SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENTS AND GEOGRAPHIC INFORMATION

Reconciliation of Segment Reporting to Consolidated


		Engineered			Latex			Polymer			Americas			Total			Corporate
Three Months Ended ⁽¹⁾		Materials			Binders			Solutions			Styrenics			Segments			Unallocated			Total
June 30, 2026
Net sales		$	291.5		$	247.9		$	306.0		$	—		$	845.4		$	—		$	845.4
Cost of sales			(256.5)			(228.2)			(261.0)			—			(745.7)			—			(745.7)
Selling, general and administrative expenses			(18.0)			(10.2)			(12.6)			—			(40.8)			(60.0)			(100.8)
Equity in earnings (losses) of unconsolidated affiliate			—			—			—			1.2			1.2			—			1.2
Other income and (expense)			0.2			—			0.5			—			0.7			(6.2)			(5.5)
Other segment items ⁽²⁾			0.1			(0.2)			5.2			—			5.1			42.5			47.6
Depreciation and amortization expenses ⁽³⁾			25.9			6.5			5.3			—			37.7			1.1			38.8
Adjusted EBITDA ⁽¹⁾		$	43.2		$	15.8		$	43.4		$	1.2		$	103.6
Investments in unconsolidated affiliate			—			—			—			210.2			210.2			—			210.2
Capital expenditures			3.5			3.7			2.7			—			9.9			0.1			10.0
June 30, 2025
Net sales		$	293.2		$	204.2		$	286.9		$	—		$	784.3		$	—		$	784.3
Cost of sales			(274.1)			(188.9)			(284.7)			—			(747.7)			—			(747.7)
Selling, general and administrative expenses			(19.6)			(8.8)			(17.4)			—			(45.8)			(32.3)			(78.1)
Equity in earnings (losses) of unconsolidated affiliate			—			—			—			8.2			8.2			—			8.2
Other income and (expense)			0.1			(0.4)			(0.4)			—			(0.7)			0.5			(0.2)
Other segment items ⁽²⁾			0.5			—			10.6			—			11.1			4.2			15.3
Depreciation and amortization expenses ⁽³⁾			31.0			10.7			10.2			—			51.9			7.9			59.8
Adjusted EBITDA ⁽¹⁾		$	31.1		$	16.8		$	5.2		$	8.2		$	61.3
Investments in unconsolidated affiliate			—			—			—			224.0			224.0			—			224.0
Capital expenditures			3.7			4.0			1.6			—			9.3			0.5			9.8


		Engineered			Latex			Polymer			Americas			Total			Corporate
Six Months Ended ⁽¹⁾		Materials			Binders			Solutions			Styrenics			Segments			Unallocated			Total
June 30, 2026
Net sales		$	554.5		$	444.4		$	571.2		$	—		$	1,570.1		$	—		$	1,570.1
Cost of sales			(498.7)			(407.9)			(502.1)			—			(1,408.7)			—			(1,408.7)
Selling, general and administrative expenses			(36.7)			(19.6)			(25.9)			—			(82.2)			(106.0)			(188.2)
Equity in earnings (losses) of unconsolidated affiliate			—			—			—			3.3			3.3			—			3.3
Other income and (expense)			0.2			—			0.9			—			1.1			(10.8)			(9.7)
Other segment items ⁽²⁾			2.2			(0.1)			9.6			—			11.7			66.5			78.2
Depreciation and amortization expenses ⁽³⁾			55.4			15.4			13.4			—			84.2			4.4			88.6
Adjusted EBITDA ⁽¹⁾		$	76.9		$	32.2		$	67.1		$	3.3		$	179.5
Investments in unconsolidated affiliate			—			—			—			210.2			210.2			—			210.2
Capital expenditures			7.7			8.1			5.4			—			21.2			0.1			21.3
June 30, 2025
Net sales		$	570.5		$	413.5		$	585.1		$	—		$	1,569.1		$	—		$	1,569.1
Cost of sales			(535.2)			(371.5)			(562.0)			—			(1,468.7)			—			(1,468.7)
Selling, general and administrative expenses			(36.1)			(17.6)			(25.3)			—			(79.0)			(90.1)			(169.1)
Equity in earnings (losses) of unconsolidated affiliate			—			—			—			6.4			6.4			—			6.4
Other income and (expense)			0.3			(0.8)			25.3			—			24.8			(1.8)			23.0
Other segment items ⁽²⁾			(0.1)			0.1			18.3			—			18.3			31.6			49.9
Depreciation and amortization expenses ⁽³⁾			57.4			17.6			8.3			—			83.3			12.5			95.8
Adjusted EBITDA ⁽¹⁾		$	56.8		$	41.3		$	49.7		$	6.4		$	154.2
Investments in unconsolidated affiliate			—			—			—			224.0			224.0			—			224.0
Capital expenditures			7.1			7.6			2.7			—			17.4			1.1			18.5

(1)

The Company’s measure of segment operating performance is Adjusted EBITDA, which is defined as income from continuing operations before interest expense, net; provision for income taxes; depreciation and amortization expense; loss on extinguishment of long-term debt and certain debt issuance costs; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. Segment Adjusted EBITDA is the key metric that is used by the chief operating decision maker to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that the chief operating decision maker believes reflects core operating performance by removing the impact of transactions and events that would not be considered a part of core operations.

(2)

Other segment items contain activity primarily defined as addbacks to arrive at Adjusted EBITDA included from the loss on extinguishment of long-term debt and certain debt issuance costs; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items.

(3)	Segment depreciation and amortization expense is included as a component of cost of goods sold; and selling, general, and administrative expense in the amounts regularly provided to the chief operating decision maker and are therefore added back to arrive at Segment Adjusted EBITDA.

Reconciliation of IBT to Adjusted EBITDA


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Loss before income taxes		$	(119.1)		$	(103.0)		$	(225.6)		$	(175.4)
Interest expense, net ⁽⁴⁾			72.4			69.5			151.1			136.1
Depreciation and Amortization ⁽⁵⁾			38.8			59.8			88.6			95.8
Corporate Unallocated ⁽⁶⁾			22.6			19.7			45.9			47.8
Adjusted EBITDA Addbacks ⁽⁷⁾			88.9			15.3			119.5			49.9
Segment Adjusted EBITDA		$	103.6		$	61.3		$	179.5		$	154.2

(4)	During the three and six months ended June 30, 2026, the Company did not recognize approximately $18.2 million of contractual interest expense that would have been recognized if not for the Chapter 11 Cases.

(5)	During the six months ended June 30, 2026, the Company recognized $9.2 million for accelerated amortization of capitalized software assets related to our transition of current enterprise resource planning (“ERP”) system to a cloud based system.

During the three months ended June 30, 2025, the Company entered into an agreement to move our current enterprise resource planning (“ERP”) system to a cloud based system, triggering an acceleration of the amortization of the capitalized software assets totaling $13.8 million.

During the six months ended June 30, 2025, an $8.1 million credit was recognized due to a change in cost estimate related to the Boehlen, Germany Asset Retirement Obligation as the Company was able to realize efficiencies during decommissioning.

(6)	Corporate unallocated includes corporate overhead costs and certain other income and expenses.

(7)	Adjusted EBITDA addbacks for the three and six months ended June 30, 2026 and 2025 are as follows:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Loss on financing transactions (Note 10)		$	6.0		$	1.6		$	6.0		$	26.5
Net gain on disposition of businesses and assets			(2.5)			—			(6.1)			—
Restructuring and other charges (Note 4)			8.8			10.8			18.0			18.2
Reorganization items, net (Note 19)			41.3			—			41.3			—
Other items ^(a)			35.3			2.9			60.3			5.2
Total Adjusted EBITDA Addbacks		$	88.9		$	15.3		$	119.5		$	49.9

(a)

Other items for the three and six months ended June 30, 2026 primarily relate to fees incurred in connection with the Company’s ongoing lender negotiations incurred before the Company filed for bankruptcy or were incurred by non-Debtor entities. Any fees incurred in connection with the Company’s ongoing lender negotiations by the Debtors during the pendency of the Chapter 11 bankruptcy is included within Reorganization items, net.

Other items for the three and six months ended June 30, 2025 primarily relate to fees incurred in conjunction with the legal defense costs associated with Synthos litigation, described in Note 13.