Celanese Corporation (NYSE:CE), a global chemical and specialty materials company, today reported full year 2025 U.S. GAAP diluted loss per share of $10.44 and adjusted earnings per share of $3.98. The Company generated net sales of $9.5 billion in 2025, a 7 percent decrease from the previous year consisting of a 4 percent decline in price and a 4 percent decline in volume, with a small currency benefit. Throughout the year, the Company experienced lower-than-normal demand levels in key end-markets like automotive, paints, coatings, and construction. Celanese remained focused on the strategic priorities of increasing cash flow to accelerate deleveraging, intensifying cost improvements, and driving top line growth. The Company reported 2025 consolidated operating loss of $786 million, adjusted EBIT of $1.2 billion, and operating EBITDA of $1.9 billion at margins of (8), 12, and 20 percent, respectively. The Company also generated operating cash flow of $1.1 billion and free cash flow of $773 million.

The difference between U.S. GAAP diluted earnings per share and adjusted earnings per share in 2025 was primarily due to Certain Items totaling $1.6 billion¹.

Celanese also reported fourth quarter 2025 U.S. GAAP diluted earnings per share of $0.23 and adjusted earnings per share of $0.67. The Company generated net sales of $2.2 billion in the fourth quarter, a sequential 9 percent decline driven by decreases of 7 percent in volume and 2 percent in price. Celanese reported fourth quarter consolidated operating profit of $93 million, adjusted EBIT of $251 million, and operating EBITDA of $435 million at margins of 4, 11, and 20 percent, respectively. These results were driven by greater than anticipated year-end destocking and competitive dynamics in acetate tow, with offsets from cost reductions in the quarter and mix improvement in Engineered Materials. The Company also reported operating cash flow of $252 million and free cash flow of $160 million in the quarter.

"Our full‑year performance demonstrates the strength of our action plans and disciplined execution in a challenging environment," said Scott Richardson, president and chief executive officer. "With over $770 million of free cash flow generation, over $120 million in cost reductions, the Micromax^® divestiture completed, near-term maturities refinanced, and programs in place to drive growth and enrich our EM pipeline, we've made considerable progress against our priorities of deleveraging, cost improvement, and top‑line growth. While fourth‑quarter results reflected anticipated seasonality and softer volumes, the decisive steps we took throughout 2025—portfolio actions, cost reductions, footprint optimization, and prudent refinancing—position us well for continued improvement."

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¹	Primarily related to impairment of goodwill and certain trade names arising from our annual goodwill and indefinite-lived intangible assets impairment tests.

Fourth Quarter 2025 Financial Highlights:

	Three Months Ended
	December 31, 2025			September 30, 2025			December 31, 2024
	(unaudited)
	(In $ millions, except per share data)
Net Sales
Engineered Materials		1,277			1,384			1,269
Acetyl Chain		940			1,061			1,110
Intersegment Eliminations		(13	)		(26	)		(21	)
Total		2,204			2,419			2,358

Operating Profit (Loss)
Engineered Materials		111			(1,327	)		(1,521	)
Acetyl Chain		90			135			215
Other Activities		(108	)		(83	)		(113	)
Total		93			(1,275	)		(1,419	)

Net Earnings (Loss)		22			(1,353	)		(1,922	)

Adjusted EBIT⁽¹⁾
Engineered Materials		183			200			143
Acetyl Chain		146			187			252
Other Activities		(78	)		(61	)		(76	)
Total		251			326			319

Equity Earnings and Dividend Income, Other Income (Expense)
Engineered Materials		32			35			33
Acetyl Chain		42			44			35

Operating EBITDA⁽¹⁾		435			517			503
Diluted EPS - continuing operations	$	0.23		$	(12.39	)	$	(17.55	)
Diluted EPS - total	$	0.17		$	(12.39	)	$	(17.60	)
Adjusted EPS⁽¹⁾	$	0.67		$	1.34		$	1.33

Net cash provided by (used in) investing activities		(104	)		(59	)		(128	)
Net cash provided by (used in) financing activities		(324	)		(118	)		(189	)
Net cash provided by (used in) operating activities		252			447			494
Free cash flow⁽¹⁾		160			375			381

^{____________________}
⁽¹⁾	See "Non-US GAAP Financial Measures" below.

	Year Ended December 31,
	2025			2024
	(unaudited)
	(In $ millions, except per share data)
Net Sales
Engineered Materials		5,390			5,595
Acetyl Chain		4,232			4,763
Intersegment Eliminations		(78	)		(90	)
Total		9,544			10,268

Operating Profit (Loss)
Engineered Materials		(958	)		(1,197	)
Acetyl Chain		539			946
Other Activities		(367	)		(469	)
Total		(786	)		(720	)

Net Earnings (Loss)		(1,151	)		(1,534	)

Adjusted EBIT⁽¹⁾
Engineered Materials		720			841
Acetyl Chain		695			1,097
Other Activities		(265	)		(313	)
Total		1,150			1,625

Equity Earnings and Dividend Income, Other Income (Expense)
Engineered Materials		109			178
Acetyl Chain		132			138

Operating EBITDA⁽¹⁾		1,893			2,353
Diluted EPS - continuing operations	$	(10.44	)	$	(14.04	)
Diluted EPS - total	$	(10.64	)	$	(14.11	)
Adjusted EPS⁽¹⁾	$	3.98		$	8.18

Net cash provided by (used in) investing activities		(349	)		(470	)
Net cash provided by (used in) financing activities		(513	)		(1,313	)
Net cash provided by (used in) operating activities		1,146			966
Free cash flow⁽¹⁾		773			498

^{____________________}
⁽¹⁾	See "Non-US GAAP Financial Measures" below.

Fourth Quarter Business Segment Overview

Engineered Materials

Engineered Materials reported full year net sales of $5.4 billion, a 4 percent decrease compared to the previous year, driven by a 4 percent decrease in volume and a 1 percent decrease in price, with a small currency benefit. Engineered Materials launched a complexity reduction program early in 2025 to reduce costs and lower inventories. The business realized approximately $70 million in cost savings through the year, while reducing inventory by over $100 million. Engineered Materials reported full year operating loss of $958 million, adjusted EBIT of $720 million, and operating EBITDA of $1.2 billion, with margins of (18), 13, and 22 percent, respectively. Following substantial first quarter European automotive destocking, these initiatives largely steadied the business through the year despite continual volume headwinds.

Engineered Materials focused on continued improvement in pipeline quality and velocity to fully leverage the business's broad specialty products portfolio, deep material science application development expertise, and industry-leading capabilities in design and prototyping, computer aided engineering (CAE) simulation, and material processing. Also in 2025, Engineered Materials continued to advance commercial capabilities through the launch of AskChemille.com, a digital assistant platform for advanced material selection offering a comprehensive range of engineered material options.

Engineered Materials reported fourth quarter net sales of $1.3 billion, representing a decrease of 8 percent compared to the previous quarter, consisting of a 6 percent decrease in volume and 2 percent decrease in price. Volumes were pressured by channel partner destocking in the western hemisphere and lower than expected demand in Asia. The business reported fourth quarter operating profit of $111 million, adjusted EBIT of $183 million, and operating EBITDA of $288 million, with margins of 9, 14, and 23 percent, respectively. The results were driven by the business's efforts to reduce costs and drive mix enrichment, despite volume headwinds.

Acetyl Chain

The Acetyl Chain reported full year net sales of $4.2 billion, an 11 percent decrease compared to the previous year driven by a 6 percent decrease in volume and a 6 percent decrease in price, with a small currency benefit. Persistently weak demand in key end-markets like paints, coatings, and construction impacted the vinyls business in the western hemisphere. Additionally, in acetate tow, elevated competitive pressures and weaker demand conditions challenged volumes, pricing, and sales mix. The Acetyl Chain responded by exercising the agility and optionality that has become the hallmark of the business, and drove continuous actions to maximize earnings. The business reported full year operating profit of $539 million, adjusted EBIT of $695 million, and operating EBITDA of $947 million with margins of 13, 16, and 22 percent, respectively. The Acetyl Chain took significant steps to improve the near-term and longer-term performance of the business, including:

Announcing the intention to close the acetate tow manufacturing site in Lanaken, Belgium.
Idling the VAM facility in Frankfurt, Germany for most of the second half of the year.
Prioritizing production at the lowest-cost gulf coast sites to drive profitability and reduce cost-to-serve.
Driving growth in differentiated downstream applications to improve margins by leveraging the business's optionality.
Accelerating commercialization of Eco-CC sustainable products, especially in coatings and adhesives, to increase differentiation and grow share of downstream applications.
Accelerating deployment of manufacturing digitization tools throughout the Acetyl Chain production network.

The Acetyl Chain delivered fourth quarter net sales of $940 million, representing a sequential decrease of 11 percent, consisting of declines of 10 percent in volume and 1 percent in price. The overall demand environment remained challenged, with year-end seasonal declines greater than expected, especially in December. The Acetyl Chain delivered fourth quarter operating profit of $90 million, adjusted EBIT of $146 million, and operating EBITDA of $210 million at margins of 10, 16, and 22 percent, respectively. Utilizing the daily operating model, the business continued to take multiple actions to drive consistency of earnings. These included optimizing production at low-cost, U.S.-based sites, reducing operating rates at higher cost sites, and reducing global distribution costs to align with the demand environment.

Cash Flow and Tax

Celanese reported full year operating cash flow of $1.1 billion and free cash flow of $773 million. Full year 2025 operating cash flow and free cash flow results were mainly driven by cost reductions, disciplined management of capital expenditures, continued execution of the inventory reduction goals in Engineered Materials, and timing of working capital.

The effective U.S. GAAP income tax rate for the full year ended December 31, 2025 was 7 percent on a loss for the full year 2025, primarily driven by a book goodwill impairment charge of $1.1 billion for the Engineered Materials reporting unit that did not provide a tax benefit and an increase in valuation allowance on U.S. foreign tax credit carryforward due to the revised forecasts of foreign-source income. These impacts were partially offset by deferred tax benefits related to integration transactions and realignment of intangibles and tax benefits related to the resolution of tax examinations.

The effective tax rate for 2025 adjusted earnings was 8 percent excluding the impact of the goodwill charge that is non-deductible for tax purposes and other non-recurring items.

"Looking to the first quarter, we expect little change to the overall demand environment. We expect to see some modest seasonal improvements in volumes, and continued benefits from our cost reduction initiatives. These will be partially offset by the timing of the acetate tow dividend from our joint venture in China, which will be paid three times a year starting in the second quarter, similar to last year," continued Richardson. "Given this backdrop, we anticipate first quarter adjusted earnings per share to be $0.70 to $0.85."

"As we enter 2026, we remain focused on driving further cash generation, capturing additional cost savings, and advancing growth initiatives, to enhance long‑term value creation. We expect to have another strong year of cash generation with a targeted free cash flow of $650 to $750 million. Although the macro environment remains uncertain, we've created forward momentum. We believe the decisive actions we are taking position Celanese to meaningfully benefit from the eventual recovery."

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 fourth quarter will be posted on its website at investors.celanese.com under Financial Information/Financial Document Library on February 17, 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; 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 impairments 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; risks and costs associated with increased leverage from the M&M Acquisition, including increased interest expense and potential reduction of business and strategic flexibility; 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, 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 weather, natural disasters, 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 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; 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, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes in the economy or the chemicals industry, and the success of our deleveraging efforts, as well as any changes to our credit ratings; 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 February 17, 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 Annual Report on Form 10-K for the annual period ending December 31, 2025.

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
	December 31, 2025		September 30, 2025		December 31, 2024
	(In $ millions, except share and per share data)
Net sales	2,204		2,419		2,358
Cost of sales	(1,781	)	(1,898	)	(1,832	)
Gross profit	423		521		526
Selling, general and administrative expenses	(223	)	(231	)	(263	)
Amortization of intangible assets	(40	)	(42	)	(40	)
Research and development expenses	(32	)	(31	)	(31	)
Other (charges) gains, net	(39	)	(1,491	)	(1,621	)
Foreign exchange gain (loss), net	7		2		12
Gain (loss) on disposition of businesses and assets, net	(3	)	(3	)	(2	)
Operating profit (loss)	93		(1,275	)	(1,419	)
Equity in net earnings (loss) of affiliates	37		39		39
Non-operating pension and other postretirement employee benefit (expense) income	50		2		(27	)
Interest expense	(177	)	(177	)	(164	)
Interest income	6		7		5
Dividend income - equity investments	40		40		33
Other income (expense), net	—		4		—
Earnings (loss) from continuing operations before tax	13		(1,360	)	(1,533	)
Income tax (provision) benefit	15		7		(384	)
Earnings (loss) from continuing operations	28		(1,353	)	(1,917	)
Earnings (loss) from operation of discontinued operations	(8	)	—		(6	)
Income tax (provision) benefit from discontinued operations	2		—		1
Earnings (loss) from discontinued operations	(6	)	—		(5	)
Net earnings (loss)	22		(1,353	)	(1,922	)
Net (earnings) loss attributable to noncontrolling interests	(3	)	(4	)	(3	)
Net earnings (loss) attributable to Celanese Corporation	19		(1,357	)	(1,925	)
Amounts attributable to Celanese Corporation
Earnings (loss) from continuing operations	25		(1,357	)	(1,920	)
Earnings (loss) from discontinued operations	(6	)	—		(5	)
Net earnings (loss)	19		(1,357	)	(1,925	)
Earnings (loss) per common share - basic
Continuing operations	0.23		(12.39	)	(17.55	)
Discontinued operations	(0.06	)	—		(0.05	)
Net earnings (loss) - basic	0.17		(12.39	)	(17.60	)
Earnings (loss) per common share - diluted
Continuing operations	0.23		(12.39	)	(17.55	)
Discontinued operations	(0.06	)	—		(0.05	)
Net earnings (loss) - diluted	0.17		(12.39	)	(17.60	)
Weighted average shares (in millions)
Basic	109.6		109.6		109.4
Diluted	109.8		109.6		109.4

Consolidated Statements of Operations - Unaudited

	Year Ended December 31,
	2025		2024
	(In $ millions, except share and per share data)
Net sales	9,544		10,268
Cost of sales	(7,592	)	(7,932	)
Gross profit	1,952		2,336
Selling, general and administrative expenses	(899	)	(1,033	)
Amortization of intangible assets	(164	)	(159	)
Research and development expenses	(125	)	(130	)
Other (charges) gains, net	(1,581	)	(1,744	)
Foreign exchange gain (loss), net	36		24
Gain (loss) on disposition of businesses and assets, net	(5	)	(14	)
Operating profit (loss)	(786	)	(720	)
Equity in net earnings (loss) of affiliates	127		196
Non-operating pension and other postretirement employee benefit (expense) income	55		(20	)
Interest expense	(701	)	(676	)
Refinancing expense	(68	)	—
Interest income	24		33
Dividend income - equity investments	122		128
Other income (expense), net	7		40
Earnings (loss) from continuing operations before tax	(1,220	)	(1,019	)
Income tax (provision) benefit	90		(507	)
Earnings (loss) from continuing operations	(1,130	)	(1,526	)
Earnings (loss) from operation of discontinued operations	(24	)	(10	)
Income tax (provision) benefit from discontinued operations	3		2
Earnings (loss) from discontinued operations	(21	)	(8	)
Net earnings (loss)	(1,151	)	(1,534	)
Net (earnings) loss attributable to noncontrolling interests	(14	)	(8	)
Net earnings (loss) attributable to Celanese Corporation	(1,165	)	(1,542	)
Amounts attributable to Celanese Corporation
Earnings (loss) from continuing operations	(1,144	)	(1,534	)
Earnings (loss) from discontinued operations	(21	)	(8	)
Net earnings (loss)	(1,165	)	(1,542	)
Earnings (loss) per common share - basic
Continuing operations	(10.44	)	(14.04	)
Discontinued operations	(0.20	)	(0.07	)
Net earnings (loss) - basic	(10.64	)	(14.11	)
Earnings (loss) per common share - diluted
Continuing operations	(10.44	)	(14.04	)
Discontinued operations	(0.20	)	(0.07	)
Net earnings (loss) - diluted	(10.64	)	(14.11	)
Weighted average shares (in millions)
Basic	109.5		109.3
Diluted	109.5		109.3

Consolidated Balance Sheets - Unaudited

	As of December 31, 2025		As of December 31, 2024
	As of December 31, 2025		As of December 31, 2024
	(In $ millions)
ASSETS
Current Assets
Cash and cash equivalents	1,263		962
Trade receivables - third party and affiliates, net	922		1,121
Non-trade receivables, net	545		493
Inventories	2,220		2,284
Assets held for sale	492		—
Other assets	251		266
Total current assets	5,693		5,126
Investments in affiliates	1,252		1,217
Property, plant and equipment, net	5,076		5,273
Operating lease right-of-use assets	359		388
Deferred income taxes	1,359		1,251
Other assets	601		555
Goodwill	4,171		5,387
Intangible assets, net	3,184		3,641
Total assets	21,695		22,838
LIABILITIES AND EQUITY
Current Liabilities
Short-term borrowings and current installments of long-term debt - third party and affiliates	1,204		1,501
Trade payables - third party and affiliates	1,279		1,228
Liabilities held for sale	75		—
Other liabilities	1,049		1,157
Income taxes payable	76		4
Total current liabilities	3,683		3,890
Long-term debt, net of unamortized deferred financing costs	11,394		11,078
Deferred income taxes	512		923
Uncertain tax positions	208		286
Benefit obligations	344		396
Operating lease liabilities	265		294
Other liabilities	817		408
Commitments and Contingencies
Shareholders' Equity
Treasury stock, at cost	(5,482	)	(5,486	)
Additional paid-in capital	431		409
Retained earnings	9,876		11,054
Accumulated other comprehensive income (loss), net	(776	)	(848	)
Total Celanese Corporation shareholders' equity	4,049		5,129
Noncontrolling interests	423		434
Total equity	4,472		5,563
Total liabilities and equity	21,695		22,838

Non-U.S. GAAP Financial Measures and Supplemental Information

February 17, 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

Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Annual Report on Form 10-K for the annual period ending December 31, 2025.

Table 1

Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited

	2025		Q4 '25		Q3 '25		Q2 '25		Q1 '25		2024		Q4 '24		Q3 '24		Q2 '24		Q1 '24
	(In $ millions)
Net earnings (loss) attributable to Celanese Corporation	(1,165	)	19		(1,357	)	197		(24	)	(1,542	)	(1,925	)	113		152		118
(Earnings) loss from discontinued operations	21		6		—		10		5		8		5		2		1		—
Interest income	(24	)	(6	)	(7	)	(7	)	(4	)	(33	)	(5	)	(5	)	(10	)	(13	)
Interest expense	701		177		177		177		170		676		164		169		174		169
Refinancing expense	68		36		—		—		32		—		—		—		—		—
Income tax provision (benefit)	(90	)	(15	)	(7	)	(77	)	9		507		384		61		29		33
Certain Items attributable to Celanese Corporation (Table 8)	1,639		34		1,520		42		43		2,009		1,696		114		102		97
Adjusted EBIT	1,150		251		326		342		231		1,625		319		454		448		404
Depreciation and amortization expense⁽¹⁾	743		184		191		188		180		728		184		187		181		176
Operating EBITDA	1,893		435		517		530		411		2,353		503		641		629		580

	2025	Q4 '25	Q3 '25	Q2 '25	Q1 '25	2024	Q4 '24	Q3 '24	Q2 '24	Q1 '24
	(In $ millions)
Engineered Materials	6	1	3	2	—	73	1	16	11	45
Acetyl Chain	11	11	—	—	—	—	—	—	—	—
Other Activities⁽²⁾	—	—	—	—	—	—	—	—	—	—
Accelerated depreciation and amortization expense	17	12	3	2	—	73	1	16	11	45
Depreciation and amortization expense⁽¹⁾	743	184	191	188	180	728	184	187	181	176
Total depreciation and amortization expense	760	196	194	190	180	801	185	203	192	221

____________________
⁽¹⁾	Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above.
⁽²⁾	Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses).

Table 2

Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited

	2025				Q4 '25				Q3 '25				Q2 '25				Q1 '25				2024				Q4 '24				Q3 '24				Q2 '24				Q1 '24
	(In $ millions, except percentages)
Operating Profit (Loss) / Operating Margin
Engineered Materials	(958	)	(17.8	)%	111		8.7	%	(1,327	)	(95.9	)%	164		11.4	%	94		7.3	%	(1,197	)	(21.4	)%	(1,521	)	(119.9	)%	100		6.8	%	136		9.3	%	88		6.4	%
Acetyl Chain	539		12.7	%	90		9.6	%	135		12.7	%	153		13.7	%	161		14.4	%	946		19.9	%	215		19.4	%	238		20.0	%	241		20.0	%	252		20.0	%
Other Activities⁽¹⁾	(367	)			(108	)			(83	)			(86	)			(90	)			(469	)			(113	)			(93	)			(130	)			(133	)
Total	(786	)	(8.2	)%	93		4.2	%	(1,275	)	(52.7	)%	231		9.1	%	165		6.9	%	(720	)	(7.0	)%	(1,419	)	(60.2	)%	245		9.3	%	247

Celanese Corporation Reports Full Year 2025 and Fourth Quarter Earnings