Part I [Item 1. Business](index=6&type=section&id=Item%201.%20Business) Trinseo PLC is a specialty material solutions provider with a global presence, focusing on transforming into a higher-margin, less cyclical business through strategic investments in sustainable solutions and divestitures of its styrenics businesses [The Company and Our Strategy](index=6&type=section&id=The%20Company%20and%20Our%20Strategy) Trinseo is transforming into a less cyclical, higher-margin specialty materials and sustainable solutions provider through strategic investments, divestitures, and cost reduction initiatives - Trinseo is strategically transforming into a specialty materials and sustainable solutions provider, focusing on less cyclical, higher-growth, and higher-margin product offerings[27](index=27&type=chunk) - The company is actively divesting its styrenics businesses (Polystyrene and Americas Styrenics segments) as a core part of its transformation strategy[28](index=28&type=chunk) - To support sustainability goals, Trinseo acquired Heathland B.V. for recycling thermoplastic waste and inaugurated a polycarbonate dissolution pilot facility for manufacturing recycled polymers[28](index=28&type=chunk) - The company has implemented restructuring initiatives since late 2022 to reduce costs, optimize assets, and improve profitability by closing underperforming plants and product lines[29](index=29&type=chunk) - Capital allocation priorities are servicing debt, funding targeted growth initiatives, and returning capital to shareholders through dividends and share repurchases[31](index=31&type=chunk) [Business Segments](index=7&type=section&id=Business%20Segments) In 2023, Trinseo operated six reporting segments, with plans to cease styrene manufacturing and discontinue the Feedstocks segment in 2024, each serving distinct end markets - The company operated under six reporting segments in 2023: Engineered Materials, Latex Binders, Plastics Solutions, Polystyrene, Feedstocks, and Americas Styrenics[34](index=34&type=chunk) - Beginning in 2024, the company will cease manufacturing styrene and will no longer report the results of the Feedstocks segment[34](index=34&type=chunk)[80](index=80&type=chunk) Key Segment Information (2023) | Segment | Key Products | Primary End Markets | 2023 Geographic Sales Mix (Approx.) | | :--- | :--- | :--- | :--- | | **Engineered Materials** | Thermoplastic compounds, PMMA sheets/resins | Consumer electronics, medical, automotive, footwear | 52% US, 34% Europe, 12% Asia | | **Latex Binders** | Styrene-butadiene (SB) latex, styrene-acrylate (SA) latex | Paper/board coatings, carpet, CASE applications | 53% Europe, 28% US, Rest in Asia | | **Plastics Solutions** | ABS, SAN, PC, compounds/blends | Automotive, construction, consumer durables | 56% Europe, 34% North America, 11% Asia | | **Polystyrene** | GPPS, HIPS | Appliances, packaging, consumer electronics | 65% Europe, 35% Asia | | **Feedstocks** | Styrene monomer | Internal consumption, merchant market | N/A (Discontinued in 2024) | | **Americas Styrenics** | Styrene, polystyrene (50% JV) | Packaging, disposables, consumer electronics | North America | [Our Relationship with Dow](index=14&type=section&id=Our%20Relationship%20with%20Dow) Trinseo maintains a significant operational and supply relationship with its former parent, Dow, through long-term agreements for site services and raw materials - The company continues to rely on Dow for critical site services, technology, and the supply of key raw materials through long-term agreements established after the 2010 separation[94](index=94&type=chunk) Financials of Dow Relationship (in millions) | Item | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Expenses under Service Agreements (SAR MOSA, AR MOD5, SAR SSAs)** | $140.5 | $273.9 | $214.9 | | **Purchases & Other Charges from Dow (excl. services)** | $570.5 | $688.7 | $1,143.9 | | **Sales to Dow** | $95.1 | $146.7 | $156.4 | - Key agreements include Site Services Agreements (SAR SSAs) with 25-year terms for utilities and maintenance at co-located sites, and the AR MOD5 Agreement for process control technology, which is being phased out[95](index=95&type=chunk)[97](index=97&type=chunk) [Sources and Availability of Raw Materials](index=15&type=section&id=Sources%20and%20Availability%20of%20Raw%20Materials) The company's key raw materials are subject to price volatility, with Dow remaining a significant supplier, and styrene now sourced entirely from third parties after the Terneuzen facility closure - Key raw materials include styrene, butadiene, benzene, ethylene, bisphenol A (BPA), and methyl methacrylate (MMA); their prices are volatile and influenced by supply/demand, energy costs, and transportation[103](index=103&type=chunk)[104](index=104&type=chunk) - In 2023, Dow supplied approximately **21%** of the company's raw materials, including **100%** of its benzene and ethylene requirements[105](index=105&type=chunk) - As of November 2023, following the closure of its Terneuzen styrene plant, Trinseo purchases **100%** of its styrene supply through long-term contracts and spot market purchases[106](index=106&type=chunk) [Technology, Sales, and Intellectual Property](index=15&type=section&id=Technology%2C%20Sales%2C%20and%20Intellectual%20Property) Trinseo's R&D focuses on customer-centric solutions, supported by global facilities, a direct sales force, and intellectual property derived from both internal development and licenses from Dow R&D and TS&D Costs (in millions) | Year | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Cost** | $57.6 | $51.4 | $63.9 | - The company operates **11** global R&D and technology centers, including pilot plants, to support innovation and customer collaboration[111](index=111&type=chunk) - Trinseo relies on a combination of its own patents, trade secrets, and perpetual, royalty-free licenses from Dow for intellectual property essential to its legacy business operations[116](index=116&type=chunk)[121](index=121&type=chunk) - The sales and marketing team consists of approximately **217** professionals who sell products to customers in about **80** countries, primarily through a direct sales force[114](index=114&type=chunk) [Environmental, Health, Safety and Sustainability](index=17&type=section&id=Environmental%2C%20Health%2C%20Safety%20and%20Sustainability) The company adheres to stringent EHS regulations and prioritizes sustainability through recycling and emissions reduction, with Board oversight, while managing potential liabilities from past incidents - The company is subject to extensive and stringent environmental, health, and safety laws regarding emissions, waste disposal, climate change, and chemical safety[123](index=123&type=chunk)[125](index=125&type=chunk) - Sustainability is a key strategic focus, with the company publishing an annual Sustainability Report using GRI, SASB, and TCFD frameworks and investing in recycling technologies[127](index=127&type=chunk)[128](index=128&type=chunk) - In March 2023, an accidental release of acrylic latex emulsion occurred at the Bristol, Pennsylvania site, leading to ongoing environmental claims[129](index=129&type=chunk) - The Board's Environmental, Health, Safety, Sustainability and Public Policy (EHSS&PP) Committee oversees the company's programs and policies in these areas[130](index=130&type=chunk) [Human Capital Resources](index=19&type=section&id=Human%20Capital%20Resources) As of December 31, 2023, Trinseo employed approximately 3,100 people globally, with a human capital strategy focused on organizational development, talent, DE&I, and employee health and safety - As of December 31, 2023, the company employed approximately **3,100** people, with the majority (**58%**) located in the EMEA region[138](index=138&type=chunk) - The company's human capital strategy is built on core values and focuses on Organizational Development, Talent Management, Diversity, Equity & Inclusion, and Recognition & Rewards[140](index=140&type=chunk)[141](index=141&type=chunk) - Trinseo emphasizes employee health and safety, striving for zero injuries, spills, or process safety incidents through its EH&S management system[143](index=143&type=chunk) - The company reports diversity metrics, noting that **33%** of its Board and **30%** of its executive leadership team are women[144](index=144&type=chunk) [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) This section outlines Trinseo's principal risks, including challenges in executing its transformation strategy, volatility in costs, operational disruptions, regulatory compliance, and managing significant indebtedness - Strategic risks include the inability to successfully transform into a specialty materials provider, failure to achieve cost savings from restructuring, and challenges in divesting the styrenics businesses[151](index=151&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) - Operational risks are significant, including volatility in raw material and energy costs, potential production disruptions from hazards like chemical spills (e.g., the Bristol Spill), and reliance on Dow for key services and materials[160](index=160&type=chunk)[163](index=163&type=chunk)[168](index=168&type=chunk)[213](index=213&type=chunk) - Financial risks stem from the company's substantial indebtedness, which could limit operational flexibility, and restrictive covenants in its debt agreements that could be breached[201](index=201&type=chunk)[207](index=207&type=chunk) - Regulatory and compliance risks are extensive, covering environmental, health, and safety laws, international trade regulations, tax law changes, and potential liabilities from chemical exposure or land contamination[185](index=185&type=chunk)[190](index=190&type=chunk)[196](index=196&type=chunk)[198](index=198&type=chunk) [Item 1C. Cybersecurity](index=38&type=section&id=Item%201C.%20Cybersecurity) Trinseo maintains a comprehensive cybersecurity risk management program aligned with ISO27001 and NIST frameworks, overseen by the Audit Committee, with no material incidents reported to date - The company's cybersecurity program is aligned with ISO27001 and NIST frameworks and is overseen by the Board's Audit Committee[245](index=245&type=chunk) - A dedicated Chief Information Security Officer (CISO) manages the program and provides periodic reports to the Board and senior management[247](index=247&type=chunk)[248](index=248&type=chunk) - As of the report date, the company has not experienced any material cybersecurity incidents or incurred material related expenses[249](index=249&type=chunk) [Item 2. Properties](index=38&type=section&id=Item%202.%20Properties) Trinseo owns and operates 22 manufacturing sites and one recycling facility globally, with additional sourcing from 7 joint venture sites, all considered adequate for current needs - As of December 31, 2023, the company owns and operates **22** manufacturing sites and one recycling facility, supplemented by **7** joint venture sites[250](index=250&type=chunk) - The company's global footprint includes corporate offices in Ireland, the US, Hong Kong, and Switzerland, with numerous production and R&D facilities across the Americas, Europe, and Asia-Pacific[252](index=252&type=chunk) - Several key production sites, such as those in Midland (MI), Schkopau (Germany), and Terneuzen (The Netherlands), are co-located with Dow facilities under ground lease agreements where Trinseo owns the plant facilities[253](index=253&type=chunk) [Item 3. Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to various legal claims incidental to its business, with material developments detailed in Note 20 of the consolidated financial statements - The company is involved in various legal claims and proceedings arising from the normal course of business[257](index=257&type=chunk) - For detailed information on legal matters, including the Bristol Spill litigation and the Synthos arbitration, readers are directed to Note 20 of the financial statements[257](index=257&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities](index=40&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Trinseo's ordinary shares trade on the NYSE under 'TSE,' with a $200.0 million share repurchase program unlikely to be utilized due to liquidity needs, and dividends subject to Irish withholding tax - The company's ordinary shares are traded on the New York Stock Exchange (NYSE) under the ticker symbol **"TSE"**[260](index=260&type=chunk) - A **$200.0 million** share repurchase program was authorized in September 2022; as of December 31, 2023, the full **$200.0 million** remained available, but future repurchases are considered unlikely due to liquidity needs and debt covenants[263](index=263&type=chunk) - Dividends paid by the Irish-domiciled company are generally subject to a **25%** Irish dividend withholding tax, though U.S. resident shareholders can typically claim an exemption[266](index=266&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Trinseo reported a significant net loss from continuing operations of $701.3 million, driven by goodwill impairment and tax valuation allowances, amidst weak demand, partially offset by cost savings and debt refinancing [2023 Highlights](index=42&type=section&id=2023%20Highlights) For fiscal year 2023, Trinseo recorded a net loss of $701.3 million, primarily due to non-cash impairment and tax valuation charges, while increasing cash through liquidity actions and undertaking major debt refinancing FY 2023 Key Financial Metrics | Metric | Value (in millions) | | :--- | :--- | | Net Loss from Continuing Operations | $(701.3) | | Goodwill Impairment Charge (non-cash) | $(349.0) | | Deferred Tax Asset Valuation Allowance (non-cash) | $(163.7) | | Adjusted EBITDA | $154.3 | - In September 2023, the company entered into **$1,077.3 million** in new term loans to repay its 2024 Term Loan B and redeem a majority of its 2025 Senior Notes, extending its debt maturity profile[273](index=273&type=chunk) - The company approved further asset and corporate restructuring in H2 2023, including discontinuing styrene production in Terneuzen, Netherlands, and closing several PMMA manufacturing lines to reduce costs and cyclical exposure[275](index=275&type=chunk)[277](index=277&type=chunk) - An accidental release of latex emulsion product occurred at the Bristol, PA facility on March 24, 2023, leading to ongoing regulatory and legal matters[276](index=276&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) For 2023, net sales decreased 26% to $3.68 billion, gross profit fell 48%, and net loss from continuing operations widened to $701.3 million, primarily due to lower volumes, pricing, and a significant impairment charge Consolidated Results of Operations (in millions) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $3,675.4 | $4,965.5 | (26)% | | **Gross Profit** | $142.3 | $272.3 | (48)% | | **Operating Loss** | $(455.4) | $(363.9) | (25)% | | **Net Loss from Continuing Operations** | $(701.3) | $(428.0) | (64)% | - The **26%** decrease in net sales was attributed to a **14%** drop in selling prices (from lower raw material pass-through) and a **13%** decline in sales volume due to customer destocking and weak demand[280](index=280&type=chunk) - SG&A expenses decreased by **22%** to **$310.3 million**, primarily due to lower costs associated with strategic initiatives, acquisitions, and restructuring[284](index=284&type=chunk) - Interest expense increased **67%** to **$188.4 million**, mainly due to higher market interest rates on variable rate debt[287](index=287&type=chunk) - The company recorded a **$349.0 million** non-cash goodwill impairment charge related to the Engineered Materials reporting unit in 2023[286](index=286&type=chunk) [Selected Segment Information](index=46&type=section&id=Selected%20Segment%20Information) In 2023, all segments experienced significant performance declines, with Engineered Materials' Adjusted EBITDA plummeting 93%, while Plastics Solutions remained relatively stable, and styrenics segments saw substantial drops Segment Adjusted EBITDA (in millions) | Segment | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Engineered Materials** | $4.9 | $71.6 | (93)% | | **Latex Binders** | $93.3 | $110.8 | (16)% | | **Plastics Solutions** | $89.4 | $91.0 | (2)% | | **Polystyrene** | $33.3 | $99.3 | (66)% | | **Feedstocks** | $(40.9) | $(75.2) | 46% | | **Americas Styrenics** | $62.1 | $102.2 | (39)% | - **Engineered Materials:** Net sales fell **24%** and Adjusted EBITDA dropped **93%** due to lower pricing, weak demand in construction and electronics, and lower margins[298](index=298&type=chunk)[299](index=299&type=chunk) - **Plastics Solutions:** Net sales decreased **22%** on lower volumes and pricing, but Adjusted EBITDA was nearly flat as improved margins and lower fixed costs offset the volume decline[304](index=304&type=chunk)[305](index=305&type=chunk) - **Polystyrene:** Net sales dropped **32%** and Adjusted EBITDA fell **66%** due to a **16%** volume decrease and a **17%** price decrease, driven by weak demand and lower styrene costs[308](index=308&type=chunk)[309](index=309&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2023, Trinseo had $471.0 million in total liquidity and $2.3 billion in debt, having executed a major refinancing in September 2023, while facing a springing leverage covenant on its revolving facility Liquidity Position as of Dec 31, 2023 (in millions) | Component | Value | | :--- | :--- | | Cash and cash equivalents | $259.1 | | Available Borrowings | $211.9 | | **Total Liquidity** | **$471.0** | | Total Indebtedness | ~$2,300.0 | - The company's 2028 Refinance Credit Agreement requires maintaining at least **$100.0 million** of liquidity at the end of any calendar month[327](index=327&type=chunk) - The Senior Credit Facility has a springing covenant that limits borrowing capacity to **30%** of the total if the first lien net leverage ratio is not met; the company has not been in compliance with this covenant since March 31, 2023[208](index=208&type=chunk)[331](index=331&type=chunk) - In September 2023, the company issued **$1,077.3 million** in new 2028 Refinance Term Loans to repay its 2024 Term Loan B and **$385.0 million** of its 2025 Senior Notes[273](index=273&type=chunk) [Cash Flows](index=53&type=section&id=Cash%20Flows) For 2023, net cash from operating activities significantly improved to $148.7 million due to inventory control, while investing activities decreased, resulting in positive free cash flow of $79.0 million Summary of Cash Flows (in millions) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Operating Activities** | $148.7 | $43.5 | | **Investing Activities** | $(31.7) | $(164.0) | | **Financing Activities** | $(66.0) | $(233.7) | | **Net Change in Cash** | $49.4 | $(361.3) | - Cash from operations increased to **$148.7 million** in 2023, primarily due to targeted inventory control and cash improvement initiatives, despite challenging operating results[348](index=348&type=chunk) - Investing activities used **$31.7 million**, mainly for capital expenditures of **$69.7 million**, which were significantly reduced as part of liquidity improvement actions[351](index=351&type=chunk) Free Cash Flow (in millions) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Cash provided by operating activities | $148.7 | $43.5 | | Capital expenditures | $(69.7) | $(149.0) | | **Free Cash Flow** | **$79.0** | **$(105.5)** | [Critical Accounting Policies and Estimates](index=57&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights critical accounting policies, including goodwill impairment, income tax valuation allowances, and pension benefit assumptions, with a $349.0 million goodwill impairment and significant deferred tax asset valuation allowances recorded in 2023 - **Goodwill Impairment:** A triggering event in Q2 2023 led to a goodwill impairment test for the Engineered Materials reporting unit, resulting in a **$349.0 million** charge, writing off the entire goodwill balance for that unit[393](index=393&type=chunk) - **Income Taxes:** The company established full valuation allowances against net deferred tax assets in its U.S. and Switzerland subsidiaries in December 2023, citing cumulative losses and adverse economic conditions; total valuation allowances were **$278.3 million** as of year-end[399](index=399&type=chunk)[398](index=398&type=chunk) - **Pension & Postretirement Benefits:** The company's accounting for these plans relies on critical assumptions for discount rates and expected long-term rates of return on assets, which are evaluated annually[405](index=405&type=chunk)[407](index=407&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Trinseo is exposed to market risks from interest rates, foreign currency exchange rates (primarily euro), and commodity prices, which it manages through operational activities and derivative instruments - **Interest Rate Risk:** The company has significant variable-rate debt; a hypothetical **100 basis point** increase in the SOFR rate would have resulted in approximately **$23.8 million** of additional interest expense in 2023[421](index=421&type=chunk) - **Foreign Currency Risk:** The primary exposure is the euro, as **53%** of 2023 net sales were generated in Europe; a **1%** change in the euro exchange rate would impact annual pre-tax profitability by approximately **$1.5 million**[424](index=424&type=chunk)[427](index=427&type=chunk) - **Raw Material Price Risk:** The company is exposed to price volatility for key raw materials; a hypothetical **10%** change in raw material prices would have impacted the 2023 cost of sales by approximately **$243.3 million**[429](index=429&type=chunk) - **Commodity Price Risk:** The company hedges its exposure to natural gas prices; inclusive of hedges, a hypothetical **10%** increase in natural gas prices would impact the cost of sales by approximately **$1.6 million**[432](index=432&type=chunk) [Item 9A. Controls and Procedures](index=64&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that Trinseo's disclosure controls and internal control over financial reporting were effective as of December 31, 2023, a conclusion confirmed by the independent auditor - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[436](index=436&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework[439](index=439&type=chunk) - PricewaterhouseCoopers LLP audited and issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[440](index=440&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=67&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section provides an index to the company's consolidated financial statements for 2021-2023 and an extensive list of exhibits, including corporate documents, debt agreements, and executive certifications - This item contains the index to the company's consolidated financial statements, including the balance sheets, statements of operations, comprehensive income, shareholders' equity, and cash flows[457](index=457&type=chunk) - An exhibit index is provided, listing key corporate documents, debt agreements (such as the Credit Agreement and Indentures), material contracts with Dow, executive employment agreements, and certifications required by the Sarbanes-Oxley Act[460](index=460&type=chunk)[461](index=461&type=chunk)[462](index=462&type=chunk)[463](index=463&type=chunk) Financial Statements and Notes [Consolidated Financial Statements](index=80&type=section&id=Consolidated%20Financial%20Statements) Trinseo PLC's consolidated financial statements for 2023 show a significant decline, with total assets decreasing, shareholders' equity turning to a deficit, and a net loss of $701.3 million, despite improved cash flow from operations Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $1,194.1 | $1,390.7 | | Total Assets | $3,029.2 | $3,760.2 | | Total Current Liabilities | $672.6 | $689.4 | | Long-term Debt | $2,277.6 | $2,301.6 | | Total Shareholders' Equity (Deficit) | $(268.0) | $420.3 | Consolidated Statement of Operations Highlights (in millions) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net Sales | $3,675.4 | $4,965.5 | $4,827.5 | | Gross Profit | $142.3 | $272.3 | $698.9 | | Operating Loss | $(455.4) | $(363.9) | $461.4 (Income) | | Net Loss | $(701.3) | $(430.9) | $440.0 (Income) | Consolidated Cash Flow Highlights (in millions) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | $148.7 | $43.5 | $452.7 | | Net Cash from Investing Activities | $(31.7) | $(164.0) | $(1,539.7) | | Net Cash from Financing Activities | $(66.0) | $(233.7) | $1,075.7 | [Note 4—ACQUISITIONS](index=93&type=section&id=Note%204%E2%80%94ACQUISITIONS) This note details Trinseo's recent acquisitions, including Heathland B.V. in 2022 and Aristech Surfaces and Arkema's PMMA business in 2021, all contributing to the Engineered Materials segment - On January 3, 2022, the company acquired Heathland B.V., a European plastics recycler, for an estimated purchase price of **$29.3 million**, including cash and contingent consideration; the goodwill recorded was **$22.8 million**[590](index=590&type=chunk)[596](index=596&type=chunk) - On September 1, 2021, the company acquired Aristech Surfaces, a PMMA sheet manufacturer, for **$449.5 million**[597](index=597&type=chunk) - On May 3, 2021, the company acquired the PMMA business from Arkema S.A. for **$1,364.9 million**[600](index=600&type=chunk) [Note 7—RESTRUCTURING ACTIVITIES](index=97&type=section&id=Note%207%E2%80%94RESTRUCTURING%20ACTIVITIES) The company initiated multiple restructuring programs in 2022 and 2023, incurring $55.8 million in charges in 2023, primarily for closing styrene plants and PMMA lines to optimize assets and reduce costs Total Restructuring Charges (in millions) | Year | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Total Charges** | $55.8 | $55.6 | $8.6 | - In 2023, the company announced an **"Asset Optimization and Corporate Restructuring"** plan, which included discontinuing styrene production in Terneuzen, Netherlands, and closing PMMA sheet plants/lines in Denmark, New Mexico, and Italy; this resulted in **$54.4 million** of charges in 2023[612](index=612&type=chunk)[613](index=613&type=chunk) - In December 2022, the company announced an **"Asset Restructuring Plan"** to close the Boehlen, Germany styrene facility, a polycarbonate line in Stade, Germany, and the PMMA sheet site in Matamoros, Mexico; this plan incurred charges of **$56.7 million** in 2022 and **$3.5 million** in 2023[616](index=616&type=chunk) [Note 9—INCOME TAXES](index=100&type=section&id=Note%209%E2%80%94INCOME%20TAXES) The company's 2023 effective tax rate was (11)%, with a $68.4 million provision for income taxes primarily due to a $163.7 million increase in valuation allowances against deferred tax assets in the U.S. and Switzerland Income Tax Provision and Effective Rate | Metric | 2023 | 2022 | | :--- | :--- | | **Income (Loss) Before Taxes** | $(632.9)M | $(469.6)M | | **Provision for (Benefit from) Taxes** | $68.4M | $(41.6)M | | **Effective Tax Rate** | (11)% | 9% | - The increase in tax provision in 2023 was primarily due to a **$163.7 million** increase in valuation allowances, mainly in the U.S. and Switzerland[630](index=630&type=chunk) - Management established full valuation allowances against net deferred tax assets in its U.S. and Swiss subsidiaries in December 2023, citing cumulative losses and adverse economic conditions as evidence that realization is no longer more likely than not[636](index=636&type=chunk) - As of December 31, 2023, the company had total valuation allowances of **$278.3 million** against its deferred tax assets[633](index=633&type=chunk) [Note 15—GOODWILL AND OTHER INTANGIBLE ASSETS](index=106&type=section&id=Note%2015%E2%80%94GOODWILL%20AND%20OTHER%20INTANGIBLE%20ASSETS) The company's goodwill decreased to $63.8 million in 2023 due to a $349.0 million impairment charge for the Engineered Materials unit, triggered by challenging market conditions, following a similar impairment in 2022 Goodwill Balance by Segment (in millions) | Segment | Dec 31, 2022 | Impairment (2023) | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | **Engineered Materials** | $348.9 | $(349.0) | $0.0 | | **Plastics Solutions** | $42.5 | $0.0 | $44.0 | | **Latex Binders** | $14.8 | $0.0 | $15.4 | | **Polystyrene** | $4.2 | $0.0 | $4.4 | | **Total** | **$410.4** | **$(349.0)** | **$63.8** | - In Q2 2023, the company recorded a goodwill impairment charge of **$349.0 million** for the Engineered Materials reporting unit, equal to its full carrying value[661](index=661&type=chunk) - The impairment was triggered by persistent challenging operating conditions, customer destocking, weak demand, and a reduced forecast for near-term operating results[661](index=661&type=chunk) - Other intangible assets, net of amortization, totaled **$693.9 million** as of December 31, 2023, primarily consisting of customer relationships (**$378.9 million**) and developed technology (**$150.7 million**)[664](index=664&type=chunk) [Note 17—LONG TERM DEBT & AVAILABLE FACILITIES](index=108&type=section&id=Note%2017%E2%80%94LONG%20TERM%20DEBT%20%26%20AVAILABLE%20FACILITIES) As of December 31, 2023, Trinseo had $2.34 billion in total debt, having executed a significant refinancing in September 2023 to extend maturities, while facing restrictive covenants on its revolving credit facility Outstanding Debt as of Dec 31, 2023 (Carrying Amount, in millions) | Facility | Amount | | :--- | :--- | | 2029 Senior Notes (5.125%) | $447.0 | | 2025 Senior Notes (5.375%) | $115.0 | | 2028 Term Loan B (Variable) | $728.9 | | 2028 Refinance Term Loans (Variable) | $1,046.5 | | Other Indebtedness | $7.2 | | **Total Debt** | **$2,344.6** | - In September 2023, the company entered into a **$1,077.3 million** senior secured term loan facility maturing in May 2028; proceeds were used to repay the 2024 Term Loan B and redeem **$385.0 million** of the 2025 Senior Notes[673](index=673&type=chunk)[690](index=690&type=chunk)[707](index=707&type=chunk) - The company's **$375.0 million** 2026 Revolving Facility has a springing covenant that limits borrowing to **30%** of capacity if the first lien net leverage ratio exceeds **3.50x**; as of Dec 31, 2023, the ratio was **5.43x**, limiting available funds to **$98.4 million**[669](index=669&type=chunk)[671](index=671&type=chunk) [Note 20—COMMITMENTS AND CONTINGENCIES](index=121&type=section&id=Note%2020%E2%80%94COMMITMENTS%20AND%20CONTINGENCIES) This note details Trinseo's $1.21 billion in raw material purchase commitments and ongoing legal proceedings, including a class action lawsuit and regulatory actions related to the March 2023 Bristol chemical spill, and an arbitration dispute with Synthos - The company has raw material purchase commitments totaling **$1.21 billion** as of December 31, 2023, with **$531.6 million** due in 2024[748](index=748&type=chunk)[749](index=749&type=chunk) - Following the March 2023 Bristol Spill, the company faces a putative class action lawsuit and regulatory actions from the US Coast Guard and Pennsylvania Department of Environmental Protection (PADEP); an accrual has been established for the estimated resolution, which is not expected to be material[759](index=759&type=chunk)[760](index=760&type=chunk)[761](index=761&type=chunk) - Synthos S.A. initiated an arbitration dispute against Trinseo in October 2022 related to the 2021 sale of the rubber business, claiming improper disclosure of natural gas pricing for steam supply; Trinseo intends to vigorously defend itself[763](index=763&type=chunk)[765](index=765&type=chunk)[766](index=766&type=chunk) - The company recorded an asset retirement obligation for the Boehlen, Germany site, with a remaining liability of **$20.2 million** as of December 31, 2023[753](index=753&type=chunk)[754](index=754&type=chunk)

Financial Data and Key Metrics Changes - The company successfully refinanced $1.1 billion in near-term maturities until 2028, contributing to a $47 million year-over-year increase in cash on the balance sheet [1] - The company generated cash from operations of $149 million and free cash flow of $79 million in 2023, reflecting tight management of CapEx and working capital [26] - The company ended 2023 with $259 million in cash and $471 million in liquidity, indicating a strong liquidity position heading into 2024 [13] Business Line Data and Key Metrics Changes - Sales of recycled content-containing products increased by 16% year-over-year, indicating growth in sustainable offerings [24] - Adjusted EBITDA for Q4 was below expectations due to pronounced seasonality and destocking, with a forecasted rebound to $40 million to $50 million in Q1 [12][14] - The company reduced fixed costs by over $70 million since 2022, improving profitability and cash flow [6] Market Data and Key Metrics Changes - The company observed a recovery in volumes early in Q1, particularly in specialty business applications such as automotive and building and construction [33] - The company noted that customer destocking and competitive pressure from imports into Europe affected market demand throughout 2023 [9] - The company expects underlying market demand to remain constrained and generally in line with 2023 levels, despite higher volumes in specialty businesses [76] Company Strategy and Development Direction - The company remains focused on advancing sustainability initiatives and achieving 2030 sustainability goals, including the operation of recycling facilities in the Netherlands and Italy [10] - The company is exploring additional network optimization opportunities in Europe to enhance competitiveness [28] - The strategy emphasizes liquidity and profitability improvement while managing working capital effectively [27] Management's Comments on Operating Environment and Future Outlook - Management described 2023 as one of the most challenging years in the company's history, with significant customer destocking and geopolitical conflicts impacting trade flows [9] - The company anticipates significantly higher profitability in 2024 due to restructuring actions and expected lower natural gas hedge losses [28] - Management expressed caution regarding the full-year outlook for 2024 due to uncertainties in market recovery, particularly in China [42] Other Important Information - The company achieved a Triple Zero Award for 72% of its eligible sites, reflecting strong performance in environmental, health, and safety standards [75] - The company plans to maintain a disciplined cash focus with lower-than-historical CapEx of about $70 million in 2024 [68] Q&A Session Summary Question: Can you provide more details on the end markets seeing volume increases? - Management indicated that volume improvements are primarily in specialty business applications in Europe, automotive, and building and construction [33] Question: How will cash flow components impact 2024? - Management expects to achieve a working capital release of $50 million and does not anticipate needing to draw on credit lines due to sufficient cash reserves [34] Question: What is the minimum cash level the company feels comfortable maintaining? - Management stated that a minimum cash level of about $100 million is necessary to manage intra-month working capital swings [35] Question: What are the drivers for expected improvements in Q1? - The expected improvements are driven by volume recovery, the full benefit of restructuring activities, and the completion of a turnaround in the company's largest resin plant [86]

TRINSEO.. February 12, 2024 Introductions & Disclosure Rules • Frank Bozich, President & CEO • Andy Myers, Director of Investor Relations This presentation may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements ...

```markdown Part I - Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended September 30, 2023, show a significant net loss, primarily driven by a large goodwill impairment charge. Total assets decreased compared to year-end 2022, mainly due to the goodwill write-down, while total liabilities remained relatively stable. Shareholders' equity turned into a deficit. The company undertook significant debt refinancing during the period [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2023, Trinseo's total assets were $3.27 billion, a decrease from $3.76 billion at year-end 2022, primarily due to a significant reduction in goodwill from $410.4 million to $61.2 million. Total liabilities were largely flat at approximately $3.3 billion. A key change is the shift in shareholders' equity from a positive $420.3 million to a deficit of $21.4 million, driven by a large accumulated deficit Condensed Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$3,271.2** | **$3,760.2** | | Cash and cash equivalents | $278.6 | $211.7 | | Goodwill | $61.2 | $410.4 | | **Total Liabilities** | **$3,292.6** | **$3,339.9** | | Long-term debt, net | $2,274.2 | $2,301.6 | | **Total Shareholders' Equity (Deficit)** | **($21.4)** | **$420.3** | | Retained earnings (accumulated deficit) | ($177.6) | $264.5 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended September 30, 2023, Trinseo reported a net loss of $436.3 million, a stark contrast to the $65.6 million net loss in the same period of 2022. This was primarily driven by a $349.5 million impairment charge. Net sales declined by 29% to $2.84 billion. The third quarter showed a net loss of $38.4 million on sales of $879.0 million, an improvement from the $119.8 million loss in Q3 2022, despite lower sales Statement of Operations Summary (in millions) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $879.0 | $1,178.1 | $2,837.9 | $3,990.3 | | Gross profit (loss) | $31.3 | ($39.5) | $122.0 | $275.5 | | Impairment and other charges | $0.1 | $1.9 | $349.5 | $39.5 | | Operating income (loss) | ($16.4) | ($99.1) | ($383.4) | $57.0 | | **Net loss** | **($38.4)** | **($119.8)** | **($436.3)** | **($65.6)** | | **Net loss per share- basic** | **($1.09)** | **($3.41)** | **($12.42)** | **($1.81)** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first nine months of 2023, the company generated $131.2 million in cash from operating activities, a significant improvement from $9.4 million in the prior-year period, despite a larger net loss. This was driven by positive changes in working capital, particularly inventories. Investing activities used $11.1 million, significantly less than the prior year due to lower capital expenditures. Financing activities used $48.2 million, mainly for debt repayments partially offset by proceeds from new debt issuance Cash Flow Summary (Nine Months Ended Sep 30, in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Cash provided by operating activities | $131.2 | $9.4 | | Cash used in investing activities | ($11.1) | ($109.8) | | Cash used in financing activities | ($48.2) | ($213.5) | | **Net change in cash** | **$66.9** | **($330.2)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail significant corporate actions and financial events. The company completed a major debt refinancing, repaying the 2024 Term Loan B and part of the 2025 Senior Notes with new 2028 Refinance Term Loans. A goodwill impairment charge of $349.0 million was recorded for the Engineered Materials reporting unit. The company is also managing legal contingencies from the Bristol Spill and an arbitration with Synthos. Several restructuring plans are underway to optimize assets and reduce costs, including plant closures and workforce reductions - On September 8, 2023, the company entered into a new **$1,077.3 million senior secured term loan facility** (2028 Refinance Term Loans) to repay its 2024 Term Loan B in full and redeem **$385.0 million of its 2025 Senior Notes**[56](index=56&type=chunk)[62](index=62&type=chunk)[65](index=65&type=chunk) - A goodwill impairment charge of **$349.0 million** was recorded in Q2 2023 for the Engineered Materials reporting unit due to challenging operating conditions and a revised outlook[69](index=69&type=chunk) - The company is involved in legal proceedings related to a latex emulsion release (the "Bristol Spill") and an arbitration dispute with Synthos concerning the 2021 sale of the Synthetic Rubber business[109](index=109&type=chunk)[125](index=125&type=chunk) - Multiple restructuring plans are in progress, including the closure of a PMMA plant in Denmark, a polyester plant in New Mexico, and a PMMA line in Italy, with expected charges for severance, depreciation, and decommissioning[147](index=147&type=chunk)[154](index=154&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a challenging year-to-date performance, marked by a net loss of $436.3 million for the first nine months of 2023, heavily impacted by a $349.0 million goodwill impairment. Persistent weak demand, especially in building & construction and consumer durables, led to a 29% YTD revenue decline. However, cost control, commercial actions, and restructuring initiatives helped mitigate the impact, leading to positive operating cash flow. The company successfully refinanced its debt, extending maturities to 2028. The outlook for Q4 remains constrained, but the company expects benefits from ongoing restructuring - Persistent weak demand and customer destocking drove a **25% YoY decrease in net sales for Q3** and a **29% decrease for the nine-month period**[179](index=179&type=chunk)[196](index=196&type=chunk) - The company is exploring the divestiture of its Styrenics business, which includes the Feedstocks and Polystyrene segments and its **50% ownership of Americas Styrenics**[170](index=170&type=chunk)[173](index=173&type=chunk) - Despite a challenging environment, the company generated **positive Free Cash Flow of $82.1 million** for the nine months ended Sep 30, 2023, a significant improvement from a **negative $85.4 million** in the prior year, driven by working capital reductions[273](index=273&type=chunk) Adjusted EBITDA Reconciliation (in millions) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net loss from continuing operations | ($38.4) | ($117.9) | ($436.3) | ($63.7) | | Adjustments (Interest, Tax, D&A, etc.) | $67.6 | $64.2 | $459.9 | $269.8 | | Goodwill impairment charges | $0.0 | $0.0 | $349.0 | $0.0 | | **Adjusted EBITDA** | **$40.9** | **($36.6)** | **$134.0** | **$305.5** | [Results of Operations](index=38&type=section&id=Results%20of%20Operations) For Q3 2023 versus Q3 2022, net sales fell 25% to $879.0 million due to lower volumes (8%) and prices (20%). However, gross profit improved to $31.3 million from a loss of $39.5 million, driven by better margins in Feedstocks and Plastics Solutions. For the nine-month period, net sales dropped 29% to $2.84 billion, and gross profit fell 56% to $122.0 million. A significant $349.0 million goodwill impairment charge drove the nine-month operating loss to $383.4 million Q3 2023 vs Q3 2022 Key Changes (in millions) | Metric | Q3 2023 | Q3 2022 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $879.0 | $1,178.1 | ($299.1) | (25%) | | Gross Profit (Loss) | $31.3 | ($39.5) | $70.8 | 179% | | Operating Loss | ($16.4) | ($99.1) | $82.7 | 83% | | Net Loss | ($38.4) | ($119.8) | $81.4 | 68% | Nine Months 2023 vs Nine Months 2022 Key Changes (in millions) | Metric | 9M 2023 | 9M 2022 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $2,837.9 | $3,990.3 | ($1,152.4) | (29%) | | Gross Profit | $122.0 | $275.5 | ($153.5) | (56%) | | Operating (Loss) Income | ($383.4) | $57.0 | ($440.4) | (773%) | | Net Loss | ($436.3) | ($65.6) | ($370.7) | (565%) | [Selected Segment Information](index=42&type=section&id=Selected%20Segment%20Information) Segment performance for Q3 2023 was mixed. Plastics Solutions saw a significant Adjusted EBITDA increase to $22.0 million from a loss of $14.9 million in Q3 2022, driven by improved polycarbonate costs. Feedstocks also improved dramatically due to higher styrene margins. However, Engineered Materials, Latex Binders, and Polystyrene all experienced declines in Adjusted EBITDA due to lower volumes and weaker demand. For the nine-month period, all segments except Feedstocks saw significant declines in Adjusted EBITDA compared to 2022 Segment Adjusted EBITDA (in millions) | Segment | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | Engineered Materials | $4.8 | $7.5 | $4.9 | $76.2 | | Latex Binders | $22.8 | $31.0 | $74.2 | $90.6 | | Plastics Solutions | $22.0 | ($14.9) | $73.1 | $99.8 | | Polystyrene | $9.2 | $18.7 | $31.2 | $87.0 | | Feedstocks | ($19.4) | ($78.0) | ($37.1) | ($59.8) | | Americas Styrenics | $19.0 | $22.8 | $49.1 | $83.8 | | **Total Segment Adjusted EBITDA** | **$58.4** | **($12.9)** | **$195.4** | **$377.6** | [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2023, the company had total liquidity of $492.9 million, consisting of $276.8 million in cash and $216.1 million in available borrowings. Total indebtedness stood at $2.3 billion. The company successfully refinanced its near-term debt, with no significant maturities until May 2028. A key covenant in the new 2028 Refinance Credit Agreement requires maintaining minimum liquidity of $100.0 million. The company was in compliance with all debt covenants as of the reporting date - Total liquidity as of Sep 30, 2023 was **$492.9 million**, including **$276.8 million cash** and **$216.1 million available** under revolving and securitization facilities[277](index=277&type=chunk) - The company's Senior Credit Facility has a springing covenant that limits borrowing capacity to **30% of the revolver** because the first lien net leverage ratio of **6.41x** exceeded the **3.50x threshold**. As of Sep 30, 2023, available borrowing under this facility was **$95.7 million**[280](index=280&type=chunk) - The company believes existing cash and available borrowings are adequate to meet operating needs and liquidity covenants for at least the next 12 months[289](index=289&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company states that there have been no material changes in its exposure to market risks, which include interest rates, foreign currency exchange rates, and commodity prices, from the information provided in its 2022 Annual Report - The company confirms no material changes in its exposure to market risks (interest rate, foreign currency, commodity prices) since its last Annual Report[301](index=301&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of September 30, 2023. There were no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2023[302](index=302&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[304](index=304&type=chunk) Part II - Other Information [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal claims incidental to its business. For details on new matters and material developments during the quarter, the report refers to Note 13 of the condensed consolidated financial statements, which discusses litigation related to the Bristol Spill and other matters - For information on legal proceedings, including new matters and material developments, the company directs readers to Note 13 of the financial statements[306](index=306&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) This section provides material updates to the company's risk factors. Key risks highlighted include the potential failure to successfully divest the styrenics business, which is a key part of its transformation strategy. It also emphasizes risks associated with its substantial indebtedness of approximately $2.3 billion, which could increase vulnerability to economic downturns and limit operational flexibility. The restrictive covenants in its debt agreements, particularly the springing covenant on its revolving credit facility, are also noted as a significant risk - There is a risk that the company may not be successful in the proposed divestiture of its styrenics business, which could be impacted by economic conditions and the ability to find a suitable buyer[309](index=309&type=chunk)[310](index=310&type=chunk) - The company's total indebtedness of approximately **$2.3 billion** could adversely affect its financial condition by increasing vulnerability to downturns and dedicating a substantial portion of cash flow to debt service[311](index=311&type=chunk)[312](index=312&type=chunk) - Debt agreements contain restrictive covenants that may limit the ability to pay dividends, make investments, or incur additional debt. The Senior Credit Facility's springing covenant has limited access to the revolver since March 31, 2023[317](index=317&type=chunk)[320](index=320&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities. A share repurchase program authorized in September 2022 for up to $200.0 million remains in effect, with the full amount still available as of September 30, 2023, as no shares were repurchased during the third quarter - No share repurchases were made during the three months ended September 30, 2023. The full **$200.0 million** remains available under the current share repurchase authorization, which expires 18 months from September 2, 2022[326](index=326&type=chunk) [Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities during the period - **None**[327](index=327&type=chunk) [Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[328](index=328&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) The company states that none of its directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the third quarter of 2023 - No director or officer trading plans under Rule 10b5-1 were adopted, modified, or terminated during the fiscal quarter ended September 30, 2023[329](index=329&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section provides an index of the exhibits filed with the Form 10-Q. Notable exhibits include the new Credit Agreement dated September 8, 2023, and the required CEO and CFO certifications under the Sarbanes-Oxley Act - The Exhibit Index lists key legal documents filed with the report, including the new Credit Agreement from September 2023 and Sarbanes-Oxley certifications[333](index=333&type=chunk) ```

Trinseo PLC (NYSE:TSE) Q3 2023 Earnings Conference Call November 6, 2023 10:00 AM ET Company Participants Andy Myers - Finance Director, Corporate FP&A and IR Frank Bozich - President, CEO & Director David Stasse - EVP, CFO & Interim Principal Accounting Officer Conference Call Participants Frank Mitsch - Fermium Research, LLC David Begleiter - Deutsche Bank Matthew Blair - Tudor, Pickering, Holt & Co. Michael Leithead - Barclays Hassan Ahmed - Alembic Global Advisors Laurence Alexander - Jefferies Operat ...

Trinseo PLC (NYSE:TSE) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET Company Participants Andrew Myers - Finance Director, Corporate FP&A and IR Frank Bozich - President, CEO & Director David Stasse - EVP, CFO & Interim Principal Accounting Officer Conference Call Participants Frank Mitsch - Fermium Research Michael Leithead - Barclays Bank David Begleiter - Deutsche Bank Laurence Alexander - Jefferies Matthew Blair - Tudor, Pickering, Holt & Co. Roger Spitz - Bank of America Merrill Lynch Has ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 June 30, 2023 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: 001-36473 Trinseo PLC (Exact name of registrant as specified in its charter) Ireland N/A (State or other jurisdict ...

Trinseo PLC (NYSE:TSE) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Andy Myers - Director, Investor Relations Frank Bozich - President & Chief Executive Officer David Stasse - Executive Vice President & Chief Financial Officer Conference Call Participants Stefan Diaz - Morgan Stanley Kevin Estok - Jefferies Priya Ranjan - RBC Operator Good morning, ladies and gentlemen, and welcome to the Trinseo First Quarter 2023 Financial Results Conference Call. We welcome the Trinseo m ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 March 31, 2023 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: 001-36473 Trinseo PLC (Exact name of registrant as specified in its charter) Ireland N/A (State or other jurisdic ...

First Quarter 2023 Financial Results & Full-Year Outlook May 4, 2023 ™Trademark of Trinseo PLC or its affiliates Introductions & Disclosure Rules Introductions • Frank Bozich, President & CEO • David Stasse, Executive Vice President & CFO • Andy Myers, Director of Investor Relations Disclosure Rules This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and unde ...