# EDGAR Filing Document

**Accession Number:** 0001519061
**File Stem:** 0001104659-26-027521
**Filing Date:** 2026-3
**Character Count:** 52195
**Document Hash:** e0e8aeebcdd5cf85f423714a5202c33c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-027521.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001104659-26-027521

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260313

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trinseo PLC
- **CENTRAL INDEX KEY:** 0001519061
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36473
- **FILM NUMBER:** 26750845

**BUSINESS ADDRESS:**
- **STREET 1:** 440 EAST SWEDESFORD ROAD
- **STREET 2:** SUITE 301
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610-240-3200

**MAIL ADDRESS:**
- **STREET 1:** 440 EAST SWEDESFORD ROAD
- **STREET 2:** SUITE 301
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Trinseo S.A.
- **DATE OF NAME CHANGE:** 20110429

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bain Capital Everest (Luxco 2) S.a r.l.
- **DATE OF NAME CHANGE:** 20110426

?xml version='1.0' encoding='ASCII'? Trinseo PLC_March 13, 2026

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

### FORM 8-K
**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 13, 2026**

### Trinseo PLC
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Ireland** | **001-36473** | **N/A** |
| (State or other jurisdiction<br>of incorporation or organization) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification Number) |

---

**440 East Swedesford Road, Suite 301**

**Wayne, Pennsylvania 19087**

(Address of principal executive offices, including zip code)

**(610) 240-3200**

(Telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Each Class** | &nbsp;&nbsp;**Trading symbol** | &nbsp;&nbsp;**Name of Exchange on which registered** |
| &nbsp;&nbsp;**Ordinary Shares, par value $0.01 per share** | &nbsp;&nbsp;**TSE** | &nbsp;&nbsp;**New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **ITEM 2.02** | **Results of Operations and Financial Condition** |

---

On March 13, 2026, Trinseo PLC, a public limited company existing under the laws of Ireland (the "Company"), issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto. The Company is also making available on its website an investor presentation and is furnished as Exhibit 99.2 hereto.

The information contained herein and in the accompanying exhibits shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **ITEM 9.01.** | **Financial Statements and Exhibits** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| ay <br>|  |
| **ExhibitNumber** | **Description** |
| 99.1 | [Press Release dated March 13, 2026](tse-20260313xex99d1.htm) |
| 99.2 | [Investor Presentation, dated March 13, 2026](tse-20260313xex99d2.htm) |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| a<br>|  |  |
|  | **TRINSEO PLC** | **TRINSEO PLC** |
|  | By: | /s/ David Stasse |
|  | Name: | David Stasse |
|  | Title: | Executive Vice President and Chief Financial Officer |
| Date: March 13, 2026<br>|  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](tse-20260313xex99d1001.jpg)

---

| |
|:---|
| **Contact:** |
| Bee van Kessel |
| Tel: + 1 835 235 0735 |
| Email: investorrelations@trinseo.com |

---

**Trinseo Reports Fourth Quarter and Full Year 2025 Financial Results**

**Fourth Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;● Cash provided by operations of $23 million and capital expenditures of $16 million resulted in Free Cash Flow\* of $7 million and ending cash of $149 million (of which $2 million was restricted) and total liquidity of $334 million.

&nbsp;&nbsp;&nbsp;&nbsp;● Net loss of $251 million and EPS of $(6.98) included pre-tax restructuring and other charges of $127 million related mainly to the previously announced closures the virgin MMA production and ACH operations at our facilities in Italy and the polystyrene assets in Germany

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA\* of $26 million included $6 million of unfavorable net timing and negative equity income from Americas Styrenics due to lower margins, partially offset by savings from ongoing restructuring initiatives

**Full-Year 2025 Summary**

&nbsp;&nbsp;&nbsp;&nbsp;● Cash used in operations of $102 million and capital expenditures of $51 million resulted in Free Cash Flow\* of negative $153 million

&nbsp;&nbsp;&nbsp;&nbsp;● Net loss of $546 million and EPS of $(15.24), included pre-tax restructuring and other charges of $140 million related to various restructuring initiatives and $26 million of costs for debt refinancing that closed in January 2025

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA\* of $163 million was $41 million below prior year and included $16 million of unfavorable net timing and negative equity income from Americas Styrenics due to an unplanned outage and lower margins, partially offset by $27 million of polycarbonate technology licensing income and savings from restructuring initiatives

&nbsp;&nbsp;&nbsp;&nbsp;● Executed on numerous asset footprint, working capital, and licensing initiatives to bolster profitability and cash flow in the short and long term . We continue to engage and negotiate with our financial stakeholders to improve our capital structure; note: our most recent disclosures can be found in the Form 10-K.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
| | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| <br>**$millions, except per share data** | **2025** | **2024** | **2025** | **2024** |
| Net Sales | $663 | $821 | $2975 | $3513 |
| Net Loss | (251) | (118) | (546) | (349) |
| Diluted EPS ($) | (6.98) | (3.33) | (15.24) | (9.86) |
| Adjusted Net Loss\* | (92) | (95) | (303) | (272) |
| Adjusted EPS ($)\* | (2.56) | (2.67) | (8.46) | (7.71) |
| EBITDA\* | (20) | 21 | 62 | 160 |
| Adjusted EBITDA\* | 26 | 26 | 163 | 204 |
| Cash provided by (used in) operating activities | 23 | 85 | (102) | (14) |
| Free Cash Flow\* | 7 | 64 | (153) | (78) |

---

------

*\*For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Loss, all of which are non-GAAP measures, to Net Loss, as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below.*

------

WAYNE, Pa — March 13, 2026 — Trinseo (NYSE: TSE), a specialty material solutions provider, today reported its fourth quarter and full-year 2025 financial results. Net sales of $663 million in the fourth quarter decreased 19% versus prior year due to lower sales volume across all business segments and competitive pricing pressure in Polymer Solutions and Latex Binders particularly in Europe and Asia.

Fourth quarter net loss of $251 million was $133 million weaker than prior year. The current year quarter included $127 million of pre-tax restructuring and other charges related to the Company's restructuring initiatives. Adjusted EBITDA of $26 million was in line with prior year. The higher net loss and flat Adjusted EBITDA were attributable to lower volumes and margins, partially offset by savings from restructuring initiatives.

Net sales in the full year decreased 15% versus prior year. Lower sales volumes across all segments led to a 10% decrease and lower margins in Polymer Solutions and Latex Binders resulted in a 6% decrease, partially offset by favorable foreign currency of 1%. Full-year net loss of $546 million was $197 million lower than the prior year. The current year included $140 million of pre-tax restructuring and other charges related to the Company's various restructuring initiatives. Full-year Adjusted EBITDA of $163 million was $41 million below prior year as the benefits realized from restructuring actions and $27 million of polycarbonate license income were more than offset by lower sales volume across all business segments, lower margins in Polymer Solutions and Latex Binders, and lower equity affiliate income from Americas Styrenics. Cash used in operations of $102 million and capital expenditures of $51 million led to Free Cash Flow\* of negative $153 million.

**Fourth Quarter Results and Commentary by Business Segment**

&nbsp;&nbsp;&nbsp;&nbsp;● **Engineered Materials** net sales of $240 million for the quarter decreased 13% versus prior year primarily due to lower sales volumes in MMA related to the closure of our virgin production facilities in Italy. Adjusted EBITDA of $27 million was essentially flat versus prior year, as restructuring savings were largely offset by lower volumes.

&nbsp;&nbsp;&nbsp;&nbsp;● **Latex Binders** net sales of $176 million for the quarter decreased 19% versus prior year from lower sales in textile, paper and board globally. Adjusted EBITDA of $9 million was $10 million below prior year from lower volumes and margins, primarily in paper and board and textile applications in Europe. Net sales to CASE and battery binders applications accounted for 17% of total segment net sales, with volume increasing 1% over prior year despite subdued end market demand.

&nbsp;&nbsp;&nbsp;&nbsp;● **Polymer Solutions** net sales of $246 million for the quarter decreased 25% versus prior year and Adjusted EBITDA of $15 million was $2 million below prior year, both driven by unfavorable mix and lower volumes.

&nbsp;&nbsp;&nbsp;&nbsp;● **Americas Styrenics** Adjusted EBITDA of negative $7 million for the quarter was $3 million above prior year from higher polystyrene volumes and an outsized unfavorable timing impact in 2024.

Commenting on 2025, Bozich said, "While we continued to face numerous market and macroeconomic headwinds throughout 2025, our team remained resilient and delivered exceptional safety performance that exceeded our environmental, health, and safety goals for the year. We continued to invest in new technology and innovation in strategic businesses like battery binders, CASE, and recycled content containing platforms to deliver growth. I am grateful for the strong contribution of team members throughout the organization. We remain focused on delivering best-in-class materials and services for our customers."

------

**About Trinseo**

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo's employees bring endless creativity to reimagining the possibilities with clients all over the world from the company's locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $3.0 billion in 2025. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.

------

<u>Use of non-GAAP measures</u>

*In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we use additional measures of income excluding certain GAAP items ("non-GAAP measures"), such as Adjusted Net Income (Loss), EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein.*

<u>Cautionary Note on Forward-Looking Statements</u> 

*This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like "expect," "anticipate," "believe," "intend," "forecast," "estimate," "see," "outlook," "will," "may," "might," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would," or expressions of similar meaning. Forward-looking statements reflect management's evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to continue as a going concern; our ongoing discussions with our financial stakeholders; our significant levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existing indebtedness; deterioration of our credit profile limiting our access to commercial credit; delisting of our ordinary shares from the New York Stock Exchange; conditions in the global economy and capital markets, including persistent decreased customer demand and the impact of tariffs on global trade relations; our ability to successfully generate cost savings through restructuring and cost reduction initiatives; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; the timing of, and our ability to complete, a sale of our interest in Americas Styrenics; compliance with laws and regulations impacting our business; any disruptions in production at our chemical manufacturing facilities, including those resulting from accidental spills or discharges; our ability to generate cash flows from operations and achieve our forecasted cash flows; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.* 

------

**TRINSEO PLC**

**Condensed Consolidated Statements of Operations**

**(In millions, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $662.6 | $821.5 | $2974.9 | $3513.2 |
| Cost of sales | 634.5 | 765.5 | 2809.0 | 3247.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 28.1 | 56.0 | 165.9 | 265.6 |
| Selling, general and administrative expenses | 184.7 | 89.8 | 417.0 | 327.0 |
| Equity in earnings (losses) of unconsolidated affiliate | (7.1) | (10.4) | (3.1) | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (163.7) | (44.2) | (254.2) | (46.0) |
| Interest expense, net | 67.1 | 67.5 | 273.8 | 267.5 |
| Loss on extinguishment of long-term debt |  |  | 0.2 | 0.6 |
| Other expense (income), net | (4.6) | 4.8 | (25.2) | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (226.2) | (116.5) | (503.0) | (318.0) |
| Provision for income taxes | 25.2 | 1.4 | 42.6 | 30.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(251.4) | $(117.9) | $(545.6) | $(348.5) |
| Weighted average shares- basic | 36.0 | 35.4 | 35.8 | 35.3 |
| Net loss per share- basic | $(6.98) | $(3.33) | $(15.24) | $(9.86) |
| Weighted average shares- diluted | 36.0 | 35.4 | 35.8 | 35.3 |
| Net loss per share- diluted | $(6.98) | $(3.33) | $(15.24) | $(9.86) |

---

------

**TRINSEO PLC**

**Condensed Consolidated Balance Sheets**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025** | **December 31,** <br>**2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $146.7 | $209.8 |
| &nbsp;&nbsp;Accounts receivable, net of allowance | 364.5 | 379.9 |
| &nbsp;&nbsp;Inventories | 316.0 | 347.2 |
| &nbsp;&nbsp;Other current assets | 37.5 | 51.3 |
| &nbsp;&nbsp;Investments in unconsolidated affiliate | 206.9 | 222.6 |
| &nbsp;&nbsp;Property, plant, equipment, goodwill, and other intangible assets, net | 1084.2 | 1234.5 |
| &nbsp;&nbsp;Right-of-use assets - operating, net | 56.2 | 63.9 |
| &nbsp;&nbsp;Other long-term assets | 68.2 | 134.9 |
| Total assets | $2280.2 | $2644.1 |
| **Liabilities and shareholders' equity (deficit)** |  |  |
| &nbsp;&nbsp;Current liabilities | 714.7 | 720.9 |
| &nbsp;&nbsp;Long-term debt, net of unamortized deferred financing fees | 2332.5 | 2200.7 |
| &nbsp;&nbsp;Noncurrent lease liabilities - operating | 47.9 | 53.3 |
| &nbsp;&nbsp;Other noncurrent obligations | 282.9 | 289.1 |
| &nbsp;&nbsp;Shareholders' equity (deficit) | (1097.8) | (619.9) |
| Total liabilities and shareholders' equity (deficit) | $2280.2 | $2644.1 |

---

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**TRINSEO PLC**

**Condensed Consolidated Statements of Cash Flows**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**  | **Year Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Cash used in operating activities | $(102.4) | $(14.2) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (51.0) | (63.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of businesses and other assets | 10.0 | 8.2 |
| &nbsp;&nbsp;Cash used in investing activities | (41.0) | (55.1) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing fees | (19.8) | (8.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings, net | (3.4) | (19.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (1.2) | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes paid on restricted share units | (0.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related contingent consideration payment |  | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases and repayments of long-term debt | (19.4) | (18.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of 2028 Refinance Term Loans | 115.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of 2025 Senior Notes | (115.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Accounts Receivable Securitization Facility | 145.0 | 513.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Accounts Receivable Securitization Facility | (102.0) | (438.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Revolving Facility | 265.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Revolving Facility | (190.0) |  |
| &nbsp;&nbsp;Cash provided by financing activities | 73.5 | 26.4 |
| Effect of exchange rates on cash | 7.0 | (6.3) |
| Net change in cash, cash equivalents, and restricted cash | (62.9) | (49.2) |
| Cash, cash equivalents, and restricted cash—beginning of period | 211.9 | 261.1 |
| Cash, cash equivalents, and restricted cash—end of period | $149.0 | $211.9 |
| Less: Restricted cash | 2.3 | 2.1 |
| Cash and cash equivalents—end of period | $146.7 | $209.8 |

---

------

**TRINSEO PLC**

**Notes to Condensed Consolidated Financial Information**

**(Unaudited)**

**Note 1: Net Sales by Segment**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
| | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| <br>**(In millions)** | **2025** | **2024** | **2025** | **2024** |
| Engineered Materials | $240.1 | $276.1 | $1084.1 | $1176.9 |
| Latex Binders | 176.1 | 218.4 | 787.9 | 954.3 |
| Polymer Solutions | 246.4 | 327.0 | 1102.9 | 1382.0 |
| Americas Styrenics\* |  |  |  |  |
| **Total Net Sales** | $**662.6** | $**821.5** | $**2974.9** | $**3513.2** |

---

------

*\* The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations.*

**Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income**

EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company's operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis.

We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations.

Lastly, we present Adjusted Net Income (Loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (Loss) is calculated as Adjusted EBITDA (defined beginning with net income from continuing operations, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income (Loss) per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (Loss) and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations.

There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |  |
| **(In millions, except per share data)** | **2025** | **2024** | **2025** | **2024** |  |
| Net loss | $(251.4) | $(117.9) | $(545.6) | $(348.5) |  |
| Interest expense, net | 67.1 | 67.5 | 273.8 | 267.5 |  |
| Provision for income taxes | 25.2 | 1.4 | 42.6 | 30.5 |  |
| Depreciation and amortization (a) | 139.4 | 70.3 | 291.6 | 210.2 |  |
| EBITDA | $(19.7) | $21.3 | $62.4 | $159.7 |  |
| Loss on financing transactions (b) |  |  | 26.5 |  | Selling, general, and administrative expenses, Loss on extinguishment of long-term debt |
| Net gain on disposition of businesses and assets |  |  |  | (7.1) | Selling, general, and administrative expenses |
| Restructuring and other charges (c) | 42.0 | 2.8 | 63.9 | 44.7 | Selling, general, and administrative expenses |
| Other items (d) | 3.4 | 1.7 | 9.7 | 6.4 | Selling, general, and administrative expenses, Other expense (income), net |
| Adjusted EBITDA | $25.7 | $25.8 | $162.5 | $203.7 |  |
| <u>Adjusted EBITDA to Adjusted Net Loss:</u> |  |  |  |  |  |
| Adjusted EBITDA | 25.7 | 25.8 | 162.5 | 203.7 |  |
| Interest expense, net | 67.1 | 67.5 | 273.8 | 267.5 |  |
| Provision for income taxes - Adjusted (e) | 9.6 | 6.4 | 17.5 | 20.0 |  |
| Depreciation and amortization - Adjusted (f) | 41.1 | 46.4 | 174.1 | 188.5 |  |
| Adjusted Net Loss | $(92.1) | $(94.5) | $(302.9) | $(272.3) |  |
| Weighted average shares- diluted | 36.0 | 35.4 | 35.8 | 35.3 |  |
| Adjusted EPS | $(2.56) | $(2.67) | $(8.46) | $(7.71) |  |
| <u>Adjusted EBITDA by Segment:</u> |  |  |  |  |  |
| Engineered Materials | $26.7 | $26.5 | $117.3 | $102.5 |  |
| Latex Binders | 8.9 | 18.5 | 67.1 | 95.4 |  |
| Polymer Solutions | 15.2 | 17.2 | 69.0 | 85.8 |  |
| Americas Styrenics | (7.1) | (10.4) | (3.1) | 15.4 |  |
| Corporate Unallocated | (18.0) | (26.0) | (87.8) | (95.4) |  |
| Adjusted EBITDA | $25.7 | $25.8 | $162.5 | $203.7 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) During the twelve months ended December 31, 2025, an $10.3 million benefit was recognized due to a change in cost estimate related to the Boehlen, Germany asset retirement obligation as the Company was able to realize efficiencies during decommissioning.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts for the twelve months ended December 31, 2025 primarily relate to fees incurred in conjunction with Company's debt refinancing transaction that did not meet the criteria for deferred financing charges.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restructuring and other charges for the 2025 and 2024 periods primarily relate to employee termination benefits, contract termination costs as well as decommissioning and other charges incurred in connection with the Company's restructuring plans.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Other items for the 2025 period primarily relate to fees incurred in conjunction with the Company's legal defense costs associated with Synthos litigation and certain of the Company's strategic initiatives, including the potential divestiture of our styrenics business. Other items for the 2024 period primarily relate to fees incurred in conjunction with the Company's legal defense costs associated with Synthos litigation and certain of the Company's strategic initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Adjusted to remove the tax impact of the items noted within the table above. The income tax expense (benefit) related to these items was determined utilizing either (1) the estimated annual effective tax rate on our ordinary income based upon our forecasted ordinary income for the full year or, (2) for items treated discretely for tax purposes we utilized the applicable rates in the taxing jurisdictions in which these adjustments occurred. The three months and year ended December 31, 2025, excludes

------

$15.6 million of tax expense and $25.1 million of tax expense, respectively, primarily related to adjustments to valuation allowances and unrecognized tax benefits in various jurisdictions, as well as the accelerated depreciation in Italy. The three months and year ended December 31, 2024, excludes $7.0 million of tax benefit and $11.8 million of tax expense, respectively, related to adjustments to valuation allowances and unrecognized tax benefits in various jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Amounts for the three months and year ended December 31, 2025 excludes accelerated depreciation of $98.4 million and $117.6 million, respectively, and the amounts for the three months and year ended December 31, 2024 excludes accelerated depreciation of $23.9 million and $21.7 million, respectively. The 2025 period charges are primarily related to the shortening of the useful life of certain IT assets in preparation to move to a cloud hosted platform. The 2024 charges are primarily related to the shortening of the useful life of certain assets related to the 2024 restructuring plan.

**Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations**

The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company's ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations.

Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP.

**Free Cash Flow**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Year Ended**  | **Year Ended**  |
| | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| <br>**(In millions)** | **2025** | **2024** | **2025** | **2024** |
| Cash provided by (used in) operating activities | $22.6 | $85.1 | $(102.4) | $(14.2) |
| Capital expenditures | (16.0) | (21.2) | (51.0) | (63.3) |
| Free Cash Flow | $6.6 | $63.9 | $(153.4) | $(77.5) |

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## Exhibit 99.2

#### Exhibit 99.2

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Trademark of Trinseo PLC or its affiliates Fourth Quarter 2025 Financial Results March 13, 2026 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Disclosure Rules Disclosure Rules This presentation may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like "expect," "anticipate," "believe," "intend," "forecast," "estimate," "see," "outlook," "will," "may," "might," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would," or expressions of similar meaning. Forward-looking statements reflect management's evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to continue as a going concern; our ongoing discussions with our financial stakeholders; our significant levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existing indebtedness; deterioration of our credit profile limiting our access to commercial credit; delisting of our ordinary shares from the New York Stock Exchange; conditions in the global economy and capital markets, including persistent decreased customer demand and the impact of tariffs on global trade relations; our ability to successfully generate cost savings through restructuring and cost reduction initiatives; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; the timing of, and our ability to complete, a sale of our interest in Americas Styrenics; compliance with laws and regulations impacting our business; any disruptions in production at our chemical manufacturing facilities, including those resulting from accidental spills or discharges; our ability to generate cash flows from operations and achieve our forecasted cash flows; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the US ("GAAP") including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow. We believe these measures provide relevant and meaningful information to investors and lenders about the ongoing operating results and liquidity position of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. We have provided a reconciliation of these measures to the most comparable GAAP metric alongside of the respective measure or otherwise in the Appendix section and in the accompanying press release. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Summary Q4 2025 Results • Net loss of $251 million and EPS of negative $6.98 included pre-tax restructuring and other charges of $127 million primarily related to the closures of virgin MMA production operations at our facilities in Italy and the polystyrene assets in Germany • Adjusted EBITDA\* of $26 million was inclusive of $6 million of unfavorable net timing and negative equity income from Americas Styrenics • Continuation of challenging supply/demand dynamics as well as year-end seasonality impacts \* See Appendix for a reconciliation of non-GAAP measures Cash Generation & Liquidity • Fourth quarter cash provided by operations of $23 million and capital expenditures of $16 million resulted in Free Cash Flow\* of $7 million • Fourth quarter ending cash of $149 million (of which $2 million was restricted) and total liquidity of $334 million Q4 Highlights • Continued focus on expansion of our strategic businesses, with 5% volume growth in our growth platforms and 8% volume growth in our recycled content containing sales • Formally ceased production of MMA in September and discontinued our polystyrene operations in Schkopau at the end of December |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Trinseo's Triple Zero Safety Standard 15 ALL Global R&D Teams 22 Production /Recycling Facilities 2 Site Service Teams 2025 Triple Zero Awards: 2025 Highlights: Exceeded ACC top quartile performance 85% of eligible teams achieved Triple Zero performance High levels of Leadership and Employee Engagement especially during Hand Safety Month and Safe Summer & Beyond Program Zero recordable injuries Zero spills Zero process safety events |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Q4 2025 Sales and Volume Summary Q4 Net sales in $millions Q4 Volume variances exclude styrene-related sales Fourth Quarter Volume Drivers: Europe • Lower volumes in Latex Binders paper & board and textile due to mill closures and competitive pressures, partially offset by polystyrene U.S. • Lower volumes driven by polycarbonate sales ahead of the Stade, Germany plant closure in 2024 • Higher volumes in PMMA resins and ABS due to share gain, offset by weak demand in building & construction and automotive end applications • Lower volumes in Latex Binders paper & board and textile Asia • Growth in Engineered Materials and Latex Binders was offset by lower demand in Polymer Solutions |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Trinseo Q4 2025 Financial Results Net Sales • Versus prior year: Adjusted EBITDA\* of $26 million was flat mainly driven by lower volumes and unfavorable mix effects, offset by savings from restructuring initiatives • Versus prior quarter: Adjusted EBITDA\* decreased $5 million primarily due to lower volumes, product mix impacts, and lower equity earnings, only partially offset by lower fixed costs • Equity affiliate income from Americas Styrenics was negative $7 million in the quarter, versus negative $10 million in prior year and negative $2 million in prior quarter, with the sequential decline primarily due to lower margins \* See Appendix for a reconciliation of non-GAAP measures Vol Price FX Total (10%) (11%) 2% (19%) $663 ($251) $821 ($118) Net Sales Net Loss Net Sales & Net Loss ($MM) Q4'25 Q4'24 $26 $26 Q4'25 Q4'24 Adjusted EBITDA\* ($MM) ($6.98) ($2.56) ($3.33) ($2.67) Diluted EPS Adj EPS\* EPS ($) Q4'25 Q4'24 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Engineered Materials • Versus prior year: Adjusted EBITDA was flat with savings from the closure of our virgin MMA production facilities in Italy, offsetting the lower sales volumes. • Versus prior quarter: Adjusted EBITDA improvement in our more formulated PMMA resin products, was offset by normal fourth quarter seasonality in automotive, consumer electronics and building and construction • Volumes of recycled content containing products in Engineered Materials grew 15% for the quarter Vol Price FX Total (10%) (4%) 1% (13%) $240 $276 Qtr4 2025 Qtr4 2024 Net Sales ($MM) $27 $27 Qtr4 2025 Qtr4 2024 Adjusted EBITDA ($MM) 63 71 Qtr4 2025 Qtr4 2024 Volume (kt) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 • Versus prior year: Adjusted EBITDA was $10 million lower due to lack of demand and lower margins primarily in textile and paper & board applications in Europe • Versus prior quarter: Paper & board and textile volumes declined primarily driven by North America due to pronounced seasonality and inventory management • Sales volumes in battery binders were up 19% versus prior quarter and 53% versus prior year for the quarter as we continue to grow our portfolio Latex Binders Vol Price FX Total (5%) (16%) 2% (19%) $176 $218 Qtr4 2025 Qtr4 2024 Net Sales ($MM) $9 $19 Qtr4 2025 Qtr4 2024 Adjusted EBITDA ($MM) 93 97 Qtr4 2025 Qtr4 2024 Volume (kt) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Polymer Solutions • Versus prior year: Adjusted EBITDA of $15 million was $2 million below prior year, primarily from unfavorable mix • Versus prior quarter: Adjusted EBITDA increased $11 million due to margin improvement and pre-buying of polystyrene at year-end in advance of anticipated styrene monomer price increases \* Volume excludes styrene-related sales Vol Price FX Total (13%) (14%) 2% (25%) $246 $327 Qtr4 2025 Qtr4 2024 Net Sales ($MM) $15 $17 Qtr4 2025 Qtr4 2024 Adjusted EBITDA ($MM) 161 172 Qtr4 2025 Qtr4 2024 Volume\* (kt) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Debt and Liquidity (Q4 2025) Cash and Borrowing Debt Maturity Schedule ($ millions) Facilities ($ millions) Revolving Credit Facility\* AR Securitization\*\* Cash\*\*\* $334MM Combined Cash and Availability under Committed Facilities\*\*\*\* \* Revolving Credit Facility available funds of $192 million is net of $33 million outstanding letters of credit \*\* AR Securitization Facility available borrowing base of $121 million with total facility capacity $150 million \*\*\* Cash of $139 million excludes restricted cash of $2 million and cash held by certain unrestricted subsidiaries (as defined under our Credit Agreement) of $8 million \*\*\*\* We continue to engage and negotiate with our financial stakeholders to improve our capital structure; please reference our most recently filed Form 10-K for relevant disclosures $1,953 $442 2025 2026 2027 2028 Term Loans 2029 2L Senior Secured Notes $139 $3 $192 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Appendix |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Segment Information (in $millions, unless noted) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Engineered Materials 73 77 73 76 78 88 74 71 72 76 70 63 300 310 282 Latex Binders 112 117 112 106 119 111 106 97 98 92 97 93 447 434 380 Polymer Solutions 210 200 192 177 204 174 167 172 174 165 166 161 779 718 666 Trade Volume\* (kt) 396 393 377 359 402 374 347 340 345 334 333 317 1,525 1,462 1,329 Engineered Materials 305 300 276 275 283 324 294 276 278 293 273 240 1,157 1,177 1,085 Latex Binders 249 255 224 215 241 252 242 218 209 204 198 176 943 954 788 Polymer Solutions 442 407 379 347 380 344 331 327 298 287 271 246 1,576 1,382 1,102 Net Sales 996 963 879 837 904 920 868 821 785 784 743 663 3,675 3,513 2,975 Engineered Materials 0 23 15 7 10 32 34 27 26 31 34 27 46 102 117 Latex Binders 24 23 18 18 26 26 26 19 24 17 17 9 83 95 67 Polymer Solutions 21 15 6 9 29 16 23 17 44 5 4 15 50 86 69 Americas Styrenics 18 13 19 13 6 16 4 (10) (2) 8 (2) (7) 62 15 (3) Corporate (26) (17) (17) (27) (26) (23) (20) (26) (28) (20) (22) (18) (87) (95) (88) Adjusted EBITDA\*\* 36 57 41 20 45 67 66 26 65 42 30 26 154 204 163 Adj EBITDA Variance Analysis Net Timing\*\* Impacts - Fav/(Unfav) Engineered Materials (7) (8) (6) 5 (7) 0 1 (1) (0) (1) (1) (3) (17) (6) (5) Latex Binders 1 (1) (1) 0 2 (1) 1 0 1 (2) (1) (1) (1) 2 (3) Polymer Solutions 4 (6) 3 (4) 18 (9) 2 (9) 8 (8) (7) (2) (3) 2 (8) Net Timing\*\*\* Impacts - Fav/(Unfav) (2) (16) (4) 1 13 (10) 3 (9) 9 (10) (9) (6) (20) (2) (16) \*Trade volume excludes styrene-related sales \*\*See this Appendix for a reconciliation of non-GAAP measures \*\*\*Net Timing is the difference between Raw Material Timing and Price Lag. Raw Material Timing represents the timing of raw material cost changes flowing through cost of goods sold versus current pricing. Price Lag represents the difference in revenue between the current contractual price and the current period price. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20260313xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 US GAAP to Non-GAAP Reconciliation NOTE: For definitions of non-GAAP measures as well as descriptions of current period reconciling items from Net Income (Loss) to Adjusted EBITDA and to Adjusted Net Income (Loss), refer to the accompanying press release furnished as Exhibit 99.1 to our Form 8-K dated March 13, 2026. Totals may not sum due to rounding. (in $millions, unless noted) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Net Loss (48.9) (349.0) (38.4) (265.0) (75.5) (67.8) (87.3) (117.9) (79.0) (105.5) (109.7) (251.4) (701.3) (348.5) (545.6) Interest expense, net 38.3 40.2 46.6 63.3 63.0 64.7 72.3 67.5 66.6 69.5 70.6 67.1 188.4 267.5 273.8 Provision for (benefit from) income taxes (16.7) (25.1) (17.7) 127.9 5.4 20.3 3.4 1.4 6.6 2.5 8.3 25.2 68.4 30.5 42.6 Depreciation and amortization 56.0 52.5 38.2 74.4 45.0 46.6 48.3 70.3 36.0 59.8 56.4 139.4 221.2 210.2 291.6 EBITDA 28.7 (281.4) 28.7 0.6 37.9 63.8 36.7 21.3 30.2 26.3 25.6 (19.7) (223.3) 159.7 62.4 Other items 3.6 2.6 7.2 8.0 1.3 2.5 0.9 1.7 2.3 2.9 1.1 3.4 21.4 6.4 9.7 Restructuring and other charges 3.7 1.5 13.8 12.5 9.4 4.0 28.5 2.8 7.4 10.8 3.7 42.0 31.5 44.7 63.9 Loss on financing transactions - - - - - - - - 24.9 1.6 - - - - 26.5 Net gain on disposition of businesses and assets - (16.3) (9.3) - (3.6) (3.5) - - - - - - (25.6) (7.1) - Acquisition transaction and integration net costs - 0.1 - (1.5) - - - - - - - - (1.4) - - Goodwill impairment charges - 349.0 - - - - - - - - - - 349.0 - - Asset impairment charges or write-offs 0.3 1.3 0.5 0.6 - - - - - - - - 2.7 - - Adjusted EBITDA 36.3 56.8 40.9 20.2 45.0 66.8 66.1 25.8 64.8 41.6 30.4 25.7 154.3 203.7 162.5 Adjusted EBITDA to Adjusted Net Income Adjusted EBITDA 36.3 56.8 40.9 20.2 45.0 66.8 66.1 25.8 64.8 41.6 30.4 25.7 154.3 203.7 162.5 Interest expense, net 38.3 40.2 46.6 63.3 63.0 64.7 72.3 67.5 66.6 69.5 70.6 67.1 188.4 267.5 273.8 Provision for (benefit from) income taxes - Adjusted (20.0) 34.8 (18.6) 12.1 4.2 5.9 3.5 6.4 1.2 2.8 3.9 9.6 8.3 20.0 17.5 Depreciation and amortization - Adjusted 53.3 49.5 49.2 50.0 46.3 47.9 47.8 46.4 45.5 44.9 42.6 41.1 202.0 188.4 174.1 Adjusted Net Income (Loss) (35.3) (67.7) (36.3) (105.2) (68.5) (51.7) (57.5) (94.5) (48.5) (75.6) (86.7) (92.1) (244.4) (272.2) (302.9) Wtd Avg Shares - Diluted (000) 35,032 35,153 35,191 35,200 35,250 35,307 35,360 35,403 35,513 35,674 35,959 35,995 35,274 35,330 35,787 Adjusted EPS - Diluted ($) (1.01) (1.93) (1.03) (2.99) (1.94) (1.46) (1.63) (2.67) (1.37) (2.12) (2.41) (2.56) (6.93) (7.71) (8.46) Adjustments by Statement of Operations Caption Loss on extinguishment of long-term debt - - - - - - 0.6 - 0.2 - - - - 0.6 0.2 Cost of sales - 1.2 0.4 5.5 - - - - - - - - 7.1 - - SG&A 7.3 (12.1) 15.4 13.5 7.1 6.5 29.6 4.5 34.4 16.0 4.8 47.6 24.1 47.7 102.8 Impairment and other charges 0.3 349.1 - 0.6 - - - - - - - - 350.0 - - Acquisition purchase price hedge (gain) loss - - - - - - - - - - - - - - - Other expense (income), net - - (3.6) - - (3.5) (0.8) - - (0.7) - (2.2) (3.6) (4.3) (2.9) Total EBITDA Adjustments 7.6 338.2 12.2 19.6 7.1 3.0 29.4 4.5 34.6 15.3 4.8 45.4 377.6 44.0 100.1 Free Cash Flow Reconciliation Cash provided by (used in) operating activities 45.4 56.5 29.3 17.5 (66.2) (41.9) 8.8 85.1 (110.2) 6.8 (21.6) 22.6 148.7 (14.2) (102.4) Capital expenditures (21.8) (13.8) (13.5) (20.6) (15.7) (14.2) (12.2) (21.2) (8.7) (9.8) (16.5) (16.0) (69.7) (63.3) (51.0) Free Cash Flow 23.6 42.7 15.8 (3.1) (81.9) (56.1) (3.4) 63.9 (118.9) (3.0) (38.1) 6.6 79.0 (77.5) (153.4) |

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