Celanese reported QQ1 2025 revenue of $2.389 billion, with gross profit of $476 million and a gross margin of approximately 19.9%. Operating income was $168 million, and EBITDA stood at $358 million, yielding an EBITDA margin of about 15.0% and an operating margin of 7.0%. Net income registered a loss of $21 million, translating to a negative EPS of $0.19 for the quarter. The quarter showed a modest QoQ revenue growth of 0.8% but a material YoY margin contraction and a swing from positive operating leverage to a tighter bottom line, driven by ongoing mix effects and higher costs. Free cash flow was negative by $65 million, while operating cash flow remained modestly positive at $37 million; capital expenditure totaled $102 million, underscoring continued investment in core capabilities even as cash generation remains pressured. Celanese finishes QQ1 2025 with a solid liquidity buffer (cash and equivalents of $951 million) but carries a substantial balance sheet burden, including net debt of roughly $12.2 billion and a debt-to-capitalization ratio exceeding 70%. These dynamics imply heightened sensitivity to commodity cycles, interest costs, and refinancing risk, even as the business retains a diversified polymer and specialty materials portfolio across Engineered Materials, Acetate Tow, and Acetyl Chain segments.