions, or WS, segment manufactures and markets a variety of inorganic coagulants used in water treatment, including aluminum sulphate (alum), aluminum chlorohydrate (ACH), polyaluminum chloride (PACl), and ferric sulphate (ferric). WS also provides value-added water solutions.<\/li>\n<li>\nElectrochemicals, or EC, segment manufactures and markets sodium chlorate and chlor-alkali products including caustic soda, chlorine and hydrochloric acid, largely for the pulp and paper, oil and gas, and water treatment industries. These products are marketed primarily to North American and South American customers.<\/li>\n<\/ul><p>\nThe ASP segment reported revenue of $180.3 million for the first quarter of 2026, compared to $153.1 million for the first quarter of 2025. Adjusted EBITDA in the ASP segment was $40.2 million for the first quarter of 2026, compared to $36.0 million for the first quarter of 2025. The stronger Canadian dollar relative to the U.S. dollar during the first quarter of 2026 compared with the first quarter of 2025 had a negative impact on ASP revenue and ASP Adjusted EBITDA of $6.9 million and $1.5 million, respectively.<\/p><p>\nExcluding the impact of foreign exchange, as noted above, ASP revenue in the first quarter of 2026 increased by $34.1 million or 22.3% year-over-year. The increase in comparable ASP revenue was primarily due to higher selling prices for merchant acid and sulphur products, and higher volumes and selling prices for Regen acid. The higher selling prices were largely driven by an increase in the index price of sulphur. Excluding the impact of foreign exchange, as noted above, ASP Adjusted EBITDA in the first quarter of 2026 increased by $5.7 million or 15.8% year-over-year. The increase in comparable ASP Adjusted EBITDA was primarily due to contributions from merchant and Regen acid as higher selling prices more than offset higher sulphur costs.<\/p><p>\nThe Water Solutions, or WS, segment reported revenue of $151.6 million for the first quarter of 2026, compared to $117.9 million for the first quarter of 2025. Adjusted EBITDA in the WS segment was $27.2 million for the first quarter of 2026, compared to $23.4 million for the first quarter of 2025. The stronger Canadian dollar relative to the U.S. dollar during the first quarter of 2026 had a negative year-over-year impact on WS revenue and WS Adjusted EBITDA of $5.6 million and $0.5 million, respectively.<\/p><p>\nExcluding the impact of foreign exchange, as noted above, WS revenue in the first quarter of 2026 increased by $39.3 million or 33.3% year-over-year. The increase in WS revenue was primarily due to the Polytec acquisition, which closed in the fourth quarter of 2025. Excluding the impact of foreign exchange, as noted above, WS Adjusted EBITDA in the first quarter of 2026 increased by $4.3 million or 18.4% year-over-year. The increase in WS Adjusted EBITDA was primarily due to the Polytec acquisition. Higher selling prices for water solutions products offset higher input costs.<\/p><p>\nThe EC segment reported revenue of $171.1 million for the first quarter of 2026, compared to $195.3 million for the first quarter of 2025. Adjusted EBITDA in the EC segment was $71.9 million for the first quarter of 2026, compared to $88.3 million for the first quarter of 2025. The stronger Canadian dollar relative to the U.S. dollar during the first quarter of 2026 had a negative year-over-year impact on EC revenue and EC Adjusted EBITDA of $5.7 million and $4.3 million, respectively.<\/p><p>\nExcluding the impact of foreign exchange, as noted above, EC revenue in the first quarter of 2026 was $18.5 million or 9.5% lower compared to the first quarter of 2025. The decrease in EC revenue was primarily due to (i) lower MECU netbacks and volumes for chlor-alkali products; and (ii) lower sales volumes and lower selling prices for sodium chlorate. MECU netbacks decreased by approximately $290 year-over-year with approximately 70% of the decline attributable to hydrochloric acid and chlorine. Excluding the impact of foreign exchange, as noted above, EC Adjusted EBITDA for the first quarter of 2026 was $12.1 million or 13.7% lower year-over-year. The factors that affected EC revenue also had an impact on EC\u2019s Adjusted EBITDA on a year-over-year basis.<\/p><p>\nCorporate costs for the first quarter of 2026 were $25.8 million, compared with $27.6 million in the first quarter of 2025. The decrease in corporate costs was primarily due to $4.1 million of lower realized foreign exchange losses in 2025 and lower legal expenses, partially offset by $3.0 million of higher long-term incentive plan costs.<\/p><p>\n<b>2026 Guidance<\/b><\/p><p>\nDue to geopolitical events, several products that Chemtrade manufactures have seen significant price volatility in the last several weeks. While this volatility makes forecasting results for the remainder of 2026 challenging, Chemtrade is maintaining its 2026 Adjusted EBITDA guidance unchanged and reiterates a range of $485.0 to $525.0 million. Based on current guidance assumptions, including the anticipated spending on Growth capital expenditures and changes in capital allocation, Chemtrade expects to end 2026 with a Net debt to Adjusted EBITDA ratio of close to 2.5x and an implied Payout ratio of approximately 40%.<\/p><p>\nAchieving the midpoint of this range would mark a near record Adjusted EBITDA in Chemtrade\u2019s history, at a similar level to the record Adjusted EBITDA achieved in 2025, highlighting the significant step-change in Chemtrade\u2019s Adjusted EBITDA and cashflow generation in the last five years.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2026 Guidance<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025 Actual<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three Months ended Actual<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>($ million)<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>March 31, 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>March 31, 2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDA<sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$485.0 - $525.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$507.4<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$113.5<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$120.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nMaintenance capital expenditures <sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$120.0 - $150.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$123.5<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$28.6<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$17.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGrowth capital expenditures<sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$35.0 - $55.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$48.2<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$5.7<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$7.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLease payments<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$70.0 - $80.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$70.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$17.4<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$17.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash interest <sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$65.0 - $75.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$54.9<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$15.4<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$14.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash tax <sup>(1)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$30.0 - $40.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$31.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$11.9<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$8.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\"><p>\n(1) Adjusted EBITDA is a Total of Segments measure. Maintenance capital expenditures, Cash interest and Cash tax are supplementary financial measures. Growth capital expenditures is a non-IFRS financial measure. See Non-IFRS And Other Financial Measures.<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Key Assumptions<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2026\n<br\/>Assumptions<\/b><\/p><\/td><td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2025<\/b><\/p><p class=\"bwalignc bwcellpmargin\">\n<b>Actual<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>2024<\/b><\/p><p class=\"bwalignc bwcellpmargin\">\n<b>Actual<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nApproximate North American MECU sales volumes<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n175,000<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n170,000<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n172,000<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n2026 realized MECU netback being lower than 2025 (per MECU)<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nCAD ($195)<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\nN\/A<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\nN\/A<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAverage CMA<sup>(1)<\/sup> NE Asia caustic spot price index per tonne<sup>(2)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nUS$415<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nUS$435<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nUS$385<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nApproximate North American production volumes of sodium chlorate (MTs)<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n260,000<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n273,000<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n270,000<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nUSD to CAD average foreign exchange rate<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.375<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.397<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1.370<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLong term incentive plan costs (in $ millions)<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n$20.0 - $28.0<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$29.4<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n$23.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(1) Chemical Market Analytics (CMA) by OPIS, A Dow Jones Company, formerly IHS Markit Base Chemical.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n(2) The average CMA NE Asia caustic spot price for 2026, 2025 and 2024 is the average spot price of the four quarters ending with the third quarter of that year as the majority of Chemtrade\u2019s pricing is based on a one quarter lag.<\/p><\/td><\/tr>\n<\/table><p>\n<b>Chemtrade Vision 2030<\/b><\/p><p>\nIn May 2025, Chemtrade shared Chemtrade Vision 2030 where one of the key aspects is to grow mid-cycle annual Adjusted EBITDA to between $550.0 million and $600.0 million by 2030. Chemtrade expects to achieve this target by continuing to focus on operational and commercial excellence while pursuing both organic and external growth opportunities such as the acquisitions of Polytec and the assets of Thatcher Group in 2025. This improvement in Adjusted EBITDA, alongside Chemtrade\u2019s commitment to returning capital to unitholders while maintaining a prudent balance sheet, is expected to deliver compelling value on a per unit basis.<\/p><p>\n<b>Update on Organic Growth Projects<\/b><\/p><p>\nChemtrade remains focused on its long-term objective of delivering sustained earnings growth and generating value for investors. To accomplish this, Chemtrade has identified various organic growth initiatives. In 2026, Chemtrade plans to invest between $35.0 million and $55.0 million in growth capital expenditures with a focus on water solutions projects.<\/p><p>\nIn Ultrapure Acid, following quality improvement upgrades and plant start-ups at the Cairo, Ohio and Tulsa, Oklahoma facilities, Chemtrade remains well on-track to achieve certification and commercial targets throughout 2026.<\/p><p>\n<b>Rezoning Application Related to the North Vancouver Chlor-Alkali Facility<\/b><\/p><p>\nSubsequent to the end of the first quarter, on April 14, 2026, Chemtrade announced that the District of North Vancouver Council rejected its rezoning application, which would have allowed significant safety upgrades and continued liquid chlorine production at its North Vancouver chlor-alkali facility beyond 2030.<\/p><p>\nOn May 5, 2026, the District of North Vancouver issued a statement that the Mayor would be exercising his authority to bring forward a notice of reconsideration of Chemtrade\u2019s rezoning application and will be asking the Council to reconsider the rezoning application in response to new conditions brought forth by Chemtrade. The proposed changes address concerns voiced by the Mayor and Council regarding site security, quantitative risk assessments, and the permanent nature of the amendment that would allow liquid chlorine production. If Council agrees, the Mayor has indicated that he would recommend holding a new public hearing.<\/p><p>\nChemtrade continues to engage with the District of North Vancouver, and multiple stakeholders and partners on the best path to secure continued liquid chlorine operations and uninterrupted municipal water safety in Western Canada.<\/p><p>\n<b>Distributions and Capital Allocation Update<\/b><\/p><p>\nDistributions declared in the first quarter of 2026 totalled $0.18 per unit, comprised of monthly distributions of $0.06 per unit, which reflects a 4% increase beginning with the distribution declared during the month of January 2026. The distribution is well-covered by Chemtrade\u2019s robust cash flow generation with a first quarter 2026 Payout ratio of 51% and a last twelve months payout ratio of 38%.<\/p><p>\nDuring the first quarter of 2026, Chemtrade purchased approximately 2.3 million units as part of its normal course issuer bid (NCIB). Subsequent to quarter end, on April 15, 2026, Chemtrade announced the early renewal of the NCIB that would have expired on August 18, 2026. Under the new NCIB, which terminates on April 16, 2027, Chemtrade is authorized to purchase approximately 5.8 million units. As of May 8<sup>th<\/sup>, 2026, approximately 5.6 million units remain available for purchase. Purchases of units are effected through the facilities of the TSX and\/or alternative Canadian trading systems and are made by means of open market transactions, or such other means as may be permitted by the TSX, including block purchases of units, at prevailing market rates. The timing and amount of any purchases are subject to management\u2019s discretion.<\/p><p>\nChemtrade\u2019s management and Board of Trustees continue to assess opportunities to further adjust and optimize its capital structure. This could potentially include refinancing of a portion of its outstanding debentures or notes depending on market conditions and capital priorities.<\/p><p>\nRohit Bhardwaj, CFO of Chemtrade, commented on Chemtrade\u2019s financial position and capital allocation, \u201cChemtrade closed the first quarter 2026 with a prudent and efficient balance sheet, on-target leverage, and plentiful liquidity that allows for a continued balanced approach to capital allocation. We remain committed to returning capital to unitholders via distributions and the NCIB. Simultaneously, we seek to further strengthen our cash flow profile by deploying capital into high-return organic growth initiatives primarily in water solutions.\u201d<\/p><p>\nAlthough much work was completed during 2025 to optimize our capital structure, we are flexible to further targeted improvements that remove potential sources of equity dilution, extend and\/or stagger our debt maturity profile, or lower our debt capital cost,\u201d concluded Mr. Bhardwaj.<\/p><p>\n<b>About Chemtrade<\/b><\/p><p>\nChemtrade operates a diversified business providing industrial chemicals and services to customers in North and South America. Chemtrade is one of North America\u2019s largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite and sodium hydrosulphite. Chemtrade is also a leading producer of high purity sulphuric acid for the semiconductor industry in North America. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, and zinc oxide. Additionally, Chemtrade provides value-added water solutions, as well as industrial services such as processing by-products and waste streams.<\/p><p>\n<b>NON-IFRS AND OTHER FINANCIAL MEASURES<\/b><\/p><p>\n<b>Non-IFRS financial measures and non-IFRS ratios<\/b><\/p><p>\nNon-IFRS financial measures are financial measures disclosed by an entity that (a) depict historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to their composition, exclude amounts that are included in, or include amounts that are excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) are not disclosed in the financial statements of the entity and (d) are not a ratio, fraction, percentage or similar representation. Non-IFRS ratios are financial measures disclosed by an entity that are in the form of a ratio, fraction, percentage, or similar representation that has a non-IFRS financial measure as one or more of its components, and that are not disclosed in the financial statements of the entity.<\/p><p>\nThese non-IFRS financial measures and non-IFRS ratios are not standardized financial measures under IFRS and, therefore, are unlikely to be comparable to similar financial measures presented by other entities. Management believes these non-IFRS financial measures and non-IFRS ratios provide transparent and useful supplemental information to help investors evaluate Chemtrade\u2019s financial performance, financial condition and liquidity using the same measures as management. These non-IFRS financial measures and non-IFRS ratios should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS.<\/p><p>\nThe following section outlines Chemtrade\u2019s non-IFRS financial measures and non-IFRS ratios, their compositions, and why management uses each measure. It includes reconciliations to the most directly comparable IFRS measures. Except as otherwise described herein, Chemtrade\u2019s non-IFRS financial measures and non-IFRS ratios are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable.<\/p><p>\n<b>Distributable cash after maintenance <\/b><\/p><br\/> <b>Contacts<\/b> <br\/><p>\nEndri Leno\n<br\/>Vice President, Investor Relations\n<br\/>Email: <a  href=\"mailto:investor-relations@chemtradelogistics.com\" rel=\"nofollow\" shape=\"rect\">investor-relations@chemtradelogistics.com<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260511058546\/en\/Chemtrade-Logistics-Income-Fund-Announces-Results-for-the-First-Quarter-of-2026-Reiterates-2026-Adjusted-EBITDA-Guidance-of-485-to-525-Million\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>TORONTO&#8211;(BUSINESS WIRE)&#8211;Chemtrade Logistics Income Fund (TSX: CHE.UN, OTCQX\u00ae: CGIFF) (\u201cChemtrade\u201d or the \u201cFund\u201d) today announced results for the three-month period ended March 31, 2026. The financial statements and MD&amp;A will be available on Chemt&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4025","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4025"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4025\/revisions"}],"predecessor-version":[{"id":4026,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4025\/revisions\/4026"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}