USA | Chemicals Equity Research November 4, 2025 A Domestic Take On China's Chemical Reforms: Evolving To Support Consumption We hosted a webinar with Mysteel OilChem to discuss China's chemical sector transformation under anti-involution policy. Upgrades and shutdowns (which likely lag official statistics) aim for relative domestic supply-demand balance by the end of the decade, with SOEs and major private players integrating downstream with >90% of production consumed inside China. Industry Upgrades and P ...

Core Insights - High-purity manganese is increasingly utilized in electric vehicle (EV) batteries and is expected to play a more significant role as the EV market and energy storage sectors expand [2] - The majority of high-purity manganese, over 90%, is processed in China, which presents technology and supply chain risks, highlighting the importance of the Chvaletice Manganese Project in the Czech Republic [3] Company Overview - Euro Manganese is developing the Chvaletice Manganese Project, which is the only sizable manganese deposit in Europe and the only integrated project that combines the deposit and processing [3][4] - The Czech Republic, as a member of the EU, provides a stable and business-friendly environment for the company's operations, which have been ongoing for nearly 10 years [3]

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission file number 1-12626 EASTMAN CHEMICAL COMPANY (Exact name of registrant as specified in its cha ...

Key Takeaways Eastman Chemical reported Q3 adjusted EPS of $1.14, missing estimates and down year over year.Revenues declined 10.6% to $2.2 billion, with all four business segments posting sales drops.The company targets $75 million in 2025 cost cuts and $100 million more in 2026 amid soft global demand.Eastman Chemical Company (EMN) logged third-quarter 2025 earnings of 40 cents per share, a roughly 74% decline from the year-ago quarter's figure of $1.53.EMN posted adjusted earnings of $1.14 per share, dow ...

Eastman Chemical Company (NYSE:EMN) Q3 2025 Earnings Call November 04, 2025 08:00 AM ET Company ParticipantsJohn Roberts - Managing DirectorJosh Spector - Chemicals Equity ResearchWilliam Thomas McLain - EVP and CFOMike Sison - Managing DirectorDuffy Fischer - Executive DirectorGreg Riddle - Head of Investor RelationsKevin McCarthy - PartnerMark Costa - Board Chair and CEODavid Begleiter - Managing DirectorFrank Mitsch - PresidentVincent Andrews - Managing DirectorConference Call ParticipantsSalvator Tiano ...

Eastman Chemical Company (NYSE:EMN) Q3 2025 Earnings Call November 04, 2025 08:00 AM ET Company ParticipantsJohn Roberts - Managing DirectorJosh Spector - Chemicals Equity ResearchWilliam Thomas McLain - EVP and CFOMike Sison - Managing DirectorDuffy Fischer - Executive DirectorGreg Riddle - Head of Investor RelationsKevin McCarthy - PartnerMark Costa - Board Chair and CEODavid Begleiter - Managing DirectorFrank Mitsch - PresidentVincent Andrews - Managing DirectorConference Call ParticipantsSalvator Tiano ...

Financial Data and Key Metrics Changes - The company is experiencing a significant decline in volumes, with Advanced Materials (AM) expected to be down around 4% and Advanced Functional Products (AFP) down around 2% on a full-year basis [8][12] - The company anticipates a $100 million cost reduction target for next year, building on $75 million achieved this year [11][68] - The company expects a meaningful increase in revenue from the circular polyester methanolysis plant, contributing positively to EBITDA [12][23] Business Line Data and Key Metrics Changes - The fibers business is facing cyclical headwinds, particularly in textiles, which have seen a significant drop in demand due to tariffs and market conditions [30][42] - The company is optimistic about the ARPET capacity conversion, expecting a significant step up in volume and revenue from this project [19][20] - The CI (Chemical Intermediates) segment is expected to benefit from increased volume and aggressive cost management, although it is currently in a manufacturing recession [38][40] Market Data and Key Metrics Changes - Consumer durable demand is projected to be 5-15% below 2019 levels, impacting the overall market dynamics [27] - The North American market is experiencing a mixed impact due to trade wars and lower demand in building construction and consumer durables [39][40] - The company is seeing some recovery in demand for specialty plastics, with customers planning for higher orders in Q1 [67] Company Strategy and Development Direction - The company is focusing on innovation as a core part of its strategy, aiming to regain market share and drive growth through new product launches [12][76] - There is an emphasis on aggressive cost management to enhance competitiveness in a challenging market environment [68][76] - The company is exploring opportunities for portfolio optimization and potential M&A to adapt to industry changes [76][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the chaotic market conditions and the challenges posed by inventory levels and consumer demand [64][66] - There is cautious optimism about a potential recovery in demand as economic conditions stabilize [40][66] - The company is committed to maintaining its dividend and managing cash flow effectively, with expectations of strong cash generation in 2026 [60] Other Important Information - The company has completed its buyback program for the year while maintaining net debt levels [47] - A headcount reduction of 7% is part of the cost-cutting measures, aimed at improving productivity and competitiveness [68][70] Q&A Session Summary Question: Can you help with the bridge to 2026? - Management discussed the importance of considering full-year EBIT and the impact of cost savings and asset utilization on future earnings [5][6] Question: What is the status of the ARPET capacity conversion? - Management confirmed that the Kingsport plant is running well, with 90% yields and plans for a 30% capacity expansion [16][20] Question: How is the Renew product performing in the market? - Management noted strong interest from over 100 customers, but actual volume purchases are limited by soft consumer durable markets [26][27] Question: What are the expectations for fibers next year? - Management explained that the fibers business is facing cyclical challenges, but they expect to stabilize volumes and regain market share [30][32] Question: What is the outlook for the Pepsi contract? - Management indicated that the restructuring of the Pepsi contract is aimed at pulling forward volume into next year, which is seen as a positive development [36][57] Question: How should we think about CI earnings next year? - Management highlighted that CI earnings could improve due to increased volume, cost reductions, and potential recovery in demand [40][41]

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3Q 2025 financial results November 3, 2025 Prepared remarks These slides should be reviewed with the accompanying prepared remarks posted on our website. Forward-looking statements The information in this release and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, volumes, pricing, margins, cost reductions, expenses, taxes, liquidity, ...