Original source text
DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today reported first quarter 2026 U.S. GAAP diluted earnings per share of $0.41 and adjusted earnings per share of $0.85. Net sales of $2.3 billion increased 6 percent sequentially, reflecting a 5 percent increase in volume, a small currency benefit and stable pricing. Results reflected actions that delivered favorable product mix and cost productivity measures in Engineered Materials, along with deliberate steps to capture higher value opportunities within the Acetyl Chain. These benefits were partially offset by higher feedstock and energy costs across both businesses.
Celanese utilized its fundamentally strong and differentiated business models to take swift action and capitalize on opportunities. For the first quarter, the Company reported consolidated operating profit of $214 million, adjusted EBIT of $275 million, and operating EBITDA of $455 million at margins of 9, 12, and 20 percent, respectively.
Celanese continued to take actions to advance the strategic priorities of increasing cash flow to accelerate deleveraging, intensifying cost improvements, and driving top line growth. These actions included the successful restart of the Frankfurt, Germany VAM unit and the announcement of the intended closure of the nylon 6,6 polymerization unit in Singapore.
“We are taking decisive and intentional actions to drive business improvement,” said Scott Richardson, president and chief executive officer. “By staying ahead of dynamic global events, we were able to capitalize on opportunities while positioning the business for an improved earnings profile over the course of the year. At the same time, we are strengthening the long-term fundamentals of the business through operational improvements and increased resilience. This progress supports our decision to raise our full‑year free cash flow outlook to $700 to $800 million and reinforces our confidence in the path forward.”
First Quarter 2026 Financial Highlights:
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
(unaudited)
(In $ millions, except per share data)
Net Sales
Engineered Materials
1,325
1,277
1,287
Acetyl Chain
1,036
940
1,116
Intersegment Eliminations
(24)
(13)
(14)
Total
2,337
2,204
2,389
Operating Profit (Loss)
Engineered Materials
221
111
94
Acetyl Chain
95
90
161
Other Activities
(102)
(108)
(90)
Total
214
93
165
Net Earnings (Loss)
48
22
(20)
Adjusted EBIT(1)
Engineered Materials
220
183
124
Acetyl Chain
131
146
167
Other Activities
(76)
(78)
(60)
Total
275
251
231
Equity Earnings and Dividend Income, Other Income (Expense)
Engineered Materials
32
32
17
Acetyl Chain
2
42
3
Operating EBITDA(1)
455
435
411
Diluted EPS - continuing operations
$
0.41
$
0.23
$
(0.17)
Diluted EPS - total
$
0.40
$
0.17
$
(0.22)
Adjusted EPS(1)
$
0.85
$
0.67
$
0.54
Net cash provided by (used in) investing activities
425
(104)
(98)
Net cash provided by (used in) financing activities
(3)
(324)
45
Net cash provided by (used in) operating activities
76
252
37
Free cash flow(1)
3
160
(73)
(1) See "Non-US GAAP Financial Measures" below.
Recent Highlights:
Announced the intended closure of the nylon 6,6 polymerization unit in Sakra, Singapore, alongside optimization of the nylon 6,6 polymer assets in North America. Through these actions, Celanese expects to reposition its nylon business to create a more competitive and resilient platform for the future, without compromising customer confidence, product quality, or the Company’s ability to innovate on its existing polymer production assets or existing specialty polymerization capability.
Reaffirmed the ongoing complementary actions across the Engineered Materials network, including advancing steps towards commencement of liquid crystal polymer-related operations in China, targeted upgrades of specialty compounds capability in Europe, introduction of new medical-grade compounding in Asia, and implementation of targeted product mix enhancements and localization in India.
Opened the expanded Michigan Technology Center, enabling earlier customer engagement, faster development cycles, and deeper integration of technology and application expertise to advance the Engineered Materials growth strategy.
Restarted the Frankfurt, Germany, VAM unit on an accelerated timeline, enhancing supply reliability to respond to customer's needs.
Initiated commissioning of a new VAE Emulsions reactor in Frankfurt, Germany, supporting cost reduction and incremental capacity while strengthening downstream integration and agility of the Acetyl Chain.
Advanced the turnaround of the POM facility in Frankfurt, Germany, with restart expected later in May.
Added Anne P. Noonan to the Company’s Board of Directors in April 2026. Ms. Noonan most recently served as president and chief executive officer of Summit Materials, Inc., and previously as president and chief executive officer of OMNOVA Solutions Inc. Earlier in her career, she spent 27 years at Chemtura Corporation in a variety of leadership roles. First Quarter Business Segment Overview
Engineered Materials
Engineered Materials reported first quarter net sales of $1.3 billion, a 4 percent sequential increase, consisting of 3 percent higher volume with no change in pricing and a modest currency benefit. Results were supported by seasonal volume improvement and favorable product and regional mix, partially offset by continued softness in certain end markets, particularly automotive in China. The business reported first quarter operating profit of $221 million, adjusted EBIT of $220 million, and operating EBITDA of $324 million, with margins of 17, 17, and 25 percent, respectively. Performance reflected continued execution of strategic initiatives focused on product and market segment positioning, improvements in pipeline quality and diversification, value-based pricing, and cost reduction, leading to favorable mix. During the quarter, the business advanced a series of structural actions under its Grow and Fortify strategy, such as the repositioning of the nylon portfolio and targeted network enhancements including liquid crystal polymers capabilities in Asia, specialty compounding in Europe, and medical-grade compounding in Asia. These actions strengthen the operational foundation in concert with business diversification and breadth into higher-growth end markets such as electronics, data center server componentry, medical devices, and electric vehicles.
Acetyl Chain
The Acetyl Chain reported first quarter net sales of $1.0 billion, a 10 percent sequential increase, consisting of increases of 8 percent in volume and 1 percent in price, with a small currency benefit. Results were supported by late‑quarter pricing and volume opportunities, primarily in China, partially offset by higher feedstock costs and continued softness in acetate tow. The business delivered first quarter operating profit of $95 million, adjusted EBIT of $131 million, and operating EBITDA of $194 million at margins of 9, 13, and 19 percent, respectively. Performance highlighted the agility of the globally integrated operating model, as the business responded swiftly through targeted pricing actions, proactive feedstock management, and dynamic network optimization. The business took multiple actions during the quarter, including the accelerated restart of the Frankfurt VAM unit, commissioning of the VAE reactor, and optimization of asset utilization across the U.S. and Asia. These actions enabled the Acetyl Chain to mitigate cost inflation, capture high value opportunities, and reinforce its position as a reliable supplier.
Cash Flow and Tax
Celanese reported first quarter operating cash flow of $76 million and free cash flow of $3 million. First quarter operating and free cash flow results reflected expected seasonal working capital timing effects and disciplined capital spending, along with changes in the timing of interest payments.
The effective U.S. GAAP income tax rate for the first quarter was 40 percent, which was higher compared to the same period in 2025, primarily due to increased forecasted earnings for the current year, changes in uncertain tax benefits related to prior year tax examinations, and difference in functional currencies for tax purposes in certain jurisdictions.
The effective tax rate for 2026 adjusted earnings was 8 percent for the first quarter. We anticipate this rate for the full year 2026 based on expected jurisdictional earnings mix for the full year and consideration of other non-recurring U.S. GAAP items.
Outlook
"We are uniquely positioned to create and capture opportunities, and as we move into the second quarter, we expect meaningful sequential improvement driven by stronger volumes and price increase realization in the Acetyl Chain, along with pricing improvements in Engineered Materials and seasonal demand across both businesses." continued Richardson. "Based on this, we expect second quarter adjusted earnings per share to be $2.00 to $2.40. We are currently estimating adjusted earnings per share of approximately $3.00 per share in the second half of 2026 as we continue to advance actions to enhance our commercial capabilities and cost structure."
“These actions are expected to strengthen earnings in 2026, meaningfully accelerate deleveraging, and bring our net debt to operating EBITDA ratio into the vicinity of 4.8x. Across market cycles, execution of our priorities positions Celanese for stronger resilience and more sustainable long‑term performance,” Richardson concluded.
Reconciliations of forecasted non-GAAP measures such as adjusted earnings per share, adjusted EBIT, operating EBITDA or free cash flow to the equivalent U.S. GAAP measures (diluted earnings per share, net earnings (loss) attributable to Celanese Corporation and net cash provided by (used in) operations, respectively), are not available without unreasonable efforts because a forecast of Certain Items, such as mark-to-market pension gains/losses, and other items is not practical. For more information, see "Non-GAAP Financial Measures" below.
The Company's prepared remarks related to the first quarter will be posted on its website at investors.celanese.com under Financial Information/Financial Document Library on May 5, 2026. Information about Non-US GAAP measures is included in a Non-US GAAP Financial Measures and Supplemental Information document posted on our investor relations website under Financial Information/Non-GAAP Financial Measures. See also "Non-GAAP Financial Measures" below.
Celanese Corporation is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese Corporation is a Fortune 500 company that employs more than 11,000 employees worldwide with 2025 net sales of $9.5 billion.
Forward-Looking Statements
This release may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: the ability to successfully achieve planned cost reductions; changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the automotive, electrical, textiles, electronics and construction industries; potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate; our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades; volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources; the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases; the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities; additional impairment of goodwill or intangible assets; increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies; risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all; the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants; increased price competition and the introduction of competing products by other companies; the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with the Company's strategy; market acceptance of our products and technology; compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events, or other crises; the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to the Company; changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States and other jurisdictions; changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property; potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters; changes in currency exchange rates and interest rates; tax rates and changes thereto; and various other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Non-GAAP Financial Measures
Presentation
This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain.
Use of Non-US GAAP Financial Information
This release uses the following Non-US GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, adjusted earnings per share and free cash flow. These measures are not recognized in accordance with US GAAP and should not be viewed as an alternative to US GAAP measures of performance or liquidity. The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin is operating margin; for operating EBITDA margin is operating margin; for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; and for free cash flow is net cash provided by (used in) operations.
Definitions of Non-US GAAP Financial Measures
Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and Supplemental Information document). We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales.
Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales.
Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a of our Non-US GAAP Financial Measures and Supplemental Information document summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results.
Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our noncontrolling interest joint ventures. We do not provide reconciliations for free cash flow on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Reconciliation of Non-US GAAP Financial Measures
Reconciliations of the Non-US GAAP financial measures used in this press release to the comparable US GAAP financial measure, together with information about the purposes and uses of Non-US GAAP financial measures, are included in our Non-US GAAP Financial Measures and Supplemental Information document filed as an exhibit to our Current Report on Form 8-K filed with the SEC on or about May 5, 2026 and also available on our website at investors.celanese.com under Financial Information/Financial Document Library.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
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 March 31, 2026.
Supplemental Information
Additional information about our prior period performance is included in our Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and Supplemental Information document.
Consolidated Statements of Operations - Unaudited
Three Months Ended
March 31,
2026
December 31,
2025
March 31,
2025
(In $ millions, except share and per share data)
Net sales
2,337
2,204
2,389
Cost of sales
(1,869)
(1,781)
(1,915)
Gross profit
468
423
474
Selling, general and administrative expenses
(226)
(223)
(231)
Amortization of intangible assets
(40)
(40)
(40)
Research and development expenses
(28)
(32)
(31)
Other (charges) gains, net
(20)
(39)
(31)
Foreign exchange gain (loss), net
12
7
21
Gain (loss) on disposition of businesses and assets, net
48
(3)
3
Operating profit (loss)
214
93
165
Equity in net earnings (loss) of affiliates
35
37
22
Non-operating pension and other postretirement employee benefit (expense) income
5
50
2
Interest expense
(183)
(177)
(170)
Refinancing expense
—
(36)
(32)
Interest income
9
6
4
Dividend income - equity investments
1
40
1
Other income (expense), net
1
—
2
Earnings (loss) from continuing operations before tax
82
13
(6)
Income tax (provision) benefit
(33)
15
(9)
Earnings (loss) from continuing operations
49
28
(15)
Earnings (loss) from operation of discontinued operations
(1)
(8)
(6)
Income tax (provision) benefit from discontinued operations
—
2
1
Earnings (loss) from discontinued operations
(1)
(6)
(5)
Net earnings (loss)
48
22
(20)
Net (earnings) loss attributable to noncontrolling interests
(4)
(3)
(4)
Net earnings (loss) attributable to Celanese Corporation
44
19
(24)
Amounts attributable to Celanese Corporation
Earnings (loss) from continuing operations
45
25
(19)
Earnings (loss) from discontinued operations
(1)
(6)
(5)
Net earnings (loss)
44
19
(24)
Earnings (loss) per common share - basic
Continuing operations
0.41
0.23
(0.17)
Discontinued operations
(0.01)
(0.06)
(0.05)
Net earnings (loss) - basic
0.40
0.17
(0.22)
Earnings (loss) per common share - diluted
Continuing operations
0.41
0.23
(0.17)
Discontinued operations
(0.01)
(0.06)
(0.05)
Net earnings (loss) - diluted
0.40
0.17
(0.22)
Weighted average shares (in millions)
Basic
109.7
109.6
109.4
Diluted
110.0
109.8
109.4
Consolidated Balance Sheets - Unaudited
As of
March 31,
2026
As of
December 31,
2025
(In $ millions)
ASSETS
Current Assets
Cash and cash equivalents
1,758
1,263
Trade receivables - third party and affiliates, net
1,097
922
Non-trade receivables, net
583
545
Inventories
2,284
2,220
Assets held for sale
—
492
Other assets
247
251
Total current assets
5,969
5,693
Investments in affiliates
1,227
1,252
Property, plant and equipment, net
4,938
5,076
Operating lease right-of-use assets
376
359
Deferred income taxes
1,341
1,359
Other assets
608
601
Goodwill
4,157
4,171
Intangible assets, net
3,119
3,184
Total assets
21,735
21,695
LIABILITIES AND EQUITY
Current Liabilities
Short-term borrowings and current installments of long-term debt - third party and affiliates
1,741
1,204
Trade payables - third party and affiliates
1,441
1,279
Liabilities held for sale
—
75
Other liabilities
1,040
1,049
Income taxes payable
94
76
Total current liabilities
4,316
3,683
Long-term debt, net of unamortized deferred financing costs
10,813
11,394
Deferred income taxes
512
512
Uncertain tax positions
225
208
Benefit obligations
332
344
Operating lease liabilities
275
265
Other liabilities
777
817
Commitments and Contingencies
Shareholders' Equity
Treasury stock, at cost
(5,482)
(5,482)
Additional paid-in capital
439
431
Retained earnings
9,917
9,876
Accumulated other comprehensive income (loss), net
(811)
(776)
Total Celanese Corporation shareholders' equity
4,063
4,049
Noncontrolling interests
422
423
Total equity
4,485
4,472
Total liabilities and equity
21,735
21,695
Non-U.S. GAAP Financial Measures and Supplemental Information
May 5, 2026
In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis.
Purpose
The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-U.S. GAAP financial measures. This document is updated quarterly.
Presentation
This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain.
Use of Non-U.S. GAAP Financial Measures
From time to time, management may publicly disclose certain numerical "non-GAAP financial measures" in the course of our earnings releases, financial presentations, earnings conference calls, investor and analyst meetings and otherwise. For these purposes, the Securities and Exchange Commission ("SEC") defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP, and vice versa for measures that include amounts, or are subject to adjustments that effectively include amounts, that are excluded from the most directly comparable U.S. GAAP measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States.
Non-GAAP financial measures disclosed by management are provided as additional information to investors, analysts and other parties because the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate our financial condition and period-to-period comparisons. These non-GAAP financial measures should be viewed as supplemental to, and should not be considered in isolation or as alternatives to, net earnings (loss), operating profit (loss), operating margin, cash flow from operating activities (together with cash flow from investing and financing activities), earnings per share or any other U.S. GAAP financial measure. These non-GAAP financial measures should be considered within the context of our complete audited and unaudited financial results for the given period, which are available on the Financial Information/Financial Document Library page of our website, investors.celanese.com. The definition and method of calculation of the non-GAAP financial measures used herein may be different from other companies' methods for calculating measures with the same or similar titles. Investors, analysts and other parties should understand how another company calculates such non-GAAP financial measures before comparing the other company's non-GAAP financial measures to any of our own. These non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive or projections of future results.
Pursuant to the requirements of SEC Regulation G, whenever we refer to a non-GAAP financial measure, we will also present in this document, in the presentation itself or on a Form 8-K in connection with the presentation on the Financial Information/Financial Document Library page of our website, investors.celanese.com, to the extent practicable, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.
This document includes definitions and reconciliations of non-GAAP financial measures used from time to time by the Company.
Specific Measures Used
This document provides information about the following non-GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, net debt, free cash flow and return on invested capital (adjusted). The most directly comparable financial measure presented in accordance with U.S. GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin and operating EBITDA margin is operating margin; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for net debt is total debt; for free cash flow is net cash provided by (used in) operations; and for return on invested capital (adjusted) is net earnings (loss) attributable to Celanese Corporation divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity.
Definitions
Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Adjusted EBIT margin has the same uses and limitations as adjusted EBIT.
Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We believe that operating EBITDA provides transparent and useful information to investors, analysts and other parties in evaluating our operating performance relative to our peer companies. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales. Operating EBITDA margin has the same uses and limitations as operating EBITDA.
Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI"). We believe that operating profit (loss) attributable to Celanese Corporation provides transparent and useful information to management, investors, analysts and other parties in evaluating our core operational performance. Operating margin attributable to Celanese Corporation is defined by the Company as operating profit (loss) attributable to Celanese Corporation divided by net sales. Operating margin attributable to Celanese Corporation has the same uses and limitations as operating profit (loss) attributable to Celanese Corporation.
Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of the above stated items that affect comparability and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results. Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures. We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment because it provides an indication of the long-term cash generating ability of our business. Although we use free cash flow as a measure to assess the liquidity generated by our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain debt service and finance lease payments that are not deducted from that measure. We do not provide reconciliations for free cash flow on a forward-looking basis when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information.
Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment.
Return on invested capital (adjusted) is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity. We believe that return on invested capital (adjusted) provides useful information to management, investors, analysts and other parties in order to assess our income generation from the point of view of our shareholders and creditors who provide us with capital in the form of equity and debt and whether capital invested in the Company yields competitive returns. Supplemental Information
Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following:
Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments. Cash dividends received from our equity investments. For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside shareholders' interests are shown as NCI. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI. Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
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 March 31, 2026.
Table 1
Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions)
Net earnings (loss) attributable to Celanese Corporation
44
(1,165
)
19
(1,357
)
197
(24
)
(Earnings) loss from discontinued operations
1
21
6
—
10
5
Interest income
(9
)
(24
)
(6
)
(7
)
(7
)
(4
)
Interest expense
183
701
177
177
177
170
Refinancing expense
—
68
36
—
—
32
Income tax provision (benefit)
33
(90
)
(15
)
(7
)
(77
)
9
Certain Items attributable to Celanese Corporation (Table 8)
23
1,639
34
1,520
42
43
Adjusted EBIT
275
1,150
251
326
342
231
Depreciation and amortization expense(1)
180
743
184
191
188
180
Operating EBITDA
455
1,893
435
517
530
411
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions)
Engineered Materials
3
6
1
3
2
—
Acetyl Chain
18
11
11
—
—
—
Other Activities(2)
—
—
—
—
—
—
Accelerated depreciation and amortization expense
21
17
12
3
2
—
Depreciation and amortization expense(1)
180
743
184
191
188
180
Total depreciation and amortization expense
201
760
196
194
190
180
Table 2
Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions, except percentages)
Operating Profit (Loss) / Operating Margin
Engineered Materials
221
16.7
%
(958
)
(17.8
)%
111
8.7
%
(1,327
)
(95.9
)%
164
11.4
%
94
7.3
%
Acetyl Chain
95
9.2
%
539
12.7
%
90
9.6
%
135
12.7
%
153
13.7
%
161
14.4
%
Other Activities(1)
(102
)
(367
)
(108
)
(83
)
(86
)
(90
)
Total
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
6
—
3
1
2
Less: Net Earnings (Loss) Attributable to NCI for Acetyl Chain
2
8
3
1
2
2
Operating Profit (Loss) Attributable to Celanese Corporation
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
219
16.5
%
(964
)
(17.9
)%
111
8.7
%
(1,330
)
(96.1
)%
163
11.3
%
92
7.1
%
Acetyl Chain
93
9.0
%
531
12.5
%
87
9.3
%
134
12.6
%
151
13.5
%
159
14.2
%
Other Activities(1)
(102
)
(367
)
(108
)
(83
)
(86
)
(90
)
Total
210
9.0
%
(800
)
(8.4
)%
90
4.1
%
(1,279
)
(52.9
)%
228
9.0
%
161
6.7
%
Equity Earnings and Dividend Income, Other Income (Expense) Attributable to Celanese Corporation
Engineered Materials
32
109
32
35
25
17
Acetyl Chain
2
132
42
44
43
3
Other Activities(1)
3
15
3
4
3
5
Total
37
256
77
83
71
25
Non-Operating Pension and Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation
Engineered Materials
—
3
3
—
—
—
Acetyl Chain
—
—
—
—
—
—
Other Activities(1)
5
52
47
2
1
2
Total
5
55
50
2
1
2
Certain Items Attributable to Celanese Corporation (Table 8)
Engineered Materials
(31
)
1,572
37
1,495
25
15
Acetyl Chain
36
32
17
9
1
5
Other Activities(1)
18
35
(20
)
16
16
23
Total
23
1,639
34
1,520
42
43
Adjusted EBIT / Adjusted EBIT Margin
Engineered Materials
220
16.6
%
720
13.4
%
183
14.3
%
200
14.5
%
213
14.8
%
124
9.6
%
Acetyl Chain
131
12.6
%
695
16.4
%
146
15.5
%
187
17.6
%
195
17.5
%
167
15.0
%
Other Activities(1)
(76
)
(265
)
(78
)
(61
)
(66
)
(60
)
Total
275
11.8
%
1,150
12.0
%
251
11.4
%
326
13.5
%
342
13.5
%
231
9.7
%
Table 2
Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.)
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions, except percentages)
Depreciation and Amortization Expense(1)
Engineered Materials
104
441
105
115
112
109
Acetyl Chain
63
252
64
63
64
61
Other Activities(2)
13
50
15
13
12
10
Total
180
743
184
191
188
180
Operating EBITDA / Operating EBITDA Margin
Engineered Materials
324
24.5
%
1,161
21.5
%
288
22.6
%
315
22.8
%
325
22.5
%
233
18.1
%
Acetyl Chain
194
18.7
%
947
22.4
%
210
22.3
%
250
23.6
%
259
23.2
%
228
20.4
%
Other Activities(2)
(63
)
(215
)
(63
)
(48
)
(54
)
(50
)
Total
455
19.5
%
1,893
19.8
%
435
19.7
%
517
21.4
%
530
20.9
%
411
17.2
%
Table 3
Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
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
45
0.41
(1,144
)
(10.44
)
25
0.23
(1,357
)
(12.39
)
207
1.89
(19
)
(0.17
)
Income tax provision (benefit)
33
(90
)
(15
)
(7
)
(77
)
9
Earnings (loss) from continuing operations before tax
78
(1,234
)
10
(1,364
)
130
(10
)
Certain Items attributable to Celanese Corporation (Table 8)
23
1,639
34
1,520
42
43
Refinancing and related expenses
—
68
36
—
—
32
Adjusted earnings (loss) from continuing operations before tax
101
473
80
156
172
65
Income tax (provision) benefit on adjusted earnings(1)
(8
)
(36
)
(6
)
(9
)
(15
)
(6
)
Adjusted earnings (loss) from continuing operations(2)
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
109.7
109.5
109.6
109.6
109.5
109.4
Incremental shares attributable to equity awards
0.3
0.2
0.2
—
0.2
—
Total diluted shares
110.0
109.7
109.8
109.6
109.7
109.4
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
Adjusted effective tax rate
8
8
8
6
9
9
Actual Plan
Asset Returns
Expected Plan
Asset Returns
(In percentages)
2025
7.8
5.3
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
16
7
Discrete quarterly recognition of GAAP items(1)
(6
)
17
Tax impact of other charges and adjustments(2)
1
(12
)
Utilization of foreign tax credits
(1
)
—
Changes in valuation allowances, excluding impact of other charges and adjustments(3)
(3
)
(12
)
Other, includes effect of discrete current year transactions(4)
1
8
Adjusted tax rate
8
8
______________________________
Note: As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate for actual results.
(1)
Such as changes in tax laws (including U.S. tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments.
(2)
Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes.
(3)
Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments.
(4)
Includes tax impacts related to full-year actual tax opportunities and related costs, as well as current year realization of U.S. GAAP benefits deferred in prior years.
Table 4
Net Sales by Segment - Unaudited
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions)
Engineered Materials
1,325
5,390
1,277
1,384
1,442
1,287
Acetyl Chain
1,036
4,232
940
1,061
1,115
1,116
Intersegment eliminations(1)
(24
)
(78
)
(13
)
(26
)
(25
)
(14
)
Net sales
2,337
9,544
2,204
2,419
2,532
2,389
Table 4a
Factors Affecting Segment Net Sales Sequentially - Unaudited
Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
3
—
1
4
Acetyl Chain
8
1
1
10
Total Company
5
—
1
6
Three Months Ended December 31, 2025 Compared to Three Months Ended September 30, 2025
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(6
)
(2
)
—
(8
)
Acetyl Chain
(10
)
(1
)
—
(11
)
Total Company
(7
)
(2
)
—
(9
)
Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(6
)
1
1
(4
)
Acetyl Chain
(2
)
(4
)
1
(5
)
Total Company
(4
)
(1
)
1
(4
)
Three Months Ended June 30, 2025 Compared to Three Months Ended March 31, 2025
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
9
—
3
12
Acetyl Chain
(1
)
(2
)
3
—
Total Company
4
(1
)
3
6
Three Months Ended March 31, 2025 Compared to Three Months Ended December 31, 2024
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
—
2
(1
)
1
Acetyl Chain
3
(1
)
(1
)
1
Total Company
2
—
(1
)
1
Table 4b
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
—
(1
)
4
3
Acetyl Chain
(7
)
(4
)
4
(7
)
Total Company
(3
)
(3
)
4
(2
)
Three Months Ended December 31, 2025 Compared to Three Months Ended December 31, 2024
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(2
)
—
3
1
Acetyl Chain
(10
)
(7
)
2
(15
)
Total Company
(6
)
(3
)
2
(7
)
Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(8
)
(1
)
2
(7
)
Acetyl Chain
(4
)
(8
)
1
(11
)
Total Company
(6
)
(4
)
1
(9
)
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(3
)
(1
)
2
(2
)
Acetyl Chain
(2
)
(7
)
2
(7
)
Total Company
(2
)
(4
)
2
(4
)
Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(4
)
(2
)
(1
)
(7
)
Acetyl Chain
(6
)
(4
)
(1
)
(11
)
Total Company
(5
)
(3
)
(1
)
(9
)
Table 4c
Factors Affecting Segment Net Sales Year Over Year - Unaudited
Year Ended December 31, 2025 Compared to Year Ended December 31, 2024
Volume
Price
Currency
Total
(In percentages)
Engineered Materials
(4
)
(1
)
1
(4
)
Acetyl Chain
(6
)
(6
)
1
(11
)
Total Company
(4
)
(4
)
1
(7
)
Table 5
Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions, except percentages)
Net cash provided by (used in) investing activities
425
(349
)
(104
)
(59
)
(88
)
(98
)
Net cash provided by (used in) financing activities
(3
)
(513
)
(324
)
(118
)
(116
)
45
Net cash provided by (used in) operating activities
76
1,146
252
447
410
37
Capital expenditures on property, plant and equipment
(66
)
(343
)
(84
)
(64
)
(93
)
(102
)
Contributions from/(Distributions) to NCI
(7
)
(30
)
(8
)
(8
)
(6
)
(8
)
Free cash flow(1)
3
773
160
375
311
(73
)
Net sales
2,337
9,544
2,204
2,419
2,532
2,389
Free cash flow as % of Net sales
0.1
%
8.1
%
7.3
%
15.5
%
12.3
%
(3.1
)%
Table 6
Cash Dividends Received - Unaudited
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
(In $ millions)
Dividends from equity method investments
54
139
47
40
21
31
Dividends from equity investments without readily determinable fair values
1
122
40
40
41
1
Total
55
261
87
80
62
32
Table 7
Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited
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
1,741
1,204
1,204
1,199
252
406
Long-term debt, net of unamortized deferred financing costs
10,813
11,394
11,394
11,655
12,689
12,378
Total debt
12,554
12,598
12,598
12,854
12,941
12,784
Cash and cash equivalents
(1,758
)
(1,263
)
(1,263
)
(1,440
)
(1,173
)
(951
)
Net debt
10,796
11,335
11,335
11,414
11,768
11,833
Table 8
Certain Items - Unaudited
The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures:
Q1 '26
2025
Q4 '25
Q3 '25
Q2 '25
Q1 '25
Income Statement Classification
(In $ millions)
Exit and shutdown costs
44
98
29
10
27
32
Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net / Non-operating pension and other postretirement employee benefit (expense) income
Asset impairments
—
1,513
27
(1)
1,486
(2)
—
—
Cost of sales / Other (charges) gains, net
Impact from plant incidents and natural disasters
11
3
—
—
—
3
Cost of sales
Mergers, acquisitions and dispositions
15
52
23
12
12
5
Cost of sales / SG&A
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
3
17
1
11
2
3
Cost of sales / SG&A / Other (charges) gains, net
(Gain) loss on disposition of businesses and assets
(50
)
—
—
—
—
—
Gain (loss) on disposition of businesses and assets, net
Other
—
5
3
1
1
—
Cost of sales / SG&A
Certain Items attributable to Celanese Corporation
23
1,639
34
1,520
42
43
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
)%
