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

$        285

Free cash flow from continuing operations⁽²⁾

$          20

$        108

$        125

$        101

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

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

$     6,036

Cost of goods sold

1,191

1,264

4,932

5,170

Gross profit

164

188

751

866

Operating expenses:

Selling, general and administrative

181

166

670

671

Research and development

26

30

120

121

Restructuring, impairment and plant closing costs

11

19

148

39

Income associated with litigation matter, net

-

-

(33)

-

Gain on acquisition of assets, net

-

-

(5)

(51)

Prepaid asset write-off

-

-

-

71

Loss on dissolution of subsidiaries

-

39

-

39

Other operating expense (income), net

5

(3)

(18)

1

Total operating expenses

223

251

882

891

Operating loss

(59)

(63)

(131)

(25)

Interest expense, net

(19)

(19)

(79)

(79)

Equity in income of investment in unconsolidated affiliates

4

2

4

44

Other income (expense), net

1

(1)

14

21

Loss 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

$        414

Adjusted 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

172

Diluted weighted average shares

173

172

173

172

Diluted 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

$               340

Accounts and notes receivable, net

677

725

Inventories

818

917

Prepaid expenses

94

114

Other current assets

46

29

Property, plant and equipment, net

2,486

2,493

Other noncurrent assets

2,465

2,496

Total assets

$            7,015

$            7,114

Accounts payable

$               721

$               770

Other current liabilities

515

470

Current portion of debt

353

325

Long-term debt

1,658

1,510

Other noncurrent liabilities

811

876

Huntsman Corporation stockholders' equity

2,750

2,959

Noncontrolling 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

1,799

Accounts receivable programs

152

-

Variable interest entities

7

16

Other 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

285

Net 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

$            285

Capital 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

$                7

Inventories

19

60

133

(77)

Accounts payable

15

48

(88)

69

Total change in primary working capital

$            131

$            187

$            116

$              (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.