Trinseo reports $546M annual loss amid aggressive global restructuring

Trinseo (NYSE:SE) reported a net loss of $546 million for the full year 2025, a result heavily impacted by $140 million in pre-tax restructuring charges and the costs associated with a comprehensive debt refinancing completed in early 2025.

The Wayne, Pennsylvania-based company is currently undergoing a massive operational overhaul, including the shutdown of virgin MMA and ACH production in Italy and polystyrene assets in Germany.

For the fiscal year, Trinseo recorded a loss per share of $15.24.

The company's cash position was also pressured, with cash used in operations totaling $102 million.

Combined with $51 million in capital expenditures, the company ended the year with a negative free cash flow of $153 million.

Despite these headwinds, management highlighted that restructuring initiatives and $27 million in polycarbonate technology licensing income helped partially offset the impact of unplanned outages and lower margins at its Americas Styrenics joint venture.

The fourth quarter showed signs of stabilizing liquidity, with cash provided by operations reaching $23 million.

After $16 million in capital expenditures, the company generated $7 million in positive free cash flow for the period.

Trinseo ended December 31, 2025, with total liquidity of $334 million, including $149 million in cash, which the company noted provides a foundation as it continues to negotiate with financial stakeholders to improve its capital structure.

Meanwhile, Trinseo’s adjusted EBITDA for the year was $163 million, down $41 million from the prior year.

The decline was attributed to unfavorable net timing and negative equity income from Americas Styrenics, which suffered from lower margins and a specific unplanned outage.