Celanese (CE) Company Report

Celanese US Holdings LLC, a subsidiary of Celanese Corporation, agreed to offer $600 million of 7.000% Senior Notes due 2031 and $800 million of 7.375% Senior Notes due 2034 in an underwritten public offering led by BofA Securities.
Net proceeds will be used to repay outstanding borrowings under its Five-Year Term Loan, fund tender offers for its 6.665% notes due 2027 and 6.850% notes due 2028, and for general corporate purposes, including repayment of other indebtedness.
The notes are priced at 99.00% of principal plus accrued interest from December 17, 2025, with closing and settlement expected on December 17, 2025.
The securities will be fully and unconditionally guaranteed by Celanese Corporation and designated subsidiaries, and issued under the Base Indenture dated May 6, 2011, as supplemented.

7 days ago

8-K

Celanese launches tender offers for 2027 and 2028 senior notes

On December 2, 2025, Celanese’s wholly-owned subsidiary commenced cash tender offers to repurchase up to $1.0 billion of its 6.665% Senior Notes due 2027 and 6.850% Senior Notes due 2028, with a $100 million cap on the 2028 series.
Notes validly tendered by the Early Tender Time (5:00 p.m. ET on December 15, 2025) will receive Total Consideration of $1,037.50 per $1,000 of 2027 notes and $1,055.00 per $1,000 of 2028 notes (including a $50 early tender payment); tenders after this but before the Expiration Time (5:00 p.m. ET on December 31, 2025) receive the consideration minus the early payment.
Repurchased notes will be retired and cancelled at settlement, which is subject to a Financing Condition requiring a concurrent debt offering to fund the repurchases.

Dec 2, 2025, 12:26 PM

8-K

Celanese reports Q3 2025 earnings and 2026 outlook

Earnings

Guidance Update

M&A

Celanese delivered Q3 EPS of $1.34, reflecting ongoing execution on cash flow, cost improvements, and top-line growth priorities.
Management expects to grow EPS by $1–$2 in 2026 through cost actions and engineered materials pipeline progress, even if demand remains flat.
Announced closure of the Narco acetate tow facility in Europe, targeting $20M–$30M of productivity savings in 2027.
Completed sale of Micromax for $500M gross proceeds, with 5% tax leakage, achieving half of the $1B divestiture goal by end-2027.
Generated $250M of working capital cash source in 2025, expects neutral working capital in Q4, and projects sustainable free cash flow of $700M–$800M in 2026.

Nov 7, 2025, 2:00 PM

Transcript

Celanese reports Q3 2025 results and 2026 outlook

Earnings

Guidance Update

M&A

Celanese delivered $1.34 EPS in Q3 2025, with engineered materials volumes down 8% year-over-year as standard-grade products declined while thermoplastic elastomers held up.
Management expects $1–$2 of EPS growth in 2026, split roughly equally between cost actions and engineered materials pipeline gains, assuming flattish demand.
Completed the $500 M Micromax divestiture, realizing proceeds net of ~5% tax and reaching half of the $1 B divestiture target by 2027.
Announced closure of the Lanaken acetate tow facility, targeting $20–$30 M of annual productivity savings by 2027 and optimizing low-cost assets across the network.
Generated $250 M of working capital cash in 2025, expect zero net working capital change in Q4, and project $700–$800 M of free cash flow in 2026 at the low end as sustainable.

Nov 7, 2025, 2:00 PM

Transcript

Celanese reports Q3 2025 results

Earnings

Guidance Update

Celanese generated $375 million in free cash flow and delivered $1.34 adjusted EPS for Q3 2025.
Segment adjusted EBIT was $200 million for Engineered Materials and $187 million for Acetyl Chain, with EM benefiting from improved mix and AC margins remaining above 20% despite an unplanned outage.
Company remains on track to achieve its FY2025 free cash flow target of $700–$800 million, ending Q3 with $1.4 billion in cash and a $1.75 billion undrawn revolving credit facility.
Q4 2025 adjusted EPS is guided at $0.85–$1.00, with segment EBIT guidance of $165–$175 million for EM and $165–$180 million for AC.

Nov 7, 2025, 2:00 PM

Presentation

Celanese forecasts $1–$2 EPS growth for fiscal 2026

Guidance Update

M&A

Demand Weakening

Celanese expects to grow EPS by $1–$2 in 2026, driven roughly half by ongoing cost actions and half by engineered materials pipeline gains, even in a flattish demand environment.
Engineered materials volumes were down 8% year-over-year in Q3, driven by standard-grade thermoplastics (POM, nylon, GUR, polyesters), while thermoplastic elastomers held up; EM pricing improved, marking the strongest quarter in eight periods.
In the acetyl chain, lowest-cost assets (U.S.) operated at 100% utilization, with other global units flexed to match demand; block operation of Singapore and Frankfurt sites will continue into 2026.
Completed the $500 million Micromax divestiture, advancing toward the $1 billion divestiture target by 2027; net proceeds face a 5% tax leakage.
Generated a $250 million working capital cash source in 2025, with Q4 WC neutral; free cash flow is anticipated at least $700 million in 2026, reflecting lower restructuring and sustained cash conversion.

Nov 7, 2025, 2:00 PM

Transcript

Celanese reports Q3 2025 results

Earnings

Guidance Update

M&A

Celanese delivered $1.34 adjusted EPS (incl. ~$0.38 of transaction amortization), $517 million operating EBITDA and $375 million free cash flow, while net sales fell 4% sequentially due to volume headwinds and an unplanned outage.
Completed $40 million of second-half 2025 cost reductions and remains on track to achieve $120 million of total cost savings for the year.
Signed a definitive agreement to divest the Micromax® portfolio for approximately $500 million (based on ~$40 million pro forma EBITDA), expected to close in Q1 2026; also repaid $150 million on its five-year term loan in Q3 and an additional $200 million in Q4 towards the 2027 maturity.
Issued Q4 2025 guidance of $0.85–$1.00 adjusted EPS, reflecting seasonal softening in key end-markets.

Nov 6, 2025, 9:57 PM

8-K

Celanese reports Q3 2025 earnings

Earnings

M&A

Guidance Update

Net sales of $2,419 million, down 4% sequentially driven by a 4% volume decline and 1% price decrease.
GAAP diluted loss per share of ($12.39) and adjusted EPS of $1.34, reflecting $1,520 million of non-cash impairments.
Adjusted EBIT of $326 million and operating EBITDA of $517 million, generating $375 million in free cash flow.
Signed agreement to divest the Micromax® portfolio for approximately $500 million, expected to close in Q1 2026 to support deleveraging.
Q4 guidance of $0.85–1.00 in adjusted EPS and reaffirmed 2025 free cash flow target of $700–800 million.

Nov 6, 2025, 9:25 PM

8-K

Element Solutions to acquire EFC Gases & Advanced Materials

M&A

Element Solutions Inc. agreed to acquire EFC Gases & Advanced Materials for approximately 12x forecasted 2026 adjusted EBITDA in an all-cash deal, expected to close by end of 2025.
EFC, a specialty gases and advanced materials provider with >15% revenue CAGR since 2009 and ~40% of sales in semiconductors, expands ESI's presence in high-growth technology and space markets.
The acquisition is projected to contribute $30 million of adjusted EBITDA in 2026 at >30% margins, funded with cash on hand and incremental debt.
Combined with the Micromax acquisition, the transaction is expected to be over 7% accretive to ESI's adjusted EPS in 2026 and keep pro forma net debt/EBITDA below 3.0x by year-end 2025.

Nov 4, 2025, 12:30 PM

Press Release

Celanese to divest Micromax business to Element Solutions

M&A

Celanese signed a definitive agreement to divest its Micromax® electronic inks and pastes portfolio to Element Solutions for approximately $500 million in cash, subject to adjustments.
The Micromax business has a 2025 pro forma run-rate EBITDA of ~$40 million, with net proceeds earmarked for deleveraging Celanese’s balance sheet.
The transaction is expected to close in Q1 2026, pending regulatory approvals and customary closing conditions.
Micromax products serve high-performance electronics markets—including navigation, defense, medical monitoring, and advanced circuit boards—offering conductive, resistive, dielectric inks, and LTCC materials.

Oct 28, 2025, 8:42 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Celanese.

Q3 2025

Nov 7, 2025

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Q2 2025

Aug 12, 2025

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Q1 2025

May 6, 2025

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View All Transcripts

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Celanese (CE)

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