Celanese reported third-quarter revenue of $2.56B, short of the $2.70B expected. Earnings per share of $1.65 beat forecasts by $0.04, and the company raised its full-year free cash flow outlook to a range of $750m to $800m.

The mix looks like a company repairing its balance sheet rather than growing sales. Celanese now expects full-year 2026 adjusted earnings per share of approximately $6.00 to $6.25. Chief executive Scott Richardson said strong cash generation reflects productivity actions, commercial execution and portfolio improvements. He said the company expects to have generated more than $1.5bn of free cash flow over two years by year end.

A revenue miss beside a stronger earnings and cash outlook suggests demand remains soft, with cost cuts and portfolio moves holding up margins. The Nutrinova deal fits that reading. Celanese has signed a definitive agreement to sell an additional 19% of the venture to Mitsui & Co. for approximately $152m in cash, and it keeps an 11% interest. The proceeds are earmarked for paying down debt.

That matters because leverage is still high on the company's own target: it expects to exit 2026 with net debt of approximately 4.7 times operating EBITDA, or earnings before interest, tax, depreciation and amortisation. The raised cash guidance is best read as a sign that debt reduction stays ahead of a sales recovery. The Nutrinova sale is expected to close in the fourth quarter of 2026.

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