Speciality materials company Trinseo reported a third-quarter net loss of USD 87 million, driven largely by restructuring and other charges totalling USD 26 million. 

This follows recently announced restructuring efforts aimed at streamlining operations. The company posted an adjusted EBITDA of USD 66 million, marking a USD 25 million increase year-over-year.

Despite a one percent year-over-year decline in net sales to USD 868 million, the company attributed an eight percent decrease in sales to intentional reductions in low-margin areas like polystyrene and latex binders. However, a seven percent increase from higher raw material prices partially offset this decline.

Commenting on the company’s third-quarter performance, President and Chief Executive Officer of Trinseo, Frank Bozich said, “As expected, market conditions and Adjusted EBITDA were sequentially similar to the prior quarter. Despite continued weak demand in many of our end markets, particularly building and construction and appliances, we saw significant year-over-year profitability improvement largely as a result of our restructuring actions and continued moderation of European input costs.”

Third Quarter Performance by Segment

Engineered Materials: The segment posted a 12 percent rise in net sales, reaching USD 207 million, driven by increased sales volume in consumer electronics and medical applications. Adjusted EBITDA for the segment rose by USD 20 million to USD 25 million, benefiting from improved margins and a favourable product mix.

 Latex Binders: Net sales increased eight percent to USD 242 million, primarily due to higher prices that offset a drop in sales volume for paper and carpet applications. Adjusted EBITDA increased by USD 8 million to USD 26 million, reflecting improved margins and a positive regional and product mix.

Plastics Solutions: Net sales rose three percent year-over-year to USD 268 million, driven by higher raw material costs. Adjusted EBITDA climbed USD 11 million to USD 28 million, aided by higher fixed cost absorption and inventory builds in preparation for the closure of the virgin polycarbonate facility in Stade, Germany.

Polystyrene: This segment saw a 28 percent year-over-year decline in net sales to USD 151 million, impacted by a 35 percent decrease in volume after the closure of the Terneuzen, Netherlands, facility and a reduction in low-margin sales. Adjusted EBITDA rose by USD 5 million to USD 4 million due to higher margins and cost savings from the Terneuzen facility exit.

Fourth Quarter Outlook

Trinseo projects a net loss of between USD 71 million and USD 81 million in the fourth quarter, with adjusted EBITDA expected to range from USD 40 million to USD 50 million. Bozich noted that while fourth-quarter EBITDA is anticipated to dip from year-end seasonality, restructuring benefits should sustain profitability above prior-year levels. The company also expects positive free cash flow due to seasonal working capital improvements.

Commenting on the fourth quarter outlook, Bozich said, “We expect Adjusted EBITDA to be sequentially lower from year-end seasonality, but still higher than the prior year due to the benefits from our restructuring initiatives. We also expect free cash flow to turn positive in the fourth quarter due to typical seasonal working capital improvements.”

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Pirelli’s hardest slick compounds dominated the opening day of 2026 Formula 1 pre-season testing in Bahrain, with teams restricted to the C1, C2 and C3 slick compounds best suited to the Sakhir circuit’s demanding surface. The first of six scheduled days of running ahead of the season opener in Melbourne on 8 March saw track activity unfold under markedly warmer conditions than last year, with ambient temperatures ranging from 25 to 32°C and track temperatures peaking at 43°C – a stark contrast to the sub-15°C conditions experienced in Manama a year ago.

Over eight hours of running, 18 drivers completed a total distance of 6,183 kilometres. The C3 compound proved the most heavily utilised, accounting for more than half of all laps with 603 tours totalling 3,262 kilometres. The C2 followed with 382 laps covering 2,067 kilometres, while the C1 was used for 156 laps and 844 kilometres. A single set of Intermediate tyres was also permitted and fitted by Haas driver Esteban Ocon for two installation laps at the session’s outset. In total, 11 sets of C1, 29 of C2 and 40 of C3 were deployed across the field.

Sergio Pérez, driving for Cadillac, recorded the longest uninterrupted stint on the hardest compound with 30 laps. Max Verstappen achieved the longest run on C2 with 31 laps, while Ocon logged 25 consecutive laps on the C3 to lead that category. Verstappen also posted the quickest time on the C1 compound with a lap of 1:35.631.

Lando Norris finished the day fastest overall, his 1:34.669 set on the C2 placing him at the top of the timesheets. He was followed by Verstappen and Ferrari’s Charles Leclerc, both of whom set their best laps on the softer C3 compound, trailing by 0.129 and 0.521 seconds, respectively. Eight different teams appeared in the top 10 positions. Isack Hadjar, Fernando Alonso, Liam Lawson and Ollie Bearman did not participate in any running.

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Michelin reported a fall in earnings for 2025 as weaker volumes and a stronger euro offset gains from pricing and product mix, while free cash flow remained robust and debt declined.

Sales fell 4.4 percent to €26 billion in 2025, according to the company’s full-year results. Tyre volumes declined by 4.7 percent, with more than 80 percent of the drop linked to original equipment markets, particularly truck and agricultural tyres in North America.

Segment operating income amounted to €2.9 billion at constant exchange rates, representing 10.9 percent of sales and down 1.5 percentage points year on year . On a reported basis, segment operating income was €2.7 billion, compared with €3.4 billion in 2024. Net income fell 12 percent to €1.7 billion.

Free cash flow before mergers and acquisitions reached €2.1 billion, while net debt declined to €2.3 billion from €3.1 billion, reducing gearing to 13.0 percent.

Florent Menegaux, Managing Chairman, said: “In 2025, several markets where the Group operates were affected by heightened competition, new and very unstable customs tariffs, and an unfavourable regulatory environment, which weighed on our volumes. In this context, our teams responded with exemplary engagement, by closely adjusting the steering of our operations. We also strengthened our financial position, continued to adapt our industrial capacities, and accelerated our product plan. The Group's growth momentum in Polymer Composite Solutions, boosted by our recent acquisitions, confirms our ability to position ourselves in these high value-added activities. We remain committed to continuing to deploy our Michelin in Motion 2030 strategy”.

The automotive and two-wheel division reported sales of €14.3 billion, down 2.5 percent, with an operating margin of 11.7 percent, compared with 13.1 percent in 2024. The share of 18-inch and larger tyres in Michelin-branded passenger car sales rose to 68 percent.

Road transportation sales declined 8.7 percent to €6.0 billion. The operating margin narrowed sharply to 4.7 percent from 9 percent, reflecting a 20 percent contraction in North American original equipment markets, where manufacturers reduced output after stockpiling trucks .

Specialty businesses generated sales of €5.7 billion, down 4.4 percent, with an operating margin of 13.5 percent. Mining and aircraft tyres recorded growth, partly offsetting continued weakness in agricultural and construction original equipment markets.

The group said non-tyre businesses, including Polymer Composite Solutions and Michelin Connected Fleet, made a positive contribution to sales and operating income.

For 2026, Michelin expects tyre markets to remain broadly stable over the year, with a slight contraction in the first half and relative improvement in business-to-business original equipment markets in the second half. The company is targeting growth in segment operating income at constant exchange rates and scope, and more than €1.6bn in free cash flow before mergers and acquisitions.

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Hankook Tire is preparing to play a central role as the ABB FIA Formula E World Championship travels to Saudi Arabia’s Red Sea coast for the first time for the 2026 E-Prix. Rounds 4 and 5 of Season 12 will take place as a night-time double-header at the Jeddah Corniche Circuit on 13 and 14 February 2026, marking the venue’s debut on the all-electric calendar. The floodlit setting will frame two consecutive evenings of racing, offering a fresh atmosphere and technical challenge for teams and drivers.

The circuit itself has been reworked from its Formula 1 iteration to align with Formula E’s regenerative braking characteristics and energy management requirements. At 3.001 kilometres, the layout intersperses rapid straight sections with heavy braking zones, technical chicanes and tight hairpins where traction and cornering precision are paramount. Night racing adds another variable. Without daytime solar heating, tarmac temperatures evolve steadily through each session, prompting gradual shifts in surface grip that demand adaptability from both drivers and machinery.

Hankook’s iON Race tyre has been developed to function as a consistent, responsive element under these fluctuating conditions. Its construction balances high-load grip with thermal regulation and optimised rolling resistance, a synthesis that directly influences energy conservation and race strategy across the Formula E field. In Jeddah, where high-speed running and repeated braking elevate thermal stress, the tyre’s capacity to maintain a stable operating window while reacting instantly to changing track states becomes a competitive asset from first practice to chequered flag.

Off the circuit, fan engagement initiatives and the return of Formula E EVO Sessions will amplify the event’s atmosphere. Yet it is the on-track contest that defines this early-season moment. With an unfamiliar venue, nocturnal conditions and a layout that rewards both outright speed and intelligent energy deployment, the Jeddah E-Prix presents a significant opening test of the campaign. At the centre of this equation is Hankook’s iON Race, engineered not merely to perform but to enable the delicate interplay between pace, preservation and tactical execution.

Manfred Sandbichler, Senior Director, Hankook Motorsport, said, “The electrifying atmosphere of Jeddah under the lights adds another dimension to this already demanding circuit. With high speeds, repeated braking zones and shifting track conditions across the evening, tyre stability and consistency become decisive factors. The iON Race is designed to give teams a reliable and predictable platform to perform at their best in both qualifying and race situations.”

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Nokian Tyres Plc reported a marked improvement in profitability in 2025, with fourth-quarter operating profit more than doubling, as higher passenger car tyre prices and lower raw material costs offset weak underlying demand.

The Finnish tyre maker said operating profit for October to December rose to €35.1million from €15.4 million a year earlier, while net sales edged up to €416.4 million from €415.0 million. In comparable currencies, sales increased 0.8 percent, driven by North America and the Nordics.

Earnings per share for the quarter rose to €0.12 from €0.04. Cash flow from operating activities increased to €332.0 million from €314.8 million.

For the full year, net sales rose 6.5 per cent to €1,373.6 million, compared with €1,289.8 million in 2024. In comparable currencies, sales increased 7.2 percent, supported by growth across all geographical areas.

Operating profit improved significantly to €35.8 million from €1.8 million in the previous year. Segments operating profit rose 28 per cent to €91.3 million. However, earnings per share remained negative at €-0.11, compared with €-0.17 in 2024.

Cash flow from operating activities nearly doubled to €146.2 million from €77.4 million, reflecting improved working capital management and lower capital expenditure. Capital expenditure fell sharply to €126.9 million from €350.1 million in 2024, when the group was rebuilding production capacity.

Paolo Pompei, who became President and Chief Executive on January 1 2025, said: “2025 was a year of strong improvement for Nokian Tyres despite uncertain operating environment and weak market development. The fourth quarter was our best quarter in three years.”

Pompei said Passenger Car Tyres was “the main driver of the improved results”, while Heavy Tyres was affected by softer markets. He added that the company had accelerated efforts to optimise product mix, improve efficiency and maintain cost discipline.

During the year, the group completed a significant investment phase, including ramping up its new factory in Romania, where it produced one million tyres in 2025. The site is now moving from investment mode towards stabilising manufacturing operations.

Looking ahead, Nokian Tyres said it expects net sales in 2026 to grow compared with 2025 and forecast segments operating profit of 8–10 percent of net sales.

The company said tyre demand in its core markets is expected to remain flat in 2026. It warned that global economic developments and geopolitical, trade and tariff uncertainties could create volatility in the business environment.

Pompei said: “Overall, 2025 marked a turning point for Nokian Tyres, demonstrating our ability to adapt and stay competitive.”

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