What Trinseo PLC told the SEC could break it.

Trinseo's earnings/cash flows are exposed to volatile raw-material prices — primarily styrene, butadiene, MMA and acetone — with a lag in passing costs to customers; a hypothetical 10% raw-material price change would have moved cost of sales by ~$193.7M in 2025.

“rial volatility in earnings and cash flows due to the lag in passing through raw material costs, primarily for styrene, butadiene, MMA, and acetone. Assuming no changes in sales price, volume or mix, a hypothetical 10% change in the market price of our raw materials would have impacted cost of sales by approximately $193.7 million for the year ended December 31, 2025.”

Dow supplied 59% of the MMA used in Trinseo's PMMA production in 2025, and after Trinseo ceased its own styrene, polycarbonate and MMA production it now buys those inputs from external suppliers via strategic contracts and spot purchases — increasing dependence on third-party (notably Dow) supply.

“During 2025, Dow has supplied us with an aggregate 59% of the MMA used in our PMMA production, both in the United States 12 Table of Contents through various supply agreements. In 2025, we obtained approximately 9% of our raw materials from Dow (based on aggregate purchase price). Following our decision to cease production of styrene, PC, and MMA, these materials are purchased through strategic contracts and/or spot market purchases.”

Approximately 46% of Trinseo's 2025 net sales were generated in Europe, making the euro-to-USD rate its primary FX exposure (with secondary exposure to the Chinese yuan, Korean won, Swiss franc and New Taiwan dollar), amplified by its European manufacturing footprint and ongoing European plant closures.

“Our primary foreign currency exposure is the euro-to-U.S. dollar exchange rate, noting that approximately 46% of our net sales were generated in Europe for the year ended December 31, 2025.”

Trinseo (trading as TSEOQ) has recurring net losses and negative operating cash flows, expects to remain unprofitable near-term, suspended its dividend, and operates under Credit Facility/Refinance/2L Note covenants that restrict distributions amid major restructuring ($130.1M charges) — a distressed capital structure.

“Our Credit Facility, Refinance Credit Agreement, and 2L Note Indenture restrict dividends to Trinseo PLC. In 2025, we declared dividends of $0.8 million before the Board elected to suspend future dividends. Macroeconomic conditions—including tariff uncertainty, higher interest rates, and geopolitical factors—have negatively impacted demand, earnings, and liquidity. We have experienced recurring net losses and negative operating cash flows and expect to remain unprofitable in the near term.”