Q3 2025 Financial Performance - The company reported a net loss of $110 million and a negative EPS of $305[8] - Adjusted EBITDA was $30 million, including a $9 million unfavorable net timing impact and negative equity income from Americas Styrenics[8] - Free Cash Flow was negative $38 million due to $22 million cash used in operations and $16 million in capital expenditures[8] - Q3 net sales were $743 million, a decrease of 14% year-over-year, driven by a 7% volume decrease, a 9% price decrease, and a 2% positive impact from foreign exchange[14, 19] Segment Performance - Engineered Materials net sales were $273 million with an Adjusted EBITDA of $34 million[22] - Latex Binders net sales were $198 million with an Adjusted EBITDA of $17 million[25] - Polymer Solutions net sales were $271 million with an Adjusted EBITDA of $4 million[28] Q4 2025 Outlook - The company anticipates a net loss of $170 million to $180 million and an Adjusted EBITDA of $30 million to $40 million[7] - Free Cash Flow is projected to be approximately $20 million, with an expected available liquidity of approximately $365 million at the end of the year[7] Strategic Initiatives - The company announced the cessation of virgin MMA production operations at the Rho and Porto Marghera, Italy facilities and repurposing Rho assets for PMMA recycling activities[7] - The company announced the intention to close the polystyrene production facility in Schkopau, Germany[7] - The company saw 5% growth in strategic growth platforms and 2% volume growth in recycled content containing sales year-to-date[7] Trade Flow Changes - US PMMA imports decreased by 17% year-over-year in Q2, while exports decreased by 20%[10] - US ABS imports increased by 20% year-over-year in Q2, while exports decreased by 22%[10] - European PMMA imports increased by 3% year-over-year in Q2, while exports increased by 7%[10] - European ABS imports increased by 9% year-over-year in Q2, while exports increased by 3%[10]

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]