Celanese Corporation Reports Third Quarter Earnings; Exceeds Third Quarter Guidance and Raises Full Year Outlook
Celanese Corporation Reports Third Quarter Earnings; Exceeds Third Quarter Guidance and Raises Full Year Outlook
DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported third quarter 2026 U.S. GAAP diluted earnings per share of $0.68 and adjusted earnings per share of $1.65. Net sales of $2.6 billion increased 6 percent compared to the same period in 2025 and were driven by progress on strategic growth initiatives and commercial actions across the portfolio. Sequentially, net sales decreased 7 percent, reflecting expected moderation from the second quarter.
For the third quarter, the Company reported consolidated operating profit of $198 million, adjusted EBIT of $367 million, and operating EBITDA of $548 million at margins of 8, 14, and 21 percent, respectively. These results reflect disciplined execution across the Company, commercial execution, and the resilience of the Company's differentiated businesses.
Celanese has continued to take actions that demonstrate its ability to improve earnings while generating substantial cash flow to drive meaningful progress on deleveraging. In the third quarter, the Company delivered operating cash flow of $538 million and free cash flow of $461 million.
"Our third quarter results demonstrate continued progress across Celanese, with strong earnings performance and net sales growth," said Scott Richardson, president and chief executive officer. "Cash generation in the third quarter was strong, and by the end of 2026 we expect to have generated over $1.5 billion in free cash flow over the past two years, reflecting the benefits of the significant actions we have taken to improve productivity, strengthen commercial execution and enhance the quality of our portfolio. We also continue to advance our objective of generating approximately $1 billion of divestiture sales proceeds by the end of 2027, and expect to reach approximately $650 million by year end. The benefits of our productivity actions and early contributions from strategic growth initiatives are increasingly evident in our results, enhancing earnings quality, strengthening cash generation, and accelerating progress on deleveraging."
Third Quarter 2026 Financial Highlights:
|
Three Months Ended |
||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||
|
(unaudited) |
||||||||||
|
(In $ millions, except per share data) |
||||||||||
Net Sales |
|
|
|
|
|
||||||
Engineered Materials |
|
1,368 |
|
|
|
1,446 |
|
|
|
1,384 |
|
Acetyl Chain |
|
1,209 |
|
|
|
1,329 |
|
|
|
1,061 |
|
Intersegment Eliminations |
|
(21 |
) |
|
|
(23 |
) |
|
|
(26 |
) |
Total |
|
2,556 |
|
|
|
2,752 |
|
|
|
2,419 |
|
|
|
|
|
|
|
||||||
Operating Profit (Loss) |
|
|
|
|
|
||||||
Engineered Materials |
|
161 |
|
|
|
156 |
|
|
|
(1,327 |
) |
Acetyl Chain |
|
141 |
|
|
|
237 |
|
|
|
135 |
|
Other Activities |
|
(104 |
) |
|
|
(117 |
) |
|
|
(83 |
) |
Total |
|
198 |
|
|
|
276 |
|
|
|
(1,275 |
) |
|
|
|
|
|
|
||||||
Net Earnings (Loss) |
|
78 |
|
|
|
129 |
|
|
|
(1,353 |
) |
|
|
|
|
|
|
||||||
Adjusted EBIT(1) |
|
|
|
|
|
||||||
Engineered Materials |
|
209 |
|
|
|
234 |
|
|
|
200 |
|
Acetyl Chain |
|
236 |
|
|
|
321 |
|
|
|
187 |
|
Other Activities |
|
(78 |
) |
|
|
(85 |
) |
|
|
(61 |
) |
Total |
|
367 |
|
|
|
470 |
|
|
|
326 |
|
|
|
|
|
|
|
||||||
Equity Earnings and Dividend Income |
|
|
|
|
|
||||||
Engineered Materials |
|
3 |
|
|
|
6 |
|
|
|
33 |
|
Acetyl Chain |
|
47 |
|
|
|
44 |
|
|
|
43 |
|
|
|
|
|
|
|
||||||
Operating EBITDA(1) |
|
548 |
|
|
|
649 |
|
|
|
517 |
|
Diluted EPS - continuing operations |
$ |
0.68 |
|
|
$ |
1.15 |
|
|
$ |
(12.39 |
) |
Diluted EPS - total |
$ |
0.67 |
|
|
$ |
1.13 |
|
|
$ |
(12.39 |
) |
Adjusted EPS(1) |
$ |
1.65 |
|
|
$ |
2.45 |
|
|
$ |
1.34 |
|
|
|
|
|
|
|
||||||
Net cash provided by (used in) investing activities |
|
(70 |
) |
|
|
(59 |
) |
|
|
(59 |
) |
Net cash provided by (used in) financing activities |
|
(480 |
) |
|
|
(546 |
) |
|
|
(118 |
) |
Net cash provided by (used in) operating activities |
|
538 |
|
|
|
209 |
|
|
|
447 |
|
Free cash flow(1) |
|
461 |
|
|
|
140 |
|
|
|
5 |
|
| ______________________________ | |
(1) |
See "Non-US GAAP Financial Measures" below. |
Recent Highlights:
- Announced an Investor Event to take place on December 9, 2026 at the Company's technical center and manufacturing site in Florence, Kentucky. Executive management plans to provide details on the Company’s business strategy, growth pathways, and long-term value creation priorities.
- Added Luis Fernandez-Moreno to the Company’s Board of Directors in September 2026. Mr. Fernandez-Moreno most recently served as interim President and Chief Executive officer of Ingevity Corporation, and previously as Senior Vice President at Ashland, Inc. Prior to that, he held various leadership roles at Arch Chemicals, The Dow Chemical Company, and Rohm & Haas Company. Mr. Fernandez-Moreno brings over 40 years of experience and leadership in the performance materials, specialty ingredients and coatings industries spanning corporate strategy, growth and innovation, and mergers and acquisitions.
- Signed a definitive agreement to sell an additional 19 percent of the Nutrinova food ingredients joint venture to Mitsui & Co., Ltd. in a transaction with total cash proceeds of approximately $152 million, while retaining 11 percent interest in the joint venture. The Company expects the transaction to close in the fourth quarter of 2026, subject to certain regulatory approvals and other customary closing conditions.
- Entered into a strategic partnership with VIGOR Precision Ltd., a global leader in precision plastic gears and components, to advance the development and commercialization of lightweight plastic joint solutions for humanoid robots. This further expands Celanese's targeted growth opportunities.
- Completed the previously announced closure of the acetate tow facility in Lanaken, Belgium to further optimize the Company's manufacturing footprint and cost structure. Celanese has successfully leveraged existing resources to continue to meet the needs and expectations of customers.
Third Quarter Business Segment Overview
Engineered Materials
Engineered Materials reported third quarter net sales of $1.4 billion, a 1 percent decrease year over year; however, 2025 sales included the divested Micromax® business that contributed 6 percent to the year over year decline. The results reflected continued momentum in the business's strategic growth initiatives and disciplined commercial execution. Growth in medical and electronics applications continued to support favorable mix enrichment and earnings improvement during the quarter. Sequentially, net sales declined 5 percent, mainly driven by sequential automotive declines partially offset by strength in medical and electronics. The business reported third quarter operating profit of $161 million, adjusted EBIT of $209 million, and operating EBITDA of $311 million, with margins of 12, 15, and 23 percent, respectively. Results were supported by strong commercial execution, favorable product mix, and early contributions from a number of strategic growth initiatives, which more than offset raw material inflation and higher logistics costs. The business continues to make meaningful progress in advancing a number of targeted initiatives that support both growth and competitiveness, with progress of the planned expansions of specialty compounding operations in Europe, beginning commissioning activities for the liquid crystal polymer production facility in Asia, and advancing new medical-grade compounding capabilities in Asia. The business remains on track to commercialize all three projects during the first half of 2027.
Acetyl Chain
The Acetyl Chain reported third quarter net sales of $1.2 billion, a 14 percent increase compared to the same period in 2025. During the quarter, the Acetyl Chain delivered strong performance across acetic acid, derivatives, and the vinyls chain, as modest demand softness was more than offset by pricing favorability and incremental spot opportunities. Sequentially, net sales declined 9 percent, reflecting anticipated moderation from normalizing supply chains. The quarter developed largely as expected and reflected continued strength across the business despite periods of volatility. The business delivered third quarter operating profit of $141 million, adjusted EBIT of $236 million, and operating EBITDA of $301 million at margins of 12, 20, and 25 percent, respectively. Performance in the quarter once again highlighted the strength of the Acetyl Chain's integrated business model, the benefits of its flexible operating network, and its ability to capture value across regions in a dynamic environment.
Cash Flow and Tax
Celanese reported third quarter operating cash flow of $538 million and free cash flow of $461 million, with year to date operating cash flow of $823 million and free cash flow of $604 million, supported by anticipated working capital timing benefits and continued discipline in capital expenditures.
The effective U.S. GAAP income tax rate for the third quarter was 15 percent, higher than same period in 2025, primarily due to a non-cash goodwill impairment loss of $1.1 billion in the Engineered Materials segment recorded during the prior year, which is not deductible for tax purposes. The effective tax rate for 2026 adjusted earnings was 8 percent for the third quarter, and we anticipate this rate for the full year 2026 based on expected full year jurisdictional earnings mix and consideration of other non-recurring U.S. GAAP items.
Outlook
"Looking to the fourth quarter, we expect year-end seasonal moderation across both businesses. We will continue to drive our strategic initiatives, our targeted growth areas, as well as our cost reduction and productivity programs," continued Richardson. "Based on these dynamics, we anticipate full-year 2026 adjusted earnings per share of approximately $6.00 to $6.25. In addition, based on our strong execution year to date, we have increased our free cash flow outlook to a range of $750 to $800 million."
"While conditions remain dynamic, the progress we are seeing across our productivity initiatives, strategic growth platforms, and cash generation efforts give us confidence in our ability to continue improving the earnings power of the company over time. We also expect to exit the year with net debt-to-operating EBITDA of approximately 4.7x, reflecting the progress we have made on deleveraging through disciplined cash generation, targeted divestitures, and focused capital allocation. We remain focused on continuing to strengthen the balance sheet, improving the quality and durability of earnings, and creating long-term shareholder value through disciplined execution of our growth and strategic initiatives," Richardson concluded.
Reconciliations of forecasted non-GAAP measures such as adjusted earnings per share, adjusted EBIT, operating EBITDA or free cash flow to the equivalent U.S. GAAP measures (diluted earnings per share, net earnings (loss) attributable to Celanese Corporation and net cash provided by (used in) operations, respectively), are not available without unreasonable efforts because a forecast of Certain Items, such as mark-to-market pension gains/losses, and other items is not practical. For more information, see "Non-GAAP Financial Measures" below.
The Company's prepared remarks related to the third quarter will be posted on its website at investors.celanese.com under Financial Information/Financial Document Library on November 2, 2026. Information about Non-US GAAP measures is included in a Non-US GAAP Financial Measures and Supplemental Information document posted on our investor relations website under Financial Information/Non-GAAP Financial Measures. See also "Non-GAAP Financial Measures" below.
Celanese Corporation is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese Corporation is a Fortune 500 company that employs more than 11,000 employees worldwide with 2025 net sales of $9.5 billion.
Forward-Looking Statements
This release may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: the ability to successfully achieve planned cost reductions; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; additional impairment of goodwill or intangible assets; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with the Company's strategy; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events, or other crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; changes in currency exchange rates and interest rates; tax rates and changes thereto; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Non-GAAP Financial Measures
Presentation
This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain.
Use of Non-US GAAP Financial Information
This release uses the following Non-US GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, adjusted earnings per share and free cash flow. These measures are not recognized in accordance with US GAAP and should not be viewed as an alternative to US GAAP measures of performance or liquidity. The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin is operating margin; for operating EBITDA margin is operating margin; for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; and for free cash flow is net cash provided by (used in) operations.
Definitions of Non-US GAAP Financial Measures
- Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and Supplemental Information document). We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales.
- Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales.
-
Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a of our Non-US GAAP Financial Measures and Supplemental Information document summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results.
- Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our noncontrolling interest joint ventures. We do not provide reconciliations for free cash flow on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Reconciliation of Non-US GAAP Financial Measures
Reconciliations of the Non-US GAAP financial measures used in this press release to the comparable US GAAP financial measure, together with information about the purposes and uses of Non-US GAAP financial measures, are included in our Non-US GAAP Financial Measures and Supplemental Information document filed as an exhibit to our Current Report on Form 8-K filed with the SEC on or about November 2, 2026 and also available on our website at investors.celanese.com under Financial Information/Financial Document Library.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
Beginning with the reporting period ending June 30, 2026, the Company revised its presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. Previously, Other Income (Expense) Attributable to Celanese Corporation was included with the presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. To provide a better understanding for readers of the U.S. GAAP results of the Company’s non-consolidated equity investments by presenting such results in isolation and better align with how management assesses such results, Other Income (Expense) Attributable to Celanese Corporation is now included with Non-Operating Pension, Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation. Prior periods presented have been revised to reflect this change.
Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
Supplemental Information
Additional information about our prior period performance is included in our Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and Supplemental Information document.
|
Consolidated Statements of Operations - Unaudited |
||||||||
|
||||||||
|
Three Months Ended |
|||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|||
|
(In $ millions, except share and per share data) |
|||||||
Net sales |
2,556 |
|
|
2,752 |
|
|
2,419 |
|
Cost of sales |
(2,017 |
) |
|
(2,134 |
) |
|
(1,898 |
) |
Gross profit |
539 |
|
|
618 |
|
|
521 |
|
Selling, general and administrative expenses |
(248 |
) |
|
(251 |
) |
|
(231 |
) |
Amortization of intangible assets |
(40 |
) |
|
(39 |
) |
|
(42 |
) |
Research and development expenses |
(29 |
) |
|
(29 |
) |
|
(31 |
) |
Other (charges) gains, net |
(32 |
) |
|
(31 |
) |
|
(1,491 |
) |
Foreign exchange gain (loss), net |
12 |
|
|
10 |
|
|
2 |
|
Gain (loss) on disposition of businesses and assets, net |
(4 |
) |
|
(2 |
) |
|
(3 |
) |
Operating profit (loss) |
198 |
|
|
276 |
|
|
(1,275 |
) |
Equity in net earnings (loss) of affiliates |
9 |
|
|
11 |
|
|
39 |
|
Non-operating pension and other postretirement employee benefit (expense) income |
5 |
|
|
5 |
|
|
2 |
|
Interest expense |
(175 |
) |
|
(186 |
) |
|
(177 |
) |
Interest income |
6 |
|
|
10 |
|
|
7 |
|
Dividend income - equity investments |
44 |
|
|
43 |
|
|
40 |
|
Other income (expense), net |
6 |
|
|
(17 |
) |
|
4 |
|
Earnings (loss) from continuing operations before tax |
93 |
|
|
142 |
|
|
(1,360 |
) |
Income tax (provision) benefit |
(14 |
) |
|
(11 |
) |
|
7 |
|
Earnings (loss) from continuing operations |
79 |
|
|
131 |
|
|
(1,353 |
) |
Earnings (loss) from operation of discontinued operations |
(2 |
) |
|
(2 |
) |
|
— |
|
Income tax (provision) benefit from discontinued operations |
1 |
|
|
— |
|
|
— |
|
Earnings (loss) from discontinued operations |
(1 |
) |
|
(2 |
) |
|
— |
|
Net earnings (loss) |
78 |
|
|
129 |
|
|
(1,353 |
) |
Net (earnings) loss attributable to noncontrolling interests |
(4 |
) |
|
(4 |
) |
|
(4 |
) |
Net earnings (loss) attributable to Celanese Corporation |
74 |
|
|
125 |
|
|
(1,357 |
) |
Amounts attributable to Celanese Corporation |
|
|
|
|
|
|||
Earnings (loss) from continuing operations |
75 |
|
|
127 |
|
|
(1,357 |
) |
Earnings (loss) from discontinued operations |
(1 |
) |
|
(2 |
) |
|
— |
|
Net earnings (loss) |
74 |
|
|
125 |
|
|
(1,357 |
) |
Earnings (loss) per common share - basic |
|
|
|
|
|
|||
Continuing operations |
0.68 |
|
|
1.16 |
|
|
(12.39 |
) |
Discontinued operations |
(0.01 |
) |
|
(0.02 |
) |
|
— |
|
Net earnings (loss) - basic |
0.67 |
|
|
1.14 |
|
|
(12.39 |
) |
Earnings (loss) per common share - diluted |
|
|
|
|
|
|||
Continuing operations |
0.68 |
|
|
1.15 |
|
|
(12.39 |
) |
Discontinued operations |
(0.01 |
) |
|
(0.02 |
) |
|
— |
|
Net earnings (loss) - diluted |
0.67 |
|
|
1.13 |
|
|
(12.39 |
) |
Weighted average shares (in millions) |
|
|
|
|
|
|||
Basic |
109.8 |
|
|
109.8 |
|
|
109.6 |
|
Diluted |
110.2 |
|
|
110.2 |
|
|
109.6 |
|
Consolidated Balance Sheets - Unaudited |
|||||
|
|||||
|
As of September 30, 2026 |
|
As of December 31, 2025 |
||
|
|||||
|
(In $ millions) |
||||
ASSETS |
|
|
|
||
Current Assets |
|
|
|
||
Cash and cash equivalents |
1,362 |
|
|
1,263 |
|
Trade receivables - third party and affiliates, net |
960 |
|
|
922 |
|
Non-trade receivables, net |
624 |
|
|
545 |
|
Inventories |
2,286 |
|
|
2,220 |
|
Assets held for sale |
— |
|
|
492 |
|
Other assets |
258 |
|
|
251 |
|
Total current assets |
5,490 |
|
|
5,693 |
|
Investments in affiliates |
1,267 |
|
|
1,252 |
|
Property, plant and equipment, net |
4,715 |
|
|
5,076 |
|
Operating lease right-of-use assets |
426 |
|
|
359 |
|
Deferred income taxes |
1,279 |
|
|
1,359 |
|
Other assets |
571 |
|
|
601 |
|
Goodwill |
4,150 |
|
|
4,171 |
|
Intangible assets, net |
3,036 |
|
|
3,184 |
|
Total assets |
20,934 |
|
|
21,695 |
|
LIABILITIES AND EQUITY |
|
|
|
||
Current Liabilities |
|
|
|
||
Short-term borrowings and current installments of long-term debt - third party and affiliates |
1,414 |
|
|
1,204 |
|
Trade payables - third party and affiliates |
1,315 |
|
|
1,279 |
|
Liabilities held for sale |
— |
|
|
75 |
|
Other liabilities |
1,479 |
|
|
1,049 |
|
Income taxes payable |
142 |
|
|
76 |
|
Total current liabilities |
4,350 |
|
|
3,683 |
|
Long-term debt, net of unamortized deferred financing costs |
10,131 |
|
|
11,394 |
|
Deferred income taxes |
369 |
|
|
512 |
|
Uncertain tax positions |
222 |
|
|
208 |
|
Benefit obligations |
312 |
|
|
344 |
|
Operating lease liabilities |
329 |
|
|
265 |
|
Other liabilities |
586 |
|
|
817 |
|
Commitments and Contingencies |
|
|
|
||
Shareholders' Equity |
|
|
|
||
Treasury stock, at cost |
(5,480 |
) |
|
(5,482 |
) |
Additional paid-in capital |
459 |
|
|
431 |
|
Retained earnings |
10,109 |
|
|
9,876 |
|
Accumulated other comprehensive income (loss), net |
(872 |
) |
|
(776 |
) |
Total Celanese Corporation shareholders' equity |
4,216 |
|
|
4,049 |
|
Noncontrolling interests |
419 |
|
|
423 |
|
Total equity |
4,635 |
|
|
4,472 |
|
Total liabilities and equity |
20,934 |
|
|
21,695 |
|
Non-U.S. GAAP Financial Measures and Supplemental Information
November 2, 2026
In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.
Purpose
The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-U.S. GAAP financial measures. This document is updated quarterly.
Presentation
This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain.
Use of Non-U.S. GAAP Financial Measures
From time to time, management may publicly disclose certain numerical "non-GAAP financial measures" in the course of our earnings releases, financial presentations, earnings conference calls, investor and analyst meetings and otherwise. For these purposes, the Securities and Exchange Commission ("SEC") defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP, and vice versa for measures that include amounts, or are subject to adjustments that effectively include amounts, that are excluded from the most directly comparable U.S. GAAP measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.
Non-GAAP financial measures disclosed by management are provided as additional information to investors, analysts and other parties because the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate our financial condition and period-to-period comparisons. These non-GAAP financial measures should be viewed as supplemental to, and should not be considered in isolation or as alternatives to, net earnings (loss), operating profit (loss), operating margin, cash flow from operating activities (together with cash flow from investing and financing activities), earnings per share or any other U.S. GAAP financial measure. These non-GAAP financial measures should be considered within the context of our complete audited and unaudited financial results for the given period, which are available on the Financial Information/Financial Document Library page of our website, investors.celanese.com. The definition and method of calculation of the non-GAAP financial measures used herein may be different from other companies' methods for calculating measures with the same or similar titles. Investors, analysts and other parties should understand how another company calculates such non-GAAP financial measures before comparing the other company's non-GAAP financial measures to any of our own. These non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive or projections of future results.
Pursuant to the requirements of SEC Regulation G, whenever we refer to a non-GAAP financial measure, we will also present in this document, in the presentation itself or on a Form 8-K in connection with the presentation on the Financial Information/Financial Document Library page of our website, investors.celanese.com, to the extent practicable, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.
This document includes definitions and reconciliations of non-GAAP financial measures used from time to time by the Company.
Specific Measures Used
This document provides information about the following non-GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, net debt, free cash flow and return on invested capital (adjusted). The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin and operating EBITDA margin is operating margin; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for net debt is total debt; for free cash flow is net cash provided by (used in) operations; and for return on invested capital (adjusted) is net earnings (loss) attributable to Celanese Corporation divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity.
Definitions
- Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Adjusted EBIT margin has the same uses and limitations as adjusted EBIT.
- Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We believe that operating EBITDA provides transparent and useful information to investors, analysts and other parties in evaluating our operating performance relative to our peer companies. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales. Operating EBITDA margin has the same uses and limitations as operating EBITDA.
- Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI"). We believe that operating profit (loss) attributable to Celanese Corporation provides transparent and useful information to management, investors, analysts and other parties in evaluating our core operational performance. Operating margin attributable to Celanese Corporation is defined by the Company as operating profit (loss) attributable to Celanese Corporation divided by net sales. Operating margin attributable to Celanese Corporation has the same uses and limitations as operating profit (loss) attributable to Celanese Corporation.
-
Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of the above stated items that affect comparability and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results.
- Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures. We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment because it provides an indication of the long-term cash generating ability of our business. Although we use free cash flow as a measure to assess the liquidity generated by our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain debt service and finance lease payments that are not deducted from that measure. We do not provide reconciliations for free cash flow on a forward-looking basis when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
- Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
- Return on invested capital (adjusted) is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity. We believe that return on invested capital (adjusted) provides useful information to management, investors, analysts and other parties in order to assess our income generation from the point of view of our shareholders and creditors who provide us with capital in the form of equity and debt and whether capital invested in the Company yields competitive returns.
Supplemental Information
Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:
- Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments.
- Cash dividends received from our equity investments.
- For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside shareholders' interests are shown as NCI. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
Beginning with the reporting period ending June 30, 2026, the Company revised its presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. Previously, Other Income (Expense) Attributable to Celanese Corporation was included with the presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. To provide a better understanding for readers of the U.S. GAAP results of the Company’s non-consolidated equity investments by presenting such results in isolation and better align with how management assesses such results, Other Income (Expense) Attributable to Celanese Corporation is now included with Non-Operating Pension, Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation. Prior periods presented have been revised to reflect this change.
Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
Table 1 Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited
|
|||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||
|
(In $ millions) |
||||||||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation |
74 |
|
|
125 |
|
|
44 |
|
|
(1,165 |
) |
|
19 |
|
|
(1,357 |
) |
|
197 |
|
|
(24 |
) |
(Earnings) loss from discontinued operations |
1 |
|
|
2 |
|
|
1 |
|
|
21 |
|
|
6 |
|
|
— |
|
|
10 |
|
|
5 |
|
Interest income |
(6 |
) |
|
(10 |
) |
|
(9 |
) |
|
(24 |
) |
|
(6 |
) |
|
(7 |
) |
|
(7 |
) |
|
(4 |
) |
Interest expense |
175 |
|
|
186 |
|
|
183 |
|
|
701 |
|
|
177 |
|
|
177 |
|
|
177 |
|
|
170 |
|
Refinancing expense |
— |
|
|
— |
|
|
— |
|
|
68 |
|
|
36 |
|
|
— |
|
|
— |
|
|
32 |
|
Income tax provision (benefit) |
14 |
|
|
11 |
|
|
33 |
|
|
(90 |
) |
|
(15 |
) |
|
(7 |
) |
|
(77 |
) |
|
9 |
|
Certain Items attributable to Celanese Corporation (Table 8) |
109 |
|
|
156 |
|
|
23 |
|
|
1,639 |
|
|
34 |
|
|
1,520 |
|
|
42 |
|
|
43 |
|
Adjusted EBIT |
367 |
|
|
470 |
|
|
275 |
|
|
1,150 |
|
|
251 |
|
|
326 |
|
|
342 |
|
|
231 |
|
Depreciation and amortization expense(1) |
181 |
|
|
179 |
|
|
180 |
|
|
743 |
|
|
184 |
|
|
191 |
|
|
188 |
|
|
180 |
|
Operating EBITDA |
548 |
|
|
649 |
|
|
455 |
|
|
1,893 |
|
|
435 |
|
|
517 |
|
|
530 |
|
|
411 |
|
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||
|
(In $ millions) |
||||||||||||||||||||||
Engineered Materials |
11 |
|
43 |
|
3 |
|
6 |
|
1 |
|
3 |
|
2 |
|
— |
||||||||
Acetyl Chain |
18 |
|
|
22 |
|
|
18 |
|
|
11 |
|
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
Other Activities(2) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Accelerated depreciation and amortization expense |
29 |
|
|
65 |
|
|
21 |
|
|
17 |
|
|
12 |
|
|
3 |
|
|
2 |
|
|
— |
|
Depreciation and amortization expense(1) |
181 |
|
|
179 |
|
|
180 |
|
|
743 |
|
|
184 |
|
|
191 |
|
|
188 |
|
|
180 |
|
Total depreciation and amortization expense |
210 |
|
|
244 |
|
|
201 |
|
|
760 |
|
|
196 |
|
|
194 |
|
|
190 |
|
|
180 |
|
______________________________ |
|
(1) |
Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above. |
(2) |
Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, and treasury operations, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses). |
Table 2 Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||||||||||||||||||||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||||||||||||||||||||||||||
Operating Profit (Loss) / Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Engineered Materials |
161 |
|
|
11.8 |
% |
|
156 |
|
|
10.8 |
% |
|
221 |
|
|
16.7 |
% |
|
(958 |
) |
|
(17.8 |
)% |
|
111 |
|
|
8.7 |
% |
|
(1,327 |
) |
|
(95.9 |
)% |
|
164 |
|
|
11.4 |
% |
|
94 |
|
|
7.3 |
% |
Acetyl Chain |
141 |
|
|
11.7 |
% |
|
237 |
|
|
17.8 |
% |
|
95 |
|
|
9.2 |
% |
|
539 |
|
|
12.7 |
% |
|
90 |
|
|
9.6 |
% |
|
135 |
|
|
12.7 |
% |
|
153 |
|
|
13.7 |
% |
|
161 |
|
|
14.4 |
% |
Other Activities(1) |
(104 |
) |
|
|
|
(117 |
) |
|
|
|
(102 |
) |
|
|
|
(367 |
) |
|
|
|
(108 |
) |
|
|
|
(83 |
) |
|
|
|
(86 |
) |
|
|
|
(90 |
) |
|
|
||||||||
Total |
198 |
|
|
7.7 |
% |
|
276 |
|
|
10.0 |
% |
|
214 |
|
|
9.2 |
% |
|
(786 |
) |
|
(8.2 |
)% |
|
93 |
|
|
4.2 |
% |
|
(1,275 |
) |
|
(52.7 |
)% |
|
231 |
|
|
9.1 |
% |
|
165 |
|
|
6.9 |
% |
Less: Net Earnings (Loss) Attributable to NCI for Engineered Materials |
2 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
6 |
|
|
|
|
— |
|
|
|
|
3 |
|
|
|
|
1 |
|
|
|
|
2 |
|
|
|
||||||||
Less: Net Earnings (Loss) Attributable to NCI for Acetyl Chain |
2 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
8 |
|
|
|
|
3 |
|
|
|
|
1 |
|
|
|
|
2 |
|
|
|
|
2 |
|
|
|
||||||||
Operating Profit (Loss) Attributable to Celanese Corporation |
194 |
|
|
7.6 |
% |
|
272 |
|
|
9.9 |
% |
|
210 |
|
|
9.0 |
% |
|
(800 |
) |
|
(8.4 |
)% |
|
90 |
|
|
4.1 |
% |
|
(1,279 |
) |
|
(52.9 |
)% |
|
228 |
|
|
9.0 |
% |
|
161 |
|
|
6.7 |
% |
Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation |
|||||||||||||||||||||||||||||||||||||||||||||||
Engineered Materials |
159 |
|
|
11.6 |
% |
|
154 |
|
|
10.7 |
% |
|
219 |
|
|
16.5 |
% |
|
(964 |
) |
|
(17.9 |
)% |
|
111 |
|
|
8.7 |
% |
|
(1,330 |
) |
|
(96.1 |
)% |
|
163 |
|
|
11.3 |
% |
|
92 |
|
|
7.1 |
% |
Acetyl Chain |
139 |
|
|
11.5 |
% |
|
235 |
|
|
17.7 |
% |
|
93 |
|
|
9.0 |
% |
|
531 |
|
|
12.5 |
% |
|
87 |
|
|
9.3 |
% |
|
134 |
|
|
12.6 |
% |
|
151 |
|
|
13.5 |
% |
|
159 |
|
|
14.2 |
% |
Other Activities(1) |
(104 |
) |
|
|
|
(117 |
) |
|
|
|
(102 |
) |
|
|
|
(367 |
) |
|
|
|
(108 |
) |
|
|
|
(83 |
) |
|
|
|
(86 |
) |
|
|
|
(90 |
) |
|
|
||||||||
Total |
194 |
|
|
7.6 |
% |
|
272 |
|
|
9.9 |
% |
|
210 |
|
|
9.0 |
% |
|
(800 |
) |
|
(8.4 |
)% |
|
90 |
|
|
4.1 |
% |
|
(1,279 |
) |
|
(52.9 |
)% |
|
228 |
|
|
9.0 |
% |
|
161 |
|
|
6.7 |
% |
Equity Earnings and Dividend Income Attributable to Celanese Corporation |
|||||||||||||||||||||||||||||||||||||||||||||||
Engineered Materials |
3 |
|
(2) |
|
|
6 |
|
(2) |
|
|
31 |
|
|
|
|
105 |
|
|
|
|
32 |
|
|
|
|
33 |
|
|
|
|
24 |
|
|
|
|
16 |
|
|
|
||||||||
Acetyl Chain |
47 |
|
|
|
|
44 |
|
|
|
|
2 |
|
|
|
|
131 |
|
|
|
|
42 |
|
|
|
|
43 |
|
|
|
|
43 |
|
|
|
|
3 |
|
|
|
||||||||
Other Activities(1) |
3 |
|
|
|
|
4 |
|
|
|
|
3 |
|
|
|
|
13 |
|
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
||||||||
Total |
53 |
|
|
|
|
54 |
|
|
|
|
36 |
|
|
|
|
249 |
|
|
|
|
77 |
|
|
|
|
79 |
|
|
|
|
70 |
|
|
|
|
23 |
|
|
|
||||||||
Non-Operating Pension, Other Post-Retirement Employee Benefit and Other Income (Expense) Attributable to Celanese Corporation |
|||||||||||||||||||||||||||||||||||||||||||||||
Engineered Materials |
4 |
|
|
|
|
(16 |
) |
|
|
|
1 |
|
|
|
|
7 |
|
|
|
|
3 |
|
|
|
|
2 |
|
|
|
|
1 |
|
|
|
|
1 |
|
|
|
||||||||
Acetyl Chain |
1 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1 |
|
|
|
|
— |
|
|
|
|
1 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
||||||||
Other Activities(1) |
6 |
|
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
54 |
|
|
|
|
47 |
|
|
|
|
3 |
|
|
|
|
1 |
|
|
|
|
3 |
|
|
|
||||||||
Total |
11 |
|
|
|
|
(12 |
) |
|
|
|
6 |
|
|
|
|
62 |
|
|
|
|
50 |
|
|
|
|
6 |
|
|
|
|
2 |
|
|
|
|
4 |
|
|
|
||||||||
Certain Items Attributable to Celanese Corporation (Table 8) |
|||||||||||||||||||||||||||||||||||||||||||||||
Engineered Materials |
43 |
|
|
|
|
90 |
|
|
|
|
(31 |
) |
|
|
|
1,572 |
|
|
|
|
37 |
|
|
|
|
1,495 |
|
|
|
|
25 |
|
|
|
|
15 |
|
|
|
||||||||
Acetyl Chain |
49 |
|
|
|
|
42 |
|
|
|
|
36 |
|
|
|
|
32 |
|
|
|
|
17 |
|
|
|
|
9 |
|
|
|
|
1 |
|
|
|
|
5 |
|
|
|
||||||||
Other Activities(1) |
17 |
|
|
|
|
24 |
|
|
|
|
18 |
|
|
|
|
35 |
|
|
|
|
(20 |
) |
|
|
|
16 |
|
|
|
|
16 |
|
|
|
|
23 |
|
|
|
||||||||
Total |
109 |
|
|
|
|
156 |
|
|
|
|
23 |
|
|
|
|
1,639 |
|
|
|
|
34 |
|
|
|
|
1,520 |
|
|
|
|
42 |
|
|
|
|
43 |
|
|
|
||||||||
Adjusted EBIT / Adjusted EBIT Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Engineered Materials |
209 |
|
|
15.3 |
% |
|
234 |
|
|
16.2 |
% |
|
220 |
|
|
16.6 |
% |
|
720 |
|
|
13.4 |
% |
|
183 |
|
|
14.3 |
% |
|
200 |
|
|
14.5 |
% |
|
213 |
|
|
14.8 |
% |
|
124 |
|
|
9.6 |
% |
Acetyl Chain |
236 |
|
|
19.5 |
% |
|
321 |
|
|
24.2 |
% |
|
131 |
|
|
12.6 |
% |
|
695 |
|
|
16.4 |
% |
|
146 |
|
|
15.5 |
% |
|
187 |
|
|
17.6 |
% |
|
195 |
|
|
17.5 |
% |
|
167 |
|
|
15.0 |
% |
Other Activities(1) |
(78 |
) |
|
|
|
(85 |
) |
|
|
|
(76 |
) |
|
|
|
(265 |
) |
|
|
|
(78 |
) |
|
|
|
(61 |
) |
|
|
|
(66 |
) |
|
|
|
(60 |
) |
|
|
||||||||
Total |
367 |
|
|
14.4 |
% |
|
470 |
|
|
17.1 |
% |
|
275 |
|
|
11.8 |
% |
|
1,150 |
|
|
12.0 |
% |
|
251 |
|
|
11.4 |
% |
|
326 |
|
|
13.5 |
% |
|
342 |
|
|
13.5 |
% |
|
231 |
|
|
9.7 |
% |
___________________________ |
|
(1) |
Other Activities includes corporate SG&A expenses, and treasury operations, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses). |
(2) |
Includes $11 million and $14 million of restructuring activities at our Mylar Specialty Films strategic affiliate during the three months ended September 30, 2026 and June 30, 2026, respectively, which are also included in Certain Items (see Table 8). |
Table 2 Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.)
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||||||||||||||||||||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and Amortization Expense(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Engineered Materials |
102 |
|
|
|
|
101 |
|
|
|
|
104 |
|
|
|
|
441 |
|
|
|
|
105 |
|
|
|
|
115 |
|
|
|
|
112 |
|
|
|
|
109 |
|
|
|
||||||||
Acetyl Chain |
65 |
|
|
|
|
64 |
|
|
|
|
63 |
|
|
|
|
252 |
|
|
|
|
64 |
|
|
|
|
63 |
|
|
|
|
64 |
|
|
|
|
61 |
|
|
|
||||||||
Other Activities(2) |
14 |
|
|
|
|
14 |
|
|
|
|
13 |
|
|
|
|
50 |
|
|
|
|
15 |
|
|
|
|
13 |
|
|
|
|
12 |
|
|
|
|
10 |
|
|
|
||||||||
Total |
181 |
|
|
|
|
179 |
|
|
|
|
180 |
|
|
|
|
743 |
|
|
|
|
184 |
|
|
|
|
191 |
|
|
|
|
188 |
|
|
|
|
180 |
|
|
|
||||||||
Operating EBITDA / Operating EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Engineered Materials |
311 |
|
|
22.7 |
% |
|
335 |
|
|
23.2 |
% |
|
324 |
|
|
24.5 |
% |
|
1,161 |
|
|
21.5 |
% |
|
288 |
|
|
22.6 |
% |
|
315 |
|
|
22.8 |
% |
|
325 |
|
|
22.5 |
% |
|
233 |
|
|
18.1 |
% |
Acetyl Chain |
301 |
|
|
24.9 |
% |
|
385 |
|
|
29.0 |
% |
|
194 |
|
|
18.7 |
% |
|
947 |
|
|
22.4 |
% |
|
210 |
|
|
22.3 |
% |
|
250 |
|
|
23.6 |
% |
|
259 |
|
|
23.2 |
% |
|
228 |
|
|
20.4 |
% |
Other Activities(2) |
(64 |
) |
|
|
|
(71 |
) |
|
|
|
(63 |
) |
|
|
|
(215 |
) |
|
|
|
(63 |
) |
|
|
|
(48 |
) |
|
|
|
(54 |
) |
|
|
|
(50 |
) |
|
|
||||||||
Total |
548 |
|
|
21.4 |
% |
|
649 |
|
|
23.6 |
% |
|
455 |
|
|
19.5 |
% |
|
1,893 |
|
|
19.8 |
% |
|
435 |
|
|
19.7 |
% |
|
517 |
|
|
21.4 |
% |
|
530 |
|
|
20.9 |
% |
|
411 |
|
|
17.2 |
% |
___________________________ |
|
(1) |
Excludes accelerated depreciation and amortization expense, which amounts are included in Certain Items above. See Table 1 for details. |
(2) |
Other Activities includes corporate SG&A expenses, and treasury operations, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses). |
Table 3 Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||||||||||||||||||||||||||
|
|
|
per share |
|
|
|
per share |
|
|
|
per share |
|
|
|
per share |
|
|
|
per share |
|
|
|
per share |
|
|
|
per share |
|
|
|
per share |
||||||||||||||||
|
(In $ millions, except per share data) |
||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to Celanese Corporation |
75 |
|
|
0.68 |
|
127 |
|
|
1.15 |
|
45 |
|
|
0.41 |
|
(1,144 |
) |
|
(10.44 |
) |
|
25 |
|
|
0.23 |
|
(1,357 |
) |
|
(12.39 |
) |
|
207 |
|
|
1.89 |
|
(19 |
) |
|
(0.17 |
) |
|||||
Income tax provision (benefit) |
14 |
|
|
|
|
11 |
|
|
|
|
33 |
|
|
|
|
(90 |
) |
|
|
|
(15 |
) |
|
|
|
(7 |
) |
|
|
|
(77 |
) |
|
|
|
9 |
|
|
|
||||||||
Earnings (loss) from continuing operations before tax |
89 |
|
|
|
|
138 |
|
|
|
|
78 |
|
|
|
|
(1,234 |
) |
|
|
|
10 |
|
|
|
|
(1,364 |
) |
|
|
|
130 |
|
|
|
|
(10 |
) |
|
|
||||||||
Certain Items attributable to Celanese Corporation (Table 8) |
109 |
|
|
|
|
156 |
|
|
|
|
23 |
|
|
|
|
1,639 |
|
|
|
|
34 |
|
|
|
|
1,520 |
|
|
|
|
42 |
|
|
|
|
43 |
|
|
|
||||||||
Refinancing and related expenses |
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
|
36 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
32 |
|
|
|
||||||||||
Adjusted earnings (loss) from continuing operations before tax |
198 |
|
|
|
|
294 |
|
|
|
|
101 |
|
|
|
|
473 |
|
|
|
|
80 |
|
|
|
|
156 |
|
|
|
|
172 |
|
|
|
|
65 |
|
|
|
||||||||
Income tax (provision) benefit on adjusted earnings(1) |
(16 |
) |
|
|
|
(24 |
) |
|
|
|
(8 |
) |
|
|
|
(36 |
) |
|
|
|
(6 |
) |
|
|
|
(9 |
) |
|
|
|
(15 |
) |
|
|
|
(6 |
) |
|
|
||||||||
Adjusted earnings (loss) from continuing operations(2) |
182 |
|
|
1.65 |
|
|
270 |
|
|
2.45 |
|
|
93 |
|
|
0.85 |
|
|
437 |
|
|
3.98 |
|
|
74 |
|
|
0.67 |
|
|
147 |
|
|
1.34 |
|
|
157 |
|
|
1.43 |
|
|
59 |
|
|
0.54 |
|
|
Diluted shares (in millions)(3) |
||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding |
109.8 |
|
|
|
|
109.8 |
|
|
|
|
109.7 |
|
|
|
|
109.5 |
|
|
|
|
109.6 |
|
|
|
|
109.6 |
|
|
|
|
109.5 |
|
|
|
|
109.4 |
|
|
|
||||||||
Incremental shares attributable to equity awards |
0.4 |
|
|
|
|
0.4 |
|
|
|
|
0.3 |
|
|
|
|
0.2 |
|
|
|
|
0.2 |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
|
|
— |
|
|
|
||||||||
Total diluted shares |
110.2 |
|
|
|
|
110.2 |
|
|
|
|
110.0 |
|
|
|
|
109.7 |
|
|
|
|
109.8 |
|
|
|
|
109.6 |
|
|
|
|
109.7 |
|
|
|
|
109.4 |
|
|
|
||||||||
______________________________ |
|
(1) |
Calculated using adjusted effective tax rates (Table 3a) as follows: |
|
Q3 '26 |
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
| Adjusted effective tax rate | 8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
6 |
|
|
|
9 |
|
|
|
9 |
|
|
|
(2) |
Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns. |
|
|
Actual Plan Asset Returns |
|
Expected Plan Asset Returns |
||||
|
|
(In percentages) |
||||||
| 2025 |
|
7.8 |
|
5.3 |
||||
(3) |
Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive. |
Table 3a Adjusted Tax Rate - Reconciliation of a Non-GAAP Measure - Unaudited
|
|||||
|
Estimated |
|
Actual |
||
|
2026 |
|
2025 |
||
|
(In percentages) |
||||
U.S. GAAP annual effective tax rate |
19 |
|
|
7 |
|
Discrete quarterly recognition of GAAP items(1) |
1 |
|
|
17 |
|
Tax impact of other charges and adjustments(2) |
(5 |
) |
|
(12 |
) |
Utilization of foreign tax credits |
(1 |
) |
|
— |
|
Changes in valuation allowances, excluding impact of other charges and adjustments(3) |
(1 |
) |
|
(12 |
) |
Other, includes effect of discrete current year transactions(4) |
(5 |
) |
|
8 |
|
Adjusted tax rate |
8 |
|
|
8 |
|
______________________________ Note: As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate for actual results. |
|
(1) |
Such as changes in tax laws (including U.S. tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments. |
(2) |
Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes. |
(3) |
Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments. |
(4) |
Includes tax impacts related to full-year actual tax opportunities and related costs, as well as current year realization of U.S. GAAP benefits deferred in prior years. |
Table 4 Net Sales by Segment - Unaudited
|
|||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||
|
(In $ millions) |
||||||||||||||||||||||
Engineered Materials |
1,368 |
|
|
1,446 |
|
|
1,325 |
|
|
5,390 |
|
|
1,277 |
|
|
1,384 |
|
|
1,442 |
|
|
1,287 |
|
Acetyl Chain |
1,209 |
|
|
1,329 |
|
|
1,036 |
|
|
4,232 |
|
|
940 |
|
|
1,061 |
|
|
1,115 |
|
|
1,116 |
|
Intersegment eliminations(1) |
(21 |
) |
|
(23 |
) |
|
(24 |
) |
|
(78 |
) |
|
(13 |
) |
|
(26 |
) |
|
(25 |
) |
|
(14 |
) |
Net sales |
2,556 |
|
|
2,752 |
|
|
2,337 |
|
|
9,544 |
|
|
2,204 |
|
|
2,419 |
|
|
2,532 |
|
|
2,389 |
|
___________________________ |
|
(1) |
Includes intersegment sales primarily related to the Acetyl Chain. |
Table 4a Factors Affecting Segment Net Sales Sequentially - Unaudited
Three Months Ended September 30, 2026 Compared to Three Months Ended June 30, 2026
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(7 |
) |
|
2 |
|
|
— |
|
(5 |
) |
|
|
Acetyl Chain |
(4 |
) |
|
(5 |
) |
|
— |
|
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(5 |
) |
|
(2 |
) |
|
— |
|
|
(7 |
) |
|
Three Months Ended June 30, 2026 Compared to Three Months Ended March 31, 2026
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
3 |
|
6 |
|
— |
|
9 |
(1) |
||||
Acetyl Chain |
6 |
|
|
22 |
|
|
— |
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
4 |
|
|
14 |
|
|
— |
|
|
18 |
|
|
Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
3 |
|
— |
|
1 |
|
4 |
|
||||
Acetyl Chain |
8 |
|
|
1 |
|
|
1 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
5 |
|
|
— |
|
|
1 |
|
|
6 |
|
|
Three Months Ended December 31, 2025 Compared to Three Months Ended September 30, 2025
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(6 |
) |
|
(2 |
) |
|
— |
|
(8 |
) |
|
|
Acetyl Chain |
(10 |
) |
|
(1 |
) |
|
— |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(7 |
) |
|
(2 |
) |
|
— |
|
|
(9 |
) |
|
Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(6 |
) |
|
1 |
|
|
1 |
|
(4 |
) |
|
|
Acetyl Chain |
(2 |
) |
|
(4 |
) |
|
1 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(4 |
) |
|
(1 |
) |
|
1 |
|
|
(4 |
) |
|
Three Months Ended June 30, 2025 Compared to Three Months Ended March 31, 2025
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
9 |
|
|
— |
|
|
3 |
|
12 |
|
||
Acetyl Chain |
(1 |
) |
|
(2 |
) |
|
3 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
4 |
|
|
(1 |
) |
|
3 |
|
|
6 |
|
|
Three Months Ended March 31, 2025 Compared to Three Months Ended December 31, 2024
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
— |
|
2 |
|
|
(1 |
) |
|
1 |
|
||
Acetyl Chain |
3 |
|
|
(1 |
) |
|
(1 |
) |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
2 |
|
|
— |
|
|
(1 |
) |
|
1 |
|
|
______________________________ |
|
(1) |
Includes a (4), 0, and 0 percent net sales impact of volume, price, and currency, respectively, as a result of the sale of the Micromax® business. |
Table 4b Factors Affecting Segment Net Sales Year Over Year - Unaudited
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025 |
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(6 |
) |
|
5 |
|
— |
|
(1 |
) |
(1) |
||
Acetyl Chain |
— |
|
|
14 |
|
|
— |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(4 |
) |
|
10 |
|
|
— |
|
|
6 |
|
|
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(6 |
) |
|
5 |
|
1 |
|
— |
(2) |
|||
Acetyl Chain |
— |
|
|
18 |
|
|
1 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(3 |
) |
|
11 |
|
|
1 |
|
|
9 |
|
|
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
— |
|
|
(1 |
) |
|
4 |
|
3 |
|
|
|
Acetyl Chain |
(7 |
) |
|
(4 |
) |
|
4 |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(3 |
) |
|
(3 |
) |
|
4 |
|
|
(2 |
) |
|
Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(2 |
) |
|
— |
|
|
3 |
|
1 |
|
|
|
Acetyl Chain |
(10 |
) |
|
(7 |
) |
|
2 |
|
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(6 |
) |
|
(3 |
) |
|
2 |
|
|
(7 |
) |
|
Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(8 |
) |
|
(1 |
) |
|
2 |
|
(7 |
) |
|
|
Acetyl Chain |
(4 |
) |
|
(8 |
) |
|
1 |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(6 |
) |
|
(4 |
) |
|
1 |
|
|
(9 |
) |
|
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(3 |
) |
|
(1 |
) |
|
2 |
|
(2 |
) |
|
|
Acetyl Chain |
(2 |
) |
|
(7 |
) |
|
2 |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(2 |
) |
|
(4 |
) |
|
2 |
|
|
(4 |
) |
|
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
|
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(4 |
) |
|
(2 |
) |
|
(1 |
) |
|
(7 |
) |
|
Acetyl Chain |
(6 |
) |
|
(4 |
) |
|
(1 |
) |
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(5 |
) |
|
(3 |
) |
|
(1 |
) |
|
(9 |
) |
|
______________________________ |
|
(1) |
Includes a (6), 0, and 0 percent net sales impact of volume, price, and currency, respectively, as a result of the sale of the Micromax® business. |
(2) |
Includes a (6), 0, and 0 percent net sales impact of volume, price, and currency, respectively, as a result of the sale of the Micromax® business. |
Table 4c Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 |
||||||||||||
|
Volume |
|
Price |
|
Currency |
|
Total |
|||||
|
(In percentages) |
|
||||||||||
Engineered Materials |
(4 |
) |
|
(1 |
) |
|
1 |
|
(4 |
) |
|
|
Acetyl Chain |
(6 |
) |
|
(6 |
) |
|
1 |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
(4 |
) |
|
(4 |
) |
|
1 |
|
|
(7 |
) |
|
Table 5 Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited
|
|||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||
|
(In $ millions, except percentages) |
||||||||||||||||||||||
Net cash provided by (used in) investing activities |
(70 |
) |
|
(59 |
) |
|
425 |
|
|
(349 |
) |
|
(104 |
) |
|
(59 |
) |
|
(88 |
) |
|
(98 |
) |
Net cash provided by (used in) financing activities |
(480 |
) |
|
(546 |
) |
|
(3 |
) |
|
(513 |
) |
|
(324 |
) |
|
(118 |
) |
|
(116 |
) |
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities |
538 |
|
|
209 |
|
|
76 |
|
|
1,146 |
|
|
252 |
|
|
447 |
|
|
410 |
|
|
37 |
|
Capital expenditures on property, plant and equipment |
(69 |
) |
|
(62 |
) |
|
(66 |
) |
|
(343 |
) |
|
(84 |
) |
|
(64 |
) |
|
(93 |
) |
|
(102 |
) |
Contributions from/(Distributions) to NCI |
(8 |
) |
|
(7 |
) |
|
(7 |
) |
|
(30 |
) |
|
(8 |
) |
|
(8 |
) |
|
(6 |
) |
|
(8 |
) |
Free cash flow(1) |
461 |
|
|
140 |
|
|
3 |
|
|
773 |
|
|
160 |
|
|
375 |
|
|
311 |
|
|
(73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
2,556 |
|
|
2,752 |
|
|
2,337 |
|
|
9,544 |
|
|
2,204 |
|
|
2,419 |
|
|
2,532 |
|
|
2,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Free cash flow as % of Net sales |
18.0 |
% |
|
5.1 |
% |
|
0.1 |
% |
|
8.1 |
% |
|
7.3 |
% |
|
15.5 |
% |
|
12.3 |
% |
|
(3.1 |
)% |
______________________________ |
|
(1) |
Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operating activities, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures. |
Table 6 Cash Dividends Received - Unaudited
|
|||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||
|
(In $ millions) |
||||||||||||||||||||||
Dividends from equity method investments |
— |
|
16 |
|
54 |
|
139 |
|
47 |
|
40 |
|
21 |
|
31 |
||||||||
Dividends from equity investments without readily determinable fair values |
44 |
|
|
43 |
|
|
1 |
|
|
122 |
|
|
40 |
|
|
40 |
|
|
41 |
|
|
1 |
|
Total |
44 |
|
|
59 |
|
|
55 |
|
|
261 |
|
|
87 |
|
|
80 |
|
|
62 |
|
|
32 |
|
Table 7 Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited
|
|||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
||||||||
|
(In $ millions) |
||||||||||||||||||||||
Short-term borrowings and current installments of long-term debt - third party and affiliates |
1,414 |
|
|
1,311 |
|
|
1,741 |
|
|
1,204 |
|
|
1,204 |
|
|
1,199 |
|
|
252 |
|
|
406 |
|
Long-term debt, net of unamortized deferred financing costs |
10,131 |
|
|
10,696 |
|
|
10,813 |
|
|
11,394 |
|
|
11,394 |
|
|
11,655 |
|
|
12,689 |
|
|
12,378 |
|
Total debt |
11,545 |
|
|
12,007 |
|
|
12,554 |
|
|
12,598 |
|
|
12,598 |
|
|
12,854 |
|
|
12,941 |
|
|
12,784 |
|
Cash and cash equivalents |
(1,362 |
) |
|
(1,364 |
) |
|
(1,758 |
) |
|
(1,263 |
) |
|
(1,263 |
) |
|
(1,440 |
) |
|
(1,173 |
) |
|
(951 |
) |
Net debt |
10,183 |
|
|
10,643 |
|
|
10,796 |
|
|
11,335 |
|
|
11,335 |
|
|
11,414 |
|
|
11,768 |
|
|
11,833 |
|
Table 8 Certain Items - Unaudited
The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures:
|
|||||||||||||||||||||||||
|
Q3 '26 |
|
Q2 '26 |
|
Q1 '26 |
|
2025 |
|
Q4 '25 |
|
Q3 '25 |
|
Q2 '25 |
|
Q1 '25 |
|
Income Statement Classification |
||||||||
|
(In $ millions) |
|
|
||||||||||||||||||||||
Exit and shutdown costs |
87 |
|
121 |
|
|
44 |
|
|
98 |
|
|
29 |
|
|
10 |
|
27 |
|
32 |
|
Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net / Equity in net earnings (loss) of affiliates / Research & development expenses |
||||
Asset impairments |
— |
|
|
— |
|
|
— |
|
|
1,513 |
|
|
27 |
|
(1) |
1,486 |
|
(2) |
— |
|
|
— |
|
|
Other (charges) gains, net |
Impact from plant incidents and natural disasters |
— |
|
|
— |
|
|
11 |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
Cost of sales |
Mergers, acquisitions and dispositions |
12 |
|
|
35 |
|
|
15 |
|
|
52 |
|
|
23 |
|
|
12 |
|
|
12 |
|
|
5 |
|
|
Cost of sales / SG&A / Other income (expense), net / Gain (loss) on disposition of assets, net / Research & development expenses |
Actuarial (gain) loss on pension and postretirement plans |
— |
|
|
— |
|
|
— |
|
|
(49 |
) |
|
(49 |
) |
|
— |
|
|
— |
|
|
— |
|
|
Cost of sales / SG&A / Non-operating pension and other postretirement employee benefit (expense) income |
Legal settlements and commercial disputes |
10 |
|
|
4 |
|
|
3 |
|
|
17 |
|
|
1 |
|
|
11 |
|
|
2 |
|
|
3 |
|
|
SG&A |
(Gain) loss on disposition of businesses and assets |
— |
|
|
(4 |
) |
|
(50 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Gain (loss) on disposition of businesses and assets, net |
Other |
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
3 |
|
|
1 |
|
|
1 |
|
|
— |
|
|
Cost of sales |
Certain Items attributable to Celanese Corporation |
109 |
|
|
156 |
|
|
23 |
|
|
1,639 |
|
|
34 |
|
|
1,520 |
|
|
42 |
|
|
43 |
|
|
|
___________________________ |
|
(1) |
Related to impairment of certain long-lived assets arising from unused parcels of property subsequently sold. |
(2) |
Related to impairment of goodwill and certain trade names, primarily Zytel®, arising from our annual goodwill and indefinite-lived intangible assets impairment tests. |
Table 9 Return on Invested Capital (Adjusted) - Presentation of a Non-GAAP Measure - Unaudited
|
||||||||
|
|
|
|
|
2025 |
|||
|
|
|
|
|
(In $ millions, except percentages) |
|||
Net earnings (loss) attributable to Celanese Corporation |
|
|
|
|
(1,165 |
) |
||
|
|
|
|
|
|
|||
Adjusted EBIT (Table 1) |
|
|
|
|
1,150 |
|
||
Adjusted effective tax rate (Table 3a) |
|
|
|
|
8 |
% |
||
Adjusted EBIT tax effected |
|
|
|
|
1,058 |
|
||
|
|
|
|
|
|
|||
|
2025 |
|
2024 |
|
Average |
|||
|
(In $ millions, except percentages) |
|||||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates |
1,204 |
|
1,501 |
|
1,353 |
|
||
Long-term debt, net of unamortized deferred financing costs |
11,394 |
|
|
11,078 |
|
|
11,236 |
|
Celanese Corporation shareholders' equity |
4,049 |
|
|
5,129 |
|
|
4,589 |
|
Invested capital |
|
|
|
|
17,178 |
|
||
|
|
|
|
|
|
|||
Return on invested capital (adjusted) |
|
|
|
|
6.2 |
% |
||
|
|
|
|
|
|
|||
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital |
|
|
|
|
(6.8 |
)% |
||
Contacts
Investor Relations
Bill Cunningham
Phone: +1 302 772 5231
william.cunningham@celanese.com
Media – U.S.
Jamaison Schuler
Phone: +1 972 443 4400
media@celanese.com
Media – Europe
Petra Czugler
Phone: +49 69 45009 1206
petra.czugler@celanese.com
Media – Asia
Maria Xia
Phone: +86 21 3861 9368
maria.xia@celanese.com
