1. Executive summary
Huntsman enters the back half of 2025 still digging out of a cyclical low point. Volumes remain soft, pricing power is thin, and key end-markets like construction aren’t offering much help. The focus now is execution, streamlining the footprint, locking in cost savings, and getting plants running without disruption.
In 2Q25, the company posted $1,458M in revenue, $74M in adjusted EBITDA, an adjusted net loss of $(34)M, and a GAAP net loss of $(158)M. Free cash flow from continuing operations was $55M, with quarter-end liquidity of $1.3B.
Management’s $100M run-rate savings target for end-2026 is underway: $40M is already annualized, with $70M the goal by year-end. Guidance for 3Q25 adjusted EBITDA of $55–85M signals another flat quarter before potential 4Q lift from savings and seasonality.
We estimate FY25 adjusted EBITDA at $290–305M, with a more convincing earnings step-up expected in 2026–2027 as savings compound and plant outages fade from the picture.