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Mar 31, 2025
Trinseo Q1 2025 Earnings Report
Trinseo reported financial results for the first quarter of 2025.
Key Takeaways
Trinseo reported a net loss of $79 million and Adjusted EBITDA of $65 million for the first quarter of 2025. Net sales decreased 13% year-over-year due to lower sales volume, partially offset by higher prices. Adjusted EBITDA improved year-over-year driven by licensing income and restructuring savings, despite lower volumes and equity income.
Net sales in Q1 2025 were $785 million, a 13% decrease compared to $904 million in Q1 2024.
Net loss for Q1 2025 was $79 million, compared to a net loss of $76 million in Q1 2024.
Adjusted EBITDA for Q1 2025 was $65 million, an increase of $20 million from $45 million in Q1 2024.
Cash used in operations was $110 million and Free Cash Flow was negative $119 million in Q1 2025, impacted by working capital build and refinancing costs.
Revenue by Segment
Forward Guidance
For the second quarter of 2025, Trinseo expects a net loss of $61 million to $46 million and Adjusted EBITDA of $55 million to $70 million. Free Cash Flow is expected to be approximately breakeven, including licensing income.
Positive Outlook
- Anticipates seasonally higher volumes in Q2 2025.
- Expects lower costs in Engineered Materials in Q2 2025.
- Forecasts improved Americas Styrenics performance in Q2 2025.
- Free Cash Flow in Q2 2025 is expected to include $21 million from polycarbonate technology license income.
- The direct impact from current tariffs is expected to be limited.
Challenges Ahead
- Withdraws all full-year guidance due to high macroeconomic uncertainty.
- Continued persistent market weakness is noted.
- Lower volumes in Q1 2025 impacted results.
- Lower income from Americas Styrenics in Q1 2025 impacted results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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