00-00000000001519061false00015190612023-11-032023-11-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2023

Trinseo PLC

(Exact name of registrant as specified in its charter)

Ireland

001-36473

N/A

(State or other jurisdiction
of incorporation or organization)

(Commission
File Number)

(I.R.S. Employer
Identification Number)

440 East Swedesford Road, Suite 301

Wayne, Pennsylvania 19087

(Address of principal executive offices, including zip code)

(610) 240-3200

(Telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbol

Name of Exchange on which registered

Ordinary Shares, par value $0.01 per share

TSE

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

ITEM 2.02

Results of Operations and Financial Condition

On November 3, 2023, Trinseo PLC, a public limited company existing under the laws of Ireland (the “Company”), issued a press release announcing its financial results for the third quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto. The Company intends to hold an investor call and webcast to discuss these results on Monday, November 6, 2023 at 10 AM Eastern Time. Ahead of this call the Company is also making available on its website an investor presentation, which will be discussed on the call and is furnished as Exhibit 99.2 hereto.

The information contained herein and in the accompanying exhibits shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01.

Financial Statements and Exhibits

(d) Exhibits

ay

Exhibit
Number

Description

99.1

Press Release dated November 3, 2023

99.2

Investor Presentation, dated November 3, 2023

104

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

a

TRINSEO PLC

By:

/s/ David Stasse

Name:

David Stasse

Title:

Executive Vice President and Chief Financial Officer

Date: November 3, 2023

Exhibit 99.1

Graphic

Contact:

Andy Myers

Tel : +1 610-240-3221

Email: aemyers@trinseo.com

Trinseo Reports Third Quarter 2023 Financial Results and Updates 2023 Outlook

Third Quarter 2023 and Other Highlights

Cash provided by operations of $29 million and capital expenditures of $13 million resulted in Free Cash Flow* of $16 million including a $52 million decrease in working capital

Third quarter ending cash of $279 million with approximately $216 million of additional available liquidity under two undrawn, committed financing facilities

Net loss from continuing operations of $38 million and diluted EPS from continuing operations of negative $1.09; net loss included a pre-tax charge of approximately $14 million related to the Company’s PMMA sheet optimization and Corporate restructuring initiatives

Adjusted EBITDA* of $41 million was $78 million higher than prior year

Announced the closure of the Terneuzen, the Netherlands styrene plant, which, when combined with other recent restructuring actions and lower natural gas hedge losses, is expected to result in a sequential profitability improvement of approximately $100 million in 2024

As previously announced, the company successfully refinanced the entirety of its outstanding 2024 term loan and $385 million of its existing $500 million 2025 Senior Notes during the quarter

Three Months Ended

September 30, 

$millions, except per share data

2023

    

2022

Net Sales

    

$

879

    

$

1,178

Net Loss from continuing operations

 

(38)

 

(118)

Diluted EPS from continuing operations ($)

 

(1.09)

 

(3.35)

Adjusted Net Loss*

 

(36)

 

(103)

Adjusted EPS ($)*

 

(1.03)

 

(2.91)

EBITDA*

 

29

 

(54)

Adjusted EBITDA*

 

41

 

(37)


*For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss), all of which are non-GAAP measures, to Net Income (Loss), as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below.


WAYNE, Pa — November 3, 2023 — Trinseo (NYSE: TSE), a specialty material solutions provider, today reported its third quarter 2023 financial results. Net sales in the third quarter decreased 25% versus prior year. Lower price from the pass-through of lower raw material costs led to a 20% decrease. Lower sales volume across all reporting segments except Feedstocks, caused by underlying persistent market demand weakness, led to an 8% decrease.

Third quarter net loss from continuing operations of $38 million was $80 million above prior year and included a charge of $14 million related to the Company’s PMMA sheet optimization and Corporate restructuring initiatives. Adjusted EBITDA of $41 million was $78 million above prior year. The higher year-over-year profitability was largely in the Feedstocks and Plastics Solutions segments from higher styrene and polycarbonate margins. Third quarter results included unfavorable impacts of $15 million from an unplanned styrene outage as well as $4 million from net timing and $11 million from natural gas hedging.

Commenting on the Company’s third quarter performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, “As expected, we saw sequentially similar market conditions. However, we had another quarter of positive cash generation and we’ve taken additional operational steps to provide meaningful profitability improvement in 2024. In addition, we successfully refinanced all of our 2024 and most of our 2025 debt maturities. I wish to thank our employees for their continued efforts in executing these initiatives in this challenging environment.”

Third quarter Results and Commentary by Business Segment

Engineered Materials net sales of $186 million for the quarter decreased 23% versus prior year including a 15% impact from lower price due to raw material pass-through as well as a 10% impact from lower sales volume primarily in PMMA sheet for wellness applications and engineered compounds for consumer electronics applications. Adjusted EBITDA of $5 million was $3 million below prior year including an unfavorable net timing variance of $5 million. Lower volume as described above was more than offset by higher margin from lower raw material costs.
Latex Binders net sales of $222 million for the quarter decreased 35% versus prior year including a 21% impact from lower price from the pass-through of lower raw material costs and a 15% impact from lower volumes across all regions and applications. Adjusted EBITDA of $23 million was $8 million below prior year including a $9 million unfavorable variance from net timing. Lower sales volume was offset by pricing initiatives and lower fixed costs. Volume for higher-margin CASE applications declined by 2% in the third quarter compared to prior year, showing better demand resilience in comparison to other applications.
Plastics Solutions net sales of $246 million for the quarter were 16% below prior year from lower price due to the pass-through of lower raw material costs. Adjusted EBITDA of $22 million was $37 million above prior year primarily from higher polycarbonate margin including impacts from the previously announced restructuring actions in Stade, Germany.
Polystyrene net sales of $175 million for the quarter were 29% below prior year. Lower price, primarily from the pass-through of lower styrene costs, led to a 25% decrease and lower volume, from weaker demand in appliance and building & construction applications, led to a 7% decrease. Adjusted EBITDA of $9 million was $10 million below prior year from lower volume and margin due to weaker market conditions.
Feedstocks net sales of $50 million for the quarter were 6% below prior year from a 19% impact from lower price which was partially offset by higher volume and favorable currency. Adjusted EBITDA of negative $19 million was $59 million above prior year from higher styrene margin, including a favorable net timing variance of $27 million.
Americas Styrenics Adjusted EBITDA of $19 million for the quarter was $4 million below prior year as lower polystyrene margins were partially offset by higher styrene margins.

2023 Outlook

Full-year 2023 net loss from continuing operations of $509 million to $499 million and Adjusted EBITDA of $175 million to $185 million (prior outlook of net loss from continuing operations of approximately $460 million and Adjusted EBITDA of approximately $215 million†). Adjusted EBITDA is below the prior outlook primarily from unfavorable net timing and styrene-related impacts in the third quarter as well as a more pronounced seasonality impact in the fourth quarter.
Full-year 2023 cash from operations of approximately $165 million resulting in Free Cash Flow of approximately $75 million (prior outlook of cash from operations of approximately $190 million and Free Cash Flow of approximately $100 million†); lower Free Cash Flow as higher cash interest and lower profitability is partially offset by working capital reductions.

Commenting on the outlook for 2023, Bozich said, “Our forecast assumes a constrained demand environment, similar to what we’ve seen throughout the year. Amid this environment, we continue to take actions to improve our cost position and cash generation.”

Bozich continued, “Our most recent cost reduction initiatives, along with lower natural gas hedge losses, are expected to result in a $100 million year-over-year profitability improvement in 2024. This enables us to continue investing in transformation projects such as polycarbonate dissolution, which offer significant growth potential even in current markets.”



For the prior outlook, refer to the Company’s press release, furnished on its Form 8-K dated August 3, 2023, for a reconciliation of non-GAAP measures to their corresponding GAAP measures.

Conference Call and Webcast Information

Trinseo will host a conference call to discuss its third quarter 2023 financial results on Monday, November 6, 2023 at 10 a.m. Eastern Time.

Commenting on results will be Frank Bozich, President and Chief Executive Officer, David Stasse, Executive Vice President and Chief Financial Officer, and Andy Myers, Director of Investor Relations.

For those interested in asking questions during the Q&A session, please register using the following link:

Conference Call Registration

For those interested in listening only, please register for the webcast using the following link:

Webcast Registration

After registering for the conference call, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register in advance to ensure you are connected for the full call.

Trinseo has posted its third quarter 2023 financial results on the Company’s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission.

A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until November 6, 2024.

About Trinseo

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo’s approximately 3,300 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $5.0 billion in 2022. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.

Use of non-GAAP measures

In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use additional measures of income excluding certain GAAP items (“non-GAAP measures”), such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein.

Cautionary Note on Forward-Looking Statements

This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like "expect," "anticipate," “believe,” "intend," "forecast," "outlook," "will," "may," "might," "see," "tend," "assume," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would" or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions.


Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully implement proposed restructuring initiatives, including the closure of certain plants and product lines, and to successfully generate cost savings and increase profitability; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; our ability to meet the covenants under our existing indebtedness; our ability to successfully investigate and remediate chemical releases on or from our sites, make related capital expenditures, reimburse third-party cleanup costs or settle potential regulatory penalties or other claims; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.


TRINSEO PLC

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Net sales

    

$

879.0

    

$

1,178.1

    

$

2,837.9

    

$

3,990.3

Cost of sales

 

847.7

 

1,217.6

 

2,715.9

 

3,714.8

Gross profit (loss)

 

31.3

 

(39.5)

 

122.0

 

275.5

Selling, general and administrative expenses

 

66.6

 

80.5

 

205.1

 

262.8

Equity in earnings of unconsolidated affiliate

 

19.0

 

22.8

 

49.2

 

83.8

Impairment and other charges

0.1

1.9

349.5

39.5

Operating income (loss)

 

(16.4)

 

(99.1)

 

(383.4)

 

57.0

Interest expense, net

 

46.6

 

30.4

 

125.1

 

77.7

(Gain) loss on extinguishment of long-term debt

6.3

(0.8)

6.3

(0.8)

Other expense (income), net

(13.2)

1.3

(19.0)

2.4

Loss from continuing operations before income taxes

(56.1)

(130.0)

(495.8)

(22.3)

Provision for (benefit from) income taxes

(17.7)

(12.1)

(59.5)

41.4

Net loss from continuing operations

(38.4)

(117.9)

(436.3)

(63.7)

Net loss from discontinued operations, net of income taxes

 

 

(1.9)

 

 

(1.9)

Net loss

$

(38.4)

$

(119.8)

$

(436.3)

$

(65.6)

Weighted average shares- basic

35.2

35.2

35.1

36.3

Net loss per share- basic:

Continuing operations

$

(1.09)

$

(3.35)

$

(12.42)

$

(1.76)

Discontinued operations

(0.06)

(0.05)

Net loss per share- basic

$

(1.09)

$

(3.41)

$

(12.42)

$

(1.81)

Weighted average shares- diluted

 

35.2

 

35.2

 

35.1

 

36.3

Net loss per share- diluted:

Continuing operations

$

(1.09)

$

(3.35)

$

(12.42)

$

(1.76)

Discontinued operations

(0.06)

(0.05)

Net loss per share- diluted

$

(1.09)

$

(3.41)

$

(12.42)

$

(1.81)


TRINSEO PLC

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

September 30, 

December 31, 

    

2023

2022

Assets

    

    

Cash and cash equivalents

$

278.6

$

211.7

Accounts receivable, net of allowance

 

542.1

 

586.0

Inventories

 

445.9

 

553.6

Other current assets

 

39.7

 

39.4

Investments in unconsolidated affiliate

 

249.2

 

255.1

Property, plant, equipment, goodwill, and other intangible assets, net

 

1,409.2

1,873.5

Right-of-use assets - operating, net

65.3

76.1

Other long-term assets

 

241.2

 

164.8

Total assets

$

3,271.2

$

3,760.2

Liabilities and shareholders’ equity

Current liabilities

691.5

689.4

Long-term debt, net of unamortized deferred financing fees

 

2,274.2

 

2,301.6

Noncurrent lease liabilities - operating

52.4

60.2

Other noncurrent obligations

 

274.5

 

288.7

Shareholders’ equity

(21.4)

420.3

Total liabilities and shareholders’ equity

$

3,271.2

$

3,760.2


TRINSEO PLC

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

Nine Months Ended

September 30, 

    

2023

    

2022

Cash flows from operating activities

    

    

    

    

Cash provided by operating activities - continuing operations

$

131.2

$

10.8

Cash used in operating activities - discontinued operations

(1.4)

Cash provided by operating activities

131.2

9.4

Cash flows from investing activities

Capital expenditures

 

(49.1)

 

(94.0)

Cash paid for asset or business acquisitions, net of cash acquired ($0.0 and $1.0)

(22.2)

Proceeds from the sale of businesses and other assets

 

38.0

 

5.3

Proceeds from the settlement of hedging instruments

1.9

Cash used in investing activities - continuing operations

(11.1)

(109.0)

Cash used in investing activities - discontinued operations

(0.8)

Cash used in investing activities

 

(11.1)

 

(109.8)

Cash flows from financing activities

Proceeds from initial public offering, net of offering costs

Deferred financing fees

 

(9.5)

 

Short-term borrowings, net

 

(8.9)

 

(12.2)

Purchase of treasury shares

(151.9)

Dividends paid

(17.6)

(36.3)

Proceeds from exercise of option awards

0.1

2.9

Withholding taxes paid on restricted share units

(2.0)

(3.1)

Acquisition-related contingent consideration payment

(1.2)

Net proceeds from issuance of 2028 Refinance Term Loans

1,044.9

Repurchases and repayments of long-term debt

(1,054.0)

(12.9)

Cash used in by financing activities

 

(48.2)

 

(213.5)

Effect of exchange rates on cash

 

(5.0)

 

(16.3)

Net change in cash, cash equivalents, and restricted cash

 

66.9

 

(330.2)

Cash, cash equivalents, and restricted cash—beginning of period

 

211.7

 

573.0

Cash, cash equivalents, and restricted cash—end of period

$

278.6

$

242.8

Less: Restricted cash

Cash and cash equivalents—end of period

$

278.6

$

242.8


TRINSEO PLC

Notes to Condensed Consolidated Financial Information

(Unaudited)

Note 1: Net Sales by Segment

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(In millions)

2023

    

2022

    

2023

    

2022

Engineered Materials

    

$

186.0

    

$

242.7

    

$

598.4

    

$

839.2

Latex Binders

 

222.0

 

340.9

 

724.1

 

1,001.3

Plastics Solutions

245.8

293.4

807.8

1,051.8

Polystyrene

 

175.1

 

247.7

 

577.0

 

877.7

Feedstocks

 

50.1

 

53.4

 

130.6

 

220.3

Americas Styrenics*

 

 

 

 

Total Net Sales

$

879.0

$

1,178.1

$

2,837.9

$

3,990.3


* The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations.

Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income

EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company’s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis.

We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations.

Lastly, we present Adjusted Net Income (Loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (Loss) is calculated as Adjusted EBITDA (defined beginning with net income from continuing operations, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income (Loss) per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (Loss) and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations.

There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP.


Three Months Ended

September 30, 

(In millions, except per share data)

    

2023

    

2022

Net loss

$

(38.4)

    

$

(119.8)

Net loss from discontinued operations

(1.9)

Net loss from continuing operations

$

(38.4)

$

(117.9)

Interest expense, net

 

46.6

 

30.4

Benefit from income taxes

 

(17.7)

 

(12.1)

Depreciation and amortization

 

38.2

 

45.9

EBITDA

$

28.7

$

(53.7)

Net gain on disposition of businesses and assets

 

(9.3)

 

Selling, general, and administrative expenses;
Other expense (income), net

Restructuring and other charges (a)

 

13.8

 

Selling, general, and administrative expenses

Acquisition transaction and integration net costs (b)

0.4

Cost of goods sold; Selling, general, and administrative expenses

Asset impairment charges or write-offs

0.5

1.9

Cost of goods sold; Impairment and other charges

Other items (c)

 

7.2

 

14.8

Selling, general, and administrative expenses; (Gain) loss on extinguishment of long-term debt; Other expense (income), net

Adjusted EBITDA

$

40.9

$

(36.6)

Adjusted EBITDA to Adjusted Net Loss:

Adjusted EBITDA

40.9

(36.6)

Interest expense, net

46.6

30.4

Provision for (benefit from) income taxes - Adjusted (d)

(18.6)

(9.6)

Depreciation and amortization - Adjusted (e)

49.2

45.1

Adjusted Net Loss

$

(36.3)

$

(102.5)

Weighted average shares- diluted

35.2

35.2

Adjusted EPS

$

(1.03)

$

(2.91)

Adjusted EBITDA by Segment:

Engineered Materials

$

4.8

$

7.5

Latex Binders

22.8

31.0

Plastics Solutions

22.0

(14.9)

Polystyrene

9.2

18.7

Feedstocks

(19.4)

(78.0)

Americas Styrenics

19.0

22.8

Corporate Unallocated

(17.5)

(23.7)

Adjusted EBITDA

$

40.9

$

(36.6)


(a)Restructuring and other charges for the 2023 period primarily relates to contract termination costs as well as decommissioning and other charges incurred in connection with the Company’s asset restructuring plan. Restructuring and other charges for the 2022 period primarily relates to employee termination benefit charges incurred in connection with the Company’s transformational restructuring program.
(b)Acquisition transaction and integration net costs for the 2022 period primarily relates to expenses incurred for the Company’s acquisition and integration of the PMMA business and Aristech Surfaces Acquisitions.
(c)Other items for the three months ended September 30, 2023 primarily relate to loss on extinguishment of debt and 2022 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives, as well as costs related to our transition to a new enterprise resource planning system.
(d)Adjusted to remove the tax impact of the items noted within the table above. The income tax expense (benefit) related to these items was determined utilizing either (1) the estimated annual effective tax rate on our ordinary income based upon our forecasted ordinary income for the full year or, (2) for items treated discretely for tax purposes we utilized the applicable rates in the taxing jurisdictions in which these adjustments occurred.
(e)Amounts for the three months ended September 30, 2023 and 2022 excludes accelerated depreciation of $11.0 million and $0.8 million, respectively. The 2023 period charges are primarily related to the shortening of the useful life of certain assets related to

the asset restructuring plan. The 2023 and 2022 periods also include charges related to the shortening of the useful life of certain IT assets related to the Company’s transition to a new enterprise resource planning system.

For the same reasons discussed above, we are providing the following reconciliation of forecasted net loss to forecasted Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS for the full year ended December 31, 2023. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts. Totals may not sum due to rounding.

Year Ended

December 31, 

(In millions, except per share data)

2023

Adjusted EBITDA

    

$

175 - 185

Interest expense, net

 

(185)

Benefit from income taxes

 

54

Depreciation and amortization

 

(195)

Reconciling items to Adjusted EBITDA (f)

 

(358)

Net Loss from continuing operations

 

(509) - (499)

Reconciling items to Adjusted Net Loss (f)

 

297

Adjusted Net Loss

$

(212) - (202)

Weighted average shares - diluted (g)

35.1

EPS from continuing operations - diluted ($)

$

(14.49) - (14.20)

Adjusted EPS ($)

$

(6.03) - (5.75)

(f)Reconciling items to Adjusted EBITDA and Adjusted Net Income (Loss) are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business and, as a result, cannot be estimated without unreasonable cost or uncertainty. As such, for the forecasted full year ended December 31, 2023, we have only included known reconciling items incurred through the nine months ended September 30, 2023. We have not included forecasted amounts for the remainder of 2023.

(g)Weighted average shares presented for the purpose of forecasting EPS and Adjusted EPS assume that the Company will be in a net loss position for the full year 2023, and therefore excludes the impact of potentially dilutive shares, as the inclusion of said shares would have an anti-dilutive effect. Further, the weighted average shares presented do not forecast significant future share transactions or events, such as repurchases, significant share-based compensation award grants, and changes in the Company’s share price. These are all factors which could have a significant impact on the calculation of EPS and Adjusted EPS during actual future periods.

Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations

The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company’s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations.

Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly-named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP.


Free Cash Flow

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(In millions)

2023

2022

2023

    

2022

Cash provided by operating activities

    

$

29.3

    

$

97.6

    

$

131.2

    

$

9.4

Capital expenditures

 

(13.5)

 

(38.5)

 

(49.1)

 

(94.8)

Free Cash Flow

$

15.8

$

59.1

$

82.1

$

(85.4)

For the same reasons discussed above, we are providing the following reconciliation of forecasted cash provided by operations and cash used for capital expenditures to forecasted Free Cash Flow for the year ended December 31, 2023. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts.

Year Ended

(In millions)

December 31, 2023

Cash provided by operating activities

    

$

165

Capital expenditures

 

(90)

Free Cash Flow

$

75


Exhibit 99.2

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™Trademark of Trinseo PLC or its affiliates 1 Third Quarter 2023 Financial Results & Full-Year Outlook November 3, 2023

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2 Introductions & Disclosure Rules Introductions • Frank Bozich, President & CEO • David Stasse, Executive Vice President & CFO • Andy Myers, Director of Investor Relations Disclosure Rules This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like "expect," "anticipate," “believe,” "intend," "forecast," "outlook," "will," "may," "might," "see," "tend," "assume," "potential," "likely," "target," "plan," "contemplate," "seek," "attempt," "should," "could," "would" or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully implement proposed restructuring initiatives, including the closure of certain plants and product lines, and to successfully generate cost savings and increase profitability; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; our ability to meet the covenants under our existing indebtedness; our ability to successfully investigate and remediate chemical releases on or from our sites, make related capital expenditures, reimburse third-party cleanup costs or settle potential regulatory penalties or other claims; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —"Risk Factors" and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the US (“GAAP”) including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS and Free Cash Flow. We believe these measures provide relevant and meaningful information to investors and lenders about the ongoing operating results and liquidity position of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. We have provided a reconciliation of these measures to the most comparable GAAP metric alongside of the respective measure or otherwise in the Appendix section and in the accompanying press release.

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3 Summary Q3 2023 Results • Net loss from continuing operations of $38 million and Adjusted EBITDA* of $41 million; net loss included a $14 million charge related to the Company’s PMMA sheet optimization and Corporate restructuring initiatives • Adjusted EBITDA* of $41 million was $78 million higher than prior year * See Appendix for a reconciliation of non-GAAP measures Cash Generation & Liquidity • Q3 cash provided by operations of $29 million led to Free Cash Flow* of $16 million – included a working capital release of $52 million • Q3 ending cash balance of $279 million with $216 million of additional available liquidity under two undrawn, committed financing facilities 2023 Outlook • Net loss from continuing operations of $509 million to $499 million and Adjusted EBITDA* of $175 million to $185 million • Cash from operations of approximately $165 million and Free Cash Flow* of approximately $75 million • No market demand improvement expected through the end of the year Key Initiatives • Successfully refinanced $1.1B of 2024 and 2025 debt, extending maturities to 2028 • Announced the closure of the Terneuzen, the Netherlands styrene plant, which when combined with other recently announced restructuring actions and lower natural gas hedge losses is expected to result in sequential profitability improvement of approximately $100 million in 2024 • Continued focus on growth programs including products containing recycled or bio-based materials, where Q3 year-to-date sales volume was up 10%

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4 Actions to Improve Profitability Prior Asset Restructuring (announced 2022) • Closure of the Boehlen, Germany styrene plant • Closure of one polycarbonate production line in Stade, Germany • Consolidation of the PMMA sheet manufacturing site in Matamoros, Mexico into Florence, Kentucky • Capacity reduction of SB latex at the Hamina, Finland site Recent Asset and Cost Restructuring • Closure of the Terneuzen, the Netherlands styrene plant • Further optimization of PMMA sheet network including the consolidation of two plants in Europe • Cost savings including headcount and other reductions 2023 to 2024 Tailwinds • $100MM – recent asset and cost restructuring and natural gas hedges • $22MM – unfavorable net timing in 2023 • $14MM – fixed cost under-absorption in 2023 Improving Mix by Investing in Specialty and Sustainable Offerings Specialty Commodity Percent Variable Margin Specialty vs Commodity 2016 2017 2018 2019 2020 2021 2022 2023F Variable Margin ($) Specialty Commodity 93% 91% 90% 84% 84% 82% 72% 70% 8% 9% 10% 16% 15% 18% 28% 30% 2016 2017 2018 2019 2020 2021 2022 2023F NOTE: Specialty includes Rigid Compounds, PMMA Resins, Continuous PMMA Sheets, TPE, and Latex Binders for CASE and Battery applications Variable Margin

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5 Sustainability Highlight: Polycarbonate Dissolution Enables Closed-loop Recycling Of Current End-of-life Plastics End-of-life plastic from mixed-waste stream Polymer extracted via dissolution process PC resin made from recycled polymer on par with virgin PC New consumer product made from fully-recycled PC Quality on par with virgin PC while containing less residual BPA, expanding potential applications Enables closed-loop circular material partnerships with automotive, electronics and other consumer goods customers while reducing CO2 emissions Permits use of lower-value waste as feedstock resulting in raw material cost savings Trinseo’s advanced physical recycling technology enables the recovery of end-of-life plastics from a mixed-waste stream that cannot be reused via mechanical recycling methods Advantages

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6 Q3 2023 Sales and Volume Summary Net sales in $millions Volume variances exclude Feedstocks segment Europe • Year-over-year decrease in building & construction and durables • Sequential decrease across all applications due to seasonality U.S. • Lower year-over-year demand and destocking in building & construction and consumer durables • Automotive demand roughly flat year-over-year including small impact from UAW strike Asia • Higher year-over-year demand for most applications following Covid lockdowns in prior year • Sequential increase across all segments Europe 446 U.S. 222 Asia-Pacific 178 Rest of World 33 Net Sales Global $879 Sales Volume YoY: (7%) Sales Volume YoY: (13%) Sales Volume YoY: +8% Sales Volume YoY: (13%)

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7 Trinseo Q3 2023 Financial Results* $879 ($38) $1,178 ($118) Net Sales Net Income Net Sales & Net Income ($MM) Q3'23 Q3'22 ($1.09) ($1.03) ($3.35) ($2.91) Diluted EPS Adj EPS** EPS ($) Q3'23 Q3'22 $41 ($37) Q3'23 Q3'22 Adjusted EBITDA** ($MM) Vol Price FX Total (8%) (20%) 3% (25%) Net Sales • Volumes declined from prior year from general market weakness; improved profitability driven by higher styrene and polycarbonate margins, including benefits from polycarbonate restructuring • Q3 results included unfavorable pre-tax impacts of $15 million from an unplanned styrene outage, $11 million from natural gas hedge losses and $4 million from net timing • Volumes declined from prior year from general market weakness; improved profitability driven by higher styrene and polycarbonate margins, including benefits from polycarbonate restructuring • Q3 results included unfavorable pre-tax impacts of $15 million from an unplanned styrene outage, $11 million from natural gas hedge losses and $4 million from net timing *From continuing operations; ** See Appendix for a reconciliation of non-GAAP measures

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8 Engineered Materials • Lower demand, particularly in consumer electronics, building & construction and wellness applications, more than offset by higher margin from lower raw material costs • Results included unfavorable impacts of $7 million from natural gas hedging and $6 million from net timing • Lower demand, particularly in consumer electronics, building & construction and wellness applications, more than offset by higher margin from lower raw material costs • Results included unfavorable impacts of $7 million from natural gas hedging and $6 million from net timing $186 $243 Q3'23 Q3'22 Net Sales ($MM) Vol Price FX Total (10%) (15%) 2% (23%) $5 $8 Q3'23 Q3'22 Adjusted EBITDA ($MM) 47 50 Q3'23 Q3'22 Volume (kt)

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9 • Lower year-over-year volumes particularly in paper and board applications including continued destocking • Lower Adjusted EBITDA due to $9 million unfavorable net timing variance; lower sales volume was offset by pricing initiatives and lower fixed costs • CASE volumes declined by only 2% versus prior year from lower demand in building & construction applications, showing better demand resilience in comparison to other applications • Lower year-over-year volumes particularly in paper and board applications including continued destocking • Lower Adjusted EBITDA due to $9 million unfavorable net timing variance; lower sales volume was offset by pricing initiatives and lower fixed costs • CASE volumes declined by only 2% versus prior year from lower demand in building & construction applications, showing better demand resilience in comparison to other applications Latex Binders $222 $341 Q3'23 Q3'22 Net Sales ($MM) $23 $31 Q3'23 Q3'22 Adjusted EBITDA ($MM) 112 132 Q3'23 Q3'22 Volume (kt) Vol Price FX Total (15%) (21%) 2% (35%)

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10 Plastics Solutions • Steady year-over-year volumes with higher automotive demand offset by continued weakness in building & construction and consumer durables • Significant earnings improvement primarily from lower polycarbonate costs, including impacts from previously announced restructuring actions in Stade, Germany • Steady year-over-year volumes with higher automotive demand offset by continued weakness in building & construction and consumer durables • Significant earnings improvement primarily from lower polycarbonate costs, including impacts from previously announced restructuring actions in Stade, Germany $246 $293 Q3'23 Q3'22 Net Sales ($MM) $22 ($15) Q3'23 Q3'22 Adjusted EBITDA ($MM) 100 100 Q3'23 Q3'22 Volume (kt) Vol Price FX Total (2%) (18%) 3% (16%)

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11 Polystyrene • Lower volume and margin due to weaker demand, particularly in building & construction applications • Rising European styrene prices during the quarter led to delayed polystyrene purchases • 35% year-to-date increase in sales volume of recycled-content-containing polystyrene with a significant margin premium • Lower volume and margin due to weaker demand, particularly in building & construction applications • Rising European styrene prices during the quarter led to delayed polystyrene purchases • 35% year-to-date increase in sales volume of recycled-content-containing polystyrene with a significant margin premium $175 $248 Q3'23 Q3'22 Net Sales ($MM) $9 $19 Q3'23 Q3'22 Adjusted EBITDA ($MM) 118 124 Q3'23 Q3'22 Volume (kt) Vol Price FX Total (7%) (25%) 3% (29%)

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12 $19 $23 Q3'23 Q3'22 Adjusted EBITDA ($MM) Feedstocks & Americas Styrenics FEEDSTOCKS AMERICAS STYRENICS • Current year results include a $15 million unfavorable impact from the unplanned Terneuzen styrene plant outage • $27 million positive net timing variance versus prior year • Current year results include a $15 million unfavorable impact from the unplanned Terneuzen styrene plant outage • $27 million positive net timing variance versus prior year • Lower polystyrene margins partially offset by higher styrene margins ($19) ($78) Q3'23 Q3'22 Adjusted EBITDA ($MM)

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13 Implementing Cash Improvement Initiatives while Extending Debt Maturities $115 $733 $447 $660 $385 $1,077 2023 2024 Term Loan 2025 Senior Notes 2026 2027 2028 Term Loan 2029 Senior Notes May April $1,045** moved to 2028 $115 remaining due in Sep 2025 Extended Debt Maturities ($MM) Working Capital Reductions Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Inventory (kT) • $157MM of cash provided by working capital reductions Q3 YTD with essentially all from improvement initiatives • Inventory quantity down 26% since Q2’22 Down 26% $279 $120 $96 Revolving Credit Facility AR Securitization Cash On Hand $495MM Combined Cash and Availability under Committed Facilities Cash and Borrowing Facilities as of September 30, 2023* ($MM) * 2026 Revolving Credit Facility available funds of $95.7 million (net of $16.8 million outstanding letters of credit), as well as the Accounts Receivable Securitization Facility with borrowing capacity of $120.4 million ** Net of unamortized original issue discount of $32 million

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14 Q4 and FY 2023 Earnings Guidance *For the definition of Adjusted EBITDA, refer to the accompanying press release furnished as Exhibit 99.1 to our Form 8-K dated November 3, 2023 Full Year 2023 Net loss from continuing operations of $509 million to $499 million and Adjusted EBITDA* of $175 million to $185 million • Includes $22 million of Q3 YTD unfavorable net timing • Below prior outlook due to unfavorable net timing and styrene-related impacts in Q3 as well as a more pronounced seasonality impact in Q4 Q4 2023 Similar sequential profitability despite Q4 seasonality • Improved Europe styrene economics including the impact of a partial-quarter closure of the Terneuzen styrene plant; partially offset by lower styrene margin at AmSty • Lower sequential profitability in Plastics Solutions, from UAW strike and higher raw material costs

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15 FY 2023 Cash Flow Guidance *See Appendix for a reconciliation of non-GAAP measures Cash from Operations of approximately $165 million and Free Cash Flow* of approximately $75 million • Capital Expenditures: $90 million • Cash Interest: $175 million • Cash Taxes: $30 million • Restructuring: $40 million • Turnarounds: $10 million • Working capital release of ~$250 million

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16 Appendix

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17 (in $millions, unless noted) Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 2020 2021 2022 Engineered Materials 12 10 13 16 16 43 53 58 60 60 50 41 46 50 47 51 170 212 Latex Binders 135 115 133 131 137 139 141 135 132 138 132 117 112 117 112 514 553 520 Plastics Solutions 131 101 139 140 143 142 135 128 134 120 100 102 109 105 100 511 548 457 Polystyrene 152 171 163 160 163 150 154 145 165 141 124 134 129 122 118 645 612 564 Feedstocks 72 50 59 66 65 54 49 55 46 54 37 24 38 36 40 247 223 162 Trade Volume (kt) 502 447 507 513 525 528 532 521 539 514 444 418 434 429 416 1,968 2,106 1,915 Engineered Materials 48 38 50 60 66 181 231 277 295 301 243 205 206 206 186 195 755 1,044 Latex Binders 219 165 183 200 251 311 316 306 307 354 341 255 248 254 222 767 1,183 1,256 Plastics Solutions 257 151 240 269 329 397 393 379 396 362 293 271 290 272 246 918 1,498 1,323 Polystyrene 183 156 167 193 267 313 275 264 318 312 248 216 209 193 175 699 1,119 1,093 Feedstocks 56 24 39 47 73 71 55 73 70 97 53 28 43 37 50 166 272 249 Net Sales 763 534 679 768 986 1,274 1,269 1,298 1,387 1,426 1,178 975 996 963 879 2,745 4,827 4,966 Engineered Materials 8 5 9 12 8 28 33 26 35 34 8 (5) (12) 12 5 35 95 72 Latex Binders 21 16 19 21 17 32 37 20 30 29 31 20 26 25 23 77 106 111 Plastics Solutions 27 (12) 40 50 65 82 88 79 69 46 (15) (9) 26 25 22 106 314 91 Polystyrene 11 15 20 33 47 51 51 33 45 23 19 12 16 6 9 79 183 99 Feedstocks (17) (4) 10 14 46 40 (28) (25) 4 14 (78) (16) (11) (7) (19) 3 34 (75) Americas Styrenics 10 14 18 25 23 30 17 22 22 39 23 18 18 13 19 67 93 102 Corporate (22) (17) (16) (26) (22) (24) (25) (24) (27) (21) (24) (16) (26) (17) (17) (82) (96) (88) Adjusted EBITDA* 38 17 101 130 184 239 173 133 178 164 (37) 6 36 57 41 285 729 312 Adj EBITDA Variance Analysis Net Timing** Impacts - Fav/(Unfav) Engineered Materials (0) (1) 0 1 1 1 (0) 0 (0) 0 (1) (3) (7) (9) (6) 0 2 (3) Latex Binders (3) (2) (1) 0 (16) 3 2 (2) 3 (3) 7 (1) (0) (0) (2) (5) (13) 6 Plastics Solutions (1) (15) 2 3 5 (1) (1) 8 11 10 (1) (2) (2) (1) (1) (11) 11 17 Polystyrene (4) (3) 1 6 5 1 0 1 5 7 (6) (4) 1 (2) 2 (1) 6 1 Feedstocks (7) (8) 2 15 14 0 (2) 1 13 19 (23) (8) 6 (4) 4 1 13 1 Net Timing** Impacts - Fav/(Unfav) (15) (28) 3 25 8 5 (1) 7 32 33 (24) (19) (2) (16) (4) (16) 19 21 *See this Appendix for a reconciliation of non-GAAP measures **Net Timing is the difference between Raw Material Timing and Price Lag. Raw Material Timing represents the timing of raw material cost changes flowing through cost of goods sold versus current pricing. Price Lag represents the difference in revenue between the current contractual price and the current period price. Selected Segment Information

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18 (in $millions, unless noted) Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 2020 2021 2022 Net Income (Loss) (36.3) (128.4) 105.8 66.7 71.5 151.6 93.1 123.8 16.7 37.4 (119.8) (365.3) (48.9) (349.0) (38.4) 7.9 440.0 (430.9) Net Income (Loss) from discontinued operations 33.1 (154.2) 65.6 0.5 5.7 18.6 13.7 122.4 (0.4) 0.3 (1.9) (1.0) - - - (54.8) 160.4 (2.9) Net Income (Loss) from continuing operations (69.4) 25.8 40.2 66.2 65.8 133.0 79.4 1.4 17.1 37.1 (117.9) (364.3) (48.9) (349.0) (38.4) 62.7 279.6 (428.0) Interest expense, net 10.3 11.7 10.0 11.6 12.0 21.6 23.0 22.8 21.9 25.4 30.4 35.3 38.3 40.2 46.6 43.6 79.4 112.9 Provision for (benefit from) income taxes 42.3 (53.0) 26.9 26.5 20.1 23.3 5.5 22.0 22.6 30.8 (12.1) (83.0) (16.7) (25.1) (17.7) 42.7 70.9 (41.6) Depreciation and amortization 24.2 24.3 21.2 22.8 23.1 38.1 49.8 56.4 53.0 48.1 45.9 89.8 56.0 52.5 38.2 92.6 167.5 236.9 EBITDA 7.4 8.8 98.3 127.1 121.0 216.0 157.7 102.6 114.6 141.4 (53.7) (322.2) 28.7 (281.4) 28.7 241.6 597.4 (119.8) Other items 18.7 3.0 2.6 1.2 2.1 4.8 0.7 12.0 23.4 22.1 14.8 11.0 3.6 2.6 7.2 25.5 19.5 71.2 Restructuring and other charges 1.8 5.4 (0.1) (1.5) 0.3 6.3 0.2 2.2 0.4 (1.5) - 17.0 3.7 1.5 13.8 5.6 9.0 15.9 Net gain on disposition of businesses and assets (0.4) - - - (0.2) - - (0.4) (0.3) (1.5) - - - (16.3) (9.3) (0.4) (0.6) (1.8) Acquisition transaction and integration net costs 0.1 (0.4) - 9.4 6.0 43.2 13.6 12.5 3.2 2.7 0.4 0.4 - 0.1 - 9.1 75.3 6.6 Acquisition purchase price hedge loss (gain) - - - (7.3) 55.0 (33.0) - - - - - - - - - (7.3) 22.0 - European Commission request for information - - - - - - - - 35.6 - - 0.6 - - - - - 36.2 Goodwill impairment charges - - - - --- - - - - 297.1 - 349.0 - - - 297.1 Asset impairment charges or write-offs 10.3 - - 0.7 - 1.8 1.2 3.8 0.7 1.3 1.9 2.4 0.3 1.3 0.5 11.0 6.8 6.3 Adjusted EBITDA 37.9 16.8 100.8 129.6 184.2 239.1 173.4 132.7 177.6 164.5 (36.6) 6.3 36.3 56.8 40.9 285.1 729.4 311.7 Adjusted EBITDA to Adjusted Net Income Adjusted EBITDA 37.9 16.8 100.8 129.6 184.2 239.1 173.4 132.7 177.6 164.5 (36.6) 6.3 36.3 56.8 40.9 285.1 729.4 311.7 Interest expense, net 10.3 11.7 10.0 11.6 12.0 21.6 23.0 22.8 21.9 25.4 30.4 35.3 38.3 40.2 46.6 43.6 79.4 112.9 Provision for (benefit from) income taxes - Adjusted 47.6 (54.7) 26.8 25.3 26.1 33.5 24.7 24.4 25.6 25.7 (9.6) (18.8) (20.0) 34.8 (18.6) 44.9 108.7 22.8 Depreciation and amortization - Adjusted 23.0 23.0 21.2 22.8 23.0 37.4 46.1 52.9 50.9 47.2 45.1 49.9 53.3 49.5 49.2 90.1 159.3 193.1 Adjusted Net Income (Loss) (43.0) 36.8 42.8 69.9 123.1 146.6 79.6 32.6 79.3 66.2 (102.5) (60.1) (35.3) (67.7) (36.3) 106.5 382.0 (17.1) Wtd Avg Shares - Diluted (000) 38,632 38,289 38,421 38,954 39,479 39,647 39,517 39,483 38,139 36,996 35,176 34,974 35,032 35,153 35,191 38,581 39,573 35,941 Adjusted EPS - Diluted ($) (1.11) 0.96 1.11 1.79 3.12 3.70 2.01 0.83 2.08 1.79 (2.91) (1.72) (1.01) (1.92) (1.03) 2.76 9.65 (0.48) Adjustments by Statement of Operations Caption Cost of sales - - - - - 10.1 3.5 3.5 - - - - - 1.2 0.4 0.0 17.1 0.0 SG&A 20.6 8.4 1.5 9.7 8.4 39.7 13.5 23.2 27.0 22.9 16.0 28.4 7.3 (12.1) 15.4 40.2 84.8 94.3 Impairment and other charges 10.3 - - 0.7 - 1.8 1.2 3.8 36.3 1.3 1.9 300.1 0.3 349.1 - 11.0 6.8 339.6 Acquisition purchase price hedge (gain) loss - - - (7.3) 55.0 (33.0) - - - - - - - - - (7.3) 22.0 0.0 Other expense (income), net (0.4) (0.4) 1.0 (0.6) (0.2) 4.5 (2.5) (0.4) (0.3) (1.1) (0.8) - - - (3.6) (0.4) 1.4 (2.2) Total EBITDA Adjustments 30.5 8.0 2.5 2.5 63.2 23.1 15.7 30.1 63.0 23.1 17.1 328.5 7.6 338.2 12.2 43.5 132.1 431.7 Free Cash Flow Reconciliation Cash provided by (used in) operating activities (5.8) 81.6 51.9 127.6 51.0 (21.0) 208.2 214.4 (5.0) (83.0) 97.6 33.9 45.4 56.5 29.3 255.4 452.7 43.5 Capital expenditures (24.3) (23.8) (12.7) (21.4) (12.6) (19.7) (35.7) (55.4) (24.8) (31.5) (38.5) (54.2) (21.8) (13.8) (13.5) (82.3) (123.5) (149.0) Free Cash Flow (30.1) 57.8 39.2 106.2 38.4 (40.7) 172.5 159.0 (29.8) (114.5) 59.1 (20.3) 23.6 42.7 15.8 173.1 329.2 (105.5) US GAAP to Non-GAAP Reconciliation NOTE: For definitions of non-GAAP measures as well as descriptions of current period reconciling items from Net Income to Adjusted EBITDA and to Adjusted Net Income, refer to the accompanying press release furnished as Exhibit 99.1 to our Form 8-K dated November 3, 2023. Totals may not sum due to rounding.

GRAPHIC

19 Year Ended (In $millions, unless noted) Dec 31, 2023 Adjusted EBITDA 175 - 185 Interest expense, net (185) Provision for income taxes 54 Depreciation and amortization (195) Reconciling items to Adjusted EBITDA(1) (358) Net Income (loss) from continuing operations (509) - (499) Reconciling items to Adjusted Net Income (Loss) (1) 297 Adjusted Net Income (Loss) (212) - (202) Weighted avg shares - diluted (MM) 35.1 EPS - diluted ($) (14.49) - (14.20) Adjusted EPS ($) (6.03) - (5.75) Year Ended Dec 31, 2023 Cash From Operations 165 Capital Expenditures (90) Free Cash Flow 75 US GAAP to Non-GAAP Reconciliation Profitability Outlook Cash Outlook (1) Reconciling items to Adjusted EBITDA and Adjusted Net Income (Loss) are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business and, as a result, cannot be estimated without unreasonable cost or uncertainty. For potential reconciling items to Adjusted EBITDA and Adjusted Net Income (Loss) during 2023 are not reflected. NOTE: For definitions of non-GAAP measures as well as descriptions of current period reconciling items from Net Income (Loss) to Adjusted EBITDA and to Adjusted Net Income (Loss), refer to the accompanying press release furnished as Exhibit 99.1 to our Form 8-K dated November 3, 2023. Totals may not sum due to rounding.

v3.23.3
Document and Entity Information
Nov. 03, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 03, 2023
Entity File Number 001-36473
Entity Registrant Name Trinseo PLC
Entity Incorporation, State or Country Code L2
Entity Tax Identification Number 00-0000000
Entity Address, Address Line One 440 East Swedesford Road
Entity Address, Adress Line Two Suite 301
Entity Address, City or Town Wayne
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19087
City Area Code 610
Local Phone Number 240-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Ordinary Shares, par value $0.01 per share
Trading Symbol TSE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001519061
Amendment Flag false

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