# EDGAR Filing Document

**Accession Number:** 0001519061
**File Stem:** 0001558370-25-010538
**Filing Date:** 2025-8
**Character Count:** 57044
**Document Hash:** 1332d39fc0241253ddee4582f541ab98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010538.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001558370-25-010538

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250806

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**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:** 251190029

**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'?

------

**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): **August 6, 2025**

### 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 August 6, 2025, Trinseo PLC, a public limited company existing under the laws of Ireland (the "Company"), issued a press release announcing its financial results for the second quarter and year ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto. The Company intends to hold an investor call and webcast to discuss these results on Thursday, August 7, 2025 at 10 AM Eastern Time. Ahead of this call the Company is also making available on its website an investor presentation, which will be discussed on the call 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 August 6, 2025](tse-20250806xex99d1.htm) |
| 99.2 | [Investor Presentation, dated August 6, 2025](tse-20250806xex99d2.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: August 6, 2025<br>|  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](tse-20250806xex99d1001.jpg)

---

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

---

**Trinseo Reports Second Quarter 2025 Financial Results and Provides 2025 Outlook**

**Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;● Net loss of $106 million and EPS of negative $2.95

&nbsp;&nbsp;&nbsp;&nbsp;● Adjusted EBITDA\* of $42 million, inclusive of $10 million of unfavorable net timing, was $25 million below prior year driven by lower volumes and lower equity income from Americas Styrenics; partially offset by cost saving actions

&nbsp;&nbsp;&nbsp;&nbsp;● Cash provided by operations of $7 million and capital expenditures of $10 million resulted in Free Cash Flow\* of negative $3 million, a $53 million improvement versus prior year, despite lower earnings

&nbsp;&nbsp;&nbsp;&nbsp;● Second quarter ending cash of $139 million (of which $2 million was restricted) and total liquidity of $399 million

---

| | | |
|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  |
| | **June 30,**  | **June 30,**  |
| <br>**$millions, except per share data** | **2025** | **2024** |
| Net Sales | $784 | $920 |
| Net Loss | (106) | (68) |
| Diluted EPS ($) | (2.95) | (1.92) |
| Adjusted Net Loss\* | (76) | (52) |
| Adjusted EPS ($)\* | (2.12) | (1.46) |
| EBITDA\* | 26 | 64 |
| Adjusted EBITDA\* | 42 | 67 |

---

------

*\*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 — August 6, 2025 — Trinseo (NYSE: TSE), a specialty material solutions provider, today reported its second quarter 2025 financial results. Net sales of $784 million decreased 15% versus prior year from lower sales volume and pricing, particularly in our latex binders and polystyrene businesses. The lower quarterly volumes and margins were partially offset by fixed costs reductions.

Second quarter net loss of $106 million was $38 million higher than prior year, primarily from lower gross profit which was driven by lower margins, particularly in Polymer Solutions and Latex Binders, reflecting a more competitive pricing environment and lower plant utilization. Adjusted EBITDA of $42 million was $25 million below prior year, mainly attributable to lower volumes and lower equity income from Americas Styrenics, which were partially offset by savings from restructuring initiatives.

Commenting on the Company's second quarter performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, "The business environment in the second quarter was under pressure across all segments, as we noted customer hesitancy and order cancellations from increased geopolitical and trade uncertainty. I'm very proud of the restructuring savings and the double-digit days reduction to the cash conversion cycle achieved by the team to offset these headwinds."

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

&nbsp;&nbsp;&nbsp;&nbsp;● **Engineered Materials** net sales of $293 million for the quarter were 9% below prior year primarily due to lower sales volume. Adjusted EBITDA of $31 million was $1 million below prior year, as lower volumes were largely offset by mix improvement and restructuring savings.

&nbsp;&nbsp;&nbsp;&nbsp;● **Latex Binders** net sales of $204 million for the quarter decreased 19% versus prior year from lower volumes, primarily in paper, board, and textile applications in Asia and Europe as well as significant pricing pressure across all regions. Adjusted EBITDA of $17 million was $9 million below prior year due to lower volume. Net sales to CASE applications accounted for 16% of total segment net sales with volume increasing 3% over prior year in a flat to declining market environment.

&nbsp;&nbsp;&nbsp;&nbsp;● **Polymer Solutions** net sales of $287 million for the quarter decreased 17% versus prior year due to lower margins and sales volumes, especially in Europe, and primarily attributable to significant pricing pressure from Asian imports. Adjusted EBITDA of $5 million was $11 million below prior year, as lower margins and volumes were only partially offset by restructuring savings.

&nbsp;&nbsp;&nbsp;&nbsp;● **Americas Styrenics** Adjusted EBITDA of $8 million for the quarter was $8 million below prior year mainly due to lower polystyrene volume and an unplanned outage.

**2025 Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;● Full-year 2025 net loss of approximately $320 million

&nbsp;&nbsp;&nbsp;&nbsp;● Full-year 2025 Adjusted EBITDA of approximately $200 million

&nbsp;&nbsp;&nbsp;&nbsp;● Full year 2025 Free Cash Flow of approximately negative $165 million

Commenting on the full year outlook, Bozich said, "We anticipate Adjusted EBITDA of approximately $200 million for the full year. This forecast assumes no recovery in the back half of the year, as the seasonally higher volumes we typically see are dampened by trade uncertainty. However, we don't believe this depressed level of demand is structural, and expect it to improve upon realization of a more stable trade environment. We remain intensely focused on what we can control—optimizing working capital, reducing discretionary spend, and executing targeted actions to preserve liquidity. These efforts are critical to maintaining financial flexibility and ensuring we can continue investing in our growth platforms and circular technologies, even amid persistent market uncertainty."

------

**Conference Call and Webcast Information**

Trinseo will host a conference call to discuss its second quarter 2025 financial results on Thursday, August 7, 2025 at 10 a.m. Eastern Time.

Commenting on results will be Frank Bozich, President and Chief Executive Officer, David Stasse, Executive Vice President and Chief Financial Officer, and Bee van Kessel, Senior Vice President, Corporate Finance and Investor Relations.

For those interested in asking questions during the Q&A session, please register using the following link:

● Conference Call Registration

For those interested in listening only, please register for the webcast using the following link:

● Webcast Registration

After registering for the conference call, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register in advance to ensure you are connected for the full call.

------

Trinseo has posted its second quarter 2025 financial results on the Company's Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission.

A replay of the conference call and transcript will be archived on the Company's Investor Relations website shortly following the conference call. The replay will be available until August 7, 2026.

**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 $3.5 billion in 2024. 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 or guarantees or assurances of future performance. 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, conditions in the global economy and capital markets, including recessionary conditions 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; deterioration of our credit profile limiting our access to commercial credit; 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 current and future levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existing indebtedness; 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**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $784.3 | $920.0 | $1569.1 | $1824.0 |
| Cost of sales | 747.7 | 851.6 | 1468.7 | 1695.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 36.6 | 68.4 | 100.4 | 129.0 |
| Selling, general and administrative expenses | 78.1 | 70.1 | 169.1 | 140.2 |
| Equity in earnings of unconsolidated affiliate | 8.2 | 15.6 | 6.4 | 21.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | (33.3) | 13.9 | (62.3) | 10.6 |
| Interest expense, net | 69.5 | 64.7 | 136.1 | 127.7 |
| Other expense (income), net | 0.2 | (3.3) | (23.0) | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (103.0) | (47.5) | (175.4) | (117.6) |
| Provision for income taxes | 2.5 | 20.3 | 9.1 | 25.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(105.5) | $(67.8) | $(184.5) | $(143.3) |
| Weighted average shares- basic | 35.7 | 35.3 | 35.6 | 35.3 |
| Net loss per share- basic | $(2.95) | $(1.92) | $(5.18) | $(4.06) |
| Weighted average shares- diluted | 35.7 | 35.3 | 35.6 | 35.3 |
| Net loss per share- diluted | $(2.95) | $(1.92) | $(5.18) | $(4.06) |

---

------

**TRINSEO PLC**

**Condensed Consolidated Balance Sheets**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025** | **December 31,** <br>**2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $137.0 | $209.8 |
| &nbsp;&nbsp;Accounts receivable, net of allowance | 433.9 | 379.9 |
| &nbsp;&nbsp;Inventories | 378.0 | 347.2 |
| &nbsp;&nbsp;Other current assets | 57.0 | 51.3 |
| &nbsp;&nbsp;Investments in unconsolidated affiliate | 224.0 | 222.6 |
| &nbsp;&nbsp;Property, plant, equipment, goodwill, and other intangible assets, net | 1215.3 | 1234.5 |
| &nbsp;&nbsp;Right-of-use assets - operating, net | 63.3 | 63.9 |
| &nbsp;&nbsp;Other long-term assets | 123.4 | 134.9 |
| Total assets | $2631.9 | $2644.1 |
| **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;Current liabilities | 707.7 | 720.9 |
| &nbsp;&nbsp;Long-term debt, net of unamortized deferred financing fees | 2321.2 | 2200.7 |
| &nbsp;&nbsp;Noncurrent lease liabilities - operating | 54.0 | 53.3 |
| &nbsp;&nbsp;Other noncurrent obligations | 299.3 | 289.1 |
| &nbsp;&nbsp;Shareholders' equity (deficit) | (750.3) | (619.9) |
| Total liabilities and shareholders' equity (deficit) | $2631.9 | $2644.1 |

---

------

**TRINSEO PLC**

**Condensed Consolidated Statements of Cash Flows**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Cash used in operating activities | $(103.4) | $(108.1) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (18.5) | (29.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of businesses and other assets |  | 8.2 |
| &nbsp;&nbsp;Cash used in investing activities | (18.5) | (21.7) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing fees | (19.8) | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings, net | (2.3) | (8.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (0.9) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes paid on restricted share units | (0.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related contingent consideration payment |  | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of 2028 Refinance Term Loans | 115.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases and repayments of long-term debt  | (9.6) | (9.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of 2025 Senior Notes | (115.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Revolving Facility | 50.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of 2022 Revolving Facility | (50.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Accounts Receivable Securitization Facility | 130.0 | 200.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Accounts Receivable Securitization Facility | (55.0) | (200.4) |
| &nbsp;&nbsp;Cash provided by (used in) financing activities | 42.2 | (19.8) |
| Effect of exchange rates on cash | 7.0 | (3.6) |
| Net change in cash, cash equivalents, and restricted cash | (72.7) | (153.2) |
| Cash, cash equivalents, and restricted cash—beginning of period | 211.9 | 261.1 |
| Cash, cash equivalents, and restricted cash—end of period | $139.2 | $107.9 |
| Less: Restricted cash | 2.2 | 2.3 |
| Cash and cash equivalents—end of period | $137.0 | $105.6 |

---

------

**TRINSEO PLC**

**Notes to Condensed Consolidated Financial Information**

**(Unaudited)**

**Note 1: Net Sales by Segment**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
| <br>**(In millions)** | **2025** | **2024** | **2025** | **2024** |
| Engineered Materials | $293.2 | $323.8 | $570.5 | $606.3 |
| Latex Binders | 204.2 | 252.4 | 413.5 | 493.9 |
| Polymer Solutions | 286.9 | 343.8 | 585.1 | 723.8 |
| Americas Styrenics\* |  |  |  |  |
| **Total Net Sales** | $**784.3** | $**920.0** | $**1569.1** | $**1824.0** |

---

------

*\* 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**  |  |
|  | **June 30,**  | **June 30,**  |  |
| **(In millions, except per share data)** | **2025** | **2024** |  |
| Net loss | $(105.5) | $(67.8) |  |
| Interest expense, net | 69.5 | 64.7 |  |
| Provision for income taxes | 2.5 | 20.3 |  |
| Depreciation and amortization | 59.8 | 46.6 |  |
| EBITDA | $26.3 | $63.8 |  |
| Loss on financing transactions (a) | 1.6 |  | Selling, general, and administrative expenses |
| Net gain on disposition of businesses and assets |  | (3.5) | Selling, general, and administrative expenses |
| Restructuring and other charges (b) | 10.8 | 4.0 | Selling, general, and administrative expenses |
| Other items (c) | 2.9 | 2.5 | Selling, general, and administrative expenses, Other expense (income), net |
| Adjusted EBITDA | $41.6 | $66.8 |  |
| <u>Adjusted EBITDA to Adjusted Net Loss:</u> |  |  |  |
| Adjusted EBITDA | 41.6 | 66.8 |  |
| Interest expense, net | 69.5 | 64.7 |  |
| Provision for income taxes - Adjusted (d) | 2.8 | 5.9 |  |
| Depreciation and amortization - Adjusted (e) | 44.9 | 47.9 |  |
| Adjusted Net Loss | $(75.6) | $(51.7) |  |
| Adjusted EPS | $(2.12) | $(1.46) |  |
| <u>Adjusted EBITDA by Segment:</u> |  |  |  |
| Engineered Materials | $31.1 | $32.0 |  |
| Latex Binders | 16.8 | 25.6 |  |
| Polymer Solutions | 5.2 | 16.0 |  |
| Americas Styrenics | 8.2 | 15.7 |  |
| Corporate Unallocated | (19.7) | (22.5) |  |
| Adjusted EBITDA | $41.6 | $66.8 |  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts for the three months ended June 30, 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;(b) 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;(c) Other items for the 2025 period primarily relate to fees incurred in conjunction with 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 certain of the Company's strategic initiatives, as well as costs related to our transition to a new enterprise resource planning system.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amounts for the three months ended June 30, 2025 and 2024 excludes accelerated depreciation of $14.8 million and $1.3 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.

------

For the same reasons discussed above, we are providing the following reconciliation of forecasted net loss to forecasted Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS for the full year ended December 31, 2025. See "Note on Forward-Looking Statements" above for a discussion of the limitations of these forecasts. Totals may not sum due to rounding.

---

| | |
|:---|:---|
| | **Year Ended**<br>**December 31,**  |
| <br>**(In millions, except per share data)** | **2025** |
| Adjusted EBITDA | $200 |
| Interest expense, net | 275 |
| Provision for income taxes | 35 |
| Depreciation and amortization | 210 |
| Reconciling items to Adjusted EBITDA (f) |  |
| **Net Loss** | **(320)** |
| Reconciling items to Adjusted Net Loss (f) |  |
| Adjusted Net Loss | $(320) |
| Weighted average shares - diluted (g) | 35.7 |
| EPS - diluted ($) | $(8.96) |
| Adjusted EPS ($) | $(8.96) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Reconciling items to Adjusted EBITDA and Adjusted Net Income (Loss) are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business and, as a result, cannot be estimated without unreasonable cost or uncertainty. As such, for the forecasted year ended December 31, 2025, we have not included estimates for these items.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Weighted average shares presented for the purpose of forecasting EPS and Adjusted EPS assume that the Company will be in a net loss position for full year 2025, and therefore excludes the impact of potentially dilutive shares, as the inclusion of said shares would have an anti-dilutive effect. Further, the weighted average shares presented do not forecast significant future share transactions or events, such as repurchases, significant share-based compensation award grants, and changes in the Company's share price. These are all factors which could have a significant impact on the calculation of EPS and Adjusted EPS during actual future periods.

**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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
| | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
| <br>**(In millions)** | **2025** | **2024** | **2025** | **2024** |
| Cash provided by (used in) operating activities | $6.8 | $(41.9) | $(103.4) | $(108.1) |
| Capital expenditures | (9.8) | (14.2) | (18.5) | (29.9) |
| Free Cash Flow | $(3.0) | $(56.1) | $(121.9) | $(138.0) |

---

------

For the same reasons discussed above, we are providing the following reconciliation of forecasted cash used in operations and cash used for capital expenditures to forecasted Free Cash Flow for the year ended December 31, 2025. See "Note on Forward-Looking Statements" above for a discussion of the limitations of these forecasts.

---

| | |
|:---|:---|
| <br>**(In millions)** | **Year Ended**<br>**December 31, 2025** |
| Cash used in operating activities | $(100) |
| Capital expenditures | (65) |
| Free Cash Flow | $(165) |

---

------

## Exhibit 99.2

#### Exhibit 99.2

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g001.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 Second Quarter 2025 Financial Results & Full Year 2025 Outlook August 6, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Introductions & Disclosure Rules Introductions • Frank Bozich, President & CEO • David Stasse, Executive Vice President & CFO • Bee van Kessel, Senior Vice President, Corporate Finance & Investor Relations 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 or guarantees or assurances of future performance. 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, conditions in the global economy and capital markets, including recessionary conditions 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; deterioration of our credit profile limiting our access to commercial credit; 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 current and future levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existing indebtedness; 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. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Summary Q2 2025 Results • Net loss of $106 million and EPS of negative $2.95 • Adjusted EBITDA\* of $42 million, inclusive of $10 million of unfavorable net timing, was $25 million below prior year driven by lower volumes and lower equity income from Americas Styrenics; partially offset by savings from the previously announced restructuring actions \* See Appendix for a reconciliation of non-GAAP measures Cash Generation & Liquidity • Cash provided by operations of $7 million and capital expenditures of $10 million resulted in Free Cash Flow\* of negative $3 million • Second quarter ending cash of $139 million (of which $2 million was restricted) and total liquidity of $399 million FY 2025 Outlook • Net loss of approximately $320 million and Adjusted EBITDA\* of approximately $200 million • Free Cash Flow\* of approximately negative $165 million • Assumes no meaningful change in demand for the remainder of 2025 Key Initiatives • Released our 15th annual Sustainability and Corporate Social Responsibility Report; achieved five key sustainability Goals • Delivering on self-help initiatives, with a full year Adjusted EBITDA\* realization of ~$105 million • Driving growth in our focus areas, with 10% growth in our growth platforms and 7% volume growth in our sustainable content sales in H1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 FY2024 Sustainability Report • Achieved five of our Sustainability Goals: • Establish Scope 3 base year data and a management system • Increase the share of electricity from non-fossil sources from 5% to 30%\* • Reduce by 35% Scope 1 & 2 GHG Emissions intensity\* • Reduce freshwater intake by 20%\* • Reduce overall waste generation by 15%\* • Inaugurated two new recycling technologies: PMMA depolymerization & ABS dissolution • Increased share of electricity coming from renewable sources to 22%, a 4% increase compared to 2023 • Completed our first water risk assessment, which leveraged the World Resources Institute Aqueduct Water Risk Atlas • Implemented Product Carbon Footprint (PCF) data for 6,000+ Trinseo products to track emissions from cradle to gate • Maintained a 0.3 injury rate in 2024, placing Trinseo in the top echelon of the chemical industry for safety • Achieved a "B" in Climate Change Disclosure and an "A" in this Supplier Engagement Assessment in our 2024 CDP rating •\*Compared to 2017 base year |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Europe $367 U.S. $238 Asia-Pacific $144 Rest of World $35 Q2 2025 Sales and Volume Summary Q2 Net sales in $millions Q2 Volume variances exclude styrene-related sales Second Quarter Volume Drivers: Europe • Lower year-over-year volumes from weak demand in building and construction, automotive, paper and board, and textile U.S. • Lower year-over-year volumes from weak demand in Polymer Solutions and Engineered Materials, mainly driven by the building and construction and automotive industries Asia • Tariff-driven demand reduction in China in Latex Binders and Polystyrene Net Sales Global $784 Sales Volume YoY: (11)% Sales Volume YoY: (9)% Sales Volume YoY: (17)% Sales Volume YoY: (9)% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 Trinseo Q2 2025 Financial Results $784 ($106) $920 ($68) Net Sales Net Loss Net Sales & Net Loss ($MM) Q2'25 Q2'24 ($76) ($2.95) ($52) ($1.92) Adjusted Net Income Diluted EPS EPS ($) Q2'25 Q2'24 $42 $67 Q2'25 Q2'24 Adjusted EBITDA\* ($MM) Net Sales • Adjusted EBITDA of $42 million was $25 million below prior year mainly driven by lower volumes, which were partially offset by savings from the previously announced restructuring actions • Normal Q2 seasonal volume improvement was suppressed by tariff related uncertainty, which resulted in order cancellations during the quarter • Equity affiliate income at Americas Styrenics was $8 million below prior year mainly driven by lower polystyrene volume and an unplanned outage \* See Appendix for a reconciliation of non-GAAP measures Vol Price FX Total (11%) (5%) 1% (15%) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Engineered Materials • Second quarter sales below prior year due to continued weak demand in automotive and building construction • Adjusted EBITDA was $1 million below prior year despite lower volumes due to mix improvement from higher recycled content volumes into consumer electronics $293 $324 Q2'25 Q2'24 Net Sales ($MM) $31 $32 Q2'25 Q2'24 Adjusted EBITDA ($MM) 76 88 Q2'25 Q2'24 Volume (kt) Vol Price FX Total (13%) 2% 1% (9%) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 • Adjusted EBITDA was $9 million below prior year on lower volumes in Asia and Europe in paper, board, and textile applications plus significant pricing pressure across all regions • Sales volumes sold to CASE applications accounted for 16% of total segment net sales, with volumes increasing 3% over prior year in a flat demand environment • Sales volumes in Battery Binders were up 19% versus prior year for the quarter as we continue to enhance our portfolio and win new business for anode binder applications Latex Binders $204 $252 Q2'25 Q2'24 Net Sales ($MM) $17 $26 Q2'25 Q2'24 Adjusted EBITDA ($MM) 92 111 Q2'25 Q2'24 Volume (kt) Vol Price FX Total (14%) (6%) 1% (19%) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Polymer Solutions • Adjusted EBITDA of $5 million was $11 million below prior year, as lower margins and volumes were partially offset by fixed cost improvement • Volumes and margins, especially in Europe, were under pressure due to increased Asian imports at anti-competitive economics • Recently announced EU anti-dumping duties on ABS will help mitigate impact of Asian imports $287 $344 Q2'25 Q2'24 Net Sales ($MM) $5 $16 Q2'25 Q2'24 Adjusted EBITDA ($MM) 165 174 Q2'25 Q2'24 Volume\* (kt) \*Volume excludes styrene-related sales Vol Price FX Total (6%) (12%) 2% (17%) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 GRAPHITE (Active Material) Battery EV / Battery Pack Battery Cell Anode Binders Latex Binders Water Soluble Binders • Binds graphite/silicon to copper foil • <1% of battery weight, yet highly critical to battery performance Battery Binders – The Electrification Journey Our Progress 5-year volume CAGR (2020-2025) of 63% Further share expansion expected with more nomination wins in top players Three plants for battery binders, one in each core region (China, Germany, USA) Launch of 4th Generation Battery Binder in 2025, offering higher binding strength and enhanced fast-charging performance Industry Profile High growth sector with fast innovations Top 10 players >80% of production output Asian countries (China, Korea, Japan) dominate battery production Global manufacturing footprint expansion Customers demand: 1) global raw material supply; 2) innovative binder solutions to enable long-lasting, fast charging, high energy density batteries Our Business Model Grow in Electrical Vehicle and Energy Storage Solution at leading global customers Provide innovative cell binder solutions Global manufacturing footprint and technical support  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Debt and Liquidity (Q2 2025) Cash and Borrowing Debt Maturity Schedule ($millions) Facilities ($millions) Revolving Credit Facility\* AR Securitization\*\* Cash\*\*\* $399MM Combined Cash and Availability under Committed Facilities \* Revolving Credit Facility available funds of $271 million is net of $29 million outstanding letters of credit \*\* AR Securitization Facility is fully drawn \*\*\* Cash of $128 million excludes restricted cash of $2 million $128 $271 $1,946 $444 2025 2026 2027 2028 Term Loans 2029 2L Senior Secured Notes |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Adjusted EBITDA\* ($MM) 2024 Fixed cost savings Mix & Commercial Excellence Polycarbonate Other Volume decline Margin pressure (Polystyrene) 2025 Self-help actions in an uncertain demand environment \* See Appendix for a reconciliation of non-GAAP measures ~ $105 million self-help realization ~ $130 million volume decline and Polystyrene pricing pressure Key Profit Improvements: • Fixed cost savings from restructuring and other initiatives • Mix improvements driven by growth in specialty solutions and higher margin platforms • Polycarbonate licensing and plant closure Cash Improvements over the last 3 years: • 17-day reduction in the cash conversion cycle • $560 million working capital improvement $204 2024 2025 Fixed cost savings Mix & Commercial excellence Polycarbonate business model AmSty / Nat gas hedges Volume decline Margin pressure (Polystyrene) ~$200 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 2025 Full Year Outlook Full Year 2025 • Continuation of current market conditions, at least through year end • Profitability improvement driven by previously announced restructuring initiatives are almost fully offset by lower demand • Net loss of approximately $320 million and Adjusted EBITDA\* of approximately $200 million • Free Cash Flow\* of approximately negative $165 million \* See Appendix for a reconciliation of non-GAAP measures |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 FY 2025 Cash Flow Components Item Estimate Capital Expenditures $65 million Cash Interest $200 million Cash Taxes $35 million Restructuring Cost $55 million Turnarounds $10 million Working Capital / Other $0 million Net Cash Expenditures $365 million Assumptions • Capital Expenditures include approximately $40 million for maintenance; remainder focused on sustainability projects • Restructuring Cost includes Stade virgin PC closure, corporate restructuring, and remainder of styrene closures • Other includes $25 million of refinancing costs in Q1 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Appendix |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 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 2023 2024 Engineered Materials 73 77 73 76 78 88 74 71 72 76 300 310 Latex Binders 112 117 112 106 119 111 106 97 98 92 447 434 Polymer Solutions 210 200 192 177 204 174 167 172 174 165 779 718 Trade Volume\* (kt) 396 393 377 359 402 374 347 340 345 334 1,525 1,462 Engineered Materials 305 300 276 275 283 324 294 276 278 293 1,157 1,177 Latex Binders 249 255 224 215 241 252 242 218 209 204 943 954 Polymer Solutions 442 407 379 347 380 344 331 327 298 287 1,576 1,382 Net Sales 996 963 879 837 904 920 868 821 785 784 3,675 3,513 Engineered Materials 0 23 15 7 10 32 34 27 26 31 46 102 Latex Binders 24 23 18 18 26 26 26 19 24 17 83 95 Polymer Solutions 21 15 6 9 29 16 23 17 44 5 50 86 Americas Styrenics 18 13 19 13 6 16 4 (10) (2) 8 62 15 Corporate (26) (17) (17) (27) (26) (23) (20) (26) (28) (20) (87) (95) Adjusted EBITDA\*\* 36 57 41 20 45 67 66 26 65 42 154 204 Adj EBITDA Variance Analysis Net Timing\*\* Impacts - Fav/(Unfav) Engineered Materials (7) (8) (6) 5 (7) 0 1 (1) (0) (1) (17) (6) Latex Binders 1 (1) (1) 0 2 (1) 1 0 1 (2) (1) 2 Polymer Solutions 4 (6) 3 (4) 18 (9) 2 (9) 8 (8) (3) 2 Net Timing\*\*\* Impacts - Fav/(Unfav) (2) (16) (4) 1 13 (10) 3 (9) 9 (10) (20) (2) \*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. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 (in $millions, unless noted) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 2023 2024 Net Loss (48.9) (349.0) (38.4) (265.0) (75.5) (67.8) (87.3) (117.9) (79.0) (105.5) (701.3) (348.5) Interest expense, net 38.3 40.2 46.6 63.3 63.0 64.7 72.3 67.5 66.6 69.5 188.4 267.5 Provision for (benefit from) income taxes (16.7) (25.1) (17.7) 127.9 5.4 20.3 3.4 1.4 6.6 2.5 68.4 30.5 Depreciation and amortization 56.0 52.5 38.2 74.4 45.0 46.6 48.3 70.3 36.0 59.8 221.2 210.2 EBITDA 28.7 (281.4) 28.7 0.6 37.9 63.8 36.7 21.3 30.2 26.3 (223.3) 159.7 Other items 3.6 2.6 7.2 8.0 1.3 2.5 0.9 1.7 2.3 2.9 21.4 6.4 Restructuring and other charges 3.7 1.5 13.8 12.5 9.4 4.0 28.5 2.8 7.4 10.8 31.5 44.7 Loss on financing transactions - - - - - - - - 24.9 1.6 - - Net gain on disposition of businesses and assets - (16.3) (9.3) - (3.6) (3.5) - - - - (25.6) (7.1) Acquisition transaction and integration net costs - 0.1 - (1.5) - - - - - - (1.4) - Goodwill impairment charges - 349.0 - - - - - - - - 349.0 - Asset impairment charges or write-offs 0.3 1.3 0.5 0.6 - - - - - - 2.7 - Adjusted EBITDA 36.3 56.8 40.9 20.2 45.0 66.8 66.1 25.8 64.8 41.6 154.3 203.7 Adjusted EBITDA to Adjusted Net Income Adjusted EBITDA 36.3 56.8 40.9 20.2 45.0 66.8 66.1 25.8 64.8 41.6 154.3 203.7 Interest expense, net 38.3 40.2 46.6 63.3 63.0 64.7 72.3 67.5 66.6 69.5 188.4 267.5 Provision for (benefit from) income taxes - Adjusted (20.0) 34.8 (18.6) 12.1 4.2 5.9 3.5 6.4 1.2 2.8 8.3 20.0 Depreciation and amortization - Adjusted 53.3 49.5 49.2 50.0 46.3 47.9 47.8 46.4 45.5 44.9 202.0 188.4 Adjusted Net Income (Loss) (35.3) (67.7) (36.3) (105.2) (68.5) (51.7) (57.5) (94.5) (48.5) (75.6) (244.4) (272.2) Wtd Avg Shares - Diluted (000) 35,032 35,153 35,191 35,200 35,250 35,307 35,360 35,403 35,513 35,674 35,274 35,330 Adjusted EPS - Diluted ($) (1.01) (1.93) (1.03) (2.99) (1.94) (1.46) (1.63) (2.67) (1.37) (2.12) (6.93) (7.70) Adjustments by Statement of Operations Caption Loss on extinguishment of long-term debt - - - - - - 0.6 - 0.2 - - 0.6 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 24.1 47.7 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) (3.6) (4.3) Total EBITDA Adjustments 7.6 338.2 12.2 19.6 7.1 3.0 29.4 4.5 34.6 15.3 377.6 44.0 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 (110.3) 6.8 148.7 (14.2) Capital expenditures (21.8) (13.8) (13.5) (20.6) (15.7) (14.2) (12.2) (21.2) (8.7) (9.8) (69.7) (63.3) Free Cash Flow 23.6 42.7 15.8 (3.1) (81.9) (56.1) (3.4) 63.9 (119.0) (3.0) 79.0 (77.5) 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 to Adjusted EBITDA and to Adjusted Net Income, refer to the accompanying press release furnished as Exhibit 99.1 to our Form 8-K dated August 6, 2025. Totals may not sum due to rounding. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tse-20250806xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 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 August 6, 2025. Totals may not sum due to rounding. Profitability Outlook Cash Flow Outlook |

---