Financial Analysis

NOTE 13COMMITMENTS AND CONTINGENCIES Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law, existing technologies and other information. Pursuant to the terms of the Dow Separation, the pre-closing environmental conditions were retained by Dow, and the Company has been indemnified by Dow from and against all environmental liabilities incurred or relating to the predecessor periods. There are several properties which the Company now owns on which Dow has been conducting investigation, monitoring, or remediation to address historical contamination, including Dalton, Georgia. There are other properties with historical contamination that are owned by Dow that the Company leases for its operations, including its facilities in Midland, Michigan, Schkopau, Germany, and Terneuzen, The Netherlands. Other than certain immaterial environmental liabilities assumed as part of the PMMA Acquisition and the Aristech Surfaces Acquisition, no material environmental claims have been asserted or threatened against the Company. The Company is not a potentially responsible party for any material amounts at any Superfund sites. As of March 31, 2026 and December 31, 2025, the Company had $2.0 million, respectively, of accrued obligations for environmental remediation or restoration costs. Inherent uncertainties exist in the Companys potential enviro …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 10DEBT & AVAILABLE FACILITIES Refer to the Annual Report for definitions of capitalized terms not included herein and further background on the Companys debt structure discussed below. The Company was in compliance with all debt related covenants as December 31, 2025. During the three months ended March 31, 2026, the Company entered into certain amendments and limited waivers with lenders under certain of its credit facilities and elected not to make certain interest payments upon the expiration of the grace period for payment of interest under the Companys Senior Credit Agreement and 2L Notes Indenture (each, as defined below). The Company extended the limited waivers on the AR Securitization Facility on April 14, 2026 to temporarily waive certain acceleration and collateral enforcement rights and remedies until April 30, 2026. The nonpayment of interest or principal beyond the applicable grace period(s) constituted events of default under the Senior Credit Agreement and the 2L Notes Indenture and triggered a cross default under the Refinance Credit Agreement, OpCo Super-Priority Revolver and AR Securitization Facility. As a result, as of March 31, 2026, the Company classified all of its outstanding debt balance as current due to the related events of default. The Company is continuing to negotiate with its financial stakeholders regarding its capital structure. There can be no assurance that the Company will reach an agreement with its financial stakeholders regar …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Engineered Latex Polymer Three Months Ended Materials Binders Solutions Total March 31, 2026 United States $ 116.1 $ 69.9 $ 38.1 $ 224.1 Europe 93.1 80.7 162.0 335.8 Asia-Pacific 34.2 44.2 57.9 136.3 Rest of World 19.6 1.7 7.2 28.5 Total $ 263.0 $ 196.5 $ 265.2 $ 724.7 March 31, 2025 United States $ 124.2 $ 69.5 $ 41.9 $ 235.6 Europe 98.4 92.4 180.9 371.7 Asia-Pacific 35.1 45.7 68.4 149.2 Rest of World 19.6 1.7 7.0 28.3 Total $ 277.3 $ 209.3 $ 298.2 $ 784.8 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"NOTE 15SHARE-BASED COMPENSATION Refer to the Annual Report for definitions of capitalized terms not included herein and further background on the Companys share-based compensation programs included in the tables below. The Companys board of directors approved the 2014 Omnibus Plan, adopted on May 28, 2014 and last amended on June 25, 2025 under which 10.0 million ordinary shares is the maximum number that may be delivered upon satisfaction of awards granted. The following table summarizes the Companys share-based compensation expense for the three months ended March 31, 2026 and 2025, as well as unrecognized compensation cost as of March 31 2026: Three Months Ended March 31, 2026 March 31, Unrecognized Weighted 2026 2025 Compensation Cost Average Years RSUs $ 0.6 $ 2.8 $ 0.7 0.7 Options 0.1 PSUs 0.4 0.6 1.6 1.6 Restricted Cash Units (""RCUs"") (1) (1.1) 2.2 0.7 (2) 1.3 Total share-based compensation expense $ (0.1) $ 5.7 (1) In January 2026, the Company approved one-time conditional retention bonus awards for certain executive officers and, subject to the terms of the awards, agreed to the cancellation of unvested cash-settled long-term incentive awards previously granted under the Companys Amended and Restated 2014 Omnibus Incentive Plan. There were 1,115,886 RCUs that were forfeited in the three months ended March 31, 2026 related to the one-time conditional retention bonus awards. (2) Unrecognized Compensation Cost related to RCU awards as of March 31, 2026 is calculated …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 12FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. The Company did not have any assets or liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2026: The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets as of December 31, 2025: December 31, 2025 Assets (Liabilities) at Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Total Foreign exchange forward contracts(Liabilities) $ $ (1.6) $ $ (1.6) Commodity cash flow hedges(Liabilities) (0.1) (0.1) Total fair value $ $ (1.7) $ $ (1.7) (1) Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. (2) Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. (3) Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The Company uses an inco …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 5INCOME TAXES Three Months Ended March 31, 2026 2025 Provision for income taxes $ 9.4 $ 6.6 Effective income tax rate (8.8) % (9.1) % Provision for income taxes for the three months ended March 31, 2026 totaled $9.4 million, resulting in an effective tax rate of (8.8)%. Provision for income taxes for the three months ended March 31, 2025 totaled $6.6 million, resulting in an effective tax rate of (9.1)%. The main driver of the increase in the effective income tax rate for the three months ended March 31, 2026 compared to the prior year was the geographical mix of earnings. The Organization of Economic Co-operation and Developments (OECD) Global Anti-Base Erosion (GloBE) rules under Pillar Two have been enacted by the European Union and other countries in which the Company operates. Based on the current rules as enacted, including the new Side-by-Side package release by the OECD in January 2026, there was not a material impact to tax expense for any period presented. The Company will continue to monitor and evaluate evolving tax legislation in the jurisdictions in which we operate. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 14PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS The components of net periodic benefit costs for all significant plans were as follows: Three Months Ended Three Months Ended March 31, March 31, Non-U.S. Defined Benefit Pension Plans U.S. Defined Benefit Pension 2026 2025 2026 2025 Net periodic benefit cost Service cost $ 1.6 $ 1.7 $ 0.1 $ 0.2 Interest cost 1.6 1.4 0.2 0.2 Expected return on plan assets (0.1) (0.1) (0.2) (0.3) Amortization of net gain (1.3) (0.5) Settlement and curtailment gain (0.6) Net periodic benefit cost $ 1.2 $ 2.5 $ 0.1 $ 0.1 The Company had less than $0.4 million of net periodic benefit costs for its other postretirement plans for the three months ended March 31, 2026 and 2025. Service cost related to the Companys defined benefit pension plans and other postretirement plans is included within Cost of sales and Selling, general and administrative expenses, whereas all other components of net periodic benefit cost are included within Other expense (income), net in the condensed consolidated statements of operations. As of March 31, 2026 and December 31, 2025, the Companys benefit obligations included primarily in Other noncurrent obligations in the condensed consolidated balance sheets were $183.8 million and $186.9 million, respectively. The Company made cash contributions and benefit payments to unfunded plans of approximately $2.4 million during the three months ended March 31, 2026. The Company expects to make additional cash contributions, in …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 4RESTRUCTURING ACTIVITIES Refer to the Annual Report for further details regarding the Companys previously announced restructuring activities included in the tables below. Restructuring charges are included within Selling, general and administrative expenses in the condensed consolidated statements of operations. 2025 Restructuring Plan On October 2, 2025, the Company approved a restructuring plan to permanently close its methyl methacrylate production operations in Rho, Italy and its acetone cyanohydrin production operations in Porto Marghera, Italy (the MMA Restructuring Plan). The MMA Restructuring Plan is intended to streamline the companys MMA production network and exit underperforming assets. On December 5, 2025, the Company approved a restructuring plan to permanently close its polystyrene production operations in Schkopau, Germany with consolidation of remaining PS operations in Tessenderlo, Belgium. The Company recorded net pre-tax restructuring charges of $138.1 million inception-to-date under the 2025 Restructuring Plan, consisting of $10.9 million of severance and related benefit costs, $102.7 million of asset related charges, and $24.5 million of contract terminations. Asset-related charges include decommissioning and other charges of $14.3 million, $32.6 million related to accelerated depreciation for the asset retirement costs at Porto Marghera and Schkopau, and $55.8 million in accelerated depreciation charges of plant, property and equipment primarily …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 3NET SALES Refer to the Annual Report for information on the Company's accounting policies and further background related to its net sales. The following table provides disclosure of net sales to external customers by primary geographical market (based on the location where sales originated), by segment for the three months ended March 31, 2026 and 2025. Engineered Latex Polymer Three Months Ended Materials Binders Solutions Total March 31, 2026 United States $ 116.1 $ 69.9 $ 38.1 $ 224.1 Europe 93.1 80.7 162.0 335.8 Asia-Pacific 34.2 44.2 57.9 136.3 Rest of World 19.6 1.7 7.2 28.5 Total $ 263.0 $ 196.5 $ 265.2 $ 724.7 March 31, 2025 United States $ 124.2 $ 69.5 $ 41.9 $ 235.6 Europe 98.4 92.4 180.9 371.7 Asia-Pacific 35.1 45.7 68.4 149.2 Rest of World 19.6 1.7 7.0 28.3 Total $ 277.3 $ 209.3 $ 298.2 $ 784.8 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 16SEGMENTS AND GEOGRAPHIC INFORMATION The Companys Chief Executive Officer, who is the chief operating decision maker, manages the Companys operations under four segments: Engineered Materials, Latex Binders, Polymer Solutions, and Americas Styrenics. The Engineered Materials segment includes the Companys compounds and blends products sold into higher growth and value applications, such as consumer electronics, medical, automotive, and other applications, as well as soft thermoplastic elastomers (TPEs) products which are sold into markets such as footwear and automotive. Additionally, the Engineered Materials segment also includes PMMA and MMA products, which are sold into a variety of applications including automotive, building & construction, medical, consumer electronics, and wellness, among others. The Latex Binders segment produces styrene-butadiene (SB) latex and other latex polymers and binders, primarily for coated paper and packaging board, carpet and artificial turf backings, as well as a number of performance latex binders applications, such as adhesive, building and construction and the technical textile paper market. The Polymer Solutions segment contains the results of the acrylonitrile butadiene styrene (ABS), styrene-acrylonitrile (SAN), and polycarbonate (PC) businesses. The Polymer Solutions segment also includes the results of Heathland, which was acquired in the first quarter of 2022, and the legacy Polystyrene segment, which includes a variety of …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 18SUBSEQUENT EVENTS Amendment to our Accounts Receivable Securitization Facility On April 10, 2026, in connection with ongoing discussions with its financial stakeholders, the Company entered into an amendment (the Securitization Amendment) to our existing facility for the securitization of trade receivables originated by certain subsidiaries (the Accounts Receivable Securitization Facility). The Securitization Amendment waives the requirement for certain compliance certificate deliverables and reduces the advance rate thereunder from 92.5% to 90.0%. In connection with the Securitization Amendment, the Company agreed to pay a structuring fee equal to 0.25% of the aggregate revolving commitments under the Accounts Receivable Securitization Facility. Amendment to our Senior Credit Facility Agreement On April 10, 2026, the Company entered into an amendment (the Second Amendment) to our existing super-priority revolving credit facility dated, January 17, 2025 (as amended, the SuperPriority Revolver). Certain lenders agreed under the Second Amendment to provide incremental senior secured revolving credit commitments in an aggregate principal amount of $50.0 million (the 2026 Incremental Revolving Facility). Borrowings under the 2026 Incremental Revolving Facility may be used to fund working capital, general corporate purposes, and any other purposes not prohibited by the SuperPriority Revolver. Amounts repaid may not be reborrowed. The outstanding principal amount of the 2026 …

SubsequentEventsTextBlock · excerpt; the full note is in the filing