UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K. Trinseo S.A. (Exact name of registrant as specified in its charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 22, 2017 Trinseo S.A. (Exact name of registrant as specified in its charter) Luxembourg N/A (Commission File Number) (State or other jurisdiction of incorporation or organization) 1000 Chesterbrook Boulevard, Suite 300, Berwyn, Pennsylvania (Address of principal executive offices, including zip code) (610) (Telephone number, including area code) (I.R.S. Employer Identification Number) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): o Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) o o o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 ITEM 2.02 Results of Operations and Financial Condition On February 22, 2017, Trinseo S.A., a public limited liability company ( société anonyme ) existing under the laws of Luxembourg (the Company ), issued a press release announcing its financial results for the fourth quarter and year ended December 31, A copy of the press release is furnished as Exhibit 99.1 hereto. The Company intends to hold an investor call and webcast to discuss these results on Thursday, February 23, 2017 at 10 AM Eastern Time. A copy of the presentation materials, which will be discussed on the call, is furnished hereto as Exhibit The information contained herein and in the accompanying exhibits shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. ITEM Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 Press Release, dated February 22, Investor Presentation 2

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRINSEO S.A. Date: February 22, 2017 By: /s/ Barry J. Niziolek Name: Barry J. Niziolek Title: Executive Vice President and Chief Financial Officer 3

4 EXHIBIT INDEX Exhibit Number Description 99.1 Press Release, dated February 22, Investor Presentation 4

5 Exhibit 99.1 Press contact: Investor Contact: Trinseo Trinseo Donna St. Germain David Stasse Tel : Tel : stgermain@trinseo.com dstasse@trinseo.com Year Ended 2016 Summary Net Income of $318 million and diluted EPS of $6.70 Adjusted EPS of $7.28 Adjusted EBITDA of $611 million Trinseo Reports Fourth Quarter and Full Year 2016 Financial Results Cash provided by operating activities of $404 million; free cash flow of $280 million Fourth Quarter 2016 Summary Net Income of $79 million and diluted EPS of $1.72 Adjusted EPS of $1.68 Adjusted EBITDA of $142 million Cash provided by operating activities of $79 million; free cash flow of $38 million December 31, September 30, December 31, Net sales ,717 3,972 Net Income EPS(Diluted) ($) Adjusted Net Income* Adjusted EPS ($)* EBITDA* Adjusted EBITDA* *For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Income to Net Income, as well as a reconciliation of Adjusted EPS, see note 2 below. BERWYN, Pa February 22, 2017 Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders and synthetic rubber, today reported its fourth quarter and full year 2016 financial results with net sales of $917 million and $3,717 million, respectively; net income of $79 million and $318 million, respectively; and earnings per diluted share of $1.72 and $6.70, respectively. Additionally, results for the fourth quarter and full year included Adjusted EPS of $1.68 and $7.28, respectively, and Adjusted EBITDA of $142 million and $611 million, respectively. Net sales in the fourth quarter increased 2% versus prior year driven primarily by the pass through of higher raw material costs. Fourth quarter net income of $79 million was $36 million higher than prior year, and fourth quarter Adjusted EBITDA of $142 million was $26 million higher than prior year. These increases were driven primarily by higher sales volume in Synthetic Rubber, higher equity income from Americas Styrenics, as well as higher margins in Feedstocks, Latex Binders, and Performance Plastics, including a favorable impact from raw material timing, net of an unfavorable price lag. Net sales in the full year decreased 6% versus prior year driven primarily by the pass through of lower raw material costs. Full year net income of $318 million was $184 million higher than prior year. This increase was driven by improved performance across all segments, including record sales volume in Synthetic Rubber, as well as favorable raw material timing and a prior year loss on extinguishment of debt of $95 million, which was partially offset by increased restructuring charges in the current year. Adjusted EBITDA in the full year of $611 million was $119 million higher than prior year which is comprised of about $40 million of favorable raw material timing impacts, net of unfavorable price lag impacts, and about $80 million of fundamental business improvement across the portfolio.

6 Commenting on the Company s performance, Chris Pappas, Trinseo President and Chief Executive Officer, said, We continue to see strong fundamental performance across the company. Our full year Net Income and Adjusted EBITDA were better than our previous guidance due to higher than expected styrene margins and favorable raw material timing, net of some unfavorable price lag impacts. Overall for the year, we had record Net Income and Adjusted EBITDA results, including record performance in both our Performance Materials and Basic Plastics & Feedstocks divisions. Pappas continued, We also had record cash generation for the year, and we continue to return capital to shareholders. Over the year we repurchased approximately 4.5 million shares, representing about 9% of our outstanding shares, and we initiated a quarterly dividend which we started paying in July. In total, we returned approximately $242 million to shareholders via these mechanisms. In addition, we announced several important growth initiatives during the year, including an SSBR expansion and pilot plant as well as our first ABS production site in Asia. Fourth Quarter Results and Commentary by Business Segment Latex Binders net sales of $241 million for the quarter increased 7% versus prior year primarily driven by the pass through of higher raw material costs in North America and Asia. Excluding the recently divested Latin America business, higher sales volume increased net sales by 4%. Adjusted EBITDA of $24 million was $6 million above prior year driven by higher volume to the paper and carpet markets in North America and Asia and lower fixed costs. Sales volume of 309 million pounds was 4% higher than prior year, excluding Latin America, and was the highest result since 2012 on that basis. Asia sales volume was a record high during the quarter. Synthetic Rubber net sales of $124 million for the quarter increased 20% versus prior year driven by higher SSBR and ESBR sales volume as well as the pass through of higher raw material costs. Overall, sales volume was the highest quarter ever driven by record sales of SSBR. Adjusted EBITDA of $29 million was $8 million above prior year driven by higher SSBR and ESBR sales volume. Performance Plastics net sales of $166 million for the quarter was 8% below prior year driven by lower sales volume to the consumer electronics market in Asia and the divestiture of the Latin America business. Adjusted EBITDA of $32 million was $2 million above prior year driven by lower fixed costs. Basic Plastics net sales of $323 million for the quarter was 1% below prior year driven by lower polystyrene sales volume in Europe, which was partially offset by the pass through of higher raw material costs. Adjusted EBITDA of $33 million was $4 million below prior year driven by lower polycarbonate and polystyrene margins, as well as lower Europe polystyrene sales volume, as several industry outages in the prior year had a favorable impact on volume and margin in that period. These items were partially offset by favorable raw material timing. Feedstocks net sales of $64 million for the quarter was 7% above prior year driven by higher styrene prices. Adjusted EBITDA of $14 million was $11 million above prior year driven by higher styrene margins, including favorable raw material timing. Americas Styrenics Adjusted EBITDA of $31 million for the quarter was $4 million above prior year due to higher styrene margins. Fourth Quarter Cash Generation Cash provided by operating activities for the quarter was $79 million and capital expenditures were $41 million, resulting in Free Cash Flow for the quarter of $38 million. This included $30 million in dividends from Americas Styrenics and $30 million of cash interest payments. At the end of the quarter, the Company had $465 million of cash, inclusive of the $21 million fourth quarter cash outlay for the repurchase of approximately 350,000 shares. For a reconciliation of Free Cash Flow to cash provided by operating activities, see note 3 below. Outlook First quarter 2017 net income of $100 million to $108 million, and earnings per diluted share of $2.19 to $2.37 First quarter 2017 Adjusted EBITDA of $170 million to $180 million and Adjusted EPS of $2.19 to $2.37 Full year 2017 net income of $310 million and earnings per diluted share of $6.82 Full year 2017 Adjusted EBITDA of $580 million and Adjusted EPS of $6.82 In the first quarter, increasing raw material prices are expected to result in a pre-tax, favorable raw material timing impact of approximately $80 million, which will be partially offset by a pre-tax, unfavorable price lag impact in Performance Materials of $40 million. In addition, the extended styrene monomer turnaround at America Styrenics is expected to result in an approximately $15 million pre-tax impact in the first quarter as compared to the fourth quarter.

7 Commenting on the outlook for the first quarter and full year 2017 Pappas said, We expect strong performance in the first quarter and beyond from higher styrene margins, favorable raw material timing, net of an unfavorable price lag, and continued, steady performance across our product lines. Pappas continued, Looking ahead to the full year performance, we are affirming our prior 2017 net income and Adjusted EBITDA guidance of $310 million and $580 million, respectively. We continue to see strong business fundamentals across all segments and expect continued strong cash generation. As we move forward, we remain committed to balancing future growth initiatives with returning capital to shareholders. I am very proud of the company s performance in 2016 and we remain focused on achieving a very strong 2017 and delivering on our growth targets. For a reconciliation of first quarter and full year 2017 Adjusted EBITDA and Adjusted EPS to net income, see note 2 below. Conference Call and Webcast Information Trinseo will host a conference call to discuss its Fourth Quarter and Year Ended December 31, 2016 financial results tomorrow, Thursday, February 23, 2017 at 10 AM Eastern Time. Commenting on results will be Chris Pappas, President and Chief Executive Officer, Barry Niziolek, Executive Vice President and Chief Financial Officer, and David Stasse, Vice President, Treasury and Corporate Finance. The conference call will be available by phone at: Participant Toll-Free Dial-In Number: Participant International Dial-In Number: Conference ID / passcode: The Company will also offer a live Webcast of the conference call with question and answer session via the registration page of the Trinseo Investor Relations website. Trinseo has posted its Fourth Quarter and Full Year 2016 financial results on the Company s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission. A replay of the conference call and transcript will be archived on the Company s Investor Relations website shortly following the conference call. The replay will be available until February 23, About Trinseo Trinseo (NYSE:TSE) is a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber. We are focused on delivering innovative and sustainable solutions to help our customers create products that touch lives every day products that are intrinsic to how we live our lives across a wide range of end-markets, including automotive, consumer electronics, appliances, medical devices, lighting, electrical, carpet, paper and board, building and construction, and tires. Trinseo had approximately $3.7 billion in net sales in 2016, with 15 manufacturing sites around the world, and nearly 2,200 employees. For more information visit Use of non-gaap measures In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America ( GAAP ), we use additional measures of income and liquidity excluding certain GAAP items ( non-gaap measures ), such as Adjusted EBITDA, Adjusted EPS, and Free Cash Flow. We believe these measures are useful for investors and management in evaluating key business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-gaap measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein. Note on Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of Words such as expect, estimate, project, budget, forecast, anticipate, intend, plan, may, will, could, should, believes, predicts, potential, continue, and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release may include, without limitation, forecasts of growth, net sales, business activity, acquisitions, financings and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such factors include, among others: conditions in the global

8 economy and capital markets, volatility in costs or disruption in the supply of the raw materials utilized for our products; loss of market share to other producers of styrene-based chemical products; compliance with environmental, health and safety laws; changes in laws and regulations applicable to our business; our inability to continue technological innovation and successful introduction of new products; system security risk issues that could disrupt our internal operations or information technology services; the loss of customers; the market price of the Company s ordinary shares prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; and the Company s cash flows from operations. Additional risks and uncertainties are set forth in the Company s reports filed with the United States Securities and Exchange Commission, which are available at as well as the Company s web site at As a result of the foregoing considerations, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

9 TRINSEO S.A. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) December 31, 2016 September 30, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Net sales $ 917,452 $ 935,410 $ 897,012 $ 3,716,640 $ 3,971,902 Cost of sales 779, , ,688 3,129,014 3,502,800 Gross profit 137, , , , ,102 Selling, general and administrative expenses 60,908 73,900 54, , ,964 Equity in earnings of unconsolidated affiliates 34,419 36,686 29, , ,178 Operating income 111, ,170 87, , ,316 Interest expense, net 18,426 18,832 19,252 74,968 93,197 Loss on extinguishment of long-term debt 95,150 Other expense (income), net (6,089) 1,084 1,115 10,539 9,113 Income before income taxes 99,004 83,254 66, , ,856 Provision for income taxes 20,497 16,000 23,609 86,997 70,209 Net income $ 78,507 $ 67,254 $ 43,132 $ 318,312 $ 133,647 Weighted average shares- basic 44,595 45,865 48,778 46,510 48,774 Net income per share- basic $ 1.76 $ 1.47 $ 0.88 $ 6.84 $ 2.74 Weighted average shares- diluted 45,754 46,961 49,067 47,478 48,970 Net income per share- diluted $ 1.72 $ 1.43 $ 0.88 $ 6.70 $ 2.73 Repayments of equity per share $ 0.30 $ 0.30 $ $ 0.90 $

10 TRINSEO S.A. Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) December 31, Assets Current assets Cash and cash equivalents $ 465,114 $ 431,261 Accounts receivable, net of allowance for doubtful accounts 564, ,556 Inventories 385, ,097 Other current assets 17,999 10,120 Total current assets 1,432,886 1,289,034 Investments in unconsolidated affiliates 191, ,836 Property, plant and equipment, net of accumulated depreciation 513, ,751 Other assets Goodwill 29,485 31,064 Other intangible assets, net 177, ,218 Deferred income tax assets noncurrent 40,187 51,395 Deferred charges and other assets 24,412 27,596 Total other assets 271, ,273 Total assets $ 2,409,490 $ 2,258,894 Liabilities and shareholders equity Current liabilities Short-term borrowings and current portion of long-term debt $ 5,000 $ 5,000 Accounts payable 378, ,629 Income taxes payable 23,784 20,804 Accrued expenses and other current liabilities 135,357 98,836 Total current liabilities 542, ,269 Noncurrent liabilities Long-term debt, net of unamortized deferred financing fees 1,160,369 1,177,120 Deferred income tax liabilities noncurrent 24,844 25,764 Other noncurrent obligations 237, ,727 Total noncurrent liabilities 1,422,267 1,420,611 Commitments and contingencies Shareholders equity Ordinary shares, $0.01 nominal value, 50,000,000 shares authorized (December 31, 2016: 48,778 shares issued and 44,301 shares outstanding ; December 31, 2015: 48,778 shares issued and outstanding) Additional paid-in-capital 573, ,532 Treasury shares, at cost (December 31, 2016: 4,477 shares; December 31, 2015: zero shares) (217,483) Retained Earnings (accumulated deficit) 258,540 (18,289) Accumulated other comprehensive loss (170,154) (149,717) Total shareholders equity 445, ,014 Total liabilities and shareholders equity $ 2,409,490 $ 2,258,894

11 TRINSEO S.A. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Year Ended December 31, Cash flows from operating activities Cash provided by operating activities $ 403,658 $ 353,249 Cash flows from investing activities Capital expenditures (123,873) (109,267) Proceeds from capital expenditures subsidy 2,191 Proceeds from the sale of businesses and other assets 1, Distributions from unconsolidated affiliates 4,809 Increase in restricted cash (204) (413) Cash used in investing activities (117,294) (106,671) Cash flows from financing activities Deferred financing fees (28,197) Short-term borrowings, net (253) (18,396) Repayments of term loans (5,000) (2,500) Purchase of treasury shares (215,083) Repayments of equity on ordinary shares (27,316) Proceeds from exercise of option awards 214 Withholding taxes paid on restricted share units (98) Net proceeds from issuance of 2021 Term Loan B 498,750 Net proceeds from issuance of 2022 Senior Notes 716,625 Repayments of 2019 Senior Notes (1,192,500) Proceeds from Accounts Receivable Securitization Facility 25,000 Repayments of Accounts Receivable Securitization Facility (25,000) Cash used in financing activities (247,536) (26,218) Effect of exchange rates on cash (4,975) (9,885) Net change in cash and cash equivalents 33, ,475 Cash and cash equivalents beginning of period 431, ,786 Cash and cash equivalents end of period $ 465,114 $ 431,261

12 TRINSEO S.A. Notes to Condensed Consolidated Financial Information (Unaudited) Note 1: Net sales by Segment September 30, 31, December (In thousands) December 31, December 31, 2015 December , 2015 Latex Binders $ $ $ $ $ Synthetic Rubber Performance Plastics Basic Plastics , ,478.1 Feedstocks Americas Styrenics* Total Net sales $ $ $ $ 3,716.6 $ 3,971.9 * The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our consolidated statement of operations. Note 2: Reconciliation of Non-GAAP Performance Measures to Net income EBITDA is a non-gaap financial performance measure that we refer to in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis. We also present Adjusted EBITDA as a non-gaap financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring and other items. In doing so, we are providing management investors, and credit rating agencies with a stronger indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations. Lastly, we present Adjusted Net Income and Adjusted EPS as additional performance measures. Adjusted Net Income is calculated as Adjusted EBITDA (defined beginning with Net income, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations. There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP.

13 December 31, 2016 September 30, December 31, December 31, December 31, 2015 (In millions, except per share data) Net income $ 78.5 $ 67.3 $ 43.1 $ $ Interest expense, net Provision for income taxes Depreciation and amortization EBITDA $ $ $ $ $ Loss on extinguishment of long-term debt 95.2 Loss on extinguishment of long-term debt Net loss on disposition of businesses and assets (a) Other expense (income), net Restructuring and other charges (b) Selling, general, and administrative expenses Other items (c) Other expense (income), net; Selling, general, and (6.8) 0.3 (4.4) 2.2 administrative expenses Adjusted EBITDA $ $ $ $ $ Adjusted EBITDA to Adjusted Net Income: Adjusted EBITDA $ $ $ $ $ Interest expense, net Provision for income taxes Adjusted (d) Depreciation and amortization Adjusted (e) Adjusted Net Income $ 76.9 $ 79.8 $ 54.3 $ $ Adjusted EPS $ 1.68 $ 1.70 $ 1.11 $ 7.28 $ 4.59 Adjusted EBITDA by Segment: Latex Binders $ 24.3 $ 29.8 $ 18.3 $ 94.3 $ 79.0 Synthetic Rubber Performance Plastics Basic Plastics Feedstocks Americas Styrenics Corporate unallocated (22.1) (26.4) (20.6) (94.7) (89.8) Adjusted EBITDA $ $ $ $ $ (a) (b) (c) (d) Net loss on disposition of businesses and assets for the periods presented above relates to impairment charges recorded for the loss on sale of the Company s primary operating entity in Brazil, which included both latex binders and automotive businesses. Restructuring and other charges for the 2016 periods presented above relate primarily to $20.0 million in charges incurred during the year ended December 31, 2016 in connection with the decision to cease manufacturing activities at the Company s latex binders manufacturing facility in Livorno, Italy, approximately $3.9 million of which was incurred during the three months ended December 31, The remaining restructuring charges for 2016 relate to the Company s decision to divest our operations in Brazil as well as the closure of our Allyn s Point latex binders manufacturing facility. Restructuring and other charges for the 2015 periods presented above relate primarily to the polycarbonate restructuring within our Basic Plastics segment and charges incurred in connection with the closure of our Allyn s Point latex binders manufacturing facility. Other items for the year ended December 31, 2016 primarily includes other income of $6.9 million from the effective settlement of certain value-added tax positions, which were recorded during the fourth quarter of 2016, offset by $2.5 million of fees incurred in conjunction with the Company s secondary offerings completed during the year. Other items for the year ended December 31, 2015 primarily consist of costs related to the process of changing our corporate name from Styron to Trinseo. Adjusted to remove the tax impact of loss on extinguishment of long term debt and the items noted in (a), (b), (c), and (e). In interim periods, the income tax expense (benefit) related to these items was determined utilizing either (1) the estimated annual effective tax rate on our ordinary income based upon our forecasted ordinary income for the full year, or (2) for items treated discretely for tax purposes, we utilized the applicable rates in the taxing jurisdictions in which these adjustments occurred. For

14 the full year and fourth quarter, the income tax expense (benefit) related to these items was determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred. Additionally, the three months and year ended December 31, 2016 exclude a net benefit of $0.6 million and $0.9 million, respectively, related to adjustments in reserves for uncertain tax positions. The three months and year ended December 31, 2016 also excluded $0.5 million and $1.6 million, respectively, in benefits recognized related to provision to return adjustments. Additionally, the three months ended September 30, 2016 excludes both a $0.9 million tax benefit recognized due to the effective settlement of a tax audit which allowed for the release of a reserve for an uncertain tax position, and a $0.5 million tax benefit recognized related to provision to return adjustments. The three months and year ended December 31, 2015 exclude $6.6 million of tax expense for the discrete impact of a valuation allowance recognized in China during the fourth quarter as well as $0.6 million of tax expense related to provision to return adjustments. The year ended December 31, 2015 also excludes a $0.6 million tax benefit recognized during the third quarter related to provision to return adjustments. (e) For the full year ended December 31, 2016, the amount excludes accelerated depreciation of $0.5 million related to the closure of our Allyn s Point facility. For the three months and the full year ended December 31, 2015, the amount excludes accelerated depreciation of $5.9 million and $6.7 million, respectively, also related to the closure of our Allyn s Point facility. For the same reasons discussed above, we are providing the following reconciliation of forecasted net income to forecasted Adjusted EBITDA and Adjusted EPS for the three months ended March 31, 2017, as well as for the full year ended December 31, See Note on forward-looking statements above for a discussion of the limitations of these forecasts. Three Months Ended March 31, Year Ended December 31, (In millions, except per share data) Adjusted EBITDA $ $ 580 Interest expense, net (19) (76) Provision for income taxes (26) (28) (90) Depreciation and amortization (25) (104) Reconciling items to Adjusted EBITDA (f) Net Income Reconciling items to Adjusted Net Income (f) Adjusted Net Income Weighted average shares- diluted (g) Adjusted EPS $ $ 6.82 (f) (g) Reconciling items to Adjusted EBITDA and Adjusted Net Income are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business. As such, for the forecasted three months ended March 31, 2017 and full year ended December 31, 2017, we have not included estimates for these items. Weighted average shares calculated for the purpose of forecasting Adjusted EPS do not forecast significant future share transactions or events, such as repurchases, significant stock-based compensation award grants, and changes in the Company s share price. These are all factors which could have a significant impact on the calculation of Adjusted EPS during actual future periods.

15 Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations The Company uses Free Cash Flow to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an important indicator of the Company s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with a useful analytical indicator of our ability to service our indebtedness, make repayments of equity (when declared), and meet our ongoing cash obligations. Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as an alternative for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly-named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the reconciliation below, which is determined in accordance with GAAP. Previously, we calculated Free Cash Flow as cash from both operating and investing activities less the impact of changes in restricted cash. We have changed how we calculate Free Cash Flow for several reasons. First, the Company has not reported material restricted cash balances since 2012 (and none are expected based on current practices); therefore, the impact of restricted cash balances has become less meaningful. In addition, this change to our Free Cash Flow calculation is expected to make it easier for our investors to compare the Company to its peers, as we believe that our revised definition of Free Cash Flow is more aligned to investors common understanding of the meaning of this term. The table below provides further detail of how Free Cash Flow is derived for the periods discussed herein. Prior period financial information has been recast from its previous presentation to reflect the Company s current method for calculating Free Cash Flow. Free Cash Flow December 31, December (in millions) , 2015 December 31, 2016 December 31, 2015 Cash provided by operating activities $ 79.0 $ $ $ Capital expenditures (41.2) (30.2) (123.9) (109.3) Free Cash Flow $ 37.8 $ $ $ 243.9

16 Q4 and Full Year 2016 Financial Results February 23, 2017 Trademark of Trinseo S.A. or its affiliates Exhibit 99.2

17 Introductions & Disclosure Rules 2 Disclosure Rules Cautionary Note on Forward-Looking Statements. This presentation contains forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward- looking statements may be identified by the use of words like expect, anticipate, intend, forecast, outlook, will, may, might, potential, likely, target, plan, contemplate, seek, attempt, should, could, would or expressions of similar meaning. Forward-looking statements reflect management s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause such a difference include, but are not limited to, those discussed in our Annual Report on Form 10-K, under Part I, Item 1A Risk Factors and elsewhere in that report. As a result of these or other factors, our actual results may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the US ( GAAP ) including Adjusted EBITDA, Adjusted Net Income (loss), Adjusted EPS, and Free Cash Flow. We believe these measures provide relevant and meaningful information to investors and lenders about the ongoing operating results of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP measures of performance or liquidity. We have provided a reconciliation of these measures to the most comparable GAAP metric in the Appendix section of this presentation. Introductions Chris Pappas, President & CEO Barry Niziolek, Executive Vice President & CFO David Stasse, Vice President, Treasury & Corporate Finance

18 3 Key Points Current Business Conditions Strong current business conditions across our portfolio Maintaining or increasing margins Raw material prices increasing sharply Favorable raw material timing impact Unfavorable price lag impact Additional Reporting Transparency Segmentation as of Q includes new segments under Basic Plastics & Feedstocks Monthly styrene margin data posting starting in March Disclosure of raw material timing and price lag by division 2017 Guidance Update Q1 Net Income of $100MM to $108MM, Adj EBITDA* of $170MM to $180MM, and EPS of $2.19 to $2.37 Affirming full year Net Income of $310MM, Adj EBITDA* of $580MM, and EPS of $6.82 * See Appendix for reconciliation of non-gaap measures. Q4 and Full Year 2016 Results Q4 ahead of guidance Record financial performance in 2016 including Net Income, Adj EBITDA*, and cash generation

19 Earnings 4 Q Results Net Income $79MM * See Appendix for reconciliation of non-gaap measures. (1) Trinseo may contribute cash to investors under Luxembourg law through repayments of equity or a distribution of statutory profits (i.e. a dividend). These may have different personal tax consequences to investors, who are encouraged to consult their tax advisors regarding these tax consequences. Cash Generation Shareholder Return Adjusted EBITDA* $142MM EPS / Adjusted EPS* $1.72 / $1.68 Cash from Operations $79MM Free Cash Flow* $38MM Dividends(1) $13MM Share Repurchases $21MM $0.30 per share dividend payment during the quarter 350 thousand shares repurchased in Q4 Q4 performance higher than Net Income guidance of $54MM to $62MM and Adj EBITDA Guidance of $115MM to $125MM Higher performance driven by favorable raw material timing, net of unfavorable price lag, and higher styrene margins CapEx of $41 million during the quarter

20 Earnings Results Net Income $318MM * See Appendix for reconciliation of non-gaap measures. Cash Generation Shareholder Return Adjusted EBITDA* $611MM EPS / Adjusted EPS* $6.70 / $7.28 Cash from Operations $404MM Free Cash Flow* $280MM Dividends $27MM Share Repurchases $215MM Two quarters of $0.30 per share dividend payment ($1.20 annualized) 4.5 million shares repurchased in 2016, representing 9% of beginning-of-year outstanding shares Net income includes $28MM after-tax charges related primarily to divestiture of Latin America business and end of operations at Livorno Adjusted EBITDA better than guidance of $585MM to $595MM due to favorable raw material timing, net of unfavorable price lag, and higher styrene margins Year-end cash of $465 million CapEx of $124 million

21 6 Note: Division and Segment Adjusted EBITDA excludes Corporate Adjusted EBITDA of ($95) million. Totals may not sum due to rounding Financial Results & Highlights Record profitability in Performance Materials division Latin America divestiture End of operations at Livorno SB Latex facility Approval of key Performance Materials growth initiatives to drive targeted $100 million EBITDA growth by 2019 SSBR expansion SSBR pilot plant Performance Plastics Long-Glass Fiber New Asia ABS facility Record Adjusted EBITDA in Basic Plastics & Feedstocks division and in each segment Supply / demand dynamics remain tight across styrene, polycarbonate, and ABS Sale of 50% JV stake in SSPC (Q1 2017) Performance Materials Net Sales: $2,069MM Adj EBITDA: $341MM Latex Binders Net Sales: $925MM Adj EBITDA: $94MM Synthetic Rubber Net Sales: $451MM Adj EBITDA: $111MM Performance Plastics Net Sales: $693MM Adj EBITDA: $136MM Basic Plastics & Feedstocks Net Sales: $1,647MM Adj EBITDA: $364MM Basic Plastics Net Sales: $1,353MM Adj EBITDA: $148MM Feedstocks Net Sales: $294MM Adj EBITDA: $80MM Americas Styrenics Adj EBITDA: $136MM

22 7 Raw Material Timing / Price Lag Represents the timing of raw material cost changes flowing through COGS versus current pricing Primarily key materials such as benzene, butadiene, and bisphenol-a RAW MATERIAL TIMING PRICE LAG Represents the difference in revenue between the current contractual price and the current period price Primarily key materials in pass-through pricing agreements such as styrene and butadiene March Example: Business with 60 days inventory & 30 days price lag March COGS based on January raw material price March revenue based on February raw material price Favorable net timing impact as revenue basis cost basis ILLUSTRATIVE EXAMPLE COGS Basis (60-day lag) Revenue Basis (30-day lag) Raw Material Timing Impact Price Lag Impact Source: IHS (Historical) / Trinseo (Forercast). Butadiene: W. Europe Contract-Market (Del (-09EXW) W. Europe) Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Europe Butadiene ($/MT)

23 8 Cumulative Timing Impact Raw material timing and price lag tend to offset each other in Performance Materials Basic Plastics & Feedstocks typically impacted only by raw material timing $MM: Favorable / (Unfavorable) BP&F Raw Material Timing ($42) $29 ($28) ($17) ($10) $13 $7 $20 $80 $28 ($14) $6 $15 $3 ($12) ($0) ($6) ($40) Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17E Quarterly Raw Material Timing (Trinseo) Quarterly Price Lag (Trinseo) Cumulative RM Timing (Trinseo) Cumulative Price Lag (Performance Materials) Cumulative RM Timing (Performance Materials)

24 Strong Q4 Performance Materials results and higher than expected Trinseo performance due to styrene monomer margin and $15 million of favorable raw material timing, net of price lag Trinseo Q Financial Results 9 * See Appendix for reconciliation of non-gaap measures. $142 $116 Adj EBITDA* Adjusted EBITDA* ($MM) Q4'16 Q4'15 $1.72 $1.68 $0.88 $1.11 EPS Adj EPS* EPS ($) Q4'16 Q4'15 $917 $79 $897 $43 Net Sales Net Income Net Sales & Net Income ($MM) Q4'16 Q4'15

25 Net sales increase driven by the pass through of raw material costs Volume flat despite Latin America divestiture; record sales volume in Asia Higher Adj EBITDA driven by volume and lower fixed costs Latex Binders 10 $241 $226 Q4'16 Q4'15 Net Sales ($ MM) $24 $18 Q4'16 Q4'15 Adjusted EBITDA ($MM) Q4'16 Q4'15 Volume (MM Lbs)

26 Continued strong performance tire market Net sales and Adj EBITDA increases driven by higher SSBR and ESBR sales volumes Record quarterly and annual sales volume in Q4 and 2016 Synthetic Rubber 11 $124 $104 Q4'16 Q4'15 Net Sales ($ MM) $29 $21 Q4'16 Q4'15 Adjusted EBITDA ($MM) Q4'16 Q4'15 Volume (MM Lbs)

27 Net sales decline driven by lower sales volume to Asia consumer electronics market as well as Latin America divestiture Auto 2016 volume up 5% vs prior year excluding Latin America Performance Plastics 12 $166 $181 Q4'16 Q4'15 Net Sales ($ MM) $32 $30 Q4'16 Q4'15 Adjusted EBITDA ($MM) Q4'16 Q4'15 Volume (MM Lbs)

28 Net sales decline from lower Europe polystyrene sales volume, partially offset by raw material pass through Adj EBITDA decrease driven by lower margins due to prior year industry outages Basic Plastics 13 $323 $327 Q4'16 Q4'15 Net Sales ($ MM) $33 $37 Q4'16 Q4'15 Adjusted EBITDA ($MM) Q4'16 Q4'15 Volume (MM Lbs)

29 Adjusted EBITDA increase driven by higher styrene margins as well as favorable raw material timing Results exceeded guidance due to unplanned outages in December Feedstocks & Americas Styrenics 14 FEEDSTOCKS Improvement versus prior year driven by higher styrene margins $30 million Q4 dividend AMERICAS STYRENICS $14 $3 Q4'16 Q4'15 Adjusted EBITDA ($MM) $31 $27 Q4'16 Q4'15 Adjusted EBITDA ($MM)

30 Cash Generation 15 *Free Cash Flow = cash from operating activities less capital expenditures (prior periods have been revised to reflect this definition of Free Cash Flow) value of $244MM includes a call premium cash use of approximately $69MM value of $19MM includes an approximately $56MM cash use related to termination fees for Latex JV Option and Bain Advisory Agreement. See Appendix for reconciliation of non-gaap measures. NOTE: Totals may not sum due to rounding Summary Record cash generation in 2016 Q4 cash from operating activities of $79 million and free cash flow of $38 million $34 million returned to shareholders in Q4 via dividends / repurchases Year-end cash of $465 million Cash Generation ($MM) $211 $117 $353 $404 $138 $19 $244 $ Cash From Ops Free Cash Flow*

31 Western Europe and Asia Styrene Margin Trends 16 Western Europe Margin (1) Asia Margin (2) Q4 to Q1 ~+$50/MT Q4 to Q1 ~+$175/MT Trinseo s Feedstocks reporting segment captures styrene monomer margin through both internally produced and cost-based purchases of styrene. Annually, we produce nearly 700 kilotons of styrene in Western Europe and purchase approximately 300 kilotons of styrene in Asia with cost-based economics. With all other inputs remaining equal, a $50 per metric ton change in styrene margins would be expected to impact the Feedstocks reporting segment s annual Adjusted EBITDA by approximately $35 million in Europe and approximately $15 million in Asia. Other factors that could impact the Feedstocks segment Adjusted EBITDA include, but are not limited to, utilities, freight, manufacturing costs, overhead costs, discounts of styrene, benzene, and ethylene, as well as raw material timing. SOURCE: Western Europe Styrene, Benzene, Ethylene Prices: ICIS. Asia Styrene, Benzene, Ethylene prices: IHS. Styrene margin over raw materials: Trinseo. (1) Styrene: W. Europe Contract Monthly Market (Delivered W. Europe); Benzene: 50% W. Europe Spot Avg (CIF NW Europe / Basis ARA) and 50% W. Europe Contract Market (FOB/CIF W. Europe); Ethylene: W. Europe Contract Market Pipeline (Delivered W. Europe). (2) Styrene: NE Asia Avg Spot Posting (CFR China); Benzene: NE Asia Spot Avg (FOB S. Korea); Ethylene: NE Asia Spot Avg (CFR NE Asia). Styrene margin over raw materials: Styrene less (80% * Benzene) less (30% * Ethylene). Styrene Ethylene Benzene SM Margin over Raw Materials Styrene Ethylene Benzene SM Margin over Raw Materials $186 $291 $281 $217 $171 $208 $213 $188 $170 $190 $300 $225 $228 $307 $322 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Styrene Margin - USD/MT Prices USD/MT $270 $261 $365 $425 $426 $493 $320 $287 $294 $254 $276 $393 $323 $497 $639 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Styrene Margin - USD/MT Prices USD/MT

32 Q Guidance 17 Performance Materials Synthetic Rubber Latex Binders Performance Plastics Sequential margin increase Neutral timing impact Cost initiatives continuing Very strong performance tire market Net $10 - $15 million favorable timing impact Includes ~$5 million unfavorable timing impact Continued steady performance Basic Plastics & Feedstocks Corporate Sequential improvement in styrene margin partially offset by: ~$15 million impact from extended AmSty styrene turnaround $10- $15 million impact from Terneuzen styrene turnaround Includes ~$35 million favorable raw material timing Net Income $100MM - $108MM / EPS $ $2.37 Adj EBITDA* $170MM - $180MM inclusive of ~$80MM of favorable raw material timing and ~$40MM unfavorable price lag as well as styrene turnaround impacts Adj EPS* $ $2.37 Adj EBITDA* ($MM) $40 - $45 ~$(25) ~$25 * See Appendix for reconciliation of non-gaap measures ~$105 ~$30

33 Full Year 2017 Guidance 18 * See Appendix for reconciliation of non-gaap measures Corporate Performance Materials Basic Plastics & Feedstocks Styrene Upside Adj EBITDA* $580MM Net Income 2017E $310MM Styrene Upside Styrene upside from unplanned supply outages, higher planned outage impacts and tightening supply/demand ($85) MM $330 MM $335 MM

34 Appendix

35 US GAAP to Non-GAAP Reconciliation 20 NOTE: For definitions of non-gaap measures as well as descriptions of reconciling items from Net Income to Adjusted EBITDA and to Adjusted Net Income, refer to the accompanying Exhibit 99.1 Press Release, February 22, Totals may not sum due to rounding. Profitability Guidance Free Cash Flow

36 US GAAP to Non-GAAP Reconciliation 21 NOTE: Totals may not sum due to rounding.

37 Selected Segment Information 22 NOTE: Totals may not sum due to rounding.