Huntsman — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenues for the three months ended September 30, 2026, were $1,717 million, an 18% increase compared to $1,460 million in the prior year period.
• Net loss attributable to Huntsman Corporation was $18 million for the quarter, an improvement from a net loss of $25 million in the prior year period.
• Diluted loss per share was $0.10 for the quarter, compared to a diluted loss per share of $0.14 in the prior year period.
• Adjusted net income attributable to Huntsman was $7 million for the quarter, compared to an adjusted net loss of $5 million in the prior year period.
• Adjusted diluted income per share was $0.04 for the quarter, compared to an adjusted diluted loss per share of $0.03 in the prior year period.
• Adjusted EBITDA was $132 million for the quarter, an increase from $94 million in the prior year period.
• Net cash provided by operating activities from continuing operations was $115 million for the quarter, compared to $200 million in the prior year period.
• Free cash flow was $82 million for the quarter, compared to $157 million in the prior year period.
• For the nine months ended September 30, 2026, revenues were $4,800 million, an 11% increase compared to $4,328 million in the prior year period.
• Net loss attributable to Huntsman Corporation for the nine months ended September 30, 2026, was $77 million, compared to $188 million in the prior year period.
• Adjusted net loss attributable to Huntsman for the nine months ended September 30, 2026, was $28 million, compared to $58 million in the prior year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $325 million, compared to $240 million in the prior year period.
• Free cash flow for the nine months ended September 30, 2026, was negative $99 million, compared to positive $105 million in the prior year period.
• As of September 30, 2026, total debt excluding affiliates was $2,043 million, with net debt (excluding affiliates) at $1,684 million.
• The effective tax rate for the third quarter of 2026 was 108%, while the adjusted effective tax rate was 56%.

Guidance and Future Outlook:

• Management expects net debt leverage to reduce to approximately 4 times by the end of 2026.
• Capital expenditures for the full year 2026 are expected to be approximately $160 million.
• The merger with Olin Corporation is expected to close in the first quarter of 2027.

Business Segments and Product Lines:

• Polyurethanes: Revenues increased 21% year-over-year to $1,152 million, driven by higher average selling prices and higher sales volumes. Segment adjusted EBITDA increased 56% to $75 million.
• Performance Products: Revenues increased 6% year-over-year to $260 million, primarily due to higher average selling prices; sales volumes remained relatively unchanged. Segment adjusted EBITDA increased 7% to $31 million.
• Advanced Materials: Revenues increased 18% year-over-year to $314 million, driven by higher sales volumes in aerospace, automotive, and power markets, and higher average selling prices. Segment adjusted EBITDA increased 41% to $62 million.

Market and Competitive Landscape:

• MDI average selling prices increased across all three regions due to improved supply and demand dynamics and higher raw materials costs.
• Sales volumes for Polyurethanes increased in the Americas and Europe regions.
• Sales volumes for Advanced Materials increased primarily in aerospace, automotive, and power markets.

Risks and Challenges:

• The press release notes significant macroeconomic and industry challenges, including high energy costs in Europe, inflation, high capital costs, geopolitical instability, and volatile global economic conditions.
• Risks associated with the merger with Olin Corporation include the possibility that closing conditions may not be satisfied, regulatory delays or prohibitions, stockholder litigation, and disruption to relationships with employees, customers, and vendors.
• Other risks include the ability to refinance existing indebtedness, volatile product markets, and disruptions in production at manufacturing facilities.

Management Commentary and Tone:

• Peter R. Huntsman, Chairman, President, and CEO, stated the company continues to perform solidly despite macroeconomic and industry challenges.
• Management attributed year-over-year improvement to higher volumes, stronger margins, and cost savings.
• Management highlighted that gains reflect associates' hard work and disciplined execution to grow volumes, lower costs, and generate cash.
• Management expressed excitement about the benefits the merger with Olin Corporation will bring to both companies' shareholders.

Other Key Points:

• On August 25, 2026, Huntsman shareholders approved the merger of equals with Olin Corporation.
• Regulatory clearance was obtained in multiple jurisdictions, including the United States in September.
• Once the merger is completed, the combined OlinHuntsman will trade under the new ticker NYSE: OHN.
• Huntsman spent $33 million on capital expenditures during the third quarter of 2026, compared to $43 million in the same period of 2025.
• As of September 30, 2026, the company had approximately $0.9 billion of combined cash and unused borrowing capacity.
• The company held an earnings conference call on November 3, 2026, and management is scheduled to present at several upcoming conferences in the fourth quarter of 2026.