What was the primary driver behind Alpek's improved Q1 financial performance, and how did it specifically impact PET margins?

The primary driver behind Alpek's improved Q1 financial performance was a March surge in Chinese polyethylene terephthalate (PET) reference margins caused by the war in the Middle East. This geopolitical event led to a sharp rise in PET margins, with Chinese PET reference margins averaging $246/mt in March — up from a quarterly average of $200/mt — representing a 41% sequential and 44% year-over-year increase. This margin surge directly buoyed earnings, contributing to the polyester segment’s adjusted EBITDA rising 84% sequentially to $76 million and overall adjusted EBITDA increasing 50% sequentially to $150 million.

How did Alpek’s Q1 net income and revenue compare to both prior quarter and prior year results, and how did they fare against analyst expectations?

Alpek reported a Q1 net loss of $63 million, which was an improvement from a $86 million loss in the prior quarter but a decline from a $8 million profit in the same quarter last year; it also fell significantly short of the analysts’ consensus estimate of a $27 million profit compiled by S&P Capital IQ. Revenues totaled $1.694 billion, reflecting an 11% sequential increase but a 1% year-over-year decrease.

Alpek Q1 Buoyed by War-Driven March PET Margin Surge

Apr 23, 2026

Alpek SAB de CV reported a narrowed Q1 net loss of $63 million, significantly supported by surging Chinese PET margins amid Middle East tensions. However, adjusted EBITDA growth failed to meet analyst consensus estimates for the period.

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Alpek Q1 Buoyed by War-Driven March PET Margin Surge

Alpek Q1 Buoyed by War-Driven March PET Margin Surge

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