LyondellBasell Industries N.V.

Previous wording

Results from continuing operations for the second quarter of 2026 increased compared to the first quarter of 2026, reflecting improved margins due to industry supply constraints as the conflict in the Middle East extended into the second quarter. In our Olefins and Polyolefins-Americas (“O&P-Americas”) segment, results improved relative to the prior quarter on expanding margins and favorable co-product pricing due to tighter global market supply. Our Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”) segment also benefited from improved polymer spreads, driven by supply chain disruptions and stronger joint venture contributions. Additionally, the second quarter results reflected a $734 million loss on the disposition of select European assets and the associated businesses. Our Intermediates and Derivatives (“I&D”) segment delivered higher earnings driven by improved margins across all businesses, partially offset by the Bayport PO/TBA unplanned outage during the quarter; Bayport was successfully restarted in June 2026.

Current wording

Results from continuing operations for the third quarter of 2026 increased compared to the second quarter of 2026, as the second quarter results reflected a $734 million loss on the disposition of select European assets and the associated businesses. In our Olefins & Polyolefins-Americas (“O&P-Americas”) segment, profitability fell driven by lower prices for polymers and olefins products. In our Olefins & Polyolefins-Europe, Asia, International (“O&P-EAI”) segment, polymer prices fell which pressured margins. Volumes in the third quarter were also lower, reflecting the sale of certain European assets in May 2026. Our Intermediates and Derivatives (“I&D”) segment results increased driven by improvements in oxyfuels and related products as the Bayport PO/TBA site operated at full rates after a successful restart in June 2026 and global supply disruptions led to higher gasoline crack spreads and octane values.

Previous wording

Results from continuing operations for the first six months of 2026 increased compared to the first six months of 2025. In our O&P-Americas and O&P-EAI segments, margins improved due to industry supply constraints resulting from the conflict in the Middle East. In our I&D segment, margins improved on higher demand coupled with supply constraints and higher crude and gasoline crack spreads. Results for the first six months of 2025 in our I&D segment included shutdown costs related to our European PO Joint Venture.

Current wording

Results from continuing operations for the first nine months of 2026 increased compared to the first nine months of 2025. In our O&P-Americas and O&P-EAI segments, margins improved due to industry supply constraints resulting from the conflict in the Middle East. In our I&D segment, margins improved primarily due to higher crude and gasoline crack spreads. During the first nine months of 2025, we recognized impairment charges of $1,234 million in our O&P-EAI and APS segments, primarily related to a prolonged downturn in, and outlook for, the European petrochemical and global automotive industries and combined decline in our market capitalization.

Previous wording

During the first six months of 2026, we generated $483 million of cash from operating activities. We invested $539 million in capital projects and returned $448 million to shareholders through dividend payments.

Current wording

During the first nine months of 2026, we generated $2,199 million of cash from operating activities. We invested $842 million in capital projects, returned $672 million to shareholders through dividend payments and repaid the €500 million ($577 million) 0.875% guaranteed notes due 2026.

Previous wording

Revenues increased by $1,039 million, or 7%, in the first six months of 2026 compared to the first six months of 2025. Higher average sales prices for many of our products, related to industry supply constraints, drove a 9% increase in revenues. Lower sales volumes, attributable to the divestiture of certain European assets and the associated businesses, led to a 5% decrease in revenues. Favorable foreign exchange impacts contributed to a 3% increase in revenues.

Current wording

Revenues increased by $1,811 million, or 8%, in the first nine months of 2026 compared to the first nine months of 2025. Higher average sales prices related to industry-wide supply constraints for many of our products drove a 12% increase in revenues. Lower sales volumes, attributable to the divestiture of certain European assets and the associated businesses, drove a 6% decrease in revenues. Favorable foreign exchange impacts contributed to a 2% increase in revenues.

Previous wording

Cost of Sales—Cost of sales increased by $643 million, or 10%, in the second quarter of 2026 compared to the first quarter of 2026, due to higher feedstock costs. For the first six months of 2026 compared to the first six months of 2025, Costs of sales decreased by $364 million, or 3%, driven by lower feedstock costs. The year-over-year decrease also reflects $117 million of shutdown costs recognized in the first quarter of 2025 related to the permanent closure of our European PO Joint Venture.

Current wording

Cost of Sales—Cost of sales decreased by $136 million, or 2%, in the third quarter of 2026 compared to the second quarter of 2026, and by $182 million, or 1%, for the first nine months of 2026 compared to the first nine months of 2025. Included in cost of sales were shutdown costs of $76 million in the third quarter of 2026 and $117 million in the first nine months of 2025 related to the permanent closure of our European PO joint venture. The remaining decrease for each period was driven by lower feedstock costs attributable to the divestiture of certain European assets.

Previous wording

Impairments—During the first six months of 2026, we recognized non-cash impairment charges of $89 million, including $74 million recognized in the second quarter related to a plastic waste sorting facility in Houston, Texas, within our O&P-Americas segment. The remaining impairment charges related to property, plant and equipment in our O&P-EAI segment. During the first six months of 2025, we recognized non-cash impairments charges of $32 million related to property, plant and equipment associated with the European assets classified as held for sale within our O&P EAI segment. See Note 13 to the Consolidated Financial Statements for additional information.

Current wording

Impairments—During the first nine months of 2026, we recognized impairment charges totaling $89 million, including $74 million recognized in the second quarter related to a plastic waste sorting facility in Houston, Texas, within our O&P-Americas segment. The remaining impairment charges relate to property, plant and equipment in our O&P-EAI segment.

Previous wording

Selling, General and Administrative (“SG&A”) Expenses—SG&A expenses decreased by $24 million, or 6%, in the second quarter of 2026 compared to the first quarter of 2026, primarily due to lower fees related to professional services, and decreased by $38 million, or 5%, in the first six months of 2026 compared to the first six months of 2025, attributable to reduced employee-related expenses as a result of our cash improvement plan.

Current wording

Selling, General and Administrative (“SG&A”) Expenses—SG&A expenses decreased by $45 million, or 4%, in the first nine months of 2026 compared to the first nine months of 2025, reflecting lower employee-related expenses as a result of our cash improvement plan.

Previous wording

Operating Income—Operating income increased by $1,304 million, or 546%, in the second quarter of 2026 compared to the first quarter of 2026. Operating income in our O&P-Americas, O&P-EAI, I&D, Technology and APS segments increased by $861 million, $226 million, $150 million, $56 million and $19 million, respectively.

Current wording

Operating Income (Loss)—Operating income decreased by $476 million, or 31%, in the third quarter of 2026 compared to the second quarter of 2026. Operating income in our O&P-Americas, O&P-EAI, Technology, and APS segments decreased by $534 million, $205 million, $45 million, and $44 million, respectively. These decreases were partially offset by a $346 million increase in our I&D segment.

Previous wording

Operating income increased by $1,383 million, or 347%, in the first six months of 2026 compared to the first six months of 2025. Operating income in our O&P-Americas, I&D, O&P-EAI, APS and Technology segments increased by $918 million, $244 million, $153 million, $68 million and $6 million, respectively.

Current wording

Operating income increased by $3,181 million in the first nine months of 2026 compared to the first nine months of 2025. Operating income in our O&P-Americas, APS, I&D, O&P-EAI, and Technology segments increased by $1,141 million, $846 million, $664 million, $516 million, and $20 million, respectively.

Previous wording

Other Income, Net—Other income increased by $46 million in the second quarter of 2026 compared to the first quarter of 2026, driven by a $52 million gain on the sale of excess European emissions credits recognized in the second quarter of 2026. Other income increased by $16 million in the first six months of 2026 compared to the first six months of 2025, due to the gain on sale of excess European emission credits recognized in the second quarter of 2026, partially offset by the absence of a $36 million gain on the sale of precious metals recognized in the second quarter of 2025.

Current wording

Other income increased by $21 million, or 44%, in the first nine months of 2026 compared to the first nine months of 2025, due to the $52 million gain from the sale of excess European emissions credits recognized in the second quarter of 2026, partially offset by the impact of a $36 million gain on the sale of precious metals recognized in the second quarter of 2025.

Previous wording

Income (Loss) from Equity Investments—Income from equity investments increased by $62 million in the second quarter of 2026 compared to the first quarter of 2026, and by $44 million in the first six months of 2026 compared to the first six months of 2025, primarily reflecting improved margins as industry supply was constrained due to the conflict in the Middle East.

Current wording

Income from Equity Investments—Income from equity investments decreased by $55 million, or 96%, in the third quarter of 2026 compared to the second quarter of 2026, due to unfavorable margins relative to the prior quarter and increased by $54 million in the first nine months of 2026 compared to the first nine months of 2025, primarily reflecting improved margins as industry supply was constrained due to the conflict in the Middle East.

Previous wording

Income Taxes—Our effective income tax rate for the second quarter of 2026 was 29.2% compared to (1.5)% for the first quarter of 2026. The higher effective income tax rate for the second quarter of 2026 is primarily due to the impact of the divestiture of select European assets and the associated businesses, which is largely nondeductible for tax and recognized discretely in the second quarter of 2026, that increased the effective income tax rate by 14.2 percentage points. A tax benefit associated with a tax refund claim recognized in the first quarter of 2026 coupled with changes in earnings in countries with varying statutory tax rates increased the effective income tax rate in the second quarter of 2026 by 10.5 percentage points and 2.4 percentage points, respectively.

Current wording

Income Taxes—Our effective income tax rate for the third quarter of 2026 was 19.4% compared to 29.2% for the second quarter of 2026. The decrease was primarily driven by the impact of the divestiture of select European assets and the associated businesses, which is largely nondeductible for tax and was recognized discretely in the second quarter of 2026, that decreased the effective income tax rate by 14.1 percentage points. This decrease was partially offset by changes in earnings in countries with varying statutory tax rates, which increased the effective income tax rate in the third quarter of 2026 by 3.6 percentage points.

Previous wording

Our effective income tax rate for the first six months of 2026 was 24.8% compared to 37.1% for the first six months of 2025. The lower effective income tax rate for the first six months of 2026 was due to changes in earnings in countries with varying statutory tax rates coupled with fluctuations in foreign exchange losses and exempt income that decreased the effective income tax rate by 11.0 percentage points, 5.8 percentage points, and 5.3 percentage points, respectively. These decreases were partially offset by an increase in our effective income tax rate of 11.0 percentage points due to the impact of the divestiture of select European assets and the associated businesses, which is largely nondeductible for tax, recognized discretely in the first six months of 2026.

Current wording

Our effective income tax rate for the first nine months of 2026 was 22.1% compared to (13.6)% for the first nine months of 2025. The increase was primarily attributable to non-cash impairments recognized in 2025, for which there was largely no tax benefit, changes in earnings in countries with varying statutory tax rates, and the largely nondeductible divestiture of select European assets and related businesses in 2026, which increased the effective income tax rate by 36.7, 12.9 and 6.4 percentage points, respectively. These increases were partially offset by the establishment in 2025 of a valuation allowance against deferred tax assets in the United Kingdom, for which no tax benefit could be recognized, and fluctuations in foreign exchange gains and losses, which decreased the effective income tax rate by 15.0 and 3.9 percentage points, respectively.

Previous wording

Income (Loss) from Discontinued Operations, Net of Tax—Income (loss) from discontinued operations decreased $141 million in the first six months ended June 30, 2026 compared to the first six months ended June 30, 2025 primarily due to the recognition of a last-in, first-out (“LIFO”) benefit of $196 million, net of tax, for the liquidation of low cost inventory in the first quarter of 2025.

Current wording

Income (Loss) from Discontinued Operations, Net of Tax—Income (loss) from discontinued operations decreased $98 million in the first nine months ended September 30, 2026 compared to the first nine months ended September 30, 2025, primarily due to the recognition of a last-in, first-out (“LIFO”) benefit of $196 million, net of tax, for the liquidation of low cost inventory in the first quarter of 2025. This benefit was partially offset by the net loss of $32 million related to our Berre refinery largely driven by the recognition of an environmental reserve in the third quarter of 2025. The remainder of the change was driven by a reduction in costs as we ceased business operations at our Houston refinery in February 2025.

Previous wording

We use net income before interest, income taxes, and depreciation and amortization (“EBITDA”) as our measure of profitability for segment reporting purposes. This measure of segment operating results is used by our chief operating decision maker to assess the performance of, and allocate resources to, our operating segments. Intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefits other than service costs are included in “Other”. See the table below for a reconciliation of EBITDA to its nearest generally accepted accounting principles (“GAAP”) measure.

Current wording

We use net income (loss) before interest, income taxes, and depreciation and amortization (“EBITDA”) as our measure of profitability for segment reporting purposes. This measure of segment operating results is used by our chief operating decision maker to assess the performance of, and allocate resources to, our operating segments. Intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefits other than service costs are included in “Other”. See the table below for a reconciliation of EBITDA to its nearest generally accepted accounting principles (“GAAP”) measure.

Previous wording

The following table presents the reconciliation of Net income to EBITDA for each of the periods presented:

Current wording

The following table presents the reconciliation of Net income (loss) to EBITDA for each of the periods presented:

Previous wording

Ethylene Raw Materials—We have flexibility to vary the raw material mix and process conditions in our U.S. olefins plants to maximize profitability as market prices fluctuate for both feedstocks and products. Although prices of crude-based liquids and natural gas liquids are generally related to crude oil and natural gas prices, during specific periods the relationships among these materials and benchmarks may vary significantly. In the second and first quarters of 2026 and the first six months of 2026 and 2025, approximately 70% to 80% of the raw materials used in our North American crackers was ethane.

Current wording

Ethylene Raw Materials—We have flexibility to vary the raw material mix and process conditions in our United States (“U.S.”) olefins plants to maximize profitability as market prices fluctuate for both feedstocks and products. Although prices of crude-based liquids and natural gas liquids are generally related to crude oil and natural gas prices, during specific periods the relationships among these materials and benchmarks may vary significantly. During 2025 and 2026, approximately 70% to 80% of the raw materials used in our North American crackers was ethane.

Previous wording

Revenue—Revenues for our O&P-Americas segment increased by $1,084 million, or 45% in the second quarter of 2026 compared to the first quarter of 2026 and increased by $1,100 million, or 23%, in the first six months of 2026 compared to the first six months of 2025.

Current wording

Revenue—Revenues for our O&P-Americas segment decreased by $341 million, or 10%, in the third quarter of 2026 compared to the second quarter of 2026 and increased by $1,674 million, or 22%, in the first nine months of 2026 compared to the first nine months of 2025.

Previous wording

Firstsix months of 2026 versus firstsix months of 2025—Higher average sales prices from industry supply disruptions led to a 17% increase in revenue. Higher volumes driven by the absence of planned and unplanned outages resulted in a 6% increase in revenue.

Current wording

First nine months of 2026 versus first nine months of 2025—Higher average sales prices from industry supply disruptions led to a 17% increase in revenue. Higher sales volumes driven by increased co-product sales drove a 5% increase in revenue.

Previous wording

Ethylene Raw Materials—In Europe, naphtha is the primary raw material for our ethylene production and represented approximately 70% to 85% of the raw materials used in the second and first quarters of 2026 and in the first six months of 2026 and 2025.

Current wording

Ethylene Raw Materials—In Europe, naphtha is the primary raw material for our ethylene production and represented approximately 70% to 75% of the raw materials used in 2025 and 2026.

Previous wording

Revenue—Revenues increased by $454 million, or 18%, in the second quarter of 2026 compared to the first quarter of 2026 and increased by $152 million, or 3%, in the first six months of 2026 compared to the first six months of 2025.

Current wording

Revenue—Revenues decreased by $779 million, or 26%, in the third quarter of 2026 compared to the second quarter of 2026 and by $259 million, or 3%, in the first nine months of 2026 compared to the first nine months of 2025.

Previous wording

Second quarter of 2026 versus first quarter of 2026—Higher average sales prices due to constrained supply from the conflict in the Middle East drove a 38% increase in revenue. Lower volumes resulted in a revenue decrease of 19% driven by the divestiture of certain European assets. Unfavorable foreign exchange impacts resulted in a 1% decrease in revenue.

Current wording

Third quarter of 2026 versus second quarter of 2026—Lower average sales prices due to easing of supply constraints relative to the prior quarter drove a 15% decrease in revenue. Lower sales volumes resulted in a revenue decrease of 10% driven mostly by the second quarter divestiture of certain European assets. Unfavorable foreign exchange impacts resulted in a 1% decrease in revenue.

Previous wording

Firstsix months of 2026 versus firstsix months of 2025—Higher average sales prices as a result of constrained market supply drove an 11% increase in revenue. Lower volumes resulted in a decrease of 14% due to the divestiture of certain European assets. Favorable foreign exchange impacts resulted in a 6% increase in revenues.

Current wording

First nine months of 2026 versus first nine months of 2025—Higher average sales prices as a result of constrained market supply drove a 12% increase in revenue. Lower sales volumes resulted in a decrease of 19% in revenue primarily due to the second quarter divestiture of certain European assets. Favorable foreign exchange impacts resulted in a 4% increase in revenue.

Previous wording

During the second quarter of 2026, we recognized a $734 million loss associated with the divestiture of certain European olefins and polyolefins assets and the related businesses. See Note 13 to our Consolidated Financial Statements for additional information.

Current wording

During the second quarter of 2026, we recognized a $734 million loss related to the divestiture of certain European olefins and polyolefins assets and the associated businesses. The disposed sites represented approximately 25% of the production capacity for the O&P-EAI segment. See Note 13 to our Consolidated Financial Statements for additional information.

Previous wording

Overview—EBITDA increased in the second quarter of 2026 relative to the first quarter of 2026 and in the first six months of 2026 compared to the first six months of 2025 as a result of improved margins.

Current wording

Overview—EBITDA increased in the third quarter of 2026 compared to the second quarter of 2026 driven by improved oxyfuels and related product results. EBITDA increased in the first nine months of 2026 compared to the first nine months of 2025 as a result of improved margins for the segment.

Previous wording

Firstsix months of 2026 versus firstsix months of 2025—Higher average sales prices resulted in a 14% increase in revenue driven primarily by oxyfuels and related products as a result of higher crude, gasoline crack spreads, and blend premiums. A decline in sales volumes due to unplanned outages resulted in a 11% decrease in revenue. Favorable foreign exchange impacts resulted in a 2% increase in revenue.

Current wording

First nine months of 2026 versus first nine months of 2025—Higher average sales prices resulted in a 21% increase in revenue driven primarily by oxyfuels and related products as a result of higher crude and gasoline crack spreads. A decrease in sales volumes due to unplanned outages resulted in a 9% decrease in revenue. Favorable foreign exchange impacts resulted in a 1% increase in revenue.

Previous wording

The following table sets forth selected financial information for the APS segment:

Current wording

The following table sets forth selected financial information for the APS segment including Loss from equity investments, which is a component of EBITDA:

Previous wording

Revenue—Revenues increased by $687 million, or 33%, in the second quarter of 2026 compared to the first quarter of 2026 and by $234 million, or 5%, in the first six months of 2026 compared to the first six months of 2025.

Current wording

Revenue—Revenues decreased by $75 million, or 7%, in the third quarter of 2026 compared to the second quarter of 2026 and increased by $126 million, or 5%, in the first nine months of 2026 compared to the first nine months of 2025.

Previous wording

Firstsix months of 2026 versus firstsix months of 2025—Higher average sales prices resulted in a 3% increase in revenue. Sales volumes decreased resulting in a 4% decrease in revenue due to challenging market conditions. Favorable foreign exchange impacts resulted in a revenue increase of 4%.

Current wording

Third quarter of 2026 versus second quarter of 2026—Sales volumes decreased resulting in a 9% decrease in revenue stemming from lower demand. Higher average sales prices as a result of constrained market supply drove a 3% increase in revenue. Unfavorable foreign exchange impacts resulted in a 1% decrease in revenue.

Previous wording

Second quarter of 2026 versus first quarter of 2026—Higher average sales prices resulted in a 16% increase in revenue driven by industry supply constraints due to the conflict in the Middle East. Sales volumes decreased resulting in a 1% decrease in revenue stemming from lower demand.

Current wording

First nine months of 2026 versus first nine months of 2025—Higher average sales prices resulted in an 8% increase in revenue driven by industry supply constraints due to the conflict in the Middle East. Sales volumes decreased resulting in a 5% decrease in revenue due to weaker demand. Favorable foreign exchange impacts resulted in a 2% increase in revenue.

Previous wording

Overview—EBITDA increased in the second quarter of 2026 compared to the first quarter of 2026, due to higher licensing and catalyst results. EBITDA increased in the first six months of 2026 compared to the first six months of 2025, driven by higher catalyst results, offset by lower licensing results.

Current wording

Overview—EBITDA decreased in the third quarter of 2026 compared to the second quarter of 2026 due to lower catalyst and licensing results. EBITDA increased in the first nine months of 2026 compared to the first nine months of 2025 driven by higher catalyst results.

Previous wording

Second quarter of 2026 versus first quarter of 2026—Higher catalyst volumes resulted in a 28% increase in revenue due to increased demand. Higher licensing revenue from more contracts reaching significant milestones, drove a 25% increase in revenue. Higher average catalyst sales price resulted in a 5% increase in revenue.

Current wording

Third quarter of 2026 versus second quarter of 2026—Lower catalyst sales volumes resulted in a 16% decrease in revenue due to a decline in demand. Lower average catalyst sales price resulted in a 2% decrease in revenue. Lower licensing contract revenue drove a 14% decrease in revenue.

Previous wording

Firstsix months of 2026 versus firstsix months of 2025—Higher catalyst volumes resulted in a 2% increase in revenue from increased demand. Lower average catalyst sales price resulted in a 1% decrease in revenue. Lower licensing revenue, as contracts with lower average values reached significant milestones, drove a 2% decrease in revenue. Favorable foreign exchange impacts resulted in a 7% increase in revenue.

Current wording

First nine months of 2026 versus first nine months of 2025—Higher catalyst sales volumes resulted in a 2% increase in revenue from increased demand. Lower average catalyst sales price resulted in a 1% decrease in revenue. Lower licensing contract revenue drove a 1% decrease in revenue. Favorable foreign exchange impacts resulted in a 4% increase in revenue.

Previous wording

Firstsix months of 2026 versus firstsix months of 2025—Catalyst volumes led to a 5% increase in EBITDA due to increased demand. Lower licensing results led to a 6% decrease in EBITDA as contracts with lower average values reached significant milestones. Favorable foreign exchange impacts resulted in a 9% increase in EBITDA.

Current wording

Third quarter of 2026 versus second quarter of 2026—Lower licensing results led to a 33% decrease in EBITDA as more contracts with lower average values reached significant milestones. Lower catalyst volumes driven by lower demand led to a 29% decrease in EBITDA.

Previous wording

Operating Activities—Cash provided by operating activities of$483 millionin the first six months of 2026 primarily reflected earnings adjusted for non-cash items and cash activities related to Accounts receivable, Inventories and Accounts payable. An increase in Accounts receivable of $1,692 million was driven by higher average sales prices reflecting higher crude pricing. The increase of $521 million in Inventories was primarily due to inventory build relative to the end of the year coupled with increased prices. The increase of $721 million in Accounts payable was primarily driven by higher feedstock prices and volumes.

Current wording

Operating Activities—Cash provided by operating activities of$2,199 millionin the first nine months of 2026 primarily reflected earnings adjusted for non-cash items offset by cash activities related to Accounts receivable, Inventories and Accounts payable. An increase in Accounts receivable of $1,440 million was driven by higher average sales prices reflecting higher crude pricing. The increase of $514 million in Inventories was primarily due to an inventory volume increase coupled with increased prices. The increase of $744 million in Accounts payable was primarily driven by higher feedstock prices and volumes.

Previous wording

Cash used in operating activities of $228 million in the first six months of 2025 primarily reflected earnings adjusted for non-cash items, $384 million of tax payments which included $235 million in U.S. Federal corporate income tax payments deferred from 2024 into 2025 under Hurricane Beryl disaster relief, and cash activities related to decreases in Accounts payable of $433 million which were driven by the timing of payments.

Current wording

Cash provided by operating activities of $755 million in the first nine months of 2025 primarily reflected net loss adjusted for non-cash items, $385 million of tax payments which included $235 million in U.S. Federal corporate income tax payments deferred from 2024 into 2025 under Hurricane Beryl disaster relief, and a $583 million change in Accounts payable which was driven by the timing of payments.

Previous wording

Investing Activities—Capital expenditures in the first six months of 2026 and 2025 totaled $539 million and $1,022 million, respectively, of which approximately 65% and 70%, respectively, supported sustaining maintenance, including turnaround activities at several sites, as well as other plant health, safety and environmental projects. The remaining expenditures supported profit-generating growth projects.

Current wording

Investing Activities—Capital expenditures in the first nine months of 2026 and 2025 totaled $842 million and $1,428 million, respectively, of which approximately 65% supported sustaining maintenance, including turnaround activities at several sites, as well as other plant health, safety and environmental projects. The remaining expenditures supported profit-generating growth projects.

Previous wording

In the first six months of 2025, foreign currency contracts with an aggregate notional value of €200 million expired. Upon settlement of these foreign currency contracts, we paid €200 million ($234 million at the expiry spot rate) to our counterparties and received $225 million from our counterparties. Additionally, we received $59 million upon termination and cash settlement of our cross-currency interest rate swaps, designated as net investment hedges, maturing in 2025 and 2030.

Current wording

In the first nine months of 2025, foreign currency contracts with an aggregate notional value of €750 million expired. Upon settlement of these foreign currency contracts, we paid €750 million ($877 million at the expiry spot rate) to our counterparties and received $843 million from our counterparties. Additionally, we received $59 million upon termination and cash settlement of our cross-currency interest rate swaps, designated as net investment hedges, maturing in 2025 and 2030.

Previous wording

Financing Activities—We made dividend payments totaling $448 million and $878 million in the first six months of 2026 and 2025, respectively. The decrease reflects our February 2026 announcement to reduce our quarterly dividend. Additionally, we made payments of $201 million to repurchase outstanding ordinary shares in the first six months of 2025.

Current wording

Financing Activities—We made dividend payments totaling $672 million and $1,321 million in the first nine months of 2026 and 2025, respectively. The decrease reflects our February 2026 announcement to reduce our quarterly dividend.

Previous wording

In May 2025, we issued $500 million of 6.150% guaranteed notes due 2035. Net proceeds from the sale of the notes were used for general corporate purposes, including the repayment of guaranteed notes that were due in October 2025.

Current wording

In May 2025, we issued $500 million of 6.150% guaranteed notes due 2035. Net proceeds from the sale of the notes were used for general corporate purposes, including the repayment of guaranteed notes that were due in October 2025. Additionally, we made payments of $201 million to repurchase outstanding ordinary shares in the first nine months of 2025.