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Core Insights - Hunstman reported a revenue of $1.355 billion in Q4 2025, a year-over-year decline of 6.7%, with a net loss of $96 million, significantly narrowing from a $141 million loss in the same period last year [1] - For the full year 2025, the company achieved a revenue of $5.683 billion, down 5.8% year-over-year, with a net loss of $284 million (approximately 1.96 billion RMB) [1] - The company anticipates a recovery in the chemical industry cycle, although it acknowledges that no significant changes are expected in the short term [1] Business Segment Performance Polyurethanes - In Q4 2025, the Polyurethanes segment generated $897 million in revenue, an 8% decrease from $970 million in the same quarter last year [2] - The annual revenue for this segment was $3.697 billion, down 5% year-over-year, primarily due to an 11% decline in average selling prices of MDI [2] - Adjusted EBITDA for Q4 fell 50% to $25 million, with a full-year adjusted EBITDA of $146 million, down 40% [2] Performance Products - The Performance Products segment reported Q4 revenue of $224 million, a 6% decline year-over-year, with annual revenue of $997 million, down 10% [3] - The decline was attributed to increased market competition leading to a 6% drop in average selling prices, while sales volume remained relatively stable [3] - Adjusted EBITDA for Q4 was $16 million, a 30% decrease, with a full-year adjusted EBITDA of $107 million, also down 30% [3] Advanced Materials - The Advanced Materials segment achieved Q4 revenue of $243 million, a 4% decrease year-over-year, with annual revenue of $1.021 billion, down 3% [3] - This segment experienced a "volume drop, price increase" scenario, with a 7% decline in sales volume due to weak demand in infrastructure coatings and general industrial sectors, although average selling prices rose by 3% due to favorable currency exchange rates [3] - Adjusted EBITDA for Q4 was $36 million, a slight decrease of 3%, with a full-year adjusted EBITDA of $161 million, down 10% [3]