Trinseo Q3 2026 net loss narrows to $49.1M
Approximately $50 million of restructuring-related professional fees affected third-quarter free cash flow.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Trinseo PLC (TSEOQ) reported third-quarter 2026 net sales of $778.7 million, up 5% year over year, and a net loss of $49.1 million, versus $109.7 million. Adjusted EBITDA was $51.0 million, compared with $30.4 million. The company linked higher sales to pricing that passed through higher raw-material costs and commercial initiatives; lower volumes in Polymer Solutions and Engineered Materials reflected weak end-market demand and customer purchases pulled into the second quarter.
Quarterly operating cash flow was $25.9 million and free cash flow was $14.6 million, versus a $38.1 million use a year earlier; approximately $50 million of professional fees tied to the debt restructuring process affected free cash flow. For the first nine months of 2026, operating activities used $322.3 million, compared with $125.0 million. The quarter included $43.2 million in reorganization items and $56 million of lower interest expense resulting from the automatic stay associated with debt restructuring proceedings. At September 30, 2026, liabilities subject to compromise were $2,559.2 million. The company said ordinary-course operations were supported by court-approved all-trade motions and liquidity remained consistent with the second quarter.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet sales increased 5% to $778.7 million in Q3 2026.
- Moderate pointAdjusted EBITDA was $51.0 million, versus $30.4 million a year earlier.
- Moderate pointQuarterly free cash flow was $14.6 million, versus a $38.1 million use.
Negative
- Moderate pointNine-month operating cash use rose to $322.3 million from $125.0 million.
Filing Explained
The results release records borrowing under the DIP facility during the first nine months of 2026; at
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Free Cash Flow financial
liabilities subject to compromise financial
automatic stay regulatory
all-trade motions regulatory
Earnings Snapshot
FAQ
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What were TSEOQ's third-quarter 2026 sales and net loss?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission | (I.R.S. Employer |
(Address of principal executive offices, including zip code)
(
(Telephone number, including area code)
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):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading symbol | Name of Exchange on which registered |
N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
ITEM 2.02 | Results of Operations and Financial Condition |
On November 9, 2026, Trinseo PLC, a public limited company existing under the laws of Ireland (the “Company”), issued a press release announcing its financial results for the third quarter and year ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto. The Company is also making available on its website an investor presentation and is furnished as Exhibit 99.2 hereto.
The information contained herein and in the accompanying exhibits shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01. | Financial Statements and Exhibits |
(d) Exhibits
Exhibit | Description | |
99.1 | Press Release dated November 9, 2026 | |
99.2 | Investor Presentation, dated November 9, 2026 | |
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRINSEO PLC | |||
By: | /s/ David Stasse | ||
Name: | David Stasse | ||
Title: | Executive Vice President and Chief Financial Officer | ||
Date: November 9, 2026 | |||
Exhibit 99.1
Contact: | ||
Bee van Kessel | ||
Tel: + 1 835 235 0735 | ||
Email: investorrelations@trinseo.com | ||
Trinseo Reports Third Quarter 2026 Financial Results
Third Quarter 2026 Highlights
| ● | Net loss of $49 million and EPS of $(0.05) included $43 million of reorganization items, net and $56 million of lower interest expense. |
| ● | Adjusted EBITDA* of $51 million was $21 million above prior year, primarily from margin improvements in Polymer Solutions, equity income from Americas Styrenics, and savings achieved on previously announced asset restructuring actions. |
| ● | Cash provided by operating activities of $26 million and capital expenditures of $11 million resulted in Free Cash Flow* of $15 million, ending cash of $213 million (of which $32 million was restricted), and total liquidity of $186 million, which was essentially unchanged from second quarter 2026. |
| ● | On October 28, Trinseo’s mediation process with its lenders concluded without an agreement. With the support of our court-approved all-trade motions, we continue to operate in the ordinary course and meet all obligations to employees, suppliers and other customers while awaiting final judgment in our debt restructuring proceedings, with the goal of strengthening the Company's balance sheet and enhancing long-term financial flexibility. |
| ● | As part of its continuing cost structure optimization, Trinseo has initiated an information and consultation process with the Works Council of Trinseo Netherlands, B.V., which will include the intention to cease Latex Binders manufacturing at its Terneuzen site and consolidate production at its remaining European Latex manufacturing facilities. |
| | Three Months Ended | ||||
| | September 30, | ||||
$millions, except per share data | | 2026 | | 2025 | ||
Net Sales | | $ | 779 | | $ | 743 |
Net Loss | |
| (49) | |
| (110) |
Diluted EPS ($) | |
| (1.34) | |
| (3.05) |
Adjusted Net Loss* | |
| (2) | |
| (88) |
Adjusted EPS ($)* | |
| (0.05) | |
| (2.44) |
EBITDA* | |
| 10 | |
| 26 |
Adjusted EBITDA* | |
| 51 | |
| 30 |
Cash provided by (used in) operating activities | |
| 26 | |
| (22) |
Free Cash Flow* | |
| 15 | |
| (38) |
*For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Loss, all of which are non-GAAP measures, to Net Loss, as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below.
1
WAYNE, Pa — November 9, 2026 — Trinseo, Trinseo, a specialty material solutions provider, today reported its third quarter 2026 financial results. Net sales of $779 million increased 5% compared with the prior year, driven by higher prices across all business segments due to pass-through of higher raw material costs and commercial initiatives. These increases were partially offset by lower volumes in Polymer Solutions and Engineered Materials related to weak end market demand and customer purchasing that was pulled forward into the second quarter in anticipation of potential supply disruptions and market volatility. Third quarter net loss of $49 million improved by $61 million compared to the prior year. The current year quarter included $43 million of pre-tax charges related to reorganization items, net, and $56 million of lower interest expense resulting from the automatic stay associated with the debt restructuring proceedings. Adjusted EBITDA of $51 million was $21 million above prior year, primarily from margin improvements in Polymer Solutions, higher equity income from Americas Styrenics, and savings from previously announced asset restructuring actions.
Third quarter cash provided by operating activities of $26 million and capital expenditures of $11 million led to Free Cash Flow* of $15 million. Free cash flow was impacted by professional fees related to the debt restructuring process of approximately $50 million.
During the quarter, the Company maintained ordinary-course operations supported by court-approved all-trade motions. Trinseo remained focused on serving customers, supporting suppliers and employees, and executing its financial restructuring to strengthen its balance sheet and enhance long-term financial flexibility. The Company maintained liquidity levels consistent with the second quarter of 2026, reflecting continued discipline in cash generation and working capital management.
Third Quarter Results and Commentary by Business Segment
| ● | Engineered Materials net sales of $259 million for the quarter decreased 5% versus prior year primarily due to lower volumes related to weak end market demand and customer purchasing that was pulled forward into the second quarter. Adjusted EBITDA of $24 million decreased $10 million versus prior year in the absence of prior year’s last-time buy medical sales related to the closure of our polycarbonate plant in Germany and lower demand in mobility, partially offset by lower fixed costs driven by savings from the closure of our virgin MMA production facilities in Italy. |
| ● | Latex Binders net sales of $236 million for the quarter increased 19% versus prior year, with 16% of the increase due to higher prices and 3% of the increase due to higher volumes. Adjusted EBITDA of $22 million was $5 million above prior year due to favorable net timing and higher volumes in battery binders, textiles, and CASE applications. Net sales to CASE and battery binders applications grew 16% versus prior year in a muted market environment. |
| ● | Polymer Solutions net sales of $283 million for the quarter increased 4% versus prior year from higher prices, partially offset by lower volumes primarily in polystyrene in Europe due to low demand. Adjusted EBITDA of $12 million was $8 million above prior year primarily due to margin improvement from favorable formulaic pricing, favorable net timing, and lower fixed costs. |
| ● | Americas Styrenics Adjusted EBITDA of $9 million for the quarter was $11 million above prior year due to non-recurring adverse impacts from the unplanned outage in the prior year and increased styrene sales. |
Commenting on the Company’s third quarter performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, “During the third quarter, we saw a continuation of volatile market conditions and consumer uncertainty. Despite the challenging environment, we achieved positive free cash flow during the period and maintained a stable liquidity position. We continue to focus on maintaining robust customer and supplier relationships while pursuing innovation and growth in our strategic products and markets. As our balance sheet restructuring process continues to progress and we get closer to a resolution, we are keen for Trinseo to emerge with an improved balance sheet and financial flexibility. This stronger foundation and our resilient team will provide us with positive momentum for growth in the future.”
About Trinseo
Trinseo, a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.
From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.
Trinseo’s employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $3.0 billion in 2025. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.
2
Use of non-GAAP measures
In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use additional measures of income excluding certain GAAP items (“non-GAAP measures”), such as Adjusted Net Income (Loss), EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein.
Cautionary Note on Forward-Looking Statements
This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” ”estimate,” “see,” “outlook,” “will,” “may,” “might,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would,” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to obtain approval of the joint prepackaged plan of reorganization or other motions or requests made with respect to the voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”); our ability to consummate the plan of reorganization and emerge from Chapter 11 within our currently expected timeline or at all; the effects of the Chapter 11 Cases, including increased professional costs on our liquidity, results of operations and business; the outcome of litigation related to the Chapter 11 Cases; the consummation of the transactions contemplated by the plan of reorganization, including the ability of the parties to negotiate definitive agreements and satisfy the other conditions of the plan of reorganization, including completion of the Irish examinership proceedings and other regulatory filings; our ability to continue as a going concern; our ongoing discussions with our financial stakeholders; our significant levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existing indebtedness; deterioration of our credit profile limiting our access to commercial credit; unexpected payment obligations or liabilities which could create liquidity challenges; conditions in the global economy and capital markets, including persistent decreased customer demand and the impact of tariffs on global trade relations; ongoing geopolitical tensions or conflicts, such as the Russia-Ukraine war and military conflict in Iran; our ability to successfully generate cost savings through restructuring and cost reduction initiatives; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; deterioration of our credit profile limiting our access to commercial credit; increased energy costs; the timing of, and our ability to complete, a sale of our interest in Americas Styrenics; compliance with laws and regulations impacting our business; any disruptions in production at our chemical manufacturing facilities, including those resulting from accidental spills or discharges; our ability to generate cash flows from operations and achieve our forecasted cash flows; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
3
TRINSEO PLC
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Net sales | | $ | 778.7 | | $ | 743.2 | | $ | 2,348.8 | | $ | 2,312.3 |
Cost of sales | |
| 725.6 | |
| 705.8 | |
| 2,134.3 | |
| 2,174.5 |
Gross profit | |
| 53.1 | |
| 37.4 | |
| 214.5 | |
| 137.8 |
Selling, general and administrative expenses | |
| 51.1 | |
| 63.2 | |
| 239.3 | |
| 232.3 |
Equity in earnings of unconsolidated affiliate | |
| 9.2 | |
| (2.4) | |
| 12.5 | |
| 4.0 |
Operating income (loss) | |
| 11.2 | |
| (28.2) | |
| (12.3) | |
| (90.5) |
Interest expense, net | |
| 15.1 | |
| 70.6 | |
| 166.2 | |
| 206.7 |
Reorganization items, net | |
| 43.2 | |
| — | |
| 84.5 | |
| — |
Other expense (income), net | | | (4.5) | | | 2.6 | | | 5.2 | | | (20.4) |
Loss before income taxes | | | (42.6) | | | (101.4) | | | (268.2) | | | (276.8) |
Provision for income taxes | | | 6.5 | | | 8.3 | | | 16.4 | | | 17.4 |
Net loss | | $ | (49.1) | | $ | (109.7) | | $ | (284.6) | | $ | (294.2) |
Weighted average shares- basic | | | 36.6 | | | 36.0 | | | 36.4 | | | 35.7 |
Net loss per share- basic | | $ | (1.34) | | $ | (3.05) | | $ | (7.81) | | $ | (8.24) |
Weighted average shares- diluted | |
| 36.6 | |
| 36.0 | |
| 36.4 | |
| 35.7 |
Net loss per share- diluted | | $ | (1.34) | | $ | (3.05) | | $ | (7.81) | | $ | (8.24) |
4
TRINSEO PLC
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
| | September 30, | | December 31, | ||
| | 2026 | | 2025 | ||
Assets | | | | | | |
Cash and cash equivalents | | $ | 180.9 | | $ | 146.7 |
Accounts receivable, net of allowance | |
| 438.6 | |
| 364.5 |
Inventories | |
| 395.8 | |
| 316.0 |
Other current assets | |
| 129.9 | |
| 37.5 |
Investments in unconsolidated affiliate | |
| 219.5 | |
| 206.9 |
Property, plant, equipment, goodwill, and other intangible assets, net | |
| 975.5 | | | 1,084.2 |
Right-of-use assets - operating, net | | | 56.8 | | | 56.2 |
Other long-term assets | |
| 59.6 | |
| 68.2 |
Total assets | | $ | 2,456.6 | | $ | 2,280.2 |
Liabilities and shareholders’ equity (deficit) | | | | | | |
Current liabilities | | | 1,014.2 | | | 714.7 |
Long-term debt | |
| 1.5 | |
| 2,332.5 |
Noncurrent lease liabilities - operating | | | 23.8 | | | 47.9 |
Other noncurrent obligations | |
| 255.4 | |
| 282.9 |
Liabilities subject to compromise | | | 2,559.2 | | | — |
Shareholders’ equity (deficit) | | | (1,397.5) | | | (1,097.8) |
Total liabilities and shareholders’ equity (deficit) | | $ | 2,456.6 | | $ | 2,280.2 |
5
TRINSEO PLC
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
| | Nine Months Ended | ||||
| | September 30, | ||||
| | 2026 | | 2025 | ||
Cash flows from operating activities | | | | | | |
Cash used in operating activities | | $ | (322.3) | | $ | (125.0) |
| | | | | | |
Cash flows from investing activities | | | | | | |
Capital expenditures | |
| (32.6) | |
| (35.0) |
Proceeds from the sale of other assets | |
| 8.7 | |
| — |
Cash used in investing activities | |
| (23.9) | |
| (35.0) |
| | | | | | |
Cash flows from financing activities | | | | | | |
Deferred financing fees | |
| (10.8) | |
| (19.8) |
Short-term borrowings, net | |
| (1.5) | |
| (2.8) |
Dividends paid | | | (0.5) | | | (1.2) |
Withholding taxes paid on restricted share units | | | (0.2) | | | (0.7) |
Repurchases and repayments of long-term debt | | | (3.0) | | | (14.5) |
Net proceeds from issuance of 2028 Refinance Term Loans | | | — | | | 115.0 |
Repayments of 2025 Senior Notes | | | — | | | (115.0) |
Proceeds from Accounts Receivable Securitization Facility | | | 171.4 | | | 140.0 |
Repayments of Accounts Receivable Securitization Facility | | | (144.7) | | | (75.0) |
Proceeds from Revolving Facility | |
| 304.6 | | | 150.0 |
Repayments of Revolving Facility | |
| (44.8) | | | (120.0) |
Borrowing under the DIP Facility | | | 142.5 | | | — |
Cash provided by financing activities | |
| 413.0 | |
| 56.0 |
Effect of exchange rates on cash | |
| (2.8) | |
| 6.4 |
Net change in cash, cash equivalents, and restricted cash | |
| 64.0 | |
| (97.6) |
Cash, cash equivalents, and restricted cash—beginning of period | |
| 149.0 | |
| 211.9 |
Cash, cash equivalents, and restricted cash—end of period | | $ | 213.0 | | $ | 114.3 |
Less: Restricted cash | | | 32.1 | | | 2.2 |
Cash and cash equivalents—end of period | | $ | 180.9 | | $ | 112.1 |
6
TRINSEO PLC
Notes to Condensed Consolidated Financial Information
(Unaudited)
Note 1: Net Sales by Segment
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
(In millions) | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Engineered Materials | | $ | 258.9 | | $ | 273.5 | | $ | 813.4 | | $ | 844.0 |
Latex Binders | |
| 236.5 | |
| 198.3 | |
| 680.9 | |
| 611.8 |
Polymer Solutions | | | 283.3 | | | 271.4 | | | 854.5 | | | 856.5 |
Americas Styrenics* | |
| — | |
| — | |
| — | |
| — |
Total Net Sales | | $ | 778.7 | | $ | 743.2 | | $ | 2,348.8 | | $ | 2,312.3 |
* The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations.
Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income
EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company’s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis.
We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; reorganization items, net and other costs associated with the Company’s Chapter 11 proceedings; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations.
Lastly, we present Adjusted Net Income (Loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (Loss) is calculated as Adjusted EBITDA (defined beginning with net income from continuing operations, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income (Loss) per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (Loss) and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations.
There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP.
7
| | Three Months Ended | | | ||||
| | September 30, | | | ||||
(In millions, except per share data) | | 2026 | | 2025 | | | ||
Net loss | | $ | (49.1) | | $ | (109.7) | | |
Interest expense, net | |
| 15.1 | |
| 70.6 | | |
Provision for income taxes | |
| 6.5 | |
| 8.3 | | |
Depreciation and amortization (a) | |
| 37.8 | |
| 56.4 | | |
EBITDA | | $ | 10.3 | | $ | 25.6 | | |
Net gain on disposition of businesses and assets (b) | |
| (1.4) | |
| — | | Selling, general, and administrative expenses |
Restructuring and other charges (c) | |
| 5.8 | |
| 3.7 | | Selling, general, and administrative expenses |
Reorganization items, net | | | 43.2 | | | — | | Reorganization items, net |
Other items (d) | |
| (6.9) | |
| 1.1 | | Selling, general, and administrative expenses, Other expense (income), net |
Adjusted EBITDA | | $ | 51.0 | | $ | 30.4 | | |
Adjusted EBITDA to Adjusted Net Loss: | | | | | | | | |
Adjusted EBITDA | | | 51.0 | | | 30.4 | | |
Interest expense, net | | | 15.1 | | | 70.6 | | |
Provision for income taxes - Adjusted (e) | | | 1.0 | | | 2.8 | | |
Depreciation and amortization - Adjusted (f) | | | 36.7 | | | 44.9 | | |
Adjusted Net Loss | | $ | (1.8) | | $ | (87.9) | | |
Weighted average shares- diluted | | | 36.6 | | | 36.0 | | |
Adjusted EPS | | $ | (0.05) | | $ | (2.44) | | |
| | | | | | | | |
Adjusted EBITDA by Segment: | | | | | | | | |
Engineered Materials | | $ | 23.6 | | $ | 33.8 | | |
Latex Binders | | | 21.7 | | | 16.9 | | |
Polymer Solutions | | | 12.1 | | | 4.1 | | |
Americas Styrenics | | | 9.2 | | | (2.4) | | |
Corporate Unallocated | | | (15.6) | | | (22.0) | | |
Adjusted EBITDA | | $ | 51.0 | | $ | 30.4 | | |
| (a) | During the nine months ended September 30, 2025, the Company entered into an agreement to move our current enterprise resource planning (“ERP”) system to a cloud-based system, triggering an acceleration of the amortization of the capitalized software assets totaling $13.8 million for the three months ended September 30, 2025. |
| (b) | Amounts for the three months ended September 30, 2026 primarily relate to gain on sale of assets after certain of the Company’s restructuring plans. |
| (c) | Restructuring and other charges for the 2026 and 2025 periods primarily relate to employee termination benefits, contract termination costs as well as decommissioning and other charges incurred in connection with the Company’s restructuring plans. |
| (d) | Other items for the three months ended September 30, 2026 primarily relate to recovery of certain legal costs and fees incurred in connection with the Company’s ongoing lender negotiations which were incurred before the Company filed for bankruptcy or were incurred by non-Debtor entities. Any fees incurred in connection with the Company’s ongoing lender negotiations by the Debtors during the pendency of the bankruptcy are included in Reorganization items, net. |
Other items for the 2025 period primarily relate to fees incurred in conjunction with the Company’s legal defense costs associated with Synthos litigation and certain of the Company’s strategic initiatives, including the potential divestiture of our styrenics business.
| (e) | Adjusted to remove the tax impact of the items noted within the table above. The income tax expense (benefit) related to these items was determined utilizing either (1) the estimated annual effective tax rate on our ordinary income based upon our forecasted ordinary income for the full year or, (2) for items treated discretely for tax purposes we utilized the applicable rates in the taxing jurisdictions in which these adjustments occurred. |
| (f) | Amounts for the three months ended September 30, 2026 and 2025 exclude accelerated depreciation of $1.2 million and $13.8 million, respectively. The 2026 period charges are primarily related to the depreciation impacts related to restructuring programs. The 2025 period charges are primarily related to the shortening of the useful life of certain IT assets in preparation to move to a cloud hosted platform. |
8
Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations
The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company’s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations.
Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP.
Free Cash Flow
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
(In millions) | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Cash provided by (used in) operating activities | | $ | 25.9 | | $ | (21.6) | | $ | (322.3) | | $ | (125.0) |
Capital expenditures | |
| (11.3) | |
| (16.5) | |
| (32.6) | |
| (35.0) |
Free Cash Flow | | $ | 14.6 | | $ | (38.1) | | $ | (354.9) | | $ | (160.0) |
9
Exhibit 99.2
| 1 Trademark of Trinseo PLC or its affiliates Third Quarter 2026 Financial Results November 9, 2026 |
| 2 Disclosure Rules This presentation may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” ”estimate,” “see,” “outlook,” “will,” “may,” “might,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would,” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to obtain approval of the joint prepackaged plan of reorganization or other motions or requests made with respect to the voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”); our ability to consummate the plan of reorganization and emerge from Chapter 11 within our currently expected timeline or at all; the effects of the Chapter 11 Cases, including increased professional costs, on our liquidity, results of operations and business; the outcome of litigation related to the Chapter 11 Cases; the consummation of the transactions contemplated by the plan of reorganization, including the ability of the parties to negotiate definitive agreements and satisfy the other conditions of the plan of reorganization, including completion of the Irish examinership proceedings and other regulatory filings; our ability to continue as a going concern; our ongoing discussions with ou financial stakeholders; our significant levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existin indebtedness; deterioration of our credit profile limiting our access to commercial credit; unexpected payment obligations or liabilities which could create liquidit challenges; conditions in the global economy and capital markets, including persistent decreased customer demand and the impact of tariffs on global trade relations; ongoin geopolitical tensions or conflicts, such as the Russia-Ukraine war and military conflict in Iran; our ability to successfully generate cost savings through restructuring and cost reduction initiatives; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; deterioration of our credit profi limiting our access to commercial credit; increased energy costs; the timing of, and our ability to complete, a sale of our interest in Americas Styrenics; compliance with laws a regulations impacting our business; any disruptions in production at our chemical manufacturing facilities, including those resulting from accidental spills or discharges; our ability t generate cash flows from operations and achieve our forecasted cash flows; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the US (“GAAP”) including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow. We believe these measures provide relevant and meaningful information to investors and lenders about the ongoing operating results and liquidity position of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. We have provided a reconciliation of these measures to the most comparable GAAP metric alongside of the respective measure or otherwise in the Appendix section and in the accompanying press release. |
| 3 Summary Q3 2026 Results • Net loss of $49 million and EPS of negative $0.05 included $43 million of reorganization items, net and $56 million of lower interest expense • Adjusted EBITDA* of $51 million was $21 million above prior year, primarily from favorable net timing, higher equity income from Americas Styrenics, and fixed cost improvements related to previously announced asset restructuring actions * See Appendix for a reconciliation of non-GAAP measures Cash Generation & Liquidity • Third quarter cash provided by operating activities of $26 million and capital expenditures of $11 million resulted in Free Cash Flow* of $15 million • Third quarter ending cash of $213 million (of which $32 million was restricted) and total liquidity of $186 million, which was essentially unchanged from Q2 Q3 Highlights • Continued focus on expansion of our strategic businesses, with 14% higher volumes in our growth platforms and 7% higher volumes in our recycled content containing sales • Trinseo has initiated the consultation process with the Works Council in the Netherlands, including the intention to cease Latex Binders manufacturing at our Terneuzen site and consolidate production at our remaining European Latex manufacturing facilities Debt Restructuring • On October 28, the mediation process with our lenders concluded without an agreement • While we await final judgment, we continue to operate business as usual with no interruptions to business operations and no concessions to vendors, suppliers, customers, or employees • Upon completion, we will emerge with a stronger balance sheet and improved long-term financial flexibility |
| 4 Europe $338 U.S. $258 Asia-Pacific $151 Rest of World $32 Q3 2026 Sales and Volume Summary Q3 Net sales in $millions Q3 Volume variances exclude styrene-related sales Third Quarter Volume Drivers: Europe • Lower volumes in Polymer Solutions mainly from polystyrene and to a lesser extent ABS, due to weak end market demand following pre-buying in Q2 • Lower volumes in MMA due to persistent subdued demand and pull-forward of purchases into Q2 • Partial offset from higher volumes in Latex Binders across paper & board, textile, and CASE applications, lapping a very subdued prior year quarter U.S. • Higher volumes in paper & board and textile from share gain • Higher volumes in ABS related to share gain from the INEOS closure • Lower volumes in MMA and compounding driven by weak end market demand, including continued decline in mobility Asia • Lower volumes in paper & board and textile in a highly cost competitive market • Higher volumes in CASE and battery binders from new products and continued strategic expansion • Polymer Solutions volume decline from lower demand Net Sales: $779 Net Sales YoY: 5% Sales Volume YoY: (11)% Sales Volume YoY: (16)% Sales Volume YoY: (13)% Sales Volume YoY: 0% |
| 5 Trinseo Q3 2026 Financial Results Net Sales • Versus prior year: Adjusted EBITDA* of $51 million was $21 million above prior year primarily due to favorable net timing and savings from previously announced asset restructuring actions in the current year • Equity affiliate income from Americas Styrenics was $9 million in the quarter, versus $(2) million in prior year and $1 million in prior quarter, with the improvements due to non-recurring adverse impacts of the prior year unplanned outage and seasonal demand improvement over prior quarter, despite continuation of muted end market demand * See Appendix for a reconciliation of non-GAAP measures $779 ($49) $743 ($110) Net Sales Net Loss Net Sales & Net Loss ($MM) Q3'26 Q3'25 $51 $30 Q3'26 Q3'25 Adjusted EBITDA* ($MM) ($1.34) ($0.05) ($3.05) ($2.41) Diluted EPS Adj EPS* EPS ($) Q3'26 Q3'25 Vol Price FX Total (8%) 13% (0%) 5% |
| 6 Engineered Materials • Versus prior year: Adjusted EBITDA decrease of $10 million was due to lower margins related to lower medical sales from the closure of our polycarbonate plant in Germany and lower demand in mobility, partially offset by fixed costs savings from the closure of our virgin MMA production facilities in Italy • Versus prior quarter: Adjusted EBITDA decrease of $20 million was primarily attributable to lower volumes in Europe Compounding, PMMA Resins and Sheets due to weak market demand and pre-buying in Q2 • Volumes of recycled content containing products grew 7% in the quarter versus prior year $259 $273 Qtr3 2026 Qtr3 2025 Net Sales ($MM) $24 $34 Qtr3 2026 Qtr3 2025 Adjusted EBITDA ($MM) 61 70 Qtr3 2026 Qtr3 2025 Volume (kt) Vol Price FX Total (8%) 3% (0%) (5%) |
| 7 • Versus prior year: Adjusted EBITDA was $5 million above prior year primarily due to favorable net timing and higher volumes in battery binders, CASE, and textiles • Versus prior quarter: Adjusted EBITDA increased $6 million sequentially due to $10 million of favorable net timing despite lower volume in Europe paper & board following a Q2 demand uplift • Sales volumes in CASE and battery binders were up 16% versus prior year and up 1% versus prior quarter as we continue to pursue growing our product portfolio and gaining share Latex Binders Vol Price FX Total 3% 16% (0%) 19% $236 $198 Qtr3 2026 Qtr3 2025 Net Sales ($MM) $22 $17 Qtr3 2026 Qtr3 2025 Adjusted EBITDA ($MM) 97 97 Qtr3 2026 Qtr3 2025 Volume (kt) |
| 8 Polymer Solutions • Versus prior year: Adjusted EBITDA of $12 million was $8 million above prior year primarily due to favorable net timing, margin improvement from raw material volatility, and commercial initiatives as well as lower fixed costs, partially offset by reduced volumes in Europe and Asia • Versus prior quarter: Adjusted EBITDA decrease of $31 million was due to lower margins and unfavorable net timing in polystyrene and ABS * Volume excludes styrene-related sales $283 $271 Qtr3 2026 Qtr3 2025 Net Sales ($MM) Vol Price FX Total (15%) 20% (1%) 4% $12 $4 Qtr3 2026 Qtr3 2025 Adjusted EBITDA ($MM) 140 166 Qtr3 2026 Qtr3 2025 Volume* (kt) |
| 9 $181 $5 $0 Liquidity (Q3 2026) Cash and Borrowing Facilities ($ millions) AR Securitization Cash $186MM Combined Cash and Availability under Committed Facilities Liquidity Details: • As of September 30, 2026, the Revolving Credit Facility is included within liabilities subject to compromise, along with other prepetition indebtedness; therefore, the Company did not have any funds available for borrowing under this facility • $145 million drawn on the AR Securitization; total facility capacity of $150 million fully available • Cash of $181 million excludes restricted cash of $32 million • The Company is in compliance with liquidity covenants under the DIP Financing arrangements Debt Restructuing Progress: • Operations continue as normal in the U.S. and globally • No concessions or impacts to vendors, suppliers, customers, or employees • Chapter 11 Emergence anticipated in early 2027 Revolving Credit Facility |
| 10 Appendix |
| 11 Segment Information (in $millions, unless noted) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 2024 2025 Engineered Materials 78 88 74 71 72 76 70 63 72 70 61 310 282 Latex Binders 119 111 106 97 98 92 97 93 98 102 97 434 380 Polymer Solutions 204 174 167 172 174 165 166 161 162 136 140 718 666 Trade Volume* (kt) 402 374 347 340 345 334 333 317 331 308 298 1,462 1,329 Engineered Materials 283 324 294 276 277 293 273 240 263 292 259 1,177 1,084 Latex Binders 241 252 242 218 209 204 198 176 197 248 236 954 788 Polymer Solutions 380 344 331 327 298 287 271 246 265 306 283 1,382 1,103 Net Sales 904 920 868 821 785 784 743 663 725 845 779 3,513 2,975 Engineered Materials 10 32 34 27 26 31 34 27 34 43 24 102 117 Latex Binders 26 26 26 19 24 17 17 9 16 16 22 95 67 Polymer Solutions 29 16 23 17 44 5 4 15 24 43 12 86 69 Americas Styrenics 6 16 4 (10) (2) 8 (2) (7) 2 1 9 15 (3) Corporate (26) (23) (20) (26) (28) (20) (22) (18) (23) (23) (16) (95) (88) Adjusted EBITDA** 45 67 66 26 65 42 30 26 53 81 51 204 163 Adj EBITDA Variance Analysis Net Timing** Impacts - Fav/(Unfav) Engineered Materials (7) 0 1 (1) (0) (1) (1) (3) (3) 3 7 (6) (5) Latex Binders 2 (1) 1 0 1 (2) (1) (1) 1 (6) 4 2 (3) Polymer Solutions 18 (9) 2 (9) 8 (8) (7) (2) 10 10 1 2 (8) Net Timing*** Impacts - Fav/(Unfav) 13 (10) 3 (9) 9 (10) (9) (6) 7 7 12 (2) (16) *Trade volume excludes styrene-related sales **See this Appendix for a reconciliation of non-GAAP measures ***Net Timing is the difference between Raw Material Timing and Price Lag. Raw Material Timing represents the timing of raw material cost changes flowing through cost of goods sold versus current pricing. Price Lag represents the difference in revenue between the current contractual price and the current period price. |
| 12 US GAAP to Non-GAAP Reconciliation NOTE: For definitions of non-GAAP measures as well as descriptions of current period reconciling items from Net Income (Loss) to Adjusted EBITDA and to Adjusted Net Income (Loss), refer to the accompanying press release furnished as Exhibit 99.1 to our Form 8-K dated November 9, 2026. Totals may not sum due to rounding. (in $millions, unless noted) Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 2024 2025 Net Loss (75.5) (67.8) (87.3) (117.9) (79.0) (105.5) (109.7) (251.4) (115.9) (119.6) (49.0) (348.5) (545.6) Interest expense, net 63.0 64.7 72.3 67.5 66.6 69.5 70.6 67.1 78.7 72.4 15.0 267.5 273.8 Provision for (benefit from) income taxes 5.4 20.3 3.4 1.4 6.6 2.5 8.3 25.2 9.4 0.5 6.5 30.5 42.6 Depreciation and amortization 45.0 46.6 48.3 70.3 36.0 59.8 56.4 139.4 49.8 38.8 37.9 210.2 291.6 EBITDA 37.9 63.8 36.7 21.3 30.2 26.3 25.6 (19.7) 22.0 (7.9) 10.4 159.7 62.4 Other items 1.3 2.5 0.9 1.7 2.3 2.9 1.1 3.4 25.0 35.3 (7.0) 6.4 9.7 Restructuring and other charges 9.4 4.0 28.5 2.8 7.4 10.8 3.7 42.0 9.2 8.8 5.8 44.7 63.9 Loss on financing transactions - - - - 24.9 1.6 - - - 6.0 - - 26.5 Net gain on disposition of businesses and assets (3.6) (3.5) - - - - - - (3.6) (2.5) (1.4) (7.1) - Reorganization items, net - - - - - - - - - 41.3 43.2 - - Adjusted EBITDA 45.0 66.8 66.1 25.8 64.8 41.6 30.4 25.7 52.6 81.0 51.0 203.7 162.5 Adjusted EBITDA to Adjusted Net Income Adjusted EBITDA 45.0 66.8 66.1 25.8 64.8 41.6 30.4 25.7 52.6 81.0 51.0 203.7 162.5 Interest expense, net 63.0 64.7 72.3 67.5 66.6 69.5 70.6 67.1 78.7 72.4 15.0 267.5 273.8 Provision for (benefit from) income taxes - Adjusted 4.2 5.9 3.5 6.4 1.2 2.8 3.9 9.6 9.6 (1.2) 1.1 20.0 17.5 Depreciation and amortization - Adjusted 46.3 47.9 47.8 46.4 45.5 44.9 42.6 41.1 38.9 36.8 36.7 188.4 174.1 Adjusted Net Income (Loss) (68.5) (51.7) (57.5) (94.5) (48.5) (75.6) (86.7) (92.1) (74.6) (27.0) (1.8) (272.2) (302.9) Wtd Avg Shares - Diluted (000) 35,250 35,307 35,360 35,403 35,513 35,674 35,959 35,995 36,205 36,560 36,704 35,330 35,787 Adjusted EPS - Diluted ($) (1.94) (1.46) (1.63) (2.67) (1.37) (2.12) (2.41) (2.56) (2.06) (0.74) (0.05) (7.71) (8.46) Adjustments by Statement of Operations Caption Loss on extinguishment of long-term debt - - 0.6 - 0.2 - - - - 6.0 - 0.6 0.2 Cost of sales - - - - - - - - 0.8 - - - SG&A 7.1 6.5 29.6 4.5 34.4 16.0 4.8 47.6 30.4 40.3 (1.9) 47.7 102.8 Other expense (income), net - (3.5) (0.8) - - (0.7) - (2.2) (0.6) 1.3 (0.7) (4.3) (2.9) Reorganization items, net - - - - - - - - - 41.3 43.2 - - Total EBITDA Adjustments 7.1 3.0 29.4 4.5 34.6 15.3 4.8 45.4 30.6 88.9 40.6 44.0 100.1 Free Cash Flow Reconciliation Cash provided by (used in) operating activities (66.2) (41.9) 8.8 85.1 (110.2) 6.8 (21.6) 22.6 (232.9) (115.3) 25.9 (14.2) (102.4) Capital expenditures (15.7) (14.2) (12.2) (21.2) (8.7) (9.8) (16.5) (16.0) (11.3) (10.0) (11.3) (63.3) (51.0) Free Cash Flow (81.9) (56.1) (3.4) 63.9 (118.9) (3.0) (38.1) 6.6 (244.2) (125.3) 14.6 (77.5) (153.4) |
