Celanese Corp 8-K, filed Nov 2, 2026
Celanese Corp (CE)
8-K
2026-11-02
For: 2026-11-02
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November 02, 2026
About this 8-K
Celanese Corp filed this 8-K on November 2, 2026.
Celanese Corporation reported third quarter 2026 adjusted EPS of $1.65 and $461 million of free cash flow. It raised 2026 guidance to $750 to $800 million and expects $152 million from selling an additional 19 percent of Nutrinova to Mitsui. AI summary
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (972 ) 443-4000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 7.01 Regulation FD Disclosure
On November 3, 2026, Scott A. Richardson, President, Chief Executive Officer and Director of Celanese Corporation (the "Company"), will make a presentation to investors and analysts via a webcast hosted by the Company at 10:00 a.m. ET (9:00 a.m. CT) regarding the Company's financial results for its third quarter 2026. The webcast, press release, prepared remarks from management and a slide presentation may be accessed on our website at investors.celanese.com under News & Events / Events Calendar. A copy of the prepared remarks and a copy of the slide presentation posted for the webcast are attached to this Current Report on Form 8-K ("Current Report") as Exhibit 99.1(a) and Exhibit 99.1(b), respectively, and are incorporated herein solely for purposes of this Item 7.01 disclosure. During the webcast, management may make, and management's prepared remarks and the attached slide presentation contain, references to certain Non-US GAAP financial measures. Non-US GAAP financial measures appearing in management's prepared remarks are defined and reconciled to the most comparable US GAAP financial measure in our Non-US GAAP Financial Measures and Supplemental Information document furnished with this Current Report as Exhibit 99.2 (and available on our website) and incorporated herein solely for purposes of this Item 7.01 disclosure.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being furnished herewith:
| Exhibit Number | ||||||||
Description | ||||||||
| 99.1(a) | ||||||||
| 99.1(b) | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document contained in Exhibit 101) | |||||||
* In connection with the disclosure set forth in Item 7.01, the information in this Current Report, including the exhibits attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CELANESE CORPORATION | |||||||||||
| By: | /s/ ASHLEY B. DUFFIE | ||||||||||
| Name: | Ashley B. Duffie | ||||||||||
| Title: | Senior Vice President, General Counsel and Corporate Secretary | ||||||||||
| Date: | |||||||||||
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Exhibit 99.1(a)
Third Quarter 2026 Earnings Prepared Comments
Bill Cunningham, Celanese Corporation, Vice President, Investor Relations
This is the Celanese Corporation third quarter 2026 earnings prepared comments. The Celanese Corporation third quarter 2026 earnings release was distributed via Business Wire this afternoon and posted on our investor relations website, investors.celanese.com. As a reminder, some of the matters discussed below may include forward-looking statements concerning, for example, our future objectives and plans. Please note the cautionary language contained at the end of these comments. Also, some of the matters discussed include references to non-GAAP financial measures. Explanations of these measures and reconciliations to the comparable GAAP measures are included on our investor relations website under Financial Information/Non-GAAP Financial Measures. The earnings release and Non-GAAP information and the reconciliations are being furnished to the SEC in a Current Report on Form 8-K. These prepared comments are also being furnished to the SEC in a separate Current Report on Form 8-K.
On the earnings conference call tomorrow morning, management will be available to answer questions.
Scott Richardson, Celanese Corporation, President and Chief Executive Officer
Today, we reported third quarter 2026 adjusted earnings per share of $1.65 (inclusive of approximately $0.36 per share of non-cash transaction amortization1), representing a 23 percent increase compared to the same period last year. I am also pleased to report that we generated $461 million of free cash flow in the quarter. These results reflect disciplined execution across the company, the benefits of our productivity actions, early contributions from our strategic growth initiatives, and the resilience of our differentiated businesses.
Over the last two years, we have taken significant actions to improve the company's competitiveness, earnings quality, and cash generation. As a result, we expect to generate more than $1.5 billion in free cash flow across 2025 and 2026, demonstrating our ability to drive strong financial performance while making meaningful progress on deleveraging.
We are encouraged by the momentum of a number of strategic growth initiatives and commercial actions across the portfolio. Success in these areas creates a more diversified and resilient earnings profile,
1 Calculated as intangible amortization from transactions divided by diluted weighted average shares outstanding.
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increases cash generation, supports a faster path to deleveraging, and provides additional flexibility to invest in future opportunities.
During the quarter, we continued to take decisive steps across the portfolio to advance these priorities and strengthen our foundation for future growth.
•Within Engineered Materials (EM), we advanced targeted initiatives in Europe and Asia to expand our capabilities in high-growth medical and electronics applications. We also entered into a strategic partnership with Vigor, a global leader in precision plastic gears and components, to accelerate the development of lightweight plastic joint solutions for humanoid robotics.
•In the Acetyl Chain (AC), we completed the previously announced closure of our acetate tow facility in Lanaken, Belgium. Consistent with our strategy, this action allows us to exit a higher-cost facility and further leverage the advantages of our most competitive assets through targeted debottlenecking and productivity improvements, while continuing to provide reliable supply and service to our customers. We expect the closure to deliver approximately $20 to $25 million of annualized cost savings.
•Finally, we've taken steps during the quarter to advance the sale of an additional 19 percent interest in the Nutrinova joint venture to Mitsui. Upon closing, the transaction is expected to generate approximately $152 million of cash proceeds to support continued deleveraging. The sale represents an attractive realization of value, and we anticipate completing the transaction in the next few weeks.
As we look ahead, we are focused on translating the progress of the last several years into accelerated growth, stronger earnings and increased cash generation, while maintaining disciplined execution and capital allocation.
Now, let me turn to the specifics of our businesses.
Engineered Materials generated third quarter adjusted EBIT of $209 million and operating EBITDA of $311 million at margins of 15 and 23 percent, respectively. Adjusted EBIT increased 5 percent compared to the same period last year, while adjusted EBIT margin improved by 80 basis points. Excluding the impact of the Micromax® divestiture, adjusted EBIT increased by approximately 9 percent and net sales increased 5 percent year over year, driven by improved pricing and stable volumes.2
2 Comparison excludes Micromax® net sales from the third quarter 2025. The divestiture of Micromax® closed on February 2, 2026. When Micromax® net sales are included, year-over-year net sales decreased by 1 percent, consisting of a 6 percent decline in volume and a 5 percent increase in price.
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Results were supported by strong commercial execution, favorable product mix, and early contributions from strategic growth initiatives, which more than offset raw material inflation and higher logistics costs, including Rhine River disruptions. Results also benefited from a smaller than anticipated inventory-related earnings impact.
Performance was led by our strategic growth platforms, particularly in medical and electronics. Medical net sales increased 16 percent year-over-year, reflecting continued strength in injectable pen applications, inhalers, and medical implants. Electronics net sales increased 30 percent year-over-year, including further penetration in connectors and electronic components supporting AI infrastructure. These higher-value applications contributed to favorable mix enrichment and were key drivers of earnings growth during the quarter.
The growing importance of these subsegments is increasingly reflected in both our sales mix and earnings profile. Together, medical and electronics represent less than one-fifth of EM sales, yet contribute nearly 30 percent to earnings. While automotive remains our largest end market in EM, there is an increasing contribution from higher-margin applications exposed to attractive secular growth trends. We are leveraging our strong automotive position to expand participation in attractive growth areas such as electric vehicle applications, weather seals, and solutions that reduce noise, vibration, and harshness. We believe this evolution of the portfolio will continue to improve earnings quality and strengthen the long-term growth outlook for the business.
As we discussed last quarter, our growth strategy is focused on approximately 30 priority subsegments across areas such as AI infrastructure, medical devices, and vehicle electrification. What makes these opportunities particularly compelling is the breadth of our portfolio and the participation it enables within a single device or system. For example, within a single continuous glucose monitor, over six different EM material families can be utilized across approximately ten applications spanning the sensor, housing, electronics and drug delivery system. This positions us to solve customer challenges with multiple technologies across a single application, expanding our content opportunity, deepening customer relationships, and increasing our ability to capture value across these attractive growth markets.
In parallel, we continue to advance a number of targeted initiatives that support both growth and competitiveness. In Europe, we are progressing planned expansions of our specialty compounding operations. In Asia, we have completed the permitting and begun commissioning activities for our liquid crystal polymer production facility, enhancing our ability to serve rapidly growing electronics and AI infrastructure applications while providing a more localized and resilient supply position. We are also
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advancing new medical-grade compounding capabilities in Asia. We remain on track to commercialize all three projects during the first half of 2027.
Turning to the fourth quarter, we expect EM earnings to moderate sequentially, primarily reflecting year-end seasonal demand patterns in the Western Hemisphere. We expect improved earnings from Ibn Sina, largely driven by MTBE pricing, to be offset by higher raw material costs. We continue to expect $20 million of inventory absorption associated primarily with inventory drawdowns related to our nylon 6,6 manufacturing footprint optimization initiatives. Based on these factors, we expect fourth quarter adjusted EBIT of $170 to $190 million and operating EBITDA of $265 to $285 million.
More broadly, our 2026 performance continues to demonstrate the increasing earnings power of EM. Excluding Micromax®, we expect greater than 20 percent growth in adjusted EBIT for the full year 2026 and year-over-year net sales growth of approximately 6 percent. This performance reflects the benefits of our Grow & Fortify strategy, an improving business mix, and the increasing contribution of higher-value growth platforms across the portfolio, reinforcing our confidence in the long-term growth trajectory of Engineered Materials.
The Acetyl Chain delivered third quarter adjusted EBIT of $236 million and operating EBITDA of $301 million, at margins of 20 and 25 percent, respectively. Adjusted EBIT increased by over 25 percent when compared to the third quarter of 2025, and net sales increased by 14 percent over the same period.
Similar to last quarter, AC was uniquely positioned to capture opportunities, especially as customers continued to prioritize reliable supply. AC delivered strong performance across acetic acid, derivatives, and the vinyls chain, as pricing favorability and incremental spot opportunities more than offset modest demand softness and higher logistics costs. In China, conditions remained dynamic, with margin compression early in the quarter driven primarily by methanol inflation, before improving later in the period as pricing dynamics became more constructive.
Our results demonstrated the flexibility and resilience of our global production network. Following planned maintenance, we successfully restarted our Frankfurt VAM facility during the quarter and expect to continue operating the asset in line with customer demand. We also completed the previously announced closure of our acetate tow facility in Lanaken, Belgium, with approximately one-third of the expected annual savings anticipated to be realized in 2026. Overall, the quarter once again highlighted the strength of AC's integrated business model, the benefits of its flexible operating network, and its ability to capture value across regions in a dynamic macroeconomic environment.
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The strength of the business today reflects the deliberate evolution of the portfolio and business model over the last decade. Nearly 75 percent of our sales are generated in the Western Hemisphere, and approximately two-thirds of that business serves downstream derivative applications. These shifts have strengthened the quality and resilience of our earnings profile by increasing exposure to higher-value applications and regions where customers increasingly prioritize reliability, product performance, and local supply.
The Acetyl Chain benefits from a differentiated business model built around our advantaged Clear Lake, Texas facility and increasing participation in downstream derivatives, reducing the business's sensitivity to excess Chinese acetic acid capacity. By converting those molecules into higher-value downstream products and solutions in the Western Hemisphere, we significantly increase the value created from each ton of acetic acid produced. For example, when converted into emulsions or redispersible powders (RDP), the margin contribution from an acid molecule can increase by approximately 6 to 8 times. The strength of this strategy is reflected in the continued growth of our downstream businesses, including record RDP volumes in both the second and third quarters of 2026.
We also remain encouraged by the long-term opportunities across our downstream growth pathways. While residential construction, remodeling, and maintenance activity remain below historical levels across most of the world, we continue to identify attractive opportunities in higher-value applications where we can leverage our technical expertise, customer relationships, and integrated value chain. These include applications like waterproofing membranes, self-leveling compounds, and specialty fibers.
Importantly, AC is increasingly positioned to benefit from a recovery in construction-related demand. Residential remodeling, maintenance, and new construction remain important end markets for many of our downstream products. Combined with our advantaged manufacturing position and strong customer relationships, our focus on derivative applications provides meaningful operating leverage and additional upside potential when demand improves.
Turning to the fourth quarter, we anticipate sequential moderation due to seasonal volume declines across the business. Based on these dynamics, we expect fourth quarter adjusted EBIT of $200 to $230 million and operating EBITDA of $265 to $295 million.
We believe the combination of advantaged assets, commercial execution and downstream expansion will continue to strengthen the quality and durability of Acetyl Chain earnings moving forward.
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Chuck Kyrish, Celanese Corporation, Senior Vice President and Chief Financial Officer
The third quarter demonstrated continued execution against our key priorities. Strong earnings performance and cash conversion drove further balance sheet deleveraging in the quarter. We are also progressing the completion of the Nutrinova transaction which we expect to further accelerate our trajectory. I will walk through the quarter in more detail, beginning with our cash performance.
Free cash flow for the quarter was $461 million and brings the year-to-date total to more than $600 million. Working capital was a $184 million source of cash, with a reduction in accounts receivable as a key driver. Similar to last year, we anticipate the third quarter to be the highest cash generation quarter of the year. Reflecting the strength of this performance, we are increasing our full-year 2026 outlook and now expect free cash flow of $750 to $800 million.
Capital expenditures were $69 million in the third quarter, and we continue to expect full-year spending to be within our targeted annual range of $300 to $350 million. Consistent with our capital allocation priorities, capital expenditures remain focused on required maintenance as well as high-return growth and productivity initiatives that support long-term value creation.
Our teams continued to execute against our objective to generate approximately $1 billion of divestiture proceeds through the end of 2027 in support of deleveraging. In the coming weeks, we expect to close the sale of an additional 19 percent of the Nutrinova joint venture to Mitsui for cash proceeds of approximately $152 million, subject to customary legal and regulatory closing conditions. Additionally, we have realized approximately $15 million from sales of excess land which brings our cumulative divestiture proceeds in the past year to nearly two-thirds of our target. We continue to take action across the portfolio to unlock value and further advance our deleveraging objectives.
Turning to Other Activities, in the third quarter we reported a net expense of $78 million in adjusted EBIT and $64 million in operating EBITDA. For the fourth quarter, we expect net expense of approximately $90 million in adjusted EBIT and $75 million in operating EBITDA, primarily reflecting the timing of expense recognition between the third and fourth quarters. This would result in an average quarterly adjusted EBIT of approximately $82 million across the full year. We also expect net interest expense to be approximately $165 million in the fourth quarter.
The effective tax rate for adjusted earnings was 8 percent in the third quarter, and we continue to expect a similar rate for full-year 2026 based on the anticipated jurisdictional earnings mix and consideration of other non-recurring U.S. GAAP items.
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We remain disciplined in our approach to debt reduction. Our liquidity levels remain strong, with $1.4 billion in cash and an undrawn $1.75 billion revolving credit facility at the end of the third quarter. We closed the quarter with net debt-to-operating EBITDA of 4.9x. This reflects our continued focus on free cash flow generation, divestitures, and debt reduction. Based on our performance year-to-date, we expect net debt-to-operating EBITDA to be approximately 4.7x at the end of 2026. Our progress in 2026 continues to support our path toward our long-term leverage objectives. We expect to finish 2026 with excess cash balances more than sufficient to repay our 2027 bond maturities. Likewise, the free cash flow generation that we expect to build in 2027 will position us to address our 2028 bond maturities as they come due.
The results of this quarter reflect continued progress against our priorities and we remain focused on our commitment to further improve earnings, cash generation, and leverage.
Scott Richardson, Celanese Corporation, President and Chief Executive Officer
Looking to the fourth quarter, we expect year-end seasonal moderation across both businesses. These effects are expected to be partially offset by continued momentum in medical, electronics, and other targeted growth areas, as well as further benefits from our cost reduction and productivity programs. Based on these dynamics, we anticipate full-year 2026 adjusted earnings per share of approximately $6.00 to $6.25.
As we look beyond 2026, our priorities remain clear. As Chuck said, we 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. While we still have work to do, we are steadily strengthening our balance sheet and increasing financial flexibility.
Our 2026 performance provides evidence of the earnings potential created by these actions. Through the first nine months of the year, adjusted EBIT has increased approximately 25 percent compared to the prior-year period. While macroeconomic conditions remain dynamic, the progress we are seeing across our productivity initiatives, portfolio actions, strategic growth platforms and cash generation efforts gives us confidence in our ability to continue improving the earnings power of the company over time.
Ultimately, our objective is straightforward: continue strengthening the balance sheet, improve the quality and durability of earnings, and create long-term value through execution of our growth pathways and strategic initiatives. We believe the actions we are taking today position Celanese to return to a level of performance consistent with top-quartile value creation over time.
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We look forward to meeting with our investors in December at our technical center and manufacturing site in Florence, Kentucky, where we will provide details on the company’s business strategy, growth pathways, and long-term value creation priorities.
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Forward-Looking Statements
These prepared comments may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in these comments. These risks and uncertainties include, among other things: the ability to successfully achieve planned cost reductions; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; additional impairment of goodwill or intangible assets; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with the Company's strategy; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; changes in currency exchange rates and interest rates; tax rates and changes thereto; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
Beginning with the reporting period ending June 30, 2026, the Company revised its presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. Previously, Other Income (Expense) Attributable to Celanese Corporation was included with the presentation of Equity Earnings and Dividend Income Attributable to Celanese Corporation. To provide a better understanding for readers of the U.S. GAAP results of the Company’s non-consolidated equity investments by presenting such results in isolation and better align with how management assesses such results, Other Income (Expense) Attributable to Celanese Corporation is now included with Non-Operating Pension, Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation. Prior periods presented have been revised to reflect this change.
Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
Non-GAAP Financial Measures
These prepared comments, and statements made in connection with these prepared comments, refer to Non-GAAP financial measures. For more information on the Non-GAAP financial measures used by the Company, including the most directly comparable GAAP financial measure for each Non-GAAP financial measure used, including definitions and reconciliations of the differences between such Non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Financial Document Library.
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Investor Presentation Q3 2026 November 2026
Celanese Corporation Disclosures Forward-Looking Statements This presentation may contain "forward-looking statements," which include information concerning Celanese Corporation’s (the “Company”) plans objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this presentation. These risks and uncertainties include, among other things: the ability to successfully achieve planned cost reductions; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; additional impairment of goodwill or intangible assets; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with the Company's strategy; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia- Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; changes in currency exchange rates and interest rates; tax rates and changes thereto; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. Results Unaudited The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Historical results should not be taken as an indication of the results of operations to be reported for any future period. Pro forma financial information herein is preliminary and subject to change. Presentation This document presents the Company’s two business segments, Engineered Materials and Acetyl Chain. Non-GAAP Financial Measures This presentation, and statements made in connection with this presentation, may refer to non-GAAP financial measures. For more information on the non-GAAP financial measures used by the Company, including the most directly comparable GAAP financial measure for each non-GAAP financial measures used, including definitions and reconciliations of the differences between such non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 2
Discussion Topics 3 Earnings update Key actions and near- term imperatives
Q3 2026 results and highlights Q3 2026 Results 4 Q3 2026 Highlights * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. Free Cash Flow (FCF)* and Divestitures ▪ Strong Q3 FCF* performance ▪ Announced sale of 19% of Nutrinova, with cash proceeds of ~$152 million upon expected closing in Q4 Engineered Materials (EM) ▪ Delivered mix enrichment and year-over-year margin expansion ▪ Targeted growth initiatives and commercial execution offset raw material inflation and auto weakness Acetyl Chain (AC) ▪ Differentiated model execution drove Western Hemisphere strength and year over year adjusted EBIT* growth Q3 results driven by strong commercial discipline, executing growth strategies, and productivity benefits while continuing to enhance our differentiated business models $461 M FREE CASH FLOW* $1.65 ADJUSTED EPS* ADJUSTED EBIT* BY BUSINESS SEGMENT $209 M ENGINEERED MATERIALS $236 M ACETYL CHAIN
▪ Raising FY2026 FCF* range to $750 to $800 million ▪ Continued focus in EM on growth platforms, while capturing price to mitigate higher input costs ▪ Drive AC business model to maximize margin opportunity in Western Hemisphere as supply- related opportunities normalize ▪ Western Hemisphere seasonality amid stable demand at lower levels 2026 outlook Full Year Outlook 5 Q4 2026 Focus Areas * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. $6.00 – $6.25 ADJUSTED EPS* GUIDANCE $750 M – $800 M FREE CASH FLOW* GUIDANCE ADJUSTED EBIT* GUIDANCE BY BUSINESS SEGMENT $170 M – $190 M ENGINEERED MATERIALS $200 M – $230 M ACETYL CHAIN Executing actions to strengthen earnings quality, cash generation, and future growth. Targeting FY adjusted EBIT* growth of ~25% Q4 2026 Outlook
Continued execution of actions drives sustained value creation in 2026 and beyond 6 ✓ Actions enable increased free cash flow* target to $750 – $800 million in 2026 ✓ Reduced total debt by fully repaying 2026 maturities ✓ Advancing steps towards closing announced sale of additional 19% of Nutrinova JV with cash proceeds of ~$152 million → Closed and in-process transactions represents approximately two-thirds progress towards $1 billion target by end of 2027 ✓ Targeting ~$175 million incremental cost reductions in 2026-2027 ✓ Completed footprint optimization actions → Lanaken, Belgium → Nylon facility at Sakra, Singapore → Optimization of N.A. nylon facilities → Compounding facility at Ulsan, South Korea ✓ Net Interest expense1 reductions expected to be realized in 2027 ✓ EM pipeline enrichment through focus on high margin applications ✓ Initiated commissioning of downstream VAE reactor in AC ✓ Commissioning compounding enhancements in EM to support high- margin products like liquid crystal polymers → Targeting areas like AI infrastructure and medical ✓ Capturing downstream vinyl chain demand from targeted growth applications in building and construction ✓ Expecting to deliver full-year 2026 double- digit EM adjusted EBIT* growth INCREASE CASH FLOW DRIVE TOP LINE GROWTH INTENSIFY COST IMPROVEMENT * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 1 Interest expense, net of interest income
Functional Cost and Net Interest Expense1 Reductions Cumulative actions in 2026-2027 expected to support ~$175 M in cost reductions 7 Engineered Materials Grow & Fortify Cost Programs Acetyl Chain Footprint Optimization and Productivity Lower functional costs, including SG&A reductions + decreases in net interest expense Cost Reduction Initiatives Expected Cost Reduction Realization Targets by Year ($M) Targeting ~$100 M improvement in 2027, as net interest expense savings begin realization ~$15 + $50 $20 Cost programs to fortify the foundations for growth initiatives of EM, including nylon 6,6 optimization ~$20 Lanaken, Belgium closure and other productivity projects to support AC 2026 2027 2026 2027 Functional cost ~$10M ~$20 Net int. exp. reduction - ~$40 2026 2027 Nylon 6,6 optimization ~$15 ~ $20 Other cost reductions ~ $35 TBD 2026 2027 Lanaken closure ~ $10 ~ $15 Productivity projects ~$10 TBD ~ $40 ~$20 + 1 Interest expense, net of interest income 1 Interest expense, net of interest income
EM’s breadth of offering into high-value applications is driving mix improvement and earnings growth 8 *Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 1. Comparison excludes Micromax® sales from the second and third quarters of 2025. The divestiture of Micromax® closed on February 2, 2026. When Micromax® sales are included, year-over-year net sales were flat for the second quarter of 2026 and decreased by 1 percent for the third quarter of 2026. Micromax® sales contributed 6 percent in both the second quarter of 2025 and for the third quarter of 2025 ESTIMATE2026 The Grow and Fortify strategy is improving the quality and profitability of EM growth 2025 19% 11% 16% 30% Medical Electronics 2Q 2026 3Q 2026 6% 5% 2Q 2026 3Q 2026 $720 2025 Actual 2026 Outlook YoY Net Sales Growth: Medical and Electronics YoY Net Sales Growth: all EM1 Patient Monitoring AI Infrastructure Across 11 separate applications CE Value Proposition → LCP leadership in high-speed connectors → High-value engineering polymer portfolio → Proven thermal management solutions CE Value Propo ition → Specified on leading monitoring platforms → Integrated compliance & traceability system → Biocompatible solutions for long-wear devices Examples of Broad EM Content Opportunities Projected YoY Adjusted EBIT* ($M) $833 - $853 $663 YTD Q3’26 6+ CE Products In a single Glucose Monitoring Device 6+ CE Products In an AI server compute tray +16% to +18%
69% 70% 61% 68% 68% 70% 73% 73% 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 3 Q '2 6 Evolution to Western Hemisphere and downstream focus drives AC earnings power and future growth opportunity 9 Strength in downstream Western Hemisphere positions AC to outperform when building and construction recover 6x 8x Acid EP RDP Western Hemisphere Margin Contribution per MT of Acid (Acid = 1) Selling WH Acid as EP or RDP drives greatest returns → Vast majority of European buildings need new insulation systems to meet upgraded efficiency standards1 → US housing remains structurally undersupplied, supporting future construction activity2 → High homeowner equity and improving mobility provide runway for reinvestment2 → Global manufacturing PMI index points to industrial expansion in US and Europe3 Average Percent AC Net Sales Derived from Western Hemisphere Established Downstream AC Applications of Emulsion Polymers (EP) and Redispersible Powers (RDP) Macro Trends Pointing to Pent-Up Demand REDISPERSIBLE POWDERS EMULSION POLYMERS 1 Eurostat energy balances, EEA Greenhouse Gas Inventory, 2023 2 U.S. Census Bureau, FRED St. Louis FED 3 S&P Global
Raising full-year 2026 free cash flow* guidance to $750 - $800 million 10* Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. Differentiated business models and strong execution underpin sustainable cash generation capabilities 2024 2025 2026 Target $498 ACTUALS ESTIMATE $773 $750 - $800 FY Free cash flow* generation 2024 – 2026 ($M) Actions drive resilient and sustainable free cash flow* execution Q3 anticipated to be highest free cash flow quarter of the year, similar to 2025 $604 YTD Q3’26
0 200 400 600 800 1000 2025 2026 2027 0 500 1000 1500 2025 2026 2027 1 2 3 1 2 3 Strong and sustainable free cash flow* generation and divestitures drive deleveraging Free Cash Flow* and Divestitures ($M) 11 Sustainable cash generation capabilities accelerate debt paydown Cash flow capabilities and strategic divestitures… * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. **Nutrinova transaction proceeds of $152M expected in Q4 2026. 1 Ratio of Net Debt to operating EBITDA. Net Debt* ($B) and Leverage Ratio1 …deployed to accelerate deleveraging ~ $500 ~$2.5 B+ of Baseline Cash Generation 2026 – 2027 Targets 2027 and beyond FCF* baseline of $700-$800M Targeting growth in baseline FCF* from additional cost & commercial actions as well as lower restructuring costs, working capital efficiency and deleveraging Divestitures Transaction Price $500 ~$500 Targeting ~$350 Micromax + Nutrinova** Progress towards $1.0 B divestiture objective $498 $773 Free Cash Flow* 12/31/2025 12/31/2027 $11.3 Targeted < $9 ~ $750 - $800 Targeted ~$10~$650 12/31/2026 Net Debt* Leverage Ratio1 12/31/2025 12/31/202712/31/2026 ~6x Targeted ~4.7x at mid-point of guidance
Undrawn Revolver 2027 maturities well-funded; building towards 2028 with baseline cash generation and targeted divestitures 12 Differentiated cash generation capabilities and liquidity drive deleveraging and enhance future flexibility * Represents a non-GAAP measure. For information on historical non-GAAP financial measures used by the Company, including definitions and reconciliations to comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures. 1After excluding cash to operate of ~$500M. 2Nutrinova transaction proceeds of $152M expected in Q4 2026. Estimated Cash Generation: Q3 2026 to 2027 ($B) $1.75 Additional Liquidity ($B) Excess Cash on Hand1 Est. Q4 2026 Cash Generation Est. 2027 Cash Generation 2027 Bond Maturities Est. YE 2027 Excess Cash YE 2027 ~$1.2 ~$0.2 Baseline FCF* of ~$0.7 - $0.8 ~$0.35 -$1.1 20272026 Nutrinova2 ~$0.15 DivestituresFCF* Debt Paydown 1 Q3 Excess Cash ~$0.9 xcess ash1
Growth pathways that target attractive, scalable end markets Actions underway to deliver near-term earnings improvement Strong earnings leverage as demand recovers Laser focused on deleveraging History of innovation as customer solutions provider Attractive valuation with upside potential for stock Celanese Offers a Compelling Investment Opportunity Our mission is to position Celanese as a top quartile company for total shareholder return by delivering earnings growth in any environment 13
Exhibit 99.2
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
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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
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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.
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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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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(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).
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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).
5
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).
6
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.
7
Table 3a
Adjusted Tax Rate - Reconciliation of a Non-GAAP Measure - Unaudited
| Estimated | Actual | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (In percentages) | ||||||||||||||
| U.S. GAAP annual effective tax rate | 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.
8
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.
9
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
______________________________
(1)Includes a (4), 0, and 0 percent net sales impact of volume, price, and currency, respectively, as a result of the sale of the Micromax® business.
Three Months Ended 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 | ||||||||||||||||||||||||||||
10
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) | ||||||||||||||||||||||||||||
(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.
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) | ||||||||||||||||||||||||||||
11
Table 4c
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
| Volume | Price | Currency | Total | |||||||||||||||||||||||||||||
| (In percentages) | ||||||||||||||||||||||||||||||||
| Engineered Materials | (4) | (1) | 1 | (4) | ||||||||||||||||||||||||||||
| Acetyl Chain | (6) | (6) | 1 | (11) | ||||||||||||||||||||||||||||
| Total Company | (4) | (4) | 1 | (7) | ||||||||||||||||||||||||||||
12
Table 5
Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited
| 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.
13
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
14
Table 8
Certain Items - Unaudited
The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures:
| 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.
15
Table 9
Return on Invested Capital (Adjusted) - Presentation of a Non-GAAP Measure - Unaudited
| 2025 | |||||||||||||||||||||||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Celanese Corporation | (1,165) | ||||||||||||||||||||||||||||||||||
Adjusted EBIT (Table 1) | 1,150 | ||||||||||||||||||||||||||||||||||
Adjusted effective tax rate (Table 3a) | 8 | % | |||||||||||||||||||||||||||||||||
| Adjusted EBIT tax effected | 1,058 | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Average | |||||||||||||||||||||||||||||||||
| (In $ millions, except percentages) | |||||||||||||||||||||||||||||||||||
| Short-term borrowings and current installments of long-term debt - third parties and affiliates | 1,204 | 1,501 | 1,353 | ||||||||||||||||||||||||||||||||
| Long-term debt, net of unamortized deferred financing costs | 11,394 | 11,078 | 11,236 | ||||||||||||||||||||||||||||||||
| Celanese Corporation shareholders' equity | 4,049 | 5,129 | 4,589 | ||||||||||||||||||||||||||||||||
| Invested capital | 17,178 | ||||||||||||||||||||||||||||||||||
| Return on invested capital (adjusted) | 6.2 | % | |||||||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital | (6.8) | % | |||||||||||||||||||||||||||||||||
16