Financial Performance - Net income decreased by 54% year-over-year[12], primarily due to a higher effective tax rate and increased net interest expenses[7] - Adjusted net income also decreased by 54% year-over-year to $109 million[12] - Adjusted EBITDA increased by 6% year-over-year to $562 million[12] - Free cash flow was $402 million, a significant increase of 207% compared to a negative $40 million in the prior year, driven by reductions in working capital[10, 12] Sales Volume - Global sales volume grew by 1% year-over-year[9] - Polymers sales volume increased by 8%[31] - Surfactants sales volume decreased by 2%[26] Segment Performance - Surfactants Adjusted EBITDA decreased by $62 million, or 14%, primarily due to higher expenses associated with the Pasadena site startup, a 2% decrease in sales volume, and higher oleochemical raw material costs[19] - Polymers Adjusted EBITDA decreased by $11 million, or 4%, driven by lower unit margins and unfavorable product mix[19] - Specialty Products Adjusted EBITDA increased by $59 million due to order timing fluctuations and volume growth in the MCT product line[19] Capital Allocation and Debt - Capital expenditures for Q3 2025 were $296 million[35] - Net debt to TTM Adjusted EBITDA ratio is 27[33, 61]

Financial Performance - Reported Net Income increased by 19% year-over-year to $11.3 million[12] - Adjusted Net Income increased by 27% year-over-year to $12.0 million[12] - EBITDA increased by 6% year-over-year to $50.6 million[12] - Adjusted EBITDA increased by 8% year-over-year to $51.4 million[12] - Free Cash Flow decreased by 62% year-over-year to $11.2 million, impacted by higher working capital[10, 12] Volume and Sales - Global sales volume grew 1% year-over-year, driven by Polymers, Crop Productivity, and MCT business, offset by decline in commodity consumer surfactants[9] - Surfactants Adjusted EBITDA decreased by 1% to $34.5 million due to lower demand in commodity consumer end markets, offset by growth in agricultural and oilfield end markets[20, 25] - Polymers Adjusted EBITDA increased by 17% to $25.6 million, driven by sales volume growth in North America and Europe[20, 30] - Specialty Products Adjusted EBITDA decreased by $2.1 million primarily due to order timing fluctuations within the pharmaceutical business[20] Strategic Initiatives - The Pasadena, Texas site is now operational and expected to provide benefits in the specialty alkoxylation business[11, 41] - The company is on track to close the sale of Philippines assets during the fourth quarter[11]