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Trinseo (TSE) investor relations material
Trinseo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net loss was $106M, with adjusted EBITDA of $42M, both below prior year due to weak demand, lower volumes, and equity income, partially offset by cost reductions and restructuring actions.
Net sales for Q2 2025 were $784M, down 15% year-over-year, mainly from declines in latex binders and polystyrene.
Free cash flow was negative $3M, but liquidity remained strong at $399M at quarter end.
Major refinancing in early 2025 extended nearest debt maturity to 2028, improving liquidity and reducing near-term refinancing risk.
Ongoing restructuring, portfolio optimization, and sustainability initiatives are expected to drive future improvements.
Financial highlights
Q2 2025 net sales were $784M, down from $920M in Q2 2024, driven by 11% volume and 5% price declines.
Adjusted EBITDA was $42M, down from $67M prior year, mainly due to lower volumes and equity affiliate income.
Q2 2025 net loss was $106M, compared to $68M in Q2 2024; diluted EPS of $(2.95) vs. $(1.92).
Free cash flow for Q2 2025 was negative $3M; quarter-end cash was $139M, with total liquidity of $399M.
Gross margin for Q2 2025 was $36.6M, down from $68.4M in Q2 2024.
Outlook and guidance
Full-year 2025 net loss expected to be approximately $320M, with adjusted EBITDA of $200M and free cash flow of negative $165M.
No recovery in demand expected in the second half of 2025; profitability improvements from restructuring nearly offset by lower demand.
Liquidity management and cost controls remain a focus, with adequate resources to navigate macroeconomic headwinds.
Capital expenditures for 2025 estimated at $65M, with $40M for maintenance and the rest for sustainability projects.
Guidance assumes no reversal of Q2 net timing headwinds and flat net timing for the rest of 2025.
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