Abstract

Huntsman Corporation will release first-quarter 2026 results on April 30, 2026 Post Market; this preview compiles the latest quarter’s performance, consensus estimates for revenue and earnings, key segment watch items, and the prevailing institutional stance ahead of the print.

Market Forecast

For the first quarter of 2026, consensus points to revenue of 1.39 billion US dollars, implying a year-over-year decline of 6.63%. Forecast EBIT stands at -10.07 million US dollars with a year-over-year change of -235.95%, and adjusted EPS is estimated at -0.20 with a year-over-year change of -84.63%; gross margin and net margin forecasts are not disclosed in the available dataset. Polyurethanes is the principal revenue engine to monitor this quarter, with management and investors focused on pricing and volume stabilization after a weak finish to 2025. Performance Products appears the most promising near-term segment supported by recent capacity additions, with last quarter’s revenue of 246.00 million US dollars.

Last Quarter Review

In the fourth quarter of 2025, Huntsman reported revenue of 1.36 billion US dollars, a gross profit margin of 12.10%, a GAAP net loss attributable to shareholders of 96.00 million US dollars with a net margin of -7.08%, and adjusted EPS of -0.37, down 48.00% year over year. One notable highlight was the mixed scorecard versus street expectations: sales were modestly above consensus while adjusted EPS underperformed, reflecting pressure from margins and mix. By business, Polyurethanes delivered 956.00 million US dollars, Advanced Materials 265.00 million US dollars, and Performance Products 246.00 million US dollars, with eliminations of -7.00 million US dollars; the quarter’s net profit contracted quarter on quarter by an estimated -284% based on the tool’s growth indicator.

Current Quarter Outlook

Polyurethanes: Core revenue engine watching for volume and price stabilization

Polyurethanes is the largest contributor to Huntsman’s top line, posting 956.00 million US dollars in the latest reported quarter. The current setup centers on whether pricing and volume can stabilize enough to narrow losses and improve contribution margins. The fourth-quarter gross margin of 12.10% and a net margin of -7.08% underscore how sensitive quarterly profitability has been to spreads and operational leverage when volumes soften. With the consensus modeling a 6.63% year-over-year decline in total revenue for the first quarter, downside risk would likely come from continued softness in downstream orders or a slower-than-expected restock cycle, which would pressure utilization rates and pricing realization. Conversely, stability in order patterns and selective price discipline could help gross margin progression from the fourth-quarter trough levels, even if volumes remain soft. The translation of marginal volume improvements into margin recovery will be critical because fixed-cost absorption weighs heavily when throughput is low, and any incremental pricing gains typically drop through at a higher rate than headline revenue suggests. On profitability, consensus bakes in an EBIT of -10.07 million US dollars and adjusted EPS of -0.20, both reflecting an expectation of a still-challenged quarter; an upside surprise would likely require better-than-assumed spreads or operating cost efficiencies. Operating discipline—rationalized production, targeted commercial actions, and tight cost control—will be the main levers to protect margins if the pricing environment remains uneven. Management’s commentary on order trends into May and June will be closely watched for indications of sequential improvement and the timing of a more material margin inflection.

Performance Products: Capacity expansion supports mix and customer coverage

Performance Products reported 246.00 million US dollars of revenue in the last quarter and is positioned as a near-term bright spot given the recent expansion of the group’s manufacturing footprint in Europe. The new capacity provides additional flexibility and coverage for key amine catalysts and related chemistries, which should support customer service levels and mitigate bottlenecks that can emerge when demand pockets improve. While the quarter’s consensus at the consolidated level is conservative, this unit can add resilience to the overall portfolio mix if orders in select end uses hold. In the near term, the benefit of added capacity is more about optionality and customer responsiveness than pure volume lift, particularly in an environment where demand is not robust across all applications. Even so, running assets efficiently and securing incremental, higher-margin orders can provide a modest boost to consolidated gross margin relative to the fourth quarter’s 12.10%. Investors will be looking for signs that the capacity addition helps secure longer-term agreements or cross-selling opportunities that enhance revenue visibility and margin quality. Execution focus this quarter includes ensuring that start-up and integration costs do not dilute the anticipated benefits and that the commercial teams translate improved manufacturing flexibility into price and share stability. Any commentary indicating better order intake or backlog in Performance Products would be encouraging, especially if it coincides with disciplined working-capital management to protect cash conversion.

Key share-price drivers this quarter: Margins, cash discipline, and guidance cadence

The most immediate swing factor remains margin progression versus the fourth quarter’s levels. Even small improvements in spread or product mix can have an outsized impact on earnings given the negative EBIT base (-10.07 million US dollars estimate) and the leverage inherent in the cost structure. If realized pricing and variable cost inputs are slightly better than modeled, consensus EPS at -0.20 could prove conservative, but the opposite is also true if utilization disappoints. Cash discipline and the balance between capital expenditures and operating costs will be another theme. Investors will want to see evidence of tight working-capital control, especially around receivables and inventories, to avoid cash leakage during a soft revenue quarter. Commentary on capital allocation—particularly the pacing of discretionary spend and any updates on returns-based screening for growth projects—will frame how quickly the company can compound benefits once markets firm. Lastly, guidance cadence and tone on demand into the second quarter and the second half will shape near-term valuation reactions. Markets often react not only to the absolute numbers but also to management’s conviction and visibility. A cautious guide consistent with the forecast revenue decline of 6.63% year over year would likely reinforce a wait-and-see stance; any indication of sequential improvement beyond April could shift sentiment, even if the first-quarter prints near the low end of expectations.

Analyst Opinions

Across recent commentary, the majority stance is cautious/neutral rather than constructive. Among institutions, multiple firms have maintained Hold or Neutral views while one large bank downgraded its rating to Neutral; in aggregate, bullish versus cautious/neutral skews 0 to 4, with the cautious/neutral camp dominant. Given this balance, we summarize the majority perspective and its implications for the upcoming print. One global bank shifted its rating to Neutral and set a 14.00 US dollars target, highlighting a lack of near-term catalysts and the potential for earnings to remain below mid-cycle levels in the first half. Another major European institution maintained a Hold and also cited 14.00 US dollars as a fair value anchor, pointing to subdued visibility on margins until volume trends stabilize. Additional coverage from large research houses reiterated Hold or Neutral stances with the same 14.00 US dollars target level, collectively signaling an expectation for a soft first quarter and a gradual recovery rather than a sharp inflection. The majority view emphasizes three points heading into April 30, 2026. First, consensus revenue of 1.39 billion US dollars implies a 6.63% year-over-year contraction, and analysts see limited scope for a top-line beat without a clearer pickup in orders. Second, profitability expectations remain muted, with EBIT forecast at -10.07 million US dollars and adjusted EPS at -0.20, reflecting that gross margin improvements may be incremental from the fourth quarter’s 12.10% and not yet broad-based. Third, several analysts focus on the importance of second-quarter and second-half commentary to triangulate the timing and magnitude of any recovery in earnings power. Within this cautious framework, institutions recognize operational moves that could underpin longer-term improvement. Recent capacity enhancements in Performance Products are noted as supportive to customer service and potential mix gains, though consensus does not yet embed a step-change in revenue or margins from these initiatives in the first quarter. Similarly, disciplined cost actions and tighter working-capital control are seen as necessary to cushion cash flows until the revenue base firms; execution on these fronts could modestly de-risk estimates even if demand remains uneven. The prevailing analytical lens also stresses that valuation support depends on clearer evidence of margin repair. With adjusted EPS projected at -0.20 and an EBIT loss implied for the quarter, the bar for a multiple re-rating is higher in the absence of improving spread dynamics or quantifiable cost-out benefits. Analysts suggest that commentary on orders post-quarter-end will be the key tell; indications of sequential momentum could lead to upward revisions, whereas continued softness would sustain the Neutral posture. In sum, the majority of institutional research frames the upcoming first-quarter report as a checkpoint for stabilization rather than a catalyst for re-acceleration. The focus is on incremental progress in margins versus the fourth quarter, disciplined cash management, and signals that product demand is firming into the middle of the year. Against this backdrop, the consolidated Neutral stance reflects tempered expectations for the print and an emphasis on forward guidance and execution milestones.