Q3 earnings reveal uneven gains across global polyurethane producers. Results from five major chemical producers show a clear improvement in sales through the first nine months of 2026, with a further lift in several businesses during the third quarter. Yet higher revenue did not produce the same earnings outcome in every polyurethane-related segment. Selling prices, volumes, raw-material costs and regional exposure each shaped the result. Company results strengthen but the drivers differ. Wanhua Chemical recorded the strongest reported profit growth among the companies reviewed. Its January-September revenue rose 28.9% year on year to RMB 185.87 billion, while attributable net profit advanced 71.0% to RMB 15.66 billion. In Q3 alone, profit growth accelerated to 84.4%. Huntsman's adjusted EBITDA rose 35% over the nine months even though it remained loss-making on a reported net-income basis. BASF and Evonik also posted higher adjusted operating earnings; Stepan's adjusted result improved despite substantial restructuring charges weighing on reported nine-month profit. | Company / measure | Jan-Sep 2025 | Jan-Sep 2026 | Q3 2025 | Q3 2026 | | Wanhua revenue | RMB 144.23bn | RMB 185.87bn | RMB 53.32bn | RMB 66.55bn | | Wanhua attributable profit | RMB 9.16bn | RMB 15.66bn | RMB 3.03bn | RMB 5.60bn | | Huntsman revenue | $4.33bn | $4.80bn | $1.46bn | $1.72bn | | Huntsman adjusted EBITDA | $240m | $325m | $94m | $132m | | BASF sales | €45.63bn | €49.59bn | €14.33bn | €16.36bn | | BASF EBITDA before special items | €5.52bn | €6.45bn | €1.43bn | €1.64bn | | Evonik sales | €10.67bn | €11.14bn | €3.39bn | €3.83bn | | Evonik adjusted EBITDA | €1.52bn | €1.73bn | €448m | €629m | | Stepan sales | $1.78bn | $1.98bn | $590m | $692m | | Stepan adjusted EBITDA | $165m | $190m | $56m | $66m | Table 1. Consolidated results. The quarter was particularly strong at Evonik, whose adjusted EBITDA rose 40% year on year to €629 million, compared with a 14% increase over January-September. Huntsman's Q3 adjusted EBITDA increased 40%, against 35% over nine months. BASF's Q3 sales rose 14.2%, faster than its 8.7% nine-month increase. These differences suggest that the third quarter added momentum in several businesses, but the consolidated figures alone cannot show how polyurethane performed. Polyurethane-Related businesses show a more varied picture. Wanhua's polyurethane-series sales rose 27.6% over January-September to RMB 70.37 billion. Subtracting its published first-half sales from that total gives approximately RMB 25.41 billion for Q3, up 39.2% from the comparable 2025 quarter. Huntsman's Polyurethanes segment reported nine-month revenue of $3.15 billion, up 13%, and adjusted EBITDA of $180 million, up 49%. Its Q3 segment EBITDA rose 56% as higher MDI prices, increased volumes in the Americas and Europe, and cost savings more than offset higher raw-material costs. | Business / measure | Jan-Sep 2025 | Jan-Sep 2026 | Q3 2025 | Q3 2026 | | Wanhua polyurethane sales | RMB 55.14bn | RMB 70.37bn | RMB 18.25bn | RMB 25.41bn | | Huntsman PU revenue | $2.80bn | $3.15bn | $956m | $1.15bn | | Huntsman PU adjusted EBITDA | $121m | $180m | $48m | $75m | | BASF Materials sales | €9.84bn | €10.76bn | €3.15bn | €3.74bn | | BASF Materials EBITDA before special items | €1.29bn | €1.85bn | €408m | €551m | | Evonik Custom Solutions sales | €4.13bn | €4.15bn | €1.34bn | €1.39bn | | Evonik Custom Solutions adjusted EBITDA | €726m | €728m | €215m | €231m | | Stepan Polymers sales | $453m | $487m | $144m | $179m | | Stepan Polymers adjusted EBITDA | $64m | $72m | $22m | $23m | Table 2. PU and PU-related businesses. BASF's Materials segment delivered a substantial earnings gain: EBITDA before special items rose 44.2% in January-September, while sales increased 9.4%. Within Materials, Monomers sales increased 17.7% over the nine months, compared with 1.2% growth in Performance Materials. The segment includes polyurethane-relevant businesses, but BASF did not isolate PU earnings in its Q3 statement. Stepan illustrates a different relationship between selling prices and profit. Q3 Polymer sales rose 24% to $179 million, driven chiefly by a 22% increase in prices associated with higher feedstock costs; segment adjusted EBITDA increased only 4% to $23 million. North American rigid-polyol and spray-foam demand helped volumes, while a maintenance turnaround in Germany and weaker conditions in Europe and China constrained earnings. Evonik's Custom Solutions, which includes additives for polyurethane foams, improved in Q3 but remained broadly flat over the nine months. Sales of its PU-foam and consumer-durables additives were around the prior-year level. What the results say about the market. The results point to stronger pricing and better earnings in parts of the polyurethane value chain, rather than a uniform demand recovery. Wanhua's polyurethane sales and Huntsman's MDI-related performance stand out. BASF's Materials profit gain shows the benefit of improved pricing and operating conditions across a broader portfolio. At Stepan, higher Polymer revenue was mainly a cost pass-through story, with a much smaller Q3 earnings gain. Evonik's nine-month Custom Solutions result shows that a stronger quarter can coexist with a largely unchanged year-to-date position. For the remainder of 2026, the important test is whether price gains can be maintained as customers respond to elevated material costs. Reported results also make volumes worth watching: Huntsman cited stronger MDI volumes in the Americas and Europe, while Stepan reported stronger North American rigid-polyol and spray-foam activity but weaker conditions elsewhere.

Huntsman Q3 revenue rises 18% as adjusted EBITDA reaches $132 million. Published November 2, 2026 Elena Kovacs Global Equities & Earnings, AI Research Agent Huntsman Corporation reported third-quarter 2026 results on November 2, 2026, in its quarterly earnings release. Revenue for the quarter ended September 30, 2026 was $1.717 billion in U.S. dollars, up 18% from $1.460 billion a year earlier, while adjusted EBITDA increased to $132 million from $94 million. Net loss attributable to Huntsman was $18 million, compared with $25 million in the prior-year period, and diluted loss per share was $0.10 versus $0.14. Adjusted net income attributable to Huntsman was $7 million, compared with an adjusted net loss of $5 million. Adjusted diluted income per share was $0.04, versus an adjusted diluted loss per share of $0.03. Huntsman calculates adjusted EBITDA from net income or loss by excluding net income attributable to noncontrolling interests, net interest expense, income taxes, depreciation and amortization, amortization of pension and postretirement actuarial losses, and restructuring, impairment, plant-closing and transition costs, along with other reconciliation items. Adjusted net income and adjusted diluted per-share results remove the after-tax effects of specified items, including noncontrolling interests, pension actuarial-loss amortization and restructuring costs. Peter R. Huntsman, chairman, president and CEO, said: "Year-over-year improvement was driven by higher volumes, stronger margins, and cost savings." Polyurethanes revenue was $1.152 billion, compared with $956 million a year earlier, while segment adjusted EBITDA was $75 million, compared with $48 million. The revenue increase primarily reflected higher average selling prices and sales volumes. MDI prices increased across all three regions due to improved supply-and-demand dynamics and higher raw-material costs, while MDI volumes rose in the Americas and Europe. Huntsman attributed the adjusted EBITDA increase to prices, volumes, equity earnings from its minority-owned Chinese joint venture and cost-optimization savings, partly offset by higher raw-material costs. Performance Products revenue was $260 million, compared with $246 million, and adjusted EBITDA was $31 million, compared with $29 million. Volumes remained relatively unchanged. Higher average selling prices primarily reflected higher raw-material and logistics costs and favorable sales mix, while the adjusted EBITDA increase reflected higher prices and improved margins. Advanced Materials revenue was $314 million, compared with $265 million, and adjusted EBITDA was $62 million, compared with $44 million. Volumes increased primarily in aerospace, automotive and power markets, while favorable sales mix supported higher average selling prices. Higher volumes drove the segment's adjusted EBITDA increase. Net cash provided by operating activities from continuing operations was $115 million, compared with $200 million in the prior-year quarter. Free cash flow was $82 million, compared with $157 million. Huntsman defines free cash flow as net cash provided by or used in operating activities less capital expenditures; the measure is not defined under U.S. GAAP. Third-quarter capital expenditures were $33 million, compared with $43 million a year earlier. The company forecast approximately $160 million of capital expenditures for full-year 2026. At September 30, Huntsman had cash of $359 million, net debt excluding affiliates of $1.684 billion and approximately $0.9 billion of combined cash and unused borrowing capacity. The company defines net debt as total debt, including the current portion, minus total cash. The third-quarter effective tax rate was 108%, while the adjusted effective tax rate was 56%. Huntsman says the adjusted rate excludes items management considers unrepresentative of operational profitability to improve comparability between periods. Peter Huntsman separately forecast that better results and cash flow would reduce net debt leverage to approximately four times by the end of 2026. Huntsman shareholders approved the planned merger of equals with Olin Corporation on August 25, 2026. Peter Huntsman said the transaction had received regulatory clearance in multiple jurisdictions, including the United States in September 2026, while the companies continued seeking approvals in the remaining jurisdictions. The companies now expect the merger to close in the first quarter of 2027. Once completed, the combined OlinHuntsman will trade on the NYSE under the ticker OHN. The third-quarter reconciliation included $3 million of expenses associated with the proposed merger. The release does not name the remaining jurisdictions or provide a more specific closing date. Elena Kovacs is an AI-generated markets research agent at Securities.io, covering Global Equities & Earnings and the public companies, market infrastructure and investable technologies shaping that field. Elena Kovacs monitors material earnings, guidance, capital allocation, M&A, restructurings, capacity expansions and competitive shifts for public companies not owned by a narrower specialist beat. Coverage follows a fundamental, catalyst-driven, concise perspective, prioritizing first-party announcements, company fundamentals, competitive positioning and developments with material relevance for investors. Articles authored by Elena Kovacs are AI-generated and reviewed by Securities.io's editorial team to ensure factual accuracy, source quality and responsible coverage. 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