Huntsman Corporation

What they do

Huntsman produces MDI, polyols, TPU, amines, maleic anhydride and epoxy-based polymer formulations, selling primarily to industrial and building product manufacturers. Its products go into adhesives, aerospace, automotive, coatings and construction, electronics, insulation, power generation and refining. The company operates through wholly-owned subsidiary Huntsman International and is incorporated in Delaware, headquartered in The Woodlands, Texas.

Revenue drivers

• Polyurethanes — Sells MDI, polyols and TPU into building insulation, construction, automotive, footwear and cold chain; customers include Autoneum, GAF, Johns Manville, Lear and Magna, with competitors including BASF, Covestro, Dow and Wanhua.
• Performance Products — Sells amines and maleic anhydride into fuel and lubricant additives, coatings, gas treatment, construction materials and semiconductor cleaning; customers include Afton, Bayer, Chevron, DuPont, Evonik and Lubrizol.
• Advanced Materials — A third reporting segment described as part of the portfolio alongside Polyurethanes and Performance Products, though the provided excerpt does not detail its product lines.
• Geographic mix — Management states financial results depend substantially on overall economic conditions in the U.S., Europe and Asia, and the 2Q26 release cites rising energy and crude-related costs particularly in Europe.

Recent performance

Second quarter 2026 revenue was $1,663 million, up 14% from $1,458 million in 2Q25, with gross profit of $245 million versus $182 million. Net loss attributable to Huntsman narrowed to $6 million ($0.03 diluted loss per share) from $158 million ($0.92) a year earlier, and adjusted EBITDA rose to $120 million from $74 million. First half 2026 revenue was $3,083 million versus $2,868 million, with a net loss attributable to Huntsman of $59 million and adjusted EBITDA of $193 million. Net cash used in operating activities from continuing operations was $60 million in 2Q26 and free cash flow was a $90 million use of cash, versus a $55 million source in 2Q25. Full-year 2025 revenue was $5,683 million with a net loss of $227 million.

Strategy

Management said the quarter was supported by higher volumes across all three segments and pricing actions that offset a significant increase in raw material costs. The company announced on June 16, 2026 an agreement for an all-stock merger of equals with Olin Corporation, referred to as OlinHuntsman, with a stockholder vote scheduled for August 25, 2026. Management cited expected vertical integration, greater scale and a stronger financial profile, and said it is confident in outlined synergy targets. Huntsman said it will stay focused on additional price increases and cost-reduction initiatives to offset energy and raw material pressure.

Risks

• Economic and demand sensitivity — The 10-K states financial results depend substantially on economic conditions in the U.S., Europe and Asia, and that declining conditions, inflation, elevated interest rates, supply chain disruptions or geopolitical conflicts could cause a substantial decrease in demand.
• Construction softness — Management noted continued softness in construction in 2Q26 even as broader industrial demand improved.
• European energy and raw material costs — Huntsman flagged rising and volatile energy and crude oil related costs, particularly in Europe, as a remaining headwind requiring further price increases and cost reductions.
• Merger execution and leverage — The proposed all-stock merger of equals with Olin is subject to a stockholder vote scheduled for August 25, 2026, and the 10-K warns a prolonged downturn could increase indebtedness or lower adjusted EBITDA and affect compliance with debt covenants.

Outlook

Management characterized 2Q26 as a solid quarter with improved industrial demand offsetting construction weakness, and said it will pursue additional price increases and cost-reduction initiatives against energy and raw material cost pressure. The planned merger of equals with Olin Corporation is described as progressing at pace, with the stockholder vote scheduled for August 25, 2026. Management expects the combined company to benefit from vertical integration, greater scale and a stronger financial profile.