Bank of America Global Materials Conference Agustin Izquierdo Chief Financial Officer February 26th, 2026 Cautionary statement The statements in this presentation relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this presentation, the words "believe," "could," "int ...

Core Viewpoint - Huntsman Corporation (HUN) has underperformed over the past year due to a challenging macro environment affecting the entire chemicals sector, leading to a reduction in its dividend [1]. Company Performance - The company has faced significant difficulties in the current macroeconomic landscape, which has negatively impacted its stock performance [1]. - As a result of these challenges, Huntsman Corporation was compelled to cut its dividend, indicating financial strain [1]. Industry Context - The chemicals sector as a whole is experiencing adverse conditions, which have contributed to the struggles faced by Huntsman Corporation [1].

Shares of Huntsman Corporation ( HUN ) have been a poor performer over the past year as the company has battled an extremely difficult macro environment, which has weighed on the entire chemicals sector. This forced the company to slash its dividend asOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Commission | Exact name of registrant as specified in its charter, | State of | I.R.S. employer | | --- | --- | --- | --- | | file number | principal office address and telep ...

Core Insights - Huntsman Corporation reported a fourth-quarter 2025 loss of 56 cents per share, an improvement from a loss of 82 cents in the same quarter last year. Adjusted loss per share was 37 cents, wider than the previous year's loss of 25 cents and above the Zacks Consensus Estimate of 29 cents [1][9]. Revenue Performance - Revenues for the quarter were $1,355 million, down approximately 7% year over year, but exceeded the Zacks Consensus Estimate of $1,327.9 million. The company faced volume pressure and lower pricing in certain segments [2][9]. Segment Highlights - **Polyurethanes**: Revenues decreased by 8% year over year to $897 million, surpassing the estimate of $883 million. The decline was attributed to lower average selling prices, although higher sales volumes partially offset this [3]. - **Performance Products**: Revenues fell 6% to $224 million, below the estimate of $225.7 million, primarily due to lower sales prices, while sales volumes remained stable [4]. - **Advanced Materials**: Revenues decreased by 4% to $243 million, missing the estimate of $264.6 million. The decline was mainly due to lower sales volumes, particularly in infrastructure coatings and general industry segments, despite higher average selling prices [5]. Financial Overview - Free cash flow from continuing operations was $20 million, down from $108 million in the prior-year quarter. The company had approximately $1.3 billion in combined cash and unused borrowing capacity as of December 31, 2025. Capital expenditures from continuing operations were $57 million, compared to $51 million in the previous year [6]. Q1 2026 Outlook - For the first quarter of 2026, adjusted EBITDA is expected to be in the range of $25 million to $40 million for Polyurethanes, $20 million to $30 million for Performance Products, and $38 million to $42 million for Advanced Materials. The outlook reflects ongoing challenging market conditions, seasonal softness, and benefits from cost-saving measures [7]. Stock Performance - Huntsman shares have declined by 30.6% over the past year, compared to a 14.6% decline in the Zacks Chemicals Diversified industry [10].

Financial Data and Key Metrics Changes - The company converted 45% of its EBITDA to free cash flow, which is a higher percentage than many in the industry [8] - The company targeted $100 million in cost savings, achieved through headcount reductions and facility closures, with an expected $45 million in in-year savings for 2026 [21][22] Business Line Data and Key Metrics Changes - The aerospace business is expected to grow slightly better than the build rate, with a focus on wide-body aircraft [17][19] - The company anticipates growth in advanced materials, particularly in the Americas, driven by reindustrialization and recovery in construction [50] Market Data and Key Metrics Changes - Early signs of improved volumes and pricing in Europe were noted, although it is too early to confirm sustainability [9][14] - The company is seeing low inventory levels across the supply chain, which may lead to shortages if demand increases [68] Company Strategy and Development Direction - The company plans to focus on structural changes in operations to generate enough cash to cover dividends and pursue growth through new product development and innovation [10] - There is an expectation of further opportunities for mergers, joint ventures, and industry consolidation in 2026 [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a gradual recovery in North American home building and durable goods, as well as improvements in the Chinese domestic market [8][11] - The company remains focused on controlling costs and adapting to market dynamics, with a strategic emphasis on innovation and efficiency [10][11] Other Important Information - The company is selectively using AI tools to reduce costs and enhance R&D capabilities [10] - Management highlighted the need for European policymakers to take action to improve competitiveness in the chemical industry [44][56] Q&A Session Summary Question: What is driving the improvement in Europe? - Management noted price increases across the board and a slight pickup in construction and automotive demand [14] Question: What are the expected cost savings for 2026? - The company targeted $100 million in cost savings, with $45 million expected in 2026 [21] Question: What is the outlook for MDI margins? - Management indicated that margins depend on industry volumes and pricing initiatives to offset rising costs [36] Question: How is the company addressing potential industry consolidation? - Management sees opportunities for mergers and joint ventures, particularly in chaotic market conditions [26] Question: What is the status of inventory levels in the industry? - Management reported low inventory levels across the supply chain, which could lead to shortages if demand increases [68] Question: What is the outlook for polyurethanes EBITDA in Q1 2026? - Management indicated a need for price increases to offset rising natural gas costs, with a range of $25 million to $40 million expected [93][94]

Financial Data and Key Metrics Changes - The company converted 45% of its EBITDA to free cash flow, which is a higher percentage than many in the industry [8] - The company targeted $100 million in cost savings, achieving an annualized run rate of that amount by the end of 2025, with an expected $45 million in in-year savings for 2026 [21][22] Business Line Data and Key Metrics Changes - The aerospace business is expected to grow slightly better than the build rate, with a focus on wide-body aircraft [17][19] - The company anticipates growth in advanced materials, particularly in the Americas, driven by reindustrialization and recovery in construction [50] Market Data and Key Metrics Changes - Early signs of improved volumes and pricing in Europe were noted, although it is too early to confirm if these increases will fully materialize [9][14] - The company is seeing low inventory levels across the supply chain, which may lead to shortages if demand increases [67] Company Strategy and Development Direction - The company plans to focus on structural changes in operations to generate enough cash to cover dividends and to pursue growth through new product development and innovation [10] - There is an expectation of further opportunities for mergers, joint ventures, and industry consolidation in 2026 [9][26] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism about a gradual recovery in North American home building and durable goods, as well as improvements in the Chinese domestic market [8][11] - The management highlighted the need for European policymakers to take action to improve competitiveness and reduce energy costs [44][55] Other Important Information - The company is selectively using AI tools to reduce costs and expand R&D capabilities [10] - The company has made significant changes in Europe, including headcount reductions and facility closures, to address cost structures [45] Q&A Session Summary Question: What is driving the improvement in Europe? - The management noted price increases across the board and a pickup in construction and auto demand, but remains cautious due to past experiences [14][15] Question: What are the expected cost savings for 2026? - The company expects about $45 million in in-year savings for 2026, following the achievement of a $100 million annualized run rate by the end of 2025 [21][22] Question: What is the outlook for MDI margins? - The management indicated that margins could improve with increased volumes and pricing initiatives, particularly in response to rising costs [36][37] Question: How is the company addressing the potential for industry consolidation? - The management believes there will be opportunities for consolidation, particularly in chaotic market conditions, and is open to exploring strategic actions [26][90] Question: What is the outlook for polyurethanes EBITDA in Q1 2026? - The management indicated that they need to increase prices to offset rising natural gas costs, which are expected to impact EBITDA [94][96]

Financial Data and Key Metrics Changes - The company converted 45% of its EBITDA to free cash flow, a higher percentage than many in the industry [5] - The company targeted $100 million in cost savings, achieving an annualized run rate by the end of 2025, with an expected $45 million in-year savings for 2026 [18][19] Business Line Data and Key Metrics Changes - The aerospace business is expected to grow slightly better than the build rate, with a focus on wide-body aircraft [13][16] - The polyurethanes business is projected to face headwinds due to rising natural gas costs, with a first-quarter EBITDA range of $25 million to $40 million, down from $42 million the previous year [86][88] Market Data and Key Metrics Changes - Early signs of improved volumes and pricing in Europe were noted, with price increases announced across the board [10][11] - The company anticipates a gradual recovery in North American home building and durable goods, as well as improvements in the Chinese domestic markets [5][6] Company Strategy and Development Direction - The company plans to focus on structural changes in operations to generate enough cash to cover dividends and will pursue new product development and innovation [7][8] - There is an expectation of further opportunities for mergers, joint ventures, and industry consolidation in 2026 [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a potential recovery in the North American construction industry and noted that the upcoming weeks would be critical for demand signals [8][56] - The company remains hopeful for European policymakers to take action to improve competitiveness, despite skepticism about the pace of change [40][41] Other Important Information - The company is selectively using AI tools to reduce costs and expand R&D capabilities [7] - The company has made significant workforce reductions and facility closures, primarily in Europe, to streamline operations [18][40] Q&A Session Summary Question: What is driving the improvement in Europe? - Management noted price increases and a pickup in construction and auto demand as key drivers [10][11] Question: What are the expected cost savings for 2026? - The company expects $45 million in in-year savings for 2026, following a targeted $100 million in overall cost savings [18][19] Question: How are MDI margins expected to play out? - Margins are expected to improve with increased volumes and pricing initiatives to offset rising costs [31][32] Question: What is the outlook for global MDI capacity growth in 2026? - The company anticipates low to mid-single-digit capacity growth in North America, with no significant adverse changes expected [68][71] Question: What is the company's stance on potential mergers or acquisitions? - Management indicated a willingness to explore both acquisitions and divestitures, depending on market conditions [50][51]

4Q25 Earnings Summary February 17, 2026 1 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 2 General Disclosure 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 ...

分组1 - Huntsman reported a quarterly loss of $0.37 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.29, and compared to a loss of $0.25 per share a year ago, indicating an earnings surprise of -25.68% [1] - The company posted revenues of $1.36 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.04%, but down from $1.45 billion in the same quarter last year [2] - Huntsman shares have increased by approximately 32.1% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.12 on revenues of $1.41 billion, and for the current fiscal year, it is -$0.30 on revenues of $5.83 billion [7] - The Zacks Industry Rank for Chemical - Diversified is currently in the bottom 18% of over 250 Zacks industries, indicating that the outlook for the industry can significantly impact stock performance [8]