Solstice Advanced Materials Inc 2025年度报告

MESSAGE FROM OUR CHIEF EXECUTIVE OFFICER It is my great honor to lead the new Solstice Advanced Materials, which completed its spin-off fromHoneywell on October 30, 2025. We blend the benefits of a 130-year history of innovation in specialtymaterials and chemicals with the ability of a start-up to respond to customer needs with agility and directresources to our most promising growth areas. And those areas are numerous. Solstice is at the inflection point of several exciting secular trends that we believe are on track to grow fasterthan global GDP in their respective markets for a sustained period. These trends include the ongoing energyand environmental transition, especially featuring increasing demand for nuclear energy; the impressivegrowth in advanced computing, data centers and AI applications; the rising need for personal safetyand defense solutions; and the growing healthcare industry. I discuss these trends and how Solstice isaddressing them in the “Message from Our Chief Executive Officer” within our proxy statement. While it has been less than half a year since our spin-off, Solstice has already made multipleannouncements that demonstrate our commitment to responding to customer needs with disciplinedinvestments in key growth areas: •In December, we announced that we broke ground on a $200 million investment to expand andmodernize our electronic materials facility in Spokane Valley, Washington. By the end of 2029, thefacility’s current production capacity for sputtering targets is expected to double. Our investmentwill play a vital role in enabling the next generation of semiconductor fabrication, providing criticalmaterials needed to produce smaller, faster and more energy-efficient chips. •In January, we announced plans to invest more than $220 million in multiple projects to expandproduction at our ballistic fiber manufacturing facility in Colonial Heights, Chesterfield County,Virginia. Our facility has been a cornerstone of U.S. defense supply chains for over two decades,producing Spectra® fiber and composite materials used in helmets, vests, vehicle armor and navalapplications, along with an array of industrial applications. The Virginia Economic DevelopmentPartnership (VEDP), in coordination with Chesterfield County, is supporting the project. •In February, we announced that our Metropolis Works, Illinois, facility – the only uranium hexafluoride(UF6) conversion facility in the United States – is projected to produce over 10 kilotonnes (10 kt) ofUF6 in 2026, which represents about a 20% increase from its planned output in 2024. This increaseis underpinned by our backlog of over $2 billion driven by orders from long-term customers, manyof which are domestic utility companies, as well as the United States’ policy goal of quadruplingAmerican nuclear energy capacity by 2050. Backed in part by the U.S. Department of Energy (DOE),Solstice is actively exploring additional projects to increase production of UF6, an essential part ofthe nuclear fuel cycle, at our Metropolis Works facility. In addition to announcing these investments, in February we communicated full-year 2025 results whichdemonstrate that the company is performing at a high level and is well-positioned to continue to do so in2026. We also announced our first dividend payment to shareholders. It is highly gratifying to talk about Solstice’s performance. None of our achievements would be possiblewithout our exceptionally talented and motivated workforce, all working in support of our mission statement:advancing innovation to improve what matters. Our mission aligns our employees around the world andinspires them to do their best work every day. Solstice’s unique culture makes it a highly desirable place to work. We are a place where the most talentedpeople in the industry work across disciplines – and, often, collaboratively with customers – to solvechallenging problems and benefit the entire world. We approach our work with creativity and humbleness.We understand that the best path to winning is to advance together. When we set out to define Values and Behaviors that underpin our culture and guide our daily decisionmaking, we involved our employees and directors in the process. The result has been a cultural frameworkthat excites our employees and helps us attract great new talent. Solstice is a new company that sets big goals for itself – not just to perform financially but also to helpmake the world better. While we have already come a long way in the short time since establishing ourindependence, we know our future is even brighter and our best days are ahead. We are just getting started. David Sewell President and Chief Executive Officer UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Form 10-K__________________☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE S