HUNTSMAN INTERNATIONAL LLC

Previous wording

For each of our Company and Huntsman International, the following tables set forth the condensed consolidated results of operations (dollars in millions, except per share amounts):

Current wording

For each of our Company and Huntsman International, the following tables set forth the condensed consolidated results of operations (dollars and shares in millions, except per share amounts):

Previous wording

Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration gain and purchase accounting inventory adjustments, net; (b) EBITDA from discontinued operations; (c) certain legal and other settlements and related expenses (income), net; (d) gain on sale of business/assets, net; (e) expenses associated with the proposed merger; (f) loss on early extinguishment of debt; (g) amortization of pension and postretirement actuarial losses; and (h) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.

Current wording

Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration gain and purchase accounting inventory adjustments, net; (b) EBITDA from discontinued operations; (c) certain legal and other settlements and related expenses (income), net; (d) loss (gain) on sale of business/assets, net; (e) expenses associated with the proposed merger; (f) loss on early extinguishment of debt; (g) amortization of pension and postretirement actuarial losses; and (h) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.

Previous wording

Adjusted net income is computed by eliminating the after-tax amounts related to the following from net income attributable to Huntsman Corporation: (a) loss (income) from discontinued operations; (b) certain legal and other settlements and related expenses (income), net; (c) gain on sale of business/assets, net; (d) expenses associated with the proposed merger; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; (g) (release) establishment of significant deferred tax asset valuation allowances, net; (h) business acquisition and integration gain and purchase accounting inventory adjustments, net; and (i) loss on early extinguishment of debt. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Adjusted net income and adjusted net income per share amounts are presented solely as supplemental information.

Current wording

Adjusted net income is computed by eliminating the after-tax amounts related to the following from net income attributable to Huntsman Corporation: (a) loss from discontinued operations; (b) certain legal and other settlements and related expenses (income), net; (c) loss (gain) on sale of business/assets, net; (d) expenses associated with the proposed merger; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; (g) business acquisition and integration gain and purchase accounting inventory adjustments, net; (h) loss on early extinguishment of debt; and (i) establishment of significant deferred tax asset valuation allowances, net. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Adjusted net income and adjusted net income per share amounts are presented solely as supplemental information.

Previous wording

For the three months ended June 30, 2026, loss from continuing operations attributable to Huntsman Corporation was $4 million, an improvement of $155 million from $159 million in the 2025 period. For the three months ended June 30, 2026, loss from continuing operations attributable to Huntsman International was $4 million, an improvement of $153 million from $157 million in the 2025 period. The improvements noted above were the result of the following items:

Current wording

For the three months ended September 30, 2026, loss from continuing operations attributable to Huntsman Corporation was $15 million, an improvement of $9 million from $24 million in the 2025 period. For the three months ended September 30, 2026, loss from continuing operations attributable to Huntsman International was $17 million, an improvement of $7 million from $24 million in the 2025 period. The improvements noted above were the result of the following items:

Previous wording

The increase in revenues in our Polyurethanes segment for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.

Current wording

The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics and higher raw materials costs. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.

Previous wording

The increase in revenues in our Performance Products segment for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher sales volumes and slightly higher average selling prices. Sales volumes increased primarily due to favorable demand in our performance amines business. Average selling prices increased primarily due to higher raw materials costs. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and lower fixed costs achieved from our cost optimization program.

Current wording

The increase in revenues in our Performance Products segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices. Average selling prices increased primarily due to higher raw materials and logistics costs and favorable sales mix. Sales volumes remained relatively unchanged. The increase in segment adjusted EBITDA was primarily due to higher average selling prices and improved margins.

Previous wording

The increase in revenues in our Advanced Materials segment for the six months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to favorable sales mix and the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes increased primarily in our aerospace, power and automotive markets. The increase in segment adjusted EBITDA was primarily due to higher margins and higher sales volumes.

Current wording

The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher sales volumes and higher average selling prices. Sales volumes increased primarily in our aerospace, automotive and power markets. Average selling prices increased primarily due to favorable sales mix. The increase in segment adjusted EBITDA was primarily due to higher sales volumes.

Previous wording

For the six months ended June 30, 2026, loss from continuing operations attributable to Huntsman Corporation was $56 million, an improvement of $107 million from $163 million in the 2025 period. For the six months ended June 30, 2026, loss from continuing operations attributable to Huntsman International was $54 million, an improvement of $107 million from $161 million in the 2025 period. The improvements noted above were the result of the following items:

Current wording

For the nine months ended September 30, 2026, loss from continuing operations attributable to Huntsman Corporation was $71 million, an improvement of $116 million from $187 million in the 2025 period. For the nine months ended September 30, 2026, loss from continuing operations attributable to Huntsman International was $71 million, an improvement of $114 million from $185 million in the 2025 period. The improvements noted above were the result of the following items:

Previous wording

The increase in revenues in our Polyurethanes segment for the six months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.

Current wording

The increase in revenues in our Polyurethanes segment for the nine months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics and higher raw materials costs. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.

Previous wording

The decrease in revenues in our Performance Products segment for the six months ended June 30, 2026 compared to the same period of 2025 was primarily due to lower sales volumes. Sales volumes decreased primarily due to the closure of our Moers, Germany maleic anhydride facility in the second quarter of 2025 and lower demand. Average selling prices remained relatively flat. The slight increase in segment adjusted EBITDA was primarily due to lower fixed costs achieved from our cost optimization program, partially offset by lower sales volumes and higher raw materials costs.

Current wording

Revenues in our Performance Products segment remained relatively unchanged for the nine months ended September 30, 2026 compared to the same period of 2025. Sales volumes decreased primarily due to the closure of our Moers, Germany maleic anhydride facility in the second quarter of 2025, offset by favorable sales mix and modestly improved average selling prices in response to higher raw materials and logistics costs. The increase in segment adjusted EBITDA was primarily due to lower fixed costs resulting from the closure of our Moers, Germany maleic anhydride facility and achieved from our cost optimization program, partially offset by higher raw materials costs.

Previous wording

The increase in revenues in our Advanced Materials segment for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to favorable sales mix and the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes increased primarily in our aerospace, power and automotive markets. The increase in segment adjusted EBITDA was primarily due to higher margins and higher sales volumes.

Current wording

The increase in revenues in our Advanced Materials segment for the nine months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to favorable sales mix and the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes increased primarily in our aerospace, power and automotive markets. The increase in segment adjusted EBITDA was primarily due to higher margins and higher sales volumes.

Previous wording

Cash Flows for the Six Months Ended June 30, 2026 Compared with the Six Months Ended June 30, 2025

Current wording

Cash Flows for the Nine Months Ended September 30, 2026 Compared with the Nine Months Ended September 30, 2025

Previous wording

Net cash (used in) provided by operating activities from continuing operations for the six months ended June 30, 2026 and 2025 was $(113) million and $21 million, respectively. The increase in net cash used in operating activities from continuing operations was primarily attributable to an increase in net cash outflow of $123 million related to changes in operating assets and liabilities for the six months ended June 30, 2026 as compared with the same period of 2025 and a decrease in net cash inflow of $11 million related to a decrease in operating loss from continuing operations adjusted for noncash activities as noted in our condensed consolidated statements of cash flows.

Current wording

Net cash provided by operating activities from continuing operations for the nine months ended September 30, 2026 and 2025 was $2 million and $221 million, respectively. The decrease in net cash provided by operating activities from continuing operations was primarily attributable to an increase in net cash outflow of $219 million related to changes in operating assets and liabilities for the nine months ended September 30, 2026 as compared with the same period of 2025. The decrease in operating loss from continuing operations was offset by adjustments for noncash activities as noted in our condensed consolidated statements of cash flows.

Previous wording

Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was $15 million and $32 million, respectively. During the six months ended June 30, 2026 and 2025, we paid $68 million and $73 million for capital expenditures, respectively. During the six months ended June 30, 2026, we received $48 million, net of third-party transaction costs, from the sale of our Gomet business. See “Note 1. General—Recent Developments—Sale of Huntsman Gomet Business" to our condensed consolidated financial statements. During the six months ended June 30, 2025, we received a $41 million final liquidating distribution from SLIC. See “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our condensed consolidated financial statements.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2026 and 2025 was $48 million and $74 million, respectively. During the nine months ended September 30, 2026 and 2025, we paid $101 million and $116 million for capital expenditures, respectively. During the nine months ended September 30, 2026, we received $48 million, net of third-party transaction costs, from the sale of our Gomet business. See “Note 1. General—Recent Developments—Sale of Huntsman Gomet Business" to our condensed consolidated financial statements. During the nine months ended September 30, 2025, we received a $41 million final liquidating distribution from SLIC. See “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our condensed consolidated financial statements.

Previous wording

Net cash provided by financing activities for the six months ended June 30, 2026 and 2025 was $43 million and $69 million, respectively. During the six months ended June 30, 2026, we had net borrowings from our 2026 Revolving Credit Facility and our A/R Programs of $87 million as compared with net borrowings from our 2022 Revolving Credit Facility and our A/R Programs of $481 million in the 2025 period. During the six months ended June 30, 2025, we paid approximately $315 million to satisfy and discharge our obligations under our 2025 Senior Notes. During the six months ended June 30, 2026 and 2025, we paid $32 million and $87 million for dividends to common stockholders, respectively.

Current wording

Net cash used in financing activities for the nine months ended September 30, 2026 and 2025 was $22 million and $14 million, respectively. During the nine months ended September 30, 2026, we had net borrowings from our 2026 Revolving Credit Facility and our A/R Programs of $47 million as compared with net borrowings from our 2022 Revolving Credit Facility and our A/R Programs of $457 million in the 2025 period. During the nine months ended September 30, 2025, we paid approximately $315 million to satisfy and discharge our obligations under our 2025 Senior Notes. During the nine months ended September 30, 2026 and 2025, we paid $47 million and $131 million for dividends to common stockholders, respectively.

Previous wording

​Free cash flow from continuing operations for the six months ended June 30, 2026 and 2025 were uses of cash of $181 million and $52 million, respectively. The decline in free cash flow was primarily attributable to an increase in cash used in operating activities from continuing operations, partially offset by a slight decrease in cash used for capital expenditures during the six months ended June 30, 2026 as compared with the same period of 2025.

Current wording

​Free cash flow from continuing operations for the nine months ended September 30, 2026 and 2025 was a use of cash of $99 million and proceeds of cash of $105 million, respectively. The decline in free cash flow was primarily attributable to a decrease in net cash provided by operating activities from continuing operations, partially offset by a decrease in cash used for capital expenditures during the nine months ended September 30, 2026 as compared with the same period of 2025.

Previous wording

​Our working capital increased by $84 million as a result of the net impact of the following significant changes:

Current wording

​Our working capital increased by $104 million as a result of the net impact of the following significant changes:

Previous wording

We depend upon our cash, our 2026 Revolving Credit Facility, our A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs. As of June 30, 2026, we had $857 million of combined cash and unused borrowing capacity, consisting of $346 million in cash, $438 million in availability under our 2026 Revolving Credit Facility and $73 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors. The following matters are expected to have a significant impact on our liquidity:

Current wording

We depend upon our cash, our 2026 Revolving Credit Facility, our A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs. As of September 30, 2026, we had $910 million of combined cash and unused borrowing capacity, consisting of $359 million in cash, $497 million in availability under our 2026 Revolving Credit Facility and $54 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors. The following matters are expected to have a significant impact on our liquidity:

Previous wording

As of June 30, 2026, we had $364 million classified as current portion of debt, including $359 million outstanding under our 2026 Revolving Credit Facility, debt at our variable interest entities of $2 million and certain other short-term facilities and scheduled payments totaling $3 million. We intend to renew, repay or extend the majority of these short-term facilities in the next twelve months.

Current wording

As of September 30, 2026, we had $303 million classified as current portion of debt, including $300 million outstanding under our 2026 Revolving Credit Facility and certain other short-term facilities and scheduled payments totaling $3 million. We intend to renew, repay or extend the majority of these short-term facilities in the next twelve months.

Previous wording

As of June 30, 2026, we had approximately $321 million of cash and cash equivalents held by our foreign subsidiaries, including our variable interest entities. With the exception of certain amounts that we expect to repatriate in the foreseeable future, we intend to use cash held in our foreign subsidiaries to fund our local operations. Nevertheless, we could repatriate additional cash as dividends, and the repatriation of cash as a dividend would generally not be subject to U.S. taxation. However, such repatriation may potentially be subject to limited foreign withholding taxes. ​

Current wording

As of September 30, 2026, we had approximately $348 million of cash and cash equivalents held by our foreign subsidiaries, including our variable interest entities. With the exception of certain amounts that we expect to repatriate in the foreseeable future, we intend to use cash held in our foreign subsidiaries to fund our local operations. Nevertheless, we could repatriate additional cash as dividends, and the repatriation of cash as a dividend would generally not be subject to U.S. taxation. However, such repatriation may potentially be subject to limited foreign withholding taxes. ​