Three months ended

Nine months ended

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

Revenues

$     1,717

$     1,460

$     4,800

$     4,328

Net loss attributable to Huntsman Corporation

$         (18)

$        (25)

$        (77)

$      (188)

Adjusted net income (loss)⁽¹⁾

$            7

$          (5)

$        (28)

$        (58)

Diluted loss per share

$      (0.10)

$     (0.14)

$     (0.44)

$     (1.09)

Adjusted diluted income (loss) per share⁽¹⁾

$       0.04

$     (0.03)

$     (0.16)

$     (0.34)

Adjusted EBITDA⁽¹⁾

$        132

$         94

$        325

$        240

Net cash provided by operating activities from continuing operations

$        115

$        200

$            2

$        221

Free cash flow⁽²⁾

$          82

$        157

$        (99)

$        105

See end of press release for footnote explanations and reconciliations of non-GAAP measures.

Table 1 -- Results of Operations

Three months ended

Nine months ended

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

Revenues

$     1,717

$     1,460

$     4,800

$     4,328

Cost of goods sold

1,480

1,256

4,135

3,741

Gross profit

237

204

665

587

Operating expenses:

Selling, general and administrative

168

163

514

489

Research and development

27

29

84

94

Restructuring, impairment and plant closing costs

4

12

19

137

Gain on sale of Gomet business, net

-

-

(22)

-

Gain on acquisition of assets, net

-

-

-

(5)

Income associated with litigation matter, net

-

-

-

(33)

Other operating (income) expense, net

(1)

(6)

10

(23)

Total operating expenses

198

198

605

659

Operating income (loss)

39

6

60

(72)

Interest expense, net

(23)

(20)

(67)

(60)

Equity in income of investment in unconsolidated affiliates

7

1

17

-

Other income, net

3

6

13

13

Income (loss) from continuing operations before income taxes

26

(7)

23

(119)

Income tax expense

(28)

(3)

(56)

(25)

Loss from continuing operations

(2)

(10)

(33)

(144)

Loss from discontinued operations, net of tax

(3)

(1)

(6)

(1)

Net loss

(5)

(11)

(39)

(145)

Net income attributable to noncontrolling interests

(13)

(14)

(38)

(43)

Net loss attributable to Huntsman Corporation

$        (18)

$        (25)

$        (77)

$      (188)

Adjusted EBITDA⁽¹⁾

$        132

$          94

$        325

$        240

Adjusted net income (loss)⁽¹⁾

$            7

$          (5)

$        (28)

$        (58)

Basic loss per share

$     (0.10)

$     (0.14)

$     (0.44)

$     (1.09)

Diluted loss per share

$     (0.10)

$     (0.14)

$     (0.44)

$     (1.09)

Adjusted diluted income (loss) per share⁽¹⁾

$       0.04

$     (0.03)

$     (0.16)

$     (0.34)

Common share information:

Basic weighted average shares

173

173

173

173

Diluted weighted average shares

173

173

173

173

Diluted shares for adjusted diluted income (loss) per share

174

173

173

173

See end of press release for footnote explanations.

Table 2 -- Results of Operations by Segment

Three months ended

Nine months ended

September 30,

Better /

September 30,

Better /

In millions

2026

2025

(worse)

2026

2025

(worse)

Segment revenues:

Polyurethanes

$     1,152

$        956

21 %

$     3,154

$     2,800

13 %

Performance Products

260

246

6 %

771

773

(0 %)

Advanced Materials

314

265

18 %

906

778

16 %

Total reportable segments' revenues

1,726

1,467

18 %

4,831

4,351

11 %

Intersegment eliminations

(9)

(7)

N/M

(31)

(23)

N/M

Total revenues

$     1,717

$     1,460

18 %

$     4,800

$     4,328

11 %

Segment adjusted EBITDA⁽¹⁾:

Polyurethanes

$          75

$          48

56 %

$        180

$        121

49 %

Performance Products

31

29

7 %

94

91

3 %

Advanced Materials

62

44

41 %

171

125

37 %

N/M = not meaningful

See end of press release for footnote explanations.

Table 3 -- Factors Impacting Sales Revenue

Three months ended

September 30, 2026 vs. 2025

Average selling price^(a)

Local

Exchange

Sales

currency & mix

rate

volume^(b)

Total

Polyurethanes

19 %

0 %

2 %

21 %

Performance Products

7 %

0 %

(1 %)

6 %

Advanced Materials

6 %

0 %

12 %

18 %

Combined segments

15 %

0 %

3 %

18 %

Nine months ended

September 30, 2026 vs. 2025

Average selling price^(a)

Local

Exchange

Sales

currency & mix

rate

volume^(b)

Total

Polyurethanes

8 %

2 %

3 %

13 %

Performance Products

1 %

1 %

(2 %)

0 %

Advanced Materials

6 %

3 %

7 %

16 %

Combined segments

6 %

2 %

3 %

11 %

(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

September 30,

September 30,

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

2026

2025

2026

2025

Net loss

$          (5)

$        (11)

$          (5)

$        (11)

$      (0.03)

$      (0.06)

Net income attributable to noncontrolling interests

(13)

(14)

(13)

(14)

(0.07)

(0.08)

Net loss attributable to Huntsman Corporation

(18)

(25)

(18)

(25)

(0.10)

(0.14)

Interest expense, net

23

20

Income tax expense from continuing operations

28

3

$        (28)

$          (3)

Depreciation and amortization

77

73

EBITDA / Loss from discontinued operations

3

1

 N/A 

 N/A 

3

1

0.02

0.01

Loss on sale of business/assets, net

-

2

-

-

-

2

-

0.01

Expenses associated with the proposed merger

3

-

-

-

3

-

0.02

-

Certain legal and other settlements and related expenses, net

4

-

-

-

4

-

0.02

-

Amortization of pension and postretirement actuarial losses

7

8

2

(2)

9

6

0.05

0.03

Restructuring, impairment and plant closing and transition costs

5

12

1

(1)

6

11

0.03

0.06

Adjusted⁽¹⁾

$        132

$          94

$        (25)

$          (6)

7

(5)

$      (0.03)

Adjusted income tax expense⁽¹⁾

25

6

Net income attributable to noncontrolling interests

13

14

Adjusted pre-tax income⁽¹⁾

$          45

$          15

Adjusted effective tax rate⁽³⁾

56 %

40 %

Effective tax rate

108 %

(43 %)

 Income tax 

 Net 

 Diluted loss 

 EBITDA 

and other expense

 loss 

 per share 

Nine months ended

Nine months ended

Nine months ended

Nine months ended

September 30,

September 30,

September 30,

September 30,

In millions, except per share amounts

2026

2025

2026

2025

2026

2025

2026

2025

Net loss

$        (39)

$       (145)

$        (39)

$       (145)

$      (0.23)

$      (0.84)

Net income attributable to noncontrolling interests

(38)

(43)

(38)

(43)

(0.22)

(0.25)

Net loss attributable to Huntsman Corporation

(77)

(188)

(77)

(188)

(0.44)

(1.09)

Interest expense, net

67

60

Income tax expense from continuing operations

56

25

$        (56)

$        (25)

Income tax expense from discontinued operations⁽³⁾

-

1

Depreciation and amortization from continuing operations

227

214

Business acquisition and integration gain and purchase accounting

inventory adjustments, net

-

(5)

-

-

-

(5)

-

(0.03)

EBITDA / Loss from discontinued operations⁽³⁾

6

-

N/A

N/A

6

1

0.03

0.01

Establishment of significant deferred tax asset valuation allowances,

net

-

-

-

1

-

1

-

0.01

(Gain) loss on sale of business/assets, net

(22)

2

-

-

(22)

2

(0.13)

0.01

Expenses associated with the proposed merger

8

-

-

-

8

-

0.05

-

Loss on early extinguishment of debt

1

-

-

-

1

-

0.01

-

Certain legal and other settlements and related expenses (income), net

15

(32)

-

7

15

(25)

0.09

(0.14)

Amortization of pension and postretirement actuarial losses

21

22

(1)

(4)

20

18

0.12

0.10

Restructuring, impairment and plant closing and transition costs

23

141

(2)

(3)

21

138

0.12

0.80

Adjusted⁽¹⁾

$        325

$        240

$        (59)

$        (24)

(28)

(58)

$      (0.16)

$      (0.34)

Adjusted income tax expense⁽¹⁾

59

24

Net income attributable to noncontrolling interests

38

43

Adjusted pre-tax income⁽¹⁾

$          69

$            9

Adjusted effective tax rate⁽⁴⁾

86 %

267 %

Effective tax rate

243 %

(21 %)

N/M = not meaningful

N/A = not applicable

See end of press release for footnote explanations.

Table 5 -- Balance Sheets

September 30,

December 31,

In millions

2026

2025

Cash

$               359

$               429

Accounts and notes receivable, net

870

677

Inventories

905

818

Prepaid expenses

72

94

Other current assets

34

46

Property, plant and equipment, net

2,369

2,486

Other noncurrent assets

2,495

2,465

Total assets

$            7,104

$            7,015

Accounts payable⁽⁵⁾

$               862

$               758

Other current liabilities⁽⁵⁾

496

478

Current portion of debt

303

353

Long-term debt

1,740

1,658

Other noncurrent liabilities

795

811

Huntsman Corporation stockholders' equity

2,662

2,750

Noncontrolling interests in subsidiaries

246

207

Total liabilities and equity

$            7,104

$            7,015

See end of press release for footnote explanations.

Table 6 -- Outstanding Debt

September 30,

December 31,

In millions

2026

2025

Debt:

Revolving credit facility

$               300

$               343

Senior notes

1,490

1,488

Amounts outstanding under A/R programs

235

152

Variable interest entities

-

7

Other debt

18

21

Total debt - excluding affiliates

2,043

2,011

Total cash

359

429

Net debt - excluding affiliates⁽⁴⁾

$            1,684

$            1,582

See end of press release for footnote explanations.

Table 7 -- Summarized Statement of Cash Flows

Three months ended

Nine months ended

September 30,

September 30,

In millions

2026

2025

2026

2025

Total cash at beginning of period

$            346

$            399

$            429

$            340

Net cash provided by operating activities from continuing operations

115

200

2

221

Net cash used in operating activities from discontinued operations

(5)

(4)

(5)

(8)

Net cash used in investing activities

(33)

(42)

(48)

(74)

Net cash used in financing activities

(65)

(83)

(22)

(14)

Effect of exchange rate changes on cash

1

(2)

3

3

Total cash at end of period

$            359

$            468

$            359

$            468

Free cash flow⁽²⁾:

Net cash provided by operating activities from continuing operations

$            115

$            200

$               2

$            221

Capital expenditures

(33)

(43)

(101)

(116)

Free cash flow from continuing operations⁽²⁾

$             82

$            157

$            (99)

$            105

Supplemental cash flow information:

Cash paid for interest

$              (8)

$              (5)

$            (51)

$            (49)

Cash paid for income taxes

(14)

(18)

(38)

(79)

Cash paid for restructuring and integration

(12)

(7)

(40)

(18)

Cash paid for pensions

(19)

(9)

(35)

(25)

Depreciation and amortization from continuing operations

73

227

214

Change in primary working capital:

Accounts and notes receivable

$               9

$             37

$          (214)

$            (26)

Inventories

28

55

(104)

114

Accounts payable⁽⁵⁾

(25)

(2)

129

(89)

Total change in primary working capital

$             12

$             90

$          (189)

$              (1)

See end of press release for footnote explanations.

(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.