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 may be identified by the use of words like "expect," "anticipate," "believe," "intend," "forecast," "estimate," "see," "outlook," "will," ...

Financial Data and Key Metrics Changes - The company reported a solid performance in Q3 2025, with expectations to grow EPS by $1 to $2 in 2026, even in a flat demand environment [6][7]. - Working capital has been a source of cash amounting to $250 million this year, with expectations for free cash flow in 2026 to be at least $700-$800 million [35][37]. Business Line Data and Key Metrics Changes - In the engineered materials segment, consolidated volumes were down 8% year-over-year, primarily affecting engineered thermoplastics like POM and nylon, while thermoplastic elastomers showed resilience [17][28]. - Pricing pressures were noted in the acetyl chain, particularly in Europe, while stabilization was observed in China [15][16]. Market Data and Key Metrics Changes - The company is experiencing a lower demand base compared to historical levels, with no significant accelerated destocking observed across the board, although some pockets exist [31][33]. - The U.S. assets are running at high rates, with the potential for increased utilization if demand improves [85]. Company Strategy and Development Direction - The company is focused on increasing cash flow, improving cost efficiencies, and driving top-line growth, particularly through its EM pipeline [6][7]. - A divestiture target of $1 billion by the end of 2027 has been set, with the recent Micromax transaction contributing significantly towards this goal [51][52]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving EPS growth despite a challenging demand environment, emphasizing the importance of cost actions and pipeline success [6][7]. - The company is actively evaluating its portfolio for potential divestitures, particularly in areas that do not align with its core business strategies [50][51]. Other Important Information - The company announced a closure of the Narco facility, expected to yield $20 million-$30 million in productivity savings by 2027 [40]. - An impairment related to Zytel and nylon was recorded due to a reduction in market cap, not cash flow projections [69][70]. Q&A Session Summary Question: Early look at 2026 earnings control - Management highlighted priorities for 2026, focusing on cash flow, cost improvements, and top-line growth, with an EPS growth expectation of $1 to $2 [6][7]. Question: Operating rates in the acetyl chain - The lowest-cost assets are running at full capacity, while other assets are flexibly operated based on demand [11][12]. Question: Sequential pricing pressure in the acetyl chain - Pricing pressure has been noted in Europe, with stabilization in China and relative stability in the U.S. [15][16]. Question: Volume decline in engineered materials - The decline is mainly in engineered thermoplastics, while thermoplastic elastomers have shown growth [17][28]. Question: Free cash flow expectations for 2026 - Free cash flow is expected to be at least $700-$800 million, with working capital actions contributing to this [35][37]. Question: Divestiture strategy and portfolio actions - The company is committed to divesting non-core assets, with a target of $1 billion by 2027, and is actively pursuing additional divestitures [50][51]. Question: Impact of European acetate tow closure - Management indicated that the closure would not have ripple effects across the acetates network [98].

Q3 2025 Performance - Celanese reported Q3 2025 Free Cash Flow of $375 million[9] - Adjusted EPS for Q3 2025 was $1.34[9] - Adjusted EBIT for Engineered Materials was $200 million, and for Acetyl Chain was $187 million[9] Q4 2025 Outlook - Celanese anticipates an Adjusted EPS guidance of approximately $0.85 - $1.00 for Q4 2025[14] - The company projects Adjusted EBIT guidance for Engineered Materials to be between $165 million and $175 million, and for Acetyl Chain to be between $165 million and $180 million[15] Strategic Actions and Financial Health - Celanese is on track to achieve a Free Cash Flow target range of $700 million to $800 million for FY2025[27] - The company has a strong liquidity position, including $1.4 billion in cash and cash equivalents, along with a $1.75 billion undrawn revolving credit facility[33] - Celanese plans to use the net proceeds from the Micromax divestiture, valued at approximately $500 million, to pay down debt[22] - Celanese expects cost reduction actions to deliver $120 million in cost savings in 2025, with potential incremental opportunities of $50 million - $100 million[38]

Core Insights - Celanese reported a revenue of $2.42 billion for the quarter ended September 2025, reflecting an 8.7% decline year-over-year and falling short of the Zacks Consensus Estimate of $2.46 billion, resulting in a surprise of -1.69% [1] - The company's EPS was $1.34, down from $2.44 in the same quarter last year, but exceeded the consensus estimate of $1.27 by 5.51% [1] Financial Performance Metrics - Net Sales for the Acetyl Chain segment were $1.06 billion, slightly below the estimated $1.07 billion, marking a 10.8% decrease compared to the previous year [4] - Net Sales from Inter segment eliminations were reported at -$26 million, worse than the estimated -$22.39 million, but showed a 13% improvement year-over-year [4] - Engineered Materials segment reported Net Sales of $1.38 billion, matching estimates but down 6.6% from the year-ago quarter [4] - Operating EBITDA for the Acetyl Chain was $250 million, below the average estimate of $258.55 million [4] - Operating EBITDA for Other Activities was -$48 million, slightly better than the estimated -$49.88 million [4] - Engineered Materials segment achieved an Operating EBITDA of $315 million, exceeding the average estimate of $285.07 million [4] Stock Performance - Celanese shares have declined by 13.4% over the past month, contrasting with a 1.3% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Avient Corporation reported third quarter sales of $806.5 million, a decrease of 1% from $815.2 million in the same quarter last year [1][19] - GAAP earnings per share (EPS) for the third quarter were $0.36, down from $0.41 in the prior year quarter, while adjusted EPS increased to $0.70 from $0.65, reflecting an 8% growth [2][14] - The company expects slightly improved sales performance in the fourth quarter and has updated its full-year adjusted EBITDA guidance to a range of $540 to $550 million [5][14] Financial Performance - Third quarter adjusted EBITDA margins expanded by 60 basis points to 16.5% due to a focus on profitable mix and increased productivity [3] - The company generated strong cash flow, supporting an additional $50 million in debt repayment, bringing the total for the year to $100 million, with an expectation to reduce total debt by $150 million by year-end [5][14] - The adjusted EPS guidance for the full year remains between $2.77 and $2.87, indicating a year-over-year growth of 4% to 8% [5][14] Market Conditions - Weak consumer sentiment, evolving trade policies, and geopolitical uncertainties negatively impacted demand in key markets, particularly in the U.S. and EMEA [4] - Despite these challenges, sales in defense, healthcare, and telecommunications sectors showed strong growth, increasing in the high single digits during the quarter [4] Strategic Focus - The company is committed to disciplined cost control and productivity initiatives to drive margin expansion and earnings growth [5] - Avient is focused on customer engagement and productivity while strategically investing in prioritized growth areas and deleveraging its balance sheet [5][12]

Core Insights - Rogers' shares increased by as much as 17.3% following the release of its third-quarter results, which exceeded analyst expectations [1][3]. Financial Performance - In Q3 2025, Rogers reported a revenue increase of 2.7% year-over-year, reaching $216 million, while adjusted earnings per share decreased from $0.98 to $0.90. This performance surpassed analyst expectations of $0.69 per share on sales of approximately $208 million [3][8]. - The company experienced double-digit sales growth in its industrial, electric vehicle, and aerospace segments, although growth in wireless infrastructure antennas and renewable energy systems was slower [4][8]. Management Changes - Rogers is currently under the leadership of interim CEO Ali El-Haj, who has been in the role since July 14, following the unexpected departure of former CEO Colin Gouveia. The board is in search of a permanent CEO, but El-Haj's strong performance may lead to a long-term appointment [5][6][8].

Financial Data and Key Metrics Changes - The company is targeting a quarterly EPS run rate of $2, which is considered achievable with concrete plans in place [11][15] - Free cash flow generation is prioritized, with a guide of $700 to $800 million for the year, indicating strong operational cash flow despite high interest expenses [21][71] Business Line Data and Key Metrics Changes - In the Engineered Materials segment, there has been a noted weakness in demand, particularly in China and Europe, while the Americas remain stable [8][9] - The Acetyl segment is experiencing a similar trend, with expectations of continued softness in demand for certain products [25][26] Market Data and Key Metrics Changes - The Western Hemisphere is reported to have the lowest acetyl demand in twenty years, impacting overall performance [76] - The company is seeing a shift in customer behavior, with many reducing inventory levels due to uncertainty in demand [85] Company Strategy and Development Direction - The company is focusing on cost structure improvements and executing differentiated business models to enhance profitability [11][15] - There is an emphasis on diversifying the Engineered Materials business beyond automotive applications, targeting sectors like drug delivery and clean energy [96] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current demand environment is weak but expresses confidence in the company's ability to adapt and capture future opportunities [40][41] - The visibility of order books is currently low, complicating predictions for the fourth quarter [62] Other Important Information - The company is actively pursuing divestitures, with a focus on maximizing profitability and reducing complexity in transactions [105][112] - The MicroMax divestiture process is progressing well, with management expressing confidence in achieving their targets [105] Q&A Session Summary Question: What end markets are seeing weakening demand? - Management noted a pullback in China automotive orders and some weakness in European demand, while the Americas remain stable [8] Question: How does the company plan to achieve the $2 EPS target? - The company has identified controllable actions in cost structure and pricing strategies to reach the target, although it may take longer than initially expected [11][15] Question: Are tariffs affecting the tow business in China? - Management confirmed that the tow business in China is not impacted by tariffs as it operates through joint ventures [30] Question: What is the outlook for the acetic acid business in China? - Management indicated that while the market is challenging, they are not speculating on future capacity rationalization due to anti-involution policies [45] Question: How is the company managing its debt maturities? - The company plans to address debt maturities through free cash flow generation and divestiture proceeds, rather than relying on its revolver [64] Question: What is the impact of inventory reduction initiatives on earnings? - Management explained that inventory reduction efforts are expected to have a sequential negative impact on earnings in the short term but are part of a long-term strategy [19][24] Question: How does the company view the current demand environment? - Management expressed that while the demand environment is weak, they are focused on operational efficiency and preparing for future demand changes [40][41]

Core Insights - Celanese Corporation reported second-quarter 2025 earnings from continuing operations of $1.90 per share, an increase from $1.42 in the prior-year quarter, while adjusted earnings were $1.44 per share, down 39.5% from $2.38 a year ago, beating the Zacks Consensus Estimate of $1.38 [1][8] - Revenues for the quarter were $2,532 million, a decrease of approximately 4.5% year over year, but exceeded the Zacks Consensus Estimate of $2,496.5 million, attributed to lower pricing and volumes, with prices falling 4% year over year [2][8] Segment Highlights - The Engineered Materials unit reported net sales of $1,442 million, down around 1.7% year over year, surpassing the estimate of $1,368.7 million, with an operating profit of $165 million and adjusted EBIT of $214 million [3] - The Acetyl Chain segment posted net sales of $1,115 million, down roughly 7.2% year over year, beating the estimate of $1,102.2 million, generating an operating profit of $154 million and adjusted EBIT of $196 million [4] Financials - Celanese ended the quarter with cash and cash equivalents of $1,173 million, up approximately 23.3% sequentially, while long-term debt increased by 2.5% sequentially to $12,689 million [5] - Cash provided by operating activities was $410 million, and free cash flow was $311 million in the reported quarter [5] Outlook - The company anticipates a softer demand environment across most key end-markets for the second half of the year, expecting that slowing demand will partly offset the benefits of cost reduction initiatives, with adjusted earnings per share forecasted in the range of $1.10 to $1.40 for the third quarter [6] - Celanese reaffirms its expectation to generate $700 million to $800 million in free cash flow for 2025 [6] Price Performance - Celanese's shares have declined by 27.4% over the past six months, compared to a 2.3% decline in the industry [7]

Core Insights - Celanese reported revenue of $2.53 billion for the quarter ended June 2025, a decrease of 4.5% year-over-year, but exceeded the Zacks Consensus Estimate by 1.42% [1] - Earnings per share (EPS) was $1.44, down from $2.38 in the same quarter last year, and surpassed the consensus estimate of $1.38 by 4.35% [1] Financial Performance - Net Sales from the Acetyl Chain were $1.12 billion, exceeding the average estimate of $1.1 billion, but reflecting a year-over-year decline of 7.2% [4] - Net Sales from Inter segment eliminations were reported at -$25 million, worse than the estimated -$20.32 million, but showed a significant year-over-year increase of 38.9% [4] - Net Sales from Engineered Materials reached $1.44 billion, above the average estimate of $1.35 billion, with a slight year-over-year decline of 1.7% [4] - Operating EBITDA for the Acetyl Chain was $260 million, below the average estimate of $287.13 million [4] - Operating EBITDA for Other Activities was -$54 million, slightly better than the average estimate of -$56.51 million [4] - Operating EBITDA for Engineered Materials was $326 million, exceeding the average estimate of $278.5 million [4] Stock Performance - Celanese shares have declined by 21.3% over the past month, contrasting with a 2.7% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - Q2 2025 - The company reported a net loss of $106 million and a diluted EPS of negative $2.95[7] - Adjusted EBITDA was $42 million, which included a $10 million unfavorable net timing impact, and was $25 million lower than the previous year due to lower volumes and reduced equity income from Americas Styrenics[8] - Cash provided by operations was $7 million, and capital expenditures were $10 million, resulting in a negative Free Cash Flow of $3 million[10] Sales and Volume Analysis - Q2 2025 - Net sales were $784 million[15, 20] - Sales volume decreased year-over-year by 11% in Europe, 9% in the U S, 17% in Asia-Pacific, and 9% in the Rest of World[15] - Engineered Materials net sales were $293 million, down from $324 million in Q2 2024[23] - Latex Binders net sales were $204 million, a decrease from $252 million in Q2 2024[26] - Polymer Solutions net sales were $287 million, compared to $344 million in Q2 2024[29] Full Year 2025 Outlook - The company anticipates a net loss of approximately $320 million and an Adjusted EBITDA of approximately $200 million[11, 44] - Free Cash Flow is projected to be approximately negative $165 million[11, 44] Sustainability Initiatives - The company achieved five key sustainability goals, including increasing the share of electricity from non-fossil sources from 5% to 30% and reducing Scope 1 & 2 GHG Emissions intensity by 35%[11, 13] - The share of electricity coming from renewable sources increased to 22%, a 4% increase compared to 2023[13] Debt and Liquidity - The company had $139 million in cash at the end of the second quarter, with $2 million restricted, and total liquidity of $399 million[10]