Celanese US (CE) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$9,849	$2,180	(1.1%)	$9,710	(1.4%)
Adj. EBITDA	$1,663	$376	27.8%	$1,709	2.8%
Free Cash Flow	$794	$132	(21.2%)	$707	(11.0%)
Net Debt, end of period	$10,183	$10,051		$9,476	(6.9%)
Net Debt / Adj. EBITDA	6.1x	5.8x		5.5x	-0.6x
Total Liquidity, end of period	$3,112	$3,244		$3,819	22.7%

The credit over the next year

Celanese is a 4.7x levered chemical credit whose next year turns on whether the 2026 jump in acetyl pricing holds: Acetyl Chain price was up 18% and 14% year over year in Q2 and Q3 2026 on regional supply dislocation, while volumes were flat. Engineered Materials is the steadier half, with price up 5% and underlying volume flat once the Micromax sale is stripped out, but it is exposed to auto builds and raw material inflation. If acetyl pricing gives back half its gain, quarterly sales fall by roughly $80 to $90 million at a high drop through, which would slow the plan to cut debt from $11.5 billion using $750 to $800 million of 2026 free cash flow and about $1 billion of divestiture proceeds by 2027.

Leverage falls from 6.1x to 5.5x over the next four quarters on the starting case.
Free cash flow of $707mm is projected over the next year, short of the $1.12bn of debt due in that time.
Net debt shrinks from $10.18bn to $9.48bn; maturing debt is assumed refinanced unless changed in the model.
Liquidity a year out is $3.82bn, against $3.11bn today.

Due inside a year: 2.125% Senior Notes due 2027 (EUR) ($568mm); 7.165% Senior Notes due 2027 (originally 6.165%) ($554mm).

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$1,362.0
2.125% Senior Notes due 2027 (EUR)	568.0	100.0%	2.12%	0.3x	Bullish
7.165% Senior Notes due 2027 (originally 6.165%)	554.0	101.1%*	4.86%	0.7x	Bullish
7.350% Senior Notes due 2028 (originally 6.350%)	746.0	104.0%*	5.24%	1.1x	Bullish
0.625% Senior Notes due 2028 (EUR)	568.0	100.0%	0.62%	1.5x	Bullish
7.330% Senior Notes due 2029 (originally 6.330%)	750.0	104.3%*	5.48%	1.9x	Bullish
6.337% Senior Notes due 2029 (EUR, originally 5.337%)	568.0	100.0%	6.34%	2.3x	Bullish
7.550% Senior Notes due 2030 (originally 6.550%)	999.0	105.9%*	5.88%	2.9x	Bullish
6.500% Senior Notes due 2030	700.0	101.8%*	5.91%	3.3x	Bullish
U.S. Revolving Credit Facility ($1.75bn)	0.0	100.0%	N/a	3.3x	Bullish
5.000% Senior Notes due 2031 (EUR)	852.0	100.0%	5.00%	3.8x	Bullish
7.000% Senior Notes due 2031	600.0	102.8%*	6.28%	4.2x	Neutral
7.379% Senior Notes due 2032 (originally 6.379%)	1,000.0	104.7%*	6.35%	4.8x	Neutral
6.750% Senior Notes due 2033	1,100.0	101.8%*	6.41%	5.4x	Neutral
7.700% Senior Notes due 2033 (originally 6.700%)	1,000.0	106.8%*	6.48%	6.0x	Neutral
7.375% Senior Notes due 2034	800.0	103.4%*	6.79%	6.5x	Neutral
Bank loans due at various dates through 2031 (long-term debt line)	538.0	100.0%	N/a	6.8x	Neutral
Obligations under finance leases due through 2054	117.0	100.0%	N/a	6.9x	Neutral
Short-term borrowings, including amounts due to affiliates	90.0	100.0%	N/a	6.9x	Neutral
Pollution control and industrial revenue bonds due through 2030	85.0	100.0%	N/a	7.0x	Neutral
China Revolving Credit Facilities (CNCC CNY100mm revolver)	0.0	100.0%	N/a	7.0x	Neutral
Total Debt	$11,545.0			6.9x
Net Debt	$10,183.0			6.1x

Last Twelve Months

Revenue	$9,849
Implied Costs	(8,186)
Adj. EBITDA	$1,663
(-) Interest Expense	(721)
(-) Capex	(281)
Memo: FCF	$794
Total Liquidity	$3,112.0

Next 12 months, starting case▶ Revenue $9.85bn → $9.71bn▲ Adj. EBITDA $1.66bn → $1.71bn▼ Free cash flow $794mm → $707mm▼ Net leverage 6.1x → 5.5x▲ Liquidity $3.11bn → $3.82bn

Celanese US

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$1,362.0
Undrawn Revolver ($1,750mm facility)			1,750.0
Total Liquidity			$3,112.0

2.125% Senior Notes due 2027 (EUR)	2.125%	3/1/2027	568.0	100.0%	2.12%	12/1/2026 @ 100	2.12%	Bullish
7.165% Senior Notes due 2027 (originally 6.165%)	7.165%	7/15/2027	554.0	101.1%*	5.99%	6/15/2027 @ 100	4.86%	Bullish
7.350% Senior Notes due 2028 (originally 6.350%)	7.35%	11/15/2028	746.0	104.0%*	5.24%	10/15/2028 @ 100	5.24%	Bullish
0.625% Senior Notes due 2028 (EUR)	0.625%	9/10/2028	568.0	100.0%	0.62%	6/10/2028 @ 100	0.62%	Bullish
7.330% Senior Notes due 2029 (originally 6.330%)	7.33%	7/15/2029	750.0	104.3%*	5.76%	5/15/2029 @ 100	5.48%	Bullish
6.337% Senior Notes due 2029 (EUR, originally 5.337%)	6.337%	1/19/2029	568.0	100.0%	6.34%	11/19/2028 @ 100	6.34%	Bullish
7.550% Senior Notes due 2030 (originally 6.550%)	7.55%	11/15/2030	999.0	105.9%*	5.88%	9/15/2030 @ 100	5.88%	Bullish
6.500% Senior Notes due 2030	6.50%	4/15/2030	700.0	101.8%*	5.91%	4/15/2027 @ 103.25	9.16%	Bullish
U.S. Revolving Credit Facility ($1.75bn)	SOFR + 100 to 200	8/11/2030	0.0	100.0%	N/a	N/a	N/a	Bullish
5.000% Senior Notes due 2031 (EUR)	5.00%	4/15/2031	852.0	100.0%	5.00%	10/15/2027 @ 102.5	7.45%	Bullish
7.000% Senior Notes due 2031	7.00%	2/15/2031	600.0	102.8%*	6.28%	2/15/2028 @ 103.5	7.27%	Neutral
7.379% Senior Notes due 2032 (originally 6.379%)	7.379%	7/15/2032	1,000.0	104.7%*	6.42%	4/15/2032 @ 100	6.35%	Neutral
6.750% Senior Notes due 2033	6.75%	4/15/2033	1,100.0	101.8%*	6.41%	4/15/2028 @ 103.375	7.63%	Neutral
7.700% Senior Notes due 2033 (originally 6.700%)	7.70%	11/15/2033	1,000.0	106.8%*	6.48%	8/15/2033 @ 100	6.48%	Neutral
7.375% Senior Notes due 2034	7.375%	2/15/2034	800.0	103.4%*	6.79%	2/15/2029 @ 103.688	7.25%	Neutral
Bank loans due at various dates through 2031 (long-term debt line)	2.40%	N/a	538.0	100.0%	N/a	N/a	N/a	Neutral
Obligations under finance leases due through 2054	N/a	N/a	117.0	100.0%	N/a	N/a	N/a	Neutral
Short-term borrowings, including amounts due to affiliates	2.20%	N/a	90.0	100.0%	N/a	N/a	N/a	Neutral
Pollution control and industrial revenue bonds due through 2030	N/a	N/a	85.0	100.0%	N/a	N/a	N/a	Neutral
China Revolving Credit Facilities (CNCC CNY100mm revolver)	N/a	N/a	0.0	100.0%	N/a	N/a	N/a	Neutral
Other debt, discounts and issuance costs	N/a	N/a	(90.0)
Total Debt			$11,545.0						4.8x	6.1x	4.8x	7.1x	10.1x	6.9x	6.8x	6.8x
Net Debt			$10,183.0						4.2x	5.4x	4.2x	6.2x	8.9x	6.1x	5.5x	5.2x
						Adj. EBITDA			$2,412	$1,900	$2,411	$1,630	$1,138	$1,663	$1,709	$1,704

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$8,537	$9,673	$10,926	$10,268	$9,544	$9,849	$9,710	$9,710
Y/Y Growth		13.3%	13.0%	(6.0%)	(7.1%)		(1.4%)	0.0%
(-) Cost of Revenue	(5,855)	(7,293)	(8,343)	(7,932)	(7,592)	(7,801)	(7,637)	(7,642)
Gross Profit	$2,682	$2,380	$2,583	$2,336	$1,952	$2,048	$2,073	$2,067
Gross Margin	31.4%	24.6%	23.6%	22.8%	20.5%	20.8%	21.3%	21.3%
(-) SG&A	(633)	(824)	(1,077)	(1,033)	(899)	(948)	(932)	(932)
(+/-) Other Operating Costs, net of D&A	268	284	865	(1,222)	(1,079)	532	537	537
EBITDA	$2,317	$1,840	$2,371	$81	($26)	$1,632	$1,678	$1,672
(+) Add-backs: stock comp, restructuring, impairments	95	60	40	1,549	1,164	31	31	31
Adj. EBITDA	$2,412	$1,900	$2,411	$1,630	$1,138	$1,663	$1,709	$1,704
Margin	28.3%	19.6%	22.1%	15.9%	11.9%	16.9%	17.6%	17.5%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,412	$1,900	$2,411	$1,630	$1,138	$1,663	$1,709	$1,704
(-) Interest Expense (Cash Only)	(105)	(122)	(780)	(701)	(671)	(721)	(682)	(682)
(-) Cash Taxes	(215)	(273)	(237)	(349)	(255)	(43)	(43)	(43)
(-) Capex	(467)	(543)	(568)	(435)	(343)	(281)	(277)	(277)
(+/-) Working Capital and Other	(335)	314	505	386	934	176	--	--
Memo: FCF	$1,290	$1,276	$1,331	$531	$803	$794	$707	$701
% of Debt	11.2%	11.1%	11.5%	4.6%	7.0%	6.9%	6.1%	6.1%

Liquidity

Unrestricted Cash	$1,362.0
Undrawn Revolver	1,750.0
Total Liquidity	$3,112.0
(-) Debt due through 2028	(2,436.0)
(+/-) Free cash flow, last twelve months	794.0
Liquidity after maturities and a year of cash flow	$1,470.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$8,537	$9,673	$10,926	$10,268	$9,544	$9,849	$9,710	$9,710
Y/Y Growth		13.3%	13.0%	(6.0%)	(7.1%)		(1.4%)	0.0%
(-) Cost of Revenue	(5,855)	(7,293)	(8,343)	(7,932)	(7,592)	(7,801)	(7,637)	(7,642)
Gross Profit	$2,682	$2,380	$2,583	$2,336	$1,952	$2,048	$2,073	$2,067
Gross Margin	31.4%	24.6%	23.6%	22.8%	20.5%	20.8%	21.3%	21.3%
(-) SG&A	(633)	(824)	(1,077)	(1,033)	(899)	(948)	(932)	(932)
(+/-) Other Operating Costs, net of D&A	268	284	865	(1,222)	(1,079)	532	537	537
EBITDA	$2,317	$1,840	$2,371	$81	($26)	$1,632	$1,678	$1,672
(+) Add-backs: stock comp, restructuring, impairments	95	60	40	1,549	1,164	31	31	31
Adj. EBITDA	$2,412	$1,900	$2,411	$1,630	$1,138	$1,663	$1,709	$1,704
Margin	28.3%	19.6%	22.1%	15.9%	11.9%	16.9%	17.6%	17.5%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,412	$1,900	$2,411	$1,630	$1,138	$1,663	$1,709	$1,704
(-) Interest Expense (Cash Only)	(105)	(122)	(780)	(701)	(671)	(721)	(682)	(682)
(-) Cash Taxes	(215)	(273)	(237)	(349)	(255)	(43)	(43)	(43)
(-) Capex	(467)	(543)	(568)	(435)	(343)	(281)	(277)	(277)
(+/-) Working Capital and Other	(335)	314	505	386	934	176	--	--
Memo: FCF	$1,290	$1,276	$1,331	$531	$803	$794	$707	$701
% of Debt	11.2%	11.1%	11.5%	4.6%	7.0%	6.9%	6.1%	6.1%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Acetyl Chain price change % change in segment net sales from price, year over year	-7	-4	18	14	5	7	-9	-1	0	0	0	0	$11.3mm on revenue	23
Acetyl Chain volume change % change in segment net sales from volume, year over year	-10	-7	0	0	0	0	0	0	0	0	0	0	$11.3mm on revenue	--
Engineered Materials volume change % change in segment net sales from volume, year over year	-2	0	-6	-6	-6	-6	0	0	0	0	0	0	$13.5mm on revenue	(162)
Engineered Materials price change % change in segment net sales from price, year over year	0	-1	5	5	0	0	0	0	0	0	0	0	$13.5mm on revenue	--
US natural gas price (Henry Hub) $ per MMBtu, quarterly average	3.75	4.79	2.95	2.87	2.84	2.94	2.42	2.79	3.39	2.94	2.42	2.79	$10.0mm on cost of revenue	(34)

Celanese is a 4.7x levered chemical credit whose next year turns on whether the 2026 jump in acetyl pricing holds: Acetyl Chain price was up 18% and 14% year over year in Q2 and Q3 2026 on regional supply dislocation, while volumes were flat. Engineered Materials is the steadier half, with price up 5% and underlying volume flat once the Micromax sale is stripped out, but it is exposed to auto builds and raw material inflation. If acetyl pricing gives back half its gain, quarterly sales fall by roughly $80 to $90 million at a high drop through, which would slow the plan to cut debt from $11.5 billion using $750 to $800 million of 2026 free cash flow and about $1 billion of divestiture proceeds by 2027.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$2,204	$2,337	$2,752	$2,556	$2,180	$2,335	$2,650	$2,545	$2,180	$2,335	$2,650	$2,545
Y/Y Growth	(6.5%)	(2.2%)	8.7%	5.7%	(1.1%)	(0.1%)	(3.7%)	(0.4%)	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$294	$423	$530	$416	$376	$525	$400	$408	$370	$525	$400	$408
Margin	13.3%	18.1%	19.3%	16.3%	17.2%	22.5%	15.1%	16.0%	17.0%	22.5%	15.1%	16.0%
Free Cash Flow	$168	$10	$147	$469	$132	$277	$143	$154	$127	$277	$143	$154
Cash, end of period	1,263	1,758	1,364	1,362	1,494	1,771	1,915	2,069	2,196	2,473	2,616	2,770
Total Debt, end of period	12,598	12,554	12,007	11,545	11,545	11,545	11,545	11,545	11,545	11,545	11,545	11,545
Net Debt / Adj. EBITDA	10.3x	9.2x	8.4x	6.1x	5.8x	5.3x	5.6x	5.5x	5.5x	5.3x	5.2x	5.2x

Revenue is built from Engineered Materials, Acetyl Chain, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 3, 2026

Slides Webcast and audio replay Transcript Investor relations site

Celanese beat the middle of its Q3 range with adjusted EPS of $1.65, posted $461 million of free cash flow, and raised its 2026 EPS and cash flow outlook while leverage edged down to 4.9x.

Takeaways

Adjusted EPS was $1.65, up 23% year on year and near the top of the $1.35 to $1.75 guide. Nine-month adjusted EBIT is up about 25%.
Engineered Materials EBIT was $209 million at a 15% margin, up 80 basis points. Medical sales rose 16% and electronics rose 30%, offsetting weaker China auto volumes.
Acetyl Chain EBIT was $236 million at a 20% margin, up over 25% year on year on pricing and reliable Western supply. Margins are expected to compress in Q4.
Free cash flow was $461 million in the quarter and over $600 million year to date. Working capital released $184 million.
Net debt to operating EBITDA was 4.9x at quarter end, with $1.4 billion of cash and an undrawn $1.75 billion revolver. Management targets about 4.7x at year end.
Sale of a further 19% of the Nutrinova JV to Mitsui should bring about $152 million soon. Divestiture proceeds are near two thirds of the $1 billion goal through 2027.

Debt and capital

Net debt to operating EBITDA of 4.9x at Q3, targeted at about 4.7x by end of 2026.
Year-end cash is expected to more than cover all 2027 bond maturities; 2027 free cash flow is meant to address 2028 maturities.
Two 2026 bonds ($508 million and $400 million) were repaid with cash in mid-2026, leaving no further 2026 bond maturities.
About $1 billion divestiture target through 2027; roughly $340 to $350 million still to come, likely via several JV-type deals.
Management expects about $40 million of net interest savings in 2027 as debt falls.
No share buybacks discussed; cash is directed to debt reduction.

Guidance

Full-year 2026 adjusted EPS raised to about $6.00 to $6.25, from about $6.00 last quarter.
Full-year 2026 free cash flow raised to $750 to $800 million, from $700 to $800 million.
Q4 adjusted EBIT guided to $170 to $190 million for Engineered Materials and $200 to $230 million for the Acetyl Chain, both down on seasonality.
2027 free cash flow framed at $700 to $800 million, with capex held at $300 to $350 million.
Q4 net interest expense about $165 million; adjusted tax rate about 8% for the year.

What analysts asked

What earnings assumptions support the $700 to $800 million 2027 free cash flow outlook, and how much comes from working capital and lower restructuring cash.
Size of 2027 cost tailwinds: $30 to $40 million more from actions taken, about $20 million functional cost normalization, and $40 million lower interest.
Acetyl margins in China and the methanol cost squeeze, plus a supplier outage, and what Q4 guidance assumes.
Durability of electronics and medical growth tied to AI data centers into 2027.
Path to the remaining divestiture proceeds after Nutrinova and whether asset sales continue past the $1 billion target.
Acetate tow market outlook after the Lanaken closure and a competitor's sale, plus European gas exposure.

Tone: Confident and cash focused, with management stressing deleveraging and cost self-help while flagging softer Q4 acetyl margins and rising raw material costs.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Company-published prepared comments plus the company-hosted corrected transcript of the Q&A session, both on the Celanese IR site.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Celanese grew sales 6% and lifted operating EBITDA to $548mm, then raised its full-year free cash flow outlook to $750mm to $800mm.

Results

Net sales were $2,556mm, up 6% from $2,419mm a year earlier and down 7% from $2,752mm in the second quarter.
Operating EBITDA, the company's adjusted EBITDA measure, was $548mm (21% margin) against $517mm a year earlier; adjusted EBIT was $367mm.
Operating profit was $198mm and net earnings were $78mm, compared with a $1,275mm operating loss a year earlier that included a $1.1bn goodwill impairment.
Operating cash flow was $538mm and free cash flow was $461mm, bringing year-to-date free cash flow to $604mm.
Adjusted EPS was $1.65, within the $1.35 to $1.75 range the company gave for the quarter in August.

Why

Acetyl Chain sales rose 14% on better pricing and spot sales that more than offset softer demand; segment operating EBITDA was $301mm.
Engineered Materials sales fell 1%, but the sold Micromax business accounted for 6 points of that drop; mix gains in medical and electronics offset raw material and logistics cost increases.
Sequential declines in both segments reflected softer auto demand in Engineered Materials and normalizing supply chains in the Acetyl Chain.
Cash flow benefited from working capital timing and capital spending of $69mm in the quarter.

Balance sheet and guidance

Cash was $1,362mm and total debt was $11,545mm, leaving net debt of $10,183mm, down from $10,643mm at the end of June.
Short-term borrowings and current debt rose to $1,414mm from $1,204mm at year end, while long-term debt fell to $10,131mm.
The company expects to end 2026 at about 4.7x net debt to operating EBITDA and to reach about $650mm of divestiture proceeds by year end.
Full-year 2026 free cash flow raised to $750mm to $800mm, from $700mm to $800mm in August.
Full-year 2026 adjusted EPS of about $6.00 to $6.25, versus about $6.00 in August.
Fourth quarter expected to see seasonal moderation in both segments.
No revenue, operating EBITDA or capital spending range was given.

What to watch

Whether the fourth quarter seasonal slowdown still leaves net leverage near the 4.7x year-end target the company set.
Closing of the Nutrinova stake sale (about $152mm) and progress toward roughly $650mm of divestiture proceeds by year end, which feed debt reduction.
How $1,414mm of current debt is repaid or refinanced, and whether working capital benefits that lifted third quarter cash flow reverse.

From the company's press release filed Nov 2, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 2, 20268-K for Nov 2, 2026: Results · Press release · Presentation or supplement
Aug 4, 20268-K for Aug 4, 2026: Results · Press release · Presentation or supplement
May 5, 20268-K for May 5, 2026: Results · Press release · Presentation or supplement
Feb 17, 20268-K for Feb 17, 2026: Results · Press release · Presentation or supplement
Nov 6, 20258-K for Nov 6, 2025: Results · Press release · Presentation or supplement
Aug 11, 20258-K for Aug 11, 2025: Results · Press release · Presentation or supplement
May 5, 20258-K for May 5, 2025: Results · Press release · Presentation or supplement
Feb 18, 20258-K for Feb 18, 2025: Results · Press release · Presentation or supplement

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 2, 20268-K for Nov 2, 2026: Regulation FD
Sep 16, 20268-K for Sep 16, 2026: Director or officer change
Aug 4, 20268-K for Aug 4, 2026: Regulation FD
Aug 4, 20268-K for Jul 31, 2026: Material agreement; New debt
Jun 10, 20268-K for Jun 10, 2026: Other event
May 5, 20268-K for May 5, 2026: Regulation FD
Apr 20, 20268-K for Apr 16, 2026: Director or officer change
Apr 17, 20268-K for Apr 16, 2026: Shareholder vote
Mar 4, 20268-K for Feb 27, 2026: Director or officer change
Feb 17, 20268-K for Feb 17, 2026: Regulation FD
Jan 6, 20268-K for Jan 4, 2026: Director or officer change
Dec 17, 20258-K for Dec 17, 2025: Material agreement; New debt
Dec 16, 20258-K for Dec 16, 2025: Other event
Dec 4, 20258-K for Dec 3, 2025: Material agreement
Dec 2, 20258-K for Dec 2, 2025: Other event
Nov 6, 20258-K for Nov 6, 2025: Regulation FD
Oct 28, 20258-K for Oct 28, 2025: Regulation FD
Oct 28, 20258-K for Oct 28, 2025: Restructuring; Regulation FD
Aug 11, 20258-K for Aug 11, 2025: Material agreement; Agreement terminated; New debt
Aug 11, 20258-K for Aug 11, 2025: Regulation FD

Proxy statements 3

Other filings 8

Jun 25, 202625-NSE
Dec 5, 2025424B5
Dec 2, 2025424B5
Mar 10, 2025424B5
Mar 10, 2025424B5
Mar 5, 2025424B5
Mar 5, 2025424B5
Feb 11, 202525-NSE

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Nov 25, 2025Moody's: Downgraded from Ba1 (new level not stated in company filings). Further downgrade during the deleveraging period; it adds a coupon step-up on certain senior notes. · source
Nov 17, 2025S&P: Downgraded from BB+ (new level not stated in company filings). Further downgrade during the deleveraging period; together with the Moody's move it adds 50 bp to certain senior note coupons in 2026. · source
Feb 12, 2025Moody's: Downgraded long-term and short-term ratings to Ba1 from Baa3, outlook negative. Leverage stayed high after the M&M acquisition, which moved the company out of investment grade at Moody's. · source
Dec 1, 2024Fitch: Affirmed BBB-, outlook revised to negative from stable. Slower than expected debt reduction put pressure on the last investment grade rating. · source
Nov 14, 2024S&P: Downgraded long-term rating to BB+ from BBB-, outlook stable. Weak demand and elevated leverage led S&P to cut the company to high yield, triggering a 25 bp coupon step-up on the 2028, 2030 and 2033 notes. · source

Coming up

Feb 23, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Mar 1, 2027Maturity. 2.125% Senior Notes due 2027 (EUR): $568mm outstanding comes due.
Jul 15, 2027Maturity. 7.165% Senior Notes due 2027 (originally 6.165%): $554mm outstanding comes due.
Sep 10, 2028Maturity. 0.625% Senior Notes due 2028 (EUR): $568mm outstanding comes due.
Nov 15, 2028Maturity. 7.350% Senior Notes due 2028 (originally 6.350%): $746mm outstanding comes due.

Recent 8-K filings

Nov 2, 2026Regulation FD disclosure
Nov 2, 2026Reported results
Sep 16, 2026Director or officer change
Aug 4, 2026Regulation FD disclosure
Aug 4, 2026Reported results
Aug 4, 2026Entered into a material agreement; Took on new debt or an obligation