Biocytogen Secures Japan Patent for RenMab Platform, Expands Global Patent Portfolio for RenMice Fully Human Antibody/TCR Platform
Beijing, China:
Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (Biocytogen, HKEX: 02315) today announced that the key technology of its independently developed RenMab™fully human antibody mouse platform has been granted an invention patent by the Japan Patent Office (JPO). This milestone marks a significant step in strengthening the global intellectual property portfolio of the RenMice® fully human antibody platform family. It underscores the continued advancement of Biocytogen's comprehensive global patent strategy and highlights the innovation and international recognition of the company's proprietary technologies.
RenMab™ mice are a core member of Biocytogen's independently developed RenMice® fully human antibody discovery platform family. Using Biocytogen's proprietary Size-Unlimited and Precise Chromosome Engineering (SUPCE®) technology, the complete repertoire of murine immunoglobulin heavy chain and light chain variable region genes was precisely replaced in situ with their human counterparts. As a result, RenMab mice have the full repertoire of human antibody heavy chain VDJ and light chain VJ genes. It retains the ability to mount robust immune responses against diverse antigens, comparable to wild-type mice, and can generate fully human antibodies with native-like diversity, significantly improving the efficiency and success rate of discovering high-potential therapeutic candidates. Importantly, antibodies derived from RenMab mice require no additional humanization, effectively minimizing immunogenicity risks and streamlining the antibody drug development process.
With distinct advantages in discovering fully human antibodies and TCRs with low immunogenicity, high diversity, favorable affinity, and excellent physicochemical properties, Biocytogen's RenMice platform series (RenMab™/RenLite®/RenNano®/RenTCR-mimic™/RenTCR™) has gained widespread recognition in the global biotech and biopharmaceutical industry. Licensing agreements have been established with 20+ companies, including Merck KGaA, Darmstadt, Germany, Janssen/ Johnson & Johnson, and BeiGene. Leveraging the RenMice platform, the RenBiologics™ program has generated over 1,000,000 fully human antibody sequences and numerous high-potential preclinical candidates against more than 1,000 therapeutic targets. As of December 31, 2024, approximately 200 agreements encompassing therapeutic antibody co-development, out-licensing, and asset transfers have been executed, highlighting the RenMice platform's strong global competitiveness and significant commercial value.
With its sustained independent research and cutting-edge technological innovation capabilities, Biocytogen has been actively advancing its global patent portfolio and key technology protections for the RenMice® platform. To date, the RenMice platform has secured patent grants in nearly 10 countries, including the U.S., China, and Japan, while nearly 40 patent applications are under examination across 15 countries and regions. With the steady progress of the global patent strategy, additional patent grants are anticipated in the near term. This strong intellectual property protection framework will continue to deliver reliable assurance to Biocytogen's partners worldwide.
About Biocytogen
Biocytogen (HKEX: 02315) is a global biotechnology company that drives the research and development of novel antibody-based drugs with innovative technologies. Founded on gene editing technology, Biocytogen leverages genetically engineered proprietary RenMice® (RenMab™/ RenLite®/ RenNano®/ RenTCR-mimic™ ) platforms for fully human monoclonal/bispecific/multispecific antibody discovery, bispecific antibody-drug conjugate discovery, nanobody discovery and TCR-mimic antibody discovery, and has established a sub-brand, RenBiologics™, to explore global partnerships for an off-the-shelf library of >1,000,000 fully human antibody sequences against over 1000 targets for worldwide collaboration. As of December 31, 2024, approximately 200 therapeutic antibody and multiple clinical asset co-development/out-licensing/transfer agreements and over 50 target-nominated RenMice® licensing projects have been established around the globe, including several partnerships with multinational pharmaceutical companies (MNCs). Biocytogen pioneered the generation of drug target knock-in humanized models for preclinical research, and currently provides a few thousand off-the-shelf animal and cell models under the company's sub-brand, BioMice™, along with preclinical pharmacology and gene-editing services for clients worldwide. Headquartered in Beijing, Biocytogen has branches in China (Haimen Jiangsu, Shanghai), USA (Boston, San Francisco, San Diego), and Germany (Heidelberg). For more information, please visit http://en.biocytogen.com.cn.
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For more information, see "Non-GAAP Financial Measures" below. The Company's prepared remarks related to the second quarter will be posted on its website at under Financial Information/Financial Document Library on August 11, 2025. Information about Non-US GAAP measures is included in a Non-US GAAP Financial Measures and Supplemental Information document posted on our investor relations website under Financial Information/Non-GAAP Financial Measures. See also "Non-GAAP Financial Measures" below. Celanese Corporation is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese Corporation is a Fortune 500 company that employs more than 11,000 employees worldwide with 2024 net sales of $10.3 billion. Forward-Looking Statements This release may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. 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Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. Non-GAAP Financial Measures Presentation This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain. Use of Non-US GAAP Financial Information This release uses the following Non-US GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, adjusted earnings per share and free cash flow. These measures are not recognized in accordance with US GAAP and should not be viewed as an alternative to US GAAP measures of performance or liquidity. The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin is operating margin; for operating EBITDA margin is operating margin; for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; and for free cash flow is net cash provided by (used in) operations. Definitions of Non-US GAAP Financial Measures Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and Supplemental Information document). We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales. Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a of our Non-US GAAP Financial Measures and Supplemental Information document summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results. Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our noncontrolling interest joint ventures. We do not provide reconciliations for free cash flow on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Reconciliation of Non-US GAAP Financial Measures Reconciliations of the Non-US GAAP financial measures used in this press release to the comparable US GAAP financial measure, together with information about the purposes and uses of Non-US GAAP financial measures, are included in our Non-US GAAP Financial Measures and Supplemental Information document filed as an exhibit to our Current Report on Form 8-K filed with the SEC on or about August 11, 2025 and also available on our website at under Financial Information/Financial Document Library. Results Unaudited The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year. Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2025. Supplemental Information Additional information about our prior period performance is included in our Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and Supplemental Information document. Expand Consolidated Statements of Operations - Unaudited Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (In $ millions, except share and per share data) Net sales 2,532 2,389 2,651 Cost of sales (1,997 ) (1,913 ) (2,010 ) Gross profit 535 476 641 Selling, general and administrative expenses (213 ) (230 ) (255 ) Amortization of intangible assets (42 ) (40 ) (38 ) Research and development expenses (31 ) (31 ) (33 ) Other (charges) gains, net (20 ) (31 ) (48 ) Foreign exchange gain (loss), net 6 21 (9 ) Gain (loss) on disposition of businesses and assets, net (2 ) 3 (8 ) Operating profit (loss) 233 168 250 Equity in net earnings (loss) of affiliates 29 22 51 Non-operating pension and other postretirement employee benefit (expense) income 1 2 2 Interest expense (177 ) (170 ) (174 ) Refinancing expense — (32 ) — Interest income 7 4 10 Dividend income - equity investments 41 1 31 Other income (expense), net 1 2 13 Earnings (loss) from continuing operations before tax 135 (3 ) 183 Income tax (provision) benefit 77 (9 ) (29 ) Earnings (loss) from continuing operations 212 (12 ) 154 Earnings (loss) from operation of discontinued operations (10 ) (6 ) (1 ) Income tax (provision) benefit from discontinued operations — 1 — Earnings (loss) from discontinued operations (10 ) (5 ) (1 ) Net earnings (loss) 202 (17 ) 153 Net (earnings) loss attributable to noncontrolling interests (3 ) (4 ) 2 Net earnings (loss) attributable to Celanese Corporation 199 (21 ) 155 Amounts attributable to Celanese Corporation Earnings (loss) from continuing operations 209 (16 ) 156 Earnings (loss) from discontinued operations (10 ) (5 ) (1 ) Net earnings (loss) 199 (21 ) 155 Earnings (loss) per common share - basic Continuing operations 1.91 (0.15 ) 1.43 Discontinued operations (0.09 ) (0.04 ) (0.01 ) Net earnings (loss) - basic 1.82 (0.19 ) 1.42 Earnings (loss) per common share - diluted Continuing operations 1.90 (0.15 ) 1.42 Discontinued operations (0.09 ) (0.04 ) (0.01 ) Net earnings (loss) - diluted 1.81 (0.19 ) 1.41 Weighted average shares (in millions) Basic 109.5 109.4 109.3 Diluted 109.7 109.4 109.5 Expand Consolidated Balance Sheets - Unaudited Non-US GAAP Financial Measures and Supplemental Information August 11, 2025 In this document, the terms the "Company," "we" and "our" refer to Celanese Corporation and its subsidiaries on a consolidated basis. Purpose The purpose of this document is to provide information of interest to investors, analysts and other parties including supplemental financial information and reconciliations and other information concerning our use of non-US GAAP financial measures. This document is updated quarterly. Presentation This document presents the Company's two business segments, Engineered Materials and the Acetyl Chain. Use of Non-US GAAP Financial Measures From time to time, management may publicly disclose certain numerical "non-GAAP financial measures" in the course of our earnings releases, financial presentations, earnings conference calls, investor and analyst meetings and otherwise. For these purposes, the Securities and Exchange Commission ("SEC") defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with US GAAP, and vice versa for measures that include amounts, or are subject to adjustments that effectively include amounts, that are excluded from the most directly comparable US GAAP measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States. Non-GAAP financial measures disclosed by management are provided as additional information to investors, analysts and other parties because the Company believes them to be important supplemental measures for assessing our financial and operating results and as a means to evaluate our financial condition and period-to-period comparisons. These non-GAAP financial measures should be viewed as supplemental to, and should not be considered in isolation or as alternatives to, net earnings (loss), operating profit (loss), operating margin, cash flow from operating activities (together with cash flow from investing and financing activities), earnings per share or any other US GAAP financial measure. These non-GAAP financial measures should be considered within the context of our complete audited and unaudited financial results for the given period, which are available on the Financial Information/Financial Document Library page of our website, The definition and method of calculation of the non-GAAP financial measures used herein may be different from other companies' methods for calculating measures with the same or similar titles. Investors, analysts and other parties should understand how another company calculates such non-GAAP financial measures before comparing the other company's non-GAAP financial measures to any of our own. These non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive or projections of future results. Pursuant to the requirements of SEC Regulation G, whenever we refer to a non-GAAP financial measure, we will also present in this document, in the presentation itself or on a Form 8-K in connection with the presentation on the Financial Information/Financial Document Library page of our website, to the extent practicable, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure. This document includes definitions and reconciliations of non-GAAP financial measures used from time to time by the Company. Specific Measures Used This document provides information about the following non-GAAP measures: adjusted EBIT, adjusted EBIT margin, operating EBITDA, operating EBITDA margin, operating profit (loss) attributable to Celanese Corporation, adjusted earnings per share, net debt, free cash flow and return on invested capital (adjusted). The most directly comparable financial measure presented in accordance with US GAAP in our consolidated financial statements for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to Celanese Corporation; for adjusted EBIT margin and operating EBITDA margin is operating margin; for operating profit (loss) attributable to Celanese Corporation is operating profit (loss); for adjusted earnings per share is earnings (loss) from continuing operations attributable to Celanese Corporation per common share-diluted; for net debt is total debt; for free cash flow is net cash provided by (used in) operations; and for return on invested capital (adjusted) is net earnings (loss) attributable to Celanese Corporation divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity. Definitions Adjusted EBIT is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense and taxes, and further adjusted for Certain Items (refer to Table 8). We believe that adjusted EBIT provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Our management recognizes that adjusted EBIT has inherent limitations because of the excluded items. Adjusted EBIT is one of the measures management uses for planning and budgeting, monitoring and evaluating financial and operating results and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted EBIT on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Adjusted EBIT margin is defined by the Company as adjusted EBIT divided by net sales. Adjusted EBIT margin has the same uses and limitations as adjusted EBIT. Operating EBITDA is a performance measure used by the Company and is defined by the Company as net earnings (loss) attributable to Celanese Corporation, plus (earnings) loss from discontinued operations, less interest income, plus interest expense, plus refinancing expense, taxes and depreciation and amortization, and further adjusted for Certain Items, which Certain Items include accelerated depreciation and amortization expense. Operating EBITDA is equal to adjusted EBIT plus depreciation and amortization. We believe that operating EBITDA provides transparent and useful information to investors, analysts and other parties in evaluating our operating performance relative to our peer companies. We do not provide reconciliations for operating EBITDA on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Operating EBITDA margin is defined by the Company as operating EBITDA divided by net sales. Operating EBITDA margin has the same uses and limitations as operating EBITDA. Operating profit (loss) attributable to Celanese Corporation is defined by the Company as operating profit (loss), less earnings (loss) attributable to noncontrolling interests ("NCI"). We believe that operating profit (loss) attributable to Celanese Corporation provides transparent and useful information to management, investors, analysts and other parties in evaluating our core operational performance. Operating margin attributable to Celanese Corporation is defined by the Company as operating profit (loss) attributable to Celanese Corporation divided by net sales. Operating margin attributable to Celanese Corporation has the same uses and limitations as operating profit (loss) attributable to Celanese Corporation. Adjusted earnings per share is a performance measure used by the Company and is defined by the Company as earnings (loss) from continuing operations attributable to Celanese Corporation, adjusted for income tax (provision) benefit, Certain Items, and refinancing and related expenses, divided by the number of basic common shares and dilutive restricted stock units and stock options calculated using the treasury method. We believe that adjusted earnings per share provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing our primary operating results from period-to-period after removing the impact of the above stated items that affect comparability and as a performance metric in the Company's incentive compensation plan. We do not provide reconciliations for adjusted earnings per share on a forward-looking basis (including those contained in this document) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of Certain Items, such as mark-to-market pension gains and losses, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments") is determined using the applicable rates in the taxing jurisdictions in which the Non-GAAP adjustments occurred and includes both current and deferred income tax expense (benefit). The income tax rate used for adjusted earnings per share approximates the midpoint in a range of forecasted tax rates for the year. This range may include certain partial or full-year forecasted tax opportunities and related costs, where applicable, and specifically excludes changes in uncertain tax positions, discrete recognition of GAAP items on a quarterly basis, other pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share purposes and changes in management's assessments regarding the ability to realize deferred tax assets for GAAP. In determining the adjusted earnings per share tax rate, we reflect the impact of foreign tax credits when utilized, or expected to be utilized, absent discrete events impacting the timing of foreign tax credit utilization. We analyze this rate quarterly and adjust it if there is a material change in the range of forecasted tax rates; an updated forecast would not necessarily result in a change to our tax rate used for adjusted earnings per share. The adjusted tax rate is an estimate and may differ from the actual tax rate used for GAAP reporting in any given reporting period. Table 3a summarizes the reconciliation of our estimated GAAP effective tax rate to the adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP items due to our inability to forecast such items. As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate to the adjusted tax rate for actual results. Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operations, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures. We believe that free cash flow provides useful information to management, investors, analysts and other parties in evaluating the Company's liquidity and credit quality assessment because it provides an indication of the long-term cash generating ability of our business. Although we use free cash flow as a measure to assess the liquidity generated by our business, the use of free cash flow has important limitations, including that free cash flow does not reflect the cash requirements necessary to service our indebtedness, lease obligations, unconditional purchase obligations or pension and postretirement funding obligations. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain debt service and finance lease payments that are not deducted from that measure. We do not provide reconciliations for free cash flow on a forward-looking basis when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of items such as working capital changes, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Net debt is defined by the Company as total debt less cash and cash equivalents. We believe that net debt provides useful information to management, investors, analysts and other parties in evaluating changes to the Company's capital structure and credit quality assessment. Return on invested capital (adjusted) is defined by the Company as adjusted EBIT, tax effected using the adjusted tax rate, divided by the sum of the average of beginning and end of the year short- and long-term debt and Celanese Corporation shareholders' equity. We believe that return on invested capital (adjusted) provides useful information to management, investors, analysts and other parties in order to assess our income generation from the point of view of our shareholders and creditors who provide us with capital in the form of equity and debt and whether capital invested in the Company yields competitive returns. Supplemental Information Supplemental Information we believe to be of interest to investors, analysts and other parties includes the following: Net sales for each of our business segments and the percentage increase or decrease in net sales attributable to price, volume, currency and other factors for each of our business segments. Cash dividends received from our equity investments. For those consolidated ventures in which the Company owns or is exposed to less than 100% of the economics, the outside shareholders' interests are shown as NCI. Amounts referred to as "attributable to Celanese Corporation" are net of any applicable NCI. Results Unaudited The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year. Certain prior period amounts have been revised to correct for certain prior period immaterial errors. See Note 1 to our Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2025. Table 1 Adjusted EBIT and Operating EBITDA - Reconciliation of Non-GAAP Measures - Unaudited Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 Interest income (7 ) (4 ) (33 ) (5 ) (5 ) (10 ) (13 ) Interest expense 177 170 676 164 169 174 169 Refinancing expense — 32 — — — — — Income tax provision (benefit) (77 ) 9 507 384 61 29 33 Certain Items attributable to Celanese Corporation (Table 8) 42 43 2,009 1,696 114 102 97 Adjusted EBIT 344 234 1,636 321 457 451 407 Depreciation and amortization expense (1) 188 180 728 184 187 181 176 Operating EBITDA 532 414 2,364 505 644 632 583 Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 (In $ millions) Engineered Materials 2 — 73 1 16 11 45 Acetyl Chain — — — — — — — Other Activities (2) — — — — — — — Accelerated depreciation and amortization expense 2 — 73 1 16 11 45 Depreciation and amortization expense (1) 188 180 728 184 187 181 176 Total depreciation and amortization expense 190 180 801 185 203 192 221 Expand ______________________________ (1) Excludes accelerated depreciation and amortization expense as detailed in the table above, which amounts are included in Certain Items above. (2) Other Activities includes corporate Selling, general and administrative ("SG&A") expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses). Expand Table 2 Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 (In $ millions, except percentages) Operating Profit (Loss) / Operating Margin Acetyl Chain 154 13.8 % 162 14.5 % 951 20.0 % 216 19.5 % 239 20.1 % 242 20.1 % 254 20.1 % Other Activities (1) (86 ) (90 ) (469 ) (113 ) (93 ) (130 ) (133 ) Total 233 9.2 % 168 7.0 % (709 ) (6.9 )% (1,417 ) (60.1 )% 248 9.4 % 250 9.4 % 210 8.0 % Less: Net Earnings (Loss) Attributable to NCI for Engineered Materials 1 2 (1 ) 2 2 (4 ) (1 ) Less: Net Earnings (Loss) Attributable to NCI for Acetyl Chain 2 2 9 1 2 2 4 Operating Profit (Loss) Attributable to Celanese Corporation 230 9.1 % 164 6.9 % (717 ) (7.0 )% (1,420 ) (60.2 )% 244 9.2 % 252 9.5 % 207 7.9 % Operating Profit (Loss) / Operating Margin Attributable to Celanese Corporation Engineered Materials 164 11.4 % 94 7.3 % (1,190 ) (21.3 )% (1,522 ) (119.9 )% 100 6.8 % 142 9.7 % 90 6.5 % Acetyl Chain 152 13.6 % 160 14.3 % 942 19.8 % 215 19.4 % 237 19.9 % 240 20.0 % 250 19.8 % Other Activities (1) (86 ) (90 ) (469 ) (113 ) (93 ) (130 ) (133 ) Total 230 9.1 % 164 6.9 % (717 ) (7.0 )% (1,420 ) (60.2 )% 244 9.2 % 252 9.5 % 207 7.9 % Equity Earnings and Dividend Income, Other Income (Expense) Attributable to Celanese Corporation Engineered Materials 25 17 178 33 46 49 50 Acetyl Chain 43 3 138 35 34 33 36 Other Activities (1) 3 5 48 4 16 13 15 Total 71 25 364 72 96 95 101 Non-Operating Pension and Other Post-Retirement Employee Benefit (Expense) Income Attributable to Celanese Corporation Engineered Materials — — 8 8 — — — Acetyl Chain — — — — — — — Other Activities (1) 1 2 (28 ) (35 ) 3 2 2 Total 1 2 (20 ) (27 ) 3 2 2 Certain Items Attributable to Celanese Corporation (Table 8) Engineered Materials 25 15 1,851 1,625 91 74 61 Acetyl Chain 1 5 22 3 5 4 10 Other Activities (1) 16 23 136 68 18 24 26 Total 42 43 2,009 1,696 114 102 97 Adjusted EBIT / Adjusted EBIT Margin Engineered Materials 214 14.8 % 126 9.8 % 847 15.1 % 144 11.3 % 237 16.0 % 265 18.1 % 201 14.6 % Acetyl Chain 196 17.6 % 168 15.1 % 1,102 23.1 % 253 22.8 % 276 23.2 % 277 23.0 % 296 23.5 % Other Activities (1) (66 ) (60 ) (313 ) (76 ) (56 ) (91 ) (90 ) Total 344 13.6 % 234 9.8 % 1,636 15.9 % 321 13.6 % 457 17.3 % 451 17.0 % 407 15.6 % Expand ___________________________ (1) Other Activities includes corporate SG&A expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses). Expand Table 2 Supplemental Segment Data and Reconciliation of Segment Adjusted EBIT and Operating EBITDA - Non-GAAP Measures - Unaudited (cont.) Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 (In $ millions, except percentages) Depreciation and Amortization Expense (1) Acetyl Chain 64 61 244 63 63 61 57 Other Activities (2) 12 10 47 7 13 10 17 Total 188 180 728 184 187 181 176 Operating EBITDA / Operating EBITDA Margin Engineered Materials 326 22.6 % 235 18.3 % 1,284 22.9 % 258 20.3 % 348 23.5 % 375 25.6 % 303 22.0 % Acetyl Chain 260 23.3 % 229 20.5 % 1,346 28.3 % 316 28.5 % 339 28.5 % 338 28.1 % 353 28.0 % Other Activities (2) (54 ) (50 ) (266 ) (69 ) (43 ) (81 ) (73 ) Total 532 21.0 % 414 17.3 % 2,364 23.0 % 505 21.4 % 644 24.3 % 632 23.8 % 583 22.3 % Expand ___________________________ (1) Excludes accelerated depreciation and amortization expense, which amounts are included in Certain Items above. See Table 1 for details. (2) Other Activities includes corporate SG&A expenses, results of captive insurance companies and certain components of net periodic benefit cost (interest cost, expected return on plan assets and net actuarial gains and losses). Expand Table 3 Adjusted Earnings (Loss) per Share - Reconciliation of a Non-GAAP Measure - Unaudited Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 per share per share per share per share per share per share per share (In $ millions, except per share data) Income tax provision (benefit) (77 ) 9 507 384 61 29 33 Earnings (loss) from continuing operations before tax 132 (7 ) (1,016 ) (1,534 ) 179 185 154 Certain Items attributable to Celanese Corporation (Table 8) 42 43 2,009 1,696 114 102 97 Refinancing and related expenses — 32 — — — — — Adjusted earnings (loss) from continuing operations before tax 174 68 993 162 293 287 251 Income tax (provision) benefit on adjusted earnings (1) (16 ) (6 ) (89 ) (14 ) (26 ) (26 ) (23 ) Adjusted earnings (loss) from continuing operations (2) 158 1.44 62 0.57 904 8.27 148 1.35 267 2.44 261 2.38 228 2.08 Diluted shares (in millions) (3) Weighted average shares outstanding 109.5 109.4 109.3 109.4 109.3 109.3 109.1 Incremental shares attributable to equity awards 0.2 — — — 0.2 0.2 0.4 Total diluted shares 109.7 109.4 109.3 109.4 109.5 109.5 109.5 ______________________________ (1) Calculated using adjusted effective tax rates (Table 3a) as follows: Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 Adjusted effective tax rate 9 9 9 9 9 9 9 (2) Excludes the immediate recognition of actuarial gains and losses and the impact of actual vs. expected plan asset returns. Expand Actual Plan Asset Returns Expected Plan Asset Returns (In percentages) 2024 2.5 5.3 Expand (3) Potentially dilutive shares are included in the adjusted earnings per share calculation when adjusted earnings are positive. Expand Table 3a Adjusted Tax Rate - Reconciliation of a Non-GAAP Measure - Unaudited ______________________________ Note: As part of the year-end reconciliation, we will update the reconciliation of the GAAP effective tax rate for actual results. (1) Such as changes in tax laws (including US tax reform), deferred taxes on outside basis differences, changes in uncertain tax positions and prior year audit adjustments. (2) Reflects the tax impact on pre-tax adjustments presented in Certain Items (Table 8), which are excluded from pre-tax income for adjusted earnings per share purposes. (3) Reflects changes in valuation allowances related to changes in judgment regarding the realizability of deferred tax assets or current year operations, excluding other charges and adjustments. (4) Includes tax impacts related to full-year actual tax opportunities and related costs, as well as current year realization of U.S. GAAP benefits deferred in prior years. Expand Table 4 Net Sales by Segment - Unaudited Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 (In $ millions) Engineered Materials 1,442 1,287 5,595 1,269 1,481 1,467 1,378 Acetyl Chain 1,115 1,116 4,763 1,110 1,190 1,202 1,261 Intersegment eliminations (1) (25 ) (14 ) (90 ) (21 ) (23 ) (18 ) (28 ) Net sales 2,532 2,389 10,268 2,358 2,648 2,651 2,611 Expand ___________________________ (1) Includes intersegment sales primarily related to the Acetyl Chain. Expand Table 4a Factors Affecting Segment Net Sales Sequentially - Unaudited T hree Months Ended June 30, 2025 Compared to Three Months Ended March 31, 2025 Volume Price Currency Total (In percentages) Engineered Materials 9 — 3 12 Acetyl Chain (1 ) (2 ) 3 — Total Company 4 (1 ) 3 6 Expand Three Months Ended March 31, 2025 Compared to Three Months Ended December 31, 2024 Volume Price Currency Total (In percentages) Engineered Materials — 2 (1 ) 1 Acetyl Chain 3 (1 ) (1 ) 1 Total Company 2 — (1 ) 1 Expand Three Months Ended December 31, 2024 Compared to Three Months Ended September 30, 2024 Volume Price Currency Total (In percentages) Engineered Materials (10 ) (3 ) (1 ) (14 ) Acetyl Chain (4 ) (2 ) (1 ) (7 ) Total Company (7 ) (3 ) (1 ) (11 ) Expand Three Months Ended September 30, 2024 Compared to Three Months Ended June 30, 2024 Volume Price Currency Total (In percentages) Engineered Materials — — 1 1 Acetyl Chain — (2 ) 1 (1 ) Total Company — (1 ) 1 — Expand Volume Price Currency Total (In percentages) Engineered Materials 7 — (1 ) 6 Acetyl Chain (1 ) (4 ) — (5 ) Total Company 4 (2 ) — 2 Expand Three Months Ended March 31, 2024 Compared to Three Months Ended December 31, 2023 Volume Price Currency Total (In percentages) Engineered Materials (1 ) — — (1 ) Total Company 1 1 — 2 Expand Table 4b Factors Affecting Segment Net Sales Year Over Year - Unaudited T hree Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 Volume Price Currency Total (In percentages) Engineered Materials (3 ) (1 ) 2 (2 ) Acetyl Chain (2 ) (7 ) 2 (7 ) Total Company (2 ) (4 ) 2 (4 ) Expand Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024 Volume Price Currency Total (In percentages) Engineered Materials (4 ) (2 ) (1 ) (7 ) Acetyl Chain (6 ) (4 ) (1 ) (11 ) Total Company (5 ) (3 ) (1 ) (9 ) Expand Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023 Volume Price Currency Total (In percentages) Engineered Materials (6 ) (3 ) — (9 ) Acetyl Chain (2 ) (4 ) — (6 ) Total Company (4 ) (4 ) — (8 ) Expand Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023 Volume Price Currency Total (In percentages) Engineered Materials (1 ) (2 ) — (3 ) Acetyl Chain 1 (3 ) — (2 ) Total Company — (3 ) — (3 ) Expand Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023 Volume Price Currency Total (In percentages) Engineered Materials (2 ) (4 ) (1 ) (7 ) Acetyl Chain 4 (6 ) (1 ) (3 ) Total Company 1 (5 ) (1 ) (5 ) Expand Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023 Volume Price Currency Total (In percentages) Engineered Materials (12 ) (2 ) (1 ) (15 ) Acetyl Chain 11 (10 ) — 1 Total Company (2 ) (5 ) (1 ) (8 ) Expand Table 4c Factors Affecting Segment Net Sales Year Over Year - Unaudited Y ear Ended December 31, 2024 Compared to Year Ended December 31, 2023 Volume Price Currency Total (In percentages) Engineered Materials (5 ) (3 ) (1 ) (9 ) Acetyl Chain 4 (6 ) — (2 ) Total Company (1 ) (4 ) (1 ) (6 ) Expand Table 5 Free Cash Flow - Reconciliation of a Non-GAAP Measure - Unaudited Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 (In $ millions, except percentages) Net cash provided by (used in) investing activities (88 ) (98 ) (470 ) (128 ) (100 ) (91 ) (151 ) Net cash provided by (used in) financing activities (116 ) 45 (1,313 ) (189 ) (376 ) (489 ) (259 ) Net cash provided by (used in) operating activities 410 37 966 494 79 292 101 Capital expenditures on property, plant and equipment (93 ) (102 ) (435 ) (105 ) (88 ) (105 ) (137 ) Contributions from/(Distributions) to NCI (6 ) (8 ) (33 ) (8 ) (7 ) (14 ) (4 ) Free cash flow (1) 311 (73 ) 498 381 (16 ) 173 (40 ) Net sales 2,532 2,389 10,268 2,358 2,648 2,651 2,611 Free cash flow as % of Net sales 12.3 % (3.1 )% 4.9 % 16.2 % (0.6 )% 6.5 % (1.5 )% Expand ______________________________ (1) Free cash flow is a liquidity measure used by the Company and is defined by the Company as net cash provided by (used in) operating activities, less capital expenditures on property, plant and equipment, and adjusted for contributions from or distributions to our NCI joint ventures. Expand Table 6 Cash Dividends Received - Unaudited Table 7 Net Debt - Reconciliation of a Non-GAAP Measure - Unaudited Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 (In $ millions) Short-term borrowings and current installments of long-term debt - third party and affiliates 252 406 1,501 1,501 1,607 1,977 2,439 Long-term debt, net of unamortized deferred financing costs 12,689 12,378 11,078 11,078 11,324 11,058 11,018 Total debt 12,941 12,784 12,579 12,579 12,931 13,035 13,457 Cash and cash equivalents (1,173 ) (951 ) (962 ) (962 ) (813 ) (1,185 ) (1,483 ) Net debt 11,768 11,833 11,617 11,617 12,118 11,850 11,974 Expand Table 8 Certain Items - Unaudited The following Certain Items attributable to Celanese Corporation are included in Net earnings (loss) and are adjustments to non-GAAP measures: Q2 '25 Q1 '25 2024 Q4 '24 Q3 '24 Q2 '24 Q1 '24 Income Statement Classification (In $ millions) Exit and shutdown costs 27 32 236 47 52 69 68 Cost of sales / SG&A / Other (charges) gains, net / Gain (loss) on disposition of businesses and assets, net / Non-operating pension and other postretirement employee benefit (expense) income Asset impairments — — 1,638 1,601 (1) 34 (2) 3 — Cost of sales / Other (charges) gains, net Impact from plant incidents and natural disasters — 3 13 3 3 — 7 Cost of sales Mergers, acquisitions and dispositions 12 5 80 12 17 26 25 Cost of sales / SG&A Actuarial (gain) loss on pension and postretirement plans — — 27 27 — — — Cost of sales / SG&A / Non-operating pension and other postretirement employee benefit (expense) income Legal settlements and commercial disputes 2 3 8 6 7 3 (8) Cost of sales / SG&A / Other (charges) gains, net (Gain) loss on disposition of businesses and assets — — 2 — 1 1 — Gain (loss) on disposition of businesses and assets, net Other 1 — 5 — — — 5 Cost of sales / SG&A Certain Items attributable to Celanese Corporation 42 43 2,009 1,696 114 102 97 Expand Table 9 Return on Invested Capital (Adjusted) - Presentation of a Non-GAAP Measure - Unaudited
