# EDGAR Filing Document

**Accession Number:** 0001489393
**File Stem:** 0001489393-25-000038
**Filing Date:** 2025-8
**Character Count:** 53199
**Document Hash:** 04cb5bce4791d33b604bd916a61831dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001489393-25-000038.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001489393-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250801

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LyondellBasell Industries N.V.
- **CENTRAL INDEX KEY:** 0001489393
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 980646235
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34726
- **FILM NUMBER:** 251173594

**BUSINESS ADDRESS:**
- **STREET 1:** 1221 MCKINNEY ST
- **STREET 2:** SUITE 300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77010
- **BUSINESS PHONE:** 713-309-7603

**MAIL ADDRESS:**
- **STREET 1:** 1221 MCKINNEY ST
- **STREET 2:** SUITE 300
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77010

?xml version='1.0' encoding='ASCII'? lyb-20250801

**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 1, 2025** 

____________________________________________

**LYONDELLBASELL INDUSTRIES N.V.**

**(Exact name of registrant as specified in its charter)** 

____________________________________________

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| | | |
|:---|:---|:---|
| **Netherlands** | **001-34726** | **98-0646235** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>file number)** | **(I.R.S. Employer<br>Identification No.)** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **2800 Post Oak Blvd.,** | **2800 Post Oak Blvd.,** | **4th Floor, One Vine Street** | | |
| **Suite 5100** | **Suite 5100** | **London** | **Delftseplein 27E** | **Delftseplein 27E** |
| **Houston, Texas** | **Houston, Texas** | **W1J0AH** | **3013AA** | **Rotterdam** |
| **USA** | **77056** | **United Kingdom** | **Netherlands** | **Netherlands** |

---

**(Address of principal executive offices) (Zip code)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(713)** | **309-7200** | **+44 (0)** | **207** | **220 2600** | **+31 (0)**<sub>10</sub> | **275 5500** |

---

**(Registrant's telephone numbers, including area codes)** 

**(Former name or former address, if changed since last report)**

_____________________________________

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:

☐ 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:

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| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange On Which Registered</u>** |
| **Ordinary Shares, €0.04 Par Value** | **LYB** | **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.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Conditions.**

On August 1, 2025, LyondellBasell Industries N.V. announced earnings results for the quarter ended June 30, 2025 and provided a supplemental discussion of segment results. Copies of our earnings release and segment results are attached as Exhibit 99.1 and 99.2, respectively, and are incorporated into this Item 2.02 by reference.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and will not be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

**Item 9.01. &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | <u>[Press Release dated August 1, 2025.](a2025q2ex991_pressrelease.htm)</u> |
| 99.2 | <u>[Business Results Discussion by Reporting Segment dated August 1, 2025.](a2025q2ex992_businessresul.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

------

**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
| | | LYONDELLBASELL INDUSTRIES N.V. | LYONDELLBASELL INDUSTRIES N.V. |
| Date: | August 1, 2025 |  |  |
|  |  | By: | *<u>/s/ Matthew D. Hayes</u>* |
|  |  |  | Matthew D. Hayes |
|  |  |  | Senior Vice President, |
|  |  |  | Chief Accounting Officer |
|  |  |  | *(Principal Accounting Officer)* |

---

## Exhibit 99.1

![lyblogoa.jpg](lyblogoa.jpg)

NEWS RELEASE

**FOR IMMEDIATE RELEASE**

**HOUSTON and LONDON, August 1, 2025**

**LyondellBasell Reports Second Quarter 2025 Earnings**

&nbsp;&nbsp;&nbsp;&nbsp;• Net income: $115 million, $202 million excluding identified items<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share: $0.34 per share; $0.62 per share excluding identified items

&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA: $606 million, $715 million excluding identified items

&nbsp;&nbsp;&nbsp;&nbsp;• Cash from operating activities: $351 million

&nbsp;&nbsp;&nbsp;&nbsp;• Returned $536 million to shareholders through dividends and share repurchases

&nbsp;&nbsp;&nbsp;&nbsp;• Continued to execute on strategy while navigating the cycle with operational and financial discipline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Announced the planned sale of select European assets to further optimize the business portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Deferring construction of Flex-2 project to preserve capital during the cycle downturn

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash Improvement Plan on track to achieve an increased run-rate of $600 million dollars for 2025 while expanding into 2026 with an incremental target of $500 million

LyondellBasell Industries (NYSE: LYB) (the "company") today announced results for the second quarter 2025. Comparisons with the prior quarter and second quarter 2024 are available in the following table:

**Table 1 - Earnings Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Millions of U.S. dollars (except share data)*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***Millions of U.S. dollars (except share data)*** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Sales and other operating revenues | $7658 | $7677 | $8678 | $15335 | $16982 |
| Net income | 115 | 177 | 924 | 292 | 1397 |
| Diluted earnings per share | 0.34 | 0.54 | 2.82 | 0.88 | 4.25 |
| Weighted average diluted share count | 322 | 324 | 326 | 323 | 326 |
| EBITDA<sup>1</sup> | 606 | 655 | 1643 | 1261 | 2689 |

---

***Excluding Identified Items***<sup>1</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Net income excluding identified items | $202 | $110 | $724 | $312 | $1157 |
| Diluted earnings per share excluding identified items | 0.62 | 0.33 | 2.20 | 0.95 | 3.52 |
| Gain on sale of business, pre-tax |  |  | (293) |  | (293) |
| Asset write-downs, pre-tax | 32 |  |  | 32 |  |
| Cash Improvement Plan costs, pre-tax | 20 |  |  | 20 |  |
| Dutch PO joint venture exit costs, pre-tax |  | 117 |  | 117 |  |
| European transaction costs, pre-tax | 10 |  |  | 10 |  |
| Loss (income) from discontinued operations, pre-tax | 47 | (196) | 26 | (149) | (26) |
| EBITDA excluding identified items | 715 | 576 | 1330 | 1291 | 2293 |

---

(1) See "Information Related to Financial Measures" for a discussion of the company's use of non-GAAP financial measures and Tables 2-5 for reconciliations or calculations of these financial measures. "Identified items" include adjustments for lower of cost or market ("LCM"), gain on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, Dutch PO joint venture exit costs, European transaction costs and discontinued operations.

------

"As we advance our three-pillar strategy, LYB continues to grow and upgrade our core businesses through disciplined capital allocation that extends our competitive advantage. We are expanding our Cash Improvement Plan to help navigate a prolonged cyclical downturn. Our Value Enhancement Program and portfolio optimization actions remain on track to reap the benefits from a cycle recovery," said Peter Vanacker, LyondellBasell chief executive officer. "We are encouraged by recent improvements in pricing and demand for polyolefins, and we remain cautiously optimistic regarding policy developments to address excess capacity in China and revitalize the European chemical industry. LYB is well-positioned to capture these market tailwinds and create durable, long-term value for our shareholders through consistent execution of our strategy."

**SECOND QUARTER 2025 RESULTS**

The company reported net income for the second quarter 2025 of $115 million, or $0.34 per diluted share. During the quarter, the company recognized identified items of $87 million, net of tax. These items, which impacted second quarter earnings by $0.28 per share, related to asset write-downs, transaction costs, the Cash Improvement Plan, and discontinued operations. Second quarter 2025 EBITDA was $606 million, or $715 million excluding identified items.

In North America, the successful completion of turnarounds at the company's Channelview complex enabled higher operating rates that supported a sequential improvement in integrated polyethylene volumes and margins. Domestic demand for polyethylene and polypropylene was seasonally stronger, led by solid demand from consumer packaging, healthcare, and building and construction as well as increased demand from infrastructure markets. A June increase in polyethylene contract prices is providing momentum for third quarter profitability. In Europe, lower feedstock costs helped improve integrated polyethylene margins while polyolefins volumes benefited from increased seasonal demand.

Intermediate Chemicals profitability improved with stronger styrene margins due to lower benzene costs and price support from second quarter industry outages. Oxyfuels margins fell as lower crude oil prices limited the typical seasonal uplift from the summer driving season. During the second quarter, global markets began to adapt to trade volatility, contributing to a more stable operating environment across several product chains.

LyondellBasell generated $351 million in cash from operating activities during the second quarter. The company maintained its balanced approach to capital allocation by investing $539 million in capital expenditures and returning $536 million to shareholders through dividends and share repurchases. At the end of the quarter, LYB held $1.7 billion in cash and cash equivalents and maintained $6.4 billion in available liquidity.

**STRATEGY HIGHLIGHTS**

LYB continued to execute on its three-pillar strategy by taking decisive actions to reshape its asset base and enhance long-term value creation. The planned sale of four European assets repositions LYB to better serve global markets from a more cost-advantaged asset base. To better align investment levels with cash generation, LYB will delay construction of the Flex-2 project. The Cash Improvement Plan has been expanded and is targeting at least $1.1 billion in cash improvements over 2025 and 2026 to protect the balance sheet and support shareholder returns. The company remains firmly committed to a balanced approach to capital allocation to ensure safe and reliable operations, disciplined growth and shareholder returns while maintaining an investment-grade balance sheet.

------

**OUTLOOK**

In the third quarter, the company expects North American integrated polyethylene margins to improve due to the completion of planned maintenance in April and increased prices supported by solid domestic demand and stronger export volumes. In Europe, steady seasonal demand and favorable feedstock costs are expected to continue. Ongoing capacity rationalizations across the region should help to balance regional supply and demand. Oxyfuels margins are expected to remain low for the remainder of the summer season. LYB continues to carefully evaluate potential risks and opportunities associated with evolving tariffs and global trade flows.

To align with global demand and the company's planned maintenance, LYB expects third quarter operating rates of 85% for North American olefins and polyolefins (O&P) assets, 75% for European O&P assets and 80% for Intermediates & Derivatives (I&D) assets.

**CONFERENCE CALL**

LYB will host a conference call August 1 at 11 a.m. ET. Participants on the call will include Chief Executive Officer Peter Vanacker, Executive Vice President and Chief Financial Officer Agustin Izquierdo, Executive Vice President of Global Olefins and Polyolefins Kim Foley, Executive Vice President of Intermediates and Derivatives Aaron Ledet, Executive Vice President of Advanced Polymer Solutions Torkel Rhenman and Head of Investor Relations David Kinney. For event access, the toll-free dial-in number is 1-877-407-8029, international dial-in number is 201-689-8029 or click the <u>CallMe link</u>. The slides and webcast that accompany the call will be available at <u>investors.lyondellbasell.com/earnings</u>. A replay of the call will be available from 1:00 p.m. ET August 1 until September 1, 2025. The replay toll-free dial-in numbers are 1-877-660-6853 and 201-612-7415. The access ID for each is 13746206.

**ABOUT LYONDELLBASELL**

We are LyondellBasell (NYSE: LYB) – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit <u>www.LyondellBasell.com</u> or follow @LyondellBasell on LinkedIn.

------

**FORWARD-LOOKING STATEMENTS**

The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, market conditions, the business cyclicality of the chemical and polymers industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; our ability to successfully implement initiatives identified pursuant to our Value Enhancement Program and generate anticipated earnings; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates; our ability to manage costs; future financial and operating results; our ability to align our assets and grow and upgrade our core, including completing the proposed sale of certain European assets; our ability to reduce our fixed costs and increase cash flow; legal and environmental proceedings; tax rulings, consequences or proceedings; the impacts of tariffs and trade disruptions; technological developments, and our ability to develop new products and process technologies; our ability to meet our sustainability goals, including the ability to operate safely, increase production of recycled and renewable-based polymers to meet our targets and forecasts, and reduce our emissions and achieve net zero emissions by the time set in our goals; our ability to procure energy from renewable sources; our ability to build a profitable Circular & Low Carbon Solutions business; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and to repay our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2024, which can be found at <u>www.LyondellBasell.com</u> on the Investors page and on the Securities and Exchange Commission's website at <u>www.sec.gov</u>. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.

This release contains time sensitive information that is accurate only as of the date hereof. Information contained in this release is unaudited and is subject to change.

We undertake no obligation to update the information presented herein except as required by law.

**INFORMATION RELATED TO FINANCIAL MEASURES**

This release makes reference to certain non-GAAP financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended.

------

We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures, such as EBITDA, and EBITDA, net income and diluted EPS exclusive of identified items provide useful supplemental information to investors regarding the underlying business trends and performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

We calculate EBITDA as net income (loss) plus interest expense (net), provision for (benefit from) income taxes, and depreciation and amortization. EBITDA should not be considered an alternative to profit or operating profit for any period as an indicator of our performance, or as an alternative to operating cash flows as a measure of our liquidity. We also present EBITDA, net income and diluted EPS exclusive of identified items. Identified items include adjustments for "lower of cost or market" ("LCM"), gain on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, Dutch PO joint venture exit costs, European transaction costs and discontinued operations. Asset write-downs include impairments of goodwill, impairments of long-lived assets, a write-down of a related party loan receivable and a fourth quarter 2024 deferred tax valuation allowance for one of our Chinese joint ventures recognized in Income (loss) from equity investments. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the same fiscal year as the charge, as market prices recover. A gain or loss on sale of a business is calculated as the consideration received from the sale less its carrying value. Property, plant and equipment are recorded at historical costs. If it is determined that an asset or asset group's undiscounted future cash flows will not be sufficient to recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other than temporary the investment is written down to its estimated fair value. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In June 2025, we announced plans to sell select olefins & polyolefins assets and the associated business in Europe, resulting in selling expenses, separation costs and employee-related charges (collectively referred to as "transaction costs"). In April 2025, the Company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments. In March 2025, we announced plans to permanently close our Dutch PO joint venture asset, resulting in the recognition of shutdown-related costs. In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation.

------

These non-GAAP financial measures as presented herein, may not be comparable to similarly titled measures reported by other companies due to differences in the way the measures are calculated. In addition, we include calculations for certain other financial measures to facilitate understanding. This release contains time sensitive information that is accurate only as of the time hereof. Information contained in this release is unaudited and subject to change.

LyondellBasell undertakes no obligation to update the information presented herein except to the extent required by law.

Additional operating and financial information may be found on our website at <u>investors.lyondellbasell.com</u>.

###

Source: LyondellBasell Industries

Investor Contact: David Kinney +1 713-309-7141

Media Contact: Nick Facchin +1 713-309-4791

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** | **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** | **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** | **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** | **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** | **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** | **Table 2 - Reconciliations of Net Income to Net Income Excluding Identified Items and to EBITDA Including and Excluding Identified Items** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **<u>Millions of U.S. dollars</u>** | **June 30,<br>2025** | **March 31,<br>2025** | | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Net income | $115 | $177 |  | $924 | $292 | $1397 |
| Identified items |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Gain on sale of business, pre-tax<sup>(a)</sup> |  |  |  | (293) |  | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Asset write-downs, pre-tax<sup>(b)</sup> | 32 |  |  |  | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Cash Improvement Plan costs, pre-tax<sup>(c)</sup> | 20 |  |  |  | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Dutch PO joint venture exit costs, pre-tax<sup>(d)</sup> |  | 117 |  |  | 117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: European transaction costs, pre-tax<sup>(e)</sup> | 10 |  |  |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Loss (income) from discontinued operations, pre-tax<sup>(f)</sup> | 47 | (196) |  | 26 | (149) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;add: (Benefit from) provision for income taxes related to identified items | (22) | 12 |  | 67 | (10) | 79 |
| Net income excluding identified items | $202 | $110 |  | $724 | $312 | $1157 |
| Net income | $115 | $177 |  | $924 | $292 | $1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 62 | 78 |  | 249 | 140 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 332 | 323 |  | 387 | 655 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 97 | 77 |  | 83 | 174 | 169 |
| EBITDA | 606 | 655 |  | 1643 | 1261 | 2689 |
| Identified items |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Gain on sale of business<sup>(a)</sup> |  |  |  | (293) |  | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Asset write-down<sup>(b)</sup> | 32 |  |  |  | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Cash Improvement Plan costs<sup>(c)</sup> | 20 |  |  |  | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Dutch PO joint venture exit costs<sup>(d)</sup> |  | 117 | . |  | 117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: European transaction costs<sup>(e)</sup> | 10 |  |  |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;less: EBITDA from discontinued operations<sup>(f)</sup> | 47 | (196) |  | (20) | (149) | (103) |
| EBITDA excluding identified items | $715 | $576 |  | $1330 | $1291 | $2293 |

---

(a) In 2024, we sold our U.S. Gulf Coast-based Ethylene Oxide and Derivatives ("EO&D") business, resulting in the recognition of a gain in our Intermediates & Derivatives ("I&D") segment.

(b) Includes asset write-downs in excess of $10 million in aggregate for the period. The second quarter of 2025 includes a non-cash impairment of property, plant and equipment of $32 million related to the European assets classified as held for sale within our Olefins & Polyolefins – Europe, Asia & International ("O&P-EAI") segment.

(c) In April 2025, the Company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments.

(d) In March 2025, we announced plans to permanently close our Dutch PO joint venture asset within the I&D segment, resulting in the recognition of shutdown-related costs.

(e) In June 2025, we announced plans to sell select olefins & polyolefins assets and the associated business in Europe, resulting in selling expenses, separation costs and employee-related charges in our O&P-EAI segment.

(f) In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation. The related operating results of our refining business are reported as discontinued operations for all periods presented.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items** | **Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items** | **Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items** | **Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items** | **Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items** | **Table 3 - Reconciliation of Diluted EPS to Diluted EPS Excluding Identified Items** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Diluted earnings per share | $0.34 | $0.54 | $2.82 | $0.88 | $4.25 |
| Identified items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Gain on sale of business |  |  | (0.68) |  | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Asset write-downs<sup>(a)</sup> | 0.07 |  |  | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Cash Improvement Plan costs | 0.05 |  |  | 0.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: Dutch PO joint venture exit costs |  | 0.27 |  | 0.27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;add: European transaction costs | 0.03 |  |  | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;less: Loss (income) from discontinued operations | 0.13 | (0.48) | 0.06 | (0.35) | (0.05) |
| Diluted earnings per share excluding identified items | $0.62 | $0.33 | $2.20 | $0.95 | $3.52 |

---

(a) Includes asset write-downs in excess of $10 million in aggregate for the period.

---

| | |
|:---|:---|
| **Table 4 - Calculation of Cash and Liquid Investments and Total Liquidity** | **Table 4 - Calculation of Cash and Liquid Investments and Total Liquidity** |
| **<u>Millions of U.S. dollars</u>** | **June 30,<br>2025** |
| Cash and cash equivalents and restricted cash | $1704 |
| Short-term investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and liquid investments | 1704 |
| add: |  |
| Availability under Senior Revolving Credit Facility | 3750 |
| Availability under U.S. Receivables Facility | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liquidity | $6354 |

---

---

| | |
|:---|:---|
| **Table 5 - Calculation of Dividends and Share Repurchases** | **Table 5 - Calculation of Dividends and Share Repurchases** |
| | **Three Months<br>Ended** |
| **<u>Millions of U.S. dollars</u>** | **June 30,<br>2025** |
| Dividends paid - common stock | $445 |
| Repurchase of Company ordinary shares | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and share repurchases | $536 |

---

## Exhibit 99.2

![lyblogo1.jpg](lyblogo1.jpg)

**LYONDELLBASELL BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT**

LyondellBasell manages operations through five operating segments: 1) Olefins and Polyolefins-Americas; 2) Olefins and Polyolefins-Europe, Asia and International; 3) Intermediates and Derivatives; 4) Advanced Polymer Solutions; and 5) Technology.

This information should be read in conjunction with our Earnings Release for the period ended June 30, 2025, including the forward-looking statements and information related to financial measures.

**<u>Olefins & Polyolefins-Americas (O&P-Americas)</u>** - Our O&P-Americas segment produces and markets olefins & co-products, polyethylene and polypropylene.

**Table 1 - O&P-Americas Financial Overview** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Millions of U.S. dollars*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***Millions of U.S. dollars*** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Operating income | $142 | $85 | $519 | $227 | $875 |
| EBITDA | 313 | 251 | 670 | 564 | 1191 |
| Identified items: Cash Improvement Plan costs | 5 |  |  | 5 |  |
| EBITDA excluding identified items<sup>(a)</sup> | 318 | 251 | 670 | 569 | 1191 |

---

(a) See "Information Related to Financial Measures" for a discussion of the company's use of non-GAAP financial measures and Table 6 for reconciliations of these financial measures. "Identified items" include adjustments for lower of cost or market ("LCM"), gain on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, Dutch PO joint venture exit costs, European transaction costs and discontinued operations.

**Three months ended June 30, 2025 versus three months ended March 31, 2025** - EBITDA increased $62 million, or $67 million excluding costs associated with the Cash Improvement Plan, versus the first quarter 2025, largely due to higher integrated polyethylene margins following unplanned downtime in the first quarter 2025. Compared to the prior period, olefins results decreased approximately $20 million driven by lower margins due to lower ethylene sales price partially offset by lower feedstock and energy prices. The company's ethylene crackers operated at about 90% of capacity, with the raw materials being approximately 80% ethane and 20% other natural gas liquids. Combined polyolefins results increased approximately $90 million driven by higher polymer margins due to lower ethylene costs. Equity income decreased by approximately $5 million.

**Three months ended June 30, 2025 versus three months ended June 30, 2024** - EBITDA decreased $357 million, or $352 million excluding costs associated with the Cash Improvement Plan, versus the second quarter 2024. Olefins results decreased approximately $260 million driven by lower ethylene margins from lower co-products, increased energy costs, and impacts from planned downtime. Combined polyolefin results decreased approximately $90 million due to lower polyethylene margins driven by lower product pricing attributed to unfavorable macroeconomic conditions. Equity income increased by approximately $5 million.

------

**<u>Olefins & Polyolefins-Europe, Asia, International (O&P-EAI)</u>** - Our O&P-EAI segment produces and markets olefins & co-products, polyethylene and polypropylene.

**Table 2 - O&P-EAI Financial Overview**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Millions of U.S. dollars*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***Millions of U.S. dollars*** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Operating (loss) income | $(40) | $(23) | $30 | $(63) | $19 |
| EBITDA | 2 | 17 | 70 | 19 | 84 |
| Identified items: Asset write-downs | 32 |  |  | 32 |  |
| Identified items: Cash Improvement Plan costs | 2 |  |  | 2 |  |
| Identified items: European transaction costs | 10 |  |  | 10 |  |
| EBITDA excluding identified items | 46 | 17 | 70 | 63 | 84 |

---

**Three months ended June 30, 2025 versus three months ended March 31, 2025** - EBITDA decreased $15 million, or increased $29 million excluding $44 million of identified items compared to the first quarter 2025. Compared to the prior period, olefins results increased approximately $50 million due to improved cracker margins from lower feedstock costs partially offset by lower ethylene prices. The company's ethylene crackers operated at approximately 75% of capacity with about 30% of the raw materials derived from non-naphtha feedstocks. Combined polyolefins results decreased approximately $5 million compared to the prior period driven by lower margins partially offset by higher seasonal demand. Joint venture equity income increased by approximately $10 million due to increased volumes absent planned maintenance and improved margins from lower feedstock costs at joint ventures.

**Three months ended June 30, 2025 versus three months ended June 30, 2024** - EBITDA decreased $68 million, or $24 million excluding $44 million of identified items compared to the second quarter 2024. Compared to the prior period, olefins results decreased approximately $15 million due to lower volumes from unplanned downtime partially offset by lower feedstock costs. Combined polyolefins results decreased approximately $20 million due to compressed margins on lower polymer pricing. Joint venture equity income increased approximately $20 million due to the absence of losses recognized by a Chinese joint venture during the first six months of 2024.

**<u>Intermediates & Derivatives (I&D)</u>** - Our I&D segment produces and markets propylene oxide & derivatives, oxyfuels & related products and intermediate chemicals, such as styrene monomer and acetyls.

**Table 3 - I&D Financial Overview**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Millions of U.S. dollars*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***Millions of U.S. dollars*** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Operating income (loss) | $151 | $(9) | $392 | $142 | $604 |
| EBITDA | 286 | 94 | 794 | 380 | 1106 |
| Identified items: Gain on sale of business |  |  | (293) |  | (293) |
| Identified items: Cash Improvement Plan costs | 4 |  |  | 4 |  |
| Identified items: Dutch PO joint venture exit costs |  | 117 |  | 117 |  |
| EBITDA excluding identified items | 290 | 211 | 501 | 501 | 813 |

---

------

**Three months ended June 30, 2025 versus three months ended March 31, 2025** - EBITDA increased $192 million compared to the first quarter 2025 or $79 million excluding the $117 million in shutdown costs associated with the Dutch PO joint venture recognized in the first quarter 2025 and $4 million in costs associated with the Cash Improvement Plan recognized in the second quarter 2025. Compared to the prior period, Propylene Oxide & Derivatives results increased approximately $15 million on lower feedstock costs. Intermediate Chemicals results increased approximately $60 million primarily due to lower feedstock costs and a gain on sale of precious metals. Oxyfuels & Related Products results decreased approximately $5 million driven by lower margins on lower blend premiums partially offset by improved seasonal demand.

**Three months ended June 30, 2025 versus three months ended June 30, 2024** - EBITDA decreased $508 million compared to the second quarter 2024 or $211 million excluding $4 million in costs associated with the Cash Improvement Plan recognized in the second quarter 2025 and the gain on sale of the Ethylene Oxide and Derivatives business of $293 million in the second quarter 2024. Compared to the prior period, Propylene Oxide & Derivatives results decreased approximately $15 million due to lower derivatives margins. Intermediate Chemicals results increased approximately $25 million on lower feedstock costs and a gain on sale of precious metals partially offset by lower volumes due to unplanned downtime. Oxyfuels & Related Products results decreased approximately $220 million as margins were significantly compressed on lower crude oil prices.

**<u>Advanced Polymer Solutions (APS)</u>** - Our Advanced Polymer Solutions segment produces and markets compounding & solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders.

**Table 4 - Advanced Polymer Solutions Financial Overview**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Millions of U.S. dollars*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***Millions of U.S. dollars*** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Operating income | $10 | $17 | $15 | $27 | $28 |
| EBITDA | 32 | 46 | 40 | 78 | 75 |
| Identified items: Cash Improvement Plan costs | 8 |  |  | 8 |  |
| EBITDA excluding identified items | 40 | 46 | 40 | 86 | 75 |

---

**Three months ended June 30, 2025 versus three months ended March 31, 2025** - Compared to the first quarter 2025, EBITDA decreased $14 million or $6 million excluding $8 million of costs associated with the Cash Improvement Plan in the second quarter 2025. Compared to the prior quarter, EBITDA decreased due to lower volumes on weaker automotive demand and challenging market conditions.

**Three months ended June 30, 2025 versus three months ended June 30, 2024** - Compared to the second quarter 2024, EBITDA decreased $8 million or remained flat excluding $8 million of costs associated with the Cash Improvement Plan. Compared to the second quarter 2024, EBITDA was flat due to lower volumes on weaker automotive offset by improved margins.

------

**<u>Technology</u>** - Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.

**Table 5 - Technology Financial Overview**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Millions of U.S. dollars*** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***Millions of U.S. dollars*** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| Operating income | $22 | $42 | $72 | $64 | $181 |
| EBITDA | 33 | 52 | 84 | 85 | 202 |
| Identified items: Cash Improvement Plan costs | 1 |  |  | 1 |  |
| EBITDA excluding identified items | 34 | 52 | 84 | 86 | 202 |

---

**Three months ended June 30, 2025 versus three months ended March 31, 2025** - EBITDA decreased $19 million relative to the first quarter 2025. Compared to the prior period, catalyst margins decreased, partially offset by increased catalyst demand.

**Three months ended June 30, 2025 versus three months ended June 30, 2024** - EBITDA decreased $51 million relative to the second quarter 2024. Licensing revenue decreased compared to the prior period on fewer contracts as well as lower catalyst margins from unfavorable product mix.

**<u>Capital Spending and Cash Balances</u>**

Capital expenditures, including sustaining maintenance and profit-generating growth projects, were $539 million during the second quarter 2025. At the end of the quarter, cash and liquid investment balances were $1.7 billion, which includes cash and cash equivalents, restricted cash and short-term investments. There were 322 million common shares outstanding as of June 30, 2025. The company paid dividends of $445 million and repurchased approximately 1.6 million shares during the second quarter 2025.

------

**INFORMATION RELATED TO FINANCIAL MEASURES**

We make reference to certain non-GAAP financial measures as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended.

We report our financial results in accordance with U.S. generally accepted accounting principles, but believe that certain non-GAAP financial measures, such as EBITDA exclusive of identified items provides useful supplemental information to investors regarding the underlying business trends and performance of the company's ongoing operations and are useful for period-over-period comparisons of such operations. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

We calculate EBITDA as net income (loss) plus interest expense (net), provision for (benefit from) income taxes, and depreciation and amortization. Identified items include adjustments for "lower of cost or market" ("LCM"), gain on sale of business, asset write-downs in excess of $10 million in aggregate for the period, Cash Improvement Plan costs, Dutch PO joint venture exit costs, European transaction costs and discontinued operations. Asset write-downs include impairments of goodwill, impairments of long-lived assets, a write-down of a related party loan receivable and a fourth quarter 2024 deferred tax valuation allowance for one of our Chinese joint ventures recognized in Income (loss) from equity investments. Our inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out ("LIFO") inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Fluctuation in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the lower of cost or market in periods of falling prices and the reversal of those charges in subsequent interim periods, within the same fiscal year as the charge, as market prices recover. A gain or loss on sale of a business is calculated as the consideration received from the sale less its carrying value. Property, plant and equipment are recorded at historical costs. If it is determined that an asset or asset group's undiscounted future cash flows will not be sufficient to recover the carrying amount, an impairment charge is recognized to write the asset down to its estimated fair value. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting unit with goodwill is below its carrying amount. If it is determined that the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge is recognized. We assess our equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other than temporary the investment is written down to its estimated fair value. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In June 2025, we announced plans to sell select olefins & polyolefins assets and the associated business in Europe, resulting in selling expenses, separation costs and employee-related charges (collectively referred to as "transaction costs"). In April 2025, the Company announced the Cash Improvement Plan, focused on strengthening financial performance, which resulted in employee-related charges across all segments. In March 2025, we announced plans to permanently close our Dutch PO joint venture asset, resulting in the recognition of shutdown-related costs. In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 6 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment** | **Table 6 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment** | **Table 6 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment** | **Table 6 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment** | **Table 6 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment** | **Table 6 - Reconciliation of EBITDA to EBITDA Excluding Identified Items by Segment** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **<u>Millions of U.S. dollars</u>** | **June 30,<br>2025** | **March 31,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **June 30,<br>2024** |
| **EBITDA:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - Americas | $313 | $251 | $670 | $564 | $1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - EAI | 2 | 17 | 70 | 19 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediates & Derivatives | 286 | 94 | 794 | 380 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Polymer Solutions | 32 | 46 | 40 | 78 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 33 | 52 | 84 | 85 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, including intersegment eliminations | (13) | (1) | (35) | (14) | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | (47) | 196 | 20 | 149 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $606 | $655 | $1643 | $1261 | $2689 |
| **Identified items:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**less: Gain on sale of business:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediates & Derivatives | $— | $— | $(293) | $— | $(293) |
| &nbsp;&nbsp;**add: Asset write-downs**<sup>(a)</sup>**:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - EAI | 32 |  |  | 32 |  |
| &nbsp;&nbsp;&nbsp;**less: Cash Improvement Plan costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - Americas | 5 |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - EAI | 2 |  |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediates & Derivatives | 4 |  |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Polymer Solutions | 8 |  |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 1 |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;**add: Dutch PO joint venture exit costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediates & Derivatives |  | 117 |  | 117 |  |
| &nbsp;&nbsp;&nbsp;**add: European transaction costs:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - EAI | 10 |  |  | 10 |  |
| &nbsp;&nbsp;&nbsp;**less: Discontinued operations** | 47 | (196) | (20) | (149) | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Identified items: | $109 | $(79) | $(313) | $30 | $(396) |
| **EBITDA excluding Identified items:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - Americas | $318 | $251 | $670 | $569 | $1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olefins & Polyolefins - EAI | 46 | 17 | 70 | 63 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediates & Derivatives | 290 | 211 | 501 | 501 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Polymer Solutions | 40 | 46 | 40 | 86 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 34 | 52 | 84 | 86 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, including intersegment eliminations | (13) | (1) | (35) | (14) | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA excluding Identified items | $715 | $576 | $1330 | $1291 | $2293 |

---

(a) Include asset write-downs in excess of $10 million in aggregate for the period.

<br>