- Q1 net sales $9.8B (-6%), volumes -2%, local price -7%; GAAP net loss $445M and operating EBIT $154M.
- Cash from continuing operations $1.124B, boosted by payment from NOVA Chemicals and working capital improvements.
- The company suspended recognition of Sadara equity losses and adjusted the Sadara guarantee liability, creating significant non‑GAAP items.
- Operational disruptions: an EMEAI cracker idled in mid‑2025, U.S. Gulf Coast planned maintenance and a higher‑cost upstream propylene oxide unit shutdown in late‑2025, while a new Freeport, Texas polyethylene unit increased PE volumes.
Financial highlights
Net sales $9.794B, down 6% year-on-year; volumes -2%, local price -7%. GAAP net loss $445M; operating EBIT $154M (down $76M); operating EBITDA $873M. GAAP EPS $(0.74); operating EPS $(0.14) vs $0.02 prior. Dividends paid totaled $252M.
Cash, liabilities and one-time items
Cash from continuing operations $1.124B, up $1.02B driven by receipt of payment from NOVA Chemicals and working capital improvements. The company suspended recognition of Sadara equity losses and adjusted the Sadara guarantee liability, which contributed to significant non‑GAAP adjustments.
Segment results
Packaging & Specialty Plastics: net sales $4.9B (-7%), local price -9%, volume -1%; Op. EBIT $208M (-$134M) partly due to lower integrated margins and planned maintenance. Industrial Intermediates & Infrastructure: net sales $2.6B (-8%), local price -8%, volume -4%; Op. EBIT up $10M aided by lower planned maintenance and cost savings. Performance Materials & Coatings: net sales $2.1B (flat), local price -4%, volume +2%; Op. EBIT $117M (+$68M) driven by volume gains and lower fixed costs.
Operational disruptions and drivers
Lower merchant olefins sales followed idling of an EMEAI cracker in mid‑2025 and U.S. Gulf Coast planned maintenance; a higher‑cost upstream propylene oxide unit was shut in late‑2025. A new Freeport, Texas polyethylene unit increased PE volumes. Management cited pricing actions and the company’s cost reduction program as offsetting factors.
