0001307954 false --12-31 Q3 2025 10 8 275 233 0.01 0.01 1,200,000,000 1,200,000,000 263,205,484 262,751,907 172,598,356 172,144,779 90,607,128 90,607,128 0.25 0.25 0.25 0.25 0.25 0.25 10 8 275 233 2,728 2,728 2,728 2,728 3 0 http://fasb.org/us-gaap/2025#AccountsPayableCurrent 3 750 744 400 398 350 346 January 31, 2027 0.95 July 31, 2027 1.45 117 58 1 266 315 0 44 0.25 0.25 0.25 0.25 6 3 0 0 0 0 0 0 0 3 3 3 http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense false false false false Amounts are net of tax of $90 million and $91 million as of June 30, 2024 and January 1, 2024, respectively. Amounts are net of tax of $55 million and $56 million as of September 30, 2024 and January 1, 2024, respectively. Amounts are net of tax of $66 million and $67 million as of September 30, 2024 and January 1, 2024, respectively. Amounts are net of tax of $67 million as of both March 31, 2024 and January 1, 2024. The applicable rate for our U.S. A/R Program is defined by the lender as Term SOFR. The applicable rate for our EU A/R Program is either Term SOFR, EURIBOR or SONIA (Sterling Overnight Interbank Average Rate). Details of amounts reclassified from accumulated other comprehensive loss relate only to pension and other postretirement benefits. Other segment items include other operating and non-operating income and expense items and foreign currency exchange effects, less certain of the adjustments noted in footnote (5) below. Amounts are net of tax of $66 million and $67 million as of June 30, 2024 and January 1, 2024, respectively. Amounts are net of tax of $52 million and $60 million as of September 30, 2025 and January 1, 2025, respectively. ? Amounts are net of tax of $42 million and $43 million as of September 30, 2024 and January 1, 2024, respectively. Adjusted fixed costs primarily include personnel and maintenance costs at our manufacturing facilities, selling, general and administrative expenses and research and development expenses, less depreciation and amortization and certain of the adjustments noted in footnote (5) below. A total of 186,825 performance share unit awards are reflected in the vested shares in this table, which represents the target number of performance share unit awards for this grant and were included in the balance at December 31, 2024. Due to the target performance criteria not being met, only 123,119 performance share unit awards with a grant date fair value of $60.36 were issued during the nine months ended September 30, 2025. At September 30, 2025 and December 31, 2024, respectively, $16 and $6 of cash and cash equivalents, $18 and $19 of accounts and notes receivable (net), $46 and $57 of inventories, $123 and $124 of property, plant and equipment (net), $35 and $37 of other noncurrent assets, $90 and $111 of accounts payable, $15 and $21 of accrued liabilities, $9 each of current portion of debt, $7 and $6 of current operating lease liabilities, nil and $7 of long-term debt, $11 and $15 of noncurrent operating lease liabilities and $16 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit. The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements. Geographic information for revenues is based upon countries into which product is sold. As of September 30, 2025, a total of 175,238 restricted stock units were vested but not yet issued, of which 38,868 vested during the nine months ended September 30, 2025. These shares have not been reflected as vested shares in this table because, in accordance with the restricted stock unit agreements, shares of common stock are not issued for vested restricted stock units until termination of employment. Amounts are net of tax of $84 million and $85 million as of September 30, 2025 and January 1, 2025, respectively. We use segment adjusted EBITDA as the measure of each segment’s profit or loss. We believe that segment adjusted EBITDA more accurately reflects what our chief operating decision maker, who has been determined to be our Chief Executive Officer, uses to make decisions about resources to be allocated to the segments and assess their financial performance. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration gain (expenses) and purchase accounting inventory adjustments, net; (b) certain legal and other settlements and related income (expenses); (c) amortization of pension and postretirement actuarial losses; (d) restructuring, impairment, plant closing and transition costs; and (e) loss from discontinued operations, net of tax Amounts are net of tax of $90 million and $91 million as of September 30, 2024 and January 1, 2024, respectively. Includes costs associated with transition activities relating primarily to our program to realign our cost structure in Europe and our Corporate program to optimize our global approach to managed services in various information technology functions. A reconciliation of total reportable segments’ revenues to total consolidated revenues is provided in “Note 12. Revenue Recognition.” Amounts are net of tax of $56 million as of both June 30, 2024 and January 1, 2024. See tables below for details about pension and other postretirement benefits reclassifications. Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets. Amounts are net of tax of $39 million and $47 million as of September 30, 2025 and January 1, 2025, respectively. Amounts are net of tax of $60 million and $61 million as of September 30, 2025 and January 1, 2025, respectively. On September 30, 2025, we had an additional $3 million (U.S. dollar equivalent) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility. Variable direct costs primarily include raw materials, utilities and freight-related costs. Pension and other postretirement benefits amounts in parentheses indicate credits on our condensed consolidated statements of operations. ? As of September 30, 2025, we had approximately $5 million (U.S. dollar equivalent) of letters of credit issued and outstanding under our U.S. A/R Program. ? Total principal amount outstanding (U.S. dollar equivalent) includes both U.S. dollar and euro borrowings. Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number	Exact name of registrant as specified in its charter, principal office address and telephone number	State of incorporation or organization	I.R.S. employer identification no.
001-32427	Huntsman Corporation 10003 Woodloch Forest Drive The Woodlands, Texas 77380 (281) 719-6000	Delaware	42-1648585
333-85141	Huntsman International LLC 10003 Woodloch Forest Drive The Woodlands, Texas 77380 (281) 719-6000	Delaware	87-0630358

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading symbol	Name of each exchange on which registered
Huntsman Corporation	Common Stock, par value $0.01 per share	HUN	New York Stock Exchange
Huntsman International LLC	NONE	NONE	NONE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Huntsman Corporation	Yes ☒	No ☐
Huntsman International LLC	Yes ☒	No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Huntsman Corporation	Yes ☒	No ☐
Huntsman International LLC	Yes ☒	No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Huntsman Corporation	Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐
Huntsman International LLC	Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐	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.

Huntsman Corporation		☐
Huntsman International LLC		☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Huntsman Corporation	Yes ☐	No ☒
Huntsman International LLC	Yes ☐	No ☒

On October 22, 2025, 173,751,026 shares of common stock of Huntsman Corporation were outstanding and 2,728 units of membership interest of Huntsman International LLC were outstanding. There is no trading market for Huntsman International LLC’s units of membership interest. All of Huntsman International LLC’s units of membership interest are held by Huntsman Corporation.

This Quarterly Report on Form 10-Q presents information for two registrants: Huntsman Corporation and Huntsman International LLC. Huntsman International LLC is a wholly-owned subsidiary of Huntsman Corporation and is the principal operating company of Huntsman Corporation. The information reflected in this Quarterly Report on Form 10-Q is equally applicable to both Huntsman Corporation and Huntsman International LLC, except where otherwise indicated. Huntsman International LLC meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.

Table of Contents

HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD

ENDED September 30, 2025

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Condensed Consolidated Financial Statements (Unaudited)	4
	Huntsman Corporation and Subsidiaries:
	Unaudited Condensed Consolidated Balance Sheets	4
	Unaudited Condensed Consolidated Statements of Operations	5
	Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income	6
	Unaudited Condensed Consolidated Statements of Equity	7
	Unaudited Condensed Consolidated Statements of Cash Flows	9
	Huntsman International LLC and Subsidiaries:
	Unaudited Condensed Consolidated Balance Sheets	10
	Unaudited Condensed Consolidated Statements of Operations	11
	Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income	12
	Unaudited Condensed Consolidated Statements of Equity	13
	Unaudited Condensed Consolidated Statements of Cash Flows	14
	Huntsman Corporation and Subsidiaries and Huntsman International LLC and Subsidiaries:
	Notes to Unaudited Condensed Consolidated Financial Statements	15
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	51
ITEM 4.	Controls and Procedures	51
PART II,	OTHER INFORMATION	52
ITEM 1.	Legal Proceedings	52
ITEM 1A.	Risk Factors	52
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
ITEM 6.	Exhibits	53

Table of Contents

FORWARD-LOOKING STATEMENTS

Certain information set forth in this report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; management’s plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, spin-offs or other distributions, strategic opportunities, financing activities, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, or the potential outcomes thereof, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

All forward-looking statements, including without limitation any projections derived from management’s examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements whether because of new information, future events or otherwise, except as required by securities and other applicable law.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks set forth in “Part II. Item 1A. Risk Factors” below and “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

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PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Share and Per Share Amounts)

	*September 30,*			*December 31,*
	*2025*			*2024*
ASSETS
Current assets:
Cash and cash equivalents⁽¹⁾	$	468		$	340
Accounts and notes receivable (net of allowance for doubtful accounts of $10 and $8, respectively), ($275 and $233 pledged as collateral, respectively)⁽¹⁾		761			718
Accounts receivable from affiliates		7			7
Inventories⁽¹⁾		836			917
Prepaid expenses		57			114
Other current assets		53			29
Total current assets		2,182			2,125
Property, plant and equipment, net⁽¹⁾		2,475			2,493
Investment in unconsolidated affiliates		301			346
Intangible assets, net		317			344
Goodwill		628			633
Deferred income taxes		63			69
Operating lease right-of-use assets		365			382
Other noncurrent assets⁽¹⁾		751			722
Total assets	$	7,082		$	7,114

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable⁽¹⁾	$	667		$	758
Accounts payable to affiliates		21			12
Accrued liabilities⁽¹⁾		478			416
Current portion of debt⁽¹⁾		378			325
Current operating lease liabilities⁽¹⁾		57			54
Total current liabilities		1,601			1,565
Long-term debt⁽¹⁾		1,630			1,510
Deferred income taxes		177			204
Noncurrent operating lease liabilities⁽¹⁾		336			348
Other noncurrent liabilities⁽¹⁾		337			324
Total liabilities		4,081			3,951
Commitments and contingencies (Notes 16 and 17)
Equity
Huntsman Corporation stockholders’ equity:
Common stock $0.01 par value, 1,200,000,000 shares authorized, 263,205,484 and 262,751,907 shares issued and 172,598,356 and 172,144,779 shares outstanding, respectively		3			3
Additional paid-in capital		4,260			4,233
Treasury stock, 90,607,128 shares		(2,290	)		(2,290	)
Unearned stock-based compensation		(35	)		(32	)
Retained earnings		1,922			2,245
Accumulated other comprehensive loss		(1,094	)		(1,200	)
Total Huntsman Corporation stockholders’ equity		2,766			2,959
Noncontrolling interests in subsidiaries		235			204
Total equity		3,001			3,163
Total liabilities and equity	$	7,082		$	7,114

(1)

At September 30, 2025 and December 31, 2024, respectively, $16 and $6 of cash and cash equivalents, $18 and $19 of accounts and notes receivable (net), $46 and $57 of inventories, $123 and $124 of property, plant and equipment (net), $35 and $37 of other noncurrent assets, $90 and $111 of accounts payable, $15 and $21 of accrued liabilities, $9 each of current portion of debt, $7 and $6 of current operating lease liabilities, nil and $7 of long-term debt, $11 and $15 of noncurrent operating lease liabilities and $16 each of other noncurrent liabilities from consolidated variable interest entities are included in the respective balance sheet captions above. See “Note 6. Variable Interest Entities.” These assets can only be used to settle obligations of the variable interest entities, and creditors of these liabilities do not have recourse to our general credit.

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions, Except Per Share Amounts)

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Revenues:
Trade sales, services and fees, net	$	1,435		$	1,500		$	4,242		$	4,474
Related party sales		25			40			86			110
Total revenues		1,460			1,540			4,328			4,584
Cost of goods sold		1,256			1,306			3,741			3,906
Gross profit		204			234			587			678
Operating expenses:
Selling, general and administrative		163			153			489			505
Research and development		29			27			94			91
Restructuring, impairment and plant closing costs		12			5			137			20
Gain on acquisition of assets, net		—			—			(5	)		(51	)
Prepaid asset write-off		—			—			—			71
Income associated with litigation matter, net		—			—			(33	)		—
Other operating (income) expense, net		(6	)		7			(23	)		4
Total operating expenses		198			192			659			640
Operating income (loss)		6			42			(72	)		38
Interest expense, net		(20	)		(21	)		(60	)		(60	)
Equity in income of investment in unconsolidated affiliates		1			5			—			42
Other income, net		6			8			13			22
(Loss) income from continuing operations before income taxes		(7	)		34			(119	)		42
Income tax expense		(3	)		(39	)		(25	)		(32	)
(Loss) income from continuing operations		(10	)		(5	)		(144	)		10
Loss from discontinued operations, net of tax		(1	)		(12	)		(1	)		(12	)
Net loss		(11	)		(17	)		(145	)		(2	)
Net income attributable to noncontrolling interests		(14	)		(16	)		(43	)		(46	)
Net loss attributable to Huntsman Corporation	$	(25	)	$	(33	)	$	(188	)	$	(48	)

Basic loss per share:
Loss from continuing operations attributable to Huntsman Corporation common stockholders	$	(0.14	)	$	(0.12	)	$	(1.09	)	$	(0.21	)
Loss from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax		—			(0.07	)		—			(0.07	)
Net loss attributable to Huntsman Corporation common stockholders	$	(0.14	)	$	(0.19	)	$	(1.09	)	$	(0.28	)
Weighted average shares		172.6			172.1			172.5			172.0

Diluted loss per share:
Loss from continuing operations attributable to Huntsman Corporation common stockholders	$	(0.14	)	$	(0.12	)	$	(1.09	)	$	(0.21	)
Loss from discontinued operations attributable to Huntsman Corporation common stockholders, net of tax		—			(0.07	)		—			(0.07	)
Net loss attributable to Huntsman Corporation common stockholders	$	(0.14	)	$	(0.19	)	$	(1.09	)	$	(0.28	)
Weighted average shares		172.6			172.1			172.5			172.0

Amounts attributable to Huntsman Corporation:
Loss from continuing operations	$	(24	)	$	(21	)	$	(187	)	$	(36	)
Loss from discontinued operations, net of tax		(1	)		(12	)		(1	)		(12	)
Net loss	$	(25	)	$	(33	)	$	(188	)	$	(48	)

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In Millions)

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Net loss	$	(11	)	$	(17	)	$	(145	)	$	(2	)
Other comprehensive income, net of tax:
Foreign currency translations adjustments		(4	)		65			99			1
Pension and other postretirement benefits adjustments		5			6			2			20
Other, net		—			1			6			4
Other comprehensive income, net of tax		1			72			107			25
Comprehensive (loss) income		(10	)		55			(38	)		23
Comprehensive income attributable to noncontrolling interests		(15	)		(19	)		(44	)		(50	)
Comprehensive (loss) income attributable to Huntsman Corporation	$	(25	)	$	36		$	(82	)	$	(27	)

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Share Amounts)

	*Huntsman Corporation Stockholders' Equity*
																	*Accumulated*
	*Shares*					*Additional*					*Unearned*						*other*			*Noncontrolling*
	*common*			*Common*		*paid-in*		*Treasury*			*stock-based*			*Retained*			*comprehensive*			*interests in*			*Total*
	*stock*			*stock*		*capital*		*stock*			*compensation*			*earnings*			*loss*			*subsidiaries*			*equity*
Balance, January 1, 2025		172,144,779		$	3	$	4,233	$	(2,290	)	$	(32	)	$	2,245		$	(1,200	)	$	204		$	3,163
Net (loss) income		—			—		—		—			—			(5	)		—			16			11
Other comprehensive income		—			—		—		—			—			—			33			—			33
Issuance of nonvested stock awards		—			—		25		—			(25	)		—			—			—			—
Vesting of stock awards		626,118			—		2		—			—			—			—			—			2
Recognition of stock-based compensation		—			—		—		—			9			—			—			—			9
Repurchase and cancellation of stock awards		(179,420	)		—		—		—			—			(3	)		—			—			(3	)
Stock options exercised		3,891			—		—		—			—			—			—			—			—
Dividends declared on common stock ($0.25 per share)		—			—		—		—			—			(44	)		—			—			(44	)
Balance, March 31, 2025		172,595,368			3		4,260		(2,290	)		(48	)		2,193			(1,167	)		220			3,171
Net (loss) income		—			—		—		—			—			(158	)		—			13			(145	)
Other comprehensive income		—			—		—		—			—			—			73			—			73
Vesting of stock awards		1,473			—		—		—			—			—			—			—			—
Recognition of stock-based compensation		—			—		—		—			6			—			—			—			6
Repurchase and cancellation of stock awards		(380	)		—		—		—			—			—			—			—			—
Dividends declared on common stock ($0.25 per share)		—			—		—		—			—			(44	)		—			—			(44	)
Balance, June 30, 2025		172,596,461			3		4,260		(2,290	)		(42	)		1,991			(1,094	)		233			3,061
Net (loss) income		—			—		—		—			—			(25	)		—			14			(11	)
Other comprehensive income		—			—		—		—			—			—			—			1			1
Vesting of stock awards		2,506			—		—		—			—			—			—			—			—
Recognition of stock-based compensation		—			—		—		—			7			—			—			—			7
Repurchase and cancellation of stock awards		(611	)		—		—		—			—			—			—			—			—
Distributions to noncontrolling interests		—			—		—		—			—			—			—			(13	)		(13	)
Dividends declared on common stock ($0.25 per share)		—			—		—		—			—			(44	)		—			—			(44	)
Balance, September 30, 2025		172,598,356		$	3	$	4,260	$	(2,290	)	$	(35	)	$	1,922		$	(1,094	)	$	235		$	3,001

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HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Share Amounts)

	*Huntsman Corporation Stockholders' Equity*
																	*Accumulated*
	*Shares*					*Additional*					*Unearned*						*other*			*Noncontrolling*
	*common*			*Common*		*paid-in*		*Treasury*			*stock-based*			*Retained*			*comprehensive*			*interests in*			*Total*
	*stock*			*stock*		*capital*		*stock*			*compensation*			*earnings*			*loss*			*subsidiaries*			*equity*
Balance, January 1, 2024		171,583,331		$	3	$	4,202	$	(2,290	)	$	(41	)	$	2,622		$	(1,245	)	$	227		$	3,478
Net (loss) income		—			—		—		—			—			(37	)		—			14			(23	)
Other comprehensive (loss) income		—			—		—		—			—			—			(24	)		1			(23	)
Issuance of nonvested stock awards		—			—		19		—			(19	)		—			—			—			—
Vesting of stock awards		722,117			—		2		—			—			—			—			—			2
Recognition of stock-based compensation		—			—		—		—			9			—			—			—			9
Repurchase and cancellation of stock awards		(225,895	)		—		—		—			—			(5	)		—			—			(5	)
Stock options exercised		42,156			—		8		—			—			(8	)		—			—			—
Dividends declared on common stock ($0.25 per share)		—			—		—		—			—			(44	)		—			—			(44	)
Balance, March 31, 2024		172,121,709			3		4,231		(2,290	)		(51	)		2,528			(1,269	)		242			3,394
Net income		—			—		—		—			—			22			—			16			38
Other comprehensive loss		—			—		—		—			—			—			(24	)		—			(24	)
Issuance of nonvested stock awards		—			—		1		—			(1	)		—			—			—			—
Vesting of stock awards		760			—		—		—			—			—			—			—			—
Recognition of stock-based compensation		—			—		—		—			7			—			—			—			7
Repurchase and cancellation of stock awards		(5,690	)		—		—		—			—			—			—			—			—
Stock options exercised		13,701			—		—		—			—			—			—			—			—
Distributions to noncontrolling interests		—			—		—		—			—			—			—			(36	)		(36	)
Dividends declared on common stock ($0.25 per share)		—			—		—		—			—			(43	)		—			—			(43	)
Balance, June 30, 2024		172,130,480			3		4,232		(2,290	)		(45	)		2,507			(1,293	)		222			3,336
Net (loss) income		—			—		—		—			—			(33	)		—			16			(17	)
Other comprehensive income		—			—		—		—			—			—			69			3			72
Vesting of stock awards		5,026			—		—		—			—			—			—			—			—
Recognition of stock-based compensation		—			—		—		—			6			—			—			—			6
Repurchase and cancellation of stock awards		(1,224	)		—		—		—			—			—			—			—			—
Stock options exercised		6,305			—		—		—			—			—			—			—			—
Distributions to noncontrolling interests		—			—		—		—			—			—			—			(8	)		(8	)
Dividends declared on common stock ($0.25 per share)		—			—		—		—			—			(44	)		—			—			(44	)
Balance, September 30, 2024		172,140,587		$	3	$	4,232	$	(2,290	)	$	(39	)	$	2,430		$	(1,224	)	$	233		$	3,345

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

	*Nine months ended*
	*September 30,*
	*2025*			*2024*
Operating activities:
Net loss	$	(145	)	$	(2	)
Less: loss from discontinued operations, net of tax		1			12
(Loss) income from continuing operations		(144	)		10
Adjustments to reconcile (loss) income from continuing operations to net cash provided by operating activities from continuing operations:
Equity in income of investment in unconsolidated affiliates		—			(42	)
Cash received from return on investment in unconsolidated affiliates		17			90
Depreciation and amortization		214			214
Noncash lease expense		57			57
Gain on acquisition of assets, net		(5	)		(51	)
Noncash prepaid asset write-off		—			71
Noncash restructuring and impairment charges		93			9
Deferred income taxes		(13	)		(4	)
Noncash stock-based compensation		23			23
Other, net		6			10
Changes in operating assets and liabilities:
Accounts and notes receivable		(26	)		(72	)
Inventories		114			(137	)
Prepaid expenses		61			9
Other current assets		(12	)		(11	)
Other noncurrent assets		(27	)		(25	)
Accounts payable		(103	)		21
Accrued liabilities		30			21
Other noncurrent liabilities		(64	)		(67	)
Net cash provided by operating activities from continuing operations		221			126
Net cash used in operating activities from discontinued operations		(8	)		(16	)
Net cash provided by operating activities		213			110

Investing activities:
Capital expenditures		(116	)		(133	)
Cash received from return of investment in unconsolidated subsidiary		41			30
Cash received from sale of businesses, net		—			16
Other, net		1			—
Net cash used in investing activities		(74	)		(87	)

Financing activities:
Net borrowings (repayments) on revolving loan facilities		457			(169	)
Proceeds from long-term debt		—			349
Repayments of long-term debt		(324	)		(8	)
Principal payments on note payable		—			(218	)
Dividends paid to common stockholders		(131	)		(130	)
Distributions paid to noncontrolling interests		(13	)		(44	)
Repurchase and cancellation of awards		(3	)		(5	)
Repurchase of common stock		—			(1	)
Other, net		—			(5	)
Net cash used in financing activities		(14	)		(231	)
Effect of exchange rate changes on cash		3			(2	)
Increase (decrease) in cash and cash equivalents		128			(210	)
Cash and cash equivalents at beginning of period		340			540
Cash and cash equivalents at end of period	$	468		$	330

Supplemental cash flow information:
Cash paid for interest	$	49		$	55
Cash paid for income taxes		79			60

As of September 30, 2025 and 2024, the amount of capital expenditures in accounts payable was $26 million and $25 million, respectively.

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In Millions, Except Unit Amounts)

	*September 30,*			*December 31,*
	*2025*			*2024*
ASSETS
Current assets:
Cash and cash equivalents⁽¹⁾	$	468		$	340
Accounts and notes receivable (net of allowance for doubtful accounts of $10 and $8, respectively), ($275 and $233 pledged as collateral, respectively)⁽¹⁾		761			718
Accounts receivable from affiliates		7			7
Inventories⁽¹⁾		836			917
Prepaid expenses		57			114
Other current assets		53			29
Total current assets		2,182			2,125
Property, plant and equipment, net⁽¹⁾		2,475			2,493
Investment in unconsolidated affiliates		301			346
Intangible assets, net		317			344
Goodwill		628			633
Deferred income taxes		63			69
Operating lease right-of-use assets		365			382
Other noncurrent assets⁽¹⁾		751			722
Total assets	$	7,082		$	7,114

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable⁽¹⁾	$	667		$	758
Accounts payable to affiliates		21			12
Accrued liabilities⁽¹⁾		475			411
Current portion of debt⁽¹⁾		378			325
Current operating lease liabilities⁽¹⁾		57			54
Total current liabilities		1,598			1,560
Long-term debt⁽¹⁾		1,630			1,510
Deferred income taxes		181			207
Noncurrent operating lease liabilities⁽¹⁾		336			348
Other noncurrent liabilities⁽¹⁾		329			319
Total liabilities		4,074			3,944
Commitments and contingencies (Notes 16 and 17)
Equity
Huntsman International LLC members’ equity:
Members’ equity, 2,728 units issued and outstanding		3,835			3,814
Retained earnings		17			337
Accumulated other comprehensive loss		(1,079	)		(1,185	)
Total Huntsman International LLC members’ equity		2,773			2,966
Noncontrolling interests in subsidiaries		235			204
Total equity		3,008			3,170
Total liabilities and equity	$	7,082		$	7,114

(1)

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Millions)

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Revenues:
Trade sales, services and fees, net	$	1,435		$	1,500		$	4,242		$	4,474
Related party sales		25			40			86			110
Total revenues		1,460			1,540			4,328			4,584
Cost of goods sold		1,256			1,306			3,741			3,906
Gross profit		204			234			587			678
Operating expenses:
Selling, general and administrative		162			152			486			502
Research and development		29			27			94			91
Restructuring, impairment and plant closing costs		12			5			137			20
Gain on acquisition of assets, net		—			—			(5	)		(51	)
Prepaid asset write-off		—			—			—			71
Income associated with litigation matter, net		—			—			(33	)		—
Other operating (income) expense, net		(6	)		7			(23	)		4
Total operating expenses		197			191			656			637
Operating income (loss)		7			43			(69	)		41
Interest expense, net		(20	)		(21	)		(60	)		(60	)
Equity in income of investment in unconsolidated affiliates		1			5			—			42
Other income, net		6			8			13			22
(Loss) income from continuing operations before income taxes		(6	)		35			(116	)		45
Income tax expense		(4	)		(39	)		(26	)		(32	)
(Loss) income from continuing operations		(10	)		(4	)		(142	)		13
Loss from discontinued operations, net of tax		(1	)		(12	)		(1	)		(12	)
Net (loss) income		(11	)		(16	)		(143	)		1
Net income attributable to noncontrolling interests		(14	)		(16	)		(43	)		(46	)
Net loss attributable to Huntsman International LLC	$	(25	)	$	(32	)	$	(186	)	$	(45	)

Amounts attributable to Huntsman International LLC:
Loss from continuing operations	$	(24	)	$	(20	)	$	(185	)	$	(33	)
Loss from discontinued operations, net of tax		(1	)		(12	)		(1	)		(12	)
Net loss	$	(25	)	$	(32	)	$	(186	)	$	(45	)

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(In Millions)

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Net (loss) income	$	(11	)	$	(16	)	$	(143	)	$	1
Other comprehensive income, net of tax:
Foreign currency translations adjustments		(4	)		65			99			1
Pension and other postretirement benefits adjustments		5			6			2			20
Other, net		—			1			6			4
Other comprehensive income, net of tax		1			72			107			25
Comprehensive (loss) income		(10	)		56			(36	)		26
Comprehensive income attributable to noncontrolling interests		(15	)		(19	)		(44	)		(50	)
Comprehensive (loss) income attributable to Huntsman International LLC	$	(25	)	$	37		$	(80	)	$	(24	)

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In Millions, Except Unit Amounts)

	*Huntsman International LLC Members*
	*Members'*							*Accumulated other*			*Noncontrolling*
	*equity*							*comprehensive*			*interests in*			*Total*
	*Units*		*Amount*		*Retained earnings*			*loss*			*subsidiaries*			*equity*
Balance, January 1, 2025		2,728	$	3,814	$	337		$	(1,185	)	$	204		$	3,170
Net (loss) income		—		—		(5	)		—			16			11
Other comprehensive income		—		—		—			33			—			33
Dividends paid to parent		—		—		(43	)		—			—			(43	)
Contribution from parent		—		7		—			—			—			7
Distribution to parent		—		—		(5	)		—			—			(5	)
Balance, March 31, 2025		2,728		3,821		284			(1,152	)		220			3,173
Net (loss) income		—		—		(156	)		—			13			(143	)
Other comprehensive income		—		—		—			73			—			73
Dividends paid to parent		—		—		(43	)		—			—			(43	)
Contribution from parent		—		8		—			—			—			8
Balance, June 30, 2025		2,728		3,829		85			(1,079	)		233			3,068
Net (loss) income		—		—		(25	)		—			14			(11	)
Other comprehensive income		—		—		—			—			1			1
Dividends paid to parent		—		—		(43	)		—			—			(43	)
Contribution from parent		—		6		—			—			—			6
Distributions to noncontrolling interests		—		—		—			—			(13	)		(13	)
Balance, September 30, 2025		2,728		3,835	$	17		$	(1,079	)	$	235		$	3,008

	*Huntsman International LLC Members*
	*Members'*							*Accumulated other*			*Noncontrolling*
	*equity*							*comprehensive*			*interests in*			*Total*
	*Units*		*Amount*		*Retained earnings*			*loss*			*subsidiaries*			*equity*
Balance, January 1, 2024		2,728	$	3,785	$	709		$	(1,230	)	$	227		$	3,491
Net (loss) income		—		—		(35	)		—			14			(21	)
Other comprehensive (loss) income		—		—		—			(24	)		1			(23	)
Dividends paid to parent		—		—		(43	)		—			—			(43	)
Contribution from parent		—		8		—			—			—			8
Distribution to parent		—		—		(9	)		—			—			(9	)
Balance, March 31, 2024		2,728		3,793		622			(1,254	)		242			3,403
Net income		—		—		22			—			16			38
Other comprehensive loss		—		—		—			(24	)		—			(24	)
Dividends paid to parent		—		—		(43	)		—			—			(43	)
Contribution from parent		—		7		—			—			—			7
Distribution to noncontrolling interest		—		—		—			—			(36	)		(36	)
Balance, June 30, 2024		2,728		3,800		601			(1,278	)		222			3,345
Net (loss) income		—		—		(32	)		—			16			(16	)
Other comprehensive income		—		—		—			69			3			72
Dividends paid to parent		—		—		(43	)		—			—			(43	)
Contribution from parent		—		7		—			—			—			7
Distributions to noncontrolling interests		—		—		—			—			(8	)		(8	)
Balance, September 30, 2024		2,728	$	3,807	$	526		$	(1,209	)	$	233		$	3,357

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions)

	*Nine months ended*
	*September 30,*
	*2025*			*2024*
Operating activities:
Net (loss) income	$	(143	)	$	1
Less: loss from discontinued operations, net of tax		1			12
(Loss) income from continuing operations		(142	)		13
Adjustments to reconcile (loss) income from continuing operations to net cash provided by operating activities from continuing operations:
Equity in income of investment in unconsolidated affiliates		—			(42	)
Cash received from return on investment in unconsolidated subsidiary		17			90
Depreciation and amortization		214			214
Noncash lease expense		57			57
Gain on acquisition of assets, net		(5	)		(51	)
Noncash prepaid asset write-off		—			71
Noncash restructuring and impairment charges		93			9
Deferred income taxes		(12	)		(4	)
Noncash stock-based compensation		21			22
Other, net		6			9
Changes in operating assets and liabilities:
Accounts and notes receivable		(26	)		(72	)
Inventories		114			(137	)
Prepaid expenses		61			9
Other current assets		(12	)		(11	)
Other noncurrent assets		(27	)		(25	)
Accounts payable		(103	)		21
Accrued liabilities		30			21
Other noncurrent liabilities		(64	)		(67	)
Net cash provided by operating activities from continuing operations		222			127
Net cash used in operating activities from discontinued operations		(8	)		(16	)
Net cash provided by operating activities		214			111

Investing activities:
Capital expenditures		(116	)		(133	)
Cash received from return of investment in unconsolidated subsidiary		41			30
Cash received from sale of businesses, net		—			16
Increase in receivable from affiliate		(5	)		(9	)
Other, net		1			—
Net cash used in investing activities		(79	)		(96	)

Financing activities:
Net borrowings (repayments) on revolving loan facilities		457			(169	)
Proceeds from long-term debt		—			349
Repayments of long-term debt		(324	)		(8	)
Principal payments on note payable		—			(218	)
Dividends paid to parent		(129	)		(129	)
Distributions paid to noncontrolling interests		(13	)		(44	)
Other, net		(1	)		(4	)
Net cash used in financing activities		(10	)		(223	)
Effect of exchange rate changes on cash		3			(2	)
Increase (decrease) in cash and cash equivalents		128			(210	)
Cash and cash equivalents at beginning of period		340			540
Cash and cash equivalents at end of period	$	468		$	330

Supplemental cash flow information:
Cash paid for interest	$	49		$	55
Cash paid for income taxes		79			60

As of September 30, 2025 and 2024, the amount of capital expenditures in accounts payable was $26 million and $25 million, respectively.

See accompanying notes to condensed consolidated financial statements.

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HUNTSMAN CORPORATION AND SUBSIDIARIES

HUNTSMAN INTERNATIONAL LLC AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL

Certain Definitions

For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” may be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, “Huntsman International” refers to Huntsman International LLC (our wholly-owned subsidiary).

In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products.

Interim Financial Statements

Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive (loss) income, financial position and cash flows for the periods presented. Results for interim periods are not necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024 for our Company and Huntsman International.

Description of Businesses

We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, packaging, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the light weighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. We operate all of our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999.

Huntsman Corporation and Huntsman International Financial Statements

Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our condensed consolidated financial statements and Huntsman International’s condensed consolidated financial statements relate primarily to different capital structures.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated.

Huntsman International declared and paid to us distributions in the form of certain affiliate accounts receivable during 2025 and 2024.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

S u bsequent Event

On November 3, 2025, our Board of Directors declared a $0.0875 per share cash dividend on our common stock. This represents a 65% decrease from the previous dividend.

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2. ACCOUNTING STANDARDS

RECENTLY ADOPTED ACCOUNTING STANDARD

On January 1, 2025, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures; however, the required disclosures are effective for our 2025 annual reporting period and interim reporting periods within fiscal years beginning after December 15, 2025. We are currently evaluating the impact of the adoption of this accounting standard on the related disclosures.

ACCOUNTING STANDARDS PENDING ADOPTION IN FUTURE PERIODS

The following relevant accounting standards become effective subsequent to fiscal year 2025, and we are currently evaluating the impact of the future adoption of these accounting standards on our financial statements and related disclosures:

●

FASB ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220-40): Disaggregation of Income Statement Expenses, effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027

●

FASB ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods

3. BUSINESS COMBINATIONS AND ACQUISITIONS

SEPARATION AND ACQUISITION OF ASSETS OF SLIC JOINT VENTURE

On January 31, 2024, we completed the planned separation and acquisition of assets of Shanghai Lianheng Isocyanate Company Ltd. (“SLIC”), our former joint venture with BASF and three Chinese chemical companies. The final purchase price of the acquired assets was determined based on an asset valuation that was completed in the second quarter of 2024. The acquisition of the assets was funded in part with Huntsman Polyurethanes Shanghai Ltd., our 70%-owned consolidated joint venture in China (“HPS”), issuing a U.S. dollar equivalent note payable at closing of approximately $218 million, which was repaid in full in the second quarter of 2024 using available funds at HPS. During the third quarter of 2024, we received approximately $64 million of cash from SLIC, of which $34 million was a dividend and $30 million was an interim liquidating distribution. Upon the full liquidation of the joint venture during the first quarter of 2025, all remaining cash of SLIC, primarily resulting from the proceeds received by SLIC, was distributed back to the joint venture partners. As such, during the first quarter of 2025, we received approximately $41 million of cash from SLIC, which was our final liquidating distribution.

The acquisition has been integrated into our Polyurethanes segment. Transaction costs related to this acquisition were not material during 2024.

We have accounted for the acquisition using the acquisition method. As such, we analyzed the fair value of net assets acquired. The allocation of acquisition cost to the assets and liabilities acquired is summarized as follows (dollars in millions):

Fair value of assets acquired:
Accounts receivable	$	20
Inventories		10
Property, plant and equipment		231
Other long-term assets		24
Deferred income taxes		1
Operating lease right-of-use assets		3
Noncurrent operating lease liabilities		(3	)
Total	$	286

The total fair value of the net assets acquired was in excess of the acquisition cost resulting in net gains of approximately $51 million recognized during 2024 and approximately $5 million recognized during the first quarter of 2025. Concurrent with the acquisition of net assets, we wrote off certain prepaid assets of approximately $71 million during 2024 related to operating agreements with SLIC and other joint venture partners.

According to the operating agreement of the joint venture, SLIC sold all of its output to the joint venture partners with no external sales. After the separation and acquisition of assets, we use all of the output of the acquired assets for internal use. As such, the acquired business has no external revenues or net income.

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4. DISCONTINUED OPERATIONS

SaLE of tEXTILE eFFECTS bUSINESS

On February 28, 2023, we completed the sale of our textile chemicals and dyes business (“Textile Effects Business”) to Archroma, a portfolio company of SK Capital Partners, and during the first quarter of 2024, we finalized the purchase price valued at $597 million, which included adjustments to the purchase price for working capital, plus the assumption of underfunded pension liabilities. During the nine months ended September 30, 2025, net charges of our discontinued operations were not material.

The following table reconciles line items constituting pretax loss from discontinued operations to after-tax loss from discontinued operations, primarily related to our Textile Effects Business, as presented in our condensed consolidated statements of operations (dollars in millions):

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Major line item constituting pretax loss from discontinued operations:
Loss on sale of our discontinued operations	$	(1	)	$	(12	)	$	—		$	(20	)
Loss from discontinued operations before income taxes		(1	)		(12	)		—			(20	)
Income tax (expense) benefit		—			—			(1	)		8
Net loss attributable to discontinued operations	$	(1	)	$	(12	)	$	(1	)	$	(12	)

5. INVENTORIES

We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first-out (“LIFO”) and first-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

	*September 30,*			*December 31,*
	*2025*			*2024*
Raw materials and supplies	$	168		$	193
Work in progress		37			39
Finished goods		677			727
Total		882			959
LIFO reserves		(46	)		(42	)
Net inventories	$	836		$	917

As of September 30, 2025 and December 31, 2024, approximately 8% and 9%, respectively, of our inventories were recorded using the LIFO cost method.

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6. VARIABLE INTEREST ENTITIES

We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary:

●

Rubicon LLC is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments.

●

Arabian Amines Company (“AAC”) is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment.

During the nine months ended September 30, 2025, there were no changes in our variable interest entities.

Creditors of our variable interest entities have no recourse to our general credit. See “Note 9. Debt—Direct and Subsidiary Debt.” As the primary beneficiary of these variable interest entities at September 30, 2025, the joint ventures’ assets, liabilities and results of operations are included in our condensed consolidated financial statements.

The following table summarizes the carrying amounts of our variable interest entities’ assets and liabilities included in our condensed consolidated balance sheet as of September 30, 2025 and our consolidated balance sheet as of December 31, 2024 (dollars in millions):

	*September 30,*		*December 31,*
	*2025*		*2024*
Current assets	$	86	$	89
Property, plant and equipment, net		123		124
Operating lease right-of-use assets		18		21
Other noncurrent assets		136		133
Deferred income taxes		10		10
Total assets	$	373	$	377
Current liabilities	$	121	$	147
Long-term debt		—		7
Noncurrent operating lease liabilities		11		15
Other noncurrent liabilities		16		16
Deferred income taxes		2		2
Total liabilities	$	150	$	187

Certain operating activities for our variable interest entities for the three and nine months ended September 30, 2025 and 2024 were as follows (dollars in millions):

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*		*2024*
Income from continuing operations before income taxes	$	11	$	19	$	41	$	54
Net cash provided by operating activities		20		27		49		68

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7. SUPPLIER FINANCE PROGRAM

During the first quarter of 2025, we initiated a supplier finance program that has been made available to certain of our vendors. The program allows our vendors to voluntarily sell their receivables due from us to a participating financial institution on terms that are negotiated between the vendor and the financial institution. The vendor receives payment from the financial institution, and we pay the financial institution on the terms originally negotiated with the vendor, which generally range from 90 to 120 days. We do not pledge assets as security or provide other forms of guarantees associated with this supplier finance program. As of September 30, 2025, outstanding obligations confirmed as valid under this supplier finance program were approximately $41 million, which are included in accounts payable in our condensed consolidated balance sheets.

8. RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

As of September 30, 2025 and December 31, 2024, accrued restructuring and plant closing costs by type of cost consisted of the following (dollars in millions):

						*Other*
	*Workforce*			*Contract*		*restructuring*
	*reductions*			*terminations*		*costs*			*Total*
Accrued liabilities as of January 1, 2025	$	27		$	—	$	(1	)	$	26
Charges, net		39			4		1			44
Payments		(16	)		—		(1	)		(17	)
Accrued liabilities as of September 30, 2025	$	50		$	4	$	(1	)	$	53

As of September 30, 2025 and December 31, 2024, accrued restructuring and plant closing costs of our three operating segments as well as Corporate and other consisted of the following (dollars in millions):

				*Performance*			*Advanced*			*Corporate*
	*Polyurethanes*			*Products*			*Materials*			*and other*			*Total*
Accrued liabilities as of January 1, 2025	$	20		$	1		$	4		$	1		$	26
Charges (credits), net		34			10			(1	)		1			44
Payments		(11	)		(5	)		—			(1	)		(17	)
Accrued liabilities as of September 30, 2025	$	43		$	6		$	3		$	1		$	53

Current portion of restructuring reserves	$	43		$	6		$	1		$	1		$	51
Long-term portion of restructuring reserves		—			—			2			—			2

Details with respect to cash and noncash restructuring, impairment and plant closing costs from continuing operations for the three and nine months ended September 30, 2025 and 2024 are provided below (dollars in millions):

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
	*2025*		*2024*		*2025*			*2024*
Cash charges, net	$	1	$	3	$	44		$	11
Noncash charges:
Impairment of assets		4		—		81			—
Accelerated depreciation		7		1		13			7
Other noncash charges		—		1		(1	)		2
Total restructuring, impairment and plant closing costs	$	12	$	5	$	137		$	20

Restructuring Activities

Beginning in the second quarter of 2025, our Performance Products segment implemented a restructuring program to close its European maleic anhydride manufacturing facility in Moers, Germany and to reduce other organizational structure costs. During the third quarter of 2025, this program was further expanded for additional site closure costs. In connection with this restructuring program, we recorded net restructuring expense of approximately $92 million for the nine months ended September 30, 2025, primarily related to workforce reductions, contract terminations and approximately $81 million for the impairment of assets, including approximately $14 million of goodwill, related to the closure of the facility. We expect to record further restructuring expenses of approximately $2 million through the first quarter of 2026, primarily related to a site closure.

Beginning in the fourth quarter of 2024, our Polyurethanes segment implemented a restructuring program to reduce organizational structure costs. During the second quarter of 2025, this program was further expanded to optimize its European business organization. In connection with this restructuring program, we recorded net restructuring expense of approximately $45 million for the nine months ended September 30, 2025, primarily related to workforce reductions and accelerated depreciation. We expect to record further restructuring expenses of approximately $16 million through 2027, primarily related to workforce reductions, accelerated depreciation and site closures.

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Beginning in the first quarter of 2024, our Advanced Materials segment implemented a restructuring program to optimize the segment’s manufacturing processes and cost structure in the U.S. to better align with future market opportunities. In connection with this restructuring program, we recorded net restructuring expense of approximately $1 million and $12 million during the nine months ended September 30, 2025 and 2024, respectively, primarily related to accelerated depreciation and workforce reductions. We expect to record further restructuring expenses of approximately $6 million through 2027, primarily related to accelerated depreciation and workforce reductions.

Beginning in the fourth quarter of 2022, we implemented a restructuring program to further realign our cost structure with additional restructuring in Europe. This program was associated with all of our segments and included exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization. In connection with this restructuring program, we recorded a credit of approximately $2 million during the nine months ended September 30, 2025 to adjust the restructuring reserve that was no longer required, and we recorded net restructuring expense of approximately $4 million during the nine months ended September 30, 2024, primarily related to site closures.

9. DEBT

Our outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions):

	*September 30,*		*December 31,*
	*2025*		*2024*
Senior credit facilities:
Revolving credit facility	$	366	$	—
Senior notes		1,488		1,799
Amounts outstanding under A/R programs		124		—
Variable interest entities		9		16
Other		21		20
Total debt	$	2,008	$	1,835
Current portion of debt	$	378	$	325
Long-term portion of debt		1,630		1,510
Total debt	$	2,008	$	1,835

Direct and Subsidiary Debt

Substantially all of our debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not a guarantor of such subsidiary debt.

Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us.

Revolving Credit Facility

On May 20, 2022, Huntsman International entered into a $1.2 billion senior unsecured revolving credit facility (as amended, the “2022 Revolving Credit Facility”). Borrowings bear interest at the rates specified in the credit agreement governing the 2022 Revolving Credit Facility, which vary based on the type of loan and Huntsman International’s debt ratings. Under the credit agreement, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company’s performance on specified sustainability target thresholds with respect to annual percentage reduction in operational greenhouse gas emissions intensity and annual percentage reduction in water consumption intensity. Unless previously terminated in accordance with its terms, the 2022 Revolving Credit Facility will mature in May 2027. Huntsman International may increase the 2022 Revolving Credit Facility commitments up to an additional $500 million, subject to the satisfaction of certain conditions.

On May 23, 2025, Huntsman International entered into a Second Amendment to the 2022 Revolving Credit Facility (the “Second Amendment”). The Second Amendment amends the financial covenant regarding the leverage ratio of Huntsman International and its subsidiaries to increase the maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as those terms are defined in the 2022 Revolving Credit Facility) through the quarter ending December 31, 2026, or earlier if elected by Huntsman International after demonstrating compliance with a certain ratio of Consolidated Net Debt to Consolidated EBITDA (such period, the “Covenant Relief Period”).

The Second Amendment also (i) reduces the general debt and liens baskets during the Covenant Relief Period and (ii) amends the restricted payments covenant to limit Huntsman International’s ability to make restricted payments for the purpose of providing Huntsman Corporation funds to redeem its equity interests during the Covenant Relief Period, subject to certain exceptions.

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The following table presents certain amounts under our 2022 Revolving Credit Facility as of September 30, 2025 (monetary amounts in millions):

Facility		Committed amount				Principal outstanding				Unamortized discounts and debt issuance costs				Carrying value				Maturity
2022 Revolving Credit Facility		$	1,200			$	366	⁽¹⁾⁽²⁾		$	—			$	366				May 2027

(1)

Total principal amount outstanding (U.S. dollar equivalent) includes both U.S. dollar and euro borrowings. Interest rates on borrowings under the 2022 Revolving Credit Facility vary based on the type of loan and Huntsman International’s debt ratings. The representative interest rates for U.S. dollar borrowings and euro borrowings as of September 30, 2025 were 1.60% above Term SOFR and 1.50% above adjusted EURIBOR, respectively.


(2)	On September 30, 2025, we had an additional $3 million (U.S. dollar equivalent) of letters of credit and bank guarantees issued and outstanding under our 2022 Revolving Credit Facility.

Senior Notes

On March 28, 2025, we satisfied and discharged our obligations under the indenture governing our 4.25% senior notes due April 2025 (“2025 Senior Notes”) by irrevocably depositing funds sufficient to redeem them in full, which was approximately $315 million, on the maturity date of April 1, 2025.

As of September 30, 2025, our senior notes consisted of the following (monetary amounts in millions):

Unamortized premiums,

discounts and

Notes

Maturity

Interest rate

Amount outstanding

debt issuance costs

2029 Senior notes

May 2029

4.50

$750 ($744 carrying value)

2031 Senior notes

June 2031

2.95

$400 ($398 carrying value)

2034 Senior notes

October 2034

5.70

$350 ($346 carrying value)

A/R Programs

Huntsman CORP 10-Q