Financial Analysis

3. BUSINESS COMBINATIONS AND ACQUISITIONS S EPARATION A ND A CQUISITION O F A SSETS O F SLIC J OINT V ENTURE On January 31, 2024, we completed the planned separation and acquisition of assets of Shanghai Lianheng Isocyanate Company Ltd. (SLIC), our former manufacturing joint venture with BASF and three Chinese chemical companies for approximately $218 million. The final purchase price of the acquired assets was determined based on an asset valuation that was completed in the second quarter of 2024. During the third quarter of 2024, we received approximately $64 million of cash from SLIC, of which $34 million was a dividend and $30 million was an interim liquidating distribution. Upon the full liquidation of the joint venture during the first quarter of 2025, all remaining cash of SLIC, primarily resulting from the proceeds received by SLIC, was distributed back to the joint venture partners. As such, during the first quarter of 2025, we received approximately $41 million of cash from SLIC, which was our final liquidating distribution. The acquisition has been integrated into our Polyurethanes segment. Transaction costs related to this acquisition were not material during 2024. We have accounted for the acquisition using the acquisition method. As such, we analyzed the fair value of net assets acquired. The allocation of acquisition cost to the assets and liabilities acquired is summarized as follows (dollars in millions): Fair value of assets acquired: Accounts receivable $ 2 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

15. COMMITMENTS AND CONTINGENCIES L egal M atters On February 6, 2025, the Louisiana Supreme Court affirmed the jury verdict and district court judgment in our favor in our long-running court case against Praxair/Linde, one of the industrial gas suppliers to our Geismar, Louisiana MDI manufacturing site, and entered a damages award consistent with Huntsmans expert witness testimony at trial. The case was filed after Praxair refused to maintain properly its own Geismar facility and then repeatedly failed to supply our requirements for industrial gases needed to manufacture MDI under long-term supply contracts that expired in 2013. During the first quarter of 2025, we received a final award of approximately $66 million, which included mandatory pre-judgment and post-judgment interest of approximately $23.5 million. We recognized income related to this matter of approximately $33 million, net of legal fees, during the first quarter of 2025. We expect to pay cash taxes related to this matter of approximately $8 million in future years. We are a party to various other proceedings instituted by private plaintiffs, governmental authorities and others arising under provisions of applicable laws, including various environmental, products liability and other laws. We do not believe that the outcome of any of these matters will have a material effect on our financial condition, results of operations or liquidity. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

8. DEBT Our outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions): June 30, December 31, 2026 2025 Senior credit facilities: Revolving credit facility $ 359 $ 343 Senior notes 1,489 1,488 Amounts outstanding under A/R programs 217 152 Variable interest entities 2 7 Other 20 21 Total debt $ 2,087 $ 2,011 Current portion of debt $ 364 $ 353 Long-term portion of debt 1,723 1,658 Total debt $ 2,087 $ 2,011 D irect and S ubsidiary D ebt Substantially all of our debt, including the facilities described below, has been incurred by our subsidiaries (primarily Huntsman International). Huntsman Corporation is not a guarantor of such subsidiary debt. Certain of our subsidiaries have third -party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us. Revolving Credit Facility On February 9, 2026, Huntsman International entered into a new $800 million secured revolving credit facility ( 2026 Revolving Credit Facility). Borrowings bear interest at the rates specified in the credit agreement governing the 2026 Revolving Credit Facility, which vary based on the type of loan, leverage ratio and debt ratings. The 2026 Revolving Credit Facility has a maturity date of February 9, 2031. Based on the repayment terms of our borrowings …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Performance Advanced Corporate and 2026 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 442 $ 137 $ 83 $ (4 ) $ 658 Europe 267 56 123 (5 ) 441 Asia Pacific 300 67 82 (1 ) 448 Rest of world 70 23 25 (2 ) 116 $ 1,079 $ 283 $ 313 $ (12 ) $ 1,663 Major product groupings Diversified $ 1,079 $ 283 $ 1,362 Specialty $ 300 300 Other 13 13 Eliminations $ (12 ) (12 ) $ 1,079 $ 283 $ 313 $ (12 ) $ 1,663 Performance Advanced Corporate and 2025 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 369 $ 127 $ 69 $ (3 ) $ 562 Europe 242 47 102 (4 ) 387 Asia Pacific 262 72 73 (1 ) 406 Rest of world 59 24 20 103 $ 932 $ 270 $ 264 $ (8 ) $ 1,458 Major product groupings Diversified $ 932 $ 270 $ 1,202 Specialty $ 252 252 Other 12 12 Eliminations $ (8 ) (8 ) $ 932 $ 270 $ 264 $ (8 ) $ 1,458 Performance Advanced Corporate and 2026 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 805 $ 250 $ 156 $ (12 ) $ 1,199 Europe 497 101 236 (6 ) 828 Asia Pacific 567 119 153 (2 ) 837 Rest of world 133 41 47 (2 ) 219 $ 2,002 $ 511 $ 592 $ (22 ) $ 3,083 Major product groupings Diversified $ 2,002 $ 511 2,513 Specialty $ 565 565 Other 27 27 Eliminations $ (22 ) (22 ) $ 2,002 $ 511 $ 592 $ (22 ) $ 3,083 Performance Advanced Corporate and 2025 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 725 $ 245 $ 141 $ (6 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

17. STOCK-BASED COMPENSATION PLANS On April 30, 2025, our stockholders approved the Huntsman Corporation 2025 Stock Incentive Plan (the 2025 Stock Incentive Plan), which reserved 4.65 million shares for issuance. Each of the Huntsman Corporation 2016 Stock Incentive Plan and the Huntsman Corporation Stock Incentive Plan, as amended and restated (together, the Prior Plans), remain in effect for outstanding awards granted pursuant to the Prior Plans, but no further awards may be granted under the Prior Plans. Under the 2025 Stock Incentive Plan we may grant nonstatutory stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, cash awards and other stock-based awards to our employees, directors and consultants and to employees and consultants of our subsidiaries, provided that incentive stock options may be granted solely to employees. The terms of the grants under the 2025 Stock Incentive Plan and the Prior Plans are fixed at the grant date. As of June 30, 2026, we had approximately 2 million shares remaining under the 2025 Stock Incentive Plan available for grant. Option awards have a maximum contractual term of 10 years and generally must have an exercise price at least equal to the market price of our common stock on the date the option award is granted. Outstanding stock-based awards generally vest over a three -year period. The compensation cost under the stock-based compensation plans …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

10. FAIR VALUE The fair values of our financial instruments were as follows (dollars in millions): June 30, 2026 December 31, 2025 Carrying Estimated Carrying Estimated value fair value value fair value Non-qualified employee benefit plan investments $ 7 $ 7 $ 10 $ 10 Cross-currency interest rate contracts (12 ) (12 ) (22 ) (22 ) Long-term debt (including current portion) (2,087 ) (2,028 ) (2,011 ) (1,897 ) The carrying amounts reported in the balance sheets of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The fair values of non-qualified employee benefit plan investments are obtained through market observable pricing using prevailing market prices (Level 1 ). The fair values of our cross-currency interest rate contracts are based on observable inputs other than quoted prices (Level 2 ). The fair values of our senior notes are based on quoted market prices for the identical liability when traded in an active market (Level 1 ), and the fair values of all our other outstanding debt are based on observable inputs other than quoted prices (Level 2 ). The fair value estimates presented herein are based on pertinent information available to management as of June 30, 2026 and December 31, 2025 . Although we are not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purp …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

18. INCOME TAXES We use the asset and liability method of accounting for income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes. We evaluate deferred tax assets to determine whether it is more likely than not that they will be realized. Valuation allowances are reviewed on an individual tax jurisdiction basis to analyze whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment. In evaluating the objective evidence that historical results provide, we consider the cyclicality of our businesses and cumulative income or losses during the applicable period. Cumulative losses incurred over the applicable period limits our ability to consider other subjective evidence such as our projections for the future. Changes in expected future income in applicable jurisdictions could affect the realization of deferred tax assets in those jurisdictions. We and Huntsman International recorded income tax expense from continuing operations of $28 million and $22 million for the six months ended June 30, 2026 and 2025 , respectively. We are required to calculate our interim income tax provision using the estimated annual effective tax rate (AETR) method prescribed by Accounting Standards Codification 740 - 270. However, due to econom …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

12. EMPLOYEE BENEFIT PLANS Components of net periodic benefit cost (credit) for the three and six months ended June 30, 2026 and 2025 were as follows (dollars in millions): Other postretirement Defined benefit plans benefit plans Three months ended Three months ended June 30, June 30, 2026 2025 2026 2025 Service cost $ 6 $ 7 $ $ Interest cost 23 23 Expected return on assets (33 ) (33 ) Amortization of prior service benefit (1 ) (2 ) (1 ) Amortization of actuarial loss 7 7 Net periodic benefit cost (credit) $ 2 $ 2 $ (1 ) $ Other postretirement Defined benefit plans benefit plans Six months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Service cost $ 12 $ 13 $ $ Interest cost 46 45 1 1 Expected return on assets (66 ) (64 ) Amortization of prior service benefit (2 ) (3 ) (2 ) (1 ) Amortization of actuarial loss 14 14 Settlement gain (1 ) Net periodic benefit cost (credit) $ 4 $ 4 $ (1 ) $ During both of the six months ended June 30, 2026 and 2025 , we made contributions to our pension and other postretirement benefit plans of $16 million. During the remainder of 2026 , we expect to make additional contributions of approximately $24 million to these plans. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

7. RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS As of June 30, 2026 and December 31, 2025 , accrued restructuring and plant closing costs by type of cost consisted of the following (dollars in millions): Other Workforce Contract restructuring reductions terminations costs Total Accrued liabilities as of January 1, 2026 $ 41 $ 4 $ $ 45 Charges, net 9 2 11 Payments (26 ) (2 ) (28 ) Accrued liabilities as of June 30, 2026 $ 24 $ 4 $ $ 28 As of June 30, 2026 and December 31, 2025 , accrued restructuring and plant closing costs of our three operating segments consisted of the following (dollars in millions): Performance Advanced Polyurethanes Products Materials Total Accrued liabilities as of January 1, 2026 $ 37 $ 5 $ 3 $ 45 Charges, net 5 1 5 11 Payments (24 ) (2 ) (2 ) (28 ) Accrued liabilities as of June 30, 2026 $ 18 $ 4 $ 6 $ 28 Current portion of restructuring reserves $ 18 $ 4 $ 6 $ 28 Long-term portion of restructuring reserves Details with respect to cash and noncash restructuring, impairment and plant closing costs for the three and six months ended June 30, 2026 and 2025 are provided below (dollars in millions): Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Cash charges, net $ 6 $ 43 $ 11 $ 43 Noncash charges: Impairment of assets 77 77 Accelerated depreciation 2 4 3 6 Other noncash charges (credits), net 1 1 (1 ) Total restructuring, impairment and plant closing costs $ 9 $ 124 $ 15 $ 125 R estructuring A ctivities Beginning in the fir …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

11. REVENUE RECOGNITION The following tables disaggregate our revenue by major source for the three months ended June 30, 2026 and 2025 (dollars in millions): Performance Advanced Corporate and 2026 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 442 $ 137 $ 83 $ (4 ) $ 658 Europe 267 56 123 (5 ) 441 Asia Pacific 300 67 82 (1 ) 448 Rest of world 70 23 25 (2 ) 116 $ 1,079 $ 283 $ 313 $ (12 ) $ 1,663 Major product groupings Diversified $ 1,079 $ 283 $ 1,362 Specialty $ 300 300 Other 13 13 Eliminations $ (12 ) (12 ) $ 1,079 $ 283 $ 313 $ (12 ) $ 1,663 Performance Advanced Corporate and 2025 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 369 $ 127 $ 69 $ (3 ) $ 562 Europe 242 47 102 (4 ) 387 Asia Pacific 262 72 73 (1 ) 406 Rest of world 59 24 20 103 $ 932 $ 270 $ 264 $ (8 ) $ 1,458 Major product groupings Diversified $ 932 $ 270 $ 1,202 Specialty $ 252 252 Other 12 12 Eliminations $ (8 ) (8 ) $ 932 $ 270 $ 264 $ (8 ) $ 1,458 ( 1 ) Geographic information for revenues is based upon countries into which product is sold. The following tables disaggregate our revenue by major source for the six months ended June 30, 2026 and 2025 (dollars in millions): Performance Advanced Corporate and 2026 Polyurethanes Products Materials eliminations Total Primary geographic markets (1) U.S. and Canada $ 805 $ 250 $ 156 $ (12 ) $ 1,199 Europe 497 101 236 (6 ) 828 Asia Pacific 567 119 153 (2 ) …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

20. OPERATING SEGMENT INFORMATION We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of diversified organic chemical products. We have three operating segments, which are also our reportable operating segments: Polyurethanes, Performance Products and Advanced Materials. We have organized our business and derived our operating segments around differences in product lines. The major products of each reportable operating segment are as follows: Segment Products Polyurethanes MDI, polyols, TPU and other polyurethane-related products Performance Products Performance amines, ethyleneamines and maleic anhydride Advanced Materials Technologically-advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations; high performance thermoset resins, curing agents, toughening agents, and carbon nanomaterials Sales between segments are generally recognized at external market prices and are eliminated in consolidation. We use adjusted EBITDA to measure the financial performance of our global business units and for reporting the results of our operating segments. This measure includes all operating items relating to the businesses. The adjusted EBITDA of operating segments excludes items that principally apply to our Company as a whole. The following schedules include revenues, significant segment expenses and adjusted EBITDA for each of our reportable operating segments (dollars in millions). Huntsman Corporat …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. ACCOUNTING STANDARDS A CCOUNTING S TANDARDS P ENDING A DOPTION I N F UTURE P ERIODS The following relevant accounting standards become effective subsequent to fiscal year 2026, and we are currently evaluating the impact of the future adoption of these accounting standards on our financial statements and related disclosures: Financial Accounting Standards Board (""FASB"") Accounting Standards Update (""ASU"") No. 2024 - 03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Topic 220 - 40 ): Disaggregation of Income Statement Expenses , effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 FASB ASU No. 2025 - 10, Government Grants (Topic 832 ): Accounting for Government Grants Received by Business Entities, effective for annual reporting periods beginning after December 15, 2028 and interim reporting periods within those annual reporting periods FASB ASU No. 2026 - 02, Environmental Credits and Environmental Credit Obligations (Topic 818 ), effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods" …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

13. HUNTSMAN CORPORATION STOCKHOLDERS EQUITY S hare R epurchase P rogram On October 26, 2021, our Board of Directors approved a share repurchase program of $1 billion. On March 25, 2022, our Board of Directors increased the authorization of our share repurchase program from $1 billion to $2 billion. The share repurchase program is supported by our free cash flow generation. Repurchases may be made in the open market, including through accelerated share repurchase programs, or in privately negotiated transactions. Shares of common stock acquired through the repurchase program are held in treasury at cost. During the six months ended June 30, 2026 , we did not repurchase any shares of our common stock under this program. As of June 30, 2026 , we have approximately $547 million remaining under the authorization of our existing share repurchase program. D ividends on C ommon S tock During the three months ended June 30, 2026 and 2025 , we declared dividends of $16 million and $44 million, respectively, or $0.0875 per share and $0.25 per share, respectively, to common stockholders. During the three months ended March 31, 2026 and 2025, we declared dividends of $14 million and $44 million, respectively, or $0.0875 per share and $0.25 per share, respectively, to common stockholders. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing