Slides
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Business BreakdownsSeptember 18, 2025Ascent I ndustries Co. | Nasdaq: ACNT
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Forward-Looking StatementsThis presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable federal securities laws. All statements that are not historical facts are forward-looking statements. Forward looking statements can be identified through the use of words such as "estimate," "project," "intend," "expect," "believe," "should," "anticipate," "hope," "optimistic," "plan," "outlook," "should," "could," "may" and similar expressions. The forward-looking statements are subject to certain risks and uncertainties, including without limitation those identified below, which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. The following factors could cause actual results to differ materially from historical results or those anticipated: adverse economic conditions, including risks relating to the impact and spread of and the government’s response to pandemics; inability to weather an economic downturn; the impact of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs, including the impact of tariffs; raw material availability; financial stability of the Company’s customers; customer delays or difficulties in the production of products; loss of consumer or investor confidence; employee relations; ability to maintain workforce by hiring trained employees; labor efficiencies; risks associated with acquisitions; environmental issues; negative or unexpected results from tax law changes; inability to comply with covenants and ratios required by the Company’s debt financing arrangements; and other risks detailed from time-to-time in Ascent Industries Co.'s Securities and Exchange Commission filings, including our Annual Report on Form 10-K, which filings are available from the SEC. Ascent Industries Co. assumes no obligation to update any forward-looking information included in this release.Non-GAAP Financial InformationFinancial statement information included in this earnings release includes non-GAAP (Generally Accepted Accounting Principles) measures and should be read along with the accompanying tables which provide a reconciliation of non-GAAP measures to GAAP measures.Adjusted EBITDA is a non-GAAP financial measure that the Company believes is useful to investors in evaluating its results to determine the value of a company. An item is excluded in the measure if its periodic value is inconsistent and sufficiently material that not identifying the item would render period comparability less meaningful to the reader or if including the item provides a clearer representation of normalized periodic earnings. The Company excludes in Adjusted EBITDA two categories of items: 1) Base EBITDA components, including: interest expense, income taxes, depreciation and amortization, and 2) Material transaction costs including: goodwill impairment, asset impairment, gain on lease modification, stock-based compensation, non-cash lease cost, acquisition costs and other fees, shelf registration costs, loss on extinguishment of debt, retention costs and restructuring & severance costs from net income.Management believes that these non-GAAP measures are useful because they are key measures used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions as well as allow readers to compare the financial results between periods. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Forward Looking Statement Safe Harbor and Non-GAAP Information 2
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2025 Stabilized, Transformed, & Executing
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After 75 years, we are going back to our roots as a Specialty Chemical CompanyCompany FoundedBlackman Uhler Industries, Inc. was founded in 1945, marking the company’s entry into the specialty chemical market.Bristol MetalsBlackman Uhler Industries, Inc. acquired Bristol Metals, initiating the company's expansion into the stainless-steel industry and further diversifying its operations. SynalloyCorporationBlackman Uhler Industries Inc., changes name to Synalloy Corporation.Initial Public OfferingSynalloy Corporation launched its initial public offering on the NASDAQ Stock Exchange, trading under the ticker symbol SYNL. Manufacturers ChemicalsSynalloy Corporation acquires Manufacturers Chemicals, significantly expanding the company’s footprint in the specialty chemicals sector and diversifying its product offeringRite IndustriesSynalloy Corporation combined its textile dyes business with Rite Industries to form a new subsidiary, Blackman Uhler Specialties. Palmer of Texas TanksSynalloy Corporation acquired Palmer of Texas Tanks, a premier manufacturer of fiberglass and stainless storage tanks used primarily in the oil industry.CRI TollingIn line with its long-term commitment to the chemical industry, Synalloy Corporation acquired CRI Tolling, marking its first foray into specialty chemical custom manufacturing. Specialty Pipe & TubeSynalloy Corporation advanced its vertical integration and expanded its metals business by acquiring Specialty Pipe & Tube and the U.S. assets of Marcegaglia in 2014.Marcegaglia USAFurther expanding its metal business, in 2016, SynalloyCorporation acquired the stainless-steel pipe and tube assets of Marcegaglia USA. Marcegaglia USASynalloy Corporation made yet another acquisition acquiring the galvanized pipe and tube assets of Marcegaglia USA.American Stainless Tubing, Inc.Synalloy Corporation further diversified through the acquisition of American Stainless Tubing Inc., a leading manufacturer of ornamental stainless-steel tubing. DanChem TechnologiesExpanding on its presence in specialty chemicals custom manufacturing, Synalloy Corporation acquired DanChem Technologies in 2021 from Edgewater Capital Partners.Ascent Industries Co.Synalloy Corporation rebranded to Ascent Industries Co., trading on the NASDAQ Stock Exchange under the ticker symbol ACNT. Divestiture of Specialty Pipe & TubeExecuting against its strategic plan, Ascent sold the business and related assets of Specialty Pipe & Tube to a Financial Sponsor.Portfolio OptimizationAscent sells substantially all operating assets associated with the Tubular segmentMunhall is the final EBITDA drag in the portfolio194519641967 1980 1996 2003 2012 201320142016201820192021202220232025 Re-shoring & Near-Shoring Trends | Stable, Recurrent Demand | Customized, Value-Added Solutions | Supply Chain Resilience 2024Management TurnaroundKitchen & Kavalauskas installed as CEO and CFO respectively; high-impact team was assembled to accelerate transformation and unlock shareholder value
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Kitchen, Kavalauskas, and many of their management team counterparts have previously worked together, a synergy that has had an undeniable impact on Ascent's operational and financial performance since assuming their roles in early 2024CEO & CFO Have a Proven Track Record of Making Good Specialty Chemical Companies GreatBryan KitchenPresident & Chief Executive OfficerBryan joined Ascent in September 2023 to lead the specialty chemicals segment; promoted to president & CEO in February 2024Prior to joining Ascent, Bryan led the stabilization, turnaround and successful sale of Clearon Corp to Solenis Previous experience:Ryan KavalauskasChief Financial OfficerRyan joined Ascent as CFO in February 2024Prior to joining Ascent, Ryan was the CFO at Clearon and played an instrumental role in the stabilization, turnaround and successful sale of Clearon Corp to SolenisPrevious Experience: Built to deliver durable shareholder value. Led by those who’ve done it before, together. $19.9MYoY Increase / 125% Increase in Adjusted EBITDA$35.9MYoY Decrease / 19% Reduction in COGS$20.5MYoY Increase / 1,349% Increase in Gross ProfitTransformational Results in 2024$17MCash from Continuing Operations Synergistic CEO & CFO installed early 2024New Management Team established in 2024, reuniting a proven leadership dynamic and restoring a trusted bench Results representative of Continuing Operations as of 12/31/2024
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Expand and Elevate our Current CapabilitiesMaximizing our owned assets to serve high-value segments like Oil & Gas, CASE, HI&I, Water Treatment and Ag with precision & technical support Our Strategy & Operating ModelOutcomes over everything. We’re building a platform that solves real problems across the value chain, not just by providing products or capacity, but by offering a full suite of services: formulation development, reaction capabilities, blending, packaging, logistics, regulatory support and reliable delivery. Executed through three core levers: 6 Build an Integrated Value ChainThrough acquisitions of regional distributors, formulation labs and specialty or intermediate manufacturers where owning production improves cost, flexibility or serviceWin Across the Moments that MatterMoments where loyalty is earned, and retained:1. Discovery & Development2. Commercial & Contracting3. Manufacturing & Fulfillment4. Service & Lifecycle SupportIt’s not a tagline, it’s a strategic roadmap.
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Buy, Build & OperateCustom ManufacturingToll ManufacturingProductsFormulation CustomizationRegulatoryLogisticsWarehousingBlendingReactionScale-UpPrimary Development 3Domestic Manufacturing Sites5Manufacturing Plants95%Revenue Supported With Domestic Raw Materials Ascent (CaaS Model)Toll ManufacturesDistributorsCustom ManufacturersB U S I N E S S M O D E LS O L U T I O N S 1945Founded205Employees170+Customers Execute a customer-centric chemical supply chain modelthat fuses development, scale-up, manufacturing (small batch & continuous), compliance and distribution into a unified offeringWe connect with customers the way they want: when, where, and how they choose. We win across the Moments that Matter [Development, Contracting, Manufacturing & Fulfillment and Service]What We DoHow We Win Integrated Capabilities and Agile Business Models for Superior Customer OutcomesChemical Manufactures $80.8M2024 Revenue
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Household, Industrial, and Institutional (HI&I) Cleaning $25 BN TAM | 4-5% CAGR $15 BN TAM |4-5% CAGROil & GasWater TreatmentCASETextilesLubricantsPulp & Paper$40 BN TAM |6-8.5-6% CAGR$10 BN TAM |2.5-3.5% CAGR$20 BN TAM |4.5-5.5% CAGR$4 BN TAM |2-2.5% CAGR$6 BN TAM| 3.5-4.5% CAGR Performance MaterialsLife Sciences AgriculturePersonal Care$15 BN TAM |5-6% CAGR$33 BN TAM |2% CAGR Guided by customer needs, we deliver tailored specialty-chemistry solutions at scale across an array of high-value segments 8
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$1.14 $1.74 2024Custom ManufacturingProprietary Products While filling the plants with higher margin businessthat is morepredictableandreliable Portfolio Defined, Refined & Rebranded *Excludes volume, revenue & margin from exclusive use manufacturing operations Sales V olume*Average Selling Price*Gross Margin* 915%23%2023 2024Proprietary Products 53% Increase52% Favorable 25%31%2024Custom ManufacturingProprietary Products 24% Favorable
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Ample, underutilized capacity provides a capital-light, low-risk foundation for outsized growthRequiringminimal capital reinvestmentto support growth$1.3 $1.6 $1.4 $1.6 2022 20232024Danville, VAFountain Inn, SCCleveland, TN MM USD 2025E Within an asset base capable of supporting significant growth withminimal capital reinvestment
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Inflection Point: Foundation Laid, Growth Ahead 24%Reduction in COGSYoY 1H Decrease / $9.0M77%Increase in Adj. EBITDAYoY 1H Increase / $2.6M$56MProceeds GeneratedBristol & ASTI Asset Sale –pre – NWC true-up20%Reduction in Inventory YoY 1H Decrease / $1.7M 1H Results from Continuing Operations 11Strong Balance Sheet and Driving T ransformational Change
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2025-2030 Durable Earnings-GrowthGrowth & Catalysts
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Portfolio Optimization –Target EOY Paying $2.1MM / annum in rent, taxes, utilities and insurance for an idled tubular asset in Munhall, PA. Actively seeking partners to purchase, assume lease or sublease. Asset was moved from DISCO in 2024, into remaining operating expenses part of Cont’d Ops in 2025. $2.1MMAnnualized EBITDA ImpactTubular Asset Idled in 2023 | Equipment Monetized in 2024 The Headline 13 Monetize MunhallCon’t Operations The HeadlineShut Down In 2023
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1H Existing Customer Expansion1H New Customer AcquisitionP RO J E C T C O U N T5011%A N N U A L I Z E D R E V E N U E G RO W T H OV E R T T MS A L E S C YC L E2.7Months150%A N N U A L I Z E D A D J . E B I T D A G ROW T H OV E R T T M1H2025 Pipeline Conversion ( a n n u a l i z e d )( a n n u a l i z e d )EBITDA margin based on incremental gains, not total customer margin Stabilized; Focused on Unleashing GrowthDesigned entirely around the customer experienceDelivered through technical expertise; scaled with discipline…Outcomes Over Everything 77%R E V E N U E G RO W T H F RO M E X I S T I N G C U S T O M E R S35%E B I T D A M A RG I NC O N V E R S I O N R AT E18% QoQ Selling Project Pipeline Growth (M USD)Q22025Q1202545.6% Increase23%R E V E N U E G RO W T H F RO M N E W C U S T O M E R S27%E B I T D A M A RG I N
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Simple and Clear EBITDA DriversManagement TurnaroundStructural cost savings with emphasis on strategic sourcingAggressive management of controllable spendDiscipline execution of overall equipment effectiveness (OEE)Optimization of work processes & toolsOrganic Growth / Operating LeverageEnhanced commercial strategy to grow share of higher-margin productsIncrease plant utilizationImprove fixed cost absorption 4%4%9%5% 22% * Adj. EBITDA represents the standalone Chemical segment excluding Corporate Overhead 2023 ADJ. EBITDA % 2030 ADJ. EBITDA %2024 Mgmt. TurnaroundOrganic Growth / Operating LeverageInorganic Growth Corp. Overhead, Inclusive of Public Company Costs~7%15 Completed & Achieved in 2024Inorganic GrowthSearching for good businesses to make greatLeverage market and operational experience to unlock growthTargeting $5-150M revenue and $0-$25M EBITDA
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And strong liquidity to support investor-friendly capital allocation prioritiesEvery internal investment and acquisition is about accelerating progress, creating synergies that make sense, and delivering real, sustainable value. It's not only about size, it's about outcomes that matter, both strategically and operationally. Our goal is simple: to align every move with our mission and ensure it drives maximum impact for our shareholders. Financial Profile:$5-150MM Revenue | $0-$25MM EBITDAInvestment Type: Private or Publicly HeldAsset Types:Specialty Chemicals Manufacturing, Distribution, Product Lines & Brands and Co-PackagersTarget:Up to ~8X pre-synergy; up to ~6X post synergies M&A Investment Focus$0 ~$60MD E B T C A P A C I T Y~$30MC A P A C I T Y T O I N V E S T~$90M+ + =D E B T C A S H 16 Synergistic PlatformAsset agility (reaction, formulation, blending & packaging) to insource product linesDisciplined cross-sellingProven ability to standardize, simplify and optimize all aspects of business operationsBuilt-in M&A scalability engineRepurchased & Retired Nearly 6% of Outstanding Shares in Q22025
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Portfolio OptimizedStrategic clarity. Focus. Efficiency.Stabilized and Growth ReadyPredictability. Confidence. Credibility. Reduced risk.Growth Capacity In-PlaceOptionality. Scale. Margin. Growth. Resilience.Near-Term UpsideUndervalued, leverage multiple upside.Strong Balance SheetStability. Strategic firepower for earnings-accretive M&A.Under-covered & Under ValuedEarly discovery can drive outsized investment returns when larger pools of capital follow. Why invest in ……the right people, proven together, trusted by each other, and aligned to winthe next phase17 ?
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Ryan KavalauskasChief Financial Officer rkavalauskas@ascentco.com 18 Ralf EsperGateway Group, Inc.ACNT@gateway-grp.com
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Appendix 19
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Reconciliations of Non-GAAP Adjusted EBITDAFINANCIALS Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Consolidated Net loss from continuing operations $ (2,447) $ (1,450) $ (4,453) $ (4,931) Adjustments: Interest expense, net (15) 72 99 199 Income taxes (89) (372) (89) (1,393) Depreciation 893 985 1,870 1,961 Amortization 153 179 306 348 EBITDA (1,505) (586) (2,267) (3,816) Acquisition costs and other 31 52 268 52 Asset impairments 1,622 — 1,622 — Gain on lease modification (544) — (544) — Stock-based compensation 86 44 120 93 Non-cash lease expense (25) 30 (1) 61 Retention expense — — — 3 Restructuring and severance cost — 177 — 177 Adjusted EBITDA $ (335) $ (283) $ (802) $ (3,430) % of sales (1.8) % (1.3) % (2.2) % (8.2) % Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Specialty Chemicals Net income (loss) $ 1,499 $ 409 $ 2,237 $ (1,049) Adjustments: Interest expense, net 15 20 32 39 Depreciation 878 964 1,840 1,918 Amortization 153 179 306 348 EBITDA 2,545 1,572 4,415 1,256 Acquisition costs and other — — 92 — Stock-based compensation — — — 7 Non-cash lease expense (5) 19 3 38 Restructuring and severance costs — 109 — 109 Specialty Chemicals Adjusted EBITDA $ 2,540 $ 1,700 $ 4,510 $ 1,410 % of segment sales 13.6 % 7.9 % 12.4 % 3.4 % Consolidated EBITDA and Adjusted EBITDA from continuing operations are as follows: Specialty Chemicals EBITDA and Adjusted EBITDA are as follows: 20