US Market News
2週前
OLIN and HUNTSMAN Announce Transformative Merger of Equals to Create a $12+ Billion Integrated North American Chemicals LeaderJune 16, 2026 6:00 AM
PR Newswire (US) Complementary upstream and downstream capabilities to enhance integration and enable the combined company to better create value across cycles, products and regions $400+ million of identified and actionable cost synergies and integration benefits Enhanced financial profile and cost position expected to provide greater performance through the cycle, cash flow generation and growth optionality Ken Lane to serve as Chief Executive Officer and Peter Huntsman to serve as non-executive Chairman of the Board of Directors of the combined company Joint investor call and webcast scheduled for June 16, 2026 at 8:00 a.m. Eastern TimeCLAYTON, Missouri and THE WOODLANDS, Texas, June 16, 2026 /PRNewswire/ -- Olin Corporation (NYSE: OLN) and Huntsman Corporation (NYSE: HUN) today announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to create a leading North American chemicals company. The transaction is expected to generate significant value for shareholders of both companies, with more than $400 million in total identified cost synergies and integration benefits. The combined organization, which will be renamed OlinHuntsman Corporation ("OlinHuntsman") following the close of the transaction, will benefit from enhanced scale, scope and expanded chlorine optionality, enabling it to create value across markets and cycles. The vertical integration of Olin and Huntsman's highly complementary upstream and downstream businesses brings together cost-advantaged North American assets and feedstocks with differentiated formulations and high-value advanced materials. From its global manufacturing platform, OlinHuntsman will deliver to diverse and growing end markets including automotive, construction and infrastructure, and industrial applications. OlinHuntsman will have a structurally lower cost position and an expanded ability to convert advantaged Electrochemical Units production into downstream materials, unlocking more opportunities to grow."This combination provides a compelling opportunity for Olin and Huntsman to create a more resilient and value-focused chemicals company anchored in North America," said Ken Lane, President and Chief Executive Officer of Olin. "Huntsman has built an impressive portfolio of polyurethane systems, formulation technologies and advanced materials serving technical, application-driven end markets. By integrating those capabilities with Olin's world-scale chemicals assets and operations and identified synergies and benefits, we will create an industry leader with greater flexibility to serve customers across the value chain, generate stronger cash flow across the cycle and pursue opportunities that neither business could fully capture on its own. I'm excited by the opportunity to lead OlinHuntsman and deliver long-term value for our shareholders, customers, employees and communities.""As our industry continues to globalize, we compete more today against countries, than companies, trade policies and global supply chains than ever before," said Peter Huntsman, Chairman, President and Chief Executive Officer of Huntsman. "The opportunities this merger creates enable us to generate greater value for our shareholders, deliver exceptional service and products for our customers and provide greater stability and opportunities for our associates. This merger of equals takes two great companies and creates a much stronger global leader."Strategic and Financial RationaleCreates a $12B+ North American Chemicals Leader. Together Olin and Huntsman would have 2025 revenue of approximately $12.5 billion on a combined company basis. Complementary portfolios and enhanced geographic footprint, including a significant presence in the U.S. Gulf Coast, will position OlinHuntsman to capitalize on regional sector dynamics. This, along with its presence in Europe and Asia, will enable it to better serve customers across key markets. Olin's ammunition business, Winchester, will continue to operate as a key business within the combined company, growing its industry-leading brand and deepening its long-term relationships with sporting, law enforcement and military customers.Vertical Integration Improves Cost Position. The transaction will combine Olin's manufacturing and feedstock capabilities, including chlorine and caustic soda, with Huntsman's downstream products and formulation expertise. This platform will enable OlinHuntsman to grow with customers at multiple points in the value chain, utilize lower-cost producer economics to drive value globally and improve margins and cash flow through a more efficient operating model.$400M+ Cost Synergies and Integration Benefits. Olin and Huntsman have identified more than $300 million of cost synergies and integration benefits, with the vast majority realized within 24 months and all expected by the end of year three. These synergies will be driven by purchasing and raw material integration, optimization of operations and SG&A savings. The companies have also identified an additional $100 million of raw material integration benefits starting in 2031. In addition to the $400M+ synergies, OlinHuntsman expects to realize approximately $125 million of cash tax benefits through the acceleration of Net Operating Losses.Enhanced Scale and Disciplined Capital Allocation Drive Shareholder Value. The all-stock merger of equals structure will preserve balance sheet strength, and the combination is expected to improve earnings and cash flow generation through the cycle. OlinHuntsman will prioritize disciplined capital allocation focused on deploying maintenance capital to support safe and reliable operations, a stable dividend policy, near-term deleveraging and the deployment of future excess cash toward shareholder returns and high-return organic and inorganic growth projects.Leadership, Governance and HeadquartersThe combined company will benefit from a highly experienced management team and Board of Directors, drawing from both organizations. Upon closing of the transaction, current Olin President and Chief Executive Officer, Ken Lane, will serve as Chief Executive Officer of OlinHuntsman. Current Chairman, President and Chief Executive Officer of Huntsman, Peter Huntsman, will serve as non-executive Chairman of OlinHuntsman's Board of Directors. Current Huntsman Executive Vice President and Chief Financial Officer, Phil Lister, will serve as the Chief Financial Officer of the combined company.OlinHuntsman's Board of Directors will consist of ten members, with equal representation from Olin and Huntsman, including Peter Huntsman and Ken Lane.To underscore the commitment to deliver on the identified synergies, Todd Slater, current Senior Vice President and Chief Financial Officer of Olin, will serve as Chief Integration Officer of OlinHuntsman, reporting to the Chief Executive Officer. A Strategic Integration Committee of OlinHuntsman's Board of Directors will oversee the integration and synergy realization.Upon closing of the transaction, OlinHuntsman will be headquartered in The Woodlands, Texas.Transaction DetailsUnder the terms of the agreement, Huntsman shareholders will receive 0.5476 shares in Olin for every one (1) share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company.Peter Huntsman further stated, "Ken and I agreed to use an at-the-market exchange ratio using volume-weighted average prices over the trailing 30 days, measured as of the close of June 12, 2026. This delivers a premium to Huntsman's shareholders relative to the historical averages while reflecting current market conditions. It is also equitable for Olin's shareholders, smoothing out share price movements from last week's trading. Looking ahead, our shared focus is on capturing the significant long-term value this transaction creates for both sets of shareholders."The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Olin's shareholders and Huntsman's shareholders.AdvisorsLazard is serving as financial advisor to Olin, and Cravath, Swaine & Moore LLP and Sidley Austin LLP are serving as legal counsel.Citi and Morgan Stanley & Co. LLC are acting as financial advisors to Huntsman and Kirkland & Ellis LLP is serving as legal counsel. David Fox & Co. LLC acted as advisor to Huntsman.Conference Call and Additional MaterialsOlin and Huntsman will host a joint investor conference call today at 8:00 a.m. Eastern Time to discuss the transaction.The conference call will be available via live webcast on the investor relations section of each company's website at www.olin.com/investors/investors-overview/ and www.huntsman.com/investors, or directly at the following web address:https://event.on24.com/wcc/r/5394127/E052E3C66157E626B1E63E314E310A1E.Associated presentation materials will also be available for viewing on the respective websites prior to the call.The conference call can also be accessed by dialing:Participant Toll-Free Number:800-420-1459Participant Direct/International Number:203-518-9861Conference ID:OLNHUNAbout OlinOlin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets.Visit www.olin.com for more information on Olin Corporation.About HuntsmanHuntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.Social Media:
X: www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsmanAdditional Information and Where to Find ItThis communication may be deemed to be solicitation material in respect of the proposed transaction between Olin Corporation ("Olin") and Huntsman Corporation ("Huntsman"). In connection with the proposed transaction, Olin and Huntsman intend to file relevant materials with the United States Securities and Exchange Commission (the "SEC"), including, among other filings, an Olin registration statement on Form S-4 in connection with the proposed issuance of shares of Olin's common stock pursuant to the proposed transaction, which Form S-4 will include a joint proxy statement/prospectus of Olin and Huntsman, which after the registration statement is declared effective by the SEC, will be mailed to shareholders of Olin and stockholders of Huntsman seeking their approval of their respective transaction-related proposals. INVESTORS AND STOCKHOLDERS OF OLIN AND HUNTSMAN ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC IN THEIR ENTIRETY, INCLUDING THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION, THE PARTIES TO THE PROPOSED TRANSACTION AND ANY SOLICITATION. This communication is not a substitute for the registration statement, the joint proxy statement/prospectus or any other document that Olin or Huntsman may file with the SEC and send to their respective shareholders and stockholders in connection with the proposed transaction. Investors and securityholders will be able to obtain free copies of the registration statement and the joint proxy statement/prospectus, as each may be amended or supplemented from time to time, and other relevant documents filed with the SEC by Olin and Huntsman (when they become available) from the SEC's website at www.sec.gov, on Olin's website at www.olin.com under the tab "Investors" and under the heading "SEC Filings" and on Huntsman's website at www.huntsman.com under the tab "Investors" and under the heading "Financials" and subheading "SEC filings."Participants in the SolicitationOlin, Huntsman, their respective directors, executive officers and certain other members of management and employees, under SEC rules, may be deemed to be "participants" in the solicitation of proxies from Olin's shareholders and Huntsman's stockholders in connection with the proposed transaction. Information about Olin's directors and executive officers is set forth in Olin's Proxy Statement on Schedule 14A for its 2026 Annual Meeting of shareholders, which was filed with the SEC on March 20, 2026, its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 20, 2026, its Current Report on Form 8-K, which was filed with the SEC on April 30, 2026, and subsequent statements of changes in beneficial ownership on file with the SEC, including the Initial Statements of Beneficial Ownership on Form 3, Statements of Change in Ownership on Form 4 or Annual Statements of Beneficial Ownership on Form 5 on file with the SEC, including filings made on March 20, 2026, May 5, 2026, May 5, 2026, May 5, 2026, May 5, 2026, May 5, 2026, May 5, 2026, May 5, 2026, May 5, 2026, May 19, 2026 and June 3, 2026. Information about Huntsman's directors and executive officers is set forth in the Huntsman Proxy Statement on Schedule 14A for its 2026 Annual Meeting of stockholders, which was filed with the SEC on March 16, 2026, its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 18, 2026, its Current Report on Form 8-K, which was filed with the SEC since May 1, 2026, and subsequent statements of changes in beneficial ownership on file with the SEC, including the Initial Statement of Beneficial Ownership on Form 3, Statements of Change in Ownership on Form 4 or Annual Statements of Beneficial Ownership on Form 5 on file with the SEC, including filings made on June 3, 2026.Additional information concerning the interests of potential participants in the solicitation of proxies in connection with the proposed transaction, which may, in some cases, be different than those of Olin's shareholders or Huntsman's stockholders generally, will be set forth in the registration statement, the joint proxy statement/prospectus and other relevant materials to be filed with the SEC relating to the proposed transaction. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from the Olin or Huntsman websites described above.No Offer or SolicitationThis communication does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.Cautionary Statement Regarding Forward-Looking StatementsThis communication contains "forward-looking statements". These statements relate to analyses and other information that are based on management's current beliefs, certain assumptions and forecasts made by management, and current expectations, estimates and projections. Such forward-looking statements include statements regarding the proposed combination between Olin and Huntsman, the future results of the combined company and the benefits anticipated to be realized from the proposed combination, the impact of the proposed transaction on the combined company's business, projections as to the amount and timing of synergies and the closing date for the proposed transaction, and other uncertainties and contingencies in connection with the foregoing. The statements contained in this communication that are not statements of historical facts may include "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target" and variations of such words and similar expressions in this communication to identify such forward-looking statements.The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from these forward-looking statements. Risks and uncertainties include, but are not limited to: (i) the risk that the proposed transaction may not achieve some or all of the anticipated benefits and that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to receive, on a timely basis or otherwise, the required approvals of the proposed transaction by Olin's shareholders or Huntsman's stockholders; (iii) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (iv) the possibility that competing offers or acquisition proposals may be made; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; (vi) the effect of the announcement or pendency of the proposed transaction on Olin's or Huntsman's ability to attract, motivate or retain key executives and associates, their ability to maintain relationships with customers, vendors, service providers and others with whom they do business, or their operating results and business generally; (vii) risks related to the proposed transaction diverting management's attention from Olin's and Huntsman's ongoing business operations; (viii) the risk of stockholder litigation in connection with the proposed transaction, including resulting expense or delay; (ix) business, industry and operational risks applicable to Olin and/or Huntsman, including (a) sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by Olin and/or Huntsman; (b) declines in average selling prices for Olin's and/or Huntsman's products and the supply/demand balance for Olin's and/or Huntsman's products, including the impact of excess industry capacity; (c) unsuccessful execution of Olin's and/or Huntsman's operating models; (d) failure to control costs and inflation impacts or failure to achieve targeted cost reductions; (e) availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics; (f) Olin's and/or Huntsman's reliance on a limited number of suppliers for specified feedstock and services and their reliance on third-party transportation; (g) the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards; (h) exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events; (i) the failure or an interruption, including cyber-attacks, of Olin's and/or Huntsman's information technology systems, including risks from the rapid evolution and increased adoption of artificial intelligence technologies that may intensify cybersecurity risks and enable new or augment existing attack techniques and the potential for intellectual property infringement or unintentional disclosure of proprietary or confidential information through artificial intelligence tools; (j) risks associated with Olin's and/or Huntsman's international sales and operations, including economic, political or regulatory changes; (k) weak industry conditions affecting Olin's and/or Huntsman's ability to comply with the financial maintenance covenants in its debt agreements; (l) Olin's and/or Huntsman's indebtedness and debt service obligations; (m) failure to identify, attract, develop, retain and motivate qualified employees throughout the respective organizations and ability to manage executive officer and other key senior management transitions; (n) adverse conditions in the credit and capital markets, limiting or preventing Olin's and/or Huntsman's ability to borrow or raise capital; (o) Olin's and/or Huntsman's inability to complete future acquisitions or joint venture transactions or successfully integrate them into the business; (p) the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, Olin's and/or Huntsman's pension plans; (q) Olin's and/or Huntsman's long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets; (r) exposure to risks associated with the creditworthiness of Olin's and/or Huntsman's key suppliers, customers and business partners and reductions in demand for their customers' products; (s) failure to develop new products, processes or applications, or failure to keep pace with evolving technological innovations in end-use markets; (t) inability to protect patents and trade secrets or enforce intellectual property rights, particularly in countries where effective intellectual property laws and judicial systems may be unavailable; (u) conflicts, military actions, terrorist attacks, political events, public health crises and general instability, along with increased security regulations, that could adversely affect Olin and/or Huntsman's business; and (v) legal, environmental and regulatory risks, including (a) changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding Olin's and/or Huntsman's ability to manufacture or use certain products and changes within the international markets in which Olin and/or Huntsman operate; (b) new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities; (c) unexpected outcomes from legal or regulatory claims and proceedings; (d) costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings; (e) various risks associated with Olin's Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts and (f) compliance with data privacy regulations, including the General Data Protection Regulation (GDPR) and other applicable data privacy laws, which could result in substantial fines, penalties and legal liability.All of Olin's and Huntsman's forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to Olin or Huntsman or that Olin or Huntsman consider immaterial could affect the accuracy of the forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond the control of Olin and/or Huntsman. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. A further list and descriptions of these risks, uncertainties, and other factors can be found in Olin's filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other filings, available at the website maintained by the SEC at http://www.sec.gov, https://olin.com or on request from Olin and in Huntsman's filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other filings, available at the website maintained by the SEC at http://www.sec.gov, https://www.huntsman.com or on request from Huntsman. Any forward-looking statement made in this release speaks only as of the date of this communication. Neither Olin nor Huntsman undertake any obligation to update publicly any forward-looking statements, or any other information in this release whether as a result of future events, new information or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.Important Note about Combined and Non-GAAP Financial InformationThe financial information for the combined businesses of Olin and Huntsman is based on management's estimates, assumptions and projections and has not been prepared in conformance with the applicable requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. This information is provided for illustrative purposes only and should not be considered in isolation from, or as a substitute for, the historical financial statements of Olin or Huntsman. These measures are provided for illustrative purposes and are based on an arithmetic sum of the relevant historical financial measures of Olin and Huntsman. These measures do not reflect what the combined company's financial condition or results of operations would have been had the proposed transaction occurred on or prior to the dates indicated. Various factors could cause actual future results to differ materially from those currently estimated by management, including, but not limited to, the risks described above and in each of Olin's and Huntsman's respective filings with the SEC.This communication also includes certain financial measures not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), such as adjusted EBITDA, combined adjusted EBITDA, combined sales, synergies and integration benefits. Non-GAAP financial measures have limitations as an analytical tool and are not meant to be considered in isolation from, or as a substitute for, the comparable GAAP measures. There are limitations to non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. Olin and Huntsman caution you not to place undue reliance on these non-GAAP financial measures.For a definition of Olin's and Huntsman's respective adjusted EBITDA and a reconciliation of adjusted EBITDA to the most comparable GAAP financial measure for 2025, please see Olin's Current Report on Form 8-K filed with the SEC on January 29, 2026 and Huntsman's Current Report on Form 8-K filed with the SEC on February 18, 2026. View original content to download multimedia:https://www.prnewswire.com/news-releases/olin-and-huntsman-announce-transformative-merger-of-equals-to-create-a-12-billion-integrated-north-american-chemicals-leader-302801469.htmlSOURCE Olin Corporation; Huntsman Corporation Original: OLIN and HUNTSMAN Announce Transformative Merger of Equals to Create a $12+ Billion Integrated North American Chemicals Leader
US Market News
2月前
Huntsman Announces First Quarter 2026 EarningsApril 30, 2026 4:15 PM
PR Newswire (US)
First Quarter HighlightsFirst quarter 2026 net loss attributable to Huntsman of $53 million compared to a net loss of $5 million in the prior year period; first quarter 2026 diluted loss per share of $0.31 compared to diluted loss per share $0.03 in the prior year period.First quarter 2026 adjusted net loss attributable to Huntsman of $35 million compared to adjusted net loss of $19 million in the prior year period; first quarter 2026 adjusted diluted loss per share of $0.20 compared to adjusted diluted loss per share of $0.11 in the prior year period.First quarter 2026 adjusted EBITDA of $73 million compared to $72 million in the prior year period.First quarter 2026 net cash used in operating activities from continuing operations was $53 million. Free cash flow was a use of cash of $91 million for the first quarter 2026 compared to a use of cash of $107 million in the prior year period.
Three months ended
March 31,
In millions, except per share amounts
2026
2025
Revenues
$ 1,420
$ 1,410
Net loss attributable to Huntsman Corporation
$ (53)
$ (5)
Adjusted net loss(1)
$ (35)
$ (19)
Diluted loss per share
$ (0.31)
$ (0.03)
Adjusted diluted loss per share(1)
$ (0.20)
$ (0.11)
Adjusted EBITDA(1)
$ 73
$ 72
Net cash used in operating activities from continuing operations
$ (53)
$ (71)
Free cash flow(2)
$ (91)
$ (107)
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas, April 30, 2026 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported first quarter 2026 results with revenues of $1,420 million, net loss attributable to Huntsman of $53 million, adjusted net loss attributable to Huntsman of $35 million and adjusted EBITDA of $73 million. Peter R. Huntsman, Chairman, President, and CEO, commented:"The first two months of the first quarter progressed as expected with some early trends of year-on-year volume improvement. In March, the onset of the war in the Middle East introduced significant volatility with a sharp rise in feedstock costs, particularly benzene and European natural gas. We immediately increased prices across all products and regions to ensure margins were protected. Despite the conflict, we did see year on year volume growth of 4% in Polyurethanes including some improvement in Europe, and our Advanced Materials revenues grew over 10% as sales into Aerospace increased. While conditions remain highly unpredictable, we are concentrating on margin improvement, cost reduction and cash flow generation. Looking ahead to the second quarter of 2026, we anticipate a step up in profitability, with an increase in volumes combined with margin expansion resulting from our worldwide pricing initiatives."Segment Analysis for 1Q26 Compared to 1Q25PolyurethanesThe increase in revenues in our Polyurethanes segment for the three months ended March 31, 2026 compared to the same period of 2025 was primarily due to higher sales volumes, partially offset by lower average selling prices. Sales volumes increased primarily in the Americas and Europe regions. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics, partially offset by the positive impact of major foreign currency exchange rate movements against the U.S. dollar. The decrease in segment adjusted EBITDA was primarily due to lower margins, partially offset by higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program.Performance Products The decrease in revenues in our Performance Products segment for the three months ended March 31, 2026 compared to the same period of 2025 was primarily due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to the closure of our Moers, Germany maleic anhydride facility announced in May 2025 and lower demand. Average selling prices decreased primarily due to competitive pressures. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes and margins, partially due to shipment disruptions throughout March 2026 at our consolidated joint venture in Saudi Arabia.Advanced Materials The increase in revenues in our Advanced Materials segment for the three months ended March 31, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to favorable sales mix and the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes increased primarily in our aerospace, power, and automotive markets. The increase in segment adjusted EBITDA was primarily due to higher sales volumes.Liquidity and Capital ResourcesDuring the three months ended March 31, 2026, our free cash flow used was $91 million as compared to a use of $107 million in the same period of 2025. As of March 31, 2026, we had approximately $0.9 billion of combined cash and unused borrowing capacity.During the three months ended March 31, 2026, we spent $38 million on capital expenditures as compared to $36 million in the same period of 2025. During 2026, we expect capital expenditures to be similar with 2025.Income TaxesIn the first quarter of 2026, our effective tax rate was -38% and our adjusted effective tax rate was not meaningful.Earnings Conference Call InformationWe will hold a conference call to discuss our first quarter 2026 financial results on Friday, May 1, 2026, at 10:00 a.m. ET.Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CrqpAfyYParticipant dial-in numbers:
Domestic callers: (877) 402-8037
International callers: (201) 378-4913The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.Upcoming Conferences
During the second quarter 2026, a member of management is expected to present at:
TPH&Co. Hotter 'N Hell Conference, May 12, 2026
Mizuho Smid Cap Chemicals Conference, June 2, 2026
Deutsche Bank Global Industrials & Materials Conference, June 3, 2026A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.Table 1 -- Results of Operations
Three months ended
March 31,In millions, except per share amounts
2026
2025
Revenues
$ 1,420
$ 1,410Cost of goods sold
1,237
1,209Gross profit
183
201Operating expenses:
Selling, general and administrative
163
166Research and development
29
32Restructuring, impairment and plant closing costs
6
1Gain on acquisition of assets, net
-
(5)Income associated with litigation matter, net
-
(33)Other operating expense (income), net
1
(2)Total operating expenses
199
159Operating (loss) income
(16)
42Interest expense, net
(21)
(19)Equity in income of investment in unconsolidated affiliates
5
1Other income, net
3
3(Loss) income from continuing operations before income taxes
(29)
27Income tax expense
(11)
(15)(Loss) income from continuing operations
(40)
12Loss from discontinued operations, net of tax
(1)
(1)Net (loss) income
(41)
11Net income attributable to noncontrolling interests
(12)
(16)Net loss attributable to Huntsman Corporation
$ (53)
$ (5)
Adjusted EBITDA(1)
$ 73
$ 72Adjusted net loss (1)
$ (35)
$ (19)
Basic loss per share
$ (0.31)
$ (0.03)Diluted loss per share
$ (0.31)
$ (0.03)Adjusted diluted loss per share(1)
$ (0.20)
$ (0.11)
Common share information:
Basic weighted average shares
173
172Diluted weighted average shares
173
172Diluted shares for adjusted diluted loss per share
173
172
See end of press release for footnote explanations. Table 2 -- Results of Operations by Segment
Three months ended
March 31,
Better /In millions
2026
2025
(worse)
Segment revenues:
Polyurethanes
$ 923
$ 912
1 %Performance Products
228
257
(11 %)Advanced Materials
279
249
12 %Total reportable segments' revenues
1,430
1,418
1 %
Intersegment eliminations
(10)
(8)
N/M
Total revenues
$ 1,420
$ 1,410
1 %
Segment adjusted EBITDA(1):
Polyurethanes
$ 39
$ 42
(7 %)Performance Products
26
30
(13 %)Advanced Materials
45
36
25 %
N/M = not meaningfulSee end of press release for footnote explanations. Table 3 -- Factors Impacting Sales Revenue
Three months ended
March 31, 2026 vs. 2025
Average selling price(a)
Local
Exchange
Sales
currency & mix
rate
volume(b)
Total
Polyurethanes
(6 %)
3 %
4 %
1 %
Performance Products
(4 %)
2 %
(9 %)
(11 %)
Advanced Materials
4 %
5 %
3 %
12 %
Combined segments
(4 %)
4 %
1 %
1 %
(a) Excludes sales from tolling arrangements, by-products and raw materials.(b) Excludes sales from by-products and raw materials. Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
Income tax
Net
Diluted (loss) income
EBITDA
and other expense
(loss) income
per share
Three months ended
Three months ended
Three months ended
Three months ended
March 31,
March 31,
March 31,
March 31,In millions, except per share amounts
2026
2025
2026
2025
2026
2025
2026
2025
Net (loss) income
$ (41)
$ 11
$ (41)
$ 11
$ (0.24)
$ 0.06Net income attributable to noncontrolling interests
(12)
(16)
(12)
(16)
(0.07)
(0.09)
Net loss attributable to Huntsman Corporation
(53)
(5)
(53)
(5)
(0.31)
(0.03)Interest expense, net
21
19
Income tax expense
11
15
$ (11)
$ (15)
Depreciation and amortization
73
69
Business acquisition and integration gain and purchase accounting inventory adjustments, net
-
(5)
-
-
-
(5)
-
(0.03)EBITDA / Loss from discontinued operations
1
1
N/A
N/A
1
1
0.01
0.01Establishment of significant deferred tax asset valuation allowances
-
-
-
9
-
9
-
0.05Loss on early extinguishment of debt
1
-
-
-
1
-
0.01
-Certain legal and other settlements and related expenses (income), net
4
(33)
-
7
4
(26)
0.02
(0.15)Amortization of pension and postretirement actuarial losses
7
7
(2)
(2)
5
5
0.03
0.03Restructuring, impairment and plant closing and transition costs
8
4
(1)
(2)
7
2
0.04
0.01
Adjusted(1)
$ 73
$ 72
$ (14)
$ (3)
(35)
(19)
$ (0.20)
$ (0.11)
Adjusted income tax expense(1)
14
3
Net income attributable to noncontrolling interests
12
16
Adjusted pre-tax loss (1)
$ (9)
$ -
Adjusted effective tax rate(3)
N/M
N/M
Effective tax rate
(38 %)
56 %
N/M = not meaningfulN/A = not applicableSee end of press release for footnote explanations. Table 5 -- Selected Balance Sheet Items
March 31,
December 31,In millions
2026
2025
Cash
$ 369
$ 429Accounts and notes receivable, net
776
677Inventories
885
818Prepaid expenses
104
94Other current assets
45
46Property, plant and equipment, net
2,441
2,486Other noncurrent assets
2,511
2,465
Total assets
$ 7,131
$ 7,015
Accounts payable(5)
$ 843
$ 758Other current liabilities(5)
500
478Current portion of debt
376
353Long-term debt
1,680
1,658Other noncurrent liabilities
830
811Huntsman Corporation stockholders' equity
2,681
2,750Noncontrolling interests in subsidiaries
221
207
Total liabilities and equity
$ 7,131
$ 7,015
See end of press release for footnote explanations. Table 6 -- Outstanding Debt
March 31,
December 31,In millions
2026
2025
Debt:
Revolving credit facility
$ 367
$ 343Senior notes
1,489
1,488Amounts outstanding under A/R programs
173
152Variable interest entities
5
7Other debt
22
21
Total debt - excluding affiliates
2,056
2,011
Total cash
369
429
Net debt - excluding affiliates(4)
$ 1,687
$ 1,582
See end of press release for footnote explanations. Table 7 -- Summarized Statement of Cash Flows
Three months ended
March 31,In millions
2026
2025
Total cash at beginning of period
$ 429
$ 340
Net cash used in operating activities from continuing operations
(53)
(71)Net cash used in operating activities from discontinued operations
-
(3)Net cash (used in) provided by investing activities
(37)
6Net cash provided by financing activities
30
60Effect of exchange rate changes on cash
-
2
Total cash at end of period
$ 369
$ 334
Free cash flow(2):
Net cash used in operating activities from continuing operations
$ (53)
$ (71)Capital expenditures
(38)
(36)
Free cash flow from continuing operations(2)
$ (91)
$ (107)
Supplemental cash flow information:
Cash paid for interest
$ (5)
$ (8)Cash paid for income taxes
(14)
(12)Cash paid for restructuring and integration
(12)
(3)Cash paid for pensions
(9)
(8)Depreciation and amortization from continuing operations
73
69
Change in primary working capital:
Accounts and notes receivable
$ (111)
$ (65)Inventories
(75)
(101)Accounts payable(5)
105
(27)Total change in primary working capital
$ (81)
$ (193)
See end of press release for footnote explanations. Footnotes(1)We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments. We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business. We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss). Additional information with respect to our use of each of these financial measures follows:
Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.
Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.
Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above. The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.
We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.
(2)We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses free cash flow measure to: (a) evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
(3)We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.
(4)Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.
(5)Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform to current period presentation.About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.Social Media:
X: http://www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsmanForward-Looking Statements:
This press release 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, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, 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 Securities and Exchange Commission (the "SEC"). 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/huntsman-announces-first-quarter-2026-earnings-302759384.htmlSOURCE Huntsman Corporation
Original: Huntsman Announces First Quarter 2026 Earnings
US Market News
3月前
Huntsman Marks Grand Opening of Operational Unit Expansion in Petfurdo, HungaryMarch 18, 2026 5:45 PM
PR Newswire (US)
THE WOODLANDS, Texas, March 18, 2026 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today celebrated the grand opening of its expanded Performance Products manufacturing facility in Petfurdo, Hungary, where operations were initiated at the beginning of this year. The successful completion of this investment increases Huntsman's global capacity providing greater flexibility, and innovative technologies for the polyurethane, coatings, metalworking and electronics industries.One of the world's leading amine catalyst producers with over 50 years of experience in urethane chemicals, Huntsman has seen demand for its JEFFCAT® amine catalysts continue to grow across the globe. These specialty amines are used in everyday applications such as automobile seats, mattresses and energy-efficient insulation for buildings. Huntsman's latest product portfolio supports industry efforts to save energy, lower emissions and reduce odors in consumer products."This new capacity builds on our long-standing investments in Performance Products and strengthens our ability to support customers in fast-growing and evolving markets," said Jan Buberl, President, Huntsman Performance Products. "The expansion unit enhances our manufacturing flexibility, enables next-generation products and reflects our continued focus on sustainability, operational excellence and long-term value creation. As demand grows for cleaner, more efficient solutions, this investment positions us to respond with speed, innovation and reliability."The project, supported by an investment grant from the Hungarian government, reflects the community's confidence in Huntsman and our shared commitment to future growth. Government officials joined the celebration to mark this investment in the region's long-term success."We greatly appreciate the support of the Hungarian government and value the strong partnership that helped bring this project to completion," Buberl added. "We look forward to continuing our collaboration as we advance economic development and manufacturing excellence in Hungary."JEFFCAT® is a registered trademark of Huntsman Corporation or an affiliate thereof in one or more, but not all, countries.About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.Social Media:
X: http://www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsmanForward-Looking Statements:
Certain information in this release constitutes 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 statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed under the caption "Risk Factors" in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of Huntsman's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions, timing of proposed transactions, and manufacturing optimization improvements in Huntsman businesses and realize anticipated cost savings, and other financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
View original content to download multimedia:https://www.prnewswire.com/news-releases/huntsman-marks-grand-opening-of-operational-unit-expansion-in-petfurdo-hungary-302718038.htmlSOURCE Huntsman Corporation
Original: Huntsman Marks Grand Opening of Operational Unit Expansion in Petfurdo, Hungary
US Market News
4月前
Huntsman Announces Fourth Quarter 2025 EarningsFebruary 17, 2026 4:15 PM
PR Newswire (US)
Fourth Quarter HighlightsFourth quarter 2025 net loss attributable to Huntsman of $96 million compared to a net loss of $141 million in the prior year period; fourth quarter 2025 diluted loss per share of $0.56 compared to diluted loss per share $0.82 in the prior year period.Fourth quarter 2025 adjusted net loss attributable to Huntsman of $63 million compared to adjusted net loss of $43 million in the prior year period; fourth quarter 2025 adjusted diluted loss per share of $0.37 compared to adjusted diluted loss per share of $0.25 in the prior year period.Fourth quarter 2025 adjusted EBITDA of $35 million compared to $71 million in the prior year period.Fourth quarter 2025 net cash provided by operating activities from continuing operations was $77 million. Free cash flow from continuing operations was $20 million for the fourth quarter 2025 compared to free cash flow of $108 million in the prior year period.
Three months ended
Twelve months ended
December 31,
December 31,In millions, except per share amounts
2025
2024
2025
2024
Revenues
$ 1,355
$ 1,452
$ 5,683
$ 6,036
Net loss attributable to Huntsman Corporation
$ (96)
$ (141)
$ (284)
$ (189)Adjusted net loss(1)
$ (63)
$ (43)
$ (121)
$ (13)
Diluted loss per share
$ (0.56)
$ (0.82)
$ (1.65)
$ (1.10)Adjusted diluted loss per share(1)
$ (0.37)
$ (0.25)
$ (0.70)
$ (0.08)
Adjusted EBITDA(1)
$ 35
$ 71
$ 275
$ 414
Net cash provided by operating activities from continuing operations
$ 77
$ 159
$ 298
$ 285Free cash flow from continuing operations(2)
$ 20
$ 108
$ 125
$ 101
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas, Feb. 17, 2026 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2025 results with revenues of $1,355 million, net loss attributable to Huntsman of $96 million, adjusted net loss attributable to Huntsman of $63 million and adjusted EBITDA of $35 million. Peter R. Huntsman, Chairman, President, and CEO, commented:"During 2025, there was an exceptional amount of work accomplished by the Company in restructuring our business and generating cash despite the depressed level of earnings. We generated close to $300 million of cash flow from operations in 2025 and our 45% full year free cash flow conversion reflects timely, definitive decisions as we recognized the challenging market landscape early in the year. We remain confident that the economic cycle for chemicals will eventually improve in our core markets, though we recognize that meaningful changes may not occur in the immediate term. We are committed to maintaining a disciplined approach, prioritizing cash management, the balance sheet and controlling our fixed costs to ensure the Company is well-positioned when our markets improve."Segment Analysis for 4Q25 Compared to 4Q24PolyurethanesThe decrease in revenues in our Polyurethanes segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower average selling prices, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes increased in the Americas and Asia regions. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins.Performance Products The decrease in revenues in our Performance Products segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower average selling prices. Average selling prices decreased primarily due to competitive pressures. Sales volumes were relatively stable. The decrease in segment adjusted EBITDA was primarily due to lower revenues and an unfavorable impact from reduced inventory, partially offset by lower fixed costs.Advanced Materials The decrease in revenues in our Advanced Materials segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased in our infrastructure coatings and general industry segments due to soft demand. Average selling prices increased primarily due to the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Segment adjusted EBITDA was slightly lower primarily due to decreased sales volumes.Liquidity and Capital ResourcesDuring the three months ended December 31, 2025, our free cash flow from continuing operations was $20 million as compared to $108 million in the same period of 2024. As of December 31, 2025, we had approximately $1.3 billion of combined cash and unused borrowing capacity.During the three months ended December 31, 2025, we spent $57 million on capital expenditures from continuing operations as compared to $51 million in the same period of 2024. During 2026, we expect similar capital expenditure levels as to the 2025 year.Income TaxesIn the fourth quarter of 2025, our effective tax rate was -1% and our adjusted effective tax rate was -14%.Earnings Conference Call InformationWe will hold a conference call to discuss our fourth quarter 2025 financial results on Wednesday, February 18, 2026, at 10:00 a.m. ET.Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IMeg0PNWParticipant dial-in numbers:
Domestic callers: (877) 402-8037
International callers: (201) 378-4913The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.Upcoming ConferencesDuring the first quarter 2026, a member of management is expected to present at:
Bank of America Securities 2026 Global Agriculture and Materials Conference, February 25, 2026
Alembic Materials and Industrials Conference, March 4-6, 2026A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors. Table 1 – Results of Operations
Three months ended
Twelve months ended
December 31,
December 31,In millions, except per share amounts
2025
2024
2025
2024
Revenues
$ 1,355
$ 1,452
$ 5,683
$ 6,036Cost of goods sold
1,191
1,264
4,932
5,170Gross profit
164
188
751
866Operating expenses:
Selling, general and administrative
181
166
670
671Research and development
26
30
120
121Restructuring, impairment and plant closing costs
11
19
148
39Income associated with litigation matter, net
-
-
(33)
-Gain on acquisition of assets, net
-
-
(5)
(51)Prepaid asset write-off
-
-
-
71Loss on dissolution of subsidiaries
-
39
-
39Other operating expense (income), net
5
(3)
(18)
1Total operating expenses
223
251
882
891Operating loss
(59)
(63)
(131)
(25)Interest expense, net
(19)
(19)
(79)
(79)Equity in income of investment in unconsolidated affiliates
4
2
4
44Other income (expense), net
1
(1)
14
21Loss from continuing operations before income taxes
(73)
(81)
(192)
(39)Income tax expense
(1)
(29)
(26)
(61)Loss from continuing operations
(74)
(110)
(218)
(100)Loss from discontinued operations, net of tax
(8)
(15)
(9)
(27)Net loss
(82)
(125)
(227)
(127)Net income attributable to noncontrolling interests
(14)
(16)
(57)
(62)Net loss attributable to Huntsman Corporation
$ (96)
$ (141)
$ (284)
$ (189)
Adjusted EBITDA(1)
$ 35
$ 71
$ 275
$ 414Adjusted net loss (1)
$ (63)
$ (43)
$ (121)
$ (13)
Basic loss per share
$ (0.56)
$ (0.82)
$ (1.65)
$ (1.10)Diluted loss per share
$ (0.56)
$ (0.82)
$ (1.65)
$ (1.10)Adjusted diluted loss per share(1)
$ (0.37)
$ (0.25)
$ (0.70)
$ (0.08)
Common share information:
Basic weighted average shares
173
172
173
172Diluted weighted average shares
173
172
173
172Diluted shares for adjusted diluted loss per share
173
172
173
172
See end of press release for footnote explanations.
Table 2 – Results of Operations by Segment
Three months ended
Twelve months ended
December 31,
(Worse) /
December 31,
(Worse) /In millions
2025
2024
better
2025
2024
better
Segment revenues:
Polyurethanes
$ 897
$ 970
(8 %)
$ 3,697
$ 3,900
(5 %)Performance Products
224
239
(6 %)
997
1,109
(10 %)Advanced Materials
243
254
(4 %)
1,021
1,055
(3 %)Total reportable segments' revenues
1,364
1,463
(7 %)
5,715
6,064
(6 %)
Intersegment eliminations
(9)
(11)
n/m
(32)
(28)
n/m
Total revenues
$ 1,355
$ 1,452
(7 %)
$ 5,683
$ 6,036
(6 %)
Segment adjusted EBITDA(1):
Polyurethanes
$ 25
$ 50
(50 %)
$ 146
$ 245
(40 %)Performance Products
16
23
(30 %)
107
153
(30 %)Advanced Materials
36
37
(3 %)
161
179
(10 %)n/m = not meaningful
See end of press release for footnote explanations.
Table 3 – Factors Impacting Sales Revenue
Three months ended
December 31, 2025 vs. 2024
Average selling price(a)
Local
Exchange
Sales
currency & mix
rate
volume(b)
Total
Polyurethanes
(11 %)
1 %
2 %
(8 %)
Performance Products
(6 %)
1 %
(1 %)
(6 %)
Advanced Materials
1 %
2 %
(7 %)
(4 %)
Combined segments
(8 %)
1 %
0 %
(7 %)
Twelve months ended
December 31, 2025 vs. 2024
Average selling price(a)
Local
Exchange
Sales
currency & mix
rate
volume(b)
Total
Polyurethanes
(7 %)
0 %
2 %
(5 %)
Performance Products
(1 %)
0 %
(9 %)
(10 %)
Advanced Materials
(2 %)
1 %
(2 %)
(3 %)
Combined segments
(5 %)
0 %
(1 %)
(6 %)
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.
Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
Income tax
Net
Diluted (loss) income
EBITDA
and other expense
loss
per share
Three months ended
Three months ended
Three months ended
Three months ended
December 31,
December 31,
December 31,
December 31,
In millions, except per share amounts
2025
2024
2025
2024
2025
2024
2025
2024
Net loss
$ (82)
$ (125)
$ (82)
$ (125)
$ (0.48)
$ (0.73)
Net income attributable to noncontrolling interests
(14)
(16)
(14)
(16)
(0.08)
(0.09)
Net loss attributable to Huntsman Corporation
(96)
(141)
(96)
(141)
(0.56)
(0.82)
Interest expense, net from continuing operations
19
19
Income tax expense from continuing operations
1
29
$ (1)
$ (29)
Income tax benefit from discontinued operations
(1)
(3)
Depreciation and amortization from continuing operations
73
75
Business acquisition and integration expenses and purchase accounting inventory adjustments, net
1
-
-
(1)
1
(1)
0.01
(0.01)
EBITDA / Loss from discontinued operations
9
18
N/A
N/A
8
15
0.05
0.09
Establishment of significant deferred tax asset valuation allowances, net
-
-
-
23
-
23
-
0.13
Loss on sale of business/assets
3
-
(1)
(3)
2
(3)
0.01
(0.02)
Loss on dissolution of subsidiaries
-
39
-
-
-
39
-
0.23
Fair value adjustments to Venator investment, net and other tax matter adjustments
-
-
-
1
-
1
-
0.01
Certain legal and other settlements and related expenses, net
2
-
-
(4)
2
(4)
0.01
(0.02)
Amortization of pension and postretirement actuarial losses
12
14
-
(4)
12
10
0.07
0.06
Restructuring, impairment and plant closing and transition costs
12
21
(4)
(3)
8
18
0.05
0.10
Adjusted(1)
$ 35
$ 71
$ (6)
$ (20)
(63)
(43)
$ (0.37)
$ (0.25)
Adjusted income tax expense(1)
6
20
Net income attributable to noncontrolling interests
14
16
Adjusted pre-tax loss (1)
$ (43)
$ (7)
Adjusted effective tax rate(3)
(14 %)
N/M
Effective tax rate
(1 %)
(36 %)
Income tax
Net
Diluted (loss) income
EBITDA
and other expense
loss
per share
Twelve months ended
Twelve months ended
Twelve months ended
Twelve months ended
December 31,
December 31,
December 31,
December 31,
In millions, except per share amounts
2025
2024
2025
2024
2025
2024
2025
2024
Net loss
$ (227)
$ (127)
$ (227)
$ (127)
$ (1.32)
$ (0.74)
Net income attributable to noncontrolling interests
(57)
(62)
(57)
(62)
(0.33)
(0.36)
Net loss attributable to Huntsman Corporation
(284)
(189)
(284)
(189)
(1.65)
(1.10)
Interest expense, net from continuing operations
79
79
Income tax expense from continuing operations
26
61
$ (26)
$ (61)
Income tax benefit from discontinued operations(3)
-
(11)
Depreciation and amortization from continuing operations
287
289
Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments
(4)
21
-
(17)
(4)
4
(0.02)
0.02
EBITDA / Loss from discontinued operations(3)
9
38
N/A
N/A
9
27
0.05
0.16
Establishment of significant deferred tax asset valuation allowances, net
-
-
1
23
1
23
0.01
0.13
Income tax settlement related to U.S. Tax Reform Act
-
-
-
5
-
5
-
0.03
Loss on sale of business/assets
5
1
(1)
-
4
1
0.02
0.01
Loss on dissolution of subsidiaries
-
39
-
-
-
39
-
0.23
Fair value adjustments to Venator investment, net and other tax matter adjustments
-
(12)
-
3
-
(9)
-
(0.05)
Certain legal and other settlements and related (income) expenses, net
(30)
13
7
(3)
(23)
10
(0.13)
0.06
Amortization of pension and postretirement actuarial losses
34
39
(4)
(3)
30
36
0.17
0.21
Restructuring, impairment and plant closing and transition costs
153
46
(7)
(6)
146
40
0.85
0.23
Adjusted(1)
$ 275
$ 414
$ (30)
$ (59)
(121)
(13)
$ (0.70)
$ (0.08)
Adjusted income tax expense(1)
30
59
Net income attributable to noncontrolling interests
57
62
Adjusted pre-tax (loss) income(1)
$ (34)
$ 108
Adjusted effective tax rate(4)
(88 %)
55 %
Effective tax rate
(14 %)
(156 %)
N/M = not meaningful
N/A = not applicable
See end of press release for footnote explanations.
Table 5 – Balance Sheets
December 31,
December 31,In millions
2025
2024
Cash
$ 429
$ 340Accounts and notes receivable, net
677
725Inventories
818
917Prepaid expenses
94
114Other current assets
46
29Property, plant and equipment, net
2,486
2,493Other noncurrent assets
2,465
2,496
Total assets
$ 7,015
$ 7,114
Accounts payable
$ 721
$ 770Other current liabilities
515
470Current portion of debt
353
325Long-term debt
1,658
1,510Other noncurrent liabilities
811
876Huntsman Corporation stockholders' equity
2,750
2,959Noncontrolling interests in subsidiaries
207
204
Total liabilities and equity
$ 7,015
$ 7,114 Table 6 – Outstanding Debt
December 31,
December 31,In millions
2025
2024
Debt:
Revolving credit facility
$ 343
$ -Senior notes
1,488
1,799Accounts receivable programs
152
-Variable interest entities
7
16Other debt
21
20
Total debt - excluding affiliates
2,011
1,835
Total cash
429
340
Net debt - excluding affiliates(4)
$ 1,582
$ 1,495
See end of press release for footnote explanations.
Table 7 – Summarized Statements of Cash Flows
Three months ended
Twelve months ended
December 31,
December 31,In millions
2025
2024
2025
2024
Total cash at beginning of period
$ 468
$ 330
$ 340
$ 540
Net cash provided by operating activities from continuing operations
77
159
298
285Net cash used in operating activities from discontinued operations
(1)
(6)
(9)
(22)Net cash used in investing activities
(58)
(39)
(132)
(126)Net cash used in financing activities
(62)
(95)
(76)
(326)Effect of exchange rate changes on cash
5
(9)
8
(11)
Total cash at end of period
$ 429
$ 340
$ 429
$ 340
Free cash flow from continuing operations(2):
Net cash provided by operating activities from continuing operations
$ 77
$ 159
$ 298
$ 285Capital expenditures
(57)
(51)
(173)
(184)
Free cash flow from continuing operations(2)
$ 20
$ 108
$ 125
$ 101
Supplemental cash flow information:
Cash paid for interest
$ (37)
$ (22)
$ (86)
$ (77)Cash paid for income taxes
(19)
(30)
(98)
(90)Cash paid for restructuring and integration
(11)
(3)
(29)
(29)Cash paid for pensions
(8)
(9)
(33)
(35)Depreciation and amortization from continuing operations
73
75
287
289
Change in primary working capital:
Accounts and notes receivable
$ 97
$ 79
$ 71
$ 7Inventories
19
60
133
(77)Accounts payable
15
48
(88)
69Total change in primary working capital
$ 131
$ 187
$ 116
$ (1)
See end of press release for footnote explanations.
Footnotes
(1)We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments. We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business. We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss). Additional information with respect to our use of each of these financial measures follows:
Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.
Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.
Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above. The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.
We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.
(2)We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses free cash flow measure to: (a) evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
(3)We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.
(4)Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.Social Media:
X: http://www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsmanForward-Looking Statements:
This press release 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, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, 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 Securities and Exchange Commission (the "SEC"). 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.
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Original: Huntsman Announces Fourth Quarter 2025 Earnings