Slide 1: 1Q23 Earnings Summary
1Q23 Earnings Summary May 5, 2023 1
Slide 2: 1st Quarter 2023 Earnings Summary Conference Call
1st Quarter 2023 Earnings Summary Conference Call Friday, May 5, 2023 10:00 a.m. ET Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=B4kYPWdx Participant dial-in numbers: Domestic callers: (877) 402-8037 International callers: (201)378-4913 2
Slide 3: General Disclosure: Forward-Looking Statements
General Disclosure Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward- looking statements include statements concerning our plans, obj
Slide 4: Highlights
1Q23 Earnings Summary Highlights ($ in millions, except per share amounts) 1Q23 1Q22 Revenues $ 1,606 $ 2,192 Net income attributable to Huntsman Corporation $ 153 $ 223 Adjusted net income $ 37 $ 237 Diluted income per share $ 0.83 $ 1.04 Adjusted diluted income per share $ 0.20 $ 1.10 Adjusted EBI
Slide 5: Polyurethanes
1Q23 Earnings Summary Polyurethanes Revenues Adjusted EBITDA 1Q23 LTM Adjusted EBITDA Margin $4.7B Sales Revenue $1,386 $224 $991 $470M Adj. EBITDA 16% $66 7% 10% Adj. EBITDA Margin 1Q23 1Q22 1Q23 1Q22 Highlights 2Q23 Outlook 1Q23 Y/Y Change Volumes decreased 21% year over year, all Second quart
Slide 6: Performance Products
1Q23 Earnings Summary Performance Products Revenues Adjusted EBITDA 1Q23 LTM $146 Adjusted EBITDA Margin $1.6B Sales Revenue $480 $334 30% $394M Adj. EBITDA $71 21% 25% Adj. EBITDA Margin 1Q23 1Q22 1Q23 1Q22 Highlights 2Q23 Outlook 1Q23 Y/Y Change Volumes decreased 31% due to continued weak Seco
Slide 7: Advanced Materials
1Q23 Earnings Summary Advanced Materials Revenues Adjusted EBITDA 1Q23 LTM Adjusted EBITDA Margin $1.2B Sales Revenue $67 $400 $350 $335 $289 $48 $214M $300 $250 Adj. EBITDA 20% $200 17% 17% $150 $100 Adj. EBITDA Margin $50 $0 1Q23 1Q22 1Q23 1Q22 Highlights 2Q23 Outlook 1Q23 Y/Y Change Volumes dec
Slide 8: Adjusted EBITDA Bridge
1Q23 Earnings Summary Adjusted EBITDA Bridge Year / Year – By Account Quarter / Quarter – By Account $65 ($7) ($10) $1 $387 ($191) $136 ($40) ($3) ($17) $87 $136 1Q22 Adjusted Volume Gross Profit SG&A / R&D FX & Other (1) 1Q23 Adjusted 4Q22 Adjusted Volume Gross Profit SG&A / R&D FX & Other (1) 1Q23
Slide 9: Cost Realignment & Synergy Plans on Track
1Q23 Earnings Summary Cost Realignment & Synergy Plans on Track Delivery of ~$280M Run Rate Benefits Targeted by End of 2023 Annualized Run Rate Expected $300 ~$280M Commentary Announced Initiatives Benefits Completion $280 M&A Synergies & 2020 ~$140M Q1 2023 $260 $240 ~$240M 1Q23 Annualized Run Rat
Slide 10: Cash Flow and Liquidity Considerations
1Q23 Earnings Summary Cash Flow and Liquidity Considerations 1Q23 Commentary Earnings and Cash Flow 1Q22 1Q23 2022 LTM Adjusted EBITDA $387 $136 $1,155 $904 Closed Textile Effects transaction on February 28, 2023 Cash Flow From Operations(1) $67 ($122) $892 $703 Approximately $500 million net ca
Slide 11: 2Q23 Outlook Summary
1Q23 Earnings Summary 2Q23 Outlook Summary 2Q23 Adjusted EBITDA Polyurethanes $85M – $100M Performance Products $60M – $70M Advanced Materials $50M – $56M Corporate ~($45M) Total ~$150M – $180M 11 11
Slide 12: 2023 Additional Modelling Considerations
1Q23 Earnings Summary 2023 Additional Modelling Considerations Adjusted EBITDA/ Income Statement Cash Flow Full Year Corporate & Other ~$175M Dividends from Equity Affiliates ~$15M Headwind YoY In Year Cost Optimization Benefit ~$80M, excluding inflation Pension Contributions ~$10M Tailwind YoY Pens
Slide 13: Financials and Reconciliation
1Q23 Earnings Summary Financials and Reconciliation USD In millions 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 1Q23 LTM Segment Revenues: Polyurethanes $ 1,068 $ 1,155 $ 1,403 $ 1,393 $ 5,019 $ 1,386 $ 1,353 $ 1,257 $ 1,071 $ 5,067 $ 991 $ 4,672 Performance Products 305 371 399 410 1,485
Slide 14: Financials and Reconciliation
1Q23 Earnings Summary Financials and Reconciliation USD In millions 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 1Q23 LTM Net income (loss) $ 100 $ 172 $ 225 $ 607 $ 1,104 $ 240 $ 242 $ 115 $ (74) $ 523 $ 166 $ 449 Net income attributable to noncontrolling interests (17) (16) (16) (10) (59