Olin and Huntsman: 2Q26 Results In-Line; Somewhat Soft 3Q Guidance, But Focus Remains On Upcoming Shareholder Meeting Outcome

研报英文原文证据摘录

Olin and Huntsman: 2Q26 Results In-Line; Somewhat Soft 3Q Guidance, But Focus Remains On Upcoming Shareholder Meeting Outcome

J P M O R G A N North America Credit Research

30 July 2026

Olin and Huntsman

2Q26 Results In-Line; Somewhat Soft 3Q Guidance,

But Focus Remains On Upcoming Shareholder Meeting

Outcome

OUR TAKE: North America Corporate Credit -

Chemicals and Energy (HY)

AC• All eyes on the 8/25 shareholder vote outcome. OLN and Huntsman both Aaron Rosenthal, CFA

delivered 2Q results that generally matched expectations. OLN’s initial 3Q (1-212) 270-4584

outlook was somewhat disappointing, but the magnitude of the delta against aaron.rosenthal@jpmorgan.com

Street consensus (~$40 million in aggregate, or ~$20 million net of Freeport) Elle Boyd

is relatively modest in the grand scheme of things. HUN’s 3Q guidance (1-212) 270-7283

matched expectations, and the company reiterated guidance with respect to elle.boyd@jpmchase.com

generating free cash flow on a full year basis. Efficient working capital J.P. Morgan Securities LLC

management will be critical for HUN to deliver on its cash flow goals

considering the volatile raw material and energy price environment. The puts

and takes surrounding 3Q guidance and the trajectory for each business into 4Q

are important to monitor. However, any potential updates offered up on the

call(s) tomorrow related to the upcoming shareholder vote (at the August 25th

meeting) will likely be more impactful on trading levels given the potential

range of outcomes for the PF capital structure. See below for earnings and

guidance details for both credits as well as risks to our rating.

Table 1: OLN 2Q26 Earnings Summary

2Q26

Actual JPMe Consensus 1Q26 Q/Q % Change

Revenue $1,742 $1,783 $1,779 $1,583 10%

EBITDA $191 $182 $185 $86 122%