伊士曼化工 2025年度报告

Enhancing the qualityof life in a material way Eastman annual report 2025 Dear fellow Eastman stockholders, As I write this, I want to acknowledge the remarkable effort and perseveranceof the Eastman team around the world. In 2025, we faced one of the mostchallenging and dynamic years in our history. Yet, through disciplined execution,unwavering focus on cash generation and a steadfast commitment to ourinnovation-led strategy, we not only endured but also laid the groundwork forstronger years ahead. I am grateful for the resilience, teamwork and purposefulleadership that defined Eastman in 2025 — and I am optimistic about what wewill achieve together in 2026. 2025: A year of challenge, deliveryand strategic progress This past year tested many assumptions. We faced the fourth consecutive yearof manufacturing recession across global markets with persistent demandweakness in consumer discretionary segments — worsened by trade events,destocking in the Fibers tow business and the ongoing competitive pressures inChemical Intermediates. With little help from underlying market demand, weremained focused on actions that advanced our strategy, including prioritizingcash generation, defending the value of our products, advancing growthplatforms and strengthening our competitive position. Key performance and strategic highlights from 2025 include: •Safety first, always.Safety remains our nonnegotiable foundation. In2025, we achieved best-ever results across critical safety metrics, includingserious injury and fatality (SIF) rates, days away from work (DAWs) andOccupational Safety and Health Administration (OSHA) recordables.Many sites reached zero incidents, underscoring the depth of our safetyculture. The emphasis on process and personal safety is how we sustainreliability, quality and competitiveness. The leadership and disciplineshown by our teams in safety set the tone for everything we do. •Solid cash generation.In 2025, we generated $970 million of operatingcash flow with a deliberate emphasis on the second half of the year whenconditions were most challenging. In the third quarter, we took actions toreduce inventory levels to free up cash, which resulted in a $100 millionasset utilization headwind. The strong cash generation provided a bufferto invest in growth platforms and position us for economic recovery. •Cost discipline that compounds value.We delivered cost reductionstotaling roughly $100 million in 2025, exceeding the original target of$75 million. These actions improved gross margins, reduced structuralcosts and strengthened our overall cost posture at a time wheninflationary pressures and competitive dynamics were intense. •Capital returns and shareholder relations.We continuedour long-standing commitment to returning capital toshareholders, delivering approximately $500 million throughdividends and share repurchases. This marked the 16thconsecutive year of dividend increases, reinforcing our intentto reward investors while maintaining financial flexibility. 2026 outlook: A pragmatic plan forgrowth in a challenging environment We enter 2026 with visibility limited by macroeconomicuncertainty and a continued global manufacturing recession.Our plan assumes demand remains around 2025 levels, andwe are intentionally planning to operate with a focus oncash, cost discipline and selective growth investment. •Circular economy leadership and innovation momentum.Our circular platform had a milestone year in 2025. OurKingsport methanolysis facility realized its operational goals,producing volumes greater than 2.5 times 2024 quantities,achieving very high yields and contributing about $60million of earnings versus 2024. We developed insightsthat we could debottleneck the plant’s original capacityby 30%, providing us time to develop a capital-efficientapproach to our planned second plant. It also allows usto push out a buildup of capital expenditures in this weakenvironment. These achievements reinforced our leadershipin circular solutions and created a solid bridge to futuregrowth in Eastman Renew and other sustainable materials. Key elements of our 2026 plan: •Strengthen cash generation and working capitalmanagement.We expect operating cash flow to be similarto 2025 levels, supported by improved asset utilization,disciplined working capital practices and productivity gains.A continued emphasis on working capital discipline will beessential as we navigate a cautious demand environment. •Aggressive cost reduction and productivity gains.We have lifted our cost-reduction target for 2026 to arange of $125 million to $150 million (net of inflation),an increase driven by other post-employment benefitsplan modifications and other structural actions. Thisbuilds on the approximately $100 million we achievedin 2025 and reinforces our ability to protect marginsamid price volatility and increased energy costs. •Commercial execution and customer value.Wemaintained pricing discipline and defended productvalue d