March 24, 2023

Borealis has published its Annual Report and Financial Results 2022

Combined financial and non-financial report and financial results for the year 2022 published in English and German language.

Combined financial and non-financial report and financial results for the year 2022 published in English and German language

Financial Results

In 2022, Borealis achieved a net profit of EUR 2.1 billion, the highest ever achieved in the history of Borealis.

Demand for Borealis polyolefins – particularly in the energy, healthcare and mobility sectors – remained solid, yet volumes were lower due to the global recession caused by the war in Ukraine, rising inflation and the lingering effects of the pandemic, including lockdowns in China. Borealis Polyolefins sales volumes were approximately 10% lower than in 2021, at 3.54 million tonnes, due to lower demand in the consumer products segment. While the Polyolefins operating profit declined from EUR 1,186 million in 2021 to EUR 526 million in 2022, the strong showing in the first half of the year produced an overall solid result.

Borealis Base Chemicals delivered an operating profit of EUR 243 million, down from the EUR 309 million reported in 2021. Despite an increase in indicator margins, the financial result was negatively impacted by the Stenungsund cracker turnaround, less favourable sourcing costs due to the war in Ukraine, and lower demand, particularly in the second half of 2022.

Borealis Fertilizers sales reached 3.21 million tonnes in 2022 versus the 3.91 million sold in 2021. The decline is the result of lower demand due to high gas prices, and competitively priced urea imports to Europe.

Melamine sales also decreased, from 143 thousand tonnes in 2021 to 84 thousand tonnes in 2022, due in large part to the combined effects of Chinese imports and the global economic downturn as of the third quarter.

Operating profit was supported by a strong contribution from the Borealis nitrogen business unit, and especially from Fertilizers, in which prices remained healthy despite soaring natural gas prices. Melamine faced sluggish demand and collapsing prices, particularly in the second half of the year.

The reduction in the operating result was nearly completely offset by an increase in the Borealis joint venture contributions, from EUR 595 million in 2021 to EUR 1,001 million in 2022.

Key figures and ratiosFY 2021FY 2022
Total Sales and other incomeEUR million10,15312,225
Net ProfitEUR million1,3962,111




Total Recordable Injuries*(incl. own employees and contractors)Number/ hours



Joint Ventures

Borouge business performance was impacted by softer demand and lower sales prices. The Baystar™ result suffered from the full depreciation charge after the start-up of the cracker and its slow ramping up due to operational challenges. However, the positive one-off effects of the successful Borouge IPO, which contributed EUR 604 million to the result, and the remeasurement gain of EUR 266 million from the disposal group related to the ongoing divestment of the nitrogen business unit, helped compensate for the lower business result.

Economic Development and Outlook

Despite the very strong performance of both integrated polyolefins and fertilizer markets in the first half of the year, the weaker results in the final quarters are a clear sign of turbulence ahead. Borealis’ management anticipates continued market volatility and an overall worsening market environment for its core business areas over the next years.
Yet as a trusted and reliable partner to its customers and the value chain, Borealis is well equipped to manage current and future crises. Supported by its strong foundation, Borealis will continue to make progress in expanding its geographic footprint while continuing to lead the industry transformation to a circular economy of plastics.

About the Non-Financial Report

The Consolidated Non-financial Report 2022, as part of the Combined Annual Report 2022, has been prepared in accordance with the GRI Universal Standards 2021, as well as the legal requirements for the publication of a consolidated non-financial report (Section 267a of the Austrian Commercial Code). In 2021, Borealis joined the United Nations Global Compact (UNGC). This report also covers the ten universal principles of the UNGC.

A reference table connects the material topics, nonfinancial matters according to Section 267a (2) of the Austrian Commercial Code, the UNGC principles and the respective chapter in this report. The GRI Content Index in the appendix of this Combined Annual Report outlines where specific GRI reporting elements and indicators are addressed in the report.

For the first time, Borealis has prepared its non-financial report in accordance with the GRI Universal Standards 2021. Furthermore, for 2022 Borealis is reporting both its eligibility according to the EU Taxonomy Regulation and its taxonomy alignment.

The Consolidated Non-financial Report 2022 has been subject to an internal quality review and key sections were audited with limited assurance by PwC Wirtschaftsprüfung GmbH.

Learn more about our performance in 2022

  • The entire Combined Annual Report 2022 is available for download in English and German language here.
  • Browse through our Digital Annual Report 2022 here.

Get In Touch

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Group Media Desk

+43 1 22 400 899 (Vienna, Austria)