Slides
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1 4Q25 Earnings Summary February 17, 2026
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2 2 4th Quarter 2025 Earnings Summary Conference Call Wednesday, February 18, 2026 10:00 a.m. ET Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IMeg0PNW Participant dial-in numbers: Domestic callers: (877) 402-8037 International callers: (201) 378-4913
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3 Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward- looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions or strategic transactions, business trends and any other information that is not historical information. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “likely,” “projects,” “outlook,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs, such as “will,” “should,” “could” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management’s examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, prices and other factors as discussed in the Company’s filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company’s operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company’s businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including adjusted EBITDA, adjusted EBITDA from discontinued operations, adjusted net income (loss), adjusted diluted income (loss) per share, free cash flow, adjusted effective tax rate, and net debt. For more information on the non-GAAP financial measures used by the Company and referenced in this presentation, including definitions and reconciliations of non-GAAP measures to GAAP, please refer to “Non-GAAP Reconciliation” hyperlink available in the “Financials” section of the Company’s website at www.huntsman.com/investors. The Company does not provide reconciliations of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Third-Party Trademarks Any third-party trademarks displayed in this presentation are not owned by the Company, and no relationship between the Company and any third party is implied. General Disclosure
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4 4 $77M Operating Cash Flow from Continuing Operations $1.4B Revenues ($96)M Net Loss Attributable to Huntsman 4Q25 $35M Adjusted EBITDA 4Q25 Earnings Summary Highlights ($ in millions, except per share amounts) 4Q25 4Q24 2025 2024 Revenues $ 1,355 $ 1,452 $5,683 $ 6,036 Net loss attributable to Huntsman Corporation $ (96) $ (141) $ (284) $ (189) Adjusted net loss $ (63) $ (43) $ (121) $ (13) Diluted loss per share $ (0.56) $ (0.82) $ (1.65) $ (1.10) Adjusted diluted loss per share $ (0.37) $ (0.25) $ (0.70) $ (0.08) Adjusted EBITDA $ 35 $ 71 $ 275 $ 414 Net cash provided by operating activities from continuing operations $ 77 $ 159 $ 298 $ 285 Free cash flow from continuing operations $ 20 $ 108 $ 125 $ 101
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5 $25 $50 3% 5% 4Q25 4Q24 1Q26 Outlook Revenues Adjusted EBITDA 2025 Full Year $3.7B Sales Revenue $146M Adj. EBITDA 4% Adj. EBITDA Margin 4Q25 Y/Y Change 8% Sales Revenue 50% Adj. EBITDA5 4Q25 Earnings Summary Adjusted EBITDA Margin • Adjusted EBITDA for the first quarter of 2026 is projected to range from $25 million to $40 million • Volumes in the first quarter are generally lower compared to the fourth quarter • Positive impact from cost savings program • Higher raw materials (benzene and natural gas) versus the fourth quarter Highlights Volumes increased 2% year-over-year Growth in Americas and Asia, partially offset by weakness in Europe Marginal contribution in equity income from our Chinese MTBE JV during the fourth quarter Unplanned outage at our facility in Rotterdam during the fourth quarter was a ~$5 million impact to adjusted EBITDA 5 $897 $970 4Q25 4Q24 Polyurethanes $, in millions $, in millions
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6 1Q26 Outlook Revenues Adjusted EBITDA 2025 Full Year $1.0B Sales Revenue $107M Adj. EBITDA 11% Adj. EBITDA Margin 4Q25 Y/Y Change 6% Sales Revenue 30% Adj. EBITDA 6 4Q25 Earnings Summary $224 $239 $0 $50 $100 $150 $200 $250 $300 $350 $400 4Q25 4Q24 $16 $23 7% 10% 4Q25 4Q24 Adjusted EBITDA Margin First quarter 2026 adjusted EBITDA estimated to be between $20 million and $30 million Near term construction related headwinds Continued pressure in amines margins due to unfavorable supply/demand dynamics Stable Fuel and Lubes markets Highlights Volumes decreased 1% year-over-year, but increased ~2% excluding EU maleic anhydride Lower year-over-year adjusted EBITDA due primarily to lower margins in amines 6 Performance Products $, in millions $, in millions
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7 1Q26 Outlook Revenues Adjusted EBITDA 2025 Full Year $1.0B Sales Revenue $161M Adj. EBITDA 16% Adj. EBITDA Margin 4Q25 Y/Y Change 4% Sales Revenue 3% Adj. EBITDA 7 4Q25 Earnings Summary Adjusted EBITDA Margin First quarter 2026 adjusted EBITDA estimated to be between $38 million and $42 million Typical seasonality trends quarter-over-quarter Improved aerospace sales quarter-over-quarter Continued year-over-year improvement in Power Highlights Volumes decreased 7% year-over-year, driven by aerospace, coatings and industrial related markets Year-over-year growth in Power Adjusted EBITDA margins at 15%, in-line with prior year results 7 $243 $254 $0 $50 $100 $150 $200 $250 $300 $350 $400 4Q25 4Q24 $36 $37 15% 15% 4Q25 4Q24 Advanced Materials $, in millions $, in millions
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8 Revenue Bridge 4Q25 Earnings Summary Year / Year Quarter / Quarter $1,460 $1,355 ($77) ($29) $1 3Q25 Revenue Volume Price & Mix FX 4Q25 Revenue (1) Excludes sales volumes of byproducts and raw materials (2) Excludes revenues from tolling arrangements, byproducts and raw materials $1,452 $1,355 ($2) ($116) $21 4Q24 Revenue Volume Price & Mix FX 4Q25 Revenue (2)(1)(1) (2)(2) (2) $, in millions $, in millions
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9 Adjusted EBITDA Bridge – By Division 4Q25 Earnings Summary Year / Year Quarter / Quarter $94 $35 ($23) ($13) ($8) ($15) 3Q25 Adjusted EBITDA Polyurethanes Performance Products Advanced Materials Corporate and Other 4Q25 Adjusted EBITDA $71 $35 ($25) ($7) ($1) ($3) 4Q24 Adjusted EBITDA Polyurethanes Performance Products Advanced Materials Corporate and Other 4Q25 Adjusted EBITDA $, in millions $, in millions
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Cost Realignment Plans 4Q25 Earnings Summary Commentary ~$100M 4Q25 Annualized Run Rate Delivery of ~$100M Run Rate Benefits Cumulative In Year Savings 10 ~$5M ~$55M ~$100M >$100M 0 20 40 60 80 100 120 140 2024 2025 2026 2027 Program Highlights Targeted Run Rate Benefits ~$100M Expected Restructuring Cash Costs ~$80M Expected Capital Expenditures ~$20M Total Headcount Reduction ~500 Site Closures Announced: Boisbriand (PU) Moers (PP) Kings Lynn (PU) East Lansing (AM) Deggendorf (PU) Frankfurt (Shared) Dubai (PU) Total program benefits are in SG&A/ R&D and plant fixed costs, split ~60%/~40% Associated capital expenditure of ~$20M will be absorbed within the annual capital expenditure guidance ~80% of the target headcount reduction complete as of year end 2025 ~$45M in year cost optimization benefit in 2026, excluding the impact from inflation In Year Savings Realized Additional Savings to be Captured
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11 Cash Flow and Liquidity Considerations 4Q25 Earnings Summary Commentary Balance sheet with $1.3 billion of liquidity at the close of the quarter On February 9, 2026, we entered into a new $800 million senior secured revolving credit facility, replacing our prior 2022 agreement Includes an option to increase total commitments by up to an additional $400 million In addition, at the end of 2025, we increased our U.S. securitization borrowing capacity and extended the program through 2028 On a pro-forma basis at the end of 2025, we had approximately $1 billion of liquidity 2025 cash provided by operations increased versus the prior year to $298 million, 108% cash flow from operations to adjusted EBITDA 2025 free cash flow of $125 million, 45% free cash flow to adjusted EBITDA Capital expenditures of $57 million, $173 million for the full year Full year 2026 capital expenditures expected to be similar to 2025 Diluted loss per share of $0.56 and adjusted diluted loss per share of $0.37 Capital Structure 4Q24 4Q25 Liquidity $1,719 $1,323 Net Debt $1,495 $1,582 Net Debt Leverage 3.6x 5.8x Credit Ratings (Moodys / S&P / Fitch) Baa3 / BBB- / BBB Ba1 / BB+ / BBB-* Equity Return 4Q24 4Q25 Diluted Shares for Adj. Diluted (Loss) Income per Share 172 173 Dividend Per Share $0.25 $0.0875 Earnings and Cash Flow 4Q24 4Q25 2024 2025 Adjusted EBITDA $71 $35 $414 $275 Cash Flow From Operations $159 $77 $285 $298 Capital Expenditures ($51) ($57) ($184) ($173) Free Cash Flow $108 $20 $101 $125 Cash Flow From Operations Conversion 69% 108% Free Cash Flow Conversion 24% 45% Amounts in millions, except per share amounts * Credit ratings updated to Ba1 / BB / BBB- in 1Q26
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12 1Q26 Adjusted EBITDA Polyurethanes $25M – $40M Performance Products $20M – $30M Advanced Materials $38M – $42M Corporate ~($40M) Total ~$45M – $75M 12 1Q26 Outlook Summary 4Q25 Earnings Summary Underlying 1Q26 Guidance Assumptions Market conditions remain challenged Soft but stable global construction in the first quarter, ahead of seasonal improvements Year-over-year growth in aerospace and power with automotive relatively flat Some improvement in European MDI pricing being offset by higher natural gas and benzene Continued benefits from cost savings programs
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GROWTH & INNOVATION Year-over-year growth in MDI volumes including benefits from innovation in automotive Realize benefits from recent capital investments Advanced Materials growth programs in aerospace and power with continued development in Miralon® CASH MANAGEMENT Maintain disciplined capital allocation Generate free cash flow in excess of dividend Drive further cash conversion cycle improvement COST MANAGEMENT Capture savings from announced cost programs Exit remaining restructuring-related sites Drive functional and operational productivity improvements across the organization, offsetting inflation 13 2026 Action Priorities and Key Initiatives 4Q25 Earnings Summary
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14 Appendix
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15 2026 Additional Modeling Considerations 4Q25 Earnings Summary Full Year Corporate & Other ~$140M - $150M Cost Savings Program Benefit ~$45M(1) Interest Expense ~$10M Headwind YoY Depreciation & Amortization ~$290M Adjusted EBITDA/ Income Statement Cash Flow Dividends from Equity Affiliates ~$10M Headwind YoY Cash Taxes ~$40M Tailwind YoY(2) Restructuring Cash ~$15M Headwind YoY Capital Expenditures Similar to 2025 Litigation Proceeds ~$30M Headwind YoY Net Working Capital Continued Cash Conversion Cycle Improvements (1) Cost Savings Program Benefit (split between SG&A/ R&D and plant fixed costs) excludes inflation and noncash variable compensation year on year expense change (2) Excludes changes in profitability
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16 Financials and Reconciliation 4Q25 Earnings Summary Data reflects the continuing operations of Huntsman Corporation and treats the textile effects business as discontinued operations. USD In millions 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Segment Revenues : Polyurethanes 991$ 1,012$ 967$ 895$ 3,865$ 926$ 1,001$ 1,003$ 970$ 3,900$ 912$ 932$ 956$ 897$ 3,697$ Performance Products 334 307 277 260 1,178 291 299 280 239 1,109 257 270 246 224 997 Advanced Materials 289 284 268 251 1,092 261 279 261 254 1,055 249 264 265 243 1,021 Total Reportable Segments' Revenues 1,614 1,603 1,512 1,406 6,135 1,478 1,579 1,544 1,463 6,064 1,418 1,466 1,467 1,364 5,715 Intersegment Eliminations (8) (7) (6) (3) (24) (8) (5) (4) (11) (28) (8) (8) (7) (9) (32) Total Revenues 1,606$ 1,596$ 1,506$ 1,403$ 6,111$ 1,470$ 1,574$ 1,540$ 1,452$ 6,036$ 1,410$ 1,458$ 1,460$ 1,355$ 5,683$ Segment Adjusted EBITDA: Polyurethanes 66$ 88$ 81$ 13$ 248$ 39$ 80$ 76$ 50$ 245$ 42$ 31$ 48$ 25$ 146$ Performance Products 71 55 47 28 201 42 46 42 23 153 30 32 29 16 107 Advanced Materials 48 51 49 38 186 43 52 47 37 179 36 45 44 36 161
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17 Financials and Reconciliation 4Q25 Earnings Summary Data reflects the continuing operations of Huntsman Corporation and treats the textile effects business as discontinued operations. USD In millions 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Net income (loss) 166$ 31$ 15$ (59)$ 153$ (23)$ 38$ (17)$ (125)$ (127)$ 11$ (145)$ (11)$ (82)$ (227)$ Net income attributable to noncontrolling interests (13) (12) (15) (12) (52) (14) (16) (16) (16) (62) (16) (13) (14) (14) (57) Net income (loss) attributable to Huntsman Corporation 153 19 - (71) 101 (37) 22 (33) (141) (189) (5) (158) (25) (96) (284) Interest expense, net from continuing operations 18 15 15 17 65 19 20 21 19 79 19 21 20 19 79 Income tax expense (benefit) from continuing operations 11 28 27 (2) 64 (20) 13 39 29 61 15 7 3 1 26 Income tax expense (benefit) from discontinued operations 15 1 (2) 3 17 (1) (7) - (3) (11) - 1 - (1) - Depreciation and amortization from continuing operations 69 70 69 70 278 69 75 70 75 289 69 72 73 73 287 Business acquisition and integration expenses (gains) and purchase accounting inventory adjustments 1 2 - 1 4 20 1 - - 21 (5) - - 1 (4) EBITDA from discontinued operations, net of tax (137) 1 2 (1) (135) 8 - 12 18 38 1 (2) 1 9 9 (Gain) loss on sale of businesses/assets - (1) - 1 - - - 1 - 1 - - 2 3 5 Loss from liquidation of subsidiaries - - - - - - - - 39 39 - - - - - Fair value adjustments to Venator investment, net and other tax matter adjustments 1 4 - - 5 - (7) (5) - (12) - - - - - Certain legal and other settlements and related expenses (income) 1 1 2 2 6 1 1 11 - 13 (33) 1 - 2 (30) Certain nonrecurring information technology implementation costs 2 1 2 - 5 - - - - - - - - - - Amortization of pension and postretirement actuarial losses 8 7 10 12 37 8 8 9 14 39 7 7 8 12 34 Restructuring, impairment and plant closing and transition (credits) costs (6) 8 11 12 25 14 5 6 21 46 4 125 12 12 153 Adjusted EBITDA(1) 136$ 156$ 136$ 44$ 472$ 81$ 131$ 131$ 71$ 414$ 72$ 74$ 94$ 35$ 275$ Non-GAAP Adjusted EBITDA Margin Information: Revenue 1,606$ 1,596$ 1,506$ 1,403$ 6,111$ 1,470$ 1,574$ 1,540$ 1,452$ 6,036$ 1,410$ 1,458$ 1,460$ 1,355$ 5,683$ Adjusted EBITDA 136 156 136 44 472 81 131 131 71 414 72 74 94 35 275 Non-GAAP Adjusted EBITDA Margin 8% 10% 9% 3% 8% 6% 8% 9% 5% 7% 5% 5% 6% 3% 5% GAAP Net Income Margin 10% 2% 1% (4%) 3% (2%) 2% (1%) (9%) (2%) 1% (10%) (1%) (6%) (4%)