Eastman Chemical Company · NYSE:EMN
Eastman Chemical — Q4 2025 Earnings Presentation
14 slides from Eastman Chemical's earnings presentation, Jan 30, 2026
Slide 1: 4Q and FY 2025 financial results
4Q and FY 2025 financial results January 29, 2026
Slide 2: Prepared remarks; Forward-looking statements
Prepared remarks These slides should be reviewed with the accompanying prepared remarks posted on our website. Forward-looking statements The information in this release and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation
Slide 3: 2025 highlights
2025 highlights Generated cash from operating activities approaching $1 billion, demonstrating the strength of our cash flow and resolve to deliver on our commitments in a difficult environment. Exhibited commercial excellence defending the value of our products in a weak economic environment. Excee
Slide 4: Corporate
Corporate $M (except EPS) 4Q25 4Q24 3Q25 FY25 FY24 4Q25 vs. 4Q24 EBIT highlights • Lower sales volume/mix driven by acetate tow Revenue 1,973 2,245 2,202 8,752 9,382 customer inventory destocking and industry Adjusted EBIT 134 305 210 930 1,298 capacity share adjustments and higher than usual Adjust
Slide 5: Advanced Materials
Advanced Materials $M 4Q25 4Q24 3Q25 FY25 FY24 4Q25 vs. 4Q24 EBIT highlights Revenue 656 720 728 2,880 3,050 • Weakness in high-value consumer discretionary end markets and higher than usual seasonal Adjusted EBIT 59 107 53 349 464 volume declines due to customer inventory Adjusted EBIT margin 9.0%
Slide 6: Circular Economy platform remains a key differentiator for Eastman
Circular Economy platform remains a key differentiator for Eastman We have demonstrated the capability of our technology • In 2025, methanolysis consistently delivered high yields and the highest production to date • Achieved our goal of >2.5x 2024 production levels, with high demonstrated operation
Slide 7: Additives & Functional Products
Additives & Functional Products $M 4Q25 4Q24 3Q25 FY25 FY24 4Q25 vs. 4Q24 EBIT highlights Revenue 662 696 716 2,880 2,862 • Lower sales volume/mix driven by weakness in the building and construction and auto refinish Adjusted EBIT 94 128 128 516 490 end markets and stronger volumes in 4Q24 due Adjus
Slide 8: Fibers
Fibers $M 4Q25 4Q24 3Q25 FY25 FY24 4Q25 vs. 4Q24 EBIT highlights Revenue 234 321 254 1,050 1,318 • Lower sales volume/mix due to: Adjusted EBIT 49 103 67 285 454 • Acetate tow customer inventory destocking and industry capacity share adjustments Adjusted EBIT margin 20.9% 32.1% 26.4% 27.1% 34.4% • C
Slide 9: Chemical Intermediates
Chemical Intermediates $M 4Q25 4Q24 3Q25 FY25 FY24 4Q25 vs. 4Q24 EBIT highlights Revenue 418 503 499 1,925 2,134 • Spread compression and lower volume/mix due to: Adjusted EBIT -28 20 1 -38 101 • Weak end-market demand in North America Adjusted EBIT margin -6.7% 4.0% 0.2% -2.0% 4.7% • Heightened com
Slide 10: 2026 outlook
2026 outlook Tailwinds vs 2025 Headwinds/uncertainties vs 2025 • Increasing our cost reduction target to $125M–$150M, • Consumer discretionary end markets not expected to net of inflation, building on actions taken in 2025 improve • Reducing capital expenditures to ~$400M in 2026, • Price pressure c
Slide 11: Taking actions to drive growth in a challenging environment
Taking actions to drive growth in a challenging environment Global economic environment expected to remain challenged in 2026-2027 Increasing 2026 cost savings target to $125 to $150 million from ~$100 million Increase in target includes a reduction in other post-employment benefits plans Driving in
Slide 12: Appendix
Appendix 12
Slide 13: FY2026 underlying assumptions and modeling items
FY2026 underlying assumptions and modeling items Updated from prior guidance • Brent crude oil: ~$60–$70/barrel • Natural gas prices consistent with recent FY26 Henry Hub avg forward curves: ~$4.25/MMBTU • Foreign currency exchange rates, net of hedging: USD/EUR $1.15–$1.20; CNY/USD 7.00; JPY/USD 15
Slide 14: 2026 quarterly forecasted change in planned manufacturing maintenance shutdown cost by segment
2026 quarterly forecasted change in planned manufacturing maintenance shutdown cost by segment, year-over-year and sequential 1Q26 2Q26 3Q26 4Q26 FY26 vs 1Q26 vs 2Q26 vs 3Q26 vs 4Q26 vs y/y y/y y/y y/y FY25 4Q25 1Q26 2Q26 3Q26 Advanced Materials 5 0 15 -5 15 5 -5 5 -10 Additives & Functional Product
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