Celanese (NYSE: CE) boosts EPS, targets $700–$800M 2026 free cash flow
Rhea-AI Filing Summary
Celanese Corporation reported second quarter 2026 adjusted earnings per share of $2.45, including about $0.35 per share of non-cash transaction amortization, its highest level in nearly three years. Companywide operating EBITDA grew by more than 20% versus the prior-year period.
Engineered Materials delivered adjusted EBIT of $234 million and operating EBITDA of $335 million, with margins of 16% and 23%. Growth platforms performed strongly, with medical net sales up 19% and electronics up 11% year-over-year, while portfolio and footprint actions are expected to drive about $30 million of annualized cost savings and double-digit full-year adjusted EBIT growth despite inventory and divestiture headwinds.
The Acetyl Chain generated adjusted EBIT of $321 million and operating EBITDA of $385 million, at margins of 24% and 29%, as net sales rose 28% sequentially and 19% year-over-year, led by Western Hemisphere vinyl chain strength. Free cash flow was $140 million in the quarter, and management now targets 2026 free cash flow of $700–$800 million. The company repaid $508 million and $400 million of 2026 bonds using cash on hand and ended the quarter with total debt of $12.0 billion and net debt of $10.6 billion. Third quarter 2026 adjusted EPS is guided to approximately $1.35–$1.75, with full-year adjusted EPS expected to be about $6.00.
Positive
- Second quarter 2026 adjusted EPS of $2.45, the highest in nearly three years, and operating EBITDA growth of more than 20% year-over-year indicate materially stronger earnings across the portfolio.
- Management targets 2026 free cash flow of $700–$800 million and is executing cost and footprint programs aiming for about $140–$180 million of cumulative cost reductions over 2026–2027, supporting deleveraging.
Negative
- Third quarter 2026 adjusted EPS guidance of $1.35–$1.75 points to lower earnings versus Q2 as supply-related opportunities normalize and higher raw material costs and inventory actions weigh on results.
- Strategic footprint changes bring notable near-term headwinds, including approximately $45 million of inventory-related impacts in Engineered Materials, around $35 million of adjusted EBIT loss from the Micromax® divestiture, and about $40 million of temporary Lanaken inventory-related earnings pressure.
Filing Explained
The August 4 Form 8-K furnishes Celanese’s second-quarter 2026 remarks, slides, and non-GAAP reconciliations for the August 5 webcast; these materials are not deemed filed under Section 18 and will not be incorporated by reference into other SEC filings.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Adjusted EPS: $2.45
Engineered Materials adjusted EBIT: $234 million
Acetyl Chain adjusted EBIT: $321 million
+5 more
8 metrics
Adjusted EPS
$2.45
Second quarter 2026 adjusted earnings per share
Engineered Materials adjusted EBIT
$234 million
Second quarter 2026 segment adjusted EBIT
Acetyl Chain adjusted EBIT
$321 million
Second quarter 2026 segment adjusted EBIT
Free cash flow
$140 million
Free cash flow in second quarter 2026
2026 free cash flow target
$700–$800 million
Management target for full-year 2026 free cash flow
Total debt
$12,007 million
Total debt balance at end of second quarter 2026
Net debt
$10,643 million
Net debt at end of second quarter 2026
Full-year 2026 adjusted EPS target
$6.00
Expected full-year 2026 adjusted earnings per share
Key Terms
adjusted EBIT, operating EBITDA, free cash flow, net debt, +2 more
6 terms
adjusted EBIT financial
"Adjusted EBIT is a performance measure used by the Company"
Adjusted EBIT is a company’s operating profit before interest and taxes, but cleaned up by removing one-time or unusual items that can obscure ongoing performance. Investors use it like a tidied-up report card — it aims to show the underlying profitability of the business by excluding irregular gains, losses, or costs so comparisons across periods or companies are clearer and more meaningful for valuing operational strength.
operating EBITDA financial
"Operating EBITDA is a performance measure used by the Company"
Operating EBITDA is a measure of the cash profit a company generates from its core business activities, calculated by taking earnings and adding back interest, taxes, depreciation and amortization while excluding one‑time items and non‑operating income. For investors it acts like checking how much money a store makes from selling its products before financing, taxes and accounting charges, helping compare operational performance across companies and periods.
free cash flow financial
"we generated $140 million of free cash flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
net debt financial
"Net debt | | | | | | | 10,643"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Grow & Fortify strategy financial
"We continue to make meaningful progress against our Grow & Fortify strategy"
non-GAAP financial measures financial
"These prepared comments refer to Non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Celanese (CE) second quarter 2026 adjusted EPS and key earnings metrics?
Celanese reported second quarter 2026 adjusted EPS of $2.45, including about $0.35 per share of non-cash transaction amortization. Companywide operating EBITDA increased by more than 20% versus the prior-year period, reflecting stronger performance in both Engineered Materials and the Acetyl Chain.
How did Celanese (CE) segments perform in Q2 2026?
Engineered Materials delivered Q2 2026 adjusted EBIT of $234 million and operating EBITDA of $335 million, with margins of 16% and 23%. The Acetyl Chain generated adjusted EBIT of $321 million and operating EBITDA of $385 million, achieving margins of 24% and 29% and 19% year-over-year net sales growth.
What guidance did Celanese (CE) give for Q3 2026 and full-year 2026 EPS?
For third quarter 2026, Celanese expects adjusted EPS of approximately $1.35–$1.75, reflecting moderating supply-related benefits and higher input costs. Management continues to expect full-year 2026 adjusted EPS of about $6.00, incorporating footprint optimization impacts and growth initiatives across both business segments.
What free cash flow targets did Celanese (CE) outline for 2026?
Celanese generated $140 million of free cash flow in second quarter 2026 and expects free cash flow to be weighted to the second half of the year. The company increased its 2026 free cash flow target to $700–$800 million, supported by earnings, structural inventory improvements, and restrained capital spending.
How is Celanese (CE) addressing debt and leverage after Q2 2026?
In 2026 Celanese repaid a $508 million bond due July 19 and a $400 million bond due August 5 using cash on hand, leaving no additional 2026 bond maturities. At quarter-end, total debt was $12,007 million, net debt was $10,643 million, and the $1.75 billion revolver was fully undrawn.
What cost reduction and footprint optimization plans does Celanese (CE) have for 2026–2027?
Celanese targets about $140–$180 million of cumulative cost reductions over 2026–2027 from Engineered Materials “Grow & Fortify” programs, Acetyl Chain footprint optimization including the Lanaken closure, functional cost savings, and lower net interest expense, alongside approximately $30 million of annualized EM savings and $20–$25 million from Lanaken.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (972 ) 443-4000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 7.01 Regulation FD Disclosure
On August 5, 2026, Scott A. Richardson, President, Chief Executive Officer and Director of Celanese Corporation (the "Company"), will make a presentation to investors and analysts via a webcast hosted by the Company at 10:00 a.m. ET (9:00 a.m. CT) regarding the Company's financial results for its second quarter 2026. The webcast, press release, prepared remarks from management and a slide presentation may be accessed on our website at investors.celanese.com under News & Events / Events Calendar. A copy of the prepared remarks and a copy of the slide presentation posted for the webcast are attached to this Current Report on Form 8-K ("Current Report") as Exhibit 99.1(a) and Exhibit 99.1(b), respectively, and are incorporated herein solely for purposes of this Item 7.01 disclosure. During the webcast, management may make, and management's prepared remarks and the attached slide presentation contain, references to certain Non-US GAAP financial measures. Non-US GAAP financial measures appearing in management's prepared remarks are defined and reconciled to the most comparable US GAAP financial measure in our Non-US GAAP Financial Measures and Supplemental Information document furnished with this Current Report as Exhibit 99.2 (and available on our website) and incorporated herein solely for purposes of this Item 7.01 disclosure.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being furnished herewith:
| Exhibit Number | ||||||||
Description | ||||||||
| 99.1(a) | Prepared Remarks from Management dated August 4, 2026* | |||||||
| 99.1(b) | Slide Presentation dated August 4, 2026* | |||||||
| 99.2 | Non-US GAAP Financial Measures and Supplemental Information dated August 4, 2026* | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document contained in Exhibit 101) | |||||||
* In connection with the disclosure set forth in Item 7.01, the information in this Current Report, including the exhibits attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CELANESE CORPORATION | |||||||||||
| By: | /s/ ASHLEY B. DUFFIE | ||||||||||
| Name: | Ashley B. Duffie | ||||||||||
| Title: | Senior Vice President, General Counsel and Corporate Secretary | ||||||||||
| Date: | |||||||||||
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Exhibit 99.1(a)
Second Quarter 2026 Earnings Prepared Comments
Bill Cunningham, Celanese Corporation, Vice President, Investor Relations
This is the Celanese Corporation second quarter 2026 earnings prepared comments. The Celanese Corporation second quarter 2026 earnings release was distributed via Business Wire this afternoon and posted on our investor relations website, investors.celanese.com. As a reminder, some of the matters discussed below may include forward-looking statements concerning, for example, our future objectives and plans. Please note the cautionary language contained at the end of these comments. Also, some of the matters discussed include references to non-GAAP financial measures. Explanations of these measures and reconciliations to the comparable GAAP measures are included on our investor relations website under Financial Information/Non-GAAP Financial Measures. The earnings release and Non-GAAP information and the reconciliations are being furnished to the SEC in a Current Report on Form 8-K. These prepared comments are also being furnished to the SEC in a separate Current Report on Form 8-K.
On the earnings conference call tomorrow morning, management will be available to answer questions.
Scott Richardson, Celanese Corporation, President and Chief Executive Officer
Today, we are pleased to report second quarter 2026 adjusted earnings per share of $2.45 (inclusive of approximately $0.35 per share of non-cash transaction amortization1), our highest in nearly three years. The results demonstrate the underlying strengths of our business and reflect the resilience of our differentiated business models, the flexibility of our global production and supply chain networks, and the agility of our teams. We also continued to advance the growth platforms and strategic initiatives that we believe are creating value today while enhancing the future earnings power of Celanese.
I want to thank our global teams for their commitment and decisive actions to capture value, leverage the flexibility of our global manufacturing footprint, and capitalize on opportunities created by shifting macroeconomic dynamics. As we anticipated, supply disruptions that emerged during the quarter proved
1 Calculated as intangible amortization from transactions divided by diluted weighted average shares outstanding.
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transitory to some extent, especially in China, and our businesses were well positioned both to capture those opportunities and to continue performing even while supply-related dislocations began to moderate.
In the second quarter, both businesses demonstrated strong commercial performance. Sequentially, volume growth, pricing actions, and favorable mix drove meaningful earnings expansion. On a year-over-year basis, we increased net sales despite continued soft demand conditions, reflecting our ability to capture value through disciplined pricing, reliable global supply, and the differentiated capabilities of our product portfolio. These deliberate actions contributed to operating EBITDA growth of more than 20 percent versus the prior-year period and reinforced Celanese's ability to perform even in an environment in which underlying demand remains below historical norms.
In Engineered Materials (EM), we continued to reposition our specialty portfolio toward higher-value applications, driving favorable pricing and mix outcomes. We also gained momentum across several strategic growth platforms, most notably in medical and electronics, demonstrating the benefits of initiatives that are expanding our participation in attractive, higher-growth end markets. In the Acetyl Chain (AC), we leveraged our differentiated network to effectively serve customers across the Western Hemisphere, particularly in Europe, despite global supply disruptions. Customers increasingly prioritized security and reliability of supply, and our ability to consistently meet those needs reinforced the value of our integrated global network. Collectively, our efforts drove a strong earnings outcome and further validated the resilience, growth potential, competitive advantages, and earnings power of our two businesses.
During the quarter, we continued to take decisive steps to advance our strategic priorities of driving growth, intensifying cost improvements, and strengthening cash generation to support deleveraging. We completed the closure of our EM compounding facility in Ulsan, South Korea, with production transferred to more efficient assets elsewhere in the region, further advancing our Grow & Fortify strategy. Subsequent to the quarter, we also completed, ahead of schedule, the previously announced optimization of our nylon 6,6 manufacturing network. We are also on track to complete the planned closure of the acetate tow facility in Lanaken, Belgium in the third quarter. Together, these initiatives are expected to deliver over $50 million of annualized fixed-cost savings while strengthening the competitiveness, flexibility, and long-term earnings profile of our businesses.
Now, let me turn to the specifics of our businesses.
Engineered Materials generated second quarter adjusted EBIT of $234 million and operating EBITDA of $335 million at margins of 16 and 23 percent, respectively. Strong commercial execution and increasing
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contributions from our strategic growth platforms drove the highest quarterly total variable margin contribution in the history of the business.
We saw encouraging momentum across a number of our strategic growth platforms. For example, our medical and electronics businesses both delivered double-digit growth in net sales in the second quarter, supported primarily by volume increases versus the prior-year period. In medical, net sales increased 19 percent year-over-year, driven by strength in medical implants and injectable pen applications. In electronics, net sales increased 11 percent year-over-year, primarily reflecting further penetration in connectors and electronic components. Our performance in the quarter across these and other targeted applications more than offset continued macroeconomic weakness in the automotive end market, as global vehicle builds were down slightly in the quarter compared to the prior year period.
The benefits of these efforts were evident across the broader business. Excluding the impact of the Micromax® divestiture, second quarter net sales increased 6 percent versus the prior-year period, driven by a 5 percent increase in pricing, stable volumes, and a modest currency benefit. Sequentially, performance was even stronger, with net sales increasing 13 percent, reflecting a 6 percent improvement in pricing and a 7 percent improvement in volume, again excluding the impact of the Micromax® divestiture.2 Volume performance also benefited modestly from customer ordering patterns that accelerated certain demand into the quarter amid industry supply uncertainty.
Our sequential top-line growth was driven by mix enrichment, pricing improvement, and increased volumes. These results reinforce the value of our disciplined, intentional approach to higher-value applications and higher-quality growth within EM.
Our results also demonstrated the operational excellence of the EM network. In addition to completing the closures associated with our nylon 6,6 footprint optimization and our Ulsan, South Korea facility ahead of schedule, we also successfully executed the planned POM turnaround, the largest undertaken by the EM business in the past five years. Despite approximately $15 million of turnaround costs, results exceeded the midpoint of our guidance range by 17 percent and represented the strongest quarterly earnings performance for the business in nearly two years.
We continue to make meaningful progress against our Grow & Fortify strategy, which is designed to strengthen the competitiveness and earnings profile of Engineered Materials by accelerating participation
2 Comparison excludes Micromax® sales from the second quarter 2025 and the first quarter of 2026. The divestiture of Micromax® closed on February 2, 2026. When Micromax® sales are included, year-over-year net sales were flat, consisting of a 6 percent decline in volume, a 5 percent increase in price, and a 1 percent increase in currency. Sequentially, sales were up 9 percent, consisting of 3 percent increase in volume and a 6 percent increase in price when Micromax® sales are included.
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in attractive, higher-growth end markets. These actions reflect a deliberate reshaping of EM's operational footprint and commercial capabilities to better align with evolving customer and end-market requirements, while maintaining customer confidence, supply reliability, product quality, and our ability to innovate.
Our steps to fortify the foundation of the business, as demonstrated by our nylon 6,6 footprint transformation, are also enabling acceleration of the next phase of growth for Engineered Materials. The steps we are taking today are allowing us to align resources toward the end markets, applications, and technologies where we see the greatest opportunities to create value.
Our growth strategy is focused on high-value applications where Celanese possesses differentiated materials, technical capabilities, and strong customer relationships. The resulting portfolio mix, with greater exposure to higher‑growth end markets such as electronics, data center server componentry, medical devices, and electric vehicles, is expected to create durable and attractive growth vectors for the business. We have prioritized approximately 30 growth subsegments, and we continue to see encouraging momentum across these platforms, which contributed positively to mix and earnings quality in the quarter. A few examples illustrate the opportunities ahead:
•AI Infrastructure (Electronics): We are leveraging our differentiated portfolio of high-performance polymers in high-speed connectors, thermal management systems, and fiber optics and cable applications supporting AI infrastructure. The specialty polymer demand for an AI server is approximately three times greater than for a conventional server. We estimate our addressable space within this market is growing at roughly 20 percent annually, driven by increasing demand for higher data rates, greater power density, and more sophisticated thermal management requirements. Through this, we estimate a serviceable, addressable market opportunity of over $1.0 billion by 2030.
•Electric Drive Unit (Automotive): As vehicle electrification continues, increasing complexity drives demand for high-performance polymer solutions in areas like high-voltage connectors and thermal management. We estimate this market to deliver double-digit growth through the end of the decade, supported by continued growth in hybrid and battery electric vehicles, expansion of charging infrastructure, and increasing vehicle complexity. We estimate a serviceable, addressable market opportunity of over $1.0 billion by 2030 in this application area alone.
•Drug Delivery & Patient Monitoring (Medical): Growing chronic disease prevalence, broader adoption of self-administered therapies, and increasing use of home-based patient monitoring continue to drive demand for advanced medical devices. Our addressable space in these areas is
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estimated to be growing at approximately 6 percent annually, focused on applications like auto injectors, inhalers, and continuous patient monitoring systems. Through this, we estimate an addressable market opportunity approaching approximately $500 million by 2030. Our long-standing relationships across the medical device ecosystem and differentiated materials portfolio position us well to capitalize on these trends.
These opportunities represent the type of higher-value, margin-accretive growth that EM's Grow & Fortify strategy is designed to capture. By combining targeted growth investments with continued footprint optimization, cost discipline, and supply chain flexibility, we are building a more competitive and resilient business capable of delivering sustainable earnings growth over time.
In the third quarter, we anticipate EM earnings to moderate sequentially, primarily reflecting the flow-through of higher raw material costs that lagged pricing actions taken in the second quarter. Additionally, we expect headwinds from lower equity earnings from Ibn Sina due to supply chain disruptions. These headwinds are expected to be partially offset by the absence of the second quarter POM turnaround costs, productivity benefits including initial benefits from the nylon 6,6 optimization, and ongoing progress in driving our growth platforms and innovation pipeline. Based on these factors, we expect third quarter adjusted EBIT of $190 to $210 million and operating EBITDA of $285 to $305 million.
More broadly, EM is positioned to deliver earnings growth in 2026 despite absorbing significant near-term headwinds associated with strategic initiatives designed to strengthen the business over the long term. These include approximately $45 million of inventory-related impacts primarily from the nylon 6,6 and Ulsan footprint optimizations, largely incurred during the second half of 2026, and approximately $35 million of adjusted EBIT associated with the Micromax® transaction. In addition, we expect an estimated $10 million reduction in equity earnings from the temporary disruptions at Ibn Sina. Even after absorbing these headwinds, we continue to expect double-digit full-year EM adjusted EBIT growth, demonstrating the impact of our focus on growth and the strength of the underlying business.
These same footprint actions are expected to generate approximately $30 million of annualized cost savings, with roughly half realized in the remainder of 2026 and the rest in 2027. Together with our ongoing growth initiatives, they are improving the quality of the portfolio, strengthening the competitiveness of the business, and enhancing the long-term earnings profile of EM.
The Acetyl Chain delivered second quarter adjusted EBIT of $321 million and operating EBITDA of $385 million, at margins of 24 and 29 percent, respectively, as net sales increased by 28 percent sequentially and by 19 percent year-over-year. Results were the strongest since the second quarter of 2023
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and reinforced that the primary driver of earnings power is our advantaged position in the Western Hemisphere, not conditions in China. As anticipated, pricing and margin opportunities in China proved temporary, peaking in March and April and largely returning to pre-disruption levels in the middle of the quarter. At the same time, conditions in Europe continued to support attractive opportunities as customers increasingly prioritized reliable supply. Results also included approximately $40 million of equity earnings from the acetate tow dividend, which resumed in the second quarter following its typical first-quarter absence. Even excluding this benefit, earnings increased approximately $150 million versus the first quarter, driven by disciplined commercial execution, network flexibility, and the reliability of supply that customers have come to expect from Celanese.
Performance in the quarter was led by the vinyl chain, where higher volumes and strong margin expansion drove nearly three-fourths of the sequential earnings growth. Approximately 80 percent of the vinyl chain earnings improvement originated in the Western Hemisphere, supported by the rapid restart of the Frankfurt VAM unit, which was back in operation within six weeks and reinforced our position as a preferred supplier through reliability of supply. In acetate tow, destocking trends slightly moderated and customer order patterns began to normalize. Supported by disciplined cost control, acetate tow continued to stabilize ahead of the planned Lanaken closure.
More broadly, the quarter demonstrated the differentiated capabilities of the Acetyl Chain business model and reinforced the importance of the Western Hemisphere as the driver of earnings growth for the business. Our teams anticipated the impacts of supply disruptions early, acted quickly to capture available opportunities, and successfully repositioned the business as trade flows and pricing dynamics began to normalize. This performance was achieved against a backdrop of generally soft underlying demand across key Western Hemisphere end markets like paints, coatings, construction, and adhesives. As demand conditions ultimately recover, we are confident that the combination of our advantaged asset base, reliable supply, and enhanced customer relationships positions the business to generate even greater value, independent of short-term pricing and supply dynamics in China. The ability to perform effectively through both phases of the cycle continues to highlight the differentiated cost position, agility, and earnings power of the Acetyl Chain.
Looking to the third quarter, we anticipate sequential moderation as pricing and margin opportunities associated with recent supply disruptions continue to ease. Based on these dynamics, we expect third quarter adjusted EBIT of $220 to $250 million and operating EBITDA of $285 to $315 million. We continue to expect the Western Hemisphere to remain the primary driver of Acetyl Chain performance,
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supported by cost advantages associated with our Clear Lake asset, customer relationships, share gains, and commercial opportunities that benefited from our demonstrated reliability during the quarter.
As we move through the second half of the year, our focus remains on sustaining the commercial momentum established during the quarter while continuing to improve the competitiveness of the network. Key priorities include:
•Maintaining recently won volumes and new customer relationships, particularly in regions where customers increasingly prioritized reliability of supply.
•Expanding VAE sales opportunities in the Western Hemisphere, leveraging our differentiated position in downstream applications and the recent startup of the Frankfurt VAE reactor.
•Maximizing the utilization of our low-cost U.S. asset base, while balancing regional supply and demand dynamics across the network.
•Continuing cost productivity initiatives across the network.
•Finalizing the closure of the acetate tow facility at Lanaken.
•Strengthening supply chain agility and manufacturing flexibility, including optimizing production across our asset base to improve overall network performance.
The Lanaken closure illustrates both the near-term costs and longer-term benefits of our actions. We expect annualized cost savings of $20 to $25 million, with approximately one-third realized in 2026 and the remainder in 2027. These benefits will be partially offset by approximately $40 million of temporary earnings headwinds associated with inventory reductions, split roughly evenly between the second half of 2026 and 2027.
While the business is already built upon highly advantaged and globally integrated upstream assets, our disciplined growth strategy within AC is increasingly focused on directing more molecules into higher-value downstream applications. These include emulsions and redispersible powders serving building and construction applications such as tile adhesives, insulation systems, waterproofing solutions, and flooring, as well as selected opportunities in specialty adhesives and coatings. While underlying construction and remodeling activity in both Europe and North America remains below historical levels, these applications are proving to be areas of growth and are well positioned to benefit further as those markets continue to recover.
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Collectively, these actions are strengthening the quality and durability of Acetyl Chain earnings and positioning the business to continue generating strong results across a range of market conditions.
Chuck Kyrish, Celanese Corporation, Senior Vice President and Chief Financial Officer
Our teams continued to execute against our financial priorities in the second quarter. The strong earnings performance delivered across both businesses continues to support cash generation and reinforces the financial trajectory we outlined at the beginning of the year.
Let me first provide an update on cash flow performance, which remains our highest priority. In the second quarter, we generated $140 million of free cash flow. Conversion of the quarter's strong earnings into cash was partially delayed by timing impacts of working capital, which was a use of cash of $178 million in the second quarter, primarily due to higher pricing and raw material costs. We expect these timing impacts to begin unwinding during the second half of the year and benefit free cash flow both this year and potentially in 2027, with the timing dependent on market conditions. Due to these effects, we expect free cash flow generation to be weighted toward the second half, similar to 2024, and to remain positioned to deliver on the 2026 free cash flow target of $700 to $800 million.
Looking ahead, we expect the cash generation achieved in 2026 to provide a solid foundation entering 2027, supported by continued structural inventory improvements, lower cash costs related to restructuring activities, continued discipline in capital expenditures within our targeted annual range of $300 to $350 million, and increasing contributions from the growth and productivity initiatives currently underway across both businesses.
In June we repaid the $508 million bond due July 19 with cash on hand and have since deployed cash on hand to repay the $400 million bond due August 5. With these actions, we will have no other bond maturities in 2026. We remain confident in our ability to manage our near-term maturities with current cash on hand, sustainable free cash flow generation and proceeds from our targeted divestitures. Our $1.75 billion revolving credit facility is also fully undrawn and provides us the flexibility to temporarily bridge timing of debt repayment if needed. Finally, we have the ability to be opportunistic in the debt capital markets and execute refinancing transactions to proactively optimize our debt maturity levels over the next few years, to align them with a conservative view of our cash generation capabilities.
Turning to Other Activities, in the second quarter we reported a net expense of $85 million in adjusted EBIT and $71 million in operating EBITDA. We expect an average quarterly adjusted EBIT net expense
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of approximately $80 million across the full year. Expense in the second quarter and forecast for the year are both higher than our previous expectations due primarily to an increase in compensation accruals.
The effective tax rate for adjusted earnings was 8 percent in the second quarter, and we continue to expect a similar rate for full-year 2026 based on the anticipated jurisdictional earnings mix and consideration of other non-recurring U.S. GAAP items.
The progress we are making on earnings, cash generation, and deleveraging is tangible and measurable, and we remain firmly focused on reducing leverage further and continuing to drive sustainable business improvement to strengthen the financial position of Celanese.
Scott Richardson, Celanese Corporation, President and Chief Executive Officer
Looking to the third quarter, we expect continued normalization of supply-related opportunities within the Acetyl Chain, along with the impact of higher raw material costs and inventory effects associated with the nylon 6,6 and Lanaken footprint optimizations. Based on these dynamics, we anticipate third quarter adjusted earnings per share of approximately $1.35 to $1.75.
While our earnings in the second half are expected to moderate as compared to our strong second quarter, we remain focused on executing the actions within our control. The second half will reflect a greater impact from inventory actions associated with the accelerated Lanaken closure, as well as some incremental impact to volume following customer order timing benefits realized in the second quarter. In Engineered Materials, we continue to advance growth platforms, segment strategies, and innovation initiatives that are improving mix and creating opportunities for growth in our priority segments. In the Acetyl Chain, we remain focused on sustaining recently won customer positions, expanding downstream participation, and capturing available margin opportunities. Considering these factors, we continue to expect full-year adjusted earnings per share of approximately $6.00.
As we begin looking beyond 2026, a number of the supply-related opportunities that contributed to second quarter performance are not expected to recur. At the same time, we expect to benefit from the cumulative impact of actions already underway across the company, including cost reduction initiatives, footprint optimization programs, lower net interest expense resulting from continued deleveraging, and growth investments across both businesses.
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Moving forward, our strategic priorities remain unchanged: increasing cash flow to accelerate deleveraging, intensifying cost improvements, and driving top-line growth. Our performance in the second quarter reinforces our expectation that we will exit 2026 with significant improvement to our net debt-to-operating EBITDA ratio. Despite continued uncertainty across many of our end markets, the actions we are taking across both businesses are strengthening the competitiveness, growth potential, and earnings power of Celanese while positioning the company for future earnings growth.
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Forward-Looking Statements
These prepared comments may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in these comments. These risks and uncertainties include, among other things: the ability to successfully achieve planned cost reductions; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; additional impairment of goodwill or intangible assets; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with the Company's strategy; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; changes in currency exchange rates and interest rates; tax rates and changes thereto; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
Beginning with the reporting period ending June 30, 2026, the Company revised its presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. Previously, Other Income (Expense) Attributable to Celanese Corporation was included with the presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. To provide a better understanding for readers of the U.S. GAAP results of the Company’s non-consolidated equity investments by presenting such results in isolation and better align with how management assesses such results, Other Income (Expense) Attributable to Celanese Corporation is now included with Non-Operating Pension, Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation. Prior periods presented have been revised to reflect this change.
Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
Non-GAAP Financial Measures
These prepared comments, and statements made in connection with these prepared comments, refer to Non-GAAP financial measures. For more information on the Non-GAAP financial measures used by the Company, including the most directly comparable GAAP financial measure for each Non-GAAP financial measure used, including definitions and reconciliations of the differences between such Non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Financial Document Library.
11
Investor Presentation Q2 2026 August 2026
Celanese Corporation Disclosures Forward-Looking Statements This presentation may contain "forward-looking statements," which include information concerning Celanese Corporation’s (the “Company”) plans objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this presentation. These risks and uncertainties include, among other things: the ability to successfully achieve planned cost reductions; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; additional impairment of goodwill or intangible assets; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with the Company's strategy; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia- Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; changes in currency exchange rates and interest rates; tax rates and changes thereto; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. Results Unaudited The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Historical results should not be taken as an indication of the results of operations to be reported for any future period. Pro forma financial information herein is preliminary and subject to change. Presentation This document presents the Company’s two business segments, Engineered Materials and Acetyl Chain. Non-GAAP Financial Measures This presentation, and statements made in connection with this presentation, may refer to non-GAAP financial measures. For more information on the non-GAAP financial measures used by the Company, including the most directly comparable GAAP financial measure for each non-GAAP financial measures used, including definitions and reconciliations of the differences between such non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 2
Discussion Topics 3 Earnings update Key actions and near- term imperatives
Q2 2026 results and highlights Q2 2026 Results 4 Q2 2026 Highlights * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. Engineered Materials (EM) Delivered highest total variable margin in EM history Strong contribution from strategic growth platforms, particularly in medical and electronics Price execution and continued cost reduction initiatives Completed closure of Ulsan, South Korea compounding site, strengthening the foundation for growth Acetyl Chain (AC) Strong Western Hemisphere (WH) value capture in vinyl chain through reliable supply and cost-advantaged assets Well positioned to maintain share gains and customer relationships established during the quarter Successfully capitalized on near-term opportunities Q2 results driven by maximizing near-term opportunities while continuing to enhance our differentiated business models $2.45 ADJUSTED EPS* $140 M FREE CASH FLOW* ADJUSTED EBIT* BY BUSINESS SEGMENT $321 M ACETYL CHAIN $234 M ENGINEERED MATERIALS
Continued focus in EM on growth platforms, while mitigating higher input costs Drive AC business model to maximize margin opportunity in Western Hemisphere as supply- related opportunities normalize Successfully completed nylon 6,6 footprint optimization steps and completing shut down of tow operations in Lanaken, Belgium Footprint optimization actions create second half earnings headwinds while improving outlook for free cash flow* and future earnings power Q3 2026 outlook Q3 2026 Outlook 5 Q3 2026 Focus Areas * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. $1.35 - $1.75 ADJUSTED EPS* GUIDANCE ADJUSTED EBIT* GUIDANCE BY BUSINESS SEGMENT $220 M – $250 M ACETYL CHAIN $190 M – $210 M ENGINEERED MATERIALS Executing actions to strengthen earnings quality, cash generation, and future growth Targeting FY adjusted EPS* of ~$6.00 / share
Continued execution of actions drives sustained value creation in 2026 and beyond 6 Reduced total debt by fully repaying 2026 maturities Actions enable increased free cash flow* target to $700 - $800 million in 2026 Targeting additional $500 million in divestitures by end of 2027 Targeting ~$140 to $180 million incremental cost reductions in 2026-2027 Announced footprint optimization actions Lanaken, Belgium Nylon facility at Sakra, Singapore Optimization of N.A. nylon facilities Compounding facility at Ulsan, South Korea Net Interest expense1 reductions expected to be realized in 2027 Initiated commissioning of downstream VAE reactor in AC EM pipeline enrichment through focus on high margin applications Compounding enhancements in EM to support areas like liquid crystal polymers and medical grades Capturing downstream vinyl chain demand from targeted growth applications in building and construction Expecting to deliver full-year 2026 double- digit EM adjusted EBIT* growth INCREASE CASH FLOW DRIVE TOP LINE GROWTH INTENSIFY COST IMPROVEMENT * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 1 Interest expense, net of interest income
Functional Cost and Net Interest Expense Reductions Actions underway support ~$140 M to $180 M of cumulative cost reduction realization in 2026-2027 7 Engineered Materials Grow & Fortify Cost Programs Acetyl Chain Footprint Optimization and Productivity Lower functional costs, including SG&A reductions + decreases in net interest expense Cost Reduction Initiatives Expected Cost Reduction Realization Targets by Year ($M) Targeting $80 M - $100 M improvement in 2027, as net interest expense savings begin realization ~$15 + $10 $40 - $50 $15 - $20 $10 - $20 Cost programs to fortify the foundations for growth initiatives of EM, including nylon 6,6 optimization $20 - $25 Lanaken, Belgium closure and other productivity projects to support AC 2026 2027 20272026 ~$20M - $25M~$10MFunctional cost ~$30M - $40M-Net int. exp. reduction 20272026 ~$15M - $20M~$15MNylon 6,6 optimization TBD~$25M - $35MOther cost reductions 20272026 ~$10M - $15M~$5M - $10MLanaken closure TBD~$5M - $10MProductivity projects $30 - $40
Execution of the Grow and Fortify strategy is already driving EM earnings performance in 2026 8* Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. ESTIMATE $124 $213 $200 $183 $220 $234 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 $190 - $210 EM ADJ. EBIT*, $M Actions Driving Strong Q1-Q3 2026 Performance & YoY Growth → Drive disciplined commercial execution → Improve mix shift to higher margin segments and drive pipeline quality and diversification → Reconfigure assets and simplify footprint to structurally lower costs, providing earnings leverage in demand recovery → Strengthen cash generation through inventory discipline Grow: Fortify: ACTUAL +20% - 24% Expected Adj. EBIT* growth through first three quarters → Improved quality and diversity of pipelin unlocks broad portfolio and application development capabilities → Lower cost structure provides significant arning leverage in demand recovery → Strategic a tions position EM for long-term success and Fortify Strategy: Expect to deliver YoY growth despite significant inventory absorption associated with nylon 6,6 footprint optimization as well as Micromax® divestiture
Year-over-year Sequentially EM’s Grow and Fortify strategy drives disciplined, intentional approach focused on high quality growth 9 + 3k # of FDA-cleared devices introduced annually4 ~$0.5B Addressable Market Opportunity in 2030 ~$1B Addressable Market Opportunity in 2030 30% + 3x AI server shipments YoY growth until 20301 High-speed connectors Thermal management Fiber optics & cables Auto Injectors Inhalers Continuous patient monitoring 2.5x Effective low-dosage therapies available by 2030 vs. 20253 Other high-value, priority growth platforms include additional data center componentry, medical devices, and electric vehicles YoY Net Sales Increase – Medical and Electronics 2nd Quarter 2026 % Increase in Net Sales – all EM5 + 19% + 11% Medical Electronics 2Q 2025 2Q 2026 +6% Strong focus on attractive, high-growth subsegments like AI and medical… …delivers near-term and longer-term growth AI Infrastructure Drug Delivery & Patient Monitoring CE Applications 1. Trendforce 3. JP Morgan Global Research 2. Internal Estimate 4. FDA510 Clearance +13% 5. Comparison excludes Micromax® sales from the second quarter 2025 and the first quarter of 2026. The divestiture of Micromax® closed on February 2, 2026. When Micromax® sales are included, year-over-year net sales were flat, consisting of a 6 percent decline in volume, a 5 percent increase in price, and a 1 percent increase in currency. Sequentially, sales were up 9 percent, consisting of 3 percent increase in volume and a 6 percent increase in price. Polymer demand in AI servers vs conventional2
131 321 Q1 2026 Q2 2026 Western Hemisphere focus drives AC earnings power and future growth opportunity * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. ** Based on internal company estimates 10 Industry leading reliability makes AC a preferred partner for customers Ability to supply Western Hemisphere from lowest cost, lowest carbon footprint** Clear Lake site Evolution towards downstream derivatives creates greater value in Western Hemisphere Well positioned to capture demand recovery Average Percent of AC Net Sales Derived from WH Adjusted EBIT* ($M) Advantaged asset base, reliable supply, and strong customer relationships position AC to generate outsized value, regardless of supply dynamics in China 61% 68% 68% 70% 73% 73% 2021 2022 2023 2024 2025 2Q 2026 Increasing Focus in WH and Leveraging Downstream Margin Stability 2025 WH Acid Derivative Margin Advantage (2025) ~3x Western Hemisphere Represents US cost advantage in moving molecules downstream Eastern Hemisphere
Actions underway to deliver sustainable free cash flow* baseline of $700 - $800 million in 2026 and beyond 11* Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. Differentiated business models and strong execution underpin sustainable cash generation capabilities 2024 2025 2026 Target $498 M ACTUALS ESTIMATE $773 M $700 -$800 M FY Free cash flow* generation 2024 – 2026 ($M) → Timing dependent on market conditions and working capital dynamics → Potential year-end impact from higher inventory value driven by cost escalations as well as elevated accounts receivable balances Actions drive resilient and sustainable free cash flow* execution Incremental earnings benefit free cash flow* across 2026 and 2027 $143 M 1H 2026
1 2 3 1 2 3 Strong and sustainable free cash flow* generation and divestitures drive deleveraging Free Cash Flow* and Divestitures ($M) 12 Sustainable cash generation capabilities accelerate debt paydown Accelerating cash flow capabilities and strategic divestitures… * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 1 Ratio of Net Debt to operating EBITDA Net Debt* ($B) and Leverage Ratio1 …deployed to deleveraging ~ $500 ~$2.5 B+ of Baseline Cash Generation 2026 – 2027 Targets 2026 Sustainable FCF* at $700 – $800 million 2027 Targeting growth in baseline FCF* from additional cost & commercial actions and lower restructuring costs 0 500 1000 1500 2025 2026 2027 Divestitures Transaction Price $500 ~$500~$500 Micromax Progress towards $1.0 B divestiture objective 200 400 600 800 1000 2025 2026 2027 $498 $773 Free Cash Flow* 12/31/2025 12/31/2027 $11.3 Targeted < $9~ $700 - $800 Targeted ~ $10~$500 12/31/2026 Net Debt* Leverage Ratio1 12/31/2025 12/31/202712/31/2026 ~6x Targeted ~4.8x at mid-point of guidance
2027 Maturities Excess Cash on Hand** Est. 2H 2026 FCF* 2027 Baseline FCF* Divestitures Target Targeted Cash Generation Undrawn Revolver Positioning debt maturities 12-18 months out to pay with cash generation, with revolver available as a bridge for timing 13 Strategic actions to continually align near-term maturities with cash generation capabilities beyond 2027 * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. **After excluding cash to operate of ~$500M and paying all maturities due on August 5, 2026 Cash + Liquidity Available for Debt Paydown in the next 12 – 18 months $0.4B$1.1B ~$2.3B $1.75B Revolver available to use as a bridge for timing of FCF* ~$0.5B ~$0.6B ~$0.7 - $0.8B ~$0.5B Projected Cash Generation Additional Liquidity Opportunistic and prudent refinancing Continually optimize blended borrowing cost across all debt Maintain ample liquidity Excess cash + $1.75 B revolver (currently undrawn) Maintain flexibility via callable debt Refinancing Principles No further bond maturities in 2026, $1.1B due in 2027 Near-term Bond Maturities
Strong earnings leverage as demand recovers Actions underway to deliver near-term earnings improvement Growth pathways that target attractive, scalable end markets Attractive valuation with upside potential for stock History of innovation as customer solutions provider Laser focused on deleveraging Celanese Offers a Compelling Investment Opportunity Our mission is to position Celanese as a top quartile company for total shareholder return by delivering earnings growth in any environment 14
Exhibit 99.2
Non-U.S. GAAP Financial Measures and Supplemental Information
August 4, 2026
In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.
Purpose
The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-U.S. GAAP financial measures. This document is updated quarterly.
Presentation
This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain.
Use of Non-U.S. GAAP Financial Measures
From time to time, management may publicly disclose certain numerical "non-GAAP financial measures" in the course of our earnings releases, financial presentations, earnings conference calls, investor and analyst meetings and otherwise. For these purposes, the Securities and Exchange Commission ("SEC") defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP, and vice versa for measures that include amounts, or are subject to adjustments that effectively include amounts, that are excluded from the most directly comparable U.S. GAAP measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.
Non-GAAP financial measures disclosed by management are provided as additional information to investors, analysts and other parties because the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate our financial condition and period-to-period comparisons. These non-GAAP financial measures should be viewed as supplemental to, and should not be considered in isolation or as alternatives to, net earnings (loss), operating profit (loss), operating margin, cash flow from operating activities (together with cash flow from investing and financing activities), earnings per share or any other U.S. GAAP financial measure. These non-GAAP financial measures should be considered within the context of our complete audited and unaudited financial results for the given period, which are available on the Financial Information/Financial Document Library page of our website, investors.celanese.com. The definition and method of calculation of the non-GAAP financial measures used herein may be different from other companies' methods for calculating measures with the same or similar titles. Investors, analysts and other parties should understand how another company calculates such non-GAAP financial measures before comparing the other company's non-GAAP financial measures to any of our own. These non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive or projections of future results.
Pursuant to the requirements of SEC Regulation G, whenever we refer to a non-GAAP financial measure, we will also present in this document, in the presentation itself or on a Form 8-K in connection with the presentation on the Financial Information/Financial Document Library page of our website, investors.celanese.com, to the extent practicable, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.
This document includes definitions and reconciliations of non-GAAP financial measures used from time to time by the Company.
Specific Measures Used
This document provides information about the following non-GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, net debt, free cash flow and return on invested capital (adjusted). The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin and operating EBITDA margin is operating margin; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for net debt
1
is total debt; for free cash flow is net cash provided by (used in) operations; and for return on invested capital (adjusted) is net earnings (loss) attributable to Celanese Corporation divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity.
Definitions
•Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Adjusted EBIT margin has the same uses and limitations as adjusted EBIT.
•Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We believe that operating EBITDA provides transparent and useful information to investors, analysts and other parties in evaluating our operating performance relative to our peer companies. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales. Operating EBITDA margin has the same uses and limitations as operating EBITDA.
•Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI"). We believe that operating profit (loss) attributable to Celanese Corporation provides transparent and useful information to management, investors, analysts and other parties in evaluating our core operational performance. Operating margin attributable to Celanese Corporation is defined by the Company as operating profit (loss) attributable to Celanese Corporation divided by net sales. Operating margin attributable to Celanese Corporation has the same uses and limitations as operating profit (loss) attributable to Celanese Corporation.
•Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of the above stated items that affect comparability and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax
2
rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results.
•Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures. We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment because it provides an indication of the long-term cash generating ability of our business. Although we use free cash flow as a measure to assess the liquidity generated by our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain debt service and finance lease payments that are not deducted from that measure. We do not provide reconciliations for free cash flow on a forward-looking basis when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
•Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
•Return on invested capital (adjusted) is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity. We believe that return on invested capital (adjusted) provides useful information to management, investors, analysts and other parties in order to assess our income generation from the point of view of our shareholders and creditors who provide us with capital in the form of equity and debt and whether capital invested in the Company yields competitive returns.
Supplemental Information
Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:
•Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments.
•Cash dividends received from our equity investments.
•For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside shareholders' interests are shown as NCI. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
Beginning with the reporting period ending June 30, 2026, the Company revised its presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. Previously, Other Income (Expense) Attributable to Celanese Corporation was included with the presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. To provide a better understanding for readers of the U.S. GAAP results of the Company’s non-consolidated equity investments by presenting such results in isolation and better align with how management assesses such results, Other Income (Expense) Attributable to Celanese Corporation is now included with Non-Operating Pension, Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation. Prior periods presented have been revised to reflect this change.
Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
3
Table 1
Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Celanese Corporation | 125 | 44 | (1,165) | 19 | (1,357) | 197 | (24) | ||||||||||||||||||||||||||||||||||
| (Earnings) loss from discontinued operations | 2 | 1 | 21 | 6 | — | 10 | 5 | ||||||||||||||||||||||||||||||||||
| Interest income | (10) | (9) | (24) | (6) | (7) | (7) | (4) | ||||||||||||||||||||||||||||||||||
| Interest expense | 186 | 183 | 701 | 177 | 177 | 177 | 170 | ||||||||||||||||||||||||||||||||||
| Refinancing expense | — | — | 68 | 36 | — | — | 32 | ||||||||||||||||||||||||||||||||||
| Income tax provision (benefit) | 11 | 33 | (90) | (15) | (7) | (77) | 9 | ||||||||||||||||||||||||||||||||||
Certain Items attributable to Celanese Corporation (Table 8) | 156 | 23 | 1,639 | 34 | 1,520 | 42 | 43 | ||||||||||||||||||||||||||||||||||
| Adjusted EBIT | 470 | 275 | 1,150 | 251 | 326 | 342 | 231 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expense(1) | 179 | 180 | 743 | 184 | 191 | 188 | 180 | ||||||||||||||||||||||||||||||||||
| Operating EBITDA | 649 | 455 | 1,893 | 435 | 517 | 530 | 411 | ||||||||||||||||||||||||||||||||||
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 43 | 3 | 6 | 1 | 3 | 2 | — | ||||||||||||||||||||||||||||||||||
| Acetyl Chain | 22 | 18 | 11 | 11 | — | — | — | ||||||||||||||||||||||||||||||||||
Other Activities(2) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Accelerated depreciation and amortization expense | 65 | 21 | 17 | 12 | 3 | 2 | — | ||||||||||||||||||||||||||||||||||
Depreciation and amortization expense(1) | 179 | 180 | 743 | 184 | 191 | 188 | 180 | ||||||||||||||||||||||||||||||||||
| Total depreciation and amortization expense | 244 | 201 | 760 | 196 | 194 | 190 | 180 | ||||||||||||||||||||||||||||||||||
______________________________
(1)Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above.
(2)Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
4
Table 2
Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Profit (Loss) / Operating Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 156 | 10.8 | % | 221 | 16.7 | % | (958) | (17.8) | % | 111 | 8.7 | % | (1,327) | (95.9) | % | 164 | 11.4 | % | 94 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 237 | 17.8 | % | 95 | 9.2 | % | 539 | 12.7 | % | 90 | 9.6 | % | 135 | 12.7 | % | 153 | 13.7 | % | 161 | 14.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(1) | (117) | (102) | (367) | (108) | (83) | (86) | (90) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 276 | 10.0 | % | 214 | 9.2 | % | (786) | (8.2) | % | 93 | 4.2 | % | (1,275) | (52.7) | % | 231 | 9.1 | % | 165 | 6.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Net Earnings (Loss) Attributable to NCI for Engineered Materials | 2 | 2 | 6 | — | 3 | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Net Earnings (Loss) Attributable to NCI for Acetyl Chain | 2 | 2 | 8 | 3 | 1 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Profit (Loss) Attributable to Celanese Corporation | 272 | 9.9 | % | 210 | 9.0 | % | (800) | (8.4) | % | 90 | 4.1 | % | (1,279) | (52.9) | % | 228 | 9.0 | % | 161 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 154 | 10.7 | % | 219 | 16.5 | % | (964) | (17.9) | % | 111 | 8.7 | % | (1,330) | (96.1) | % | 163 | 11.3 | % | 92 | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 235 | 17.7 | % | 93 | 9.0 | % | 531 | 12.5 | % | 87 | 9.3 | % | 134 | 12.6 | % | 151 | 13.5 | % | 159 | 14.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(1) | (117) | (102) | (367) | (108) | (83) | (86) | (90) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 272 | 9.9 | % | 210 | 9.0 | % | (800) | (8.4) | % | 90 | 4.1 | % | (1,279) | (52.9) | % | 228 | 9.0 | % | 161 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Earnings and Dividend Income Attributable to Celanese Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 6 | (2) | 31 | 105 | 32 | 33 | 24 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 44 | 2 | 131 | 42 | 43 | 43 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(1) | 4 | 3 | 13 | 3 | 3 | 3 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 54 | 36 | 249 | 77 | 79 | 70 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Operating Pension, Other Post-Retirement Employee Benefit and Other Income (Expense) Attributable to Celanese Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | (16) | 1 | 7 | 3 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | — | — | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(1) | 4 | 5 | 54 | 47 | 3 | 1 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | (12) | 6 | 62 | 50 | 6 | 2 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Items Attributable to Celanese Corporation (Table 8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 90 | (31) | 1,572 | 37 | 1,495 | 25 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 42 | 36 | 32 | 17 | 9 | 1 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(1) | 24 | 18 | 35 | (20) | 16 | 16 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 156 | 23 | 1,639 | 34 | 1,520 | 42 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBIT / Adjusted EBIT Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 234 | 16.2 | % | 220 | 16.6 | % | 720 | 13.4 | % | 183 | 14.3 | % | 200 | 14.5 | % | 213 | 14.8 | % | 124 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 321 | 24.2 | % | 131 | 12.6 | % | 695 | 16.4 | % | 146 | 15.5 | % | 187 | 17.6 | % | 195 | 17.5 | % | 167 | 15.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(1) | (85) | (76) | (265) | (78) | (61) | (66) | (60) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 470 | 17.1 | % | 275 | 11.8 | % | 1,150 | 12.0 | % | 251 | 11.4 | % | 326 | 13.5 | % | 342 | 13.5 | % | 231 | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
___________________________
(1)Other Activities includes corporate SG&A expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
(2)Includes $14 million of restructuring activities at our Mylar Specialty Films strategic affiliate, which are also included in Certain Items (see Table 8).
5
Table 2
Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.)
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization Expense(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 101 | 104 | 441 | 105 | 115 | 112 | 109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 64 | 63 | 252 | 64 | 63 | 64 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(2) | 14 | 13 | 50 | 15 | 13 | 12 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 179 | 180 | 743 | 184 | 191 | 188 | 180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating EBITDA / Operating EBITDA Margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 335 | 23.2 | % | 324 | 24.5 | % | 1,161 | 21.5 | % | 288 | 22.6 | % | 315 | 22.8 | % | 325 | 22.5 | % | 233 | 18.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acetyl Chain | 385 | 29.0 | % | 194 | 18.7 | % | 947 | 22.4 | % | 210 | 22.3 | % | 250 | 23.6 | % | 259 | 23.2 | % | 228 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Activities(2) | (71) | (63) | (215) | (63) | (48) | (54) | (50) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 649 | 23.6 | % | 455 | 19.5 | % | 1,893 | 19.8 | % | 435 | 19.7 | % | 517 | 21.4 | % | 530 | 20.9 | % | 411 | 17.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
___________________________
(1)Excludes accelerated depreciation and amortization expense, which amounts are included in Certain Items above. See Table 1 for details.
(2)Other Activities includes corporate SG&A expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).
6
Table 3
Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| per share | per share | per share | per share | per share | per share | per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In $ millions, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (loss) from continuing operations attributable to Celanese Corporation | 127 | 1.15 | 45 | 0.41 | (1,144) | (10.44) | 25 | 0.23 | (1,357) | (12.39) | 207 | 1.89 | (19) | (0.17) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax provision (benefit) | 11 | 33 | (90) | (15) | (7) | (77) | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (loss) from continuing operations before tax | 138 | 78 | (1,234) | 10 | (1,364) | 130 | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Items attributable to Celanese Corporation (Table 8) | 156 | 23 | 1,639 | 34 | 1,520 | 42 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refinancing and related expenses | — | — | 68 | 36 | — | — | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted earnings (loss) from continuing operations before tax | 294 | 101 | 473 | 80 | 156 | 172 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit on adjusted earnings(1) | (24) | (8) | (36) | (6) | (9) | (15) | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted earnings (loss) from continuing operations(2) | 270 | 2.45 | 93 | 0.85 | 437 | 3.98 | 74 | 0.67 | 147 | 1.34 | 157 | 1.43 | 59 | 0.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted shares (in millions)(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average shares outstanding | 109.8 | 109.7 | 109.5 | 109.6 | 109.6 | 109.5 | 109.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incremental shares attributable to equity awards | 0.4 | 0.3 | 0.2 | 0.2 | — | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total diluted shares | 110.2 | 110.0 | 109.7 | 109.8 | 109.6 | 109.7 | 109.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Calculated using adjusted effective tax rates (Table 3a) as follows:
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted effective tax rate | 8 | 8 | 8 | 8 | 6 | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2)Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns.
| Actual Plan Asset Returns | Expected Plan Asset Returns | |||||||||||||
| (In percentages) | ||||||||||||||
| 2025 | 7.8 | 5.3 | ||||||||||||
(3)Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive.
7
Table 3a
Adjusted Tax Rate - Reconciliation of a Non-GAAP Measure - Unaudited
| Estimated | Actual | ||||||||||
| 2026 | 2025 | ||||||||||
| (In percentages) | |||||||||||
| U.S. GAAP annual effective tax rate | 21 | 7 | |||||||||
Discrete quarterly recognition of GAAP items(1) | (2) | 17 | |||||||||
Tax impact of other charges and adjustments(2) | (3) | (12) | |||||||||
| Utilization of foreign tax credits | (5) | — | |||||||||
Changes in valuation allowances, excluding impact of other charges and adjustments(3) | 2 | (12) | |||||||||
Other, includes effect of discrete current year transactions(4) | (5) | 8 | |||||||||
| Adjusted tax rate | 8 | 8 | |||||||||
______________________________
Note: As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate for actual results.
(1)Such as changes in tax laws (including U.S. tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments.
(2)Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes.
(3)Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments.
(4)Includes tax impacts related to full-year actual tax opportunities and related costs, as well as current year realization of U.S. GAAP benefits deferred in prior years.
8
Table 4
Net Sales by Segment - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||||||||||||||
| Engineered Materials | 1,446 | 1,325 | 5,390 | 1,277 | 1,384 | 1,442 | 1,287 | ||||||||||||||||||||||||||||||||||
| Acetyl Chain | 1,329 | 1,036 | 4,232 | 940 | 1,061 | 1,115 | 1,116 | ||||||||||||||||||||||||||||||||||
Intersegment eliminations(1) | (23) | (24) | (78) | (13) | (26) | (25) | (14) | ||||||||||||||||||||||||||||||||||
| Net sales | 2,752 | 2,337 | 9,544 | 2,204 | 2,419 | 2,532 | 2,389 | ||||||||||||||||||||||||||||||||||
___________________________
(1)Includes intersegment sales primarily related to the Acetyl Chain.
9
Table 4a
Factors Affecting Segment Net Sales Sequentially - Unaudited
Three Months Ended June 30, 2026 Compared to Three Months Ended March 31, 2026
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | 3 | 6 | — | 9 | (1) | |||||||||||||||||||||
| Acetyl Chain | 6 | 22 | — | 28 | ||||||||||||||||||||||
| Total Company | 4 | 14 | — | 18 | ||||||||||||||||||||||
Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | 3 | — | 1 | 4 | ||||||||||||||||||||||
| Acetyl Chain | 8 | 1 | 1 | 10 | ||||||||||||||||||||||
| Total Company | 5 | — | 1 | 6 | ||||||||||||||||||||||
Three Months Ended December 31, 2025 Compared to Three Months Ended September 30, 2025
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (6) | (2) | — | (8) | ||||||||||||||||||||||
| Acetyl Chain | (10) | (1) | — | (11) | ||||||||||||||||||||||
| Total Company | (7) | (2) | — | (9) | ||||||||||||||||||||||
Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (6) | 1 | 1 | (4) | ||||||||||||||||||||||
| Acetyl Chain | (2) | (4) | 1 | (5) | ||||||||||||||||||||||
| Total Company | (4) | (1) | 1 | (4) | ||||||||||||||||||||||
______________________________
(1)Includes a (4), 0, and 0 percent net sales impact of volume, price, and currency, respectively, as a result of the sale of the Micromax® business.
Three Months Ended June 30, 2025 Compared to Three Months Ended March 31, 2025
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | 9 | — | 3 | 12 | ||||||||||||||||||||||
| Acetyl Chain | (1) | (2) | 3 | — | ||||||||||||||||||||||
| Total Company | 4 | (1) | 3 | 6 | ||||||||||||||||||||||
Three Months Ended March 31, 2025 Compared to Three Months Ended December 31, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | — | 2 | (1) | 1 | ||||||||||||||||||||||
| Acetyl Chain | 3 | (1) | (1) | 1 | ||||||||||||||||||||||
| Total Company | 2 | — | (1) | 1 | ||||||||||||||||||||||
10
Table 4b
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (6) | 5 | 1 | — | (1) | |||||||||||||||||||||
| Acetyl Chain | — | 18 | 1 | 19 | ||||||||||||||||||||||
| Total Company | (3) | 11 | 1 | 9 | ||||||||||||||||||||||
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | — | (1) | 4 | 3 | ||||||||||||||||||||||
| Acetyl Chain | (7) | (4) | 4 | (7) | ||||||||||||||||||||||
| Total Company | (3) | (3) | 4 | (2) | ||||||||||||||||||||||
Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (2) | — | 3 | 1 | ||||||||||||||||||||||
| Acetyl Chain | (10) | (7) | 2 | (15) | ||||||||||||||||||||||
| Total Company | (6) | (3) | 2 | (7) | ||||||||||||||||||||||
Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (8) | (1) | 2 | (7) | ||||||||||||||||||||||
| Acetyl Chain | (4) | (8) | 1 | (11) | ||||||||||||||||||||||
| Total Company | (6) | (4) | 1 | (9) | ||||||||||||||||||||||
______________________________
(1)Includes a (6), 0, and 0 percent net sales impact of volume, price, and currency, respectively, as a result of the sale of the Micromax® business.
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (3) | (1) | 2 | (2) | ||||||||||||||||||||||
| Acetyl Chain | (2) | (7) | 2 | (7) | ||||||||||||||||||||||
| Total Company | (2) | (4) | 2 | (4) | ||||||||||||||||||||||
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (4) | (2) | (1) | (7) | ||||||||||||||||||||||
| Acetyl Chain | (6) | (4) | (1) | (11) | ||||||||||||||||||||||
| Total Company | (5) | (3) | (1) | (9) | ||||||||||||||||||||||
11
Table 4c
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||
| Engineered Materials | (4) | (1) | 1 | (4) | ||||||||||||||||||||||
| Acetyl Chain | (6) | (6) | 1 | (11) | ||||||||||||||||||||||
| Total Company | (4) | (4) | 1 | (7) | ||||||||||||||||||||||
12
Table 5
Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (59) | 425 | (349) | (104) | (59) | (88) | (98) | ||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (546) | (3) | (513) | (324) | (118) | (116) | 45 | ||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | 209 | 76 | 1,146 | 252 | 447 | 410 | 37 | ||||||||||||||||||||||||||||||||||
| Capital expenditures on property, plant and equipment | (62) | (66) | (343) | (84) | (64) | (93) | (102) | ||||||||||||||||||||||||||||||||||
| Contributions from/(Distributions) to NCI | (7) | (7) | (30) | (8) | (8) | (6) | (8) | ||||||||||||||||||||||||||||||||||
Free cash flow(1) | 140 | 3 | 773 | 160 | 375 | 311 | (73) | ||||||||||||||||||||||||||||||||||
| Net sales | 2,752 | 2,337 | 9,544 | 2,204 | 2,419 | 2,532 | 2,389 | ||||||||||||||||||||||||||||||||||
| Free cash flow as % of Net sales | 5.1 | % | 0.1 | % | 8.1 | % | 7.3 | % | 15.5 | % | 12.3 | % | (3.1) | % | |||||||||||||||||||||||||||
______________________________
(1)Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operating activities, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures.
13
Table 6
Cash Dividends Received - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||||||||||||||
| Dividends from equity method investments | 16 | 54 | 139 | 47 | 40 | 21 | 31 | ||||||||||||||||||||||||||||||||||
| Dividends from equity investments without readily determinable fair values | 43 | 1 | 122 | 40 | 40 | 41 | 1 | ||||||||||||||||||||||||||||||||||
| Total | 59 | 55 | 261 | 87 | 80 | 62 | 32 | ||||||||||||||||||||||||||||||||||
Table 7
Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | |||||||||||||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||||||||||||||
| Short-term borrowings and current installments of long-term debt - third party and affiliates | 1,311 | 1,741 | 1,204 | 1,204 | 1,199 | 252 | 406 | ||||||||||||||||||||||||||||||||||
| Long-term debt, net of unamortized deferred financing costs | 10,696 | 10,813 | 11,394 | 11,394 | 11,655 | 12,689 | 12,378 | ||||||||||||||||||||||||||||||||||
| Total debt | 12,007 | 12,554 | 12,598 | 12,598 | 12,854 | 12,941 | 12,784 | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | (1,364) | (1,758) | (1,263) | (1,263) | (1,440) | (1,173) | (951) | ||||||||||||||||||||||||||||||||||
| Net debt | 10,643 | 10,796 | 11,335 | 11,335 | 11,414 | 11,768 | 11,833 | ||||||||||||||||||||||||||||||||||
14
Table 8
Certain Items - Unaudited
The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures:
| Q2 '26 | Q1 '26 | 2025 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Income Statement Classification | ||||||||||||||||||||||||||||||||||||||||
| (In $ millions) | |||||||||||||||||||||||||||||||||||||||||||||||
| Exit and shutdown costs | 121 | 44 | 98 | 29 | 10 | 27 | 32 | Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net / Non-operating pension and other postretirement employee benefit (expense) income | |||||||||||||||||||||||||||||||||||||||
| Asset impairments | — | — | 1,513 | 27 | (1) | 1,486 | (2) | — | — | Cost of sales / Other (charges) gains, net | |||||||||||||||||||||||||||||||||||||
| Impact from plant incidents and natural disasters | — | 11 | 3 | — | — | — | 3 | Cost of sales | |||||||||||||||||||||||||||||||||||||||
| Mergers, acquisitions and dispositions | 35 | 15 | 52 | 23 | 12 | 12 | 5 | Cost of sales / SG&A | |||||||||||||||||||||||||||||||||||||||
| Actuarial (gain) loss on pension and postretirement plans | — | — | (49) | (49) | — | — | — | Cost of sales / SG&A / Non-operating pension and other postretirement employee benefit (expense) income | |||||||||||||||||||||||||||||||||||||||
| Legal settlements and commercial disputes | 4 | 3 | 17 | 1 | 11 | 2 | 3 | Cost of sales / SG&A / Other (charges) gains, net | |||||||||||||||||||||||||||||||||||||||
| (Gain) loss on disposition of businesses and assets | (4) | (50) | — | — | — | — | — | Gain (loss) on disposition of businesses and assets, net | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | 5 | 3 | 1 | 1 | — | Cost of sales / SG&A | |||||||||||||||||||||||||||||||||||||||
| Certain Items attributable to Celanese Corporation | 156 | 23 | 1,639 | 34 | 1,520 | 42 | 43 | ||||||||||||||||||||||||||||||||||||||||
___________________________
(1)Related to impairment of certain long-lived assets arising from unused parcels of property subsequently sold.
(2)Related to impairment of goodwill and certain trade names, primarily Zytel®, arising from our annual goodwill and indefinite-lived intangible assets impairment tests.
15
Table 9
Return on Invested Capital (Adjusted) - Presentation of a Non-GAAP Measure - Unaudited
| 2025 | |||||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||
| Net earnings (loss) attributable to Celanese Corporation | (1,165) | ||||||||||||||||
Adjusted EBIT (Table 1) | 1,150 | ||||||||||||||||
Adjusted effective tax rate (Table 3a) | 8 | % | |||||||||||||||
| Adjusted EBIT tax effected | 1,058 | ||||||||||||||||
| 2025 | 2024 | Average | |||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||
| Short-term borrowings and current installments of long-term debt - third parties and affiliates | 1,204 | 1,501 | 1,353 | ||||||||||||||
| Long-term debt, net of unamortized deferred financing costs | 11,394 | 11,078 | 11,236 | ||||||||||||||
| Celanese Corporation shareholders' equity | 4,049 | 5,129 | 4,589 | ||||||||||||||
| Invested capital | 17,178 | ||||||||||||||||
| Return on invested capital (adjusted) | 6.2 | % | |||||||||||||||
| Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital | (6.8) | % | |||||||||||||||
16