Ineos Quattro - Making Hay While The Sun Shines - Model Update - Positioning

We have adjusted our positioning in Ineos Quattro following recent price action and a material shift in operating conditions. The business has benefited significantly from Middle East supply disruptions, prompting a reassessment of liquidity, earnings durability, and leverage in the context of sharply higher EBITDA. Our updated work focuses on how much of this earnings uplift can convert into lasting balance sheet improvement as supply dynamics and geopolitics eventually normalise.