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Huntsman CORP — HUN 3Q26 Earnings Slides vFINAL (company IR deck)
Huntsman CORP (HUN) · 17 slides · Filed Nov 3, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All HUN deck slides
Slide 1 — 3Q26 Earnings
1 3Q26 Earnings Summary November 2, 2026
Slide 2 — Earnings Summary
2 3rd Quarter 2026 Earnings Summary Conference Call Tuesday, November 3, 2026 9:00 a.m. ET Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=oRyBrBjV Participant dial-in numbers: Domestic callers: (877) 402-8037 International callers: (201) 378-4913
Slide 3 — General Disclosure
3 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 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, including the planned merger of equals with Olin Corporation, statements about the anticipated benefits of the contemplated transaction, including future expected synergies and cost savings related to the contemplated transaction, the plans, objectives, expectations and intentions of Olin, Huntsman or the combined company business trends and any other information that is not historical information. When used in this presentation, 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, uncertainties as to the timing of the contemplated merger; the possibility that the closing conditions to the contemplated merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; the effects of disruption caused by the contemplated merger making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the contemplated merger may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification and liability; ability to refinance existing indebtedness of Huntsman in connection with the contemplated merger; other business effects, including the effects of industry, economic or political conditions outside of the control of the parties to the contemplated merger; transaction costs; 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. Non-GAAP Financial Measures This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including adjusted EBITDA, adjusted EBITDA from discontinued operations, adjusted net income (loss), adjusted diluted income (loss) per share, free cash flow, adjusted effective tax rate, and net debt. For more information on the non-GAAP financial measures used by the Company and referenced in this presentation, including definitions and reconciliations of non-GAAP measures to GAAP, please refer to “Non-GAAP Reconciliation” hyperlink available in the “Financials” section of the Company’s website at www.huntsman.com/investors. The Company does not provide reconciliations of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, (a) business acquisition and integration expenses, (b) merger costs, and (c) certain legal and other settlements and related costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Third-Party Trademarks Any third-party trademarks displayed in this presentation are not owned by the Company, and no relationship between the Company and any third party is implied. General Disclosure
Slide 4 — 3Q26
4 $115M Operating Cash Flow from Continuing Operations $1.7B Revenues ($18)M Net Loss Attributable to Huntsman 3Q26 $132M Adjusted EBITDA 3Q26 Earnings Summary Overview ($ in millions, except per share amounts) 3Q26 3Q25 Revenues $ 1,717 $ 1,460 Net loss attributable to Huntsman Corporation $ (18) $ (25) Adjusted net income (loss) $ 7 $ (5) Diluted loss per share $ (0.10) $ (0.14) Adjusted diluted income (loss) per share $ 0.04 $ (0.03) Adjusted EBITDA $ 132 $ 94 Net cash provided by operating activities from continuing operations $ 115 $ 200 Free cash flow $ 82 $ 157
Slide 5 — $4.1B
5 $75 $48 7% 5% 3Q26 3Q25 4Q26 Outlook Revenues Adjusted EBITDA 3Q 2026 LTM $4.1B Sales Revenue $205M Adj. EBITDA 5% Adj. EBITDA Margin 3Q26 Y/Y Change 21% Sales Revenue 56% Adj. EBITDA 5 3Q26 Earnings Summary Adjusted EBITDA Margin Adjusted EBITDA for the fourth quarter of 2026 is projected to range from $35 million to $50 million Rotterdam outage initiated from a third-party operating issue: estimated $10 million to $15 million adjusted EBITDA impact spread across September and October Seasonal construction slowdown reduces volumes Higher benzene and European natural gas costs Highlights Volumes increased 2% year-over-year, driven by growth in the Americas and increased 3% quarter-over-quarter Year-over-year benefits from cost optimization programs Higher raw material costs as quarter-over-quarter headwind, partially offset by higher volumes, improved pricing and restructuring benefits 5 $1,152 $956 3Q26 3Q25 Polyurethanes $, in millions $, in millions
Slide 6 — $1.0B
6 4Q26 Outlook Revenues Adjusted EBITDA 3Q 2026 LTM $1.0B Sales Revenue $110M Adj. EBITDA 11% Adj. EBITDA Margin 3Q26 Y/Y Change 6% Sales Revenue 7% Adj. EBITDA 6 3Q26 Earnings Summary $260 $246 $0 $50 $100 $150 $200 $250 $300 $350 $400 3Q26 3Q25 $31 $29 12% 12% 3Q26 3Q25 Adjusted EBITDA Margin Fourth quarter 2026 adjusted EBITDA estimated to be between $20 million and $25 million Fourth quarter volumes lower quarter-on-quarter due to typical seasonality Raw materials remain elevated year-over-year, mostly offset by higher pricing Highlights Volumes down 1% with prior year and down versus the second quarter Improved profitability in Performance Amines Price increases offset higher feedstock costs Restructuring initiatives contributed to lower fixed costs 6 Performance Products $, in millions $, in millions
Slide 7 — $1.1B
7 4Q26 Outlook Revenues Adjusted EBITDA 3Q 2026 LTM $1.1B Sales Revenue $207M Adj. EBITDA 18% Adj. EBITDA Margin 3Q26 Y/Y Change 18% Sales Revenue 41% Adj. EBITDA 7 3Q26 Earnings Summary Adjusted EBITDA Margin Fourth quarter 2026 adjusted EBITDA estimated to be between $42 million and $47 million Year-over-year growth in aerospace and power continues Price increases offset higher raw materials Highlights Volumes increased 12% year-over-year and revenue up 18% driven by growth across most markets, primarily aerospace, power and automotive Adjusted EBITDA margins increased year-over- year driven by higher sales volumes and favorable sales mix 7 $314 $265 $0 $50 $100 $150 $200 $250 $300 $350 $400 3Q26 3Q25 $62 $44 20% 17% 3Q26 3Q25 Advanced Materials $, in millions $, in millions
Slide 8 — Revenue Bridge
8 Revenue Bridge 3Q26 Earnings Summary Year / Year Quarter / Quarter $1,663 $1,717 ($2) $3 $53 2Q26 Revenue Volume Price & Mix FX 3Q26 Revenue (1) Excludes sales volumes of byproducts and raw materials (2) Excludes revenues from tolling arrangements, byproducts and raw materials $1,460 $1,717 $44 $209 $4 3Q25 Revenue Volume Price & Mix FX 3Q26 Revenue (2) (1) (2) (2) (2) $, in millions $, in millions
Slide 9 — Adjusted EBITDA Bridge – By Division
9 Adjusted EBITDA Bridge – By Division 3Q26 Earnings Summary Year / Year Quarter / Quarter $120 $132 ($6) ($2) $9 $11 2Q26 Adjusted EBITDA Polyurethanes Performance Products Advanced Materials Corporate and Other 3Q26 Adjusted EBITDA $94 $132 ($9) $27 $2 $18 3Q25 Adjusted EBITDA Polyurethanes Performance Products Advanced Materials Corporate and Other 3Q26 Adjusted EBITDA $, in millions $, in millions
Slide 10 — Cost Realignment Plans
Cost Realignment Plans 3Q26 Earnings Summary Commentary ~$120M 3Q26 Annualized Run Rate Delivery of >$100M Run Rate Benefits Cumulative In Year Savings 10 $5M $55M >$100M >$120M 0 20 40 60 80 100 120 140 2024 2025 2026 2027 Program Highlights Targeted Run Rate Benefits ~$100M Expected Restructuring Cash Costs ~$90M Expected Capital Expenditures ~$20M Total Headcount Reduction ~500 Site Closures Announced: Boisbriand (PU) Moers (PP) Kings Lynn (PU) East Lansing (AM) Deggendorf (PU) Frankfurt (Shared) Dubai (PU) Total program benefits are in SG&A/ R&D and plant fixed costs, split ~60%/~40% Associated capital expenditure of ~$20M will be absorbed within the annual capital expenditure guidance >$50M in year cost optimization benefit in 2026, excluding the impact from inflation In Year Savings Realized Additional Savings to be Captured
Slide 11 — Cash Flow and Liquidity Considerations
11 Cash Flow and Liquidity Considerations 3Q26 Earnings Summary Commentary Balance sheet with $0.9 billion of liquidity at the close of the quarter Net debt leverage improved to 4.7x in 3Q26 compared to ~6x at the beginning of the year Cash provided by operations of $115 million in the quarter Capital expenditures of $33 million Full year 2026 capital expenditures expected to be approximately $160 million Free cash flow was $82 million compared to $157 million in the prior year period which benefited from inventory reduction benefits typically realized in the fourth quarter With a fourth-quarter working capital release, we expect full year free cash flow to cover dividend requirements Diluted loss per share of $0.10 and adjusted diluted income per share of $0.04 Capital Structure 3Q25 3Q26 Liquidity $1,372 $910 Net Debt $1,540 $1,684 Net Debt Leverage 5.0x 4.7x Credit Ratings (Moodys / S&P / Fitch) Ba1 / BB+ / BBB- Ba2 / BB / BB+ Equity Return 3Q25 3Q26 Diluted Shares for Adj. Diluted Income (Loss) per Share 173 174 Dividend Per Share $0.25 $0.0875 Earnings and Cash Flow 3Q25 3Q26 2025 LTM Adjusted EBITDA $94 $132 $275 $360 Cash Flow From Operations $200 $115 $298 $79 Capital Expenditures ($43) ($33) ($173) ($158) Free Cash Flow $157 $82 $125 ($79) Cash Flow From Operations Conversion 108% 22% Free Cash Flow Conversion 45% (22%) Amounts in millions, except per share amounts
Slide 12 — 4Q26 Outlook Summary
12 4Q26 Adjusted EBITDA Polyurethanes $35M – $50M Performance Products $20M – $25M Advanced Materials $42M – $47M Corporate ~($40M) Total ~$60M – $80M 12 4Q26 Outlook Summary 3Q26 Earnings Summary Underlying 4Q26 Guidance Assumptions • Raw material volatility continues, with an expected significant increase in global benzene and European natural gas prices compared to the third quarter • Price increases to help mitigate rising costs • Continued benefits from cost savings programs • Improved volumes year-over-year, specifically in industrial related markets • Construction end markets remain weak, interest rates expected to stay high • Year-over-year growth in aerospace and power
Slide 13 — OlinHuntsman Merger of Equals Transaction Update
13 OlinHuntsman Merger of Equals Transaction Update 3Q26 Earnings Summary PATH TO CLOSE — KEY MILESTONES & STATUS Jun 15-16, 2026 ✓ Merger agreement signed & announced Jul 13, 2026 ✓ Aug 25, 2026 ✓ Stockholder approval secured Sep 11, 2026 ✓ S-4 effective; proxy mailed 10/27/2026 ✓ OlinHuntsman credit agreement secured 3Q 2026 Onwards Integration planning & regulatory clearances in progress 1Q 2027 Expected close As of November 2, 2026 TRANSACTION OVERVIEW All stock Merger of Equals Creates a vertically-integrated, low-cost, North American leader with complementary EU & Asia assets Enhanced scale with expanded chlorine optionality $400M of cost synergies and integration benefits Disciplined capital allocation with focus on deleveraging Improved profitability and resiliency across the cycle Experienced leadership team focused on shareholder value Shareholders approved merger and related proposals Merger clearances received from the U.S., Brazil and other jurisdictions OlinHuntsman credit agreement secured, ensuring Day 1 financing Key Milestones Integration planning accelerated in line with approvals Implementing a ground-up organizational design Day 1 readiness planning progressing All other applicable regulatory filings, including the European Commission, are progressing Integration Planning & Regulatory Clearances U.S. Hart-Scott- Rodino waiting period expired Now expected to close in 1Q27 OlinHuntsman ticker NYSE: OHN
Slide 14 — Appendix
14 Appendix
Slide 15 — 2026 Additional Modeling Considerations
15 2026 Additional Modeling Considerations 3Q26 Earnings Summary Full Year Corporate & Other ~$160M(1) Cost Savings Program Benefit >$50M(2) Interest Expense ~$10M Headwind YoY Depreciation & Amortization ~$290M Adjusted EBITDA/ Income Statement Cash Flow Dividends from Equity Affiliates ~$5M Headwind YoY Cash Taxes ~$35M Tailwind YoY(3) Restructuring Cash ~$20M Headwind YoY Capital Expenditures ~$160M Litigation Proceeds ~$30M Headwind YoY Net Working Capital Continued Cash Conversion Cycle Improvements (1) Higher variable compensation accrual compared to 2025 and impact from FX and LIFO (2) Cost Savings Program Benefit (split between SG&A/ R&D and plant fixed costs) excludes inflation and noncash variable compensation year on year expense change (3) Excludes changes in profitability
Slide 16 — Financials and Reconciliation
16 Financials and Reconciliation 3Q26 Earnings Summary USD In millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 3Q26 LTM Segment Revenues: Polyurethanes 926 $ 1,001 $ 1,003 $ 970 $ 3,900 $ 912 $ 932 $ 956 $ 897 $ 3,697 $ 923 $ 1,079 $ 1,152 $ 4,051 $ Performance Products 291 299 280 239 1,109 257 270 246 224 997 228 283 260 995 Advanced Materials 261 279 261 254 1,055 249 264 265 243 1,021 279 313 314 1,149 Total Reportable Segments' Revenues 1,478 1,579 1,544 1,463 6,064 1,418 1,466 1,467 1,364 5,715 1,430 1,675 1,726 6,195 Intersegment Eliminations (8) (5) (4) (11) (28) (8) (8) (7) (9) (32) (10) (12) (9) (40) Total Revenues 1,470 $ 1,574 $ 1,540 $ 1,452 $ 6,036 $ 1,410 $ 1,458 $ 1,460 $ 1,355 $ 5,683 $ 1,420 $ 1,663 $ 1,717 $ 6,155 $ Segment Adjusted EBITDA: Polyurethanes 39 $ 80 $ 76 $ 50 $ 245 $ 42 $ 31 $ 48 $ 25 $ 146 $ 39 $ 66 $ 75 $ 205 $ Performance Products 42 46 42 23 153 30 32 29 16 107 26 37 31 110 Advanced Materials 43 52 47 37 179 36 45 44 36 161 45 64 62 207
Slide 17 — Financials and Reconciliation
17 Financials and Reconciliation 3Q26 Earnings Summary USD In millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 3Q26 LTM Net (loss) income (23) $ 38 $ (17) $ (125) $ (127) $ 11 $ (145) $ (11) $ (82) $ (227) $ (41) $ 7 $ (5) $ (121) $ Net income attributable to noncontrolling interests (14) (16) (16) (16) (62) (16) (13) (14) (14) (57) (12) (13) (13) (52) Net (loss) income attributable to Huntsman Corporation (37) 22 (33) (141) (189) (5) (158) (25) (96) (284) (53) (6) (18) (173) Interest expense, net 19 20 21 19 79 19 21 20 19 79 21 23 23 86 Income tax (benefit) expense from continuing operations (20) 13 39 29 61 15 7 3 1 26 11 17 28 57 Income tax (benefit) expense from discontinued operations (1) (7) - (3) (11) - 1 - (1) - - - - (1) Depreciation and amortization 69 75 70 75 289 69 72 73 73 287 73 77 77 300 Business acquisition and integration expenses (gains) and purchase accounting inventory adjustments, net 20 1 - - 21 (5) - - 1 (4) - - - 1 EBITDA from discontinued operations, net of tax 8 - 12 18 38 1 (2) 1 9 9 1 2 3 15 Loss (gain) on sale of business/assets,net - - 1 - 1 - - 2 3 5 - (22) - (19) Expenses associated with the proposed merger - - - - - - - - - - - 5 3 8 Loss from liquidation of subsidiaries - - - 39 39 - - - - - - - - - Fair value adjustments to Venator investment, net and other tax matter adjustments - (7) (5) - (12) - - - - - - - - - Loss on early extinguishment of debt - - - - - - - - - - 1 - - 1 Certain legal and other settlements and related expenses (income), net 1 1 11 - 13 (33) 1 - 2 (30) 4 7 4 17 Amortization of pension and postretirement actuarial losses 8 8 9 14 39 7 7 8 12 34 7 7 7 33 Restructuring, impairment and plant closing and transition costs 14 5 6 21 46 4 125 12 12 153 8 10 5 35 Adjusted EBITDA(1) 81 $ 131 $ 131 $ 71 $ 414 $ 72 $ 74 $ 94 $ 35 $ 275 $ 73 $ 120 $ 132 $ 360 $ Non-GAAP Adjusted EBITDA Margin Information: Revenue 1,470 $ 1,574 $ 1,540 $ 1,452 $ 6,036 $ 1,410 $ 1,458 $ 1,460 $ 1,355 $ 5,683 $ 1,420 $ 1,663 $ 1,717 $ 6,155 $ Adjusted EBITDA 81 131 131 71 414 72 74 94 35 275 73 120 132 360 Non-GAAP Adjusted EBITDA Margin 6% 8% 9% 5% 7% 5% 5% 6% 3% 5% 5% 7% 8% 6% GAAP Net Income Margin (2%) 2% (1%) (9%) (2%) 1% (10%) (1%) (6%) (4%) (3%) 0% (0%) (2%)