Poland-based Synthos has disposed of its stake in butadiene subsidiary S54 to its partner Orlen for Polish zloty (PLN) 692 million and used the proceeds to fully repay its revolving credit facility (RCF) at end-December 2025 leading to lower debt. The debt repayment is a significant one-off credit positive despite Synthos? weak operating conditions in 2025, leading to about S&P Global Ratings-adjusted debt to EBITDA of about 3.8x, well within the 3x-4x we view as commensurate with the rating. However, this is higher than our early-year estimate of 3.3x, primarily due to the slower-than-expected recovery in the construction market affecting Synthos? insulation materials. We expect some EBITDA recovery in 2026, with lower capital expenditure (capex) helping return free operating cash
