This report does not constitute a rating action. Hexion’s earnings will likely grow in 2026 although we expect industry demand to remain soft through 2027 . During the first half of 2026, Hexion’s revenue grew about 7% year over year as pass-through of higher raw material costs and some share gains more than offset volume weakness. Its business is weighted toward cyclical end markets in North America, such as new single-family housing, repair and remodel projects, furniture and general construction, which are weak due to macroeconomic uncertainty and consumer affordability challenges. Despite volume pressures and materially higher cost of certain key raw materials, we expect Hexion’s S&P Global Ratings-adjusted EBITDA will grow modestly in 2026 over 2025 on strong management
